Sobus Annual report for the year ended 31 March 2024 sobus strengthening communlties
Sobus Annual report for the year ended 31 March 2024 Contents Page Reference and administrative information Trustees, annual report 4-14 Independent auditors, report 15.17 Statement of financial activities {incorporating an income and expenditure account) 18 Balance sheet 19 Notes to the financial statements 20-28
Sobus Annual report for the year ended 31 March 2024 Trustees: Chair.'Monty Grigg Treasurer: Phillip Amy Vice Chair.. Liam Clipsham Trustee," Susie Howard Trustee.. Noushin Pasgar (appointed September 2023) Trustee.. Richard Brunwin Trustee: Baden Prince (resigned December 2023) Trustee.. Sanja Dujmovic Potnar (resigned November 2023) Chief Executive and Company Secretary; 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 Solicitors PWW Solicitors 84 Eccleston Square London SW1V 1 PX
Sobus Annual report for the year ended 31 March 2024 Aims and Objectives Our Aims: Sobus is a registered charity, charity no. 1071089 and a company limited by guarantee. The objects, as set out in the Memorandum and Articles of Association are.. To promote any charitable purpose for the benefit of the public in the London Borough of Hammersmith 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 Hammersmith and Fulham and surrounding area and promote and organise co-operation between the Voluntary Sector, statutory bodies and other bodies as appropriate to further the Objects of Ihe Charity. We aim, through our range of high quality services to support and enable the voluntary organisations oper¢lting in Hammersmith and Fulham to be a collective thriving aiid significant sector which better identifies and supports th& needs and aspirations of our communities, We seek to broker a range of niutually beneficial relationships between the Voluntary and Community Sector (VCS) and statutory, private and other VCS organisations. We provide a range of resources to promote information and intelligence to the sector so that they are better able to respond to the needs of the area. We deliver capacity building such as one to one advice, traiiiing and events to support the growth and development of VCS. We provide high quality and affordable office space to organisations to rLin their organisation. Our Objectives: Our objectives are geared lo ensLiring the delivery of our vision as outlined in our strategy and in our governiiig document. In setting, our objectives and planning our activities our Governors have given careful consideration to the Charity Commission's public benefit guidance. Our key objectives for the year included.. To build the resilience and stability of local 3rd sector organisations through effective capacity building To support the sector in demonstrating its impact individually and collectively To facilitate collaboration, cooperation and partnèrships with and between the local 3rd sector To facilitate the voice of the 3rd sector in local strategic opportunities and developments to continue to ensure that Sobus directory and resources are up to date to stabilise our provision of affordable office space to develop effective enterprise support around our Freston Road Hub 2023-24 Review Introduction 3 years since the initial Covid lock-down, we are continuing to feel the impact on the charity sector. "Normal" ways of working have changed since the pandernic, with the trend for online
Sobus Annual report for the year ended 31 March 2024 and home working continuing for many. Our own work operated throughout the year as a hybrid between online and offline engagement with partners, groups and communities. The biggest ongoing impact of Covid on Sobus has been the continued lower use of our 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 Freston Road hubs have yet to return to their pre-covid figures- and we anticipate that hybrid and online meetings will continue as the "new normal" in the future. However, office space use began to pick up towards the end of the year, with nearly full capacity at Dawes Road hub, and the letting of previously vacant offices at Freston Road hub. The majority of groups we worked with continued to work with us predominantly online, though we have seen a welcome 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. Most groups are pleased to have opportunities to meet in person, though the convenience of attending online is still attractive to many. Strategic plan During this year, we continued the implementation of our 5-year strategic plan. Our vision is of strong and engaged communities, where residents and organisations are empowered to make a positive difference to the causes they believe in, and our mission is to achieve this through providing voice, representation and support to residents through the organisations that support them. Sobus is continuing to pursue the following strategic objectives 1. Support a stronger, sustainable Voluntary Community Sector (VCS) in LBHF 2. Strengthen the voice of the VCS and those they support 3. Develop and support Collaboration, Cooperation and Coordination with and between the VCS, and build 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 organisations continued to look for our support to network, connect and collaborate with other VCS and statutory sector services. Our forums continued to be well attended, with a number of collaborations arising from these. Most notably, the ongoing development of Ageing Well Grants, initiated through the Sobus POPS Forum, and provided opportunities to link newly emerging organisations with more established groups, to develop a peer mentoring service to groups who secured grant funding. A further tendering programme for this fund was undertaken during this financial year however, insufficient applications which met the funders criteria were not achieved, resulting in an underspend of this grant. The funder, CLCH negotiated with Sobus to use the underspend to resource a
Sobus Annual report for the year ended 31 March 2024 signposting service, delivered by Sobus. It is anticipated that the funds for this will enable the service to commence in early 24-25. Sobus has continued to support the Hammersmith & Fulham Mental Health Grants programme funded by West London NHS Trust. As a formal partner in this project, Sobus successfully negotiated an extension of the grants into the 23-24 financial year. In January 2024, the opportunity to manage this grants programme going forward, with a longer term project to support community mental health services was tendered, and for which we bid. Unfortunately, we were not successful - but no other provider was offered the contract either. As this year draws to a close, Sobus awaits further updates from NWL NHS Trust on how the programme will be delivered. Sobus has undertaken extensive work on this project- but will need to withdraw in early 24-25 if we are not funded to deliver our work in this area. Engagement and representation with health providers at a strategic level has continued. Sobus is a formal partner in the HF Health & Care Partnership (Formerly known as the HF Integrated Care Partnership). This involvement is not only at the higher strategic levels but also campaign groups including mental health, frailty and diabetes and their subgroups. One of the tasks for Sobus is to help increase the representation on these plafforms 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. Our POPS (Providers of older people's services) continued throughout the year. This group is exceptionally well attended, with a variety of statutory services seeking to attend to present information, service updates or get feedback at every meeting. One downside to this success was that we found many statutory sector officers attending uninvited, with some meetings then beginning to feel like a statutory sector event that VCS organisations were being invited to. After feedback from POPS members, processes and membership was tightened to ensure that this remains a VCS led forum- and guests may only attend by invitation. We did attempt to establish a Children & Families forum this year- however, attendance at the inaugural meeting was low. Further efforts will be put into reshaping this forum, with input from local Children & Families VCS organisations, to rethink the scope and format of such a forum. The CEO Forum continues to be appreciated by the sector. Many VCS organisations have requested that these be more of a networking event, rather than subjectltopic focussed, to provide more opportunities for local CEOS and senior managers to meet and network informally. Sobus has been pleased to be a key organisation in the local Cosl of Living Alliance. Led by LBHF, the alliance brings together statutory and voluntary sector services to address the issues being faced by residents due to the ongoing increases in Ihe cost of living. Sobus is working with partners across the alliance on two key strands of work- VCS training, and an online signposting service, which is expected to go live by autumn 2024..
Sobus Annual report for the year ended 31 March 2024 Grants Our main grant from the local authority- the LBHF 3rd Sector Investment Fund (3SIF), was intended to be recommissioned in this financial year. Sobus has supported the local authority's coproduction process of this fund since 2022, including hosting and facilitating a number of coproduction events - but unfortunately were disappointed in the pace and lack of progress of this piece 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. Eventually, LBHF extended all current funding agreements until early 2025- it is anticipated that the fund will be reopened for applications sometime in surnmer 2024 in order for the process of advertising, applying, assessing and awarding is completed by early 2025. We were pleased to secure three year funding from City Bridge Trust for 3D Voice- a project to empower the voice of small BAME led VCS organisations. Sobus was notified of our successful application in 22-23, but due to delays in recruitment, the project (and receipt of funding) did not commence until May 2023. Organisational Development OLir Organisational Developnient Officer left Sobus in December 2022, as Ihe uncertainty of the funding of the role continued, with the local authority's main grants programme still uncertain, and not committed beyond the end of this financial year. Sobus has sought to fill the role - but due to lack of job certainty (especially in the current cost of living crisis), has not yet managed to fill this role, 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, but fundraising is particularly an issue with groups facing the current challenges of the cost of living crisis - both on the clients they support, and their own organisalions. We began to offer specific drop-in service sessions at Dawes Road Hub on Tuesday mornings and Thursday afternoons. Whilst some groups have made use of this offer, the majority continue to contact us via email, which in tandem with phone calls, remains the most common engagement route with most groups. The grant funding sector continues to be challenging with funding being more difficult to secure, and less longer term funding opportunities available to the sector overall. However, we were delighted to secure three year fundirng from City Bridge Trust in this financial year to develop 3D Voice, a project to support and empower the voices of unheard BAME led organisations. The project will commence in early 23-24. Community Organising Our community organising service is not funded through 3SIF, but is complirnentary to our 3SIF funded work. Our community organiser works directly with local residents, and with groups of residents who are interested in engaging with, or tackling a shared issue of concern or interest. This has included bringing together residents who are parents of dependent adults witli autism. and supporting tenants of a local RSL to develop a TRA. The community organiser is a member of the local Building Trust initiative, and has worked with colleagues,
Sobus Annual report for the year ended 31 March 2024 including LBHF to organise and facilitate listening opportunities to hear the voice of residents which are often unheard. The Communily Organiser, as part of their work in reaching local residents, will often introduce residents to local services and organisations, but also feeds back the insignts and messages she hears into local services and forums. For example, she sits on local Local Neighbourhood panels, liaison meetings with the local police and services supporting at risk families, 3D Voice This comnienced in May 2023, though it has been a struggle to engage with small, under- represented groups. There are several main difficulties. 1. Finding the groups to contact. Our 3D Voice off icer has visited local venues and halls for hire, trying to make contact with grass roots organisations that use their spaces 2. Persuading groups to engage which is often a challenge where groups are prioritising client support over being engagedlinvolved - often as they don't recognise that this would bring benefits to their organisation or the residents they support. 3. Lack of dedicated capacity building within the team to work with increased numbers of small groups To date, 3D Voice has contacted 96 groups, with aroLind 50 continuing to be engaged with the service. A key challenge has been to sufficieiitly encourage and interest groups in participating in wider forums, networks and events. The majority of groups have welcomed support with their development, including fundraising, training (on governance structures and social media), bul lack the capacity and time to engage in external activities. Asset management Sobus owns 363 North End Road, a ground and basement floor cornmercial property, and the freehold to the two residential units above. The property has been let to tenants since Sobus acquired it in 2014. Since 2018, the property was rented to the London BoroLigh 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 to the best use of the property going forward, and determined that the property woiild be marketed for disposal, providing an opportunity for SobLlS to realise a significant capital receipt which would offer a stabilisation of our cash position and allow for immediate and longer term investments that would support the future of the charity. The property was therefore put on the market and an offer was received and accepted in October 2023. We anticipate realising this capital receipt early in the next financial year. Our hubs at Dawes Road and Freston Road continued to be used by 3rd sector and private companies, with 72 % of useage of Dawes Road Hub being by 3rd sector organisations. Over this financial year, Dawes Road Hub achieved 850/0 and Freston Road Hub achieved 790/0 occupancy.
Sobus Annual report for the year ended 31 March 2024 Whilst Freston Road Hub continues to offer low cost rates, introductory special offers and additional bLisiness support for start-up businesses and local entrepreneurs, there remains a low take LIP of these offers by our target audience. For the rnost part, this is due to a broad range of business support, training and resources being available through Portobello Business Centre. In addition, not only are more companies needing less office space (with working from home and hybrid arrangements being continued, together with the continued increases of online meetings being held rather than in-person), there does not seem to be the demand for space as there was pre-covid. We will continue to explore other business and employment support initiatives that could be offered from this site, Achievements and activities in 23-24 110 VCS groups provided wlth casework support 300 organisations provided with 1-2-1 support, advice or information 3 "Meet the funder" events, attended by 48 or anisations 12 newsletters and 12 fundlng bulletins sent to over 1,200 recipients 86 VCS organisations attending forums, networks and events Supported the Cost of Llvlng Crisls workshops Supported and facllitated 8 3SIF Coproduction meetings Increased our social media presence and updated our website Secured an extension of a local grants programme for older people's wellbeing services Commenced 3D Voice project, 96 groups contacted and 50 engaged 4 new projects or inltlatlves started, supported by our Communlty Organlslng service 12 VCS organisations have office space in our hubs. 31 VCS organisations used our meetin aces room SL... Supported the realisation of 34 collaborations or partnerships 52 groups supported to;, ;.,, successfully apply for grants 452 Indlvlduals engaged with our Communlty Organlslng Servlce i:, Supported groups to secure £180k of new grant funding Provided support to 14 groups receiving Mental Health Grants Engaged In over 50 Health & Care Partnershlp meetings and events Challengeslbarriers in 23-24 Area Impact Functions are being picked LIP by CEO and Head of Partnerships, but the additional work is difficult to maintain long term. Mitigation Looking at reshaping other roles in the team to SLSPPOrt our capacity building offer- including follow ups and feedback from or anisations Lack of dedicated capacity building support
Sobus Annual report for the year ended 31 March 2024 Current staff invited to contributelparticipate in a high number of areas of work - but without funding Will have to rationalise our contributions to areas of work that we are not resourced to participate in. Lack of capacity Reaching new groups Hard to find, and unwilling to engage Further work needed to look at what incentives might work - e.g. 1-2-1 fundraising support Unable to invest in niuch needed ICT equipment, additional staffing and database update. Some investment from capital receipt in 24-25, plus more proactive fundraising activities Lack of funding Sobus welcomed the 5 % uplift provided by LBHF in this financial year. This enabled Sobus to offer a salary uplift to staff involved in delivering 3SIF funded activities, and meet some of the increased costs that Sobus has been facing for some time. Looking forward The most pressing priorily for the year ahead is to generate and raise funds- both through increased use of our hubs, and through fundraising activities, and to prepare for the launch of 3SIF, both in terms of shaping and creating our own applications, but also ensuring we are providing quality support to other VCS organisations with their applications. We would hope to host a number of workshops in partnership with LBHF, followed by 1-2-1 support where needed. FLinding for infrastructure, or 2nd tier services has always been difficult to secure, as funders typlccilly prefer to resource front line services. We expect this focus to continue Sobus will need to prioritise creative fundraising approaches, including developing collaborative bids with other organisations to ensLire our sustainability and future development. Establishing a more structured organisational developmentlcapacity building support service in 24-25 will be a priority for the team, including making more use of our regLilar drop in sessions, the development of more training activities - working with other local infrastructure providers to ensure a comprehensive package of training and support is available and coordinated for local VCS organisations. Sobus is disposing of a property, and has received and accepted an offer. It is anticipated that the sale will conclude in early 2024-25, and trustees will consider investment options for the capital receipt, likely to be a combination of longer term incorne generating investments, and some investment in Sobus serviceslinfrastructure to support the continued success of the organisations in future years.
Sobus Annual report for the year ended 31 March 2024 Going Concern Status Recommendation Based on the recent results, the anticipated capital receipt from the sale of 363 North End Road and the forecast for foreseeable future, we believe that there are no material uncertainties about the Sobus's ability to continue as a going concern. Income We have continued to see a reduction in our room hire income compared to pre-Covid-19 levels, and expect that the move to online and hybrid meeting styles will continue for the foreseeable future. However, desk hire levels have remained robust during the year, and our key grant has been maintained. The Senior Leadership Team is keeping the situation under close review. Income 3rd Sector Investment Fund (Infrastructure service).. City Bridge Trust CLCH West London Mental Health Trust DRH Licensee income (32 of 40 desks are currently in use, including 2 hot desks) Room hire Service income FRH Licensee income (37 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 lo market the property for disposal, and the property was put on the market. The property is being marketed and at the time of writing this report, an offer of £610,000 has been received and accepted. The Board is developing a Strategic Investment Plan that will best strengthen the charity's financial position in the long term, but primarily strengthen its role as a charity in achieving its objectives in the local cornmunity. Expenditure We closely monitor the expenditure & review them against approved budget. Reserves It is recognised that there is a need to keep unrestricted free reserves at a level appropriate to the needs of the organisation. We are working on this to build the reserves to.
Sobus Annual report for the year ended 31 March 2024 Fuiid unexpected expenditure, e.g. unplanned events Ensure continuity and fund shortfalls in income when income does not reach expected/required levels Provide funds to replace 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 methodology promoted by the Charity Commission. It is based on three months, running costs for the organisation in terms of staffing, adminislralion and running costs together with costs of closure. As such the suggested required total is £60,000. This policy will be considered annually by the Board of Trustees when approving the annual accounts, It will be reviewed fully every three years. Cashflow position Cash flow position is monitored closely and on regular basis, which helped us to identify the issues well in advance. We took quick actions {e.g. chased debtors, contacted funders for timely schediiled payment to us) based on our cashflow projection, Income Pipeline The following existing income streams are expected or there is potential for further work when the present contract expires: 3SIF HUC DEBK City Bridge Trust CLCH West London Mental Health Trust Hub income The following new income streams are under discussion., New licensees.. Sobus has been receiving enquiries for office space recently, but none as yet have resulted in desk space being taken. However, we are planning an further marketing campaigns tliroughoul 24-25 to publicise our hubs lo a wider aLidience. Grant applications.. 3SIF- expected to be invited to apply dLiring 2024 Structure, governance and management Under the Constitution and Articles of association of the charity, the Trustees are Liltimately responsible for all aspects of governance., for ensuring the aims of the charity are upheld, overseeing strategy, safeguarding the charities assets., development and ensuring the charity sustainability. The day to day management of the charity is devolved to the Chief Executive and Staff. The methods used to recruit and appoint new charity Trustees 12
Sobus Annual report for the year ended 31 March 2024 When new or additiorial trustees are recruited, they are elected by the members or co- opted by the TrLislees. All trustee candidates are required to submit a written application which is circulated to all trustees, and are interviewed by the Chair of Trustees and the CEO. The recommendation by the Chair is circulated to all Trustees before the position is offered. All Trustees are also members, and support the objectives of the charity, as set out above. Statement of responsibilities of the Trustees The Trustees (who are also directors of Sobus for the purposes of company law) are responsible for preparing the trustees 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, inclLiding the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are reqLiired to: Select suitable accounting policies and then apply them consistently,. Observe the methods and principles In the Charities SORP.. Make jLidgements and estimates that are reasonable and prudent., Stale whetlier applicable UK Accounting Standards and slalements of reconimended practice liave been followed, subject lo any material departures disclosed and explained in the financial statements., Prepare the fiiiancial slateiiients 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 accuracy at 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 forthe prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statenients 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 charitable company's auditors are unaware,. and Tlie Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish Ihc1t the auditors are aware of that information. 13
Sobus Annual report for the year ended 31 March 2024 Auditors Goldwins were appointed as the auditors of the charitable cornpany during the year and have expressed their willingness to continue in that capacity. The Trustees annual report h een approved by the Trustees on 28 October 2024 Monty Grigg Chair of Trustees 14
Independent auditors, report To the members of SOBUS For the year ended 31 March 2024 Opinion We have audited the financial statements of SOBUS (the 'Charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and notes to the f inancial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Finaiicial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the Charity's affairs as at 31 March 2024 and of ils income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements oflhe Companies Act 2006. Basls for opinlon We conducted our audit in accordance with International Standards on Auditing {UK) {ISAs (UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significa nl doubl on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. other Information The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial stalernents and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have
Independent auditors, report To the members of SOBUS For the year ended 31 March 2024 performed, we conclude that there is a material misstatement ofthis other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters pres¢rlbed by the Companles Act 2006 In our opinion, based on the work Undertaken in the course of the audit.. the information given in the trustees, report (incorporating the d irectors. report) for the financial year for which the financial slalements are prepared is consislenl with the f inancial statements., and the trustees, report (incorporating the directors, report) have been prepared in accordance with applicable legal requirements. Mattars on whlch we ar6 requlred to report by exceptlon 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 material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; the financial statements are not in agreement with the accounting records and returns., certain disclosures of trustees, remuneration specified by law are not made., or we have not obtained all the information and explanations necessary for the purposes of our audit. Responsik)ilitles of the trustees As explained more f ully i n the trustees, responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a IrLie aiid fair view, and for SLich internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the Charity or to cease operations, or have no realistic alternative bul to do so. Our responslbllitles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit Gonducted in accordance with ISAS (UK} will always delect a material misstatement when it exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in Ihe aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including f raud are set out below. 16
Independent audltor8' report To the members of SOBUS For the year ended 31 March 2024 I n identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following.. We enquired of management, which included obtaining and reviewing supporting docunientation, concerning the charity's policies and procedures relating to the internal controls established to mitigate risks related lo fraud or non-compliance with laws aiid regulations. We inspected the minutes of meetings of those charged with governance. We reviewed the financial statement disclosures and tested these to supporting documentation lo assess compliance with applicable laws and regulations. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting eslimales are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. Because of the inherent lim ilations of ali audit, there is a risk that we will not detect all irregularities, including Ihose leading to a material misstatement in the financial statements or non-complianGe with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A f urther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. Iwww,frL.org.uklaiidilorsiL'spoiisibililiesl. This description forms part of our auditor's report. This report is made solely to the Charity's menibers, as a body, in accordance with Chap16r 3 of P8rt 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the Charity's members those matters we are required to slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the Charity and the Charity's members as a body, forouraudil work, for this report, or for the opinions we have formed. Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG 1 November 2024
Sobus statement of financial activities (Including income and expenditure account) For the year ended 31 March 2024 2024 Total funds 2023 Total funds Unrestrl¢ted Restrleted funds funds Note Income from: Donations and legacies 216.150 216,150 125,000 Other trading adivilies Investment income 229,789 1,520 229.789 1,520 251,685 253 Total Income 231,309 216,150 447,459 376,938 Expendlture on., Charitable activities Other trading activities Total expendlturè 182,445 182,445 232,109 120,750 282,036 232,109 232,109 182,445 414,554 402,786 Net Income I (expenditure) 18001 33,705 32,905 125,8481 Net movement In funds 18001 33,705 32,905 125,8481 Reconclliatlon of funds., Total funds brouglil forward Total f unds carrSèd forward 1.505,233 9,500 1,514,733 1,540,581 1,514,733 1.504,433 43,205 1,547,638 All of the above results are derived from continuing activities. There were no other reeognised gains or losses other than those 51aled above. The allached notes form part DI these financial slalemenls.
Sobus Balance sheet As at 31 March 2024 2024 2024 2023 2023 Note Fixed assets,, Tangible assets Current assets: Debtors Cash at bank and in hand 11 1.525,224 1,525,654 12 86,130 37,712 123.842 25,679 26,707 52,386 Liabilities.. Creditors. amounts falling due within one year 13 {101,428) 163,3071 Net Current assets I Iliabilitiesl 22,414 110,9211 Total net assets 1,547,638 1,514,733 Funds Reslricled funds Unreslricled funds.. General funds Other Funds - Building Total unrestricted funds 43.205 9,500 {20,7911 1,525,224 120,4211 1,525,654 1,S04,433 1,505,233 Total funds 15 1,547,638 1,514,733 The financial slalémenls have been prepared in accordance with the special provisions for small companies under Part15 of the Companies Act 2006. Approved by the trusteès on and signed on their behalf by.. 28/1012024 Monty Chair rigg Trustees Company registration no. 03471416 The attached notes form part of the financial slatemenls. 19
Sobus Notes to the financial statements For the year ended 31 March 2024 1 Accounting policies Basls of preparation The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021- (Charities SORP FRS 102) and the Companies AGI 2006. The charitable company meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy or note. The charitable conipany is exempted from preparing a cash flow statement due 10 exemption available to charities with income of less than £500,000. Going concern The trustees consider that there are no material uncertainties about the chafltable company's ability lo continue as a going concern. The Iruslees do not consider that there are any sources of eslimalion uncertainty al the reporting dale that have a significant risk of Causing a material adjuslmenl lo the carrying amounts of assets and liabilities within the next reporting period. Income Income is recognised when the charity has enlitlemenl lo the flinds, any performan¢e conditions a113ched lo the income have been mel, it Is probable that the income will be received and that the amount can be measured reliably. Donations of gifts, servlces and facilities Donated professional services and donated facilities are recognised as incorne when the charity has control over the itein or received the service, any conditions associated with the donation have been mel, the receipt of economic benefit from the use by the Gharily ol the item is probable and that economic benefit can be measured reliably.Volunleer lime is not recognised so refer lo the Iruslees, annual report for more information about their contribution. On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift lo the charity which is the amount the charity would have been willing lo pay to obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. Interest receivable Interest on funds held on deposit is included when receivable and the amount cali be measured relablY by the charity, this is normally upon notification of the interest paid or payable by the bank. Fund accounting Unreslricled fLJnds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the Iruslees have decided al their discretion lo sel aside to use for a specif5c purpose. Reslricled funds are donations which the donor has specified are lo be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. 2Q
Sobus Notes to the financial statements For the year ended 31 March 2024 Operating leases Rental charges are charged on a slraighl line basis over the term of the lease. Accounting policies Icontinuedl Expenditure and irrecoverable VAT Expenditure is recogni5ed once there is a legal or constructive obligation to make a payment lo a third party, il is probable that selllemenl will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings, Costs of raising funds comprise of trading costs and the costs incurred by the charitable company in inducing third parties to make voluntary contributions lo it, as well as the cost of any activities willi a fundraising purpose. Expenditure on charitable activities includ&s the costs of delivering services undertaken to further the purposes of the charity and their associated support costs. Other expendiliire represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Allocation of support costs Support costs are those functions that assist the Work of the charity bul do not directly undertake charitable aclivilies. Support costs include back office costs, finance, personnel, payroll and governance costs which support the ¢harily and ils and aclivilies. These costs have been allocated between cost of raising funds and expenditure on charitable aclivilies. The bases on which SLlPPOrt costs have been allocated are sel out in note 7. Tangible f ixed assets Ileins ol eqliipinenl are capilalised where the purchase price exceeds £500. Depreciation is provided al rates calcLilaled lo write down the cost of each asset lo ils eslimaled residual value over ils expected U56ful life. The depreciation rates in use are as follow5., Land and bLiildings Fixtures and fillings 25°/o slraighl line Computer equipment 33.330/0 slraighl line Buildings are not depreciated as, in the opinion of the Sobus Trustees, the property will appreciate due lo the London properly market. Although this Irealmenl is contrary lo the Cornpanies Act 2006 which stales that fixed asse15 should be depreciated this is, in the opinion of the Iruslees, necessary in order to give a true and fair view of the asset's true value. Sobus will revalue the assets al least every 5 years subject to affordability. Debtors Trade and other debtors are recognised al the selllemenl amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Cash at bank and in hand Cash al bank and cash in hand includes cash and short term highly liquid investments with a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due lo sellle the obligation can be nieasured or eslimaled reliably,Credilors and provisions are normally recognised at their selllemenl amoLinl after allowing for any trade discoLlI)Is due. ?1
Sobus Notes to the financial statem6ntS For the year ended 31 March 2024 2 Detailed comparatives for tho statement of financial activities 2023 Unreslricled 2023 Reslricled 2023 Total Income from: Donations and legacies 15.000 110,000 125,000 Charitable activities other charitable activities Investments Total Income 251,685 253 266,938 251,685 253 376,938 110,000 Expenditure on: Charitable activities other charitable activities 120,750 120,750 282,036 282,036 Total expenditure 282,036 120,750 402,786 Net Income l expenditure 115,0981 110,7501 125,848} Transfers between funds Net movement In funds 115,0981 (10,750) 125,8481 Total funds brought forward Total funds carried forward 1,520,331 1,505,233 20,250 9,500 1,540,581 1,514,733 3 Income from donations and legacles 2024 2023 Unreslricled Reslricled Total Total Donations and grants 218,150 216,150 216,150 216,150 125,000 125,000 22
Sobus Notes to the financial statements For the year ended 31 March 2024 4 Income from other trading activities 2024 Total 2023 Total Unrestricted Restricted License6S Room hire and other office services North End Road rental 178,377 51,412 178,377 51,412 162,670 58,136 30,879 251,685 229.789 229,789 Income from other trading activities includes rental income received from commÈrcial organisalions. S Income from investments 2024 Total 2023 Total Unrestricted ReslrKled 8ank interest 1,520 1,520 1,520 1,520 253 253 23
Sobus Notes to the financial statements For the ear ended 31 March 2024 6 Analysis of expenditure Current year Charltable Other trading Activities a¢tivities Support costs 2024 Total 2023 Total Staff costs Other staff cost Project delivery costs Premises costs Marketing & Promotion Office & Admin Governance 88.643 112,958 32,907 2,216 234,508 2,216 12,860 80,620 5,622 73,728 5,001 243,043 5.355 2,000 76,792 7,052 65,844 2,900 12,860 78.808 192 42,082 1,812 695 31,646 5.001 4,735 106,238 234,040 74,276 414,554 402,786 Support cos15 76,207 11.9311 174.276) Total expenditure 182,445 232,109 414,S54 402,786 Of the total expenditure, £230,225 was unrestricted {2023', £282,036) and £182,445 was reslricled12023. £120.750) Analysis of expenditure Prior year Charitablè Activities Other trading activities Support costs 2023 Total 2022 Total Staff costs Other staff cost Project delivery costs Premises costs Marketing & Promotion Office & Admin Governance 61.986 107,545 73.512 5,355 243,043 5,355 2,000 76,792 7,052 65,644 2,900 251.667 8.495 11,000 65,716 8,185 62,021 2,850 2,000 72,851 313 39,877 3.941 2.006 25,767 2,900 4,733 68,719 220,586 113,481 402,788 409,934 Support costs 52,031 61,450 (113,4811 Total expenditure 120,750 282,036 402,786 409,934 24
Sobus Notes to the financial statements For the year ended 31 March 2024 Net In¢ome I lexpenditurel for the year This is staled after charging I IcredilinGI'. 2024 2023 Deprecialion Auditor's remuneration.. Audit lees 430 2,654 4,800 3.250 8 Analysls of staff ¢osts, tru$tè8 remuneratlon and expenses, and cost of key management personiiel Staff costs were as follows,. 2024 2023 Salaries and wages Social $ecurily costs Employer's conlrlbullon lo defined Conlrlbulion pension schemes 211,088 13.746 9.674 234,608 215,568 16,259 243,043 One employee received employee benefits more than E60.000 during the year. The lolal employee benefits Includiiig penslon contributions ol Ilie key management personnel were £64,144 12023.. £82,5591. The ch8rlly Irusl&es were not paid or received any other benefits from employinenl with the Tiusl in the year12022.' Enill neither viere they reimbiirsed expenses dLiriiig the yeai 12023.. £nill. No charity IrLislee received payineiil lor professional or other services supplied lo the charily12023.. £nill. Staff number8 The av9rage number ol employees during the y$ar was as follows.. 2024 No. 2023 No. Charitable activities g Taxatlon The charllable ¢onip8ny is exempl Iroin corporation lax as all ils income is charitable and Is applred for ¢harilabl& purposes, 25
Sobus Notes to the financial statements For the year ended 31 March 2024 10 Tanglble flxed asset5 Freehold property Fixtures and fillin9S Computer equipment Yotal Cost Al the start of the year Additions iii ye8r Al the end ol the yaar 2,602.000 94,301 55,754 2,752,OSS 2,602.000 94.301 55.754 2,762,06 D•preelatlon and Impalrmenl Al the start ol the year Charge lor the yèar Al Ihe end ol the year 1.077,000 94.301 S5,100 430 55,53D 1,226,401 430 1.226.831 1,077.000 94,301 Net book valuo At tho ond of tho year 1,525,000 224 1,625,224 At the start ol the year 1,52fJ,QOO 654 1,525.654 Freehold property In¢ludes the properlles a120 Dawes Road and 363 North En¢ Road, ¥thlch were donated to FCPT by London Borough ol H817irnersmllh and Fulham dliring the period ended 31.03.2012 lor the amount of £1,030,000 ai)d £395.000 respectively. Further development ¢osls ol the combined aniounl 01 £1,177,000 have been capltslised. All ol the above ossols are used lor chgritable purpos6S. 11 Debtors 2024 2023 Tr8de debtors Prepayments Accriied iiicoine 50,367 34,888 875 88,130 18,581 7,098 25.679 12 Cr¥dltor$.' amounts falllng due wlthln one year 2024 2023 Trade creditors Taxation and soaal security Other creditors Accruals Deleiied income 34,518 6,894 10.281 19,884 29,851 101,428 31,011 5,160 2,383 19,243 5.510 63.307 Deferred Income 2024 2023 Balance al the begiiining ol the year Amount deferred in the year Amount released lo income in the year Ba1ancfy al the end of the year 5,510 29,8S1 15,5101 29,851 12.970 5.510 112.9701 5,510 26
Sobus Notes to the financial statements For the year ended 31 March 2024 13 AnalysSs of net assets bttwggn fund• Current year Gene181 unrestrlcted Restrlcted Total funds Tangible fixed assets 1,525,224 120,7911 1.525,224 22,414 43,205 Net assèts at Ihe end ol the year Analysis ol nel assets betweèii funds piior year Gendal unreslricled Total funds Re$lri¢led Tangible fixed assets 1.525,654 120,4211 1, Jfos,233 1.525,654 110,9211 1.514,733 9.500 9.500 Net assets at the end ol11)e year 14 Movements In funds Current year At the start ol the year Al Ihg end ol tho year Incomg Expendlture Transfers Ro$tTlcted fund3: LBHF 3rd Sector Inv&slm&nl Fiind Heallh Well 8eing CLC City Bridg6 Trust 115,500 50,000 115,500 13.151 4.500 40.294 36,849 5,000 1,356 9.500 50,8SO Total reslrl¢ted fuiids 9.SOQ 216,160 182,446 43,205 Unre8trl¢ted funds Other Fund5. Building General Iiinds 1.525,654 120,4211 430 231.675 1,525,224 120,7911 231,309 Total unrestrlcted funds Total funds
Sobus Notes to the financlal statements For the year ended 31 March 2024 14 Movements In funds Icontlnuèdl Movemeiils in funds Prior year Al the start of thè year At the end ol the year In¢ome Expenditure Traiisfers Reslricled funds.. LBHF 3rd Sector Inveslrnent Fuiid Hamniersmilh Unilerl Charilies CLC Wesl London Health Partiiership Limited Total reslrlcled funds 110,000 110.000 8.750 2,000 8,750 11.500 9,500 20.250 110,000 120,750 9,500 Unre81ri¢led fund$ Other Funds . Buildlno General funds 1.528,308 17,9771 2,654 279,382 I,S2S,6S4 120,4211 266,938 Total unre51ricted funds Total funds Piirpoges ol restrlcted funds Reslricl&d funds.. To lun capacity building services to local Third Sector orgaiiisalions across the borough. The bonefils Include building orgaiiisalioiial capacllies, ¢onnè¢lii)g local ¢tsminu*iili¢$. orowing ¢oiHIMunily assets and proinoiiiig social enleiprise. 16 Lggal sl?tU$ of th& charlty The ¢h8rity Is a company Ilinlled by gLiaranlee snd has no share ¢apilal. E8¢h meirber is liable lo conlribula 8 surn not exceeding £1 iii the eveiil ol the cliarily being WOLind up. 16 Rèlat•d party tran¥?ctlon¥ There are no related party Iransaclions lo disc105e lor 202412023.. noiièl.