sobus *AECOLPOI* 07110r2025 COMPANIES HOUSE A09 #107 Annual report for the,y.ear..ended:31'March 2025; Contents Page Reference and adtnlnlstratlva',Informatio.n Trustgp$' annual. reportl Independent audltors rèport .16-18 Statèiyient of flnanclal actlvltles {incorporating.an income and expenditure account); 19 Balance.shéet 20 statement of cash flows 21 Noteg tg'thg financlal 'statethents 22.30 AnDual:rèport.for thé"year. ended'31:March 292_5' Trustees: 'Chair: Treasurer:: 'Vice Chair.. Trustee: Trustèe: Trustee: Monty Grigg Phillip Amy, .Liam Clipsham Richard Brunwin Susie Howard Noushiri Pasgar Chief Executive and Company. Secrètary.: Sue Spiller .Company number: Charlty number: Reglstered offlce: 03471416 1071089 Dawes Road:,Hub ',20 Dawes Road ,Fulham ILondon SW6'7EN 'Auditors: ,Goldwins Limited '75 Maygroiié Road 'West Hampstead London NVV6,'2EG Bank'èrs CAF 8ank.Ltd PO Box 289 Vvest Malling Kent ME19 4TA Sollcltors, PWW Solicitors 84.:Eccleston Square London SW.1V,1P.X Sobus Annual report for the year ended 31 March 2025 Aims and Objectives Our Alms: Sobus is a registered charity, charity no. 1071089 and a company limited by guara The objects. as set out in the Memorandum and Articles of Association are: tee. To promote any charitable purpose for the benefit of the public in the Londo Borough of Hammersmith and Fulham and surrounding area To promote the Volunlary Sector and any charitable purpose for Ihe benefit public in the London Borough of Hammersmith and Fulham and surrounding and promote and organise Cowoperation between the Voluntary Sector, statu bodies and other bodles as approprlate to further the Objects of the Charity. fthe area ory We aim, through our range of high quality services to support and enable voluntary community and social enterprise ofganisations operating in Hammersmith and Ful be a collective thriving and slgnificant sector which better Identifies and supports th and aspirations of our communities. We seek to broker a range of mutually benefici relalionships between the Voluntary, Community and Social Enterprise (VCSE) se statutory, private and other VCS organisations. We provide a range of resources to information and Intelligence to the sector so that they are better able to respond to needs of the area. We deliver capacity building such as one to one advice, trainlng events to support the g'rowth and development of VCS. We provide high quality an affordable office space to organisations to run Ihelr organisation. rnto needs or and promote Our Objectfves: Our objectives are geared to ensuring the delivery of our vision as outlined in our s and in our governing ¢Jocument. In setting, our objectives and planning our activitie trustees have given careful consideration to the Charty Cornmissicn's public bene guidanc6. tegy our Our key objectives for the year Included: To build the resilience and stability of local 3rd sector organisations through capacity building To support the sector in demonstratlng its impact individually and collectlvel To facilitate collaboration, cooperation and partnerships with and between th 3rd séctor 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 ffective local 2024-25 Review Introduction 4 years since the initial Covid lock4own, we are continuing to feel the impact on t seclor. "Normal. ways ofworking have changed since the pandemic, with the trend e charity r online Sobus Annual rep.ort for the year ended 31 March 2025 and home working continulng for many. Our own work operated throughout the year as a hybrid between online and offline engagement with partners, groups and communities. The demand for our support from Hammersmith & Fulham VCSE organisations continues to increase. We have seen a number of new organlsations establish throughout thls year - many opting for CIC rather than registered charty status, reflecting an appetite for creating organisations with income generating opportunities. We have tracked and responded to changing needs of th8 local VCSE, induding increasing complexities of needs of residents they are supporting, an increase in tensions within local households, and increasing financial difficulties facing both residents and the organisations who support them. We have responded with largeted Infomiatlon, new. links with and between VCSE and statutory agencies, and creating opportunities to discuss.issues and solutions collaboratively. By far the most common issue that groups ask for support with is fundraising. The availability of grants and trust funding continues to be increaslngly difficuft to secure, with increased competition and demand within the sector, as many funding sources,are tightening their focus, reducing the funding term, or reducing the amount of grant funding avallable overall. We have worked with groups to encourage the diversification of .funding sources, including corporale sponsorship and crowd funding. Thls is a new approach for many organisations, and highlighted the need for support.with in-person pitching and understanding the likely priorities and ambitions of businesses around corporate social responsibility, and'creating fundraising campaigns deslgned to attract public donations and support. Funding from statutory sector partners remains difficult- with ongoing significant changes to Ihe NHS and financial pressures on local government both contributing to the destabilisation of the VCSE sector. Local VCSE organisations continue to report receive increasing demand. for support from local residents. Organisations are reporting an increase in the number of clients, as well as more complex issues for existing clients. The maln issues of concern relate to the increasing cost of living, rising debt, housing crisis, social care can￿rnS, menta! health, isolation and support for the youth community. It is regularly the case that individual clients fall belween the gaps in statutory provision, by either not meeting the eligibility criteria, or the services simply too overwhelmed to provide timely support. This Is particularly the case for resldents from BAMER communities, where language and cultural barriers inhibit their ability to freely access services. Sobus is continuing to raise.these Issues with statutory partners. Strateglc plan During this year. we continued the implementation of our 5-year strateglc plan, which will be due for renewal in 2026. Sobus Annual report for the year 8nded 31 March 2025 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 and Social Enterprise Sector in LBHF 2. Strengthen the voice of the VCSE and those they support 3, Develop and support Collaboration, Cooperation and Coordination with and the VCSE, and build and develop stronger links with stalutory and corporate 4. Maximise and rnake best use of our assets to support the VCSE in Hamme Fulham and the enterprlse communlty in North Kensington 5. Be a sustainable, responsible, responsive and effective organisation (VCSE) etween ectors mith& 1. Support a stronger, sustalnable VCSE Sector In LBHF Our capaclty bullding work wlth VCSE group3 has contlnued to deliver thls prforlty. this financial year, Sobus provided case work support to 134 organisations- suppo induded governance (supporting groups to set up, reglster as charlty or CIC), finan management, trustee management, safeguarding, service development, partnershi development and online presence. In addltlon, our 3D Voice Project has supporte small and micro BAMER led organisations to establish and grow. W8 are seeing a towards new groups establishing as CICS, rather than registered charities, and expl options for generating income that previously were not maximised. This new appro proving fruitful for many groups, though supporting groups to effectively deliver thei charitable objects offers 8 new challenge, where evidence is at times harder to com We have worked with a number of new CICS to support their monitoring and evalua systems to ensure their charitable objects remain the focus of their business, with ci reporting and impact reports. uring 81 hift ring chis ion ar Support with fundraising was a key activity this year, including supporting organlsati Iheir LBHF 3rd Sector Investment Fund (3SIF) application. 3SIF was open for appl in July 2024 with a closing date of 1 st October. Sobus worked with multiple organis to support Iheir bid development - ranging from reviewing drafted applications to he groups articulate and fomiulate their proposals. A number of groups needed help budgets for thelr applications, others with checking their required documentation to their policies and procedures were up to date and fully implemented within the orga ns with cations tions ping th the nsure isation. Sobus Ahnual report for the year ended 31 March 2025 LBHF had undertaken to announce the 3SIF decision in January 2025, how, following a delay In the decision, LBHF went on to notify applicants that instead of making a decision on the applications submitted, they would instead extend currently funded services for a further 18 months. The reason given was the uncertainty the council was facing with the Local Government Spending Review. During the next financial year, we hope to engage with LBHF to determine the future direction of 3SIF. and to engage with the council on Ihe impact of the Local Government Spending Review. Early 2024, in partnership with LBHF, Sobus continued to manage Ihe HF Community Mental Health Grants, supporting 14 organisalions to successfully deliver their projects and monltorlng informatlon. Dlsappolntingly, despile the providers dellvering successful outcomes, health partners chose to cease the funding for all but Iwo or9anisations, electing instead to bring those services in-house. Sobus has continued to work with the former grantees, engaging them in the Mental Heallh Equalities Group, and supporting continued collaborative wothing with statutory and VCSE partners. Throughout this year we have continued to offer drop in sessions twice a week. Whilst som8 groups have made use of this offer, the malorlty contlnue to contact us via emall, whlch in tandem with phone calls, remains the most common engagpment roule with most groups. W8 were pleased to be part of th8 Cost of Llving Alllance Steering group throughout 24-25, working with Ihe local authority and VCSE partners on a range of areas, predominantly the developrnent of an online signposling tool, HF Community Compass. As part of the tender assessment panel for the commissioning of this new service, Sobus was delighted to be able to posilively influence the assessment process forthis new service, ensuring that accessibility and useability took priorlty over price. As the lead agency, LBHF has been very supportive durlng this process, enabling a strong Copfoduction approach to thls important piece of work. Sobus will be involved In the development and roll out of HF Community Compass during the coming year, supporting VCSE groups to make best use of the platform to maximise their visibility and reach within Ihe local community. 1. Strengthen the voice of the VCSE Our forums continued to be well attended, including Providers of Older People's Services, our CEO Forum, BAME Mental Health (renamed the Mental Health Equalities Group). Sobus also supported VCSE engagemenl with the HF Advice Forum, Cost of Living Alliance conference, Children & Families Network, Patient Reference Group, and 6 operatlonal groups under the Health & Care Partnership. A training suniey of the VCS was conducted in surnmer 2024, seeking to identify the key areas of support required by Ihe VCSE community. A Signifi￿nt number identified social media and communications as a training need - with groups identifying the need to be more visible to the community. funders and statutory services in order to raise their visibility and profile. Our 3D vol￿ project Contlnues to work with emerging BAMER led micro organlsations, to facilitale and support their engagement in local discussions and engagement opportunities.. This work is challenging, as micro organisations often have limited tiffle, resources and capacity to participate in rneetings or activities where there may not be a significant or relevant impact to the lives of Ihe residents they support. in 25-26 we will be developing a Sobus Annual report for the year ended 31 March 2025 new Sobus Engagement Forum, where engagement opportunities can be explored explained. This forum will be rnanged by our 3DVoice officer and our Coproduction Sobus also identified Ihe need for support around coproductlon and community engagement, helping VCSE organisations to build their capacity to be directly involv local engagement opportunities. To take this forward, Sobus secured funding from to recruit a new coproduction officer early in the next financlal year. This posl will w the VCSE sector to develop their skills to engage in coproduction activities. and wor statutory sector partners to improve their methods and processes of engagement an coproduction with the local VCSE sector. Sobus conlinues to advocate and represent the VCSE sector in local strategic forum Includlng the Health & Wellbeing Board, Heallh & Care Partnershlp, as members of local Safeguarding Adults Steering Group, rnembers of 3rd Sector Together (a collab, of CVS organisations across the NW London Integrated Care Partnership, in H&F Coproduction Matters, and as mernbers of the Cost Of Living Alliance Steering Grou have also provided ad-hoc advice and support to a range of statutory services on engagement with the local VCSE sector. 2. Develop and support Collalx>ratlon, Cooperatlon and Coordlnatlon wlth an between the VCSE, and bulld and devèlop stronger Ilnks wlth statutory and corporato Sectors 132+ organisations were supported to contact and engage with statutory and other organisations. Often, this was a simple introductory email, other times required som preliminary work to identify the most suitable conlacts across different organisations. remains one of the most useful services provided to groups - one off interactions to groups contact providers, partners, and Indlviduals in the H&F community, for them t progress wlth the support they are providlng to th8 residents they support. It has pr challenge with constant reorganisations and changes of personnel, roles and responsibilities within local statutory services, and further work is needed lo clarify n statutory sector structures in the next financial year. Our involvement in the procurement in the online Signposting tool, Community Com as part of the Cost of Living Alliance work, was a key activity this year. LBHF led th ' tendering process, with representatives from the COLA as partners in the process. Following LBHF processes, Ihe scoring of the bids was weighted. Sobus led a chall that the quality aspect of the weighting be given higher weighting, due to the need fo platforn to be user friendly and accessible. We were delighted that LBHF agreed to revised weighting, resulting In a provider being appointed which the COLA represent felt would be the best overall provider. Sobus continues to support'the developmen resulting H&F Community Compass. working with partners from LBHF and the VCS encourage lake-up of this new service. HF Community Compass will offer local VC organisations the opportunity to raise their profile, make it easier for local residents t Ihem. and to promote thelr service offers to a wider audience, including funders and, 8UPPOrters. fficer. dln ealth rk with with rative CSE This elp make vena ass, nge the this tives of the find Sobus supported a range of collaborations and partnerships between local VCS gro ps, A partnership between 44 organisations to deliver an arts project Sobus .Annual report for the year ended 31 March 2025 A collaboration between a local BAME led organisation and a.disability organisation to deliver awareness around neurodiversity Generated Ihe proposal for a local social prescriber forum, which has been taken forward by the H&F GP Training Hub. Engagement and representation with health providers at a strategic level has continued. Sobus is a formal partner In the HF Health & 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. Our engagement at thls strategic level offers us the opportunity lo ensure the voice of the VCSE is considered in local health and care strategic plans, and we will continue to champion the role of the VCSE in delivering early intervention and preventative services, and stronger working relationships between stalutory and VCSE services and organisations. One of the tasks for Sobus is to help increase the representation on these platforms from the wider voluntary and community sector. Anoth8r is to advocate for increased resourcing of the sector in delivering on the preventative agenda which should reduce demand on an already overstretched NHS. 3. Maxlrnlso and make best uso of our assets to support tho VCSE In Hammer8mlth & Fulham and the enterprlso communlty In North Kenslngton The amount of income generated from our hubs in Fulham and North Kensington continues to be a challenge post Covid, with lower than pre-pandemic levels of room hire, as many meetings are now held online rather than in person. Dawes Road Hub remains the busier of the two sites, with 8 VCSE organisations renting office space and 35 using our meeting room spaces. Dawes Road Hub provides a focal point for the VCSE in Hammersmith & Fulham, and the base from which the majority of Sobus services is delivered. Our maln Ilcensee at Freston Road Hub vacated in late 2023, whlch has resulted In thls site not belng profitable.. Whilst every effort has been made to find alternative licensees, with an abundance of competitlon in the coworking arena, making Freston Road Hub conlinue as a profitable enterprise is proving difficult. There has not been a high demand for business support at Freston Road Hub, primarily as the nearby Portobello Business Centre continues to offer extensive enterprise support and training, both in person and online. We have supported 19 local start4Jp businesses or entrepreneurs, with free mailbox services, and discounted hot desk and meeting room services. In addition, Freston Road Hub welcomed 296 individuals over the course of the year, who were accessing the serVI￿S and support provided by the hubs licensees and room hirers- including accountancy sen4ices, education support and wellbeing services. 4. Be a sustalnablo, responsible, responsive and effoctive organisation During thls year, we disposed of a propety owned by Sobus, 363 North End Road. This property had previously been rented out, generating initially £24k per year from a local VCSE organisation, and latterly £40k per year from LBHF. With LBHF vacating the property in December 2023, Sobus marketed the property for either sale or rental. The rental market was not strong, with multiple properties standing empty in North End Road for Sobus Annual report for the year ended 31 March 2025 some considerable time. An offer was received to purchase the property, which the elected to a￿pt. oard The capital receipt has been invested, and the Board of Trustees have agreed to mo these funds to Designated Funds, which will be invested to generate income, fund propertylpremises developmenvmaintenance cosls, equiprnent, staff development a strateglc planning. We continue to review and update our seNice offer, and early in the new year will com an external or9anisation to undertake a sur4ey of local VCSE organisations on our offer and effectiveness - thls in lurn will inform and shape our future service provis our new strategy from April 2026. isslon sepdice on and Strengthonlng local communltlos- dlrect eDgagempnt wlth local resldanls Our Community Organiser continued to work directly with local residents, undertak "lislenings. with residents, with the main themes being social housing, neurodiversity living crisis, housing development and mental health. ng 225 cost of The community organiser continued lo be Involved in the local Building Trust prog which seeks to address health inequallties and inequalities in the local black co They have also been involved in the Patient Carer framework, supporting th engagement and involvernent of local residents, and working with the LBHF GVU Violenl Unit): supporting resident and organisation involvement. The Community O has also undertaken significant work to connect young people and families to hig support services, projects and Initlatlves. amme, unity. direct Gangs aniser quality W12 Together From July 2024. we became the Local Trusted Organisation for W12 Together, funded "Big Local. project in Wormholt and White City. Sobus will support Ihe orga until such time as W12 Together is registered as a stsnd-alone legal entity. Our s 24-25 has included recruiting the W12 Board of Trustees, laking on the direct mana of their staff. and managing their finances. We anticipate that our support for W12T will continue for a further 6-9 months of the next financial year, until the organis formally established and Is in a position to manage their own staff and finances. lottery isation port in ement gether tion is Granls Our main grant from the local authority- the LBHF 3rd Sector Investment Fund (3 been extended until September 2026. Whilst thls extension to the grant is warmly we we continue to face an uncertain fulure, with demands on local authority fun outstripping the funds available. IF) has omed, ing far We received a small grant from Dr Edwards & Bishop Kings for our Community O service. anlser We have also completed the second year of a projecl, funded for 3 years by City Bridg This s8rvice supports micro and BAMER led organisations to contributo their voice engagement opportunities and provide capacity building support to help the establish newly emerging organisations. Trust. o local ent of 10 Sobus Annual report for the year ended 31 March 2025 We have secured fvnding from health to recruit a new Coproduction Officer in the next financial year, with a focus on health inequalities. This project will include supporting VCSE organisations to be involved in engagement opportunities and also develop a Coproduction Toolkit to better enable statutory sector partners to understand and address the barriers to engaggment of local VCSE organisations. Achievements and activities in 24-25 134 VCS groups provided with casework support 295 organlsatlons provided with one-off support, trainlng, advlco or Informatlon 225 Ilstenlng events wlth 334 resldents 12 newsletters and 12 funding bulletins sent to over 1,200+ recipients 6 collaboralive or partnershlp servlces developod Partnered with LBHF and other VCSE to cornmission a provider for HF Community Compass 216 VCSE participants attended networklng opportunities Supported 81 groups with our 3D Voice project Supported the reallsatlon of 34 collaboratlons or partnerships 3 organisations supported to organlse and manage thelr first AGM 77 groups supported with fundraising activities 34 opportunities for networking and connecting supported or hosted 18 organisations supported to develop safeguardlng, GDPR or complaints policies 3 new projects or initiatives started and supported by our Community Organislng service 12 VCS organisations have office space in our hubs. 35 VCS organlsatlons used our meetin room s aces 14 organisations supported to complete the process of reglsterln9 as a new charity or CIC Represented tlie VCSE in over 35 Health & Care Partnership meetin95 and events Became the local trusted organisation for W12 Together Attended 4 community evenls to promote the local VCSE sector to H&F residents Provided 96 drop-in surgeries Challengeslbarriers in 24-25 Area Impa Functions effectively covered short term by senior management team, but at the cost of diversion from other rlorities Mltlgatlon Completing a robust review of our staffing structure incorporating outcomes from our 25-26 service review Lack of dedlcated capa¢lty bullding support Sobus Annual report for the year •nded 31 March 2025 Overstretch through Inadoquacy of r8source$ Curtent staff invited to contribute1pa￿'clpat8 in a high number of areas of work- but wilhout funding Will have to evaluate our co to all areas of work, particul, that do not secure fund tributions rly those Hard to find. and unwilling to engage groups undermine our aim to support our communities Developlng a strategy Indudi a new Marketing & Social m raise our profile and rnore e 'reach Snto our commun g utilising ia post to e￿IvelY ties Reathlng new groups Effectlveness of the charity Impeded by Ihe need to upgrade its operational stnjcture and tackle inadequate staffing in key erational areas Review and restructure the financial plans to utilise our and supplement these throu effective fundraising act. harity's eserves h rnore ities Modemlslng the business Looking forward, The most pressing priority for Ihe year ahead is to generale and raise funds - both t Increased use of our hubs, and through fundralsing acllvitles. Funding for infrastruct 2nd tier services has always been difficult to secure, as funders typically prefer to re front line services. We expect this focus to continue Sobus will need to prioritise cre fvndraising approaches, including developing collaboralive bids with other organisatl ,ensure our sustainability and future development. rough re, or ource tive nsto We also need to closely examlne the findings and recommendations of the survey In 25-26 to ensure we are providin9 the local VCSE sector wlth the seNices and suppo most value. early they The future of our 3SIF funding will again be a priority for the coming year- includlng encouraging L8HF to engage wlth the VCSE sector to explore options for how this f could be used for maximum impact. Raislng our profile and demonstrating our Impact to local decision makers, fvnders, I businesses and residents will be a key activity in the next financial year. The Board, agreed funding for a 12 month part time Marketing & Social Media officer, who will b, tasked with this. Work will include a new newsletter about the local VCSE. targeted ' statutory sector staff and decision makers, local businesses and H&F residents. cal ave During the next financial year, we will réviéw and update our strategic plan, ensuring priorities reflect the needs of the local VCSE, and maximise the value, voice and engagement of the VCSE in local planning and service delivery. our Going Concern Status Recomrnendation 12 Sobus Annual report for tho y.ear ended 31 March 2025 Based on the recent results, the capital receipt from the sale of 363 North End Road and the forecast for foreseeable futur8, we believe that there are no material uncertainties about the Sobus's ability to contlnue 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 malntained. The Senior Leadership Team is keeping the siluation under close review. Income 3rd Sector Investment Fund (Infraslruclure service): City Bridge Trust (3D Voice) Dr Edwards & Bishop Kings: Community Organiser Dawes Road and Freston Road Hubs Licensee income from 48 desks avallable across the two hubs Room hire, with 6 meeting rooms across the two hubs Mailbox SeNice and service income Expendlture We closely monitor the expendlture & 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 lo; Fund unexpected expenditure, e.g. unplanned events Ensure continuity and fund shortfalls in income when income does not reach expectedlrequired levels Provide funds to replace assels or capital development Cover the cost of the closure of the charity Consideration has also been glven to the level of reserves that would be appropriate for each of these categories. The approach used to calculate the organisation's target level Df reserves is in line with the risk-based methodology.promoled by the Charity Commission. It is based on three months, running costs for the organisation in terms of. slaffing, adrninistralion and running costs together with costs of c105ure. As such the suggested r8quire(I total is £60,000. Th'is policy will be consldered annually by the Board of Trustees when approving the annual accounts. It will be revlewed fully every three years. Cashflow posltlon Cash flow position is monitored closely and on regular basis, which helped us to identify the Issues well in advance. We took qulck actions {e.g. chased debtors,.contacted funders for timely scheduled payment lo us) based on our cashflow projection. 13 Sobus Annual report for the year ended 31 March 2025 We transferred £500k from the capital receipt following the disposal of 363 North En and invested this with CCLA, from which we hope to achieve a 3-5 % return. Road, Income Pipeline The following existing income streams are expected or there is potential for further when the present contract expires: 3SIF HUC DEBK Clly Bridge Trust Health & Care Partnership, Imperial NHS Trust and CLCH Hub income ork Structure. governance and management Under the Constitution and Articles of association of th8 charity, the Trustees are ulti responsible for all aspects of govemance; for ensuring the aims of the charity are up overseeing strategy, safeguarding the charities assets., development and ensuring t charity sustainability. ately eld, The day to day management of the charity is devolved to the Chief Executive and St The methods used to recruit and appoint new charity Trustees When new or additional trustees are recruited, they are elecled by the members or opted by the Trustees. All trustee candidates are required to submit a written appli which is circulaled to all trustees, and candidates are interviewed by the Chair of TT and the CEO. The recommendation by the Chair Is Cifculated to all Trustees before, position is offered. All Trustees are also Directors, and support the objectives of the as set out above. tion tees he harity, Statement of responslbllltles of the Trustees The Trustees (who are also directors of Sobus for the purposes of company law) are responsible for preparing the Irustees annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Praclice). Company law requires Ihe Trustees to prepare financial statements for each financi which give a true and fair view of the state of affairs of the charitable company and o incoming resources and application of resources, including the income and expendit the charitable company for that period. In preparing these financial statements, the Trustees are required lo: Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP: Make judgements and estimates that are reasonable and prudent: State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subjact to any material depart disclosed and explained in the financial statements. year the reof re8 14 Sobus -Annual report for the year 8nded 31 March 2025 Prepare the financlal statements on the going concern basls unless it Is. inappropriate to presume that the charity will continue in operalion. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time, the financial position of the charitable comply with thè Companies Act 2006. They are also responsible for safeguarding the assats of the .charitable company and hence for taking reasonable steps for the,prevention and detection .of fraud and other irregularities. Th8 Trustees ara responsible for the maintenance and integrity of the corporate and financial information included on Ihe charitable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements ITiay .differ from legislation In othei Jurisdictlons. Statement as'to dlsclosurn to our auditors In so far as the Trustees are aware: Theré is no relevant audit information of which the eharltable company's auditors are unaware; and The Trustees have taken all steps Ihat they ought to have taken to make themselves aware of any relevant au¢it information and to eslablish.that the auditors are aware of that'information. Audltor8 .Goldwins were appointed as the auditors of the charitable company during the year and hav8 expressed their willingness to continue in that capacity. The Trustees annual report has been approved by the TNstees on . 26 September 2025 Monty Grigg Chair of Trustees '15 Indopendent auditors. report To the members of SOBUS For the year ended 31 March 2025 Oplnlon We have audited the financlal,statements of SOBUS (the 'Charity') for the year ende March 2025 which Comprise the 'Statement of Financial Activltles, the Balance S 'statement of cash flows and notes to the financial statements, induding a summa significant accounting policies. The financial reporting framework that has been applied in preparation is applicable law and United Kingdom Accounting Standards, including Fina Reporting Standard 101. The Financial Reporting Standard applicable in the UK and Rep, of Ireland (United Klngdom Generally Accepted Accounting Practice). In our oplnlon, the flnanclal statements: 31 eet, of heir cial blic give a true and fair vlew of the state of the Charity's affairs as at 31 March 2025 of its income and expenditure for the year then ended. have been properly prepared In accordance wlth United Kingdorn Generally Acce Accountlng Practice., have been prepared In accordance wllh the requlrements ol the Companies Act Basls for oplnlon and ted 06. We conducted our audit In aeKordance with International Standards on Auditlng (UK) { (UKI) and applicable law. Our responsibllities under those standards are ￿rther describ the Auditorfs responslbilities for the audit of the financial statements section of our report are Independent of the Charity in accordance with the ethical requlrom8nts that are r81 to our audit of the financial statements in the UK, including the FRC'S Ethical Standaré we have fulfilled our other ethical responsibilities In accordance with Ihese requirements believe Ihat the audit evidence we have obtained 5s sufficient and appropriate to provi basis for our opinion. SAS d In We ant and We Conclu$lon8 relallng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not Identified any material uncertai relating to events or conditions that, individually or collectively. may cast significant dou the charity's ability to continue as a going concern for a period of at least twelve months when the financial statements are aulhorised for Issue. ing ties ton rom Our responslbillties and the responsibilltles of the directors with respect io going concer descrlbed In the relevant sections of this report. are Other Infomiatlon The trustees are responsible for the other infomation. The other information comprise information induded in the annual report other than the financial stat8ments and our aud report Ihereon. Our opinion on the financial statements does not cover the other infomi and, except to the extent otherwise explicitly stated in our report, we do noi express any of assurance concluslon thereon. the orfs tion orm In connection with our audit of the financial statements, our responsibilily Is to read Ihe infomation and, in doing so, ￿nSider whether the other information is materially inconsi with the financial statements or our knowledge obtained in the audil or otherwise appea be malerially misslated. If identity such material inconsistencies or apparent material ther tent to 16 Independent auditors. report 'To the memb-ers of SOBUS, ,For the year ended 31 March 2025 misstatements, we are required to determine whether there is a material misststement In the rinancial ststements or a material misstatement of the other information.11, based on the work we have perfonned, we condude that there Is a materlal misstat8m8nt of thls other Information, we are required to report that fact. We have nothing to report In Ihls regard. Oplnions on other mattars prescribed by tlie Companie$ Acl 2006 In our opinion, based on the WO￿ undertaken in the course of the audil: the Infomiatlon glven In the trustees, report (Incorporatlng the directors. report) for the financlal year for which the financial statements are prepared Is consistent wlth the rinancial statements: and the truslees, ,report (incorporating the directors, report) have been prepared In accordance with applicable legal requirements. Matters on which w8 ar* required 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 misslatements in the Trustees, Annual Report. We have nothlng to report In respect of the followlng matters In relatlon to whlch thè Companies Act 2006 requires us to report to you if. in our opinion. adequate accounting records have not been kept or returns adequate for our audlt 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, remunergtlon specSfied by law are not made. or we have not obtained all the inforrnatlon and explanations necessary for the purposes of our audit. Responslbllltl¢s of the Inistees As explained more fvlly in the Irustees, responsibilities statemént. the trustees are responsible for the preparation of the financial statements and for being satisfied that they glve 8 true and lair view. and for such internal control as they determine is necessary to enable the preparation of financial statemenis that are free from material misstatement, whelher due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the Charity's ability to continua as a going concern. dlsclosing. as appllcable, matters related to going concern and using the going cnncern basis of accounting unless the trustees either intend to Ilquidate the Charity or to cease operations, or have no realistic allernative but to do so. ,Our responslbilitles for the audlt of the financial staternent5 Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an audltor's report that includes our opinion. Reasonable assurance Is a high level of assurance, bul Is not a guarantee that an audit conducted in accordance with ISAs'(UK) will always detect a material misstatement when it exSsts. Misstatements can arise from fraud or error and are considered material if, Individually or in the aggregate, they could reasonably be expected to Influence the economlc decisions of users taken on the basis of these financial statements. 17 Independent audltors, report To the members ofSOBUS For the year ended 31 March 2025 Irregularikn'es, including fraud, are instances of non-compliance with laws and regulations design procedures in line with our responsibilities, outlined above, to detect ma misstatements in respect of Irregularitles. Induding fraud. The extent to which our proce are Capable of detecting irregularities, induding fraud are sel out below. In identifying and assessing risks of materlal misstatement In respecl of irregularltles, Ind ffaud and non-compliance with laws and regulations, our procedures included the followi We enquired of management, which Included oblalning and reviewlng supp documentation, conceming the Charit￿s policies and procedures relating to the int controls established to rnitlgate risks related to fraud or non-compliance with la regulations. We inspected the minutes of meetings of those charged wlth govemance. We reviewed the financial statement disclosures and tested these to supp documentation to assess compliance with appllcable laws and regulations. In addressing the risk of fraud through management override of controls, we teste appropriateness of joumal entries and other adjustrnents. assessed whethe judgernents made In making accounting estimates are indicative of a potential bia tested significant transactions that are unusual or those outside the nomial cour business. erial res ding ing mal and thé the and eof Because of the inherent limitations of an audlt, there is a risk that we will not det irregularities, induding those leading to a material misstatement In Ihe Ilnancial statemen non-compliance with regulatlon. The risk is also greater regarding itTegularities occurring to fraud rather than error, as fraud involves intentional concealment, forgery, collu omission or mlsrepresentation. t all sor due ion, A further descriptlon of our responsibilltles for the audft of the flnanclal statements Ss lo on the Financial Reportlng Council's website at: ['" ."c.ora.J dalioi.. JfsT6aP?IlRi. descriptlon forms part of our auditor's report. ted his This report is made solely to the Charity's members, as a body, In accnrdance with j., of Part 16 of Ihe Companles Act 2006. Our audlt work has been undertaken so that we Stale to the Chaylty's members those matters we are requlred to state to them In an aud report and for no other purpose. To the fullest extent permitted by law, we do not acce assume responsibility to anyone other than the Charity and the Charity's members as a for our audit work. for this report, or for the opinlons we have formed. er3 ight lorfs tor Anthony Epton (Senlor Statutory Audltor) for and on behalf of Goldwlns Limlted Statutory Auditor Chart•red Accountants 75 Maygrove Road West Hampstead London NW6 2EG 3 October 2025 18 'Jt¢l.j L'iiiCJl't Gf fiiinn¢i$il .-Jcti'Jilix*'ti linciiie¢ll' or:d.cicl O'i f¥lai'ch ?O?o l A¢¢ounting pollcles Basls ol preparatlon The financlal slalemenls have bèen prepared in accordance wilh A¢counllng and Report Charities: Statement of Recommended Practice applicable to charities preparing their acco, ac¢ordan¢6 wilh the Financial Reporting Standard appth'cable in the UK and Republic of Irelan 102) - (Charities SORP FRS 102) and the Companles Act 2006, ng by ntsin (FRS The charitable company meets the definition of a public benefit entily under FRS 102. Asse liabililies are initially recognised al historical cosl QT transaction value unles8 Qthernise stated relevant accounting policy or note. sand in the Golng ¢oncem The Iniglees consider that there are no material uncertainties about the chartsble company's a continue as a goin9 concern. The tTUStees do not Consider that Ihere are any sources of esli uncertainty at the reporting date that have a significant risk of causlng 8 material adjustment carryin9 amount8 of 88sels and liabililies within the ngxt roporting pedod. ility lo ation the Incoma Income is recognised when the charfty has enlillement lo the funds, any performance con attached to the income have been met, It is probable that the income will be receTrved and t amount can be measured reliably. itlons al the Donatlons of glfts, aervl¢•* and facS1itles Donaled prolessional gervices and donated facilities are recogni$8d as income when the chari control ovef the item or ￿e1Ved the service. any conditrons asso¢iated wilh the donation hav mel, Ihe rKeipt ol economic benofit from the use by the eharily of Ihe item 18 probable an economic benefit can be measured reliably.Volunteer time is not recognised so refer to the annual report for more infomiation aboul their contribution. h88 been thal lees, On receipt, donated gifts, professional servlces and donated facilities are recognised on the b the value of Ihe gift to the charity which Is the amounl Ihe charity would have been willing lo obtain services or lacilities of equivalent economic benefit on the open market: 8 corresp amount is then recognlsed in expenditure in the period of ￿CeIpt. is ol ayto nding Int•rest re¢glvabl• Interest on funds held on deposit is included when recetvable and the amount can be me reliabty by Ihe charity.. this is nomally upon notification of the interest paid or payable by the ban ured Fund accounting Unrestricted fund5 are available to spend on activities that further any of the purposes of c Designated funds are unreslricled lund5 of the charity which the trustees have decided a discrètion lo set aside to use for 8 $P8cifi¢ purpose. Restricted funds are donations which the has specified are to be solety used for partlcular area5 of the charty's work or for specrfic pr being undertaken by the charty. rtty. Ihelr onor Page 22 t%loiL.S 10 tlifv firi7.1-I f'.j-. J-DI, tl)a lip. 2r eiici2cI '.4.1 PJl¥?I'Cil ?.0? Jr Operatlng leases Rental charges are Charged on a straight line basis over the term of the lease. Accounting policles (contlnuad) Expenditure and Irrocoverable VAT Expenditure is recognised once there is a legal or conslructive obligation to make a payment to a third paty. it is probable that settlemenl will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following actlvity headings.. Costs of raising funds comprlse of trading Go$ts and the costs Incurred by the charitable Company in inducing third parties to make voluntary contributions lo it, as well 8$ the cost of any activiti8S Wlth a fundraising purpose. Exp8ndtiure on charilable a¢livilies includes the costs of delivering services undertaken to further the purposes of the charity and their associated support costs. Other expenditure represents those items not falling Into any other heading. Irrecoverable VAT is charged as a cost agalngt the activity for which the expenditure was incurred. Allo¢atlon of support costs Support costs af8 thos8 functions that assrst the work of the charity but do not directly undertake haritable activities. Support costs include back office costs. finance. personnel, payroll and governance costs whlch support the Charity and ils and activllies. These costs have been allocated be￿een cost of raislng funds and expenditure on charitable aclivilies. The ba$es on which support costs have been allocated are Set out in nole 7. Tanglble flxed assets Ilems of equipment are capitalised where the purchase price exceeds £500. Depreciation is provided at rates calculated to Write down the cost of each assel to its estim8ted residual value over its expected useful Ille. The depreciation rat88 in u6e are as follows: Land and bulldlngs Flxturos and fittings 250A straighl line Computer equipment 33.33% straighl line Buildings are not depreciated as, in the opinlon of the Sobus Trustees, Ihe propety will appreciate due lo the Londoii propety mafket. Although this treatment is conlrary to the Companies Act 2006 whic states that fixed assets should be depreciated this is, in the opinion of the tnjslees, necessary in order to give a tnje and fair view of the asset's true value. Sobus will revalue Ihe assets at least avery S years subject to affordabllity. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discounl offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash at bank and cash in hand indudes cash and short tenn highly liquid investmgnts with a short maturity of three months or less from the date of acquisition or opening of the dèposit or similar Credltors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably resull in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or estimated reliably.Creditors and provisions are normally recognlsed at their settlement amount after allowing for any trade discounts due. Page 23 Sobus y()t:-.￿ Iho 'fir14ll￿.l$TrI st3.t81i)en'k£ Foi. tli.? 5Near p.,Iclod ?.] i-¥lai'Lli .20.25 2 Dotalled comparatlvas for the Statemènt of financlal actlvltles 2024 2024 Unrestricted Restricted 2024 Total Income from: Donations and legacies 216,150 21 ,150 Charitable aclivities Other charitable activities Inv8Stments Total Incom• 229.789 1,520 231.309 22 ,789 .520 ,459 216.1SO Expendlture on: Charitable activities Olher charitable acllvilies 182.445 18 23 ,445 .109 232.109 Total expendlture 232,109 182,445 41 ,554 Not Income l {experKllture) (8001 33,705 ,905 Net mov•ment In funds {800) 33,705 ,905 Total fvnds brought fofward Total funds carried forward 1,505,233 1.504,433 9,500 1,51 43.205 1,54 .733 ,638 3 Income from donatlons and legacles 2025 Total 2024 Total Unrestricted Reslricled Donations and grants 462,075 462,075 462,075 462,075 21 21 .150 ,150 Page 24 Sobu5 Fo:. li Its, yeai. eiifloi.l .J'l f,JlT.Il'i.h ?.11?. 4 In¢omo frorn other tradlng actlvltles 2025 Total 2024 Total Unrestricted Reslricted Licensees Room hire and other office services North End Road rental 162,357 43,376 162,357 43,376 178,377 51,412 205,733 205,733 229,789 Income from other trading activities includes rental incomeJeceived from commercial organisatlons. S Income from investments 2025 Total 2024 Total Unrestricted Restricted Bank Interest Qlher In¢ome 14,803 949 15,752 14,803 949 15,752 1,520 1,520 Page 25 •JobLIS '£)les to ti'iQ fin¢!nclil %&1lCi'i'i 8n+ l=oi' tl ie oa r eilded ,S'1 Iviéll'l:.i"i .klll.S 6 Analysls of expendltur• Current y•ar Charltablg Other tradlng Activlties activities Support costs 2025 Total 2024 Total Staff costs Other staff cost Project delivery costs Premises costs Marketing & Promotion Office & Admin Govemance 185,711 129,078 24.779 823 339,568 823 54,519 119,896 6,263 79,873 34,508 2,216 12.860 80,620 5.622 73,728 5,001 54,519 77,806 294 36.636 42.090 1.224 36,010 4,200 4,735 7,227 252,192 70,947 243,814 109,126 38,179 (109,126} 605,132 14.554 Support ¢o$ts Tolal expendltur• 323,139 281.993 605,132 14,554 Of the total expendilure, £281,993 was unre8lrict8d (2024.. £232,109) and £323,139 was restrict £182.445). (2024.. Anafysis of expenditure Prior year Charitabl8 Adivities Other trading activities Support costs 2024 Total 2023 Total Slaff costs Other slaff cost Project delivery costs Premises costs Marf(eling & Promotion Office & Adrnin Govemance 88,643 112,958 32.907 2,216 234,508 2.216 12,860 80.620 5.622 73,728 5.001 43,043 5,355 2,000 76.792 7,052 65,644 2,900 12,860 78.808 192 42,082 1.812 695 31,646 5,001 4,735 106,238 76,207 234,040 74,276 (1.931) (74.276) 414,554 02,786 Support costs Total expenditure 182,445 232,109 414,SS4 02.786 Page 26 or ÈKIQ ye¥ll' >ricliicI .3.1 F.." "Ci i in:>.5 7 Net Incomè l (expendfture) for the year This Is stated afler charging l (crediting): 2025 2024 Depreciation Audllorfs remuneration: Audit fees (excluding VAT) 1,382 430 3,500 3,500 8 Anaty8is of Staff costs, trustee remun•ratlon and exponsos, and cost of koy managoment personnel Staff costs were as follows.. 2025 2024 Salaries and wages Social securlly costs Employerfs contribution lo defined contribution pension schemes 303,637 22,618 13,313 339,S68 211,088 13.746 9,674 234,508 One employ88 received employee b8n@fils more than £60,000 during the year. The total employee benefits includlng penslon contributlons of the key managemenl personnel were £65,670 {2024'. £64.144). The charfty trustees were not paid or received any olhor benefits from employment with the Tru6t In the year (2024.. £nill n6ith8r were Ihey relmbursed axp8ns8s during the year P024'. £nlQ. No charlty trustee received payment for professional or other services supplied to the chartly12024.' £nll). Stsff numbers The avera98 number of employees durfng the year was as follows.. 2026 2024 No. Charitable gdivitiès 12 12 9 Taxatlon The charitable company is exernpt from corporation tax as all ils Income is charitable and is applied for charitable purposès. Pase 27 ScpbLIS hlotes 'tO Li ILTh fii.1-"IC.i:21 .-t'!Ikn$i.¥l}l.: 10 Tanglblo flxed •ssets Freehold property Fixtures and fillings Computer equipment Total Co¥t Al the slarf of the year Additions In yeai Disposals In year At the end of the year 2.602,000 94.301 55.754 5.370 ,752,055 5,370 {395.000) ,362N25 1395.000) 2.207.000 94,301 61.124 Dopreclatlon and Impalmienl Al the slari of the year Charge for the year Al the end of the year 1.077,000 94,301 55.530 1,382 58,912 ,226,831 1,382 ,228,213 1,077.000 94,301 Net book valuo Atthe end of th• year 1,130,0 4.212 ,134,212 At the start of Ihe year 1,525,01)0 224 ,525,224 Freehold woperty Indudes the propertles al 20 Dawes Road whlch was donaled to FCPT by London Hammersmith and Fulham during the perlod endéd 31.03.2012 for tho amounl of £1,030,0 development costs ol th• comblned amount of £1,177,000 have beon cgpitallsed. orough of Further All ol the abov8 assèts are used for charllable pwposes. 11 D•btors 2025 2024 Trade debtors P￿payMentS Accrued incomo 27,628 44,748 47,734 120,110 50,367 34,888 875 86,130 12 Credltors: amounts falling due wlthln one ygar 2025 2024 Trade creditOTS Taxation and social security Other creditors Accruals Deferred income 38,942 8,815 6,860 21,967 16,822 93,406 34,518 6.894 10.281 19,884 29.851 101,428 Do1grr•d Income 2025 2024 Balance at the beginning of the year Amount dgferrèd in the year Amount released lo inoome in Ihe year Balance al the end of the year 29.851 16.822 {29,8511 16.822 5.510 29,851 {5,510} 29.851 Page 28 Sol)Ll . l 'LO (n.Q i'll&4 nci¢il -01, t¥its JQ