REGISTERED COMPANY NUMBER- 01613085 (England and Wale$l REGISTERED CHARITY NUMBER.. 284907 Rèport of the Trustee5 and Audited Financial Stat•m•nts for the Year Ended 31 March 2025 for THE MUDCHVTE ASSOCIATION IA COMPANY LIMITED BY GUARANTEEI Xeinadin Audit Limited (Statutory Audilorsl Bryanl House Bryant Road Strood Rochester Kent ME2 3EW
THE MUDCHUTE ASSOCIATION Contents of the Flnanclal Statements FOR THE YEAR ENDED 31 MARCH 2025 Page Chair's Report Report of the Trnstees Report of the Independent Auditors 9 10 12 ststement of Flnancial Activities 13 Balance Sheet 14 Cash Flow Statement 15 Notes to the Cash Flow Statemont 16 Notes to the Flnancial Statements 17 to 31
THE MUDCHUTE ASSOCIATION Chal$ R&port FOR THE YEAR ENDED 31 MARCH 2025 I t(k over a$ Chair in June 2024. Looking back ovei th¢ last year from 2024 until the end of M8rch 2025, l aTn délighted to say thai Mvdchule cor)linues to Ihrlve as a loGal ¢ommunity 3sset despite some of the challenges we have been facing. The maln challeng& IS the renewal of the lease from the k)cal council, Ihe London Borough of Tower Hamlets IL8THI. We h8cl no choice bul to take legal action againsi LBTH thi¢h continues until WÈ get a satisfactory condusion. The fact that Mudchute has continued lo thrive Ts a real tribure to all of the staff and volunreers who have worked tirelessly this year on è nurnber of proie¢ls. 11 has a real communrty feel lo It and It Is wondertul to see Ioc8 familie5 enjowng 211 that Mudehute has to offer So tnany families and children from local schools visit and enjoy all that the farm has to offer at no ¢ost which is aMang. We also offer a Who range of actiwties foi children during the school holidays. It ls clear that we have the full suprL)rt of the local community in our action against L8TH. The staff are led by 8 brilliant professional team headed by Marg3rei and Wicky Every department has pulled out all Ihe stops lo make this p¢a¢e that il is today and to ensure that it is valued by the thole community especlally families and Indeed people from outside of Tower Hamlets. The nur88ry is as popular as ever and we still have a waib.ng list Mthich 15 Wonderful as we rely on the nursery to provide a stab5e revenue sour¢e 4thich funds much more than jusl the nursery. We had 8 numbw of successful events over the course of the year whith proved to be 8 great hit wth famlies especially over k4alloween and Christmas. We have seen a re81 increase in the ftumber of cotporate volunteers this year coming from a number of organisations. This provides an excellent venue for team building days 8nd helps lo support the Mudchute by Tepairing, plantino, erecting and so much more. 11 mu51 be saKI that wthout them we would struggle to get this kind of work dolle wth such a small team ol employees. As Chair. l )Uld 11ke to thank all the staff Frlends of MudEhLrte. th& volunieers and Ihe corporate groups for al their efforts this year and lor putting Mudchute on the map yet again. l am also honoured tc Gh8ir a brilliant tearn of tIU5tees that bring a ast number of ski115 and knoedge to the table each month and provide support lo the management team. orhm•r- chaerSOn Date." 15th December 2025 Page 1
THE MUDCHUTE ASSOCIATION {REGISTEREO NUMBER: 016130851 Report of th8 Trustees FOR THE YEAR ENDED 31 P41ARCH 2025 The Iruslees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The annual report serves the purposes of both Trustees Report and Directors Report under company law. The Trustees confirm that Ihe Annual report and Financial slalements of the charitable ¢ompany comply with the current slalulory iequirements, the requirements of the company's governing document and the provisions ol the Statement of Recommended Practice ISORPI applicable lo ¢harities preparing their accounts in accordance with the Financial Reporting Standard appli¢able to the UK and Republic of Ireland IFRS 1021 leffeclive January 20191. The report is prepared in accordance with the small company regime ISe¢lion 419{21 of the Companies Act 20061. OBJECTIVES AND ACTIVITIES Oblectlv¢$ and aims The purpose of the charitable company is lo preserve the area known as The MLtdchule. The Isle of Dogs, London, E14 for the benefit of the community, in the London Borough of Tower Hamlets and in parti¢LJlar The Isle of Dogs and the neighbourhood thereof in perpeluily. Slgnlficant actlvltl¢$ Details ol the si9nilicanl activilies of the charity can be found in the Achievement and Performance section ol the Report of the Trustees. Public beneflt The trustees have considered the Charity Commission guidance on public benefit and consider that the 8¢tivities of the charity meet its charitable objects and provide 8 benefit to Ihe public. We will continue lo meet the requirements by ensuring that the nursery & after school Club conts'nue to provide affordable childcare for local residents, and alongside olher educational activities (including school visits, summer camp programmes elc.l. give a unique opportunity in a Central London k)calion for children lo experience and learn at)out the anima15 and their habitats. Grantmaklng The charity has no grant making policy. No grants were made during the year. Principal Risks and Uncertainties As per prior years, the prin¢ipal risks facing the organisation relate to cashflow management, day-to-day operational activities and the lease renewal. As with any charitable organisalion our income Irom year-to-year can be affected by the availability of grants, however in Mudchute's case the potential for volatility is reduced by earned income from the nursery and other activities which we are always looking lor opportunities to increase andlor diversify. Income & Expenses are budgeted for thé financial year and monitored monthly as part of our Governancg framework. Ongoing Operational risks include Health & Safety risks, pub5ic & employee liability and regulatory risk le.g.Ofsledl,' they are mitigated by good working practices & procedures, pro-active management and insuran¢e cover where appropriale. Lastly whilst the lease expired in June 2024 it is subject to the provisions of the 1954 Tenant Act so continues on until terminated in accordance with the Act. The Iru51ees are actively negoli8ling the renewal terms with Tower Hamlets. Principal funding sources Principal funding sources to the charity come from grants, voluntary income and earned income. These funding sources support the charity's key obje¢tives by enabling the continued provision ol affordable childcare for local residents, and enable children in Central London lo experience & learn about animals & their habitats. Page 2
THE MUDCHUTE ASSOCIATION (REGISTERED NUMBER.. 01613085} Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERFORMANCE Director's Report Securing the renewal of our Lease has been the central, most demanding challenge ol the past year. We have been negotiating the renewal ol this with LBTH for approximately 12 years. However, this year, following several unsalislaclory offers from LB TH, the trustees, regretfully decided that they had no allernalive other than lo initiate legal prodIng$ against the council. Support from residents of Tower Hamlets has been extremely encouraging and we believe this strong public support has had a posilive influence on council officers, and wé are now hopeful th81 a suitable long-temi agreement can be reached. The trustees will of course refuse any agreement that does not guarantee that the Mudchute wll maIn a valuable community asset for many years. I would like to lake this opportunity lo mention the loyally and commitment shown by slall in all departments. Their tireless work, in spite ol low pay and job uncertainty, has been lundamental in maintaining the quality ol our services and ensuring Mud¢hute's long.term viability. Despite the negativity that has surrounded our quest lo obtain a sats'slactory Lease, many posltive oul¢omgs have been achieved this year. Visitor numbers and those of ¢orpDrale volunteers have increased dramatically and the nursery, now running al lull Capacity, are strong indicators of our success. In Seplember, Mud¢hute hosted the Federation of City Fanns and Gardens Annual Harvest Festival. an event that was so successful. it has been agreed that Mud¢hute wll remain the venue for the next three years. The highlighl of the show was the success of our dedicaled young faTmers, who won several 1st prizes wth the animals they had been training to show. The apprenticeship programme continues lo flourish. and I have been successful in securing funding for another year. This will enable us lo offer another cohort of young people the opportunity lo enter into the employment market. I have mentioned the increase in the numbers ol corporate volunteers and wish lo recognise the valuable benefits thal these provide for Mudchute. The corporate volunteers are essential, bridging the gap left by our limited staff by executing much-needed maintenance work on the farm and open space. In 8ddilion to providing us with Ihe necessary labour that has enabled us lo Carry out major relurbishmenls, site clearance and maintenance, they have also provided essential Income allowng us lo purchase equipment and tools necessary to completè the tasks. Whilst reco9nising the benefits that corporate volunleeis provide, I have lo mention the valuable individuals who support Mudchute throughout the year. These include. handy rnen, farm workers, and Ihose who assist with events and group supervision. A special mention must go the volunteer marketing team who have succeeded in promoting Mudchute through so¢ial media platforms and introducing modern digital markeling procedures that have been extremely useful and effective. l am hopeful that we will secure a suitable long-lerm lease before the end of the year which will ensure thè Mudchute remains as il is today, "A unique natural resource In the mldst of a Concrete jungle" Nursery Il's been another successful year ai Mudchule Children's Nursery, the setting running lo full capacity with a wailing list that reflects the demand lor the Nursery. l am aware that fee increases will result in many families feeling the pinch. However, to keep in line with inflalion and to cope with the extra national insurance and minimLJm wage rise, our fees have been increased. Page 3
THE MUDCHUTE ASSOCIATION IREGISTERED NUMBER.. 016130851 Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2025 In September the Government inlrodu¢ed 15 hours free funding per week, for 9-monlh-old babies and ¢hildren upwards. The demand for places has been phenomenal, with parents taking up the offer il they are eligible. There is a vast shortage of childcare places throughout the country and with the free fLJnding expanding in September 2025, we are anlicipaling an even higher demand lor the nursery. A big issue the nursery has faced, not just this year bul in previous years is the recruitment of qualified staff, with staff leaving, il's been difficult lo replace them. Again, this is som8thing affecting the èntire childcare sector. Our apprentice scheme is working well. the apprentices making up a big part of our work force. One apprentice has gained her level 3 in Education and Childcare, and another is working towards the same qualification. With the commitment of a strong staff team dedicated to providing qualily childcare, the nursery will continue lo glow and move fotward. I thank them most sincerely lor their hard work and dedication which has made Mudchule Nursery the success 11 is today. The Education Project The Education Project has recorded upwards of 12,000 school age children allendance's during the course of the last year. 11 is as ever very rewarding delivering this work. The wonderful working relationship wlh Ihe farm staff team has been great in assisling the education team deliver the farm tours, workshops elc. We have a number of groups that attend regularly frorn George Greens School ISEND departmenll, Phoenix School and Phoenix College who undertake various tasks the open space and farm. This in itself is a ¢hallenge to the parti¢ipants as most have additional needs with the students from Phtsenix School and College havin9 high level needs with most being non-verbal. Some of the work undertaken by them includes fightin9 the endless rubbish that is discarded by visitors. Our green fingered gardeners have again been growing a vast array of vegetables from potatoes and carrots and ¢hillies, all of which have been harvested and made into lasly meals which have been enjoyed by all. This broadens the students. tastes, and also provides a hol meal for some of the more vulnerable attendees, when access to fresh home grown vegetables al hom8 can be limited. The rneals are eaten in our classroom at a table without any ¢ompuler, television or phone screens which encourages the natural flow of conversation whilst eating a heatthy meal. Our children have made Cake's, jaFn's, chulney's and other preserves all with home grown produce. All ol the student's work towards a certificate of achievement for different tasks with these tasks giving them essenlial life skills that they take away with them. We also facilitate independent school visils13,500 attendanS July 24-January 251. The education and farm teams continue lo provide an educational, lun and affordable lime at Mudchute. The Park and Fami The period under review has seen constant activily on the farm with staff and volunteers once again working lo improve our facilities and enhance our fabulous setting. The animals again h¥ve kept us busy, with the changing ol the seasons always a conslanl, with the welcoming of new arrivals in the spring. fLJriher helping lo ¢onseNe our native rare breeds. Page 4
THE MUDCHUTE ASSOCIATION IREGISTERED NUMBER.. 01613085) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2025 Alongside all of our usual goings on such as attending agricuttLtral shows, Conservation grazing and providing animals and somelimes a laimer for film and T.V work, we have also sold all varieties ol livestock to other floGks and herds around the U.K as the genetic base that is held here within our bleeds is much sort after by other farmers and rare breed keepers. This again solidifies the importance of the ¢onsetvation work that we undertake here al Mudchute. OUT visitor numbers continue lo increase as families, battle with the cost ol living crisis and are unable lo afford the days out to expensive allra¢tions as they strive lo save money. I would like lo Ihank all of our hardworking staff and volunteers for another great year al the Mudchute. FINANCIAL REVIEW Reserves policy The trustees deem il prudent to hol(J 3 months running costs in unrestricted fLJnds not allocated against fixed ssels. As of 31st March 2025 Ihe unreslricled reserves of £301,666 is equal to approximately 2 months running costs and we will look lo build this back up again during the next financial periods. These funds are held lo gnsure that in the event of a major incident preventing revenue generating aclivily, our running costs (excluding avoidable exlemal costs) could continue to be mel. The balance on all reslriclgd and unrestricted funds and explanation of why held can be found in note 19 to the financial statements. OvoFview The Statement of Financial Activities shows a deficit12024'. surplus) for the year of £133,659}12024'. £35,986). Overall during the year there was a slight defi¢it thn nel income but a modest operating surplus afler adding back depreciation. Our reserves sland 81 £803,18512024.. £836,844}. Going concern A¢¢ounting standards require the Trustees to ¢onsider the appropriateness of the going ¢oncern basis when preparing the finan¢ial statements. After reviewin9 forecasts and projections, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational exislen¢e for Ihe foreseeable future. The Trustees therefore continue to 8dopl the goin9 concern basis in preparing the financial slalements. Tax status The charitable company is exempl from taxation on charitable a¢livities. Key performance indicators Regular management accounts Imonthlyl are used lo infomi and 9uide the executs've team and flag incidences of underperformance early, to allow year resolution or changes lo operational plans accordingly. These financial indicators are included in the Iruslee's report every monthly management accounts pack, alongside other key metrics linked lo income, such as nursery altendance figures. FUTURE PLANS We have rented out some of the unils in the courtyard and will be looking 81 how we can increase take up once we have a lease in place. Wè will also be looking lo increase the nUber of ¢orporale evenlslleam days. We have seen a real increase this year and hope that continues next year. We refurbished the calé last year and re-opened with a new team & menu. As well as an everyday cafe, we have been using these facilities lo run various community themed events throughout the year. Page 5
THE MUDCHUTE ASSOCIATION (REGISTERED NUMBER.. 016130651 Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND PAANAGEMENT Governing document The charity is controlled by ils governing document. a deed of trust, and conslilules a limited company, limited by guarantee, as defined by the Companies Act 2006. Organisational structure The Mudchute Is govemed by a board of Iruslees consisting of members ol the local community who are elected at the annual geneFal meeting. The board of trustees has ovfyrall responsibility lor ensuring that the finances at Mudchule are administered accordingly, in order lo meet its legal and other obligations, e.g. Charitie5 Act, In¢ome Tax, VAT, Companies Act and Common Law. The role of the treasurer. appointed from the board of trustees, is to understand aOntIng procedures and key internal controls, so as to be able lo assure the board of Mudchijle's financial integrity. The ¢harilable company is managed on a day to day basis by Margaret Tracey, who reports to the board of Irustges. Induction and tralnlng of new trustees The Trustee Board ¢ontinLJes to be strong. with all key skills being filled. The Iruslees ol the Mud¢hute Association are selected in accordance with the various categories sel out in our Articles of Association, the maximum permilled being fifteen. We continue lo ensure that meetings and trustee involvement lakes plactr in a transparent and engaged manner, and ensure training is provided as required. Administration, Flnance and Staffing A combination ol Margaret Tracey, Vicky Strong and finance officer Zemi¢hael Abrha, supported by other team members has ensur&d the smooth running of the administration & finances of the association. Warren Bunce has conlinued to play 8 ffluch appreciated role as IT manager, and also assisted on brand promotion and recruiting long term volunteers. Remuneratlon The finance sub Committee made up of the ¢hairperson, treasurer, HR Iruslee, the director and finance officer, in addition lo the overall finances of MudGhute, locuses on the eslablishmenl of good employer practices. The committee is responsible for the Teview of staff salaries each year as part of the annual budgetary process. Tru5t¥es Indemnity The charil8ble company has arranged qualifying indemnity insuran¢e for the irustees. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01613085 (England and Wales) Registered Charlty number 284907 Pa99 6
THE MUDCHUTE ASSOCIATION (REGISTERED NUMBER.. 016130851 Report of thè Trustees FOR THE YEAR ENDED 31 MARCH 2025 Registèred office Mud¢hute Park & Farm Pier Street Isle of Dogs London E14 3HP Trustees D Humber Iresigned 12.5.251 M R Phillips M Barraclough (resigned 27.1.251 R J Swindells Gray T Webb T J Roper Mead (resigned 12.5.251 S Chen (resigned 27.1.251 L Cavanagh Iresigned 4.7.241 M Young T Joseph lappointed 2.5.241 S A Mortimer lappoinled 2.5.241 D Clark lappoinled 2.5.241 Iresigned 31.7.251 H Almusawa lappoinled 12.5.251 J Elherington lappoinled 12.5.251 P Gratwi¢k (appointed 12.5.251 Auditors Xeinadin Audit Limited ISl8lulory Audilorsl Bryanl House Bryant Road Slrood Rochester Kent ME2 3EW Bankers Barclays Bank PIC Lei¢ester LE87 2BB CAF Bank Ltd 25 Kings Hill Avenue Kings Hill Wesl Malling Kent ME19 4JQ STATEMENT OF TRUSTEES. RESPONSIBILITIES The tiustees Iwho are also the directors of The Mud¢hute Association for the purposes of ¢ompany lawl are responsible for preparing the Annual Report and the financial slalemenls in accordance with applicable law and United Kingdom Accountin9 Standards (United Kingdom Generally Accepted Accounting Praclicel. Page 7
THE MUDCHUTE ASSOCIATION IREGISTERED hlUMBER= 016130851 R8POrt the frugteès FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF TRUSTEES. RESPONSIBILITIES. continued Company law requires the trustees to prepare finan21 statements for each finBnaal year. Under th81 law, the trustees have elected to prepare the financial statemènts in accordance Mqth United Kingdorn Generally Accepted Accounting Pr8¢ti¢e (United Kingdorn Accounbng Standards and applicable lawl. Under company law the trustees must not approve the financial statement5 unles5 they are 5ats5fied that they give a true and fair view of the 51ate of affairs of the charitable Company ar)d of Ihe incomlng resources and application of resources. ineluding the income and expenditure, of the charitable company for that period. In prepanng Iho$e ftnancial statements, the irustees ale required to select suitable acwuntsng policies and then apply them consistently", observe the methods and prinaples In the Charities SORP. make judgements and ests'm8tes that are reasonable and prudenl prepzre the financial statements on the going ¢on¢ern b88is unless li is inappropriate to pSuMe that the charitable company will continue in buslness. The trustee5 are SponSIb for keeping proper accounting records vthich disdose wth reaSonale accuracy at any time the financial position of the Charitable campany to enoble them to ensure thai the finan¢ial statements Comply Vkryth the Companies Act 2006_ They are a150 responsitrAe for safeguardlng the assets of the charitsble company and hence for takiw reasonable steps for the prevention and deteclon of fraud and olher irregularities. In so far as the trustees are aware.. there is no relevant audrt infomialion of which the tharitable ¢ompanls auditors are unaware-, and the trusleeg have iaken all steps that they ought io have taken to make themselves aware of any relevarrt audit information and to establish that the auditois are a•rare of that informaion. AUDITORS The auditors, Xanadin Audri Limlted, wll b¢ proposed for fe-appointment at the forthmIng Annual General Meettng. This report has beetTr prèpared In accordance th thè special provisions of Part 15 of the Companies Act 20C relaing to small companies. Approved by order of the board of trustee5 on 15 December 2025 and signed on its behalf by." S A Morbtner- Tru51ee Page 8
Report of the Ind•pendent Auditors to the Members of The Mudchuté Association IRegistered number- 01613085} Opinlon We have audited the financial statements of The Mudchute Association Ilhe 'charitable companl) lor the year ended 31 Mar¢h 2025 which comprise the Statement of Financial Aclivilies, the Balance Sheet, the Cash Flow Slalement and notes lo the financial statements, including a summary of si9nifi¢anl accounting poli¢ies. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted A¢counling Praclicel. In our opinion the financial slalemenls.. give a true and fair view ol the stale of the charitable company's affairs as al 31 March 2025 and of rts incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properfy prepared in a¢¢ordance with United Kingdom Generally Accepted Accounting Practice- and have tieen prepared in accordance with the requirements of Ihe Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are furlher described in the Auditors. responsibilities for the audit ol the financial statements section of our report. We are independent of the charitable company in a¢cordance with the elhiGal requirements that are relevant lo our audit of Ihe financial slalements in the UK, including Ihe FRC'S Ethical Standard, and we have fulfilled our other elhical responsibilities in accordance with these requiremen15. We believe that the audil evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Con¢luslons relating to going concem In auditing the financial slalernènts, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have perfom)ed, we have not identified any material un¢ertainlies relating lo events or conditions that, individually or collectively, may cast significant doubl on the charitable companls ability lo conlinue as a going concern lor a period of at least twelve months from when the financial slalemenls are authorised for issue. Our responsibilities and the responsibilities of the Irusloes with respect lo going COnM are described in the relevant sections of this report. Other Infom)ation The trustees are responsible for the other information. The other information Comprises the information included in the AnnLJal Report, other than the financial slalements and our Report ol the Independent Auditors thereon. Our opinion on the financial $18lements does not cover Ihe other information and, except to the extent olhetwise explicitly stated in our report, we do not express any lom) ol assurance conclusion Ihereon. In connectK)n with our audit of the financial statements, our responsibility 1s lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are reqijired to report that fact. We have nothing to report in this regard. Opinions on other matter$ prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the Gourse of the audit.. the infomation given in the Report of the Trustees for the financial year lor which the financial slalements are prepared is consislenl wlh the financial stalemenls.. and the Report ol the Trustees has been prepared in acrdance with applicable legal requirements. Page 9
Report of th• Independent Auditors to the Members of The Mudchute Association (Registered number.. 016130851 Matters on which we are required to report by exception In the light of the knowledge and understanding ol the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Rewrt ol the Trustees. We have nothing to report in respe¢l of the following matters where the Companies Act 2006 requires us to report lo you if, in OLJr opinion.. adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us., or the financial statements 8ie not in agreement with the accounting records and returns; or certain disclosures of Irusleès. remuneration specified by law are not made,. or we have nol received all the information and explanations we require for our akjdit., or the trustees were not entitled to take advantage of the small companies exemption from the iequiremenl lo prepare a Strategic Report or in preparing the Report ol the Trustees. Responsibilities of trustees As explained more fully in the Slalemenl of Trustees. Responsibilities, the trustees (who are also the directOTS of the charitable company for the purposes ol company lawl are responsible for the preparation of the financial slalemènts and lor being satisfied Ihat they give a true and fair view, and for Skjch internal control as the trustees determine is necessary lo enable the preparation of financial slalements that are free from material misslalement, whether due to fraud or error. In preparing the financial slalements, the trustees are responsible lor assessing the charitable Company's ability to continue as a going concern. disclosing, as applicable, matters related lo goin9 concern and using the going concern basis ol accounting unless the trustee5 either intend to liquidate the charitable company or to cease operations, or have no realistic altemative bul lo do so. Page 10
Report of the Independent Audltors to the Members of Thè Mudchute Association (Registered numbèr.. 016130851 Our responsibllltles for the audit of the flnancial statements Our objectives are lo obtain reasonable as5uran¢e about whether the financial statements as a whole are free from material misslaltrment, whether due lo fraud or error, and to issue a Report of the Independent Auditors Ihal includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducled in accordance with ISAS IUKI will always delect a material misslalemenl when il 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 slalemenls. The exlenl lo which our procedures are capable ol detecting irregularities. includin9 frau(S is detailed below.. Irregularities, including fraud. are instances ol non-compliance with laws and gUlations. We design ProdureS in line with our responsibilities, outlined above. lo detect material misstatements in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularities. including fraud is detailed below.. We identify and assess the risks of material misslalement of the financial slalements, whether due lo fraud or error. and Ihen design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis ol our opinion. These procedures included.. Discussions with managernenl and assessment of known or suspected instances of non-compliance with laws and regulations lincluding heollh and saletyl and fraud., and Assessment of identified fraud risk factors., ar)d Review of cash expenditure to confirm no evidence of personal benelil., and Challenging assumptions and judgements made by fnanagemenl in ils signifi¢anl a¢counting eslimales,. and Performing analytical proGedures to identify any unusual or unexpected relationships, including related party transactions, that may indi¢ate risks of material misslalement due to fraud.. and Conlirmation of related parties with management. and review of transactions throughout the period lo identify any previously undisclosed Iransa¢tions with related parties outside the normal couise of business. and Reading minutes ol meetings of those charged with governance., and Physical inspection of tangible assets susceptible to Iraud or irregularity,. and Review of 5ignificanl and unusual transactions,. and Identify and testing journal entries, in particular any manual entries made al the year end lor financial slalemenl preparation. Owing lo the inherent limitations ol an audit, there is an unavoidable risk that we may not have detected some material rnisstatements in the linanGial statements, even though we have property planned and performed our audit in a¢¢ordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expeGted lo delect non-compliance with all laws and regulations. These inheient limilalions are particularly significant In the ¢ase of misslalemenl resulting from fraud as this may nvolve sophisticated schemes designed lo avoid detection. in¢luding deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. A further description of our responsibilities for the audit ol the financial statements Is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fomis part of our Report of Ihe Independent Auditors. Page 11
Report of the Independent Auditors to the Members ol The Mudchute Association IRègistered number.. 01613085) Use ofour report This repori is made solely lo th& ¢haritable companls members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has béen undertaken so that we mKJht state lo the charitable companvs members those matters we are required to state to them in an auditors, report and for no other purpose. To the lullesl exlenl permitted by law, we do not a¢cept or assume responsibilily to anyone other than the charitable company and the ¢haritab5e companls members as a body, lor our audit work, lor this report, or for the opinions we have formed. Mark Friend Bsc FCA Islalulory Auditor) for and on behalf of Xeinadin Audit Limited Istalulc>ry Auditors) Bryant House Bryant Road Slrood Rochester Kent ME2 3EW 15 December 2025 Page 12
THE MUDCHUTE ASSOCIATION Statement of Financial Activities Ilncorporating an Income and Exponditure Account) FOR THE YEAR ENDED 31 MARCH 2025 2025 Total funds 2024 Total funds Unrestricted funds RÈstricled funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 101.445 44,640 146,085 218,939 Charitable a1VItieS Operalion of park and farm 1.705,670 1,705.670 1,371,597 Other trading activit$ Investment income 104,742 3,209 104,742 3,209 153,495 2,811 Total 1.915,066 44,640 1,959,706 1,746,842 EXPENDITURE ON Raising funds 14,994 14.994 40,433 Charitable activitiès Operation of park and farm 1.894,647 83,724 1,978.371 1,670,423 Total 1.909.641 83,724 1,993,365 1.710.856 NET INCOMEIIEXPENDITUREI 5.425 {39,0841 133,6591 35,986 RECONCILIATION OF FUNDS Total funds brought Iofward 296,241 540,603 836,844 800,858 TOTAL FUNDS CARRIED FORWARD 301,666 501,519 803,185 836,844 CONTINUING OPERATIONS There were no unrecognised gains or losses other than the surplusldelicil lor the year. The accompanying accounts'ng policies and notes form an integral part ol these financial statements. The notes form part of these financial slalements Page 13
THE MUDCHLITE ASSOCIATION (REGISTERED NUMBER: 01613D851 Balance Sheet 31 MARCH 2025 2025 Total ftTrnils 2024 Total nds Unrestricted funds Restricted funds Note5 FIXED ASSETS Tangible assets 14 112,16B 499.918 612,086 662,266 CURRENT ASSETS Slo¢ks Debtors Cash at bank and in hand 15 16 7q6 32,953 404,466 716 32.953 406,060 918 52,450 315,673 1,601 438,137 q,601 439,738 389.039 CREDITORS Amounts falling due wthin one year 17 1167.2221 1167,222) (109,9981 NET CURRENT ASSETS 270.915 1,601 272.516 259,041 TOT AL ASSETS LESS CURRENT UABILITIES 383,083 501,519 884,602 921.307 ACCRUALS AND DEFERRED INCOME 18 181.4171 181,4171 184,4631 NET ASSETS 301.666 501,619 803.18S 838.844 FUNDS Unrestricted funds Restncted funds 15 301,666 501,519 296,241 540.603 TOTAL FUNDS 803,185 838,844 These finarFcial $13temenis have been prepared in a¢¢ordance th the provisions applicable to chantable companies subject to the small compsnies rlMe. The financial statements were approved by the Board of Trustees and aulhorised for 1$5ue on 75 December 2025 and were signed on its beha by.. S A Mortimer- Tiustee J Etherington- Truslee The notes form part of these financial ststements Page 14
THE MUDCHUTE ASSOCIATION Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating actlvltles Cash generated from operations Interest paid 96,591 (4,8051 113,675 13,227} Nel cash provided by operating activities 91,786 110,448 Cash flows from Investlng activities Purchase ol tangible fixed assets Sale of tangible fixed assets Interest received 15,3991 800 3,209 {65,7121 2,811 Nel ¢ash used in investing aclivilie5 (1,3901 162,9011 Changè In cash and cash equlvalents in tho reporting period Cash and cash equivalents at the beginning of the reporting perlod 90,396 47,547 315,673 268,126 Ca$h and cash equivalents at the end of the reporting period 406,069 315,673 The notes form part of these financial statements Page 15
THE PhUDCHUTE ASSOCIATION Notes lo the Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2025 RECONCILIATION OF NET IEXPENDITUREIIINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net l•xpenditure}lin¢ome for the reporting perlod (as per the Statement of Financlal Activities) Adjustments for: Depre¢ialion charges Loss on disposal of fixed assets Interest received Interest paid Decrease in stocks Decreasellin¢reasel in debtors Increase in creditors 133,6591 35,986 54,165 614 3.2091 4.805 200 19.497 54,178 61,381 12,8111 3,227 1,822 12,7411 16.811 Nat cash provld•d by oporation5 96.591 113,675 ANALYSIS OF CHANGES IN NET FUNDS Al 114124 Cash flow At 3113125 Net cash Cash al bank and in hand 31 S,673 90,396 406,069 315,673 90,396 406,069 Total 315.673 90,396 406,069 The notes form part of Ihese financial slalements Page 16
THE MUDCHUTE ASSOCIATION Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2025 STATUTORY INFORMATION The Mudchute Association is a company limited by guarantee and has no share capital. The liability 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 registered office Mudchule Farm & Park, Pier Street, Isle of Dogs, London, E14 3HP. The presentation currency of the financial 51alements is the Pound Sledin91£l. Figures are rounded to the nearest pound. ACCOUNTING POLICIES Ba$ls of preparatlon The financial slalements ol Ihe charitable company, which is a public benefit entity under FRS 102, have beèn prepared in accordance with the Charitiès SORP IFRS 1021 'A¢counting and Reporting by Charities.. Statement of Recommended Practice, appli¢able to charities preparing their accounts in accordance wilh Ihe Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021., the Financial Reporting Stanttard 102 'The Financ181 Reporting Standard 8pplicable in the UK and Republic of Ireland, and the Cornpanies Act 2006. The financial slalemenls have been prepared under the historical cost ¢onvenlion. Going concern No material un¢ertainties that may cast doubl about Ihe ability of the charity to ¢ontinue as a going conrn have been identified by the trustees. See note 21 which rèfers to the ongoing negotiations between The Mudchute Association and The London Borough of Tower Hamlets to agree the terms of the lease renewal of Mudchule Farm. As at the date of the signing ol the a¢counls, there are no la¢lors the trustees are aware of that would indicate that the lease is not going lo be renewed. Recognition of incomo Income is included in the Statement of Financial Activities when the charity be¢omes enlitled to the resource. il is more likely than not that the trustees will receive the resources,. and the monetary value can be measured with sufficient reliability. In addition. income from the sale ol goods is recognised when the company has transferred the significant risks and rewards of ownership lo the buyer and the company retains neither Continuing managerial involvement lo the degree usually 8ssc>cialed with the ownership nor effective control over the goods sold. For the rendering of seNices the percentage of completion method is used lo calculate the income recognised al the period end unless Services are performed by an indeterminate number (>f acts over a specified period ol lime, in which circumstance income Is recognised on a straighl-line basis over the specified period. Income is recognised al fair value, derived from ordinary activities and net of sales taxes and any trade discounts. Donations Donations are included in the Slalemenl r>f Financial Activities when the general income recognition criteria are mel. Page 17 conlinued...
THE MUDCHUTE ASSOCIATION Notes to the Financial Statements GontSnued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES- ¢ontinued Recognition of Income Gift Ald Gill Aid receivable is included in incomtr when there is a valid de¢laration from the donor. Any Gift Aid arnounl recovered on a donation is considèred lo be part of that gilt and is treated as an addition to the same fund a5 the initial donation unless the donor or the terms of the appeal have specified otherwise. Grants Grants are included in the slalement ol financial activities on a receivable basis. The balance ol income received for spe¢ilic purposes bul not expended during the period is shown In the relevant funds on the balance sheet. Where income is received in advance of enlillement of receipt, its recognition is deferred and included in ¢reditor as deferred incorne. Where enlillemenl occurs before income is received. the in¢ome is accfued. Expendltur¢ and liabilitles Liabilities are recognised as expendilure as soon as there is a legal or constructive obligation committing the charity lo that expenditure. il is probable that a transfer ol economic benefits will be required in setuemenl and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accrtJa15 basis and has been cla5srfied under headings that aggregate all cost related to the category. Where costs cannot be directly allribuled lo particular headings Ihey have been allocated lo activities on a basis consislenl with the use ol resour¢8s. Allo¢atlon and apportionmènt of costs I support costs are allocated directly to the Charitable Aclivities which they support. Whilst a minimal amount of support costs could be allocated lo governance costs, il is not Considered appropriale lor such an allocation to be made due lo the cost involved in doing so and Sin there would be no impact on the true and fair view of the accounts produced. Tangibl• fixed assets DepreGiation is provided al the following annual rates in order to write off each asset over its eslirnated useful life. Short leasehold Fixtures and fitlings Motor vehicles Cotnpuler equipment 6°/0 on reducing balance 25°/0 on reducing balan¢e 25°/o on reducing balance 15°/0 on reducing balance Fixed 8ssets costing less than £1,000 are not capilalised bul are Irealed as expensed in the year of purchase. Tangible fixed assets are slated at cost less accumulated depreciation. Cost indudes costs directly attnbulable to making Ihe asset capable of operating as intended. Regular impaiment reviews are carried out lo ensure that fixed assets are recorded in the financial statements al no more than their re¢overable amount. Any resulting impairment loss is measured and recognised on a Consistent basis. Stocks Stocks are valLJed at the lower of Cost and rlet realisable value, after making due allowance for obsolete and slow moving items. Cost is based on the cost of purchase on a first in, first out basis. Page 18 continued...
THE MUDCHUTE ASSOCIATION Notes to the Financial Statemènts - continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES- continued Fund a¢¢ountlng Unreslricled funds are funds which are expended al the discretion of the trustees in furtherance of the objects of the charity. Restricted funds are funds subject to specific Irusts, which may only be expended in accordance with the condilions imposed by the donors. Penslon costs and other post.retirèment benefits The charity operates defined benefit contribution schemes covering the majority of its permanent employees. The assets of the schemes are held separately from those of the Charity in independently administered funds. The pension cosl charge represents contributions payable by the charity lo the funds. Finan¢ial instruments Basic financial asselsAiabilities including trade and other receivableslp8yables and cash and bank balances, are initially recogni5ed at transaction pnce unless the arrangement constitutes a financing transaction (loan Over period of limel where the transaction is measured al present value of the lulure receipts dis¢ounted al a market rale ol interest. Such asselslliabililies are subseouenlly carried al amortised Cosl using the effective interest method. Debtors Trade and other deblofs are recognised al the settlement amount after any trade discount offered. Prepayments are v81ued at the amount prepaid net ol any trade discounls due. Known bad debts are written off and provision is made for any considered lo be doubtful. Trade debtors relales lo income owed ltsr charitable services provided. Kèyjudgements In preparing these finan¢ial statements, the trustees have made the following judgements.. Detemine whether there are indicators of impairment ol the companls tangible assets. Factors tsken into consideration in reaching such a decision inGlude the economic viability and expected lulure financial performance of the a5sel. Detemine whether lease5 entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on 8n assessment ol whether the risk and rewards ol ownership have been transferred from the lessor to the lessee on a lease by lease basis. Other key source$ of estimation unc¢rtainty Tangible fixed assets. other than investment properties, are depreciated over their useful lives taking into 8c¢ount residual values. where appropriate. The actual lives of the assels and residual values are assessed annually and may vary depending on a number of factors. ResidLJal value assessments Consider issues such as future markel conditions, the remaining life of the asset and projected disposal values. Employee bentrfits All employee benefit Costs to which employees have become enlilled as a result of service rendered to the entity during the reporting period are recognised as an expense, unless the financial reporting slandard requires the cost lo be recIniSed as part of the cost ol an asset. or as a liability, after deduGling amounts that have been paid either directly lo the employees or as a conlfiL>ulion to an employee benefit fund. 11 the amount paid exceeds the obligation arising from service before the reporting date. the excess is recognised as an assel to Ihe exlenl that the prepayment will lead lo a reduction in future payments or a cash refund. Page 19 continued...
THE MUDCHUTE ASSOCIATION Notes to the Flnancial Statement$ continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES- continued Volunteers. ¢ontrlbutlon The contribution from volunteers has nol been included in the Statement of Financial Activities as the value of their contribution cannot be reliably quantified in financial temis. Hire PUT¢hasè and leasing commitments Assets held under finance lease and hire purchase conlra¢ls are capilalised in the balance sheet and depreciated over their expected useful lives. The interest element of the leasing payments represents a Constant proportion of the capital balan¢e outstanding and is charged to the profil and loss account over the peri(Id of the lease. l other leases are regarded as operating leases and the payments made under them are charged lo the profit and loss account on a straighl line basis over the lease term. DONATIONS AND LEGACIES 2025 2024 Voluntary income Gift aid Grants 41,298 3.516 101.271 38,282 3,033 177.624 146,085 218,939 OTHER TRADING ACTIVITIES 2025 2024 Rents received Hire of facilities Sale of ¢hrislmas trees 48,S27 46,960 9.255 94,776 49,981 8,738 104,742 153,495 INVESTMENT INCOME 2025 2024 Bank interest received 3,209 2,811 Page 20 continued...
THE MUDCHUTE ASSOCIATION Notes to thè Financial StatemÈnts - continued FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM CHARITABLE ACTIVITIES 2025 2D24 Activity Incoming resources from charitable activities Operation ol park and farm 1,705,670 1,371,597 An analysis of incoming resources from charitable activities by class of business is given below.. 2025 2024 Sate of goods Rendering of services 98,022 1,607,648 74,440 1,297,157 1,705,670 1,371,597 RAISING FUNDS 2025 2024 other trading activities Rental expenditure Purchase of christmas trees Bad debts 8,278 6.596 120 11,280 7,235 21,918 14,994 40,433 Page21 continued...
THE MUDCHUTE ASSOCIATION Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2025 CHARITABLE ACTIVITIES COSTS 2025 2024 Operation of park and farm Slafl costs Hire of plant and machinery Rates and water Insurance Light and heal Telephone Postage and stationery Play activities Training Repairs and renewals Motor expenses Relreshmenls and entertainment Farm & nursery ¢onsumables Subscriptions Cleaning Catering Legal & professional fees Depreciation Loss on sale ol tangible fixed assets Bank interest Auditor's remuneration Auditor's remuneration for non-audit services 1,370,148 5,008 19,736 30,957 53,994 1,831 9.426 S1,089 2,210 44,4B5 6,470 3.118 158,816 20,535 67,039 37,308 21,402 54,165 614 4.805 7,828 7,387 1,186,127 6,014 14,596 25.800 38,740 2,135 12,631 35.726 832 38,874 3,647 2.827 119.189 13,605 53,356 32.348 4,878 61,381 3.227 7.455 7,035 1,978,371 1,670,423 SUPPORT COSTS Governanc¢ ¢osts Charitable activities 15,215 Activlty Governance costs Basis of allocation All support costs arè allocated to charitable activities. Support costs, included in the above, are as follows.. Governance costs 2025 2024 Auditorfs remuneration Auditorfs remuneration for non.audil work 7,828 7,387 7,455 7,035 15,215 14,490 Page 22 ontinued...
THE MUDCHUTE ASSOCIATION Note$ to th8 Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2025 10. NET INCOMEIIEXPENDITUREI Net resources are staled after chargingll¢redity'ngl'. 2025 2024 Depreciation - owned assets Hire of plant and machinery 54.165 5,008 61,381 6,014 11. TRUSTEES. REMUNERATION AND BENEFITS Total salary and corresponding pension ¢onlribulions paid by the ¢harily to the Iru51ee Mary Gray during the year were as follows". 2025 2024 Wages and salaries Pension costs 4,770 50 1,052 4,820 1,056 These Iransaclions were in the normal ¢ourse of the charity's operations and approval was obtained frorn The Charities Commission for these services. Trustees, expenses During the year ended 31 March 2025 Ihe trustees made tolal donations lo the charity of £nil. 12024.- £1201. The charrtable ¢ompany reimbursed expenses of £845 12024.. £3671 to Tahira Webb and Tara Joseph, tnjslees of the ¢harily. These transactions were in Ihe norrnal course of the charity's operats'ons. 12. STAFF COSTS 2025 2024 Wages and salaries Social security costs Pension costs 1.255,819 93.318 21.011 1,090,870 77,630 17.627 1,370,148 1,186,127 The average monthly number of employees in the year was.. 2025 64 2024 57 Charitable aclivilies Office 68 61 Page 23 continued...
THE MUDCHUTE ASSOCIATION Notes to the Financial Statements - ¢ontlnued FOR THE YEAR ENDED 31 MARCH 2025 12. STAFF COSTS- continuèd There were no employees who CeiVed emoluments lexcluding pension conlributionsl in excess of £60.000 for the year ended 31 March 2025 nor the year ended 31 March 2024. 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacles 114,269 104,670 218,939 Charitable a¢tivitigs Operation of park and farm 1,371,597 1,371.597 Other Irading activities Investment income 153,495 2,811 153,495 2,811 Total 1,642,172 104.670 1,746,842 EXPENDITURE ON Raising funds 40,433 40,433 Charltable activities Operation of park and farm 1,568,552 101,871 1,670,423 1,608,985 101,871 1,710.856 NET INCOME 33,187 2,799 35,986 RECONCILIATION OF FUNDS Total funds brought forward 263,054 537,804 800,858 TOTAL FUNDS CARRIED FORWARD 296,241 540,603 836,844 Page 24 continued...
THE MUOCHUTE ASSOCIATION Notes lo the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2025 14. TANGIBLE FIXED ASSETS Fixtures and fittings Short leasehold Motor vehicles Computer equipment Totals COST At 1 April 2024 Additions Disposals 1.331,497 163,138 4,770 119,555 10,178 629 1,624,368 5,399 13S,0001 135,0001 At 31 March 2025 1.331,497 167,908 84,555 10,807 1,594,767 DEPRECIATION At 1 April 2024 Charge lor year Eliminated on disposal 741,587 35,392 140,624 6,820 72,210 11,484 133,5861 7,681 469 962,102 54,165 133,5861 At 31 March 2025 776,979 147,444 50,108 8,150 982.681 NET BOOK VALUE Al 31 March 2025 554.518 20,464 34,447 2,657 612,086 At 31 March 2024 589.910 22.514 47,345 2.497 662,266 The historical cost of the original leasehold land and buildings a¢quired on 14 June 1994 is £Nil and was valued by the directors at £650,000 on acquisition. The Company has adopltrd the transitional arrangernenls available on the introduction of FRS 15 Tangible Fixed assets, and will retain these leasehold land and buildings at cost being equivalent lo their net book value al 31 March 2000 1£538,7661. By iaking advantage ol the transitional arrangements, the direGtors will not be required lo ¢arry out periodic valuation of Ihtrse land and building assets. 15. STOCKS 2025 2024 Stocks 716 916 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 these items at the year*nd is equal to historical cost. Page 25 continued...
THE MUDCHUTE ASSOCIATION Note$ to the Financial Statèments - continued FOR THE YEAR ENDED 31 MARCH 2025 16. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtors Other debtors Prepaymenls and accrued income 27,393 1.123 4,437 45,980 1,487 4,983 32,953 52,450 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors Social security and other taxes Other creditors 34,822 23,734 108.666 15.716 21,453 72.829 167,222 109,998 ACCRUALS AND DEFERRED INCOME 2025 2024 Accruals and deferred income 81,417 84,463 Deferred income of £60,895 12024.. £67,393) is incluc¢ed within the above figures. This relates to grants received. Income lor the hire of facilities, rents received and incoming resources Iiom charitable aclivilies. that relate lo future years. 19. MOVEMENT IN FUNDS Nel movement in funds At 3113125 At 114124 Unre$trietèd funds General fund 296,241 5,425 301,666 Restricted funds Building Fund Minibu5 Fund Nature Trail Fund Treehouse Project Fund Arena Refurbishment Project Fund Nursery Inclusion Fund 446.938 36,392 16,24S 9.021 31,289 718 {26,8161 19,7581 19751 15411 11,8771 883 420,122 26,634 15,270 8,480 29.412 1,601 540,603 (39,0841 501,519 TOTAL FUNDS 836,844 (33,6591 803,185 Page 26 continued...
THE MUDCHUTE ASSOCIATION Notes to the Financial Statements - ¢ontinued FOR THE YEAR ENDED 31 MARCH 2025 19. MOVEMENT IN FUNDS . continued Nel tnovement in funds, in¢luded in the above are as follows.. Incoming resources ResoLJrces expended Movemenl in funds Unrestricted funds General fund 1,915,066 11.909,6411 5,425 Restrlcted funds Building Fund Minibus Fund Nature Trail Fund Treehouse Project Fund Aren8 Relurbishmenl Project Fund East End CommurTrily Foundation Apprenticeship Fund Nursery Inclusion Fund London Borough of Tower Hamlets Summer Playscheme Fund Canary Wharf Group Natural Worfd of Mudchule Fund 126.8161 {9.7581 19751 15411 {1,8771 {26,8161 (9,7581 19751 15411 (1.87n 30,000 2.639 130,0001 (1,7561 883 1,500 (1,5001 10,501 110,5011 44,640 183,7241 {39.0841 TOTAL FUNDS 1,9S9,706 11,993,365) {33,6591 Comparatlves for movement In funds Nel movement in funds Al 3113124 Al 114123 Unreslrl¢ted funds Geneial fund 263,054 33,187 296,241 Restricted funds Building Fund Minibus Fund Nature Trail Fund Treehouse Project Fund Arena Refurbishment Project Fund Nursery InGlusion Fund 475,466 1.173 17,282 9.597 33,286 1,000 128,5281 35,219 11,0371 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 35,986 836,844 Page 27 continued...
THE MUDCHUTE ASSOCIATION Notes to the Financial Statements - continu•d FOR THE YEAR ENDED 31 MARCH 2025 19. MOVEMENT IN FUNDS- contlnuèd Comparative nel movement in lunds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestrlcled funds General fund 1,642,172 11,608,985) 33,187 Re$trlcted funds Building Fund Minibus Fund Nature Trail Fund Treehouse Project Fund ena Relurbishmenl Project Fund London Borough 01 Tower Hamlets Fund Nursery In¢lusion Fund The Sl John's Park Holiday Aclivilies Fund East End Community Foundab'on Apprenticeship Fund 128.5281 112,1311 {1,0371 15761 11,9971 128,5281 35,219 11.0371 15761 11,9971 47,350 11.667 6,8S3 111,6671 17,1351 12821 16,300 {16,3001 22,500 122,5001 104,670 1101,8711 2.799 TOTAL FUNDS 1,746.842 11,710.8561 35,986 Unrestricted funds The General fund includes income from grants. fundraising and faiming activities. Also included within the general fund, is incorne from the charills other trading aclivilies, which consist of rents received, hire of facilili8s and the sale of chrislmas trees. Rastricted funds The Building fund represents the nel book value of the restricted portion of buildings on the site. The Minibus fund represents the nel book value of minibuses purchased wilh resln¢led monies. The Nalure trail fund repSentS monies given to improve pathways and accessibility lo the farm site. The Treehouse project fund represents monies given to enable the builtjing of a tree house whh is part of the children's services provision. The Arena relurbishmenl projecl fund represents monies given lo rebuild the riding arena. The London 8orough ol Tower Hamlets fun¢J represents monies given to run activities lo support yoijng people and promote a healthy lifest5de. The fund monies were lully expended during the ye8r. The Nursery inclusion fund represents monies given to support children who require one lo one support. The East End Community Foundation apprenli¢eship fund represents monies given lo provide training & work experience for apprentices at Mudchute. The fund monies were fully expended during the year. Page 28 continued...
THE MUDCHUTE ASSOCIATION Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2025 19. MOVEMENT IN FUNDS- ¢ontinued The London Borough ol Tower Hamlets Summer Playscheme Fund represents monies provided lo offer range ol free summer activities lor residents of the borough. The funding was awarded for Mud¢hute to provide freé farm tours for visitors lo Mudchule, two days each week for a lolal of four weeks during July August 2024. The fund monies were fully expensed during the year. The Canary Wharf GTOUP Natural World ol Mudchule Fund represents monies provided to run educational programmes which include activities such as environmental workshops on habitats and lrfe cycles, farm tours. and forest school sessH)ns that teach children to care for the environment. The fund monies were fully expensed during the year. 20. EMPLOYEE BENEFIT OBLIGATIONS The charitable company operates a defined conlribub'on scheme. The pension costs charge consists of contributions payable lo the funds of £21,011 {2024.. £17.627}. Contributions of £4,367 12024: £3,6041 were outstanding at the end of the period. 21. OTHER FINANCIAL COMMITMENTS The following operating lease payments are ¢ommilted lo be paid., 2025 2024 Within one year Befvjeen one and live years In more than five years 768 64 768 832 832 1.600 The following lease payments have been recognised as an expense in the slalemenl of financial activities.. 2024 2025 Operating lease rentals 736 944 The land at Mudchule Farm is leased by The Mudchute Association from the Mayor Burgesses of the London Borough of Tower Hamlets ILBTHI. Undei Ihe lease the open markel rental value is cuirently a peppercorn as with the land comes the obligation lo provide and maintain a public park wilhoul the funding lo support this. The existing 30 year lease eXpld on 30 June 2024. The lease is subjecl to the provisions ol The Landlord and Tenant Act 1954 which means that the existing lease is ¢onlinued until terminated in accordance with the Act. The Associalion has commenGed proceedings in the County Court for the granl ol a new le8se pursuant lo Part 11 ol the Landlord and Tenant Act 1954. The grant of a new lease is not OPPDsed and negotialions over ils terms are proceeding satisfactorily, with the OLJl¢ome expected by May 2026 al the lalesl Page 29 continued...
THE MUDCHUTE ASSOCIATION Notès to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2025 22. RELATED PARTY DISCLOSURES During the year under review, lolal salary payments £55.448 12024.. £35,231) weie made to two adult children IPaul Tracey & Laura Brown), one adult giand¢hild (Sadie Tracey) and the daughter in law (Dionne Tracey) of the general manager (Margaret Tracey). who were employed by thè charity. These transactions were in the normal course of the charill5 operations. so during the year under review, lolal rental income of £13,63812024.' £13,645) was received from iwo 12024.. two) ol the employees of the charity, lor flats based within the leasehold of the Gharily. SD during the year under review, lolal renlal income of £1.72712024'. £7,062) was received from John Cavanagh, the spouse of Lorraine Cavanagh, a former chairperson and trustee (resigned 04107120241. Invoices lolalling £5.899 are Included within trade debtors in respect of the rental income. and are considered fully recoverable. As also noted in note 24, lolal salary payments of £229,922 12024." £170,708) were rnadé to key management personnel during the year. These transactions were in the normal course of the charit¥s operations. The key management personnel are Margaret Tracey, Victoria Strong. Tom Davis & Zemichael Abrha. The charitable company received donations without conditions of £nil 12024.. £1201 from related parties and trustees, of whi¢h £nil12024.. £1201 relates lo Irustee donations as detailed in note 11 of the financial slalemenls, wher& more deiails of these donations can be found. The charitable company reimbursed expenses of £84512024." £3671 lo relaled parties and Iruslees. More details of these expenses can be found in note 1101 the linancial slalemenls. Total salary payments of £4.77012024.. £1,056) were made to Mary Gray, a trustee of the charty. More details regarding these salary payments can be found in note 11 of the financial slalements. 23. FINANCIAL INSTRUMENTS 2025 2024 Flnancial assets Financial assets that are debt inslruTnents measured at amortised Cost 439,021 367,484 439,021 367.484 Finan¢ial liabilities Financial liabilities measured al amortised cost 248.638 127,066 248,638 127.066 Financial assets measured al amortised cost comprise trade debtors, other debtors, and cash and cash equivalents. Financial liabilitie5 measured at amortised c051 Comprise trade creditors, other creditors and social securities. Page 30 continued...
THE MUDCHUTE ASSOCIATION Notes to the Financial Statements - ¢ontinued FOR THE YEAR ENDED 31 MARCH 2025 24. KEY MANAGEMENT PERSONNEL Key management includes the trustees, the director general, the farm manager, the finance and administration manager and the nursery manager. The Compensation paid or payable to key management for etnployee services is shown below.. 2025 2024 Salaries and other short-lerm benefits 229,922 170,108 25. LESSOR COMMITMENTS At the year end the charity have leased assets, in Tegards lo rental ol part of the short leasehold building, which Is capilalised within the balance sheet, as well as the rental of telephone m8s1s included wthin the land of the short leasehold property. Both rental agreements are currently on a monthly iolling rental. Page 31