TOWER HAMLETS AND CANARY WHARF FURTHER EDUCATION TRUST CHARITY REGISTRATION NUMBER 1002772 ACCOUNTS AND TRUSTEES, REPORT ST FOR THE YEAR ENDED 31 AUGUST 2025 Introduction 1.1 The Tower Hamlets and CanaryWharfFurther Education Trustwas established on 17th 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 Statemenl of Recommended Praclice.. 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 ofthe London Borough ofTower Hamlets in technical and managerial skills relevant to commerce and industry. This objective was subsequently amended in De¢ember 1990, to enable funds of the Trust to be applied for the advancement ofthe further or higher educalion 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 usually invited from persons living within Tower Hamlets who meet the eligibility Criteria. Applications are sought by promoting the Trust on London Borough of Tower Hamlets websile. 3.3 Under normal circumstances a formal trust review meeting including all Irustees 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 predelemiined criteria. 3.5 Unfortunately, due to a change in trustees and the difficulties encountered with registering the new trustees with the Charity Commission, the grant allocation process was postponed. This led to no grants being awarded in 2024125. Achievements and Performance 4.1 This section would ordinarily cover performance of the trust detailing grant awards and comparing levels of awards with the previous year. Financial Review 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 wilh moderate risk whilst maintaining the capital base. 5.2 Reseryes policy The Trust Deed requires the truslees to use the income ofthe trust in promoting its objects. It also gives permission for the capital to be used. The use of the Trust's reserves is Iherefore wholly at the discretion of the trustees, with no particular level of reserves required to be maintained. 5.3 The Trust had funds brought forward forthe year of£ 407,854. When this figure is added to the investment income generated during the year (£ 203,832) then the Trust had total funds of £ 611 ,686 {£ 568,504 2023124) available to provide assistance in the academic year. The Trust incurred expenditure of £ 3,120 (£ 160,650 in 2023124) which represented 0.50h (28% 2023124) of available resources. The figure also represents 0.02 % of the dividendslinterest received during the year (see Table 5 below). The residual funds of £ 608,566 (£ 407,854 2023124) will be carried forward into the next academic year. 5.4 The fund accrued investment income of £ 203,832 (£ 186,96120231241 during the year. The retums obtsined on the different categories of investment are as set out below:. Table 5 Investment Returns Common Investment Fund Equlty Based 5,316,722 Bank Total Average Balance 2024125 Dividendsllnterest Re￿iVed Return 1,062.671 6,379,393 159,903 43,929 203,832 5.5 The market value ofthe investment in Common Investment Funds depreciated by £ 192.562 (3.56 % ) during the year. The appreciationldepreciation on the different categories of investment is set out below=_ Table 6 ital A reciation of Common Investment Funds 8asod 2,047,772 3,365,231 5,413,003 5,220,441 Book Value reciation Since A Market Value 01.09.24 Market Value 31.08.25 uisition AppreciationlDepreciation 2024125 Return 2024125 Annual Return sin¢e ac uisition -192,562 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 residenl on the Ocean Estate, Stepneywho wish to pursue highereducation 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 ommunity infrastructure. The grant is designaled the Ocean Estate Bursary {OEB) The Trust is to promote the advancement of higher education amongst the students and will be assisted by Ihe Ocean Regeneration Trust IORT) 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 of45 bursaries are lo 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 2024125 academic year the Ocean Estste scheme awarded no bursaries. 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 two managers of the Company. 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 ofthe 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 Irusts. ensuring Ihe 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 tenn 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 thal 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., Slale whether applicable accounting standards and ststements of recommended praclice have been followed, subject lo 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 A¢t 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 ol 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 chanty is:_ London Borough of Tower Hamlets Whitechapel Town Hall. 160 Whitechapel Road, London E1 1BJ 10.3 Trustees The Trust Deed provides for parity ofTrusteeship be￿een the London Borough of Tower Hamlets {LBTH) and Canary Wharf Limited. Members of the Trustee Board who seried during the year and up to the date of this report, are set out below: Currènt Trustees Mr Neil Griffrth$ Director- People Development Appointed 04.06.24 Ms Pamiilha TahKI A$sociate Director- Leaming and Skills Appointed 04.06.24 Cllr Maium Talukdar Councilor LBTH Apprynlgd 04.06.24 Cllr Miraj IAminl Rahman Councillor LBTH Appointed 04.06.24 ## 10.4 **Independent Examiners** Independent Examiner Ms Mauva Adams Ma'Leon Accountancy Services Limited 167 - 169 Great Portland Street 5th Floor London W1W 5PF ## 10.5 **Bankers** The Cooperative Bank pie P O Box 101 1 Balloon Street Manchester M60 4EP ## 10.6 **Investment Fund Managers** CCLA Investment Management Limited COIF Charity Funds 80 Cheapside London EC2V6DZ -7- Approved by the trustees and signed on their behalf on Mr Neil Griffiths Trustee (and Chair) Date. 2 5 Io&. Tower Harnlets and ¢¥na Wharf Furthèt Edu¢atlon TNst..A gndlx 4 rorth• ￿￿•￿￿•￿ Jl&tAtsyult201 TaPa 2a ityz 3015 25 Xa4 wp Sh•rt1 18S. -192W6 .192.￿6 2272 ¢10 a41010 knin 1 1&884J T￿￿¢￿1￿*￿1￿4V* U52fj76 ToWChwtyFMdi dswd On￿r￿h*yov', 2S ZI)zL 4ft￿trYmrM￿I1 GrllllU*icMir4fTruth•il Tow•rTrtaMkts 4nd C4 Fut1herEduGiUon Tru*i'A •ndLK4 T￿F*thL T￿1 s.￿5[0 1.nl.7 Ll ii.¥LI 915 KW4EP 15Y.IBHQm￿VthIDtr WiW¢yF Lc occJz **Independent Examiner's Report to the trustees of Tower Hamlets and Canary Wharf Further Education Trust** I report to the charity trustees on my examination of the financial statements of Tower Hamlets and Canary Wharf Further Education Trust for the year ended 31 August 2025. ## **Responsibilities and basis of report** I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I confirm that I am qualified to undertake the examination because I am a member of the Association of Accounting Technicians. I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe: - accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011; or - the financial statements do not accord with those records; or - the financial statements do not comply with the accounting requirements of the Charities (Accounts and Reports) Regulations 2008 or Regulation 8 of the Accounts Regulations 2006 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination: or - the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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 financial statements to be reached. ## **Mauva Adams FMAAT, AATQB** Ma’Leon Accountancy Services Limited 167-169 Great Portland Street 5[th] Floor London W1W 5PT Dated: 29[th] June 2026