The trustees present their report and financial statements for the year ended 31 March 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "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)".
As a registered charity, the Foundation acts to address the root causes of non-cohesive communities. We mobilise the support of our partners to develop and invest in programmes, which seek to increase social mobility, improve gender equality and promote religious understanding - amplifying and strengthening the voices of those disadvantaged by race, faith, class or gender.
The Foundation’s focus was building and delivering the Unwritten Rules Programme. A series of practical work shops for 16 to 18 year old students from low socio economic backgrounds were delivered predominantly in Yorkshire. During the course of 2019 nine workshops were delivered – having worked with 240 students and reached a further 150 through guest speakers. The Foundation brought to a close the Modern Places of Worship debates and worked with the University of Leeds in collating and analysing data and then writing a report. The Foundation worked with interested parliamentarians to engage them in ideas presented.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
All significant activities undertaken are subject to risk review as part of the initial project assessment and implementation. Risks are reviewed at quarterly meetings and updated more regularly by the Chief Executive.
Major risks are determined and ranked in terms of the potential impact and likelihood of occurrence. Major risks are identified as those that will have a significant effect on operational performance, achievement of the Charity's aims, objectives and meeting the expectations of beneficiaries and supporters.
The Foundation is a registered charity established in 2015 and registered as a company limited by guarantee. The Foundation is governed by its Articles of Association constituted on 14 April 2015. It seeks to promote and protect human rights as set out in the Universal Declaration of Human Rights, in particular the right to freedom of religion or belief; to promote harmony and mutual understanding between persons of different faiths; to promote equality and diversity, particularly in relation to gender, race, ethnicity and religion; and the advancement of education of disadvantaged young people.
The day to day management of the Foundation is delegated to a Chief Executive in line with the Articles of Association. The Board of Trustees receive regular updates and meet on a quarterly basis. At each meeting, trustees review the Foundation’s performance, risk, strategy, programming, and fiscal management.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Since registration, the Foundation appointed four trustees. The Articles of Association provides for a minimum of 3 trustees. One third of the trustees are required to retire from office at each Annual Retirement Meeting - the first meeting of which shall be held in 2017 once the second set of accounts has been adopted. Retiring trustees may put themselves forward for re-appointment. Any new trustees are nominated by members of the board of trustees, interviewed and then appointed where they have the necessary skills and knowledge to contribute to the Foundation’s development and management.
New trustees are briefed on trustee duties, legal obligations under charity laws and obligations, the decision making process, recent financial performance and the future plans of the charity. They are also updated on project activity and introduced to the other trustees and employees.
All trustees give of their time freely and no trustee remuneration or expenses was paid in the year. Trustees are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the Foundation’s policy withdraw from decisions where a conflict of interest arises.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
The board of trustees administers the Foundation. The Chief Executive is appointed on a consultancy basis and manages the day to day operations of the Foundation. The Foundation has no other employees or interns
The trustees' r eport was approved by the Board of Trustees.
The trustees, who are also the directors of The Baroness Warsi Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law 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 charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Baroness Warsi Foundation for the year ended 31 March 2020, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated .......................... Our work has been undertaken solely to prepare for your approval the financial statements of The Baroness Warsi Foundation and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Baroness Warsi Foundation and the charity's trustees as a body, for our work or for this report.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The Baroness Warsi Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 10 Queen Street Place, London, EC4R 1BE.
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is possible 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 accrual 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.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
Direct charitable expenditure
Postage, stationery, events & marketing
Programming, management, fundraising and communications
Bank charges