CHARITY REGISTRATION NUMBER 1002772 ACCOUNTS AND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2022 Introduction The Tower Hamlets and Canary Vvharf Further Edu¢atioll Tiusl was established on 17th July 1987, by the Council and Canary Wharf Limiled {fonnerly known as Olympia and York Canary Wharf Limited and Ihe Canary Wharf Development Co. Limited}. 1.2 The financial 5t2temenls comply wtth current slalulory requirements, including the Statement of Recommended Practice.. Accounting and Reporting by Charities IFRS102). Ob'ectiv88 and Actfvitles The original objective of the Trust Fund was thè advancemellt of education and training for residents of the London Borough of Tower Hamlets in technical and managerial skills relevaot lo Qommerco and industry. This objective was subsequently amended in December 1990, to enable fund5 of the Trust lo be applied for the advancement of the further or higher education or the vocational training of person5 l¥ving within th8 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 a$si$tance are Invlted from p8rsons living Wlthin Tower Hamlets who meet the eligibilty criteria. Applicatlons are Sought by promoting the Trust on London 8ofough of Tower Hamlets website. 3.3 A formal trust review meeting including all trustees is held lce a year to make decisions on new grants and to review on-going grant palicy and its effe¢liveness. This is nomially supplemented by a third meeting Ic) review grant applications and consider the investment slTategy. 3.4 The gr8nts are allocated by the Iruslees on the basis of predeteimined criteria. Achievements and Performance 4.1 During the financial year the Iruslee5 applied the following ¢rtteria to deteTmine eligibility for assistance from the Trust:. Three year residency in Tower Hamlets Exclusion of COUT$es attracling mandatory support Post-graduate courses and apprenticeships conferring a vocational qualrfication or likely to enhance employment prospects The basic criteria corresponded to those in the previous financial year 4.2 The Trustees determined that assistance would be concentrated on the following categori&s'.- Tltits'on Fees Maintenance Students may apply for one or both of the calegories of assis*n¢e. The assistance granted during the year may be summarised as follows:_
Table I Award5 Made ." 2021122 Awards '.stud&rJl 65 . 2020121.Awardo St'udonts-. 70 One Cale c>f As51slance Granted Two Cal¢ OTies of Assistsnce Granted Awards Mad• 10CI ILIO 66_ 4.3 The trustees are mindful of Ihe public benefit tests for charities, and confirm lhey have complied with the duty in Seclitsn 4 of the Charilles Act (2011110 have due regard lo public benefit guidance published by the Charity Commlssion. 4.4 The total number ol awards made decreased slightly 70 {2020121) 10 65 irE 2021122. 4.5 As in the previous year no appli¢anls were granted th levels of assistance. Payments to students in the academic yeai lolalled £ 115,062 This comprised the following elements:. Table 2- Pa ments To Student5 2021122 .20gG121 ment lo Students in ear Rp ment of Grants rel81in lo Sub-total. rants other gx •nyès Per Statement of Financlal ActivÉlle$ 1150S2 131.789 revio¢Js ears 1160fr2 8,873 123 93,5 131.789 9.709 The value of grants awarded decreased by £ 16.727112.7DAI.
The 8ssistsnGe provided to students is as set out below:_ Table 3 A3SlStance Provlded Tuition Fees Maintenance Total Awards Numberof Students 62 113,622 1,440 65 122 233 9,556 480 $5 70 The number of awards for tuition fees de¢aSed incwsod by 4.6°/o from 65 {2020121)10 62 (20211221. The number of awards for maintenance also decreased by 2 with the average value of award decreasing significantly by 75010 from an average of £ 1,911 (2020121) to £ 480120211221. This compares to levels in 2019120 which were an average of £ 1.475. A breakdown of the grants awarded tD $ach category of educ8tlon is as sel out in Appendlx 1. 4.7 The ¢ourses assisted during the financial year are as set out belovr.- Table 4 urses Assisted 2011122 AWarda.',=: - Post Gfaduale First De ree Sub Tol41 Advanced EduGalion A, Levevothèr 20.786 21,4SO 21,880 2,683 2,370 16 36 14 56,290 1.563 46 19,117 Il5'062- 4.8 The specific courses and the level of assistance provided are as set out in Appendlx 2. 4.9 Appendlx 3 details the instttutions whose students received awards 2021122. In 2021122 the number of institutions used decreased slightly from 38 to 32.
Since 2018119 the institution with by far the largest number of attendees was Account 3. This remains the same in 2021122 (16 in lolal). Their percentage share increased from 15.21 % of awards made in 2020121 to 20.86 /0 of awards made in 2021122. 4.10 The Trust is not currelltly considering any extension of ils activities although il does review its operational ba8is annually. Financial Review Investment poltcy Under the Trust Deed, the trustees have the power to invest in such assets as they see fil. Trustees have invested funds in unil trusts managed by CCLA Investment Management Ltd, wrth an investment objective of seculing 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 prornoling its objects. 11 also gives permission for the capital to be used. The use of the Trust's reserves is therefore wholly al the discretion of the Ifustees, with no particular level of re58rwes required to be maintained. 5.3 The Trust had available funds {including £ 295,285 representing the accumulated under-spent funds from earlier years) lo provide assistance in the 8cademic year of £ 445,462 1£ 436,783 2020121). The Trust incurred expenditure of £ 123.935 (£ 141,498 in 2020121} vthich represented 28¥0 {320/o 20201211 of available resources. The figure also represents 81Q/o of the dividendslinterest received during the year (see Table 5 below). The residual funds ol £ 324,0421£ 295,285 2020121) will be carried forward into the next academic year. 5.4 The fund accrued investment income of £ 149,2841£ 140,304 20201211 during the year. The relum8 obtained on the different categories of investment are as sel out below'.-
Table S Investment Returns Common In¥tment Average Balan 2021122 Dividendsllntere$l Receivod Rèturn 308,494 5,071.817 679.197 411,777 6,471.285 2.788 141,253 2,462 2,781 149,284 0.90% 2.79% 0.36% Q.68% 2.31% 5.5 The markel value of the investment in Common Investment Funds reduced by £ 245,000 14.34D/ol during the year. The apprecialionldeprecialion on the different categories of investment is set out below'.- Table 6 Ca ital A reciatlon of Common nvestment Funds F4xed lritarè8t 274.828 45,358 320.186 .Totsl 2,322 600 3 031 810 5.354410 296,802 5,408,212 Book Value reciation Since Ac Market Valuè 01.Q9.21 Additions Market Value 3t.08.22 or date of dis sal 2,344 S74 2 986 452 5,034.224 296 802 5.109,410 uisilion 296,802 Appreciation1DepClatIon 2021122 Return 2021122 Annv81 Return since uisilion -23,384 -221,616 -245.ODO -7.30% 0.29° -4.16% 4.34% -4.340 3.91% 5.6 On the 8th December 2021 the Trustees decided to combine the COIF Charities Fixed Interest Fund with Ihe better performing COIF Charities Investment Fund. On the 24th February 2022 the hol(lings in the Fixed Interest Fund were transfefTed into the Charities Investment Fund purchasing 15,929.33 shares at a price of £ 18.63241share. 5.7 The financial accounts are as set out in Appendix 4.
Ocean Estate Bursa Scheme The trust has taken on the adminislralion of the O¢ean Estate Bursary scheme at the iequesl of Tower Hamlets Council. Although il was originally envisaged that the OEB scheme would only last five years the scheme has been slow lo get off of the ground. As a consequence Ihe scheme will continue (Jntil all funds have been allocated. The London Borough of Tower Hamlets awarded a grant lo the THCWFET of £150,000.00. The purpose of the grant is specifically to facilitate students who are SIdent on the Ocean Estste. Slepney 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 commLrnity infrastructure. The grant is designated the Ocean Estate Bursary IOEBI The Trust is lo promote the advancement af higher education amongst the students and will beassisled by the Ocean Regeneration Trust IORD lo identify potential appli¢ants and to better adtninister the grant ifj a¢¢ordance wllh the purpose for which it is awarded. Grants will Only be 9iven for higher education and po81 gfaduale Coufses and il was ortginally envisaged that a maximum of 45 bursaries are lo be made during the grant period. This originalty commenced Augu512014. As has already been noted it was originally intended that the scheme only fun for five years. However, take-up has been slow and the scheme will now run until 811 funds have been expended. For the 2021122 academic year the Ocean Estate scheme awarded bursaries to 15 students lotalling £ 15,000. Thls is the same figure as in 2020121. ruclure Governance and Mana ement The tru51ees are nominated by the parties in the trust document. The London Borough of Tower Hamlets nominees are executive decisions cu¥renlly undertaken by the Mayor. The trustees nominated by Canary Mtharf are managers ofthe Company. 7.2 Following their appointment, new trustees underg¢ a short training session to familiarise themselve$ with the charity and the context in which it operates and to gain awaTeness of their legal Dbligalions undei charity law. They are provided with a copy of the Tru51 Deed and the lalesl financial statements.
7.3 The trustees annually review the risks that the charity faces. To dale these have mainly related lo investment management and these have been ameliorated by diversified portfolio management. Trustee3 have taken step$ to mitigate the financial risks that the charity faces by.. holding the inve$tmenls in long established unil trusts- ensuring the investments are diversified,. and allocating grants 8nnu811y on the basis of projected investment income thereby having no signiflcanl financial commitments. Fulure Plans In the medium term the Iruslees plan to continue lo run the trust on the same basis ol making grants in accordance with set criteria. Re5 onsibilities of t rustees Charity law requires the tnjstees to prepare financi81 statem8nts for each rinancial year which shows a true and lair view of the state of affairs of the harity and of Its financial activities that period. In preparing those finafteial statements, the trustees are required to-. Select suitsble accounling policies and then apply them consistently., Make judgements and estimates that are reasonable and prudenl.. Slate whether applicable accounting standards and stalemenls of recommended practice have been followed, subject to any departure disclosed and explained in the financlal statements.. and Prepare the financial slatemenls on the going concern basis unless it is inapprGpriale to assume that the charity will continue oft that basis. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial positson of the charity and enable them lo ensure that the financial gtatemenls 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 Csf fraud and other irregularities.
Meml)ers of Ihe Trust8e Board Members of fhe Trustee Board, who served during the year are set out below. 10. Reference and admlnistrative details 10.1 The Trust has charitable slalus and was registered with the Charity Commisslon on 2nd May 1991 (Reyistration Number 1002772). 10.2 The address of the registered charity is'.- London Borough of Tower Hamlets V4Trilechapel Town Hall, 160 While¢hapel Road, London E1 1BJ 10.3 Trustees The Trust Deed provides for party ¢fTTusleeship between 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 tsul below.. Current Trust8 Mr Neil Griffith$ Director- People Development Appoint 04.06.24 Ms Parmitha T3hid Associ018 Dir8clor- Leaining and Skills Appoinled 04.C6.24 Clli maUm Tokdar Councillor LBTH Appointed 04.06.24 Cllr Miraj IArninl Rahman Councillor L8TH APpnt 04.06.24
PrèvlDUS Trustee ver the ertod o nts t date ac Ms Vicky Clark Officer )f LBTH Appointed 23101119. Retired 04106124 Cllr Abdal Ullah Coullcillor LBTH Appointsd 231C11119, Retired W06124 Mr Howard Dawbgr Managing Oirector ol Strateby Appoint 12110120, Rdiire¢ 04106124 Mr Zakir Khan DireEtoi of Communrty Appointed OSJ08121. Retired 0411W24 10.4 Independent Examlners Independent Examiner Mr Frank MGDowell 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 10.6 Investment Fund Managers CCLA Investment Management Limited COIF Ch3Fily Funds 80 Cheapside London EC2V 6DZ -1
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Independent Examlnees Report to the trustees ol Tower Hamlets and Canary Wharf Further Educatlon 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 yearended 31 August 2022. R¢spon8lblllt108 and ba815 of rgP¢)rt As the ¢h4rity trustees of the Trust you are responsible for the preparation of the ac¢ounl$ in accordance wrth the requirements of the Charities Act 20111'the Acyl. l report in respect of my examination of the Trust's accounts carried out under seCtn 145 of the 2011 AGt and in carrying trul my examirtabon I have foilowed all the applicabte Directtons given by the Charity Ccmmission under section 145(5llbl of the Act. Indèpendent examinel$ ststement I have completed my examination. I confirm that no material matters have come to my attent)n in connection with the examination giving me Cause to believe that in any material respect. 1 8ccounting records were not kept in reSpt of the Trust as required by sectsDn 130 of the AGI., or 2 the accounts do not accord wth those re¢orfs', or 3 the accounts do not compty with the applic8bl& requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the aonts give a 'lrue and fair view which ts not a matter consideTed as part )f an independent examin*ion. I havo no concerns and have come acrnss no other malters ift connecbon with the examination lo which attention should drawn in this report in Drder lo enable a proper un(Iwstanding of the accounts lo be reached. Frank J MGDow¢ll FMAAT FJM AccounlanGy Llmlted 23 Shackleton Court 2 Maritime Quay London E143QF Date.. 10 September 2024