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.

10. 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: 

- 1 accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 

- 2 the accounts do not accord with those records; or 

- 3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination. 

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