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2023-09-30-accounts

Latin Elephant, CIO Charity No. 1158554

Trustees' report and financial statements for the year ended 30 September 2023

Latin Elephant, CIO - Charity Number: 1158554

Latin Elephant, CIO Charity Report and Financial Statements

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Latin Elephant, CIO Charity No. 1158554

Contents Page
Names of the charity trustees and advisers and details of the charity 3
Trustees' report 4
Statement of financial activities 14
Balance sheet and notes to financial activities 15

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Latin Elephant, CIO Charity No. 1158554

NAMES OF THE CHARITY TRUSTEES AND ADVISERS AND DETAILS OF THE CHARITY FOR YEAR ENDING 30 SEPTEMBER 2023

Trustees - Patria Roman-Velazquez, Chair and Authorised Signatory
- Cathy Mcllwaine, Trustee and Authorised Signatory
- Catalina Ortiz, Trustee
- Jorge Saavedra Utman (resigned June 2023)
- Katharine Wright, Trustee and Authorised Signatory
Registered Charity Number 1158554
Registered Office Draper Hall
1 Howell Walk
SE1 6TL
Bankers Lloyds Bank
Business Banking,
BX1 1LT
Accountants Global P & G
Chartered Certified Accountant
Unit 8, Holles House
Overton Road
LONDON
SW9 7AP

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Latin Elephant, CIO Charity No. 1158554

TRUSTEE REPORT FOR YEAR ENDING 30 SEPTEMBER 2023

The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Latin Elephant is a charitable incorporated organisation based in London UK. The Charity is governed by the trustees and registered with the Charity Commission (Charity Number 1158554). The Charity was incorporated on 7th September 2014 as an organisation whose only voting members are its charity trustees (Foundation model constitution). There have been no changes to our Constitution during the reporting period.

Method of appointment or election of Trustees

Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. Trustees' membership continues until personal resignation or by mutual agreement. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

Organisational structure and decision making

Major decisions are taken by the Board of Trustees. Trustees are responsible for strategic direction, policy making and overall control of the Charity. In conjunction they approve strategic documents, policy procedures, annual work programmes and financial reports. Day to day operations are delegated to two part time Co-Directors and three frontline members of staff including:

Co-Director - Natalia Perez Co-Director - Santiago Peluffo Soneyra Project Officer - Sophie Wall

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Latin Elephant, CIO Charity No. 1158554

Research and Policy Officer - Sarah Goldzweig Migrant and Ethnic Business Organiser - Valerie Rosa

Latin Elephant also has the support of volunteers who are crucial to the success of all our programmes.

Individual Management Committee members support specific areas of work for specific projects and are accountable to the Board of Trustee.

For the time being the only persons eligible to be members of Latin Elephant are its charity trustees. Membership of the CIO cannot be transferred to anyone else and membership to the CIO ceases automatically when a charity trustee resigns to its post.

The charity trustees provide each new charity trustee, on or before his / her or their first appointment: a copy of the current version of this constitution; a copy of Trustee terms of reference; and a copy of the CIO's latest Trustees' Annual Report and statement of accounts. We signpost to training opportunities for trustees when joining the organisation.

If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

In planning our activities for the year, the trustees have regard to the Charity Commission's guidance on Charities and the Public Benefit and ensure that these activities strictly further Latin Elephant's charitable purposes for public benefit. In implementing their duties under Section 17 of the Charities Act 2011, the trustees considered the restrictions to benefit a section of the public, based on ethnic/national origin, to strictly fall within our charitable objects. No other restrictions apply.

Risk management

The trustees carry out an annual risk assessment where risk areas are analysed, and potential risks are identified and categorised according to level of likelihood and level of harm. A risk register is in place which records all the main risks identified and the actions taken to mitigate against the risk occurring and/or actions to be taken should they occur. The risk register identifies who is responsible for taking the actions as well as who is responsible for ensuring that they have occurred.

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Latin Elephant, CIO Charity No. 1158554

AIMS AND OBJECTIVES

To promote social inclusion for the public benefit by working with people in socially and economically deprived boroughs of London (in particular Elephant and Castle, Southwark) who are socially excluded on the grounds of their ethnic origin (in particular, members of the Latin American community) to relieve the needs of such people and assist them to integrate into society, in particular by:

PROGRAMMES OF WORK FOR 2022-2023

In order to fulfil our objectives, we have continued to develop three core areas of work to promote greater inclusion, engagement and participation of migrant and ethnic groups, and in particular Latin Americans, in the process of urban change in Southwark and London by:

Strategies for achieving objectives

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Main achievements benefiting our community

Some examples of organisational achievements for the period 2022-2023

1. Research and advocacy to inform urban policy frameworks in support of migrant and ethnic economies in London.

During the reporting period we launched the Migrant and Ethnic Economies in times of crisis: Regeneration, Covid, Brexit and cost of Living. The report considers how traders and small businesses in Elephant and Castle have been impacted by four successive and overlapping

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distinct crises. It highlights the ways in which regeneration in Elephant and Castle- and resulting displacement- has created base levels of instability which make independent businesses in the area more vulnerable to other shocks. 'Migrant and Ethnic Economies in Times of Crisis' - new report - Latin Elephant

Collaboration with the Small Business Anti Displacement Network (SBAN) - As part of an international network based in the US, in 2023 Latin Elephant was awarded a grant to develop a Case Study, entitled ‘Campaigning for Inclusive Redevelopment in London’s “Latin Quarter”

‘. The Case Study reflects on the 8 years of campaigning and advocacy in Elephant and Castle. In late 2023 it was presented at SBAN’s Annual Conference in Washington, US.

Full report: Campaigning for Inclusive Redevelopment in London’s “Latin Quarter”

2. Supporting existing migrant and ethnic businesses in the context of broader processes of regeneration.

We have continued to deliver essential support to existing migrant and ethnic businesses in Elephant and Castle by:

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Case study on 1-1 Casework

1-1 Casework

We continue to provide 1-1 trader support, rooted in the trust that has been built from our consistent presence in the area, availability to talk through emerging issues and understanding of the barriers and prejudices traders confront. While we are mindful not to cultivate dependency, traders have highlighted the value in being actively listened to and collaborated with, in an environment that is often relentlessly dismissive of and hostile to them.

While some support is in response to emerging regeneration-related grievances, some support is proactive. One case study is Trader 1, having experienced a drop in trade as a result of relocation, they were pivoting their businesses from retail to food, as they were an experienced cook. Over 22-23 we signposted Trader 1 towards obtaining necessary Health and Safety Food certification and Insurance, enabling them to run a pop-up food stall at our Walking Tour, and cater for a Greenhouse Gathering session. We co-created a new business plan with Trader 1 and facilitated communication with their current management to explore the viability of converting the use of their current retail unit. Following restrictions in use, we continue to support Trader 1 in identifying alternative space to rent locally.

3. Strengthening communities by providing opportunities for greater engagement and participation in wider networks.

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exciting multi-year grant project from Trust for London aimed at raising awareness outside Southwark and building a strong voice as a collective of organisations representing minority groups under threat of gentrification.

Art and Culture Activities and Collaborations

● Greenhouse Gatherings

Between March and July 2023, we managed a program of cooking lessons and conversations, in collaboration with Science Gallery London (SGL). The project — Greenhouse Gatherings — brought together the objectives of the SGL and Latin Elephant, providing a space for local students to meet new people and learn new skills, a paid opportunity for independent food traders in Elephant and Castle to promote their business and reach new customers, as well as a platform to raise awareness about the impact of regeneration on migrant ethnic businesses, and wider social and environmental issues around food.

We led on identifying, communicating with and co-ordinating caterers from our community (as well as connecting with one new independent Latin American business), securing space, and distributing budget justly and sustainably. Feedback from traders and participants was unanimously positive and there is potential to repeat the model.

We collaborated with the Richard Bell: Embassy Display at the Tate Modern The Richard Bell’s – Embassy programme . Richard Bell: Embassy Display at Tate Modern | Tate

● Collaboration with Wednesday's Supper Club

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Latin Elephant, CIO Charity No. 1158554

Case study

Wednesday Supper Club (WSC) is a food club where every Wednesday they visit a new restaurant in London to try new things and explore the diverse culinary offerings in the city. They were interested in collaborating with Latin Elephant after our appearance at Jonathan Nunn's event at the Barbican Centre, where we spoke about Latin Elephant's work and the struggle of small businesses after the closure of the E&C Shopping Centre and relocation. Therefore, I was able to meet with their CEO Dhruv who was willing to support relocated traders by bringing the club to dine at their restaurants. After the event WSC have kept in touch with Faye (Kaieteur Kitchen) building a relationship and community. Through this event we were able to create an important connection with the business and a group of people who have become their clients, resulting in a boost of their business. Furthermore, raise awareness on the negative effects of regeneration in E&C, over a great meal. As recently as this month, WSC returned to Kaieteur Kitchen for another group meal, they kept in touch!

4. Volunteer Programme

During the reporting period we continued with our Volunteer Program, led and organised by an existing team member. An initial call out via social media led to the induction of 6 volunteers who have assisted in delivering Latin Elephant's mission across short and long term projects including: creating a wayfinding proposal, monthly newsletter production, and inperson event support.

Organisation of volunteer events: theatre trip, winter meal, volunteer-led social media strategy and language use reflection webinar

Thank you to our volunteers and funders

Volunteers are key to the success of our projects. Volunteers are recruited for specific tasks in projects as these arise. Latin Elephant continues to receive valuable and expert support from Community engagement specialists, social media specialists, architects as well as

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architecture students and filmmakers.

We are grateful for the time and energy spent by volunteers in helping with our projects and activities.

Our work would not have been possible without support from our funders and our partners. We are grateful to all of them including Trust for London, Impact on Urban Health, United St Saviours, Southwark Equalities Fund, GLA Untold Stories.

FINANCIAL REVIEW

Financial Summary: Our income for 2022-23 was£157,460 a modest increase from last financial year (£141,245). Funding increase still reflects income from Covid-19 emergency funding, and we have taken steps to strengthen our fundraising activity to guarantee sustainable funding streams. Expenditure totalled £145,385. Income expenditure capture overlaps between projects in previous and subsequent years.

Latin Elephant’s main source of funds this year has been funding from various grants and trusts. The organisation’s costs remain low, but additional income was needed to cover office space, which in the past we either received as in-kind support or remotely throughout the pandemic.

Our accounts are taken care of by an accountancy firm who oversees payroll, pension, and general accounts preparation for the Charity Commission. We began the organisational financial review with the aid of an external advisor who assessed current practices. Throughout the financial year (2022-23) Trustees continue working on reviewing the financial strategy and processes so that these can be implemented in the next financial year.

Reserves policy

The trustees are committed to maintaining an adequate, justified, and reasonable level of reserves in line with guidance from the Charity Commission. We amended our reserves policy to make it more transparent in our public accounts to the Charity Commission and for funders.

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Latin Elephant, CIO Charity No. 1158554

We have incorporated a reserves allowance (when allowed) in grant applications. It is the Trustees' aim to ensure that reserves are available equivalent to three months' running costs. To date we have a total £14,355 funds designated for reserves, and we are committed to increasing this to be in line with our reserves policy. Our running costs are kept to a minimum and are incorporated into grant making applications.

Contributing to the long-term sustainability and strategy of Latin Elephant

It is our aim to continue supporting emerging needs of our main beneficiaries. Coming out of the most difficult years of the pandemic, Latin Elephant managed to adapt and remain strong post-pandemic. We are working hard to secure sustainable to continue having a positive impact across all areas of our work and particularly with our beneficiaries. We continue to work towards our strategy and meet every year to make sure this remains relevant to our work.

This report was approved by the Trustees on

28 June 2024

And signed on their behalf by:

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Patria Roman-Velazquez, Chair of Trustees

STATEMENT OF FINANCIAL ACTIVITIES

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Latin Elephant, CIO Charity No. 1158554

Income and expenditure account for year ended 30 September 2023

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Signed by the trustees on 1 July 2024

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Patria Roman-Velazquez, Chair of Trustees

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Cathy McIlwaine Trustee

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Katie Wright, Trustee Catalina Ortiz
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Latin Elephant, CIO Charity No. 1158554

Balance Sheet for year ended 30 September 2023

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Latin Elephant, CIO Charity No. 1158554

Notes to the financial statements for year ended 30 September 2023

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Latin Elephant, CIO Charity No. 1158554 Latin Elephant Notes to the financial statements Years ended 30 S•ptomb•r 2023 Dlrect Costs Support Co$t$ Resources expended by a¢tlvltlt$ Loughborough Universitv NSET * KINGS COLLÉGE + SLC 4,802 4,846 16,990 26,066 3,0(K) 10,602 Trust for London 2020 Connected Commui Trust for London 2022 Racial Justice Fund Clear View Research Small Business Anti-Displacement Networl Resourcing Racial Justice CLAUK 2,419 20,172 10,174 2,080 238 Arts Council GLA-Untold Stories U of Warwick Donations & Sundry Income Urban Health 43,624 372 Total 145.014 372 Total Funds 145,385 Latin Elephant Notes to the financial statements Years ended 30 September 2023 Restricted Unrestricted funds funds Investment Income Bank interest received Other interest received 338 Total 338 Total Funds 338 17

Latin Elephant, CIO Charity No. 1158554 SOF IESW¥eSExPEK*O 5.493 J)$ 122 921 xJg1 •.653 2.$76 lJ26 l.BlO 127 174 171 174 T￿5￿TraT J4174 17