Sobus Trustees, annual report For the year ended 31 March 2023 sobus strengthening communities
Sobus Trustees, annual report For the year ended 31 March 2023 Contents Page Reference and administrative information Trustees, annual report 4-13 Independent auditors. report 14-16 Statement of financial activities (incorporating an income and expenditure account) 17 Balance Sheet 18 Notes to the financial stslements 19-27
Sobus Trustees, annual report For the year ended 31 March 2023 Trustees.. Chair.. Monty Grigg Treasurer= Phillip Amy Trustee: Susie Howard Trustee= Liam Clipsham Trustee= Baden Prin Trustee: Richard Brunwin Truslee.. Sanja Dujmovic Potnar Chief Executive and Company Se¢retary: Sue Spiller Company number: Charity number: 03471416 1071089 Registered office: Dawes Road Hub. 20 Dawes Road Fulham London SW6 7EN Auditors.. Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG Bankers CAF Bank Ltd PO Box 289 West Malling Kent ME19 4TA Sollcitors WGS Solicitors 133 Praed Street London W2 1 RN
Sobus Trustees. annual report For the year ended 31 March 2023 The Iruslees. who are also directors under ci)mpany law. present thr report and financial statements for the year ended 31 March 2023. The trustees confimi that the financial slalements comply wlh current stalulory requirements. the memorandum and articles of association and the Slalement of Recon)mend&d Practi- Accounting and Reporting by Charities.. SORP applicable lo chattlies preparing Iheiraccounls in accordance wth FRS 102. Aims and Objectives Our Aims.. Sobus is a registered charity. charity no. 1071089 and a company limit&1 by guarantee. The objects. as sel out in the Memorandum and Articles of Association are", To promote any charitable purpose for the benefit of the wblic in the London Borough of Hammersmilh and Fulham and surrounding area To promote the Voluntary Sector and any charitable purpose for the benefit of the public in the London Borough of Hammersmilh and Fulham and surrwnding area and promote and organise co-operation betsveen the Voluntary Sector. stalulory bodEs and other bodies as appropriate to further the Objects of the Charity. We aim, through our range of high qualty services lo support and enable the voluntary organisalions operating in Hammersmilh and Fulham lo be a collective thriving aThl significant sector 1¢h better idenlilies and supports the needs and aspirations of our communities. We seek lo broker a range of mutually beneficial relationships between the Voluntsry and Community Sector IVCSI and slalulory. private and other VCS organisabons. We provide a range of resour$ lo promote information and intelligence lo the sector so that they are better able to respond lo the needs of the area. We deliver capacity building sueh as one lo one advice, training and events lo support thè growth and development of VCS. We provide high quality and affordable office space to organisations lo run their organisalion. Our Obje¢tives'. Our objectives are geared to ensuring the delivery of our vision as cxjllined in our strategy and in our governing dctumenl. In selling, our objectives and planning our actilieS our Governors have given careful consideration lo the Charity Commission's public benefit gLTridance. Our key objectives lor the year induded". To build the resilien and stability of Itxal 3rd $tOr organisalions through effective capacity building To support the sector in demonslraling its impact indtvidualfy and collecb.vely To facililale collaboraty"on. cooperation and partnerships with and belween the local 3rd sector To facilitate the voice of the 3rd sector in lo1 strategic opportunth'es ar¥J devebpmenls lo continue lo ensure that Sobus directory and reSoUrS are up to dale lo slabilise our provision of affordable office space to develop effective enterprise support around our Freslon Road Hub
Sobus Trustees. annual report For the year ended 31 March 2023 2022-23 Review Introduction During this financial year. Sobus, along with other UK and worldwide busine55es and organisalions continued their post-covid recovery. "Normal" ways of working have changed since the pandemic, with the trend for online and home working continuing for many. Our own work developed through the year as a hybrid between online and offline engagem8rJl with partners, groups and communities. The biggest ongoing impacl ofcovid on Sobus has been the continued lower use ofour hubs, meeting room facilities. As meetings Continue to be held online (or at the very least, hybrid meetings where attendees can join in person or virtually), regular bookings which used to take place at either Dawes Road or Freslon Road hub have yet lo return to their pre-covid figures- and we anticipate that hybrid and online meelings will continue as the "new normal. in the future. The majority of groups we worked with continued to work with us predominantly online, though we have seen a slow increase in hybrid and in-person meetings over the course of the year, and we are actively looking at how we can facilitate hybrid services and events in the future. Strategic plan During this year, we continued the implemenlalion of our 5-year stiategic plan. Our vision is of strong and engaged communities. whèr¢ residents and organlsations are empowered to make a positive difference to the causes they believe in, and our mlssion is to achieve this through providing voice, ropresentation and support to residents through the organisations that support them. Sobus is continuing to pursue the following stralegic objectives 1. Support a stronger, sustainable Volunlary Commursity Sector (VCS) in LBHF 2. Strengthen the voice of the VCS and those they support 3. Develop and support Collaboration, CoDperalion and Coordination with and between the VCS, and bLiild and develop stronger links with statutory and corporate sectors 4. Maximise and make best use of our assets to support the VCS in Hammersmith & Fulham and the enterprise community in North Kensington 5. Be a sustainable, responsible, responsive and effective organisation Partnerships & Forums Local VCS organisalions continued to look for our support to network, connect and collaborate with other VCS and slalulory sector services. Our online forums continued to be well attended, with a number of collaborations arising from these. Mosl notably, the development ofAgeing Well Grants, initiated through the Sobus POPS Forum, and provided opportunities to link newly emerging organisalions with more established groups, lo develop
Sobus Trustees, annual report For the year ended 31 March 2023 a peer mentoring service lo groups who secured grant funding. A further £50k has been secured from CLCH for this programme. Sobus supported the development of £200k Hamme15milh & Fulham Mental Health Grants programme funded by Wesl London NHS Trust. As a result we are now a formal partner with West London NHS Trust, and LB Hammersmith & Fulham in overseeing the programme. Projects supported diverse range of communities on work supporting vulnerable and marginalised groups. including women, older people: young people. LBGTQ community and marginalised minority communities. Servi$ include autism support, mental health awareness training, arts therapy for women. tackling isolation. counselling, gangs violence, message therapy. advocacy and suicide prevention. A further £100k was secured for the extension of the programme to Oct 2023 for the 14 recipient organisalions. Engagement and representation with health providers at a strategic level has continued. Sobus is a formal partner in the HF Health & Care Partnership {Fom)edy known as the HF Inlegraled Care Partnership). This involvement is not only at the higher strategic levels bul also campaign groups including mental health. frailty and diabetes and their subgroups. One of the tasks for Sobus is lo help increase the representation on these platforms from the wider voluntary and community sector. Another is to advocate for increased resourcing of the sector in delivering on the preventative agenda which should reduce demand on an already overstretched NHS. As in 20-21. groups opted for our forums and nehmorks to continue lo be held remotely. With the majority of all other meetings. including the Health & Wellbeing Board and almost all H& F Health and Care Partnership meetings also being held online, this has become the normal way of working across the majority of the engagement opportunities we are involved in. Whilst this can offer benefits, including making meetings easy lo attend. it also comes with challenges. particularfy in supporting VCS organisalions to also meaningfiJlly participate. Offline meetings provide the opportunity for those who are less confidenl lo be supported to participate, and the opportunity for those infomial conversations and networking Ihal can often result in new connections being made. information shared and new possibilities identified. As the year drew lo a close, we began lo see in-person meetings begin to be held, which was welcomed by organisations as a useful opportunity lo effectively network. Grants Our main grant from the local authority- the LBHF 3 Sector Investment Fund (3SIF), was intended lo be recommissioned in this financial year. Sobus supported the local authority's coproduction process of this fund, including hosting and facilitating a number of coproduction events- bul unfortunately were disappointed in the pace and progress of this ple of work. Various staff absences and changes at LBHF resulted in little progress being made, and a significant lack of clarity regarding the timescale for retendering the fund. rd Eventually, LBHF extended all current funding agreements until the end of the financial year, with a view lo relendering in 2023. Al the time of writing this report - the position is that contracts will be further extended until January 2024, at which point new agweements will be in place.
Sobus Trustees, annual report For the year ended 31 March 2023 We were pleased to secure three year funding from Cty Bridge Trust for 3D Vol- a projecl to ernpower the voice of small BAME led VCS organisalions. This project will commence early in Ihe next financial year. Hubs During the earlier part of the year, the aftermath of Covid continued lo impact our finances and also that of potential organisations lo take space at our hubs. Additionally, we lost a couple of our rnain, regular FRH room hirers. Therefore, we used 2 Variety of plaffomis and ideas to promote and improve our spaces. This included using online office 2nd room hire agencies, more frequent promotion of the hubs via social media: inlroduclory offers for new users, and some cosmetic improvements to the hubs lo make them feel rnore welcoming. We subsequently gain8J several new, regular room hirers at both hubs. plus some new licensees al DRH. Our current occupancy is such that we now have only individual desk spaces vacant in the shared offi$ at both hubs. The legacy of Covid-19 is our continued low uptake of room hire facilities. Although higher than the previous financial year- we are yel to see room hire returning to anything close to pre-pandemic levels, and we think it likely that the coritinuing trend of online and hybrid meelings will result in lower than desirable room hire activity al both hubs. In response to this, we have undertaken a number of marketing campaigns during the year to try lo expand our client base, ar)d given extensive consideration to alternative uses of the space that could be explored. Unforiunately, no viable alternative use proposals have as yel been identified. In the meantime, we have continued lo minimise all possible expenditure, including maintaining a reduced ieception service at both hubs to mornings only. Although this is reducing our overheads, il has caused some difficultie5, particulady al Freston Road Hub in relation lo accepting post and deliveries, which we will need to address in the next financial year. Organisational Development Unfortunately, our Organisalional Development Officer lefi Sobus in December 2022, as the uncertainty of the funding of the role continued, with the local aulhorily's main grants programme still uncertain, and not committed beyond the end of this financial year. Since their departure, our Organisational Development work has been continued by existing staff. Fundraising and governance continue to be the highest areas where support is sought, bul fundraising is particularly an issue wilh groups facing the (Jjrrent challenges of Ihe cost of living cris15 - both on the dienls they support. and Iheir own organisations. The grant funding sector continues to be challenging with fijnding being more difficult lo secure, and lèss longer term funding opportuntties available to the sector overall. However, we were delighted lo secure three year funding from City Bridge Trust in this financial year lo develop 3D Voice, a project to support and empower the voices of unheard BAME led organisalions. The project will commence in early 23-24.
Sobus Trustees, annual report For the year ended 31 March 2023 Enterprise support During 22-23 we continued lo produce a monthly business newslettef, but again, did not have much take up of the business support offered at Freslon Road Hub. For the most part, this seems due lo the continuing impacl of Covid-19. and the emergence of the Cost of Living crisis. We have continued to try to reach out to new audiences, primarily through social media, bul have not had a significant lake up of our offers and services during this year. Addressing this will be a priority for the next financial year. Community Organising Our community organising service continued lo work directly wrth local residents, with a gradual increase in face to fa (rather than virtuall engagement growing throughout the year. For the rllajority of clients, the longer term impact of Covid-19, particularly around mental health needs, together with woirying increases in the cost of living were the main issues that residents raised. The Community Organiser engaged with over 450 residents during the year and supported a number of nevly fomiing groups to build their suslainabilily. The Community Organiser has also been involved in a local initiative.. 'Building Trust., which was developed in response to the evidence that black and Asian communities in particular were reluclanl to lake the Covid vaccine due lo a long-standing la¢* of trust in the healthcare system. as a result of their lived expeTience. Building Trust seeks to engage with BAM E local residents lo capture and tell their stories to those in the NHS and council who plan and provide our local heaiih and care services. Sobus's Community Organiser has been instrumental in establishing a series of'lislening events" where local residents can diredly share their experien$. The aim is to create a shared understanding of how difficult issues like structural racism and poverty affect residents, experiences of health and care services and the outcornes they get. Asset management Sobus owns 363 North End Road, a ground and basemenl floor commercial property, and the freehold lo the two residèntsal units above. The property has been let oul to tenants since Sobus acquired it in 201412 result of the merger between CaVSA and Fulham Community Partnership Trust). Since 2018, the propety has been rented to the London Borough of Hammersmith & Fulham. who utilised the space for their Fulham Area Housing Office. In September 2022 LBHF gave notice to Sobus that they would be vacating the property in January 2023. The Board gave consideration lo the best use of the property going forward, and determined th81 the property would be marketed for disposal, providing an opportunity for Sobus to realise a significant capital receipt which would offer a stabilisalion of our cash position and allow for immediate and longer term investments that would support the ftjture of the charity. The property was therefore put on the market for sale in Dember 2022, and we hope to realise the sale in the next financial year. Looking forward The most pressing priority for the year ahead is to generale and raise funds- both through increased use of our hubs. and Ihrou9h fundraising activities.
Sobus Trustees, annual report For the year endgd 31 March 2023 We will continue to endeavour to reach new customers for ro(xn and Spa hire, and look at options for accommodating "hybrid" meetings, where attendees participate both in person and virtually, and will need to fundraise to improve our facilities at both hubs for this. Funding for infrastructure. or 2 tier services has always been difficult to secure, as funders typically prefer to resource front line services. We expect this foojs lo continue Sobus will need to priorilise creative fundraising approaches, including developing collaborative bids with other organisalions to ensure our sustainability and future development. Establishing a more structured organisalional developmenvcapacity building support service in 23-24 will include the development of specific drop in sessions. and the development of a more formal training programme, working with other local infrastructure providers lo ensure a comprehensive package of training and support is available and coordinated for local VCS organisalions. Achievements and activities in 22-23 137 VCS groups provided with ¢asework support 6"Meet the funder" events, attended by 48 or anisations 12 organisations members of the Mental Health Equity Group. 8 meetings hold Increased our social media presen¢e and updated our website 12 nev*sletters and 12 fundlng bulletins sent to over 1,200 recipients 172 organisations attended online meetings or workshops 3 VCS CEO forums held Supported and facilitated 8 3SIF Coproduction meetings Securod an oxtenslon of a local grants programme for older people's wellboing services Be¢ame a key member of the Building Trust initiative 52 groups supported to successfully apply for grants Secured funding to develop 3D Voice 478 Individuals engaged with our Community Organising Service 293 organisations provided with 1-2-1 suppor( advice or information 4 new projects or Inltiatives stsrted, supported by our Community Organising service Provided support to 12 groups receiving Mental Health Grants Engaged in over 50 Health & Care Partnèrshlp meetings and events Supported the Cost of Living Crisis vrkShopS Produced 12 Enterprlse Newslott•rs for the business community around Freston Road Hub 7 VCS organisations have office space in our hubs. 23 VCS organisations used our meeting room aces Secured 2 nèw grant funding programmes for local initiatives
Sobus Trustees, annual report For the yeai ended 31 March 2023 Going Concern Ststus Recommendation Based on the recent results, and the forecast for foreseeable tulure, we believe that there are no material uncertainties about the Sobus's ability to continue as a going concern. Income We have continued lo see a reduction in our room hire income compared to pre-Covid-19 levels, and expect that the move lo online and hybrid meeting styles will continue for Ihe foreseeable future. However. desk hire levels have remained robust during the year and our grant income has been leived as expected. The Senior Leadership Team is keeping the situation under close review. Income 3rd Sector Investment Fund (Infrastructure service).. City Bridge Trust CLCH Wesl London Mental Health Trust DRH Licensee income (32 of 40 desks are currently in use. including 2 hol desks) Room hire Service income FRH Licensee income137 of 47 desks in use. including 4 hot desks) Room hire Service income Pop up Shop 363 North End Road In September 2022, the tenants of the property executed their break clause. and vacated the property in January 2023. The Board of Trustees decided to rnarket the property for disposal, and the property was pul on the markel in December 2022. The property is being marketed and at the time of writing this pOrt. an offer of £610,000 has been received and accepted. The Board is developing a Stfalegic Investment Plan that will best strengthen the charity s financial position in the lorKJ temi, but primarily strengthen ils role as a charity in achieving its objectives in the local community. Expenditure We closely monitor the expenditure & review them againsl apptoved budget. Reserves 11 is recognised that there is a need to keep unrestricted free reserves at a level appropriate lo the needs of the organisation. We are working on this to build the reserves to,. Fund unexpected expenditure. e.g. unplanned events 10
Sobus Trustees, annual report For the year ended 31 March 2023 Ensure conlinuily and fund shortfalls in income when income does not reach expecledlrequired levels Provide funds lo repla assets or capital development Cover the cost of the closure of the charity Consideration has also been given to the level of reserves that would be appropriate for each of these categories. The approach used to calculate the organisation's target level of reserves is in line with the risk-based melhodology promoted by the Charity Commission. It is based on three months, running costs for the organisation in terms of staffing, administration and running costs together with costs of closure. As such the suggesled required total is £60,000 This policy will be considered annually by the Board of Trustees when approving the annual accounts. 11 will be reviewed fully every three years. Cashflow position Cash flow position is monitored closely and on regular basis, vh)ich helped us to identify the issues well in advance. We took quick actions {e.g. chased debtors, contacted funders for timely scheduled payment lo us) based on our cashflow projection. Income Pipeline The following existing income streams are expected to be renv•ved or there is potential for further work when the presenl contract expires= 3SIF HUC DEBK City Bridge Trust CLCH Wesl London Mental Health Trust Hub income The following new income streams are under discussion= New licensees". Sobus has been receiving enquiries for office Spa fecently. bul none as yel have resulted in desk Spa being taken. However, we are planning an further marketing campaigns throughout Spring to publicise our hubs to a wider audience. Grant applications.. Wesl London NHS Trust {applicats"on to be submitted January 2024) Lottery (application submitted March 20241 Structure, governance and management Under the Constitution and Articles of association of the charity. the Tslee5 are ultimately responsible for all aspects of governance,. for ensuring the aims of the charity are upheld. overseeing strategy, safeguardin9 the charities assets", development and ensurin9 the charity sustainability. The day lo day management of the charity is devolved to Ihe ChiefExeculive and Staff. 11
Sobus Trustees, annual report For the year ended 31 March 2023 The methods used to recruit and appoint new charity Trustees When new or additional trustees are recruited. they are elected by the members or oo- opted by the Trustees. All Trustees are also members, and support the objectives of the charity, as set out above. At the third Annual Appointment Board after their appointment, a Iruslee shall retire. They shall be eligible for reappointment provided that no Trustee may continue after six years in office. Statement of responsibilities of the Trustees The Trustees {who are also directors of Sobus for the purposes ofcompany law} are responsible for preparing the trustees annual report and the financial statement5 in accordance with applicable law and United Kingdom Accountiro Standards (United Kingdom Generally Apted Accounting Practi). Cornpany law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the chantable company and of the incoming resources and application of reSoUrs, induding the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. Sel-cl suil8ble accounting policies and then apply them consistenlly. Observe the methods and principles in the Charities SORP.. Make judgements and estimates that are reasonable and ptudenl., Slate whether applicable UK Accounting Standards and statements of recommended practice have been followed: subject to any material departures disclosed and explained in the financial statements., Prepare the financial statements on the going Concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accLtracy al any time. the financial position of the charitable compy 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 responsiblè for the maintenance and integrity of the corporate and financial information included on the charitable company s website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Statement as to disclosure to our auditors In so far as the Trustees are aware.. There is no relevant audit information of which the charttable company's auditors are unaware,. and The Trustee5 have taken 811 steps that they ought to have taken to make themselves aware of any relevant audit information and lo establish that the auditors are aware of that information. 12
Sobus Trustees, annual report For the year ended 31 March 2023 Auditors Goldwins were appointed as the auditors of the charitable Company during the year and have expressed their willingness to continue ir) thal capacity. The Trustees annual report has been approved by the Trustees on . Monty Gr Chair of 13
Independent auditors. report To the members of Sobus For the year ended 31 March 2023 Opinion We have audited the financial statements of Sobus lthe'charity'lfor the year ended 31 March 2023 which comprise the Slalement of Finanryal Aclivilies, the Balance Sheet and notes lo the financial slalements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is apPlUb law and United Kingdom Accounting Standards. including Financial Reporting Standaid 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.. give a true and fair view of the slate of the Charity's affars as al 31 March 2023 and of Ils income and expenditure for the year then ended.. have been properly prepared in accordan wlh United "ngdoM Generalty Accepted Accounting Practice", have been prepared in accordance wth the requirements of the Cornpanies Act 2006. Bas18 for oplnlon We conducted our audit in accordan with Inlernalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for Ihe audit of the Iinancial slalema)Is seclKkn of our report. We are independenl of the Charity in accordan wlh Ihe elhical requirements that are relevant lo our audil ol the financial sialemenls in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit emdence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to golng concem In auditing the financial stalemenls. we have Concluded that the tnjstees, use of the gn9 concern basis ol accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may casl significant doubl on the charity's abilily lo conb'nue as a going concern for a period of at leasl e1ve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the directors wth respect lo gc>ing concern are described in the relevant sections of this rep Other information The Iruslees are responsible for the other inforTnation. 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 slalements does not cover the other information and. except to the extent olherwise explicitly slated in our reF%)rL we do rot express any form ol assurance conclusion Ihereon. In connection with our audit ol the financial statements. our responsibility is lo read the other information and, in doing so. consider whether the olhef inlomiab.on is rnalerially inconsislenl wlh the financial slalemenls or our knowledge obtained in the alIt or otherwise appears lo be materially misslaled. If we Klentsfy such material inconsistenc9 apparent material 14
Independent auditors, report To the members of Sobus For the year ended 31 March 2023 misslalemenls, we are required lo determine whether there is a malerial missialemenl in the financial slalemenls or a material misstatement of the other infomiattin. If, based on the work we have performed. we conclude that there is a material misslalement of this Other informatior), we are required to report that fact We have nothing lo report in this regard. Oplniong on other matters prescilbed by the Companle8 Act 2006 In our opinion. based on the work undertaken in the course of the ajEt.. the information given in the Iruslees, rew)rt (incorporating the directors, report) for the financial year for which the financial statements are prepared is consislenl with the financial slalemenls.. and the Iruslees, report IincofP)rating the directors. rep(Ntl have en prepared in accordance with applicable legal requifemenls. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit. we have not identified malerial misslalemenls in the Trustees, Annual Report. We have nothing to report in respecl of the following matters in relal#)n lo which the Companies Act 2006 fequires us lo report to you . in our opinion.. adequate accounting records have not been kept or retuins adequate for our audit have not been received from branches not visited by us., the financial slalemenls are not in agreement with the accounting records and returns,. certain disclosures of Iruslees, remuneration specified by law are not made., or we have nol obtsined all the information and explanation5 neSSary lor the purposes of our audit. Respon81blllties of the trustee8 As explained more fully in the trustees. responsibilities statemen( the Iruslees are responsible for thè prèp8ralion of the financial slatemenls and for being salislied ihal they give a ttue and fair view. and for such internal conlrol as they determine is ne$sary lo enable the preparation of financial slalemenls that are free from material misslalemenl. whether due to fraud or error. In preparing the financial stalemenls. the trustee5 are responsib for assessing the Charity's ability lo conbnue as a going conM. disclosing. as applicable. fflatters re131ed lo going concern and using the going concern basis of accounting unless the trusteès either intend lo liquidate the Charity or to cease operations. or have no realisbc aematiVe but lo do so. Our responsibilities for the audit of the finanGial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from malerial misslalemenl. whether due lo fraud or wror. and lo issue an aLiditor s report that includes oui opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will aayS delecl a malerial misslalemenl when it exists. Misslatemenls can arise Ircxn fraud or error and are considered material if. individually or in the aggregate. they COU reasonably be expected to Influence the economic decisions of users taken on the basis ol Ihese finanaal slalemenls. 1.5
Independent auditors, report To the members of Sobus For the year ended 31 March 2023 Irregularities. including fraud. are instance5 01 non-compliance *ilh laws and regijlalions. We design procedures in line with our responsibilities. oudined atove, to delecl material misstatements in respect of irregularities. including fraud. The extenl lo which our procedLJres are capable of delecting irregularilies. including fraud are set out bek)w. In identifying and assessing risks of material misslatemenl in respect of irregularities, including fraud and non-compliance with laws and regulations. our procedures included the follow1ng.' We enquired of management. whth included obtainir1J and remewng supporting documenlalion, concerning the charity's policies and proc£dures relating lo the internal controls established lo milBJale risks related lo fraud or r-cOMplIale wlh laws and regulations. We inspected the minute5 of meetings of those charged wth governance. We reviehved the financial slalemenl disclosures and lesled these to sUPPOrting ocumenlalion lo assess compliance wrth applicable laws and iegulalions. In addressing the risk of fraud through management override of controls, we lesled the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicalwe ofa potential bias and lesled significant transaclions that are unusual or those wtshje the normal course ol business. Bècause of the inherent limitations of an audit. there is a risk that we will not detect all irregularities. including those leading lo a material misslalemenl in the finana31 slalemenls or non-compliance wlh regulation. The risk is also greater regarding irregularib.es occurring due lo fraud rather Ihan error, as fraud involves intentional concealrnenl: forgery, collusion, omission or misrepresenlalion. A further description of our responsibilities for the audit of Ihe financial slalements is Iccaled on the Financial Reporting Council's website al." IvNM.frc.org.uklaudilorsresponsibililiesl. This description forms part of our auditoi's report This report is made solely to the Charity s members. as a body. in accordance Nmth Chapter 3 of Parl 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the Charity s members those mallers we are required 10 state to them in an auditor's report and for no other purpose. To the fullest exlenl pemiilled by law. we do not accept or assume responsibility lo anyone olher than the Charity and the Charity's members as a bcxyy, for our audil work, for this report or for Ihe opinions we have formed. Anthony Epton (Senior Stalutory Auditor) for and on behalf of Goldwins Limited statutory Auditor Chartered Accountants 75 Maygrove Road Wesl Hampstead London NW6 2EG 20 December 2023 16
Sobus Statement of financlal activities (including income and expenditure account) For tlie year elided 31 March 2023 2023 Total lund$ 2022 Total lund5 Unrestricted Restricted funds fufids Note Income from.. Donations and legaues 15.IKX) 110.(KK) 125,000 162.921 Charitable activities 25,450 Othèr trading activities Inve5trnent incorne 251.685 251,685 253 235.821 253 Total Income 266,938 110,000 376.938 424,200 Expenditure on.. Charitable activities Other trading 8Ctivilies Total expenditure 120.750 120.7SO 282.036 150,501 259,433 282.036 282,036 120,750 402.786 409,934 Net income I lexpenditurel 115 0981 {10,7501 125,8481 14.266 Net movemenl Sn funds 11S,0981 110,7501 {25,8481 14.266 Reconciliation of funds= Total funds broughl fotward Totsl funds carried forwaTd 1.520.331 20.250 1,540,S81 1.526.315 I,SOS.233 9.500 1,514,733 1.$40.581 All of the above results are derbved fvown continuing activib"es. There were no other recognised gains or tosses other than those stated al¥e. The attached notes foim part ol these finaThial statemenls. 17
Sobus Balance sheet As at 31 March 2023 2023 2023 2022 2022 Note Fixed assets: Tangible asseis Cuffent asyets.. Debtors Cash al bank and in hand 11 1.525.654 1,528,308 12 25,679 26,707 S2,386 29.611 58.687 88,298 Creditors.. amounts falling due within one year 13 163,3071 176.0251 Net current assets I Iliabilitièsl 110.921) 12,273 Total net assets 1,514.733 1,540.581 Funds Restricted funds Unrestricted funds.. General funds Other Funds- Building Total unrestricted fvlnds 9.500 20.250 120.4211 1.525.654 17,9771 1,528.308 1,505.233 1.520.331 Totsl funds 1S 1.514.733 1,540.581 The financial slatemenls have been prepared in accordance the speaal prom51n$ for srnall OYnpanS under Part15 01 the Companies Act 2006. Approved by the trustees on and signed on their behalf by". 20th December 2023 Trustee Company reglstration no. 03471416 The attached notes form part ol the finanaal statemenls. 18
Sobus Notes to the financial Statements For the year ended 31 Marcli 2023 1 Accounting policies Basis of preparation The finan¢xal statements have been prepared in accordance wth Aco)unb"ng and Reporting by Charities. Statement of Reo)mmended Practice applicable to charits preparing their accounls in accordan with the Financial ReportiTrg Standard applicable in the UK and Republic of Ireland IFRS 1021 . Icharities SORP FRS 1021 and the Companies Act 20(. The oharitable cornpany meets the definrtion of a public benefit entity ur¥Jer FRS 102. Assets and 113bilities are inrtialty recognised at historical cost or transactson value unless otherwise staled in the relevant accounting policy or note. The charitable cornp8ny is exempted from pparing 3 cash rtow siatennl due (o exemption availablé to charities with income of less than £SW,000. Going concern The trustees consider that there arè no material uncertainties about the tharitab companys ability to continue as a gtsing concern. The Irustees do nol consider thal Ihere are any source5 01 estimation unortainty at the reporting dale Ihal have a snIficant iisk ol causing a rrtalèrial adjustment lo the carrying amounts of assets and liabililies wilhin Ihe next ieporting period. Incorne Income is recognised when the charity has enteMen1 to the funds any perfotman¢è conditions attached to the income have been mel. rt is probable Ihal the In¢Me WIH be iec£ived and that Ihe amounl can be measured feliably. Donation$ of glfts, services and facilities Donaled profession21 services and donated facilib.es are recognised as income when the charity has control over the item or received the sérvice. any Conditn5 as50cialed with the dDnation have been mel, the receipt of economic benefit from ihe use by Ihe d)arily of the item is probable and that economic benefit can be measured reliabfy.Volunteer lime is r¢ol recognised sg refer to the Iruslees, annual report for more informab.on about their contribution. On receipl, donated gifts. prolèssK)nal services and donated facilities are wnised on the b3sis of the value of the gift to the charity which is the amounl the charty viould have bw wlling to pay to obtain SeICeS or lacililies ol equivalent economic benefit ora the cyen market,. a corresponding amount is then recognised in expenditure in the period ol receipl. Inlerest receivable Interest on funds held on deposit is induded when recesvable and the amount can be measured reliably by the charity". Ihis is normally upon nolthcation ol the interest p¥4d or payable by the bank. Fund accounting Unreslficled funds a available to spend on actiwties that furlher any ol the pffj)oses of charity. Designated funds are unreslricied funds of the Gharity which Ihe tW5tees have decided al their discretion lo sel 85ide to use for a sp[1¢ puipose. Resiricted tund5 are donation5 whiGh the donor has specified are tts be solety Used for particular area5 of the tharity"5 w(Hk oi for Specif project5 being undertaken by the charity. 19
Sobus Notes to the financial statements For the yeai elided 31 March 2023 Operating leases Rental charges are d)arged on a Straighl line basis over the tem) of the ka. Aecounting policies l¢ontinuedl Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or conslruclive obligation to make a payment tts a Ihird party. it is probable Ihat seltlemenl will be required and the amouni of the obligation can be measured reliably. Expenditure is dassified urmler the following actiwly headings.. Costs of raising funds comprise of trading costs and the costs incurred by the charitable company in induang third partiès lo make voluntary (x)ntribLrtions to IL as well as the cx)sl ol any activities with a fundraising purpose. Expenditure on charitable activities indudes the cx>sts of delNering serViS undertaken to further the purposes of the chaity and their asswated support costs. Other expenditure represents those items nol falling into any Othelherng. Irre¢overable VAT is charged a5 a cost against the activity foi whKI) the expenditure wa5 irUrred. Allocation of support costs Support costs are those luncbons that assist the wotk of the tharity bul do not directly undertake rharilable activities. Support cosls indude back office costs. finance, personnel. payroll and governance costs which support the charity and Fls and activities. These ry)sls have been alloG31ed between cost ol raising funds and expenditure on charFiable activitses. The bases on which support Costs have been allocated are set out in note 7. Tangible fixed assets Iteffls of equipment are capilalised where the purchase pre exceeds £500. Deprec4ation is provided at r8les calGulaled lo wiite down Ihe wsl of eath asset lo its eslimaled residual value over ils expected useful life. The depreaatson lates in use are as follows.. Land and buildings Fixtures and fittings 254% straighl line Computer equipment 33.33°A straight line Buildings are not deprecialed as, in the opinion ol the Sob¢Js Trustees, the kyoperty will appreaate due to the London property market. Although thi5 treatmerkl 15 contiary to Compans Ad 2006 which slates th81 fixed assets should be depreaaled this is. in the opinion of the trustees. necessary in order to give a true and laii wew of the 855el's Itue value. Sobus will revalue the assets al a51 every 5 years subject to affordability. Debtors Trade and other debtors are ¥ecognised al the selllement amount due after trade discount offered. Piepaytnents are valued al the arnounl prepaid net ol any trade discoun15 due. Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly Iquid investments with a short aluiity of three months or le55 from the dale of acquisrtion or opening of the deFQSit similar Creditors anfl provisions Creditors and provisions are recognlsed where the charity ha5 a tyewt obligation resulting from past event that will probably resutt in the transfer of funds to a third party and the amount due to 5etle the obligation can be meaSUd or estimated reliably.CreditOf5 and proyi%ons a nomially re¢ognised ai Iheir seltlenient arnount after allowing foi any trade discounts due. 20
Sobus Notes to the financial statements For the year ended 31 March 2023 2 Detailed comparatives for the statemtnt of financial activibes 2022 unrestlied 2022 Reslr4ded 2022 Total Income from: Donations and legacies 20.421 142,5 1fj2.921 Charitable a¢bMlies Olhei charitable 3cliviliès Investments Total income 25.450 25.450 235,821 235,821 256.250 167,950 424.200 Expenditu on.. Chaiilablé acliwlies Other charitable actiwlies 1.501 150.501 259.433 259.433 Total expenditur• 259.433 1 S).501 409.934 Net income l Èxpendlture 13,1831 17.449 14,266 Transfers betrween funds Net movement in funds 13.1831 17.449 14,266 Total funds brought forward Total funds carried forward 1,523.514 1.520.331 2.801 20,250 1.526.315 1.540.581 3 In¢ome from donations and legaclès 2023 Total 2022 Total Unrestricted Reslricled Donations and grants 1S.CM)O 15.000 110.(KJO 110.COO 125.000 125,000 162,921 162.921 21
Sobus Notes to the financial statements For the year ended 31 March 2023 4 Income from charitable activities 2023 2022 Total Unieslricled Restrwaed Total Bullding Capacity Dr Edwards 8 Bishop Kings Hammersmilh United Charities IHUC) Total for Building Capacity 10.000 15.450 25,450 Total income from charitable activitTres 25,450 S Income from other trading activities 2023 Total 2022 Total Unrestricted Restricaed Licensees Room hirè and other offi¢e servi5 North End Road rental 162.670 58,136 311.879 251.685 162.670 58,136 30.879 251,685 141.142 54.679 40.000 235.821 Income from other trading activities indudes fental income received Iiom commeraal organisations. 6 Income from investments 2023 Total 2022 Total Unfestncied ResttK*ed Bank interest 253 253 Investment inGome 253 253 22
Sobus Notes to the financial statements For the ear ended 31 March 2023 7 Analysss of expenditure Current year Charitable Other trading Activilies activities Support ost$ 2023 Total 2022 Total Staff costs Other staff cost Project delivery cosls Premises 005ts Maiketing & PmmoiJ"on Office & Admin Audit lee 61,986 107.545 73,512 243,043 S,355 2,000 76,792 7,052 65.644 2,900 251,667 8.495 11,OC4J 65.716 8.185 62.021 2.850 72.851 313 39.877 3.941 4.733 25.767 68.719 220.586 113,481 402,786 409,934 Support Costs 52.031 61.450 {113,4811 Total expènditure 120.750 282.036 402,786 409.934 Of the total expenditure. £282.036 was unrèstrided12022." £259.4331 £120.750 was restrided12022'. £150,501}. Analysis of expenditure Prior year Chatliae Acbwties Othe¥ trading a(*vities Support Costs 2022 Total 2021 Total Staff cosls Othei staff cost Project delivery costs Premises costs Marketing & Promoli Office & Adrrin Audit fee 74.754 93.353 45 83.560 8,450 11.000 4.433 2.596 27.218 2.850 251.667 8,495 254.916 294 17,400 66.986 6,659 82.734 2,750 61.283 240 34.803 65.716 8.185 62.021 5.349 80.103 189.724 140.107 409,934 431.739 Support oosls 59.397 80.710 1140.1071 Total expenditure 139,5LKI 270.434 409.934 431,739 23
Sobus Notes to the linancial statements For the year ended 31 March 2023 8 Net Income I lexpendlturl foi th• yèar is slaled after tharging I luedthNJl 2023 2022 Depreaalion ALhYitrKs remunera. Audit fees 2.654 3.387 3,250 2.850 Analysis of Staff tosts, trustse remunern¥on and expensvs. and ¢051 of key managetwnt pernonnel staff costs were as fokns.. 2023 2022 Sala$ and wages Social s8cunty c051s Eniployer 5 contribution lodeftned cth)Irtxrtp)n xerts 215,568 16,2S9 222.915 16.877 243,043 251.667 One employee re¢ei¥ed emph)y inefib rtKVE than E60.1)00 drj Ihe ye. The low emith)yee bwfjlS incknlu¥J pÈnsK)n conknbubons of the key manaoenbEnt were [62.559 Q022". £62.2731. The challty IFuslees were not paxl or receNed any olhw erS enWynnl the Tnpsl In the year 12022. EDID neither were enbUl5ed expwws diifing year 12022. £tr)11. 140 chanty truske te¢eived poymenl pr[}fesonalor other ser¥Ke5 suppkd lothecharity (2022 Enl). staff numbtr The averaue nUMr0[eMp ara5 as follthY5". 2023 No. 2022 Charilable xtyvilies 10 Taxation The chariLHtrle conwany i8 exempl etyp)ralA)n t• as all ils is chaiiabk ar¥J 15 4ppfjed fur LaTitab purpose5. 24
Sobus Notes to the finantial statornents For the year ended 31 March 2023 11 Tnglbl lixed assets Fith iywetty 8nd r• Ccthpui Yolal Cost Al Ihe start of the year AddilKnsin year Al the end of the year 2.602.L 94.301 55.754 2.752.055 2.602.000 94.301 55.754 2,752,055 Depie¢lation and Impairrnent Al the siart of Ihe year Charge Iu the year Al the end of year 1.077.OlX) 92.0 2.216 94.301 54.662 438 55,1(h) 1.223.747 2.654 122$,401 1.077.1KK Net book value At the end of tho yoar 1.525.WO 654 1.525.654 At the start of e year 1.525.000 2.216 1.092 1.528.308 Freehokl property indude5 the wopertS al ZO Road 363 Norlh Erkl Road. tknakd 10 FCPT by London BorDugh ol Harnrnersmrfh and Fthm during Ihe pewd ended 31.03.2012 br the arno1 of fl,030.000 ana £395.(M)O respeuwdy. Ffftr(È¥ekwwlcostsof c(thed aDkxJnl of£1.177.OOOha¥t Lw cawiaW8ed. All ol Ihe above as5e15 are used forduritab purw5es. 12 Deblo 2023 2022 Trade detilor5 Prepaymenis Ac¢tued Inc(wn6 11.581 7.098 12.613 16.076 922 29.611 25,679 13 Cfèdftors.. arnounts i1n9 due wlthln one year 2023 2022 Trade creditors Taxalrt and sooal s8tyJiit¥ Olhercredii¢rs A¢¢ru81s C*ferrea c0 31,011 5,160 1383 19.243 &510 63,307 31.920 6.732 6.624 17.779 12.970 76.025 Deferred income 202J 2022 Balance al the beginniro Qllhe year ounl defefred in the ye Amount releaséd io Incwts in Iheye Balance al the efid of Ihe year 11970 5,510 112.9701 5.510 29.181 12.970 12.970 25
Sobus Notes to the fjnancial statements For the year ended 31 March 2023 14 Analysis of #ot $sets betsveen funJs Current yea G•tr)•ral urbrtr¥tricted R?¥lrl¢ted lunds Tangible fixed assets l.S25.654 1,525.654 9.50D Net a$sets ai the •nd ol the y04r An8tysk% of nei assets Ltweeth funds prroryear Tow Tan9ibk fixed assets Nel Curn1 assetsl Iliabilthes} Nei assets al the end of the year 1.528.3Th 17.9771 1.520.JJI 1.528.308 12.273 I.YO.581 20.250 20250 15 Movern•nts In fund$ Current year Atthe start ol th• year Atth end of the y•r In¢¢)ft Expendllur• Trarsfe Resthcteo fund5-. L8HF 3rd Sector Invesbxent Fund Hammer5niith United Charibes 110.000 110.(XYJ 8.790 6.750 CLC 9.500 rot31 v95trfficted fund$ 20,250 110,000 120.750 Llnre9tr1tt¢d lund$ Other FuThls- BuiklvTrg 1.528.308 2.654 1,525,654 Genera ndS 17.9771 268,938 279.382 120.4211 Total unrEstrf£tÈd funds 1.$20.331 282,03 Total lund$ 26
Sobus Notes to the flnanclal ststements For tlie year ended 31 March 2023 15 Mo¥•m•nt$ In luKd$ Iconllnuedl Movemen15 in futKI$ Prh)i year Ihe start ol the year Altt end of thE year IrKonE Expenditu Tr•515 Resthcled lunds LBHF 3Td Sector Invesimtri Fw Hammetsmilh United CharilEs Or FardS & PAshop King5 co0dle CLC Wesl Londtrn Heahh Partnethp Limne Total re51riGled fund5 110.0(K) 15.450 10.IM) 10 0(K> 22_500 110.000 6.700 10.000 8.750 11.500 2.801 167.950 150.5DI 20.250 Unreslrithed fij[$ Olber Funds- Btsfiding 1.530.384 2.076 1,528.308 Generdl tund$ {6.870) 256.250 257.357 17.9771 Total unreslricled Total funds Purpos95 01 Te$trftted funds Re3cted funds To run capacrty bulk119 seThices lo kncal Thinj Sth txyanisakns woss the bDrouyh. Thè benefits InGlude lIdIng orgaDi%alwyo1 ¢apautEs. kxal ax[UrlieS. gfowir¥J Cornm1ty assets an promoting )31 enletprise. 16 Leg31 $13tus ol the charity The charity LS a company limited by guantee and h5 rn sh¥ie Ca1. w nwrtw is bble lo trIbUte a sum not eXdIng £1 in Ihe evenlol the dwrity besw wound up. 17 Rélated p•rty ttsth$a¢tloMs Theft alè no reIed party transadiMs to dse br202312022". T1. 27