Registered nurnb8r. 03177802 Charty number: 1055059 THE WINCHESTER PROJECT (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ¥A8JBC02W• A43 2111m2 COMPANIES HOUSE
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THE WINCHESTER PROJECT IA Gompany limitsd by guarnntee) CONTENTS Page Rèfefence and administrative detalls of the charlty. its Irustees and advisers Trustees. annual report 2-15 Trustees. responsibilities statement 16 Independent audStors' report 17-20 Statement of financial actlvllles 21 Balance sheot statement of cash flo 23 Notes to the financlal statements 24-38
THE WINCHESTER PROJECT (A Company Ilmlted by guarnnteel REFERENCE AND ADMINISTRATIVE oAlLs OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees R Broal S Goth'n H Hartman {resigned 28 April 2022) A Mason O Moss, Chair l Reinoso Rojas {appointed 10 NOvnb 2022> S Sen OBE (resigned 28 April 20221 A Stanton E Stephens J Willi$ (appointed 10 November 2022) H ZJ"mmemian Company registered number 03177802 Charity reglstered number 1055059 Registered office 21 Winchester Road, Swss Cottage. Lond¢n. NW3 3NR Chlof executive officer R Iqbal Independent audltors Goodman j(¥$, 2&30 Fitzroy Square, Lond. W1T 6LQ Bankers Nafv•esl Bank. 1( Finchley Road. Swiss Cottage, Lm*)n, hrN3 5JN Page 1
The Winchester Projert Trustees, Annual Report 202112 Introduction: The Trustees present their Annual Report together with the audited financial statements of the Charity for the year l April 2021 to 31 March 2022. The Trustees. Annual Report serves the purpose of both a Trustee5' Report and a Dirertors, Report under company law. The Trustees. confirm that the Trustees. Annual Report and financial statements of the charitable company comply with the current statutory requirements. the requirements of the charitable compan(s governing document and the provisions of the Statement of Recommended Practice (SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFR51021 (effective l January 2019). Since the charity qualifies as small under section 383 of the Companies Act 20C45. the Charity Strategic Report required of medium and large cornpanies under the Companie5 Act 2006 (Strategic Report and Dirertor5' Report) Regulations 2013 has been omitted. Our Mis51011: Our mission is to help each child succeed, regardless of their circumstance5, by giving them the opportunities and support they need. Our vision is for every child to grow. leam and flourish. Our Context Children and youn8 people growing up in Camden face persistently high levels of poverty and Inequality- 34% of the borough's children live in poverty according to government measure5. This is the seventh highest rate of child poverty in all London boroughs and Significantly above the national average. Poverty is more prevalent amongst disadvantaged groups,. 53% of children experiencing poverty live in lone parent households and 39% are in racially minoritised households. In 2020121. Camden was one of top twenty local authorities in England with the highest levels of poverty. after fartoring in housing costs. The rising tide of increasing land values in inner London does not lift us all. For some children. the experience of poverty can be relatively short term. But most children living in poverty stay in poverty. The latest data suggests that three quarters of London's children in poverty were in poverty in at least three of the four years before the pandemic This means that almost three in ten of London's Children are growing up in persistent poverty. Camden primary schools have the third highest proportion of children eligible for free school meals in the country. Black children and those with special education needs are much more Local indicator5 of child poverty after housin8 costs, 2020121. cent for Research in Social Policy. Lovghbofou8h University Page 2
likely to be eligible for free school meals. Extrapolating from our current circumstances, without intervention. three quarters of these children could remain trapped in poverty for a 518nificant proportion of their childhoods. Many children and young people are experiencing a decline in their mental health and wellbeing. The NHS estimate that almost 40% of &16 year olds have experienced a deterioration in their mental health since 2017 Their research highlights that young adults oged 17-23 have experienced a 52.5% decline in their mental health over the same period. A projected 562.000 of 10-15 year olds are unhappy with school, which equates to almost 12% of the secondary school population The cost of living crisis will inevitably compound our communities. feelings of worry or anxiety. At the time of writin& ONS data shows that 9 out of 10 families Wlth young, dependent children reported feeling very or Somewhat worried about the rising costs of living Over half the adults shared that they worried about their finances every day. Poverty can be both a cause and a consequence of mental health i55ves. Across the UK, men and women in the poorest fifth of the population are twice as likely to be at risk of developing mental health problems as those on an average income6 Young people in the lowest income bracket are 4.5 times more likely to experience severe mental health problems than those in the highest7 If we want children and their families to flourish. we must address the causes and consequences of poor mental health. The communitie5 we serve face a challenging future. The charity settor more broadl¢, and the Winch itself. will be affetted by many of the same factors- these include increasing costs and the rising demands for support this will create. However. there is always cause for hope. Although limited. the governmenV5 interventions to uprate welfare benefits. increase school budgets and provide support with energy costs is welcome. We hope to see further constructive interventions from national, regional and local government. We will tontinue to make the case for'levelling up. London and for the sharing of more power with communities. especially those most affected. Our supporters and donors remain committed to and believe in our work. The Winch's approach to finding and working with mission-aligned partner5 means that we reach further and can make more of a difference acr0$5 children and young people's lives. As we look forward to the year ahead. it is the Winch's role to advance and to continue to realise the cause for hope. I Camden Equality Taskforce Evidence Base 3 Mental Health of Children and Young People in England 2021 NHS Digital ' The Children's Society Good Childhood Report 2022 S Worries abtsut the rising costs of livinL Great 8rttain.' April to May 2022 Olfice of National Statistics S Public Health England. 8etter Mental Health Toolkil 2019 Centre for Mental Health & UCL Institute for Education. Children of the New Century Report Winter woe5.' The outlook for charities after the Autumn Statement 2022 Pro Bono Economic5 Page 3
Achievin8 our Objectives: The Winch provides a cradle to career pipeline of arttvities. opportunities and sUPPOrt for young people aged 0-25 year5 and their families. Our services include: O to 5 years - Family Support: we nurture children's critical early development and build communities of peer 5UPPOrt with new parents. We deliveropen group sessions and targeted support programmes. in partnership with specialist agencies. We prornote participants, agency and their economic. social and mental wellbeing. 4 to 12 years - Primary Year5: we work with children to develop their skills and strengths. enhancing their education and wellbeing through creativity and play. Our services include an Ofsted Outstanding After School Club and Holiday Play schemes- arts and sports activities.. and advocacy and assistance for parents and families. li to 25 years - Secondary and Post-secondary Years: we support young people through individual and group-based attivities, promoting their personal and social development. We help young people in their transf(ion to secondary school and into adulthood. We deliver community-outreach and estates-based youth work. as well as school based enrichment workshops. Our trained staff deliver intensive l-l mentoring and coachin& sports programmes. yOUth- led projects. and social artion initiatives that build young people's individual and collective agency. North Camden Zone- To help every child succeed. we recognise that we must influence the neighbourhoods in which they live and the systems that shape and determine their life chances. We create, facilitate and champion initiatives that improve local collaboration. enable resident action and effect positive change. North Camden Zone aim5 to improve the material and social conditions across our area of benefit by fostering community-led System change. Belsize CommunityLibrary-Since 2012.the Winch has run Belsize Community Library, saving it from closure. and being lost as a cherished, local asset. In line with the Winch'5 mission and strategic objectives, Belsize Community knbrary champions the importance of reading and reativity, in particular for children and young people. Through its community programme, the library builds local social cohesion. promotes equity and Works to create new opportunities for local residents. Highlightlng Our Impart in 202112.. The Winch'5 three-year plan. 'Opportunity through Communiv. which ran until 31 March 2022. focused the delivery of our mission on four key strategic goals. Our goals direct our work to the different aspects of the'ecosystem. of childhood in our areas of benefit. Our plan commits us to develop each individual's strengths and skills. We create, nurture and enhance informal social support system5 that connect individuals and groups. This includes families, friends. partners. peers and networks. In fostering local connertions, our intention is to open up access to opportunity and build neighbourhood re50urcefulne55. Finally, we Page 4
organise to change the systems that are critical to helping or hindering our mission to enable children and young people to succeed. Throughout our work, we commit to advance the participation, agen¢y and the collertive influence of children. young people and families facing systemic di5advantaEe. In 2021122, we worked with 1.568 beneficiaries 11,254 in FY 20201211. excluding those individuals served by Belsize Community Library. This increase reflects the gradual easing of Covid re5trirtion5 in the period. enabling u5 to reach and Serve more beneficiaries through in- person contact and group work. In line with our plans. the winding down of the temporary Covid Community Response Hub sawourincomeconsolidate at around £lm. bringingus back in line with our pre-pandemic financial performance. In thi5 changing operating context, our tradin8 and income generation activities made a solid recovery1£173, 2711 from the previous vear 1£64,0431. evidencing the importance of the Winch as a centre for mission related activities and demonstrating some of the impart that the pandemic had on our operating model. We highlight some key achievements against our four Strategic goals below- Goal One: Work alongside children and young people to develop their strengths, skllls and sense of purpose "I wish I could come to the Winch every doy. even on weekendsljl Primary Years: In recognition of the impact of Covid19 on OUT youngest children, our Play team focused on developing children's personal. social and emotional 5ki11s through our after school club and holiday provision. Our 'Return to Learn. initiative was underpinned by a 'healthy mind, healthy body. healthy relationships. approach. We introduced mindfulness. yoga and other relaxation techniques aimed at helping children recognise and notice their changing feelings and to adapt their coping strategies with their peers. We built a children's video booth, creating a supported space in which children could process and vocalise their unique experience of the pandemic. Our girls football session, alongside our mixed basketball group, were highlights of our reinvigorated sports offer, designed to improve children'5 physical confidence. The Play team reading buddy and maths support initiatives helped 49 children to strengthen their maths and literacy skills. We worked with our Camden Play partners to deliver a coordinated holiday provision. As a result. 17 children eligible for free school meals were able to access food support through Winch. via the Holiday Activities Fund IHAF). Our nutritious cooking activities proved to be as popular a5 ever, ensuring every child benefited from after school food. including those foods they learned to cook themselves. Finally. our new Children's Council was elected. and 15 children volunteered to help the Play team decide and design the yearfs play agenda. Secondary Years: The Winch Youth Team delivered a programme of drop-in youth club provision, estate-based outreach. in-school support and tar8eted support for groups facing disproportionate disadvantage. Page 5
One of the main highli8ht5 of this last year has been our partnership initiative, Inspiring Inclusions. We collaborated with Camden Council, local schools and charities to pilot a mentoring intervention aimed at preventing the exclusion of racially minoritised young people. Pupils identified as having adverse experience5 or facing additional challenges were referred into the programme by secondary school staff. They were matched with a trained youth worker from the Winch, who mentored and coached ten pupils each term. We commissioned an external evaluation of the pilot programme from the research consultancy. ImpactED. who found.. Pupil's Confidence in navigating the school system and pupil'5 empowerment to acL improved. Pupils who received mentoring from the Winch Saw a 24% increase on average against the statement.. .1 can achieve what I want to achieve here,. Pupils mentored by the Winch saw an average increase in their sense of belonging and safety. The largest intreases between baseline and final surveys for the Winch mentees were in the statements 'lt's OK for me to make mistakes here'1+25%) and .1 can express myself the way that I want to here. (+24%1. The Winch mentees reported a 14% increase from their baseline wellbeing assessment, using the Warwick-Edinburgh Mental Wellbeing Scale. As a result of the success of the pilot, we are working with our charity partners, Future First and the Somali Youth Development Resource Centre, to expand the prograrnrne acr05S Camden, and to strengthen the involvement of affected young people. Our Youth team also ran a successful peer rnentoTin8 programme, in partnership with the Anna Freud National Centre for Children and Families. Targeted at young people going through the critical life transition to secondary school. trained young adult mentors were matched with 17 younger pupils, under the supervision of Winch staff. The team from Anna Freud provided clinical insight, external supervision and training to the youth team. as well as evaluation support. Mentee progress was tracked using validated research too15, including the Child Outcome Ratings Scale ICORSI. At the start of the programme, Seventy percent of the mentees had total CORS score5 that were below the clinical cut off for the measure i.e. wellbeing that falls below"normal". Of these mentees. 100% had improved total CORS scores at the end of the programme. "Ever5ince ljoined the programme Ifelt morefree ond oble to expre55 my emotions Wlth my mentor and the staff that work ot the Winch" reported a mentee. Another mentee concluded. "It helped me build confidence tolking to others which is o new 5killfor me 50 Ifound it greaf. Mentors also reported significant changes, acquiring new skills and improving theirwellbeing. Thirty-six percent of mentors started the peer mentoring programme with a Warwick- Edinburgh Mental Wellbeing Scale score below the clinical cut off for the measure. indicating "possible" or'probable" depression. Ofthose mentors. 75% had improved by the end ofthe programme. One of the mentors offered the following feedback "Ifeel like it guve me 5ki115 1 con use in other ports of my life 0$ weir,. We will continue the programme into the next year. incorporating our learning. so that the young people we Serve have a better chance to succeed in school. as their skills and confidence grow. Page 6
Goal Two: Connert people to create a kinder and more resourceful neighbourhood Ovr Famity Support programme fosters connertions between new parents and carers and brokers new learning experiences. By building inclusive. self-supportin8 peer networks. we enable parents to help each otherthrough the challenges of early family life. Through working with skilled partners aligned to our mission. we aim to create more equitable access to development opportunities for parents from disadvantaged communities. In August 2021, hundreds of Afghan families were evacuated from their homes and placed in temporary accommodation in Camden with little or no advance planning and support. Thev faced social and financial exclusion and the trauma of sudden dislocation in an unfamiliar environment. Working with Camden Council and a fantastic alliance of local charitie5, the Winch stepped up to play its part. Our Family Support team reached out, adapting theirwork to provide drop-in 5e55ions and one to one help in the hote15 housing Afghan families. We a5515ted the families to orientate to their new surroundings. We recruited volunteer translator5 to SUPPOrt our engagement and to adjust our work to be more culturally attuned. We brokered new connections to otherwise inaccessible local opportunities. creating outings and trips for otherwise isolated families. We also opened up our kitchen facilities for families, eager to enjoy the simple pleasure of cooking their own food and to celebrate their special occasions with their peers and friends. Alongside this adaptation. the Family Support team delivered its core provision of drop-in Support groups, learning and development opportunities and one-to-one support for parents facing challenges. We delivered several courses with Camden Family Learning to support parents realise their employment goa15. including English for Speaker5 of Other Languages IESOLI. We h05ted a sUPPOrt group for parents of children with disabilities. We created a new Parent Assembly, to nurture parent engagementand inform our programming priorities. The parents we encounter are often remarkable. They are insightful, caring and full of hope for their futures. Each has their own unique story to share. As one parent told us ' I did not want my doughter to grow up like me, after going through this coutse Ifeel I con be o betterporent to he. elsize Community Library tontinued to innovate its creative offer, a welcoming space in the local community and promotingthe joy of reading. The team delivered a number of in person author-led events and was, once again, a CIpient of a fantastic donation of books from the Jhalak Prize longlist, broadening access to inspirational new writing. Our weekly homework club was regularly used by children needing a wam. quiet place to study. Working with colleagues from North Camden Zone. the library facilitated a ten-week. intergenerational art course led by local community artists. The course was attended by 15 local residents who extended their work to create a fundraising event for the Ukrainian communf(y. The residenvs artwork was displayed at the 02 Shopping Centre in Finchley Road. helping build neighbourhood pride. The librarfs 'Craftemoon' session has knitted together a group of library users through exploring craft making activities. The Between the Books concert series delivered intimate. on-line music performances by local artists. enriching the librarfs repertoire and extendin8 its reath. Page 7
Goal Three". Back community-led change Our North Camden Zone initiative aims to create neighbourhoods in which children and families can thrive. It5 Core programme is focused on three of the Winch's local housin8 estates, where it employs and trains small groups of residents as community organisers. In turn, the or8anisers help facilitate community-led change. On Hilgrove Estate, community organisers interviewed 52 residents and 21 professionals to explore the hopes. skills and aspirations of the residents. Having set up the Hilgrove Residents Assembly, involving fifty more residents. they presented their findings and agreed a set of priorities for their estate. One of the priorities agreed by the residents was to support neighbours with the cost of living crisis. Sixteen residents agreed to work together to establish a Hilgrove food tOOP* to mitigate the impact of rising food prices. North Camden Zone are now assisting the resident5 work in partnership with Camden-based Cooperation Town. to establish and manage the initiative. The team have also initiated projects to refurbish the physical environment and green spaces on the estate and to improve the children's play areas. with the aim of fostering relationships, address climate change and to build residents. collective capacity to influence the local housing system. Whilst North Camden Zone continued to work on two other eststes, backing community-led ideas that will improve their material social and economic conditions. they have also begun work to better connect residents acr055 our wider neighbourhood. One successful example of this work is the Camden Creates collaboration. Steered by a resident-led forum, and with the support of Hampstead Theatre. Camden Creates aims to open up opportunities to arts- based experiences. led by local arts practitioners. to people in our area of benefit who might not normally afford them. Local artists have run a series of programmes that introduce residents to arts activities, ranging from photography to painting. The programme seeks not only to advance more equitable access to the arts and to build cultsjral capital. but to also improve participants wellbeing and sense of community. Take Back the Power is a youth-led change initiative backed bythe Winch's youth team, and form5 a key part of our post-secondary offer. Take 8ack the Powerf5 primary goal is to tackle the inequality and injustice faced by youn8 people from m3Tginalised communities. The Winch employs young people with experience of these issues. as youth organisers and researchers. They identify and develop projects that can effert change. This year. our youth organisers decided to focus on promoting and protecting young people's rights. They worked with Liberty to provide workshops on police stop and search and schools, exclusions. Our voung researchers initiated a project to explore violence against women and girls of colour. The researchers aim to develop a set of recommendations that can enable young women to feel more safe. Finally. to improve young adults. access to employment opportunities, we worked with the Design Council and Camden Counal to influence and improve the current systems of support available in the transition to adulthood. We recruited and 5UPPOrted IS young adult5 who could evaluate the effectiveness of the current provision in Camden. The young people then worked with experts from the Design Council to ueate a range of new or improved offerings. Page 8
as part of the Council's Good Work mission. The young people's recommendations were shared with council staff. organisations offering employment support and elerted local councillors. We look forward to working with the Council in the year ahead to take forward their recommendations. Goal Four." Build oryanlsational excellence In orderto realise our mission and meetthe changing hopes and needsofourcommunity. we must continue to invest in and strengthen our organisation's infrastructure and capabilities. We are fortunate to have the financial and in-kind support of a committed group of core funders and donors. who understand the relationship between developing the Winch's operations and skills. and our ability to deliver change. The Board led and modelled our commitment to building organisational excellence. Trustees refreshed our governance arrangements. consulting on and adopting an updated Articles of Association. which aligns US with current best practice. The Board approved a new Justice. Equity, Diversity and Inclusion IJEDII poliry. The JEDI policy underpins and guides our work to ensure every child can flourish. Trustees will continue to support embedding the policy. As our longstanding chair Srabani Sen OBE complete5 her term of service, the Board set out its intention to recruit a suitable Suc$50r. establishing an appointment5 committee and cornmissioning external support. Trustees, working with the executive team. established a yearlong programme to create our new Strategic plan. The 'Big Think, saw the creation of several trustee-led task and finish groups to define the parameters and overarching framework for the new strategy. A mixed staff team. assisted by external facilitation. led a series of consultations with partners and beneficiaries. These consultations included surveys. focus groups. a youth residential and taking young people to visit five other youth and community centres to explore different W2yS of working. Over 250 engagements were delivered by the staff team, to inform, shape and refine our strategy. We are very excited that our five-year plan. 'From Cradle to Community,. was rolled out from April 2022. We continued to upgrade our systems and 5UPPOrt strutture5. We successfully completed our migration to a new HR management System and rolled-out a new online training offer for staff. We appointed an external health and safety advisor to better manage our ageing facilities and to assist us to safeguard our beneficiaries. The Board, with help from our funders, invested in enhancing our staff wellbeing provision, in recognition of the increasingly challenging environrnent and its impact on our people. This investment has helped us to deliver a number of staff wellbeing sessions and procure external coaching and supervision for ourteams. In the summer the Winch youth club was flooded. following a heavy rainstorm that impacted our wider neighbourhood. We were grateful of the support of a number ofgenerous friends and donors who immediately offered their assistsnce. alongside the help of our landlords, Camden Council. Ouryouth team demonstrated their agility in reorganising their programme, delivering drop in youth clubs and closed group work in alternative local spaces. Despite the Page 9
delays from our insurers. we have since redecorated and refurbished our basement, improving the environment for children and young people. Young people have been allocated a budget to continue their work to furnish a safe, welcoming and flexible space. We aim to construrt new. high quality. fit for purpose premises for the Winch, in the development at 100 Avenue Road. Our modern, larger faciltties will be adjacent to the Winch's current site. In the light of our ambitious plans. the flood served to highlight the challenge5 and limitations of our existing building. We were frustrated with the delays to the development of our new facilities at 100 Avenue Road, which were caused by the developer negotiating change5 to planning perrni55ions With the council. Whilst the changes do not direttly impart on the Winch's new buildin& they push back our timeline for occupying more fit for purpose facilities. As we head into the new financial year. we are happy to report that these negotiations have now been completed. We fully expect to feongage with the design and build process. with a view to construction recommencing in FY 202314. Future Developments The community we serve face5 unprecedented challenges in the years ahead. The rising cost of living,. the pressures this will place on household budgets and on our public and social infra5tructure.' and the impact this will have on our personal and collettive wellbeing are widely established. The impact this will have on organisations like the Winch is less commonly understood. We anticipate that inflation and the cost of living will impact on our work. There will be more competition for less fundin& our own operating costs will increase, demand for Services will rise and. in this context. we will need to better support our frontline teams to deliver their work to their own high standards. Our new, five-year strategy. 'From Cradle to Community. which commenced in April 2022, sets out the four outcomes we will seek to achieve across all of our work. in this difficult context. The four outcomes frame our work across the life course of a child or young person, from birth and into adulthood. They anchor the child at the centre of our work. We work 'outwards' from this point. with young people's families and friends, their communities, and the systems and structures that help or hinder their success. We call this an 'eco-system' approach. Our JEOI policy underpins our strategy. encouraging us to address both root causes and consequences of the challenges we face. Ourfour outcomes, developed in dialogue with our community. are= l. We develop strength5. sknlls & sense of belonging. 2. We Connect people to create more resourceful communities. 3. We support communities change systems to create equality. justice & inclusion. 4. We adapt. learn and grow. In setting these high-level outcomes. we have established a number of indicators or 'intermediate outcomes.. against which we will monitor progress in delivering our mission and to capture and apply our learning. Page 10
As we head into the new strategic period, we want to thank our outgoing Chair of Trustees. Srabani Sen for her leadership and longstanding commitment to the Winch. Two of our existing trustees. Debbie Moss and Harlan Zimmerman. will co-chair the Winch Board, until we formally appoint and announce the appointment of our new Chair of trustees. We are grateful to them for managing this transition and are confident that we are in good hands for the next Cbapter in our work. Reserves policy The trustees of The Winch have set the target for free reserves of the charity to be in the range of £176,000 to £220.000 in the financial year 2021-22. Designated funds do not form part of the free reserve. Progress against achieving a position within this range is reviewed every six months. In setting this level, the trustee5 have firstly given consideration to Short term forecast cost5 for which funding is currently unsecured. Secondly, looking further forward, the trustees have considered the amount and length of funding agreements in place for the charity's pro8rammes. the risk that these agreements may not be renewed or replaced, and the degree to which costs can be adjusted to reflect the level of funding in place. The trustees have taken into account the expiry dates of multi-year funding commitments. with a view to ensuring that all obligations can be met if that funding were not to be renewed or replaced. Trustees have given additional consideration to the volatile and uncertain operating conditions. amplified by the Covid pandemic. and aim to secure reserves at the higher end of thls range. Free reserves as at 31 March 2022 were £220.0(KI. The trustees have created designated funds. Designated funds consist of a strategic fund for long term projects and an operational fund for investment in organisational excellence. The strategic fund is allocated to the development of 100 Avenue Road, our expected future base. The operational fund provides for investment in service provision, facilities improvements and developing organisational infrastructure and capabilities. Total designated funds at 31 March 2022 were £183,417. Our Thanks: We would like to acknowledge the generosity of our friends. the kindness of our neighbours. and the backing of our donor5 and supporters. without whom our achievements would not have been possible. It is thanks to their trust and faith in the Winch that we have been gifted the possibility of achieving what we have. We give special thanks to our staff. volunteers and our community who nurture this faith in our rni55ion. It is not possible to list all the individuals who have supported us during the period l April 2021 to 31 March 2022, or those who continue to support our mission. The distinction between funder, donor. partner and 5UPPOrter atthe Winch is fluid. We thank everyone who has played a part in our endeavours. We appreciate your confidence. Your contributions are essential to children and young people's success. We invite more of you to join us and join each other. in our mission to rnake Camden a great place to live and grow up in. and as we strive to help each child flourish, regardless of their circumstances. Page 11
Funders, partner5 and supporters during the financial year: Act for Change. American School in London. Anna Freud National Centre for Children and Families, BBC Children in Need. Berkeley Foundation, Belsize Ward Councillor5. CAF- the Charities Aid Foundation, Charles and Jean Ippolito. The Childhood Trust, City Harvest, Dudley and Geoff rey Cox Charitable Foundation, Design Council. Esmée Fairbairn, First Give, Fitzdale Trust, Friends of Northbridge House School, The Foyle Foundation. Future First. Garfield Weston Foundation, Alex Gerko, The Hall School, The Jhalak Prize. John Lyon's Charitv, Kindergifts. Kusuma Trust. Lankelly Chase, London Catalyst. London Borough of Camden. London Youth. Lyndhurst House Prep School. Virtoria Coren Mitchell and David Mitchell, Mikheev Charitable Trust, Paramount, Paul Hamlyn Foundation. Pears Foundation. Permira Foundation, The National Lottery Community Foundation. South Hampstead School for Girls, Swiss Cottage Ward Councillors. Trust for London. Tudor Trust. Rt Hon Tulip Siddiq MP, UCL Academy, The Village Haberdashery. Vitol. Vovos Better World. Young Camden Foundation & Young Londoners Fund. Strncture, governance and management . Constitution The charitable company is registered as a company limited by guarantee. as defined by the Companies Act 2006. Their governing documents are its Memorandvm and Articles of A55ociation, and it is a registered charity (number 1055059}. The charitable company has no share capital. but under the terms of the Memorandum of A550ciation, every member is liable to contribute a sum not exceeding £10 in the event of the haritable company being wound up while he or she is a member, or within one year after he or she ceases to be a member. for the payment of the debts and liabilities of the charitable company contrarted before he or she ceased to be a member. and the costs, charges and expenses of winding up. b. Methods of appointment or elertion of Trustees Strategic management of the charitable company is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association. From time to time, the Board also reviews whether there are any additional or specialist skills that would be beneficial to have on the 8oard- it then seeks to identify, recruit and selert potential new trustees who will bring those skills. The Board may then appoint new trustee5. Historically. the charitable company would circulate an invitation to members, service users. team members. volunteers and the general public to attend the Annual General Meeting IAGM). They would be advised of retiring trustees and trustees eligible for Irelelertion and vote accordingly to confirm or renew trustee status. In April 2022, the Articles of Association were updated in line with the government's model articles. Page 12
c. Or8anlsatlonal strurture and dLYislon-maklng pollcles The charitable company is or8anised so that the trustees meet quarterly as a Board to review the management of its affairs and to make decisions on strategic direction and other matters of significant value or effert. Finance committee meetings are held between full Board meeting5 to review performance. Trustees hold strategic review days and convene working groups to support the executive team on specific priorities. The day to day management of the diaritable company is delegated to the Chief Executive Officer, who is a full time employee. d. Policie5 adopted for the induction and training of Trustees New trustees undergo an induction process to introduce them to the organisation, its mission. vision, services. team, impart, financial performance, policie5 and proce55e5, and the 803rd and governance attivities it undertakes. During the induttion they meet key employees and other trustees. Trustee5 are encouraged to attend appropriate external training events where these will assist them in carrying out their role. e. Pay policy for key manaEement personnel The goal of the Winch's pay policy is to offer fair pay to attract and keep appropriately qualified staff to lead, manage, support and deliver the organisation's aims. We aspire to set target salaries between the 50th and 75th percentiles of market rate (based on the best benchmarks we can find). We want to be seen to be a serious option by good quality candidates. We recognise the tension between market forces and our financial resources and there may be circumstances in which we are unable to meet this level of pav. We have adopted a pay policy ratio of 1-3. meaning that the highest paid member of staff should not earn more than three times that of the lowest paid member of staff on a pro-rata basis f. Risk management The Trustees have a risk management strategy which comprises.. an annual review of the risks the charity might face. the establishment of systems and procedures to mitigate those risks identified in the plan. the implementation of procedures designed to rninimise any potential impact on the charity should those risks materiolise. The Trustees view the main risks to be- achieving income targets. adequacy of reserves and cash flow. loss of key staff safeguarding beneficiaries Page 13
- Fundraislng We are committed to ensuring that we are completely open about our fundraising and spending and follow the Code of Fundraising Practice. We undertake fundraising artivity to our sUPPOrter5 via formal applications. direct mail and direct contact at events. which is managed by the CEO. We do not use any third parties to assist with raising finds and have had no complaints during this financial year. h. Safeguarding The Winch has a comprehensive child protection and safeguarding policy and adult at risk policy. which is reviewed regularly by the Board. All staff and volunteers are trained and indurted in safeguarding prartices. appropriate to their role. Going concem Based on their review of accounting and other information. the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Disclosure of information to auditor Each of the persons who are Trustees at the time when this Trustees, report 15 approved has confirmed that.. so far as that Trustee is aware. there is no relevant audit information of which the charity's auditor is unaware, and that Trustee has taken all the steps that oughtto have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that inforrnation. Page 14
Auditor The auditor. Goodman Jones. was appointed following an open recruitment process. for an initial three-year term in June 2022. Approved by order of the members of the board of Trustees and signed on their behalf bv.. Harlon Zimmerman R Broad Trustee Trustee Date: 1&12-22 Date: 19-12-22 Page IS
THE WINCHESTER PROJECT IA Gompany IlmSted by guarnntee) TRUSTEES. RESPONSIBIUTIES STATEMENT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees (who are also directors of The Winchester Project for the purposes of company lawl are responsible for preparing the TnJstees' report and the financial ststements in accordance wrth applicable law and United Kirtyom A¢Un9 Stsndards (United Kir Generalty Accepted Accounbng practi). Company law quireS the Trustees to prepare financ1 statements for each financi year. Under Gompany law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the chantable ujmpany and of the incomirKJ resources and application of resources, induding the incc¥me and expenditure. of the charitsble company fcy that per1J. In preparing these financkal $tstemenls. the TNstees are required to.. select suitable accountin9 poIleS and then apply Ihern consi8lenty. observe the methods and priwples of the Charths SORP". m*e judgments and xcounting estimates that ¥e rea$able and prudent,. state whether applicable UK Accounting Standards have been folI(P•d. subject lo any material departures discbsed and expL8ined in the financial ststemenls", prepare the financial statements on the going concem basts unless it is inappropriate lo presume that the charitable company will continue n operation. The Trustees are responsible ft)r keeping adequate accounting records that are SLrfficienl lo show and explain the chariiable company's transactss and discl¢)se wth reasonable accuracy al any lime the financial position of the ¢haTffable wmpany and enable them to ensure that the financial SementS comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the charitabbe company and hence for taking ieasonatAo steps for the pre¥ents"on and detection of fraud and other irr0guts. Page 16
THE WINCHESTER PROJECT {A ¢¢)mpany Ilmiled by guarantee) INDEPENDENT AUDFTORS. REPORT TO THE MEMBERS OF THE WINCHESTER PROJECT OPINION We have &Klited the financial statements of The Wnchester Project (the 'charilable company'l for the year ended 31 Marth 2022 set out on pages 21 to 38. whth ccrfnpri5e the Statemenl of financial aclivrties, the 8alance sheet, Stement of eashflws and the lated notes, including a summary of significant accounting policies. The financial reportin framework that has been applied in their preparalion is applicable law and United Ki d(n Accounts"ng tandards. indLrding FinanekAI Reporting Standard 102 The Financial Reporting landard applicable in the UK and Repubh"c of Ireland. (United Kingdom Generally Aecepled Aecounts"ng Practice). In our opinion the financial slatemenls.. give a true and faiT of the stste of the charilable companls affabrs as at 31 March 2022 and of its incoming resources and appIaOn of resources. including rts income and expenditure for the year then ended., have been prcpety prepared in &cordance ¥ith United lfjngdom Generalty Accepted Accounting Practice., and have been prepared in accordance wth the reqUirents of the Charilies Acl 2011. BASIS FOR OPINION We eonducted our au¢Ji( in accordance with Inlemational Standards on Auditing IUK) {ISAs IUK)l and applicable law. Our responsibilrties under those standards are further described in the Audttors. responsibilities for the audit of the financk81 slalernenls Section of our report. We are independent of the charitable Company in accordance wrth the ethical iequirements that are levant to our audit of the finanoal ststemenls in the Unrted Kingdom, including the Financk41 Reporting Council's Eth1 Standard. al we have fuwilled our other ethical responsibilities in accordance wrth Ihese requirements. We beIVe that the audit evidence we have obtsined is sufficient and approprkate to provide a basis for our opinKJn. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial stslemenls. we have concluded th Ihe Trustee's use of the going concern basis of accounting in the preparatK)n of the financial statements is appropriate. Based on the work we have perfom)ed. we have not identrfied any Materi uncertainls lating lo events or conditions that, indivhlualty or cd1ectwe, may cast sKJnificant dLwbl on the ccmnpany's ability lo continue as a going concern for a perK#J of at feast twefve months from when the fmancial statements are authorised for issue. Our responsibilrties and the responsibikties of directcfs with resped to going con¢em are described in the relevant s&tions of this report. OTHER INFORMATION The Trustees are $nSible for other infomion. The other infonnalion comprises Ihe information included in the Annual report, other than the financial stslemenls and ¢)ur Auditors, report thereon. Our opinKJn on the financial ststemenls does not cover the other infom)ation and we do not expfes5 any fom of assurance conclusion thereon. In connection our audit of Ihe financial statwnent5, our responsibility is to read the otheT informion and, in doing so, consider whether the other infomiation is merialty inconsistent wrth the financial statements or our knoedge obtained in the audit or olhemse appears lo be malerialfy misstated. If we identify such material inconsistencies or apparent maleiial misstatements. we are required to detemiine whether there is a material misstalemenl in the financial statements or a mater1 misstatemenl of the other information. If, based on the work we have pertmed. we conclude that lhe is a material misstatemenl of this other information. we are Page 17
THE WINCHESTER PROJECT IA company Ilmltsd by guarnntee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MNCHESTER PROJECT required lo report th81 fatt. We have nolhiro to rewl in this regard. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing lo report in respect of the folbm.ng matter5 where the chareS {Accounts and Reports) Regujations 2008 requires us to report lo you rf. in our opinion". the inf0matn ghven in the Trustees. report is inconsistenl in any mateiHI respect witti the financial statements. or SLrfficienl accoLmting records have not been keptr, or the financial statements are not in agreement with the accountsng rttords and rfums," CY we have not Teceived all the infomiation and explanations we require foT our audit. RESPONS181LITIES OF TRUSTEES As explained more fuljy in the Trustees. respon$ibilitses slatemenL the Truslees (who are also the diieclors of the charitable ¢ompany for the purposes of MpanY lawl are responsible for the preparation ol the financial stslements and for being sisfied that they gr¥e a true and fair view. and for such internal control as the Trustees determine is neSSary to enable the pieparation of [ancIal slalements that are free from material misslalemenl, whether due to frwjd errc. In preparing the financol ststemenls, the Trustees are resp$&) for assessing the eharitable Company's ability lo continue as a g¢yng eoncem, disclosing. as applicable. mattets retated to goirtg eoncern and using the going concem basis of a¢countrng unless the Trustee$ ether intend to l1quale the Charilable Company or lo ¢ease operations. or have no wlistic allemive but to do so. Page 18
THE WINCHESTER PROJECT {A company limited by guarantsel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WINCHESTER PROJECT AUDITORS. RESPONSIBILMES FOR THE AUIMT OF THE FINANCIAL STATEMENTS We have been app)inted as audrtor under secbon 144 of the Char"eS kt 2011 and pGt in accordance with the kt and relevant regulations maje or haw.ng effecl thereunder. Our objective5 are lo obtain reasonth assurance aboul whether the fCial 5tatemenls as a whole are fe from material misstatement. whether due to fraud or etror, arKI to Issue an Audrtors, report that irlcludes our opinion. R&350nable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS {UKI wll afvtsys detect a material misststement when rt exists. Misststements can arise from fraud or errtx and are consKlered materid rf. indiwdualty or in the aggregate, they could reasonably be expected to influence the econom deck%ions of users taken on the basis these financial statements. Irregularities, including fraud, are instances of non<cffnpliance wth las and regulations. We design procedures in line wth our responsibiifties. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are ¢apabie of (letecting irregularl1, including fraud is detsiled below_ Based on our understsnding of the ccxnpany and industy. we identrfied thal the wincipal risks of non- complian¢e laws and regulations rdated to industry sector wulations and unethical and prohibrted business practices. and we ¢onsrdere(I the extent to which nonconplian¢e might have a material effect on the financial stemenls. We also consKJered those regulions that have a direct impact on the preparth'on of the finan¢kal slalemenls such as the Companies Act 20C6, Charrties Act 2011, Charity Cs)mmission and sector regulations. and UK Tax Legislation. We evaluated managemenl's incentives and opportunities for fraudulent manipulakn of the financial stemenls lin¢ludirKJ the risk of override of ¢onlrol$l. Appropriate audrt procedures in response to these risks were camed. These procedures included.. Discussions wrth management. including cOnsthrati of kTr)wn or suspected inStar$ of non- compliance with laws and regulation and fraLKI," Reading minutes of meetings of those charged wth g0veman. Obtaining and reading correSpondere from legal and regulatory I)cj including HMRC., Identi.n9 and testing joumal entries- Challenging assUMptnS and judgements made by management in their signfficanl accounting estimates. We also communicated relevant identrfd laws and regulations and potential fraud risks to all engagement team members., and remained alert to any indutions of fraud or non-coMplnCe wth laws and regulations throughout the aLklit. There are inherent limitations in the audit predUS des¢ribed above and the fvrther removed non-compliance with laws and regulations is from the events and transactions reflecled in the financial stalemenl$, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not deleding one resulb'ng from error, a5 fraud may involve deliberate wrKealment by. for example, forgery or intentional misrepiesentalions, or through llUSIon. A further description of our responsbi ilthes for Ihe audit of the financral stslemenls is located on the Financial Reporting Councifs websrte at.. vthv.frc.org.uklauditorsresponsibilities. This description foms part of our Auditors. report. USE OF OUR REPORT This ieport is made sokty to the charrtable Compan$ Iwslees, 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 stsle to the chantable companls trustees those malters we are required to stsle to them in an Audrtors, report and Page19
THE WINCHESTER PROJECT IA company limit•d by guarante•l INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE WINCHESTER PROJECT f¢y no other purpose. To the fvllest exient pernitted by law. we do not accept or assume responsibilty to anyone other than the charitable company aThJ rts trustees. as a Ixyjy. for our aLKlit work, for this report. or for the opinions we have formed. Ls UI Goodman Jongs 29-30 Fitzroy Square London W1T6LQ Date.. 21>12-22 Goodman Jones are eligible to ad as aUd[l in tenns of section 1212 of the C¢ynpanies Act 2006. Page 20
THE WINCHESTER PROJECT IA company Ilmited by guarantsel STATEMENT OF FINANCIAL ACTivmES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Total funLIs 2021 Note INCOME FROM: Donations and legaaes Other trading activitS Investments Other income 691.710 17.908 102.781 155.363 291 32.588 794.491 173.271 291 32.588 1. 13T,360 64,043 224 59,883 TOTAL INCOME 709,618 291,023 1.000.641 1,261,510 EXPENDITURE ON: Raising funds Charitable activities 71,231 186,020 71,231 909,251 68,574 897,044 723,231 TOTAL EXPENDITURE 723.231 257.251 980.482 965,618 NET MOVEMENT IN FUNDS 113.613) 33.772 20.159 295.892 RECONCIUATION OF FUNDS: Total funds brought fotward 167.275 369,645 536.920 241,028 TOTAL FUNDS CARRIED FORWARD 153.662 403,417 557,079 536,920 The slatement of financial activrlies includes all gains and10sses regnised in the year. Unrestricted fvnds indude deswjnated lunds 01 £183.41712021.. £149.645). See Note 15. The notes on pages 24 to 38 frym part ofthese finanaal ststements. Page 21
THE NcHESTER PROJECT IA company limited by guarantee) REGISTERED NUMBER: 03177802 BALANCE SHEET AS AT 31 MARCH 2022 2022 2027 FIXED ASSETS Tangible assets CURRENT ASSETS Debtors Cash al bank and in harKI 12 7.892 13 54.598 722.949 17.679 699,257 777.647 716,936 CREDITORS: amount$ falling due one year 14 1220.468) (187,908J NET CURRENT ASSETS 557.079 529,028 NET ASSETS 557.079 536,920 CHARITY FUNDS Restricted funds Unrestricted lunds 15 15 153.662 403.417 167,275 369.645 TOTAL FUNDS 557.079 536,920 The financial slatgment$ have been prepared in ac¢ordan¢e wrth the prwsions ¥plicabl8 to companies subje¢l to the small Companies regime. The Tnjslees consider that the QpanY is enlrtled to exernptl from the requirement lo have an audit under the provrsions ol section 477 of the Companbes Act 2C(6 flhe Acf'l and membefs have not requir8d the ccmpany lo obtain an audit for the year in question in cOrdanCe WTth SecIn 476 of the ACL However, an audit 1$ required in accordance with sectk)n 144 of the Charrties Act 2011. The Trustees acknovAedge their responsibilthes ccnp'ng the wuirements of the Act wth respect to accounting records and the preparation of ffinanc st*emenls. The financial stalemenls ¥Te approved and authorised for tssue by the Trustees on signed on their tehalf. by. 1912.22 and R Bioad Trustee The notes on pages 24 to 38 form part of these financial statements. Page 22
THE WINCHESTER PROJECT IA ¢ompany limrted by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Note Cash flows from operaling activities Net cash provided by operating actmts.es 18 23.402 347,979 Cash flows from In¥estlng actlvllies: DivKlends. interest and rents frffli investments 291 224 Net cash provided by investing activities 291 224 Change In cash and cash equivalorfs In th? yoar Cash and cash equivaknls brought forward 23.693 699.257 348.203 351,054 Cash and cash equlvalents carrled foThvard 19 722.950 699,257 The notes on pages 24 to 38 fonn pwl of these finarla1 statements. Page 23
THE WINCHESTER PROJECT IA company Ilmlled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POUCIES 1.1 8asis of preparation offinancial statements The financial ststements have been prepared in accordance with Accounting and Reporting by Charilies. Stslement of Recommended Practi¢e appIable lo charities preparing their accounts in accordance the Financial Reporting Standard applTrcable in the UK and Republic of Ireland IFRS 1021 leffe¢ts"ve 1 January 20151- (Chanties SORP IFRS 10211, the Financial Reporting Standard appl in the UK and Republt of Ireland IFRS 1021 and the Companies Act 2006. The Winchester Project meets the defjnition of a publi¢ benefrt entty vnder FRS 102. Assets and liabilrties are initialty recognised * histofical cost ¢x transaction value unle5$ otherSe statell in the relevant xcounting polKy. 1.2 Company status The clwitable company is a COMpY Ivnited by guarantee registered in England and Wales. Ils principal place of business is 21 Winchester Road, Swiss Cottage, London, NW3 3NR. The members of the company are the Trustees rwned on page 1. In the event of the company being wound up, the h"ability respect of the guarant is limi(ed to £10 per member of the charrtable company. 1.3 Going concem Based on their revte4V of aceijuntiny and other irrfomiion, the tru51ees have a reasonable expectstion th the charitsble Company has adequate resources to continue in operational existence and meet its IK?bilrties as they fall due for the foreseeable future. being a peno(l of at least twelve monlhs from the date these financial ststements were approved and do not believe theie are any material unCertant$ that impacl on this assessmenL A¢¢ordingly. they continue lo adopt the going concem basis in preparing the finala1 ststements. 1.4 Fund accounting General funds we unrestrthd funds wthich are availab for use at the diret)Qn of Ihe Tnjsteès in furtherance of the genernl objectives of the cLYnpany and which ha¥e not been designated for other purposes. Designated funds comprise unrestricted funds Ihat have been set aside by the Trustees for parti¢ular purposes. The aim an(1 use of each des&ned fund is set out in the ncles lo the financial statements. Restricled funds are funds which are lo be used in aetordance Ylh specthc reStrlonS imposed by donors or which have been Led ty the company for paCular purposes. The costs of raising and administering Such fuftds a charged against Ihe specffjc fund. The aim and use of each restricted furKI is set out m the Ite$ lo the financial sLements. 1.5 Income All income is ognised once the cc¥npany has entrtlemenl to the iome. it is probable that the income will be re¢eNed and the am¢wnt of income weTvable can be measured relAbly. Ineome lax recoverable in rekl*)n lo donat¥)ns recewed under Grfl Aid or deeds of covenant 1$ recognised at the Iwne of the donation. Page 24
THE WINCHESTER PROJECT (A Company lirnit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES Intinued 1.6 Expenditure Expenditure ts recognised once Ihere is a legal or constructive (th'galion to transfer econom benefit lo a third paty. it is probable that a transfer of ecot)omic benefits will be required in selllemenl aThJ the amr4n1 ol the obligab.on can be measured reliably. Expenditu 15 classrfied by actiwty. The costs of each actiwty a made up of the lotsl of direct costs and shared costs, including support costs involved in undertaking each adNty. Dirttt costs attrsbutsble to "a single activity 8re alkncated ditty lo that activty. Shared costs which contribute lo more than one actiwty and support costs vthich are not attributable lo a single activity are apportioned beeen those actwities on a basi% consistent wrth the use of soUrCes. Central stsff eosts are albcaled on the basis of ts.me spenl, and depreckicrf) charges alk¢ated on the Port of the asset's use. Support costs are those costs incurred directty in swort of expenditure on the objects of the CoMY and include prr4ect managemenl carrd rAI at Headquarters. Costs of generating funds are costs incurred in attracbng voluntsry income, and those incurred in trading activitie5 that raise funds. Charitsble a¢lMiies and Govefnance costs are costs incurred on the Companls operations, including support costs and costs relating to the governance of the ermpany apportioned lo charitable actMtie$. All expenditu is inclusive of irw¢)verable VAT. 1.7 Tangible fixed assets and dePlatIon Tangible costir•J more than £1.000 are captslised. A remew for impairnient of a fixed asset is caNied out rf events or changes in circLtmstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls Èetween the carrying value of fixed assets and their reVerable amounts are recognised as impaimienls. Impaimenl losses are recognised in the Statement of financial actNrties incc¥porating income and expendi(ure account. Tangible fixed assets are carried at cost. net of ¢JepreciatiN and any provisMM for impairment. DeprecLion is provided at rates cakulated lo write off the cost of fix assets, jess their estimated residual value. over their expected useful INes on the followng bases.. Long-lerm leaSehd propety Motor Vehe5 Office equipment 33% straight line 25°A straight line 33% straght line Gains and losses disposals are determined by ¢paring the prced$ wilh the Caln9 wnounl arKI are recognised in the stslement of finanekil act[tS. 1.8 Interest r•¢eivabl* Interest on fvrKJs held on deposrt 15 included when receivabk aThJ the amount can be measured reliably by the charrtable ccthpany., this is ralty upon notification of the inlefesl paK1 or payable by the Bank. Page 25
THE WINCNESTER PROJECT (A eompany Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES IntInued) 1.9 Cash at 8ank and in hand Cash at bank and in hand inchjdes cash and short temi highty l]uid investments with a short maturity of three morths or less fram the de of acquis11b or opening of the deposit Of similar 1.10 Debtors Trade and other debtors are recognised at the settlement amount after arry tr discount offered. Prepayments are Vall at the amount prepaKI net of arry traje discounts due. 1.11 Liabilitles and provSsions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of econom benefit will be required in $ettlement, and the amount of th& setllement can be estimated relity. Liabilities are reccgnised at the amount that the charrtable company anticipales il will pay to settle the debt or the amount rt has receNed as advanced payments for the gc¥)ds or Services il must provkle. Provisions are measured at th8 best estimate of the amounts required to Sett the oblvJation. Where the eftecl of the lime value of money 15 materLg1, the provision is based on the present value of those amounts. discounted al the pitrtsx discount rate that reflect5 the risks specific to the lbIlty. The unwinding of the discount is recoani5ed vthin interest payable and similar charge5. 1.12 Financial instruments The charitable company onty has financial asset5 and financial liabilities of a kirKt that qualty as bas financial inslrumenls. Basic financial instruments are inilialty reco9nised at transaction value and subsequendy measured al their 5ettlernent value wlh the exception of bank loans which are subsequently measured at amortised cost using the effedive interest method. 1.13 Operating leases Rentals under oper*ing leases Charged to Ihe Statement of finarKial activities incorporating Iome and expenditure account on a strawJht line basts over the kase term. Temporary rent ¢oncessions ctturriro as a direct Consequence of the COVID 19 pandemic have been recr)3nised on a syslematK basis over the Fth)Js that the change in payments is intended to ¢¢mpensate. 1.14 Pensions The charrtable eompany contributes to the TherS Pension Scheme for certain empwes. The contributs.ons Payab are ¢harged to the statement of finanaa ¥tNrties in the year which they arise. The charrtable company also cyerates a defined witribution penSn scheme and the pension charge represents the amounts payable by the chartsble company to fund in respect of the year. Page 26
THE WINCHESTER PROJECT (A Company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 INCOME FROM DONATIONS AND LEGACIES Restricted Unrnstricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Oonalions Grants 45.955 645.755 76.021 26.760 121,976 672,515 180, 133 957.227 Totsl donations and legacies 691.710 102.781 794.491 1, 13T,360 Total 227 817.948 319,412 1. 137.360 Gran15 include feslrded grants, unrestfKled grants and general giving. Those over £10,000 included in the above afe as follows: 2022 2021 Big Lottery Funding London Borough Camden Play knm Grant BBC Chikjren in Need Young Londoners. Fund Paul Hamtyn Foundation London Borough of Camden Youth Grant Berkety Foundation Trust for London FUre First John Lyon'$ Chanty Pears Foundation London Borough of Camden- Cormunty Infrastructure Levy Permira Foundalit Lankelty Chase Trusl The Foe FoundatK)n Progress Foundatson Power lo Change Cty Bridge Trust Arts Council Kusuma Trust Two Magpies Dudley and Geoffrey Cox Charitsble Trust Lloyds Bank Foundation BNP Paribas Other 176.461 87.614 52,4SO 48,989 4S,000 29,911 29,442 27,000 20.181 20.000 20,000 10.146 10,000 10.000 10,000 161, 7T5 107, 167 23.751 48.885 75,000 29,911 27,000 54. Tl8 23,200 so,000 25,000 22,287 20,449 15,000 14.899 14,000 11,722 10,000 177,663 75.321 T¢)tal 672.515 957,227 Page 27
THE WINCHESTER PROJECT IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 FUNDPAISING INCOME Restricted Unrestrlcled funds funds X122 2022 Total funds 2022 Total funds 2021 Fun¢Jraising events Centre activities Rental income 17.908 9,930 so.oos 95,428 27.838 50.005 95.428 24.487 33.556 17.908 155,363 173.271 64.043 Total 2021 64,043 64,043 INVESTMENT INCOME Restricted unltrICted funds funds 2022 2022 Total funds 2022 Total funds 2027 Deposit account rnterest Investmenl retums 71 71 220 224 291 291 224 Total 2027 224 224 OTHER INCOMING RESOURCES Restricted Unrestrlcted funds funds 2022 2022 Total funds 2022 Total funds 2021 Furlough income Insurance income Other inccffie 3.936 27.797 855 3,936 27.797 855 59,883 32.588 32.588 59.883 Total 2021 25.092 34. 791 59,883 Page 28
THE WINCHESTER PROJECT (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 FUNDRAISING COSTS Restricted Unrastricted funds funds 2022 2022 Total fund$ 2022 Tot funds 2021 Fundraising costs Wages and salies 4.629 66.602 4.629 66.602 5. 757 62,817 71.231 71.231 68.574 To¢al 2021 68,574 68,574 ANALYSIS OF EXPENDtruRE ON CHARrrABLE ACTMTIES Restricted untricted funds funds 2022 2022 Total fund$ 2022 Total funds 2021 Family Support Belsrie Library PTimary Years Youth North Camden Zone 100 Avenue Road Management, Facilrts and Infrastructure Communty Hub Fixed Assets Fund Governan & audit 26,306 $0,817 202.667 294,067 122,309 5,000 14,173 26.306 60,515 202.667 294.B21 122,309 30.070 154,471 21,389 58,874 187. 711 259.386 720,510 40,426 706,016 88,959 7,113 6,600 9.698 754 25.070 140.298 7.892 7,892 10,200 10.200 723.231 186.020 909,251 897.044 Total 2021 763. 148 133.896 897.044 Page 29
THE WINCHESTER PROJECT (A company Ilmlted ty guarantee) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2022 ANALYSIS OF EXPENDITLIRE BY ACTMTIES Support Dlrect costs 2022 Total 2022 To181 2021 2022 FllY Supwt Belsize Library Primary Years Youlh North Camden Zone 100 Avenue Road Management, Fa¢ilities and InfraslruetLKe Community Hub Fixed Asset funds Governance & audit 21.922 54.092 t69,600 246.360 101.954 25.058 140.225 21,389 58,874 187, 711 259,386 120,570 40.426 106,016 88,959 7,113 6.600 6,423 33.067 48,461 20,355 5,012 14.246 60,$15 202.667 294.821 122.309 30.070 154A71 7,892 7.892 10.200 10,20D Total 2022 767.103 142.148 909.251 897.044 Toto12021 751,817 145,227 897,044 ANALYSIS OF CHARITABLE EXpENVRE BY TYPE 2022 2021 Employment costs Serwce delivery Property costs Facilities and systems Support Depfe¢iats"on Governance & audrt 710.699 62.891 36.456 63,494 17,619 7,892 10,200 689,330 66,239 50,916 73,964 2.293 7. T02 6,600 Total 909.251 897.044 Page 30
THE WINCHESTER PROJECT {A company Ilmited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10. NET INCOMEIIEXPENDITURE) This is slated after charging.. 2022 2021 Depreaalion of tangible fixed assets". - owned by the eharrty Audrtors. remuneration- audrt Defined conlribulion pensK)n costs 7,892 10,200 21,102 T. 702 6.600 21,285 During the year. no Trustees received any remunerat11202l- £NILI. During the year, no Trustees received any benerrts in kind12021- £NIL). During the year, no Trustees receNed any reimbursement of expenses (2021 - ÉNILI. Page 31
THE WINCHESTER PROJECT IA company limited by guarant8e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 11. STAFF COSTS Staff costs were as fofoK'. 2022 2021 Wages and ar Social securrty costs other pension wsts 687.291 49,640 26.683 667, 741 51.953 21,285 763.614 740.979 The average number of pers$ employed by the company during the year was as follows.. 2022 No. 2021 No. Family Support part Iwne Primary full time Primary part time Youth full time Youth part time North Camden Zone full time North Camden Zone part lime Belsize Community Library part time Management, FacilitS and Infrastructure full lime Management. Fxililies and Infrastnjctufe part time 37 38 The number of higher pa empbyees was.. 2022 No. 2021 No. In Ihe band £60,001 - t70.1) The key management personnel of the charty compnse the Trustees {who are unpaid). the Chief Executive Officer and the Chief OperatirrfJ Offer. The total rwnuneralK)n of key management petsonnel (including employers pension and national insurance contributions) during the year was £117.96412021'. £112,650). Expendrture was slighlty higher than preW¢S 1$. as the Pff COO wcKked addrtn8l hours on core infrastruclufe develcyment projects. Page 32
THE WINCHESTER PROJECT IA Company limlted by guarant) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12. TANGIBLE FIXED ASSErs Long4em leasehold property Motor vehicles Office equipment Total Al 1 April 2021 Disposals 36.126 {11.525) 104,050 111.525) Al 31 March 2022 38.424 24,601 92,525 Depreciation Al 1 April 2021 Charye for the year On disposals 37.893 531 29.$00 28.765 7,361 111.52S} 96,158 7,892 111,525) Al 31 Mah 2022 38.424 24.601 92.525 Net book value At 31 March 2022 At 31 m8 2027 531 7,361 7,892 13. DEBTORS 2022 2021 Trade debtofs Other debtors PrepayThenls and income 20,650 4,783 29,165 16,179 54.598 17,679 14. CREDITORS: Amounts falling due within one year 2022 2021 Trade creditors Other creditors Accruals and deferred income 8,876 15.224 1.288 23.996 14,382 149,530 220.468 187,908 Page 33
THE WINCHESTER PROJECT IA company Ilmited by 9uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. CREDITORS: Amounts falling due withln one year (contlnued Grants and donatn9 are deferred to the peric*J in whh the charty is entrtled to ie¢ognise the income. The m¢)vernenl in defefreLI incwne duiing the year is shtrwn belrm. Delerred income DeferTed income al 1 Aprfi 2021 Resources deferred dvring the ye Amovnls released from prevb)us years 138,124 165,601 1138,1241 Oeferred income at 31 March 2022 165.601 1S. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balan¢9 at 31 March 2022. Balance at 1 April 2021 Transfers inlout Incomè ExperHliture Designated funds Strategic Operational 89.645 10.357 34.800 100,002 83,415 111.385) 149.645 (11.385) 45.157 183.417 General lunds General Funds- all funds 291.023 1245.866) {45.157 220.000 Tt)tsl Unreslrided funds 369.64S 291.023 1257.251) 403.417 Restrlcted lunds Family Support Belsize Library Primary Years YoLrth North Camden Zone 100 Avenue Road Managernent, Fac11rt$ and Infraslruclure Fixed asset fvnd$ 12.652 18,593 32.128 65.612 20.780 30.658 34,101 194.836 279.967 146,803 5.000 126.3061 150.8171 1202.667) 1294.067} 1122,3091 (5.0001 17,004 1,877 24,297 51,512 45,274 9,618 7.892 18,253 114,1731 17,8921 13,698 167.275 709.618 1723.2311 153,662 Total funds 536.920 1.000,641 1980.4821 557,079 P48 34
THE WINCHESTER PROJECT IA company Ilmlted by guarantsol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 15. STATEMENT OF FUNOS (continued Reslricted Funds.. Family Supwl- suppjrt and opportunty for parents and chihjren aged Ck5 BelsiTr Communty Library- the provssKJn of neighbourtd library seNces and &liwties which enable the local communty lo read. create and conne¢L Primary Years- after h0o1 clubs. holJay schemes, and parent adVa¢Y for children aged 5-11 Youth - 8 programme of youth wvrk initsabves. support young people and young aduits aged 11- 25. North Camden Zone- a communty led system$ ¢harwJe initiative focused on Thproving the condrtion$ for TesJents INing and 9rown9 up in Ictal newhbourhoods. 100 Avenue Road - Funds are alhxaled tchvards negotiation of the srte's design, devekynent and frt out, professwal adVe and fees, and consukatKJn vh benefick4rEs. MFI Management, Facilrties and Infrastructure refers to the core operalK>ns of the Winch, 11 includes bvildings. maintenance, systems and services and th8 associated staffing wsls that enable us lo deliver our mission safety and el[lenty. The trustees hold des*Jnated funds for the purpose of investing in the realisiry of the Winch's mission. Strategic De5NJnated FurKls are unie511icted funds that trustees have Set asKle for the specrfic purpose of achieving the Winch's bng term strategic goals. These fund5 are being buitt up to enable th8 charrty lo eliver its ccinmilmenl to Secure more frt for purpose premise5 in the future. operatal Designated Funds are unresln.cted funds that trustees amocale for the Specific purpose of investing in the areas essential for the development and effectiveness of the charity. Trustees consider and agree prwjrities in adVae of the yw. as part of the plannirg and budget setting prlxess. STATEMENT OF FUNDS- PRIOR YEAR Balance al 31 March . 2021 Balance al l Apnl 2020 Transfe ioul Incorne Expen(lilure Designated funds Strategi Operational 89,645 60.0 89,645 60,000 149,645 149,645 General funds General Funds- all funds 153,645 418.470 (202.470) (149,645) 220.000 TOL4 unreStrted funtls 153.645 418,470 (202.470) 369.645 Page 35
THE NcHESTER PROJECT (A company Ilmlt¢d by guaranlee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 15. STATEMENT OF FUNDS lcontinued) Restricted funds Family Support Belsize Library Primary Years Youth North Carnden Zone Management. Facilities arKI Infrastructure Fixed asset funds Community Hub 8.442 76,320 477 35, 108 10,373 25,599 61, 147 219.362 288,417 130.977 (21,389) (58,814) 1187, 771) {257,913J (120,570) 12,652 18,593 32. 128 65.612 20, T80 34.344 (26,384) 17. 113) (83. 194) 9.618 7.892 15,005 83. 194 87.383 843.040 (763. 148) 167,275 Total funds 247.028 1.261,510 (965,618) 536,920 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NEf ASSETS BETWEEN FUNDS- CURREiif YEAR Restricted UnrestrScted funds funds 2022 2022 Total funds 2022 Current assets crlIOrS due within one year 319,263 1165.601} 4S8.284 777.$47 164.8671 {220.4681 153.662 403,417 557.079 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Restricted Unrestricted funds funds 2021 2021 Tolal funds 2021 Tangible fixed assets Current assets Creditors due wthin one year r.892 26Q.048 (100.665) 7,892 716,936 (187,908) 456,888 {87,243) 167.275 369.645 536.920 17. RELATED PARTY TRANSACTIONS During the year the chanty recewj totsl donalpJn5 from trustees amounlwig to £12,27812021.. £12,462). Page 36
THE WINCHESTER PROJECT IA company limited by guaranlee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 18. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 2021 Nel income for the year las per Statement of FInclaI Activiti"esl 20.159 295,892 Adjustment for- Depreciation charges DNidends. interest and Tents fTom inve5trnents Increase in debtors Increase in credrtOTS 7.892 {291) {36,918) 32,560 7. 702 (224) (4,071J 48,680 Net cash provided by operatlng activities 23.402 347,979 19. ANALYSIS OF CASH AND CASH EQUIVALENTS 2022 Cash in hand 722.950 699,257 Tctsl 722,950 699,257 20. CONTINGETrff LIABILITIES The charity has entered into a ccffnmilmenl lo pay up to £223.0th) as a contribution to the fft out of a new building to be used for charitable purposes. No ajreemenls have yet been made that would trigger this commitment. 21. PENSION COMMITMENTS The charity made conlributions lo Ihe Teachers Pen5KJn Scheme, which is treated as a mulli- ernployer scheme. In addi(ion, the Charity makes conlribubons to a defjned eontribution scheme. The contributions eharged in the year amounted to £21.10212021-. £21.6971. Page 37
THE WINCHESTER PROJECT IA company limited by guaRnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 OPERATING LEASE COMMIThIENTS Al 31 March 2022 the toial of the Chan¥s fLrture Minim lease payrnents under n¢)n-canceUable operating leases was.. 2022 2021 Amounts payable". Wrthin 1 year Behyeen 1 and 5 years After more than S years 20,000 20,000 116,493 136.493 Total 216.493 236,493 The followng lease paentS and changes in lease payments have been reccvJnised in the slalement of financial aclivities.. 2022 2021 Operaling lease rentals Changes in lease payments arising from COVID- 19 related rent concessions 20,OLIJ (17.98QJ Total 20.000 8.020 Page 38