# **Trustees’ Report and Financial Statements for the Year ended 31 March 2022**
## **The Kensington + Chelsea Foundation**
**Charity No. 1125940 111-117 Lancaster Road, London W11 1QT 020 7229 5499 www.thekandcfoundation.com @KandCfoundation**
**The Kensington + Chelsea Foundation**
## **TRUSTEES’ REPORT and FINANCIAL STATEMENTS**
**for the year ended 31 March 2022**
|**CONTENTS**|Page|
|---|---|
|Legal and administrative information|3|
|Report of the Trustees|4-13|
|Auditor’s report|14-16|
|Statement of financial activities|17|
|Balance sheet|18|
|Statement of cash flows
|19|
|Notes of the financial statements|20-29|
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**The Kensington + Chelsea Foundation**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
## **For the year ended 31 March 2022**
Richard Briance, Chairman Abdi Aden William Crone Cynthia Dize Esma Dukali Clare Ferguson Martin Morgan Jeremy Raphaely Abdurahman Sayed Lucinda Stafford-Deitsch Peter Winslow
## **Staff at 31 March 2022**
Victoria Steward Todd, Director Cathy Bickham, Operations Manager Jon Fryer, Community Engagement + Grant Manager Brooke Dobbyn, Community Engagement + Grant Manager Charlotte Rossan, Communications + Partnerships Manager Morag Smith, Major Gifts + Events Manager
## **Registered Office**
111–117 Lancaster Road London W11 1QT
## **Registered Charity Number**
1125940
## **Bankers**
CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ
C Hoare & Co 32 Lowndes Street London SW1X 9HZ
Shawbrook Bank Ltd Lutea House Warley Hill Business Park Brentwood Essex CM13 3BE
Metro Bank 160-166 Kensington High Street London W8 7RG
## **Accountants**
## **Auditors**
Accountability EU Omnibus Workspace 39-41 North Road London N7 9DP
Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG
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**The Kensington + Chelsea Foundation**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022**
The trustees of the Kensington + Chelsea Foundation present this report and audited financial statements for the year ended 31 March 2022.
## **INTRODUCTION FROM OUR CHAIRMAN**
The year to March 2022 continued to be challenging for many people in the borough and I am proud of our vital response to the second year of the pandemic and our support of those residents most in need.
Some of the achievements of which I am particularly proud include:
• Investing £200,000 in Summer Youth Programmes to help rebuild the social skills, confidence and resilience of over 2,000 young people following the successive lockdowns.
- Raising £140,000 for our K+C Christmas Collective campaign to reach 11,000 families and single
- residents in need with Christmas hampers, toys and handmade gifts and cards. • Spreading joy, community cohesion and putting a smile on the faces of 2,300 residents with our new Community Spirit Small Grants Fund.
• Over the last 12 months we have made grants totalling £1,745,792 to support over 165 impactful projects to improve the lives and life chances of our most vulnerable residents.
A real milestone has been the publication of our commissioned research – ‘Poverty + Prosperity in K+C’ - revealing the extraordinarily high levels of inequality and deprivation faced by many people living in our borough. Our research delves into the drivers of these inequalities, across education, health and employment to understand how, despite being in the top 10% of UK local economies, some of our neighbourhoods are amongst the poorest in the country.
The Foundation’s priorities for 2022 and beyond will be informed by this research. We will launch three new portfolios focused on
- reducing education inequalities
- increasing skills and employment
- improving mental health
As the impact of Covid-19 continues to be felt by our community, along with the increases in energy prices and cost of living, we look forward to harnessing the philanthropy and goodwill we know exists in our borough to make a difference to residents in need. We will prioritise supporting services that have demonstrated impact and are able to scale, along with innovative solutions which address long-standing needs.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Kensington + Chelsea Foundation is governed by a Board of Trustees, chaired by Richard Briance.
Trustees are elected by the Board according to skills required to lead the charity effectively. We have carried out an audit to ensure a broad range of skills, and we are committed to diversity across our members. New trustees are elected for a period of three years, after which they may be re-elected, normally for a further period of three years. In exceptional circumstances a third term of three years can be agreed by the Board.
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**The Kensington + Chelsea Foundation**
The trustees define the charity's strategic direction and policies and ensure that the activities of the charity are in accordance with its Trust Deed and objectives.
## **Trustee Induction and Training**
An information pack is provided to new trustees and training is provided. New trustees meet existing trustees and the staff team and are given an introduction to our work and campaigns.
## **Management**
The Kensington + Chelsea Foundation has a small staff team led by our Director, Victoria Steward Todd. Victoria is supported by five colleagues and occasional volunteers.
We are grateful to all who have volunteered their time to support us in the past year. Our thanks go also to The Westway Trust, which continues to provide pro-bono payroll services.
## **Working with others in the sector**
We are members of London Funders and the team takes part in their masterclasses and discussions to ensure that we are informed and contributing to best practice in the sector. We are registered with the Fundraising Regulator.
## **AIMS AND OBJECTIVES**
The aims of the Kensington + Chelsea Foundation are:
1. The promotion of any charitable purpose for the benefit of the residents of The Royal Borough of Kensington and Chelsea and in particular the advancement of education, the protection of good health both mental and physical, the relief of poverty and sickness and the provision, in the interests of social welfare, of facilities for the recreation and other leisure activities for the benefit of members of the community.
2. Other exclusively charitable purposes in the United Kingdom and elsewhere, which in the opinion of Trustees, are beneficial to the community or the residents of The Royal Borough of Kensington and Chelsea.
The Kensington + Chelsea Foundation delivers these aims by working in collaboration with local people, businesses and charities to bring to life our vision of a borough where everyone has the opportunity to live healthy, happy, fulfilled lives.
Since its inception in 2008, the Foundation has worked assiduously to put down roots in the borough, to establish relationships with all partners and projects relevant to our mission in RBKC and to develop a network of supporters.
In 2021/22 we continued to run three borough-wide core programmes:
- Children and young people
- Skills and employment
- Isolation and loneliness
We also continued the work begun in June 2017 after the Grenfell Tower tragedy, through our Grenfell Community Development Fund.
Following our Covid-19 Appeal in the previous year, early in 2021 we launched our Recover + Reconnect Fund with the aim of supporting services for children and young people designed to help them catch up on core subjects, encourage social interaction and support their mental health.
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We were able to provide significant funding for catch up literacy programmes, specialist support for children new to the English language and a programme to help improve the mental health and well-being of children in North Kensington.
## **OUR ACTIVITIES IN THE YEAR**
## **Grant Making**
In the financial year to 31 March 2022, through the generosity of our supporters and donors, we have made grants totalling **£1,481,512 to 72 local charities and community groups** . In addition, we have made grants totalling **£264,280 to 34 organisations** through our Grenfell Community Development Fund.
## **Our Priority areas**
## **1. Supporting Children + Young People: Ensuring children and young people in our community have the best chance to fulfil their potential**
## **The local need**
- 1 in 4 children in K+C live in poverty[1]
- The number of children in K+C eligible for Free School Meals has increased by 50% over the past 4 years[2]
- The borough has the highest permanent school exclusion rate and 3[rd] highest temporary exclusion rate in London.[3]
## **The K+C Foundation response**
Children and young people in K+C have vastly unequal opportunities and outcomes which affect their longterm life chances. To support children who had been particularly affected by the pandemic and successive lockdowns, we launched Recover + Reconnect, which funded summer projects aimed at rebuilding social skills, confidence, resilience and healthy habits. Projects included regular physical, social and mental wellbeing sessions, a healthy eating course for families and 1-2-1 support through a befriending programme We also provided access to laptops for many young people who were otherwise unable to continue with schoolwork.
Alongside the summer programme, we continued the third year of our partnerships to address longer-term issues for children and young people in the community, which invested in a broad range of services supporting academic, social and emotional needs.
- **£231,859** was issued in grants from the Children + Young People programme to the following organisations:
|Catholic Children's Society|£12,559|Nucleo Project|£15,300|
|---|---|---|---|
|CW+
(Chelsea
+
Westminster
Hospital Charity)|£14,000|Real Action|£15,000|
|Earl's Court Youth Club|£15,000|St Giles Trust|£75,000|
|Family Friends|£20,000|Venture Community Association|£1,000|
|Full of Life|£10,000|West London Action for Children|£24,000|
|KAA Intrepidus Trust|£30,000|||
> 1 Rate of poverty measured After Housing Cost, based on data from the local indicators of child poverty, Centre for Research in Social Policy, Loughborough University for End Child Poverty. Available at
> http://www.endchildpoverty.org.uk/wp-content/ uploads/2021/05/Child-Poverty-AHC-estimates-2015-2020_final.xlsx
> 2 Department for Education (2021) Schools, pupils and their Characteristics – Academic Year 2021/21. Available at Schools, pupils and their characteristics, Academic Year 2020/21 – Explore education statistics – GOV.UK (explore-education-statistics.service. gov.uk)
> 3 Department for Education (2021) Permanent exclusions and suspensions in England. Data available at https://explore-education-statistics.service.gov.uk/find-statistics/ permanent-and-fixed-period-exclusions-inengland
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## **2. Isolation + Loneliness: Reducing isolation and loneliness in the borough, and its negative impact on mental health**
## **The local need**
- K+C scores in the worst 20% of local authorities for mental health[4]
- K+C has a high rate of 47% one-person households[5 ]
- Since the Grenfell Tower fire, anxiety levels in K+C have increased and remain significantly higher than in London and England overall.[6]
## **The K+C Foundation response**
Our Isolation + Loneliness programme celebrates our diverse community and provides meaningful engagement to those who might otherwise struggle to connect with their neighbours. We support a range of innovative projects run by local partners and, together, we have made make a positive impact on over 4163 isolated people this year by connecting them with other residents, social activities and support services.
The projects we funded helped communities who are often isolated due to their circumstances – refugees, older people especially older men, those recovering from mental ill-health, teenage girls and people isolated by language barriers.
- **£255,466** was issued in grants from the Isolation + Loneliness programme to the following organisations:
|**£255,466**was issued in g|rants from the Isolation +|Loneliness programme to|the following organisation|
|---|---|---|---|
|240 Project|£11,837|Migrants Organise|£25,000|
|Abundance Arts|£6,000|North Kensington
Women’s Textile
Workshop|£1,113|
|Age UK K+C|£20,586|Nova New
Opportunities|£10,000|
|Al Hasaniya Moroccan
Women's Project|£13,000|Open Age|£15,000|
|Dadihiye|£5,000|Playground Theatre|£19,000|
|Dalgarno Trust|£17,000|Prospects Ltd|£3,000|
|Equal People Mencap|£18,500|SMART|£10,000|
|Friends of Holland
Park|£10,000|St Clement & St James
CDP|£6,780|
|Hear Women|£10,650|St. Cuthbert's Centre|£17,500|
|Hodan Somali
Community|£10,000|Volunteer Centre K
and C|£20,000|
|Latimer Community Art
Therapy (LCAT)|£1,500|WAND UK|£4,000|
> 4 Legatum Institute (2021) Kensington and Chelsea, Centre for UK Prosperity Index. Available at https://li.com/wp-content/uploads/2021/05/Kensington_and_Chelsea__London.pdf 5 JSNA Health & Wellbeing, K+C and Westminster, 2019
> 6 Personal Well Being estimates, ONS
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## **3. Skills + Employment: Improving opportunities for local people to access meaningful employment through advice and training**
## **The local need**
- Unemployment increased from 4.3% in 2019/20 to 5.5% in 2020/21[7]
- There has been an increase of 51.5% in residents claiming out-of-work benefits. While claims for in-work benefits, reflecting in-work poverty, almost tripled[8]
- Almost 1 in 5 jobs in the borough paid less than the London Living Wage in 2020[9]
## **The K+C Foundation response**
The impact of the Covid-19 pandemic meant that young people felt particularly bleak about their employment prospects, so we were delighted to be able to continue our partnership with the Spear programme to fund 6 employability courses reaching 62 residents age 16-24. The courses have real and tangible impact on the trainees, many of whom face complex multiple barriers to employment.
This year, Spear trainees have achieved employment in a range of roles including Software Development, Social Media Co-ordinator, Events Assistant, and TV production.
## **4. The K+C Foundation’s continued response to the Covid-19 pandemic**
Early in 2021, we launched our Recover + Reconnect Fund with the aim of supporting services for children and young people designed to help them catch up on core subjects, encourage social interaction and support their mental health.
We were able to provide significant funding for catch up literacy programmes, specialist support for children new to the English language and a programme to help improve the mental health and well-being of children in North Kensington.
In addition, our Recover + Reconnect: Summer Youth Programme reached 2,000 children and young people from all over the borough, helping them to rebuild confidence, resilience and social skills after a year of successive lockdowns. This was only possible thanks to our donors’ support and our partnership with The Kusuma Trust, which collectively raised £164,000.
**£796,213** was issued in grants from the Recover + Reconnect Appeal to the following organisations:
|ACAVA|£17,750|Playground Theatre|£10,520|
|---|---|---|---|
|Baraka Community
Association|£12,690|Rise Kids CIC|£9,000|
|Dalgarno Trust|£11,836|Solidarity Sports|£10,000|
|Earl's Court Youth Club|£34,000|St Clement & St James CDP|£8,292|
|Eton Fives Association|£5,065|St Giles Trust|£15,300|
|Fit For Life Youth CIC|£11,000|The Learning Club|£10,117|
> 7 ONS (2021) Adult Population Survey. Available via NOMIS at https://www.nomisweb.co.uk/ query/construct/summary.asp?mode=construct&version=0&dataset=17
> 8 DWP (2021) Benefit combinations. Available via Stat-Explore at https://stat-xplore.dwp.gov. uk/webapi/jsf/dataCatalogueExplorer.xhtml
> 9 WPI Economics analysis of ONS (2020) Earning and Hours worked, place of work by local authority: ASHE Table 7 (available at https://www.ons.gov.uk/
> employmentandlabourmarket/peopleinwork/earningsandworkinghours/datasets/ placeofworkbylocalauthorityashetable7)
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|Harrow Club|£22,000|Venture Community Association|£11,976|
|---|---|---|---|
|KAA Intrepidus Trust|£14,700|West London Zone|£167,500|
|Octavia Foundation|£12,620|Youth Action Alliance|£10,000|
## **5. K+C Foundation working in partnership to provide direct support for residents in need**
## **Fuel Poverty**
The K+C Foundation’s Winter Warmth programme was set up ten years ago and has provided help to older people in the borough struggling to pay fuel bills. In 2021, in partnership with four advice agencies in the borough and with generous financial support from Julia and Hans Rausing and RBKC, we extended the programme to residents of all ages finding it hard to cope with rising fuel costs. In addition, we were able to get emergency cash payments out to people in crisis. In the last three months of 2021/22, 200 people received help and this initiative has continued into 2022/23.
## **Christmas 2021**
We are proud to be part of a collective of community and frontline organisations, which for 2 years has worked to ensure everyone in our community has warm hearts and full tummies at Christmas. In 2020, following the challenges of the Covid-19 pandemic and multiple lockdowns, the K+C Christmas Collective was able to deliver hampers filled with food, toys and gifts to over 8,000 local residents in need.
In 2021, a combination of factors such as the end of furlough, the reduction in Universal Credit and rising fuel prices, meant many people in our community were facing financial hardship. So, the Christmas campaign was launched again.
We were able to help more than 11,000 people
- 10,800 vulnerable people and families received a food parcel and voucher allowing them to make their own Christmas meal;
- 836 elderly residents received a warm meal, thoughtful gifts and handmade cards from local children;
- • 3,633 children also received brand new toys and gifts
- 250 specially tailored boxes were delivered to refugees living in temporary accommodation in our community.
This project would not have been possible without the support of our incredible army of volunteers and supporters.
## **6. Other Funding in 2021/22**
The K+C Foundation is keen to support work that encourages collaborations amongst frontline charities and partners in the borough for the benefit of local residents, and to test new ideas or models that tackle social issues facing our community. In 2021/22 we allocated some income to an **Innovation + Collaboration Fund,** in order to provide financial support to collaborations between two or more local organisations to address a community need, or pilot a new idea or way of working.
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**The Kensington + Chelsea Foundation**
Grants were made to five partnerships:
- Fire Cadets is an exciting youth engagement programme offering young people the opportunity to train with London Fire Brigade, gain a credible qualification and life skills they can use in the workplace.
- The Harrow Club, in partnership with Young Enterprise will offer 20 young people in the Chelsea Youth Club the opportunity to take part in the Company Programme. This programme empowers young people to set up and run a student company under the guidance of a business volunteer.
- • The Oppidan Foundation runs peer-mentoring programmes uniquely designed to raise individual aspirations in young people and to support those young people at risk, to realise their potential both in and out of school.
- The Next Step Foundation supports students from underprivileged backgrounds through the process of applying to selective UK universities.
- My Life Mix run by the Portobello Business Centre will offer a business start-up course designed specifically for women with caring responsibilities.
In September 2021, we launched the **Community Spirit Small Grants Fund –** an easily accessible fund to support events and activities that bring joy, hope and healing to the community after the challenges of the Covid-19 pandemic.
This funding is for one-off events and short-term projects such as cultural and celebration events, school holiday activities, workshops, sports sessions In 2021/22, 28 projects received grants of up to £1,000.
## **Sarah Hawkins Young Carers Fund**
The Kensington + Chelsea Foundation supports local resident, Alan Hutchison, to honour the memory of his wife Sarah Hawkins through a Young Carers Fund in her name. The fund provides financial assistance to support young carers to overcome adversity and to help them achieve their potential. In 2021/22 the fund provided £7,580 to support young adult carers with scholarships to attend Birmingham University.
## **OUR GRENFELL TOWER FUND**
The Grenfell Tower Fund was set up on the morning of the fire, 14 June 2017, to provide help for those who lived in Grenfell Tower, others directly impacted and the local community. Almost five years later the donations received after the tragedy continue to support local people. In 2021/22, 6,645 people in North Kensington benefited from our investments in local organisations and projects.
## **Green Shoots**
An easily accessible fund offering small grants for community projects, the Green Shoots fund came to an end in 2021/22. In its final year £43,100 was invested in 19 local projects.
## **Community Investment Programmes**
We continue to work with local residents and organisations to support longer term projects which will help the North Kensington community to rebuild and flourish. We are acting as a catalyst and encouraging partnerships which have the potential to significantly enhance local life. The fund is fully committed and in 2021/22 £206,128 was invested in 9 programmes.
The following organisations received grants from the Grenfell Community Development Fund during 2021/22:
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|**Organisation**|**Total grants**|**Organisation**|**Total**
**grants**|
|---|---|---|---|
|Abundance Arts|£4,800|North Kensington Youth Peoples Music
Academy|£2,500|
|Al-Hasaniya Moroccan Women's
Centre|£2,500|North Kensington Law Centre|£37,554|
|Citizens Advice K+C|£51,931|Our Needed Education (O.N.E.)|£500|
|Dadihiye Somali|£2,500|Rugby Portobello Trust|£2,400|
|Dalgarno Trust|£2,400|Progressay Impact CIC|£2,500|
|Dictating to the Estates / Special
Measures CIC|£1,500|Renegade Theatre|£12,000|
|Eat Club|£2,400|RISE Kids CIC|£10,000|
|Educational Events CIC|£2,500|St Clement & St James CDP|£25,000|
|Future Men|£10,000|St Clement St James School|£2,500|
|Harrow Club|£2,500|The Learning Club|£2,500|
|Kamitan Arts CIC|£2,500|W11 Children’s Opera Trust|£1,000|
|Gold and Ashes|£2,500|WAND UK|£2,500|
|Minds United F.C.|£9,643|West London Zone|£30,000|
|Morley College|£2,000|Westside Basketball|£2,500|
## **RAISING FUNDS, RESOURCES AND AWARENESS**
Local businesses, individuals and schools responded positively in 2021/22 to our work and this continuing commitment is of great importance to our long-term stability. We are extremely grateful to those who have continued to support us, including **John Armitage Charitable Trust, The Band Trust, Isabel and Jack Boyer, Cadogan, The Calleva Foundation, CHK Foundation, CMF Charitable Trust, DMGT, Glendower Preparatory School, Lady Edwina Grosvenor, The Grove Trust, Hollick Family Charitable Trust, Alan Hutchison, Kusuma Trust, B&J Lloyd Family Charitable Trust, LMAX Group, The Lockwood Charitable Foundation, The Martin Family Charitable Trust, Mitchell Charitable Trust, Elizabeth and Martin Morgan, Philip and Rebecca Muelder, Notting Hill Preparatory School, Paradise Family Annual Giving Fund, Julia and Hans Rausing, Rockspring Charitable Trust and Chris Rokos.**
We are also grateful to our Friends, Patrons and Champions for their support and for acting as our ambassadors in telling others about what we do.
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**The Kensington + Chelsea Foundation**
## **ENDOWMENTS**
We currently have three endowment funds, managed by the London Community Foundation, which are **Catalyst Housing** , **The Emily Hughes-Hallett Memorial Fund** and **Cadogan.** The investment income and growth from these endowments is used to support local charities.
## **OUR EXPANDING ROLE**
Our impact in Kensington + Chelsea cannot be measured through our fundraising activities alone. In addition to the key role we play in bringing in resources for charities so that they can tackle local issues, we also bring together organisations who are tackling common themes. Quarterly forums are held for holders of grants made through our priority programmes. These are well attended and valued by our partners.
## **OUR OVERHEADS**
We strive to keep our administrative costs as low as we can, recognising that our role has grown and that we are not simply a conduit for giving money but we are a catalyst for improving the borough through identifying special projects and bringing together the resources to tackle key local issues. With this in mind, we are particularly grateful to those who recognise the vital role we play in the borough by supporting our core costs. We particularly thank **Cadogan, The City Bridge Trust, Julia and Hans Rausing and also LMAX Group for supporting our report “Poverty and Prosperity in Kensington + Chelsea”.**
## **EVENTS**
Our events programme is important in raising awareness of local needs and bringing together our partners and friends across the borough. We were able to deliver several in person events, mainly in connection with the launch of our research - ‘Poverty + Prosperity in K+C’. We held six launch events, with individuals, businesses and trusts + foundations.
Our Give Where You Live fundraising campaign returned for a second year, with participation from local businesses. This campaign also included Tour de K+C, a cycling challenge for our corporate partners and a family treasure hunt. We also ran a stall at a Christmas lights switch on in Chelsea, organised by Cadogan.
We produced a film about our work during Covid-19 which was shared widely with our supporters.
## **OBJECTIVES ACHIEVED IN 2021/22 IN MEETING PUBLIC BENEFIT**
The Kensington + Chelsea Foundation meets its charitable objectives to provide public benefit by spotlighting local disadvantage and by raising funds and in-kind support from local individuals, schools and businesses, trusts and foundations to invest in selected local voluntary sector organisations which achieve significant impact in addressing local needs.
The trustees of the Kensington + Chelsea Foundation are aware of the Charity Commission’s guidance on public benefit and take it into account when implementing the organisation’s charitable objectives.
## **EVENTS SINCE THE YEAR-END AND PLANS FOR THE FUTURE**
Based on the findings of our research project we launched 3 new portfolios focused on reducing education inequalities; improving mental health and increasing skills and employment. Grants have been awarded to 19 organisations as part of the first two programmes.
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## **RESERVES POLICY**
Recognising the strategic risk of not securing sufficient funding to cover our core costs, trustees regularly monitor the Kensington + Chelsea Foundation’s financial position, seeking to ensure that sufficient reserves are on hand to cover our projected running costs for at least six months. We believe that this reserve is prudent and allows the charity to address its principal objectives of raising and distributing funds with confidence.
Beyond this contingency reserve, we favour the retention of additional uncommitted reserves where possible up to a maximum of three further months of running costs, both to provide security against fluctuations in income to cover core costs, and to offer the possibility of investment from time to time in the development of new projects. Trustees review this Reserves Policy once a year.
At 31 March 2022, of the £678,956 carried forward, £117,261 is unrestricted income held as a general reserve in terms of this policy, (this was briefly below 6 months due to a delayed payment which was received on April 5[th] 2022) while £561,695 is restricted for charitable giving. In addition, the ring-fenced Grenfell Tower Fund holds restricted funds of £209,052 which are committed to projects supported by the Grenfell Community Development Fund.
## **RISK MANAGEMENT**
During the year, the trustees have reviewed the risks which the Kensington + Chelsea Foundation is exposed to and the Risk Register is reviewed annually. The trustees are satisfied that all major risks have been identified and that appropriate internal controls are in place to mitigate against them.
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
To ensure that its responsibilities are met, the Board of Trustees has:
- Selected suitable accounting policies and applied them consistently.
- Prepared the financial statements on a going concern basis.
- Made judgements that are reasonable but also prudent.
- Ensured proper accounting records are kept.
- Regularly reviewed financial and operating performance.
- Followed applicable accounting standards, subject to any material departures disclosed and explained in the financial statements.
- Been responsible for safeguarding the assets of the Foundation, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Trustees on 15th November 2022 and signed on their behalf by:
Richard Briance
Chairman
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**The Kensington + Chelsea Foundation**
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE KENSINGTON + CHELSEA FOUNDATION
## **For the year ended 31st March 2022**
## **Opinion**
We have audited the financial statements of The Kensington + Chelsea Foundation (the ‘Charity’) for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
•give a true and fair view of the state of the Charity’s affairs as at 31 March 2022 and of its income and expenditure for the year then ended;
•have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
•have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 FRCʼs Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
•the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
•the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE K+C FOUNDATION**
## **For the year ended 31st March 2022 (continued)**
## **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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the Charity and environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- •sufficient accounting records have not been kept;
- •the financial statements are not in agreement with the accounting records and returns; or
- •we have not obtained all the information and explanations necessary for the purposes of our audit.
## **Responsibilities of the trustees**
As explained more fully in the trustees’ responsibilities statement, 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.
15
**The Kensington + Chelsea 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.
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.
This report is made solely to the Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
**Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG**
Date : 15/11/2022
16
## **The Kensington & Chelsea Foundation Statement of financial activities**
(incorporating an income and expenditure account)
## **For the year ended 31 March 2022**
|**Unrestricted**
**Funds**
**Note**
**£**
**Income from:**
Donations & grants
**2**
212,728
Charitable activities:
Grenfell Tower Fund
**3**
-
Events and Campaigns
**4**
-
Support, Education & Networking
**4**
35,248
Investments
**5**
458
**Total income**
**248,434**
**Expenditure on:**
**6**
Fundraising activities
47,953
**Charitable activities:**
Grenfell Tower Fund
-
Events and Campaigns
-
Other expenditure
271,212
**Total expenditure**
**319,165**
**Net income/ (expenditure) for the**
**year**
**7**
**(70,731)**
Transfers between funds
11,335
**(59,396)**
**Reconciliation of funds:**
Total funds brought forward
176,657
**Total funds carried forward**
**117,261**
**Net movement in funds**|**Restricted**
**Funds**
**£**
-
2,400
1,479,312
234,672
-
**1,716,384**
-
264,280
1,481,512
-
**1,745,792**
**(29,408)**
(11,335)
**(40,743)**
811,490
**770,747**|**Endowment**
**Funds**
-
-
-
6,640
-
**6,640**
-
-
-
-
**-**
**6,640**
-
**6,640**
-
**6,640**|**2022**
**Total**
**Funds**
**£**
**212,728**
**2,400**
**1,479,312**
**276,560**
**458**
**1,971,458**
**47,953**
**264,280**
**1,481,512**
**271,212**
**2,064,957**
**(93,499)**
**-**
**(93,499)**
**988,147**
**894,648**|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|
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.
17
## **The Kensington & Chelsea Foundation Balance sheet As at 31 March 2022**
|**Note**
**Current assets:**
**9**
**Liabilities:**
**10**
**12**
General Charitable Funds
Grenfell Tower Fund
Total restricted funds
Total unrestricted funds
**Funds**
General funds
**Total funds**
Unrestricted funds:
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)**
Debtors|**2022**
**£**
**1,234**
**955,484**|**2022**
**£**
**894,648**
**894,648**
**6,640**
**770,747**
**117,261**
**894,648**|2021
£
1,226
1,048,291|2021
£
988,147|
|---|---|---|---|---|
||**956,718**
**(62,070)**||1,049,517
(61,370)||
||**561,695**
**209,052**||340,558
470,932||
|||||988,147|
|||||-
811,490
176,657|
||**117,261**||176,657||
||||||
|||||988,147|
**15th November** ~~**2**~~ **022**
and signed on their behalf by:
**Richard Briance Chairman**
18
## **The Kensington & Chelsea Foundation Statement of cash flows For the year ended 31 March 2022**
|**Note**
**Cash flows from operating activities:**
**a**
**Cash flows from investing activities:**
Interest income
**458**
**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
1,048,291
**Total cash and cash equivalents**
**1,048,291**
**Net cash provided by / (used in)**
**operating activities**
At 1 April
2021
**Reconciliation of net income / (expenditure) to net cash flow**
**from operating activities**|**2022**
**£**
**(93,266)**
**458**
**(92,807)**
**1,048,291**
**955,484**
**2022**
**£**
**(93,499)**
**(458)**
**(8)**
**700**
**(93,266)**
Cash flows
£
(92,807)
**(92,807)**|836
£
-
**-**
Other
changes|2021
£
(615,506)
836|
|---|---|---|---|
||||(614,670)
1,662,961|
||||1,048,291|
||||2021
£
(656,360)
(836)
126
41,564|
||||(615,506)|
||||**£**
**955,484**
**At**
**31 March**
**2022**|
||||**955,484**|
19
## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2022**
## **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.
## **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.
## **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.
20
## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2022**
## **2 Income from donations & grants (Core Income)**
|Cadogan Estates
Julia and Hans Rausing
City Bridge Trust
RBKC Council
LMAX Group
Martin and Elizabeth Morgan
Richard and Lucille Briance
Kilfinan Trust
DMGT
Other Donations
Membership
Gift Aid
**Total**
**3**
**Charitable income-Grenfell Tower**
**Donations**
**Total**
Totals 2021
Donations made directly to The Kensington &
Chelsea Foundation
Totals 2021|£
75,000
50,000
42,500
-
20,000
10,000
5,000
1,000
1,000
6,978
-
1,250
**212,728**
288,500
£
-
**-**
-
Unrestricted
Funds
Unrestricted
Funds|£
-
-
-
-
-
-
-
-
-
-
-
**-**
39,144
£
2,400
**2,400**
46,089
Restricted
Funds
Restricted
Funds|£
-
-
-
-
-
-
-
-
-
-
-
-
**-**
-
£
-
**-**
-
Endowment
Funds
Endowment
Funds|**2022**
**Total Funds**
**£**
**75,000**
**50,000**
**42,500**
**-**
**20,000**
**10,000**
**5,000**
**1,000**
**1,000**
**6,978**
**-**
**1,250**
**212,728**
327,644
**2022**
**Total Funds**
**£**
**2,400**
**2,400**
46,089|2021
Total Funds
£
150,000
50,000
47,500
20,000
-
15,000
-
1,000
-
5,000
10,045
29,099|
|---|---|---|---|---|---|
||||||327,644|
||||||2021
Total Funds
£
46,089|
||||||46,089|
|||||||
21
## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2022**
## **4 Charitable Income (excluding Grenfell Tower Fund)**
|**Campaigns:**
£
**Winter Warmth**
Calleva Foundation
-
Julia and Hans Rausing Trust
-
RBKC
-
Hollick Family Foundation
-
Anonymous
-
Gift aid
-
Other donations
-
**Sub Total**
**-**
**Children & Young People**
Rockspring Charitable trust
-
DMGT
-
B & J Lloyd Family Charitable Trust
-
Anonymous
-
London Community Foundation (Endowment Funds
-
CMF Charitable Trust
-
The Martin Family Charitable Trust
-
Calleva Foundation
-
Glendower Preparatory School
-
Cadogan Estates
-
John Armitage Charitable Trust
-
Anonymous
-
Anonymous
-
LMAX Group
-
Gift Aid
Other donations
-
**Sub Total**
**-**
**Isolation & Loneliness**
Anonymous
-
LHA London
-
DMGT
-
Isabel and Jack Boyer
-
CMF Charitable Trust
-
London Community Foundation (Endowment Funds
-
Rockspring Charitable trust
-
Lockwood Charitable Foundation
-
Stanley Foundation
-
The Band Trust
-
CHK Foundation
-
Gift Aid
-
Other donations
-
**Sub Total**
**-**
Unrestricted
Funds|£
2,500
200,000
50,000
5,000
5,000
970
15,636
**279,106**
39,000
20,000
25,000
2,500
10,000
-
6,101
50,000
68,000
7,000
50,000
50,000
7,513
8,140
**343,254**
50,000
3,333
10,000
10,000
4,500
1,113
18,500
75,000
-
40,000
25,000
2,500
270
**240,216**
Restricted
Funds|£
-
-
-
-
-
-
-
**-**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**-**
-
-
-
-
-
-
-
-
-
-
-
-
-
**-**
Endowment
Funds|**2022**
**Total Funds**
**£**
**2,500**
**200,000**
**50,000**
**5,000**
**5,000**
**970**
**15,636**
**279,106**
**39,000**
**20,000**
**-**
**25,000**
**-**
**2,500**
**10,000**
**-**
**6,101**
**50,000**
**68,000**
**7,000**
**50,000**
**50,000**
**7,513**
**8,140**
**343,254**
**50,000**
**3,333**
**10,000**
**10,000**
**4,500**
**1,113**
**18,500**
**75,000**
**-**
**40,000**
**25,000**
**2,500**
**270**
**240,216**|2021
Total Funds
£
2,500
-
-
-
-
-
4,946|
|---|---|---|---|---|
|||||7,446
23,000
20,000
10,000
-
2,294
2,500
15,000
15,000
-
50,000
50,000
-
-
5,000
-
41,632|
|||||219,426
-
20,000
-
-
-
-
-
100,000
5,000
40,000
-
-
18,980|
|||||183,980|
22
## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2022**
|**Skills & Employment Campaign**
Rockspring Charitable Trust
-
The Grove Trust
-
The Grocers 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**
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**
Chris Rokos
**-**
LMAX Group
**-**
Mitchell Charitable Trust
**-**
Kusuma Trust
**-**
Tinsley Charitable Foundation
**-**
Gift aid
**-**
Individuals
**-**
**Sub Total**
**-**
**Total - Campaigns**
**-**
Unrestricted
Funds|12,500
-
10,000
2,500
100,000
-
-
-
**125,000**
37,581
65,000
31,575
6,110
**140,266**
-
-
-
-
-
-
-
-
**-**
50,000
162,000
35,000
82,443
-
5,828
16,200
**351,470**
**1,479,312**
Restricted
Funds|-
-
-
-
-
-
-
-
**-**
**-**
**-**
**-**
**-**
**-**
-
-
-
-
-
-
-
-
**-**
-
-
-
-
-
-
-
**-**
**-**
Endowment
Funds|**2022**
**Total Funds**
**12,500**
**-**
**10,000**
**2,500**
**100,000**
**-**
**-**
**-**
**125,000**
**37,581**
**65,000**
**31,575**
**6,110**
**140,266**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**50,000**
**162,000**
**35,000**
**82,443**
**-**
**5,828**
**16,200**
**351,470**
**1,479,312**|2021
Total Funds
-
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|
23
## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2022**
|**4**
**Charitable Income (excluding Grenfell Tower Fund)**
**(continued)**
£
**Other incomes:**
London Community Foundation (Cadogan)
-
London Community Foundation (Hughes Hallett)
-
Alan Hutchison-Sarah Hawkins Young Carers Fund
-
Louisa Lane Fox-Sarah Hawkins
-
JFR Charitable Trust-Sarah Hawkins
-
Ashendene Trust-Sarah Hawkins
-
Rayne Foundation-Sarah Hawkins
-
Anonymous
-
Philip and Rebecca Muelder
-
B&J Lloyd Family Charitable Trust
-
John Armitage Charitable Trust
-
Paradise Family Disability Fund
-
Anonymous
-
Other Donations
-
Gift Aid
-
**Other contributions from:**
Individuals (including membership)
12,454
Organisations
250
Corporates
1,541
Schools
-
Trusts and Foundations
18,265
Gift aid
2,739
-
**35,248**
**Grand Total**
**35,248**
-
**5**
**Income from investments**
£
Bank interest (Grenfell Tower Fund)
458
**Total**
458
-
Unrestricted
Funds
Totals 2021
Totals 2021
**Sub Total**
Unrestricted
Funds
Contributions to Cadogan Kensington & Chelsea
Foundation Endowment Fund|£
38,361
14,000
900
1,000
2,000
900
2,000
25,000
10,000
-
20,000
80,000
10,000
9,819
20,692
-
-
-
-
-
-
-
-
**234,672**
**1,713,984**
1,505,407
£
-
-
836
Restricted
Funds
Restricted
Funds|£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,640
**6,640**
**6,640**
-
£
-
-
-
Endowment
Funds
Endowment
Funds|**2022**
**Total Funds**
**£**
**38,361**
**14,000**
**900**
**1,000**
**2,000**
**900**
**2,000**
**25,000**
**10,000**
**-**
**20,000**
**80,000**
**10,000**
**9,819**
**20,692**
**-**
**12,454**
**250**
**1,541**
**-**
**18,265**
**2,739**
**6,640**
**276,560**
**1,755,872**
1,505,407
**2022**
**Total Funds**
**£**
**458**
**458**
836|2021
Total Funds
£
-
-
9,250
-
-
-
-
-
-
10,000
-
-
-
-
-
67,760
-
3,322
-
8,054
-
-|
|---|---|---|---|---|
|||||98,386|
|||||1,505,407|
|||||2021
Total Funds
£
836|
|||||836|
||||||
24
## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2022**
|**6a Analysis of expenditure**
**Current year**
**Events & Campaigns**
Winter Warmth Campaign
Children & Young People
Isolation & Loneliness
Skills & Employment
Covid-19 Appeal
Recover + Reconnect
Christmas Appeal
Innovation + Collaboration
Other Grants
**Grenfell Tower Fund**
Grants awarded
**Total donation and grants**
**awarded**
**Staff costs (see note 9)**
**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 2021|£
-
-
-
-
-
-
-
-
-
-
-
**Cost of**
**raising**
**funds**|**Charitable activities**|**Charitable activities**|**Charitable activities**|**2022**
**£**
**-**
**213,800**
**231,859**
**255,466**
**100,000**
**8,190**
**394,366**
**164,399**
**52,124**
**61,308**
**264,280**|2021
£
-
27,644
248,586
249,844
125,050
796,213
-
158,176
-
50,000
612,640|
|---|---|---|---|---|---|---|
|||£
-
-
-
-
-
-
-
-
-
264,280
Grenfell
Tower|£
213,800
231,859
255,466
100,000
8,190
394,366
164,399
52,124
61,308
-
Events &
Campaigns|£
-
-
-
-
-
-
-
-
-
Other
Expenses|||
||-
-
1,857
46,096
-
-
-
-
-
-
-
-
-|264,280
-
-
-
-
-
-
-
-
-
-
-
-|1,481,512
-
-
-
-
-
-
-
-
-
-
-
-|-
220,960
-
-
4,728
14,889
1,105
2,776
19,247
5,582
1,000
600
325|**1,745,792**
**220,960**
**1,857**
**46,096**
**4,728**
**14,889**
**1,105**
**2,776**
**19,247**
**5,582**
**1,000**
**600**
**325**|2,268,153
223,275
444
12,032
4,464
12,720
29
292
8,925
3,600
1,082
1,280
40|
||**47,953**|**264,280**|**1,481,512**|**271,212**|**2,064,957**|2,536,336|
||12,476|612,640|1,655,513|255,707|2,536,336||
Details of the grants awarded can be found in the Trustees' report.
Of the total expenditure £319,165 was unrestricted (2021: £268,183), £1,745,792 was restricted (2021: £2,268,153) and £0 (2021: 0) endowment.
25
## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2022**
|6b Analysis of expenditure
Prior year
Events & Campaigns
Winter Warmth Campaign
Children & Young People
Isolation & Loneliness
Skills & Employment
Covid-19 Appeal
Christmas Appeal
Other Grants
Grenfell Tower Fund
Grants awarded
Total donation and grants awarded
Staff costs (see note 8)
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|£
-
-
-
-
-
-
-
-
-
Cost of
raising|Charitable activities|Charitable activities|Charitable activities|2021
£
-
27,644
248,586
249,844
125,050
796,213
158,176
50,000
612,640|
|---|---|---|---|---|---|
|||£
-
-
-
-
-
-
-
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|
||12,476|612,640|1,655,513|255,707|2,536,336|
26
## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2022**
- **7 Net income / (expenditure) for the year**
This is stated after charging:
This is stated after charging: **2022** 2021 **£** £ Auditor's remuneration (excluding VAT) Audit work **3,000** 3,000
- **8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel**
|Staff costs were as follows:
Salaries and wages
Social security costs|**2022**
**£**
**199,124**
**17,348**
**4,488**|2021
£
197,987
20,857
4,431|
|---|---|---|
||**220,960**|223,275|
One employee earned between £60,000 to £70,000 during the year (2021: 1).
The total employee benefits including pension contributions of the key management personnel were £75,914 (2021: £74,708).
The charity trustees did not receive payment or any other benefits from their position with the charity in the year (2021: £nil). No trustees were reimbursed for expenses. No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).
## **Staff numbers**
The average number of employees (head count based on number of staff employed) during the year was 4.8 (2021: 4.5)
## **Pension scheme**
The charity operates defined contribution pension schemes.
## **9 Debtors**
|Other debtors
**10**
**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|**2022**
**£**
1,234|2021
£
1,226|
|---|---|---|
||**1,234**|1,226|
||**2022**
**£**
**6,070**
**6,000**
**50,000**|2021
£
5,720
5,650
50,000|
||**62,070**|61,370|
||**2022**
**£**
**50,000**
**(50,000)**
**50,000**|2021
£
10,000
(10,000)
50,000|
||**50,000**|50,000|
27
## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2022**
|**11**
**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
**12**
**Movements in funds**
£
**Endowment Funds**
**-**
**Restricted funds:**
General Charitable Funds
79,527
Winter Warmth Campaign
22,897
3,277
33,936
60,381
Covid-19 Appeal
6,719
Christmas Appeal
32,077
Recover + Reconnect
41,744
Innovation + Collaboration
60,000
**Sub Total**
**340,558**
**Grenfell Tower funds**
**470,932**
**Total restricted funds (Incl. Grenfell Tower)**
**811,490**
**Unrestricted funds:**
Total designated funds
**-**
General Funds
176,657
**Total unrestricted funds**
**176,657**
**Pension fund**
**-**
**Total funds**
**988,147**
Skills & Employment Campaign (including
Get into Tech North Kensington)
Isolation and Loneliness
At the start
of the year
Children & Young People|**11**
**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
**12**
**Movements in funds**
£
**Endowment Funds**
**-**
**Restricted funds:**
General Charitable Funds
79,527
Winter Warmth Campaign
22,897
3,277
33,936
60,381
Covid-19 Appeal
6,719
Christmas Appeal
32,077
Recover + Reconnect
41,744
Innovation + Collaboration
60,000
**Sub Total**
**340,558**
**Grenfell Tower funds**
**470,932**
**Total restricted funds (Incl. Grenfell Tower)**
**811,490**
**Unrestricted funds:**
Total designated funds
**-**
General Funds
176,657
**Total unrestricted funds**
**176,657**
**Pension fund**
**-**
**Total funds**
**988,147**
Skills & Employment Campaign (including
Get into Tech North Kensington)
Isolation and Loneliness
At the start
of the year
Children & Young People|Unrestricted
Funds
£
117,261|Restricted
Funds
£
770,747|Endowment
Funds
£
6,640|**Total**
**Funds**
**£**
**894,648**|
|---|---|---|---|---|---|
|||**117,261**|**770,747**|**6,640**|**894,648**|
|||Unrestricted
Funds
£
176,657|Restricted
Funds
£
811,490|Endowment
Funds
£
-|Total
Funds
£
988,147|
|||176,657|811,490|-|988,147|
|||£
6,640
Income|£
**-**
Expenditure|Transfers
£|**£**
**6,640**
**At the end**
**of the year**|
||79,527
22,897
3,277
33,936
60,381
6,719
32,077
41,744
60,000|234,672
279,106
343,254
240,216
125,000
-
140,266
351,470
-|(61,308)
(213,800)
(231,859)
(255,466)
(100,000)
(8,190)
(164,399)
(394,366)
(52,124)|(183,958)
-
50,000
120,000
1,471
1,152|**68,933**
**88,203**
**164,672**
**138,686**
**85,381**
**-**
**7,944**
**-**
**7,876**|
||**340,558**
**470,932**|**1,713,984**
**2,400**|**(1,481,512)**
**(264,280)**|**(11,335)**
**-**|**561,695**
**209,052**|
||**)**
**811,490**|**1,716,384**|**(1,745,792)**|**(11,335)**|**770,747**|
|||||||
||**-**|-|**-**|**-**|**-**|
||176,657|248,434|(319,165)|11,335|**117,261**|
||**176,657**|**248,434**|**(319,165)**|**11,335**|**117,261**|
|||||||
||**-**|-|**-**|**-**|**-**|
|||||||
||**988,147**|**1,971,458**|**(2,064,957)**|**-**|**894,648**|
28
## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2022**
|**The Kensington & Chelsea Foundation**
**Notes to the financial statements**
**For theyear ended 31 March 2022**||||||
|---|---|---|---|---|---|
|**13**
Movements in funds (prior period)
£
£
£
Endowment Funds
1,553
-
-
Restricted funds:
General Charitable Funds
79,997
137,530
(50,000)
Winter Warmth Campaign
43,095
7,446
(27,644)
Children & Young People
27,437
219,426
(248,586)
Isolation and Loneliness
99,800
183,980
(249,844)
Skills & Employment Campaign (including Get
22,381
154,151
(125,050)
Covid-19 Appeal
178,810
624,122
(796,213)
Christmas Appeal
-
190,253
(158,176)
Recover + Reconnect
-
27,643
-
Innovation + Collaboration
0
0
0
Sub Total
451,520
1,544,551
(1,655,513)
Grenfell Tower funds
1,037,483
46,089
(612,640)
Total restricted funds (Incl. Grenfell Tower)
1,489,003
1,590,640
(2,268,153)
Unrestricted funds:
Total designated funds
-
-
-
General Funds
153,951
289,336
(268,183)
Total unrestricted funds
153,951
289,336
(268,183)
Total funds
1,644,507
1,879,976
(2,536,336)
At the start
of the year
Income Expenditure|£
1,553
At the start
of the year|£
-
Income|£
-
Expenditure|Transfers
£
(1,553)|£
-
At the end
of the year|
|||||(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|
- **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. (2021: same).
## **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**
Transfers in/(out)
LCF management charges
Grants awarded
Investment gains/(losses)
Investment manager rebate (fee)
Donation income
Fund balance b/f
Investment income|Catalyst
Housing
Endowment
Fund
67,257
6,014
-
2,181
-
(1,143)
(1,113)
-|The Emily
Hughes-
Hallett
Endowment
Fund
£
98,991
-
-
142
2,626
(1,407)
(14,000)
-|Cadogan
Kensington
& Chelsea
Foundation
Fund
£
263,536
-
-
376
56,057
(2,045)
(38,361)
-|**Total**
**Funds**
**2022**
**£**
**429,784**
**6,014**
**-**
**2,699**
**58,683**
**(4,595)**
**(53,474)**
**-**|Total
Funds
2021
£
352,417
12,176
-
581
71,281
(4,376)
(2,294)
-|
||**73,196**|**86,352**|**279,563**|**439,111**|429,784|
29