**The Kensington + Chelsea Foundation** ## **TRUSTEES’ REPORT and FINANCIAL STATEMENTS** ## **for the year ended 31 March 2021** |**CONTENTS**|Page| |---|---| |Legal and administrative information|3| |Report of the Trustees|4-16| |Auditor’s report|17-19| |Statement of financial activities|20| |Balance sheet|21| |Statement of cash flows|22| |Notes of the financial statements|23-34| 2 **The Kensington + Chelsea Foundation** 3 **The Kensington + Chelsea Foundation** 4 **The Kensington + Chelsea Foundation** 5 **The Kensington + Chelsea Foundation** 6 **The Kensington + Chelsea Foundation** - - - 1 7 **The Kensington + Chelsea Foundation** - - - 4 8 **The Kensington + Chelsea Foundation** 9 **The Kensington + Chelsea Foundation** |240 Project|£23,548|Midaye Somali Development Network|£22,167| |---|---|---|---| |Action Disability K+C
(ADKC)|£5,610|Minds United FC|£7,460| |Age UK K+C|£120,000|North Kensington Hearts + Minds|£40,130| |Al-Hasaniya Moroccan
Women's Project|£17,500|North Kensington Law Centre|£40,601| |Al-Manaar MCHC|£22,350|Notting Hill Methodist Church|£1,000| |Baraka Community
Association|£25,760|Nova New Opportunities|£16,047| |Chelsea Theatre|£30,000|Nucleo Project|£4,552| |Childhood Trust (West
London Action for
Children)|£10,000|Nucleus Community Action (Nucleus Legal Advice)|£28,045| |CW+ (Chelsea +
Westminster Hospital
Charity)|£50,000|Open Age|£21,759| |Dad's House|£4,800|Pepperpot Centre|£4,992| |Dalgarno Trust|£9,989|Real Action|£30,000| |Ethiopian Women's
Empowerment Group|£13,331|Response Community Projects|£4,830| |Fit For Life Youth CIC|£2,500|Rugby Portobello Trust|£5,918| |For Women|£2,928|SMART|£25,208| |Grenfell Foundation|£2,650|Solidarity Sports|£35,000| |Harrow Club|£6,300|Sport4Health CIC|£1,300| 10 **The Kensington + Chelsea Foundation** |Hear Women|£9,993|St Cuthbert's Centre|£1,090| |---|---|---|---| |Hodan Somali Community|£14,360|Venture Community Association|£64,280| |Holy Trinity Brompton|£8,000|Volunteer Centre K+C|£5,482| |Kensington + Chelsea
Social Council|£25,000|West London Zone|£5,000| |Kids On The Green|£5,040|Westway Trust|£7,968| |||World's End Neighbourhood Advice Centre|£13,725| 11 **The Kensington + Chelsea Foundation** ||||| |---|---|---|---| |24 Hearts CIC|£2,500.00|Meanwhile Gardens Community Association|£2,500.00| |ACAVA|£10,000.00|Metronomes Steel Band|£2,500.00| |ADKC|£2,500.00|Minds United F.C.|£11,036.00| |African Womens Care|£2,500.00|Morley College|£500.00| |Age UK K+C|£2,560.00|North Kensington Hearts + Minds|£2,500.00| |Al-Hasaniya Moroccan Women's
Centre|£1,000.00|North Kensington Law Centre|£36,817.00| |Al-Manaar Muslim Cultural Heritage
Trust|£52,000.00|North Kensington Youth Peoples Music
Academy|£2,500.00| |ART iLLERY c/o Maestro 7 CIC|£2,496.00|Nova New Opportunities|£2,500.00| 12 **The Kensington + Chelsea Foundation** |Association of Moroccan Residents
UK (AMRUK)|£1,000.00|One Community c/o North Kensington Hearts +
Minds|£2,500.00| |---|---|---|---| |Baraka Community Association|£44,740.00|Persian Care Centre|£2,500.00| |Children's Book Project|£1,695.00|Playground Theatre|£2,500.00| |Citizens Advice K+C|£51,931.00|Portobello Dance|£24,391.00| |Clement James Centre|£57,500.00|Renegade Theatre|£15,000.00| |Dale Youth Boxing Club|£2,500.00|RISE Kids CIC|£15,000.00| |Dictating to the Estates|£1,500.00|Rugby Portobello Trust|£30,000.00| |Fit For Life Youth CIC|£2,500.00|Shaktipad Yoga (Dalgarno Trust)|£1,000.00| |Future Men|£10,000.00|Strengthening Kensington Youth + Families|£2,500.00| |Grow2Know CIC|£27,500.00|SPID Theatre|£20,000.00| |Henry Dickens Garden Club|£2,140.00|Sport4Health CIC|£2,500.00| |Lancaster West Children's
CommunityNetwork|£20,000.00|The Harrow Club|£33,500.00| |Latimer Community Art Therapy|£30,000.00|The Nucleo Project|£2,500.00| |Latymer Community Church|£30,000.00|The Space|£2,500.00| |Maxilla City|£2,500.00|UCAN|£2,500.00| 13 **The Kensington + Chelsea Foundation** 14 **The Kensington + Chelsea Foundation** 15 **The Kensington + Chelsea Foundation** - - - - - - - 16 **The Kensington + Chelsea Foundation** ``` ʼ ``` 17 **The Kensington + Chelsea Foundation** 18 **The Kensington + Chelsea Foundation** Date: 11/11/2021 19 ## **The Kensington & Chelsea Foundation Statement of financial activities** (incorporating an income and expenditure account) ## **For the year ended 31 March 2021** |**Unrestricted**
**Funds**
**Note**
**£**
**Income from:**
Donations & grants
**2**
288,500
Charitable activities:
Grenfell Tower Fund
**3**
-
Events and Campaigns
**4**
-
Support, Education & Networking
**4**
-
Fundraising activities
**5**
-
Investments
**6**
836
**Total income**
**289,336**
**Expenditure on:**
**7**
Fundraising activities
12,476
**Charitable activities:**
Grenfell Tower Fund
-
Events and Campaigns
-
Other expenditure
255,707
**Total expenditure**
**268,183**
**Net income/ (expenditure) for the**
**year**
**8**
**21,153**
Transfers between funds
1,553
**22,706**
**Reconciliation of funds:**
Total funds brought forward
153,951
**Total funds carried forward**
**176,657**
**Net movement in funds**|**Restricted**
**Funds**
**£**
39,144
46,089
1,407,021
98,386
-
-
**1,590,640**
-
612,640
1,655,513
-
**2,268,153**
**(677,513)**
-
**(677,513)**
1,489,003
**811,490**|**Endowment**
**Funds**
-
-
-
-
-
-
**-**
-
-
-
-
**-**
**-**
(1,553)
**(1,553)**
1,553
**-**|**2021**
**Total**
**Funds**
**£**
**327,644**
**46,089**
**1,407,021**
**98,386**
**-**
**836**
**1,879,976**
**12,476**
**612,640**
**1,655,513**
**255,707**
**2,536,336**
**(656,360)**
**-**
**(656,360)**
**1,644,507**
**988,147**|2020
Total Funds
£
351,383
14,510
648,623
98,056
5,000
11,831| |---|---|---|---|---| |||||1,129,403| |||||19,881
515,565
604,731
261,900| |||||1,402,077| |||||(272,674)
-| |||||(272,674)
1,917,181| |||||1,644,507| All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements. 20 ## **The Kensington & Chelsea Foundation Balance sheet As at 31 March 2021** |**Note**
**Current assets:**
**10**
**Liabilities:**
**11**
**13**
General Charitable Funds
Grenfell Tower Fund
Total restricted funds
Total unrestricted funds
Debtors
Cash at bank and in hand
Restricted funds
Endowment Funds
Creditors: amounts falling due within one year
**Net current assets / (liabilities)**
**Total net assets / (liabilities)**
**Funds**
General funds
**Total funds**
Unrestricted funds:|**2021**
**£**
**1,226**
**1,048,291**|**2021**
2020
**£**
£
1,352
1,662,961
1,664,313
(19,806)
**988,147**
**988,147**
**-**
451,520
1,037,483
**811,490**
153,951
**176,657**
**988,147**|2020
£
1,644,507| |---|---|---|---| ||**1,049,517**
**(61,370)**||| ||**340,558**
**470,932**||| ||||1,644,507| ||||1,553
1,489,003
153,951| ||**176,657**||| ||||| ||||1,644,507| 9th September **2021** and signed on their behalf by: ## **Richard Briance Chairman** The attached notes form part of the financial statements. 21 ## **The Kensington & Chelsea Foundation Statement of cash flows** **For the year ended 31 March 2021** |**The Kensington & Chelsea Foundation**
**For theyear ended 31 March 2021**
**Statement of cash flows**|||| |---|---|---|---| |**Note**
**Cash flows from operating activities:**
**a**
**Cash flows from investing activities:**
Interest income
**836**
**Cash provided by investing activities**
**Change 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**
**b**
**a)**
**Net income / (expenditure) for the**
**reporting period**(as per the statement of
financial activities)
Interest income
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
**Net cash provided by / (used in)**
**operating activities**
**b) Analysis of cash and cash equivalents**
£
Cash at bank and in hand
1,662,961
**Total cash and cash equivalents**
**1,662,961**
**Net cash provided by / (used in)**
**operating activities**
At 1 April
2020
**Reconciliation of net income / (expenditure) to net cash flow**
**from operating activities**|**2021**
**£**
**(615,506)**
**836**
**(614,670)**
**1,662,961**
**1,048,291**
**2021**
**£**
**(656,360)**
**(836)**
**126**
**41,564**
**(615,506)**
Cash flows
£
(614,670)
**(614,670)**|11,831
£
-
**-**
Other
changes|2020
£
(288,352)
11,831| ||||(276,521)
1,939,482| ||||1,662,961| ||||2020
£
(272,674)
(11,831)
7,775
(11,622)| ||||(288,352)| ||||**£**
**1,048,291**
**At**
**31 March**
**2021**| ||||**1,048,291**| 22 ## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2021** ## **1 Accounting policies Basis of preparation** The financial statements have been prepared 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 - (Charities SORP FRS 102). The charity 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 or note. ## **Going concern** The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. ## **Income** Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants, whether grants or 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. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met. ## **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. ## **Fund accounting** Unrestricted funds are available to spend on activities that further any of the purposes of 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 ## **Expenditure** 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 generating funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. Expenditure on charitable activities includes the costs of delivering services and other activities undertaken to further the purposes of the charity and their associated support costs. Other expenditure represents those items not falling into any other heading. ## **Allocation of 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, personnel, payroll and governance costs which support the charitable activities. These costs have been allocated to expenditure on charitable activities. 23 ## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2021** ## **1 Accounting policies (continued)** ## **Operating leases** Rental payables under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged to the Statement of Financial Activities on a straight line basis over the lease ## **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 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. ## **Creditors and provisions** 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. ## **Pensions** The charity contributes into the pension of its employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension costs charge represents contributions payable under the scheme by the charity to the fund. The charity has no liability under the scheme other than for the payment of those contributions. 24 ## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2021** ## **2 Income from donations & grants (Core Income)** |Cadogan Estates
Julia and Hans Rausing
Tudor Trust
City Bridge Trust
RBKC Council
The Martin Family Charitable Trust
Martin and Elizabeth Morgan
Richard and Lucille Briance
Kilfinan Trust
DMGT
Other Donations
Membership
Gift Aid
**3**
**Charitable income-Grenfell Tower**
**Donations**
**Total**
Totals 2020
Totals 2020
Donations made directly to The Kensington &
Chelsea Foundation|£
150,000
50,000
-
47,500
20,000
15,000
-
-
1,000
-
5,000
-
-
**288,500**
326,383
£
-
**-**
-
Unrestricted
Funds
Unrestricted
Funds|£
-
-
-
-
-
-
-
-
-
-
10,045
29,099
**39,144**
25,205
£
46,089
**46,089**
14,305
Restricted
Funds
Restricted
Funds|£
-
-
-
-
-
-
-
-
-
-
-
-
-
**-**
-
£
-
**-**
-
Endowment
Funds
Endowment
Funds|**2021**
**Total Funds**
**£**
**150,000**
**50,000**
**-**
**47,500**
**20,000**
**15,000**
**-**
**-**
**1,000**
**-**
**5,000**
**10,045**
**29,099**
**327,644**
351,588
**2021**
**Total Funds**
**£**
**46,089**
**46,089**
14,305|2020
Total Funds
£
150,000
50,000
30,000
25,000
20,000
15,000
10,000
5,000
1,000
1,000
7,103
20,255
17,230| |---|---|---|---|---|---| ||||||351,588| ||||||2020
Total Funds
£
14,305| ||||||14,305| ||||||| 25 ## **The Kensington & Chelsea Foundation Notes to the financial statements** **For the year ended 31 March 2021** |**4**
**Charitable Income (excluding Grenfell Tower Fund)**
**Campaigns:**
£
**Winter Warmth**
Calleva Foundation
-
Other donations
-
**Sub Total**
**-**
**Children & Young People**
Rockspring Charitable Trust
-
South Kensington Estates
-
DMGT
-
B & J Lloyd Family Charitable Trust
-
Enstar Capital
-
London Community Foundation (Endowment Funds
-
CMF Charitable Trust
-
Calleva Foundation
-
St Nicholas Preparatory school
-
Cadogan Estates
-
John Armitage Charitable Trust
LMAX Group
-
Other donations
-
**Sub Total**
**-**
**Isolation & Loneliness**
John Armitage Charitable Trust
-
LHA London
-
DMGT
-
Isabel and Jack Boyer
-
CMF Charitable Trust
-
London Community Foundation (Endowment Funds
-
Royal Garden Hotel
-
Lockwood Charitable Foundation
-
Stanley Foundation
-
The Band Trust
-
Other donations
-
**Sub Total**
**-**
Unrestricted
Funds|£
2,500
4,946
**7,446**
23,000
-
20,000
10,000
-
2,294
2,500
15,000
-
50,000
50,000
5,000
41,632
**219,426**
-
20,000
-
-
-
-
-
100,000
5,000
40,000
18,980
**183,980**
Restricted
Funds|£
-
-
**-**
-
-
-
-
-
-
-
-
-
-
-
-
-
**-**
-
-
-
-
-
-
-
-
-
-
-
**-**
Endowment
Funds|**2021**
**Total Funds**
**£**
**2,500**
**4,946**
**7,446**
**23,000**
**-**
**20,000**
**10,000**
**-**
**2,294**
**2,500**
**15,000**
**-**
**50,000**
**50,000**
**5,000**
**41,632**
**219,426**
**-**
**20,000**
**-**
**-**
**-**
**-**
**-**
**100,000**
**5,000**
**40,000**
**18,980**
**183,980**|2020
Total Funds
£
2,500
11,211| |---|---|---|---|---| |||||13,711
23,000
20,000
20,000
10,000
5,000
40,800
7,500
2,000
415
-
-
-
49,263| |||||177,978
50,000
40,000
10,000
4,500
2,000
2,810
5,000
-
-
-
57,564| |||||171,874| 26 ## **The Kensington & Chelsea Foundation Notes to the financial statements** **For the year ended 31 March 2021** |**Skills & Employment Campaign**
**(including Get into Tech North Kensington)**
Hollick Family Charitable Trust
The Grove Trust
The Lightbulb Trust
Rockspring Charitable Trust
CMF Charitable Trust
LMAX Group
Julia and Hans Rausing
Cadogan Estates
Other donations
**Sub Total**
**Christmas Appeal**
Individuals
Organisations
Corporates
Schools
**Sub Total**
**Covid-19 Appeal**
Julia and Hans Rausing
William and Gigi Salomon
B & J Lloyd Family Charitable Trust
LMAX Group
Ineos Oil and Gas
Rockspring Charitable Trust
The Lightbulb Trust
Hollick Family Charitable Trust
Gift Aid
Other donations
**Sub Total**
**Recover + Reconnect**
Tinsley Charitable Foundation
Individuals
**Sub Total**
**Total - Campaigns**|-
-
-
-
-
-
-
-
-
**-**
**-**
-
-
-
-
-
-
-
-
-
-
**-**
**-**
**-**
**-**
**-**|-
25,000
-
-
-
50,000
20,000
21,816
37,335
**154,151**
100,290
62,500
20,230
7,233
**190,253**
-
-
10,000
250,000
10,500
50,000
30,000
15,000
20,800
237,822
**624,122**
10,000
17,643
**27,643**
**1,407,021**|-
-
-
-
-
-
-
-
-
**-**
**-**
-
-
-
-
-
-
-
-
-
-
**-**
**-**
**-**
**-**
**-**|**-**
**25,000**
**-**
**-**
**-**
**50,000**
**20,000**
**21,816**
**37,335**
**154,151**
**100,290**
**62,500**
**20,230**
**7,233**
**190,253**
**-**
**-**
**10,000**
**250,000**
**10,500**
**50,000**
**30,000**
**15,000**
**20,800**
**237,822**
**624,122**
**10,000**
**17,643**
**27,643**
**1,407,020**|22,000
25,000
25,000
12,500
2,500
-
-
-
19,250| |---|---|---|---|---|---| ||||||106,250
-
-
-
-| ||||||-
50,000
40,000
20,000
-
-
-
-
-
-
68,810| ||||||178,810
-
-| ||||||-| ||||||648,623| 27 ## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2021** |**4**
**Charitable Income (excluding Grenfell Tower Fund)**
**(continued)**
£
**Other incomes:**
The National Lottery Community Fund
-
Alan Hutchison-Sarah Hawkins Young Carers Fund
-
B&J Lloyd Family Charitable Trust
-
**Other contributions from:**
Individuals
-
Organisations
-
Corporates
-
Schools
-
Trusts and Foundations
-
-
**-**
**Grand Total**
**-**
20,869
**5**
**Income from Fundraising activities**
£
Enstar Capital
-
**Total**
-
-
**6**
**Income from investments**
£
Bank interest (Grenfell Tower Fund)
836
**Total**
836
-
**Sub Total**
Unrestricted
Funds
Unrestricted
Funds
Unrestricted
Funds
Totals 2020
Totals 2020
Totals 2020
Contributions to Cadogan Kensington & Chelsea
Foundation Endowment Fund|£
-
9,250
10,000
67,760
-
3,322
-
8,054
-
**98,386**
**1,505,407**
673,813
£
-
5,000
£
-
-
11,831
Restricted
Funds
Restricted
Funds
Restricted
Funds|£
-
-
-
-
-
-
-
-
-
**-**
**-**
51,997
£
-
-
-
£
-
-
-
Endowment
Funds
Endowment
Funds
Endowment
Funds|**2021**
**Total Funds**
**£**
**-**
**9,250**
**10,000**
**67,760**
**-**
**3,322**
**-**
**8,054**
**-**
**98,386**
**1,505,406**
746,679
**2021**
**Total Funds**
**£**
**-**
**-**
5,000
**2021**
**Total Funds**
**£**
**836**
**836**
11,831|2020
Total Funds
£
50,000
18,800
-
4,470
-
220
679
15,500
8,387| |---|---|---|---|---| |||||98,056| |||||746,679| |||||2020
Total Funds
£
5,000| |||||5,000| |||||2020
Total Funds
£
11,831| |||||11,831| |||||| 28 ## **The Kensington & Chelsea Foundation** ## **Notes to the financial statements** ## **For the year ended 31 March 2021** |**7a Analysis of expenditure**
**Current year**
**Contributions to Cadogan**
**Kensington & Chelsea**
**Foundation Endowment Fund**
The London Community
Foundation (Fund administrators)
**Events & Campaigns**
Winter Warmth Campaign
Children & Young People
Isolation & Loneliness
Skills & Employment
Covid-19 Appeal
Christmas Appeal
**General grants awarded**
Other Grants
**Grenfell Tower Fund**
Grants awarded
**Total donation and grants**
**awarded**
**Staff costs (see note 9)**
**Events & Campaigns Expenses**
-Skills & Employment
-Annual Celebration
**Grenfell Tower Fund**
Fund costs-stripe charges
**Fundraising costs**
Fundraising events
Marketing
**Support costs**
Accounting services
Premises costs
Travel and Subsistence
Recruitment
Office costs
Audit fees
Bank charges
Subscriptions
Sundry expenses
**Total expenditure**
Total expenditure 2020|£
-
-
-
-
-
-
-
-
-
-
**Cost of**
**raising**
**funds**|**Charitable activities**|**Charitable activities**|**Charitable activities**|£
-
-
-
-
-
-
-
-
-
Endowment|**2021**
**£**
**-**
**-**
**27,644**
**248,586**
**249,844**
**125,050**
**796,213**
**158,176**
**50,000**
**612,640**|2020
£
8,387
17,622
248,944
240,011
98,000
-
-
15,000
515,317| |---|---|---|---|---|---|---|---| |||£
-
-
-
-
-
-
-
-
612,640
Grenfell
Tower|£
-
27,644
248,586
249,844
125,050
796,213
158,176
50,000
-
Events &
Campaigns|£
-
-
-
-
-
-
-
-
-
Other
Expenses|||| ||-
-
-
-
-
444
12,032
-
-
-
-
-
-
-
-
-|612,640
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|1,655,513
-
-
-
-
-
-
-
-
-
-
-
-
-
-|-
223,275
-
-
-
-
-
4,464
12,720
29
292
8,925
3,600
1,082
1,280
40|-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**2,268,153**
**223,275**
**-**
**-**
**-**
**444**
**12,032**
**4,464**
**12,720**
**29**
**292**
**8,925**
**3,600**
**1,082**
**1,280**
**40**|1,143,281
191,521
154
7,717
248
1,049
18,832
5,914
16,049
1,251
2,989
9,283
2,800
787
150
52| ||**12,476**|**612,640**|**1,655,513**|**255,707**|**-**|**2,536,336**|1,402,077| ||19,881|515,565|604,731|253,513|8,387|1,402,077|| Details of the grants awarded can be found in the Trustees' report. Of the total expenditure £268,183 was unrestricted (2020: £250,677), £2,268,153 was restricted (2020: £1,143,013) and £0 (2020: £8,387) endowment. 29 ## **The Kensington & Chelsea Foundation Notes to the financial statements** ## **For the year ended 31 March 2021** |**7b Analysis of expenditure**
**Prior year**
Contributions to Cadogan
Kensington & Chelsea Foundation
Endowment Fund
The London Community
Foundation (Fund administrators)
Events & Campaigns
Winter Warmth Campaign
Children & Young People
Isolation & Loneliness
Skills & Employment
Other Grants
Grants awarded
Total donation and grants awarded
Staff costs (see note 9)
Events & Campaigns Expenses
-Skills & Employment
-Annual Celebration
Fund costs-stripe charges
Fundraising costs
Fundraising events
Marketing
Support costs
Accounting services
Premises costs
Travel and Subsistence
Gift in Kind
Recruitment
Office costs
Audit fees
Bank charges
Subscriptions
Sundry expenses
**Total expenditure**|£
-
-
-
-
Cost of
raising|Charitable activities|Charitable activities|Charitable activities|£
8,387
-
-
-
-
-
Endowment|2020
£
8,387
17,622
248,944
240,011
98,000
15,000
515,317| |---|---|---|---|---|---|---| |||£
-
-
-
-
-
515,317
Grenfell
Tower|£
-
17,622
248,944
240,011
98,000
-
Events &
Campaigns|£
-
-
-
-
-
15,000
-
Other
Expenses||| ||-
-
-
-
-
1,049
18,832
-
-
-
-
-
-
-
-
-
-|515,317
-
-
-
248
-
-
-
-
-
-
-
-
-
-
-
-|604,577
-
154
-
-
-
-
-
-
-
-
-
-
-
-
-
-|15,000
191,521
-
7,717
-
-
-
5,914
16,049
1,251
-
2,989
9,283
2,800
787
150
52|8,387
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|1,143,281
191,521
154
7,717
248
-
1,049
18,832
-
5,914
16,049
1,251
-
2,989
9,283
2,800
787
150
52| ||**19,881**|**515,565**|**604,731**|**253,513**|**8,387**|**1,402,077**| 30 ## **The Kensington & Chelsea Foundation Notes to the financial statements** ## **For the year ended 31 March 2021** - **8 Net income / (expenditure) for the year** |**8**
**Net income / (expenditure) for the year**||| |---|---|---| |This is stated after charging:
Auditor's remuneration (excluding VAT)
Audit work
**9**
Staff costs were as follows:
Salaries and wages
Social security costs
One employee earned over £60,000 during the year (2020: £nil)
**Analysis of staff costs, trustee remuneration and expenses,**
**and the cost of key management personnel**|**2021**
**£**
**3,000**|2020
£
2,800| ||**2021**
**£**
**197,987**
**20,857**
**4,431**|2020
£
167,127
17,511
6,883| ||**223,275**|191,521| |||| The total employee benefits including pension contributions of the key management personnel were £74,708 (2020: £71,156). The charity trustees did not receive payment or any other benefits from their position with the charity in the year (2020: £nil). No trustees were reimbursed for expenses. No charity trustee received payment for professional or other services supplied to the charity (2020: £nil). ## **Staff numbers** The average number of employees (head count based on number of staff employed) during the year was 4.5 (2020: 4.5) ## **Pension scheme** The charity operates defined contribution pension schemes. ## **10 Debtors** |**Debtors**||| |---|---|---| |Gift Aid
Other debtors
Prepayments and accrued income|**2021**
**£**
**-**
1,226
**-**|2020
£
-
1,352
-| ||**1,226**|1,352| 31 ## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2021** ## **11 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| |Taxation and social security
Accruals
Deferred income
**Deferred income**
Deferred income comprises of grants received in advance.
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year|**2021**
**£**
**5,720**
**5,650**
**50,000**|2020
£
4,156
5,650
10,000| ||**61,370**|19,806| ||**2021**
**£**
**10,000**
**(10,000)**
**50,000**|2020
£
20,000
(10,000)
-| ||**50,000**|10,000| ## **12 Analysis of net assets between funds - current year** |Net current assets
**Net assets at the end of the year**
**Analysis of net assets between funds - prior year**
Net current assets
Net assets at the end of the year|Unrestricted
Funds
£
176,657|Restricted
Funds
Endowment
Funds
£
£
811,490
-|**Total**
**Funds**
**£**
**988,147**| |---|---|---|---| ||**176,657**|**811,490**
**-**|**988,147**| ||Unrestricted
Funds
£
153,951|Restricted
Funds
Endowment
Funds
£
£
1,489,003
1,553|Total Funds
£
1,644,507| ||153,951|1,489,003
1,553|1,644,507| 32 ## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2021** ## **13 Movements in funds** |**Endowment Funds**
**Restricted funds:**
General Charitable Funds
Winter Warmth Campaign
Covid-19 Appeal
Christmas Appeal
Recover + Reconnect
Innovation + Collaboration
**Sub Total**
**Grenfell Tower funds**
**Total restricted funds (Incl. Grenfell Tower)**
**Unrestricted funds:**
General Funds
**Total unrestricted funds**
**Total funds**
Children & Young People
Skills & Employment Campaign (including
Get into Tech North Kensington)
Isolation and Loneliness|£
**1,553**
At the start
of the year|£
**-**
Income|£
**-**
Expenditure|Transfers
£
**(1,553)**|**£**
**-**
**At the end**
**of the year**| |---|---|---|---|---|---| ||79,997
43,095
27,437
99,800
22,381
178,810
-
-
-|137,530
7,446
219,426
183,980
154,151
624,122
190,253
27,643
-|(50,000)
(27,644)
(248,586)
(249,844)
(125,050)
(796,213)
(158,176)
-
-|(88,000)
-
5,000
-
8,899
-
-
14,101
60,000|**79,527**
**22,897**
**3,277**
**33,936**
**60,381**
**6,719**
**32,077**
**41,744**
**60,000**| ||**451,520**
**1,037,483**|**1,544,551**
**46,089**|**(1,655,513)**
**(612,640)**|**-**
**-**|**340,558**
**470,932**| ||
**1,489,003**|**1,590,640**|**(2,268,153)**|**-**|**811,490**| ||153,951|289,336|(268,183)|1,553|**176,657**| ||**153,951**|**289,336**|**(268,183)**|**1,553**|**176,657**| ||||||| ||**1,644,507**|**1,879,976**|**(2,536,336)**|**-**|**988,147**| 33 ## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2021** ## **13 Movements in funds (prior period)** |**Movements in funds (prior period)**|||||| |---|---|---|---|---|---| |Endowment Funds
Restricted funds:
General Charitable Funds
Winter Warmth Campaign
Covid-19 Appeal
Events
Sub Total
Grenfell Tower funds
Total restricted funds (Incl. Grenfell Tower)
Unrestricted funds:
General Funds
Total unrestricted funds
Total funds
Isolation and Loneliness
Skills & Employment Campaign (including
Get into Tech North Kensington)
Children & Young People|£
1,553
At the start
of the year|£
51,997
Income|£
(8,387)
Expenditure|Transfers
£
(43,610)|£
1,553
At the end
of the year| ||27,697
47,006
88,403
167,937
14,285
-
-|93,800
13,711
137,178
169,064
106,250
178,810
5,000|(15,000)
(17,622)
(248,944)
(240,011)
(98,154)
(7,717)|(26,500)
-
50,800
2,810
-
2,717|79,997
43,095
27,437
99,800
22,381
178,810
-| ||345,328
1,476,911|703,813
26,137|(627,448)
(515,565)|29,827
50,000|451,520
1,037,483| ||1,822,239|729,950|(1,143,013)|79,827|1,489,003| ||93,389|347,456|(250,677)|(36,217)|153,951| ||93,389|347,456|(250,677)|(36,217)|153,951| ||||||| ||1,917,181|1,129,403|(1,402,077)|-|1,644,507| ## **14 Related party transactions** An employee is a trustee of The Harrow Club and is excluded from decisions on grants to that organisation. One KCF trustee is employed by Earls Court Youth Club and another trustee is CEO of the Muslim Cultural Heritage Centre (MCHC) Trust. Both are excluded from decisions on those organisations. (2020: none). ## **15 Endowment Fund Note** The following endowment funds are held by London Community Foundation (LCF) on behalf of the Kensington & Chelsea Foundation. |Chelsea Foundation.|||||| |---|---|---|---|---|---| |**Net assets at the end of the year**
Investment gains/(losses)
Investment manager rebate (fee)
Donation income
Fund balance b/f
Investment income
Transfers in/(out)
LCF management charges
Grants awarded|Catalyst
Housing
Endowment
Fund
56,541
2,030
-
97
11,898
(1,015)
(2,294)
-|The Emily
Hughes-
Hallett
Endowment
Fund
£
81,031
2,803
-
134
16,424
(1,400)
-
-|Cadogan
Kensington
& Chelsea
Foundation
Fund
£
214,845
7,343
-
350
42,959
(1,961)
-
-|**Total**
**Funds**
**2021**
**£**
**352,417**
**12,176**
**-**
**581**
**71,281**
**(4,376)**
**(2,294)**
**-**|Total
Funds
2020
£
396,157
11,458
8,387
539
(16,123)
(4,391)
(43,610)
-| ||**67,257**|**98,991**|**263,536**|**429,784**|352,417| 34