Thames Estuary Growth Board
Annual Report and Audited Financial Statements
For the period ended 31 March 2024
Company Registration No. 14676239 (England and Wales)
Thames Estuary Growth Board
Company Information
Directors
Cllr. K Bentley
(Appointed 15 April 2024)
K Bottomley
(Appointed 15 April 2024)
E Buckley
(Appointed 14 April 2023)
D Celal
(Appointed 20 February 2023)
G Chapman
(Appointed 20 February 2023)
S Dance
(Appointed 27 April 2023)
R Gough
(Appointed 8 February 2024)
C Guerrera
(Appointed 6 April 2023)
P Hogg
(Appointed 6 April 2023)
J Kite
(Appointed 29 February 2024)
V Kukic
(Appointed 8 April 2023)
Cllr. V Maple
(Appointed 8 February 2024)
R Mortimer
(Appointed 8 April 2023)
A Okereke
(Appointed 1 May 2024)
J Pipe
(Appointed 15 April 2024)
K Willard
(Appointed 20 February 2023)
R Wood
(Appointed 6 April 2023)
Cllr. Daniel Cowan
(Appointed 1 November 2024)
Cllr. John Kent
(Appointed 1 November 2024)
P Jagadish
(Appointed 1 November 2024)
Secretary
K Willard
Company number
14676239
Registered office
Pennine Place Room 203
2a Charing Cross Road
London
United Kingdom
WC2H 0HF
Auditor
THP Limited
34 - 40 High Street
Wanstead
London
E11 2RJ
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Thames Estuary Growth Board
Contents
Page
Directors' report
1 - 3
Independent auditor's report
4 - 7
Income and expenditure account
8
Balance sheet
9
Notes to the financial statements
10 - 11
Thames Estuary Growth Board
Directors' Report
For the period ended 31 March 2024
Page 1

The directors present their annual report and financial statements for the period ended 31 March 2024.

Principal activities

The company was incorporated on 20 February 2023, with the principal activity of driving sustainable and inclusive growth across the Thames Estuary region, which encompasses East London, South Essex, and North and East Kent. Our mission is to accelerate investment and development in key sectors, including creative industries, net-zero technologies such as hydrogen power, river freight, data centers, higher education, housing, and infrastructure.

 

The Thames Estuary represents the UK’s leading opportunity for green growth, offering unique advantages due to its strategic location on a multifunctional river and its proximity to London. With the backing of the UK government, we leverage our extensive connections to support a diverse range of industries, including freight, logistics, tourism, health, life sciences, culture, and manufacturing.

 

Our work is guided by a Board that brings together experienced leaders with the skills and motivation to drive meaningful change. By fostering collaboration and innovation, we aim to transform the Thames Estuary into a hub of sustainable economic growth, ensuring that the region becomes a model for future development.

 

In the coming years, our focus will continue to be on spearheading the adoption of decarbonisation technologies, enhancing connectivity, and promoting international trade. Through the ongoing efforts of our Growth Board and our dedicated envoy, we are committed to realising the full potential of the Thames Estuary.

 

Going concern

The Company is reliant on grant funding from central government and as at the date of signing these accounts, £1.25m funding has been secured for the year ended 31 March 2025. There is an expectation that a further £1.25m will be committed for the year ended 31 March 2026, though this has yet to be confirmed. The Directors are hopeful that further funding will be received and so have prepared the accounts on a going concern basis.

Thames Estuary Growth Board
Directors' Report (Continued)
For the period ended 31 March 2024
Page 2
Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Cllr. K Bentley
(Appointed 15 April 2024)
K Bottomley
(Appointed 15 April 2024)
E Buckley
(Appointed 14 April 2023)
D Celal
(Appointed 20 February 2023)
G Chapman
(Appointed 20 February 2023)
S Dance
(Appointed 27 April 2023)
R Gough
(Appointed 8 February 2024)
C Guerrera
(Appointed 6 April 2023)
P Hogg
(Appointed 6 April 2023)
J Kite
(Appointed 29 February 2024)
V Kukic
(Appointed 8 April 2023)
Cllr. V Maple
(Appointed 8 February 2024)
R Mortimer
(Appointed 8 April 2023)
A Okereke
(Appointed 1 May 2024)
J Pipe
(Appointed 15 April 2024)
Cllr. D Rodwell
(Appointed 8 February 2024 and resigned 18 November 2024)
K Willard
(Appointed 20 February 2023)
R Wood
(Appointed 6 April 2023)
Cllr. Daniel Cowan
(Appointed 1 November 2024)
Cllr. John Kent
(Appointed 1 November 2024)
P Jagadish
(Appointed 1 November 2024)
Auditor

THP Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Thames Estuary Growth Board
Directors' Report (Continued)
For the period ended 31 March 2024
Page 3
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
G Chapman
K Willard
Director
Director
19 November 2024
Thames Estuary Growth Board
Independent Auditor's Report
To the Members of Thames Estuary Growth Board
Page 4
Opinion

We have audited the financial statements of Thames Estuary Growth Board (the 'company') for the period ended 31 March 2024 which comprise the Income and Expenditure Account, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 company 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.

Material uncertainty related to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures within note 1 of the financial statements concerning the basis of preparing the financial statements.

These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern. In view of the significance of these uncertainties we consider that they should be drawn to your attention but our opinion is not qualified in this respect.

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

Thames Estuary Growth Board
Independent Auditor's Report (Continued)
To the Members of Thames Estuary Growth Board
Page 5

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 our audit:

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 directors

As explained more fully in the Directors' Responsibilities Statement, the directors 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.

Thames Estuary Growth Board
Independent Auditor's Report (Continued)
To the Members of Thames Estuary Growth Board
Page 6
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.

 

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, grant conditions and relevant local and central government regulations;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

 

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 1 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, Grant Bodies, The Accountable Body and any other relevant regulators as required.

 

Thames Estuary Growth Board
Independent Auditor's Report (Continued)
To the Members of Thames Estuary Growth Board
Page 7

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the 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 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Green, LLB FCA
Senior Statutory Auditor
for and on behalf of THP Limited
19 November 2024
Chartered Accountants
Statutory Auditor
34 - 40 High Street
Wanstead
London
E11 2RJ
Thames Estuary Growth Board
Income and Expenditure Account
For the period ended 31 March 2024
Page 8
Period
ended
31 March
2024
£
Income
1,927,304
Cost of sales
(1,710,208)
Gross surplus
217,096
Administrative expenses
(217,096)
Surplus before taxation
-
0
Tax on surplus
-
0
Surplus for the financial period
-
0
Thames Estuary Growth Board
Balance Sheet
As at 31 March 2024
Page 9
2024
Notes
£
£
Current assets
Debtors
3
1,301,097
Cash at bank and in hand
44,077
1,345,174
Creditors: amounts falling due within one year
4
(1,345,174)
Net current assets
-
0
Reserves
5
-

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
G  Chapman
K  Willard
Director
Director
Company Registration No. 14676239
Thames Estuary Growth Board
Notes to the Financial Statements
For the period ended 31 March 2024
Page 10
1
Accounting policies
Company information

Thames Estuary Growth Board is a private company limited by guarantee incorporated in England and Wales. The registered office is Pennine Place Room 203, 2a Charing Cross Road, London, United Kingdom, WC2H 0HF.

1.1
Reporting period

The company was incorporated on 20 February 2023 and as such this is the company's first period of accounts which run for the long period to 31 March 2024. Being the first period of accounts there are no comparative figures.

1.2
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The Company is reliant on grant funding from central government and as at the date of signing these accounts, £1.25m funding has been secured for the year ended 31 March 2025. There is an expectation that a further £1.25m will be committed for the year ended 31 March 2026, though this has yet to be confirmed. The Directors are hopeful that further funding will be received and so have prepared the accounts on a going concern basis.true

1.4
Turnover

Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Grant income, including government grants, are recognised using the accruals model.

 

Grants relating to turnover are recognised as income over the periods when the related costs are incurred.

 

Unspent grants received prior to incorporation but in relation to the ongoing activities of the company are initially recognised as deferred income and then accounted for as per the above.

 

Other income and expenses are included in the financial statements as they become receivable or due.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company only has basic financial instruments measured at amortised cost.

Thames Estuary Growth Board
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 11
1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average number of employees since incorporation is 4.

3
Debtors
2024
Amounts falling due within one year:
£
Other debtors
1,301,097
4
Creditors: amounts falling due within one year
2024
£
Taxation and social security
26,744
Other creditors
6,388
Accruals and deferred income
1,312,042
1,345,174
5
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

6
Post balance sheet events

On 27 September 2024, the company received the first tranche of £625,000 of its total central government funding of £1.25m for the year ended 31 March 2025. The balance is due to be received in December 2024 or early 2025.

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