REGISTERED COMPANY NUMBER: 01613085 IEngland and Wales) REGISTERED CHARITY NUMBER: 284907 Report of the Trustees and Audit8d FinancSal Statements forthe Year Ended 31 March 2024 for THE MUDCHUTE ASSOCIATION {A COMPANY LIMITED BY GUARANTEEI Xeinadin Audit Limited Istalulory Auditor8) Bryant House Bryant Road strood Rochester Kent ME2 3EW
THE MUDCHUTE ASSOCIATION Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024 Page Chair's Report Report of the Trustees Report of the Independent Audltors 9 to 12 Statement of Financial Actlvities 13 Balance Sheet 14 Cash Flow Statement 15 Notes to the Cash Flow Stat8Ment 16 Notes to the Financial Statements 17 to 30 Detailed Statemant of Flnancial Actlvltl8S 31 to 32
THE MUDCHUTE ASSOCIATION Chair's Report FOR THE YEAR ENDED 31 MARCH 2024 I took over as Chair in June this year. I had previously been on the Board of Trustees. l am writing this retrospe¢lively looking back from the beginning of this year. l am delighted lo be part of the Mudchule organisalion and have watched it grow over the years to the organisalion il Is today. The Mudchute has never looked and fell bélter which is a real trlbule to all of the staff and volunteers who havo workgd tirelessly this year on a number of projects. 11 has a real community feel lo il and it is wonderful to see local families enjoyng all that Mudchute has lo offer. So many families and children from local schools visit and enjoy all Ihal the farm has lo offer at no cost which is amaang. We also offBr a whole range of activities for children during the school holidays. The slaff, agaill, is led by a brilliant professional team headed by Margaret and Vicki. Every departmerkl ha8 pulled out stops to make this place what il Is today and valued by the whole community espeaally families. The work in the Nursery was completed and we were able to furnlsh both rooms from donations from other play provisions that unfortunately have had lo close. The Nursery is as popular as ever and we still have a waiting list which is wonderful as we rely on the Nursery lo provide a stable revenue source and funds much more than the Nursery. We conlinL¢e to battle with LBTH lo secure OLtr lease. This has now been going on for far too long and we have instructed solicitors lo act on our behalf as the lease actually ran out at the end of Juno bul rolls over until we can agree new lease terms with the LBTH. We had a number of successful events over the course of the year includlng an annual Dog Show and an amazing Winter Wonderland which proved to be a graal hit with families. We have been Incredibly lucky with our corporate volunteers this year coming from a number of organisalions to support the Mudchule by repairÉng, planting, erecting and so much moro. It must be said that without them we would struggle to gel this kind of work done wlh such a small team of employees. As Chair, I would like to thank all the stsff, Friends of Mudchule, the volunteers and the corporate groups for a51 their efforts this year and for pulling Mudchule on the map yet ag2in. l am also honoured lo Ch8ir a brlllianl team of Trustees that bring a vast llumb6r of skills and knowledge lo tho table each month and provide support to the Management T8am. S Mortimer- Chairp8rson Dale.. 1 Ilh December 2024 Page I
THE MUDCHUTE ASSOCIATION (REGISTERED NUMBER: 01613085) Report of thè Trustees FOR THE YEAR ENDED 31 MARCH 2024 The Iruslees who are also directors of the charity for the purposes of the Companles Act 2006, present their report with the financlal slalemenls of the charity for the year ended 31 M8rGh 2024. The annual report serves the purpoges of both Trustees R&port and Directors Report under company law. The Trustees Confirm that the Annual report and Financial statements of the charitable company comply with the current slalutory requirements, the requirements of the companys goveming do(xJmenl and the provislons of the Statement of R8commended Practice (SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) (effective January 20191. The report is prepared in accordance with the small company regime (Section 419(21 of the Companies Act 2006). OBJECTIVES AND ACTIVITIES Objectives and aims The putwsa of the charitable company is lo preserv& the area known as Th8 Mudchul8, Tha Isle of Dogs, London, E14 for the benefit of the commur¢ity, in the London Borough of Tower Hamlets and in particular The Isle of Dogs and the nelghbourhood thereof in perpelulty. Significant activities Details of the significant aclivllles of the charity can be found in the Achievement and Performance secllon of the Report of the Trustees. Public benefit The Iruslees have considered the Charity Commission guidanco on public benefit and consider that the activities of the Charity meet ils charilable objects and provide a benefit lo the pblic. We will continue lo me&1 the requlremenls by ensurlng that the nursery & after school club continue lo provide affordable childcare for local residents, and alongside other educational activities lincluding school vi8its, summer camp programmes elc.), give a unique opportunity in a Central London location for children lo experlence and learn about the animals and their habitats. Grantmaking Tha eharity has no grant making poli¢y. No grants were made during the year. Prlnclpal Risks and Uncertainties As per prior years. the principal risks facÉng the organisation relate to cashflow management, day-to-day oporalion81 activities and the lease renewal. As wlh any charitable organisation our income from year-lo-year can be affe¢led by the availability of grants, however in AAudchule'g case the potential for volalilily is reduced by earned in¢omtr from the nursery and other aclivilies which we are abNays looking for opportunities lo increase andlor diversify. Income & Expenses are budgeted for the financial year and monitored monthly as part of our Govèmance fram8work. Ongolng Operational rlsks include Health & Safely risks, public & employee liability and regulatory risk le.g.Ofsledl,' they are mlligaled by good working practices & pmcedures. pro-active management and insurance cover where appropriate. Lastly whilst the lease expired in June it is subject lo the provisions of the 1954 Tenant Act so continues on until lerminaled in accordance with the Acl. The Iruslaes are actively negolialirkg the renewal terms with Tower Hamlets and look to work conslruclively with them over the coming weeks lo resolve the remaining issues as soon as possible. Principal fundlng sources Principal funding sources lo the charity come from grants, voluntary income and earned income. These funding sources support the charity's key objectives by enabling the continued provFsion of affordable childcare for local residents. and enable children in Central London lo experience & learn about animals & their habitals. Page 2
THE MUDCHUTE ASSOCIATION {REGISTERED NUMBER: 016130851 Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Directorfs Report Aprll 2023 - March 2024 seems lo have been the year when MudGhule fully recovered from Ihe ill effects of Covid 19. All services have been running at full capacity and wts have been able lo continue to provide residents of Tower Hamlets and neighl)ouring Borough5 with the benefils of Mudchute's unique natural resources. To satisfy the demands from local residents in need of ¢hlld¢are, we have been able lo increase th8 number of available places in our Children's Nursery, enabling us lo provide nursery places for an addltional 24 children. The success of the nursery is a vital link lo the sustainability of Mudchute, the income from this providing us with tho shortfall in funding, neGe888ry to maintain the Park and Farm. Recruitment ol new staff for the nursery has been problematic bul we are fortunate lo have a minimal turnover of staff and new staff. r8cruited from local residenls,have proven to bé a marvellous asset lo the leam. The successful Apprenticeship Project conllnues lo provide much needed support and employment opportunities for young people. East End Community foundation have funded tho project since It8 offset and for several years, additional funds havtr been donated by the Worshipful Company of IrTrsurers. The volunteering support from Corporate Groups has been playing a major part in the maintenance and upkeep of the environmental resources of Mudchute and are responsible for many of the repairs and aesthetic developments that are made each year. I have mentioned the valLte that the Corporate Volunteers bring to MLsd¢hule and have to 8mphasise that the indlvldual volunlears who turn oul each week lo offer their service free of charge are irkvalu8ble.. So many lum up al Mudchute week in, week out irrespective of how bad Ihe weather might be and use their many individual skills lo ¢omplete a diverse range of tasks. These include.. plumbing, general building malntenance, farm duties, shop and receplion work, childcare and adminislralion. The CoTnmunily Granl funding which enabled Mudchute lo provide the excoplionally successful Free Play Project each week finished this year. The project provided much needed play opportunities for hunolreds of children throughout the year and its demise would be 5J major loss for ils many particlpanls. However. the success of the proiecl had been noted and another organisalion S&CLJred suffici8nl funding to enable the project to continue. The tenure for the popular Mudchute Kitchen ceased in December 2023 and afl8r much deliberation, the Trustees made the deci8ion lo lake the cafe back irÈ house. Unfortunately, a range of unfortunale circumstanS have delayed the refurt)Ishment of the café bul il will be operational in the next linanGial year. I would like lo finish by addlng my sincere thanks lo all volunteers, Trustees, the many financial supporters includlng the Worshipful Companies, local businesses, Trusts and individual donors and last but not least, the loyal, hardworking staff team who work tirelessly to keep Mudchule running. Nursery Once again. the nursery has gone from strength lo strenglh. The proposed expansion of the setting, was finally completed in 2023, allowing the service lo create an extra room with extra childcare places. The Nursery is still over subscribed with families wailing up lo a year lo be offered a place. With the new free Childcaro Scheme for two-year-old infants and babies arriving In 2024, we expect lo see yet another increase in demand for places. A big problem the serwce has encountered over the year, has be8n the reGwitmenl of staff. With the expansion of the setting and additional childcare places, we have needed lo re¢ruil additional staff but like many other childcare sellings, this has been extremely very challenging. Th8 la¢k of qualrfied stsff has hampered our ability lo operate a full service, and Gonsequenlly, we have not been able lo meet the demand for nursery places. Page 3
THE MUDCHUTE ASSOCIATION (REGISTERED NUMBER.. 01613085) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 Over the last few years the Childcare sector has been under extreme preSsre wllh experienced qualified staff leaving in their drovfjs, due lo poor pay, long hours and the work load, all of whlch has conlribuled lo the situation. Three valued members of staff left our service, lo pursue different careers of their Choosing. However, our exislng staff have worked extremely hard Ihroughoul Ihe year, working gxlra hours lo ensure the service continued to offer the highest qualily of chiklcare. Wilhoul this dedicated, commilled staff team, Mudchul8 Nursery wouldr¢'l be what it is t(xlay, so I would like lo express a "Big Thank You. to them all. I look forward to the coming year, welcoming new children 2nd their families beginning Iheirjourney with us al MLEdchule. Thè Education Project The Education ptoject has recorded upwards of 14,000 school age children allendances durlng the course of the last year.11 is as ever very rewclrding delivering this work. The wonderful working relationship with the farm staff team has been great iri a8sisling the education team deliver the farm tours {900 allendances July 23 - January 241, workshops (480 21tendances July 23 - January 241 etc. We have a number of gri)ups that attend regularly from George Gieens School1500 attendances July 23 January 241, George Greens outreach programme {300 attendances July 23 - Janugry 241, Phoenlx School 1400 allendances July 23 - January 241, and Phoenix College1300 alt8ndances July 23 - January 241, who undertake various tasks on the open space and farm. This in Ilseif is a challenge lo the particdpanls as most have additional needs with the students from Phoenix School and College having high level needs with mosl being non.verbal. Some of the work undertaken by them includes fighiing the endless wbbish Ihal is discarded by visitors. Our green fingered gardeners have again been growlng a vast array of v6gelables from potatoes and carrots and Chillies, all of which have been harvested and made into tasty meals whSch have been enjoyed by all. Broadening the sludenls tastes as well as provlding a hol m681 for some of the more vulnerable all8r¢dees when access lo fresh home grown vegglables at home Gan be limited. Tho meals are eaten in our Glassroom al a table without any Computer, television or phone sGreens which encoLJrages the natural flow of conversalion whilst eating a healthy meal. Our children have made cakes. jams, chulneys and other preserves all with home grown produce. All of the students work towards a certificate of achievement for differerkt tasks with these tasks glving them essential life skllls that they take away with them. We also facilitate independent school visils13,000 attendances July 23- January 24). As part of our continued collaborative work with Phoenix Collegè, assisting wlh the learning of pile skills and the progressK)n of students, we have secured funding lo provide a work placement for one of Ihelr long term nonverbal, aulislic students, who now has paid work here al Mudchute for one hour a week. The edu¢alion and farm ttrams continue to provide an education81. fun and affordable time al MLJdcP7ute. The Park and Farm The peri under review has seen constant 8clivity on the farm with staff and volunteers once again working lo improve our facilities and enhan our fabulous selling. The animals again have kept us busy, with the changlng of the seasons always a conslanl, with the welcoming of new arrivals in the spring, further helplng to conserve our native rare breeds. Page 4
THE MUDGHUTE ASSOCIATION (REGISTERED NUMBER.. 01613085) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 Alongside all of our usual goings on such as allending agricultural shows, conservation grazlng and providing aniTnals and sometimes a famier lor film and T.V work, we have also sold all v8riet16s of livestock to other flocks and herds around the U.K as the genetic base that is held here within our breeds is much sort after by other farmers and rare breed keepers. This again Solidifies the importance of the conservation work that w6 undertake here al Mudchute. Our visitor numbers continue to increase as families, baltte with the cost of Ilving crisis and are unab16 to afford the days out lo expensive allraction5 as they strive lo save money. I would like lo thank all of our hardworking staff and volunteers for another great year at the Mudchute. FINANCIAL REVIEW Reserves policy The trustees deem it pnjdent to hold 3 months running costs In unrestracled funds not allocated against fixed assets. As of 31st March 2024 the unrestricted resetves of £296,241 is equal lo approximately 2 months running costs and we will look to build this back up again during the next financial periods. These funds are held lo ensure that in the event of a major incident preventing revenue generating activity, OLir running ¢osts {gxcluding avoldable exlemal costs) could conlirhue lo be mel. The balance on all restrtcled and unrestricted funds and explanation of why held Gan be found note 19 10 the financyal slatemenls. Oveniiew The Statement of Flnanci81 Activities shows a surplus for the year of £35,98612023', £261,939). Our reserves sland at £836,84412023'. £800,858). The surplLts for the current year is comparabla lo the operating surplus for 2023 of £40K after taking out the donated nursery works from LBTH. Going concern Accounting stsndard8 require the Trustees lo consider the appropriateness of the going concern basis when preparing tlie financial statements. After revi8wifhg forecasts and projections, tho Trustees havo a reasonable expectation that tho Charity has adequate resources lo continue in op8ratlonal existencè for the foreseeable future. The Trustees therefore continue to adopt the going concern basls in preparing the financial slalemenls. Tax slatU5 The charitable company is exempt from taxation on Charitable actlvilies. FUTURE PLANS Th8 cSosure of the equestrian centre has allowed us to continue to Irlal allernalive uses. including renting unlts to local pop-up traders and hosting communlly svenls such as dog handling training. We also refurbished tho c8fé and re-opened with a llew team & menu. 11 is anticipated that we will use these facilities to run various community themed evenls throughout the year. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing do¢ument The charity is controlled by ils governing document. a deed of trust, and constilules a limited company, limited by guarantee, as defined by the Companies Act 2006. Page 5
THE MUDCHUTE ASSOCIATION (REGISTERED NUMBER.. 01613085) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational stru¢ture The Mudchule Is governed by a board of trustees consisting of members of the local community who are elected al the annual general meeting. The board of Irustè8s has overall responsibility for ensuring that the finances al IAudehule ar6 adminisler&d ac¢ordingly, in order to meet ils legal and other obligations. a.g.. Charities Act, Incom6 Tax, VAT. Companies Act 2nd Common Law. The role of the treasurer. appointed from the board of Irustees. is lo understand accounting procedures and key inlemal controls, so a8 to be able to assure the board of Mudchule's financial inlegrily. The charllab5e company is managed on a day lo day basis by the Margarel Tracey. who reports lo the board of trustees. Induction and tralnlng of new trustees The Trustee Board continues lo be strong, Mqlh 811 key skills being filled. The Iruslees of the Mudchule Association are selected in accordance with the various categorles set out in our Articles of Associallon, the maximum pèrmilleé beirig fifteen. We continue lo ensure that me6lings and Iruslee involvement tskos place in a transparfjnl and engaged manner, and ensure training is provided as required. Administration. Finance and Stafflng A combination of Margaret Tracey. Vlcky Slror¢g and flnanGe officer Zemlchael Abrha. supported by other team members has ensLFred the smooth mnning of the adminlstralion & finances of the association. Warren Bun¢e has continued lo play a much appreclaled role as IT manager, and also assisted on brand promollon and recruiting long term volunteers. Remuneration The finance sub committee made up of the chairperson, treasurer, HR trustee, the director and finance officèr, in addition lo the overall finances of Mudchule, Focuses on the eslablishmenl of good employer practices. The committee is responsibl8 for the revlew of staff salaries each year as part of the annual budgetary process. Truste8s Indemnity The charitable company has arranged qualifying indemnity insurance for the trustees. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01613085 (England and Wales} Registered Charity number 284907 Registered office Mudchule Farm & Park Pier Street Isle of Dogs London E143HP Page 6
THE MUDCHUTE ASSOCIATION (REGISTERED NUMBER: 016130851 Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 Trustoes M D Humber M R Philllps M Barraclough J H Abbott {resigned 27.4.231 R J Swindells C Kirkwood Iresigngd 27.4.23) M Gray T Webb T J Roper Mead Sche L Cavanagh Iresigned 4.7.241 Young18ppointed 27.4.231 T Joseph {appoinled 2.5.241 S A Mortimer (appointed 2.5.241 D Glark lappoinled 2.5.241 Auditors Xeinadin Audit Limited Islalulory Audilorsl Bryant House Bryant Roa Strood Roehester Kenl ME2 3EW Bankers Barclays Bank PIC Leicester LE87 2BB CAF Bank Ltd 25 Kings Hlll Avenue Kings Hill West Malling Kent ME19 4JQ STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees (who aro also the directors of The Mudchule Association for the purposes of company law) are responsible for preparing the Annual Report and the financi81 slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Acceplod Accounting Practice). Company law requires the trustees lo prep8re financial stalcments for each financial year which give a true and fair view of the slate of affairs of the charitable company and of the illcoming resources and application of resources. including the income and expenditure, of the charitable company for that period. In preparing those financial slalemenls, the trustees are required to select suitable accounting policies and then appty them consistently., observe the methods and principles in the Charity SORP., mak8 judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concem basis unless il is inappropriate lo presume that the charitable company will continue in business. Page 7
THE MUDCHUTE ASSOCIATION {REGISTERED NUMBER.. 016130851 Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES- contlnued The Iruslees are responsible for keeping proper accounting records whlch disclose with reasornable accuracy at any time the financial position of the charitable company and lo enable them lo ensure that the financial slalements comply with th8 Comp2nies Act 2006. Thoy are also responsible for safeguarding the assets of the ch8ri18ble company and hence for taking reasor¢able steps for the preventi( and deleclk)n of fraud and other irregiilarilies. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware., and the Iruslees have taken all steps Ihal they ought to have taken lo make Iliemselves aware of any relevant audit Informatlork and lo establish that the auditors are aware of that information. AUDITORS The audiltsrs, X8inadin Audit Limlled, Urill be proposed for re-appoinlmenl 81 the ft)rthcoming Annual Gener21 MeE)ling. This report has b@en prepared in accordance wth the special provisions of Part 15 of the Companies Act 2006 relating lo small companies. Approved by order of the board of trustees on 11 December 2024 and signed on its behalf by.. S A Mortimer- Trustee Page 8
Report of the Independent Auditors lo the Members of The Mudchute Association (Registered number: 016130851 Opinlon We have audited the financial statements of The Mudchule Association Ilhe'charitable comparn5P) for the year ended 31 March 2024 which comprise the Slalemenl of Financial Activities, th6 Balance Sheet, the Cash Flow Statement and notes to the financial slalemenls, including a summary of significant accounting p)licies. The financial reporting framework that has been applled in their preparalion is applicable law and United Kingdom Accounting Standards (United Kingdom Generally ApIed Accounling Practice). In our opinion Iht financial stalem8nts'. give a true and fair vtew of the slate of th8 charitable companls affairs as al 31 March 2024 and of its incoming resoLtrces and applicallon of resources, including its income and expenditure, for the year the ended., have been properly prepared in accordance wilh United Klngdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducte.d our audit in accordance with International Standards on Auditing {UKI IISAS (UKII and applicabl8 law. Our rasponsibililies under those standards are ftjrther describéd in the Auditors, respon8ibililies for the audit of the fir)ancial statements section ol our report. We are independent of the charitable company in acoordance with the ethical requirenienls that are relevant to our audit ol the financial slalemenls in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wlh these requirements. We believe that the audit evtdtsnce we have oblained is sufficient and approprFale lo provlde a basis for our opSnion. Concluslons relating to golng concern In audlling the financtal slal8menls, we have concluded that the trustees. 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 Charitable comparls ability lo continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilltles of the trustee8 Wlth respect to going concem aro described in the relevant sections of this report. other information The Iruslees are responsible for the other information. The other information comprises the information includad in the Annual Report, other than the financlal slalements and our Report of the Independent Auditors thereon. Our opinion on the financial slalements does not cover the other information and, except to the extent otherwise explicitly stated in our report, w8 do not eJ(press any form of assurance Clusion Ihereon. In connection wth our audit of the financial stat8m6nls, our rasponsibility is lo read the other Information and. in doing so, consider wholher th8 other information is materially inconsistent with the finanGial slalements or our knowledge obtained in the audit or olhenwise appears to be malerially mSsstaled. If we identify such material inconsislencles or apparent mal&rial misslalements, we are required to determine whether this gives rise 10 8 materlal misslatemenl in the financial statements themse5ves. If, based on the work we have performed, we conclude that there is a material misslatemellt of this other information, we are required lo report that fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomiation given in the Report of the TrLtslees for the financial year for which the financial statements are prepared is consislenl with the fin8ncial statements., alld th8 Report of the Trustees has been prepared in accordance with applicable legal requiroments. Page 9
Report of the Independent Auditors to the Members of The Mudchute Associatian (Registered number- 016130851 Matters on which we are required to report by exception In Ihe light of the knowledge and understanding of Ihe charitable Company and its environment obtained in the course of the audit, we have not identified material misslalements in the Report of the Truslees. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us lo report lo you if, in our oplnion.. adeqLtale accounting records have not been kept or returns adequate for our audtt hav8 not been received from branches not visited by us., or the financial slalemenls are not in agreement with the accounting records and retLsms', or certain dlsclosures of trustees. remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to lake advantag6 of the small companies exemption from the requirement lo prepare a Strategic Report or in preparing the Report of the Trustees. Responslbilities of trustees As explair¢ed more fully in the Statement of Trustees, Responsibilities, the Iruslees (who are also the directors of the charitable company for thè purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a IrLte and fair view, and for such internal control as Ihtr trustees determine is nesSary lo enable the preparation of financial statements that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the tmstees are responsible for assessing the charitable Gompanls ability to continue as a going concem, disclosing, as applicable, mallers related to going concern and using the going concern basis of aceaunling unless the Iruslees either intend to liquidate the charitable company or lo cease operations. or have no reallstic allernalive bul to do so. P8g8 10
Report of the Independent Auditors to the Members of The Mudchute Assoclation {Reglstored number.. 01613085) Our responsibilities for the audit of the financial statamènts Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whelher clue lo fraud or error, and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance 15 a high level of asgurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstalemenl when it exists. Misstalemenls can arise from fraud or eNor and are consldered material if, individually or in tho aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these rinancial stalem&nls. The extent to which our pcedureS are capable of delecling irregularities. including fraud is detailed below.. Irregularities, Including fraud, ar8 instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to delect material misslalemenls in respect of Irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. We identify and assess the risks of material misstatement of the financial slateM&nts, whether duo to fraud or error, and then design and perform audit procedures responsive lo those risks, indudlng obtaining adIt evldence that is sufficient 8nd appropriate to provide a basis of our opinion. These procedures included.. Discusslons with management and assessment of known or suspected instances of non-compliance w41h laws and regulations lincluding heaSih and safety) and fraud., and Assessment of identÉfied fraud risk factors- and Review of cash expenditure lo Confirm no evidence of personal benefit,. and Challenging assumptions and judgements madÉ) by management in its significant accounting estimates., and Performing anal1¢81 Pfocedures to identify any unusual or unexpected relationships, Including relalad paty Iransaclions, that may indicate risks ol material misstalomenl due to fraud.. and Confirmation of related parties with managemonl, and review of transactions throughout the period to identify any previously undisclosed transactions with related partieb outside the normal course of business. and Reading minut&8 of meetings of those charged with govemance., and Physical inspection of tangible assets susceptible lo fraud or irregularity. and Review of significant and ursusual Iransacliorits,. and Identity and tosting journal entries, in particular any manual entries made al the year end for financial slatemenl preparation. Owing to th8 inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misslatemenls in the financial statemer7ls, everk though we have properly plsjnned and porformed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly slgnificant in the case of misstalemenl resulting from fraud as this may involve sophislicaled schemes designed lo avoid deleclion, including deliberate failure lo rewrd transactions, collusion or the provision of intentional misrepresentations. A furthér description of our responsibilities for the audit of the finan¢ial slalemenls is located on tho Financial Reporting Council's websitè at www.frc.org.ukJaudltorsresponsibililies. This description forrns part of our Report of Ihts Independent Audltors. Page 11
Report of the Independènt Auditors to the Members of The MudchutÈ Assoclatlon (Registered number- 016130851 Use of our report This report Is made solely to the Charitable compan5Ps members, as a body, in accordance Ghapler 3 of Part 16 of the Companles Act 2006. Our audit work has been undertaken so that we mlghl st21e lo the charitable company's member8 those mallers we are required lo stale lo them in an auditors, report and for no other poSe. To the fullest extent permilled by law, we do not acp( or assume responsibility lo anyone other than the charitable company and the charitable companvs members as a body, for our audit work. for this report, or for the opinions we have formed. Mark Friend Bsc FCA Islalutory Auditor) for and on behalf of Xeinadin Audit Limited Istalulory Auditors) Bryant House Bryant Road Slmod Rach&sler Konl ME2 3EW 11 December 2024 Page 12
THE MUDCHiYfE ASSOCIATION Statement of Financial Actlvltles Iln¢orporating an Income and Expenditure Account} FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unreslricled fL¢nds R&stricled funds Notes INCOME AND ENDOWMENTS FROM Donations and legaci8S 114.269 104,670 218,939 498,348 Charitable activities Operation of patk and farm 1,371,597 1,371,597 1,121,938 Other trading activities Investment income 153,495 2,811 153.495 2,811 151,485 802 Total 1,642,172 104,670 1,746.842 1,772,573 EXPENDITURE ON Raising funds 40,433 40,433 15,077 Charitable activltles Operation of park and farm 1,568.552 101.871 1,670.423 1,495,557 Total 1,608,985 101,871 1,710,856 1,510,634 NET INCOME 33,187 2,799 35,986 261.939 RECONCILIATION OF FUNDS Total funds bmught foNard 263,054 537.804 800,858 538,919 TOTAL FUNDS CARRIED FORWARD 296,241 540,603 836,844 800,858 CONTINUING OPERATIONS There were no unrecognised gains or losses other than the surplusldeficil for the year. The accompanytng accounting policies and notes form an integral part of these financial slalgments. Thè notes form part of these financial statements Page 13
THE MUDCHUTE ASSOCIATION (REGISTERED NUMBER.. 016130851 Balance Sheet 31 MARCH 2024 2024 Total fund5 2023 Tolal funds Unrestrtcled Restricted funds funds Notes FIXED ASSETS Tangible assets 14 122,381 539,885 662,266 657,935 CURRENT ASSETS Stocks Debtors Prepayments and accrued income Cash al bank and in hand 15 916 47,467 4,983 314.955 916 47,467 4,983 315,673 2,738 39.225 10,484 268,126 718 368,321 718 369,039 320.573 CREDITORS Amounts falling du8 within one year 17 {109,9981 {109.998} {95,656} NET CURRENT ASSETS 258,323 718 259,041 224,917 TOTAL ASSETS LESS CURRENT LIABILITIES 380.704 540.603 921,307 882,852 ACCRUALS AND DEFERRED INCOME 184.4631 184,4631 181,9941 NET ASSETS 296.241 540,603 836.844 800,858 FUNDS Unreslricled funds Restricted funds 19 296,241 540,603 263,054 537,804 TOTAL FUNDS 836,844 800,858 These financial stateM$nts have been prepared in accordance with the provlslons applicable lo charitab18 companies subject lo the small companies regime. The financial statements were approved by the Board of Trustees and aulhorised for issue on 11 Dscember 2024 and were signed on its behalf by.. S A Mortimer- Trustee M D Humbar- Trustee The notes form part of these financial statements Page 14
THE MUDGHUTE ASSOCIATION Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activlties Cash generated from operations Interest paid 113,675 13,2271 356,931 {2,3151 Not cash provided by operating activities 110,448 354,616 Cash flows from investing activili8S Purchase of tanglble fixed assets Interest received {65,712) 2,811 1244,921) 802 Nel cash used In investsng 8clivilies 162,9011 1244,1191 Change In cash and cash equivalents Sn the reporting period Cash and cash equivalents at the beginning of the reporting period 47,547 110,497 268,126 157,629 Cash and cash equivalents atthe end of the reportlng period 315,673 268.126 The notes form part of these financial slalemenls Page 15
THE MUDCHUTE ASSOCIATION Notés to the Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net Income for the reportlng perlod las per the Statement of Financial AGtlvltles) Adjustments for: Depreciation chaiges Loss on disposal of fixed assets Interest received Interest paid Decreasellincreasel in stocks Increase in debtors Increase in creditors 35.986 261,939 61,381 51,299 543 {8021 2,315 11,5971 16,9091 50,143 (2,8111 3,227 1,822 12,741) 16,811 Net cash provided by operations 113,675 356,931 ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash flow At 3113124 Net cash Cash at bank and in hand 268.126 47.547 315,673 268,126 47,547 315,673 Total 268.126 47,547 315,673 The notes form part of these financial slalemenls Paga 16
THE MUDCHUTE ASSOCIATION Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION The Mudchute Associalion is 2 company limited by guarantee and has no share capital. The Ilability of each member in the event of winding up is limited to £1. The company is registered in England and Wales, Registered Number 01613085 and ils reglster6d office is MudGhute Farm & Park, Pier Street, Isle of Dogs. London, E14 3HP. The presenlalK)n currency of the financial statements 18 the Pound Slerllng 1£). Flgures are rounded to th6 nearest pound. ACCOUNTING POLICIES Basis of preparation The financial statements of the charitablè company, whlch is a public benefit entity under FRS 102, have been prepared in accordance with Ihe Charities SORP IFRS 102) 'Accounting and Reporting by Charities- Statement of Re¢ommended PractiCEJ applicable to charities preparing their acoounls Iti accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 1021,, the Financial Reporting Standard 102 'The Financial Rep()rting Standard applicabl8 in (he UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convonlion. Going concern No material uncertainties that may cast doubl about the ability of the charity to Continue as a going concem have been idenlifi8d by the Iru516es.' See rsole 21 which refers to the ongoing negotiations between The Mudchute Association and The Londor) Borough of Tower Hamlets lo agree the terms of the lease renewal of Mudchute Farm. As al the date of the signing of the accounts, there are no factors the trustees are aware of that would indlcal8 that the lease is not going lo be renewed. Recognltlon of income Irkcome is included in the Statement of Financial Activities when the charity becomes 8nlilled to the resource, 11 is more likely Ihall not Ihdl Ihe trustees will receDie the resources., and the manetary v31ue can be measured with sufficient reliability. In addllion, income from the sale of goods is recognised whell the company has transferred the significant risks and rewards of ownership lo the buyer and the company retains neither continuing managerial involvement lo the dagree usually associated with the ownership nor effective control over Ihg goods sold. For the rendering of services the percentage of completion method is uséd to calculate the income recognised al the p&riod end unless services are parformed by an indeterminate number of acts over 8 specified period of lime, in which circumstance income is recognised on a 51raighl-line basis over the specified period. Incomo is recognised al fair value, derived from ordinary actwilies and nel of sales lax8s and any trade discounts. Donations Don8tions are included in the Slalement of Financial Activities whon the genoral income recognition criteria are m61. Volunteers. contrlbution The contributlon from volunteers has not been included in the Statement ol Financial Aclivi118s as the value of their contribution cannot be reliably quantified ill financial terms. Page 17 contlnued...
THE MUDCHUTE ASSOCIATION Notes to the Flnancial Statement5 continu8d FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- contlnuad Recognitlon of income Gift Ald Gift Aid receivable is ir¢cluded in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered lo b8 part of that gift and is treated as an addition lo the Same fund as the initial donation unless the donor or the terms of the appeal have specified OtheISe. Expenditure and liabilities Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligallon committing the charily lo that expenditure. it is probable that a transfer of economic benefits will be reqUId in selllemenl and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the cal@gory. Where costs cannot be directly allribuled lo particular headings they have been allocated to acliviliès on a basis consistent with the use of resources. Allocation and apportlonment of costs All support costs are allocated directly lo the Charitable Aclivltles which they support. Whilst a minimal amount of support costs could be allocated lo governance costs. is not considered appropriate for such an allocation lo be made due lo the cost involved in doing so and since there would be no impact on the true and fair view of the accounts produced. Tangible flxed assets Depreciation is provided at the followlng annual rates In order lo write off aach asset over ils estimated useful life. Short leasehold Fixlures and fillings Motor vehicles Computer equipment 6'1D on reduclng balance 25 % on reducing balance 25Q/o on reducing balance 154/0 on reducing balance Fixed assets costing less than £1,000 are not capilallsed bul are treated as expensed in the year of purchase. Tangible fixed assets are slated at cost 18ss accumulated depreclallon. Cost includes costs direcly allribulable lo making the asset capable of operatirkg as intended. Regular impalrmenl reviews are carried oul lo ensure Ihal fixed 2ssels are recorded irn the financial slalem&nls 81 no more than thelr recoverable amount. Any resulting impairment Ioss 18 measured and recognised on a consistent basis. stocks Stocks are v8lued at the lower of cost and nel rottli5able valL¢e, after making due 211owance for obsolete and slow movlng items. Cost is based on the cost of purchase on a first in, first out basis. Fund accounting Unreslricled funds are funds which are expended al the discretion of the Iruslees in furtherance of the objects of Ihe charity. Reslricled funds are funds sublecl lo specific Irusls. which may only be expended in accordance wlh the conditions imposed by the donors. Pansion costs and other posl.retlrement beneflts The charity operates defined benefll contribution schemes covering the majority of its permanent ernployees. Th& assets of the schemes are held separately from those of the charity in independently administered funds. The pellsion cost charge represents contributions payable by the charity to the funds. Page 18 continued...
THE MUDCHUTE ASSOCIATION Notes to the Financlal Statéments - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- continued Flnancial instruTnents Basic financial asselslliabilities including trade and other receivabl8slpayables and cash and bank balances, are initially r8cognised at transaction price unless the arrangement constituleg a financing transaction (loan over period of limel where the transaction is measured al present value of the fLFlure reip1S discounted at 2 market rale of inleresl. Such asselsAiablliti6s are subsequently carried al amortised cost using the effective inlerest method. Keyjudgements In prepar¢ng these financial stslemenls, the trustees have made the folloming judgements.. Determine whether there are indicators of impairment of the companls tsngible assets, Factors taken into consideiation in reaching such a decision include the economic viability and expected futur8 financial performance of the asset. Delemine whether leases entered into by the company ellher as a lessor or a lessee are operating or finan¢e leases. Thfjse decisions depend on an a88essrnenl of whether the risk and rewards of ownershlp have been transfeETed from the lessor to the If)bsee on a lease byloase basis. other key sources of èstimation uncertainty Tangible fixed assets, other than invoslmenl propertles. are depreciated over their useful lives taking into account residual values, whore appropriate. The actual lives of the assets and residual values are assessed annu811y and may vary depending number of factors. Residual valu8 assessments consider issuas such as future market conditions, the rewaining life of the asset and projected disposal values. Employee bénaflts All employee benefit costs to whioh employees have become entitled as a result of service rendered lo the enlily during the reportir¢g period are recognised as an expense, unless the financial reporting standard requires the cost to be recugnised as part of the cost of an asset, or as a liability, alter deductlng amounts that have been paid either directly lo the employees or as a contribution lo an employee benefit fund. If the amount paid exceeds the obligation arising from s6rvice before the reporting dale, the excess is recognised as an asset to the exlenl that the prepayment Mfjll lead lo a reduction in future payments or a cash refund. Hlre purchase and lea51ng commitments Assets held under finance lease and hire purchase contracts are capilallsed In the balanoe sheet and depreciated over Ilieir expected useful lives. The interest element of the leasing payment8 represents a constant proEH)rtion of the capital balance oulstsnding and is charged lo the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments mad8 und8r them are charged to the profil and loss account on a straight line basis over the lease term. Page 19 continued...
THE MUDCHUTE ASSOCIATION Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 2024 2023 Voluntary income Gift aid Legacies Grants 38.282 3,033 319,100 9,420 28,065 141,763 177,624 218.939 498,348 OTHER TRADING ACTIVITIES 2024 2023 R&nts received Hire of facililies Sale of christmas tree8 94.776 49,981 8,738 72.481 70,979 8,025 153,495 151,485 INVESTMENT INCOME 2024 2023 Bank Interest recelved 2,811 802 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Incomlng resources from charitsble acllvllies Operation of park and larm 1,371,597 1,121,938 An analysis of incoming r6sources from charitable aclDiilies by Class of business is given below.. 2024 2023 Sale of gTr)ds Rendering of services 74,440 1,297.157 56,276 1,065,662 1,371,597 1.121,938 Page 20 continued...
THE MUDCHUTE ASSOCIATION Notes to the Flnanclal Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 RAISING FUNDS 2024 2023 other trading activitle8 Rental expenditure Purchase of christmas trees Bad debts 11,280 7.235 21,918 8,919 6,158 40,433 15,077 CHARITABLE ACTIVITIES COSTS 2024 2023 Operation of park and farm Slaff costs Hire of plant and machinery Rates and water Insurance Light and heat Telephone Postage and st81ionery Play activities Training Repairs and renewals Motor expenses Travelling Refreshrnenls and entertainment Farm & nursery consumables Subscrlplions Cleaning Catering Legal & professional fees Bad debts Depreciation Loss on sale of tangible tixed assets Bank ir¢leresl Auditorfs romuneration Auditor's remuneratiors for non-auéil services 1.186,127 6,014 14,596 25,800 38,740 2,135 12,631 35,726 832 38,874 3,647 1,072,242 5,998 10,817 22,352 51,391 2,017 6,346 15,519 10,470 14,889 7,455 1,032 1,720 107,624 11,081 50,336 29,510 2,827 119.189 13,605 53,356 32,348 4,878 6,801 51.299 543 2,315 7.100 6,700 61.381 3,227 7,455 7,035 1,670,423 1,495,557 Page 21 continued...
THE MUDCHUTE ASSOCIATION Notes to the Finan¢lal Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS Governance costs Charitable aclimlies 14,490 Activity Governance costs Basis of allocatlon All support costs are allocated to charitable activitles. Support costs, included in the above, are as follows.. Governance costs 2024 2023 Audilovs remuneration Audilorfs remuneFalion for non-audil work 7,455 7,035 7,100 6,700 14,490 13,800 10. NET INCOMEIIEXPENDITUREI Net resources are sta18d after chargingllcredilingl- 2024 2023 D6preclalion - own&d assets Hire of plant and machinery 61.381 6,014 51,299 5,998 11. TRUSTEES. REMUNERATION AND BENEFITS Total salary and corresponding pension contributions paid by the charity lo the trustee Mary Gray durlng the year were as foEIows'. 2024 2023 Wages and salaries Pension costs 1,052 1.056 These transactions were in the normal course of the charitls operations and approval was obtained from The Charities Commission for these services. Page 22 onlinued...
THE MUDCHUTE ASSOCIATION Notes to the Financlal Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 11, TRUSTEES. REMUNERATION AND BENEFITS. continued Trustees. expenses During the year ended 31 March 2024 the Iruslees made loial donations lo the charity of £120 (2023,, £220). The Iruslees who made donations during the year were Raymond Swindells, Michael Barraclough & Justin Abboll. The Iruslees who made donations during the 2023 financlal year were Michael Barrac5ough & Justin Abbott. The Charitable company reimbursed expenses of £387 {2023.. £7571 lo Tahira Webb, a tNsla& of the charity. Th8se transactions w$re in the normal course of the charlty's operations. STAFF COSTS 2024 2023 Wages and salaries Social securFty costs Pension costs 1,090,870 77,630 17,627 985,345 70,980 15,917 1,186,127 1,072,242 The average monthly number of employees in the year was.. 2024 57 2023 55 Charltable activities Office 61 58 Ther8 were no employees who received emdumenls (excluding pènsion contiii)ulionsl in excess of £60,000 for Ihe year ended 31 March 2024 nor the year ended 31 March 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestriot8d funds 13. Restricted funds Tot81 funds INCOME AND ENDOWMENTS FROM Donations and legacies 241,376 256,972 498,348 Charitable activltle$ Operation of park and farm 1,121.938 1.121,938 Other trading activities Investment income 151,485 802 151,485 802 Totsl 1.515.601 256,972 1,772,573 EXPENDITURE ON Raising funds 15,077 15,077 Charitable aGlivlties Operation of park and fami 1.430,992 64,565 1,495,557 Total 1,446,069 64,565 1,510,634 Pag8 23 contlnued...
THE MUDCHUTE ASSOCIATION Notes to the Financlal Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unreslricled Reslri¢led funds funds Total funds NET INCOME 69,532 192,407 261,939 RECONCILIATION OF FUNDS Total funds broLJghl forward 193,522 345,397 538,919 TOTAL FUNDS CARRIED FORWARD 263,054 537,804 800,858 14. TANGIBLE FIXED ASSETS Fixtures alld fillings Short leasehold Motor vehicles Computer equipment Totals COST Al 1 April 2023 Additions 1,326,457 5,040 163,138 60,279 59.276 8,782 1.396 1,558,656 65,712 Al 31 March 2024 1,331,497 163,138 119,555 10,178 1.624,368 DEPRECIATION At 1 April 2023 Charge for year 703,933 37,654 133,120 7,504 56,428 15,782 7,240 441 900,721 61.381 Al 31 March 2024 741,587 140,624 72,210 7.681 962,102 NET BOOK VALUE Al 31 March 2024 589,910 22.514 47.345 2,497 662.266 Al 31 March 2023 622,524 30,018 3,851 1,542 657,935 The hislorlcal cost of the original l@asehold land and buildings acquired or$ 14 JLtn6 1994 is £Nil and was valuod by the directors al £650,000 on acquisition. The company has adopted the transitional arrarbgemenls available on the inlmduclion of FRS 15 Tangible Fixed assets, and vill relain these leasehold land and buildings al cost being equivalent to their nel book value al 31 March 2000 1£538,766). By taking advantage of the transitional arrangements, the directors will not be required lo carry out periodic valualion of these land and building assets. Page 24 continued...
THE MUDCHUTE ASSOCIATION Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 15. STOCKS 2024 2023 stocks 916 2,738 Included in the amount shown above for stocks are items valued at cost calculated on a first in, first out basis. The replacement cost of Ihese items al the year-end is equal lo historical cost. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 16. 2024 2023 Trade debtors other debtors 45,980 1,487 36.959 2,266 47,467 39,225 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other laxes other creditors 15,716 21,453 72,829 27,152 16,843 51,661 109,998 95.656 18. ACCRUALS AND DEFERRED INCOME 2024 2023 Accruals and deferred income 84,463 81,994 Deferred income of £67,39312023= £65.3221 is included wilhin the above figures. This relates ID grants received, income for the hire of facilities, rents r6ceived and incoming r8sources from Charitable activities, that relate lo future years. Pagts 25 continued...
THE MUDCHUTE ASSOCIATION Notes to the Financlal Statements . continued FOR THE YEAR ENDED 31 MARCH 2024 19. MOVEMENT IN FUNDS Nel movement in funds Al 3113124 At 114123 Unrestrlcted funds General fund 263,054 33,187 296,241 Restricted funds Building Fund Minibus Fund Nature Trail Fund Treehouse Project FLJnd Arena Refurbisl)ment Project Fund Nurs6ry Incluslon Fund 475,466 1,173 17.282 9,597 33.286 1.000 (28,5281 35,219 {1,0371 15761 {1,9971 12821 446,938 36.392 16,245 9,021 31.289 718 537,804 2,799 540,603 TOTAL FUNDS 800,858 35,986 836,B44 Nel movement in funds, included in the above are as follows: Incoming resour¢o8 Resoiirces expended Nlovem6nl in funds Unrestricted funds General fund 1,642,172 11,608,985) 33,187 Restricted funds Building Fund Minibus Fund Nature Trail Fund Treehouse Project Fund Arena Refurbi8hmenl Project Fur¢d London Borough Of Tower Hamlets Fund Nursery Inclusion Fund The Sl John's Park Holiday Activities Fund East End Community Foundatlo Apprenticeship Fund 128,528) {12,131) 11,0371 15761 11.9971 {28,528) 35,219 (1,0371 15761 11.9971 47,350 11.667 6,853 {11,6671 17,135} 1282) 16.300 (q6.3001 22,500 {22,500} 104,670 (101,8711 2.799 TOTAL FUNDS 1,746,842 (1,710,856) 35,986 Page 26 continue(l...
THE MUDCHUTE ASSOCIATION Notes to the Flnancial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 19. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movem8nl in funds At 3113123 At 114122 Unrestrlcted funds General fund 193,522 69,532 263,054 Restricted funds Building Fund Minibus Fund Nature Trail Fund Treehouse Project Fund Arena Refurbishment Project Fund East End Communily Foundation Fund Nursery Incluslon Fund 269,843 1,564 18,385 10.210 35,411 9,984 205,623 {3911 {1,103) {613) 12,1251 19,9841 1,000 475,466 1.173 17,282 9,S97 33,286 1,000 345,397 192,407 537,804 TOTAL FUNDS 538,919 261,939 800,858 Comparative nel movemont in fvnds., included in the above aré as follows: Incoming resources ReSoUrS expended Movement in funds Unrestricted funds General fund 1,515,601 11,446,069) 69,532 Rèstyicted funds Bullding Fund Minibus Fund Nature Trail Fund Treehouse Project Fund Arena Refurbishment Project Fund East End Community Foundation Fund London Borough Of Tower Hamlets Fund Nursery Inclusion Fund 235,972 (30,3491 13911 {1,103) 1613) 12,1251 {9,9841 205,623 13911 (1,103) {613) {2,1251 19,9841 20,000 1,000 120,000) 1,000 256,972 164,5651 192,407 TOTAL FUNDS 1,772,573 11,510,634) 261,939 Unrestricted lunds The General fund includes illcome from grants, fundral8ing and farmbng activitles. Also incSuded withln the general fund, is income from the charity's other Irading actlvilies, whlch consist of rents rec8ivtrd, hlre of facililias and the sal6 ol christmas trees. Restricted funds The Building fund represents the net book value of the restricted portion of buildings on the sile. The Minlbus fund repr@senls the net book value of minibuses purchased with restricted monies. Page 27 continued.
THE MUDCHUTE ASSOCIATION Notes to the Financlal Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 19. MOVEMENT IN FUNDS - continued The Nature trail fund represents monies given to improvo pathways and accessibility lo the farm sile. The Treehous& project fund repr8sents monies given lo enable the building of a tree house which is part of the children's seryices provision. The Ar$na refurt)ishmenl project fund represenls monies given lo rebuild the riding arena. The London Borough of Tower Hamlets fund represents monies givell lo run activities to support young people and promote a healthy lifestyle. The fund monies were fully expended durlng the year. The Nursery indusion fund represents monies given to support children who require one to one support. The Sl John's Park holiday activities fund repr6senl monies giverk lo provide activities lo the residents of one Housing Gmup in the local area. The fund monies were fully exp&nded during the year. The East End Community Foundation apprenticeship fund represent8 monies given to provide training & work experience for apprenliGes al hAudchute. The fund monles were fully expended during the year. 20. EMPLOYEE BENEFIT OBLIGATIONS Th8 charitable company operalos a defined conlribLflion scheme. The pension costs charge consists of contributions payable to the funds of £17.627 {2023'. £15,917). ContblI01}S of £3,604 12023.. £3,100) were outstanding at the end of the period. 21. OTHER FINANCIAL COMMITMENTS The followlng operating lease payments are commilled to be paid.. 2024 2023 Within one year Between one and five years In more than five years 768 832 885 1,771 1,600 2,656 The following lease payments have been recognised as an expense in the stal6menl of financial aclivilies.. 2024 2023 Operating lease rfjnlals 944 1,152 The land st Mudchule Fami is leased by The Mud¢hute Association from the Mayor Burgesses of the Londortr Borough of Tower Hamlets ILBTHI. Under the lease the open market rental value is currently a pepper¢orr¢ as with the land comes the obligation lo provide and maintain 8 public park wllhoul the fundlng lo support Ihls. Page 28 continueil...
THE MUDCHUTE ASSOCIATION Notes to the Flnancial Statements - continu8d FOR THE YEAR ENDED 31 MARCH 2024 21. OTHER FINANCIAL COMMITMENTS- continued The existing 30 year lease expired Orn 30 June 2024. The lease is subject to the provisions of The Landlord and Tenant Act 1954 which means that the existing lease is contlnued ¢Jnlil terminated in accordance wilh the Act. Post year end, nagolialions are tsking place between Tha Mudchute Association and LBTH to agree the terms of the lease renewal. 22. RELATED PARTY DISCLOSURES Durlng the year under review, lolal salary payments £35,231 (2023: £42,949) were made lo one adult child (Paul Tracey), two adult grandchildren (Thomas TraY & Sadie Tracey) and the daughter in law IDionne Tracey) of the general manager (Margaret Tracey), who were employed by the charity. These transactions were In the normal course of the charity's operations. Also duiing the year under review, total rental income of £13,64512023-. £6,859) was received from two12023.' one) of the employees of the charity, for flats based within the leasehold of the charily. Also during the year under review. total rental income of £7.06212023.' £Nill was received from John Cavanagh, the spouse of Lorraine Cavanagh, a former chairperson and Iruslee Iresigned 04107120241. Invol$ tot8lling £5,762 are induded within trade debtors in respect of the rental income, and are consldered fully recoverable. As also noted in note 24, total salary payynents of £170,108 12023.. £160,338) were made lo key managament personnel during the year. These transactions were in the normal course of the charills operations. The key management personnel are Margaret Tracey, Victoria Strong & Tom Davis. The charitable company re1Ved donations wilhoul Conditions of £120 12023.. £2201 from relat&d parties and trustees, of whlch £12012023-. £2201 relates lo Iruslee donations as detailed in note 11 of the financial ststements, where more detai18 of these donations can be found. The charitable company reimbursed expenses of £367 {2023.' £757) lo related parties and trustees. More delalls of these expenses can bè found in note 11 of the financial statements. Total salary payments of £1,056 {2023.' £Nil) were made lo Mary Gray, a trLtstee of the charity. More details regarding these salary payments Gan be found in note 11 of the financial stalemenls. Page 29 continued...
THE MUDCHUTE ASSOCIATION Notes to the Financlal Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 23. FINANCIAL INSTRUMENTS 2024 2023 Financial assets Financial agsels that are debt instruments measured 8t amortitsed cost 367.484 317,771 367,484 317,771 Flnancial Ilabilities Financial liabilities measured al amortised cost 127,066 112,329 127,066 112.329 Financial assets measured at amortised cost comprise trade debtors, other debtors, and cash and cash equivalents. Financial liabilities measured at amortised cost comprise trade creditors, other creditors and social securities. 24. KEY MANAGEMENT PERSONNEL Key management includes the Iruslees, the director general. the farm manager and the nursery manager. Th6 compensation paid or pttyable lo key management for employee seTvice8 is 8hown below.. 2024 2023 Salaries and other short-term benefits 170,108 160,338 25. LESSOR COMMITMENTS Al the year end the charity have leased assets. in regards to rental of part of the short leasehotd building, which is capitalised within the balance sheet, as well as the rental of telephone masts included within the land of the short leasehold property. The amounts commilled lo be received during the rented term are listed below.'_ 2024 2023 Wilhln one year Beheen one and five years In more than flve years 1,805 54,836 12,897 Total 1,805 67,733 Page 30
THE MUDCHUTE ASSOCIATION Dètailed StAtèment of Financial Activities FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Donatlons and legacies Voluntary income Gift aid Legacies Grants 38,282 3,033 319,100 9,420 28,065 141,763 177,624 218,939 498,348 Other tradlng actlvltles Rents received Hiré of facilili8s Sale of ¢hrislmas treas 94,776 49,981 8,738 72,481 70,979 8,025 153,495 151.485 Invostment income Bank interest received 2,811 802 Charitable actlvltles Incoming resources from charitable activities 1,371,597 1,121,938 Total incoming resources 1,746,842 1,772,573 EXPENDITURE other tradlng actlvltles Ren15Jl expenditure Purchase of christmas treas Bad debts 11,280 7,235 21,918 8,919 6,158 40.433 15,077 Charltable activiti8s Wages Social security Pensions Hire of plant and machinery Rates and water Insurance Light and he21 Telephone Postage and slalÉonery Play activities Training Repairs ar)d renewals Carrled foNard 1.090,870 77,630 17,627 6.014 14,596 25,800 38,740 2,135 12.631 35,726 832 38,874 1,361,475 985,345 70,980 15,917 5,998 10,817 22,352 51,391 2,017 6,346 15,519 10,470 14,889 1,212,041 This page does not form part of the stalulory financial slalemenls Page 31
THE MUDCHUTE ASSOCIATION Detalled Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Charltable activities BroughtfOard Motor expenses Travelling Refreshmerhls and 8nl8rtainment Farm & nursery consumables Subscriptions Cleaning Catering Legal & professional fees Bad debts Short leasehold depreciation Fixtures & fillings d@pre¢ialion Motor vohiclos depreciation Computer equipment depreciation Loss on Sale of tangible fixed assets Bank intere81 1,361,475 3,647 1,212,041 7.455 1,032 1,720 107.624 11,081 50.336 29,510 2,827 119,189 13,605 53,356 32,348 4,878 6.801 39,737 i 0,(X)5 1,284 273 543 2,315 37,654 7,504 15,782 3,227 1,655,933 1,481,757 Support costs Governance costs Auditors, ramuneralion 14,490 13,800 Total resources expended 1,710,856 1,510,634 Net income 35,986 261,939 This page does rnol form part of the stalulory financial slalements Page 32