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2021-03-31-accounts

DOCKLANDS SAILING CENTRE TRUST ANNUAL REPORT

Review and Accounts for the year ending 31 March 2021

Company Number: 02317321

Charity Number: 801049

DIRECTORS’ & TRUSTEES’ REPORT

The trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ended 31st March 2021, which are also prepared to meet the requirements for a directors’ report and Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statements of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OUR PURPOSE AND ACTIVITIES

The Charity’s principal activity is providing or assisting in the provision of facilities for water related activities at the Docklands Sailing & Watersports Centre, Millwall Dock, and elsewhere for the public benefit in the interest of social welfare. The Charity’s subsidiary undertaking company, Docklands Sailing Centre Limited, is responsible for the provision and management of bar and catering facilities at the centre.

The subsidiary undertaking has entered into a Deed of Covenant with the company under which its taxable income each year is covenanted to the Charity. However, the trading subsidiary suffered losses in the year due to restrictions on its operations from the Covid 19 pandemic. As a result, the trading subsidiary will be making a Gift Aid payment of Nil (2020 – £25,500).

The Trustees, as required by the framework in which the achievement of charitable purpose and public benefit is met, continue to keep the community and youth usage of the Centre as a main feature of report on operations at each Board meeting. We have been satisfied that the public benefit of the work of DSWC is clear and demonstrable, being further recorded and manifest by events set out on the website, e-newsletter and activity board on display in reception. The Trustees will be reviewing our methods for this in the next year.

ACHIEVEMENT AND ACTIVITIES

In the year under report DSWC operations were severely curtailed by the global COVID-19 pandemic, primarily due to the three national lockdowns but also due to funding, staffing and customer reticence. In total the Centre had to close its doors for seven months, opening only from 1[st] June to 31[st] October.

One front that we saw an increase was individual hire/recreational sessions; people on furlough, children home-schooling and an inability to travel all led to some 400% increase in users on non-instructed sessions. Open Water Swimming, Stand Up Paddleboarding and Sit on Top Kayaking, which were newly added to the range of activities in the pervious year, all went from seeing just a handful of people each day, in 2020/21, to over 30 people per hour. It is our hope to build on this new found user base as we move forward.

School groups

With COVID impacting schools we saw only three school groups in the year, we continue to engage with the schools and already have a full calendar for 2021/22 but time will tell as to the lifting of restrictions.

Youth Programme

A re-formatted summer programme was implemented, with 416 young people engaged. Feedback was outstanding and we will be reviewing how to take forward the changes into the years.

TRUSTEES/ DIRECTORS

Trustees who served during the year to 31[st] March 2021 were:

Martin Young Chair & ExCo Member, Representative for Individual Members - re-appointed 4[th] November 2020 Susan Stollery ExCo Chair, Co-Opted Trustee - re-appointed 4[th] November 2020 Andrew Delaney ExCo Member, Co-Opted Trustee - re-appointed 4[th] November 2020 Mike Barraclough Representative for East London Marine Venture Representative - appointed 26[th] April 1995 Margaret Phillips Representative for Association of Island Communities Voluntary Council - appointed 21[st] June 2010 David Chesterton Co-Opted Trustee - re-appointed 4[th] November 2020 Kenneth Sorensen Representative for Individual Members - re-appointed 4[th] November 2020

The Articles of Association specify fourteen places on the board, seven vacancies existed at 31[st] March 2021

Centre Director: Benjamin Davis (Director of Trading Company Only, ExCo Member) Secretary: Catherine Blake

Charity Registration: 801049 Trust Company Registration: 02317321 Trading Company Registration: 02319971 Registered Office: 235a Westferry Road, Millwall Dock, Isle of Dogs, London, E14 3QS Auditors: SKS Audit LLP, 3 Sheen Road, Richmond Upon Thames, TW9 1AD Bankers: The Co-operative Bank , Olympic House, 6 Olympic Court, Montford Street, Salford, M5 2QP

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Youth volunteers and training

The Summer Youth Programme was supported by 11 youth volunteers, a large drop compared to previous years but down to COVID restrictions more than anything else. With a ‘Work from home’ policy in place we saw no adult/corporate volunteers this year, we maintain contact with existing individuals and companies with a view to recommencing in 2021/22.

Racing

We continued to deliver the race training programme however almost all offsite events were cancelled.

Equipment and premises

With an uncertain future we rolled back on expected renovation/improvements but as we close the year, planning for 2021/22 has begun in earnest.

We are grateful for all our funders, staff, volunteers, users and Docklands Sailing Centre Limited for making this another successful, though challenging, year.

PUBLIC BENEFIT STATEMENT

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PD2). The achievements and activities above demonstrate the public benefit arising through the Charity’s activities.

OUR USERS & FUNDERS

Acumen ELBA Alimak E.London Home Education Ambris Expanded ASK Italian Focus Back Up Trust Goldman Sachs Ballymore GOSH Bank Of America Harry Gosling Primary Barclays Hitherfield Primary Berkeley Homes HSBC Brenbar Electrics Hubbub Foundation Broadbean ING Bank Bruce Wake Fondation Innisfree Build Africa ISS BUPA LBTH Canal & River Trust London Marathon Events Canary Wharf College London Youth Canary Wharf Contractors Mace Developments Canon Barnett Primary Markit Capco Met Police Caritas Recruitment MIDIS CASCAID Monega Primary School Chickenshed Moody's Citi Morgan Sindall City Of London School Morgan Stanley Clifford Chance New Atlas Wharf Close Brothers Newington Green School Co-operative Group NHS Blood & Transplant Commodore Kitchens Northern and Shell Credit Suisse Northern Trust Culloden Primary Norton Rose Danson Watersports Nuffield Health DHL Old Ford Primary School DLA Piper One Housing EECF PBS

PKF Littlejohn Pointers School Questback Reeds School Remembrance's Office River House School Royal Yachting Association Santander Seven Mills Sport England St George City St James the Great Primary St Johns Primary Mary Magdalene Academy Star Primary School SV Health investors Teach First Technology Transformation Teens and Toddlers Tesco Ground Work The Space Theatre Tower Project Turner Swim Union Maritime University College London Van Lodenstein Wardian Warwick Estates Wilmington Grammer XL Catlin Zoopla

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ACTIVITIES REPORT

This year has certainly been a rollercoaster; lockdowns, Furlough and ever changing restrictions has proved a challenge.

I am delighted with the way in which the Centre performed, it’s staff, trustees and volunteers have risen the the challenges in a way that I never could have imagined.

At the beginning of the year the lockdown provided an opportunity to analyse the newfound risks the onset of the COVID-19 pandemic had brought:

accommodate over four hundred young people. My thanks go the parents that supported the changes with minimum fuss.

Unlike the other risks uncertainty surrounding exiting the EU continues to weigh heavily as we enter 2021/22

As we enter the next year I remain as confidant as ever that everybody involved with the Charity will continue to adapt to an ever changing world and ensure that the Centre continues to thrive and meet it’s beneficiaries needs, both as they are now and as the adjust in the future.

Benjamin Davis Centre Director

We were unable to provide the usual level of provision within the youth club, so it was unfair to attempt to do so; each session sees some forty attendees in a normal year, with it needing to be limited to six people this it ultimately proved impossible.

We did however re-work the half terms and summer projects; changing to half days, placing children into groups of six and maintaining consistent instructors for the duration. All of which meant that we were able to

for corporates

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• dragon-boat racing • corporate events • team building • meeting rooms

GOVERNANCE AND POLICIES

GOVERNING DOCUMENT

Docklands Sailing Centre Trust is registered as a company limited by guarantee and not having a capital divided by shares.

The company was incorporated on 15th November 1988 and is a registered charity constituted as a limited company under the Memorandum and Articles of Association. The charity registration number is 801049 and the company registration number is 2317321.

APPOINTMENT OF TRUSTEES

As set out in the Articles of Association, the Chair of the Trustees is nominated by Docklands Sailing Centre Trust. The Executive Committee of Trustees has the power to appoint additional Trustees as it considers fit to do so.

TRUSTEE INDUCTION AND TRAINING

The Trustees maintain a good working knowledge of charity and company law and best practise through their professional and business interests. New Trustees are given copies of the Memorandum and Articles of Association.

ORGANISATION

meet regularly to manage its affairs. The Executive Committee comprises members from a variety of backgrounds, local knowledge and professional qualification. The daily operations are the responsibility of the Centre Director, who reports to the Board of Trustees.

RISK MANAGEMENT

The Management Committee has conducted a review of the major risk to which the Charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the Charity faces.

MEMBERS OF THE MANAGEMENT COMMITTEE

Members of the Management Committee, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 2.

RELATED PARTIES

The Trustees have no beneficial interest in the company other than as members. All the Trustees are also the directors of Docklands Sailing Centre Limited.

The company is organised so that the Directors and Trustees

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FINANCIAL REVIEW

The Group incurred a surplus for the year of £83,979 (2020 – £9,112), positive unrestricted reserves of £121,767 (2020 - £38,293) and total reserves of £220,231 (2020 - £136,252).

The trading subsidiary suffered losses in the year due to limited trading because of the pandemic. Therefore, the trading company made £Nil gift aid donation to the charity compared to £25,500 made last year.

During the year, as a matter of prudence, the Trading Company received a loan of £50,000 under the Government backed Bounce Back Loan Scheme. It is intended that the loan will be fully repaid within the next twelve months.

Overall the Trustees consider that the Charity has a stable financial base going forward.

PRINCIPAL FUNDING SOURCE

The usual main funding sources for the charity are membership income, income from water activities and events and income from the trading subsidiary.

During the year, COVID related grants were also received and became one of the main sources of income.

RESERVES POLICY

The Trustees consider it prudent to maintain an adequate balance of unrestricted reserves to cover the Charity’s contractual commitments and provide a sound base for the future. Ideally, this should be equivalent to a minimum level of 2 months of the annual budget.

As at 31st March 2021, there are unrestricted funds not invested in tangible fixed assets held by the group of £79,478 (2020 – deficit £12,648).

INVESTMENT POWERS AND

POLICY

Under the Memorandum and Articles of Association, the Charity has the power to invest in any way the Trustees wish. The policy of the Trustees is to invest any surplus funds on bank deposit

FUTURE ACTIVITIES

The DSC Trust will continue to enable the provision of sailing and water sport at the Docklands Sailing & Watersports Centre and take steps to ensure the impact of neighbouring development is, so far as possible, not detrimental to sailing activity. In addition we will renew the following projects:

PAY POLICY FOR SENIOR STAFF

The trustees meet annually to review the pay policy for senior staff by reference to the performance of the individual concerned and the market rate for the individual’s job description.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also directors of Docklands Sailing Centre Trust for the purposes of company law) are responsible for preparing the preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company and Charity law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its financial activities for that year. In preparing those accounts, the Trustees are required to:

A Centre for Everyone

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• no membership required • a centre not a club • come in and find out more

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the

prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the Charity and the financial information included on the Charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

STATEMENT OF DISCLOSURE TO AUDITOR

So far as the Trustees are aware, there is no relevant audit information of which the company’s auditors are unaware. Additionally, the Trustees have taken all the necessary steps that we ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the Charity’s auditors are aware of that information.

AUDITORS

A resolution was proposed and agreed at the Annual General Meeting that SKS Audit LLP be re-appointed as auditors of the Charity for the ensuing year.

The report of the Trustees has been prepared taking advantage of the small companies’ exemption of section 415A of the Companies Act 2006.

This report was approved by the Board of Trustees on 9th of November 2021 and signed on its behalf, by:

Martin Young Chair Of Trustees

FOR young people

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AUDITOR’S REPORT

OPINION

We have audited the financial statements of Docklands Sailing Centre Trust for the year ended 31st March 2021, which comprise the Consolidated Statement of Financial Activities (Summary Income and Expenditure Account), Statement of Financial Activities (Summary Income and Expenditure Account), the Consolidated Balance Sheet, the Statement of Cash Flows and Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the 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 group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The trustees are responsible for the other information. The other information comprises the information in the Report of the Trustees and the Statement of Trustees’ Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

for the COmmunity

• function hall

• bar and venue hire

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financial year for which the financial statements are prepared is consistent with the financial statements: and

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees’ responsibilities statements set out on page 6 and 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be

expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and noncompliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

JAMES FOSKETT (Senior Statutory Auditor) 9th of November 2021

for and on behalf of

SKS Audit LLP, 3 Sheen Road, Richmond upon Thames, TW9 1AD

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CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31ST MARCH 2021

Notes Unrestricted
Funds		 Restricted
Funds		 2021 2020
Income
Grants, donations and legacies
2
Income from charitable activities:
Sailing and water sports activities
Membership and course fees
Income from other trading activities:
Commercial trading operations
4
Facility and equipment hire
Other income
Total income
Expenditure
Cost of raising funds:
Commercial trading operations
5
Cost of raising funds - Charity
5
Expenditure on charitable activities:
Operation of a sailing centre
5
Total expenditure
Net income/(expenditure) and net
movement in funds for the year
Reconciliation of funds
Total funds, brought forward
Total funds, carried forward
£
274,179		 £
12,950		 £
287,129		 £
69,216
£
151,002
£
55,490		 £
0
£
0		 £
151,002
£
55,490		 £
86,610
£
173,637
£
17,137
£
2,814
£
2,701
£
503,323		 £
0
£
0
£
0
£
12,950		 £
17,137
£
2,814
£
2,701
£
516,273		 £
415,543
£
44,074
£
1,124
£
790,204
£
68,473
£
10,630		 £
0
£
0		 £
68,473
£
10,630		 £
382,493
£
20,112
£
340,747
£
419,849
£
83,474		 £
12,444
£
12,444
£
506		 £
353,191
£
432,294
£
83,979		 £
378,487
£
781,092
£
9,112
£
38,293
£
121,767		 £
97,959
£
98,465		 £
136,252
£
220,231		 £
127,140
£
136,252

The Statement of Financial Activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.

The notes on pages 14 to 25 form part of these accounts.

10

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31ST MARCH 2021

Notes Unrestricted
Funds		 Restricted
Funds		 2021 2020
Income
Grants, donations and legacies
3
Income from charitable activities:
Sailing and water sports activities
Membership and course fees
Income from other trading activities:
Facility and equipment hire
Other income
Total income
Expenditure
Cost of raising funds - Charity
7
Expenditure on charitable activities:
Operation of a sailing centre
7
Total expenditure
Net income/(expenditure) and net
movement in funds for the year
Reconciliation of funds
Total funds, brought forward
Total funds, carried forward
£
233,560		 £
12,950		 £
246,510		 £
94,716
£
151,002
£
55,490		 £
0
£
0		 £
151,002
£
55,490		 £
86,610
£
173,637
£
2,814
£
2,700
£
445,566		 £
0
£
0
£
12,950		 £
2,814
£
2,700
£
458,516		 £
44,074
£
1,124
£
400,161
£
10,630		 £
0		 £
10,630		 £
20,112
£
340,747
£
351,377
£
94,189		 £
12,444
£
12,444
£
506		 £
353,191
£
363,821
£
94,695		 £
378,487
£
398,599
£
1,562
£
8,693
£
102,882		 £
97,959
£
98,465		 £
106,652
£
201,347		 £
105,090
£
106,652

The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 14 to 25 form part of these accounts.

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CONSOLIDATED BALANCE SHEET

AS AT 31ST MARCH 2021

S AT 31ST MARCH 2021
Notes Group
2021		 Group
2020		 Charity
2021		 Charity
2020
Fixed Assets
Tangible assets
12
Investments
13
Total Fixed Assets
Current assets
Stock
14
Debitors
15
Cash at bank and in hand
Total Current Assets
Liabilities
Creditors falling due within one year
16
Net Current Assets / (Liabilities)
Total Assets Less Current liabilities
Creditors
Amounts falling due after more than
one year
17
Net Assets
£
126,801
£
0
£
126,801		 £
147,900
£
0
£
147,900		 £
112,242
£
2
£
112,244		 £
131,126
£
2
£
131,128
£
3,250
£
11,807
£
189,625
£
204,682		 £
5,147
£
10,177
£
66,326
£
81,650		 £
0
£
9,420
£
119,691
£
129,111		 £
0
£
5,385
£
31,283
£
36,668
£
(68,360)
£
136,322
£
263,123
£
(42,892)
£
220,231		 £
(93,298)
£
(11,648)
£
136,252
£
0
£
136,252		 £
(40,008)
£
89,103
£
201,347
£
0
£
201,347		 £
(61,144)
£
(24,476)
£
106,652
£
0
£
106,652
The funds of the Charity
Unrestricted funds
18
Restricted funds
18
Total Charity funds
£
121,766
£
98,465
£
220,231		 £
38,293
£
97,959
£
136,252		 £
102,882
£
98,465
£
201,347		 £
8,693
£
97,959
£
106,652

The Trustees have prepared group accounts in accordance with Section 398 of the Companies Act 2006 and Section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

These accounts were approved by the Board of Directors and Trustees on 9th of November 2021 and signed on its behalf by:

Martin Young Chair Of Trustees

Company Number: 02317321

The notes on pages 14 to 25 form part of these accounts.

12

STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST MARCH 2021

OR THE YEAR ENDED 31ST MARCH 2021
Group
2021
£
73,837		 Group
2020
£ (43,983)		 Charity
2021
£
88,408		 Charity
2020
£
4,518
Net cash generated/(used in) operating activities
Cashfows from investing activities
Purchase of tangible fixed assets
Cash provided by / (used in) investing activities
£
(539)
£
(539)		 £ (45,104)
£ (45,104)		 £
0
£
0		 £ (39,792)
£ (39,792)
Cashfows from fnancing activities
Bank Loan
Cash provided by / (used in) fnancing activities
£
50,000
£
50,000		 £
0
£
0		 £
0
£
0		 £
0
£
0
Change in cash & cash equivalents in the year
Cash & cash equivalents at the beginning of the year
Total cash & cash equivalents at the end of the year		 £ 123,298
£
66,326
£ 189,624		 £ (89,087)
£ 155,413
£
66,326		 £
88,408
£
31,283
£ 119,691
£ (35,274)
£
66,557
£
31,283

Reconciliation of net movement in funds to net cashflow from operating activities:

Group
2021
£
83,978
£
21,638
£
0
£
1,897
£
(1,630)
£ (32,046)
£
73,837		 Group
2020
£
9,112
£
27,803
£
320
£
(681)
£
10,343
£ (90,880)
£ (43,983)		 Charity
2021
£
94,695
£
18,884
£
0
£
0
£
(4,035)
£ (21,136)
£
88,408		 Charity
2020
£
1,562
£
22,212
£
0
£
0
£
3,722
£ (22,978)
Net movement in funds
Add back depreciation
Loss/(profit) on sale of fixed assets
Decrease/(increase) in stock
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Cash provided by / (used in) operating activities
£
4,518

The notes on pages 14 to 25 form part of these accounts.

13

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2021

1. ACCOUNTING POLICIES

1.1.

Basis of preparation of accounts

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charity SORP (FRS 102)), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Charities Act 2011 and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

Docklands Sailing Centre Trust meets the definition of a public benefit entity under FRS 102.

1.2. Preparation of accounts on a going concern basis

The Charity’s Financial Statements show a group surplus for the year of £83,979 (2020 - £9,112) and free reserves of £79,480 (2020 – deficit £12,648).

The trustees believe that the reduction in income suffered in the year will recover in the coming years now that the covid pandemic restrictions have been lifted.

Trustees will continue to monitor and ensure spending to be done in line with income in order to maintain sufficient reserves to cover the working capital of the group. Based on the information above the Trustees have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future and will remain profitable in future periods. Therefore, the trustees have adopted the going concern basis in preparing these accounts.

1.3. Group financial statements

The group financial statements consolidate the results of Docklands Sailing Centre Trust (the ‘Charity’) and its wholly owned subsidiary Docklands Sailing Centre Limited. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4. Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and amount can be measured reliably.

1.5.

Volunteers and donated services and facilities

Donated professional services and donated facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refers to the trustees’ annual report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

14

1.6. Expenditure recognition and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Support costs include back office costs, finance and administration personnel, payroll and governance costs which support the Charities programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated are set out in note 6 and 8. 1.8. Funds structure The general fund comprises those monies, which may be used toward meeting the charitable objectives of the company at the discretion of the Management Board.

The restricted funds are monies raised for, and their use restricted to, a specific purpose or donations subject to donor-imposed conditions.

1.9. Pension costs

The Charity operates a defined contribution pension scheme on behalf of its employees. Contributions are charged to the Statement of Financial Activities in the period in which they are payable. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

Stock is shown at the lower of cost and net realisable value. Stock consists of bar purchases.

1.11. Tangible fixed assets Tangible fixed assets are stated at cost less depreciation. Individual fixed assets costing £500 or more are capitalised at cost.

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Asset Category Annual Rate Land & building - Over 99 years Plant & machinery - 20% on the reducing balance basis Motor vehicle - 20% on the reducing balance basis Fixtures, fittings and equipment - 25% on the reducing balance basis

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand includes cash deposits.

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.15. Financial instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.16. Operating leases

The Charity classifies the lease of property and photocopier as operating leases. The rentals are charged to the Statement of Financial Activities on a straight-line basis over the lease duration. No assets are held under hire purchase agreements.

15

1.17.

Judgement and key sources of estimation uncertainty

In the application of the Charity’s accounting policies, the Charity is required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underling assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2.

GRANTS DONATIONS AND LEGACIES - GROUP

GRANTS DONATIONS AND LEGACIES - GROUP
Unrestricted
£
10,000
£
3,166
£
59,702
£
42,222
£
147,664
£
937
£
0
£
0
£
8,165
£
2,323
£
0
£
0		 Group
Restricted
2021
£
2,000 £
12,000
£
0 £
3,166
£
0 £
59,702
£
0 £
42,222
£
0 £
147,664
£
0 £
937
£
10,450 £
10,450
£
500 £
500
£
0 £
8,165
£
0 £
2,323
£
0 £
0
£
0 £
0		 2020
£
0
£
3,279
£
0
£
0
£
0
£
0
£
0
£
0
£
4,084
£
0
£
10,000
£
10,000
Edward Gostling Foundation
The Co-op Local Community Fund
The National Lottery Community Fund
London Borough of Tower Hamlets
Coronavirus Job Retention Scheme
Bounce Back Loan Grant
RYA Foundation
Jack Petchey Foundation
Other Donations <£1,000
Mace Developments - donation in kind
Sport England
Individual - donation in kind
Sailing and water activity:
Ballymore
East End Community Foundation
The Hedley Foundation
The Worshipful Company of Chartered Accountants
The Honourable Company of Master Mariners
The Tallow Chandlers’ Company
The Vintners’ Foundation
Donations - Youth Afloat
Donations - Disability Watersports
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0		 £
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0		 £
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0		 £
19,370
£
1,500
£
1,760
£
1,920
£
1,920
£
1,920
£
1,920
£
9,684
£
1,859
£
274,179		 £
12,950		 £
287,129		 £
69,216

The grants, donations and legacies income in 2020 totalling £69,216 was attributed to £55,132 restricted funds and £14,084 unrestricted funds.

Grants received from London Borough of Tower Hamlets in the year are in respect of Central Government Local Restrictions Support Grants and Closed Businesses Lockdown Payment applicable to all business rate payers.

In the year the Charity received an in kind donation of a hired Toilet Block to support its COVID-19 mitigation measures. The income equivalent of £2,323 is recognised within income as a donation.

In previous year, the Charity received a donation from an individual in the form of gifts of a rigid inflatable boat, engine and a trailer. The income equivalent of £10,000 is recognised within income a donation, and corresponding charge included within fixed assets.

16

3. GRANTS, DONATIONS AND LEGACIES - CHARITY

Unrestricted
£
10,000
£
3,166
£
59,702
£
42,222
£
107,982
£
0
£
0
£
8,165
£
2,323
£
0
£
0
£
0		 Charity
Restricted
2021
£
2,000 £
12,000
£
0 £
3,166
£
0 £
59,702
£
0 £
42,222
£
0 £
107,982
£
10,450 £
10,450
£
500 £
500
£
0 £
8,165
£
0 £
2,323
£
0 £
0
£
0 £
0
£
0 £
0		 Charity
Restricted
2021
£
2,000 £
12,000
£
0 £
3,166
£
0 £
59,702
£
0 £
42,222
£
0 £
107,982
£
10,450 £
10,450
£
500 £
500
£
0 £
8,165
£
0 £
2,323
£
0 £
0
£
0 £
0
£
0 £
0		 2020
£
0
£
3,279
£
0
£
0
£
0
£
0
£
0
£
4,084
£
0
£
10,000
£
10,000
£
25,500
Edward Gostling Foundation
The Co-op Local Community Fund
The National Lottery Community Fund
London Borough of Tower Hamlets
Coronavirus Job Retention Scheme
RYA Foundation
Jack Petchey Foundation
Other Donations <£1,000
Mace Developments - donation in kind
Sport England
Individual - donation in kind
Docklands Sailing Centre Limited
Sailing and water activity:
Ballymore
East End Community Foundation
The Hedley Foundation
The Worshipful Company of Chartered Accountants
The Honourable Company of Master Mariners
The Tallow Chandlers’ Company
The Vintners’ Foundation
Donations - Youth Afloat
Donations - Disability Watersports
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0		 £
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0		 £
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0		 £
19,370
£
1,500
£
1,760
£
1,920
£
1,920
£
1,920
£
1,920
£
9,684
£
1,859
£
94,716
£
233,560		 £
12,950		 £
246,510

The grants, donations and legacies income in 2020 totalling £94,716 was attributed to £55,132 restricted funds and £39,584 unrestricted funds.

4.

NET INCOME FROM TRADING ACTIVITIES OF SUBSIDIARY

The wholly-owned trading subsidiary, Docklands Sailing Centre Limited, which is registered in England and Wales, pays all but a small proportion of its profits to the Charity by gift aid. No gift was given to the Charity due to losses suffered in the year. The principal activity of the subsidiary company is that of the management of bar and catering facilities of the Docklands Sailing and Water Centre.

The charity owns the entire issued share capital of 2 Ordinary Shares of £1 each. Audited accounts are filed with the Registrar of Companies. A summary of the trading results for the year ended 31st March 2021 is shown below:

SUMMARY PROFIT AND LOSS ACCOUNT:
Turnover
Other Income
Cost of sales and administration costs
Net proft		 2021
£
17,137
£
40,619
£
(68,473)		 2020
£
415,543
£
0
£
(382,493)
£
(10,717)		 £
33,050
£
0
£
(10,717)		 £
25,500
£
7,550
Amount gift aided to the Charity
Retained in subsidiary
The assists and liabilities of the subsidiary were:
Fixed assets
Current assets
Current liabilities
Long term liabilities
Total net assets
£
14,559
£
90,756
£
(43,540)
£
(42,892)		 £
16,774
£
66,633
£
(53,807)
£
0
£
18,883		 £
29,600
Aggregate share capital and reserves £
18,883		 £
29,600

17

5.

ANALYSIS OF EXPENDITURE – GROUP

Commercial
trading
operation
£
39,681
£
0
£
11,753
£
0
£
0
£
0
£
3,414
£
0
£
288
£
0
£
0
£
2,754
£
10,583
£
0		 Raising
Funds
£
8,074
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
2,466
£
90		 Sailing and
Watersports
£
203,590
£
0
£
1,160
£
0
£
2,886
£
16,245
£
28,160
£
8,185
£
102
£
251
£
0
£
18,884
£
71,118
£
2,610		 2021
£
251,345
£
0
£
12,913
£
0
£
2,886
£
16,245
£
31,574
£
8,185
£
390
£
251
£
0
£
21,638
£
84,167
£
2,700		 2020
£
380,446
£
11,819
£
146,896
£
5,223
£
8,730
£
20,650
£
45,841
£
19,714
£
20,831
£
1,203
£
10,573
£
27,803
£
78,663
£
2,700
£
781,092
Salaries and staff costs
Subcontractor costs
Purchases and consumables
Training
Traveling and motor expenses
Rent and Rates
Repairs and maintenance
Light and heat
Cleaning
Advertising
Discounts given to schools
Depreciation
Support costs (Note 6)
Governance costs (Note 6)
£
68,473		 £
10,630		 £
353,191		 £
432,294

Of the £432,294 expenditure in 2021 (2020 - £781,092), £272,187 was charged to unrestricted funds (2020 - £723,496) and £160,108 to restricted funds (2020 - £57,596).

6.

ANALYSIS OF SUPPORT AND GOVERNANCE COSTS – GROUP

The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Governance costs and other support costs are apportioned separately between Charity’s two key activity undertaken (see note 5) in the year. All the general support and governance costs have been apportioned to the various charitable activities on the basis of transactions, allocated to each activity.

Support costs
£
29,255
£
2,403
£
20,060
£
661
£
1,148
£
6,755
£
493
£
10,145
£
5,527
£
2,970
£
0
£
0
£
0		 Governance
costs
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
7,450		 2021
£
29,255
£
2,403
£
20,060
£
661
£
1,148
£
6,755
£
493
£
10,145
£
5,527
£
2,970
£
0
£
0
£
7,450		 2020
£
33,214
£
5,755
£
15,976
£
1,748
£
1,675
£
7,285
£
1,153
£
5,598
£
583
£
606
£
320
£
0
£
7,450
Finance and administration staff
Premise costs
Insurance
Postage and stationary
Telephone
Computer costs
Hire of equipment
Bank charges and interest
Legal and professional fees
Sundry expenses
Loss on sale of fixed assets
Bad debts
Audit fees
£
79,417		 £
7,450		 £
86,867		 £
81,363

18

7.

ANALYSIS OF EXPENDITURE – CHARITY

ANALYSIS OF EXPENDITURE – CHARITY
Raising
Funds
£
8,074
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
2,466
£
90		 Sailing and
Watersports
£
203,590
£
0
£
1,160
£
0
£
2,886
£
16,245
£
28,160
£
8,185
£
102
£
251
£
0
£
18,884
£
71,118
£
2,610		 2021
£
211,664
£
0
£
1,160
£
0
£
2,886
£
16,245
£
28,160
£
8,185
£
102
£
251
£
0
£
18,884
£
73,584
£
2,700
£
363,821		 2020
£
222,954
£
9,074
£
11,367
£
5,098
£
6,017
£
18,126
£
29,370
£
9,338
£
10,816
£
230
£
10,573
£
22,212
£
40,724
£
2,700
£
398,599
Salaries and staff costs
Subcontractor costs
Purchases and consumables
Training
Traveling and motor expenses
Rent and Rates
Repairs and maintenance
Light and heat
Cleaning
Advertising
Discounts given to schools
Depreciation
Support costs (Note 8)
Governance costs (Note 8)
£
10,630		 £
353,191

Of the £363,821 expenditure in 2021 (2020 - £398,599), £230,749 was charged to unrestricted funds (2020 - £341,003) and £133,072 to restricted funds (2020 - £57,596).

8.

ANALYSIS OF SUPPORT AND GOVERNANCE COSTS – CHARITY

The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Governance costs and other support costs are apportioned separately between Charity’s one key activity undertaken (see note 7) in the year. All the general support and governance costs have been apportioned to the various charitable activities on the basis of a proportion of direct costs, allocated to each activity.

Support costs
£
29,255
£
2,403
£
20,060
£
307
£
584
£
4,427
£
493
£
8,399
£
4,958
£
2,698
£
0		 Govenance
costs
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
2,700		 2021
£
29,255
£
2,403
£
20,060
£
307
£
584
£
4,427
£
493
£
8,399
£
4,958
£
2,698
£
2,700		 2020
£
16,607
£
5,755
£
7,988
£
1,100
£
916
£
3,977
£
629
£
3,160
£
0
£
592
£
2,700
Finance and administration staff
Premise costs
Insurance
Postage and stationary
Telephone
Computer costs
Hire of Equiptment
Bank charges and interest
Legal and professional fees
Sundry expenses
Audit fees
£
73,584		 £
2,700		 £
76,284		 £
43,424

19

9.

NET INCOME / (EXPENDITURE) FOR THE YEAR

This is stated after charging:

NET INCOME / (EXPENDITURE) FOR THE YEAR
This is stated after charging:
2021 2020
Depreciation of tangible fixed assets
Operating lease payments
Auditors’ remuneration		 £
£
£		 21,638 £
15,855 £
7,450 £		 27,803
15,855
7,450

10. ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY MANAGEMENT PERSONNEL

MANAGEMENT PERSONNEL
Staff Costs
Wages and salary
National Insurance
Pension		 2021
£
261,103
£
13,678
£
5,819		 2020
£
385,444
£
20,846
£
7,370
£
280,600		 £
413,660

No employee received remuneration in excess of £60,000 during the year

None of the Trustees received any remuneration during the year (2020 – £nil) and no expenses were reimbursed (2020 – £nil).

The key management personnel of the charity comprise the Centre Director. The total employee benefits of the key management personnel of the charity were £40,843 (2020 - £48,847). The Centre Manager is also a director of Charity’s subsidiary company, Docklands Sailing Centre Ltd.

11.

STAFF NUMBERS

The average monthly number of staff employed, calculated as full time equivalent, during the year was as follows:

2021
9
1		 2020
16
1
Direct charitable and bar trading work
Administrative work
Total
10 17

The average monthly number of persons employed by the company during the year was 22 (2020 – 32).

20

12. TANGIBLE FIXED ASSETS – GROUP AND CHARITY

GROUP
2021
£
45,732
£
71,877
£
5,134
£
4,058		 GROUP
2021
£
45,732
£
71,877
£
5,134
£
4,058		 2020
£
47,392
£
88,252
£
6,846
£
5,410
NET BOOK VALUES
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicle
£
126,801		 £
147,900
MOVEMENTS IN YEAR
Cost or valuation
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicle
Opening
Balances
£
164,342
£
348,400
£
66,248
£
30,395		 Additions
£
0
£
539
£
0
£
0		 Disposals
£
0
£
0
£
0
£
0		 Closing
Balances
£
164,342
£
348,939
£
66,248
£
30,395
£
609,385		 £
539		 £
0		 £
609,924
Opening
Balances
£
116,950
£
260,148
£
59,402
£
24,985		 Charge For
Year
£
1,660
£
16,914
£
1,712
£
1,352		 Disposals
£
0
£
0
£
0
£
0		 Closing
Balances
£
118,610
£
277,062
£
61,114
£
26,337
Depreciation
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicle
£
461,485		 £
21,638		 £
0		 £
483,123
2020
£
47,392
£
74,181
£
4,143
£
5,410
NET BOOK VALUES
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicle
£
112,242		 £
131,126
MOVEMENTS IN YEAR
Cost or valuation
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicle
Opening
Balances
£
164,342
£
275,384
£
16,540
£
30,395		 Additions
£
0
£
0
£
0
£
0		 Disposals
£
0
£
0
£
0
£
0		 Closing
Balances
£
164,342
£
275,384
£
16,540
£
30,395
£
486,661		 £
0		 £
0		 £
486,661
Opening
Balances
£
116,950
£
201,203
£
12,397
£
24,985		 Charge For
Year
£
1,660
£
14,836
£
1,036
£
1,352		 Disposals
£
0
£
0
£
0
£
0		 Closing
Balances
£
118,610
£
216,039
£
13,433
£
26,337
Depreciation
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicle
£
355,535		 £
18,884		 £
0		 £
374,419

21

13. FIXED ASSET INVESTMENTS – GROUP AND CHARITY

Group
2021
2020
£
0
£
0		 Group
2021
2020
£
0
£
0		 Charity
2021
2020
£
2
£
2		 Charity
2021
2020
£
2
£
2
Investment at cost £
0		 £
0		 £
2		 £
2

The investment shown above represents the cost of the entire issued share capital of the subsidiary undertaking, Docklands Sailing Centre Limited, which is incorporated in England & Wales. Results of the subsidiary are set out in note 4.

14. STOCK - GROUP AND CHARITY

Group
2021
2020
£
3,250 £
5,147
£
3,250
£
5,147
Group
2021
2020
£
890 £
2,733
£
2,103 £
2,579
£
8,814 £
4,865
£
11,807
£
10,177		 Group
2021
2020
£
3,250 £
5,147
£
3,250
£
5,147
Group
2021
2020
£
890 £
2,733
£
2,103 £
2,579
£
8,814 £
4,865
£
11,807
£
10,177		 Charity
2021
2020
£
0 £
0
£
0
£
0
Charity
2021
2020
£
606 £
520
£
0 £
0
£
8,814 £
4,865
£
9,420
£
5,385		 Charity
2021
2020
£
0 £
0
£
0
£
0
Charity
2021
2020
£
606 £
520
£
0 £
0
£
8,814 £
4,865
£
9,420
£
5,385
Bar Stock
£
3,250		 £
5,147		 £
0		 £
0
DEBTORS - GROUP AND CHARITY
Trade debtors
Other debtors
Prepayments
£
11,807		 £
10,177		 £
9,420		 £
5,385

15. DEBTORS - GROUP AND CHARITY

CREDITORS FALLING DUE WITHIN ONE YEAR - GROUP AND CHARITY

16.

Group
2021
2020
£
20,498 £
46,586
£
15,654 £
11,228
£
7,108 £
0
£
0 £
0
£
16,126 £
25,049
£
575 £
730
£
8,399 £
9,705
£
68,360
£
93,298		 Group
2021
2020
£
20,498 £
46,586
£
15,654 £
11,228
£
7,108 £
0
£
0 £
0
£
16,126 £
25,049
£
575 £
730
£
8,399 £
9,705
£
68,360
£
93,298		 Charity
2021
2020
£
621 £
8,209
£
4,424 £
1,064
£
0 £
0
£
15,188 £
21,653
£
16,126 £
25,049
£
0 £
214
£
3,649 £
4,955
£
40,008
£
61,144		 Charity
2021
2020
£
621 £
8,209
£
4,424 £
1,064
£
0 £
0
£
15,188 £
21,653
£
16,126 £
25,049
£
0 £
214
£
3,649 £
4,955
£
40,008
£
61,144
Trade creditors
Taxation and social security
Bank Loans (Note 17)
Amounts due to subsidiary undertaking
Deferred income (Note 20)
Other Creditors
Accruals
£
68,360		 £
93,298		 £
40,008		 £
61,144

17. CREDITORS FALLING DUE AFTER MORE THAN ONE YEAR - GROUP AND CHARITY

Group
2021
2020
£
42,892 £
0
£
42,892
£
0		 Group
2021
2020
£
42,892 £
0
£
42,892
£
0		 Charity
2021
2020
£
0 £
0
£
0
£
0		 Charity
2021
2020
£
0 £
0
£
0
£
0
Bank Loan
£
42,892		 £
0		 £
0		 £
0

The above consists of a £50,000 Government backed loan at an annual rate of 2.5%, repayable over 60 months.

22

18. ANALYSIS OF CHARITABLE FUNDS – GROUP AND CHARITY

Restricted funds: GROUP 2020-2021 Balance as at
01/04/2020		 Balance as at
01/04/2020		 Income Expenditure Expenditure Balance as at
31/03/2021		 Balance as at
31/03/2021
Disability Watersports
Slipway expenses
Waterside fixtures and equipment
Courses and classes
Motor vehicle
Building development		 £
£
£
£
£
£		 0
1,000
45,634
1,215
5,410
44,700		 £
£
£
£
£
£		 12,950
0
0
0
0
0		 £
£
£
£
£
£		 0
0
9,127
304
1,353
1,660		 £
£
£
£
£
£		 12,950
1,000
36,507
911
4,057
43,040
£ 97,959 £ 12,950 £ 12,444 £ 98,465
Unrestricted funds:
Coronavirus Job Retention Scheme
General Funds		 £
£		 0
38,293		 £
£		 147,664
355,658		 £
£		 147,664
272,185		 £
£		 0
121,766
£ 136,252 £ 516,272 £ 432,293 £ 220,231
Restricted funds: GROUP 2020-2021
Disability Watersports
Slipway expenses
Waterside fixtures and equipment
Courses and classes
Motor vehicle
Building development		 Balance as at
01/04/2020
£
0
£
1,000
£
45,634
£
1,215
£
5,410
£
44,700		 Income
£
12,950
£
0
£
0
£
0
£
0
£
0		 Expenditure
£
0
£
0
£
9,127
£
304
£
1,353
£
1,660		 Balance as at
31/03/2021
£
12,950
£
1,000
£
36,507
£
911
£
4,057
£
43,040
£
97,959		 £
12,950		 £
12,444		 £
98,465
Unrestricted funds:
Coronavirus Job Retention Scheme
General Funds		 £
0
£
38,293		 £
147,664
£
355,658		 £
147,664
£
272,185		 £
0
£
121,766
£
136,252		 £
516,272		 £
432,293		 £
220,231
Restricted funds: CHARITY 2020-2021
Disability Watersports
Slipway expenses
Waterside fixtures and equipment
Courses and classes
Motor vehicle
Building development		 Balance as at
01/04/2020
£
0
£
1,000
£
45,634
£
1,215
£
5,410
£
44,700		 Income
£
12,950
£
0
£
0
£
0
£
0
£
0		 Expenditure
£
0
£
0
£
9,127
£
304
£
1,353
£
1,660		 Balance as at
31/03/2021
£
12,950
£
1,000
£
36,507
£
911
£
4,057
£
43,040
£
97,959		 £
12,950		 £
12,444		 £
98,465
Unrestricted funds:
Coronavirus Job Retention Scheme
General Funds		 £
0
£
8,693		 £
107,982
£
337,584		 £
107,982
£
243,395		 £
0
£
102,882
£
106,652		 £
458,516		 £
363,821		 £
201,347
Balance as at
01/04/2019
£
970
£
0
£
1,000
£
700
£
43,764
£
1,620
£
7,213
£
45,156		 Income
£
39,994
£
1,859
£
0
£
0
£
13,279
£
0
£
0
£
0		 Expenditure
£
40,964
£
1,859
£
0
£
700
£
11,409
£
405
£
1,803
£
456		 Balance as at
31/03/2020
£
0
£
0
£
1,000
£
0
£
45,634
£
1,215
£
5,410
£
44,700
Restricted funds: GROUP 2019-20
Youth Programme
Disability Watersports
Slipway expenses
Repairs and maintenance
Waterside fixtures and equipment
Courses and classes
Motor vehicle
Building development
£
100,423		 £
55,132		 £
57,596		 £
97,959
Unrestricted funds:
General Funds		 £
26,717		 £
735,072		 £
723,496		 £
38,293
£
127,140		 £
790,204		 £
781,092		 £
136,252
Balance as at
01/04/2019
£
970
£
0
£
1,000
£
700
£
43,764
£
1,620
£
7,213
£
45,156		 Income
£
39,994
£
1,859
£
0
£
0
£
13,279
£
0
£
0
£
0		 Expenditure
£
40,964
£
1,859
£
0
£
700
£
11,409
£
405
£
1,803
£
456		 Balance as at
31/03/2020
£
0
£
0
£
1,000
£
0
£
45,634
£
1,215
£
5,410
£
44,700
Restricted funds: CHARITY 2019-20
Youth Programme
Disability Watersports
Slipway expenses
Repairs and maintenance
Waterside fixtures and equipment
Courses and classes
Motor vehicle
Building development
£
100,423		 £
55,132		 £
57,596		 £
97,959
Unrestricted funds:
General Funds		 £
4,667		 £
345,029		 £
341,003		 £
8,693
£
105,090		 £
400,161		 £
398,599		 £
106,652

23

18. ANALYSIS OF CHARITABLE FUNDS – GROUP AND CHARITY (continued)

Description, nature and purpose of funds:

General funds:

General fund represents funds available to spend at the discretion of the Trustees after allowing for all the designated funds.

Restricted Funds:

Youth Programme - Funding received towards the staff costs of the youth programs. - Disability Water Sports Funding received towards the costs of the Disability Water Sports programs. Slipway expenses - Funding received towards a new slipway.

Repairs and maintenance - Funding received towards repair costs.

Courses and classes - Funding received towards cost of courses and classes run by the Charity. Waterside fixtures and equipment - Funding towards purchase of boats and a mooring for the pontoon. Balance carried forward represents the un-depreciated cost.

Motor vehicle - Donation received to purchase a motor vehicle. The balance carried forward represents undepreciated cost.

Building development - Funding received towards building development costs. The balance carried forward represents un-depreciated cost.

19. ANALYSIS OF GROUP ASSETS BETWEEN FUNDS – GROUP AND CHARITY

Unrestricted
£
42,286
£
0
£
122,372
£
(42,892)		 GROUP
Restricted
£
84,515
£
0
£
13,950
£
0		 Total
£
126,801
£
0
£
136,322
£
(42,892)		 Unrestricted
£
27,727
£
2
£
75,153
£
0		 CHARITY
Restricted
£
84,515
£
0
£
13,950
£
0		 Total
£
112,242
£
2
£
89,103
£
0
Tangible fixed assets
Investments
Net current assets
Long term liabilities
£
121,766		 £
98,465		 £
220,231		 £
102,882		 £
98,465		 £
201,347

ANALYSIS OF GROUP ASSETS BETWEEN FUNDS – GROUP AND CHARITY – PREVIOUS YEAR

Unrestricted
£
50,941
£
0
£
(12,648)		 GROUP
Restricted
£
96,959
£
0
£
1,000		 Total
£
147,900
£
0
£
(11,648)		 Unrestricted
£
34,167
£
2
£
(25,476)		 CHARITY
Restricted
£
96,959
£
0
£
1,000		 Total
£
131,126
£
2
£
(24,476)
Tangible fixed assets
Investments
Net current liabilities
£
38,293		 £
97,959		 £
136,252		 £
8,693		 £
97,959		 £
106,652

20. DEFERRED INCOME – GROUP AND CHARITY

GROUP
2021
2020
£
25,049 £
35,725
£
(25,049) £
(35,725)
£
16,126 £
25,049
£
16,126
£
25,049		 GROUP
2021
2020
£
25,049 £
35,725
£
(25,049) £
(35,725)
£
16,126 £
25,049
£
16,126
£
25,049		 CHARITY
2021
2020
£
25,049 £
35,725
£
(25,049) £
(35,725)
£
16,126 £
25,049
£
16,126
£
25,049		 CHARITY
2021
2020
£
25,049 £
35,725
£
(25,049) £
(35,725)
£
16,126 £
25,049
£
16,126
£
25,049
Balance brought forward
Amount released to income in the year
Amount deferred in the year
Net cash generated/used in operating activities
£
16,126		 £
25,049		 £
16,126		 £
25,049

Deferred income represents membership fees, course fees and events income relating to 2021/22.

24

21. OPERATING LEASE COMMITMENTS – GROUP AND CHARITY

At 31 March there were the following future minimum lease payments under non-cancellable operating leases:

GROUP
2021
2020		 GROUP
2021
2020		 CHARITY
2021
2020		 CHARITY
2021
2020
Land and building
Not later than one year
Later than 1 year not later than 5 years
Later than 5 years
£
15,854
£
63,418
£
1,474,460		 £
15,854
£
63,418
£
1,490,314		 £
15,854
£
63,418
£
1,474,460		 £
15,854
£
63,418
£
1,490,314
£
1,553,732		 £
1,569,586		 £
1,553,732		 £
1,569,586
Other
Not later than one year
Later than 1 year not later than 5 years
£
197
£
0		 £
788
£
197		 £
0
£
0		 £
0
£
0
£
197		 £
985		 £
0		 £
0

22. PENSION COSTS

The pension contributions payable by the Charity and its subsidiary amounted to £5,819 (2020 - £7,370). Contributions totalling £575 (2020 - £730) were due at the year end and are included in creditors.

23. SHARE CAPITAL

The company is limited by guarantee and does not have a share capital divided by shares.

24. RELATED PARTY TRANSACTIONS

No related party transactions took place in the year except the transactions disclosed in note 10.

25. POST BALANCE SHEET EVENTS

During the year, the Coronavirus (COVID-19) pandemic had spread globally resulting in a significant impact on organisations worldwide. As a result, some operations have been restricted, however the charitable group continue to operate using alternative methods and amend its working practice as appropriate.

The trustees are unable to evaluate the overall financial impact on the charitable group at present. Hence financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The trustees are continuing to monitor, assess and act to the current changing environment in order to position the charitable group to ensure its future success.

25

MEET THE TRUSTEES

Martin Young Chair

Martin, a barrister in private practice, began his life in Tower Hamlets studying at Queen Mary College in 1977 where he was a law undergraduate finally moving to Cubitt Town in 1987. He served as a local councillor for the former Millwall Ward between 1994 and 2002 and chose to continue active involvement with a number of local voluntary organisations and charities, including Docklands Sailing Centre Trust. Ensuring access to sport and leisure for all in the community at a properly run, well-funded DSWC continues to motivate Martin in his work for the Trust.

Maggie Phillips

Maggie joined the board in 2010 as Representative Trustee for the Association of Island Communities Voluntary Council. Away from the Centre she is also Chair of the St John’s Tenants & Residents’ Association (TRA), Secretary of the Association of Island Communities and a trustee of Mudchute Park & Farm.

Sue Stollery

ExCom Chair

Sue joined the board as a Trustee in 2018. Although n o t a s a i l o r

herself, she had connections with the centre for a number of years as all her children attended the summer Youth Afloat activities. A Limehouse resident for over 30 years, Sue also is a Governor of Cyril Jackson School and a member of the Limehouse Youth ward panel

Mike Baraclough

Mike has lived in the Isle of Dogs, Tower Hamlets, London, where he

has been fully involved in setting up and developing numerous important charitable projects to improve the lives of his fellow citizens. He was instrumental in initiating, fundraising to establish the Centre is 1989 along with Mudchute Park & Farm and Shadwell Basin Outdoor Activity Centre. After a period away from the Trust he joined the board as a Representative Trustee for the East London Marine Venture in 1995.

David Chesterton

Dave has lived in Tower Hamlets since 1974 and is qualified in Social Work and Community & Youth Work. He is Chair of the Tower Hamlets & City of London Youth Justice Management Board and a Youth and Family Magistrate (Lead Family Magistrate for East London). He pioneered the creation of Dockland’s Water Sports Centres, including DSWC. He was CEO of a charity accommodating 600 homeless and vulnerable young people in east London. He has served as a local councillor and trustee of many charities.

Eric Sorensen

Eric was CEO of the Docklands D e v e l o p m e n t Corporation, and the Corporation was instrumental in setting up the Sailing Centre. Since then he has worked on programmes to support the regeneration of Thames Gateway. He is a trustee of various local community organisations.

Andrew Delaney

Andrew has been a Trustee of the s a i l i n g c e n t r e since 2018, and is a member of the Executive Committee. He was part of the Canary Wharf College parents’ group that worked with environmental charity Hubbub to bring Plastic Fishing to Millwall Dock, establishing DSWC as the ‘home port’ of Poly-Mer, the country’s first boat constructed entirely of recycled plastic. He is President of A-Team Group, a FinTech publishing company, and member of Crostyx Hockey Club, where he helps run the club’s junior section.

AND THE COMPANY SECRETARY

Catherine Blake

Cat is an active user of the Centre, participating in the adult dinghy racing and endeavouring to master the fine art of windsurfing. Off the water, Cat is a solicitor at an international law firm.

26

MEET THE CREW

Benjamin Davis

Centre Director

B e n j a m i n h a s been working at DSWC since 2000 he is more of a sailor than anything but can handle himself in a kayak and is not too shabby on a windsurfer either. A qualified RYA Powerboat Instructor and RYA Senior Dinghy Instructor, Benjamin knows his stuff, but unfortunately being the centre manager he does spend the majority of his time in the office, keeping the bigger things behind the scenes running smoothly.

Marianne Troullis

Finance Administrator

Mal has been with the Centre since 2004, so knows it well and has also

seen all the many changes that have happened over the years. Mal keeps herself hidden away upstairs in her own little office while she grinds away at figures and invoices. Mal loves the sun and a tan, so come the summer she is out catching what she can.

Simon Conway

Chief Instructor Simon works with all the waterside bookings, Youth R a c i n g a n d Funding applications over the year. Simon has a depth of knowledge in all things Sailing both big and small boats. With Racing being his passion he has competed in a vast range of boats including his most loved, the 49er, even racing at the 49er Worlds in Croatia in 2012. He’s also an RYA Power Boat Instructor and Start Windsurf Instructor so you may see him on the water when he’s not inside organising bookings and looking at funding applications.

Amy Duncan Events Coordinator

Amy started in 2014 and took on the role of Events Coordinator in

March 2016. If it's anything events you want, Amy is the one you want. Organising weddings, birthdays and dragon boat events, she has got them covered. Despite not being a massive fan of the cold and deep water, in particular, Amy has completed her RYA Dinghy Level 1, tried her hand at windsurfing, kayaking and paddle boarding.

James Hardy Senior Instructor

J a m e s i s o u r Senior Instructor; he is probably the friendly face you

will see the majority of the time outside and on the water. James has been with us since March 2012, and he is very well acquainted with the running of the centre. James is an RYA Intermediate Planing Windsurf Instructor, Windsurf Foiling Instructor, Windsurfing and Dinghy Senior Instructor, British Canoeing Level 2 Coach and RYA Powerboat Instructor.

Meri Ariffin

Fundraising Coordinator M e r i ’ s t h e F u n d r a i s i n g Coordinator and is responsible for raising funds for the DSWC charitable programmes, mainly via grants, corporate sponsorships and volunteering, events and donation appeals. She has a background in fundraising, marketing, corporate communications and sales. Starting at DSWC in September 2015 as a volunteer in reception, Meri joined us as permanent staff soon after.

Ross Dixon Watersports Instructor

Ross has been through the volunteering programme and was an RYA Windsurfing Assistant instructor, until, as we let you know last month he became a fully fledged RYA Start Windsurf Instructor. He joined us as full time as an apprentice in October 2018. He will spend the next two years learning the ropes of everything watersports both inside and out. He’ll finish as a multi-qualified instructor and have the background knowledge of how to run and operate a centre.

Buoy Golden Retriever

Buoy has learnt to swim, he still has a lot to learn about retrieving things and rarely comes back when called. We all love him though and so do the kids/big kids/adults! He loves a stroke, cuddle or just a pat on the head but his favourite thing is plastic, he will find even the tiniest piece and

guard it with his life!

He brightens up the day of everyone who meets him and we wouldn’t know what to do without him.

NOT FORGETTING …

the Maintenance Team, without whom we wouldn’t have working boats: Mick Harrigan & James Langridge

the Bar & Catering Team, who keep the customer fed and watered: Connor Newman, Danielle Harvey, Jordan-Marie Mulligan, Kaylea Clarkson, Kyusu Belle, Luana Frank & Lucy Pilkington

the Admin & Reception Team, for keeping the Centre running smoothly: Debora Trevisanello, Emma Andersson & Emma Winetrobe the Sessional Instructors, that deliver the sessions whatever the weather: Caitlin Vinicombe, Charlotte Needham-Bennett, Courtney Bilbrough, Ethan Nguyen-Tran, Gill Anker, Isabel Reed, Leila Moore, Nastasia Sadowski, Sean Crawford & Solomon Djelloul

27

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