Shoredit¢h Trust www.shoreditchtrust.or REPORT AND FINANCIAL STATEMENTS FOR 37 MARCH 2024 Charity Number.. 7086812 Company Number: 03894363 (England and Wales) (A company Limited by Guarantee and having no share capital) Skndlfth Trust OFCOMMUNITY CONTENTS l. Reference ond Administrative Information 2. Trustees'/Directors' Annual Report 3. Financial Review and Reserves Policy 4. Independent Auditors Report 5. Accounts I. REFERENCE AND ADMINISTRATIVE INFORMATION Charity number: 1086812 Company number.. 03894363 (Englond ond Wales) Registered Office.'12 Orsman Road, London, Nl 5QJ Trustees/Direclors Mr Jeremy Gardner- Chair Dr Jor)athor) Tomlinson Mr Andrew Waugh Mr Andrew Jones Ms Alice Sampson Prof Jessica Jones-Neilsen Dr Lucy Carter Mr Andrew Wiley Cllr Carole Williams Company Secretory Jacqueline Roberts Webster Senior Manogemenl Team Chief Executive Off icer: Deputy Chief Executive Off icer: Diredor of Wellbeing Practice & Partnerships- Director of Operations: Jacqueline Roberls Webster Joimie Tapper Jacqui Henry Kati Mortin Independent Auditor Haysmac LLP 10 Queen Street Place London, EC4R I AG Solicitors BDB Pilmans LLP One Bartholomew Close London ECIA 7BL Chartered Accountanls To 30 March 2024: JS2 Lid From l April 2024.. Lodestar Accounting Lid 2. TRUSTEES'/DIRECTORS ANNUAL REPORT Introduction We ore proud of our leadership role, particularly in voluntory and community sedor in the pandemic, post pandemic and now ihrough continued work on cost-of-living crises. We coordinated anchor organisalion parlnerships, leading strategic and froniline navigolion nelworks to provide foster, coordinoled responses for people in need ihal continues to have positive impad on connedions across the sector. Our key achievements over ihe losl year include supporting people across ihe life course, from pregnar)t women with no recourse to public funds living in temporory accommodation without support, isolated older people living wilh ihe impod of long lerm conditions without essenlial care and supporl, to younger people with learning needs or in care whose wellbeing is impaded by experiences such as bullying at school, and many more. People have told us ihat, because of engaging wilh the Trust, they feel heard, ir)formed ond supported whilst also feeling that they ore still in the driving seal for key decisions in their and their families, lives. Our knowledge of ihe local oreo has supported better outcomes for people who need fasler more coordinoled responses, better navigotior) across confusing maps of services ond support to negoliate barriers to access. We have mainlained our role as a stror)g VCS Anchor organisolion in ihe context of a lough exlernal environment including pondemic, post pondemic and cost of living crises. Our skilled ond committed team play a key role in supporling residents and our orgar¥salion has played a significant role in coordinaling cross- sedor partnerships and local responses to increasing need. About Shoreditch Trust Shoredilch Trusl is on eslablished anchor organisation making a positive impad on the health ond wellbeing of the communities we serve across Hockney and the City. We are powered by a depth and breadth of local knowledge, truslir)g relalionships with people and commilmenl lo local leadership, portnerships and change lowards a more equitable society. Shoreditch Trust supports people who have multiple health conditions compounded by social isolation and complex wider supporl needs ihal impad on wellbeing and day to doy lives. We work collaboratively with clients, family, carers and partner organisations lo help people to maintain health and wellbeing into the future. The communities we serve are affected by severe health inequolities and multiple health issues in the conlexF of wider concerns, including no access to basic essenliols, insecure housing and legal slatus, low income, social isolation and poor or uncoordinoled services and support. All our work with clients, parlners ond funders is driven by our core values- Equality.. We believe ihat everyone has the right to lead healihy and fulfilling lives. We support people lo recognise opportunilies and challenge the obstacles lo reolise their potential. Conneclion.. Bringing people logether is oi ihe heart of what we do, forging strong and trusting relationships to enrich our work and the lives of our clients. Compassion: We believe everyone should be Ireoled wilh kindness and resped and recognise that honest and challenging conversalions car) be as importanl as encourogement. Independence: We promole independence, enabling people to make informed decisions and lake ownership of their own development. Flexibility- We strive to respond flexibly and inlelligently lo people's needs, understanding that there is no 'one-siztrfits-oll' wher) it comes lo reol lives. Enjoyment: We recognise the importance of conneding with fun and enjoyment in our work and lives, and ihat this should be o key aim of our work wilh residents too. Aims and Objectives Our charily's purposes as set oul in the objeds contained in the company's memorondum of associalion are to promotion of such charilable purposes- the relief of povety the relief of unemployment the advancemenl of education Iraining or retraining parliculorly among unemployed people and providing unemployed people with work experience; Shoreditch Trust's slralegic objedive is to work towards a more equitable society as an anchor organisation that is community-led, multi-purpose and responsive to local contexl. Our core aims include- Promole localism: community-led solutions ond ploce-based approaches. Promote empowerment of a diversity of people ond groups". place and identity. Promote parlr)ership.' commitmenl lo long-term opportunities. Promole participation- moximise polenlial and resource. Promote prevention: reducing inequalilies through early inlervention. Promole sustainable independence: commit to local community interests. Shoreditch Trust's heolih and wellbeing progromme wos originally conceived by residenls as parl of the New Deal for Communilies Programme, establishing a solid foundation and long-lerm. strategy for communily engagemenl and accountability. 24 years loler, the Trust retains its framework of engagemenl and accountability lo the community by prioritising local represenlalion at all levels of the orgonisalion, including the slaff and senior leadership leam and Board of Trustees. 60% of Trust staff are Hockney residents. This number rises lo 75Yo when we include Tower Hamlets residents. Board members are seleded bosed on connedion to Hackney and expertise lo support all aspeds of choritable progromming. This includes represenlolion from residents, government, clinicians, academics, and business professionals. Ensuring our work delivers our aims We review our oims, objedives and adivities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 mor)ths. The review looks at the success of each key adivity and the benefils they have brought to those groups of people we are set up to help. The review also helps us ensure our aim, objedives and odivilies remained focused on our stated purposes. We have referred to the guidance conloined in the Charity Commission s general guidance on public benefit, in accordonce with sedion 17 of the Chorities Ad 2011 when reviewing our aim ond objedives ond in planning our future adivities. In particular, the Irustees consider how planned adivities will conlribule to the aims and objedives they hove set. Mony of our clients are focing complex chollenges when ihey begin their journey with us, and our programmes are designed to support them to make positive changes in their lives. Our peoplfrfocused and peer-support approach enobles us lo model our services oround the needs of ihose we support, facilitating community development and encouroging people lo ochieve their goals- whether they are for improved physical or mental health and wellbeing, lo decrease feelings of isolation, lo engage more in cultural and community events or lo increase employment opportunities. The Trust oims to address a ronge of issues in a muliidisciplinary woy, maximising conslrudive collaboration across our projed oreas ar)d through stror)g partnerships. Shoredilch Trust works wilh a variety of slakeholder groups- we place an emphasis on building connedions that empower participonls to be more odive, engaged and conneded in their communities. The Trust's core objedives have always been lo engage local people in adivities ihat ensure thoi iheir entitlement is met and to promote social irKlusivity. Programme Headline Data 2023 - 2024 Prefer notto Say Pr•f•rfftotto say 7544 1>15 1&24 6>74 2￿4 Ethnicity Bhck African Caribbeon Bknck Brthh Age Sex $544 3544 FBmale Other Mixed / AluTrhFJ• 45-54 % Hackw 2021 Cens￿5 Springfield Park Woodberry Wetlonds Hackney Downs Clissold Park io% Hackney Morshes 13% Well Street Common London Fields 15% 6% Shoreditch Park & Cty 18% Unknown I Not in Hackney or City 14% Neighbourhood (by residential postcode) Delivery We received 1,028 referrols, 76% of these were fully assessed ond received our services. 77% of referrals were from professionals, from 151 organisation& We provided over 2,518 1-2-1 sessions to 698 clients, 433 clienls set goals and started adion planning to improve their heolth and wellbeing. We ran 25 separole groups ar)d courses delivering 268 sessions lo clients over 161 days. We made 739 onword referrals and signposlir)g to 233 different organisalions for333 people. Over half of these referrals and signposting were lo VSCE organisalion& Funding and Commissioning Shoredilch Trusl recognises ihal strong collaborative partnership wilh key funders and commissioners allows us to have more impod, ond to reach more people if we work in collaboration. We worked with our colleogues in the NHS, Public Health, London Borough of Hackney, Clinical Commissioning Group, academic institulions, community groups and organisations lo ensure that our work was relevant and impaciful. To our many funders, donors and commissioners who supporled our front line as well as strategic delivery we extend our deep ihonks and gratitude. Gront funders include the Julia and Hans Rousing Trust, Leoihersellers, Foundalion, The Greoter London Authority, Roy Bard Foundolion, Harbour Foundation and London School of Economic& Commissioners include Homerlon Heolihcore Foundation Trusl, NHS NEL Inlegrated Care Board, City & Hackney Office of Primory Care Networks, East Lor)don Foundolion Trusl and MIND in the City, Hackney and Waltham Foresl, London Development Trust Food Hub, London Borough of Hackney, and Walking & Cycling Granls Lor)don (WCGL). Delivery approach The Trusl's wellbeing programme employs salutogenic approaches Iperson-cenlred, Irouma informed support planning), to increasing human flourishing through delivery of a community-based menu of adivities embedding voried mechanisms lo support flourishing, specifically, odivities that address improvements in social security, relationships, biology, body and mind: 1-2-1 supporl- wilh focus on relolionships, prodical supporl, and emotionol support Facilitated groups- underpinned by 5 Woys to Wellbeing Social adion- bringing people logether around the ihings they care aboul lo identify where power lies and how lo challenge il, to creale mear)ingful chonge, mop assels and design solutions, resources to support people to take the lead in the design and delivery of meaningful community-based activilies and inilialives SHOREDITCH TRUSTFRONT DOOR The Shoreditch Trust Front Door is a firsl point of contad for Hackney residents looking for support lo find services that will improve quality of life. Hackney ond City has a complex map of services ond support. Our Fronl Door aims to help people lake the firsl steps to conneding or reconnecting with Shoredilch Trust ond wider services. Clienl Journey First Contact All clients occess Shoredilch Trusl through the some front door - directly or by referrol ADVICE AND ASSISTANCE Shoreditch Trusi has been delivering advice as a central theme for 24 years, originally identified by the comrnur)ity-led board as o major strand in ils progromme. The Trust Advice Shop, located or) Hoxton Street, offered a wide ronge of services including form filling, debi counselling, housing, pensions and benefil advice, signposting lo Trust adivilies and volunteering opportunities. Supported through a smoll gront from LBH, the Trust currently supports the Trusl lo deliver targeted Advice & Assistance sessions for mothers through our Bump Buddies programme and for people with long term health condilions by the Stroke Projed. Shoreditch Trusl supports people with relevant information ond recommendations that enable clients to make well-informed choices ond help ihem to find support. The Trusl aims to give enough odvice ar)d assistonce to avoid too many exlernal referrals and to refer clients lo other organisations for complex issues thal may require legal or consumer rights expertise. Types of advice ond assislance supported at Shoreditch Trust include: Finances {benefits, debts, grants, food bonk referrals, bank account suppor1} Housing (homeless families, temporary accommodation, housing options, re-housing, renl arrears) Mobilily Iiransporl oplions, wheelchair services, Molability scheme, OT ossessment, social service OT) Immigrolion Mony people approaching Shoreditch Trust are at crisis poinl. Many foce poverty, to the exlent thol their accommodation, mental health, physical health, and ability to care for dependants are severely compromised. At the poinl of occessing our service, many people no longer have access to fuel supplies for heoling, lighting, and cooking within their home, and may have run out of food, andlor are al risk of losing their accommodalion. Many do not have knowledge of the complex welfare benefits system, fuel and energy supplier oplions or the digilal skills, equipment, and connedions lo navigate il. Advice and Assistance al Shoredilch Trust has supported many people in Hockney to secure access to welfare benefils, preveni homelessness, address problems with benelit payments ond arrange emergency food provisions for immediole relief. Once necessilies are in place, we offer o wide ronge of supporl services, both in house and with partners across Hackr)ey, enabling people to focus on overcoming other challenges in their lives. Over the year we have: welcomed and trained new volunteers to support our sessions successfully secured numerous gronts to help families and individuals purchose essentiol ilems such as cookers and fridges. In many cases, clients have gone for many months without such essential items and are exlremely graleful when the granls ore successful. seen an increase in people referring ihemselves, and we have been receiving o growing number of word-of-mouth referrals. Developed strong partnerships with partner orgonisations. (￿r drop-in advice sessions, Ihe partnership between Bump Buddies, St Peters Church and Hackney Playbus continues lo go from strength io strength. Shoredilch Trust now delivers nulritious hot meals lo St Pelers Church for ihe families ottending the Advice sessions and Hockey Playbus. The Hackney Playbus Diredor said °il's such a useful service in breaking down barriers and preventing issues spiralling.. Need related - by advice or assistance given, more than one option may apply: 51 % finance reloled 491. food related 38% mobility related 53% housing related Shoreditch Trust signposted clients to more than 50 differenl VCS ond statutory services over the course of ihe year. The top orgonisalions with highest number referrals and signposling to: Foodbanks Gov.Uk Dial-a-ride BBC Children in Need (small hardship grants) Hackney Housing Immigration Charities As demonstrated through the high number of organisotions referred and signposted io, cases are so varied ar)d often complex wilh more thon one cor)cern. Staff listen carefully lo the client and work with the client to prioritise which issue lo tackle fisl. Mosl clients require a follow-up appointment. Community Navigation Front Door The CN Front Door was launched in March 202010 address increased demand for supporl and ihe need for a strudured assessment to be cor)duded remolely, offering a woy into community novigation support via Community Navigalion Covid Network {CNCN) services or other sources of community support. Shoreditch Trust adapled its Community Connedions service, updating skills, systems, ond procedures to offer limely and personalised support. 10 Simplified Pothwoys inlo Primary Core Nelwork Personolised Care Roles This strand of the piloi facililales the bringing logeiher of primary core Link Workers, Health and Wellbeing Cooches, Wellbeing Praditioners, Social Prescribers and GPS Io co-produce a single route for GPS to access non-medical support for residents and to promote this agreed pathway across primary care. NEIGHBOURHOOD NAVIGATION NETWORKS Since March 2022, Neighbourhood Conversalions across City & Hackney have been supporling voluntary and statutory work by bringing people logether to tolk oboul and take adion on the shared challenges of ihe pandemic. They have built connedions be￿een groups, built on understanding of the map of local services and supported opportunities lo work together. Shoreditch Park and the City Neighbourhood Forum, focilitoled by Shoreditch Trust compleled ihe final stage of its design process by develoFMng a pilolable forum model with some clear founding documents, lerms of reference and ways of working and a sel of individuols ond organisations committed to participalir)g in, leoding and shoping the forum movir)g forward with objedives for the ne￿ few months. Shoreditch Trust's engagemenl with and development of Hackney's Community Navigation strategy focused on the development and embedding of Neighbourhood Navigation Networks INNNSI.. Building relationships between Community Navigalors ICNSI to develop the Neighbourhood inf raslrudure Contributing to professional development and job relention through shared iraining, and knowledge and skills exchange Contributing to aims of the Neighbourhoods Organisalional Development Programme and the Community Navigalion slrolegy, in parlicular ensurir)g that smaller organisations can access networking and iraining opportunilies Improving liaison wilh key departments/teams identified by CNS and strengthen awareness and utilisatior) of Community Navigation services Over the year, 94 professionals atlended NNNS over 157 attendances from 37 unique organisolions. Neighbourhood Navigalion Networks funding now ceosed in 2024/25 for ihis sedion of the programme. We held o final NNN All Neighbourhoods Event in Morch 2024.The event was amended by over 30 professior)als from CN roles as well as managers and statulory service colleagues. The focus was on reflecting on and celebraling the local commur)ity navigalion work prtr and post-pondemic, lessons learr)ed and recommendalions for future prodice and o reminder of the ongoing priorities of ihe Commur)ity Navigation strategy: Cost of Living; Healih Inequalilies; Understanding CN; Slaffing - ensuring skilled, supported and valued slaff. Shoreditch Trust will continue to use our experience of NNN to promote Community Navigation as a skill across person-centred, non-clinicol roles. We have embedded this work in our own delivery model and our work across City and Hackney. YOUNG CHEFS We work with young people aged I 110 16 years old who have hod Adverse Childhood Experiences, are experiencing trauma or are at risk of further trauma. Recognising the life experiences of many young people on our progromme, Shoredilch Trust employs o person-centred model, exploring how difficult experier)ces are part of a life journey, rather than identily defining. Our Young Chef programmes take place in the Walerhouse Restaurant and across community settings in Hackney ond the City, ir)Iroducing young people lo a professional kilchen. We work with schools, youth clubs and education providers to deliver 6-week courses. During school holidoys, we run daily sessions in porlnership with youth providers. Partner organisotions in receipt of HAF {Holidays Adivities and Food Fund) are offered cook and eat sessions in addition to the daily meals provided by Wolerhouse Restaurant. The oge range for holiday adivities is broader, as statutory provision for HAF is for &19 {25 wilh SENDI. This year we launched the 'Recipes Of Life, course wilh Hackney Quesl. We olso established some new connections wilh schools that speciolise in looking after neurodiverse studenls. WOMENAND CHILDREN Shoreditch Trust works with women during pregnancy and eody parenthood coping wilh issues such os poverty, homelessness, domestic violence, insecure immigration slatus, Irauma, poor mental and/or physical healih. Working closely wilh women around their priorities, we help wilh accessing local services, and developing new knowledge, skills, and relthionships to improve outcomes for women and their children. Bump Buddies offers support from trained peer menlors who con give mums-lo-be reassurance, time to ask queslions, ond ihe chonce to conned wilh other women. Our Mentors ore all Hackney mums who kr)ow the local area. Baby Buddies is an ongoing weekly drotTrin group, providing a relaxed and supportive space for mums to consider how they can support their menlal health, using the fromework of 5 Ways to Wellbeing. This friendly supportive group allows members lo support ihemselves and each other by lislening lo each oiher, sharing experiences, and joining in with adivities. STROKE PROJECT Shoreditch Trust supports people to boih prevent and manage long-lerm physical and mental ill health. This includes support for those who have muliiple health conditions, often compounded by social isololion and complex wider support needs. We work collaboralively with clients, fomily, carers, and a ronge of providers to support people lo recover from life changing health evenls and to promote positive strolegies for maintaining health and wellbeing. The projed provides educolion, support, and prevention. Hospilal in reach and community outreach ore integrated into the projed's work, which includes one lo one supporl, specialist stroke survivors groups and free community blood pressure checks. Volunteering is a key strond of the projed's work, focussing on the imporlance of peer support from people who have lived experience. Long Covid Community Adivilies The programme provides group support (Walk & Tolk, Calm & Conned and Cook & Eail for patients wilh a diagnosis of Long Covid who hove completed the COVID Rehobilitation Service ICoRe} intensive recovery programme and are ready lo move inlo lower intensity community-bosed adivity. In this first year of the conlrad, we have focussed on learning from and liaison with the CoRe specialist NHS team, learning from focilitotors involved in the first round of delivery and, most importantly, from client feedback. Going forward, this will be used to make adaplolions to shape ihe programme for the needs of clients in a context where services are conlinLJing lo learn obout and tailor support for the long-lerm effeds of COVID 19. In the short term this will involve trying out different ways to engage clients, fine tuning course materials, delivery, information, ond signposting. HEALTH AND WELLBEING COACHING Shoredilch Trusl Healih and Wellbeing Coaches ore supporling people to gain the knowledge, skills, and confidence lo become adive participants in their own care lo reach self-identified health goals. Health Coaches help people to take charge by: Listening lo what's importanl to them. Helping them lo build confidence, knowledge, and skills to lake care of iheir health and wellbeing. Working with ihem to find reliable informolion and odivities. Conneding them with people who have similor experience 12 Coaches offer supporl in person, by phone or online: One-to-one support to get lo know whal works for them, their hopes, and goals and whot's slopping them from loking sleps forword. Support to get odive, ealwell, proted emolional wellbeing, find, or reconned with interests and support networks. Help to find advice or guidance for pradical doy-to-doy issues. Work with healthcare leoms, complementing exisling support. This is a Free Service open lo onyone regislered with a GP in City ond Hackney over the age of 18. Shoreditch Trusl supports people with relevant information and recommendations ihot enable clients to make well-informed choices and help them lo find supporl. The Trust aims to give enough advice ar)d assistance to avoid too many exlernal referrals and to refer clients lo other organisations for complex issues thal may require legal or consumer rights expertise. A report of Shoredilch Park & ihe City HWBC Young People- Pilot was completed, with adions to develop the role further due to be implemented this year including o greater focus on working with voluntary sector parlners and reoching young people wilh long term condilions such os asthmo ar)d diabeles. The role was commissioned io contribute to reducing health inequality experienced by children & young people in the area. Within a short period of setlir)g up, Ihe service was able to engage with young people who would not ordinarily have received support and to set up a pathway where there was no exisling sleFTrdown provision from more intensive supporl. There were positive oulcomes for YP who completed ihe programme, with some very tangible changes. Cooching goals focussed mainly on emotional or educational wellbeing, for example increase self-insight- managing/expressing emolions, managing difficult relotionship, engaging in social adivities, re*ngaging with education, improving academic performance. The service worked collaboratively, reaching oul lo the Child and Adolescent Mental Health Service ICAMHSI and linking up with school support systems, including working with young people waiting for more specialist support to support them to step up lo CAMHS for worsening mental health. COMMUNITY TABLE Shoreditch Trust believes that coming together to cook and share good food can be transformative. Community Table connects people to good quolity food ond cooking skills essenlial for health ond wellbeing. Community Table operates from the kitchens of Waterhouse Restaurant, and community spaces across Hackney and ihe City. Every resideni has a setting at the lable just for ihem, with a warm welcome. We initiated our first off-site Community Table Lunch at St Peter De Beauvoir Church in Nl. This lunch supports Hackney Playbus who run o ploygroup for families ond with the help of Shoreditch Trusl provide advice and assistance to iheir clier)Is. We send belween 25 ond 30 meals per week which ore served by volunteers, while the meol itself is prepared by our chefs and volunleer staff in ihe Wolerhouse Kitchen. WE CONNECT At Shoredilch Trust we offer a diverse range of groups, courses and dropin adivities to clients and the local community. Our groups include wellbeing ond crealive odivilies, accessible physical adivity, social events, group meals and more. All our groups are free to access, and many are open lo ihe wider communily os well as specific largeted groups like ihe over-50s, people living with long term health conditions including Stroke and Long Covid, and Women with bobies ond young children. 13 Walk and Tolk Gmup Shoreditch Trust Walkir)g groups ore led by peer support volunteers delivering 3 weekly walking groups in Shoreditch Park, Vidoria Pork and Hoggerston Park. Our volunteers and staff complete the Walk Leader trair)ing. Group members otter)d for a ronge of reasons, includir)g supporl with physical health (diabetes, overweight, inactive) and mental heolth lanxiely, depression, sociol isolalionl. There are different ages and walking abilities in ihe group, Ihe walk leoder ir)corporates light exercise but does slight varialions for ihose who have mobility issues. We also combine a mindfulness adivity using the 5 senses. Wellbeing Network Shoreditch Trust are members of the Hackney and City Wellbeing Network, a parlnership of community organisations led by Hackr)ey and City Mir)d. The Wellbeing Nelwork provides commur)ity mental healih support for people with high needs ond complex menlal heakh problems. Shoreditch Trust recognises that ihe strudural inequalities experienced by our clients can affed iheir mental health and wellbeing. We will provide group wellbeing aclivilies including Cook & Eol, Wolk & Tolk, Lunch Club, Bump Buddies Coffee Monring as well as peer4ed groups Singing Together and Art Group, Sharp End excercise. moving lowards what matters lo clients across the network, and l-l coaching support to internally and exlernally referred clients. The Sharp End The Sharp End is a community progromme wilh a long hislory in Hackney, providing activities for residents aged 50+ supporting them to remain adive and engaged in their local community. With funding coming lo an end forthis parliculor progromme bosed on physical adivities, senior mar)agers are reviewing a model that focuses on delivery of adivities ihat are boih physical as well as advice based and introduce a cultural elemenl. The model will see o or)ce a week ￿trhOUr group session thol includes guest ledures, advice and advocacy, ealing together, gentle exercise and creolive workshop. We have been a key parlner in the Conned Hackney programme, which focused on reducing loneliness and isolation among those aged 50 and over under the notional Ageing Better programme. Our experience ir) this programme, as well as our work with older people through various projeds, such as the Sharp End and Stroke Projed, has equipped us wilh the necessary expertise to supporl older people affeded by fir)ancial hordship. We are seeking funding lo exlend our support for older people offeded by financial hardship over a three- year period ond if successful, Sharp End will be an excellent vehicle to drive this programme forword. Long Covid- CommunityActivity Programme The Community Activity Programme provides pradicol, enjoyable ond welcoming adivities ihai build knowledge, skills and confidence to help people toke charge of recovery and Irelconned with locol adivities to support health and wellbeing. The programme supports people who are: Aged 18+ Living in or registered with o GP in City & Hackney Experiencing Persistent Pain, Chronic Fatigue or Long COVID In Q4, following discussion with commissioners at Homerton Heolthcare NHS Foundation Trust, planning look place to widen ihe crilerio for the Long COVID Community Adivity Programme to include people with Persistent Pain, Chror)ic Faligue and Long COVID. The exlended programme is due to slart in May and will run unlil Odober, with the same ACT for Wellbeing, Cook and Eal and Gentle Movemenl sessions. Adivity in Q4 included planning with Homerton leads, updoting systems and communications, reviewing session plans and organising troining for Shoreditch Trust teams. A Community Adivity Programme , will run belween Moy and Odober 2024. It is run by Shoreditch Trusl and funded by Homerton Heolthcare NHS Foundation Trusl. The Homerton Poir) ond ME/CFS teams will deliver training to all Shoreditch Trust staff teams to understanding in ihis orea of client support and to moximise cross referral opporlunities. Pain in porticular has come up o lot for clients on the HWBC progromme. This is a group programme thal includes Genile Movement Online, A￿ for Wellbeing Online and Cook and Eal in Person. 14 SHOREDITCH TRUST CORE SUPPORT PROGRAMME Monitoring ond Evaluation We have data ihat allows us lo report across our delivery from one-lo-one coaching sessior)s, group adivities and valuable services such as Advice & Assistance and our Community Table lunches. We can also inlerrogate our dala to see our client group ogain* local demographics, health conditions, nationol Indices of Multiple Deprivation, and other key melrics. Development of the monitoring system has gone together with the developmenl and integration of the Shoreditch Trusi Cooching model and the Shoreditch Trust Flourishir)g Scale oulcomes measure. New staff receive carefully designed indudion troining, and all staH receive Iroining in syslem updates. Face to foce training is supported by a suite of stepby-step guidance documents ond projed leads are given additional training to support their teams. Thisyear, Ihe team began lo introduce the new system Plinth on limiled programmes for ease. Salesforce continues to be the main data system for the Trust but is slowly phasing out so thal we can move to Plinih completely and begin to use some of the new features including translation, online forms and access to support and trainir)g for staff. Staff Training and Development Core Iraining lakes place onnually at Organisation Away-Days at which all staff attending received internal Iraining around Group Facililolion, Dala Proledion, Modern Slavery with Heslia; Equalily, Diversity & Inclusion Troining with iHasco- Disability Awareness & Inclusion Training with iHasco,' and Long Covid with CoRe. Specialist training linked io specif ic projed needs and personal development relating to roles and responsibilities is requested through/identif led vio supervision and oppraisols. Sharing of learning is done through monthly best prodice meetings as well as commitment from staff members to use opportunities lo disseminole new knowledge and skills informally ar)d through slaff, teom and l-l meetings. In response to the cost-of-living crisis ond an increase on froni line adivity, Shoreditch Trust offered odditional Iraining and support opportunilies including suicide awareness training, bereavement training and domestic violence, ond advice and guidan￿ level 2. 15 SHOREDITCH TRUST DEVELOPMENT BEYOND 2024 Shoreditch Trust hos reached a significant moment in its journey as a community anchor. The Trust was estoblished in 1999, as parl of the New Deal for Communities programme. Like oiher Locality members, Shoreditch Trust hos exemplified one of ihe key learnir)gs from ihat programme, which is al the core of Localily's Theory of Change: Ihot by investing in community assets, a community presence in neighbourhoods can be eslablished, securing ihe long-term impod that evaluation of programmes like the NDC have shown lo be lacking. The fad that Shoredilch Trust is here over a decade after the end of the NDC programme and achieving huge benefits for local people is testament to ihis. However, community anchor organisations- even those as strong and successful as Shoredilch Trust - face hugely challenging conditions. As Yaving Not Drowning"_ lessons from Locality's Lifeboot crisis su service- explained in 2019 community orgonisolions have often faced challenges in moinlaining finoncial stability" The report identified a range of fadors rooled in the exlernal environment which have been contributing lo organisations reaching crisis point and in need of expert help- The trend of scale and ￿andardiSa110n in public sector commissioning preventing such organisations from bidding for contrads Increasingly lean conlrads not meeting ihe cost of service delivery Increased competition for grant support Property challenges, including higher renls ond repoymenl lerms Locality's research Navi olin the Storm highlighied the unique slrain the COVID-19 pandemic has placed on the community enterprise business model. And over the last year ihey hove been vociferous in slressing the cost of living crisis "double whammy" community anchors have faced, with increased demond for emergency services, and an associaled steep increase in costs. Shoreditch Trust plans lo radically reconned with our mission and focus our energy and resources on four innovotion solutions: Launch ihe Shoredilch & City Civic Trust joining with key partners to form a stronger consortia approach Iio funding and commissioning) Release asset income lo realise significont investment into communilies and drow in further match inveslmenl Recognise our privilege as an anchor orgonisation which hos received investment and developed significant capacity over the years ond support locol initiatives ond organisolions to strengther) iheir capacity lo do good work with us Provide a legacy for the nexl generation Bring key stakeholders together lo design, test and scale new solulions, working diredly with communities lo idenlify priorities ond io design solulions We know from long experience, underlined by the Covid and Cost of Living crisis, Ihat only community driven service provision can fully meet the range and complexity of need. Equally, we know ihal such community level work needs supporl and co-ordination. We believe better coordination of our various projeds involving community-level working across Shoredilch Park and the City will: widen the opportunity to work with statulory portners, reoch o range of heolth needs and residents who have previously been missed. work wilh the Council and the City os they develop their policies to widen delivery of their services at neighbourhood level ar)d involve local people strengthen ond build our exisling community-building projeds, we know ihese have great potential to open doors to information and participation in other adivilies. 16 Shoreditch Trust has engoged Locality lo support the development of the Shoreditch and City Civic Trust, providing a critical friend approach well as a framework for research and development. We are drivir)g a parlnership model ihat will deliver local initiatives in community settings. Locality have been engaged io condud an inilial crilical friend" assessment of Shoreditch Trust's slralegy. This hos included- A review of ihe assets and enterprise/community°anchor organisation theory of change An evalualion of how this model has fared in light of ihe recent chollenges of Covid-19 and the cost of living crisis Lessons from ihe New Deal for Communities Progromme Keep it Local ond ihe ongoing chollenges in the commissioning landscope Following ihis we idenlified key questions to discuss al o facilitated workshop held in February 2024. l. Community control- how con the strategic plan seize the opportunity to radically re-conned with local people and enhance community control? Whol are the risks? In particular, how will equily be enhar)ced, with people from morginolised ond minorilised communilies ot the forefronl of decision- making? In o highly diverse borough, how can Hackney and City Trust represenl o radicol, leading- edge model of community occounlability and control thal adapts and updates the community anchor model for a new generolior)? 2. Long-lerm: how can the strolegic plan ensure assets are deployed for the long-lerm benefit of the area and ensure a lasting legoq ihai develops the nexF generation community leaders within the borough? We are looking back on the esloblishmenl of Shoreditch Trust from the vanlage point of 25 years since the NDC- what will the impad of the new slralegic plan look like 25 years from now? 3. Community power.. How can the Hackney ond City Trust pui the community in charge of its own destiny, rather than responding to public sedor priorilies? Can this model more effedively build indeper)der)ce for the communily than an ongoing communily enterprise approach? Locality have produced a report from ihis workshop which will feed inlo the next stage of ihe slrategic developmenl. RISK REVIEW Continued impact of pandemic and cost of living crisis on finances Shoreditch Trust hos built up a property osset base, which has supported the development of an independent income lo supporl our charilable aims. Shoredilch Trust holds and owns o significant level of property assets, including a Health Centre, off ice space renled io a large national chority, an office block which also houses the Trust's headquarters and is rented at commercial rales, and a restaurant hub for community meals and group cooking. Income generated from ihese assels is invesled bock into our community programme. Our property income reduced during lockdown because as a sociol lar)dlord, we worked with our lenants lo ensure that they could continue to operate and run iheir businesses, so we entered legally binding paymer)I plans with some of our tenanls. The Trust's income from trading across our businessesconlinues lo grow. Senior leaders and the Board have been reviewir)g the building bock of losl income as well os identifyir)g new income slreams from under used space including recenily securing new renlol income of £123k in late 2024. We are marketing additional space to the value of £200k through our Commercial Agenl. Health and safety of staff, volunteers ond community while delivering Shoreditch Trusl tokes all reasonoble and pradicol steps to provide and moinlain a safe ond healihy environment on its premises for all ils employees, volunteers, customers, and visitors. For staff and volunteers, Shoredilch Trusl implement the Health and Sofety policy and the relevont procedures and ensure thol staff and volunteers are aware of iheir responsibililie Seporale risk regislers exist for each delivery sile and each programme corries out o risk assessment. All documenlalion is stored on the company Office365 SharePoint Nelwork Risk Monogement folder. In addition, regular risks assessments are compiled and reviewed for the venues that teams work from. These may be located off site, typically the premises of partner organisotions ond local auihority venues. Health and Safety oversight from a centralised programme is overseen by Shoredilch Trust's Diredor of Assels and Operations. Shoreditch Trust Safeguarding Shoreditch Trusl recognises its slotulory and moral duty to promole and ensure ihe safety and welfare of childrer), vulnerable young people ond at-risk odults and is commilted to developing and implemenling best proctice in safeguarding in every aspect of ils work. Our safeguarding approach is governed by a Safeguarding representalive at Board level who is a local GP, Iwo Safeguardir)g Leads (who report to ihe CEO). Each team meels once a monih for clinical supervision with an exFernal supervisor. Shoredilch Trust lakes a risk- based opproach io sofeguording and personal sofety and as such, provide clinical supervision as o valuable resource as porl of slaff support, development, and iraining. Shoredilch Trust promotes early intervention and prevention, and ils programme is delivered through trauma informed pradice. Our safer recruilmenl policy applies strid standards and requirements to any new client-facing member of staff, sessional worker or volunteer including mandalory DBS checks, a minimum of professional references, verifying gaps in Cvs ond emphasising safeguording requirements when drafting role descriptions. Shoreditch Trust has a clear process for reporting safeguarding issues to ensure ihal cases are managed effedively and appropriolely for ihe welfore of clienls or)d staff. Staff are encouraged to report any concerns as this will enable them to occess expertise from the Safeguarding Lead and exlernal partners. 18 Safeguarding Programme SiaH Training- All frontline slaff ond volunteers ore required to attend safeguarding Iraining and other relevant training identified by the Safeguardir)g Leod ir)cluding contexlual safeguording and sofer recruitmenl. Staff are expeded io recognise risk fadors as well as signs of exisling safeguarding issues and to review safeguarding in all team meelings. Triage Support Plan- the senior leam, led by Jaimie Tapper (Organisational Psychologist) has designed on initial screening and client support plan and scripl, supporting sloff io triage clienls effedively and quickly into relevar)t support pathways os well as idenlify welfare ond safeguording concerns in the inilial stage of engogement. Clinical Supervision brings a skilled supervisor togeiher with slaff ieams to reflecl on their pradice and work with clier)Is. It is o time for sloff, who work diredly wilh clienls, lo ihink aboui knowledge and skills and how they may be developed to improve care and performance. Clinical Supervision is facilitated by an exFernal consuliant with expertise in safeguarding. The sessions lake place once a month and last no longer than Iwo hours. Staff must bring with them live cases for discussion and review. All staff are expecled to contribute to ihe discussion, idenlify any odditional iraining for the team to undertake and review their pradice in safeguarding matters to ensure services are robusl. Multidisciplinary Refleclive Proclice and Discussion- Multidisciplinory meetings bring logether front-line staff carrying oul Iriaging wilh senior pracFitioners and safeguarding leads lo reviewcomplex cases, identify actions and follow up for the clienl and for staff irainir)g and supporl. This builds on addilional layer of preventalive measures into the Iriaging process - idenlifying issues as early as possible, supporting clients with complex needs, and drawing in as much resource as necessary lo prevent further escalalion. Frontline slaff are invited to ollend to discuss issues and coses and highlight recurring issues across triage ar)d existing client conlad. These include: Increased menlal health needs identified - high level conditions. Isololion struggling to occess support networks Food Poverty- accessibility {not able to gel out), proudlfeeling shame. Those who do want to go out- food queues are loo long, or care workers don't hove time to join supermarket queues Domestic Violence- nol always diredly experienced bulwilnessed or concerned about family members. Connedions - people are still struggling to engage with slatulory sedor 19 Risk Controls The Trustees are responsible for the manogemenl of the risks faced by the charity ond ore assisted by the senior leadership teom. Risks ore identified, assessed and conlrols established throughout the year. The Truslees are satisfied thai the major risks identified have been mitigated where necessary.11 is recognised thal systems cannol eliminate all risks but only provide ossurance thot the idenlified risks have been managed. Inlernal risks contir)ue to be minimised by the implemenlotion of procedures for autlK)risolion and payments of all iransactions and projeds, to ensure constonl quality of delivery in a best value framework for all operational aspeds of ihe chority. Project delivery and organisational risk assessments are held centrally and are standard items on all team meetings- updoted and reviewed monthly or as issues orise. Truslees of Shoredilch Trust are aware of their responsibilities for reporting serious incidenls. Trustees delegole day lo day responsibility for risk manogemenl lo senior managers ai the Trust (CEO and Deputy CEO). Staff teams and senior leaders identify potential risk to the charity, its staff, and clients, and review appropriate odior) lo deal with it os well as identify additior)al Iraining and support for staff, additional resource for the organisalion. In oddilion to Trust policies and training, Ihe Tru￿ has developed o suite of reporting procedures, which idenlify the crileria for reporting on incident ond whal is expeded of staff, senior leaders, and trustees when a report is made. These include Serious Incidenls, Data Breach, Safeguording, Heolih ar)d Safety, and Cyber Securily Reporling Procedures. Progromme quality assurance is guided by oppropriate management and reporting strudures and processes. The Trust's policies: Safeguarding, Personal Safety, Dala Proledion, Environmenlal, Equality & Diversity, Risk Management, Financial Control, Health & Safety, Volunleering and Staff Handbook, with clear responsibililies, reporting, trainir)g, and operational procedures, is key to ensuring that ambitious slandards are implemented and met across our services. Safeguarding and Safer Recruitment is integral to our projed delivery and organisalion; as well as working to our organisalional safeguarding slandards, ensuring ihat quality standards of working with people in the community are mel and exceeded. Shoreditch Trust takes o risk-bosed approach io safeguarding and personal safely and as such, provide clinical supervision as a significant resource os part of staff support, development, and iraining. Sloff use these sessions lo discuss and review live coses, identify any additional training for the team to undertoke ond review their pradice in safeguarding motters wilh o view to ensurir)g services are robusl. Shoreditch Trusl ensures that programmes ore safe, discreel, and confidenlial for oll users. We recognise and place considerable weight on the fad ihal our projeds provide adivities that deal with sensitive information which could have o significant impKJcl on clients if handled inapproprialely. To that end, we er)sure that slaff are fully trained in relolion to their own oreo of adivity, their legal obligations (e.g., safeguarding, dala protedion, equal opportuniliesl and interpersonal skills (e.g., customer service, personal discretion, professional boundaries . The Organisational Risk Policy identifies risks that are focused on the need to safely steer the Trust through a char)ging and challenging landscape from both an operationol ar)d commissioning perspedive. More specifically these risks and their associaled miligalions continue to include the following as well as the new areas of risk againsi the backdrop of cost-of4iving crisis impaded by long term austerity and underinveslmenl in services directly affecling the residents we work with- Maintaining a level of stability across oll our programmes of delivery. Mitigoted by better future planning wilh increased focus on budgeting, strategic progromme developmenl, the developmenl of staff forums lo meet and identify risks, slralegies, new opportunities, and quality assurance. Balancing the need for the Trust to remain innovative and flexible in our approach and ensure dala sofely, safeguording and policy developmenl meei ihe needs of the organisolior), the work it underlokes and supporls staff with a clear framework. Mitigoted by introducing new IT syslems, core data security and dala proledion Iraining, improving monitoring ond evaluation framework io support consislency across teams and work towards further information security processes ocross all programmes. 20 Loss of conlrad income due to the compelilive environment in which Shoreditch Trust operates. Mitigated by continual monitoring of service quality and performance, ongoing engagemenl with developmenl adivities, maintoining portnership arrar)gements lo enable the charity to bid for larger conlrods. Ensuring our progrommes continue to be relevant to our clients, providing meaningful impod whilst managing expedolions against a backdrop of growing inequality and poverly amongsi the people we support. This year we have built a strong peer-support programme which supports project managers lo embed client contribution and leadership into the heart of our programmes. The Trust outsources employment and HR services to Menlor Live, providing arms-length guidance and support in developing robusl policies, day lo day support and troining for employees and senior managers. Mentor Live is also an online monagement syslem, providing ihe Trusl with o range of essential iools to help manage our compliance needs and support our response to HR concerns. Maintain a level of staff support and core training thal supports our teams to manage complex issues and cases in front line delivery. 21 STRUCTURE, GOVERNANCEAND MANAGEMENT Shoredilch Trust is a company limited by guorontee, not having a shore capital. The Company was established under a Memorandum and Articles of Association, which established the objeds and powers of the charilable company and is governed under ils Articles of Association. Members of the Board are elected io serve a period of three years lond can serve three lermsl. Under those Arlicles, the members of the Board are elected to serve a period of ihree years lond can serve ihree terms). The Boord, employing a projed leam for day-to-day management and adminislralion, has managed the Charity. The seleded members are oppointed by inlerview against a job description and person specificotion. Board members can serve three terms of three years lo offer consislenq and opportunily for change. The following served os Diredors and Trustees lo March 2024: Mr Jeremy Gardner- Chair Dr Jor)athor) Tomlinson Mr Andrew Waugh Mr Andrew Jones Ms Alice Sampson Prof Jessica Jones-Neilsen Dr Lucy Carter Mr Andrew Wiley Cllr Carole Williams Shoreditch Trust employs the full lime equivalent of 32 sloff who are situoled ol 12 Orsman Road bul work across ihree siles- 12 Orsmon Road, 10 Orsman Road Iwoterhouse Restourontl and 170 Pitfield Street (Heolthy Living Centre) and Community Cenlres ocross ihe Eighi Hockney Neighbourhoods. Trustees, Indudion and Training Truslees receive on indudion and are encouraged io idenlify further Iraining to equip them for the role ihey carry out in the organisation. CcFopled Diredors and appointed experts do not receive any formal iraining for their role, as they ore selected for their knowledge and expertise in this field. The Chief Executive hos responsibility for day-to-day manogement and odministration of the orgonisotion as well as manogemenl of senior slaff and is supported through the Deputy Chief Executive and Diredor of Operations roles. Inveslmenl Policy Shoreditch Trusi has consolidated ihe properties in its portfolio. As port of ihe Financial Sustainability implemer)lalion plan the boord and senior management team hove invesligated different models of investments policies suilable for a small chority such as ihis. The board have confirmed that the curreni level of investment is oppropriole. Shoreditch Trust Executive Team Chief Execulive Deputy Chief Executive Diredor of Wellbeing Pradice and Partnerships Diredor of Operations Jocqueline Roberts Webster Joimie Tapper Jacqui Henry Kali Mortin Fundraising There has noi been oulsourced hJnd raising via professional fundroisers or other third parties. The charity is registered with the fundraising regulator and received no fundraising complaints in the year. Poy policy for key managemenl personnel All Trustees who are also Diredors of the chority give of their time freely and no diredor received remuneralion in the year. The pay of key management personnel ond others is reviewed anr)ually and normally increased in line with the ir)crease in the Consumer Price Index each year and approved by ihe Board. The Chief Executive's salory was reviewed in 2015 and remains ai the same level. 22 3. FINANCIAL REVIEWAND RESERVES POLICY The Trust's tolol income for the yearwas £1,504,421. The Trust's income comes from a variety of sources including earned income from hiring of spoce, rentol income from property ossets and from running classes and courses. Income also comes from grants from trusts and foundations, the local council, national programmes, ond contrad commissions for the delivery of specific services. Total expenditure for the year totalled £1,948,907. Reserves Policy Shoreditch Trusl operates without o pension deficit and has a well-￿ru￿Ured core and organisational infrastrudure ihat has been developed over many years. Our long history of operating in different funding environmenls, and our agile managemenl leam means running cosls ore continually optimised, and ollows the Trust to focus funds towards front line delivery. We have worked hard io gel lo this poinl over the years. As with mony chorities thai hove properly ossels, the free reserves of ihe charity are therefore £nil. However, the trustees monitor and review the reserves position of the Trust nol on a free reserve basis, bul on the availability of cash within the unrestrided fund. The Management Committee has examined the charity's requirements for reserves considering ihe main risks lo the organisation. The Managemeni Committee has olso considered the extent to which existing adivities and expenditure could be curtailed, should such circumstances arise. Shoredilch Trust continues to develop ils capacity to deliver complex work as well as continue to develop an approach towards developing a more suslainoble progromme of delivery ihrough earned income, grants, donations, and conlractuol income. It has established o policy whereby ihe unrestrided funds not commilted or invested in tangible fixed assets held by the charity should be 2 monihs of the expendilure. The Trustees consider ihal reserves at this level will be sufficienl lo enable them to respond to short-lerm changes in financiol circumstances wiihout damoging ihe Charity's charitoble adivity and gives scope to support the implemenlalion of projeds. The Management Committee are confident ihal ot this level they would be able to continue ihe current activities of the charily in the ever)t of a significoni drop in funding. Although the strategy is to continue lo build reserves through plar)ned operating surpluses. Going concern The Truslees have assessed whether the use of ihe going concern basis is appropriate and have considered possible events or condilions ihat might cost significoni doubt on the ability of the charity to continue as a going concern. The Trustees have mode IFMS ossessment for o period of at leosl one year from the dale of approval of the f inancial statements. After makir)g enquiries the Truslees have concluded that there are no material uncerlainties affecting their opinion of going concern and it is a reasonable expedotion that the charity has adequate resources lo continue in operalional existence for the foreseeable future. The chority therefore continues to adopi ihe going concern basis in preparing its financial stalemenls. Trustees, responsibilities statement The trustees {who are also diredors of The Shoreditch Trusi for the purposes of company law) are responsible for preporing the Truslees, Report and ihe financial ￿aleme￿IS in accordance with applicable law and Uniled Kingdom Accounting Siandards (United Kingdom Generally Accepted Accounting Prodice). Company law requires ihe trustees lo prepare financiol statements for each fiscol year, which give a true ond fair view of the slale of affairs of the chariloble company and the group and of the incoming resources and 23 applicotion of resources, including the income and expenditure, of the chariloble group for that period. In preparing these financial statements, the Irustees are required to: Seled suiloble accounting policies ond then apply ihem consislenily- Observe the meihods and principles in the Charities SORP,- Make judgements and eslimates that are reasonable and prudenl; State whether opplicoble UK Accounting standords hove been followed, subjed lo any material departures disclosed and explained in the financial statements- Prepare the financial slolemenls on the going concern basis unless il is inappropriole to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime of the financial position of the charitoble company and enable them to ensure ihai the financial statements comply with ihe Companies Ad 2006. They ore olso respor)sible for safeguardir)g the assels of the charitable company and the group and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities. In so for as we are aware: there is no relevant audit information of which the charitable company's auditor is unaware; and the truslees have taken all steps thot they ought lo have taken to make themselves aware of any relevant audil information and io establish that the auditor is aware of that informolion. On 18 November 2024 the company's ouditor changed ils name from haysmocintyre LLP lo Hoysmac LLP. Audilors Haysmoc LLP have expressed willingness to be reappointed ot the Annual General Meeting in accordance with sedion 485 of the Companies Ad 2006. This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Ad 2006. This reporl was approved by the Trustees on 18 December 2024 and signed on its behalf, by Jeremy Gardner Truslee/Diredor {Chcir) 24 4. INDEPENDENT AUDITORS REPORTTO THEMEMBER OF SHOREDITCH TRUSTFOR YEAR ENDED MARCH 2024 Opinion We hove audited the finar)ciol slalemenls of The Shoreditch Trust for the year ended 31 March 2024, which comprise the Stotemenl of Financial Adivilies, the Bolance Sheel, the Statement of Cash Flows and notes to the financial statements, including o summory of significont occounting policies. The f inanciol reporting f romework that has been applied in their preparolion is applicable law and United Kingdom Accounting Siandards, including Financial Reporting Standard 102 The Financial Reporting Slondard applicable in the UK and Republic of Irelondlunited Kingdom Generally Accepted Accounting Pradice). In our opinion, the financial statemenls: give a true and foir view of the slale of the charitable company's affairs as at 31 March 2024 and of the charitable company's net movement in funds, including the income and expenditure, for the year then ended; hove beer) properly prepared in accordance with Uniled Kingdom Generolly Accepted Accounting Practice,. and hove been prepared in occordonce wilh the requiremenls of the Companies Ad 2006. Basis for opinion We conduded our audit in accordance with International Standards on Audiling (UK) IISAS IUKII and applicable law. Our responsibililies under ihose stondords ore further described in ihe Auditor s responsibilities for the audil of the financial stalemenls sedion of our report. We are independent of the charity in accordance with the ethical requirements thal are relevonl lo our oudit of the finonciol stalemenls in the UK, including the FRC'S Ethical Stondard, and we have fulfilled our oiher ethicol respor)sibililies in occordance wilh these requirements. We believe that the audit evidence we have obtained is sufficient ond appropriate to provide o basis for our opinion. Conclusions relating to going concern In auditing the financial slalemenls, we have concluded that the Irustees use of the going concern basis of accounting in ihe preparolion of ihe finonciol stthements is oppropriote. Based on the work we have performed, we have not identified any material uncertainties relating lo events or condilions thal, individuolly or colledively, may cosl significant doubi on ihe choritable company's ability to continue as o going concern for a period of ot least twelve monihs from when the finar)ciol statements are authorised for issue. Our responsibilities ond ihe responsibilities of ihe truslees with resped to going concern are described in the relevant sedions of this report. Other information The truslees ore responsible for ihe oiher information. The other information comprises ihe informalion included in the report of the Iruslees. Our opinion on the financial ￿ateMentS does not cover the other informolion and, except lo the exlent otherwise expliciily slaled in our report, we do nol express any form of assurance conclusion thereon. In connecFion with our audit of the financial stalemenls, our responsibility is to read the other information and, in doing so, consider wheiher the other informalion is moterially inconsislent with the financial statements or our knowledge obtained in ihe audit or otherwise appears to be molerially misstoled. If we identify such material inconsislencies or opparenl malerial misslalements, we ore required io determine whether there is a material misstatement in the finar)cial stolemer)Is or a material misslotemenl of the other ir)formolion. If, based on the work we have performed, we conclude thal there is a material misstalemenl of this other information, we are required to report ihat facl. We have nothing to report in ihis regord. 25 Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertoken in the course of ihe audit- the information given in the reporl of ihe trustees {which includes the slrotegic reporl and ihe diredors, report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared is consistenl with the financial statements; and the strategic report and the diredors report included within the report of the truslees have been prepared in accordonce wilh applicoble legol requirements. Matters on which we are required to report by exception In the light of the knowledge and underslonding of the chorilable company and ils environment obiained in the course of the audit, we have nol idenlified molerial misslolemenls in the report of the Irustees (which incorporales the slrotegic report and the diredors, report). We have noihing lo report in resped of the following matters in relation lo which ihe Companies Act 2006 requires us to reporl lo you if, ir) our opir)ion- adequate accounting records hove not been kept by the choritable company- or the charilable company finar)cial slatements are not in agreemenl with the accounting records and returns; or certain disclosures of trustees remuneralion specified by law are nol made; or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to prepare the financial dalements in accordance with the small companies regime and lake advantage of the small companies, exemptions ir) preparing the trustees, report and from the requirement to prepore o strategic report. Responsibilities of trustees for the financial statements As explained more fully in the trustees responsibilities slalemenl set oul on page 23. the trustees (who are also the diredors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied thal they give o Irue ond fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, wheiher due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to conlinue os a going concerr), disclosing, os applicable, matters related to going concern and using the going concern basis of accounting unless ihe trustees either inlend to liquidate the charitable company or lo cease operations, or have no realistic alternative bul lo do so. Auditor's responsibilities for the audit of the financial statements Our objedives are to obiain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, ond to issue an audilor s report thol includes our opinion. Reasonable assurance is a hkJh level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detecl a material misstatementwhen il exisls. Misslatemenls can arise from fraud or error and are considered material il, individually or in ihe aggregole, they could reasonably be expeded to influence the economic decisions of users token on the basis of these financial slolemenls. Irregularilies, including fraud, are instances of nortrcompliance with laws and regulations. We design procedures in line wilh our responsibilities, outlined above, to deled malerial misstatements in respect of irregularilies, including fraud. The exlenl to which our procedures are copoble of deteding irregularities, including fraud is delailed below.. Based on our understanding of the charitable company and the environment in which it operales, we identified the principal risks of non-compliance with laws and regulations and we considered the extent to which non- compliance might have o moleriol effed on the finoncial stolemenls. We olso considered ihose laws and regulalions that have a direct impod on ihe preparation of the fir)ancial stalemenls such as ihe Companies Ad 2006 and the Charilies Ad 2011, and considered other fadors such as income tax, payroll tax and sales tax. 26 We evoluated management's incentives and opportunities for froudulenl manipulation of the financiol statements (including the risk of override of controls), and determined thal the principal risks were related io management override of controls, completeness ond cut off of voluntary income, legocies ond inveslmenl income. Audit procedures performed by ihe engagement team included: Discussions with manogement including consideralion of known or suspeded instances of non- compliance wilh laws and regulation ar)d fraud- Evaluoting monagement's controls designed to prevenl and deted irregularilies,. Identifying and testing journols- and Challenging assumptions and judgements made by managemenl in their crilical accounting estimates Because of the inhereni limitalions of on oudil, there is o risk ihal we will not deted all irregularities, including those leading to a material misslatement in the financial slatements or non-compliance with regulation. This risk increases the more thal compliancewith a law or regulation is removed from the events ond iransaclions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregulorities occurring due to fraud rather ihon error, os fraud involves inler)lional concealmenl, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the finoncial stotements is located on the Finoncial Reporling Council's websile at: www.frc.or .uk/ouditorsres onsibilitie& This description forms parl of our auditor s report. Use of our report This report is mode solely lo ihe charitoble company's members, os a body, in accordonce wilh Chapter 3 of Part 16 of the Companies Ad 2006. Our oudil work has been undertaken so ihal we might slote to the charitable company's members those matters we are required io slale lo them in an Auditor's report and for no other purpose. To ihe fullesl extenl permitted by law, we do not accept or assume responsibility to anyone other ihan the charitable company and ihe charitable company's members, as a body, for our audit work, for this report, or for ihe opinions we hove formed. Lee Siokes (Senior Statutory Auditor) For ond on behalf of Haysmac LLP, Statulory Audilor Date: l O Queen Street Place London EC4R IAG 27 5. ACCOUNTS 28 THE SHOREDITCH TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2024 Unrestricted Restricted Funds Funds Total Funds 2024 Total Funds 2023 Note Income from: Donations and grants Charitatle activities Investment income Investments 64,132 - 969,485 362,085 4,099 104,620 168,752 969,485 362,085 4,099 160,416 1,412,403 3,774 Total Income 1,399,801 104,620 1,504,421 1,576,593 Expendlture on: Raising funds charital￿e activities Other 348,073 1,496,214 348,073 1,600,834 37,159 1,651,383 104,620 Total expendlture 1.844,287 104,620 1,948,907 1688 542 Net InComel(expendi￿[e) (444.486) (444.486) (111,949) Tiansfeis between funds other iecognised gains and losses Gains on investment woperty 168,264 Net movement in funds (444,486) (444,486) 56,315 Total funds at start of year 20 6.442.577 6,442,571 6,386,262 Total funds at end of year 20 5,998,091 5,998,091 6,442,577 The Charity has no recognisaj gains or losses other than the results for the year as set out above. All of the activities of the charity are dassed as cont'nuing. The notes on pages 17 to 32 fonn part of these financial statements See note 12 for fund-accounting comparative figures 29 ## **THE SHOREDITCH TRUST** ## **BALANCE SHEET** ## **AS AT 31 MARCH 2024** ## **Company number: 03894363** |||**2024**|2023| |---|---|---|---| ||**Note**|**£**|£| |**Fixed assets**|||| |Tangible assets|**13**|1,397,590|1,443,359| |Investment property|**14**|6,000,000|6,000,000| |||7,397,590|7,443,359| |**Current assets**|||| |Stock - food and drink||650|650| |Debtors|**15**|93,343|206,538| |Cash at bank and in hand||240,696|487,682| |||334,689|694,870| |**Liabilities**|||| |Creditors : amounts falling|||| |due within one year|**16**|(565,663)|(437,326)| |**Net current (liabilities)/assets**||(230,974)|257,544| |**Total assets less current liabilities**||7,166,616|7,700,903| |Creditors : amounts falling|||| |due after more than one year|**17**|(1,118,525)|(1,169,326)| |Provisions for liabilities||(50,000)|(89,000)| |**Net assets**||5,998,091|6,442,577| |**FUNDS**|||| |**Unrestricted funds**|||| |General funds|**21**|-|-| |Designated funds|**21**|5,998,091|6,442,577| |**Restricted funds**|**21**|-|-| |**Total funds**||5,998,091|6,442,577| These financial statements were approved by the Trustees on 18/12/2024 and are signed on their behalf by: ## **THE SHOREDITCH TRUST CASH FLOW STATEMENT** ## **YEAR ENDED 31 MARCH 2024** |||**2024**|2023| |---|---|---|---| ||**Note**|**£**|£| |**Net cash inflow/(outflow) from operating activities**|**18**|(112,103)|564| |**Non-operational cash flows:**|||| |**Investing activities**|||| |Payments for tangible fixed assets||(62)|-| |Investment income||4,099|3,774| |||4,037|3,774| |**Financing activities**|||| |Loan repayments||(138,919)|(158,484)| |||(138,919)|(158,484)| |**Net cash inflow/(outflow) for the year**|**19**|(246,984)|(154,146)| THE SHOREDITCH TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1 Accountinq poI￿leS General information The Shoreditch Trust is a charitatrle company limit￿￿ by guarartee I￿orp(￿ated in England and Wales and registered with the Charity Commission. The members of the company are the Trustees. In the event of the Charity being wound ￿, the liability in respect of the guarantee is limited to £1 per member of the Charity. Accountinq convention The financial statements have been pre￿red in aCcOrda￿e with the historical cost convention (except ￿ere othe￿iSe stated in the aCC￿nting policy note) and in accordar£e with the Statement of Recommended Practice.. Accounting and ReportirYJ by Charities prepariro their aCc￿nts in accordance with the Financial Reporting Standard aF4)licatAe in the UK and Reputlic of IrelarKJ (FRS 102) ISSU￿ in October 2019, and the Financial Reporting Stsndard appficable in the unit￿ Kingdom and Republc of Ireland (FRS 102), and Ihe Companies Act 2006. The charity is a wblic benefit entity as defined under FRS102. Assets and liabilil'es are initially recognised at historical cost or tr￿SaC￿.0n vaue U￿esS cthernise stated in the relevant accounting policy notes. The Trustees have assessed whether the use of the going concem basis is appropriate and have considered possible events or coThJitior6 that might cast significant doubt C￿ the ability of the chanty to continue as going concem. The TNstees have made this assessment for a period of at least one year from the date of approval of the financrdl statements. After making ￿quirieS the Trustees have c(￿ClUded that there are no material urtertainties affecting their opinion of goirYJ concem and it is a reasonable expectab.on that the charity has adequate resources to continLE in operab.onal existerKe fcK the foreseeable future. The charity therefore continues to adopt the going concem basis in preparing its financial statements. Income Income from donations and grants is induded in income ￿then these are re￿IVat￿e. except as follows" l. When donors specify that donaions given to the charity must be used in future accounting pericxls, the income is deferred until those Demds" I l. When donors impose corKlitior6 which have to tE fulfiled before the charity becomes enb.tled to use such income. the income is defe￿ed until the Dre-cc￿ditIl￿S have b￿n met. All income, including donatic￿S is reco￿lSed once the clBrity entitlement to income, it is probable that income wil be received and the armunt of income receivable can be measured reliably. Where donors SFEcify that funds are for specific pwposes such incorrE is included in Ihe income of restricted funds. 32 THE SHOREDITCH TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1 Accounting policies (continued) Income from charitable activities is recognised as eamed as the related services are provmjed. Income from other restaurant activities is reCI￿nISed as eaTrEd as the related aoods are Drovided. Investment income is recognised on a receivatle basis and the amounts can be measured reliably. Dividend income is recognised once the dividend has been declared arKJ notification has been received the dividerKJs are due. Expenditure Expenditure is accounted for on an accruals basis, inclusive of irrecoverable VAT. Liabilities are recognised as expenditure as soon as there is legal or constrLftive Obligatic￿ committing charity to that expenditure, it is probable that sethment will be required and the amount of olyigation can be measured reliably. Raising fvnds Raising funds expenditure include those costs incurred in seeking voluntsry contributions, costs of investment property management, costs of goods sold and other costs vthich include the costs of running and participating in fuThJraising events and collecti¢MS and cost of goods purchased for resale. Expenditure on rasing funds incknde direct costs and where appropriate an allocation of support costs. Charitable ACtivit￿S Charitable activities comprise e￿endIture assctiated with PLTsuing charitalje purposes arKI include both direct and support costs relating to these activities. Project costs including related staff costs are treated as charitable expendrture. Grants awarded are allocated to charitable activities. Grants awarded are treated as expenditure and a liability in accounts as soon as they become legal or constructive obligations. In the case of mutti-year grant awards. the funding for all years is immediately recognised unless there are conditions ￿lch need to be met by the recipient to enable the release of subsequent years, funding. staff salaries are allocated on the basis of staff time spent generating funds or on each project. Governance costs Governance costs include those costs associated with meetirvJ the constitub'onal and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs. 33 THE SHOREDITCH TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1 Accounting policies (continued) Allocation and apportionment costs Certain expenditure is directly attributable to spEcific activities and this has tEen included in those cost categories. Other costs, which are attributable to more than c￿e category, are apportioned across cost cateqories on the basis of an assessment of ￿)rklOad carried out from time to time. Overhead support costs have been allocated between fundraising and publicity costs, fundraising trading and charitable activities. The apportionment has been allocated the basis of usage and is analysed in note 7. Pension costs and other post4etirement benefits The charity operates a defined contribution per6ion scheme for all employees that don't opt out. Membership of the scheme is rDt compulsory. Pension costs charged to trE SOFA represent the contributions payable by the charity in the year. Leased assets Assets held under lease arrang￿nents that trar6fer substantially all the risks and rewards of ownership to the Charity are capitalised. Rentals n respect of al other leases are charged to the Statement of Financial Acb'vities at a constant rate over the life of the lease. Tanglble flxed assets Fixed assets are held at cost less accumulated depreciation. Assets costing less than £100 are not capitalised. Depreciation is calculated so as to vrfrite off the cost of an asset, less its est'mated ultimate residual value, over the useful life of that asset as follows: Freehold and lonq leasehold buiklinqs 2% straight Ine Leasehold improvements. fumittre and equipm- 20% straight line Fixed asset investments - Investment DIOD Investment properties are included in the balance sheet at fairvalue and are not depreciated. Any change in fair value is recognised in the statement of financial activities. In 2023 a propK)rtion of tangible fixed assets were reclassified as investrnent property and revalued. stock stocks comprise food and drink. stocks are valued at the lower of cost and net realisable value. after making due allowance for old or spoiled ite Debtors Trade and other debtors are recognised at the settlement arTh)unt due after any trade discount 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 i￿ludeS cash and short te￿n Imghly liquid investments with a short maturity of three months or less from the date of acquisitic￿ or opening of the deposit ￿ similar account. 34 THE SHOREDITCH TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1 Accounting policies (continued) Fund accountinq Unrestricted funds can be used n accordance ￿ryth the charitable obiects at the discretion of the trustees. Restricted funds can only be US￿ for particular restricted purposes within objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Designated funds form part of urrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees. Further explanaticffi of the nature and DufDose of each fund is included in note 20 of the financial statements. Credltors and provlslons Creditors and provisions are recognised where the charity has a present obligation resultirYJ from a past event that will probably result in the trar6fer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliatAy. Creditors provisions are normally r￿ognISed at their settlement amount after allowing for any tr￿je discounts (kne. Holldav pav acc￿￿1 A liability is recognised to the extent of any unLLsed holiday pay entitlement thich is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the u￿11s¢0unted saary cost of the future holiday entrtlement so accrued at the fin￿¢la1 year-end date. Irrecoveiable VAT Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Expenditure in this company is shown net of VAT. Financial instruments With the exception of the Natwest Bank and East Road loan. the charity onty has financial assets and financial liabilities of a kind that qualify as basic financia instruments. Basic financial instruments. including trade and other debtors and creditors are nitially recognised at transaction value and subsequently measured at their settement value. The East Road loan is a non-basic financial instrument urKler FRS102 SeCt￿)n 11 because the repayments are made based on net income generated from the East Road property. Net income is Variab￿ and dependent on property costs and the number of tenants therefore it is not possible to obtain a reliable estimate of the fair value if this loan at year end. It IHS therefore b￿n recognised at amortised cost. Operatinq leases Rentals payable ￿der operating leases are charged to the Statement of Financial Activities as incurred on a straight-line basis over the peric(I to the next rent review. The amortisation of the rent free period in excess of one year is shown in the provisic￿S for liabilities over one year. 35 **THE SHOREDITCH TRUST NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2024** ## **1 Accounting policies (continued)** ## **CRITICAL ACCOUNTING ESTIMATES & JUDGEMENTS** In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the charity’s accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements include dilapidation accruals and are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. ## **Property, plant and equipment (PPE)** The estimated useful lives of PPE are based on management's judgement and experience. When management identifies that actual useful lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Due to the significance of PPE investment to the company, variations between actual and estimated useful economic lives could impact on operating results both positively and negatively, although historically no changes have been required. During the prior year an element of one of the properties was reclassified as an investment property. This will be measured at fair value each year with any changes in the value recognised as gains or losses in the SOFA. ## **2 Income from: Donations and grants** ||**Unrestricted**|**Restricted**|**Total Funds**| |---|---|---|---| ||**Funds**|**Funds**|**2024**| ||**£**|**£**|**£**| |Donations|64,132|-|64,132| |Grants from institutions and trusts|-|104,620|104,620| ||64,132|104,620|168,752| ||**Unrestricted**|**Restricted**|**Total Funds**| |**Prior year**|**Funds**|**Funds**|**2023**| ||**£**|**£**|**£**| |Donations|53,553|-|53,553| |Grants from institutions and trusts|-|106,863|106,863| ||53,553|106,863|160,416| ## **THE SHOREDITCH TRUST NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2024** ## **3 Income from: Charitable activities** |**Income from: Charitable activities**|||||| |---|---|---|---|---|---| ||**Unrestricted**|**Restricted**||**Total Funds**|Total Funds| ||**Funds**|**Funds**||**2024**|2023| ||**£**|**£**||**£**|£| |Rental income|130,936||-|130,936|492,655| |Participation fees|129,214||-|129,214|177,406| |Service level agreements|660,280||-|660,280|706,434| |Income from Training Restaurant|18,365||-|18,365|35,908| |Other income|30,690||-|30,690|-| ||969,485||-|969,485|1,412,403| All charitable activity income from the prior-year was classified as unrestricted. ## **4 Income from: Investment income** ||||**Unrestricted**|**Restricted**|**Total Funds**|Total Funds|| |---|---|---|---|---|---|---|---| ||||**Funds**|**Funds**|**2024**|2023|| ||||**£**|**£**|**£**|£|| |Rental income: 8 Orsman Road|Rental income: 8 Orsman Road|Rental income: 8 Orsman Road|362,085||-
362,085||-| ||||362,085||-
362,085||-| All other trading activity income from the prior-year was classified as unrestricted. ## **5 Expenditure on: Raising funds** |||**Total Funds**|Total Funds| |---|---|---|---| |||**2024**|2023| |||**£**|£| |Design and communications||26,422|-| |Property management - 8 Orsman Road||266,130|-| |Consultancy||12,775|-| |Support costs|(Note 7)|42,746|37,159| |||348,073|37,159| ## **THE SHOREDITCH TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2024** ## **6 Expenditure on: Charitable activities** ||**Staff**|**Direct**|**Support**|**Total Funds**| |---|---|---|---|---| ||**costs**|**costs**|**costs**|**2024**| ||||**(Note 7)**|| ||**£**|**£**|**£**|**£**| |Charitable property|1,076|164,060|311,483|476,619| |Waterhouse restaurant|3,757|59,585|113,128|176,470| |Social health and wellbeing projects|789,704|54,524|103,518|947,745| ||794,537|278,169|528,129|1,600,834| ||**Staff**|**Direct**|**Support**|Total Funds| ||**costs**|**Costs**|**Costs**|2023| ||||**(Note 7)**|| ||**£**|**£**|**£**|£| |Social health and wellbeing projects|995,646|100,465|555,272|1,651,383| ||995,646|100,465|555,272|1,651,383| ## **7 Support costs** Support costs are allocated between raising funds and charitable activities on the basis of usage. Support costs, included in notes 5 & 6, are as follows: |||**Fundraising**||| |---|---|---|---|---| |||**and**|**Charitable**|**Total**| |||**publicity**|**Activities**|**2024**| |||**£**|**£**|**£**| |Human resources||42,746|241,591|284,336| |Finance costs||-|142,238|142,238| |Information technology||-|39,170|39,170| |Office costs||-|84,899|84,899| |Legal and professional||-|3,451|3,451| |Governance costs|(Note 8)|-|16,780|16,780| |||42,746|528,129|570,874| THE SHOREDITCH TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 7 Support costs (continued) Fundraising and publicity Charitable Activities Total 2023 Prior year Human resources Finance costs Office costs Governance costs 65,116 190,522 278,711 20,923 65,116 190,522 315,870 20,923 37,159 {Note 8) 37,159 555,272 592,431 8 Governance costs Total Funds 2024 Total Funds 2023 Auditor's remuneration Trustee expenses - for audit services 16,780 20,923 16,780 20,923 9 Net Incomellexpendlture) for the year This is stated after charging: 2024 2023 Auditor's remuneration Depreciation - for audit services 16.780 45,831 20,923 95,387 No trustees have been reimbursed for their out of pocket travel expenses {2023" Nil). No Trustee received any Aggregate donaticms from Trustees. key manaJement persomel. and other related parties was £Nil (2023.. £Nil). 39 THE SHOREDITCH TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 10 Staff costs and numbers The aggregate payroll costs were" 2024 2023 Wages & salaries Social security costs Pension contributions 910,070 77,959 56,692 918,193 83,884 52,607 1,044,721 1,054 684 One employee received emoluments between £70.000 and £80.000 (2023: 1). The average number of employees during the year was 36 (2023" 41). Calc￿ated on the basis of average headcount. The key management personnel of the charity are considered to be the directors and executive team. The total employment benefits received by key management personnel including employer national insurance and employer pension were £322.411 (2023: £313.906). 11 Taxation The charity is exempt from corpcKation tax on its charitable activities. 40 THE SHOREDITCH TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 12 Statement of Financial Activilies comparative figures Unrestricted Funds Restricted Funds Total Funds 2023 For the year ended 31 March 2023 Income from: Donations and grants Charitable activities Investments 53,553 1.412,403 3,774 106,863 160,416 1,412,403 3,774 Totsl Income 1.469,730 106,863 1,576,593 Expendlture on: Raising funds Charitable activities 37,159 1,544,520 37,159 1,651,383 106,863 Totsl expendfture 1.581.679 106.863 1,688,542 Net Incomel(expendlture) (111.949) (111,949) othei recognised gains and losses Gains on investment property 168.264 168,264 Net movement in funds 56.315 56,315 Total funds at start of year 6.386.262 6,386,262 Total funds at end of year 6.442,577 6,442,577 41 THE SHOREDITCH TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 13 Tangible fixed assets Land and Leasehold Total Cost or valuation At 31 March 2023 Additions 1.888,526 {1) 1,709,615 63 3,598,141 62 At 31 March 2024 1888 525 1709 678 3 598 203 Depreclatlon At 31 March 2023 Charge for the year 470,296 37,773 1,684,486 8,058 2,154,782 45,831 At 31 March 2024 508 069 1692 544 2200613 Net book value At 31 March 2024 1,380,456 17,134 1,397,590 At 31 March 2023 1,418,230 25,129 1,443,359 Buildings comprises 2 long leaseholds relating to support to community business projects consistent with the aims and objectives of the charity. 14 Investment property 2024 2023 Fail value at 1 April 2023 Transfer from tangible assets Revaluation during the year Fail value at 31 Wkrch 2024 6,000,000 5,831,736 168,264 6,000,000 6,000,OCNJ Investment property consists of 8 Orsman RO￿ that is solely used for generating rental i￿ome to support the charitable activities. The property was transferred from fixed assets at the net book value at 1 April 2022 with a valuation carried ￿t in June 2022 by Chris Shearer MRICS of Colliers reflected which has been adjusted to reflect the fair Val￿ at 31 March 2023. 42 THE SHOREDITCH TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 15 Debtors 2024 2023 Due in less than one year: Debtors Prepayments VAT Accrued income 170 Pitfield Street service charge Other debtors 26,440 47,941 4,138 3,244 11,580 148,958 28,940 13,640 15,000 206 538 16 Credltors: amounts falllng due wlthln one year 2024 2023 Lloyds loan due < 1 year Accruals PAYE Pension creditor Creditors 8 Orsman Road service charge Deposits Deferred income VAT Sundry creditors 50,800 86,824 18,233 47,668 10,239 19,912 4,537 109,890 5,612 105,140 119,501 17,582 (2,755) 177,028 35,665 95.816 149,890 1,407 615 663 437 326 17 Cieditors: amounts falling due after one ye 2024 2023 Lloyds loan due 1-2 years Lloyds loan due 2-5 years Lloyds loan due > 5 years 55,984 187,369 875,172 51,199 181,020 937,107 1,118,525 1,169,326 The bank loan has interest charged at 1.95% above bank base rate and is secured by a charge over the assets. 43 ## **THE SHOREDITCH TRUST NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2024** ## **18 Reconciliation of net movement in funds to net cash inflow from operating activities** |||**2024**||2023| |---|---|---|---|---| |||**£**||£| |Statement of Financial Activities: Net movement in funds||(444,486)||56,315| |Loss on disposal of fixed asset||-||52,422| |Investment income||(4,099)||(3,774)| |Depreciation||45,831||95,387| |Increase / (decrease) in creditors: current liabilities||125,205||(27,034)| |Decrease in debtors||113,195||95,346| |Decrease in provisions||(39,000)||(167,000)| |Fixed asset revaluation||-||(168,264)| |Loan interest||91,251||67,166| |**Net cash (outflow)/inflow from operating activities**||(112,103)||564| |**Analysis of changes in cash and debt during the year**||||| ||||**Other non-**|| ||**2023**|**Cash flows**|**cash changes**|**2024**| ||**£**|**£**|**£**|**£**| |Cash at bank and in hand|487,682|(246,984)|-|240,696| |Secured bank loan|(1,216,994)|138,919|(91,251)|(1,169,326)| ||(729,312)|(108,065)|(91,251)|(928,630)| ||**2022**|**Cash flows**||**2023**| ||**£**|**£**||**£**| |Cash at bank and in hand|641,828|(154,146)|-|487,682| |Secured bank loan|(1,297,445)|147,617|(67,166)|(1,216,994)| |Other loan|(10,867)|10,867|-|-| ||(666,484)|4,338|(67,166)|(729,312)| ## **19 Analysis of changes in cash and debt during the year** ## **THE SHOREDITCH TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2024** ## **20 Movement in funds For the year ended 31 March 2024** |||||**Gains on**|| |---|---|---|---|---|---| ||**At 1 April**|||**investments &**|**At 31 March**| ||**2023**|**Income**|**Expenditure**|**transfers**|**2024**| ||**£**|**£**|**£**|**£**|**£**| |**Restricted funds**|||||| |Community Table project|-|8,525|(8,525)|-|-| |Young People|-|60,000|(60,000)|-|-| |Group Facilitation|-|36,095|(36,095)|-|-| ||-|104,620 -|(104,620)|--|-| |**Unrestricted funds**|||||| |Tangible fixed assets|-|-|(8,058)|25,192|17,134| |Property fund|6,442,577|-|(37,773)|(423,847)|5,980,957| |General funds|-|1,399,801|(1,798,456)|398,655|-| ||6,442,577|1,399,801|(1,844,287)|-|5,998,091| ||||||| |**Total funds**|6,442,577|1,504,421|(1,948,907)|-|5,998,091| ## **Restricted funds** Community Table project - funds that were donated to go towards the continuation of the project work to provide quality food to those who are recovering from illness, recent disability and trauma. Young People - For work with young people who have had Adverse Childhood Experiences, are experiencing trauma or are at risk of further trauma. Group Facilitation - To offer a diverse range of groups, courses and drop-in activities to clients and the local community. Groups include wellbeing and creative activities, accessible physical activity, social events, group ## **Designated funds** Tangible fixed assets - these funds represent the net book value of tangible fixed assets held in the Balance Sheet, less those included within the property fund, and are included within a separate designated fund to indicate that these funds are not available to be spent within general funds or free reserves without the sale of the assets. THE SHOREDITCH TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 20 Movement in funds (continued) Property fund - This contsins the net book value of the properties held in the Balance Sheet, less the ap￿ICable mortgage at the year*nd and are ir￿lUded within a separate deS￿￿nated fund to indicate that these funds are not available to be spent within general funds or free reserves without the sale of the assets. For the year ended 31 March 2023 Gains on investments & At 31 March transfers 2023 At 1 April 2022 Income Expenditure Restrlcted funds Community Table project 106,863 106,863 - (106,863) (106,863) Unrestrlcted funds Property fund General funds 6,386,262 528,563 (472,248) 941,167 (1.109,431) 6,442,577 168,264 Totsl funds 6 386 262 1576 593 1688 542 6 442 577 21 Analysls of net assets between funds Unrestrlcted Unrestrlcted Restrlcted designated general funds funds funds Total As at 31 March 2024 Tangible fixed assets ReLgted loan Investment property other net assets 1.397.590 (1.169.325) 6.000.000 (230.174) 1,397,590 (1,169,325) 6,000,000 (230,174) 5.998.091 5,998,091 Unrestricted Unrestricted Restricted Designated General Funds Funds Funds Total As at 31 March 2023 TarvJible fixed assets ReLgted loan Investment property other net assets 1.443.359 (984.775) 5.983,993 1,443,359 (984,775) 6,000,000 (16,007) 16,C07 (16,007) 6.442 577 6 442 577 46 THE SHOREDITCH TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 22 Related party transactions There are no transactions with trustees or other related parties other than those disclosed as required by the SORP elsewhere in the financial statements. 47