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2023-03-31-accounts

COMPANY NUMBER:

3031652

SUBCO TRUST

(A company Limited by Guarantee)

DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

SOKHI & ASSOCIATES LTD

CHARTERED CERTIFIED ACCOUNTANTS 86B ALBERT ROAD

ILFORD

ESSEX IG1 1HR

SUBCO TRUST

COMPANY INFORMATION

Company Number: 3031652
Directors: Mr S Kangesan
Ms J B Patel
Mr A Patel
Ms N Shah
Secretary: Mr S Kangesan
Registered Office: 49 Plashet Road
Upton Park
London E13 0QA
Accountants: Sokhi & Associates Ltd
Chartered Certified Accountants
86B Albert Road
Ilford
Essex
IG1 1HR

SUBCO TRUST

REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

CONTENTS

Page
Management Committee Report 1
Independent Examiners Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes 10
Detailed Profit and Loss Account 13

SUBCO TRUST

REPORT OF THE MANAGEMENT COMMITTEE

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees, who are Directors for the purposes of company law, are pleased to submit their report including the financial statements of the Charity for the financial year to 31[st] March 2023.

The accounts have been prepared in accordance with the accounting policies set out in the accounts and comply with the Charity’s governing document, applicable law and the requirements of the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ Regulations 2005 (Revised 2008).

Structure, Governance and Management

Governing Document

SubCo Trust is registered as a company limited by guarantee and is governed by its Memorandum and Articles of Association.

The Company was incorporated on 10[th] March 1995 as SubCo Elders Day centre and changed it’s name to SubCo Trust on 7[th] October 2004 and was registered as a charity on 31[st] March 1995. The company registration number is 3031652 and the charity registration number is 1045237.

Appointment of Trustees

As set out in the Articles of Association, the Directors are elected at the Annual General Meeting, with the Chair appointed by the Board of Directors. The Directors of the organisation are also the charity Trustees, for the purposes of charity law.

Trustee Induction and Training

New Trustees are provided with relevant documentation including the Articles and Memorandum of Association. They receive an induction which includes familiarisation with the Charity’s aims and objectives, organisational structure, policies and procedures and Trustees’ responsibilities and meet with the Chair and Chief Executive to obtain more background information. We have developed brief job descriptions /an overview of responsibility for the Chair/ Vice-Chair and Treasurer roles. Trustees take part in annual Away Days to review progress and shape future work.

Organisational structure

The company is organised so that the Trustees meet regularly to manage its affairs. Trustees are members of diverse Asian communities, with different Asian language skills, and have a range of professional, management and business skills from the statutory, voluntary and private sectors. Experience includes managing housing schemes, running businesses, involvement at senior management level, and experience of the health and social care sector.

Page 1

SUBCO TRUST

REPORT OF THE MANAGEMENT COMMITTEE

FOR THE YEAR ENDED 31 MARCH 2023

Related parties

The charity has developed relationships with statutory and voluntary sector organisations with which it co-operates in pursuit of its charitable objectives. This includes making and receiving referrals, supporting frail Asian elders to access mainstream services, undertaking joint training, running, and attending activities and events to give information and share good practice, and offering student placements.

Risk management

The Trustees undertake regular risk assessments and reviews of all the Charity’s activities.

Public benefit statement

Subco Trust provides a range of benefits and activities to the public as it seeks to improve the lives of people from diverse Asian communities who are residing in the UK and are experiencing need, hardship, or distress.

Objectives and Activities

Subco was founded in 1993 to address the unmet needs of vulnerable Asian elders and Carers in Newham, one of the poorest areas of the UK. Since that date, we have pioneered innovative, culturally, and linguistically appropriate services to meet their health needs.

Subco provides an integrated, flexible day opportunities program, with an exciting and stimulating range of activities and support. This includes:

In all these areas of work we seek to put Asian elders and Carers at the heart of our organisation and ensure their continuing involvement in policy development and delivery of services.

The Asian elders and Carers we work with have a range of long-term health conditions, for example, diabetes, heart disease, stroke, memory loss and dementia, hearing loss, arthritis, depression, cancer, and often several of these conditions. With its friendly, experienced and qualified staff team, Subco now has a strong track record and many years’ experiences of providing services to Asian elders with these complex long-term conditions and disabilities.

Page 2

SUBCO TRUST

REPORT OF THE MANAGEMENT COMMITTEE

FOR THE YEAR ENDED 31 MARCH 2023

Subco has many working partnerships and referral routes in and out of all its services. We work closely with:

The Staywell Partnership, West Ham Foundation Trust, East London NHS Foundation Trust, Bart’s Health, Compass Wellbeing, Newham Clinical Commissioning Group and receive referrals from GP’s and health practitioners and Adult Social Care Services, London Borough of Newham, Healthwatch Newham, Compassionate Funerals, the 150 Club, Compassion in Dying, Good Grief Connects, Trust, the Wisteria, Eastside Community Heritage, The Renewal Programme, Age UK East London; East London Textiles, Selwyn School, Newham Work Experience Team (School pupils placed by various Secondary Schools in Newham), Newham Community College, University College London, University of Bristol, University of East London, Grossdale Vocational Institute, Investors in People, Race Equality Foundation, Hibiscus, Ascension Community Trust, Royal Docks Learning & Activity Centre, Trinity Centre, Newham African Caribbean Resource Centre, Newham Chinese Association, Newham Skills Enterprise, Bonny Downs Community Association, Cody Dock, Xyla Health, REIN, Ankh, Together with Music, West Ham Foundation Trust, Caribbean International Football Club, Party Invitation - East Ham, Barkat Caterers, Newham CAB, Newham Social Welfare Alliance, Newham Food Alliance, Compost London, One Newham, Newham Connect Food Banks, Newham Heritage, Newham Co Production Forum, Fair Share, The Felix Trust, The Trussell Trust, The National Lottery, Awards for All, Dunhill Medical Trust, B & Q Beckton, Fonehouse Forest Gate.

Joint work undertaken includes making and receiving referrals, signposting, case assessments and reviews, strategic involvement. As well delivering services together and enhancing our expertise. These partnerships and joint working help us to expand services for Asian elders and Carers, both improving our own services and improving access to others.

Page 3

SUBCO TRUST

REPORT OF THE MANAGEMENT COMMITTEE

FOR THE YEAR ENDED 31 MARCH 2023

Achievements and Performance

The current year involved readapting after Covid to provide services that responded to challenges by supporting residents as well as providing projects and activities to the most vulnerable in our communities. We provided Advice Information and Advocacy, Befriending and reestablished face to face support groups to Asian elders and Carers as well as Warm Havens and Meals in response to the Cost-of-living crisis:

In addition, we were able to:

Future Developments

The focus for the year 2023-2024 will be to:

Page 4

SUBCO TRUST

REPORT OF THE MANAGEMENT COMMITTEE

FOR THE YEAR ENDED 31 MARCH 2023

FINANCIAL REVIEW

Reserves policy

Subco is working towards a Reserves Policy of the equivalent of up to 6 months’ running costs to serve as a safeguard against any unexpected shortfall in income or increase in expenditure income, which will vary year to year.

MEMBERS OF THE MANAGEMENT COMMITTEE

Mr A Patel Chairperson Mrs J Patel Vice Chairperson Mr S Kangesan Treasurer Mrs N Shah Secretary

RESPONSIBILITIES OF THE MANAGEMENT COMMITTEE

The Management Committee (who are also directors of Subco Trust for the purposes of company law) are responsible for preparing the Management Committee Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Management Committee to prepare financial statements that give a true and fair view of the situation of the charity at the end of the financial year and of its surplus or deficit for the financial year. In doing so the Management Committee is required to:

The Management Committee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Companies Act 2006. 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.

So far as the Management Committee is aware, there is no relevant information of which the company's examiner are unaware, and each director has taken all steps that he ought to have taken as a director in order to make himself aware of any relevant information and to establish that the company's examiner are aware of that information.

Approved by the management committee & signed on its behalf by:

____ Mr A Patel

Page 5

SUBCO TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE MANAGEMENT COMMITTEE OF SUBCO TRUST

FOR THE YEAR ENDED 31 MARCH 2023

We report on the accounts which are set out on pages 7 to 14.

Respective responsibilities of the management committee and examiner

The management committee is responsible for the preparation of the accounts. The management committee consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied ourselves that the charity is not subject to an audit under company law and is eligible for independent examination, it is our responsibility to:

Examine the accounts under section 145 of the 2011 Act; follow the procedures laid down in the general directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and state whether particular matters have come to my attention.

Basis of independent examiner's report

Our examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

To keep accounting records in accordance with section 386 of the Companies Act 2006; and

To prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or

........................................ Dated: 6 November 2023 R S Sokhi FCCA Sokhi & Associates Ltd Chartered Certified Accountants 86B Albert Road Ilford Essex IG1 1HR Page 6

SUBCO TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST MARCH 2023

Restricted Total Total
Unrestricted Income Funds Funds
Funds Funds
2023 2022
£ £ £ £
Incoming resources
Grants & Contracts 2
-		 360,386 360,386 231,404
Donations & Other Similar Income 14,774 - 14,774 7,078
––––––– ––––––– ––––––– –––––––
Total incoming resources 14,774 360,386 375,160 238,482
––––––– ––––––– ––––––– –––––––
Resources used
Direct Charitable Expenditure 81,859 186,370 268,229 208,037
Other expenditure 11,551 50,455 62,006 113,720
––––––– ––––––– ––––––– –––––––
Total resources used 93,410 236,825 330,235 321,757
Gross transfers between funds (78,636) 78,636 - -
––––––– ––––––– ––––––– –––––––
Net movement in funds - 44,925 44,925 (83,255)
Total funds brought forward 75,000 78,746 153,746 237,021
––––––– ––––––– ––––––– –––––––
Total funds carried forward £ 75,000 £ 123,671 £198,671 £ 153,746
––––––– ––––––– ––––––– –––––––

Restricted income: contracts/grants taken forward to be spent in the new financial year.

The company has made no acquisitions nor discontinued any operations within the meaning of Financial Reporting Standard 3 during the year therefore turnover and operating income derive from the principal activities of the company.

The company has no recognised gains or losses other than the profit for the financial year.

The annexed notes form part of these financial statements.

Page 7

COMPANY NUMBER:3031652

SUBCO TRUST

BALANCE SHEET

AT 31 MARCH 2023

Note 2023 2022
£ £ £ £
Fixed assets
Tangible assets 3 46,723 55,123
Current assets
Debtors 4 22,205 0
Cash at bank and in hand 149,598 172,524
–––––––– ––––––––
171,803 172,524
Creditors
Amounts falling due within
one year 5 (19,855) (73,901)
–––––––– ––––––––
Net current assets 151,948 98,623
–––––––– ––––––––
Total assets less current liabilities 198,671 153,746
–––––––– ––––––––
Net assets £ 198,671 £ 153,746
–––––––– ––––––––
Capital and reserves
Restricted reserves 123,671 78,746
Unrestriced reserves 75,000 75,000
–––––––– ––––––––
Shareholders' funds £ 198,671 £ 153,746
–––––––– ––––––––

For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by the board of directors on 6 November 2023 and signed on its behalf.

................................................... Mr A Patel

The annexed notes form part of these financial statements.

Page 8

SUBCO TRUST

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2023

Other Restriced Total
Reserve Reserves Equity
£ £ £
Balance at 1 April 2021 75,000 78,746 153,746
Changes in equity
Total comprehensive income (78,636) 123,561 44,925
–––––––– –––––––– ––––––––
Balance at 31 March 2022 (3,636) 202,307 198,671
–––––––– –––––––– ––––––––
Changes in equity
Total comprehensive income 78,636 (78,636) -
–––––––– –––––––– ––––––––
Balance at 31 March 2023 £ 75,000 £ 123,671 £ 198,671
–––––––– –––––––– ––––––––

Page 9

SUBCO TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1. Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A 'Small entities' of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There were no material departures from the standard.

2. Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below.

These financial statements have been prepared in accordance with FRS102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Cashflow statement

The Company has taken advantage of the exemption in Financial Reporting Standard No.1 from the requirement to produce a cashflow statement on the grounds that it is a small company.

Grants

Revenue grants are allocated to period to which they relate.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold improvements 10% reducing balance basis Motor vehicles 25% reducing balance basis Fixtures and fittings 20% straight line

Leasing

Rentals paid under operating leases are charged to the profit & loss account on straight line basis over the term of the lease. Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 10

SUBCO TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2023

2. Income

----- Start of picture text -----
2023 2022
Unrestricted Restricted Total Total
Funds Funds Funds Funds
£ £ £ £
Day Care 156,790 156,790 144,424
Dunhill Medical Trust 9,462
Age UK (Winter Pressures) 72,354 72,354
Compass Wellbeing – Dementia 56,120 56,120
Race Equality – Dementia 500 500
The Mercers Company 39,785 39,785
LBN – Meals Warm Spaces 10,000 10,000
Compassion in Dying 10,000 10,000
LBN – Connect Newham 33,712
Awards for All 9,997 9,997
LBN – Recovery Grant Covid 1 3,810
LBN – Mental Health 9,952
Vibrance Personal Budget 4,840 4,840 6,160
LBN – Heritage Legacy 8,000
LBN – Discretionary Grants 11,684
University of East London 4,200
Newham Community 2,240 2,240
Income From Meals Service 7,195 7,195 163
Donations 1,695 1,695 6,222
Miscellaneous Income 3,644 3,644 693
----------- ----------- ----------- -----------
14,774 360,386 375,160 238,482
======= ======= ======= =======
----- End of picture text -----

3. Tangible fixed assets

Land
Plant
and
and
Buildings Machinery
£
£
Cost:
At 1 April 2022
89,834 146,798
Additions
0 1,351
––––––– –––––––
At 31 March 2023
89,834 148,149
––––––– –––––––
Depreciation:
At 1 April 2022
74,399 107,110
Charge for the year
1,544 8,207
––––––– –––––––
At 31 March 2023
75,943 115,317
––––––– –––––––
Net book value:
At 31 March 2023
£ 13,891 £ 32,832
––––––– –––––––
At 31 March 2022
£ 15,435 £ 39,688		 Total
£
236,632
1,351
–––––––
237,983
–––––––
181,509
9,751
–––––––
191,260
–––––––
£ 46,723
–––––––
£ 55,123

––––––– ––––––– –––––––

Page 11

SUBCO TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2023

4.
Debtors
2023

£
Due within one year:
Grants receivable
20,205

Other debtors
2,000

––––––
£22,205

––––––
5.
Creditors - amounts falling due within one year
2023
£
Other creditors
19,855
Deferred Income – Compass Wellbeing Grant
0
–––––––
£ 19,855
–––––––		 2022
£
0
0
––––––
£ 0
––––––
2022
£
17,781
56,120
–––––––
£ 73,901
–––––––

Page 12

SUBCO TRUST

DETAILED TRADING AND PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
£ £ £ £
Grants
Vibrance Personal Budget 4,840 6,160
University of East London 0 4,200
Age UK (Winter Pressures) 72,354 0
Dunhill Medical Trust 0 9,462
LBN - Meals Warm Spaces 10,000 0
LBN - Connect Newham 0 33,712
LBN - Recovery Grant Covid 1 0 3,810
LBN - Mental Health 0 9,952
LBN - Heritage Legacy 0 8,000
LBN - Discretionery Grant 0 11,684
Awards For All 9,997 0
Compass Wellbeing - Dementia 56,120 0
Race Equality - Dementia 500 0
Newham Community 2,240 0
The Mercers Company 39,785 0
Compassion in Dying - Good Grief Connect 10,000 0
Miscellaneous income 3,644 694
Donations 1,695 6,221
Day Care 156,790 144,424
–––––––– ––––––––
367,965 238,319
Miscellaneous Other Operating Income
Income from Meals Service 7,195 163
–––––––– ––––––––
375,160 238,482
Overheads
Other Administrative Costs 330,235 321,757
–––––––– ––––––––
(330,235) (321,757)
–––––––– ––––––––
Profit/(Loss) on ordinary activities £ 44,925 £ (83,275)
–––––––– ––––––––

Page 13

SUBCO TRUST

SCHEDULE OF OVERHEAD EXPENSES

FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
£ £ £
£
Other Administrative Costs
Salaries and National Insurance 81,859 84,932
Other Staff Costs 5,968 9,202
Light & Heat 1,175 2,349
Rent & Rates 15,440
17,755
Printing, Postage and Advertising 1,375 2,314
Telephones and Fax 3,434 5,536
Insurance 7,598 9,877
Licences and Subscriptions 9 263
Cleaning & Pest Control 1,028 2,111
Travel, Trips & Holiday expenses 594 395
Vehicle Running Expenses 2,996 10,648
Luncheon Club Expenses 5,790 5,475
Legal, Professional & Consultancy Fees 2,121 3,375
Bank Charges 0 120
Sundry 0 48
Covid 19 PPE 0 63
Repairs & Maintenance 1,127
30,662
Staff Training 1,800 167
National Lottery - Covid 19 0
31,152
Dunhill Medical Trust 0 21,306
Compass Wellbeing - Dementia 54,736 0
The Mercers Company 31,573 0
Age UK Winter Pressure 19,342 0
LBN - Connect Newham 42,496
33,712
Compassion in Dying-Good Grief Connects 10,000 0
Donations 0 6,171
Daycare Covid 19 2,614 5,130
LBN - Hot Meals Warm Havens 7,850 0
Awards for All 10,448 3,244
University of East London 2,808 2,800
LBN - Covid Recovery 1 0 3,813
LBN - Mental Health 0 9,943
UCL Eval Exchange 0 756
LBN - Heritage Grant 4,001 4,077
LBN - Carers Grant 502 1,001
Accountancy 1,800 1,800
Depreciation 9,751 11,637
Profit on disposal of Assets 0 (77)
––––––– –––––––
330,235 321,757
––––––– –––––––
Total overhead expenses £330,235 £321,757
––––––– –––––––

Page 14