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2021-08-31-accounts

Company No. 02827835 (England & Wales) Charity No. 1040962

TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS For the Year Ended 31 August 2021

TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

CONTENTS

Page
LegalandAdministrative Information 1
Trustees’ Report 2
Independent Auditor’s Report 9
StatementofFinancial Activities 12
Balance Sheet 13
Statement ofCash flows 14
NotestotheFinancialStatements 15

TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Legal and Administrative Information

For the Year Ended 31 August 2021

TRUSTEES/DIRECTORS

TRUSTEES/DIRECTORS

Mark Campbell (Chair) Clifford Chance Richard Foley The Portal Trust Sarah Barnes Queen Mary University of London Esra Turk (resigned March 2021) Barclays Gerry McDonald (Vice Chair) New City College Michelle Quest (resigned February 2021) KPMG Saiam Ahmed UCL Jennie Bird Harry Gosling School Jemima Reilly Morpeth School Iveren Yongo Travelers Dr Tina Sode London Borough of Tower Hamlets Anita Bhardwaj Morgan Stanley Jayant Kumar Barclays Rachel Dodds KPMG

SECRETARY Helen Sanson

REGISTERED OFFICE

Norvin House, 45-55 Commercial Street, London, El 6BD

COMPANY NUMBER 02827835

CHARITY NUMBER 1040962

BANKERS

HSBC, 75 Whitechapel Road, London El 1DU

Santander, 298 Deansgate, Manchester M3 4HH

Close Brothers, 10 Crown Place, London EC2A 4FT

SOLICITORS

Russell-Cooke, 2 Putney Hill, Putney, London SW15 6AB

AUDITORS

Goldwins, 75 Maygrove Road, West Hampstead, London NW6 2EG

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TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Trustees’ Report

For the Year Ended 31 August 2021

The trustees (who are also the directors) present their report and the audited financial statements of the charitable company for the year ended 31 August 2021. The statutory information is shown on Page 1.

DISRUPTION FROM COVID 19

During the 2020-2021 financial reporting period there were continued significant impacts on the operations and finances of the charity caused by Covid restrictions. It was hoped that when schools reopened in September 2020 the tide had turned and things would return to ‘business as usual’ for ourselves and the rest of the World. For the charity this would meana return to face-toface volunteering and being able to go back into schools with our business partners to deliver our workshops and activities. We also hoped that we could onboard new corporate partners, new staff and return to pre-March 2020 strategic priorities. It was also strongly hoped that we could return to prepandemic income levels. Unfortunately, this was not the case as further lockdown restrictions were imposed and schools closed again in January 2021. The full impact of how Covid affected this financial year will be mentioned throughout this report under the various subheadings.

STRUCTURE, GOVERNANCE, MANAGEMENT & RISK

Tower Hamlets Education Business Partnership is a registered charity and company limited by guarantee. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. The governing document is the Articles of Association. The Articles of Association (Section 32) define who should be Trustees of Tower Hamlets Education Business Partnership. Trustees are recruited against the criteria laid out in Section 32.

New Trustees are briefed by the Chief Executive and the Chairman. Two trustees resigned within the year and three new trustees were appointed. Trustees take decisions affecting the strategy of the Education Business Partnership and issues affecting the statutory responsibilities of the organisation. The Chief Executive takes decisions affecting the day to day running of the organisation supported by a Deputy Director and the new Head of Innovations.

Asa charity reliant on securing year on year funding, the major risk facing the Education Business Partnership is financial. Through the implementation of the new partnership model in 2017, the charity’s finances had stabilised, recording surpluses since its implementation. This model was introduced to provide more sustainable corporate income. A more immediate risk to the charity is the continuation of restrictions imposed by Covid 19, particularly social distancing and how this might continue to impact our traditional delivery models. The loss of the ‘in person’ work experience programme has seen us lose c £140,000 of income per year for the past two years. Although we have established a virtual work experience programme as an alternative, the income generated is no comparison and work experience via zoom is no substitute for the real thing. Employers are still operating hybrid models of home and office working and may never return to pre pandemic practices. This too will be a big influence on our future operating model and our preferences for how we deliver the programmes.

We regularly review our progress on meeting our strategic objectives via:

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TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Trustees’ Report

For the Year Ended 31 August 2021

OBJECTS AND ACTIVITIES

Tower Hamlets Education Business Partnership is a leading education charity situated in the East End of London inspiring students to learn more, do more, and become more. Our aim is to improve the employability of disadvantaged young people and drive forward social mobility. Tower Hamlets Education Business Partnership seeks to encourage businesses and their employees to invest time and other resources in all Tower Hamlets’ Primary, Secondary and Special Needs schools to help raise aspirations and achievement and develop students’ basic, employability, enterprise and financial literacy skills. Following the change to the Articles of Association in 2014, the charity has also delivered some of its programmes and core activities in other geographical areas which face similar levels of economic and social deprivation. This year our core work beyond the borough was limited to one secondary school in Royal Greenwich. However, we were lead partner on a three-year East London tri-borough aspirations programme delivered in Tower Hamlets, Hackney and Newham which finished in August 2021. Going forwards we remain open to out of borough work as long as it aligns to our core objects and generates sufficient income.

BACKGROUND INFORMATION:

Despite the wealth and employment opportunities in Canary Wharf and the neighbouring City of London, deprivation is still widespread in Tower Hamlets. The Borough is one of the most deprived communities in the country and one of the most deprived of all London’s Boroughs. There is entrenched inter-generational unemployment coupled with poverty of experience and aspirations for Tower Hamlets’ school children. Our programmes are the catalyst in changing this damaging cycle of deprivation.

According to the latest report from the End Child Poverty Coalition (March 2020) Tower Hamlets Local Authority has the highest rates of child poverty in the Country at 55.8%, 5 percent higher than second placed Newham at 50%. Bethnal Green and Bow Parliamentary constituency is the highest constituency in the country at 59.6% and Limehouse and Poplar also makes it into the top 10. The eligibility for Free School Meals in the borough, as reported by the Department for Education, now stands at 41.2%, also the highest in the Country.

Covid 19 affected the National examinations programme for a second year running, with all Key stage 4 and 5 exams cancelled. Students studying GCSEs and A levels were awarded grades based on school data and internal assessments. The Government announced that it would therefore not publish any data on school or Local Authority performance in 2021 due to the extraordinary circumstances of the pandemic.

Educational attainment is a key determinant of lifetime earnings, poverty risk and social mobility. Low pay and employment status are associated with lower levels of educational qualification. The large improvements in education in London, and especially Tower Hamlets, over the past decade are rightly celebrated in improving the life chances of its young people, especially as increasing attainment by disadvantaged pupils has beena key driver. Our role to showcase career opportunities, develop

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TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Trustees’ Report

For the Year Ended 31 August 2021

employability skills and provide knowledge and support for young people as they pursue post 18 pathways is as much needed as ever. We are determined to change the narrative about Tower Hamlets from a borough burdened by poverty to one rich with opportunity, outstanding schools and a diverse and talented future workforce.

THEBP PROGRAMME PORTFOLIO

Ordinarily our programme portfolio is based around face-to-face interactions between volunteers and school

pupils. Over the last two years, as a direct result of Covid, we have had to pivot our programmes to online versions only. Whilst in person experiences will always be our gold standard, with the quick adoption of technology by almost everyone, our virtual events have received excellent feedback.

This year in Tower Hamlets Schools we were able to deliver adapted virtual versions of:

In addition, when schools closed in January 2021, we created a weekly webinar series called “ConnectED’ showcasing employees’ experiences of the world ofwork in a panel discussion format.

VOLUNTEERS & EVENTS

The success of our charity is reliant on the support of the wider business community, and their individual employees who volunteer on our schools’ programmes. Covid, although disruptive in untold ways, has provided some benefits. One advantage was being able to secure volunteers from much further afield and this year we were able to include international employees from partners’ offices in Scotland, Germany, Italy, Dubai, Brazil, USA, Columbia and India. This has been great for the business teams able to connect with colleagues from across the globe, but critically has shown our young people that working overseas is both possible and desirable.

This year we were more prepared with resources, technology and the knowledge needed to deliver a full and successful virtual programme.

In terms of Programme outputs this year we have achieved the following:

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TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Trustees’ Report

For the Year Ended 31 August 2021

¢ Reading initiatives: This included a £10,000 fundraising programme for books for schools; the Masked Reader events and virtual ‘read-athons’ reaching 3020 pupils. Despite a second year with the impact ofCovid we have continued to make progress in the Charity in many ways. We returned to pre-pandemic strategic commitments and work began in earnest with our branding agency to press ahead with our rebrand in time for our 30" year anniversary. This was launched in Autumn 2021. A new Head of Innovations was hired to review and revitalise our programme portfolio for 2022 supported by a Digital Transformation Manager who is overseeing digital programme improvements and our CRM migration.

FINANCIAL REVIEW

Because of the exceptional circumstances caused by Covid, the Trustees supported a deficit budget this year to enable schools to be served in the best way possible. Due to the loss of the in-person Work Experience programme along with bespoke corporate events over 10% of our regular income was lost. Some schools elected not to participate in our programmes this year which meant we saw a 50% reduction in Service Level Agreement income, placing further strain on the finances.

We did see some new income from new partners and we continue to seek new corporate partners to increase the percentage income from corporate sources. Fundraising from grants and trusts was also more challenging this year. In part this was due to many funders diverting their usual causes towards

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TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Trustees’ Report

For the Year Ended 31 August 2021

emergency areas such as food poverty, domestic violence and so on, excluding us from their usual target audience.

Steps were taken to mitigate the loss of income by not replacing staff that left, delaying starts of new staff along with some limited use of the Government furlough scheme. We also ensured ongoing close scrutiny of all proposed project and programme expenditure.

The total reserves of the Education Business Partnership now equate to 14 months expenditure. This level of reserve was agreed by the Trustees to provide an essential buffer as the EBP needs to be able to deliver its programmes for the length of an academic year. Reserves are held in notice interest bearing accounts with Santander, Close Bros and HSBC. The balance of unrestricted reserves to restricted is slightly more than half the total balance.

Funding sources for THEBP are a combination of private sector and Charitable Trust grants, plus income from Schools. The 202 1/2022 Budget is forecasting a deficit position for the upcoming year, funded from reserves. This deficit is still a result of services being impeded by the effects of Covid 19, principally work experience. Through robust fundraising and careful control of expenditure we will endeavour to mitigate and improve on the forecast position. As part of the wider programme review in 2022, staffing and the operational cost base will also be reviewed.

PLANS FOR FUTURE PERIODS

In September 2021 the Charity will enter its 30" year of operating. A hallmark of this milestone celebration will be the wholescale rebranding and revision of our programme portfolio. One anticipated innovation will be the addition of support to young people in the space between school and work. It was an agreed part of the strategy we were forced to put aside but plans are in place to recruit an Alumni Project Manager to start early in 2022. Tower Hamlets young people aged 16-25, despite equal qualifications, still feature disproportionately highly in the unemployment league tables. There is strong evidence of graduate ‘under employment’ and a general mismatch of skills, qualifications and the jobs they end up with.

There is a vast array of careers and new sectors that we need to establish links with, and this will be an important priority for the future. Covid has potentially changed the face of work as we knew it for the long term, and more people will work from home ona permanent basis. It is vital for the successful continuation of the Charity that we expand our relationships into new sectors, not relying solely on the financial and professional services sectors. We have made good evolutions with international volunteers and have our first fully internationally based (USA) partner signed for the upcoming year. Therefore, we are revisiting the pre-pandemic priority to invest in dedicated corporate fundraising and will be appointing to this role later in the year.

We will continue our close alignment to Tower Hamlets Children’s Services, supporting the borough and the Tower Hamlets Education Partnership. We are active stakeholders in the borough’s Voluntary and Community sector, with staff participating in a variety of community steering groups and our Director sits on the Local Authority’s ‘Every Chance for Every Child’ Forum.

Partly as a result of Covid 19 the traditional ‘work experience week’ will need careful consideration in the year ahead. The decision was taken not to return to the in-person model for 2021-22 until we have fully consulted employers and schools. The Head of Innovations will assess future options during the next 12 months. A big concern is whether employers will be prepared to host students again if their workforce is based primarily or even partly at home.

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TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Trustees’ Report

For the Year Ended 31 August 2021

One of our other longest standing programmes the weekly Partners Scheme, in which volunteers spend 30 minutes reading or playing maths games with primary school pupils, has also taken a back seat due to Covid. Usually attracting 1500 volunteers per week, all sessions stopped in March 2020. We were able to create a literacy programme, Writing Partners, which has been hugely successful but its time consuming and resource heavy for all parties. Some companies have asked about retuming to reading in schools and plans are in place to restart some schemes but this is very much dependent on the appetite for schools to have visitors and for volunteers to feel comfortable returning to schools.

This year has been another challenging year, especially since we thought 2020 was the worst of it and we were coming out the other side. The continued lockdowns, school closures and other Covid related issues meant this year did not go according to plan. However, there is a lot to be proud of and some unexpected benefits and positive digital developments which we may not have considered otherwise. The year ahead will present different challenges as we seek to innovate our programmes, secure new funds and continue to meet the needs of schools and business partners. However, we havea committed, talented staff team, an experienced and engaged Board of trustees and a strong, loyal group of partners. We have mastered new technology, pivoted our programmes and have already put in place a comprehensive programme of activities for the new year ahead. With our 30" birthday and our rebrand there is much to look forward to.

TRUSTEES

Trustees who served during the year are shown below: -

Mark Campbell (Chair) Richard Foley Sarah Barnes Esra Turk (resigned March 2021) Gerry McDonald (Vice Chair) Michelle Quest (resigned February 2021) Saiam Ahmed Jennie Bird Jemima Reilly Iveren Yongo Tina Sode Anita Bhardwaj Jayant Kumar Rachel Dodds

The trustees have delegated responsibility for the day-to-day management of The Tower Hamlets Education Business Partnership Limited to the Director, Helen Sanson.

Statement of responsibilities of the trustees

The trustees confirm that the financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view ofthe state of affairs of the charitable company and of the incoming resources and

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TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Trustees’ Report

For the Year Ended 31 August 2021

application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions.

Statement as to disclosure to our auditors

Insofar as the trustees are aware:

° There is no relevant audit information of which the charitable company’s auditors are unaware; and ° The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

RELATED PARTIES

Related parties are shown in Note 21 to the financial statements.

AUDITORS

The auditors, Goldwins Chartered Accountants, offer themselves for appointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on} ¢ Novel 42021 and signed on their behalf.

Mark Campbell Director and Chairman

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a pg i i EES TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Independent Auditor’s Report

To the members of Tower Hamlets Education Business Partnership Limited

Cae

Opinion

We have audited the financial statements of Tower Hamlets Education Business Partnership Limited (the ‘charitable company’) for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 Charitable 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 theserequirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we havenot identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The trustees are responsible forthe other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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.

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TTTee —eeTOWER HAMLETS EDUCATION BUSINESS PARTNERSHIPee en See LIMITED

Independent Auditor’s Report

To the members of Tower Hamlets Education Business Partnership Limited

ee

In connection with our audit of the financial statements, our responsibility is to read the other in formation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whetherinformation.there is a material misstatement in the financial statements oramaterial misstatement ofthe other 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[the][audit:]

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual 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 the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees 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 they 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 trustees are responsible for assessing the Charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the Charitable company or to cease operations, or have no realistic alternative but to do so.

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TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Independent Auditor’s Report

To the members of Tower Hamlets Education Business Partnership Limited

Our 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 assuranceis a high level of assurancebut is nota guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements canarise from fraud or error andare considered material if, individually or in the aggregate, they could reasonably be expectedto influence the economic decisions of users taken on the basis ofthese financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with ourresponsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and[transactions][reflected][in][the][financial][ statements,][as][ we][will][ be][less][ likely][to][ become][aware][of]

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TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Independent Auditor’s Report

To the members of Tower Hamlets Education Business Partnership Limited

instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charitable 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 Charitable company’s members those matters we are required to state to them in an auditor’s report and forno other purpose. To the fullest extent permittedby law, we do not acceptorassume responsibility to anyone other than the Charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Anthony Epton (Senior Statutory Auditor)

for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

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TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Statement of Financial Activities (Incorporating Income and Expenditure Account)

For00000the Year Ended 31 August2020

Unrestricted Restricted Restricted Total Total
Funds Funds Funds Funds
Note 2021
2		 2021
£		 2021
£		 2020
£
INCOMEFROM:
Donations 3 24,041 8,675 32,716 47,718
Charitable activities 4 385,833 485,050 870,883 925,032
Investment income 4,657 - 4,657 8,994
TOTALINCOME 414,531
493,725
908,256
981,744
EXPENDITURE ON:
Charitable activities 5 373,086 667,853 1,040,939 OF ly
FT
TOTALEXPENDITURE 373,086
667,853 1,040,939
971,177.
Netincome /(expenditure)fortheyear 41,445 (174,128) (132,683) 10,567
Transfersbetween funds - - - -
Netmovementinfunds 41,445 (174,128) (132,683) «10,567
Total fundsbroughtforward 584,482 592,998 1,177,480 1,166,913
Totalfundscarriedforward 13 625,927 418,870 1,044,797 1,177,480
8701,044,797
_1,17780

The attached notes form part of these financial statements.

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TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Balance Sheet

As at 31 August 2021

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||||||| |---|---|---|---|---|---| |2021|2021|2020|2020| |Notes|£|£|£|£| |FIXED ASSETS| |Tangible|assets|8|34,025|40,179| |CURRENT|ASSETS| |Debtors|9|76,659|80,938| |Cash|at bank|and|in hand|1,436,043|1,259,620| |L512,702|1,340,558| |CREDITORS:|Amounts|falling due| |within one|year|10|(501,930)|(203,257)| |NET CURRENT ASSETS|1,010,772|Lis 7301| |TOTAL NET ASSETS|1,044,797|1,177,480| |FUNDS| |Restricted|funds|418,870|592,998| |Unrestricted|funds:| |Designated|funds|-|100,000| |General|funds|625,927|484,482| |Total unrestricted funds|625,927|584,482| |TOTAL FUNDS|13|1,044,797|1,177,480|

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The accounts were approved by the board of[directors][ on.][ (e4][No][Mer.][ be] ca

Mark Campbell Director and Chairman

Company Registration No. 02827835

The attached notes form part of these financial statements.

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TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Statement of Cash Flows

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|||||| |---|---|---|---|---| |For|the|Year|Ended 31|August 2021| |Note|2021|2021|2020|2020| |£|£|£|£| |Net cash provided by|/ (used|in)| |operating|activities|17|176,166|(171,657)| |Cash flows|from investing|activities:| |Interest/ rent/ dividends from|investments|4,657|8,994| |Sale/ (purchase)|of fixed|assets|(4,400)|(20,193)| |Sale/ (purchase)|of investments|-|-| |Cash provided by|/ (used|in)|investing| |activities|257|(11,199)| |Change|in cash and cash equivalents|in| |the year|176,423|(182,856)| |Cash|and|cash equivalents|at the| |beginning of|the year|1,259,620|1,442,476| |Cash and cash equivalents|at the|end of| |the year|18|1,436,043|1,259,620|

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TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Notes to the Financial Statements

For the Year Ended 31 August 2021

  1. ACCOUNTING POLICIES

  2. 1.1 Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The charity is considered as a public benefit entity. The principal accounting policies adopted in the preparation of the financial statements are as follows:

1.2 Taxation

The charitable company is exempt from taxation under section 466 to 493 of the Corporation Tax Act 2010.

1.3 Incoming resources

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.

Grants are credited to incoming resources when they are receivable as the charity's own money, unless they are for activities that relate to a specific future period, in which case they are deferred to that period.

Income received under contracts for services which cross over the year end are recognised in the financial statements in line with the percentage of completion of the contract at the year end.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

1.4 Resources expended

Partner costs are recognised in the year in which they are incurred all other resources expended are recognised on an accruals basis.

Resources expended are allocated to a particular activity where the cost relates directly to that activity. They include irrecoverable VAT. The administration and management costs of each activity are apportioned, based on an estimate of the staff time attributable, to each of the organisation’s projects and activities.

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TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Notes to the Financial Statements

For the Year Ended 31 August 2021

Li. ACCOUNTING POLICIES - (CONTINUED)

1.5 Fund accounting

Unrestricted funds comprise income received, without a specified purpose, and expenditure for the objects of the charity.

Restricted funds comprise income received for specified purpose as laid down by the donor. Expenditure which meets this criteria is identified to the fund, together with a fair allocation of management and support costs.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

1.6 Tangible fixed assets and depreciation

Allassets costing more than £500 are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write offthe cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment - 25% reducing balance Fixtures and fittings = - 20% reducing balance

1.7 Pensions costs

The company makes pension contributions equivalent to a minimum of 5% of gross salaries on behalf of its employees. Employees are entitled to join the scheme after being in post for three months. The contributions are charged to the Statement of Financial Activities on an accrual basis.

1.8 Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concem. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

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TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Notes to the Financial Statements

For the Year Ended 31 August 2021

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|||||||||| |---|---|---|---|---|---|---|---|---| |2.|DETAILED|STATEMENT|OF|FINANCIAL ACTIVITIES|FOR THE|YEAR|ENDED|31| |AUGUST|2020 (COMPARATIVES)| |Unrestricted|Restricted| |Funds|Funds’|Total Funds| |2020|2020|2020| |£|£|£| |INCOME|FROM:| |Donations|31,525|16,193|47,718| |Charitable|activities|273,138|651,894|925,032| |Investment|income|8,994|-|8,994| |TOTAL INCOME|313,657|668,087|981,744| |EXPENDITURE|ON:| |Raising funds|-|-|-| |Charitable|activities|418,974|552,203|971.177| |TOTAL EXPENDITURE|418,974|552,203|971,177| |Net income|/ (expenditure) for the|year|(105,317)|115,884|10,567| |Transfers between|funds|-|-|-| |Net movement|in|funds|(105,317)|115,884|10,567| |Total|funds|brought|forward|689,799|477,114|1,166,913| |Total funds|carried forward|584,482|592,998|1,177,480|

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18

TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Notes to the Financial Statements

For the Year Ended 31 August 2021

3. INCOMEFROM DONATIONS
Unrestricted Restricted
Funds Funds Total Total
2021 2021 2021 2020
£ £ £ £
AberdeenAssetManagement - - - 1,500
Aspen Insurance - - - 5,000
Big Half - - - 2,134
BritishandForeign Schools Society - - - 2,200
CityofLondonSolicitorsCharitableFund - - - 1,275
Co-op localcommunityfund - 652 652 2,736
CoronaVirusJob RetentionSchemegrant 17,584 - 17,584 -
EastEndCommunityFoundation - 2,323 2323 -
EdgeBrokersLtd - 5,700 5,700 2,800
Lloyds - - - 10,000
Rothschild
SchroderFamilyTrust		 -
-		 -
-		 -
-		 1,622
5,000
Tokio Marine Insurance Services - - - 1,000
VirginMoney Giving
WogenAnniversaryTrust		 -
3,000		 -
-		 -
3,000		 7,478
2,000
Otherdonations 3,457 - 3,457 2,973
TOTAL 24,041 8,675 32,716 _47,718

19

TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Notes to the Financial Statements

For the Year Ended 31 August 2021

==> picture [452 x 623] intentionally omitted <==

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|||||||||| |---|---|---|---|---|---|---|---|---| |4,|INCOME|FROM CHARITABLE|ACTIVITIES| |Unrestricted|Restricted|Total|Total| |Funds|Funds|Funds|Funds| |2021|2021|2021|2020| |£|£|£|£| |Acuris|64|2,883|2,947|4,412| |ADM Investor Services Ltd|23,010|-|23,010|-| |ADM UK Ltd|-|-|-|33,899| |Allen & Overy|128|6,700|6,828|9,454| |Bank of England|224|8,645|8,869|9,031| |Barclays|-|55,669|55,669|94,994| |Big|Half|-|-|-|-| |Beazley|Management|Ltd|8,000|208|8,208|-| |Bishop|Challoner|School|-|-|-|-| |Bloomberg|32|1,550|1,582|5,095| |Bow|-|-|-|-| |British|and|Foreign|Schools|Society|8,895|-|8,895|10,485| |Buzzacott|-|2,320|2,320|1,678| |Central|Foundation|Girls' School|-|-|-|12,351| |Clifford Chance|8,300|6,700|15,000|15,000| |Clyde&|Co LLP|512|-|512|7,487| |Clyde and|(Co) Ltd|-|6,700|6,700|-| |DAC Beachcroft|~|-|-|4,818| |Fiserv|-|-|-|4,325| |George|Green's|School|-|-|-|-| |Herbert Smith Freehills|-|6,700|6,700|12,132| |ING|-|4,325|4,325|4,798| |Inspire!|-|-|-|-| |J P|Morgan|10,354|180,344|190,698|106,236| |KPMG|6,700|8,800|15,500|16,300| |Langdon|Park|-|-|-|-| |LLoyds|161,495|116,366|277,861|168,756| |London Borough|of|Tower Hamlets|-|-|-|-| |London|Enterprise Academy|1,500|-|1,500|-| |Man Group|19,345|-|19,345|29,409| |Morgan|Stanley & Co|International|Plc|-|12,787|12,787|65,667| |Morpeth|School.|-|-|-|3,891| |Mulberry|School|for Girls|-|-|-|-| |Nomura|-|-|-|5,075| |Oaklands|-|-|-|-| |Partners Group (UK) Ltd|-|6,725|6,725|-| |People's|Post Code|Lottery|-|-|-|14,705| |Raines|-|-|-|-| |Rothschild|5,000|4,600|9,600|11,667| |Royal|Bank|of Scotland|-|-|-|-| |SEIC|-|6,700|6,700|-| |Sir|William|Boreman's|Foundation|-|-|-|-| |St|Paul's Way|Trust School|2,500|-|2,500|10,244| |Total carried forward|256,059|438,722|694,781|661,909|

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20

TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Notes to the Financial Statements

For the Year Ended 31 August 2021

4. INCOME FROMCHARITABLE ACTIVITIES continued INCOME FROMCHARITABLE ACTIVITIES continued
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2021 2021 2021 2020
£ £ £ £
Brought forward 256,059 438,722 694,781 661,909
Stepney Green Maths, Computing andScience
College
Swanlea		 -
-		 -
-		 -
-		 2,792
2,480
TalbotUnderwriting Ltd - 5,000 5,000 5,000
The Edge Foundation
ThomsonReuters		 17,000
-		 -
-		 17,000
-		 -
728
Travers Smith - 4,325 4,325 9,371
Trowers& Hamlins 9,750 - 9,750 -
UBS 5,690 - 5,690 -
WorldPay - 4,325 4,325 4,528
Others 22,034 32,678 54,712 86,924
ServiceLevelAgreements:
SLA—Primary 8,800 - 8,800 21,300
SLA—Secondary 66,500 - 66,500 130,000
TOTAL 385,833 485,050 870,883 925,032

21

TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Notes to the Financial Statements

For the Year Ended 31 August 2021 ec Re cs ea cE Eh

a

ree

  1. ANALYSIS OF EXPENDITURE
Basis of
allocation		 Charitable
activities		 Support
costs		 Governance
costs		 Total
2021		 Total
2020
£ £ £ £ £
Audit fees Direct - - 5,000 5,000 4,750
Bad Debts Direct - - - - (4,694)
Bank charges Direct - - 204 204 311
Bursaries paid Direct 34,170 - - 34,170 23,532
Cleaning services Direct - 9,129 - 9,129 3,924
Consultancy Direct - 1,157 3,500 4,657 4,061
Depreciation Direct - 10,554 - 10,554 5,852
Direct projects expenditure Direct 196,262 - - 196,262 83,005
Insurance /health & safety Direct - 3,870 - 3,870 7,181
IT& Telephone costs Direct - 56,422 - 56,422 58,409
Marketing and website
development Direct - 19,724 - 19,724 22,597
Othersundry expenses Direct 7,403 5,475 13 12,891 41,896
Printing, postage& stationery Direct - 1,199 - 1,199 2,956
Rent and rates Direct - 57,217 - 57,217 74,887
Staffcosts
Subcontractors		 Direct
Stafftime		 567,879
18,768		 6,460
26,909		 -
-		 574,339
45,677		 577,589
49,788
Training & recruitment Direct - 9,624 - 9,624 15,133
824,482 207,740 8,717 1,040,939 971,177
Support costs Stafftime 207,740 (207,740) - -
Governance costs Stafftime 8,717 - (8,717) -
Total expenditure 2021 1,040,939 - - 1,040,939
Totalexpenditure2020 971,177 - - 971,177

Support and governance costs refer to the costs involved in operational activity which support the delivery of the charitable aims. They are allocated on the basis of projected time spent by staff on each activity. Of the total expenditure £667,853 was restricted (2020: £552,203) and £373,086 was unrestricted (2020: £418,974).

22

TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Notes to the Financial Statements

For the Year Ended 31 August 2021

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|||||||| |---|---|---|---|---|---|---| |6.|NET|INCOME/|(EXPENDITURE)| |2021|2020| |This|is|stated|after charging:|£|£| |Operating lease|rentals on property|50,824|67,555| |Depreciation|of|[tangible]|[fixed assets]|10,554|5,852| |Auditors’|remuneration|-|audit|services|5,000|4,750|

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During the year, no trustees received any remuneration or any benefits in kind (2020— Nil), and no trustee was reimbursed for expenses (2020 — Nil).

  1. STAFF COSTS

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||||||| |---|---|---|---|---|---| |2021|2020| |Employee costs|during the|year amounted|to:|£|£| |Salaries|504,843|503,692| |Social|security|costs|45,575|47,920| |Pension|costs|21,618|22,901| |Health|care|costs|2,303|3,076| |574,339|577,589|

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The number of employees whose total employee benefits (excluding employer’s pension costs) for the reporting period amounted to over £60,000 was as follows:

==> picture [422 x 53] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |2021|2020| |No.|No.| |£60,000|- £69,999|1]|1|

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The average monthly numbers of employees during the year were 15 (2020: 17). The total employee benefits including pension contributions of the key management personnel for the year were £163,931 (2020: £191,649).

23

TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Notes to the Financial Statements

For the Year Ended 31 August 2021

8. TANGIBLE FIXEDASSETS
Fixtures
Computer Fittings&
Equipment Equipment Total
£ £ £
COST
At thebeginning
of the year		 64,151 37-712 101,863
Additions - 4,400 4,400
Attheendoftheyear 64,151 42,112 106,263
DEPRECIATION
At thebeginning
of the year		 31,388 30,296 61,684
Charge for the year 8,191 2,363 10,554
Atthe end ofthe year 39,579 32,659 72,238
NETBOOKVALUE
At the end of the year 24,572 9,453 34,025
Atthebeginningoftheyear «32,763. —si<“‘<«‘z;«S CAGSSC*«‘ié«OL SSC*«‘ié«OL7
9. DEBTORS
2021 2020
£ £
Grants and contractdebtors 45,057 48,865
Prepayments 14,932 14,581
Otherdebtors 16,670 17,492
76,659 80,938
10. CREDITORS: Amounts fallingduewithinoneyear
2021 2020
£ £
Trade creditors 5,070 24,823
Accruals 27,868 4,600
Taxation andsocial security 13,077 12,039
Deferredincome 449,737 65,871
Othercreditors 6,178 95,924
501,930 203,257

24

TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Notes to the Financial Statements

For the Year Ended 31 August 2021

  1. ANALYSIS OF NET ASSETS BETWEEN FUNDS FOR THE YEAR ENDED 31 AUGUST 2021

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|||||| |---|---|---|---|---| |Unrestricted|Restricted|Total| |Funds|Funds|Funds| |2021|2021|2021| |£|£|£| |Funds|Balances|at 31 August 2021| |are represented by:| |Tangible|fixed assets|34,025|-|34,025| |Net current|assets|591,902|418,870|1,010,772| |Total Net Assets|625,927|418,870|1,044,797|

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  1. ANALYSIS OF NET ASSETS BETWEEN FUNDS FOR THE YEAR ENDED 31 AUGUST 2020

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||||||| |---|---|---|---|---|---| |Unrestricted|Restricted|Total| |Funds|Funds|Funds| |2020|2020|2020| |£|£|£| |Funds|Balances|at 31|August 2020| |are|represented|by:| |Tangible|fixed assets|40,179|-|40,179| |Net|current|assets|544,303|592,998|1,137,301| |Total Net Assets|584,482|592,998|1,177,480|

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25

TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Notes to the Financial Statements

For the Year Ended 31 August 2021

==> picture [464 x 321] intentionally omitted <==

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||||||||| |---|---|---|---|---|---|---|---| |13.|MOVEMENT|IN FUNDS|FOR THE YEAR ENDED|31|AUGUST 2021| |At|the|At|the| |start|of|end|of| |the|year|Income|Expenditure|Transfers|the year| |£|£|£|£|£| |Restricted|funds:| |Become More|-|Aspirations| |(Aim 2|Attain)|104,350|79,109|(84,165)|-|99,294| |Business|mentoring|353,721|226,249|(284,394)|-|295,576| |NNP-Curriculum|29,759|-|-|29,759| |Transitions project|(12,047)|-|-|(12,047)| |J|P Morgan|Project|117,215|180,344|(291,271)|-|6,288| |Miscellaneous|restricted| |donations|-|8,023|(8,023)|-|-| |Total restricted funds|592,998|493,725|(667,853)|-|_418,870| |Unrestricted|funds:| |Designated|funds:| |Aim 2|Attain|100,000|-|-|(100,000)|-| |Total|designated funds|100,000|-|-|(100,000)|:| |General funds|484,482|414,531|(373,086)|100,000|625,927| |Total unrestricted funds|584,482|414,531|(373,086)|100,000|625,927| |Total funds|1,177,480|908,256|(1,040,939)|-|1,044,797|

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26

TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Notes to the Financial Statements

For the Year Ended 31 August 2021

  1. MOVEMENT IN FUNDS FOR THE YEAR ENDED 31 AUGUST 2020

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||||||||| |---|---|---|---|---|---|---|---| |At the|At|the| |start|of|end|of the| |the year|Income|Expenditure|Transfers|year| |£|£|£|£|£| |Restricted|funds:| |Become More-|Aspirations| |(Aim|2|Attain)|99,354|154,311|(149,315)|-|104,350| |Business mentoring|253,810|344,108|(244,197)|-|353,721| |NNP-Curriculum|29,759|-|-|-|29,759| |Transitions|project|8,973|65,668|(86,688)|-|(12,047)| |J|P Morgan Project|85,218|104,000|(72,003)|-|117,215| |Total|restricted funds|477,114|668,087|(552,203)|-|592,998| |Unrestricted|funds:| |Designated|funds:| |Aim|2|Attain|100,000|-|-|-|100,000| |Total designated funds|100,000|-|-|-|100,000| |General|funds|589,799|313,657|(418,974)|-|484,482| |Total|unrestricted|funds|689,799|313,657|(418,974)|-|584,482| |Total funds|1,166,913|981,744|(971,177)|-|1,177,480|

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2]

TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Notes to the Financial Statements

For the Year Ended 31 August 2021

  1. PURPOSE OF RESTRICTED FUNDS Aim 2 Attain

To provide a portfolio of aspiration and educational activities for pre and post-16 students in Tower Hamlets, designed to encourage our young people to consider the choice and opportunities open to them to further their education and training.

Business Mentoring

The Business Mentoring scheme aims to equip pupils with better understanding of career opportunities, develop their employability skills and widen their view ofthe opportunities available to them.

East Potential

East Potential is a 3 year tri- borough project funded by J.P. Morgan. Tower Hamlets EBP is the lead partner working with fellow EBPs in Hackney and Newham to target young people who are at risk of being excluded from mainstream school and becoming NEET. The programme addresses employability skills alongside a range of issues affecting young people across East London, such as gang culture, conflict resolution and making good life choices. Through workshops, coaching and external activities, the aim is to ensure young people go on to meaningful post 16 pathways.

TRANSFERS BETWEEN FUNDS

Transfers from restricted to unrestricted funds represent incomplete recharge from unrestricted funds in the previous years.

  1. PURPOSE OF DESIGNATED FUNDS

Aim 2 Attain

Within the unrestricted reserves the Board had previously designated £100,000 to ensure the Aim2Attain programme could be delivered for at least a further 12 months should we be unable to secure funding for the project. During the year the trustees reviewed the necessity to retain the designated fund and on the basis that sufficient funds existed within restricted funds, agreed to release this £100,000 to general unrestricted reserves. Trustees will continue to monitor the appropriate level of reserves required by the Education Business Partnership..

17. RECONCILIATION OF NET INCOME / (EXPENDITURE) TO NET CASHFLOW FROM OPERATING ACTIVITIES

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|||||||| |---|---|---|---|---|---|---| |2021|2020| |£|z| |Net movement in funds|for|the|reporting|period|(132,683)|10,567| |(as|per|the|statement|of financial|activities)| |Depreciation|10,554|5,852| |Interest,|rent and dividends|from investments|(4,657)|(8,994)| |(Increase)/ decrease|in|debtors|4,279|128,428| |Increase/ (decrease)|in|creditors|298,673|(307,510)| |Net cash provided by / (used in) operating|activities|176,166|(171,657)|

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28

TOWER HAMLETS EDUCATION BUSINESS PARTNERSHIP LIMITED

Notes to the Financial Statements

For the Year Ended 31 August 2021

  1. ANALYSIS OF CASH AND CASH EQUIVALENTS FOR THE YEAR ENDED 31 AUGUST 2021

==> picture [430 x 239] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |At|the| |start|of|the|Cash|Other|Atthe|end| |year|flows|changes|ofthe year| |z|£|£|£| |Cash|at bank|and|in hand|1,259,620|176,423|-__|1,436,043| |Total cash and cash equivalents|1,259,620|176,423|-|1,436,043| |ANALYSIS OF CASH AND CASH EQUIVALENTS FOR THE YEAR ENDED31 AUGUST OF CASH AND CASH EQUIVALENTS FOR THE YEAR ENDED31 AUGUST AND CASH EQUIVALENTS FOR THE YEAR ENDED31 AUGUST CASH EQUIVALENTS FOR THE YEAR ENDED31 AUGUST EQUIVALENTS FOR THE YEAR ENDED31 AUGUST FOR THE YEAR ENDED31 AUGUST THE YEAR ENDED31 AUGUST YEAR ENDED31 AUGUST ENDED31 AUGUST AUGUST| |2020| |At|the|At the| |start|of|Cash|Other|end|of| |the year|flows|changes|the year| |£|£|£|£| |Cash|at bank|and|in hand|1,442,476|(182,856)|-|1,259,620| |Total cash and cash equivalents|1,442,476|(182,856)|-|1,259,620|

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  1. ANALYSIS OF CASH AND CASH EQUIVALENTS FOR THE YEAR ENDED31 AUGUST OF CASH AND CASH EQUIVALENTS FOR THE YEAR ENDED31 AUGUST AND CASH EQUIVALENTS FOR THE YEAR ENDED31 AUGUST CASH EQUIVALENTS FOR THE YEAR ENDED31 AUGUST EQUIVALENTS FOR THE YEAR ENDED31 AUGUST FOR THE YEAR ENDED31 AUGUST THE YEAR ENDED31 AUGUST YEAR ENDED31 AUGUST ENDED31 AUGUST AUGUST 2020

  2. LEASE COMMITMENT

The charitable company signed a 3-year lease on office premises in East London in August 2018. The minimum annual rentals payable under the leases areas follows:

==> picture [438 x 62] intentionally omitted <==

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|||||| |---|---|---|---|---| |2021|2020| |£|£| |Within|||year|66,463|17.923| |Within 2-5|years|147,926|-| |214,839|717,923|

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  1. RELATED PARTY TRANSACTIONS

The charity does not engage in related party transactions directly with its trustees. Some trustees are employed by organisations which give financial support to the charity. The organisations for which the trustees work are shown on page 1. The funding provided is shown in Notes 3 and 4.

29