Company No. 07251141 Charity No. 1137143 Tower Hamlets Council for Voluntary Service Ltd (A Company Limited by Guarantee) Report and financial statements For the year ended 31 March 2024
Contents page Reference and administrative information Trustees, annual report 2- 11 Independent examiner's report 12 Statement of financial activities (incorporating an income and expenditure account) 13 Balan sheet 14 Statement of cashflows 15 Notes to the financial statements 16-23
THCVS Trustees, Report For the year ended 31 March 2024 Reference and administrative infomiation Company number: Charity number: 07251141 1137143 Administrative Office: London E2 9DA Telephone: Email: Website: Unit 3.10, The Green House, 244-254 Cambridge Heath Road, 0203 559 6696 info thcvs.or WV¥W.thcvs.org.uk Trustees: Haydor Ali {cOpted as Treasurer September 2023) Danielle Cargill Zoe Eccles Eleanor Healy-Birt (Treasurer until May 2023, Chair from May 2023) Chris Ley (VI Chair until May 2023) Taraash Gautaum (co-opted September 2023) Shipon Miah Jama Omar (appointed VI Chair May 2023) Mohammad Rahman (resigned April 2023) Mike Smith (Chair until May 2023, Treasurer from May to Sept 2023) Selina Uddin Louisa Vickers-mills (resigned April 2023) Chief Executive: Vicky Scott Independent examiner: Morlai Kargbo, FCCA Moracle Limited, Chartered Certified Accountants & Registered Auditors 960 Capability Green, Luton, LU13PE Bankers Unity Trust Bank PLC Nine Brindley Place, Birmingham, B12HB Pagel 1
THCVS Trustees, Report For the year ended 31 March 2024 TRUSTEES, REPORT The Trustees of Tower Hamlets Council for Voluntary servi (THCVS) are pleased to present their report and financial statements for the year ended 31 st March 2024. Trustees, who are also Directors under company law, confirm that the financial statements comply with current statutory requirements. the Memorandum and Articles of Association and the Statement of Recommended Practi - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. OUR AIMS AND OBJECTIVES The activities of the Charity are determined by the Trustees in line with the Objects of the Charity, which are.. To promote any charitable purposes for the benefit of the public, principally but not exclusively in the local government area of Tower Hamlets and its environs (hereafter called the "area of benefit") and, in particular, build the capacity of third sector organisations and provide them with neSSary support, information and services to enable them to pursue or contribute to any charitable purposes. To promote, organise and facilitate co-operation and partnership working between the third sector, statutory and other relevant bodies in the achievement of the above purposes within the area of benefit. Principal activities The principal activities of the Charity are to act as the 'umbrella' or resour organisation for the charities, community groups. voluntary organisations and social enterprises operating in Tower Hamlets. We do this by: maintaining a broad membership of affiliated and locally based community and faith groups, charities, voluntary enterprises that reflect the make-up of local communities" advocating for and representing our membership and the wider community of locally based third sector organisations and social groups on strategic partnerships with statutory and other agencies. and providing a range of services to support the setting up, running and development of member organisations, including providing information, advice and practical support on a range of issues. For example, securing funding, improving governance, management and creating partnerships. Public benefit We refer to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning the future activities of THCVS. All our serdices fulfil the public benefit requirement and are provided for free to locally based community and faith groups, charities, voluntary enterprises for the benefit of individuals and communities across the London Borough of Tower Hamlets. Page12
THCVS Trustees, Report For the year ended 31 March 2024 ACHIEVEMENTS AND PERFORMANCE Our activities in 2023124 During this year, THCVS has undertaken a range of work to develop the voluntary sector and support local organisations. Our main achievements are set out below. Membership At the end of March 2024 we had 467 members, an increase from 454 in March 2023. Of these, 451 were community organisations and 16 were individual members. 54 % of our members are small organisations with an annual turnover of less than £100.OOOpa. Annual Turnover of Members 5% 15% 25% During the year we worked with 124 voluntary and community groups and organisations across a range of activities. These sessions were overwhelmingly focused upon fundraising support in this financial year; partly due to our role in supporting organisations to apply for the Mayor's Community Grants Programme. 79 % of support queries related to funding. Subject of Queries publicity and promotion Networking and Partnerships (Xher safe8uardin8 Governance 8usiness/project plannin8 getting started 0% Io% ?1)% 30% 40% $0% 60% 70% 80% 90% Page13
THCVS Trustees, Report For the year ended 31 March 2024 One of THCVS'S sucSseS in the last few years has been to bring money into the sector through working in partnership with other VCS organisations in projects such as Cornerstone. Flourishing Communities and Neighbourhood Forums. This is important because it supports other VCS organisations in a difficult funding environment. PayTnent to VCS partners £39),CO) t1.C[l) £11kJ.IXII We strongly believe that the success and progress of our organisation has been greatly influenced by THCVS, that we have grown to trust and depend on. We have been receiving this support since the incorporation of our organisation and we simply would not have been able to come as far as we have without THCVS. We have received support in registering our organisation, setting up our domain name, building our website, putting our policies in order, clarifying our purpose and goals, identifying fvnding opportunities, writing funding applications, tracking our impact, writing progress reports, and literally every aspect of running our organisation. The most important part though, was that we have been receiving moral support from all agents of THCVS. (THCVS member) Alongside one to one casework support, we provide a regular bulletin going to over 1,700 members and website updates on funding opportunities, meet the funders events and opportunities to participate. State of the Sector We reiVed pro-bono support from Superhighways and David Kane to analyse existing data from the Charities Commission and 360 Giving, and combined this research with our own members survey. The report was launched on 3 October at St Margaret's House, which 39 people attended. The findings showed the stark position that many VCS groups find themselves in, with 57 % having just one year funding maximum and 110/0 being close to closure. Also of particular note was the analysis of VCS distribution across Tower Hamlets, giving a ma of the hot and cold s ots where both numbers of VCS groups and investment differ hugely. The full report can be read here. Page14
THCVS Trustees, Report For the year ended 31 March 2024 How big are charities in Tower Hamlets? by annual income Number of charities Under £IOk Total income Under £IOk £IOk to £IOOk £IOkto £IOOk £IOOk to £500k £IOOk to £500k £500k to £liii £500k to £liii £lm to £IOm £lm to £IOm Over £IOm Over £IOm Securing the resources to be more resilient and sustainable Over the course of this year our funding support has been dominated by the Tower Hamlets Mayor's Community Grants Programme. Ofthe 92 groups we supported 29 were successful in accessing funding from the Mayor's Community Grants Programme. These 29 groups secured an annual £1,062,020 across 42 projects. We have continued to work to lever funding into the sector and used the results of our State of the Sector re Ort (2023) to show the precariousness of the situation that small groups face within Tower Hamlets in order to influence decisions around resource allocation. Work in partnerships with each other and with other sectors to leverage in resources and have a greater impact for residents The Health Determinants Research Collaboration, in partnership with the local authority and three local universities, has been raising awareness with residents and voluntary sector organisations to prepare for the partnership to develop applications for research funding that will both improve outcomes for residents and embed research into decision making in the borough. Page15
THCVS Trustees, Report For the year ended 31 March 2024 THCVS has also worked with the Well Communities programme in the first stage of an Arts and Health Research Collaborative. The programme focussed on engaging communities, the voluntary sector and health care providers from across primary and secondary care to develop a network of providers to strengthen the use of arts and environment to improve health outcomes in the Old Ford area. This work is now linked into the Communities Keeping Well programme to build on it and encourage stronger partnerships. The health and wellbeing steering group is a partnership of organisations collaborating to support the sector to engage with the health care system. The partnership agrees the format for the forum meetings to link the sector with the health and social care system. The focus has been to better understand the health eco system and connect the voluntary and community sector to opportunities. Through the Connection Coalition we have worked with the public health team to develop approaches to tackling loneliness in the borough. We supported the development of the campaign 'Just Say Hello, to break down barriers and raise awareness of services for residents across the borough. Our CEO cfrchairs Cooperate, the cross-sector partnership with the Council's Cabinet Member for the Voluntary Sector. She also attends the Tower Hamlets Partnership which aims to provide residents with opportunities to shape, influence and inform the development of the borough's main partnership plans. We participated in the NEL VCSE Collaborative. a group of infrastructure organisations across the North-East London Integrated Care System, with the aim of ensuring equitable partnership with statutory health bodies across the area, shaping the design and delivery of services for our diverse communities, tackling health inequalities, and supporting residents to live longer in good health. The partnership has secured funding for a Partnership Development Director who will be hosted by THCVS and who will coordinate the VCSE Collaborative and seek out opportunities for the voluntary sector to work as part of the integrated care system. Strengthen the influence of disadvantsged and marginalised communities in local decision making and planning THCVS has continued to support voluntary and community groups to connect with the public and private sectors and strengthen their representation in decision-making structures for the development of key emerging programmes such as the Tower Hamlets Health Determinants Research Collaboration, which will enable community voice in re- defining the relationship with residents, with communities coproducing research priorities, doing research, and designing interventions. The stark inequalities experienced by communities through the pandemic and during the ongoing recovery highlight the importance of involving disadvantaged and marginalised communities in creating solutions through influencing system change. The two projects funded through the National Lottery Communities Fund. Flourishing Communities and the Page16
THCVS Trustees, Report For the year ended 31 March 2024 Cornerstone project, both strengthen a model of coproduction. involving community groups and residents to work alongside statutory agencies to have a greater impact for residents. The Cornerstone partnership is collaborating to address the approach taken by public sector organisations to Equality Impact Assessments through developing a productive working relationship resulting in improved communication and cooperation that is instrumental in aligning the efforts towards our shared goals. The partnership has recruited and supported a panel of residents who are collaborating with council officers to address the intersectional issues involved in addressing residents needs in the development of the violence against women and girls, strategy. The Flourishing Communities project partners and THCVS are building a collaboration between women from minoritized communities and primary and secondary care to address the inequalities eXperIend by women in acSsIng sexual and reproductive health seniices. The women have been developing an approach to improving health literacy in partnership with the provider services and raising awareness in the community of cervical screening and maternity ServIS and how to address the inequity experienced by women. The project focus is on raising awareness and health literacy through culturally appropriate community conversations and strengthening the women's voice to change approaches in services. THCVS coordinates the Equalities Hub, which provides a ntral strategic focus, responding to the community's needs and issues, and is vital to bringing about a more coordinated approach to equalities in the borough. Equalities Hub meetings this year included themes around digital inclusion. cost of living. community safety and employment and opportunity. The Disparities project of Black, Asian and Minorty Ethnic led community groups continued to work alongside statutory health agencies to strengthen influencing to improve outcomes for residents. The leaders contributed to THT meetings and Locality Health and Wellbeing committees to profile the needs of the communities they represent. They worked with the LBTH Black. Asian & Multi-Ethnic Inequality Lead to continue to address the issues highlighted in the Ra Commission Action plan. The partnership developed a conversational approach with senior leaders to explore the issues of inequalities in the system focussing on equity of aCss, coproduction and funding approaches. The leaders collaborated to deliver an event 'Silent Struggles, that further highlighted the issues and explored solutions for change. The Neighbourhood Forums pilot project launched in October 2023 and is aimed towards supporting resident voice to influence priorities. decision making, and resour allocation at Primary Care Network level. This project is being delivered in partnership with local VCS groups and is being externally evaluated with the aim of working towards rollout across the entire borough. Page17
THCVS Trustees, Report For the year ended 31 March 2024 THCVS staff and trustees have spent a number of months developing a new strategy in consultation with all members and other stakeholders, to be launched in April. It will focus on three objectives: Strategic objective 1: Voluntary and community groups in Tower Hamlets will have a stronger voice. To achieve this we will: Support voluntary and community groups to have a collective voice that influences change positively Help to ensure the diversity of voluntary and community groups is represented and influential in local decision making Act as a critical friend to statutory partners like the council and NHS, and create opportunities for dialogue Strategic objective 2: Voluntary and community groups in Tower Hamlets will have access to the resources they need To achieve this we will: Support access to funding through free one to one fundraising advi, training and opportunities Create opportunities for collaboration including grassroots groups Actively identify and help to secure income for local organisations Strategic objective 4: Voluntary and community groups in Tower Hamlets will have increased confidence, connections and skills To achieve this we will: Help voluntary and community groups to connect to each other and collaborate Work with local voluntary and community groups to build their skills and resources Create meaningful opportunities to collaborate with statutory and other local partners Plans for the Future 2024 - 2025 will see THCVS launch and deliver its new strategy. We have plans to cement and build on the support we offer VCS groups in Tower Hamlets through a training and 1-1 support offer and through advocating on the sector's behalf. In particular we would like to work intensively in some of the 'cold spots, in the borough and bring additional money and resources into those areas. We have plans to advocate for more inclusive grants funding in Tower Hamlets. We will also be working to secure long-term sustainability by diversifying our income streams. Page18
THCVS Trustees, Report For the year ended 31 March 2024 FINANCIAL REVIEW During the year, total income was £972,362 (2022-23: £681,350) and total expenditure was £887,657 (202-23: £616,930), resulting in a surplus of £84,705 (2022-23: £64,420), of which £49,512 was in unrestricted funds. In this year the London Borough of Tower Hamlets provided our core funding under a restricted grant that was extended to October 2023. Outside of our core grant funding, we continued to support voluntary and community groups to engage with health ServIS under a contract with Tower Hamlets Together. We also reiVed money through the Arts & Humanities Research Council to build a Well Communities Research Consortium to address health disparities through Integrated Care Systems. We continued to receive a small amount of income from ad hoc small-scale projects (or consultancy work). As at the year-end, total bank and cash balances were £611,466 (2022-23: £283,831). The unrestricted reserves were £216.733 (2022-23: £167,221). Restricted reserves were £60,357 (2022-23: £25,164). Page19
THCVS Trustees, Report For the year ended 31 March 2024 Managing Risk The Charity's Trustees are responsible for managing risk, with relevant risks and mitigations considered when taking decisions on proposals presented to the Board Reserves policy The Trustees have adopted a reserves policy taking into account the key risks facing the organisation. Both cash flow and reserves are regularly monitored by the CEO and Treasurer and updated to reflect a true representation of current operating costs at all times. Trustees have therefore agreed a policy of maintaining a minimum of unrestricted resereS of £70,000 to cover the risks ouuined above. At the year-end, unrestricted reserves that were not designated amounted to £216,733 (2022-23: £147,221). Going concern The Trustees of THCVS understand and foresee that the charity has sufficient, easily accessible reSoUrS available to meet all of its liabilities as they fall due and to continue to meet them in the short to medium term. STRUCTURE. GOVERNANCE AND MANAGEMENT THCVS is a registered charity (1137143) and a company limited by guarantee (07251141). Our governing documents are the Memorandum and Articles of Association, adopted on the 12 April 2010. THCVS, articles of association allow for the charity to appoint between five and 15 Trustees at any one time. A third of Trustees must stand down by rotation at each Annual General Meeting and may be re-elected for a maximum of four further terms. THCVS Trustees have continued to meet every two months to keep track of activities and plan ahead. Meetings are held on an online and in-person basis. Trustees continue to delegate the day-t(Fday management of the organisation to the Chief Executive Officer. Related parties and relationships with other organisations THCVS has one subsidiary company, THCVS Trading Ltd. There was no financial activity within the subsidiary in 2023124, which also has a nil balance sheet. There were no other related paty transactions during the year. STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES The Trustees (who are also directors of charitable company for the purposes of company law) are responsible for preparing the trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practi). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of reSoUrs, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistently Page110
THCVS Trustees, Report For the year ended 31 March 2024 Make judgements and estimates that are reasonable and prudent State whether applicable UK Accounting Standards and statements of recommended practice (SORP) have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basis unless it is not appropriate to presume that the charity will continue in operation The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Small company exemptions For the year ending 3110312024 the Company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. THCVS members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. Trustees recognise their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Independent examiners Moracle Limited was re-appointed as the independent examiners of the charitable company during the year and have expressed their willingness to continue in that capacity. The Trustees, annual report has been approved by the Trustees on 5 September 2024, and signed on their behalf by: Haydor Ali, Treasurer Page111
THCVS Trustees, Report For the year ended 31 March 2024 I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act" or the accounts do not accord with those records. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination" or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Morlai Kargbo, FCCA Moracle Limited Chartered Certified Accountants & Registered Auditors 960 Capability Green Luton LU13PE 5th September . 2024 Page112
Tower Hamlets Council For Voluntary Service Ltd Statement of Financial Activities (induding Income and Expenditure account) For the year ended 31 March 2024 Unrestricted Funds Restricted Funds Total 2024 Total 2023 Notes Income and endowments from: Charitable activities To promote and train for public benefit 238,119 734,186 972,305 681,329 Investment income 57 57 21 Total income 238,176 734,186 972,362 681,350 Expenditure on: Charitable activities To promote and train for public benefit 188,664 698,993 887,657 616,930 Total expenditure 188,664 698,993 887,657 616,930 Net income l {expenditure) before transfers 49,512 35,193 84,705 64,420 Net movement in funds 49,512 35,193 84,705 64,420 Reconciliation of funds: Total funds brought forward at start of period 167,221 25,164 192,385 127,965 Total funds carried forward at end of period 216,733 60,357 277,090 192,385 The Statement of Financial Activities indudes all gains and losses recognised in the year. The attached notes form part of these financial statements. Pa
Tower Hamlets Council For Voluntary Service Ltd Balance sheet As at 31 March 2024 Company no. 07251141 2024 2023 Notes Fixed assets Tangible assets 2,878 4, 938 Current assets Debtors Cash at bank and in hand 10 38,945 611,466 143,316 283, 831 650,411 427,147 Liabilities Creditors: amounts falling due within one year 11 (376,199) (239. 700) Net current assets 274,212 187,447 Net assets 277,090 192,385 Funds: Restricted funds Unrestricted funds Designated funds General funds 13 60.357 25,164 13 13 20, 000 147,221 216,733 216.733 Total charity funds 277,090 192,385 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirments of the Companies Act 2006 with respect to accounting records and preparation of accounts. The financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. Approved by the trustees on and signed on their behalf by.. 5 September 2024 Haydor Ali, Trustee The attached notes form part of the financial ststements. Pa 14
Tower Hamlets Council For Voluntary Service Ltd Statement of cash flows For the year ended 31 March 2024 2024 2023 Cash flows from operating activities Net income for the reporting period las per the statement of financial activities) Depreciation charges Investment income Decreasel{Increase} in debtors I ncrease in creditors 84,705 64,420 2.060 (57) 104,371 136,499 1,185 (21) (136,742} 219,263 Net cash used in operating activities 327,578 148,105 2024 2023 Cash flows from operating activities Net cash provided by operating activities 327,578 148,105 Cash flows from investing activities: I nterest receivable Purchase of fixed assets 57 21 (3,978} Net cash provided by l {used in) investing activities 57 {3,957) Change in cash and cash equivalents in the year 327,635 144,148 Cash and cash equivalents at the beginning of the year 283,831 139,683 Cash and cash equivalents at the end of the year 611.466 283,831 Analysis of cash and cash equivalents Other non- cash changes At31 March 2024 At 1 April 2023 Cash flows Cash at bank and in hand 283,831 327,635 611.466 a Total cash and cash equivalents 283,831 327,635 611,466 Page | 15
Tower Hamlets Council For Voluntary Service Ltd Notes to The Financial Ststements For the ear ended 31 March 2024 Accounting policies Basis of preparation The financial statements have been prepared in accordan with Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102) and the Companies Act 2006. The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. Going concern The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any SoUrS of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. Income Donations income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from grants is recognised when the charity has entitlement to the funds, any perf0rrnan conditions attached to the grants have been met. it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income reiVed in advan for the provision of specified service is deferred until the criteria for income recognition are met. Investment income is recognised when receivable and the amount can be measured reliably by the charity., this is normally upon notification of the interest or dividends paid or payable by the investment fund manager. Expenditure Expenditure is recognised On there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities includes the costs of delivering servIs, exhibitions and other activities undertaken to further the purposes of the charity and their associated support costs. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. These costs have been allocated between expenditure on charitable activities on the basis of the staff time spent on the activity. Fund accounting Unrestricted funds are available to spend at the discretion of the trustees on activities that further any of the purposes of charity. Restricted Funds are restricted income funds given to the charity for specific purposes. They are expendable by the trustees in furtherance of particular projects within the charity objects. Tangible fixed assets Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows- Office equipment Computer equipment 33°/0 Straight line basis on cost 330A straight line basis on cost Pa 16
Tower Hamlets Council For Voluntary Service Ltd Notes to The Financial Ststements For the ear ended 31 March 2024 Accounting policies (continued) Debtors Trade and other debtors are recognised at the settlement amount 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 includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Pensions The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in the year. Detailed comparatives for the statement of financial activities Unrestricted Restricted Funds Funds Total 2023 Income from.. Charitable activities.. To promote and train for public benefit Investment income Total incoming resources 186,363 21 186,384 494,966 681,329 21 681,350 494,966 Resources expended.. Charitable activities.. To promote and train for public benefit 128,651 488,279 616,930 Total resources expended 128,651 488,279 616,930 Net incomingl{outgoing) resoUrS before transfers 57,733 6,687 64,420 Transfers beeen funds Net incomingl(outgoing) resoUrS 57,733 6,687 64,420 Reconciliation of funds Total funds brought fOard at start of the period 109,488 18,477 127,965 Total funds carried forward at end of the period 167,221 25,164 192,385 Pa 17
Tower Hamlets Council For Voluntary Service Ltd Notes to The Financial Ststements For the ear ended 31 March 2024 Income from charitable activities Unrestricted Funds Restricted Funds Total 2024 Total 2023 To promote and train for public benefit London Borough of Tower Hamlets- Core Grant LBTH- Disparities Project LBTH- Equalities Hub LBTH- (Local Community Fund) VCSE Collaborative National Lottery- Comerstone Fund National Lottery- Flourishing Communities THT Neighbourhood Forums Queen Mary University Loneliness Coalition Societe Generale UK Foundation Consultancy AHRC HDRC 151,667 151,667 39,908 51,280 22,000 51,001 226,414 151,391 100,286 44,717 10,825 8,300 4,000 1,520 10,752 98,244 972,305 260, 000 80, 000 39,908 51,280 22.000 16,250 51,001 226,414 151,391 89, 086 91,794 71,313 100,286 44,717 10,825 8,300 4.000 1,520 8, 300 10,500 5,376 48,710 681,329 10,752 98,244 734,186 238,119 Investment income Unrestricted Funds Restricted Funds Total 2024 Total 2023 Bank Interest 57 57 57 57 21 21 Pa 18
Tower Hamlets Council For Voluntary Service Ltd Notes to The Financial Ststements For the ear ended 31 March 2024 Analysis of expenditure Current year Support Costs Total 2024 Total 2023 Unrestricted Restricted Direct servi Delivery Salaries Other staff costs Premises costs offi costs Legal & professional IT & software Marketing & subsc Independent examination fees Governan 55,988 83,894 2.722 351,979 256,200 131 407,967 376,605 2,853 36,905 3,555 45,283 6,217 3,675 2,000 2,597 247, T99 284,512 2,099 33,033 3,122 31,463 10,249 1,385 1,800 1,468 36,511 36,905 3,555 45,283 6,217 3,675 2,000 2,597 ,74 Support costs allocation 46.060 188.664 90,683 698,993 (136,743) 887,657 616,930 Analysis of expenditure Prior year Support Costs Total 2023 Unrestricted Restricted Direct se1 Delivery Salaries Other staff costs Premises costs Office costs Legal & professional IT & sofvare Marketing & subsc Independent examination fees Governan 45,168 55,994 1,365 202,631 218,411 734 247,799 284,512 2,099 33,033 3,122 31,463 10,249 1,385 1,800 1,468 10,107 33,033 3,122 31,463 10,249 1,385 1,800 1,468 Support costs allocation 26,124 ,65 66,503 8,27 (92,627) Pa 19
Tower Hamlets Council For Voluntary Service Ltd Notes to The Financial Statements For the ear ended 31 March 2024 Net incomel (expenditure) for the year 2024 2023 Net incomel (expenditure) is stated after charging.. Independent examiner's fee (excluding VAT) Depreciation 1,667 2,060 1, 500 Analysis of staff costs. trustee remuneration and expenses and cost of key management 2024 2023 Wages and salaries Social security costs Pension costs Redundancy and termination costs 326,602 29,391 18,464 2,148 376 605 246, 085 21, 192 17,235 284 512 1 member of staff received emoluments of more than £60,000 in this year (2023: 1) The total employee benefits including employer National Insuran and pension contributions of the key management personnel were £74,219 (2023: £68,930). The average monthly numbers of employees during the year was 9 {2023 . 7). The trustees of the charitable company were not paid or received any other benefits from employment with the charity in the year {2023= £nil) neither were they reimbursed expenses during the year (2023.. £nil). No charity trustee received payment for professional or other services supplied to the charity (2023.. £nil). Taxation The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. Tangible Fixed Assets Furniture Fixture Computer Office Equipment Equipment Total Cost At 1 April 2023 Additions in the period At 31 March 2024 180 9,811 2,172 12.163 180 9,811 2,172 12,163 Depreciation At 1 April 2023 Charge for the period At 31 March 2024 180 4,873 2,060 6,933 2,172 7,225 2,060 9,285 180 2,172 Net book value At 31 March 2024 2,878 2,878 At 31 March 2023 4, 938 4,938 Pa 20
Tower Hamlets Council For Voluntary Service Ltd Notes to The Financial Ststements For the ear ended 31 March 2024 10 Debtors 2024 2023 Trade Debtors Accrued Income Other Debtors and prepayments 91,689 48,710 2,917 143,316 35,592 3,353 38,945 11 Creditors: Amounts falling due within one year 2024 2023 Trade creditors including taxation and social security Other creditorslPension Accruals Deferred income 49,309 2,620 3,440 320,830 376,199 34,021 349 5, 240 200,090 239, 700 Deferred Income: 2024 2023 Balan at the beginning of the year Amount released to income in the year Amount deferred in the year Balance at the end of the year 200,090 (200,090) 320,830 320 830 200, 090 200 090 12 Analysis of Net Assets between Funds Current year General Funds Designated Restricted Funds Funds Total 2024 Tangible fixed assets Current assets Current liabilities 2,878 264,310 (50,455) 2.878 650.411 1376,199) 386,101 (325,744) 216,733 60,357 277.090 Analysis of Net Assets between Funds (prior year) General Funds Designated Restricted Funds Funds Total 2023 Tangible fixed assets Current assets Current liabilities 4938 284818 {142.535) 4,938 122,329 427,147 {97,165) {239,700) 20,000 147,221 20.000 25,164 192,385 Pa 21
Tower Hamlets Council For Voluntary Service Ltd Notes to The Financial Ststements For the ear ended 31 March 2024 13 Movements in Funds At 1 April 2023 Income & gains Expenditure & losses At 31 March 2024 Transfers Restricted Funds LBTH Core Grant Play Association TH (PATH) National Lottery- Flourishing Communities Neighbourhood Forums VCSE Collaborative AHRC HDRC National Lottery- Comerstone Fund 151,667 (151,667) (3,750) 6.000 2,250 151,391 (146,295) 5,096 44,717 51,001 10,752 98,244 226,414 734 186 (33,890) (51,001) (10,752) (98,244) 203,394 698 993 10,827 19,164 42,184 Unrestricted Funds General funds Designated Funds- Other Total unrestricted funds 147,221 20,000 167,221 238,176 (188,664) 20,000 (20,000) 216,733 238,176 188,664 216,733 Total Funds 192,385 972,362 (887,657) 277,090 Movements in Funds (prior year) At 1 April 2022 Income & gains Expenditure & losses Transfers At 31 March 2023 Restricted Funds LBTH Core Grant Play Association TH (PATH) National Lottery- Flourishing Communities AHRC HDRC National Lottery- Comerstone Fund 260,000 (260,000) 6.000 6,000 12.477 91,794 5,376 48,710 89,086 (104,271) (5,376) (48,710) (69,922) 19,164 18,477 494,966 488,279) 25,164 Unrestricted Funds General funds Designated Funds- Other 89,488 20.000 186,384 (128,651) 147,221 20,000 Total unrestricted funds 109,488 186,384 (128,651) 167,221 Total Funds 127,965 681,349 (616,931) 192,385 Pa 22
Tower Hamlets Council For Voluntary Service Ltd Notes to The Financial Ststements For the ear ended 31 March 2024 13 Movements in Funds Icontinuedl Restricted funds are for the following purposes: London Borough of Tower Hamlets (LBTH Core Grant ) - Our main Infrastructure and Capacity Building grant agreement which enables us to carry out our charitable activities with the volunteer and community organisations in the borough. Path - Play Association Tower Hamlets.. fijnds to be used in developing a voluntary sector Play Partnership in Tower Hamlets. National Lottery Community Fund - Cornerstone project, changing how Council and health & care ServIS involve diverse communities, to inform better service provision which addresses inequalities of outcomes within service systems, particularly through Equalities Impact Assessments. Neighbourhood Forums A one-year pilot fvnded by Tower Hamlets Together to develop a model of Neighbourhood Forums in two Primary Care Networks, to facilitate resident input into decision making prosseS in health systems. VCSE Collaborative Three-year funding from NHS North East London (NEL) to develop the VCSE Collaborative to ensure the active participation of the ICB and of the voluntary & community sector across NEL. AHRC- Funding from the Arts & Humanities Research Council to build a Well Communities Research Consortium to address health disparities through Integrated Care Systems HDRC - A five-year partnership with Queen Mary University of London, London Metropolitan University, University of East London and the London Borough of Tower Hamlets, to make Tower Hamlets a 'go to, place to conduct high quality, collaborative. impactful health research, induding proactive in-reach to the VCS, and cfrproduction to support public involvemenL 14 Company Status Tower Hamlets Council for Voluntary servi is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up. 15 Related party transactions There are no related paty transactions to disdose for the year (2023.. none). There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. There is no balance due tolfrom related parties at the end of the year. Pa 23