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2024-04-30-accounts

REGISTERED CHARITY NUMBER: 206225

Report of the Trustees and

Financial Statements for the Year Ended 30 April 2024

for

Tower Hill Trust

Dunkley's Woodlands Grange Woodlands Lane Bradley Stoke Bristol United Kingdom BS32 4JY

Tower Hill Trust

Contents of the Financial Statements

for the Year Ended 30 April 2024

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 8
Report of the Independent Auditors 9 to 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to
 23
Detailed Statement of Financial Activities 24

Tower Hill Trust

Reference and Administrative Details for the Year Ended 30 April 2024

TRUSTEES K E Clunie Chairman
L A Chapman
Col. R E Harrold
J D Solomon
D J Walter
E W Walter
S M Wood
TRUST DEED 7th February 1938 (subsequently varied by Schemes
approved by the Charity Commissioners on
23rd October 1973 and 23rd April 1987)
PRINCIPAL ADDRESS Marshall House
66 Newcomen Street
London
SE1 1YT
REGISTERED CHARITY NUMBER 206225
AUDITORS Dunkley's
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
United Kingdom
BS32 4JY
SOLICITORS Wedlake Bell LLP
71 Queen Victoria Street
London
EC4V 4AY
INVESTMENT MANAGERS CCLA Investment Management
One Angel Lane
London
EC4R 3AB
BANKERS HSBC UK
28 Borough High Street
London
SE1 1YB
PRINCIPAL OFFICERS Cherry Bushell (Secretary and Treasurer)
Elaine Crush (Grant Officer)

1

Tower Hill Trust

Report of the Trustees

for the Year Ended 30 April 2024

The Trustees present their report with the financial statements of the charity for the year ended 30 April 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

The Trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives, and in planning future activities. The Trust's objectives are to use Trust resources for the promotion of charitable purposes for the general benefit of the inhabitants in the Trust's area of operation in any or all the following ways:

a) The provision of gardens and open spaces for the general benefit of the inhabitants; b) The provision and support of facilities for recreation and leisure-time occupation;

c) The provision and support of educational facilities; and d) The relief of the aged, handicapped and poor.

These objects are listed in the order of priority determined by the Trustees. The Trust seeks to do these things not by giving money to individuals or by carrying out programmes of its own, but by making grants to registered charities and other bodies for activities and projects which help to advance the objects. In making grants, the Trust always looks at the question of who will be the ultimate beneficiaries, and what will be the benefit to them. The Trustees insist that all activities or projects must be open to anyone who qualifies as a potential beneficiary, and that people in poverty are not excluded.

The chief restriction on the Trust's grant-making is geographical. The guidance on public benefit published by the Charity Commission recognises that: "it is generally reasonable for a charity's aims to be intended to benefit people living in a particular geographical area, such as a village, town, city, county or country". The Trust's area of benefit comprises the area of Great Tower Hill, Tower Hill and the London Borough of Tower Hamlets. Trustees particularly welcome proposals for capital costs, and proposals that have a link with the Trust's original area of benefit, i.e. the area around Tower Hill, and the former St Katharine's ward in the borough of Tower Hamlets.

The public benefit of funding by the Trust is measured against the achievements of the organisations and projects that are funded. Grant recipients are required to provide regular or one-off progress reports, depending on the nature of the project and the size of grant awarded. The monitoring process aims to be 'light touch', and there are no formal monitoring or evaluation forms to complete, since organisations and projects can struggle under the burden of monitoring requirements. Grant recipients can devise their own reports and may submit information that has been prepared for another funder if this is appropriate (many of the Trust's grants are contributions to projects also supported by other donors). Recipients are asked to reflect on the progress that they have made in relation to the aims, objectives and outcomes which they identified at the beginning of a project, and any learning that has taken place.

ACHIEVEMENT AND PERFORMANCE

The Trust's income is derived partly from an investment portfolio managed by CCLA Investment Management, and partly from the head rent of the Tower Hill Wine Vaults, of which the Trust owns the freehold.

The Trust aims to maintain a high level of grant-giving, while ensuring that funds are available when needed for high priority initiatives, that reserves are maintained to generate income for the future, and that adequate funds are available for the proper administration of the charity. During 2023-24, the Trust awarded 20 grants totalling £111,213 (£105,360, 2022-23) under its Main Grant Programme and a further 2 grants totalling £16,000 under its Biodiversity Grant Programme. A total of £188,937 was paid out during the year to grant recipients. A proportion of the amount paid out in grants during the year reflected the continuation of grants awarded in previous years. Similarly, a proportion of grants awarded in 2023-24 will be paid out in subsequent years. The Trustees have decided that grants payable should be charged in the year when they are awarded, irrespective of when they are paid, as Trustees regard them as financial obligations. For this reason, the amount shown in the Statement of Financial Activities under charitable activities does not represent the grants paid in 2023-24, but the grants awarded during the year. Details of both grants paid, and grants awarded during the year are contained in note 15.

Trustees differentiate the grants into three distinct categories with their own funding approach and financial treatment. Those categories are Main Grants, Biodiversity Grants and School Bursaries (multi-year projects).

The Trust is a member of Tower Hamlets Funder Forum, an initiative that brings key Tower Hamlets funders together to reduce duplication of work, consider possible joint initiatives and gather intelligence regarding issues in the borough. Staff also attend regular Funder Fairs to promote available grants to local community groups and charities.

2

Tower Hill Trust

Report of the Trustees for the Year Ended 30 April 2024

Grant Programmes

The Trustees take care to provide for the diversity of the population of the area of benefit when promoting and considering grants. They particularly seek to take into account the needs of an ethnically diverse community with higher than average numbers of older and disabled people and to ensure that people in poverty are not excluded from benefiting from grants.

Main Grant Programme

In 2023-24 the Trust ran 4 open grant rounds. A total of 28 applications were received, of these 22 were awarded grants (a success rate of 89%). Of the Main Grants awarded, 24% were to recipients whom the Trust had not previously assisted. Most funded projects met two or more of the Trust's priorities. The main priority of the Trust is the development and 'provision of gardens and open spaces' across the London Borough of Tower Hamlets; 50% of Main Grants awarded in the year (excluding Biodiversity and Bursary grants) were targeted at this priority. Of the remaining grants, 38% were awarded to support 'facilities for recreation and leisure' and 12% focused on the provision and support of 'educational facilities'. Across all grants, 42% benefited people on low incomes or disadvantaged due to homelessness, ill health and/or disability. Examples of Main Grants that were awarded during the year included:

Aldgate Community Gardening Club £6,500 to expand communal gardening activities into a newly secured public space, adjacent to the Estate (Hayden Gardens), and to enable the Club to expand activities at existing gardening areas at Sky Garden, the Portsoken Community Centre Garden and the community garden entrance flower area. These areas will be developed by, growing English and Bengali fruits, vegetables, and herbs for all who live on the estate and the locality. To include structures for wildlife including wild birds, insects, and bees, and growing structures/pergola for Bengali Kodu, Latino Corn, and English Rose and to install a seating area. Also, to grow a selection Native English Wildflowers, add more raised (waist-high) beds in the Sky Garden. All in all, to join all growing areas together into a sustainable 'circular economy'.

Bethnal Green Nature Reserve £4,900 was agreed to purchase and install a rain cover and modular seating/storage unit in the central glade of the reserve, for recreational and educational purposes. The new structures will improve the central area of the Nature Reserve, so it can be more usable for community activities, supporting activity in the woodland and improving event / activity delivery for the herb garden, mushroom growing project, wetlands and adjoining community food growing hub.

Mayflower Primary School £4,162 To improve the school garden, benefitting both wildlife and the pupils and staff at school. The works will enhance the playground spaces environmentally, increasing plant and animal diversity. The gardens at Mayflower are also used for curriculum linked gardening lessons so the works will be of educational value. Drought tolerant, nectar rich plants such as thyme, rosemary, oregano, sedums and salvias will be planted in the roof garden beds to provide more colour interest and diversity. More perennials would also be planted around the beds in the downstairs playground as well as climbers, including ivy and honeysuckle, around the outside fence of the school, to improve privacy, create more habitats for wildlife and a better barrier against the road.

St Katharine's Trust £9,000 To revive a very popular twice-weekly football practice for two mixed-gendered teams aged 5-8 and 9-11. In addition to offering an opportunity to get together, share skills, exercise and improve health his will help children at risk of poor physical and mental health to build resilience, at a time of rising levels of obesity, poor mental health outlooks and limited options for free physical activity. 30- 40 young people from Wapping and St Katherine's ward will benefit.

Trees for Cities £6,000 towards tree planting in Tower Hamlets, and to develop a 'Strategic Tree Planting Guide' for the borough. Having worked for 20 years in this borough and planted 150 trees in the area only last year, they are aiming to take a more holistic approach, developing a Guide to identify where future trees can be planted to capitalise on their potential to clean the air, cool streets, improve local water management and shield the population from vehicle pollution along major roads. They will be partnering with the University of Birmingham and Dr James Levin, who has extensive experience working on air quality, atmospheric chemistry and vegetation as a natural barrier to roadside exposure to vehicular pollution. Air quality analysis will be carried out using software specially designed for the project by Trees for Cities, the University of Birmingham and the UK Centre for Ecology and Hydrology (UKCEH).

Main Grant projects that were completed during the year included:

Crisis UK The Trust contributed £15,000 to Crisis, the national charity for people experiencing homelessness, with a grant of £15,000 towards the refurbishment and fit-out of a new Skylight London centre in Tower Hamlets. The new Centre is now up and running and provides more spaces for 1:1 support to beneficiaries, larger studio spaces to run group activities, an optician's room, and a more welcoming and open reception area. Staff are continuing to give priority to people with complex needs such as combinations of mental and physical health issues, substance misuse issues and a history of trauma or abuse.

3

Tower Hill Trust

Report of the Trustees

for the Year Ended 30 April 2024

The new Centre opened in September 2023, and since then until the end of January 2024 they welcomed 1,594 people through the doors, of which:

" 219 people were supported to make positive progress in their lives as measured by the Outcomes Star. This is an evidence-based way of measuring progress in a range of areas including: Motivation and Taking Responsibility, Managing Money and Drugs and Alcohol Misuse.

New Crisis Skylight Centre, 50-52 Commercial Street

Felix Project £7,000 a contribution towards running costs for the charity's food distribution service in Poplar, for organisations working with people in food poverty. This award helped to rescue 628,454kg of surplus food that was distributed to 128 organisations in the London Borough of Tower Hamlets and helped an estimated 9,888 individuals. Each provider supported received approximately 4,911kg of surplus food throughout the year and in total that is estimated to be an equivalent of 1,502,223 meals. People who receive food include elders and people struggling with isolation, families with children, and people without permanent housing or employment who are struggling with poverty and its resultant challenges. On average, Felix Project donations save primary schools, community centres, and homeless services centres £349 per week, money that they can spend on other wrap around services.

Shadwell Community Project £3,350 was agreed to pay for urgent works to the adventure playground equipment, which included demolishing the large two-story structure at the back of the playground and building of a new firepit area in partnership with Build Up; this has become a really popular feature of the playground with brightly coloured seating designed and made by the young people. Gravelled flooring, and a new stainless-steel portable cooking station for food preparation, has also made the fire pit much safer to use. Repair work was also completed to strengthen structures which were deemed unsafe and to alter some structures to add cushioning or remove sharp parts which could cause grazes. The charity provided play opportunities to 1878 registered young people with around 100 new young people attending every six months. The 2023 summer project was very busy and £600 from the grant was used towards the provision of healthy cooked lunches for 643 young people over this period, supporting local families suffering from the effects of the cost of living crisis.

Biodiversity Grant Programme

The Trust established this small grant programme in 2016 working in partnership with the Council's Biodiversity Officer. The programme awards small grants from £100 to £2,000 to fund biodiversity enhancements by schools and community groups in school grounds, around housing estates or in community gardens, and larger grants for more ambitious projects with significant biodiversity outcomes. In Tower Hamlets, projects must directly contribute to objectives and targets in the Tower Hamlets Local Biodiversity Action Plan. Two Biodiversity grants were awarded totalling £16,000 as follows:

Positive East £1,000 was agreed, to improve the biodiversity of a community garden attached to the centre. The garden is a hub for people living with HIV in Tower Hamlets. It is used as a space for reflection and rest and is a much-loved aspect of the building, managed by volunteers. Funding will support fruit trees, nectar rich perennial planting, a variety of climbers, ferns and meadow turf. Bat boxes will also be installed.

All Hallows by the Tower Church £15,000 was agreed towards the repair and preservation of the historic Grade 1 listed church building, specifically towards a green roof project on the north aisle roof project, to aid rainwater attenuation and enhance the biodiversity of the local area.

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Tower Hill Trust

Report of the Trustees for the Year Ended 30 April 2024

Biodiversity projects that were completed during the year included:

Tarling West Estate : A grant of £2,000 was used to improve biodiversity across a number of locations on the estate, following on from an earlier grant in 2017, which was used to establish a community garden behind the residents' hall, built planters for vegetable growing and an herbaceous border, running the length of the fence beside Cable Street. A wildflower meadow was also established on a brownfield area of the estate and birdboxes were erected in different locations. The new grant helped continue the work of diversifying the residents' garden, renewing the wildflower meadow and establishing further wildlife areas on the brownfield areas, leading to the following improvements:

Volunteers from the Tarling West Garden Group have supported this work. An agreement with Tower Hamlets Homes has meant the wildflower meadow and these areas are left free of pesticide and weeding by Tower Hamlets Homes estates maintenance.

Trustee visits At the end of April 2024, Trustees made a number of site visits to funded projects, including Spitalfields City Farm, Aldgate Community Gardening Club and Bethnal Green Nature Reserve, speaking with staff about their work and some of the challenges that they face. John Archer, Tower Hamlets Biodiversity Officer also attended. The visits were very informative and Trustees agreed to arrange annual site visits in the future.

Ongoing work

During the year, the Trust funded four bursaries for eligible pupils' resident in the London Borough of Tower Hamlets to attend the City of London School for Girls. In 2023-24 a total of £46,300 was disbursed in relation to these bursaries, with the same amount provided in matched funding from the City of London Corporation, with a remaining amount of £205,637 committed by the Trust at 30 April 2024. Bursary students are normally supported for a period of 7-years and Trustees receive progress reports from the School.

Investment policy

The Trustees' investment policy aims to provide revenue for the current purposes of the Trust, and to enhance income and capital growth over the longer term, thereby enabling the Trust to meet its current and future objectives. The Trust's assets consist of one freehold property, the Tower Hill Wine Vaults, and investments managed by CCLA Investment Management.

Investment performance

The Tower Hill Wine Vaults were originally acquired because of the Trust's overall interest in the Tower Hill area, but are now a commercial investment, let on a lease of 150 years (from 1991). The investment in the property is justified both by the return which it provides and by the contribution which it makes to the Trust's objectives. On 01 April 2024 the Tower Hill Wine Vaults was valued at £1,250,000 which reflected a fall in capital value compared to the last formal valuation of £1,605,000 in 2023, however the valuation had a negligible impact in the short term as the Trust has no need or intention to realise the capital value of the Tower Hill Wine Vaults.

The head lease is held by the Fishmongers' Company, one of the Great Twelve Livery Companies of the City of London, with whom the Trust has established a good co-operative relationship.

In respect of the investment portfolio, the income in recent years had been sufficient to fund annual grant programmes. Trustees have also drawn on capital for high priority projects. The annual grants budget is based on a sustainable withdrawal, considering current market conditions and advice from the investment manager. The Trustees recognise that inflation is a key risk to the long-term sustainability of the Trust, and accordingly the investment assets need to be invested to mitigate this risk over the longer term. The Trustees understand that this is likely to mean that investment will be concentrated in real assets and that the capital value will fluctuate.

The Trustees can tolerate volatility of the capital value of the investment portfolio, if the Trust is able to meet its short-term grant-making commitments through either income or liquid capital assets. The Trust's investments are managed by CCLA Investment Management, and review meetings are held with CCLA Investment Management once a year.

5

Tower Hill Trust

Report of the Trustees for the Year Ended 30 April 2024

The investments are held in CCLA Investment Management's COIF Charities Investment Fund which is a pooled managed fund for charities. The fund has a broad asset allocation and incorporates ethical restrictions which exclude investments in indiscriminate weaponry and tobacco producers and apply revenue screens to avoid exposure to other controversial areas, including coal and oil sands extraction, pornography and online gambling. By value, the Fund's ethical policy currently excludes less than 2% of the MSCI World Index. The portfolio produced income totalling £230,484 during the year and at the end of the year its value stood at £6,341,498. The fall in value reflected ongoing challenging conditions for financial markets as investors deal with the rising rate of inflation and the ongoing war in Ukraine which continued to exacerbate inflationary pressures, affecting energy and food prices in particular.

Trustees expect that investment income will remain consistent in 2024-25, reflecting CCLA's total return approach to distributions from the COIF Charities Investment Fund and the Fund's broader sources of income, particularly from alternative asset classes, including property, renewable energy and infrastructure. Trustees have the flexibility to draw upon capital reserves for high priority initiatives if required.

FINANCIAL REVIEW

During the year the total income was £279,870 compared to £268,343 in the previous year. Expenditure totalled £184,220 (2023 - £157,805). Total grants awarded was £131,412. Further details of the grants awarded in the year can be found in note 15 of the financial statements. Net expenditure for the year, therefore, amounted to £95,650 (2023 - net deficit expenditure £110,538) before net investment gains. The net investment gains of £63,729 (2023 - net gains of £68,092) give rise to a net increase in funds of £159,379 (2023 - net decrease in funds of £178,630).

Reserves policy

The Trust holds net assets, in the form of cash and investments, to produce income which can be used, after payment of management expenses, for grant-giving. The Trust aims to sustain and increase its grant-making capability over the long term. At the year end, the free reserves of the Trust amounted to £6,831,261 equating to the net assets less the investment property. The financial position of the Trust is such that all current and future commitments can be carried out, and the Trust will be able to fulfil its charitable objectives.

Key management

The Trustees consider that they comprise the key management of the charity in charge of directing, controlling, running and operating the charity on a day-to-day basis.

Fundraising statement

The Trust does not work with any commercial or professional fundraisers and does not solicit donations from the general public.

Risks and uncertainties

The Trustees have assessed the major risks to which the Trust is exposed, particularly those relating to the operations and finances of the Trust and are satisfied in general that systems are in place to protect its grant-making activities and to guard against the possibility of fraud. The Trustees review the risk assessment annually. The financial risks to the Trust are assessed as low, since the Trust has investments which produce income, while most of the Trust's expenditure is on grants, and can therefore be relatively easily and quickly adjusted if at any time there is a reduction in income. However, like any grant-giving charity, the Trust must face the possible risk of fraud, and the risk that grants might be used for purposes outside the Trust's objects. Procedures are in place to guard against these risks so far as possible, and there have been no actual cases in recent years of fraud or of inappropriate use of the Trust's grants.

Having only two staff, both employed by Wakefield Tetley Trust, the Trust is inevitably always at risk of losing key skills and experience when staff leave. The Trust consults closely with Wakefield Tetley Trust on staff matters. The Trustees also insist that good records are kept, particularly in relation to the awarding of grants, so that new staff can easily familiarise themselves with all matters.

There is also a risk that, if the Trust's office were to suffer any kind of disaster, vital information might be lost. To reduce this risk, cloudbased storage is used for all information, and the Trust has ensured electronic storage of all the information in its archives. The staff ensure that business continuity measures are actionable at any time and that Trust operations can be effected remotely, particularly in the event of future government-issued lockdowns and restrictions.

6

Tower Hill Trust

Report of the Trustees for the Year Ended 30 April 2024

Plans for future periods

The Trust aims in the future to maintain the level of its grant-giving; to rebalance the level of its reserves in real terms; and to continue to engage with charities, schools, community groups and other organisations working in its area of benefit, to ensure that its grants are as well-directed as possible.

The Trustees have set a baseline figure of £192,000 for grant-making in 2024-25 and will keep that figure under review.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trust was established as the Tower Hill Improvement Trust in 1938. The original Trust Deed of the Tower Hill Improvement Trust, dated 7th February 1938, was subsequently varied by Schemes approved by the Charity Commissioners on 23rd October 1973 and 23rd April 1987. On the 8th February 2005, the Charity Commissioners made an Order giving the Trustees general authority to amend the trusts of the charity, subject to certain limitations, including the need on some matters to obtain the prior written approval of the Charity Commissioners. This power has been used four times. On the 16th March 2005, the maximum number of Trustees was increased from five to eight. On the 21st June 2006, with the approval of the Charity Commission, the name of the Trust was changed from Tower Hill Improvement Trust to Tower Hill Trust. Again, with the approval of the Charity Commission, on the 14th March 2007, the Trust's area of benefit was enlarged, and now comprises the Tower Hill area and the whole of the London Borough of Tower Hamlets. Finally, on 17th September 2008, the period for which the Chairman is elected by the Trustees was increased from one to three years.

The Charity is governed by a Board of not more than eight Trustees; seven Trustees served during the year.

The Trust’s governing instrument states that Trustees' terms end upon resignation, and several Trustees have been in post for ten years or more. The Trust believes that the long-serving Trustees offer stability and vital experience while the Trust seeks to promote diversity and rotation by recruitment of new Trustees. In recruiting, choosing and appointing new Trustees, the Trustees seek to ensure that the Board contains a suitable balance of experience, expertise, and knowledge of the Trust’s area of benefit.

The Trust's office is located at Marshall House, 66 Newcomen Street London SE1 1YT. The office is provided by Wakefield Tetley Trust and staffed by a part-time Secretary and Treasurer and a part-time Grant Officer (at present Ms Cherry Bushell and Ms Elaine Crush respectively). Both members of staff are employed and paid by Wakefield Tetley Trust, and a service charge is paid to that Trust for the provision of staff and services; a Memorandum of Understanding between the two Trusts provides for the oversight of this service. The Secretary and Treasurer is responsible for administration and book-keeping. The Grant Officer is charged with keeping up-to-date with local charitable activity and funding needs, the development and delivery of funding programmes, monitoring the expenditure of grants and providing advice and support to applicants and funded organisations. Staff are responsible for all day-to-day matters, and for making recommendations to the Trustees, but all significant decisions are taken by the Board of Trustees.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and 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

7

Tower Hill Trust

Report of the Trustees

for the Year Ended 30 April 2024

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 trust deed. 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.

15/08/2024

Approved by order of the board of Trustees on ............................................. and signed on its behalf by:

................................................................................. ................................................................................. Chairman Trustee Kenneth E. Clunie Davina J. Walter

8

Report of the Independent Auditors to the Trustees of Tower Hill Trust

Opinion

We have audited the financial statements of Tower Hill Trust (the 'charity') for the year ended 30 April 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).

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 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 Statement of Trustees' Responsibilities, 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

9

Report of the Independent Auditors to the Trustees of Tower Hill Trust

intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

o the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas of management override of controls, and revenue recognition.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

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Report of the Independent Auditors to the Trustees of Tower Hill Trust

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Dunkley's Woodlands Grange Woodlands Lane Bradley Stoke Bristol United Kingdom BS32 4JY

16/08/2024 Date: .............................................

11

Tower Hill Trust

Statement of Financial Activities for the Year Ended 30 April 2024

Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Charitable activities
3
Charitable activities
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 30.4.24
Unrestricted
funds
£
279,870
184,220
63,729
159,379
7,921,882
8,081,261		 30.4.23
Total
funds
£
268,343
157,805
68,092
178,630
7,743,252
7,921,882

The notes form part of these financial statements

12

Tower Hill Trust

Balance Sheet

30 April 2024

Notes
FIXED ASSETS
Investments
Investments
8
Investment property
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
12
NET ASSETS
FUNDS
13
Unrestricted funds
TOTAL FUNDS		 30.4.24
Unrestricted
funds
£
6,760,227
1,250,000
8,010,227
46,394
310,493
356,887
(96,068)
260,819
8,271,046
(189,785)
8,081,261
8,081,261
8,081,261		 30.4.23

Total
funds
£
6,341,498
1,605,000
7,946,498
36,053
257,084
293,137
(140,542)
152,595
8,099,093
(177,211)
7,921,882
7,921,882
7,921,882

15/08/2024

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

................................................................................. Chairman Kenneth E. Clunie

................................................................................. Trustee

Davina J. Walter

The notes form part of these financial statements

13

Tower Hill Trust

Cash Flow Statement for the Year Ended 30 April 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Interest received
Dividends received
Rent received
Net cash provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period		 30.4.24
£
(226,460)
(226,460)
11,009
230,484
38,376
279,869
53,409
257,084
310,493		 30.4.23
£
(233,986)
(233,986)
3,200
184,090
81,053
268,343
34,357
222,727
257,084

The notes form part of these financial statements

14

Tower Hill Trust

Notes to the Cash Flow Statement

for the Year Ended 30 April 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial Activities)
Adjustments for:
Gain on investments
Interest received
Dividends received
Rent received
Decrease/(increase) in debtors
Decrease in creditors
Net cash used in operations		 30.4.24
£
159,379
(63,729)
(11,009)
(230,484)
(38,376)
(10,341)
(31,900)
(226,460)		 30.4.23
£
178,630
(68,092)
(3,200)
(184,090)
(81,053)
(36,053)
(40,128)
(233,986)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£ £ £
Net cash
Cash at bank 257,084 53,409 310,493
257,084 53,409 310,493
Total 257,084 53,409 310,493

The notes form part of these financial statements

15

Tower Hill Trust

Notes to the Financial Statements

for the Year Ended 30 April 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, as modified by the revaluation of certain assets.

Critical judgements and estimates

Preparation of the financial statements requires the trustees and management to make judgements and estimates. The item in the financial statements where judgement and estimate has been made relates to the investment property. The investment property for the year ended 30 April 2023 was carried at the desktop valuation conducted in June 2023.

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.

Interest and dividends on investments

Interest and dividends, including associated tax credits where recoverable, are included in the financial statements when they are due.

Rent receivable

Rent receivable is included in the financial statements on the basis of the amounts receivable within the Trust's accounting period.

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.

Grants to beneficiaries are charged on the date approved by the Trustees or on the date of the requirements of the grant being met, if later.

Investment property and investments

Listed investments are included in the financial statements at market value at the balance sheet date.

The freehold investment property is included in the financial statements at the valuation formally conducted in April 2024. The Trust has a policy of conducting a formal Red Book compliant valuation at a minimum of every five years with a desktop valuation in each of the intervening years. The realised and unrealised gains (losses) on investments are credited (debited) to the statement of financial activities.

Fund accounting

The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the Trustees.

The designated funds are monies set aside out of general funds and designated for specific purposes by the trustees.

Going concern

The Trustees have considered the financial position and resources of the charity for the foreseeable future. Given the charity's net assets position and that grants are awarded at the charity's discretion, the Trustees deem that the charity will be able to meet its future obligations as they fall due. Therefore, the Trustees have concluded that the going concern basis of accounting continues to be appropriate.

16

Tower Hill Trust

Notes to the Financial Statements - continued for the Year Ended 30 April 2024

1. ACCOUNTING POLICIES - continued

Financial instruments

The financial instruments held by the charity are investments, debtors and creditors. These are categorised as 'basic' in accordance with Section 11 of FRS102 and are initially recognised at transaction price. Investments are subsequently measured at fair value, based upon market price, and changes in fair value recognised in the Statement of Financial Activities. Other financial instruments are subsequently measured at their transaction price less any impairment.

2. INVESTMENT INCOME

Rents receivable from investment property
Dividends from listed investments
Interest receivable		 30.4.24
£
38,376
230,484
11,009
279,869		 30.4.23
£
81,053
184,090
3,200
268,343

Dividend income includes an accrual of £46,394 which is relating to dividends declared within the year but paid after the yearend. Historically, this had not been accrued for and therefore, an additional quarter of dividend is being recognised within the year to correct the closing accrual position.

3. CHARITABLE ACTIVITIES COSTS

Charitable activities

Grant Support
Direct funding of costs (see
Costs activities note 4) Totals
£ £ £ £
22,837 135,282 26,101 184,220

The total office expenditure amounted to £34,085 (2023 - £33,863). This balance charged to 'Directs costs of charitable activities' (67%) - £22,837 (2023 - £22,688) and 33% as support costs - £11,248 (2023 - £11,175). Further details of these costs can be found in note 14.

4. SUPPORT COSTS

SUPPORT COSTS
Governance
Management costs Totals
£ £ £
Charitable activities
12,348 13,753 26,101

17

Tower Hill Trust

Notes to the Financial Statements - continued

for the Year Ended 30 April 2024

4. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Support costs, included in the above, are as follows:
30.4.24 30.4.23
Charitable Total
activities activities
£
 £
Insurance 989 613
Office expenditure 11,248 11,175
IT and data 71 71
Bank charges 40 71
Auditors' remuneration 7,200 7,248
Auditors' remuneration for non audit work 1,800 -
Valuation and professional fees 4,620 5,231
Meeting and event costs 133 1,652
26,101 26,061

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 April 2024 nor for the year ended 30 April 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 April 2024 (2023 - £91).

6.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Investment income 268,343
EXPENDITURE ON
Charitable activities
Charitable activities
157,805
Net gains on investments 68,092
NET INCOME 178,630
RECONCILIATION OF FUNDS
Total funds brought forward 7,743,252
TOTAL FUNDS CARRIED FORWARD 7,921,882

18

Tower Hill Trust

Notes to the Financial Statements - continued for the Year Ended 30 April 2024

7. TAXATION

Tower Hill Trust is a registered charity, and, therefore, is not liable to income tax or corporate tax on income derived from charitable activities, as it falls within the various exemptions available to registered charities.

8. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 May 2023
Revaluations
At 30 April 2024
NET BOOK VALUE
At 30 April 2024
At 30 April 2023
Movement in investments during the year were as follows:
Market value as at 1 May
Additions
Disposals
Net investment (losses)/gains
Market value as at 30 April		 2024
£
6,341,498
-
-
418,729
6,760,227		 Listed
investments
£
6,341,498
418,729
6,760,227
6,760,227
6,341,498
2023
£
6,428,406
-
-
(86,908)
6,341,498

The charity holds all of its investments in CCLA COIF Charities Investment Fund.

9. INVESTMENT PROPERTY

FAIR VALUE
At 1 May 2023
Revaluation
At 30 April 2024
NET BOOK VALUE
At 30 April 2024
At 30 April 2023		 £
1,605,000
(355,000)
1,250,000
1,250,000
1,605,000

The historical cost of the freehold UK investment property is £257,608.

19

Tower Hill Trust

Notes to the Financial Statements - continued for the Year Ended 30 April 2024

10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Rents due at year-end
Prepayments and accrued income
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
Grants payable
Accrued expenses
12.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Grants payable
13.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Designated fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
279,870
Designated fund
-
279,870
TOTAL FUNDS
279,870		 At 1.5.23
£
6,316,882
1,605,000
7,921,882
7,921,882
Resources
expended
£
(184,220)
-
(184,220)
(184,220)		 30.4.24
£
-
46,394
46,394
30.4.24
£
22,584
59,388
14,097
96,068
30.4.24
£
189,785
Net
movement
in funds
£
514,379
(355,000)
159,379
159,379
Gains and
losses
£
418,729
(355,000)
63,729
63,729		 30.4.23
£
36,053
-
36,053
30.4.23
£
-
129,487
11,055
140,542
30.4.23
£
177,211
At
30.4.24
£
6,831,261
1,250,000
8,081,261
8,081,261
Movement
in funds
£
514,379
(355,000)
159,379
159,379

20

Tower Hill Trust

Notes to the Financial Statements - continued for the Year Ended 30 April 2024

13. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Designated fund
TOTAL FUNDS		 At 1.5.22
£
6,293,252
1,450,000
7,743,252
7,743,252		 Net
movement
in funds
£
23,630
155,000
178,630
178,630		 At
30.4.23
£
6,316,882
1,605,000
7,921,882
7,921,882

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

Unrestricted funds
General fund
Designated fund
TOTAL FUNDS		 Incoming
Resources
resources
expended
£
£
268,343
(157,805)
-
-
268,343
(157,805)
268,343
(157,805)		 Gains and
Movement
losses
in funds
£
£
(86,908)
23,630
155,000
155,000
68,092
178,630
68,092
178,630		 Gains and
Movement
losses
in funds
£
£
(86,908)
23,630
155,000
155,000
68,092
178,630
68,092
178,630
178,630
178,630

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Designated fund
TOTAL FUNDS		 At 1.5.22
£
6,293,252
1,450,000
7,743,252
7,743,252		 Net
movement
in funds
£
538,009
(200,000)
338,009
338,009		 At
30.4.24
£
6,831,261
1,250,000
8,081,261
8,081,261

21

Tower Hill Trust

Notes to the Financial Statements - continued for the Year Ended 30 April 2024

13. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated fund
TOTAL FUNDS		 Incoming
Resources
resources
expended
£
£
548,213
(342,025)
-
-
548,213
(342,025)
548,213
(342,025)		 Gains and
Movement
losses
in funds
£
£
331,821
538,009
(200,000)
(200,000)
131,821
338,009
131,821
338,009

The designated fund represents the value of the freehold investment property (note 9). It is the intention of the trustees that the investment property should continue to contribute to the Trust's objectives for the foreseeable future, and as such its value should not be regarded as realisable with ease in order to meet future contingencies and/or obligations.

14. RELATED PARTY DISCLOSURES

The principal officers of the Trust are employed by Wakefield and Tetley Trust. During the year, the Trust paid office expenditure recharges to Wakefield and Tetley Trust of £34,085 (2023 - £33,697).

15. GRANTS PAYABLE

Grants awarded in the year
Grants revised in the year
Paid during the year
At 30 April
Grants at 30 April are payable as follows:
Within one year (see note 11)
After more than one year (see note 12)
At 30 April		 2024
£
131,412
-
(188,937)
249,173
59,388
189,785
2023
£
120,426
(3,000)
(148,073)
306,698
129,487
177,211


249,173 306,698

22

----- Start of picture text -----
- - - - - - - - - - - - - - - - - - - - - - -
Committed at 30th April 2024 205,637.00 4,162.00 4,000.00 7,000.00 10,000.00 9,374.00 9,000.00 249,173.00
- - - - - -
Paid in the Year 6,500.00 15,000.00 6,000.00 4,900.00 46,300.00 5,000.00 15,000.00 7,000.00 10,000.00 2,500.00 5,680.00 1,000.00 4,397.00 4,850.00 3,640.00 7,000.00 4,600.00 6,000.00 3,290.00 7,000.00 6,500.00 2,500.00 6,000.00 8,280.00 188,937.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Revised or Withdrawn
- - - - - - -
Awarded in the Year 6,500.00 15,000.00 6,000.00 4,900.00 4,199.00 5,000.00 4,162.00 2,500.00 1,000.00 4,000.00 4,397.00 4,850.00 3,640.00 4,600.00 7,000.00 10,000.00 3,290.00 9,374.00 9,000.00 7,000.00 6,500.00 2,500.00 6,000.00 131,412.00
- - - - - - - - - - - - - - - - - - - - - -
Committed at 1st May 2023 247,738.00 15,000.00 7,000.00 10,000.00 5,680.00 7,000.00 6,000.00 8,280.00 306,698.00
Grantee Name Aldgate Community Gardening Club All Hallows by the Tower Church Assemble CIC Bethnal Green Nature Reserve City of London Girls School CleanUpUK Crisis Felix Project 2 London Borough of Tower Hamlets Mayflower Primary School Neighbours In Poplar Oxford House in Bethnal Green Positive East Queen Victoria Seaman’s Rest (QVSR) Shadwell Basin Outdoor Activity Centre Shadwell Community Project Society Links Spitalfields City Farm 1 Spitalfields City Farm (for TB School) 1 Spitalfields City Farm 2 Spitalfields City Farm 3 Spitalfields Crypt Trust SPLASH 1 SPLASH 2 St Katharines Trust St Peters Community Welfare Projects TH Youth Sports Foundation Tower Hamlets Youth League Trees for Cities Women's Environmental Network The amount awarded to City of London Girls School within the year is an adjustment to account for the increase in tuition fees between the date of agreement and the date of the instalment, in line with the original agreement terms.
----- End of picture text -----

23

Tower Hill Trust

Detailed Statement of Financial Activities

for the Year Ended 30 April 2024

Detailed Statement of Financial Activities
for the Year Ended 30 April 2024
30.4.24 30.4.23
£ £
INCOME AND ENDOWMENTS
Investment income
Rents receivable from investment property 38,377 81,053
Dividends from listed investments 230,484 184,090
Interest receivable 11,009 3,200
279,870 268,343
Total incoming resources 279,870 268,343
EXPENDITURE
Charitable activities
Direct costs 22,837 22,688
Grants 135,282 109,056
158,119 131,744
Support costs
Management
Insurance 989 613
Office expenditure 11,248 11,175
IT and data 71 71
Bank charges 40 71
12,348 11,930
Governance costs
Auditors' remuneration 7,200 7,248
Auditors' remuneration for non audit work 1,800 -
Valuation and professional fees 4,620 5,231
Meeting and event costs 133 1,652
13,753 14,131
Total resources expended 184,220 157,805
Net income before gains and losses 99,650 110,538
Realised recognised gains and losses
Realised gains/losses on listed investments 418,729 (86,908)
Realised gains/(losses) on investment property (355,000) 155,000
Net income 159,379 178,630

This page does not form part of the statutory financial statements

24