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← The Onside Foundation

2024-03-31-accounts

Charity number: 1157252

THE ONSIDE FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

THE ONSIDE FOUNDATION

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 6
Independent Auditor's Report on the Financial Statements 7 - 10
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cash Flows 13
Notes to the Financial Statements 14 - 26

THE ONSIDE FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees WR Warburton MBE, Chair
CW Holroyd CBE DL
WGR Lees-Jones
Charity registered
number
1157252
Principal office
Atria
Spa Road
Bolton
BL1 4AG
Independent auditor
Crowe U.K. LLP
3rd floor
56 Peter St
Manchester
M2 3NQ
Bankers
Handelsbanken
6 The Courtyard
Calvin Street
Bolton
BL1 9PB
Solicitors
Bates Wells
10 Queen Street Place
London
EC4R 1BE
Investment Managers
Waverton Investment Management
16 Babmaes Street
London
SW1Y 6AH

Page 1

THE ONSIDE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 October 2019).

AIMS AND ACTIVITIES

Objectives and aims

The Charity’s objects are to apply funds at its discretion (including through the making of donations or grants to other charitable organisations) in order to help and educate children and young people through their leisure time activities by realising their potential in order that they may grow to full maturity as individuals and members of society and that their life chances may improve.

The scope and function of the Foundation includes receiving grants from other donors (for example, the UBS Optimus Foundation, the Garfield Weston Foundation, the Seroussi Foundation and The Liz and Terry Bramall Foundation). External funders make their grants to the Foundation which then include such monies in a composite grant to individual Youth Zone projects that are under development (in the case of the 2023/24 accounts, this includes Hammersmith and Fulham Youth Zone, Barnsley Youth Zone, Grimsby Youth Zone and South Bristol Youth Zone). Certain operating Youth Zones also received revenue donations to support their running costs. The Trustees recognise that in future years the Foundation will continue to manage the flow of funds into multiple projects.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The key criteria used to assess the success of the Foundation comprise:

In 2023/24, the Charity's main achievements were:

•Securing a total of £2.4m of income for developing a number of new and existing Youth Zone projects across the country, as well as supporting the growth and development of OnSide Youth Zones (‘OnSide’) to further increase the pace and quality of its own ambitions in expanding the Network. The amounts raised during the year included the following:

•£1,000,000 for various capital projects

•There was no specific support provided to OnSide (Charity No. 1125893 Company No. 06591785) in 2023/24 as the charity was able to fund all of its plans and obligations from its own management fees and fund raising efforts.

The extent of support provided to OnSide was in line with our plans and, although no specific target is set for the total funds raised, the level achieved was broadly in line with expectations.

Page 2

THE ONSIDE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

In July 2022, the Trustees, in recognition of a changed strategy to undertake a managed wind down of the Foundation, introduced The OnSide Foundation Impact Fund (‘the Impact Fund’) which was made available for the distribution of grants to individual Youth Zones or Network wide collaborations, to support capital or revenue projects that grow and improve the OnSide Network’s offer to young people. The first tranche of such grants totalling £1.0m for three projects was confirmed during 2022/23, while emergency sustainability grants totalling £0.75m were also awarded to two Youth Zones. A second tranche of Impact Fund grants totalling £3.3m was approved in 2023/24 thereby utilising a significant proportion of the Foundation’s existing unrestricted funds, with grants to be made over the period to November 2026 (or until the Impact Fund is depleted).

FINANCIAL REVIEW

Investment powers and policy

Under the Trust Deed, the Charity has the power to deposit or invest funds in a manner which the trustees see fit. Investments are made where required to further the aims and objects of the charity. During the year, the Charity continued to hold specific managed investments to be held for the medium term with the total amount currently invested of £5.7m. A new investment policy has been agreed by the Trustees during the year as noted below and the Foundation Investment Committee (now comprising Mr.W.R. Warburton and Mr.W.G.R. LeesJones) met three times formally during the year ended 31 March 2024 but have held informal discussions on a regular basis. In the future it is envisaged that an appropriate proportion of the Foundation’s assets will be held in cash in order to meet the Charity’s commitments to support OnSide and the existing Youth Zone Network.

During 2023/24, the Trustees appointed Waverton Investment Management to manage the Foundation’s investment portfolio. Steps were taken to liquidate the existing investments and embark on a new corporate bond strategy linked to the revised time horizon in the Foundation’s current plans.

Reserves policy

The Trustees have established a reserves policy, in line with the Charity Commission's guidance, which appropriately reflects the risks to which the Charity is exposed. In compliance with this policy, the Trustees review, at least on an annual basis, the sum which they wish to hold in unrestricted funds and the basis for that figure. The reserves policy considers ongoing fixed costs, possible unforeseen capital and revenue funding requirements and potential fluctuations in longer term investment balances and income. It does not consider expenditure linked to restricted projects which are covered by restricted funds. As part of this policy, the Trustees may also, from time to time, designate specific amounts of unrestricted funds for particular purposes such as commitments to support the running costs of OnSide, such that ‘free reserves’ are reduced.

At 31 March 2024 total unrestricted funds were £6.20m. However, of this amount £3.86m has already been committed by way of future grants payable to OnSide and the Youth Zone Network. A further £0.6m has been designated by the Trustees for specific purposes. This effectively leaves free reserves of approximately £1.7m, which the Trustees believe is more than sufficient to meet the Foundation's current requirements.

Going concern

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern. In light of the Foundation’s strong balance sheet and liquidity position, the Trustees are confident that the Charity will be able to operate for the foreseeable future and, therefore, have prepared the financial statements on a going concern basis.

Financial position

A summary of the income and expenditure for the year ended 31 March 2024 is as follows:

The Foundation generated total income of £2.42m in 2023/24, incurred expenditure of £2.40m and generated an unrealised gain on investments of £0.19m during the year, resulting in a net surplus of £0.21m. Closing fund balances at 31 March 2024 totalled £9.35m, of which £3.65m was represented by cash balances (less creditors) and the investments were valued at £5.70m.

Page 3

THE ONSIDE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Principal funding sources (and fundraising statement)

The Trustees record their thanks to all those grant funders who have made donations, or cited their commitment, to support the work of the Charity. The generosity and confidence demonstrated by those individuals and organisations backing The OnSide Foundation and OnSide is a huge source of encouragement for all involved in the Charity. Special thanks are extended to strategic funders who committed capital and revenue funding this year, which included the Seroussi Foundation (in partnership with UBS Optimus Foundation), together with the Garfield Weston Foundation and The Liz and Terry Bramall Foundation.

The Foundation's fundraising activities are carried out by OnSide on its behalf. The approach to fundraising and compliance with fund raising regulations and code of practice are set out in OnSide's Trustees' Report and Financial Statements.

PLANS FOR FUTURE PERIODS

In the period subsequent to 31 March 2024, The OnSide Foundation has already, or aims in the future, to:

•Complete the grant offers to approved Youth Zone projects including those in Hammersmith and Fulham, Grimsby, Barnsley and South Bristol.

•Work with OnSide and its supporters in order to secure further capital funds for the expansion of the OnSide Youth Zones Network;

•Develop and implement Grant Agreements with future Youth Zones in order to strengthen the relationship between The OnSide Foundation and future Youth Zones for the benefit of the OnSide Network of Youth Zones and the young people they serve;

•Explore opportunities to secure funds that may be applied, by way of grant, by the Trustees towards the revenue requirements of Youth Zones in the OnSide Network.

PUBLIC BENEFIT AND VOLUNTEERS’ CONTRIBUTION

Public Benefit

All the activities of the Charity (as summarised above) were undertaken to further its charitable purposes for public benefit.

The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Volunteers

Throughout the period all members of the board of Trustees made valuable voluntary contributions to the Charity's work in terms of governance, professional and business experience, financial planning, fundraising and leading initiatives. Such contributions were, on average, equivalent to one full day each calendar month.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The OnSide Foundation is an unincorporated charitable trust (Charity No. 1157252) currently with three trustees; Ross Warburton (Chair), Bill Holroyd and Will Lees-Jones. The charity is governed by its Trust Deed dated 24 March 2014. Management of the Charity's affairs is vested in the Trustees.

Recruitment and appointment of trustees

New trustees will be recruited according to the needs of the charity and the suitability of possible candidates. A unanimous approval of existing Trustees would lead to their appointment.

The Trust Deed states that the number of trustees shall have no maximum and shall not be less than three. As set out in the Trust Deed, no business shall be conducted at a meeting of the trustees unless they are present throughout the meeting: a quorum of at least two trustees is required.

Page 4

THE ONSIDE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Trustees’ induction and training

Newly appointed trustees are selected with regard to the skills, knowledge and experience needed for the effective administration of the charity. New trustees will be supplied with a copy of the Trust Deed, and any amendments made to it, and a copy of the Charity's latest report and statement of accounts.

Organisational structure

The OnSide Foundation is governed by its Trustee Board which is responsible for setting the strategic direction of the organisation and the policy of the charity. The Trustees carry the ultimate responsibility for the conduct of The OnSide Foundation and for ensuring that the charity satisfies its legal and contractual obligations. The Trustees are required to hold at least two ordinary meetings each year with at least one held face to face, but other meetings may take place in the form of videoconferencing as the Trustees decide, provided that the form chosen enables the Trustees both to see and to hear each other. In reality, five meetings were held during the year ended 31 March 2024, with one held face to face and the other four held by videoconferencing. A further two meetings were held to specifically cover Impact Fund grant applications. The Trustees delegate the day to day operation of the organisation to senior management of OnSide, together with an external consultant who supports the Trustee Board. The Trustee Board is independent from management.

Related parties

Transactions with related parties will be disclosed in a note to the financial statements and in accordance with Charities SORP (FRS102).

Risk management

The Trustees have considered the major risks to which the Charity is exposed and have established suitable risk management and control procedures. The risk register is presented to the Trustees for consideration at each Board Meeting. The Charity’s principal risks currently relate to the impact of a general deterioration of the wider financial climate on the ability to raise funds and the potential reputational damage from the poor performance or failure of a Youth Zone. The Trustees continue to review and update these risks on a regular basis and ensure ,wherever possible, that mitigating actions are in place. However, as noted above, in view of the strong balance sheet and liquidity position of the Foundation, the Trustees do not anticipate any major impact from the various identified risks on the Foundation’s operations in the foreseeable future.

TRUSTEES’ RESPONSIBILITIES IN RELATION TO FINANCIAL STATEMENTS

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed require the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and of the Income and expenditure of the Charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

THE ONSIDE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT AS TO DISCLOSURE TO OUR AUDITORS The Trustees confirm that so far as they are aware, there is no relevant audtt infomiation for which the Charity's auditors are unaware. The Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit infomiation and to establish that the Charity's auditors are aware of that information. AUDITORS A resolution to reappoint Crowe U.K. LLP will be proposed at the Annual General Meeting. Approved by order of the members of the board of Truslees on 18 November 2024 and s￿ned on their behalf by.. WR Warburton MBE Chair Page 6

THE ONSIDE FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ONSIDE FOUNDATION

Opinion

We have audited the financial statements of The OnSide Foundation (the 'charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

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 United Kingdom, including the Financial Reporting Council's 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

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 7

THE ONSIDE FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ONSIDE FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. 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

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees 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.

Page 8

THE ONSIDE FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ONSIDE FOUNDATION (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 legislation.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience, through discussions with the Trustees, and from inspections of the Charities' board minutes and legal and regulatory correspondance. We discussed the policies and procedures regarding compliance with laws and regulations with the Chair.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management from relevant parts of the business to understand where management considered there was a susceptibility to fraud. We also considered the potential for management to manage earnings and influence the perceptions of the financial statements.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the timing of recognition of income.

Audit procedures performed by the engagement team included:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

Page 9

THE ONSIDE FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ONSIDE FOUNDATION (CONTINUED)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherant limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor 3rd floor

56 Peter St Manchester M2 3NQ

13 December 2024

Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

THE ONSIDE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Note
Income from:
Donations and legacies
3
Fundraising
4
Investments
5
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net (expenditure)/income before net
gains/(losses) on investments
Net gains/(losses) on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
72
-
87,935
88,007
1,489,088
1,489,088
(1,401,081)
185,802
(1,215,279)
7,418,972
(1,215,279)
6,203,693		 Restricted
funds
2024
£
2,331,389
-
-
2,331,389
909,445
909,445
1,421,944
-
1,421,944
1,726,993
1,421,944
3,148,937		 Total
funds
2024
£
2,331,461
-
87,935
2,419,396
2,398,533
2,398,533
20,863
185,802
206,665
9,145,965
206,665
9,352,630		 Total
funds
2023
£
2,422,672
25,000
69,495
2,517,167
5,363,084
5,363,084
(2,845,917)
(863,306)
(3,709,223)
12,855,188
(3,709,223)
9,145,965

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 14 to 26 form part of these financial statements.

Page 11

THE ONSIDE FOUNDATION

BALANCE SHEET AS AT 31 MARCH 2024

2024 2023
Note £ £
Fixed assets
Investments 10 5,704,224 4,792,331
5,704,224 4,792,331
Current assets
Cash at bank and in hand 15 3,719,233 4,362,776
3,719,233 4,362,776
Creditors: amounts falling due within one
year		 11 (70,827) (9, 142)
Net current assets 3,648,406 4,353,634
Total assets less current liabilities 9,352,630 9,145,965
Total net assets 9,352,630 9,145,965
Charity funds
Restricted funds 12 3,148,937 1,726,993
Unrestricted funds 12 6,203,693 7,418,972
Total funds 9,352,630 9,145,965

The financial statements were approved and authorised for issue by the Trustees on 18 November 2024 and signed on their behalf by: b . ms <S"')__

WR Warburton MBE Chair

The notes on pages 14 to 26 form part of these financial statements.

Page 12

THE ONSIDE FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Cash flows from operating activities
Net cash used in operating activities (Note 14)
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of investments
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Net cash provided by financing 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
The notes on pages 14 to 26 form part of these financial statements		 2024
£
(5,387)
87,935
(726,091)
(638,156)
-
(643,543)
4,362,776
3,719,233		 2023
£
(3,094,405)
69,495
-
69,495
-
(3,024,910)
7,387,686
4,362,776

Page 13

THE ONSIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. General information

The OnSide Foundation is an unincorporated charity, registered in England and Wales. Further details are included in the Reference and Administrative Details page at the start of these financial statements.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The OnSide Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern. In light of the Foundation’s strong balance sheet and liquidity position, the Trustees are confident that the Charity will be able to operate for the foreseeable future and, therefore, have prepared the financial statements on a going concern basis.

They do not consider that there are any material uncertainties in respect of using the going concern basis.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Page 14

THE ONSIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.

2.6 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 institution with whom the funds are deposited.

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.8 Cash at bank and in hand

Cash at bank and 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.

Page 15

THE ONSIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.10 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.12 Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:.

The trustees consider that there are currently no significant estimates or areas of judgemental uncertainty.

Page 16

THE ONSIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3. Income from donations and legacies

Unrestricted
funds
2024
£
Donations
72
Grants
-
72
Unrestricted
funds
2023
£
Donations
72
Grants
1,548,000
1,548,072		 Restricted
funds
2024
£
50,000
2,281,389
2,331,389
Restricted
funds
2023
£
-
874,600
874,600		 Total
funds
2024
£
50,072
2,281,389
2,331,461
Total
funds
2023
£
72
2,422,600
2,422,672

4. Income from other trading activities Income from fundraising events

Gift Aid
Restricted
funds
2023
£
Gift Aid
25,000		 Total
funds
2024
£
-
Total
funds
2023
£
25,000

Page 17

THE ONSIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. Investment income

Unrestricted
funds
2024
£
Bank Interest
87,935
Unrestricted
funds
2023
£
Bank Interest
69,495		 Total
funds
2024
£
87,935
Total
funds
2023
£
69,495

6. Analysis of grants

Grants to OnSide Youth Zones
Grants to Wirral Youth Zone
Grants to Wolverhampton Youth Zone
Grants to Hammersmith & Fulham Youth Zone
Grants to Warrington Youth Zone
Grants to East Manchester Youth Zone
Grants to Carlisle Youth Zone
Grants to Barnsley Youth Zone
Grants to Manchester Youth Zone
Grants to Blackburn Youth Zone
Grants to Chorley Youth Zone
Grants to Barnet Youth Zone
Grants to Barking & Dagenham Youth Zone
Grants to BLGC
Grants to Mahdlo Youth Zone
Grants to Croydon Youth Zone		 Grants to
Institutions
2024
£
538,475
146,667
199,699
70,000
172,107
14,244
49,408
200,000
220,060
61,710
107,297
55,000
60,616
17,916
34,542
420,000
2,367,741		 Total
funds
2024
£
538,475
146,667
199,699
70,000
172,107
14,244
49,408
200,000
220,060
61,710
107,297
55,000
60,616
17,916
34,542
420,000
2,367,741

Page 18

THE ONSIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

As at 31 March 2024 the Charity had committed to grants of value up to £3.862m subject to the conditions attached to the grants being fulfilled.

Support of OnSide Youth Zones
Grants to Wolverhampton Youth Zone
Grants to Barnet Youth Zone
Grants to Barking & Dagenham Youth Zone
Grants to Croydon Youth Zone
Grants to Hammersmith & Fulham Youth Zone
Grants to Bolton Lads and Girls Club
Grants to Warrington Youth Zone		 Grants to
Institutions
2023
£
1,217,000
250,000
248,000
3,009,139
146,156
161,000
275,000
28,000
5,334,295		 Total
funds
2023
£
1,217,000
250,000
248,000
3,009,139
146,156
161,000
275,000
28,000
5,334,295

7. Analysis of expenditure by activities

Grants to OnSide Youth Zones
Grants to Youth Zone Projects
Administrative costs
Support of OnSide Youth Zones
Grants to Youth Zone Projects
Administrative costs		 Grant
funding of
activities
2024
£
538,475
1,829,266
-
2,367,741
Grant
funding of
activities
2023
£
1,217,000
4,117,295
-
5,334,295		 Support
costs
2024
£
-
-
30,792
30,792
Support
costs
2023
£
-
-
28,789
28,789		 Total
funds
2024
£
538,475
1,829,266
30,792
2,398,533
Total
funds
2023
£
1,217,000
4,117,295
28,789
5,363,084

Page 19

THE ONSIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Governance costs
Governance costs
Auditor's remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above		 Admin
costs
2024
£
30,792
Distribution
of
Kensington
Palace
Fundraising
income
2023
£
28,789
2024
£
6,000
1,584		 Total
funds
2024
£
30,792
Total
funds
2023
£
28,789
2023
£
4,800
1,440

8. Auditor's remuneration

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .

Page 20

THE ONSIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Fixed asset investments

Cost or valuation
At 1 April 2023
Additions
Revaluations
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Listed
investments
£
4,792,331
726,091
185,802
5,704,224
5,704,224
4,792,331

11. Creditors: Amounts falling due within one year

Trade creditors
Accruals and deferred income		 2024
£
63,243
7,584
70,827		 2023
£
2,902
6,240
9,142

Page 21

THE ONSIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Youth Zone Network Donor
Fund
General funds
OnSide Youth Zones
Total Unrestricted funds
Restricted funds
OnSide Youth Zones
Development
OnSide Youth Zones
Hammersmith & Fulham
London
Grimsby
Warrington
Barnsley
Bristol
Total of funds		 Balance at 1
April 2023
£
619,000
6,799,972
7,418,972
1,000,000
6,600
-
80,001
230,548
143,844
116,000
150,000
1,726,993
9,145,965		 Income
£
-
88,007
88,007
1,000,000
429,000
50,000
-
207,389
-
645,000
-
2,331,389
2,419,396		 Expenditure
£
-
(1,489,088)
(1,489,088)
-
(435,600)
(50,000)
(80,001)
-
(143,844)
(200,000)
-
(909,445)
(2,398,533)		 Gains/
(Losses)
£
-
185,802
185,802
-
-
-
-
-
-
-
-
-
185,802		 Balance at
31 March
2024
£
619,000
5,584,693
6,203,693
2,000,000
-
-
-
437,937
-
561,000
150,000
3,148,937
9,352,630

Page 22

THE ONSIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Statement of funds (continued)

Designated funds consist of the following:

Youth Zone Network Donor Fund - the Trustees have agreed to designate £619,000 of the unrestricted funds which were initially provided by two donors to underwrite support costs for OnSide Youth Zones but will now be used for grants to benefit the Youth Zone Network as specifically agreed between the donors and the Trustees.

Restricted funds consist of the following:

Individual Youth Zones - Funding to be applied solely to the specific Youth Zone listed OnSide Youth Zones Development - Funding to support the development of new Youth Zones. OnSide Youth Zones - Funding to support running costs of OnSide.

Page 23

THE ONSIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Youth Zone
Network Donor
Fund
General funds
OnSide Youth
Zones
Total
Unrestricted
funds
Restricted
funds
OnSide Youth
Zones
Development
East Manchester
OnSide Youth
Zones
Hammersmith &
Fulham
Kensington
Palace
London
Grimsby
Warrington
Barnsley
Bristol
Individual
Donations -
CMC		 Balance at
1 April 2022
£
-
8,120,500
8,120,500
1,000,000
136,000
-
2,585,889
198,250
80,001
230,548
290,000
124,000
-
90,000		 Income
£
-
1,617,567
1,617,567
-
-
204,600
250,000
-
-
275,000
-
20,000
150,000
-		 Expenditure
£
-
(1,455,789)
(1,455,789)
-
(136,000)
(198,000)
(2,835,889)
(198,250)
-
(275,000)
(146,156)
(28,000)
-
(90,000)		 Transfers
in/out
£
619,000
(619,000)
-
-
-
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
(863,306)
(863,306)
-
-
-
-
-
-
-
-
-
-
-		 Balance at
31 March
2023
£
619,000
6,799,972
7,418,972
1,000,000
-
6,600
-
-
80,001
230,548
143,844
116,000
150,000
-

Page 24

THE ONSIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Statement of funds (continued)

Statement of funds - prior year (continued)

Balance at
Balance at Transfers Gains/ 31 March
1 April 2022 Income Expenditure in/out (Losses) 2023
£ £ £ £ £ £
4,734,688 899,600 (3,907,295) - - 1,726,993
Total of funds 12,855,188 2,517,167 (5,363,084) - (863,306) 9,145,965
Analysis of net assets between funds
Analysis of net assets between funds - current period
Unrestricted Restricted Total
funds funds funds
2024 2024 2024
£ £ £
Fixed asset investments 5,704,224 - 5,704,224
Current assets 570,295 3,148,938 3,719,233
Creditors due within one year (70,827) - (70,827)
Difference 1 (1) -
Total 6,203,693 3,148,937 9,352,630
Analysis of net assets between funds - prior period
Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Fixed asset investments 4,792,331 - 4,792,331
Current assets 2,635,783 1,726,993 4,362,776
Creditors due within one year (9,142) - (9,142)
Total 7,418,972 1,726,993 9,145,965

13. Analysis of net assets between funds

Page 25

THE ONSIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement of Financial
Activities)
Adjustments for:
(Gains)/losses on investments
Dividends, interests and rents from investments
Increase/(decrease) in creditors
Net cash used in operating activities		 2024
£
206,665
(185,802)
(87,935)
61,685
(5,387)		 2023
£
(3,709,223)
863,306
(69,495)
(178,993)
(3,094,405)

15. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2024
£
3,719,233
3,719,233		 2023
£
4,362,776
4,362,776

16. Analysis of changes in net debt

Cash at bank and in hand At 1 April
2023
£
4,362,776
4,362,776		 Cash flows
£
(643,543)
(643,543)		 At 31 March
2024
£
3,719,233
3,719,233

17. Related party transactions

During the year the Charity made grants to OnSide Youth Zones, a charity which has a trustee in common with the Foundation. The value of grants paid in the year was £538,475 (2023: £1,217,000).

In accordance with best practice pertaining to related party transactions published by the Charities Commission and following legal advice, where a conflict of interest was perceived to exist, trustees recused themselves from voting.

Page 26