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2022-03-31-accounts

Charity registration number 1164523

Company registration number 09497463 (England and Wales)

ONE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

ONE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees D Moore (Resigned 31 August 2021)
M Larizadeh (Resigned 4 May 2021)
I Lewer (Resigned 4 February 2022)
D Pyper
M Lennard (Chair)
T E Barrett
W R L Olmi
M Stennett
C Pugh
Samantha Campbell-Springer (Appointed 1 September 2021
and resigned 24 October 2022)
Charity number 1164523
Company number 09497463
Principal address 21 Church Lane
Tooting
London
SW17 9PW
Registered office 21 Church Lane
Tooting
London
SW17 9PW
Auditor Clarkson Hyde LLP
3rd Floor
Chancery House
St Nicholas Way
Sutton
Surrey
SM1 1JB

ONE TRUST CONTENTS

Page
Trustees' report 1 - 9
Independent auditor's report 10 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 26

ONE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report and financial statements for the year ended 31 March 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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 2015)”

Objectives and activities

The Company has been established for public benefit to:

There has been no change to these objectives and activities during the period whilst the vision and mission for One Trust as an organisation translate these objectives into a longer-term strategy, namely:

The One Trust Vision

To deliver outstanding and inspiring services and opportunities to people with learning disability and their families enabling them to realise their aspirations and enjoy broad and fulfilling lives.

Our Mission

Providing outstanding service, opportunity, therapy, and respite to individuals with learning disability and their families.

Nurturing a community of open partnership with families and supporters via an inspired, valued, agile and specialised workforce, and the embracement of research and development. This results in the ultimate provision of personalised support.

Innovative, safe, proactive, flexible; dedicated to inclusivity and equality, One Trust inspires.

Services

On a day-to-day basis, these objectives are delivered by One Trust through a broad range of social and personal care services, including mealtime and personal care support, and managed health conditions. One Trust also provides a range of therapies, often in partnership with learning disability NHS community teams. Therapies include music, hydrotherapy, physiotherapy, massage, music therapy and speech, and language. The Charity also provides a wide range of developmental and cultural activities such as music, art, crafts, cycling, swimming, walking, multi-sensory interaction, horticulture, cooking, and daily trips within the local community and to local and regional attractions.

One Trust runs a service for those with Profound Multiple Learning Disability PMLD from an adapted, state of the art building in Tooting. During the year 2019, One Trust agreed a revised 4-year concession contract extension with Wandsworth Borough Council (WBC), thereby securing use of the flagship site in Tooting. Services are also delivered from three social bases within the Borough of Wandsworth, these are shared community spaces encouraging attendees to integrate with their local communities. One Trust provides hydrotherapy services for those with PMLD at the Sutton Inclusion Centre. Transport is provided by six minibuses and one wheelchair accessible people carrier, all controlled by One Trust. The transport provision helps service users access the service sites and engage in activities at various locations during the day. One Trust has continued to develop a range of online services to enable individuals’ remote access from home. This offering serves to connect people with a broader network of peers and provides meaningful structure and a range of activities that would not be on offer where people live.

One Trust works with several people requiring behavioural support and the service has an excellent track record of meeting the needs of individuals on the Autistic Spectrum (ASD). The service delivers well thought out programmes and physical environments that suit those that sometimes struggle with busy settings. One Trust recognises the growing need for services suitable for people requiring behavioural support and is strategically focused on developing leading edge provision and capacity in this area over the next 18-months.

ONE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Support provided by One Trust is proactive and responsive, and looks to enhance the life experiences of those using the service. To ensure smooth transitions into adult life, as well as coordinating the successful delivery of care and support to everyone, One Trust provides a dedicated referral and care management function. This resource supports people and their family with a range of issues such as care planning, funding, referrals, and health intervention and is intended to minimise feelings of isolation often experienced by families. One Trust’s approach to family support is attentive and often prevents small issues from escalating, as well as unnecessary intrusions from NHS and Social Services professionals.

Whilst the service’s primary function is to meet the needs of adults with learning disability, the service is also a valuable source of respite for family carers. Carers benefit from knowing that their sons and daughters are well cared for and safe. This enables family members to maintain employment and helps them to take time out to attend to their own needs. The respite function of One Trust directly supports family carers to maintain caring responsibilities as well as prolonging family living arrangements. One Trust is keen to develop services that are responsive to the needs of individuals and their families and carers, an example of which is the provision of weekday evening and weekend respite. One Trust also deploys a carer liaison team. The team, who are carers themselves, support families with a range of tasks, aimed at supporting carers to continue with their caring responsibilities and affording them time to meet their own needs.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance Financial review

Income derives from five main sources:

The various streams ensure diversity of income across commissioning boards and individuals. Our total income for the year 2021/22 was £2,895,013 (2020/21: £3,425,245), including £95,640 (2020/21 £717,478) from the CJRS. Income generated from charitable activities totalled £2,796,811, up 3.29% from the £2,707,602 generated in 2020/21.

Total expenditure on charitable activities was £3,101,777 (2020/21 £3,636,163, including redundancy costs of £510,500). One Trust’s cash position decreased over the year, with £471,105 of cash and cash equivalents held at 31 March 2022 (2021: £828,607). The reasons for the £357,502 decrease in total cash are lower income received through CJRS, a re-negotiated concession contract with WBC, and pension strain payments related to the redundancies in 2020/21.

Overall results this year show a deficit of £207,308 (2021: deficit of £211,466).

Total unrestricted funds of £751,817 were held at 31 March 2022 (2021: £959,125). This includes £260,000 set aside by Trustees in accordance with One Trust’s strategic objective to generate much needed capacity to both support more people with PMLD and develop a standalone service for people benefitting from behavioural support. Primarily these designated funds will be used to deliver additional building capacity and associated refurbishment, to ensure additional spaces used by One Trust are fit for purpose.

Strategy

Despite the disruption of the pandemic, we have remained committed to our strategic objectives and, following a period of consolidation, we are now actively pursuing a revised 2 to 4 year strategy to capitalise on identified areas of growth. This will see One Trust fill a void in provision for people with complex needs, relating to people on the autistic spectrum and those requiring behavioural support. We remain committed to broadening our social impact and plan to do this through refining our provision, so that we can influence commissioners, providers, and other stakeholders by sharing our quality framework and outstanding service blueprint.

ONE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Our strategy 2022-25 strategy focuses on several areas.

COVID-19

Our response and its impact

Our leadership team, supported by Trustees, has continued to respond to the challenges and disruption caused by the pandemic, to secure the future and reputation of the charity. Our Board’s primary concerns have been;

One Trust initially played a vital role in the national response to the COVID-19 crisis. We support vulnerable adults with profound and multiple learning disability and those requiring behavioural support, many of whom live with parent carers. The Board and executive thoroughly assessed the risk of closing the service against the risk of COVID-19. It was agreed that the risk of not providing onsite provision and respite would have resulted in an unacceptable impact on the vulnerable people and families we support. It is clear, following numerous accounts of the negative impact of isolation during the pandemic, that the decision of the Board to continue to deliver in person support during the crisis was the correct one. As an organisation, this has bolstered our good reputation and strengthened our relationships with partners and families.

Whilst the impact of the pandemic has lessened, and life has mostly returned to normal, One Trust still observes recommended infection control practices due to the vulnerable position of many service users. We continue to follow government and Public Health England guidance, drawing on the advice given to care homes. One Trust made a significant investment of people, time, and money to adapt to the challenges faced by both the organisation and the people and families reliant on One Trust provision.

ONE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Since the beginning of 2022, we have seen a significant shift in how the business is run and we have been able to reinstate normal working practices. This has also allowed us to revisit strategic objectives and pursue and deliver these in earnest

To a large degree, many of the support structures born out of One Trust’s response to the pandemic remain, notably, the carer liaison function, community support and online provision. Like other charities, One Trust has faced disruption to operations and income, with many activities cancelled or postponed in response to positive direct contact COVID-19 cases and subsequent infection control protocol.

Other key areas of the business that have been impacted have been staff training and in person contact between NHS colleagues and service users. The delivery of staff training has mostly been online rather than in person, which has impacted its quality and impact. Lately, we have been able to deliver more in person training and support and this has clearly had a positive impact on the staff team. Similarly, in person intervention by our NHS colleagues was disrupted. We are now able to collaborate more closely with our NHS colleagues, and they are working through case reviews, supporting and advising our team, which is having a positive impact on clinical support.

Supporting our service users and carers

Following a period of significant service disruption, One Trust provision has largely returned to normal. Apart from extraordinary infection control practices, service users now access the service as normal, and are fully engaged in pre pandemic programs of activity. Most service users have returned to onsite provision. We are now able to engage in a full range of therapeutic and facilitate health support onsite. Family carers are receiving the much-needed respite our service provides. We have been able to resume in person contact with these carers and also bring them together for social events.

Within the reporting year, and in the context of our response to the pandemic, One Trust incurred additional costs to support service users, and carers. The measures we took include: ·

Supporting our staff

We are truly fortunate to have enthusiastic and resolute staff, who are committed to doing their absolute best to help the service users and their families. It is critical that they feel valued and recognised for the work that they do.

The charity's policy is to consult with employees and seek their views on those matters likely to affect their interests. Information bulletins, focused consultation meetings, supervision and reports seek to achieve a common awareness on the part of all employees regarding the financial and economic factors affecting the Charity’s performance as well as the overarching strategy and short to medium term priorities.

Applications for employment by disabled persons are always fully considered if they meet the minimum criteria for a role, and reasonable adjustments are made if appropriate. Annually, staff are consulted and asked to volunteer details of any disability and work adjustments they would like considered. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the charity continues and that the appropriate support is arranged. It is the policy of the charity that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The central principle of our people strategy is to develop a culture of leadership that inspires and enables our staff to treat service users as equals. This means developing and supporting our staff to be leaders who can prepare for and manage an everchanging environment. We have embedded an HR business partner model (Breathe), rolling out a new approach to communicating with staff aimed at strengthening employees’ relationships. We have also been supported by Auburn Consulting to assist with marketing and communications. A large portion of this work has focused on internal communications, and we are in the process of introducing new touch points, to ensure employees are well informed and able to engage effectively with the whole team. It is hugely important to us that our employees can tell us what they think, and feel heard.

ONE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

In the past, One Trust employed a mixture of permanent and bank staff. All bank staff were offered and accepted permanent contracts on the 1[st] January 2022. We believe staff that are employed in this way feel more valued by the organisation, and this in turn enhances the output of employees, which ultimately benefits service users.

Our approach to remuneration is led by our People Committee. Our reward principles are designed to pay the market rate for the charity sector and attract and retain people who can deliver impressive results in a great place to work. The Finance and Audit Committee considers the Remuneration Policy and pay award proposal on an annual basis and then makes recommendations on these matters to the Board of Trustees. As a result of the fiscal impact of COVID-19, and the cost-ofliving increases, Trustees recommended a 6% increase with effect from the 1[st] April 2022.

Clinical Governance

To ensure a culture of continuous improvement, One Trust has been working with Response Consulting who have been overseeing a wholesale review of our quality framework and clinical governance. This project will deliver full Care Quality Commission (CQC) compliance through Quality Compliance Systems (QCS). The benefit of this system is that it automatically updates as legislation and practice evolves, ensuring continued compliance.

Governance

We are in the process of an extensive audit / governance review, expected to be completed in early 2023. This will inform the Board of its effectiveness and provide an action plan for improvements. The Board and sub-committees meet regularly to review risk, HR, clinical considerations, special projects, finance, and strategic implementation.

Equality, Diversity, and Inclusion

As an organisation, we know that we have more to do in creating a diverse and inclusive culture, and to better reflect the communities we support and work with. For the benefits of diversity to be felt, we must create an environment where differences of thought and outlook are not only respected but expected. We want all our staff to feel that they can be themselves at work, valued for the distinct perspective that they bring, and able to fulfil their potential – irrespective of their ethnicity, sex, gender identity, sexual orientation, disability, faith, age, or socioeconomic background. We are committed to ensuring long-term change within One Trust and are actively working with our staff to co-create our future approach.

Safeguarding

Staff and Trustees come into direct and indirect contact with service users and their families and members of the public through delivery of a range of services and activities. Safeguarding is a critical area of importance to us and our primary concern, always, is to promote the welfare and safety of Service Users (SU’s). Our safeguarding policy is regularly reviewed, and all staff have undergone mandatory safeguarding training to ensure they can respond appropriately should a safeguarding issue arise. In addition to standard employment reference checks, all employees are subject to an enhanced DBS prior to commencement of service with the charity, with a three- year renewal programme in place.

Protecting our financial position and income from WBC, ICBs, OLAs

The contract variation with Richmond and Wandsworth Borough Councils negotiated in February 2021 protected a substantial proportion of annual income. This, alongside the restructure that took place during 2020/21 has left One Trust in a healthy financial position. At the end of 2021/22 we were holding reserves of £752k or 2.91 months of cost.

As of 31st March 2022, we are providing on site services to 113 people or 46.73 FTEs (31st March 2021, 56 people or 30.8 FTEs). Most service users that returned did not fully utilise their package but rather gradually increased their attendance.

We have now resumed full service at all sites. Most new referrals are now from ICBs and OLAs.

Events after the end of the reporting period

Some of the key events following the end of the reporting period include:

Operations/Income

ONE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

People

Governance

Growth

In a post-COVID-19 world, One Trust will continue to adapt its service offering, not only to support people in person, but also reach out to people remotely and via social media. We envisage that we will need to develop our campaigning capabilities, which will be incorporated into our Marketing and Communications strategy. We will look to develop our carer liaison function, as we very much believe the support we provide enhances the lives of parent carers and prevents the need for people to enter residential care living arrangements. As a service provider, we have become specialised in focus and will continue to strive to fill the current void in provision in Southwest London for people with PMLD, ASD and people requiring behavioural support. We will continue to develop our plans to provide state of the art specialist premises, equipped to provide a range of support and therapies not readily available elsewhere.

Principal risks and uncertainties

The trustees take seriously their responsibility to ensure that actual and potential risks to the organization are identified and are satisfied that all necessary and appropriate steps are being taken to manage them.

Although various risks surround the day-to-day operations of One Trust, going into 2022/23, the main risk for the Charity is the contractual relationship with Richmond and Wandsworth Councils. The Councils will be tendering all their learning disability day opportunities in February 2023. The current lease on the Church Lane site used by One Trust ends on 30th September 2023. If One Trust is not successful when bidding during the tender process, use of the site will be lost. To mitigate this risk, One Trust is actively pursuing and progressing alternative building options as part of a revised strategic plan.

The uncertainty over One Trust’s continued contractual relationship with Richmond and Wandsworth has highlighted the risk to One Trust of being over reliant on a particular funding source. This risk has been understood for a number of years and mitigating this risk remains a priority within our strategic planning. One Trust has reduced the percentage of overall income derived from Richmond and Wandsworth by 36% since 2015, and we have consulted with numerous ICBs and Local authorities to understand demand for our services. Our research tells us that many commissioning bodies are struggling to source placements for people with learning disability and complex needs. We have seen referrals from several London boroughs, and currently we do not have the capacity to meet demand for our services. We are yet to actively market our provision, but plan to do so as part of our strategic plan, as and when we are able to bring new service sites and services on stream.

Reserves policy and going concern

Reserves are required, if necessary, to bridge any gap between spending on One Trust’s services and the income it receives from all sources, to invest in services and future income generation, and to fund future initiatives. The trustees recognize the need to hold adequate reserves as part of their overall risk management strategy.

ONE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

One Trust’s unrestricted reserves decreased by £207,308 in this fiscal year to £751,817 (2021: £959,125). The lower deficit (2021: £211,466 deficit) principally reflects an increase in the use of our services post Covid, although the improvement is adversely impacted by provisions made for potential liabilities (refer Note 15).

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six-month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. The trustees also aim to ensure that, in a worst-case scenario, One Trust has sufficient reserves to allow for the orderly winding up of the charity – an estimated requirement of between £657,000 and £820,000. An appropriate level of reserves has been maintained throughout the year.

Management and Trustees regularly review income and expenditure forecasts through to March 2023. Having reviewed the post-COVID-19 and strategic risks facing the charity, alongside the overall cash levels held, the trustees consider that sufficient reserves are held as at 31[st] March 2022 to manage those risks successfully.

The trustees also consider that there is a reasonable expectation that One Trust has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the trustees continue to adopt the ‘going concern’ basis in preparing the annual report and accounts.

Directors and Officers Liability Insurance

The Charity maintains an indemnity insurance policy to cover errors and omissions which may be made by Trustees and the Executive.

Structure, governance and management

One Trust is an independent charity and company limited by guarantee.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

D Moore (Resigned 31 August 2021) M Larizadeh (Resigned 4 May 2021) I Lewer (Resigned 4 February 2022) D Pyper M Lennard (Chair) T E Barrett W R L Olmi M Stennett C Pugh Samantha Campbell-Springer (Appointed 1 September 2021 and resigned 24 October 2022)

ONE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

The Trustees’ Terms of Reference and Charity’s Memorandum of Articles can be obtained by contacting our registered office.

Trustees meet formally at least four times a year, with additional subcommittee meetings covering HR, staffing, governance, and finance. In addition, there is at least one meeting each year dedicated to strategic planning.

One Trust continually reviews the skills of Board members and periodically conducts recruitment campaigns to bolster governance in specific areas. Prospective Trustees must submit an application and expression of interest and are subject to a formal selection process. The selection process requires prospective Trustees to meet with the CEO and visit service sites. This is then followed by formal interview and meeting with the Chair and/or other members of the Board.

New Trustees receive an induction pack, including an up to date and comprehensive report detailing the activity of the charity. The induction pack includes Charity Commission (“The Essential Trustee”) and Companies House guidance (“Being a Director”), detailing the role and responsibilities of trustees and directors. This is shared alongside One Trust’s Memorandum of Articles of Association. In addition, Trustees receive National Council for Voluntary Organisations membership and access to training, with expenses covered by the Charity. Visits to service sites and engagement with staff are arranged to help new Trustees familiarise themselves with the charity. Feedback from new Trustees regarding their induction experience is continually under review and used to improve relevance and quality.

The Chair is currently undertaking a review of governance and has engaged Mark Sturge, a business development consultant from Cranfield Trust, to undertake an external governance audit.

One Trust’s organisation structure

The executive structure: Will Olmi – CEO Richard Otuorimuo – Chief Operating Officer

Team structure

Appreciation

This has been a challenging year for our team, family carers and those using One Trust services. We would like to thank our team for their proactive and positive response to the Pandemic, as well as their adaptability and flexibility in support of the charity. The contribution of the whole team has been instrumental in ensuring the sustainability and impact of the Charity as well as the positive reputation of One Trust amongst all stakeholders.

We would also like to thank Richmond and Wandsworth Borough Councils for their continued support. We are incredibly grateful for the assistance they have provided and the protection this has afforded Wandsworth residents requiring One Trust services.

ONE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Statement of trustees' responsibilities

The trustees, who are also the directors of One Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each fiscal year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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 Companies Act 2006. 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.

Auditor

Clarkson Hyde LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' report was approved by the Board of Trustees.

W R L Olmi Trustee/Director

27 February 2023

ONE TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF ONE TRUST

Opinion

We have audited the financial statements of One Trust (the ‘charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The 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 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

ONE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ONE TRUST

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, 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 or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above, 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 would become aware of it. We did not identify any key audit matters relation to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.

ONE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF ONE TRUST

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Graham Speck (Senior Statutory Auditor)
for and on behalf of Clarkson Hyde LLP 28 February 2023
Chartered Accountants
Statutory Auditor 3rd Floor
Chancery House
St Nicholas Way
Sutton
Surrey
SM1 1JB

Clarkson Hyde LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

ONE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted Unrestricted
funds funds
2022 2021
Notes
Income and endowments from:
Donations and legacies 3 338 -
Income from charitable activities 4 2,796,811 2,707,602
Investment income 5 174 165
Other incoming resources 6 97,690 717,478
Total income 2,895,013 3,425,245
Expenditure on:
Charitable activities 7 3,101,777 3,636,163
Other expenses 11 544 548
Total expenditure 3,102,321 3,636,711
Net expenditure for the year/
Net movement in funds (207,308) (211,466)
Fund balances at 1 April 2021 959,125 1,170,591
Fund balances at 31 March 2022 751,817 959,125

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

ONE TRUST

BALANCE SHEET

AS AT 31 MARCH 2022

Notes
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Provisions for liabilities
15
Net assets
Income funds
Unrestricted funds
Designated funds
17
General unrestricted funds		 2022
722,583
471,105
1,193,688
(286,983)
260,000
491,817		 32,417
906,705
939,122
(187,305)
751,817
751,817
751,817		 2021
482,197
828,607
1,310,804
(407,427)
260,000
699,125		 55,748
903,377
959,125
-
959,125
959,125
959,125

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 27 February 2023

W R L Olmi Trustee

Company registration number 09497463

ONE TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from operations
20
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
(345,804)
(11,872)
174
(11,698)
-
(357,502)
828,607
471,105		 2021
(35,746)
165		 42,988
(35,581)
-
7,407
821,200
828,607

ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

One Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 21 Church Lane, Tooting, London, SW17 9PW.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest Pound Sterling (£).

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Support costs have all been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.

ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 25% straight line Computers 33.3% straight line Motor vehicles 25% reducing balance Sensory garden 33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

Periodically, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Provisions

Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.12 Retirement benefits

The charity provides retirement benefits to employees a defined contribution pension plan. Most employees are members of the defined contribution pension plan. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payment obligations. Contributions are chargeable to the SOFA in the period to which they relate. The assets of the plan are held separately from the charity in independently administered funds by Now Pensions.

The charity also participates in the Wandsworth Borough Council (WBC) Local Government Pension Scheme (LGPS), which is a defined benefit arrangement which was closed to new members in 2015, when the charity transferred from Wandsworth Borough Council. Twenty-eight current employees are active members, and a number of former employees are also covered by the provisions of that scheme. Details of the benefits payable under these provisions can be found in the WBC report and financial statements on their website. The scheme is a funded, defined benefit scheme that covers local government employees, and other bodies, allowed under the direction of the Secretary of State, in England and Wales. The defined benefit scheme assets are invested in pooled funds managed by Wandsworth Borough Council.

Under the terms of the Concession Contract between Wandsworth Borough Council and One Trust, employees remaining in the LGPS are effectively treated as though they are employees of WBC. One Trust is liable for: (i) employer contributions at the standard WBC rate, and (ii) any liabilities crystallising as a result of any decision taken by One Trust (for example, the £148,000 of pension strain reflected in the 2020-21 accounts, incurred as a result of LGPS scheme employees being made redundant in 2020). Beyond this, the charity does not benefit from any surpluses on the scheme nor share any losses. Accordingly, under FRS 102 the scheme is accounted for as if it were a defined contribution scheme: the cost of participating in the scheme is taken as equal to the contributions payable to the scheme for the accounting period.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Total
funds
2022 2021
Donations and gifts 338 -

ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

4 Income from charitable activities

Services provided under contract with Richmond & Wandsworth Borough Council
Services provided under contract with Other Local Authorities, ICB, NHS, Direct
Total Services provided under contract		 2022
1,858,156
1,125,960
2,796,811		 2021
2,225,248
482,353
2,707,602

5 Investment income

Unrestricted Unrestricted
funds funds
2022 2021
Interest receivable 174 165
6 Other incoming resources
Unrestricted Unrestricted
funds funds
2022 2021
Other income 97,690 717,478

In accordance with the coronavirus job retention scheme (CRJS), the charity acknowledges the receipt of £95,640 (2021: £717,478) from HMRC and is stated as other incoming resources in the Statement of Financial Activities.

ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

7 Charitable activities

Staff costs
Redundancy costs
Redundancy costs (pension strain)
Depreciation and impairment
Rent and rates
Travelling and motor running expenses
Printing, postage and stationery
Telephone and computer costs
Premises expenses and equipment costs
Other costs
Client activities
Minibus costs
Irrecoverable VAT
Payroll and HR expenses
Share of governance costs (see note 8)
Governance and Support costs
Support costs
Governance
costs
Audit fees
-
8,000
Accountancy
-
2,013
Legal and professional
-
19,387
-
29,400
Analysed between
Charitable activities
-
29,400		 2022
2,351,603
-
-
35,203
229,136
62,852
20,975
30,290
138,494
84,706
18,960
2,534
70,830
26,794
3,072,377
29,400
3,101,777
2022
Support costs
Governance
costs
8,000
-
8,000
2,013
-
6,513
19,387
-
24,342
29,400
-
38,855
29,400
-
38,855		 2021
2,431,744
362,500
148,000
32,603
220,022
37,906
6,440
56,740
81,279
108,640
6,176
27,821
52,141
25,296
3,597,308
38,855
3,636,163
2021
8,000
6,513
24,342
38,855
38,855

8 Governance and Support costs

Governance costs includes payments to the auditors of £8,000 for audit fees.

9 Trustees

No trustees (or any persons connected with them) other than W Olmi (CEO) received any remuneration or benefits from the charity during the period.

Will Olmi salary, £67,348

ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs
Redundancy costs
Other pension costs (Redundancy)
The number of employees whose annual remuneration was more than £60,000 is as
follows:		 2022
Number
78
2022
2,021,443
181,295
148,865
2,351,603
-
-
2,351,603		 2021
Number
88
2021
2,028,123
181,238
222,383
2,431,744
362,500
148,000
2,942,244
2022 2021
Number Number
2 1

11 Other expenses

Financing costs 2022
£
544
544		 2021
£
548
548

ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

12
Tangible fixed assets
Fixtures and
fittings
Computers
Motor vehicles Sensory garden
Cost
At 1 April 2021
61,971
108,379
20,000
91,378
Additions
-
11,872
-
-
Disposals
(7,204)
(74,419)
-
-
At 31 March 2022
54,767
45,832
20,000
91,378
Depreciation and impairment
At 1 April 2021
31,673
91,876
16,441
85,990
Depreciation charged in the year
13,692
15,233
890
5,388
Eliminated in respect of disposals
(7,204)
(74,419)
-
-
At 31 March 2022
38,161
32,690
17,331
91,378
Carrying amount
At 31 March 2022
16,606
13,142
2,669
-
At 31 March 2021
30,298
16,503
3,559
5,388
13
Debtors
2022
Amounts falling due within one year:
Trade debtors
480,277
Other debtors
206,073
Prepayments and accrued income
36,233
722,583
14
Creditors: amounts falling due within one year
2022
Other taxation and social security
49,567
Trade creditors
42,901
Other creditors
128,500
Accruals and deferred income
66,015
286,983		 Total
281,728
11,872
(81,623)
211,977
225,980
35,203
(81,623)
179,560
32,417
55,748
2021
384,069
52,453
45,675
482,197
2021
36,609
43,445
76,706
250,667
407,427

ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

15
Provisions for liabilities
Movements on provisions:
At 1 April 2021
Additional provisions in the year
At 31 March 2022		 2022
187,305
2022
-
187,305
187,305		 2021
-
2021
-
-
-

Contracts with ICB’s are invoiced on the basis of services provided by One Trust, regardless of attendance by service users. Following two weeks of non-attendance, One Trust is required to notify ICB’s and confirm ongoing service requirements. Contracts are only terminated on receipt of written notification from the ICB.

During the pandemic, the charity issued invoices to ICBs for 3 service users who did not attend. While the invoiced amounts have been settled, a sum of £187k has been provided in these accounts to allow for potential liabilities arising from the failure to notify the ICBs of the service users’ non-attendance.

16 Retirement benefit schemes

One Trust operates two Pension Schemes for its employees. All employees can opt in or out of either scheme in accordance with the rules.

a. Defined Contribution Scheme

A Group Personal Pension Plan run by Now Pensions called the One Trust Pension Scheme. This is a defined contribution scheme that is open to current staff and satisfies the auto enrolment legislation.

One Trust contributes 5% and the employee also contributes 5% of gross pay. Each member of the scheme can increase contributions according to the level of statutory requirements at the point at when they joined the scheme. The charity contributed £33,215 (2021 £34,284) by way of employer contributions during the year.

b. Defined Benefit Scheme

The charity also participates in the Wandsworth Borough Council (WBC) Local Government Pension Scheme (LGPS), which is a defined benefit arrangement which was closed to new members in 2015, when the charity transferred from Wandsworth Borough Council. Twenty-eight current employees are active members, and a number of former employees are also covered by the provisions of that scheme.

In 2021/22 the Charity paid contributions at a rate of 23.2% of pensionable pay, but Wandsworth Borough Council reimbursed a part of this employer contribution to bring One Trust’s effective rate of contribution down to 19%, which is the rate paid by WBC in respect of their own employees. Net employer contributions during the year amounted to £115,650 (2021 £336,099, including £148,000 in respect of pension strain relating to employees that were made redundant during the year). One Trust employees contributed to the scheme on a tiered scale from 6% - 14.5% of their pensionable pay, depending on total earnings.

ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

17 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement in Movement in
funds funds
Balance at Incoming Balance at Incoming Balance at
1 April 2020 resources
1 April 2021		 resources 31 March
2022
One Trust expansion plan 260,000 - 260,000 - 260,000
260,000 - 260,000 - 260,000

During the year, the board of trustees confirmed their commitment to the designated £260,000 of the unrestricted funds towards One Trust's expansion plan.

These designated funds will be used to deliver additional building capacity and associated refurbishment, to ensure additional spaces used by One Trust are fit for purpose.

It is expected that a proportion of the funds will be utilised in 2022/23 and the balance in 2023/24.

ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

18 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

2022 2021
Within one year 130,754 130,754
Between two and five years 77,088 207,843
207,842 338,597
19 Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2022 2021
Aggregate compensation 126,976 133,549
20 Cash generated from operations 2022 2021
Deficit for the year (207,308) (211,466)
Adjustments for:
Investment income recognised in statement of financial activities (174) (165)
Depreciation and impairment of tangible fixed assets 35,203 32,603
Movements in working capital:
(Increase)/decrease in debtors (240,386) 130,697
(Decrease)/increase in creditors (120,444) 91,319
(Decrease)/increase in provisions 187,305 -
Cash (absorbed by)/generated from operations (345,804) 42,988