## **East End Community Foundation** **(a company limited by guarantee)** ## **Annual report and financial statements** For the year ended 31 March 2022 Charity registration number 1147789 Company registration number 08104415 **East End Community Foundation** ## **Contents** ||Page| |---|---| |Reference and administrative information|1| |Chairman’s report|2| |Trustees’ report|3 ‐ 10| |Independent examiner’s report|11 ‐ 14| |Statement of financial activities|15 – 16| |Balance sheet|17| |Statement of cash flows|18| |Notes to the financial statements|19 ‐ 44| **East End Community Foundation** ## **Reference and administrative information** For the year ended 31 March 2022 |**Trustees**|Bronek Masojada (Chairman)|| |---|---|---| ||Katherine Webster (Vice Chair)|| ||Alkhad Ali|| ||Atanu Bhattacherjee|| ||Laurence Everitt|| ||Rev Jeremy Fraser|| ||Jim MacHale|| ||Catherine McGuinness|| ||Guy Nicholson|| ||Sahidur Rahman|| ||Rick Watson|| |**Charity registered number**|1147789|| |**Company registered number**|08104415|| |**Company secretary**|John Dawson|| |**Principal office**|c/o EECF
Jack Dash House|| ||2 Lawn House Close|| ||London|| ||E14 9YQ|| |**Bankers**|Barclays Bank Plc|| ||1 Churchill Place|| ||London|| ||E14 5HP|| |**Statutory auditor**|Buzzacott LLP|| ||130 Wood Street|| ||London|| ||EC2V 6DL|| |**Investment managers**|Investec|CCLA| ||30 Gresham Street|Senator House| ||London|85 Queen Victoria St| ||EC2V 7QN|London| |||EC4V 4ET| ||Sarasin & Partners|Eden Tree Investment Management| ||Juxon House|24 Monument Street| ||100 St Paul’s Churchyard|London| ||London|EC3R 8AJ| ||EC4M 8BU|| 1 East End Cofflmunlty Founda Chalrman's report For the yeaf ended 31 Maf¢h 2022 My tenure as Chalr of the East End Communlty Foundath)n be8an Just o¥er seven months a80. Already. in this relatbvety short perlod. I have been struck by the professionalism arKI hard work of staff, the sheer dedlcatknn and expertise of our grant recipients. and the ￿$*[lence and unlty of our local communitie5. The strength of EECF a5 a grant-maker 15 testament to the leader5hlp of fornier Chair. Howard Dawber, who stepped down from the Board in Ncwember 2021, after servlng two lermsas Chair and some nlne years asa trustee. Iwould like to tske th15 OPPOrtuntyto ￿08Th5$e and thank hlm for his ser¥ice. and for a wami wekome and smooth transiiTh. As the Eas¢ End emerges from the trnuma of the COVIO-19 pandernK. EECF has SO￿ht to support grassroots organtsations 8et back on thelr feet. enablln8 them to focus on servlce delNery. These organisatlons were kept afioat by the emeruenry fundln8 disiributed by EECF durlng 2020, but they rK)w face an extraordinary demand on their seryices: a consequence of the catsstrophic imp•ct of the pandemlc on the most disadvantaged and vulnerable cornmunities in the East End. The emerging cost of Ilvln8 crisis- which affects not just residents but the Organisa￿nS themselves- has created a perfect storm. 0￿r grnntees report an alarming esCa￿tIon in need- something that wa expect to become more ur8ent and wldespread ovef the comlry mont As a srJnt￿ker. we have So￿ht to respond to these demands ￿ focusSng resources-whether our own or those ofthe donor funds we manage- where they can Khieve the Breatest Impact. ThfOU8h our Life Chances Campaign Ilaunched In October 2021 and havlbva ralsed £1.4m by March 20221 we will be able to offer higher value, strategic furKlin8 to a number of exceptional 8rassroots organlsatlons workin8 with youni people and older resldents. Thls multl-year support wlll enable groups to focus on supporting client5. freed from some of the pre55ure of fvndr•i5in8. Crucialty thls approach wlll allow these groups io effect ￿&￿er-1ast1￿ posiiive changes to our East End communlty. Alongside this, we contlnue our commitment lo b￿d1h of reach ihrough our 8rant- rnaki￿ Init1at￿es such as the London 8orough of Tower Hamlets Small Grants Pro8ramme ensure that even the 5m•llest of groups can •pply for fvndln8 to help deliver their work. ndeed, It Is thanks to the generoslty ol our don0￿ who, tollettfvely, have enabled u5 to Invest more than £1.3m In the voluntary sector Kro￿ ihe East End durlng 21-22. benefitting 203 grassroot5 or8aniSations across the three borough5. In particular, I would like to thank those donors who have supported our Llfe Chances C4mpa*n to date. and those whose bx)le of confldence In EECF's work e￿endS to in¥estltYa funds arml outsourclNd major 8ran15 programmes io us. As the external env5ronmenl contiftues to present 8rnve challenges for the most disadvantaged communltle5 In our area. in the comlng Itar we must work even harder to secure and dlstrlbute ambltkjus levels of phllanthropK Investment. The people of the East End are Count1￿ on it. Bronek Ma50Jad• Chalrman Date.. **East End Community Foundation** ## **Trustees’ report** For the year ended 31 March 2022 ## **Introduction** The East End Community Foundation (EECF) has been advising and co‐ordinating charitable giving since 1990. Our purpose is to promote the relief of poverty and we do this by staying abreast of social needs locally and advising, matching and administering charitable donations on behalf of individuals, companies and statutory bodies committed to supporting those most in need in Tower Hamlets, Hackney, Newham and the City of London. As a grassroots grant maker we have excellent knowledge of the charitable sector across East London and we are uniquely connected to its people and challenges. Our experience, expertise and research provide us with a thorough understanding of the causes and solutions to tackling poverty and our services are tailored to meet the specific requirements of both the community and our fund holders and donors. As an advisor, we are dedicated to ensuring our fund holders and donors get the most from their charitable investments, educating them on local issues and bringing them closer to the causes they are seeking to support. Our experienced staff team provide our fund holders and donors with a comprehensive service of support, including advice on effective charitable giving in the East End through to full management of their funds. For our grantees, we are a vital source of financial support and we work closely with them from application stage through to monitoring and evaluation. We also provide a Funding Plus+ offer through which we deliver a volunteer brokerage service, sourcing corporate volunteers to support them with a wide range of needs, as well as delivering workshops to promote funding opportunities and advice on crafting good quality grant requests. In addition, EECF occasionally directly delivers programmes that tackle inequality and address the East End’s most pressing social needs. ## **Aims and Objectives for the Public Benefit** EECF exists and operates for the public benefit. Through its grant making and co‐ordination of charitable giving locally it works to reduce inequality and poverty within its geographical remit. The formal objective of EECF, as set out in the Memorandum and Articles of Association, is to promote the relief of poverty and sickness of persons within the London Boroughs of Tower Hamlets, Hackney, Newham and City of London. With the full breadth of social needs existing in the East End, EECF has prioritised support to young people, older people and digital exclusion and has done so based on the learning it derived from its Covid Emergency Fund and it’s Vital Issues research report. The Board is satisfied that its wide range of grant making programmes and the other charitable activities it delivers meet the requirement of providing public benefit as defined by the Charity Commission. ## S **tructure, Governance And Management** The East End Community Foundation (EECF) is a registered charity (No. 1147789) and company limited by guarantee (08104415). It was incorporated on 13[th] June 2012 and became operational on 1[st] October 2012, following the merger of Isle of Dogs Community Foundation (IDCF) and St Katharine & Shadwell Trust (SKST). The trustees, who are also Directors of the charitable company, present their report and audited financial statements for the year ending 31[st] March 2022. In presenting this report the trustees have complied with the Statement of Recommended Practice, Accounting and Reporting by Charities (FRS102) (the Charities SORP), the Companies Act 2006 and applicable United Kingdom Generally Accepted Accounting Practice. EECF is a membership organisation with four classes of membership (voluntary sector, business, statutory and individual) and only fully paid‐up members can stand for a seat on the Board when a vacancy arises. Prospective trustees are interviewed by a panel of trustees which makes a recommendation to the full Board. The Board has the power to make appointments but these must be presented to members at the AGM for ratification. 3 **East End Community Foundation** ## **Trustees’ report (continued)** For the year ended 31 March 2022 The board of trustees may consist of no more than 15 trustees or no fewer than 9. Our Articles state trustees can serve a term of 3 years before having to stand for re‐election. Trustees who have served 3 consecutive terms shall not serve for a further term commencing earlier than the end of the Annual General Meeting following that at which he/she retired from office. On the 31[st] March 2022 EECF had 11 trustees. EECF seeks to possess a Board that has equal representation from the following classes of membership classes: Business, Statutory and Voluntary. Trustees may co‐opt up to 5 individuals who bring specific skills or expertise not already represented on the Board. Further expertise is also brought in the form of ‘contributors’. These individuals support specific aspects of EECF’s work and their involvement is generally confined to a committee. Neither co‐optees or contributors have voting rights, their appointments are for a term of 12 months and are reviewed annually by the board. On the 31[st] March 2022 EECF had 3 co‐optees. ## **Board of Trustees** For the purposes of the Companies Act 2006, the Board of Trustees is regarded as the Board of Directors of the company. EECF has a formal trustee induction process that includes receipt of a trustee handbook and a one to one meeting with the Chief Executive. Where appropriate this is followed by a further meeting prior to their first board meeting to take them through the agenda and provide useful background information. Trustees are also encouraged to visit some of our grantees to better understand the needs of the community and the impact of our work. No remuneration or expenses were paid to trustees or co‐optees during the year. All declarations of interest are held on a formal register and trustees must raise these, where relevant, at the start of every board and committee meeting. In those cases, this is noted in the meeting minutes and trustees are excluded from the discussion and decision‐making process. The trustees of the company during the period and to the date of signing this report are as follows: ## **Trustees** The trustees of the Charity during the year ended 31[st] March 2022 and up to the date of approval of this report were: **Trustee Name Member Name Membership Class** Alkhad Ali (from 01/12/21) SPLASH Voluntary Babu Bhattacherjee The LETTA Trust Voluntary Vicky Clark (to 30/06/22) London Borough of Tower Hamlets Statutory Howard Dawber (Chair) (to 30/11/21) Canary Wharf Group Business Laurence Everitt (from 15/06/2022) Northern Trust Business Jeremy Fraser Church of England Voluntary Sister Christine Frost (to 30/11/21) SPLASH Voluntary Jim MacHale Clifford Chance Business Bronek Masojada (Chair) (from 10/08/21) Individual Catherine McGuinness (from 01/07/22) Individual Guy Nicholson London Borough of Hackney Statutory Sahidur Rahman Limehouse Boxing Academy Voluntary Rick Watson AFME Business Katherine Webster (Vice Chair) Individual James Wright (to 31/03/22) Northern Trust Business 4 **East End Community Foundation** ## **Trustees’ report (continued)** For the year ended 31 March 2022 ## **Management and Committees** The day to day running of the charity is delegated to the Chief Executive, Tracey Walsh, and her staff. The Board is responsible for setting strategies and policies for the charity and ensuring they are implemented. To assist the Board with its work EECF has four Committees, the functions of which and members and contributors for the period ending 31[st] March 2022 were as follows: _**Finance & Administration Grants Fundraising & Development**_ James Wright (Chair) Katherine Webster (Chair) Rick Watson (Chair) Howard Dawber Vicky Clark Howard Dawber Rick Watson Sister Christine Frost Guy Nicholson Sahidur Rahman Co‐optees / Contributors Co‐optees / Contributors Co‐optees / Contributors Adrian Greenwood Stella Bailey Adrian Greenwood Mark Sherlock Rita Bensley _**Nominations**_ Jim MacHale (Chair) Vicky Clark Howard Dawber Shah Rahman Katherine Webster ## _**Finance & Administration**_ ## **Staff Remuneration** Staff salaries are set in line with similar sized charitable organisations and are benchmarked with recruitment consultants. We also have a recruitment advisor co‐opted to the Board. In addition to trustees, key management personnel in the period to 31[st] March 2022 were Tracey Walsh (CEO), Kate Turner (Director of Development & Communications) and Paige Murphy (Head of Grants and Community Engagement). All staff, including key management personnel, are eligible for an annual salary increase of 2% subject to meeting a specific grade as part of EECF’s appraisal process. At the end of this financial year, trustees agreed for the financial year 2022/23, staff are to receive a cost of living increase of 4%. Trustees are not remunerated for their role with the Foundation. They are able to claim relevant expenses such as travel, but no expenses were claimed in the period. ## **Risk Management** Alongside the Finance & Administration committee, the CEO and Finance Manager identify and review the major risks to which the charity is exposed and have established systems to mitigate those risks. EECF’s most significant potential risk relates to a drop in value of its endowment, leading to a loss of income, which would materialise as a reduction in grant making and contribution to overheads. In addressing this issue, the charity regularly reviews its investment strategy and the performance of its investment managers, details of which are listed on page 2. The loss of key staff is also considered a significant risk, so the Foundation regularly undertakes salary benchmarking, has introduced an employee assistance programme which offers access to wellbeing and mental health advice and support and has continued to offer hybrid working arrangements. ## **Equal Opportunities** EECF is committed to a policy of equal opportunities in the selection, training, career development and promotion of all people, regardless of age, gender, marital status, race, colour, religion, disability or sexual orientation. The charity encourages people with a disability to participate fully in organisational activities, consistent with their ability, so that they can maximise the use of their knowledge, experience and skills in the charity’s work. During the year the team participated in a five week DEI training programme and drafted a statement that will be presented to the Board for consideration later this calendar year. 5 **East End Community Foundation** ## **Trustees’ report (continued)** For the year ended 31 March 2022 ## **Grant Making** As a grassroots grant maker, EECF grants are awarded to registered charities, voluntary and community groups and other not for profit organisations that have their own constitution and bank account. All grantees are based within or delivering services directly benefiting residents within Tower Hamlets, Hackney, Newham and City of London. Transparency is important to the Foundation so all awarded grants are published on our website, updated at regular intervals throughout the year. As a Community Foundation our mission is to support grassroots activities and, as such, our grants programme has been designed to do just that. Grants vary in value depending on the guidelines of each grant making fund we manage and start from £200. Funded activities and services are broad ranging and can be for one‐off items of expenditure, e.g. equipment, social activities and training, through to quality initiatives that address the high levels of unemployment that exist locally. Our grant application and monitoring process is reflective of the value and purpose of grants being sought and awarded i.e. lower value grant requests have a simplified application form and monitoring requirement compared to higher value grants. Grants are awarded from EECF’s own financial resources in addition to the charitable funds we manage on behalf of our fund holders and third parties. Full details of all grant awards are listed in Note 6. ## **Other Charitable Activity** As a philanthropy advisor, EECF is focused on understanding the community’s needs and directing donor funds to the charitable organisations best placed to deliver. But, in addition to this work EECF provides a ‘Funding Plus+’ offer and directly delivers a small number of initiatives for the benefit of the community. Our Funding Plus+ offer supports the voluntary sector with capacity building activities including sourcing corporate volunteers and delivering workshops on funding opportunity and how to construct a strong case for support. We also provide 1‐2‐1 support to applicants, particularly those smaller organisations run by volunteers. Our workshops had previously been held in person but moved online during the pandemic and as a result we saw participation almost double. For this reason online delivery has continued and attendance remains high. Our Winter Appeal is an example of direct delivery that complements our grant making. Throughout November and December EECF co‐ordinated the delivery of care packages for older people experiencing hardship and isolation. Our Winter Appeal initiative has run for more than a decade and reaches pensioners most in need. EECF is supported in the packing and distribution of care packages by City and Canary Wharf based employees as well as some of our voluntary sector grantees. In 2021/22, 815 care packages were distributed. ## **Financial Review** ## **Investment Strategy** To complement the skills and expertise of the Finance & Administration Committee, EECF continues to benefit from independent pro‐bono guidance from Mark Sherlock of Hermes Investment Management in reviewing and monitoring the performance of our investment managers and relevance of our investment policy. All three longstanding investment managers (Sarasin, CCLA and Investec) engaged in regular communication with the Finance Manager and Finance & Administration Committee to discuss performance and investment strategy in addition to providing quarterly performance reports. We also had regular communication with Eden Tree prior to the year end to negotiate our new contract. We enabled Eden Tree to liaise directly with Investec on the transition of assets which was well managed by both parties. EECF is grateful to Investec for its service and for the smooth handover. EECF’s Investment Policy sets out the Foundation’s commitment to ethical and responsible investment and remit to maintain the level of income in real terms, seeking a return of at least 4%, and to increase capital growth based on a real return of at least 6%. 6 **East End Community Foundation** ## **Trustees’ report (continued)** For the year ended 31 March 2022 ## **Reserves Policy** EECF’s reserves policy states the charity should aim to keep a minimum reserve of £640k of unrestricted funds to enable it to deliver a grants programme addressing social needs across its area of benefit, to meet the associated administrative costs of grant making and having core staff focused on donor development. At 31 March 2022, EECF had total resources of £29.9m of which £27.4m was for designated or restricted purposes and/or forms part of the permanent endowment funds. The unrestricted balance of the funds amounted to £2.5m which meets the reserves policy requirement. Designated funds of £4.2m remain to support any shortfall in our annual grant making budget (£0.5m), to offer an endowment match incentive programme (£1.2m) and to directly invest in property as a means of diversifying our income stream (£2.5m). The purpose of our designated fund will be reviewed in 2022/23. ## **REVIEW OF THE PERIOD** The year ending 31 March 2022 was another busy and productive period. The Charity: - said farewell to three trustees, two of which has served the maximum term of 9 years - welcomed a three new trustees including a new Chair - invested in staff resources by creating 3 new posts and participated in the Government’s Kickstart programme to provide three local young people with employment - devised and launched a new campaign to focus our grant making priorities in response to the pandemic and encourage greater collaboration between donors and delivery partners - exceeded our aim to distribute grant funding of £1,275,750 by distributing £1,340,761 - published social needs research - held an event to acknowledge grantee and donor commitment to our Covid‐19 Emergency Response Fund - achieved a quality accreditation (UKCF QA5), with our grant making considered exemplar - appointed a new auditor - actively sought a development partner for the redevelopment of our Workhouse site in Poplar Year after year EECF’s achieves more than it did in the prior year and this is something we are extremely proud of. Regardless of the challenges that come our way, to effectively and meaningfully invest in our local communities is always our priority. 2021/22 was no different, and post delivery of our Covid‐19 Emergency Fund we transitioned back to our original income and grant making strategy, and carefully considered how best to strategically invest our limited resources when social needs locally have increased as a result of the pandemic. Income for the period to 31 March 2022 totalled £2,475,612 (2021: £4,826,395) against which total expenditure of £2,349,011 (2021: £4,167,026) was incurred. As expected, both were lower than the prior year when our Covid‐19 Emergency Response Funds was at its peak. EECF defines its donor categories as Business, Trusts & Foundations, Statutory and Individuals. Income is generally highest under Business but in 2021/22 this was far exceeded by Statutory and Trusts & Foundations as a result of our effective partnership with the London Borough of Tower Hamlets and National Emergencies Trust. As the UK returns to a level of normality, we expect to revert back to operating in line with the financial projections set out in our business plan, but intend to capitalise on the clear benefits of collaborative giving and maintain partnership arrangements with business who worked with us for the first time during the pandemic. All Board and Committee meetings went ahead as scheduled and trustees and supporters remained actively engaged. Having served their full term we said farewell to our Chair Howard Dawber and our longest standing voluntary sector trustee, Sister Christine. Both were integral to EECF’s success and to acknowledge their contribution both were made Patrons of the charity and we look forward to engaging in this new working relationship. 7 **East End Community Foundation** ## **Trustees’ report (continued)** For the year ended 31 March 2022 EECF’s business plan covers a five year period to 31[st] March 2022 with clear criteria to guide the work of the charity. For 2022/23 we agreed to operate in line with our approved budget and focus our efforts on progressing our Life Chances campaign. Information on our wider objectives for the year ending 31[st] March 2022 are detailed below. Achievement or significant progress was accomplished on each objective, and where progress was slower than anticipated this was a result of the pandemic and therefore not within our control. ## **Grant Making** In the twelve months to 31[st] March 2022, EECF received 479 funding requests totalling £2.9m. We awarded **258** grants totalling **£1.3m** based on budget availability to support a wide range of social needs. Grants ranged from £292 to £35k. At EECF we have always embraced the diversity of our community and the ability that only local grassroots community organisations can have in identifying and reaching those most in need of support. As in previous years we have awarded funding to a diverse range of not‐for‐profit organisations serving our vibrant community here in the East End. In addition to the financial support we provide in the form of grants, we continued to deliver well attended workshops for the local voluntary sector to advise on funding opportunities and how to craft quality grant applications. We also provided the same audience with our corporate volunteer brokerage service to aid their work, and continued to deliver our Winter Appeal to directly support the needs of vulnerable older people locally. ## **Business Development** Despite neighbouring the wealthy areas of Canary Wharf and the City of London the East End of London suffers from high levels of deprivation, adversely affecting young people and older people. Unfortunately, these needs and the localised approach required to effectively address them are often overlooked by those with the ability to give in favour of higher profile national charities. To significantly improve our impact and achieve meaningful long term change for the communities we serve, EECF is committed to challenging the approach of donors to seek a more collaborative approach to community investment locally. ## **Develop plans for our freehold property in Poplar** The pandemic and the UK’s departure from the EU has had a significant negative impact on the property market, so despite shortlisting a preferred development partner we chose not to formalise our arrangement during the period covered by this report. However, EECF remained committed to ensuring we have a comprehensive offer that is right for both the charity and local community and dedicated time during the year to actively contribute to the Local Authority’s South Poplar Master Plan, Tall Building Strategy and to landowner discussions. As we approached the end of the 2021/22 financial year, CBRE re‐marketed our site and received a good level of interest from a range of well‐established property developers. Shortlisting and interviews have since taken place and a preferred bidder was agreed by EECF’s Board in May 2022. Legal negotiations are currently underway. ## **Staff and Trustee Recruitment** We continued to operate for much of the year slightly under‐resourced but made significant strides in building our team with the appointment of a Director of Development and a Communications Manager. Capacity was added in key areas of work by utilising freelancers and we also participated in the Government’s Kickstart scheme as a means of creating valuable work experience opportunities for local young people who were unemployed. The freelance approach and Kickstart programme both worked extremely well. Trustees remained engaged throughout 2021/22 and having held the majority of board meetings on‐line, in January 2022 the charity took the opportunity to meet in person, in a community setting. 8 **East End Community Foundation** ## **Trustees’ report (continued)** For the year ended 31 March 2022 EECF said farewell to long‐standing Chair, Howard Dawber having served his maximum term, and welcomed new Chair, Bronek Masojada following a comprehensive recruitment process undertaken through a specialist recruiter. We also bid farewell to Sister Christine Frost, who had also served her maximum term. Although not able to serve as trustees, EECF was keen for them both to remain engaged. Howard Dawber and Sister Christine Frost were appointed as our first ever Patrons so that our positive and long standing working relationship with both continue. During the year four trustees stepped down and two new trustees were appointed. By the time these accounts were approved EECF had made two further appointments to the Board under the Business and Individual classes of membership. All trustees are detailed on page 6. Recruitment for the remaining vacancies is underway but EECF continues to possess an effective, committed and cohesive Board of Trustees. ## **Plans For The Future** In 2022/23 EECF will focus its efforts on achieving the following: - Raising its profile, with a particular focus on engaging potential donors - Encouraging further collaborative giving as a means of greater community impact - Growing our Life Chances campaign to fund key initiatives - Reviewing the use of designated resources - Strengthening the staff team and bringing our finance function in‐house - Focusing on IT transformation to ensure our grant making and donor stewardship functions are future ready - Formally appointing a development partner for our freehold in Poplar and working closely with its neighbouring land owners to ensure maximum community benefit ## **Statement of Trustees’ Responsibilities** The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required to: - Select suitable accounting policies and then apply them consistently; - Observe the methods and principles of the Charities’ SORP, Accounting and Reporting by Charities; - Make judgements and accounting estimates that are reasonable and prudent; - State whether applicable United Kingdom Accounting Standards have been followed, disclosing and explaining any departures therefrom in the financial statements; - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 9 **������������������������������** ## **�����������������������������** ��������������������������������� ## **������������������** ���������������������������������������������������������������������������������������� - ��� ����������������������������������������������������������������������� - ��� ���������������������������������������������������������������������������������������������������������� ����������������������������������������������������������������������������� ## **���������** ����������������������������������������������������������������������������������������������������������������� ������������������������ ��������������������������������������������������������������������������������������������������������������� ��������������������������������� ## **Independent auditor’s report to the members of East End Community Foundation For the year ended 31 March 2022** ## **Opinion** We have audited the financial statements of East End Community Foundation (the ‘charitable company’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, and statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charitable company’s affairs as at 31 March 2022 and of its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report and financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 11 **Independent auditor’s report to the members of East End Community Foundation For the year ended 31 March 2022** We have nothing to report in this regard. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the trustees’ report, which is also the directors’ report for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the trustees’ report, which is also the directors’ report for the purposes of company law, has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not 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 statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non‐compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 12 ## **Independent auditor’s report to the members of East End Community Foundation For the year ended 31 March 2022** Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non‐compliance with laws and regulations, was as follows: - the engagement director ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non‐compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the charitable company through discussions with directors and other management, and from our knowledge and experience of the charity sector; - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non‐compliance throughout the audit; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the activities of the charitable company. These included but were not limited to the Charities Act 2011, Companies Act 2006, data protection and anti‐money laundering regulations; and - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing the minutes of the meetings of trustees. We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non‐compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested and reviewed journal entries to identify unusual transactions; - tested the authorisation of expenditure, ensuring expenditure was approved in line with the charitable company’s financial procedures; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non‐compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reviewing the minutes of meetings of trustees; and - enquiring of management and those charged with governance as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non‐compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 13 **Independent auditor’s report to the members of East End Community Foundation For the year ended 31 March 2022** A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Gumayel Miah (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL Date: 27 October 2022 14 **East End Community Foundation – Registered Company number: 08104415** ## **Statement of financial activities** For the year ended 31 March 2022 |**Note**
**Income from:**
Donations and legacies
**2**
Other trading activities
**3**
Investments
**4**
Total income
**Expenditure on:**
Raising funds
**5**
Charitable activities
Grant making
**5**
Other charitable activities
**5**
**Total expenditure**
**Net income before net gains on investments**
Net gains on investments
**13**
**Net income for the year**
**7**
Transfers between funds
**18**
**Net income and net movements in funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**£**
299,286
27,700
254,783
581,769
306,993
262,171
138,263
707,427
(125,658)
849,803
724,145
37,278
761,423
5,994,763
**6,756,186**|**Restricted**
**£**
1,476,929
‐
416,914
1,893,843
59,764
1,403,060
178,760
1,641,584
252,259
‐
252,259
736,907
989,166
2,405,960
**3,395,126**|**Endowment**
**£**
‐
‐
‐
‐
‐
‐
‐
‐
‐
1,288,368
1,288,368
(774,185)
514,183
19,314,950
**19,829,133**|**2022**
**Total**
**£**
**1,776,215**
**27,700**
**671,697**| |---|---|---|---|---| |||||**2,475,612**
**366,757**
**1,665,231**
**317,023**| |||||**2,349,011**
**126,601**
**2,138,171**| |||||**2,264,772**
**‐**| |||||**2,264,772**| |||||**27,715,673**| |||||**29,980,445**| All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 18 to the financial statements. A separate summary income and expenditure account has not been prepared as this would simply reflect the movements on the unrestricted and restricted column above. The accounting policies and notes on pages 19 to 44 form part of these financial statements. 15 **East End Community Foundation – Registered Company number: 08104415** ## **Statement of financial activities** For the year ended 31 March 2021 |**Note**
**Income from:**
Donations and legacies
2
Other trading activities
3
Investments
4
Total income
**Expenditure on:**
Raising funds
5
Charitable activities
5
Grant making
5
Other charitable activities
**Total expenditure**
Net income before net gains on investments
Net gains on investments
13
Net income for the year
7
Transfers between funds
18
Net income and net movements in funds
Total funds brought forward as restated
Total funds carried forward|**Unrestricted**
**£**
350,066
16,054
302,894
669,014
234,090
218,896
187,752
640,738
28,276
49,276
77,552
(144,731)
(67,179)
6,061,942
5,994,763|**Restricted**
**£**
3,770,299
6,316
380,766
4,157,381
162,504
3,225,757
138,027
3,526,288
631,093
‐
631,093
116,444
747,537
1,658,423
2,405,960|**Endowment**
**£**
‐
‐
‐
‐
‐
‐
‐
‐
‐
3,739,486
3,739,486
28,287
3,767,773
15,547,177
19,314,950|**2021**
**Total**
**£**
4,120,365
22,370
683,660| |---|---|---|---|---| |||||4,826,395
396,594
3,444,653
325,779| |||||4,167,026
659,369
3,788,762| |||||4,448,131
‐| |||||4,448,131| |||||23,267,542| |||||27,715,673| All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 18 to the financial statements. A separate summary income and expenditure account has not been prepared as this would simply reflect the movements on the unrestricted and restricted column above. The accounting policies and notes on pages 19 to 44 form part of these financial statements. 16 Balance sheet A5 at 31 March 2022 Tawble assets 2,793 23,885,5C6 2.300.963 26,189,262 26A74,162 UISM4 C05h helj In Ir￿*5t￿nt portlol Oebtors Cash bank and 14 76.616 I,W.LW6 1.9Cfj.702 I￿14￿58 L707 Cred¢ors'. l•llr¥ 15 {527*1 J.291 L179m9 1,526.411 27,715,673 29.9•0M5 27.715.673 R•rtrlrxed Irrtornelunth Uwe#rfrt•d lncom•lub￿. es1v￿ted funds General fvnds Toi•l unr•sirkted fuThls 4.231.3Y 1,763, U75,6 5,994.763 EnLkwTr*nt furwls TotalthArlty fvnd5 19,314.950 27.715.673 Thetrusreesac*r￿W￿￿ r•5[￿r4￿MIlIeS lorromptylw w*h the r•wlr•m•nts olth• Comwn*sk12LWJ6 *1th r•sFortt0 •¢¢ountiry recwth •ndth• wep•rntkJnolthèllMr*l•l staternMt& Tho fl￿￿111 statements h•ve Ixen pr•p•red In •¢¢ord•n¢e t*lth the pfo¥15knU ipp¥¢atrl•th tonwrAe55Wto srn111 compan￿5 re8Srr* and In accordancet￿ the pfovWonsol FRS 102. 7h• fln•rKl•l stst•n*rts have been &torda￿l ¥rtrh wv•tskns•pplk•tsle 1oamnp￿*$sUtrIe(I too srnill com￿nIeS re8hi)e. Apsm*d &Jard ofTn￿•r￿I s¥r•dw ttsbeh•ll Bronek Masoiada The notes on pages 19. 45 fomi part of these fina￿141 statements. 17 **East End Community Foundation– Registered Company number: 08104415** ## **Statement of cash flows** |For the year ended 31 March 2022
**Note**
**Cash flows from operating activities**
**Net cash (used in)/provided by**
**operating activities**
19
**Cash flows from investing activities:**
Dividend and interest from investments
Purchase of fixed assets
Purchase of investments
**Net cash provided by investing**
**activities**
**Change in cash and cash equivalent in**
**the year**
Cash and cash equivalents at the
beginning of the year
**Cash and cash equivalents at the end of**
**the year**
20|**2022**
**£**
**£**
**(411,451)**
**671,697**
**(11,268)**
**(450,485)**
**209,944**
**(201,507)**
**4,131,049**
**3,929,542**|**2021**
**£**
**£**
269,824
683,660
908,611
(1,354,573)
237,698
507,522
3,623,527
4,131,049|**2021**
**£**
**£**
269,824
683,660
908,611
(1,354,573)
237,698
507,522
3,623,527
4,131,049| |---|---|---|---| ||||507,522
3,623,527| ||||4,131,049| The accounting policies and notes on pages 19 to 44 from part of these financial statements. 18 **East End Community Foundation** ## **Notes to the financial statements** For the year ended 31 March 2022 ## **1. Principal accounting policies** ## **a) Basis of preparation** EECF is a registered charity, limited by guarantee, in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 2 of these financial statements. The nature of the charity's operation and principal activities are to promote the relief of poverty and sickness of persons within the London Boroughs of Tower Hamlets, Hackney, Newham and City of London. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) ‐ (Charities SORP), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. ## **b) Public benefit entity** The charitable company meets the definition of a public benefit entity under FRS 102. ## **c) Going concern** The trustees have considered the working capital requirements of the company. The trustees believes that the company has adequate financial resources to continue in operational existence for the foreseeable future and meet it's liabilities and obligations as they fall due for at least the next twelve months. 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 sources 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. ## **d) Income** 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. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met. Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established. 19 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 ## **e) Donations of gifts, services and facilities** - Donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP, volunteer time is not recognised. ## **f) Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. ## **g) Gift Aid** Gift Aid is recovered by EECF and third parties on behalf of EECF, on donations from UK taxpayers and is recognised in the accounts when it is received. ## **h) Fund accounting** Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. Designated funds are unrestricted funds earmarked by the trustees for particular purposes. Endowment Funds represent those assets which must be held permanently by the charity in line with the donor's wishes. ## **i) Expenditure and irrecoverable VAT** Expenditure is recognised once 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 is classified under the following activity headings: Raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, including investment managers fee, as well as the cost of any activities with a fundraising purpose. Charitable activities includes the costs of delivering services and activities undertaken to further the purposes of the charity and their associated support costs, as well as the payment of grants. Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. ## **j) Allocation of support costs** Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. ## **k) Operating leases** Rental charges are charged on a straight line basis over the term of the lease. 20 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 ## **l) Tangible fixed assets** Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. 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 ‐ over 4 years Computer equipment ‐ over 4 years The charity is the legal owner of various properties within the East London area which have been offered to third parties under long‐lease arrangement at peppercorn rent for the benefit of the local community. It is the trustees' intention to offer these properties to third parties for the benefit of the community for the foreseeable future. As such these properties have not been recognised in these accounts. The charity is also the legal owner of a property situated in Poplar, currently occupied by a college under a short form lease arrangement. As disclosed within note 22, EECF intends for the property to be redeveloped in the near future as part of a wider regeneration plan for the local area, following which, this property will also be offered for community benefit for the long term. At present, due to fluctuating regeneration plans in the local area, there is significant difficulty in determining a fair value for the site. In addition consent is required from the Greater London Authority before any works may take place. Given the aforementioned, no value has been placed on this property within these accounts. ## **m) Listed investments** Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities . The charity does not acquire put options, derivatives or other complex financial instruments. ## **n) 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. ## **o) 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. Cash balances exclude any funds held on behalf of service users. ## **p) 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. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 21 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 ## **q) Pensions** - The charity provides an auto enrolment pension scheme to staff and contributions are accounted for when they arise. ## **r) Judgements and key sources of estimation uncertainty** The preparation of the financial statements requires judgements, estimations, and assumptions to be made that affect the reported values of assets, liabilities, revenues and expenses. The nature of estimation and judgement means that actual outcome could differ from expectation - The estimate of useful economic life of tangible assets used to determine annual depreciation - The basis on which support costs have been allocated across expenditure activity headings; and - The assumption adopted in determining the value of any designation of unrestricted funds. ## **2. Income from donations and legacies** |**2022**
Corporations
Individuals
Trusts & Foundations
Local Public Authority
Membership fees
Gift in Kind
**2021**
Corporations
Individuals
Trusts & Foundations
Local Public Authority
Membership fees
Gift in Kind|**Unrestricted**
**£**
**Restricted**
**£**
**262,423**
**421,100**
**9,693**
**42,982**
**‐**
**290,182**
**4,200**
**722,665**
**7,970**
**‐**
**15,000**
**‐**
**299,286**
**1,476,929**
**Unrestricted**
**£**
**Restricted**
**£**
308,675
1,011,925
18,596
162,449
250
2,252,125
‐
343,800
7,545
‐
15,000
‐
350,066
3,770,299|**Restricted**
**£**
**421,100**
**42,982**
**290,182**
**722,665**
**‐**
**‐**|**Endowment**
**£**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**Endowment**
**£**
‐
‐
‐
‐
‐
‐
‐|**Endowment**
**£**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**||**Total**
**£**
**683,523**
**52,675**
**290,182**
**726,865**
**7,970**
**15,000**| |---|---|---|---|---|---|---| |||**1,476,929**||||**1,776,215**| |||||||**Total**
**£**
1,320,660
181,045
2,252,375
343,800
7,545
15,000| |||||||4,120,365| Gift in Kind represents rent free office accommodation provided by London Borough of Tower Hamlets. 22 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 ## **3. Income from other trading activities** |**2022**
Rental income
Other
**2021**
Rental income
Other|**Unrestricted**
**£**
**10,000**
**17,700**
**27,700**
**Unrestricted**
**£**
10,000
6,054
**16,054**|**Restricted**
**£**
**‐**
**‐**
**‐**
**Restricted**
**£**
‐
6,316
**6,316**|**Total**
**£**
**10,000**
**17,700**| |---|---|---|---| ||||**27,700**| ||||**Total**
**£**
10,000
12,370| ||||**22,370**| ## **4. Income from investments** |**2022**
Bank interest
Dividends from investments
**2021**
Bank interest
Dividends from investments|**Unrestricted**
**£**
**78**
**254,705**
**254,783**
**Unrestricted**
**£**
**665**
**302,229**
**302,894**|**Restricted**
**£**
**‐**
**416,914**
**416,914**
**Restricted**
**£**
**‐**
**380,766**
**380,766**|**Endowment**
**£**
**‐**
**‐**
**‐**
**Endowment**
**£**
**‐**
**‐**
**‐**|**Total**
**£**
**78**
**671,619**| |---|---|---|---|---| |||||**671,697**| |||||**Total**
**£**
**665**
**682,995**| |||||**683,660**| 23 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 ## **5. Analysis of expenditure** |Staff costs (Note 8)
Investment
managers’ fees
Charitable activities
direct costs
Rent
Marketing and
Publicity
Computer costs
Office supplies
Telephone
Postage
Publications and
subscriptions
Legal and
professional
Audit fee
Insurance
Admin project fee
Freelance workers
Recruitment
Other costs
Support costs
Governance costs
**Total expenditure**
**2022**
Total expenditure
2021|**Charitable activities**|**Governance**
**Support**
**costs**
**costs**
**£**
**£**
**55,920**
**41,563**
**‐**
**‐**
**‐**
**‐**
**‐**
**15,000**
**‐**
**8,173**
**‐**
**11,552**
**‐**
**3,384**
**‐**
**4,173**
**‐**
**377**
**‐**
**12,428**
**38,287**
**‐**
**10,475**
**‐**
**‐**
**1,426**
**‐**
**179,276**
**‐**
**89,522**
**‐**
**32,195**
**‐**
**10,407**|**2022**
2021
**Total**
Total
**£**
£
**448,205**
385,592
**69,651**
42,914
**1,414,480**
3,233,754
**15,000**
15,000
**8,173**
12,608
**11,552**
11,992
**3,384**
2,758
**4,173**
3,741
**377**
220
**12,428**
14,348
**38,287**
42,956
**10,475**
15,840
**1,426**
1,252
**179,276**
274,951
**89,522**
85,020
**32,195**
20,454
**10,407**
3,626| |---|---|---|---| ||**Cost of**
**Other**
**raising**
**Grant**
**charitable**
**funds**
**making**
**activities**
**£**
**£**
**£**
**118,025**
**155,497**
**77,200**
**69,651**
**‐**
**‐**
**‐**
**1,340,761**
**73,719**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**||| ||**187,676**
**1,496,258**
**150,919**
**142,966**
**133,905**
**132,605**
**36,115**
**35,068**
**33,499**|**104,682**
**409,476**
**‐**
**(409,476)**
**(104,682)**
**‐**|**2,349,011**
4,167,026
**‐**
**‐**
**‐**
**‐**| ||**366,757**
**1,665,231**
**317,023**|**‐**
**‐**|**2,349,011**
**4,167,026**| ||**396,594**
**3,444,653**
**325,779**|**‐**
**‐**|**4,167,026**| Of the total expenditure, £702,510 was unrestricted (2021: £640,738) and £1,641,584 restricted (2021: 3,526,288). 24 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 ## **6. Grant making** **Year ended 31 March 2022** ## **Made by Sport** Purpose: Supporting grassroots sports clubs to adapt and continue providing activities post COVID |||**£**| |---|---|---| |5 On It Foundation|Club Activities|2,021| |Aberfeldy Boxing club|Club Activities|2,021| |Acorn FC|Club Activities|2,021| |Adamant FC|Club Activities|2,021| |AIP Sports Academy|Club Activities|2,021| |Basic Sports and Fitness|Club Activities|2,021| |Bethnal Green Sharks Swimming Club|Club Activities|2,021| |Camp knak / the future forward|Club Activities|2,021| |Kaizen Academy for Sports Development|Club Activities|2,021| |Kyoji kai Sharks|Club Activities|2,021| |Limehouse Girls Football Club|Club Activities|2,021| |London Jaguars Community Association|Club Activities|2,021| |London Young Stars Elite|Club Activities|2,021| |Martial finesse|Club Activities|2,021| |Newham Panthers Football Club|Club Activities|2,021| |North London Sports Academy|Club Activities|2,021| |Royal Tigers Sports Club|Club Activities|2,021| |Social Organisation for Unity and Leisure (S.O.U.L)|Club Activities|2,021| |Sporting Hackney FC|Club Activities|2,021| |St Katharine’s Trust|Club Activities|2,021| |Trapped in Zone One|Club Activities|2,021| |Wapping Youth FC|Club Activities|2,021| |Youngbloods Basketball Club|Club Activities|2,021| |YOUTH IN SPORT CIC|Club Activities|2,021| |Bromley by Bow Community Organisation|Club Activities|2,021| |Heritage Charity London|Club Activities|2,021| |Mindful Peak Performance CIC|Club Activities|2,021| |NLP Sports Community CIC|Club Activities|2,021| |SONshine Club|Club Activities|2,021| |The Power Movement Organisation LTD|Club Activities|2,021| |Tower Utd FC|Club Activities|2,021| |Young Elite Management|Club Activities|2,021| |Eastside Youth Academy|Club Activities|2,021| |London Apsa Football Club|Club Activities|2,021| |Aberfeldy Boxing club|Club Activities|912| |Acorn FC|Club Activities|912| |Adamant FC|Club Activities|912| 25 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 |**Made by Sport (continued)**
AIP Sports Academy
Club Activities
Basic Sports and Fitness
Club Activities
Bethnal Green Sharks Swimming Club
Club Activities
Camp knak / the future forward
Club Activities
Kaizen Academy for Sports Development
Club Activities
London Young Stars Elite
Club Activities
Martial Finesse
Club Activities
Newham Panthers Football Club
Club Activities
North London Sports Academy
Club Activities
Royal Tigers Sports Club
Club Activities
Social Organisation for Unity and Leisure (S.O.U.L)
Club Activities
Sporting Hackney FC
Club Activities
Trapped in Zone One
Club Activities
Wapping Youth FC
Club Activities
Youth In Sport Cic
Club Activities
**20 Fenchurch Street Legacy Fund**
Purpose: Supporting employment initiatives in Tower Hamlets, Hackney and Newham
Account3
Employment Support
Breaking Barriers
Employment Support
Leadership Through Sport & Business
Employment Support
Mouth That Roars
Employment Support
Working Well Trust
Employment Support||**£**
912
912
912
912
912
912
912
912
912
912
912
912
912
912
912| |---|---|---| |||**85,130**
**£**
11,000
20,000
13,888
11,000
11,000| |||**66,888**| ## **Emergency Fund** Purpose: Supporting initiatives in response to Covid‐19 |**Emergency Fund**
Purpose: Supporting initiatives in response to Covid‐19|| |---|---| |RISE.365
Moving Together
Made Up Collective CIC
Community‐Led Food Response
The Sapphire Community Group
Employability & Mental Health Support
Stratford Salvation Army
Food Programme, Digital Inclusion and Baby Bank
Gascoyne & Morningside Youth Clubs Ltd
Food Programme
Women's Inclusive Team
Foodbank for Afghan Refugees|**£**
2,561
8,161
5,000
5,000
5,000
5,500| ||**31,222**| 26 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 ## **Arts Council England Let’s Create Jubilee Fund** Purpose: For creative and cultural activities as part of the Queen’s Platinum Jubilee celebrations |Turn Up Broadcasting
Turn Up Live
Headway East London
Headway Stages
Keynote Opera
A Jubilee Musical Celebration and Picnic
HMDT Music
The Platinum Treasures
Look Ahead Care, Support and Housing
Move2Merge
National Trust
The Platinum Garden
Clarion Futures
Celebrate Legacy
Tropical Isles
The Queen's Platinum Jubilee Carnival Project
Raze Collective
Queer Summer Fayre
Hackney Shed
Step up for the Jubilee
The Royal Docks Learning & Activity Centre
Jubilee Create & Celebrate
Fiorentini Arts School Ltd
Jubilee showcase
Aip Community
Hyphenated Line
Kayd Somali Arts and Culture
Celebrating the History of Somalis in the UK
**EECF Sponsorship Fund**
Purpose: Sponsoring events and initiatives in EECF’s area of benefit
Enact Equality
Sponsorship Fund|**£**
10,000
6,898
5,462
8,390
4,950
9,675
9,695
10,000
10,000
8,675
8,468
6,556
8,334
9,860| |---|---| ||**116,963**
**£**
5,000| ||**5,000**| ## **EECF Sponsorship Fund** Purpose: Sponsoring events and initiatives in EECF’s area of benefit ## **Hill Charitable Fund** Purpose: Supporting charitable activities, as directed by the donor |**Hill Charitable Fund**
Purpose: Supporting charitable activities, as directed by the donor|| |---|---| |Manorfield Primary School
Parent and Community Engagement Leader|**£**
10,000| ||**10,000**| ## **Inspiring Communities Fund** Purpose: Supporting local community and voluntary organisations in the East Village area in Newham in Hackney |Newham in Hackney||| |---|---|---| |||**£**| |1st QE Olympic Park Rainbows, Brownies,|Girlguiding Beyond COVID|2,355| |and Guides||| |Clapton Community Football Club|Women and Non‐Binary People Open Training Sessions|2,900| |Core Arts|Core Ballet for Adults|2,900| |Eat Club Limited|Eat Club at Hackney Quest|2,840| |Ekota Care Trust Limited|Stratford Seniors|2,885| |Ms Lucy Tate|Community Textiles|2,855| |Newham Music|Sing East Community Choir|2,500| |Newham Poetry Group|Neighbours Summer Festival|2,900| |RISE.365|Moving Together|319| 27 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 |Rosetta Arts
Art Superstars Online
Salaam Peace
Healthy Newham
**Isle of Dogs Grants Chest**
Purpose: Supporting community provision on the Isle of Dogs
Dockland Settlements
The Exchange Project
Isle of Dogs Bangladeshi Association and
Cultural Centre
Advice & Support Services
Millwall Rugby Club
Fitness for All
Mudchute Association
Back to Summer at Mudchute
Neighbours In Poplar
Investors In People Project
St. Matthias Community Centre
Shed for food bank & Nursery storage
The Tower Hamlets Volunteer Police
Cadets
Summer Camp for Disadvantaged Young People
Social Organisation for Unity and Leisure
SOUL Summer Sports Camp
Mudchute Association
Environmental Improvements
Reclaim Our River
Campaign organiser
The Laurie Laken Way Schools Project
The Laurie Laken Way Schools Project
The Utilize Project
Leap Forward Project (LFP)
Betty May Grey over 50s Club
Wednesday Bingo Club
St John's Community Association
Capital works
Island Advice Centre
Accessing Online Benefit Support Project||2,896
2,650| |---|---|---| |||**28,000**
**£**
3,000
5,000
6,000
3,000
4,673
10,000
3,000
3,000
9,984
10,000
9,900
7,000
1,500
5,000
10,000| |||**91,057**| ## **Tower Hamlets Council Small Grants Fund ‐ Access & Participation** Purpose: Supporting organisations to facilitate improved access to mainstream services by Black, Asian and minority ethnic (BAME) residents |Bangladeshi Mental Health Forum
Mental Wellbeing 1‐2‐1 Information & Advice
Isle of Dogs Bangladeshi Association and
Cultural Centre
Pensioners Club
Reach Aid Trust
Covid19 Recovery:
The Bangladesh Youth Movement
"Inclusive Access": Bangladeshi & BAME Female
Participation Programme
The Ensign Youth Club
Next Step
Wapping Bangladesh Association
Wapping Community Access Point
Refugee Education For Equal
Employment Opportunities
Increasing Access to Local Services Digitally
Somali Senior Citizens Club
Somali Elders Advocacy & Sign‐Posting Initiative|**£**
4,938
5,000
5,000
5,000
4,934
4,998
4,784
5,000| |---|---| ||**39,654**| 28 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 ## **Tower Hamlets Council Mayor’s COVID Recovery Cohesion Events Fund** Purpose: Supporting community cohesion and re‐connecting communities who have been most affected by the pandemic |Aishah Help
Our Big Thank You Event
CommuniGate
Early Years Communication Workshop
East India Over 50's Consortium
Festival of Dark & Light, Choas & Calm
East London Out Project
Trans Parents Day Event
International Centre for Organisation and
Cohesion
Beyond Dialogue: Building Community Cohesion After
Covid‐19
Leaders in Community
Generation Games
Leaf Coaching
Creating Caring Communities: Virtual Resilience
Building Workshop
Lincoln Area Regeneration Group
Poplar Union Community Events
Neighbours In Poplar
Events
Purple Moon Drama
Mother's Utopia ‐ Wellbeing Event
Spitalfields City Farm
Spitalfields Supper Club Nights
West Indian Over 50's Social Club
Street Party|**£**
3,000
1,050
2,858
500
2,920
3,000
460
3,000
2,689
2,950
2,654
500| |---|---| ||**25,581**| ## **Tower Hamlets Council Covid‐19 Outreach and Engagement** Purpose: To support the delivery of activities raising awareness around Covid‐19 Test and Trace and vaccinations |**Tower Hamlets Council Jubilee Celebration Events Fund**
Purpose: Supporting community celebration events
Canary Wharf Football Academy
Jubilee Celebration Day
CLaN
CLaN Jubilee Street Party
Eastside Youth Academy
Eastside Youth Academy Jubilee Lunch
Celebration
Lichfield Road Mutual Aid Group
Lichfield Road Platinum Jubilee Street Party
Limehouse Causeway TRA
Queen's Jubilee Street Party
Lincoln Area Regeneration Group (Poplar Union)
Tea and Tales ‐ Jubilee Family Tea Dance
Mile End Housing Co‐operative
Bromley Street Jubilee Party 2022
Mile End Old Town Residents Association
Queen's Platinum Jubilee Party
Silk Gardens Residents ASC
Jubilee Street Party
SocietyLinks Tower Hamlets
Celebrate & Educate
Sonali Day Trippers
Platinum Jubilee Party
SPLASH
Will Crooks Funday
St. Paul's Church
Old Ford Street Party
Stitches in Time
The Big Jubilee Feast
The Office Lady Mico's Almshouses
A Celebration of the Queens' Commonwealth
Tower Hamlets Neighbourhood Watch Assoc.
Parkview Jubilee Tea Party
Wapping Bangladesh Association
Queen Elizabeth II Platinum Jubilee Community
Day
True Cadence CIC
The T and T Project|**£**
300| |---|---| ||**£**
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500

500
**300**| 29 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 |St Barnabus' Church
Jubilee Community Celebration
Patriot Square and Mayfield House
Patriot Square and Mayfield House Queen's
Jubilee street party
Dunstan Houses Residents
Dunstan Houses Platinum Jubilee Street Party
Swadhinata Trust
Queen's Jubilee Garden Party
Tower Hamlets Youth League United
Queen Birthday
Ocean Youth Connexions
Jubilee Celebration Event|500
500
500
500
500
500| |---|---| ||**11,500**| **Tower Hamlets Council Small Grants Fund ‐ Loneliness** Purpose: Tackling loneliness for people of all ages |||**£**| |---|---|---| |BlindAid|Community Sight Support Worker
|5,000| |Brick Lane Women and Girls Project|Spitalfield BAME Womens Workshops
|5,000| |Emmott Close Senior Citizens Club|Saturday group
|2,000| |Olive Tree Education|Sukoon Older People Project
|4,999| |Wapping Bangladesh Association|Wapping Mum's Club
|4,996| |Neighbours In Poplar|Befriending Services
|5,000| |Tower Hamlets Friends & Neighbours|Loneliness Programme
|5,000| |Babel Theatre|The Orpheus Project
|5,000| |Blossom Project|Blossom Together Year Two
|4,985| |Eastside Centre Ltd|Reminiscence Moments
|5,000| |Island House Community Centre|Time to Play and Craft Club
|5,000| |Supporting Humanity Ltd|Love through the letterbox
|1,000| |The Glamis Estate Tenants and Residents|Coffee Morning and Bingo|500| |Association||| |||**53,480**| |**Tower Hamlets Council Small Grants Fund**||| |Purpose: Supporting activities that will make a positive difference to the lives of local residents||| |||**£**| |Bags of Taste|Bags of Taste Mentored Home Cooking courses
|5,000| |Blueprint Arts|Past, Present, Future! Our Borough on Film
|4,930| |Coaching for Unpaid Carers CIC s|Coaching Unpaid Carers in Tower Hamlets|4,995| |Cycle Sisters|Empowering local Muslim women as Ride Leaders
|5,000| |East London Cares|Tower Hamlets Together|5,000| |Grand Union Music Theatre Ltd|Bengal to Bethnal Green
|4,200| |The Oitij‐jo Collective|TATI Gardening Project @Republic London
|5,000| |The Tower Hamlets Volunteer Police|Duke of Edinburgh Award|5,000| |Cadets||| |Trapped in Zone One|Diversity of Tower Hamlets
|5,000| |True Cadence CIC|The Expression Project
|5,000| |Udichi Shilpi Gosthi|Bangladesh Book Fair Literary & Cultural Festival|3,500| |Wapping Youth FC|Burger and Board Games
|5,000| |Kayd Somali Arts and Culture|Somali Week Festival 2021
|5,000| |Purple Moon Drama|Black History Month Youth Arts Festival
|4,900| |Trapped in Zone One|Together We're Stronger
|5,000| |East India Over 50's Consortium|The Wild Women Collective|4,510| |East India Over 50's Consortium|Burcham Street Gardens ‐ 'Renewal'
|4,975| 30 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 Grand Union Music Theatre Ltd Nags Head Tenants Association Singing for Breathing RLH Sketch Appeal Stepney Community Trust THAT network London The Friends of Tower Hamlets Cemetery Park The Yoga For Life Project CIC Tredegar & Sabella TA St Patricks Church True You Toda |Protest and Resistance
Summer Launch Party and Consultation
Singing for Breathing RLH
Social Sketchclub
Mental Wellbeing Programme
Reflect ‐ Reconnect ‐ Renew
All‐ability volunteering with the Friends
Long Covid ‐ Holistic Well Being Support
Christmas Party & Eid Party
Pensioners Christmas Party
Workshops for Survivors|4,500
1,000
5,000
4,860
2,931
5,000
3,984
5,000
1,000
1,000
4,915| |---|---| ||**121,200**| ## **Tower Hamlets Council Mayor’s COVID Recovery Loneliness Fund** Purpose: For initiatives to reduce the impact of loneliness and social isolation on residents |British Bangladeshi Poetry Collective
Poetry Translation Circle
Bromley by Bow Centre
Better Together
Community of Refugees from Vietnam
Life After Lockdown Easing for Older people
Create (Arts) Limited
creative:expression
East London Cares
Closer Connections
Ocean Youth Connexions
Ride Along With Us
Rich Mix Cultural Foundation
Rich Mix Resonates
Shapeshifter Productions Ltd
The Smiling Sessions
Social Action for Health
Good Friends
SocietyLinks Tower Hamlets
Our Outdoors
Wapping Bangladesh Association
Wapping Community's Resilience
Women's Inclusive Team
The Mayfield Hoyoo Cafe
Stifford Centre
Stifford Residents Support Programme
Spitalfields City Farm
Building Connections|**£**
6,000
25,000
9,996
10,000
15,000
10,000
25,000
19,040
15,000
10,000
15,000
20,420
13,000
10,000| |---|---| ||**203,456**| **Tower Hamlets Council Restart Grants for Community Language Providers** **Purpose:** One‐off grants for community language providers to restart language classes that previously ceased |||**£**| |---|---|---| |Stifford Centre|Stifford Supplementary School|3,000| |Cubitt Town Bangladeshi Cultural Assoc.|Bangla classes|3,000| |Wapping Bangladesh Association|Wapping Mother Tongue Education Programme|3,000| |Chinese Association of Tower Hamlets|Chinese Independent School of Tower Hamlets|3,000| |Idea Store Chrisp Street Weekend School|Idea Store Chrisp Street Weekend School|3,000| |BTA Community Languages School by|BTA Community Language Classes|3,000| |Bangladeshi Teachers Association UK||| |Redcoat Community Centre & Mosque|Language Class|3,000| |Udichi Shilpi Gosthi|Udichi Bengali Mother Tongue Project|3,000| |Limehouse Welfare Association|Community Language Bengali|3,000| |||**27,000**| 31 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 ## **Tower Hamlets Council Older People’s Services** Purpose: Provision of services for older people from Black, Asian and minority ethnic communities |**Tower Hamlets Council Older People’s Services**
Purpose: Provision of services for older people from Black, Asian and minority ethnic
communities|| |---|---| |Hornafrik Integration Projects
BME Senior Citizens Project
Wapping Bangladesh Association
Wapping's Older People’s Friendship Club
Dorset Community Association
Dorset Older People Lunch Club
The Ensign Youth Club
UNITY
Wadajir Somali Community Centre
Wadajir's Elderly Lunch Club
The Bangladesh Youth Movement (BYM)
"Golden Years": Older BAMER People’s Initiative
Weavers Community Forum
Weavers Health Project|**£**
12,500
12,500
12,500
12,500
12,500
12,500
12,500| ||**87,500**| ## **London Dock Community fund** Purpose: Summer holiday provision for children and young people in Shadwell and St Katherine's and Wapping |Cable Street Community Gardens
Gardening equipment
E1 Community Gardeners
Summer guided tours and garden visits
Mulberry Schools Trust
Summer Arts Camp
Newark Youth London
St Katharines & Shadwell Summer Project
Pollyanna Training Theatre
It's A Wrap ‐ Summer Course
Pulse Social Sports Group CIC
Equipment, Staffing Costs, Venue hire
Shadwell Basin Outdoor Activity Centre
Shadwell Basin Summer Project 2021
SocietyLinks Tower Hamlets
Revive!
Wapping High School
Festival of Code 2021|**£**
500
500
3,000
3,000
2,200
292
2,508
3,000
3,000
**18,000**| |---|---| ## **Newham Giving** Purpose: Positive holiday provision for children and young people in Newham |Elevated Aspirations
Getting back to normality!
Fight for Peace
Twilight Summer Holiday Programme
Newham Community Renewal Programme
Summer in The Borough
West Silvertown Village Community Foundation
BV Summer Fun 2021
Ambition, Aspire, Achieve
Abbey Inclusive Holiday Programme
Ambition, Aspire, Achieve
Arc Inclusive Holiday Programme
Aston‐Mansfield
The Manor
Beckton Skills Centre
Build it Race it Go Kart Project
Bonny Downs Community Association
Go Wild 2021
Capital Kids Cricket
Summer Cricket Fun Days
Carpenters and Docklands Centre
Summer of Fun 2021|**£**
9,000
8,000
9,000
9,000
4,875
9,000
8,000
9,000
9,000
9,000
9,000| |---|---| ||**92,875**| 32 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 ## **Poplar HARCA Fund** Purpose: Supporting initiatives that improve the lives of communities living in and around Poplar HARCA's estates |Limehouse Boxing Academy
Limehouse Boxing Academy
Leaders in Community
Community Social
Lincoln Area Regeneration Group
Poplar Union 2021 Programme
First Love Foundation
Love Summer Programme
Women's Inclusive Team (WIT)
Rise & Shine Summer Programme 2021
Teviot Action Group
Unity Club
Burdett FC
Burdett Community Projects
Tower Hamlets Youth League United
Tower Hamlets Youth League United|**£**
10,000
24,000
35,000
5,000
5,000
10,000
15,000
4,955| |---|---| ||**108,955**| ## **Societe Generale UK Foundation Fund** Purpose: Supporting young people’s development and access to education and employment through sports, arts and culture |Bonny Downs Community Association
Stepping Up Music Production Skills
Cardboard Citizens
ACT NOW
Empire Fighting Chance
Hello Future! – A Careers and Boxing Programme
Kick London
Solutions Focused Mentoring Provision
Laburnum Boat Club
Youth Watersport Training Project
Limehouse Boxing Academy
Equip
Social Ark CIC
12 Months to Build Your Business
Unique Voice CIC
Bossing it! Boot Camp
VOYAGE
Youth Leadership Co‐ordinator
YOH Ltd
Bounce Back
You Make It
You Make It
**Total Grant Awarded**|**£**
9,990
10,000
10,000
10,000
9,950
12,900
12,790
9,990
9,584
9,700
12,096
**117,000**
**1,340,761**| |---|---| 33 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 **7. Net (expenditure)/income for the year** This is stated after charging: ||**2022**|**2021**| |---|---|---| ||**£**|**£**| |Depreciation|**1,961**|802| |Auditors' remuneration:||| |Audit|**10,475**|7,500| |Other services|**3,300**|**‐**| **8. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows:** |Salaries and wages
Social security costs
Employer’s contribution to defined contribution and auto
enrolment pension schemes|**2022**
**£**
**392,531**
**34,374**
**21,300**
**448,205**|**2021**
**£**
336,247
30,846
18,499| |---|---|---| |||385,592| The following number of employees received employee benefits (excluding employer pension costs) during the year between: |||**2022**|**2021**| |---|---|---|---| |||**No.**|**No.**| |**£70,001**|**‐ £80,000**|**1**|**1**| The total employee benefits including pension contributions of the key management personnel were £185,476 (2021: £142,528). The key management personnel comprise the trustees and the senior management team, who have the authority and responsibility for planning, directing and controlling the activities of the charity, under the guidance of the trustees. The charity trustees were not paid or received any other benefits from employment with the charity in the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil). Trustees did not claim reimbursement of expenses during the year (2021: £nil) 34 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 ## **9. Staff numbers** The average number of employees (head count based on number of staff employed) during the year was as follows: |Raising funds
Grant Making
Other Charitable Activities
Governance
Support|**2022**
**No.**
**4.2**
**3.4**
**1.8**
**1.3**
**1.5**
**12.2**|**2021**
**No.**
**3.7**
**2.8**
**1.3**
**0.9**
**1.3**| |---|---|---| |||**10.0**| ## **10. Related party transactions** The following trustees represent organisations that donated funds to EECF during the financial year. (All amounts pledged were received in full during the financial year and there were no unsettled amounted at the start or the end of the year). |**Name of the trustees**
**Name of the trustees’ group**
Howard Dawber
Canary Wharf Group
Rick Watson
AFME
Ashley Mullins
Chubb
James Wright
Northern Trust
Jim MacHale
Clifford Chance
Vicky Clark
Wendy Miller
London Borough of Tower Hamlets
BCLP LLP|**Donation value**| |---|---| ||**2022**
**2021**
**£**
**£**
**4,750**
53,000
**2,550**
800
**‐**
8,550
**30,450**
40,550
**550**
550
**565,545**
**30,550**
216,000
23,375| A number of trustees also make personal donations directly to the charity. The following trustees are associated with organisations that have received financial support from EECF during the financial year. The conflicted trustees have not participated in the decisions making processing relation to these awards. (All amounts awarded were paid in full during the financial year and there were no unsettled amounted at the start or the end of the year). |**Name of the trustees**
**Name of the trustees’ group**
Sister Christine Frost
Neighbours in Poplar
Sister Christine Frost
SPLASH
Shah Rahman
Limehouse Boxing Academy|**Donation value**| |---|---| ||**2022**
**2021**
**£**
**£**
**12,362**
44,930
**500**
‐
**22,900**
‐| One of EECF’s freehold properties is on a short‐term rolling lease and offers a redevelopment opportunity. Focused discussions are ongoing regarding the future use of the site. The following trustees have been excluded from these discussions due to the potential for conflicting interest. **Name of the trustees Name of the trustees’ group** Howard Dawber Canary Wharf Group Vicky Clark London Borough of Tower Hamlets 35 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 There were no other related party transactions during the period of report (2021 ‐ none). ## **11. Taxation** EECF is a registered charity and therefore not liable to income or corporation tax on income derived from its charitable activities as it falls within the various exemptions to registered charities. ## **12. Tangible fixed assets** |**2022**
**Cost**
At the start of the year
Additions in year
At the end of the year
**Depreciation**
At the start of the year
Charge for the year
At the end of the year
**Net book value**
**At the end of the year**
At the start of the year
All of the above assets are used for charitable purposes.
**13.**
**Listed investments**
Market value at the start of the year
Additions at cost
Disposal proceeds
Gains and losses on revaluation and disposals
Market value at the end of the year
Historical cost at 31 March 2022|**Unrestricted**
**£**
**11,430**
**11,268**
**22,698**
**9,227**
**1,829**
**11,056**
**11,642**
2,203|**Restricted**
**£**
**1,148**
**‐**
**1,148**
**558**
**132**
**690**
**458**
590
**2022**
**£**
**23,885,506**
**450,485**
**‐**
**2,138,171**
**26,474,162**
**19,260,816**|**Total**
**£**
**12,578**
**11,268**
**23,846**
**9,785**
**1,961**
**11,746**
**12,100**
2,793
**2021**
**£**
19,650,782
1,354,573
(908,611)
3,788,762| |---|---|---|---| ||||23,885,506| ||||18,810,331| 36 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 ## **14. Debtors** |Trade debtors
Prepayment and other debtors
Accrued income
**Creditors: amounts falling due within one year**
Grants payable
Trade and other creditors
Deferred Income
Taxation and social security
Accruals|**2022**
**£**
**47,442**
**10,164**
**35,000**
**92,606**
**2022**
**£**
**502,630**
**2,152**
**‐**
**9,408**
**13,775**
**527,965**|**2021**
**£**
27,696
2,167
46,753| |---|---|---| |||76,616| |||**2021**
**£**
327,070
1,912
10,000
8,921
32,388| |||380,291| ## **15. Creditors: amounts falling due within one year** Deferred income relates to funding where the donor has specified in the funding agreement that the income is in relation to a future period and the funds should not be expended until that time. It also includes the value of any rental income received in advance. Movements on deferred income during the year were as follows: |Balance brought forward as at 1 April
Amount released to income in the financial year
Amounts received and deferred to future periods.
**Balance carried forward to next financial year**|**2022**
**£**
**10,000**
**(10,000)**
**‐**
**‐**|**2021**
**£**
10,400
(10,400)
10,000| |---|---|---| |||10,000| ## **16. Pension scheme** EECF operates an Auto Enrolment Pension Plan from 1 May 2018 staging date, which benefits all members of staff. Prior to this, EECF operated a defined contribution Stakeholders Pension Plan of which 5 members of staff were of benefit until April 2017. EECF made total contributions, over both schemes during the year, of £21,300 (2021: £18,499). 37 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 |**17.**
**Analysis of net assets between funds**
**2022**
Tangible fixed assets
Investments
Net current assets
**2021**
Tangible fixed assets
Investments
Net current assets|**General**
**Unrestricted**
**£**
**12,100**
**5,564,987**
**1,179,099**
**6,756,186**
**General**
**Unrestricted**
**£**
2,793
4,455,559
1,536,411
5,994,763|**Endowment**
**£**
**‐**
**19,829,133**
**‐**
**19,829,133**
**Endowment**
**£**
‐
19,314,950
‐
19,314,950|**Restricted**
**£**
**‐**
**3,395,126**
**‐**
**3,395,126**
**Restricted**
**£**
‐
2,415,960
(10,000)
2,405,960|**Total funds**
**£**
**12,100**
**28,789,246**
**1,179,099**
**29,980,445**| |---|---|---|---|---| |||||**Total funds**
**£**
2,793
26,186,469
1,526,411| |||||27,715,673| 38 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 ## **18. Movements in funds** |**Movements in funds**||||||| |---|---|---|---|---|---|---| ||**At the start**|**Income**|**Expenditure**|**Gains/**|**Transfers**|**At the end of**| ||**of the year**|||**(losses)**||**the year**| ||**£**|**£**|**£**|**£**|**£**|**£**| |**Restricted funds:**||||||| |Millwall Park|76,707|19,604|‐|‐|‐|96,311| |Grassroots Tower Hamlets|10,356|‐|‐|‐|‐|10,356| |Grassroots Newham|75,360|‐|‐|‐|‐|75,360| |Grassroots Hackney|65,435|‐|‐|‐|‐|65,435| |Grassroots City|3,192|582|‐|‐|‐|3,774| |Evening Standard Dispossessed|36,419|7,693|(2,185)|‐|‐|41,927| |Elders Fund|32,970|11,954|(4,351)|‐|‐|40,573| |Peter Wade Memorial Fund|5,585|1,946|(709)|‐|‐|6,822| |Linklaters Fund|7,786|3,439|(1,265)|‐|(2,174)|7,786| |20 Fenchurch Street|74,012|25,973|(67,720)|‐|2,024|34,289| |EECF Sponsorship Fund|13,200|‐|(5,500)|‐|‐|7,700| |Philanthropy Club Endowment|44,399|3,560|‐|‐|(3,518)|44,441| |EECF Hackney|170,902|‐|‐|‐|‐|170,902| |Designated Fund Newham|10,313|‐|‐|‐|‐|10,313| |Designated Fund Tower Hamlets|67,879|‐|‐|‐|‐|67,879| |Bags of Taste|1,081|7,002|(350)|**‐**|‐|7,733| |S106 Grant Making|‐|**‐**|(3,000)|‐|729,420|726,420| |**Grant making**||||||| |Emergency Fund|409,553|7,165|(39,300)|‐|(377,418)|‐| |Summer Programme|2,911|2,515|(1,522)|‐|(1,944)|1,960| |Societe Generale UK Foundation|117,000|‐|(117,000)|‐|‐|‐| |Digital Inclusion|90,873|25,654|(84,178)|‐|(32,349)|‐| |Foundation for Future London|‐|140,772|(20,000)|‐|(120,772)|‐| |Tower Hamlets Grants Chest|63,386|86,892|‐|‐|(57,577)|92,701| |Fund for Hackney|216,866|96,325|‐|‐|(60,000)|253,191| |Isle of Dogs Grants Chest|33,373|109,728|(95,610)|‐|57,156|104,647| |Newham Giving|127,315|79,036|(102,162)|‐|21,000|125,189| |London Dock Community Fund|18,000|30,000|(21,000)|‐|‐|27,000| |Philanthropy Club Gift Aid|458|‐|‐|‐|(458)|‐| |Inspiring Communities Fund|28,000|‐|(28,000)|‐|‐|‐| |Vital Grants|75,303|‐|‐|‐|‐|75,303| |Millwall Capital Project|100,000|‐|‐|‐|‐|100,000| |Tower Hamlets Giving|19,999|13,501|(35,608)|‐|27,000|24,892| |Marshall Bailey Fund|‐|2,131|‐|‐|‐|2,131| |Tower Hamlets Council Small Grants||||||| |Fund|30,659|469,210|(369,366)|‐|‐|130,503| 39 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 |**Grant making (continued)**
Life Chances
Tower Hamlets Council Community
Languages Fund
Tower Hamlets Council Mayor's
COVID Recovery Loneliness Fund
Arts Council England
Life Chances Housing Association
Consortium
Richard Neale Foundation
Hill Charitable Fund
Made by Sport
Poplar Harca Fund
**In House Projects**
Island Exchange
Docklands 50+
**General**
St Matthias Church
**Total restricted funds**
**Endowment Funds**
Education & Training
Employment and Training (THTF)
Millwall Park
Stoneyard Lane Leisure
Main endowment fund
LDDC Community Grants
Grassroots Tower Hamlets
Grassroots Newham
Grassroots Hackney
Grassroots City
Evening Standard Dispossessed
Linklaters
Elders Endowment
Peter Wade Memorial
20 Fenchurch Street Legacy Fund
Hackney
Tower Hamlets
Newham|**At the start**
**of the year**
**Income**
**Expenditure**
**Gains/**
**(losses)**
**Transfers At the end of**
**the year**
**£**
**£**
**£**
**£**
**£**
**£**
1,250
329,717
(17,832)
**‐**
601,707
914,842
‐
36,600
(36,600)
**‐**
‐
‐
‐
218,280
(218,280)
‐
‐
‐
126,320
(126,320)
**‐**
‐
‐
‐
8,800
‐
**‐**
2,232
11,032
‐
2,422
‐
**‐**
(2,422)
‐
10,000
‐
(10,000)
**‐**
**‐**
**‐**
85,132
‐
(85,132)
**‐**
**‐**
**‐**
162,964
‐
(112,805)
**‐**
(45,000)
5,159
14,852
‐
(8,931)
**‐**
**‐**
5,921
29,373
27,022
(26,858)
**‐**
**‐**
29,537
73,097
**‐**
**‐**
**‐**
**‐**
73,097| |---|---| ||**2,405,960**
**1,893,843**
**(1,641,584)**
**‐**
**736,907**
**3,395,126**| ||1,331,446
‐
‐
114,908
‐
1,446,354
168,067
‐
‐
14,505
‐
182,572
657,996
‐
‐
56,786
‐
714,782
894,740
‐
‐
77,219
‐
971,959
3,731,652
‐
‐
(4,917)
3,726,735
2,180,899
‐
‐
188,218
‐
2,369,117
413,477
‐
‐
35,684
‐
449,161
342,950
‐
‐
29,598
‐
372,548
281,739
‐
‐
24,315
‐
306,054
19,522
‐
‐
1,685
‐
21,207
278,867
‐
‐
5,991
‐
284,858
115,434
‐
‐
9,962
‐
125,396
401,209
‐
‐
34,625
‐
435,834
65,328
‐
‐
5,638
‐
70,966
16,732
‐
‐
17,480
‐
34,212
2,951,304
‐
‐
254,706
‐
3,206,010
2,334,874
‐
‐
201,506
‐
2,536,380
2,309,795
‐
‐
199,342
‐
2,509,137| 40 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 |Philanthropy Club
S106 Expendable Endowment
Total endowment funds
**Unrestricted funds:**
**Designated funds:**
Grant Making
Endowment Building Incentive
Capital Investment
**General funds**
S106 Grant making
Ropemakers Fund
Stoneyard Lane
Unrestricted fund
**Total unrestricted funds**
**Total funds**|46,132
‐
‐
16,200
3,519
65,851
772,787
‐
‐
‐
(772,787)
‐| |---|---| ||**19,314,950**
**‐**
**‐**
**1,288,368**
**(774,185)**
**19,829,133**| ||**At the start**
**of the year**
**Income**
**Expenditure**
**Gains/**
**(losses)**
**Transfers**
**At the end of**
**the year**
**£**
**£**
**£**
**£**
**£**
**£**
576,357
6,634
‐
‐
(57,486)
525,505
1,155,037
**‐**
**‐**
**‐**
**‐**
1,155,037
2,500,000
**‐**
**‐**
**‐**
**‐**
2,500,000| ||4,231,394
6,634
‐
‐
(57,486)
4,180,542
36,133
‐
**‐**
‐
(36,133)
**‐**
386,845
8,671
‐
25,685
**‐**
421,201
55,232
26,658
(6,000)
‐
‐
75,890
1,285,159
539,806
(701,427)
824,118
130,897
2,078,553| ||**5,994,763**
**581,769**
**(707,427)**
**849,803**
**37,278**
**6,756,186**| ||**27,715,673**
**2,475,612**
**(2,349,011)**
**2,138,171**
**‐**
**29,980,445**| The S106 Expendable Endowment is a time‐limited grant making fund and is considered a restricted fund more than it is an endowment. The fund was transferred to the restricted funds as a result. ## **Purposes of restricted funds** **Isle of Dogs Grants Chest.** Income from the LDDC Community Grants and the LDDC Education & Training endowments are used to form this fund along with individual donations. **Tower Hamlets Grants Chest.** Income from the Employment & Training and Grassroots Tower Hamlets endowments, along with donations from Berwin Cave Leighton Paisner (BCLP) and Quartet Community Foundation are used to form this fund. **Fund for Hackney.** Income from EECF’s Community First and Grassroots Hackney endowments, and other small donations for Hackney form this fund. **Newham Giving.** Income from EECF’s Community First and Grassroots Newham endowments, Berwin Cave Leighton & Paisner (BCLP), Northern Trust and other individual donations are used to form this fund. **Philanthropy Club.** Income from the Philanthropy Club members to benefit the local community. 50% of annual donation is committed to the Club's endowment 41 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 **Grassroots City.** Income from the Grassroots City Endowment Fund is available to fund provision that benefits the local community in the City area of London. **Millwall Park.** Income from the Millwall Park Endowment Fund is available to fund provision that benefits the local community in the Millwall Park area on the Isle of Dogs (Tower Hamlets). **Poplar Harca Grants and Arts Chest.** Poplar Harca’s fund is used to deliver a grants programme in the Tower Hamlets wards of Poplar, Lansbury, Mile End, Bromley South and Bromley North. **Study Support Weekends.** The income is generated from various parties including TD Securities and smaller donations. The fund is open to secondary schools in Tower Hamlets and Newham. Income from the **Evening Standard Dispossessed Fund** is changeable and directed by the Evening Standard. **Allen & Overy Fund.** This fund supports activities within Tower Hamlets and Hackney. Isle of Dogs **Summer Programme** . This long standing programme is funded through the income raised by runners awarded a London Marathon Golden Bond place. **London Dock Community Fund ‐ St George.** The developer established this fund to support community activities close its development in Wapping, Tower Hamlets. The Fund specifically supports the wards of St Katharine’s & Wapping and Shadwell. **20 Fenchurch Street** Legacy Fund. This fund was established by the 20 Fenchurch Street Partnership and is a vehicle for the buildings tenants and service providers to support projects in the boroughs of Tower Hamlets, Hackney and Newham. The current focus is on addressing unemployment. **Inspiring Communities.** East End Community Foundation is distributing funding on behalf of Get Living London to support the local communities around East Village, E20. **Vital Grants.** Established by EECF from its unrestricted resources to address community cohesion in Tower Hamlets as identified by the community survey undertaken as part of our Vital Signs research. **Societe Generale UK Foundation Fund.** Established to support young people of Tower Hamlets, Newham and Hackney, improving their educational development, through sport, arts or cultural activities and improving literacy. **Sponsorship Fund** . Established by EECF to sponsor local events or initiatives with a strong East End focus or connection that may not naturally fit our typical grant criteria. **S106.** This fund is made up of two programmes; Millennium Quarter (MQ) and Riverside South (RS). The fund has been established with Tower Hamlets Council and is ring‐fenced to activities serving residents on the Isle of Dogs (MQ) and the Isle of Dogs and South Poplar (RS). **Millwall Park Capital Project.** This fund was established using income from the Millwall Park Endowment and is designated for a planned capital project in the park. **Elders Fund.** Support elders activities in Tower Hamlets. Income is from the Elders Endowment, provided by an anonymous donor. **Life Chances** . Supporting disadvantaged communities in the east end to recover from the pandemic and realise lasting change. 42 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 ## **Purposes of designated funds** **Grant Making** ‐ funds set aside by the trustees to top up the grant making funds. **Endowment Building Incentive** ‐ funds set aside by the trustees to build new endowment funds and match funds donated from outside organisations for endowments. **Capital Investment** ‐ funds set aside for future capital investment by the charity. **Education & Training.** The support of education and training project whose aim is to improve the prospect of residents living in the Isle of Dogs to secure employment **Employment & Training.** The support education and training projects in Tower Hamlets **Millwall Park** . Carrying out improvements to the environment and the provision or improvement of public leisure amenities or in the absence of such need other charitable provision to benefit the community in the Millwall Park area. **Main Endowment Fund.** To support EECF’s core costs **LDDC Community Grants** . To implement an annual programme of grants for the benefit of the community on the Isle of Dogs **Grassroots Tower Hamlets** . To respond to the diverse needs of the communities in Tower Hamlets **Grassroots Newham** . To respond to the diverse needs of the communities in Newham **Grassroots Hackney** . To respond to the diverse needs of the communities in Hackney **Grassroots City** . To respond to the diverse needs of the communities in City of London **Evening Standard Dispossessed** . To benefit residents and communities in East London, as directed by the donor **Elders Endowment** . To support projects working with older people to reduce isolation and increase involvement in the community across EECF’s area of benefit **Peter Wade Memorial** . Community activities in EECF area of benefit, as directed by the donor **20 Fenchurch Street Legacy** . For the benefit of communities in EECF’s area of benefit, as directed by the donors **EECF Hackney.** For charitable projects in Hackney that relate to social action at a local level by way of grant or social investment **EECF Tower Hamlets** . For charitable projects in Tower Hamlets that relate to social action at a local level by way of grant or social investment **EECF Newham** . For charitable projects in Newham that relate to social action at a local level by way of grant or social investment . Philanthropy Club. Alleviation of poverty in EECF’s area of benefit 43 **East End Community Foundation** ## **Notes to the financial statements (continued)** For the year ended 31 March 2022 ## **19. Reconciliation of net income to net cash flow from operating activities** |**Net income / (expenditure) for the reporting period**
**(as per the statement of financial activities)**
Gains on investments
Depreciation
Dividends and interest from investments
(Increase)/Decrease in debtors
Increase in creditors
**Net cash provided by operating activities**
**Analysis of cash and cash equivalents**
**At**
**1 April 2021**
**£**
Cash in hand
1,048,606
Cash held on deposit
781,480
Cash held in investment accounts
2,300,963
**Total cash and cash equivalents**
4,131,049|**Cash flows**
**£**
(215,706)
78
14,121
(201,507)|**2022**
**£**
**2,264,772**
**(2,138,171)**
**1,961**
**(671,697)**
**(15,990)**
**147,674**
**(411,451)**
**Other**
**changes**
**£**
**‐**
**‐**
‐
‐||2021
£
4,448,131
(3,788,762)
802
(683,660)
113,446
179,867| |---|---|---|---|---| |||||269,824| |||||**Other**
**changes**
**£**
**832,900**
**781,558**
**2,315,084**
**3,929,542**| |||||| ## **20. Analysis of cash and cash equivalents** ## **21. Legal status of the charity** The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. ## **22. Properties** The London Docklands Development Corporation, as part of its de‐designation transferred the freeholds of numerous properties in the area occupied on long leases at nominal rent. The duty as freeholder is to ensure that the properties continue to be used for community benefit. The opportunity for EECF to financially benefit from these properties remains remote or subject to many contingent matters prior to valuation, therefore no amounts are included in these financial statements. The exception to this is the Workhouse site at Poplar that is on a short term lease and is an area deemed for redevelopment. EECF has a professional team of advisors and having developed a brief they marketed the redevelopment opportunity for this site in the summer of 2019. Applicants were shortlisted but presentations were delayed due to COVID‐19. The process re‐commenced in early 2022 and again led to significant interest from reputable property developers. Once a suitable development opportunity and partner are identified and planning permission is secured, the value of the site will be clear and the asset will be brought on to our balance sheet. 44