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2021-08-31-accounts

TOWER HAMLETS AND CANARY WHARF FURTHER EDUCATION TRUST CHARITY REGISTRATION NUMBER 1002772 ACCOUNTS AND TRUSTEES, REPORT ST FOR THE YEAR ENDED 31 AUGUST 2021 Introduction 1.1 The Tower Hamlets and Canary Wharf Further Education Trust was established on 171h July 1987, by the Council and Canary Wharf Limited (formerly known as Olympia and York Canary Wharf Limited and the Canary Wharf Development Co. Limited). 1.2 The financial statements comply with current statutory requirements, including the Statement of Recommended Practice.. Accounting and Reporting by Charities {FRS102). Ob"ectives and Activities 2.1 The original objective of the Trust Fund was the advancement of education and training for residents of the London Borough of Tower Hamlets in technical and managerial skills relevant to commerce and industry. This objective was subsequently amended in December 1990, to enable funds of the Trust to be applied for the advancement of the further or higher education or the vocational training of persons living within the London Borough of Tower Hamlets. Procedures and Polic for Grant Makin The Trust has a policy of making grants available for the further or higher education or vocational training of persons living within the London Borough of Tower Hamlets.

3.2 Applications for financial assistance are invited from persons living within Tower Hamlets who meet the eligibility criteria. Applications are sought by placing advertisements in local newspapers, local colleges and universities and at various locations around the Borough such as Idea Stores. 3.3 A formal trust review meeting including all trustees is held twice a year to make decisions on new grants and to review on-going grant policy and its effectiveness, This is normally supplemented by a third meeting to review grant applications and consider the investment strategy. 3,4 The grants are allocated by the trustees on the basis of predetermined criteria. Achievements and Performance During the financial year the trustees applied the following criteria to determine eligibility for assistance from the Trust:_ Three year residency in Tower Hamlets Exclusion of courses attracting mandatory support Post-graduate courses and apprenticeships conferring a vocational qualification or likely to enhance employment prospects The basic criteria corresponded to those in the previous financial year 4.2 The Trustees determined that assistance would be concentrated on the following categories'.- Tuition Fees Maintenance Students may apply for one or both of the categories of assistance. The assistance granted during the year may be summarised as follows'.-

Table 1 Awards Made 2020121 Awards Students 70 2019120 Awards Students 58 One Cate of Assistance Granted Two Cate ories of Assistance Granted Awards Made 100 98 70 59 4.3 The trustees are mindful of the public benefit tests for charities, and confirm they have complied with the duty in Section 4 of the Charities Act (2011) to have due regard to public benefit guidance published by the Charity Commission. 4.4 The total number of awards made has increased from 59 (2019120) to 70 in 2020121. 4.5 Unlike in previous years no applicants were granted two levels of assistance in 2020121. Payments to students in the academic year totalled £ 131,789 This comprised the following elements'.- Table 2 - Pa ments To Students 2020121 2019120 ment to Students in ear Re ment of Grants relatin Sub-total. rants Other ex enses Per Statement of Financial Activities 131,789 115,676 to revious ears 131789 9,709 141498 115676 8,903 124579 The value of grants awarded increased by £ 16,113 (13.9 % ).

4.6 The assistance provided to students is as set out below: Table 3 Assistance Provided 2020121 Awards Average 1,881 1,911 2019120 Awards Number 65 Number 58 Avera 1,944 Tuition Fees Maintenance Total Awards Number of Students 122,233 9,556 131789 112,726 2,950 115676 70 70 60 59 The number of awards for tuition fees increased by 12 % from 58 (2019120) to 65 (2020121). This was the same percentage increase as happened between 2018119 and 201g120. The number of awards for maintenance also increased by 3 with the average value of award increasing significantly by 30 % from an average of £ 1,475 (2019120) to £ 1,911 (2020121). A breakdown of the grants awarded to each category of education is as set out in Appendix 1. 4.7 The courses assisted during the financial year are as set out below: Table 4 Courses Assisted 2020121 Awards Number Avera 2,683 3,647 3,095 1,507 1,912 2019120 Awards Number Avera 13 3,020 Post Graduate First De ree Sub Total Advanced Education 'A' Levellother 21,460 21,880 43,340 69,332 19,117 131,789 39,257 14 46 13 46 39,257 76,418 1,661 70 59 115,676 1,961 4.8 The specific courses and the level of assistance provided are as set out in Appendix 2. 4.9 Appendix 3 details the institutions whose students received awards in 2020121. In 2020121 the number of institutions used increased from 28 to 38.

As in 2018119 and 2019120, in 2020121 the institution with by far the largest number of attendees was Account 3 (£ 20,050 in total) although their percentage share decreased from 26.89 % of total awards made in 2019120 to 15.21 % of awards made in 2020121. 4.10 The Trust is not currently considering any extension of its activities although it does review its operational basis annually. Financial Review 5.1 Investment policy Under the Trust Deed, the trustees have the power to invest in such assets as they see fit. Trustees have invested funds in unit trusts managed by CCLA Investment Management Ltd, with an investment objective of securing a median level of return with moderate risk whilst maintaining the capital base, 5.2 Reserves policy The Trust Deed requires the trustees to use the income of the trust in promoting its objects. It also gives permission for the capital to be used. The use of the Trust's reserves is therefore wholly at the discretion of the trustees, with no particular level of reserves required to be maintained. 5.3 The Trust had available funds (including £ 296,479 representing the accumulated under-spent funds from earlier years) to provide assistance in the academic year of £ 436,783 (£ 421,058 2019120). The Trust incurred expenditure of £ 141,498 (£ 124,579 in 2019120) which represented 32 % (300/0 2019120) of available resources. The figure also represents 101 % of the dividendslinterest received during the year (see Table 5 below). The residual funds of £ 295,285 (£ 296,479 2019120) will be carried forward into the next academic year. 5.4 The fund accrued investment income of £ 140,304 (£ 140,4712019120) during the year. The returns obtained on the different categories of investment are as set out below:_

Table 5 Investment Returns Common Investment Fund Equity Based 4,657,168 Fixed Interest 324,870 Bank Money Market 273,063 Total Average Balance 2020121 Dividendsllnterest Received Return 673,217 5,928,319 9,061 131,009 107 128 140,304 2.79% 2.81'/0 0.02 % 5.5 The market value of the investment in Common Investment Funds increased by £ 744,742 (16.16 % ) during the year. The appreciationldepreciation on the different categories of investment is set out below',- Table 6 reciation of Common Investment Funds Fixed Interest 274,828 54,726 329.554 320,186 uit Based 2,047,772 2,232,341 4,280,113 5,034 223 Total 2,322,600 2,287,067 4,609,667 5,354,409 Book Value reciation Since Ac Market Value 01.09.20 Market Value 31.08.21 uisition AppreciationlDepreciation 2020121 Return 2020121 Annual Return since ac uisition -9,368 754,110 744,742 17.62% 16.16% 5.6 The financial accounts are as set out in Appendix 4. Ocean Estate Bursa Scheme The trust has taken on the administration of the Ocean Estate Bursary scheme at the request of Tower Hamlets Council. Although it was originally envisaged that the OEB scheme would only last five years the scheme has been slow to

get off of the ground. As a consequence the scheme will continue until all funds have been allocated. The London Borough of Tower Hamlets awarded a grant to the THCWFET of £150,000.00. The purpose of the grant is specifically to facilitate students who are resident on the Ocean Estate, Stepney who wish to pursue higher education opportunities. The grant is funded under s106 of the Town and Country Planning Act which allows contributions to be sought from developers towards the cost of providing community infrastructure. The grant is designated the Ocean Estate Bursary (OEB). The Trust is to promote the advancement of higher education amongst the students and will be assisted by the Ocean Regeneration Trust (ORT) to identify potential applicants and to better administer the grant in accordance with the purpose for which it is awarded. Grants will only be given for higher education and post graduate courses and it was originally envisaged that a maximum of 45 bursaries are to be made during the grant period. This originally commenced August 2014. As has already been noted it was originally intended that the scheme only run for five years. However, take-up has been slow and the scheme will now run until all funds have been expended. For the 2020121 academic year the Ocean Estate scheme awarded bursaries to 15 students totalling £ 15,000. This is a slight decrease on the previous year (2019120) when £ 17,000 was awarded to 17 students. Structure Governance and Mana ement 7.1 The trustees are nominated by the parties in the trust document. The London Borough of Tower Hamlets nominees are executive decisions currently undertaken by the Mayor. The trustees nominated by Canary Wharf are conventionally the Group Company Secretary and Legal Counsel and another officer. 7.2 Following their appointment, new trustees undergo a short training session to familiarise themselves with the charity and the context in which it operates and to gain awareness of their legal obligations under charity law. They are provided with a copy of the Trust Deed and the latest financial statements. 7.3 The trustees annually review the risks that the charity faces. To date these have mainly related to investment management and these have been ameliorated by diversified portfolio management. 7.4 Trustees have taken steps to mitigate the financial risks that the charity faces by:

holding the investments in long established unit trusts; ensuring the investments are diversified., and allocating grants annually on the basis of projected investment income thereby having no significant financial commitments. Future Plans In the medium term the trustees plan to continue to run the trust on the same basis of making grants in accordance with set criteria. Res onsibilities of the trustees Charity law requires the trustees to prepare financial statements for each financial year which shows a true and fair view of the state of affairs of the charity and of its financial activities that period. In preparing those financial statements, the trustees are required to.. Select suitable accounting policies and then apply them consistently,. Make judgements and estimates that are reasonable and prudent., State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departure disclosed and explained in the financial statements., and Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue on that basis. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Members of the Trustee Board Members of the Trustee Board, who served during the year are set out below.

  1. Reference and administrative details 10.1 The Trust has charitable status and was registered with the Charity Commission on 2nd May 1991 (Registration Number 1002772). 10.2 The address of the registered charity is.'_ London Borough of Tower Hamlets Whitechapel Town Hall, 160 Whitechapel Road, London E1 1BJ 10.3 Trustees The Trust Deed provides for parity of Trusteeship be￿een the London Borough of Tower Hamlets (LBTH) and Canary Wharf Limited. Members of the Trustee Board who served during the year and up to the date of this report, are set out below.. Current Trustees Mr Neil Griffiths Director- People Development Appointed 04.06.24 Ms Parmitha Tahid Associate Director - Learni ng and Skills Appointed 04.06.24 Cllr Maium Talukdar Councillor LBTH Appointed 04.06.24 Cllr Miraj {Aminl Rahman Councillor LBTH Appointed 04.06.24

Previous Trustees coverin the eriod of accounts to date Mr John Garwood Group Company Secretary of Canary Wharf Group plc Appointed 23112104, Retired 121101201 Mr Howard Sheppard Internal Consultant of Canary Wharf Group plc Appointed 23112104, Retired 08108121 Ms Vicky Clark Officer of LBTH Appointed 23101119, Retired 04106124 Cllr Abdal Ullah Councillor LBTH Appointed 23101119, Retired 04106124 Mr Howard Dawber Managing Director of Strategy Appointed 12110120, Retired 04106124 Mr Zakir Khan Director of Community Appointed 06108121, Retired 04106124 10.4 Independent Examiners Independent Examiner Mr Frank McDowell FJM Accountancy Limited 23 Shackleton Court 2 Maritime Quay London E14 3QF 10.5 Bankers The Cooperative Bank plc POBox101 1 Balloon Street Manchester M60 4EP -70-

10.6 Investment Fund Managers CCLA Investment Management Limited COIF Charity Funds 80 Cheapside London EC2V 6DZ Approved by the trustees and signed on their behalf on Mr Neil Griffiths Trustee (and Chair) Date.. z f/,.Z,,. 11-

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Appendix 2 Courses Asslsted 2020121 Catego Post Graduate Qualificatlon LPC and Masters Law MA Education MA Integrative Child Psychotherapy MBBS Medicine MPhil Criminology MSC Child and Adolescent Well Being Msc Therap8Utlc Counselling PhD Near and Middle East Studies Students No. Assistance 2,400 3,750 4,500 2,100 2,400 2,400 1,910 2,000 21,460 2,100 2,900 4,500 4,220 4.250 3,910 21,880 1.935 1,750 1,500 2,000 3,500 2,625 4,250 1,750 1,750 2,980 2.400 4,000 1,050 2,750 796 11,600 956 4,500 2,240 15,000 69,332 811 598 1,458 1,077 4,500 1.995 1,750 5,300 1,628 19,117 131,789 Sub total First Degree Art BA French Studies Communication Deslgn M Res Law Degree Legal Practlce Psychologlcal Sclences Sub total Advanced Edu¢ation AAT Level 3 Advanced Diploma In Accoi Accountancy Advanced Primary Care Manag8m8nt BCS Buslness Analysls Diplorna Business An8lysls CertSficate In Cllnlcal Supervlslon Creative Business for Entrepreneurs and Dlploma In Nutrition Dlploma Therapeuti¢ Counselling Graduate Diploma HR Management Leadershlp Level 2 Cert Childcare Level 3 Access to HE Diploma Science NCFE Level 5 DET Course NVQ Advice and Guidance Pharmacy Russlan and Euraslon Politics and Econ( SEN Teaching Asslstant Level 3 10 10 46 Sub total A Levellother Acca- A8SOCiation of Chartered Certified Afro Hair RelaxerlKeratin Blow Dry Treat Certlficate In Contract Management Chattered Inslltute of Procurement and Film Gas Managed Learnlng Programme Plumblng Course Theatre Arts Wedding and partnership courses Sub total Totals 10 70

AppDndix 3 Edu¢atlonal Establlshments Tower Hamlets & Canary Wharf Further Educatlon Trust endlx 3: Educatlonal Establishments 2020121 Students No. Awards £ Averag8 Award Total Award5 . Establlshment Acacla Leamlng Ltd Account 3 AJISkins School Of Hair & 86auly Lormlon Alpha Building S8rvlces Anglia Ruskin Unlversity A5sIgt Knovledge Development Blrkb8ck Cc11899 BPP Unlverslty 8runel Unlvorslly C6ntr81 Solnt Martlns. Archway campus Cenlr81 School ol Speoch end Drama CIPFA CIPS Level 4 Dlplorna on Procur8ment and Supply Clty Univ8fsily of London Ccllège of Natur8pathlc Medicine Humoni5ts UK In51ilute for Ar15 Island Advice Centre Ila118 Conil Academy Kings College London Fllm School London Metropolilan Unlver81ty London School of 8usiness and Flnance Nauonal Assoclallon of Prlmary Carg Nallonal Fllm & T8levlslon School N8w Clly Collegé 06born8 Tralnlng Oxbridga Home Learning Royal College of Art SOAS, University of London Spurgeon's Collèga The Knowledgè Acadomy Unlverslty of C8rnbridgè Unlverslly of Derby Unlverslty of East London Unlverslly of Gr90n￿Ch University of Hertfordshlre Unlver8ity of Weslmlnster 2,400 20.050 598 3,745 2,400 2,000 7,120 2,400 3,910 2.100 4,250 1,458 1.077 4.250 1,750 1,628 4,500 11,600 1,050 6,600 4.500 2,980 1,750 1,500 4,250 2,750 1,935 796 4,500 2,000 1,750 3,5¢yJ 2.400 2,625 2,240 5,860 956 811 131.789 2,4t)O 1,055 598 1,873 2,400 2.000 3.560 2,400 3,910 2,100 4,250 1,458 1,077 4,250 1,750 1.628 4,500 1.160 1,050 3,300 4,500 2,980 1,750 1,500 4,250 2.750 1,935 796 4,500 2.000 1,750 1,750 2,400 2,625 2,240 2,830 956 811 1,883 1.82 15.21 0.45 19 1.82 1.52 5.40 1.82 2,97 1,59 3.22 1.11 0.82 3.22 1.33 1.24 3.41 8.80 Q.80 5.01 3.41 2.26 1.33 1.14 3.22 2,09 1.47 0.60 3.41 1.52 1,33 10 1.82 1.99 1.70 4.29 0,73 0.62 100.00 70

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Independent Examiner's Report to the trustees of Tower Hamlets and Canary Wharf Further Education Trust

I report to the trustees on my examination of the accounts of the Tower Hamlets and Canary Wharf Further Education Trust (the Trust) for the year ended 31 August 2021.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Frank J McDowell FMAAT

Frank J McDowell FMAAT

FJM Accountancy Limited 23 Shackleton Court 2 Maritime Quay London E14 3QF

Date: 10 July 2024