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2023-03-27-accounts

The TAP Foundation

Trustees Annual Report Year ended 27th March 2023

www.taplondon.org / trustees@taplondon.org

2022-2023 Annual Report

02

Chair's Report

Last year was particularly challenging for rough sleepers and charities and homeless services stretched by the cost of living crisis. Rough sleeping in London spiked by over 20% over the year. Between April 2022 and March 2023, 10,053 people were seen on the streets, up from 8,329 in 2021/22 (Source, CHAIN 2023). No fault evictions, extraordinary financial pressures and national cuts to the welfare safety net are making increasing numbers of people vulnerable to homelessness.

TTF experienced a downturn in donations, as many charities have during the squeeze. Nationally, charitable donations halved in 2022 (Civil Society, 2023). We are relieved to have only seen a 18.4% reduction in income compared to 2021-2022. Contactless donations were down 19.6% on last year to £32,888 and online giving reduced by £16.6% to £44,661 this year. Furthermore corporate donations were down from £25,456 to just £5,047.

We prioritised releasing collected funds earlier this year and expediting our Gift Aid process, and in April we granted a total of £119,319 - a 41% increase on last year, with £29,829.75 each to our supported charities Albert Kennedy Trust, Depaul, New Horizon Youth Centre and Centrepoint. These charities deliver essential frontline services to young Londoners experiencing homelessness.

2022-2023 Annual Report

03

We remain proud of our ongoing partnership with the Mayor of London. We are grateful to the volunteers who run the TAP London initiative, and most importantly the kind Londoners who continue to give what they can at a time when many are being stretched. Their support enables us to make vital grants to these deserving charities.

Ross Jones,

April 2024

2022-2023 Annual Report

04

Reference & administrative information

Trustees

R Jones, Chair - Appointed 27.03.18 S Monaghan - Appointed 27.03.18 C Prendergast - Appointed 27.03.18

Registered address & contact

29 Malvern Road, London, N17 9HH trustees@taplondon.org

Bankers

Santander Business Banking 15-17 Islington High Street, London, N1 9LQ

Report of the trustees for the year ended 27th March 2023

The trustees present their annual report and financial statements of the charity for the year ended 27th March 2023. The financial statements comply with the Charities Act 1993.

Structure, governance and management

The TAP Foundation is a registered charity, number 1177719, and was established as a CIO Foundation on the 27th March 2018. The TAP Foundation is the charitable foundation which distributes funds raised through the work of TAP London, a community interest company which raises funds for homelessness through contactless technology. TAP London (www.taplondon.org) is registered with

Companies House company number 10731372, registered name TAP Local CIC. All funds which are received into The TAP Foundation are distributed in grants which allow the foundation to meet its charitable objectives.

Trustees meet regularly throughout the year to allow for consideration of grant making, risk management, and to analyse the performance of the TAP initiative. As the day to day administration of the TAP initiative is carried out by the associated company TAP Local CIC and the Greater London Authority, the work of the Foundation is largely predicated around the financial management of grant making and the assessment of the compliance and effectiveness of the project. New trustees are appointed by the existing trustees and serve for three years after which they may put themselves forward for re-appointment.

The TAP Foundation provides for a minimum of 3 trustees to a maximum of 12 trustees. All trustees give of their time freely, and no trustee renumeration was paid in the year. Trustees are required to disclose all relevant interests and withdraw from decisions where a conflict of interest arises. Neither the Foundation nor any of the trustees have interests with the housing/homelessness sector, but any such interests would be disclosed were they to arise.

2022-2023 Annual Report

05

Objectives and activities for the public benefit

The Tap Foundation objectives are to support the relief of poverty, with a focus on the needs of those affected by homelessness. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future activities and settling the grant making policy for the year.

The Foundation carries out these objects by distributing grants and unrestricted financial aid to charities that relieve poverty and homelessness through public donations made to the TAP initiative. In partnership with its affiliate company TAP Local CIC, the Foundation works to increase awareness of poverty, homelessness & its societal effects. This is achieved through its high-profile partnership with the Mayor of London, BIDs and the associated publicity that has been achieved with the TAP initiative.

Contribution made by volunteers

The TAP Foundation distributes funds raised by its associated organisation TAP London. TAP London is a volunteer-led community interest company, established to raise public funds for homelessness through digital fundraising

methods. Volunteers from TAP London are instrumental to the work of the Foundation, and regularly attend trustee meetings to provide information on the day-to-day administration of the TAP initiative. In addition, the Greater London Authority provides significant resource to the TAP scheme, allowed for under the terms of a MOU between TAP Local CIC and the GLA.

Policy on grant making

From 1st December 2020, Prior to 1st December 2020, The TAP Foundation has supported a smaller coalition of 4 youth homelessness charities to answer local need. All charities in the group are registered charities or registered housing associations who deliver direct services to rough sleepers, thereby meeting the foundation’s objectives. This will be reviewed with our partners at the GLA after 1 further year's support (December 2023).

The TAP Foundation recognises the need for charities to have access to unrestricted funding in order to support: new projects; projects with low public awareness; projects tackling complex and persistent needs. Therefore, it is the foundation’s decision to grant all funds on an unrestricted basis. The trustees continue to evaluate the effectiveness of this strategy.

The charity’s emphasis is to work with organisations which are based locally to the

2022-2023 Annual Report

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sites of TAP London’s digital fundraising points, currently in London only. Applications from national or regional charities outside of this area are unlikely to be considered unless the initiative is established in new locations.

which cover all processing and transaction fees - ensuring that 100% of every public donation reaches our beneficiaries.

A corporate donation of £5,047 was generously donated from WAY AHEAD Group.

Achievements and performance

The foundation distributed grants totalling £119,319 during the period - an increase of 25% on 2020-2021's grant making activity. At the end of the period, we held £106,044 in the account to be granted to the youth homelessness beneficiaries later in 2023/2024.

A single tranche of grant funding was sent in the period, with £29,829.75 sent to each of the four charities on the 10th of April 2022.

Reserves policy

A free reserve of £100 is held in the account. This figure is held to protect the account from falling into deficit should an unforeseen charge be levied on the foundation from our contactless provider or otherwise. The relatively small figure is in recognition of the low running costs and risk to the foundation, due to the financial support provided by TAP Local CIC. The trustees review this policy annually.

Financial review

During the reporting period, the foundation received a total of £104,887.03 These funds were comprised of:

Public donations made through contactless (£32,887), online at www.taplondon.org (£42,437), Gift Aid claims (£21,203), recurring donations (£300) and through The Rankin Campaign (£2,173).

Fee reimbursements of £717 from TAP Local

Going concern

The trustees consider that there are no material uncertainties about TTF’s ability to continue as a going concern. There are no material uncertainties affecting the current year’s accounts. The charity has not provided any guarantee and therefore has no potential liability at the date of the statement. There is no debt outstanding at the date of the statement

2022-2023 Annual Report

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Declarations

The trustees declare that they have approved this report. Signed on behalf of all trustees by:

Ross Jones

Chair

29/04/2024

2021-2022 Annual Report

08

Youth homelessness beneficiaries

The Albert Kennedy Trust, registered charity number: 1093815 Centrepoint, registered charity number: 292411 Depaul, registered charity number: 802384 New Horizon Youth Centre, registered charity number: 276943

The TAP Foundation

Trustees Annual Report Year ended 27th March 2023

www.taplondon.org / trustees@taplondon.org

Charity Name
The TAP Foundation		 No (if any)
1177719

Receipts and payments accounts

CC16a

For the period
from		 Period start date
3/28/2021		 To
 Period end date
3/27/2022

Section A Receipts and payments

Unrestricted Restricted Endowment Total funds Last year funds funds funds to the nearest £ to the nearest £ to the nearest £ to the nearest £ to the nearest £

A1 Receipts

A1 Receipts to the nearest £
Unrestricted
funds		 to the nearest £
Restricted
funds		 to the nearest £
Endowment
funds		 Total funds
to the nearest £		 Last year
to the nearest £
Contactless Donations - 32,888 - 32,888 40,923
Online Donations - 44,611 - 44,611 53,552
Gift Aid - 21,204 - 21,204 5,588
Grant from TAP Local - 717 - 717 1,759
Cheque Donations - - - 946
Corporate Donation - 5,047 - 5,047 25,456
RecurringDonation - 300 - 300 350
Payroll Donation - 120 - 120
Sub total(Gross income for AR) -
 104,887 - 104,887 128,574
A2 Asset and investment sales,
(see table).
- - - -
- - - - -
Sub total - - - - -
**Total receipts ** - 104,887 - 104,887 128,574
A3 Payments
Grantspaid
-
-
-
-
-		 A3 Payments
Grantspaid
-
-
-
-
-		 119,319
-
-
-
-		 -
-
-
-
-		 119,319
-
-
-
-

Grantspaid		 - 119,319 - 119,319 84,378
- - - - -
- - - - -
- - - - -
- - - - -

05/01/2024

1

- - - - -
- - - - -
- - - - -
- - - - -
**Sub total ** - 119,319 - 119,319 84,378
A4 Asset and investment
purchases, (see table)
- - - -
- - - -
**Sub total ** - - - - -
- - - -
- - - -
**Sub total ** - - - - -
**Total payments ** - 119,319 - 119,319 84,378
**Net of receipts/(payments) ** - - 14,432 - - 14,432 44,196
A5 Transfers between funds - - - - -
A6 Cash funds last year end - 120,584 - 120,584 42,530
**Cash funds this year end ** - 106,152 - 106,152 120,584

Section B Statement of assets and liabilities at the end of the period

Categories
unds		 Details
Cash funds from last year
Net of Receipts/Payments
Total cash funds
(agree balances with receipts and payments
account(s))		 to nearest £
-
-
-
-
OK
Unrestricted
funds
Unrestricted
funds		 to nearest £
120,584
- 14,432
-
106,152
OK
Restricted
funds
Restricted
funds		 to nearest £
Endowment
funds
-
-
-
-
OK
Endowment
funds

B1 Cash funds

05/01/2024

2

B2 Other monetary assets

B3 Investment assets

B4 Assets retained for the charity’s own use

Details to nearest £
-
-
-
-
-
-		 to nearest £
-
-
-
-
-
-		 to nearest £
- - -
- - -
- - -
- - -
- - -
- - -
Details Fund to which
asset belongs		 Cost (optional)
-
-
-
-
-		 Current value
(optional)
- -
- -
- -
- -
- -
Details Fund to which
asset belongs		 Cost (optional)
-
-
-
-
-
-
-
-
-		 Current value
(optional)
- -
- -
- -
- -
- -
- -
- -
- -
- -

05/01/2024

3

B5 Liabilities

Signed by one or two trustees on behalf of all the trustees

Details
Signature		 -
-
-
-
-
Print Name
Fund to which
liability relates
Amount due
(optional)		 When due
(optional)
Date of
approval

05/01/2024

4

0.41410083

05/01/2024

5

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/ Charity Name The TAP Foundation members of On accounts for the year 27/03/2023 Charity no 1177719 ended (if any) Set out on pages 2 I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 27 / 03 / 2023. Responsibilities and As the charity's trustees, you are responsible for the preparation of the basis of report accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent I have completed my examination. I confirm that no material matters have examiner's statement come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Date: 23/04/2024 Signed: Name: Benjamin van den Dungen Relevant professional Chartered Institute of Taxation qualification(s) or body (if any): Address: Flat 7, Joseph Court

1

Oct 2018

IER

Wokingham

RG41 1AU

Section B Disclosure

Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).

Give here brief details of N/A any items that the examiner wishes to disclose .

2

Oct 2018

IER