Company no. 05965793 Charity no. 1118810
The One Foundation Report and Audited Financial Statements 31 December 2023
The One Foundation
Reference and administrative details
For the year ended 31 December 2023
Company number 05965793 Charity number 1118810 Registered office and Star House operational address Star Hill Rochester Kent ME1 1UX
Trustees
Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:
Nyika Brain Alexander Burnett (resigned 4 July 2024) Duncan Goose (appointed 5 October 2023) Karina Morawska James Ridgwick Chair
Bankers
Auditors
National Westminster Bank Plc 22 George Street Richmond TW9 1JW Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
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The One Foundation
Report of the trustees
For the year ended 31 December 2023
Reference and administrative information set out on page 1 forms part of this report. 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 (effective from January 2019).
Our vision and mission
The One Foundation is a UK registered charity (1118810) that exists to positively change lives in developing countries through the delivery of sustainable water, sanitation and hygiene (WASH) services.
Our vision is a world in which everyone has access to clean, safe water, forever.
Our mission is to support sustainable water and sanitation services to change lives in some of the world’s poorest communities.
Objectives and activities
Working with in-country partners in four priority countries, Rwanda, Kenya, Ghana and Malawi, we deliver lasting change at scale in both rural and urban environments, varying our approach to meet local needs and focusing on the provision of clean water and sanitation as a sustainable service for all.
With our annual funds, we aim to fund a balance in our work of:
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▪70% to support large scale water systems;
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▪20% to support immediate interventions in rural communities; and ▪10% to support humanitarian emergencies.
Areas of priority and focus for The One Foundation are to tackle important issues within water poverty, water security, water pollution and climate impact.
Achievements and performance
Charitable activities supported in 2023
Kenya People reached: 32,200*
Kenya is among one of the most water-scarce countries in the world. The struggle for accessing clean and safe water is a problem experienced by more than 19 million people today. Climate change, population growth, urbanization, water pollution and poor water resource management have aggravated Kenya’s water crisis.
These challenges are especially evident in urban slums where people are often unable to connect to piped water. In Nairobi, over-crowded informal settlements make up over 60% of the city population. The majority of residents of these settlements still rely on unregulated vendors who sell unsafe water often at ten times the cost of water provided directly from the utility. Sanitation provision is severely affected by the lack of sewer coverage and most plots do not have their own toilets.
* Total projected number of beneficiaries on project completion as reported by our field partners. These numbers can change as we receive new updates from the field.
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The One Foundation
Report of the trustees
For the year ended 31 December 2023
Over the last decade, The One Foundation has been helping to improve water and sanitation access for low-income households across the regions of Nairobi and Naivasha. Our funding has helped to extend 23kms of water network and to connect over 5,700 households to a water supply. We have also piloted the construction of two Simplified Sewer Systems in Nairobi and Naivasha, connecting 613 households to the network. This pilot has been used to demonstrate a cost-effective option in bringing decent sanitation to communities in areas where normal sewers cannot be installed and has leveraged funding from the African Development Bank to further expand the programme through a project being implemented that is targeting the installation of 35kms of Simplified Sewer Network in various low-income areas in Nairobi.
In 2023, our work continued as we scale these networks and connect more households to water and sanitation services. We are also supporting the upgrade of three water points in Turkana, a region that is heavily prone to climatic shocks. These water points, which support water across 25-50 acres of land, will be upgraded to solar to make them more efficient for 1,200 households, as well as for the wider communities - providing water for other purposes such as schools, livestock and farming.
Transforming lives in Kenya - Margaret’s story
Margaret is 40 years old and has lived in Mukuru Ruben for the past 3 years with her husband and two sons. Previously, collecting water was extremely difficult for Margaret and it would take her most of the day to collect the 5 jerrycans that her household used each day. The nearest water point was about a 10 minute walk each way. The water point was usually very crowded, so Margaret had to queue for a long time. Sometimes the water point would be closed and she would have to walk around the village in search of other options.
Margaret explained that carrying the 20 litre jerrycans on her head over the long distance was exhausting and forced her to limit the amount of water she was using for washing to save time and energy. On the days that she had to wash clothes, it would take Margaret the entire previous day to stock up water in the house, so that she would have enough to wash clothes with the following day. Fetching water was the main task and Margaret planned her life around it.
Through support from The One Foundation, the local utility were able to install new water dispensers in the Mukuru Ruben area, which has ensured that there are sufficient water points that dispense clean water around the clock at only 50 cents per 20 litres (ten times cheaper than Margaret was previously paying). Before this intervention, residents were relying on a few private vending points that supply water informally, exposing users to contaminated water, unreliable services and price exploitation.
Margaret says her life has improved a lot. The water point is just a few minutes from her house, so she spends much less time and energy to get there and it is also accessible at any time, so Margaret doesn’t have to queue for long. Margaret can now manage her time better and can fetch water and wash clothes in the same day. Margaret says the greatest improvement is her household hygiene as she now has sufficient water to wash thoroughly, including her blankets which she could not do before, and she is also able to ensure that the plot toilet that she uses is cleaned well. Margaret is also happy that she can budget less for water and has more money to spend on other important things for her family.
Margaret – Nairobi Kenya.
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The One Foundation
Report of the trustees
For the year ended 31 December 2023
Ghana
People reached: 8,100*
Ghana is one of the most urbanised countries in Africa with almost half the population now living in towns and cities. Despite increasing prosperity, accelerating growth of the urban population – not only in cities but in towns and peri-urban communities - is leading to considerable unmet needs when it comes to safe water supply and improved sanitation. This has a significant impact on people’s health, dignity, safety, and economic growth.
Over the last seven years, The One Foundation has funded the construction of five fully-optimised community water stations in the Volta region of Ghana. These water stations are providing over 14,000 people with safe, clean water – piping out water over a combined distance of 35kms and directly into 461 homes. The majority of residents that these water stations are supporting are the most vulnerable - women and children, who are usually responsible for travelling long distances to collect often unsafe water. These demands consequently limit their education and work opportunities and lock families into a cycle of poverty.
This year we are excited to be building our sixth water station which will increase water access for a further 3,000 people. The station will be fully equipped with solar power, five stand pipes, pre-paid water meters and will have the capacity for 120 household connections. We are also supporting the retrofitting of three older water stations to maximise household connections for up to 200 households and to improve the financial and operational performance of these stations.
In the communities of Onwe and Juaso in the Ashanti region of Ghana, we are extending water networks and connecting over 100 households to a water supply. We are also installing pre-paid water meters at community standpipes to help monitor how water flows in order to detect leaks and to ensure that customers only pay for the water that they actually use and are not overcharged.
Transforming lives in Ghana - Julius' Story
In November 2023, The One Foundation visited two of our Volta water stations that are providing household water connections to residents like Julius.
Julius, a school teacher, told us how access to clean, safe water has changed the lives of his community.
“Life was so difficult in terms of water. A lot of school children were going to school late, they can now go to school very early because of safe water. Health is one of the issues that concerns us. So, when you get clean, safe water it will help you overcome ill health issues, like waterborne diseases. This water is good for us. It was not a difficult process. You take your card to be identified with, you register your money for the connection and the rest was done. You have done well bringing safe water into our community”. Julius – Volta, Ghana.
* Total projected number of beneficiaries on project completion as reported by our field partners. These numbers can change as we receive new updates from the field.
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The One Foundation
Report of the trustees
For the year ended 31 December 2023
Malawi
People reached: 365,502*
Malawi is often known as ‘the warm heart of Africa’ for the kindness and friendliness of its people. While Malawi has made substantial progress on water supply coverage which currently stands at approximately 68.79% (JMP 2022), there are still huge issues with the non-functionality of water points, putting the lives of many at risk via drinking from alternative dirty water sources.
What is happening in Malawi is also an example of the many injustices people across the globe face. Responsible for just 0.04% of global emissions, Malawi is in the top five countries that are most impacted by climate change. Extreme climatic events, such as floods and droughts, have wreaked havoc across the country over the years. Having barely recovered from the devastation in 2022 from Tropical Storm Ana, which left more than 190,000 people displaced, Malawi was then impacted again earlier this year by Cyclone Freddy - one of the longest-lasting tropical cyclones ever recorded. Cyclone Freddy dropped six months’ worth of rainfall in six days, triggering floods and mudslides that killed more than 1,200 people and displaced 659,000.
Our funds in 2023 helped to rehabilitate and improve WASH systems in the districts of Blantyre Rural, Thyolo and Chikwawa, particularly for the harder to reach communities whose access has been damaged by Cyclone Freddy. We are supporting the construction of sanitation facilities in schools and clinics in Chikwawa and are working with local utilities and government across all three districts to strengthen water and sanitation services and to improve the resilience of water and sanitation infrastructure in preparation for future disasters.
An in-country review has been commissioned by The One Foundation to research and document climate related WASH issues within the district of Thyolo. Data will be collected and analysed and pulled into a report and case study to help build knowledge, to strengthen climate resilience on the ground and to lobby for greater support.
Transforming lives - Margret’s Story
Margret shares the same story as 135 women and girls of Nyamphota Village, in Chikwawa. The village has 45 households. For more than 30 years, 62-year-old Margret, a mother to a son and three daughters, handled the routine of travelling more than four kilometres to collect water for drinking and household chores.
Margret would start fetching water as early as 3am from Mthumba River and finish around 11am. The two hours spent on each trip to fetch water took most of her time. The multiple trips for water made it difficult for her to do home chores or to work in nearby farms to support her family.
Although exciting milestones, this task became even more difficult as her daughters left the home. Margret tells us “All my daughters are now married. This made it hard for me to collect water. I was helpless as I have little strength due to my old age."
Things changed for Margret when a borehole was installed with funding from The One Foundation. To ensure the sustainability of the borehole, a committee was formed that underwent communitybased management training. This included pre-and post-drilling training for the local group.
* Total projected number of beneficiaries on project completion as reported by our field partners. These numbers can change as we receive new updates from the field.
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The One Foundation
Report of the trustees
For the year ended 31 December 2023
Skills obtained during the training included how the committee can carry out minor borehole maintenance and collection of borehole tariff fees. Margret tells us “It was a relief to me when the borehole was constructed. The borehole is just a few meters away from my house. And the water is fresh with no salty taste. This is the freedom we hoped for us women. The water challenge took most of our time. We can now do farming and work in nearby farms”.
For Margret, and for the 135 women of Nyamphota village, this access to water has meant profound change.
Margret - Katunga, Malawi.
Rwanda
People reached: 5,486*
Two thirds of the population in Rwanda now have access to clean water and almost three in four people have a decent toilet, making Rwanda an example of what can be achieved with a strong, committed government.
But it is people with the lowest incomes, often in remote areas who still lack basic services. This is why we are working with a partner on the ground to support a life-changing programme called Everyone Forever.
Rwanda is the birthplace of the Everyone Forever model which was born in the district of Rulindo in 2010 and is now adopted by the government of Rwanda and written into National policies. It is a district-wide model that aims to bring reliable and lasting water and sanitation services to every family, every school and every health clinic in the districts of operation - Rulindo, Gicumbi, Gisagara, Karongi and Kicukiro. The model partners with local governments, businesses and individuals to provide the training, tools and financial support to ensure reliable water and sanitation services to current and future generations.
To date, four ‘Everyone’ milestones for water have been achieved - in the districts of Kicukiro at a community, public institution and household level, and in Gicumbi at a community level.
Three districts in Rwanda, Gicumbi, Kicukiro and Rulindo have also achieved the ‘Forever’ milestone for sanitation – proving the success of this model.
With funding in 2023, the wider programme aims to reach a further 260 communities, 36 schools and 4 health clinics though the installation and rehabilitation of community water supply systems, rainwater harvesting, handwashing stations, sanitation facilities and the strengthening of local service providers.
Transforming lives - Ismael’s Story
Imagine getting up every morning, walking downhill to a valley for about an hour, and climbing back up the hill carrying twenty litres of water. Repeat that same journey twice or even three times a day – both in the morning and evening. Remember, you still have to go to work on the farm so that you can put the food on the table and feed your family. Add to that cooking, cleaning the yard, washing clothes, going to school or watching over domestic animals. For the people of Nkoto village in Karongi District, Rwanda, this was the routine for decades.
* Total projected number of beneficiaries on project completion as reported by our field partners. These numbers can change as we receive new updates from the field
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The One Foundation
Report of the trustees
For the year ended 31 December 2023
Every day, women and children in this rural area walked long distances in search of water. Often, they came back tired and lost valuable time to develop and grow the income of their families. Sometimes, children missed lessons and lost opportunities to thrive.
Ismael, a married man with three children, saw how the lack of clean water led to lost time and opportunities for his family and the local community. “You could go to sleep without washing or drink dirty water that made us sick,” he recalls.
Thanks to the ‘Everyone Forever’ programme that The One Foundation supports, Ismael’s village and community can now access clean water through a piped water system that was installed.
“Everyone was overjoyed. We saw change coming to us. No more walking to get water and carrying heavy jerrycans of water, no more wasted time, and no more falling sick from using dirty water. It is good to see that we have clean water and that people are using it. Life is better going forwards." Ismael - Karongi District, Rwanda.
Humanitarian emergencies People reached: 87,768*
Due to climate change, natural disasters and growing inequalities are on the rise; humanitarian emergencies are becoming more complex and are affecting more populations than ever before. According to the Global Humanitarian Overview 2023, a record 362 million people are in need of humanitarian assistance and protection. This number has surged from 274 million in 2022, an increase of 32%, underlining the urgency of the situation.
During emergencies, displaced people, especially the most vulnerable (the elderly, children, and persons with disabilities), often lack access to safe water, adequate sanitation, and hygiene due to water supply and sanitation systems being damaged or destroyed.
The One Foundation allocates a proportion of funding annually to support WASH activities in countries all across the world that are facing humanitarian challenges. Over the last ten years, we have deployed funds to countries that have been impacted by natural disasters such as earthquakes, hurricanes, cyclones and flooding, as well as pandemics and conflict and war. This year, £250,000 was deployed by The One Foundation to support the following disaster responses:
Turkey Syria Earthquake
In early February, a 7.8 magnitude earthquake and several strong aftershocks struck Turkey and Syria. Millions of people were affected. Funding from The One Foundation has contributed to an emergency WASH response that is repairing damaged water networks that have been affected by the collapsing of buildings, as well as delivering emergency water provision and providing handwashing facilities and latrines to temporary shelters.
Horn of Africa Drought and Famine
The Horn of Africa is one of the epicentres of the climate crisis. Drought in Somalia has continued for over a decade; Ethiopia has faced back-to-back droughts for over seven years; and Kenya has experienced a cycle of drought that dates back to 1975.
* Total projected number of beneficiaries on project completion as reported by our field partners. These numbers can change as we receive new updates from the field
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The One Foundation
Report of the trustees
For the year ended 31 December 2023
After five consecutive failed rainy seasons, this most recent drought was the worst to hit the region since 1981. Water shortages destroyed thousands of acres of crops, killed livestock and dried up water sources across Somalia, Kenya, Ethiopia and Sudan.
Funding from The One Foundation has contributed to an emergency response that is funding the provision of clean water, handwashing facilities and latrines for displaced populations impacted by this crisis.
Thank you
A huge thank you to all of our supporters this year and to our programming partners - Oxfam, Self Help Africa, Safe Water Network, Fisherman’s Rest, WSUP, Water For People and Concern Worldwide.
Financial review
The One Foundation raised a total of £2,373,142 in 2023, which was a decrease on 2022 fundraising of 5%. As with previous years, the vast majority of income came from corporate partnerships.
2023 expenditure was £2,587,620, an increase of 12% on 2022, of which £2,564,814 was spent on charitable activities.
Reserves policy
The charity budgets to deliver its charitable objectives while ensuring financial stability through aiming to keep adequate, but not excessive, levels of unrestricted reserves. It makes this assessment by looking at future cash requirements and setting budgets each year which ensure adequate cash liquidity taking into account the availability of headroom on financial facilities, expected cash inflows and suitable levels of contingency.
As at 31 December 2023, total unrestricted reserves are £1,717,507 of which £914,271 is planned to be used for future programmes to be spent down in 2024. Of this, £839,370 are Co-op donations that have been accrued at 31 December 2023, received in March 2024.
£298,456 is held in fixed assets, programme related investments and mixed motive investments.
As outlined in our reserves policy, reserves to cover at least 6 months of operating expenditure are held at all times. Operating expenditure in 2024 is expected to total £266,000 therefore, at 31 December 2023, £133,000 is held for this purpose. The remaining funds of £432,712 are held as further contingency to act as a safeguard against unforeseen events.
Programme related investments
The One Foundation’s support for clean water and sanitation programmes usually takes the form of grants to field partners who are delivering programmes in line with TOF’s objectives and which meet its guiding principles for project and partner selection. In 2018, the trustees awarded 2 loans to partners who met the above criteria. One loan supports a social enterprise in Ghana to deliver a container-based sanitation service in peri-urban communities in Kumasi. The second loan enables an existing partner to improve the financial viability of its clean water service by fitting infrastructure with facilities to accept mobile money payments. Each partner has signed a loan agreement with reporting requirements.
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The One Foundation
Report of the trustees
For the year ended 31 December 2023
In 2020 The One Foundation made an investment of $250,000 into the Water Unite Pilot Investment Vehicle (WUPIV), a limited partnership. The objective of WUPIV is to invest in mixed-motive investments for financial return and furtherance of charitable purposes. Each investment made by WUPIV will be focused on providing a positive and measurable social and/or environmental impact in the areas of water, sanitation and plastics recycling. WUPIV will primarily invest in small and mediumsized enterprises supporting UN SDG 6, 12 & 14. In 2021 The One Foundation made a further investment into WUPIV of £200,000.
Grant making policy
The One Foundation does not accept unsolicited applications. It researches and identifies potential partners from whom it invites proposals which are considered at bi-annual trustee meetings.
Our aim is to make a meaningful contribution to the fight against water poverty and to support programmes that we can ultimately walk away from knowing they are self-sustaining.
Our grant-making is therefore underpinned by the following key principles and we assess each potential project with these in mind:
Quality: We look for a focus on quality in the projects we support, including quality of drinking water, reliability of the water supply and the supporting infrastructure.
Sustainability and engagement: We support projects that can demonstrate community commitment, appropriate financial management models, affordability of services to users, clear project ownership and evidence of sustainability beyond our intervention.
Wider community benefits: We look for indicators that projects will contribute towards wider community benefits, particularly reducing waterborne diseases, improving health and hygiene practices, enabling opportunities for education and stimulating local economic activity.
Locally appropriate solutions: We work in both rural and urban environments and so the approach taken must be both country and region specific. We support projects that understand the local context and need and are value driven.
Fundraising policy
The charity solicits funding primarily from corporate supporters and does not engage in activities, or hire external parties to engage in activities, which solicit funds from the public via, for example, phone calls or face to face campaigns. For that reason it is not currently registered with the Fundraising Regulator but this may change over the coming years as the fundraising strategy develops.
In 2023, The One Foundation did not receive any complaints about its fundraising.
Principal risks
The board of trustees regularly reviews a risk register, provided by the management of The One Foundation. The board is satisfied that the appropriate systems are in place to manage its exposure to risk.
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The One Foundation
Report of the trustees
For the year ended 31 December 2023
The key risks identified by The One Foundation in 2023 were:
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High level of dependency on a small number of donors. We are relooking at the strategy of our organisation and taking action to mitigate this through aiming to both diversify our fundraising portfolio and to build strong and committed relationships with our corporate partners;
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Poor project delivery/performance. The trustees believe we have robust due diligence, grant selection and management processes in place to ensure we minimise this risk. After selection, partners report on project progress, including against budget, every 6 months; and
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Safeguarding: The One Foundation is committed to observing best practice in safeguarding procedures. We have improved the safeguarding elements of our due diligence process and developed a code of conduct for all staff and volunteers who may visit our projects in Africa. We continue to monitor best practice development in the sector.
Plans for future periods
We remain committed to making a meaningful contribution to eradicating global water poverty and to achieving Sustainable Development Goal 6; ensuring the availability and safe management of water and sanitation for all by 2030. We will continue to work with field partners delivering sustainable clean water and sanitation services in our priority countries, and supporting innovation in WASH delivery and humanitarian emergencies.
Over the next five years, areas of priority for The One Foundation are to tackle important issues within water poverty, water security and climate impact.
Structure, governance and management
The One Foundation is a registered charity and is controlled by its governing document, the Memorandum and Articles of Association and is constituted as a limited company, limited by guarantee, as defined by the Companies Act 2006.
Public benefit statement
The main activities undertaken by the charity are the selection and funding of clean water and sanitation projects in the Global South. The trustees have taken into account the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and planning future activities.
Induction and training of new trustees
New trustees receive an induction pack to brief them on: their legal obligations under charity and company law, the Charity Commission guidance on public benefit, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and the recent financial performance of the charity.
Key management remuneration
The One Foundation’s board of trustees comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All of the trustees give of their time freely and no trustee received remuneration in the year. The pay of the staff is reviewed annually and normally increased in line with average earnings.
Organisational structure and related parties
The One Foundation is an independent UK registered charity.
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The One Foundation
Report of the trustees
For the year ended 31 December 2023
Global Ethics Limited and Global Ethics Investments Limited are close partners to The One Foundation and all entities were founded by Duncan Goose. Both companies raise funds which are donated to The One Foundation via product sales and/or licensing agreements.
The trustees delegate the operational management of The One Foundation to the management.
Statement of responsibilities of the trustees
The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with 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).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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▪ observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
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The One Foundation
Report of the trustees
For the year ended 31 December 2023
Auditors
Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on 19 July 2024 and signed on their behalf by
James Ridgwick, Chair
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Independent auditors' report
To the members of
The One Foundation
Opinion
We have audited the financial statements of The One Foundation (the 'charity') for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 5 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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Independent auditors' report
To the members of
The One Foundation
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees’ report (incorporating the directors’ report) have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ 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:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us;
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the financial statements are not in agreement with the accounting records and returns;
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certain disclosures of trustees’ remuneration specified by law are not made;
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we have not obtained all the information and explanations necessary for the purposes of our audit; or
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▪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 trustees’ report and from the requirement to prepare a strategic report.
Responsibilities of the trustees
As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees 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 they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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Independent auditors' report
To the members of
The One Foundation
Our responsibilities for the audit of the financial statements
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.
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 procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:
(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.
(2) We reviewed the charity’s policies and procedures in relation to:
-
identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance;
-
detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud; and
-
designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud.
(3) We inspected the minutes of trustee meetings.
(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.
(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.
(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.
(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:
▪testing the appropriateness of journal entries;
-
▪assessing judgements and accounting estimates for potential bias;
-
▪reviewing related party transactions; and
▪testing transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
15
Independent auditors' report
To the members of
The One Foundation
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charityʼs 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 charityʼs members those matters we are required to state to them in an auditorʼs 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 charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.
Alison Godfrey
Date: 22 July 2024
Alison Godfrey FCA (Senior Statutory Auditor)
For and on behalf of: GODFREY WILSON LIMITED Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
16
The One Foundation
Statement of financial activities (incorporating an income and expenditure account)
For the year ended 31 December 2023
| Note Income from: Donations 3 Investments Total income Expenditure on: Raising funds Charitable activities Total expenditure 4 Net gain / (loss) on investments and net movement in funds 5 Reconciliation of funds: Total funds brought forward Total funds carried forward Net income / (expenditure) |
Restricted £ 58,000 - 58,000 - 58,000 58,000 - - 30,000 30,000 |
Unrestricted £ 2,307,104 8,038 2,315,142 22,806 2,506,814 2,529,620 (68,543) (283,021) 2,000,528 1,717,507 |
2023 2022 Total Total £ £ 2,365,104 2,506,119 8,038 1,418 2,373,142 2,507,537 22,806 27,026 2,564,814 2,281,638 2,587,620 2,308,664 (68,543) 75,197 (283,021) 274,070 2,030,528 1,756,458 1,747,507 2,030,528 |
|---|---|---|---|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 15 to the accounts.
17
The One Foundation
Balance sheet
As at 31 December 2023
| Note Fixed assets Tangible assets 9 Programme related investments 10 Mixed motive investments 11 Current assets Debtors 12 Cash at bank and in hand Liabilities Creditors: amounts falling due within 1 year 13 Net current assets Net assets 14 Funds 15 Restricted funds Unrestricted funds Designated funds General funds Total charity funds |
£ 890,269 610,930 1,501,199 (52,148) |
2023 £ 841 60,091 237,524 298,456 1,449,051 1,747,507 30,000 1,151,795 565,712 1,747,507 |
2022 £ 1,177 66,496 306,067 |
|---|---|---|---|
| 373,740 1,080,596 610,130 |
|||
| 1,690,726 (33,938) |
|||
| 1,656,788 | |||
| 2,030,528 | |||
| 30,000 1,563,584 436,944 |
|||
| 2,030,528 |
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.
Approved by the trustees on 19 July 2024 and signed on their behalf by
James Ridgwick, Chair
18
The One Foundation
Statement of cash flows
For the year ended 31 December 2023
| Cash used in operating activities: Net movement in funds Adjustments for: Depreciation charges Loss / (gain) on investments Dividends, interest and rents from investments Foreign exchange loss on programme related investments Decrease / (increase) in debtors Increase / (decrease) in creditors Net cash provided by / (used in) operating activities Cash flows from investing activities: Dividends, interest and rents from investments Repayments of programme related investments Net cash provided by / (used in) investing activities Increase in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2023 £ (283,021) 336 68,543 (8,038) 3,093 190,327 18,210 (10,550) 8,038 3,312 11,350 800 610,130 610,930 |
2022 £ 274,070 336 (75,197) (1,418) 8,372 (110,453) (56,913) |
|---|---|---|
| 38,797 | ||
| 1,418 4,357 |
||
| 5,775 | ||
| 44,572 565,558 |
||
| 610,130 |
Analysis of net debt
The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.
19
The One Foundation
Notes to the financial statements
For the year ended 31 December 2023
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The One Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
b) Going concern basis of accounting
The accounts have been prepared on the assumption that the charity is able to continue as a going concern. The charity holds unrestricted, general reserves of £565,712 and a cash balance of £610,930. The trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Global Ethics Limited’s donations to The One Foundation are generated from sales to its customers. Donations are recognised by The One Foundation on receipt and are not accrued as entitlement is deemed to be unmet until the point of receipt.
d) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.
e) Funds accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
20
The One Foundation
Notes to the financial statements
For the year ended 31 December 2023
1. Accounting policies (continued)
f) 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.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
g) Allocation of support and governance costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities based on an estimate of staff time spent on activities, as follows:
Raising funds 14.3% Charitable activities 85.7%
h) Tangible fixed assets
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Furniture and fixtures 10% straight line basis Computer equipment 20% straight line basis
i) Programme related investments
Programme related investments are concessionary programme related loans made to partners that directly further the charitable purposes of the charity. The loans are recognised at the amount paid, less cumulative repayments. They are reviewed annually for impairment.
j) Mixed motive investments
Investments represent the Charity's Limited Partner interest in an impact fund which was launched in 2020. The trustees consider this interest as an investment with the dual objective of both financial return and social impact and as such the investment is recognised as a mixed motive investment and is carried at fair value in the accounts. The Limited Partnership is an unquoted investment vehicle and as such a degree of judgement is required in assessing the fair value. At initial recognition the fair value is assumed to be the transaction amount. The value thereafter is taken to be the charity's share of net assets of the investment fund. A review for impairment is carried out annually.
k) 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.
l) Cash at bank and in hand
Cash at bank and cash in hand includes 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.
21
The One Foundation
Notes to the financial statements
For the year ended 31 December 2023
1. Accounting policies (continued)
m) Creditors
Creditors and provisions 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
n) Foreign currency transactions
Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.
o) Financial instruments
The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.
p) Accounting estimates and key judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Fair value of mixed motive investments
As described in note 1 (j) to the financial statements, mixed motive investments are held at fair value. This investment is an unquoted investment vehicle and judgement is required in assessing the fair value. At 31 December 2023 the valuation is based on TOF's share of the net assets of the investment fund, WUPIV. The net assets of WUPIV comprise 2 elements: a) the loan and capital contributions; and b) the comprehensive losses to date. The financial statements of WUPIV were audited in 2023, which gives external assurance on the net assets used in the valuation. The trustees consider the audited financial statements to provide a fair and reliable assessment of the net assets on which to base the valuation of TOF's investment.
22
The One Foundation
Notes to the financial statements
For the year ended 31 December 2023
2. Prior period comparatives: statement of financial activities
| Income from: Donations Investments Total income Expenditure on: Raising funds Charitable activities Total expenditure Net gain on investments Net movement in funds Income from donations Donations - corporates Donations - individuals and fundraising Grants - trusts and foundations Total income from donations Prior period comparative: Donations - corporates Donations - give water give life Donations - individuals and fundraising Grants - trusts and foundations Total income from donations |
Restricted £ £ 33,000 2,473,119 - 1,418 33,000 2,474,537 - 27,026 3,000 2,278,638 3,000 2,305,664 - 75,197 30,000 244,070 Restricted £ £ 55,000 2,299,662 - 7,442 3,000 - 58,000 2,307,104 Restricted £ £ 30,000 2,449,935 - 16,259 - 6,925 3,000 - 33,000 2,473,119 Unrestricted Unrestricted Unrestricted |
2022 Total £ 2,506,119 1,418 |
|---|---|---|
| 2,507,537 | ||
| 27,026 2,281,638 |
||
| 2,308,664 | ||
| 75,197 | ||
| 274,070 | ||
| 2023 Total £ 2,354,662 7,442 3,000 |
||
| 2,365,104 | ||
| 2022 Total £ 2,479,935 16,259 6,925 3,000 |
||
| 2,506,119 |
3. Income from donations
The charitable company does not receive any government grant funding.
23
The One Foundation
Notes to the financial statements
For the year ended 31 December 2023
4. Total expenditure
| Total expenditure | ||||
|---|---|---|---|---|
| Support and | ||||
| Raising | Charitable | governance | ||
| funds | activities | costs | 2023 Total | |
| £ | £ | £ | £ | |
| Staff costs (note 7) | 6,387 | 38,320 | 19,273 | 63,980 |
| Staff training | - | 715 | - | 715 |
| Grants payable (note 6) | - | 2,431,231 | - | 2,431,231 |
| Programme travel costs | - | 8,597 | - | 8,597 |
| Fundraising costs | 2,609 | - | - | 2,609 |
| Audit and accountancy | - | - | 31,057 | 31,057 |
| Governance costs | - | - | 34,193 | 34,193 |
| Foreign exchange loss | - | 3,093 | - | 3,093 |
| Other office and support costs | - | - | 11,809 | 11,809 |
| Depreciation | - | - | 336 | 336 |
| Sub-total | 8,996 | 2,481,956 | 96,668 | 2,587,620 |
| Allocation of support and governance costs | 13,810 | 82,858 | (96,668) | - |
| Total expenditure | 22,806 | 2,564,814 | - | 2,587,620 |
| Total governance costs for 2023 were £44,723 | (2022: £61,818). | |||
| Prior period comparative: |
| Prior period comparative: | ||||
|---|---|---|---|---|
| Support and | ||||
| Raising | Charitable | governance | ||
| funds | activities | costs | 2022 Total | |
| £ | £ | £ | £ | |
| Staff costs (note 7) | 5,247 | 31,481 | 23,546 | 60,274 |
| Grants payable (note 6) | - | 2,131,539 | - | 2,131,539 |
| Programme travel costs | - | 10,214 | - | 10,214 |
| Fundraising costs | 5,107 | - | - | 5,107 |
| Audit and accountancy | - | - | 31,806 | 31,806 |
| Governance costs | - | - | 51,978 | 51,978 |
| Foreign exchange loss | - | 8,372 | - | 8,372 |
| Other office and support costs | - | - | 9,038 | 9,038 |
| Depreciation | - | - | 336 | 336 |
| Sub-total | 10,354 | 2,181,606 | 116,704 | 2,308,664 |
| Allocation of support and governance costs | 16,672 | 100,032 | (116,704) | - |
| Total expenditure | 27,026 | 2,281,638 | - | 2,308,664 |
24
The One Foundation
Notes to the financial statements
For the year ended 31 December 2023
5. Net movement in funds
This is stated after charging:
| Net movement in funds This is stated after charging: |
||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Depreciation | 336 | 336 |
| Trustees' remuneration | Nil | Nil |
| Trustees' reimbursed expenses | Nil | Nil |
| Auditors' remuneration: | ||
| Statutory audit (excluding VAT) | 8,800 | 8,200 |
| Other services | 482 | 613 |
In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements and to prepare and submit returns to the tax authorities.
6. Grants payable
| Grants paid to institutions: Water for People Water and Sanitation for the Urban Poor United Purpose / Self Help Africa Safe Water Network Oxfam Concern Worldwide Fisherman's Rest Outreach Malawi Sub-total Grants paid to individuals Total grants payable |
Restricted £ - 23,000 27,600 - - - 2,760 53,360 - 53,360 |
Unrestricted £ 670,000 450,000 429,502 300,000 250,000 150,000 122,240 2,371,742 6,129 2,377,871 |
2023 Total £ 670,000 473,000 457,102 300,000 250,000 150,000 125,000 |
|---|---|---|---|
| 2,425,102 6,129 |
|||
| 2,431,231 |
25
The One Foundation
Notes to the financial statements
For the year ended 31 December 2023
| 6. Grants payable (continued) Prior period comparative: Grants paid to institutions: Water for People Water and Sanitation for the Urban Poor United Purpose Safe Water Network Care International Fisherman's Rest Outreach Malawi Oxfam Sanitation and Water Action Sub-total Grants paid to individuals Total grants payable |
Restricted £ - - - - - 2,760 - - 2,760 - 2,760 |
Unrestricted £ 640,000 560,000 330,000 250,015 120,000 117,240 100,000 2,637 2,119,892 8,887 2,128,779 |
2022 Total £ 640,000 560,000 330,000 250,015 120,000 120,000 100,000 2,637 |
|---|---|---|---|
| 2,122,652 8,887 |
|||
| 2,131,539 |
All grants payable to institutions are paid to fund charitable activities for water and sanitation projects and emergency relief. There are no support costs allocated to the amounts shown above.
7. Staff costs and numbers Staff costs were as follows:
| Salaries and wages Social security costs Pension costs Freelance staff Total staff costs |
2023 £ 50,583 368 2,529 10,500 63,980 |
2022 £ 48,759 1,624 2,086 7,805 |
|---|---|---|
| 60,274 |
No individual earned more than £60,000 during the current or prior year.
The key management personnel of the charitable company comprise the trustees, Programming and Partnerships Manager and freelance Finance Manager. The total employee salaries and benefits of the key management personnel were £63,980 (2022: £60,274).
| Average head count | 2023 No. 1 |
2022 No. 1 |
|---|---|---|
26
The One Foundation
Notes to the financial statements
For the year ended 31 December 2023
8. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
9. Tangible fixed assets
| Cost At 1 January 2023 and 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 10. Programme related investments Loans to partners: Clean Team Ghana At 1 January 2023 and 31 December 2023 Safe Water Network At 1 January 2023 Foreign exchange gain / (loss) Repayment of loan At 31 December 2023 Total programme related investments |
Furniture and fixtures £ 1,196 490 120 610 586 706 |
Computer equipment £ 1,083 612 216 828 255 471 2023 £ 50,000 16,496 (3,093) (3,312) 10,091 60,091 |
Total £ 2,279 |
|---|---|---|---|
| 1,102 336 |
|||
| 1,438 | |||
| 841 | |||
| 1,177 | |||
| 2022 £ 50,000 |
|||
| 29,225 (8,372) (4,357) |
|||
| 16,496 | |||
| 66,496 |
Programme related investments consist of loans made to partners to fund charitable activities. No interest is charged on the loans.
The Clean Team Ghana loan is a three-year loan repayable in more than one year.
The Safe Water Network loan is repayable over five years with a payment of 51,300 GHS (approximately £3k) due within one year. Payments of 51,300 GHS are due annually from Jan 2023 - Jan 2026. A foreign exchange loss of £3,093 has been recognised on this loan in the year.
27
The One Foundation
Notes to the financial statements
For the year ended 31 December 2023
11. Mixed motive investments
| At 1 January 2023 Gains / (losses) At 31 December 2023 Historical cost: At 31 December 2023 |
2023 £ 306,067 (68,543) 237,524 396,634 |
2022 £ 230,870 75,197 |
|---|---|---|
| 306,067 | ||
| 396,634 |
During 2020 The One Foundation made an investment of $250,000 into the Water Unite Pilot Investment Vehicle LP (WUPIV), a limited partnership, and a further investment of £200,000 in 2021. The objective of WUPIV is to invest in mixed-motive investments for financial return and furtherance of charitable purposes. Each investment made by WUPIV is focused on providing a positive and measurable social and/or environmental impact in the areas of water, sanitation and plastics recycling. WUPIV will primarily invest in small and medium-sized enterprises supporting UN SDG 6, 12 & 14.
The investment is carried at fair value, which is deemed to be the charity's share of net assets of the investment fund at the year end date.
12. Debtors
| Trade debtors Prepayments Accrued income |
2023 2022 £ £ 30,000 30,000 899 772 859,370 1,049,824 890,269 1,080,596 |
|---|---|
13. Creditors: amounts due within 1 year
| Trade creditors Accruals Other creditors PAYE and social security |
2023 £ 3,949 46,855 328 1,016 52,148 |
2022 £ 73 32,686 - 1,179 |
|---|---|---|
| 33,938 |
28
The One Foundation
Notes to the financial statements
For the year ended 31 December 2023
14. Analysis of net assets between funds
| Tangible fixed assets Programme related investments Mixed motive investments Current assets Current liabilities Net assets at 31 December 2023 Prior period comparative Tangible fixed assets Programme related investments Mixed motive investments Current assets Current liabilities Net assets at 31 December 2022 |
Restricted funds £ - - - 30,000 - 30,000 Restricted funds £ - - - 30,000 - 30,000 |
£ - - 237,524 914,271 - 1,151,795 £ - - 306,067 1,257,517 - 1,563,584 Designated funds Designated funds |
General funds £ 841 60,091 - 556,928 (52,148) 565,712 General funds £ 1,177 66,496 - 403,209 (33,938) 436,944 |
Total funds £ 841 60,091 237,524 1,501,199 (52,148) |
|---|---|---|---|---|
| 1,747,507 | ||||
| Total funds £ 1,177 66,496 306,067 1,690,726 (33,938) |
||||
| 2,030,528 |
29
The One Foundation
Notes to the financial statements
For the year ended 31 December 2023
15. Movements in funds
| Movements in funds | ||||||
|---|---|---|---|---|---|---|
| Restricted funds Co-op Central British Airways The Amar Charitable Family Trust Total restricted funds Unrestricted funds Designated funds: Co-op Impact fund investment Total designated funds General funds Total unrestricted funds Total funds |
At 1 January 2023 £ 30,000 - - 30,000 1,257,517 306,067 1,563,584 436,944 2,000,528 2,030,528 |
Income £ 30,000 25,000 3,000 58,000 1,775,664 - 1,775,664 539,478 2,315,142 2,373,142 |
£ (30,000) (25,000) (3,000) (58,000) (2,118,910) - (2,118,910) (410,710) (2,529,620) (2,587,620) Expenditure |
Transfers between funds £ - - - - - - - - - - |
Gains / (losses) on investments £ - - - - - (68,543) (68,543) - (68,543) (68,543) |
£ 30,000 - - At 31 December 2023 |
| 30,000 | ||||||
| 914,271 237,524 |
||||||
| 1,151,795 | ||||||
| 565,712 | ||||||
| 1,717,507 | ||||||
| 1,747,507 |
30
The One Foundation
Notes to the financial statements
For the year ended 31 December 2023
15. Movements in funds (continued) Prior period comparative
| Restricted funds Co-op Central The Amar Charitable Family Trust Total restricted funds Designated funds: Co-op Impact fund investment Total designated funds General funds Total unrestricted funds Total funds Unrestricted funds |
At 1 January 2022 £ - - - 1,323,153 230,870 1,554,023 202,435 1,756,458 1,756,458 |
Income £ 30,000 3,000 33,000 1,975,258 - 1,975,258 499,279 2,474,537 2,507,537 |
£ - (3,000) (3,000) (1,840,000) - (1,840,000) (465,664) (2,305,664) (2,308,664) Expenditure |
Transfers between funds £ - - - (200,894) - (200,894) 200,894 - - |
Gains / (losses) on investments £ - - - - 75,197 75,197 - 75,197 75,197 |
At 31 December 2022 £ 30,000 - |
|---|---|---|---|---|---|---|
| 30,000 | ||||||
| 1,257,517 306,067 |
||||||
| 1,563,584 | ||||||
| 436,944 | ||||||
| 2,000,528 | ||||||
| 2,030,528 |
31
The One Foundation
Notes to the financial statements
For the year ended 31 December 2023
15. Movements in funds (continued) Purposes of restricted funds Co-op Central British Airways The Amar Charitable Family Trust
Funds received for use on programmes in Malawi.
Funds received for use to strengthen water systems in 2 towns in the Ashanti region in Ghana.
Funds received for use on clean water projects.
Purposes of designated funds Co-op Funds to be allocated on projects in accordance with the Co-op programme guidelines. Impact fund investment Funds invested in mixed motive investments (as set out in note 11 above).
16. Financial instruments at fair value
| Financial assets measured at fair value | 2023 £ 237,524 |
2022 £ 306,067 |
|---|---|---|
Financial assets measured at fair value comprise unlisted investments.
17. Related party transactions
As described in the trustees' report, Global Ethics Limited and Global Ethics Investments Limited are close partners to The One Foundation and all entities were founded by Duncan Goose, a trustee of The One Foundation. Global Ethics Limited raise funds which are donated to The One Foundation via product sales and Global Ethics Investments Limited has licenced use of the "One" brand to The One Foundation. A revised Memorandum of Understanding and Commercial Participation Agreement has been drafted and signed in the course of 2023 to formalise the relationship between the entities.
In 2023, the charity received donations from Global Ethics Limited of £365,013 (2022: £302,698) during the year.
As described in note 18 to the accounts, Global Ethics Limited has a repayment plan to settle a historic balance due to The One Foundation of £304,373 (2022: £372,373).
In addition, the investment in the impact investment fund has been carried out in conjunction with Water Unite. Water Unite is a not-for-profit company that was also founded by Duncan Goose. The One Foundation has invested around £400,000 into the Water Unite Pilot Investment Vehicle LP (WUPIV), a limited partnership, and Water Unite have invested around £1.7m.
32
The One Foundation
Notes to the financial statements
For the year ended 31 December 2023
18. Contingent asset
In the 2018 accounts a large debtor balance due from Global Ethics Limited was written off because recoverability of the debtor was uncertain. £68,000 was received against this balance in 2023 and the balance currently stands at £304,373 (2022: £372,373). Monthly payments towards this balance continue to be received. Full recoverability of the debt remains uncertain and as such the income recognition criteria have not been met and the amount has not been accrued. Contributions are recognised on a receipts basis.
33