DocuSign Envelope ID: 8302157F-4E7B-435D-AD27-70E3018F1165
## **One Housing Foundation**
(Company limited by guarantee)
Company registration number 04471904 Registered charity number 1097503
## **FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **CONTENTS**
|**CONTENTS**||
|---|---|
|**Section**|**Page**|
|Legal and administrative information|2|
|Report of the directors|3 - 9|
|Independent auditor's report|10 - 13|
|Statement of financial activities|14|
|Statement of financial position|15|
|Statement of cash flows|16|
|Notes to thefinancialstatements|17 - 24|
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DocuSign Envelope ID: 8302157F-4E7B-435D-AD27-70E3018F1165
## **One Housing Foundation Legal and administrative information**
**Directors:** Paul Gray (resigned 31 March 2022) Richard Hill Chris Hageman Sandra Fawcett (appointed 23 July 2021) **Secretary:** Sara Shanab (appointed 31 May 2022) Hilary Milne (resigned 31 May 2022) **Registered office:** Atelier House 64 Pratt Street London NW1 0DL **Principal bankers:** Barclays Bank PLC 1 Churchill Place London E14 5HP **Auditors:** BDO LLP 2 City Place Beehive Ring Road Gatwick West Sussex RH6 0PA _______________________________________________________________________________________________ **Registration numbers:** Company 04471904 Charity 1097503
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## **One Housing Foundation Report of the directors**
## for the year ended 31 March 2022
The Directors of One Housing Foundation (OHF) present their report and audited financial statements for the year ended 31 March 2022. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (Charities SORP – FRS 102).
Directors who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 2.
## **Registered charity**
One Housing Foundation is a company limited by guarantee, number 04471904 and also a charity registered with the Charity Commission under registration number 1097503. It is controlled by One Housing Group (OHGL), a registered provider of social housing. Our vision is "We create places for people to call home and support them to live well".
Through One Housing Foundation, we provide positive social and community activities that supports One Housing's residents and communities to live well and inspire them to have a better future.
One Housing Foundation is a subsidiary of OHGL, which is a G15 housing association with a strong social purpose, dedicated to creating places that people can call home. The housing association owns and manages over 16,000 homes in London and the South East and is the landlord to over 29,000 residents. From 1 December 2021, OHGL became a wholly owned subsidiary of the group's ultimate parent undertaking: The Riverside Group Limited (TRGL).
## **Our strategic focus**
To support the best outcomes for our residents and their communities, our four strategic pillars are:
- preparing our young residents for the challenges of the modern world, supporting them to stay safe, contribute to society and be the best they can be;
- supporting people to live independent lives through provision of learning and employment opportunities;
- supporting the rejuvenation of communities through engaging residents and working in partnership with others; and
- improving the wellbeing of our older residents.
One Housing Foundation provides public benefit by delivering a range of quality community support services to clients in London and the South East. All of the services are free at the point of delivery to clients.
The Directors have regard to guidance on public benefit published by the Charity Commission, when exercising their powers and duties and where such guidance is relevant. The Directors have considered the Charity Commission's general guidance on public benefit and have taken it into account when reviewing One Housing Foundation's aims and objectives and in planning its future activities.
## **Summary of activities during 2021/22**
The financial performance for the year resulted in a net deficit of £12k (2021: £402k deficit).
One Housing Foundation generated income of £1,477k (2021: £1,283k) for the year. Of this, £400k (2021: £450k) was a donation from other wholly owned subsidiaries of One Housing Group Limited (OHGL). Fundraising activities generated £875k, (2021: £637k) and a further £198k (2021: 146k) was donated by OHGL as a contribution-in-kind.
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## **One Housing Foundation Report of the directors (continued)** for the year ended 31 March 2022
## **Activities delivered under the charity**
In 2021/22, One Housing Foundation continued to deliver services for its residents and communities. It started to provide services in-person again once Covid19 restrictions eased and it was deemed safe to do so. It did, however, continue to deliver some activity online, such as training and support, which ensured that the charity was able to continue reaching a wider customer base.
The pandemic and other socio-economic issues clearly impacted many communities in 2021/22. Throughout the year, the charity worked closely with teams in One Housing and partners in the community to deliver projects based on need in local communities.
## **Preparing our young residents for the challenges of the modern world, supporting them to stay safe, contribute to society and be the best they can be.**
Many of the activities that had previously been funded by the charity continued and grew during 2021/22. The team continue to be a part of the Housing Associations Youth Network (HAYN) and partners; and is registered with London Youth, UK Youth, Youth Employment UK, Centre for Youth Impact and Vision for Young Londoners.
The following activities were delivered during the year:
- out of school tutoring in Maths and English with Tutors United to help with educational attainment. For the academic year 2020/21 the programme provided 114 hours of learning to 25 young people. The partnership was renewed for the academic year 2021/22, continuing to provide learning to 24 young people.
- partnered with eight housing associations and other partners to deliver an anti-knife crime project in East London; One Housing delivered an online programme for parents with the aim of reducing knife crime and raising awareness of how to spot the signs that a young person may be at risk. This was attended by 36 participants over six sessions and included talks from youth workers, the police, young people, and a parent who had lost her son to knife crime.
- partnered with Poplar Harca’s Spotlight Youth Service to deliver their youth service three days a week from a centre This was open to young people aged 11-25.
## **Supporting people to live independent lives through provision of learning and employment opportunities.**
The employment and training service continued to partner with others on the Love London Working contract (£230k) funded by the European Social Fund (ESF) and managed by the Greater London Authority. This programme seeks to progress those in long-term unemployment and economic inactivity in London into work. By being part of the programme, residents and customers have had greater access to vacancies, and training was also offered by the other partners. In total, the employment team helped 58 people into employment.
During the year, the team also resumed face to face employment support, information and guidance to clients from a range of community venues including Arlington in Camden, and Samuda Estate and Phoenix Heights in Tower Hamlets. The team provided 1-2-1 training for residents on constructing a CV, interview skills, confidence building and job searching skills, as well as referring to external training.
During 2021/22, the team delivered 12 intensive four-week training programmes to One Housing residents and the wider London population. This was delivered by Transform and Achieve and funded through JP Morgan (2021/22: £210k and 2020/21: £40k). The focus of the training was on supporting customers to change their mental attitude to fulfil their potential in terms of life and career goals. Individuals attending the sessions received 1-1 support from our employment team. In total, our online training courses were attended by over 900 residents.
In January 2022, the team partnered with the charity, Change Please, to deliver Barista training for residents. Trial taster sessions led to an intensive 3-day training programme in March 2022, with progression to 16 hours per week paid employment as a Barista working in Change Please cafes throughout London. The partnership has proved successful and will continue to be delivered in 2022/23 with the employment team stimulating referrals and providing mentoring and employability coaching.
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## **One Housing Foundation Report of the directors (continued)** for the year ended 31 March 2022
## **Activities delivered under the charity (continued)**
## **Supporting the rejuvenation of communities through engaging residents and working in partnership with others.**
The Creative Space is a year-round programme of creative workshops for the residents of homeless schemes in Camden, run in partnership with SPACE Studios. In 2022, £5,734 (2021: £8,898) of restricted funds (Toynbee Watney) were used to fund the programme. The total programme to One Housing Foundation was £13,925 in 2021/22 with the balance of expenditure being funded by unrestricted reserves. Now in its 12[th] year, the programme has grown and provides a full weekly programme of arts workshops, four per week, in Art, Creative Writing (Magazine), Music and alternates between Photography and Textiles.
In April 2021, the charity opened its dedicated art room (Studio 5) in Arlington to run workshops in person again rather than on online. Though the programme had successfully been delivered online during lockdowns and provided much needed support for those in isolation, it was clear that face-to-face tutoring in a communal space was desperately in demand. The service consistently achieved approximately six attendees per session from Camden Pathway Hostels and ‘independents’ comprising of ex-Pathway residents. In total, 180 workshops were held over the year.
In December 2021, the programme was pleased to once again hold an annual exhibition to showcase the works created through the programme. The exhibition included works created during lockdown as well as recent works. Around 100 people came to see the exhibition.
During 2021/22, One Housing continued to actively support residents to contribute to their communities through community development initiatives. Such activity included partnering with Age UK, police, charities, and councils to deliver street doctors training (first aid for knife wounds), violence reduction mentoring services, wellbeing projects, digital inclusion, and virtual coffee mornings to reduce elderly isolation.
## **Improving the wellbeing of our older residents**
Through our activities, we seek to reduce loneliness and work with organisations to deliver social and community projects specifically for our older residents. During 2021/22, these activities were funded directly by our parent company, One Housing Group, and not through the charity.
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## **One Housing Foundation Report of the directors (continued)**
for the year ended 31 March 2022
## **Financial performance**
## **Summary of income and expenditure for the last 5 years is below:**
|**Unrestricted**
Donations
Other income
Expenditure
**Restricted**
Donations
Expenditure
**Total**
Donations
Other income
Expenditure|**2022**
**2021**
**2020**
**2019**
**2018**
**£'000**
**£'000**
**£'000**
**£'000**
**£'000**
1,444
1,233
1,646
1,700
1,147
4
50
11
13
8|
|---|---|
||1,448
1,283
1,657
1,713
1,155
(1,464)
(1,661)
(1,674)
(1,398)
(1,168)|
||(16)
(378)
(17)
315
(13)|
||**2022**
**2021**
**2020**
**2019**
**2018**
**£'000**
**£'000**
**£'000**
**£'000**
**£'000**
29
-
-
-
-
(25)
(24)
(1,848)
-
-|
||4
(24)
(1,848)
-
-|
||**2022**
**2021**
**2020**
**2019**
**2018**
**£'000**
**£'000**
**£'000**
**£'000**
**£'000**
1,473
1,233
1,646
1,700
1,147
4
50
11
13
8|
||1,477
1,283
1,657
1,713
1,155
(1,489)
(1,685)
(3,522)
(1,398)
(1,168)|
||(12)
(402)
(1,865)
315
(13)|
Donations of £29k for restricted purposes were received during the year (2021: £nil). Unrestricted donations of £1,444k (2021: £1,233k) were received, of which £198k (2021: £146k) was donated by OHGL as a contribution in kind. Income is generated through providing education and training services, conference centre bookings, apprenticeship levy income and donations.
During the year, government grant income of £2k (2021: £50k) from the Coronavirus Job Retention Scheme was received as funding for staff who were furloughed as a result of the pandemic. This income is reported as other income in the table above.
One Housing Foundation used £1,489k (2021: £1,685k) in furtherance of its charitable activities. Included in expenditure for the year is redundancy costs of £15k (2021: £66k) and expenditure of £25k (2021: £24k) which is funded from its restricted funds.
The overall deficit, including expenditure against restricted funds, was £12k (2021: deficit £402k). Overall reserves, including both unrestricted and restricted funds, were £1,613k (2021: £1,625k) at the year end.
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## **One Housing Foundation Report of the directors (continued)** for the year ended 31 March 2022
## **Reserves policy**
It is the intention of the directors to maintain adequate reserves to meet at least one year's budgeted revenue expenditure. In 2022 the actual expenditure was £1,489k, this was met by external income of £860k, gift aid of £400k, contribution in kind of £198k with the remainder funded from reserves. Total reserves as at 31 March 2022 are £1,613k (2021: £1,625k) of which £66k (2021: £62k) is restricted. This will fund approximately 2.7 years of OHF expenditure (net of external income) based on the 2023 budget which has £1,628k of expenditure funded by £624k external income, £400k of gift aid and £604k of reserves.
OHF received a donation of £400k (2021: £450k) to deliver its employment, training, volunteering and youth services activities from Citystyle Living Limited (2021: TPHA Limited).
## **Principal business risks and uncertainties**
The directors review financial performance regularly and assess the principal risks facing the company through a structured risk management process. Primary responsibility for oversight of the process lies with the Group Audit Committee (GAC) and the OHGL Group Board. One Housing Foundation manages risk by identifying, analysing, prioritising and taking actions to mitigate the risks we face. It uses its corporate risk register to record and analyse risks according to their potential impact and probability.
## **Risk analysis**
In the opinion of the directors of the company the principal business risk and uncertainty is that the entity has adequate resources to continue its operations. All risks are identified by the OHGL Group Board and closely monitored by GAC.
The directors and the OHGL Group Board are committed to ensuring that consideration of risks is a part of everyday management processes and the directors review the financial performance of the company on a regular basis.
A structured risk management process is followed across the organisation to:
- improve decision making and optimise opportunity;
- promote innovation in efficient and effective service delivery;
- enhance reputation;
- minimise levels of inspection and regulation;
- deliver value for money;
- avoid unbudgeted expenditure and/or loss of income; and
- secure trust from stakeholders through transparent and open management.
## **Plans for the future**
The charity’s strategic direction will continue to champion One Housing's social purpose and corporate priorities which includes increasing social mobility and helping people when they most need it and being much more than just a landlord. Future plans include further developing key partnership and community development projects to ensure that we deliver the most impact for our residents, as well as continuing to work with Government departments, its partners, supplychain contractors and other charities. We will also be working alongside The Riverside Foundation to ensure that the wider strategic objectives of both Charitable Foundations can be delivered in areas where we have shared local communities.
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## **One Housing Foundation Report of the directors (continued)** for the year ended 31 March 2022
## **Structure, governance and management**
One Housing Foundation is governed by its Board of Directors which is responsible for the overall governance, strategic direction, financial health and probity of the organisation whilst ensuring that its aims and objectives are applied and developed in accordance with its governing documents, regulatory guidance and the law.
The Charity has three directors who have a wide range of experience at board level in the public and charitable sectors. All directors are senior managers of the parent company.
The Directors were appointed by the OHGL Board in accordance with the Memorandum and Articles of Association on the basis of the skills and experience they bring to the custodianship and management of the business and its activities. Each new trustee was provided with a full induction and an information folder by the Chair and Company Secretary, with relevant training made available.
The Directors of the charity are all employed by OHGL. A proportion of the Trustees salaries are included in the contribution in kind from OHGL (see notes 7, 8 &9).
The trustees have delegated the day to day management of the charity to staff of OHGL.
## **Fundraising statement**
One Housing Foundation does not raise funds from members of the public. OHF does not pay for a dedicated fundraiser or use a commercial fundraising agency. It does not work with, have oversight of, or raise funds from commercial participants or professional fundraisers. Its fundraising strategy focuses on securing funding from grant funding bids, contracted services, sponsorship, corporate donors and maximising social value contributions through our partners. In 2021/22, funds were achieved in addition to grant funding and sponsorship, from social value contributions and direct donations for benefit in kind services. No complaints were received in respect of fundraising during the year.
One Housing is committed to funding One Housing Foundation activities. As part of the annual budget setting cycle, a gift aid receivable income is budgeted in OHF, being an equivalent gift aid donation budgeted from a subsidiary company within the Group. The budgeted expenditure for the year, as well as the value of unrestricted fund income held in the Statement Of Financial Position, helps to determine the budgeted gift aid donation for the year. In 2022, One Housing Foundation received a donation from profits generated from Citystyle Living Limited, a subsidiary of OHGL.
## **Going concern**
The directors have made enquiries and examined significant areas that could give rise to financial exposure and are satisfied that no material or significant exposures exist other than as reflected in these financial statements. The directors have reasonable expectation that the business has adequate resources to continue its operations for at least twelve months from the date of approval of the financial statements. A 24 month cashflow has been produced, OHF has sufficient cash and unrestricted reserves to fund its activities without any external resources. The directors have reasonable expectation that the business has adequate resources to continue its operations for at least twelve months from the date of approval of the financial statements. For this reason, the going concern principle has been applied in preparing these financial statements.
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## **One Housing Foundation Report of the directors (continued)**
## for the year ended 31 March 2022
## **Statement of Trustees’ responsibilities**
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors 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 company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Auditor**
All of the current trustees have taken all the steps they ought to have taken to make themselves aware of any information needed by the company's auditors for the purpose of their audit and to establish that the auditor is aware of that information. The trustees are not aware of any relevant audit information of which the auditor is unaware.
BDO LLP has indicated its willingness to continue in office and resolution to re-appoint them will be proposed at the forthcoming Annual General Meeting. The Report of the Board was approved and signed on its behalf by:
Approved by the trustees on 14 July 2022 and signed on its behalf by:
**Richard Hill** Trustee
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## **One Housing Foundation Independent auditor's report to the members of One Housing Foundation** for the year ended 31 March 2022
## **Opinion on the financial statements**
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 2022 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.
We have audited the financial statements of One Housing Foundation (“the Charitable Company”) for the year ended 31 March 2022 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
## **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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Independence**
We remain independent of the Charitable Company in accordance with the ethical requirements 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.
## **Conclusions related to going concern**
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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## **One Housing Foundation**
**Independent auditor's report to the members of One Housing Foundation (continued)** for the year ended 31 March 2022
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. The other information comprises the Report of the Directors. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
## **Other Companies Act 2006 reporting**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors, which includes the Directors’ Report prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors’ Report, which is included in the Report of the Directors, has been prepared in accordance with applicable legal requirements.
- In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Trustee’s report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion;
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
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## **One Housing Foundation**
**Independent auditor's report to the members of One Housing Foundation (continued)** for the year ended 31 March 2022
## **Responsibilities of Trustees**
As explained more fully in the Statement of Trustees Responsibilities in Respect of the Trustees Report and the Financial Statements, the Trustees (who are also the directors of the charitable company for the purposes 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 determines 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 Charitable Company’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 the Companies Act 2006 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.
## **Extent to which the audit was capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Audit procedures capable of detecting irregularities including fraud performed by the engagement team included:
- Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Areas of identified risk are then tested substantively;
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
- Reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with HMRC and relevant regulators to identify any actual or potential frauds or any potential weaknesses in internal control which could result in fraud susceptibility;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Reviewing items included in the group’s fraud register as well as the results of internal audit’s investigation into these matters;
- Challenging assumptions made by management in their significant accounting estimates in particular in relation to allocation of support costs;
- Carrying out detailed testing, on a sample basis, of transactions and balances agreeing to appropriate documentary evidence to verify the completeness, existence and accuracy of the reported financial statements; and
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments.
**One Housing Foundation**
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## **Independent auditor's report to the members of One Housing Foundation (continued)** for the year ended 31 March 2022
## **Extent to which the audit was capable of detecting irregularities, including fraud (continued)**
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:
https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
_Philip Cliftlands (Senior Statutory Auditor) Date:_ 12 September 2022 _For and on behalf of BDO LLP, Statutory Auditor Gatwick United Kingdom_
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
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## **One Housing Foundation**
## **Statement of financial activities (including income and expenditure accounts)** for the year ended 31 March 2022
|||**Unrestricted**|**Restricted**|||
|---|---|---|---|---|---|
|||**Funds**|**Funds**|**Total Funds**|**Total Funds**|
|||**2022**|**2022**|**2022**|**2021**|
||**Notes**|**£'000**|**£'000**|**£'000**|**£'000**|
|**Income from:**||||||
|Donations|5|1,444|29|**1,473**|1,233|
|Grants|5|2|-|**2**|50|
|Investments|5|2|-|**2**|-|
|**Total income**|5|**1,448**|**29**|**1,477**|1,283|
|**Expenditure on:**||||||
|Raising Funds|6|(49)|-|**(49)**|(37)|
|Charitable activities|6|(1,415)|(25)|**(1,440)**|(1,648)|
|**Total expenditure**||**(1,464)**|**(25)**|**(1,489)**|(1,685)|
|**Net (expenditure)/income**||**(16)**|**4**|**(12)**|(402)|
|**Net movement in funds**||(16)|4|**(12)**|(402)|
|**Reconciliation of funds**||||||
|Total funds brought forward||1,563|62|**1,625**|2,027|
|**Total funds carried forward**||**1,547**|**66**|**1,613**|1,625|
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
The notes on pages 17 to 24 form part of these financial statements.
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## **One Housing Foundation Statement of financial position** as at 31 March 2022
Company number 04471904
|||**Total Funds**|**Total Funds**|
|---|---|---|---|
|||**2022**|**2021**|
||**Notes**|**£'000**|**£'000**|
|**Fixed assets:**||||
|Othertangiblefixed assets|12|**37**|52|
|**Current Assets:**||||
|Debtors|13|**65**|1,341|
|Cash at bank and in hand||**1,559**|451|
|||**1,624**|1,792|
|Creditors: amounts falling due within one year|14|**(48)**|(219)|
|**Net current assets**||**1,576**|1,573|
|**Total assets less current liabilities**||**1,613**|1,625|
|**Total net assets**||**1,613**|1,625|
|**The funds of the charity:**||||
|Unrestricted funds|15|**1,547**|1,563|
|Restricted income funds|15|**66**|62|
|**Total charity funds**||**1,613**|1,625|
These accounts are prepared in accordance with the special provisions of Part 3 of the Companies Act 2006 relating to small entities.
The notes on pages 17 to 24 form part of these financial statements.
Approved by the trustees and authorised for issue on 14 July 2022 and signed on its behalf by:
**Richard Hill** Trustee
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## **One Housing Foundation Statement of Cash Flows** for the year ended 31 March 2022
Company number 04471904
||**2022**|**2021**|
|---|---|---|
||**£'000**|**£'000**|
|**Net expenditure for the reporting period (as per the statement of financial**|||
|**activities)**|**(12)**|(402)|
|**Adjustments for**|||
|Add depreciation|**15**|21|
|Deduct interest income|**(2)**|-|
|Decrease/(increase) in debtors|**1,276**|(587)|
|Increase/(decrease) in creditors|**(171)**|164|
|**Net cash generated by operating activities**|**1,106**|(804)|
|**Cash flows from investing activities:**|||
|Interest receivable|**2**|-|
|**Net cash provided by investing activities**|**2**|-|
|Change in cash and cash equivalents in the reporting period|**1,108**|(804)|
|Cash and cash equivalents at the beginning of the reporting period|**451**|1,255|
|**Cash and cash equivalents at the end of the reporting period**|**1,559**|451|
|**Analysis of cash and cash equivalents**|||
|Cash in hand|**1,559**|451|
|**Cash and cash equivalents**|**1,559**|451|
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## **One Housing Foundation Notes to the financial statements**
for the year ended 31 March 2022
## **1. Legal status**
One Housing Foundation was incorporated in England & Wales as a company limited by guarantee and has no share capital. It is controlled by One Housing Group Limited (OHGL), a wholly owned subsidiary of the group ultimate parent undertaking: The Riverside Group Limited (TRGL).
OHGL is registered with the Financial Conduct Authority (20453R) under the Co-operative and Community Benefit Societies Act 2014 and is registered with the Regulator for Social Housing (LH0171) as a Provider of Social Housing.
TRGL is registered with the Financial Conduct Authority (30938R) under the Co-operative and Community Benefit Societies Act 2014 and is registered with the Regulator for Social Housing (L4552) as a Provider of Social Housing.
TRGL produces group financial statements which include OHF. Copies of the Group report and financial statements are available at: https://www.riverside.org.uk.
## **2. Accounting policies**
## **Basis of accounting**
The financial statements have been prepared under the historic cost convention in accordance with 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 March 2018) the charities SORP 2019 and the Companies Act 2006.
All amounts presented are in pound sterling.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
## **Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met.
## **Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- costs of raising funds comprises seeking donations, marketing and any other cost that furthers the charity’s purposes; and
- expenditure on charitable activities includes the costs for activities directly undertaken, support and governance costs apportioned to charitable activities;
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **Support costs**
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, and governance costs which support the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 7.
## **Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Cash and cash equivalents**
Cash and cash equivalents include cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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## **One Housing Foundation**
**Notes to the financial statements (continued)** for the year ended 31 March 2022
## **2. Accounting policies (continued)**
## **Government grants**
During the year the charity benefited from £2k (2021: £50k) of government grants in the form of the Coronavirus Job Retention Scheme. This credit is included in grants within the Statement of Financial Activities over the same period as the staff costs for which it compensates.
## **Creditors**
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
## **Going concern**
The directors have made enquiries and examined significant areas that could give rise to financial exposure and are satisfied that no material or significant exposures exist other than as reflected in these financial statements. The directors have reasonable expectation that the business has adequate resources to continue its operations for at least twelve months from the date of approval of the financial statements. A 24 month cashflow has been produced, OHF has sufficient cash and unrestricted reserves to fund its activities without any external resources. The directors have reasonable expectation that the business has adequate resources to continue its operations for at least twelve months from the date of approval of the financial statements. For this reason, the going concern principle has been applied in preparing these financial statements.
## **3. Judgements in applying accounting policies and key sources of estimation uncertainty**
In preparing these financial statements, the key judgements have been made in respect of the following:
- The appropriate allocation of support costs used for raising funds, general support, and administration. The value of the contribution in kind is calculated based on the parent, OHGL providing management and administrative services to subsidiaries. The most significant element of this is staff costs, including director’s emoluments, as senior employees are not directly paid by OHF. Costs are apportioned as follows:
ICT usage number of employees in each entity HR and governance number of employees in each entity Directors and senior staff number of employees in each entity Finance turnover in each entity
Other key sources of estimation uncertainty:
## _Debtors (note 13)_
The estimate for receivables relates to the recoverability of the balances outstanding at year end. A review is performed on an individual debtor basis to consider whether each debt is recoverable.
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## **One Housing Foundation Notes to the financial statements (continued)** for the year ended 31 March 2022
## **4. Related parties**
Income from related parties during the year:
|||**2022**|||2021||
|---|---|---|---|---|---|---|
||**OHGL**|**Other**|**Total**|OHGL|Other|Total|
||**£'000**|**£'000**|**£'000**|£'000|£'000|£'000|
|Contribution in kind|**198**|**-**|**198**|146|-|146|
|Interest receivable|**2**|**-**|**2**|-|-|-|
|Donations|**400**|**-**|**400**|-|450|450|
||**600**|**-**|**600**|146|450|596|
Donations are qualifying charitable donations from Citystyle Living Limited (2021: from TPHA Limited), wholly owned subsidiaries of OHGL). The contribution in kind is a donation made by OHGL in staff time rather than in cash (see note 10).
Balances with related parties at the year-end:
||**2022**|2021|
|---|---|---|
||**£'000**|£'000|
|Due from OHGL|-|1,263|
|Due to OHGL|(13)|(122)|
||(13)|1,141|
## **5. Incoming resources**
|||**2022**|||2021||
|---|---|---|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
||**£'000**|**£'000**|**£'000**|£'000|£'000|£'000|
|**_Income from donations:_**|||||||
|Local donations|**846**|**29**|**875**|637|**-**|637|
|OHG contribution in kind|**198**|**-**|**198**|146|**-**|146|
|Qualifying charitable donation|||||||
|by TPHA Ltd|**-**|**-**|**-**|450|-|450|
|Qualifying charitable donation|||||||
|by CitystyleLivingLtd|**400**|**-**|**400**|-|-|-|
||**1,444**|**29**|**1,473**|1,233|-|1,233|
|**_Income from grants:_**|||||||
|CJRS Grant|**2**|**-**|**2**|50|-|50|
|**_Income from investments:_**|||||||
|Interest receivable|**2**|**-**|**2**|-|-|-|
|**Total**|**1,448**|**29**|**1,477**|1,283|**-**|1,283|
During the year the charity benefited from £2k (2021: £50k of government grants in the form of the Coronavirus Job Retention Scheme.
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## **One Housing Foundation Notes to the financial statements (continued)**
for the year ended 31 March 2022
## **6. Resources expended**
## **For the year ended 31 March 2022**
|**For the year ended 31 March 2022**||||||
|---|---|---|---|---|---|
|**Activity**|**Activities**|||||
||**undertaken**|||||
||**directly Raising fundsSupport**||**costs**|**2022**|**2021**|
||**£'000**|**£'000**|**£'000**|**£'000**|**£'000**|
|**Unrestricted activities**||||||
|Governance and support|-|49|149|198|147|
|Employment and training|409|-|-|409|314|
|Volunteering and social enterprise|119|-|-|119|110|
|Youth services|-|-|-|-|147|
|One Academy|738|-|-|738|943|
||1,266|49|149|1,464|1,661|
|**Restricted activities**||||||
|Youth project|5|-|-|5|7|
|Toynbee Watney|6|-|-|6|9|
|Grays Inn gardening project|-|-|-|-|2|
|Haverstock School|-|-|-|-|6|
|Customer partnerships and sponsorship|14|-|-|14|-|
||25|-|-|25|24|
|**Total**|1,291|49|149|1,489|1,685|
|**For the year ended 31 March 2021**|||||
|---|---|---|---|---|
|**Activity**|**Activities**||||
||**undertaken**||||
||**directlyRaising**|**fundsSupport**|**costs**|**2021**|
||**£'000**|**£'000**|**£'000**|**£'000**|
|**Unrestricted activities**|||||
|Governance and support|-|37|110|147|
|Employment and training|314|-|-|314|
|Volunteering and social enterprise|110|-|-|110|
|Youth services|147|-|-|147|
|One Academy||-|-||
||943|||943|
||1,514|37|110|1,661|
|Toynbee Watney|9|-|-|9|
|Youth project|7|-|-|7|
|Grays Inn gardening project|2|-|-|2|
|Haverstock School|6|-|-|6|
||24|-|-|24|
|**Total**|1,538|37|110|1,685|
OHGL donated overhead costs as a contribution in kind, including; staff secondment costs, associated office costs and audit fees. Direct salary costs were recharged to the associated project staff worked in.
20
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## **One Housing Foundation Notes to the financial statements (continued)** for the year ended 31 March 2022
## **7. Governance and support**
Support provided by OHGL on behalf of the charity is apportioned as follows for 2021 and 2022:
|Raising funds|25%|||||
|---|---|---|---|---|---|
|General support|50%|||||
|Governance|25%|||||
|||**Raising funds**|**General**|**Governance**|**Total**|
||||**support**|||
|||**2022**|**2022**|**2022**|**2022**|
|||**£'000**|**£'000**|**£'000**|**£'000**|
|Support provided by OHGL||**49**|**99**|**49**|**198**|
|||**Raising funds**|**General**|**Governance**|**Total**|
||||**support**|||
|||**2021**|**2021**|**2021**|**2021**|
|||**£'000**|**£'000**|**£'000**|**£'000**|
|Support provided by OHGL||37|73|36|146|
|||37|73|36|146|
## **8. Trustees emoluments**
No trustee or other person related to One Housing Foundation had any personal interest in any contract or transaction entered into One Housing Foundation during the year (2021: £nil).
One Housing Group Limited recovers from One Housing Foundation directly attributable costs for services provided and these include the provision of staff. The contribution in kind includes some costs for a staff member who also sits as a trustee for One Housing Foundation. The salary being recovered from One Housing Foundation is for her services as an employee. No remuneration is paid for the role as a trustee of One Housing Foundation.
## **9. Remuneration of directors**
The Directors of One Housing Foundation are all employed and paid by OHGL and details are disclosed in the financial statements of One Housing Group. They do not receive any additional remuneration or other benefits in return for serving as directors of One Housing Foundation and accordingly no disclosure is required in these financial statements.
## **10. Employee information**
The aggregate staff cost and average full-time equivalent number of employees, including executive officers, during the year was:
||**2022**|2021|
|---|---|---|
||**£`000**|£`000|
|Wages and salaries|**751**|1,103|
|Social security costs|**76**|107|
|Contributions to money purchase pension scheme|**48**|64|
|Contribution in kind|**198**|146|
||**1,073**|1,420|
## **One Housing Foundation**
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## **Notes to the financial statements (continued)** for the year ended 31 March 2022
## **10. Employee information (continued)**
Overall, in 2022 salary costs are lower than the previous year but this is offset by additional staff time being donated as a contribution-in-kind from OHGL, of £198k (2021: £146k). The remuneration table includes severance payment of £15k (2021: £66k).
The average number of employees (including Executive Management Team) expressed as full time equivalents (calculated based on a standard working week of 35 hours) during the year was as follows:
||**2022**|2021|
|---|---|---|
||**Number**|Number|
|Administration|**20**|1|
|Social Mobility|**-**|27|
||**20**|28|
Employees in Social Mobility in 2021 have been reassigned to Administration.
Remuneration paid to staff earning over £60,000:
|Remuneration paid to staff earning over £60,000:|||
|---|---|---|
||**2022**|2021|
||**Number**|Number|
|£70,000 - £80,000|**-**|1|
|£120,001 - £129,999|**-**|1|
||**-**|1|
## **11. Taxation**
OHF has statutory exemption from tax in carrying out its charitable trading activities per sections 478-486 of the Corporation Tax Act 2010, and on gains arising from disposal of charitable assets per section 256 of the Taxation of Chargeable Gains Act 1992. No direct tax charges have arisen in the charity.
## **12. Fixed assets**
||**Furniture &**|**Computer**|**Total**|
|---|---|---|---|
||**equipment**|**equipment**||
||**£`000**|**£`000**|**£`000**|
|**Cost**||||
|At 1 April 2021|93|1|**94**|
|**At 31 March 2022**|**93**|**1**|**94 **|
|**Depreciation**||||
|At 1 April 2021|(41)|(1)|**(42)**|
|Charge for year|(15)|-|**(15)**|
|**At 31 March 2022**|**(56)**|**-**|**(56)**|
|**Net book value**||||
|**At 31 March 2022**|**37 **|**-**|**37**|
|As 31 March 2021|52|-|52|
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## **One Housing Foundation Notes to the financial statements (continued)** for the year ended 31 March 2022
## **13. Debtors**
||**2022**|**2021**|
|---|---|---|
||**£'000**|**£'000**|
|Amount due from other group companies|**-**|1,263|
|Other debtors|**65**|78|
||**65**|1,341|
The amount due from other group companies in 2021 related to an intercompany debtor with OHGL for cash it had deposited on behalf of the Company.
## **14. Creditors: amounts falling due within one year**
||**2022**|**2021**|
|---|---|---|
||**£'000**|**£'000**|
|Accruals|**31**|95|
|Amount due to OHGL|**13**|122|
|Trade creditors|**4**|2|
||**48**|219|
## **15. Analysis of funds**
||||||**At**|**31 March**|
|---|---|---|---|---|---|---|
||**At**|**1 April 2021**|**Income**|**Expenditure**||**2022**|
|**Restricted funds**||**£'000**|**£'000**|**£'000**||**£'000**|
|Financial awareness||10|-|-||**10**|
|Grays Inn gardening project||18|-|-||**18**|
|Toynbee Watney||6|-|(6)||**-**|
|Youth project||28|-|(5)||**23**|
|Customer partnerships and sponsorship||-|29
|(14)||**15**|
|**Restricted total**||62|29|(25)||**66**|
|**Unrestricted funds**|||||||
|Unrestricted||1,563|1,448|(1,464)||**1,547**|
|**Total**||1,625|1,477|(1,489)||**1,613**|
**Financial Awareness** – the objective of this fund is to support initiatives which assist Arlington residents with budgeting and maximising any income from benefits
**Grays Inn Gardening Project** - this fund was set up to develop a community garden in Grays Inn. The fund can be used to carry out any essential maintenance work that is required to the garden and for community gardening projects. The fund can also be used for a community gardening project in the Arlington area, which could benefit residents and the local community.
**Toynbee Watney** - The fund was used for community projects and is now fully expended.
**Youth Project -** The objective of the fund is to deliver youth related activities.
**Customer Partnerships and Sponsorship** - This new fund is currently used for three projects: the Arlington and Beyond Book (£1.4k balance), IT Equipment for Older People (£0.3k balance), and Music Rooms for Care & Support schemes (£13.6k balance).
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## **One Housing Foundation Notes to the financial statements (continued)** for the year ended 31 March 2022
## **16. Ultimate parent undertaking**
One Housing Foundation is a wholly owned subsidiary of One Housing Group Limited (OHGL) which itself is a wholly owned subsidiary of The Riverside Group Limited (TRGL). TRGL is the ultimate parent and ultimate controlling entity. TRGL is the only entity in the Group that produces Consolidated Financial Statements, in which OHF is consolidated. The Consolidated Financial Statements can be obtained from the Group’s website: https://www.riverside.org.uk.
24