OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

COMPANY NUMBER:

3031652

SUBCO TRUST

(A company Limited by Guarantee)

DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

SOKHI & ASSOCIATES LTD

CHARTERED CERTIFIED ACCOUNTANTS

86B ALBERT ROAD

ILFORD ESSEX IG1 1HR

SUBCO TRUST

COMPANY INFORMATION

Company Number: 3031652
Directors: Mr S Kangesan
Mr A Patel
Ms S Memi
Ms M Muthu
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 2024

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 2024

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 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.

Subco was founded in 1993 to address 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 needs. Subco Provides an integrated, flexible day opportunities programme, with an exciting and stimulating range of activities and support. This includes:

Page 1

SUBCO TRUST

REPORT OF THE MANAGEMENT COMMITTEE

FOR THE YEAR ENDED 31 MARCH 2024

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.

Subco was founded in 1993 to address 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 needs. Subco Provides an integrated, flexible day opportunities programme, with an exciting and stimulating range of activities and support. This includes:

In addition, we are:

Page 2

SUBCO TRUST

REPORT OF THE MANAGEMENT COMMITTEE

FOR THE YEAR ENDED 31 MARCH 2024

In addition, we are:

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.

Newham, Newham Food Alliance, Newham Heritage, Newham Co Production Forum, Fair Share, The Felix Trust, The Trussell Trust, National Lottery Heritage Fund,The National Lottery, Awards for All, The Mercers’ Company, Investors in People, Hyatt Stratford, 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.

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, 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, , 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

Page 3

SUBCO TRUST

REPORT OF THE MANAGEMENT COMMITTEE

FOR THE YEAR ENDED 31 MARCH 2024

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 2024-2025 will be to:

Page 4

SUBCO TRUST

REPORT OF THE MANAGEMENT COMMITTEE

FOR THE YEAR ENDED 31 MARCH 2024

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 M Murthu Vice Chairperson Mr S Kangesan Treasurer Mrs S Memi 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 2024

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: 15 July 2024 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 2024

Restricted Total Total
Unrestricted Income Funds Funds
Funds Funds
2023 2023
£ £ £ £
Incoming resources
Grants & Contracts 2
-		 293,187 293,187 360,386
Donations & Other Similar Income 22,285 - 22,285 14,774
––––––– ––––––– ––––––– –––––––
Total incoming resources 22,285 293,187 315,472 375,160
––––––– ––––––– ––––––– –––––––
Resources used
Direct Charitable Expenditure 59,983 188,533 248,516 268,229
Other expenditure 10,007 110,950 120,957 62,006
––––––– ––––––– ––––––– –––––––
Total resources used 69,990 299,483 369,473 330,235
Gross transfers between funds (47,705) 47,705 - -
––––––– ––––––– ––––––– –––––––
Net movement in funds - (54,001) (54,001) 44,925
Total funds brought forward 75,000 123,671 198,671 153,746
––––––– ––––––– ––––––– –––––––
Total funds carried forward £ 75,000 £ 69,670 £144,670 £ 198,671
––––––– ––––––– ––––––– –––––––

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 AT 31 MARCH 2024 2024
Note 2024 2023
£ £ £ £
Fixed assets
Tangible assets 3 39,773 46,723
Current assets
Debtors 4 59,416 22,205
Cash at bank and in hand 68,335 149,598
–––––––– ––––––––
127,751 171,803
Creditors
Amounts falling due within
one year 5 (22,854) (19,855)
–––––––– ––––––––
Net current assets 104,897 151,948
–––––––– ––––––––
Total assets less current liabilities 144,670 198,671
–––––––– ––––––––
Net assets £ 144,670 £ 198,671
–––––––– ––––––––
Capital and reserves
Restricted reserves 69,670 123,671
Unrestricted reserves 75,000 75,000
–––––––– ––––––––
Shareholders' funds £ 144,670 £ 198,671
–––––––– ––––––––

For the year ending 31 March 2024 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 15 July 2024 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 2024

Other Restricted Total
Reserve Reserves Equity
£ £ £
Balance at 1 April 2023 75,000 123,671 198,671
Changes in equity
Total comprehensive income 0 (54,001) (54,001)
–––––––– –––––––– ––––––––
Balance at 31 March 2024 75,000 69,670 144,670
–––––––– –––––––– ––––––––

Page 9

SUBCO TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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% reducing balance basis

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 2024

2. Income

----- Start of picture text -----
2024 2023
Unrestricted Restricted Total Total
Funds Funds Funds Funds
£ £ £
Day Care 162,625 162,625 156,790
LBN Summer & Winter Meals 15,000 15,000 10,000
Age UK Newham Carers Comm 40,000 40,000 72,354
Compass Wellbeing – Dementia 56,120
Race Equality – Dementia 500
The Mercers Company 32,211 32,211 39,785
The National Heritage Lottery Fund 9,591 9,591
Compassion in Dying 10,000
LBN – LGBTQ+ 9,500 9,500
Awards for All 9,997
Newham PPP 8,630 8,630
UCL Disc Project 2,570 2,570
Vibrance Personal Budget 3,990 3,990 4,840
UEL 2,600 2,600
WDF Training 4,320 4,320
University of Bristol 2,150 2,150
Newham Renewal Community 6,201 6,201 2,240
Income From Meals Service 11,876 11,876 7,195
Donations 1,599 1,599 1,695
Miscellaneous Income 2,609 2,609 3,644
----------- ----------- ----------- -----------
22,285 293,187 315,472 375,160
======= ======= ======= =======
----- End of picture text -----

3. Tangible fixed assets

Land
Plant
and
and
Buildings Machinery
£
£
Cost:
At 1 April 2023
89,834 148,149
Additions
0 1,257
––––––– –––––––
At 31 March 2024
89,834 149,406
––––––– –––––––
Depreciation:
At 1 April 2023
75,943 115,317
Charge for the year
1,390 6,817
––––––– –––––––
At 31 March 2024
77,333 122,134
––––––– –––––––
Net book value:
At 31 March 2024
£ 12,501 £ 27,272
––––––– –––––––
At 31 March 2023
£ 13,891 £ 32,832
Page 11
––––––– –––––––		 Total
£
237,983
1,257
–––––––
239,240
–––––––
191,260
8,207
–––––––
199,467
–––––––
£ 39,773
–––––––
£ 46,723
–––––––

SUBCO TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2024

4. Debtors
2024 2023
£ £
Due within one year:
Grants receivable 55,416
 20,205
Other debtors 4,000
 2,000
–––––– ––––––
£59,416
 £22,205
–––––– ––––––
5. Creditors - amounts falling due within one year
2024 2023
£ £
Other creditors 22,854 19,855
––––––– –––––––
£ 22,854 £ 19,855
––––––– –––––––

Page 12

SUBCO TRUST

DETAILED TRADING AND PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
£ £ £ £
Grants
The National Heritage Lottery Fund 9,591 0
Vibrance Personal Budget 3,990 4,840
LBN LGBTQ+ 9,500 0
Age UK Newham Carers Community 40,000 72,354
Newham PPP 8,630 0
LBN - Meals Warm Spaces 0 10,000
Awards For All 0 9,997
Compass Wellbeing - Dementia 0 56,120
Race Equality - Dementia 0 500
UCL Disc Project 2,570 0
Newham Renewal Community 6,201 2,240
UEL 2,600 0
The Mercers Company 32,212 39,785
Compassion in Dying - Good Grief Connect 0 10,000
University of Bristol 2,150 0
WDF Training 4,320 0
Miscellaneous income 2,609 3,644
Donations 1,598 1,695
LBN Summer & Winter Meals 15,000 0
Day Care 162,625 156,790
–––––––– ––––––––
303,596 367,965
Miscellaneous Other Operating Income
Income from Meals Service 11,876 7,195
–––––––– ––––––––
315,472 375,160
Overheads
Other Administrative Costs 369,473
330,235
–––––––– ––––––––
(369,473) (330,235)
–––––––– ––––––––
(Loss)/Profit on ordinary activities £ (54,001) £ 44,925
–––––––– ––––––––

Page 13

SUBCO TRUST

SCHEDULE OF OVERHEAD EXPENSES

FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
£ £ £ £
Other Administrative Costs
Salaries and National Insurance 116,217 81,859
Other Staff Costs 6,876 5,968
Light & Heat 754 1,175
Rent & Rates 18,991
15,440
Printing, Postage and Advertising 8,278 1,375
Telephones and Fax 5,320 3,434
Insurance 8,533 7,598
Licences and Subscriptions 179 9
Cleaning & Pest Control 1,959 1,028
Travel, Trips & Holiday expenses 17,109 594
Vehicle Running Expenses 10,908 2,996
Luncheon Club Expenses 6,617 5,790
Legal, Professional & Consultancy Fees 12,732 2,121
Bank Charges 90 0
Sundry 366 0
Repairs & Maintenance 8,019 1,127
Staff Training 4,220 1,800
Newham Summer Meals 4,818 0
Newham Winter Meals 10,204 0
Compass Wellbeing - Dementia 0
54,736
The Mercers Company 34,254 31,573
Age UK 42,332 19,342
LBN - Connect Newham 0
42,496
Compassion in Dying-Good Grief Connects 0
10,000
Daycare Covid 19 0 2,614
LBN - Hot Meals Warm Havens 0 7,850
Newham LGBTQ 9,506 0
Awards for All 7,449
10,448
University of East London 1,399 2,808
The National Heritage Lottery Fund 9,592 0
Newham PPP 8,630 0
University of Bristol 2,150 0
UCL Disc 1,964 0
LBN - Heritage Grant 0 4,001
LBN - Carers Grant 0 502
Accountancy 1,800 1,800
Depreciation 8,207 9,751
––––––– –––––––
369,473 330,235
––––––– –––––––
Total overhead expenses £369,473 £330,235
––––––– –––––––

Page 14