OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

REGISTERED CHARITY NUMBER: 1154842

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

FOR

TOWER HAMLETS MISSION CIO

Cobbin Floyd Ltd Chartered Accountants 15a Station Road Epping Essex CM16 4HG

TOWER HAMLETS MISSION CIO

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

Page
Treasurer's Report 1
Report of the Trustees 2 to 7
Report of the Independent Auditors 8 to 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 20
Detailed Statement of Financial Activities 21 to 22

TOWER HAMLETS MISSION CIO

TREASURER'S REPORT

FOR THE YEAR ENDED 31ST MARCH 2024

The year has been another good one with occupancy levels remaining high for most of the year. Fund-raising for both the Sponsorship Scheme and general purposes has gone well.

During the year we switched around our staff lounge and therapy room, which also entailed some rewiring and alteration of the fire alarm system and at the same time replaced carpets and curtains. We have also been upgrading all the light fittings/lights to LED which although incurring quite a bit of expense now, will save money in the longer term.

We have maintained our Strategic Reserve which is our safety net to keep the work going if finances do get tight either through changes in the funding regime or a lower level of occupancy. Those funds are invested in the Ruffers Charity Asset Trust and like many investments during this time they have had their ups and downs, but have never fallen below our original investment. We have topped up the investment as our levels of expenses have increased and the re-investment of dividends also helps make some allowance for inflation on the level of reserve required. The total reserve ought to represent 4 months expenditure.

The staff is our most important resource giving the Charity the 'family' feel which the residents appreciate and value and which helps the residents achieve the results they desire. We once again thank the staff for their hard work.

The Sponsorship Scheme supports residents where external funding cannot be found. We regard this as an important part of our activities and are pleased to report that this year £26,450 was received and £68,670 was spent.The overall result was a decrease in general funds of £13,302.

We are as always looking to God in our decision making and thank Him for His past supply and look to Him for the future supply of people and finance to operate this important ministry.

R I Smith - Treasurer July 2024

Page 1

TOWER HAMLETS MISSION CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024

The trustees present their report with the financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Tower Hamlets Mission is a Christian charity, committed to working with people suffering from alcohol and/or drug dependency, who are homeless, or in danger of becoming homeless and are receiving state benefits. Our aim is to enable them to break the cycle of chronic addiction definitively and to rebuild purposeful, stable lives through the provision of high quality, comprehensive, and long term residential therapy, rehabilitation and resettlement.

There are currently 3 part-time administrative staff, 8 full time and 4 part-time therapy staff.

Public benefit

Tower Hamlets Mission aims to help residents break from their addictions and rebuild a purposeful life free from drugs and / or alcohol.

This is achieved through a programme made up of three stages, increasing independence for the individual throughout. Each resident receives group therapy, one to one counselling, completes a written therapy programme, has peer to peer support and is also helped at a practical level with benefits and debt advice, liaison with courts / legal matters, given help with budgeting and catering and also assisted with gaining entry into education and / or voluntary work.

The benefits can be measured in many ways. Some of these include better health, a break from criminal activity, better relationships with families and children and a new sense of hope and purpose.

The benefits spread wider to the family, friends and children of the resident who have often struggled with their relationship and to society in general who are no longer burdened with carrying the weight of the resident's illness (in terms of NHS, Criminal Justice System and Welfare Benefits)

Fundraising Activities

Tower Hamlets Mission's approach to fundraising is to raise funds from Grant Making Charities and Companies to support its annual budget and to fund 'one off' capital projects wherever necessary. This is achieved by written applications detailing the work of the Mission and its Objects and stating the current financial need. The applications are accompanied by the Mission's most recent financial statements and annual report.

Tower Hamlets Mission is registered with the Fundraising Regulator and is a member of the Institute of Fundraising and complies with recognised standards.

Tower Hamlets Mission does not employ professional fundraisers and does not, under normal circumstances, approach the general public (individuals) for monetary donations. No complaints about the Mission's fundraising practices have been received.

Tower Hamlets Mission's fundraising activities are monitored by the Managing Committee in accordance with the document M21 (Charity Fundraising - Trustees Duties).

Page 2

TOWER HAMLETS MISSION CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024

ACHIEVEMENT AND PERFORMANCE Charitable activities

Sponsorship Scheme:

This scheme pays for the therapy of those men who cannot get funding for this.

Outcomes

Primary Programme: On 1st April 2023, there were 5 residents on the Primary Programme and 12 new residents throughout the year.

1 resident was discharged by Charis

5 residents discharged themselves

2 residents were re-referred

5 moved onto the Second Stage There were 4 residents left on group on 31st March 2024 This represents a 54% completion rate and a 65% positive outcome.

Second Stage: On 1st April 2023, there were 9 residents on the Second Stage Programme and 5 new arrivals throughout the year.

1 resident successfully moved into their own accommodation

4 moved into the Terrace

9 residents were in Second Stage on 31st March 2024 This represents a 100% completion rate and a 100% positive outcome.

Terrace (Third Stage):

On 1st April 2023, there were 11 residents living in the Terrace and 4 new residents throughout the year.

3 residents successfully moved into their own accommodation 12 residents were in the Terrace on 31st March 2024

This represents a 100% completion rate and a 100% positive outcome

Combined occupancy for primary programme and second stage was 93.42%

Occupancy for the Terrace was 98.70% and the overall occupancy rate for all stages at Charis was 95.85%.

Summary

We had 37 residents at Charis this year, with 1 resident discharged by Charis, 5 residents who self-discharged, 2 who re-referred and 4 who successfully moved on to their own accommodation. This represents an 84% positive outcome across all programmes.

Completion rate measures only those residents who move internally from one programme to the next or leave Charis in a planned move on maintaining abstinence.

Positive outcomes measure the outcome for all residents including those that are still at Charis at the end of the financial year.

FINANCIAL REVIEW

Investment policy and objectives

Under the CIO Foundation Model, the charity has the power to make any investment which the trustees think fit, taking into account advice from their stockbrokers.

The trustees have considered the most appropriate policy for investing funds and have found that a selection of wider range UK listed investments meets their requirements to generate both income and capital growth. The trustees consider the returns on investments to be satisfactory.

Page 3

TOWER HAMLETS MISSION CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024

FINANCIAL REVIEW

Reserves policy

The charity determines to maintain reserves, invested as appropriate, that will enable the work of the charity to continue with sufficient funds to maintain its level of activity without being disturbed by temporary shortfalls in funding. In particular, funds will be maintained as follows:

Restricted funds:

These will be treated as reserves that cannot be touched except to be spent on the purposes for which the funds are raised.

Capital Asset Fund:

This will be invested in the premises and plant used for charitable purposes. It will be augmented by the receipt of donations or grants that have been raised to fund capital projects, or by transfers from other reserves if that seems prudent or necessary, and it will be reduced by reason of depreciation or disposal of assets.

General Fund:

This will be invested in net current assets and will consist of two elements:

a) Strategic Reserve: the charity's policy on reserves is designed to maintain or achieve adequate funds to cover the net book value of fixed assets, and to hold restricted funds. In addition it seeks to achieve a general reserve to cover working capital requirements and four months average costs.

b) General Reserve: the balance of reserves that will be taken forward to the future as additional funding for charitable activity.

Review of funds

The statement of financial activities shows a decrease in net assets for the year of £13,302. The charity's net assets currently stand at £2,698,739. Movements in individual funds are shown in the body of the accounts.

FUTURE PLANS

During the past few years Tower Hamlets Mission has carried out a major refurbishment of the Charis Alcohol and Drug Therapy Unit building which included the renewal of the roof and installation of a new skylight, a new Stannah stairlift, replacement of boilers, radiators, sinks, replacement of a large window in the Charis stairwell, resurfacing of side passage, replacing wooden security gate with a metal one, re-carpeting the stairwell, replacing the 2 bike sheds, replacing all light fittings throughout Charis, Admin and the Terrace with LED, new curtains and voiles in the Charis dining room and lounges, conversion of the old therapy room into a new larger office for staff, a new fire alarm system and a new smoke vent system.

During 2024/25 we plan to refurbish the old office to make a second lounge for residents (£10,000). We plan to continue with the gradual refurbishments of the Terrace kitchens (£10,000). During the Summer of 2024 we plan to replace the main fuse board and associated wiring in the main Charis building (£10,000).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, Charitable Incorporated Organisation Foundation Model dated 22nd October 2013.

Page 4

TOWER HAMLETS MISSION CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Associates

Mr Godfrey Featherstone MBE BA Dip Civ Eng (from 14.11.23) Dr. Timothy W Robson OBE BSc MBBS (from 14.11.23)

Patrons The Viscount of Falkland Mr Charles Miller Smith The Rt Rev Christopher Chessun (Bishop of Southwark) The Most Hon the Marquess of Reading

Staff Andrew R Bannell BA Hons (Law) BA Hons (Phil/Theo) Director & Dip Soc Wk CQSW, Cert MHSC Registered Manager NVQ Level 4 Management, Registered Managers Award

Stephen H Holness Part-time Fundraiser

Natalie A Bannell Part time Administrator

CSS

Melanie J O'Reilly Part-time Senior Counsellor/Key Worker

BSc Hons (Soc Sci) (Psy) DASS CQSW

William A O'Reilly Senior Counsellor/ Key Worker

William A O'Reilly Counselling Theory & Skills (CSCT) Senior Counsellor/ Diploma in Counselling (CSCT) Key Worker Geoffrey B White BSc Hons, Certificate in Counselling Theory (CSCT) Senior Counsellor/ Certificate in Alcohol & Drug Counselling Skills (CSCT) Key Worker/ Registered Managers Award Deputy Manager NVQ Level 4 Management Simon P Sanders BA Hons Keyworker / Counsellor Diploma in Counselling

Jonathan K Mabbutt Part-time Deputy Administrator

Rosamond H White Part-time Project Worker

Stephen C Dodd Project Worker

BSc (Hons), Diploma in Counselling (CSCT) BSc, PGCE Diploma in Counselling

Susanne C Lynch Part-time Project Worker

BDc (Pharm), NVQ Level 3 Professional Cookery

Akik Miah City & Guilds, Level 2 Care Project Worker City & Guilds Diploma Level 2 in Professional Cookery

Joe Cox Project Worker/ Trainee Counsellor

Certificate in Systematic Theology

Page 5

TOWER HAMLETS MISSION CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Gaetana Vitale IBTI Diploma in Applied Theology Part-time Project Worker Certificate in Counselling Martin Berry Diploma in Psychology Part-time Project Worker Diploma in CBT Danielle Chamberlain BSW Part-time Project Worker

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1154842

Principal address 31 Mile End Road London E1 4TP Trustees G E Featherstone MBE, BA, Dip Civ Eng (resigned 14.11.23) T G Malton MBA (resigned 14.11.23) Dr T W Robson OBE, BSc, MBBS (resigned 14.11.23) R I Smith Mrs A J Dawson BA Dip Counselling (resigned 14.11.23) D J Richter MA BA (Hons) Dip Mgt FRSA (appointed 14.11.23) G Roach BA (Hons) (appointed 14.11.23) Mrs E Lamont BA (Hons) Mr D K D Owusu-Yianoma LLB (Hons) BL Barrister-at-law (resigned 19.5.23) Ms T Bennett BSc (Hons) MSc (appointed 14.11.23) Mr V Buchanan BA (Hons) (appointed 14.11.23)

Auditors

Cobbin Floyd Ltd Chartered Accountants 15a Station Road Epping Essex CM16 4HG

Bankers HSBC Bank Plc London Commercial Banking Centre Level 6 71 Queen Victoria Street London EC4V 4AY

Solicitors

Monro Wright & Wasbrough LLP 7-8 Great James Street London WC1N 3DF

Page 6

TOWER HAMLETS MISSION CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024

REFERENCE AND ADMINISTRATIVE DETAILS

Stockbrokers

Ruffer AIFM Ltd P O Box 371 Darlington DL1 9RN

TRUSTEES' RESPONSIBILITY STATEMENT

The trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the CIO Foundation Model dated 22nd October 2013. 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.

Approved by order of the board of trustees on 17th July 2024 and signed on its behalf by:

D J Richter MA BA (Hons) Dip Mgt FRSA - Trustee

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TOWER HAMLETS MISSION CIO

Opinion

We have audited the financial statements of Tower Hamlets Mission CIO (the 'charity') for the year ended 31st March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TOWER HAMLETS MISSION CIO

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

To identify risks of material misstatement due to fraud we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud.

Our risk assessment procedures included:

We communicated the identified fraud risks to the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, and taking into account our overall knowledge of the control environment, we performed procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe that there is a fraud risk related to revenue recognition because there are no material judgements involved and all membership fees are set and agreed by the board at the annual budget stage.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Cobbin Floyd Ltd Chartered Accountants 15a Station Road Epping Essex CM16 4HG

17th July 2024

Page 9

TOWER HAMLETS MISSION CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Residential services
Investment income
3
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Residential services
Other
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
14
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
73,115
656,343
19,347
748,805
17,083
698,601
9,203
724,887
23,918
(37,220)
(13,302)
2,712,041
2,698,739		 Restricted
funds
£
26,450
-
-
26,450
-
63,670
-
63,670
(37,220)
37,220
-
-
-		 2024
Total
funds
£
99,565
656,343
19,347
775,255
17,083
762,271
9,203
788,557
(13,302)
-
(13,302)
2,712,041
2,698,739		 2023
Total
funds
£
54,480
624,099
15,456
694,035
16,235
713,756
9,711
739,702
(45,667)
-
(45,667)
2,757,708
2,712,041

The notes form part of these financial statements

Page 10

TOWER HAMLETS MISSION CIO

BALANCE SHEET 31ST MARCH 2024

Notes
FIXED ASSETS
Tangible assets
10
Investments
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
14
Unrestricted funds
TOTAL FUNDS		 Unrestricted
funds
£
2,296,861
210,574
2,507,435
83,448
139,063
222,511
(31,207)
191,304
2,698,739
2,698,739		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-		 2024
Total
funds
£
2,296,861
210,574
2,507,435
83,448
139,063
222,511
(31,207)
191,304
2,698,739
2,698,739
2,698,739
2,698,739		 2023
Total
funds
£
2,328,490
227,221
2,555,711
19,348
160,461
179,809
(23,479)
156,330
2,712,041
2,712,041
2,712,041
2,712,041

The financial statements were approved by the Board of Trustees and authorised for issue on 17th July 2024 and were signed on its behalf by:

D J Richter MA BA (Hons) Dip Mgt FRSA - Trustee

The notes form part of these financial statements

Page 11

TOWER HAMLETS MISSION CIO

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024
2024
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(28,805)
Net cash (used in)/provided by operating activities
(28,805)
Cash flows from investing activities
Purchase of tangible fixed assets
(17,043)
Purchase of fixed asset investments
(5,249)
Interest received
2,554
Dividends received
5,249
Unrealised loss/(gain) on investments
21,896
Net cash provided by/(used in) investing activities
7,407
Change in cash and cash equivalents in the
reporting period
(21,398)
Cash and cash equivalents at the beginning of
the reporting period
160,461
Cash and cash equivalents at the end of the
reporting period
139,063		 2023
£
7,207
7,207
(20,418)
(13,438)
474
3,438
942
(29,002)
(21,795)
182,256
160,461

The notes form part of these financial statements

Page 12

TOWER HAMLETS MISSION CIO

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2024

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
2024 2023
£ £
Net expenditure for the reporting period (as per the Statement of Financial
Activities) (13,302) (45,667)
Adjustments for:
Depreciation charges 48,672 46,963
Interest received (2,554) (474)
Dividends received (5,249) (3,438)
Increase in debtors (64,100) (1,774)
Increase in creditors 7,728 11,597
Net cash (used in)/provided by operations **(28,805) ** 7,207

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£ £ £
Net cash
Cash at bank and in hand **160,461 ** (21,398) 139,063
**160,461 ** (21,398) 139,063
Total **160,461 ** (21,398) 139,063

The notes form part of these financial statements

Page 13

TOWER HAMLETS MISSION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property and improvements - 1% - 10% on cost
Fixtures and equipment - Straight line over 6 years
Motor vehicles - 20% on cost

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. DONATIONS AND LEGACIES

Donations
Gift aid
Grants		 2024
£
22,050
966
76,549
99,565		 2023
£
10,571
1,714
42,195
54,480

continued...

Page 14

TOWER HAMLETS MISSION CIO

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2024

2. DONATIONS AND LEGACIES - continued

Grants received, included in the above, are as follows:

Other grants
3.
INVESTMENT INCOME
Rents received
Dividends received
Bank interest received
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Residential service income
Residential services
Therapy income
Residential services
5.
RAISING FUNDS
Raising donations and legacies
Staff costs
Direct fundraising costs
6.
CHARITABLE ACTIVITIES COSTS
Residential services		 Direct
Costs
£
**689,554 **		 2024
£
76,549
2024
£
11,544
5,249
2,554
19,347
2024
£
641,530
14,813
656,343
2024
£
16,853
230
17,083
Support
costs (see
note 7)
£
72,717		 2023
£
42,195
2023
£
11,544
3,438
474
15,456
2023
£
611,758
12,341
624,099
2023
£
15,801
434
16,235
Totals
£
762,271		 2023
£
15,801
434
16,235

Page 15

continued...

TOWER HAMLETS MISSION CIO

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2024

7. SUPPORT COSTS

Other resources expended
Residential services		 Governance
Finance
costs
£
£
173
9,030
21,896
50,821
22,069
**59,851 **		 Totals
£
9,203
72,717
81,920

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023.

Trustees' expenses

During the year, £150 was reimbursed to trustees for directly incurred travel expenses (2023 : £Nil).

9. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Therapy staff
Administrative staff		 2024
£
445,212
36,490
21,465
503,167
2024
13
3
16		 2023
£
442,314
37,303
21,704
501,321
2023
13
3
16

No employees received emoluments in excess of £60,000.

Page 16

continued...

TOWER HAMLETS MISSION CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024

10. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
COST
At 1st April 2023
Additions
At 31st March 2024
DEPRECIATION
At 1st April 2023
Charge for year
At 31st March 2024
NET BOOK VALUE
At 31st March 2024
At 31st March 2023		 Freehold
property
and
improvements
£
2,604,894
17,043
2,621,937
295,828
39,287
335,115
2,286,822
2,309,066		 Fixtures
and
equipment
£
77,439
-
77,439
64,061
3,340
67,401
10,038
13,378		 Motor
vehicles
£
30,228
-
30,228
24,182
6,045
30,227
1
6,046		 Totals
£
2,712,561
17,043
**2,729,604 **
384,071
48,672
432,743
**2,296,861 **
2,328,490

11. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1st April 2023 227,221
Additions 5,249
Impairments **(21,896) **
At 31st March 2024 210,574
NET BOOK VALUE
At 31st March 2024 210,574
At 31st March 2023 227,221

There were no investment assets outside the UK.

Cost or valuation at 31st March 2024 is represented by:

Listed
investments
£
Valuation in 2020 5,194
Valuation in 2021 33,623
Valuation in 2022 15,908
Valuation in 2023 2,496
Valuation in 2024 (16,647)
Cost 170,000
210,574

continued...

Page 17

TOWER HAMLETS MISSION CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
Staff loan
Prepayments and accrued income
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Taxation and social security
Other creditors		 2024
£
-
15,397
4,600
63,451
83,448
2024
£
9,545
21,662
**31,207 **		 2023
£
2,616
-
4,840
11,892
19,348
2023
£
12,738
10,741
23,479

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

14. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Charis refurbishment fund
Residents training and education
Restricted funds
Sponsorship scheme
TOTAL FUNDS		 At 1.4.23
£
2,692,041
20,000
-
2,712,041
-
2,712,041		 Net
movement
in funds
£
(25,082)
5,000
44,000
23,918
(37,220)
(13,302)		 Transfers
between
funds
£
(12,220)
(25,000)
-
(37,220)
37,220
-		 At
31.3.24
£
2,654,739
-
44,000
2,698,739
-
2,698,739

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Charis refurbishment fund
Residents training and education
Restricted funds
Sponsorship scheme
TOTAL FUNDS		 Incoming
resources
£
699,805
5,000
44,000
748,805
26,450
775,255		 Resources
Movement
expended
in funds
£
£
(724,887)
(25,082)
-
5,000
-
44,000
(724,887)
23,918
(63,670)
(37,220)
(788,557)
(13,302)

continued...

Page 18

TOWER HAMLETS MISSION CIO

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2024

14. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Charis refurbishment fund
Designated funds
Restricted funds
Sponsorship scheme
TOTAL FUNDS		 At 1.4.22
£
2,737,608
100
20,000
2,757,708
-
2,757,708		 Net
movement
in funds
£
2,020
8,500
-
10,520
(56,187)
(45,667)		 Transfers
between
funds
£
(47,587)
11,400
(20,000)
(56,187)
56,187
-		 At
31.3.23
£
2,692,041
20,000
-
2,712,041
-
2,712,041

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Charis refurbishment fund
Restricted funds
Sponsorship scheme
Residents training
TOTAL FUNDS		 Incoming
resources
£
661,435
8,500
669,935
19,100
5,000
24,100
694,035		 Resources
Movement
expended
in funds
£
£
(659,415)
2,020
-
8,500
(659,415)
10,520
(75,287)
(56,187)
(5,000)
-
(80,287)
(56,187)
(739,702)
(45,667)

15. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st March 2024.

continued...

Page 19

TOWER HAMLETS MISSION CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024

16. DONORS DURING THE YEAR

Marie Celeste Samaritan Society The Coopers' Charity The Morgan Charitable Foundation The Brewers' Company General Charitable Trust Marsh Charitable Trust The Invesco Cares Foundation The Sir Cliff Richard Charitable Trust William Allen Young Charitable Trust The Sir James Roll Charitable Trust The David Isaacs Fund The Canary Wharf Trust The Mrs L D Rope Third Charitable Settlement The Tylers & Bricklayers Charitable Trust The Vandervell Foundation The Robert McAlpine Foundation The Worshipful Company of Insurers Charitable Trust The Schroder Charity Trust The Haramead Trust The Horners Charity Fund Inner London Magistrates' Court's Poor Box Charity & Feeder Charity Worshipful Company of Basketmakers 2011 Charitable Trust The Vintners' Foundation Reuben Foundation The Leigh Trust

Page 20

TOWER HAMLETS MISSION CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Grants
Investment income
Rents received
Dividends received
Bank interest received
Charitable activities
Residential service income
Therapy income
Total incoming resources
EXPENDITURE
Raising donations and legacies
Wages
Social security
Direct fundraising costs
Charitable activities
Wages
Social security
Pensions
Direct costs
Insurance
Depreciation of tangible fixed assets
Support costs
Finance
Bank charges
Unrealised loss on investment		 2024
£
22,050
966
76,549
99,565
11,544
5,249
2,554
19,347
641,530
14,813
656,343
775,255
15,912
941
230
17,083
383,009
31,019
21,465
186,313
19,076
48,672
689,554
173
21,896
22,069		 2023
£
10,571
1,714
42,195
54,480
11,544
3,438
474
15,456
611,758
12,341
624,099
694,035
13,983
1,818
434
16,235
378,734
30,991
21,704
164,918
15,413
46,963
658,723
33
942
975

This page does not form part of the statutory financial statements

Page 21

TOWER HAMLETS MISSION CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST MARCH 2024

Finance
Governance costs
Wages
Social security
Auditors' remuneration
Legal fees
Total resources expended
Net expenditure		 2024
£
46,291
4,530
9,030
-
59,851
788,557
(13,302)		 2023
£
49,597
4,494
8,598
1,080
63,769
739,702
(45,667)

This page does not form part of the statutory financial statements

Page 22