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2024-03-31-accounts

East End Community Foundation

(a company limited by guarantee)

Annual report and financial statements

For the year ended 31 March 2024

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 - 9
Independent auditor’s report 10 - 13
Statement of financial activities 14 – 15
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 – 40

East End Community Foundation

Reference and administrative information

For the year ended 31 March 2024

Trustees Bronek Masojada (Chairman)
Katherine Webster (Vice Chair)
Alkhad Ali
Babu Bhattacherjee
Laurence Everitt
Rev Jeremy Fraser
Jim MacHale
Catherine McGuinness
Tim Musgrave
Guy Nicholson
Sahidur Rahman
Rick Watson
Charity registered number 1147789
Company registered number 08104415
Company secretary John Dawson
Principal office EECF
Jack Dash House
2 Lawn House Close
London
E14 9YQ
Bankers Barclays Bank Plc
1 Churchill Place
London
E14 5HP
Independent auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Investment managers CCLA
Senator House
85 Queen Victoria St
London
EC4V 4ET
Cazenove Capital
1 London Wall Place,
London
EC2Y 5AU

1

East End Community Foundation

Chairman’s report

For the year ended 31 March 2024

The East End Community Foundation has had another year of positive impact along with our fundholders, funding partners and grantees in the communities of Hackney, Newham, Tower Hamlets, and the City of London. A crucial part of this impact has been donor collaboration which multiplies the positive impact of their individual support.

We are mid-way through our pooled-funding Life Chances Campaign, and I am extremely proud of the significant strides we have made. The Life Chances focus remains Employment, Digital Connectivity and Elder Isolation and Poverty. There were several highlights throughout the year but with digital inequality being detrimental on so many levels, I was particularly proud of our Connecting Communities initiative which achieved the impressive milestone of supporting its 500th family with broadband, training and a connectable device.

EECF also continued to add value to our grant-making efforts by not only effectively investing in grassroots organisations locally but also upskilling their staff to tackle pressing issues like pensioner poverty, ensuring they have the tools and knowledge to make a significant impact. and helping build their capacity for lasting change.

We are committed to serving our communities in the years ahead.

Bronek Masojada Chairman

Date: 17[h] September 2024

2

East End Community Foundation

Trustees’ report

For the year ended 31 March 2024

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 upon, 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. Throughout the process, donors have full control of decision making.

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.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The East End Community Foundation (EECF) is a registered charity (No. 1147789) and company limited by guarantee (08104415). The trustees, who are also Directors of the charitable company, present their report and audited financial statements for the year ending 31[st] March 2024. 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 the AGM for ratification.

The Board of trustees may consist of no more than 15 trustees and 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 they retired from office. On the 31[st] March 2024, EECF had 12 trustees. EECF seeks to have a Board that has equal representation from the following membership classes: Business, Statutory and Voluntary.

The Board 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 nor 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 2024, EECF had 4 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

3

East End Community Foundation

Trustees’ report (continued)

For the year ended 31 March 2024

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 Charity during the year ended 31[st] March 2024 and up to the date of approval of this report were:

Trustee Name Member Name Membership Class
Alkhad Ali SPLASH Voluntary
Babu Bhattacherjee The LETTA Trust Voluntary
Laurence Everitt Northern Trust PLC Business
Jeremy Fraser Church of England Voluntary
Jim MacHale Clifford Chance Business
Bronek Masojada (Chair) Individual
Catherine McGuinness Individual
Tim Musgrave (appointed 21/02/24) Career Milestones Limited Business
Guy Nicholson London Borough of Hackney Statutory
Sahidur Rahman Limehouse Boxing Academy Voluntary
Rick Watson AFME Business
Katherine Webster (Vice Chair) Individual

Management

The day to day running of the charity is delegated to the Chief Executive, Tracey Walsh. 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 and a working group, the functions of which and members and contributors for the period ending 31[st] March 2024 were as follows:

Finance & Administration
Rick Watson (Chair)
Bronek Masojada
Jim MacHale
Co-optees / Contributors
Adrian Greenwood
Mark Sherlock
Development & Communications
Guy Nicholson (Chair)
Bronek Masojada
Co-optees / Contributors
Anne Clarke (from May 2023)		 Grants
Katherine Webster (Chair)
Sahidur Rahman
Alkhad Ali
Babu Bhattacharjee
Jim MacHale
Co-optees / Contributors
Stella Bailey Jo Ellis
Dot Hodgson Lara Rufus-Fayemi
Workhouse Working Group
Jeremy Fraser (Chair)
Co-optees / Contributors
Wendy Miller		 Nominations
Jim MacHale (Chair)
Sahidur Rahman
Katherine Webster
Co-optees / Contributors

Ian Burpitt

Staff Remuneration

Staff salaries are set in line with similar sized London-based 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 throughout the period to 31st March 2024 were Tracey Walsh (CEO) and Allan Anderson (Head of Grants and Programmes). Additional key management personnel during the year were Kate Turner (Director of Development & Communications to September 2023), Steven Wilson (Director of Development & Communications from September 2023 to January 2024), and Richard Parkinson (Head of Finance & Operations) from October 2023. All staff who successfully pass their probation, including key management personnel, are eligible for an annual salary increase subject to meeting a specific grade as part of EECF’s appraisal process.

4

East End Community Foundation

Trustees’ report (continued)

For the year ended 31 March 2024

Risk Management

Alongside the Finance & Administration committee, the CEO and Head of Finance & Operations identify and review the major risks to which EECF 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 1. The loss of key staff is also considered a significant risk, so the Foundation regularly undertakes salary benchmarking, has an employee assistance programme which offers access to wellbeing and mental health advice and support, a Cycle to Work scheme and continues 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 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.

Grant Making

As a grassroots grant maker, EECF awards grants 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 of, 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 grant programmes have been designed to do just that. Grants vary in value depending on the guidelines and objectives of each grant making fund we manage and start from £250. 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 initiatives addressing high levels of unemployment that exist locally. Our grant application and monitoring processes are 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 three resources: EECF’s own financial resources, through our collaborative giving fund (Life Chances) and the charitable donor advised 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. Funding Plus+ supports the voluntary sector with capacity building activities including sourcing corporate volunteers, delivering on-line workshops on funding opportunities and advice on how to construct a strong case for support. We also provide 1- 2-1 support to applicants, particularly for smaller voluntary organisations run by volunteers.

Our Winter Appeal is an example of direct delivery that complements our grant making and social impact objectives. From November to January, EECF co-ordinated the production and delivery of care packages to older people experiencing isolation and hardship, and for a second consecutive year to low income families impacted by the cost of living crisis. This large scale initiative has run successfully for more than a decade and is possible due to the employee volunteers from City and Canary Wharf based companies as well as some of our voluntary sector organisations. In 2023/24, 3,000 care packages were distributed in direct response to the cost of living crisis.

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.

5

East End Community Foundation

Trustees’ report (continued)

For the year ended 31 March 2024

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 and Newham and the City of London. With the full breadth of social needs existing in the East End, EECF has prioritised support for young people, older people and tackling digital exclusion based on learning derived from its Covid Emergency Fund and its Vital Issues research report produced in conjunction with the London School of Economics.

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.

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 as well as its investment policy.

All EECF’s investment managers (CCLA, EdenTree and Cazenove Capital) engaged in regular communication with the former interim Finance Manager, the Head of Finance & Operations and the Finance & Administration Committee to discuss performance and investment strategy in addition to providing quarterly performance reports.

During the financial year, EdenTree exited certain businesses which impacted its contracted services for EECF. Following a review, the trustees appointed Cazenove Capital as a new investment manager.

EECF’s Investment Policy, which has a strong ESG focus, sets out the Foundation’s remit to maintain the level of income in real terms, seeking a return of at least 4%, and to at least maintain the value of its capital in real terms.

Reserves Policy

EECF’s reserves policy states the charity should aim to keep a minimum reserve of £500k 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 2024, EECF had total resources of £31.8m of which £26.2m was designated or restricted for a specific purpose. The unrestricted balance of the funds amounted to £5.6m which meets the reserves policy requirement.

In July 2023, the Board decided to undesignate two of the three designated funds (Grant Making and Capital Investment) and to release the balances to unrestricted funds. The endowment match incentive programme (£1.1m) remains as a designated fund to support EECF’s ability to increase the value of new endowments.

Review of the period

The year ending 31st March 2024 was another busy and productive period. The Charity:

2023/24 was a positive year with a broad ranging grant offer including multi-year commitments, new donor advised funds being launched, first-time donors joining our Life Chances collaborative giving campaign.

Income for the period to 31 March 2024 totalled £2,057,803 (2023: £2,495,516) against which total expenditure of £1,921,937 (2023: £2,556,450) was incurred. Income was higher than expenditure as a result of higher investment income. EECF defines its donor categories as Business, Trusts & Foundations, Statutory and Individuals.

6

East End Community Foundation

Trustees’ report (continued)

For the year ended 31 March 2024

All Board and Committee meetings went ahead as scheduled and trustees and supporters remained actively engaged.

EECF’s business plan to 31st March 2028 was agreed in March 2023 with clear criteria to guide the work of the charity. For 2023/24 we operated in line with our approved budget and focussed our efforts on progressing our collective giving as a means of improving social impact. Information on our wider objectives for the year ending 31st March 2024 are detailed below. Achievement or significant progress was achieved on each objective, and where progress was slower than anticipated this was closely monitored and reviewed to agree our 2024/25 work plan.

Grant Making

In the twelve months to 31st March 2024, EECF received 167 funding requests totalling £1.6m. We awarded 118 grants totalling £1.05m based on budget availability to support a wide range of social needs. Grants ranged from £250 to £30,900.

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 to 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 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 entrenched 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 social impact and achieve meaningful long-term change for the communities we serve, EECF is committed to encouraging existing and potential donors to collaborate with us to increase the effectiveness in all the community investment that takes place locally. Our Life Chances campaign is an example of this and although in its infancy we are beginning to see the increased social impact of our collective effort.

Develop plans for our freehold property in Poplar

EECF remains committed to ensuring we have a comprehensive offer that is right for both the charity and local community. During the year we focused our efforts progressing negotiations with our preferred development partner but discussions stalled when they significantly reduced their original offer. EECF’s Board took the decision to place contract negotiations on hold until March 2024. Since March 2024 EECF has been unable to re-engage its preferred development partner despite several attempts. EECF trustees reviewed their position at the July 2024 Board meeting and chose to maintain its position of placing negotiations on hold due to limited change in the property market.

Staff and Trustee Recruitment

Although EECF had a turnover of staff, we operated for much of the year with a full resource, including the appointment of a permanent Head of Finance & Operations. Departures within the Development and Communications team gave EECF the opportunity to review how best to resource this function and chose only to appoint one of the four vacancies. It is probable a further post will be filled during 2024/25 but an exact timeframe has yet to be determined.

Trustees remained engaged throughout 2023/24 and continued to alternate Board meetings between in-person and on-line which worked well. In person meetings have tended to be held in a community setting.

During the year, one trustee was appointed. All trustees are detailed on Page 4.

7

East End Community Foundation

Trustees’ report (continued)

For the year ended 31 March 2024

Plans for the future

Throughout 2024/25, EECF will focus its efforts on achieving the following:

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:

The trustees are responsible for maintaining proper 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.

Audit information

So far as each of the directors at the time the trustees’ report is approved is aware:

8

East End Community Foundation

Trustees’ report (continued)

For the year ended 31 March 2024

Auditors

Buzzacott LLP are appointed as our auditors. A resolution proposing their reappointment will be submitted at the Annual General Meeting.

The accounts have been prepared in accordance with the special provisions of Section 415A of the Companies Act 2006 relating to small entities.

Approved by the Board of Trustees and signed on its behalf by:

Bronek Masojada

Date: 17[th] September 2024

9

Independent auditor’s report to the members of East End Community Foundation

For the year ended 31 March 2024

Opinion

We have audited the financial statements of East End Community Foundation (the ‘charitable company’) For the year ended 31 March 2024 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:

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.

We have nothing to report in this regard.

10

Independent auditor’s report to the members of East End Community Foundation (continued)

For the year ended 31 March 2024

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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:

Responsibilities of trustees

As explained more fully in the responsibilities of trustees’ statement (contained within the trustees’ report), 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: 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:

11

Independent auditor’s report to the members of East End Community Foundation (continued)

For the year ended 31 March 2024

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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.

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.

12

Independent auditor’s report to the members of East End Community Foundation (continued)

For the year ended 31 March 2024

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: 23 September 2024

13

East End Community Foundation – Registered Company number: 08104415

Statement of financial activities

For the year ended 31 March 2024

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 (expenditure) / income before net gains on
investments
Net gains on investments
Net (expenditure) / income for the
year
7
Transfers between funds
18
Net movements in funds
Total funds brought forward as previously stated
Total funds carried forward		 Unrestricted
funds
£
71,165
10,000
489,208
570,373
345,005
247,562
145,037
737,604
(167,231)
27,535
(139,696)
238,710
99,014
6,633,509
6,732,523		 Restricted
funds
£
986,217
-
476,213
1,462,430
-
1,046,963
137,370
1,184,333
278,097
-
278,097
(260,228)
17,869
3,421,015
3,438,884		 Endowment
funds
£
25,000
-
-
25,000
-
-
-
-
25,000
2,587,544
2,612,544
21,518
2,634,062
19,020,716
21,654,778		 2024
Total
funds
£
1,082,382
10,000
965,421
2,057,803
345,005
1,294,525
282,407
1,921,937
135,866
2,615,079
2,750,945
-
2,750,945
29,075,240
31,826,185

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 18 to 40 form part of these financial statements.

14

East End Community Foundation – Registered Company number: 08104415

Statement of financial activities

For the year ended 31 March 2023

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
Net (expenditure) / income for the
year
7
Transfers between funds
18
Net movements in funds
Total funds brought forward as previously stated
Prior year adjustment 23
Total funds brought forward as restated
Total funds carried forward		 Unrestricted
funds
£
69,483
22,847
388,571
480,901
396,335
254,087
177,870
828,292
(347,391)
(10,657)
(358,048)
292,206
(65,842)
6,756,186
(56,835)
6,699,351
6,633,509		 Restricted
funds
£
1,566,621
-
422,994
1,989,615
1,165
1,626,161
100,822
1,728,148
261,467
-
261,467
(292,413)
(30,946)
3,395,126
56,835
3,451,961
3,421,015		 Endowment
funds
£
25,000
-
-
25,000
-
-
10
10
24,990
(833,614)
(808,624)
207
(808,417)
19,829,133
-
19,829,133
19,020,716		 2023
Total
funds
£
1,661,104
22,847
811,565
2,495,516
397,500
1,880,248
278,702
2,556,450
(60,934)
(844,271)
(905,205)
-
(905,205)
29,980,445
-
29,980,445
29,075,240

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 18 to 40 form part of these financial statements.

15

East End Community Foundation– Registered Company number: 08104415

Balance sheet

As at 31 March 2024

Note
Fixed assets:
Tangible assets
12
Intangible assets
Listed investment
12
13
Cash held in investment
portfolio
20
Current assets:
Debtors
14
Cash and bank and in hand
20
Liabilities:
Creditors: amounts falling
due within one year
15
Net currents assets
Total assets less current
liabilities
Total net assets
The funds of the charity:
Restricted income funds
18
Unrestricted income
funds:
Designated funds
18
General funds
18
Total unrestricted funds
Endowment funds
18
Total charity funds		 2024
£
191,547
516,225
707,772
(511,646)
1,135,037
5,597,486		 2024
£
4,296
16,607
28,303,906
3,305,250
31,630,059
196,126
31,826,185
31,826,185
3,438,884
6,732,523
21,654,778
31,826,185		 2023
£
175,803
666,962
842,765
(453,085)
4,174,159
2,459,350		 2023
£
7,398
-
25,630,547
3,047,615
28,685,560
389,680
29,075,240
29,075,240
3,421,015
6,633,509
19,020,716
29,075,240

The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of the financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board of Trustees and signed on its behalf by

Bronek Masojada Chairman and Trustee Date: 17[th] September 2024

The notes on pages 18 - 40 form part of these financial statements.

16

East End Community Foundation– Registered Company number: 08104415

Statement of cash flows

For the year ended 31 March 2024

Note
Cash flows from operating activities
Net cash used in operating activities
19
Cash flows from investing activities:
Dividends and interest from investments
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in
the year
Cash and cash equivalents at the
beginning of the year
Cash and cash equivalents at the end of
the year
20		 £
965,421
(16,607)
10,489,879
(10,548,159)		 2024
£
(783,636)
890,534
106,898
3,714,577
3,821,475		 £
811,565
-
257,672
(258,328)		 2023
£
(1,025,874)
810,909
(214,965)
3,929,542
3,714,577

The accounting policies and notes on pages 18 to 40 from part of these financial statements.

17

East End Community Foundation

Notes to the financial statements

For the year ended 31 March 2024

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 1 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 its 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.

18

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

e) Donations of gifts, services and facilities

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 (including endowment 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.

19

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

l) 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.

Intangible fixed assets comprise amounts incurred for the development of software for use in the charity’s activities. Software is amortised over its estimated useful life (5 years) from the date at which it is brought into use. At 31[st] March 2024, the software development had not yet been completed.

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.

20

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

2. Income from donations and legacies

Business
Individuals
Trusts & Foundations
Statutory
Membership Fees
Gift in Kind
Business
Individuals
Trusts & Foundations
Statutory
Membership Fees
Gift in Kind		 Unrestricted
£
45,746
3,023
2,000
-
5,396
15,000
71,165
Unrestricted
£
42,873
625
-
-
10,985
15,000
69,483		 Restricted
£
424,012
73,759
419,773
68,673
-
-
986,217
Restricted
£
432,323
82,191
380,577
671,530
-
-
1,566,621		 Endowment
£
25,000
-
-
-
-
-
25,000
Endowment
£
25,000
-
-
-
-
-
25,000		 2024
Total
£
494,758
76,782
421,773
68,673
5,396
15,000
1,082,382
2023
Total
£
500,196
82,816
380,577
671,530
10,985
15,000
1,661,104

Gift in Kind represents rent free office accommodation provided by London Borough of Tower Hamlets.

21

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

3. Income from other trading activities

2024
Rental income
2023
Rental income
Other		 Unrestricted
£
10,000
10,000
Unrestricted
£
10,000
12,847
22,847		 Restricted
£
-
-
Restricted
£
-
-
-		 Total
£
10,000
10,000
Total
£
10,000
12,847
22,847

4. Income from investments

2024
Dividends from investments
2023
Bank Interest
Dividends from investments		 Unrestricted
£
489,208
489,208
Unrestricted
£
45
388,526
388,571		 Restricted
£
476,213
476,213
Restricted
£
-
422,994
422,994		 Endowment
£
-
-
Endowment
£
-
-
-		 Total
£
965,421
965,421
Total
£
45
811,520
811,565

22

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

5. Analysis of expenditure

Staff costs (Note 8)
Investment
management fees
Charitable
activities direct
costs
Rent
Marketing &
advertising
IT costs
Office costs
Telephone
Postage & courier
Subscriptions &
publications
Legal &
professional
Audit fees
Insurance
Freelance workers
Recruitment
Other costs
Support costs
Governance costs
Total expenditure
2024
Total expenditure
2023		 Cost of
raising
funds
£
167,384
42,169
-
-
-
-
-
-
-
-
-
-
-
-
-
-
209,553
98,351
37,101
345,005
397,500		 Charitable activities
Grant
making
Other
charitable
activities
£
£
136,833
80,165
-
-
1,046,963
137,370
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,183,796
217,535
80,399
47,103
30,330
17,769
1,294,525
282,407
1,880,248
278,702		 Governance
costs
£
36,241
-
-
-
-
-
-
-
-
-
35,039
13,920
-
-
-
-
85,200
-
(85,200)
-
-		 Support
costs
£
103,816
-
-
15,000
6,385
10,469
2,185
2,973
38
14,866
-
-
1,385
34,559
22,701
11,476
225,853
(225,853)
-
-
-		 2024
Total
£
524,439
42,169
1,184,333
15,000
6,385
10,469
2,185
2,973
38
14,866
35,039
13,920
1,385
34,559
22,701
11,476
1,921,937
-
-
1,921,937
2,556,450		 2023
Total
£
545,117
58,541
1,726,984
15,000
11,815
19,053
1,402
1,431
391
14,024
48,087
11,875
8,767
59,811
17,771
16,381
Grant
making
£
136,833
-
1,046,963
-
-
-
-
-
-
-
-
-
-
-
-
-
1,183,796
80,399
30,330
1,294,525
1,880,248
2,556,450
-
-
2,556,450

Of the total expenditure, £737,604 was unrestricted (2023: £828,292) and £1,184,333 restricted (2023: £1,728,248).

23

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

6. Grant making Year ended 31 March 2024

EECF Life Chances Young People
Purpose: EECF Strategic Goal of improving well-being and employment opportunities of young people
Bonny Downs Community Association
Skills and Employment for Young People
Circle Community
Skills and Employment for Young People
Fight for Peace
Skills and Employment for Young People
Poplar HARCA
Skills and Employment for Young People
VOYAGE
Skills and Employment for Young People
Mudchute Association
Skills and Employment for Young People
Well Grounded Jobs CIC
Skills and Employment for Young People
Ambition, Aspire, Achieve (AAA)
Holiday Activities for Young People
Aston-Mansfield
Holiday Activities for Young People
Hackney Shed
Holiday Activities for Young People
Beckton Skills Centre
Holiday Activities for Young People
Bonny Downs Community Association
Holiday Activities for Young People
Capital Kids Cricket
Holiday Activities for Young People
Carpenters and Docklands Centre
Holiday Activities for Young People
Elevated Aspirations
Holiday Activities for Young People
Fight for Peace
Holiday Activities for Young People
Newham Community Renewal Programme
Holiday Activities for Young People
West Silvertown Village Community Foundation
Holiday Activities for Young People
Children with voices
Holiday Activities for Young People
H.O.P.E (Incorporating Gascoyne & Morningside
YC)
Holiday Activities for Young People
Laburnum Boat Club
Holiday Activities for Young People
SONshine Club
Holiday Activities for Young People
Tropical Isles
Holiday Activities for Young People
Leaders in Community
Holiday Activities for Young People
Social Organisation for Unity and Leisure
Holiday Activities for Young People
SPLASH
Holiday Activities for Young People
St Andrews Youth Development Trust
Holiday Activities for Young People
Grants returned/unclaimed		 2024
£
30,900
30,900
30,900
30,900
30,900
30,000
30,900
13,000
9,659
7,056
9,685
9,645
9,505
10,000
9,350
9,657
9,659
9,840
9,632
9,445
8,547
10,000
10,000
9,970
10,000
10,000
9,114
(15,450)
393,714
EECF Life Chances: Digital
Purpose: EECF Strategic Goal to promote digital inclusion
Eko Pathways School
School Online Mission Pilot educational platform
Stebon Primary School
School Online Mission Pilot educational platform
William Davis School
School Online Mission Pilot educational platform		 2024
£
1,000
1,000
1,000
3,000

24

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

EECF Life Chances: Older People
Purpose: EECF Strategic Goal of addressing isolation and tackling pensioner poverty
Island Advice Centre
Tackling pensioner poverty
Neighbours In Poplar
Tackling pensioner poverty
Wapping Bangladesh Association
Tackling pensioner poverty
Aishah Help
Tackling pensioner poverty
The Bow Foodbank
Tackling pensioner poverty
Island House Community Centre
Tackling pensioner poverty
Ocean Regeneration Trust
Tackling pensioner poverty
West Ham United Foundation
Tackling pensioner poverty
The Families Support Group
Tackling pensioner poverty
West Ham United Foundation
Social group for older people		 2024
£
19,900
21,000
10,000
10,000
10,000
10,000
10,000
10,000
9,420
5,000
115,320
Housing Association Consortium Fund
Purpose: Projects providing support to residents within and around social housing estates in Tower
Hamlets
Clean Slate Training & Employment
Training and employment programme
First Love Foundation
Advocacy and advice service
The Bow Foodbank
Provision of feminine hygiene products
East India Over 50's Consortium
Men's social group
Half Moon Young People's Theatre
Creative Play sessions
Happy in Your Body CIC
Chronic health condition management
Island House Community Centre
Skills and advice project
Purple Moon Drama
Easter Holiday Drama Club
Wapping Bangladesh Association
Skills and employment programme for women
Grants returned/unclaimed		 2024
£
5,000
3,795
5,000
4,805
5,000
4,000
5,000
5,000
5,000
(5,000)
37,600
2024
Isle of Dogs Grants Chest & Millwall Park Endowment Fund £
Purpose: Supporting community provision on the Isle of Dogs
Craft Central Craft Project 5,000
Isle of Dogs Bangladeshi Association and Cultural
Centre Support programme for older residents 8,000
London Sportif Community sports programme 5,280
London Young Stars Elite Community sports programme 9,760
Social Action for Health Circus Skills for Older People 10,000
The Parish of the Isle of Dogs Capital Costs for Educational Equipment 8,000
St. Matthias Community Centre Capital Costs for Heating System 10,000
Neighbours In Poplar Coach trips 1,116

25

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

Isle of Dogs Grants Chest & Millwall Park Endowment Fund (continued)
Canaan Project
Community project for girls
Osmani Trust
Community boxing programme
SPLASH
Community Events
SPLASH
Employment Project
Mudchute Association
Capital Costs for Minibus
More Life Home
Skills and Employment Project
Betty May Grey over 50s Club
Social group for older people		 2024
£
10,000
10,000
1,770
10,000
10,000
10,000
1,074
110,000
North East London NHS: Social Prescribing Community Chest
Purpose: Piloting activities to address gaps in health inequalities
Skillspool Training CIC
IT skills for long-term health conditions
True You Today
Workshops for survivors of domestic abuse
The Oitij-jo Collective
Wellbeing workshops for BAME women
Coaching for Unpaid Carers CIC
Wellbeing workshops and coaching for carers
SimpleGifts: Unitarian Centre for Social Action
Wellbeing workshops and support for BAME men
EastHands
Advocacy and advice provision
Sunny Jar Eco Hub CIC
Wellbeing workshops for men
Ashaadibi Education & Cultural Centre
Wellbeing workshop for the Somali community
Bethnal Green Mission Church
Community football club for male refugees
Neighbours In Poplar
Community support for Bengali women
Beyond Sight Loss
Activities for those with sight loss
Happy in Your Body CIC
Chronic health condition management		 2024
£
3,409
4,990
4,997
4,640
3,245
3,300
9,938
9,000
1,500
4,800
5,000
5,181
60,000
London Dock Community Fund
Purpose: Summer holiday provision for children and young people in Shadwell and St Katherine's and
Wapping
Newark Youth London
Summer activities for young people
Trapped in Zone One
Summer activities for young people
Purple Moon Drama
Facilitation training for young people
Capital Kids Cricket
Summer activities for young people
SocietyLinks Tower Hamlets
Summer activities for young people
Pollyanna Training Theatre
Summer activities for young people
Wapping High School
Summer activities for young people
ICSS
Social Activity
Cable Street Community Gardens
Equipment		 2024
£
4,000
4,000
3,960
3,707
4,000
2,700
3,840
250
543
27,000

26

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

L&Q Foundation: Haggerston Estate Community Fund
Purpose: Projects providing support to residents within/ around the Haggerston and Kingsland Estate
Hackney Playbus
Playbus sessions for families
Hoxton Health
Wellbeing for older people
Sev Necati Training
Community women and girls project
Valued Green C.I.C.
Provision of food and essential items
Haggerston & Kingsland Residents' Collective
Community projects		 2024
£
7,500
9,697
7,160
3,500
400
28,257
2024
Poplar Harca Fund £
Purpose: Supporting initiatives that improve the lives of communities living in and around Poplar HARCA's estates
The Aberfeldy Project Community football project 1,000
Bromley by Bow Community Organisation Community projects for local residents 22,500
Tower Hamlets Youth League United Community football project for women and girls 5,000
Teviot Action Group Unity Club after school project 2,000
First Love Foundation Advocacy and advice service 30,000
Burdett Foundation Core Costs 30,000
Burdett Foundation Community projects for local residents 13,000
The Aberfeldy Project Community girls project 1,000
104,500
2024
Societe Generale UK Foundation Fund £
Purpose: Supporting skills development and employability of young people and adults furthest from the job market
Cardboard Citizens Skills and employment project for adults 24,675
YOH Ltd Skills and employment project for young people 24,675
VOYAGE Skills and employment project for young people 10,500
Social Ark CIC Skills and employment project for young people 10,500
You Make It Skills and employment project for young people 10,500
Room for Work Skills and employment project for adults 10,500
Empire Fighting Chance Skills and employment project for young people 24,675
Skills and employment project for young people
Jersey Employment Trust with disabilities 10,500
Well Grounded Jobs CIC Skills and employment project 10,500
Skills and employment project for young people
Grow with learning disabilities 5,500
Guernsey Employment Trust Skills and employment project for young people 5,000
147,525

27

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

The Sucden Financial Community Fund
Purpose: Supporting initiatives that respond to some of the pressing challenges faced by the most
vulnerable
Bromley by Bow Centre
Energy advice projects
Skills Enterprise
Financial literacy project
Aishah Help
IT skills project
Idia's Community Kitchen
Food poverty project		 2024
£
12,000
10,000
10,000
10,000
42,000
UK Community Foundation Communities in
Crisis
Purpose: Supporting grassroots organisations and their communities through the cost-of-living crisis
Ascension Community Trust
Foodbank
Clapton Park United Reformed Church
Families Project
Newham Community Renewal Programme
Food Bank
NEWway Project
Contribution towards NEWday services
Wapping Bangladesh Association
Warm Hub Community Space
Grants cancelled or returned
Total grants awarded		 2024
£
1,000
1,000
1,000
1,000
1,000
5,000
(26,953)
1,046,963

During the year a number of grants were cancelled and the amounts released back to the funds.

28

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

7. Net (expenditure)/income for the year

This is stated after charging:

2024 2023
£ £
Depreciation 3,102 4,702
Auditors' remuneration:
Statutory audit 13,920 11,875

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 auto enrolment pension schemes		 2024
£
458,868
41,218
24,353
524,439		 2023
£
473,534
45,541
26,044
545,119

The following number of employees received employee benefits (excluding employer pension costs) during the year between:

2024 2023
No. No.
£60,000 - £70,000 - 1
£80,001 - £90,000 1 1

The total employee benefits including pension contributions of the key management personnel were £246,879 (2023: £237,701). 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 (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil). Trustees did not claim reimbursement of expenses during the year (2023: £nil)

29

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

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		 2024
No.
2.8
3.0
2.0
0.6
4.0
12.4		 2023
No.
3.7
2.9
1.8
0.6
4.6
13.6

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) with the exception of a £2,500 donation from Northern Trust, which was paid on 10 June 2024.


paid on 10 June 2024.
Donaton value
Name of the trustees Name of the trustees’ group 2024 2023
£ £
Babu Bhatacharjee Poplar HARCA* 120,000 100,000
Bronek Masojada Masojda Family Trust 12,000 12,000
Laurence Everit Northern Trust 27,100 33,950
Rick Watson AFME 5,713 3,050

*-donor advised fund

A number of trustees also make personal donations directly to the charity totalling £2,605 (2023 - £1,465).

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).

Grant award value
Name of the trustees Name of the trustees’ group 2024 2023
£ £
Alkhad Ali SPLASH 21,770 15,620
Babu Bhatacharjee Poplar HARCA 30,900 30,000
Jeremy Fraser Aston Mansfeld 9,659 9,000
Sahidur Rahman Limehouse Boxing Academy - 10,000

There were no other related party transactions during the period of this report (2023 - none).

30

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

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. Fixed assets

Tangible fixed assets
Cost
At the start of the 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
Intangible fixed assets
Cost
At the start of the year
Additions
At the end of the year
Depreciation
At the start of the year
At the end of the year
Net book value
At the end of the year
At the start of the year		 Computer
Equipment
£
22,698
22,698
15,494
2,908
18,402
4,296
7,204		 Office
Equipment
£
1,148
1,148
954
194
1,148
-
194		 2024
Total
£
23,846
23,846
16,448
3,102
19,550
4,296
7,398
Software
£
-
16,607
16,607
-
-
16,607
-

All of the above assets are used for charitable purposes.

31

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

13. Listed investments

Market value at the start of the year
Additions at cost
Disposal proceeds
Gains / (losses) on revaluation and disposals
Market value at the end of the year		 2024
£
25,630,547
10,548,159
(10,489,879)
2,615,079
28,303,906		 2023
£
26,474,162
258,328
(257,672)
(844,271)
25,630,547

During the year, EECF changed investment managers resulting a portfolio of investments being sold and the funds then reinvested with the new manager.

13a. Analysis of investments

Overseas Equities
UK Equities
Fixed Income
Infrastructure & Operating
Property
Other
Total		 2024
£
18,824,303
1,388,025
2,702,109
1,715,259
1,179,352
2,494,858
28,303,906		 2023
£
16,908,900
2,666.945
2,601,036
1,313,452
489,387
1,650,827
25,630,547

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 (see below)
Taxation and social security
Accruals
Cash held on behalf of third parties		 2024
£
42,314
15,070
134,163
191,547
2024
£
124,195
8,930
340,000
10,367
19,148
9,006
511,646		 2023
£
95,789
14,367
65,647
175,803
2023
£
333,748
23,174
66,370
13,077
16,716
-
453,085

15. Creditors: amounts falling due within one year

32

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

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		 2024
£
66,370
(66,370)
340,000
340,000		 2023
£
-
-
66,370
66,370

16. Pension scheme

EECF operates an Auto Enrolment Pension Plan from 1 May 2018 staging date, which benefits all members of staff. EECF total contribution to the scheme during the year of £24,353 (2023: £26,044).

17. Analysis of net assets between funds

2024
Tangible fixed assets
Intangible fixed assets
Investments
Net current assets
Net assets at the end of
the year
2023
Tangible fixed assets
Investments
Net current assets
Net assets at the end of
the year		 General
unrestricted
Endowment
Restricted
Total funds
£
£
£
£
4,296
-
-
4,296
16,607
-
-
16,607
6,515,494
21,654,778
3,438,884
31,609,156
196,126
-
-
196,126
6,732,523
21,654,778
3,438,884
31,826,185
General
unrestricted
Endowment
Restricted
Total funds
£
£
£
£
7,398
-
-
7,398
6,236,431
19,020,716
3,421,015
28,678,162
389,680
-
-
389,680
6,633,509
19,020,716
3,421,015
29,075,240

33

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

18. Movements in funds

At the
start of Gains/ At the end
the year Income Expenditure (losses) Transfers of the year
£ £ £ £ £ £
Restricted fund:
Millwall Park 116,307 19,997 - - - 136,304
Grassroots City 4,367 593 - - - 4,960
Evening Standard
Dispossessed 7,667 7,608 - - - 15,275
Elders Fund 40,572 12,193 - - (4,573) 48,192
Peter Wade
Memorial Fund 8,125 1,985 - - (745) 9,365
Linklaters Fund - 3,508 - - (1,249) 2,259
20 Fenchurch Street 945 959 - - - 1,904
EECF Sponsorship
Fund 2,700 - - - - 2,700
Philanthropy Club
Endowment 0 1,898 - - (1,898) -
Bags of Taste 23,066 - (23,235) - 169 -
S106 Grant making 663,420 45,917 - - - 709,337
Corporate
Volunteering 323 - - - (323) -
Grant making:
Emergency Fund - - 5,000 - (5,000) -
Societe Generale - 160,525 (148,025) - (12,500) -
Fund for Tower
Hamlets (formerly
Tower Hamlets
Grants Chest) 235,664 88,635 - - (260,927) 63,372
Allen & Overy - - 1,000 - (1,000) -
Fund for Hackney 437,568 98,255 - - (469,503) 66,320
Isle of Dogs Grants
Chest 118,850 106,743 (110,000) - (5,500) 110,093
Fund for Newham
(formerly Newham
Giving) 142,042 83,619 - - (170,336) 55,325
London Dock
Community Fund 27,000 30,000 (27,000) - (3,000) 27,000
Philanthropy Club
Grant making 54,793 3,793 - - (380) 58,206
Vital Grants 75,303 - - - - 75,303
Millwall Capital
Project 100,000 - - - - 100,000
Marshall Bailey
Fund 2,131 - - - - 2,131
LBTH Small Grants
Fund 210 2,673 14,045 - (2,673) 14,255
Made By Sport - - 912 - (912) -

34

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

Grant Making
(continued)
Life Chances
LBTH Community
Languages Fund
Life Chances HAC
(Housing
Association
Consortium)
Haggerston Estate
Community Fund
UKCF
Communities In
Crisis
Sucden Financial
Community Fund
Birketts Fund
NHS NEL
Community Chest
Poplar Harca Fund
In House Projects
Island Exchange
50+ Forum
(formerly
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		 At the start
of the year
£
1,174,957
-
1,214
-
3,027
50,000
-
-
17,409
10,140
30,118
73,097
3,421,015
1,391,622
175,663
687,734
934,679
3,513,685
2,279,467
432,164
358,450
294,473
20,404
261,666
120,652		 Income
£
512,193
-
15,000
40,000
-
33,031
514
66,000
120,000
-
-
6,791
1,462,430
-
-
-
-
-
-
-
-
-
-
-
-		 Expenditure
£
(625,669)
3,000
(34,604)
(28,257)
(5,000)
(42,000)
-
(60,000)
(104,500)
-
-
-
(1,184,333)
-
-
-
-
-
-
-
-
-
-
-
-		 Gains/
(losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
125,967
15,901
62,252
84,651
1,182,719
206,333
39,119
32,446
26,655
1,847
23,686
10,921		 Transfers
£
684,518
-
25,250
(4,000)
1,973
(7,500)
(269)
(6,000)
(13,850)
-
-
-
(260,228)
-
-
-
-
-
-
-
-
-
-
-
-		 35
At the end
of the year
£
1,745,999
3,000
6,860
7,743
-
33,531
245
-
19,059
10,140
30,118
79,888
3,438,884
1,517,589
191,564
749,986
1,019,330
4,696,404
2,485,800
471,283
390,896
321,128
22,251
285,352
131,573

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

Endowment Funds
Elders
Endowment
Peter Wade
Memorial
20 Fenchurch
Street Legacy
Fund
Hackney
Tower Hamlets
Newham
Philanthropy Club
Birketts
Total endowment
funds
Unrestricted
funds:
Designated funds:
Grant Making
Endowment
Building incentive
Capital
Investment
General funds
Ropemakers Fund
Stoneyard Lane
Unrestricted fund
Total unrestricted
funds
Total funds		 At the start
of the year
£
(continued)
419,342
68,281
32,980
3,084,691
2,440,400
2,414,188
65,175
25,000
19,020,716
519,122
1,155,037
2,500,000
4,174,159
418,082
113,082
1,928,186
6,633,509
29,075,240		 Income
£
-
-
-
-
-
-
-
25,000
25,000
-
-
-
-
8,845
37,192
524,336
570,373
2,057,803		 Expenditure
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(15,300)
(722,304)
(737,604)
(1,921,937)		 Gains/
(losses)
£
37,958
6,181
2,985
279,220
220,900
218,528
5,904
3,371
2,587,544
-
-
-
-
27,535
-
-
27,535
2,615,079		 Transfers
£
-
-
-
-
-
-
1,518
20,000
21,518
(519,122)
(20,000)
(2,500,000)
(3,039,122)
-
(500)
3,278,332
238,710
-		 At the end
of the year
£
457,300
74,462
35,965
3,363,911
2,661,300
2,632,716
72,597
73,371
21,654,778
-
1,135,037
-
1,135,037
454,462
134,474
5,008,550
6,732,523
31,826,185

36

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

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.

Fund for Tower Hamlets ( formerly Tower Hamlets Grants Chest) . Income from EECF’s Employment & Training and Grassroots Tower Hamlets endowments.

Fund for Hackney. Income from EECF’s Community First and Grassroots Hackney endowments, and other small donations for Hackney form this fund.

Fund for Newham (formerly Newham Giving) . Income from EECF’s Community First and Grassroots Newham endowments are used to form this fund.

Philanthropy Club. Income from the Philanthropy Club members to benefit the local community. 50% of all annual donations are committed to the Club’s endowment fund.

Grassroots City. Income from the Grassroots City Endowment Fund is available to fund provision that benefits the local community in the City 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 Fund. 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, as directed by the donor.

Evening Standard Dispossessed Fund is changeable and directed by the Evening Standard.

London Dock Community Fund – St George. The developer established this fund to support community activities close to 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.

Birketts Fundestablished by Birketts LLP in 2022; this is a donor-advised endowed fund to address the philanthropic priorities of the firm’s London office.

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. A donor advised fund established to support young people of Tower Hamlets, Newham and Hackney, as well as Richmond, Bristol and the Channel Islands.

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).

37

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

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.

Marshall Bailey Fund. This fund is to be used for the alleviation of poverty.

Elders Fund. This fund is to support elders activities in Tower Hamlets. Income is from the Elders Endowment, provided by an anonymous donor.

Life Chances . The fund was established to support the most vulnerable people in the East End to recover from the pandemic and support lasting change.

Life Chances – Housing Association Consortium . This donor-advised fund was established by multiple social housing providers to support residents within and around social housing estates in Tower Hamlets.

UK Community Foundation Communities In Crisis. This fund was established to support grassroots organisations and their communities through the cost-of-living crisis

Sucden Financial Community Fund . A donor-advised fund to support grassroots organisations addressing financial literacy, IT skills, energy poverty and food poverty.

Purposes of Endowment Funds

Education & Training. The support of education and training projects whose aim is to improve the prospect of residents living in the Isle of Dogs to secure employment.

Employment & Training. The support of 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 the 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.

38

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

20 Fenchurch Street Legacy . For the benefit of communities in EECF’s area of benefit, as directed by the donors.

Linklaters . For charitable projects that relate to social action at a local level by way of grant or social investment, as directed by the donor.

Birketts Established by Birketts LLP to address the philanthropic priorities of the firm’s London office.

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.

Philanthropy Club. Alleviation of poverty in EECF’s area of benefit.

Purpose of designated fund

Grant Making Funds set aside by the trustees to top up the grant making funds.

19. Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
Adjustments for:
(Gains) / Losses on investments
Depreciation
Dividends and interest from investments
Increase in debtors
Increase / (Decrease) in creditors
Net cash used in operating activities		 2024
£
2,750,945
(2,615,079)
3,102
(965,421)
(15,744)
58,561
(783,636)		 2023
£
(905,205)
844,271
4,702
(811,565)
(83,197)
(74,880)
(1,025,874)

39

East End Community Foundation

Notes to the financial statements (continued)

For the year ended 31 March 2024

20. Analysis of cash and cash equivalents and change in net debt

Cash in hand
Cash held in investment portfolio
Total cash and cash equivalents		 At
1 April 2023
£
666,962
3,047,615
3,714,577		 Cash flows
£
(150,737)
257,635
106,898		 Other
changes
£
-
-
-		 At
31 March 2024
£
516,225
3,305,250
3,821,475

The charity had no debt finance during the year ended 31 March 2024 (2023 – no debt finance).

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 in early 2022 which led to significant interest from reputable property developers. A preferred development partner was identified, and Head of Terms signed. EECF put contract negotiations on hold in July 2023 after receiving a revised financial offer that it deemed unsuitable. EECF will review its position during 2024/25. When a contract is signed and planning permission is secured, the value of the site will be clear, and the asset will be brought on to the balance sheet.

23. Prior Year Adjustment

After the accounts had been published for the year ended 31 March 2022, it was found that a number of transactions and transfers between funds had been duplicated in the process of preparing the accounts. These have been rectified by adjusting the opening balances of the affected funds in the accounts for the year ended 31 March 2023. The overall impact was a reduction in unrestricted funds and an increase in restricted funds of £56,835.

Fund Balances at 1 April 2022 as
previously stated
Prior year restatement
Being reallocation of expenditure
Fund balances at 1 April 2022 as
restated		 Unrestricted
£
6,756,186
(56,835)
6,699,351		 Restricted
£
3,395,126
56,835
3,451,961		 Endowment
£
19,829,133
-
19,829,133		 Total
£
29,980,445
-
29,980,445

40