Charity Registration No. 1164523
Company Registration No. 09497463 (England and Wales)
ONE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
ONE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
S A Graham
D Moore
M Larizadeh
I Lewer
D Pyper
M Lennard (Chair)
M Radoje
(Appointed 4 September 2019)
T E Barrett
(Appointed 8 October 2019)
W R L Olmi
M Stennett
(Appointed 15 June 2020)
C Pugh
(Appointed 30 June 2020)
Charity number
1164523
Company number
09497463
Principal address
21 Church Lane
Tooting
London
SW17 9PW
Registered office
21 Church Lane
Tooting
London
SW17 9PW
Auditor
Clarkson Hyde LLP
3rd Floor
Chancery House
St Nicholas Way
Sutton
Surrey
SM1 1JB
ONE TRUST
CONTENTS
Page
Trustees' report
1 - 5
Statement of trustees' responsibilities
6
Independent auditor's report
7 - 8
Statement of financial activities
9
Balance sheet
10
Statement of cash flows
11
Notes to the accounts
12 - 20
ONE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2020
- 1 -
The trustees present their report and financial statements for the year ended 31 March 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's
Memorandum and Articles of Association
, 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 2015)”
Objectives and activities
The Company has been established for public benefit to:
-
Provide a range of personalised support to adults with learning disabilities who may also have a physical disability and/or emotional difficulties; and/or
-
Pursue such other charitable purposes consistent with the above as the Trustees in their absolute discretion shall determine (together the “Objects”).
There has been no change to these objectives and activities during the period whilst the vision and mission for One Trust as an organisation translate these objectives into a longer term strategy, namely:
The One Trust Vision
To lead the way in creating, “A world where people with Profound and Multiple Learning Disabilities (PMLD) and their family carers are valued, can realise their potential and live their lives the way they choose”.
Our Mission:
To provide leading edge services, opportunities, therapies, and respite, in Wandsworth and South West London to people with PMLD and their family carers. To offer a safe, proactive and flexible service offering that enables recipients to reach their full potential and live fulfilling lives.
On a day to day basis the delivery of these objectives are delivered by One Trust providing a broad range of personal care services and support including mealtime support, medication and managed health conditions, providing a range of therapies and activities in partnership with the learning disability NHS community team: music therapy, hydrotherapy, physiotherapy, massage therapy and speech and language therapy, alongside a wide range of developmental and cultural activities such as, music, art, crafts, cycling, swimming, walking, multi-sensory interaction and sensory storytelling, horticulture, cooking, daily trips within the local community and to local and regional attractions.
One Trust runs a service for those with profound and multiple learning disability (PMLD) from an adapted, state of the art building in Tooting. During the year, One Trust agreed a 4 year concession contract extension with Wandsworth Borough Council, thereby securing use of the Tooting site through to September 2023. The service is also delivered from four social bases throughout Wandsworth, these are shared community spaces encouraging attendees to integrate with their local communities. One Trust also provides hydrotherapy services, for those with PMLD, from a satellite service at the Sutton Inclusion Centre. In May 2019, the trustees' took a strategic decision to close the Battersea centre, and service users were moved to Putney and Wandsworth sites. Transport is provided by six minibuses, one owned outright by One Trust, five on lease and two further coaches provided under contract. The transport provision supports service users to access the service sites and engage in activities at various locations during the day.
One Trust works with a number of people that have challenging behaviour and the service has an excellent track record of meeting the needs of individuals on the Autistic Spectrum. The service delivers well thought out programmes and physical environments that suit those who sometime struggle with busy settings. The support provided is proactive and aims to prevent deterioration of quality of life and enhance the experiences of those using One Trust services. To ensure smooth transitions into adult life as well as coordinating the successful delivery of care and support to each individual, One Trust provides a dedicated care management function. This resource supports people and their family and carers with a range of issues such as funding, referrals and health intervention and is intended to prevent small issues from escalating, again this function aims to be proactive and preventative.
ONE TRUST
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
Whilst the service's primary function is to meet the needs of adults with learning disability, the service is also a valuable source of respite for family carers. Carer's benefit from knowing that their sons and daughters are well cared for and safe. This enables family members to maintain employment and also encourages time out to attend to their own needs. The respite function of One Trust directly supports family carers to maintain caring responsibilities as well as prolonging family living arrangements for those using One Trust services. One Trust is keen to develop services that are responsive to the needs of individuals and their families and carers, an example of which is the provision of weekday, evening and weekend respite to service users and family carers. The service provides ongoing support to family carers, with a dedicated carer support coordinator assisting carers with many aspects of their lives.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The charity's policy is to consult and discuss with employees, through unions, staff councils and at staff meetings, matters likely to affect employees' interests.
Information regarding matters of concern to employees are given through information bulletins, meetings and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance. A staff representative is a member of the Trustees Board of Directors, with a role that supports the two-way communication between staff and Trustees.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the charity continues and that the appropriate support is arranged. It is the policy of the charity that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Achievements and performance
Financial review
One Trust results this year show a surplus of £212,692 (2019: £18,185) and total unrestricted funds of £1,170,591 (2019: £957,899). Income generated from charitable activities totalled £3,467,135, up 4.3% from the £3,325,513 generated in 2019. Total expenditure on charitable activities was £3,258,812, compared with £3,300,368 in 2019.
One Trust's cash position reduced slightly over the year, with £821,200 of cash and cash equivalents held at 31 March 2020 (2019: £880,563). The reasons for the £59,363 decrease in total cash are detailed in the Statement of Cash Flows on page 11. However, of note is the fact that the charity is now free of longer term debt, following repayment of the final instalment of a loan from Wandsworth Borough Council.
Events after the end of the reporting period
Since the year end, One Trust, in line with other UK charities and businesses, has been significantly affected by the Covid-19 pandemic. Measures to stem the spread of the virus, such as social distancing requirements, affected workplace behaviour which, in turn reduced capacity at service sites from 114 (pre-COVID) to 60. Service user attendance has also been impacted, given that One Trust works with several vulnerable people considered high risk. It remains unclear whether they will resume onsite provision and, if they do, the extent to which their attendance will be interrupted from time to time should they need to shield or communities to go into periodic lockdown. Additional costs have also been incurred in respect of personal protective equipment and other infection control procedures.
The One Trust leadership team, supported by the Trustees, responded quickly and decisively to secure the future of One Trust, principally by:
• making use of government support available, principally by placing 41 members of staff on furlough leave. While some staff have now come off furlough, we expect to make use of the government's Employee Retention Scheme for the rest of the 2020/21 financial year;
• agreeing a supplier relief contract variation with Wandsworth Borough Council (WBC) for service users not attending, based on a breakeven rate linked to the furlough relief received from the Government. The supplier relief was agreed up until the end of June, albeit with an understanding that it would continue until the planned end of the Job Retention Scheme in October 2020. To date, WBC have not signed the contract variation, but discussions with WBC commissioners are ongoing; and
ONE TRUST
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
• implementing a restructure of the business, to ensure One Trust has the skills and capacity to continue to operate a first class service, and reduce costs to align with reduced levels of income.
• In the first part of a two part redundancy process, 23 staff left One Trust at the end of October as part of a voluntary redundancy programme. One-off costs of the full restructuring process, including redundancy costs, pension strain for early retirees, and pay in lieu of notice, are estimated at £697,000, and will be spread over the period October 2020 to December 2021.
• In a post-COVID-19 world, One Trust aims to adapt its service offering to not only support people in person, but also reach out to people remotely and via social media. As part of a second phase, further actions are being taken to (i) tailor One Trust's core activity based on those with more complex needs, (ii) reduce the dependency on service users in residential care, and (ii) assess both the ongoing financial viability of existing satellite locations and the need to acquire adapted buildings in the future to cater for those with PMLD.
Principal risks and uncertainties
Although various risks surround the day-to-day operations of One Trust, going into 2020/21 the main risk for the Charity is the ongoing impact of the COVID-19 pandemic – both directly, and through the indirect impact that will result from a squeeze on public spending and the uncertainty surrounding the WBC contract. These issues are being addressed, as detailed elsewhere in this Trustees' Report.
The trustees take seriously their responsibility to ensure that actual and potential risks to the organization are identified, and are satisfied that all necessary and appropriate steps are being taken to manage them.
Reserves policy and going concern
Reserves are required, if necessary, to bridge any gap between spending on One Trust's services and the income it receives from all sources, to invest in services and future income generation, and to fund future initiatives. The trustees recognize the need to hold adequate reserves as part of their overall risk management strategy.
One Trust's unrestricted reserves increased by £212,692 in this financial year to £1,170,591 (2019: £957,899), mainly as a result of the net surplus of £212,692 (2019: £18,185).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. The trustees also aim to ensure that, in a worst case scenario, One Trust has sufficient reserves to allow for the orderly winding up of the charity – an estimated requirement of between £850,000 and £1,200,000. An appropriate level of reserves has been maintained throughout the year. Looking ahead, the costs of the ongoing restructure may result in reserves dipping below the target levels, though it is the aim of the Trustees to rebuild the level of free reserves over time.
COVID has had an impact on expected future income. Management and Trustees regularly review income and expenditure for the current year ending March 2021, and forecasts through to December 2021. Having reviewed the post-COVID and strategic risks facing the charity, the budget and business plans for the periods 2020 to 2021, and the overall cash levels held, the trustees consider that sufficient reserves are held at 31 March 2020 to manage those risks successfully.
The trustees also consider that there is a reasonable expectation that One Trust has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Directors and Officers Liablity Insurance
The Charity maintains an indemnity insurance policy to cover errors and omissions which may be made by Trustee's and the Executive.
ONE TRUST
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
Structure, governance and management
One Trust is an independent charity and company limited by guarantee.
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:
S A Graham
D Moore
A D Rush (Chair)
(Resigned 31 July 2019)
M Larizadeh
I Lewer
D Pyper
M Robinson
(Resigned 9 June 2020)
M Lennard (Chair)
M Radoje
(Appointed 4 September 2019)
T E Barrett
(Appointed 8 October 2019)
W R L Olmi
M Stennett
(Appointed 15 June 2020)
C Pugh
(Appointed 30 June 2020)
The Trustees' Terms of Reference and Charity's Memorandum of Articles can be obtained by contacting our registered office.
Trustees meet formally at least four times a year, with ad hoc meetings called where necessary. In addition, there are one or more meeting sessions held each year dedicated to strategic planning.
Most prospective Trustees are already familiar with the work of the Charity. One Trust continually reviews the skills of Board members and periodically conducts recruitment campaigns to bolster governance in specific areas. Prospective Trustees must submit an application and expression of interest and are subject to a formal selection process. The selection process requires prospective Trustees to meet with the CEO and visit service sites. This is then followed by a meeting or meetings with the Chair and other members of the Board.
New Trustees receive a copy of the “Charity Trustee Welcome Pack” produced by the Charity Commission, and meetings are arranged with One Trust staff to help new Trustees familiarise themselves with the workings of the charity. Feedback from new Trustees regarding their induction is continually under review in order to improve relevance and quality. Currently the Remuneration Committee and Chair are undertaking a review of governance and induction and have scheduled Thomson Snell and Passmore to undertake an external governance audit. A Trustees' handbook is being developed that will be distributed to all new Trustees along with the Memorandum and Articles and "The Essential Trustee" booklet published by the Charity Commission. In addition, we are looking to provide Trustees with access to external training developed by the National Council for Voluntary Organisations, with expenses covered by the Charity.
ONE TRUST
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
One Trust's organisation structure
The executive structure
Will Olmi - CEO
Prakash Patel - Chief Operating Officer (Resigned 31 July 2020)
Richard Otuorimuo – Chief Operating Officer (Appointed 8 June 2020)
Team structure
As noted elsewhere in this Trustees' Report, One Trust launched a restructuring programme in September 2020, aimed at (i) reducing staffing levels and related costs to align with a reduced capacity and the requirements of a world with COVID, and (ii) implementing organizational changes that will enhance One Trust's ability to take advantage of new income opportunities. 23 members of staff, mainly frontline staff involved in direct client contact, left One Trust at the end of October 2020, as part of a voluntary redundancy programme. The revised team structure, after redundancies as of 31 October, is as follows:
6 team managers
4 senior day care officers
1 administrators
20 day care officers
39 casual staff
3 aides
No preference dividends were paid. The directors do not recommend payment of a final dividend.
Auditor
Clarkson Hyde LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Disclosure of information to auditor
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The trustees'
r
eport was approved by the Board of Trustees.
W R L Olmi
Trustee/Director
Dated: 21 December 2020
ONE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
The trustees, who are also the directors of One Trust 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.
ONE TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF ONE TRUST
- 7 -
We have audited the financial statements of One Trust (the ‘charity’) for the year ended 31 March 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2020 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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 auditor’s report thereon. Our opinion on the financial statements does not cover the other information and 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees'
r
eport; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
ONE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF ONE TRUST
- 8 -
Responsibilities of trustees
As explained more fully in the
s
tatement of trustees'
r
esponsibilities, the trustees, who are also the directors of the charity for the purpose of company law,
are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees
determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor 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 an auditor's report 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Graham Speck (Senior Statutory Auditor)
for and on behalf of Clarkson Hyde LLP
21 December 2020
Chartered Accountants
Statutory Auditor
3rd Floor
Chancery House
St Nicholas Way
Sutton
Surrey
SM1 1JB
Clarkson Hyde LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
ONE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2020
- 9 -
2020
2019
Notes
£
£
Income and endowments from:
Donations and legacies
3
10,926
3,745
Income from c
haritable activities
4
3,467,135
3,325,513
5
2,270
2,350
Other incom
ing resources
6
2,581
1,923
Total income
3,482,912
3,333,531
Expenditure on:
Charitable activities
7
3,258,812
3,300,368
11
11,408
14,978
Total resources expended
3,270,220
3,315,346
Net income for the year/
Net movement in funds
212,692
18,185
Fund balances at 1 April 2019
957,899
939,714
Fund balances at 31 March 2020
1,170,591
957,899
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
ONE TRUST
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 10 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
12
52,605
34,700
Current assets
Debtors
14
612,894
727,372
Cash at bank and in hand
821,200
880,563
1,434,094
1,607,935
Creditors: amounts falling due within one year
16
(316,108)
(684,736)
Net current assets
1,117,986
923,199
Total assets less current liabilities
1,170,591
957,899
Income funds
Unrestricted funds
Designated funds
19
260,000
260,000
General unrestricted funds
910,591
697,899
1,170,591
957,899
1,170,591
957,899
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2020, although an audit has been carried out under section 144 of the Charities Act 2011.
The trustees acknowledge their responsibilities for ensuring that the
charity
keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 21 December 2020
W R L Olmi
Trustee
Company Registration No. 09497463
ONE TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2020
- 11 -
2020
2019
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
162,023
162,609
Investing activities
Purchase of tangible fixed assets
(60,653)
(9,896)
Proceeds on disposal of tangible fixed assets
9,916
-
Interest received
2,270
2,350
Net cash used in investing activities
(48,467)
(7,546)
Financing activities
Repayment of borrowings
(172,919)
(161,422)
Net cash used in financing activities
(172,919)
(161,422)
Net decrease in cash and cash equivalents
(59,363)
(6,359)
Cash and cash equivalents at beginning of year
880,563
886,922
Cash and cash equivalents at end of year
821,200
880,563
ONE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 12 -
1
Accounting policies
Charity information
One Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 21 Church Lane, Tooting, London, SW17 9PW.
1.1
Accounting convention
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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
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.
1.2
Going concern
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.
1.3
Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5
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 settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Support costs have all been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.
ONE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 13 -
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
Computers
33.3% straight line
Motor vehicles
25% reducing balance
Sensory garden
33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in
net income/(expenditure) for the year.
1.7
Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any
)
.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in
income/(expenditure for the year
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset
in
prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
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.
1.9
Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's
balance sheet
when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
ONE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 14 -
Basic financial assets
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
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
ONE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 15 -
3
Donations and legacies
2020
2019
£
£
Donations and gifts
2,426
3,745
Grant income
8,500
-
10,926
3,745
4
Income from c
haritable activities
2020
2019
£
£
Services provided under contract
3,467,135
3,325,513
5
2020
2019
£
£
Interest receivable
2,270
2,350
6
Other incom
ing resources
2020
2019
£
£
2,581
1,923
ONE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 16 -
7
Charitable activities
2020
2019
£
£
Staff costs
2,695,948
2,476,939
Depreciation and impairment
24,555
39,650
242,341
205,667
Travelling and motor running expenses
61,227
49,042
Printing, postage and stationery
5,086
4,773
Telephone and computer costs
30,567
26,091
Premises expenses and equipment costs
42,498
68,463
58,330
71,066
21,328
25,031
13,889
108,775
34,479
35,169
-
149,254
3,230,248
3,259,920
Share of governance costs (see note 8)
28,564
40,448
3,258,812
3,300,368
8
Support costs
Support costs
Governance costs
2020
Governance costs
2019
£
£
£
£
£
Audit fees
-
6,000
6,000
6,000
6,000
Accountancy
-
3,856
3,856
2,000
2,000
Legal and professional
-
18,708
18,708
32,448
32,448
-
28,564
28,564
40,448
40,448
Analysed between
Charitable activities
-
28,564
28,564
40,448
40,448
Governance costs includes payments to the auditors of £
6,000
for audit fees.
9
Trustees
No trustees (or any persons connected with them) other than W Olmi (CEO), J Van der Bent (Staff Trustee) or M Radoje received any remuneration or benefits from the charity during the period. Refer to Note 21 for details.
Will Olmi salary, £62,782
Jacobus Van der Bent (part time), £10,383
Maria Radoje (part time), £25,956
ONE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 17 -
10
Employees
Number of employees
The average monthly number of employees during the year was:
2020
2019
Number
Number
91
100
Employment costs
2020
2019
£
£
Wages and salaries
2,253,435
2,050,030
Social security costs
193,379
171,316
Other pension costs
249,134
255,593
2,695,948
2,476,939
During the year, there was one member of staff whose total employee benefits (excluding employer pension costs) for the reporting was between £60,000 and £70,000.
11
2020
2019
£
£
Net loss on disposal of tangible fixed assets
8,277
-
Financing costs
3,131
14,978
11,408
14,978
ONE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 18 -
12
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Sensory garden
Total
£
£
£
£
£
Cost
At 1 April 2019
15,681
74,419
80,000
75,229
245,329
Additions
26,183
18,321
-
16,149
60,653
Disposals
-
-
(60,000)
-
(60,000)
At 31 March 2020
41,864
92,740
20,000
91,378
245,982
Depreciation and impairment
At 1 April 2019
7,676
73,036
54,688
75,229
210,629
Depreciation charged in the year
9,783
7,016
2,373
5,383
24,555
Eliminated in respect of disposals
-
-
(41,807)
-
(41,807)
At 31 March 2020
17,459
80,052
15,254
80,612
193,377
Carrying amount
At 31 March 2020
24,405
12,688
4,746
10,766
52,605
At 31 March 2019
8,005
1,383
25,312
-
34,700
13
Financial instruments
2020
2019
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
570,548
697,234
Carrying amount of financial liabilities
Measured at amortised cost
263,781
630,967
14
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
301,702
649,304
Other debtors
273,949
54,130
Prepayments and accrued income
37,243
23,938
612,894
727,372
15
Loans and overdrafts
2020
2019
£
£
Other loans
-
172,919
Payable within one year
-
172,919
ONE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 19 -
16
Creditors: amounts falling due within one year
2020
2019
Notes
£
£
Borrowings
-
172,919
Other taxation and social security
52,327
45,269
Deferred income
17
-
8,500
Trade creditors
43,572
36,551
Other creditors
91,704
61,918
Accruals and deferred income
128,505
359,579
316,108
684,736
17
Deferred income
2020
2019
£
£
Arising from services provided under contract
-
8,500
18
Retirement benefit schemes
Defined contribution schemes
The charity operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was 249,134 (2019 - 255,593).
19
Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
Movement in funds
Transfers
Balance at
1 April 2019
Incoming resources
Balance at
31 March 2020
£
£
£
£
One Trust expansion plan
260,000
260,000
-
260,000
260,000
260,000
-
260,000
During a board meeting
the trustees agreed to designate £260
,000 of the unrestricted
funds towards One Trust
's
expansion plan.
20
Operating lease commitments
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
ONE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
20
Operating lease commitments
(Continued)
- 20 -
2020
2019
£
£
Within one year
129,500
97,500
Between two and five years
443,972
341,250
573,472
438,750
21
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2020
2019
£
£
Aggregate compensation
118,089
96,289
22
Cash generated from operations
2020
2019
£
£
Surplus for the year
212,692
18,185
Adjustments for:
Investment income recognised in statement of financial activities
(2,270)
(2,350)
Loss on disposal of tangible fixed assets
8,277
-
Depreciation and impairment of tangible fixed assets
24,555
39,650
Movements in working capital:
Decrease in debtors
114,478
77,586
(Decrease)/increase in creditors
(187,209)
21,038
(Decrease)/increase in deferred income
(8,500)
8,500
Cash generated from operations
162,023
162,609
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