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2021-12-31-accounts

Charity registration number 1164753

HIGHWAY ONE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

HIGHWAY ONE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Jacqueline Elton
Neil Maybin
Michael Armstrong
Sarah Rutherford
Charity number 1164753
Principal address 2nd Floor, Church House
86 Tavistock Place
London
WC1H 9RT
Independent examiner Gary Howard FCA
Howard Wilson Chartered Accountants
36 Crown Rise
Watford
Hertfordshire
WD25 0NE
Bankers Barclays Bank plc
Leicester
LE87 2BB
Solicitors Macfarlanes LLP
20 Cursitor Street
London
EC4A 1LT

HIGHWAY ONE TRUST

CONTENTS

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 15

HIGHWAY ONE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees present their annual report and financial statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CIO's governing document, the Charities Act 2011 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 2019)".

Objectives and activities

The Charity's purpose is of general benefit to the public, as it will make grants to other organisations and therefore will indirectly advance the benefits provided by those charities. In addition, the Charity will support other organisations by non-financial means, helping those organisations to fulfil their own charitable purposes. It operates as a grant making organisation.

The Charity has wide objects, enabling it to benefit any purpose which is charitable under the law of England and Wales.

The Trustees will achieve the Charity's purpose primarily by making grants and providing support and advice to other registered UK charities and to international charities, or to other non-profit making bodies, running programmes relating to the Charity's objects.

Grants will be made, and support and advice offered to, such charities and on such terms as the Trustees consider are most appropriate to further the Charity's objects. The key objects on which we are focussing are:

As stated on the Trust's website, www.highwayonetrust.com, the overall ambition of the Highway One Trust is to help those who are following long roads and difficult paths towards long term and lasting change. It could support initiatives that are simple and practical but generally it is not about quick relief or “in/out" interventions or activities that may get lots of media attention. All grants made will be subject to monitoring and evaluation to ensure that they achieve the intended outcome, outputs or impact.

The charity was registered as a CIO - Charitable Incorporated Organisation in 2015 and during 2017 adopted formal grant making procedures .

Grant making process

The Trust Director, who works the equivalent of one day a week in a freelance capacity, has been appointed to manage the day to day concerns of the Trust. Her responsibilities include to researching appropriate charities, managing a two stage application process and presenting suitable grant applications to the Trustees at quarterly meetings. She is also responsible for ensuring grant conditions are met and monitoring of these grants is carried out.

Plans for the future

The Trust now has a better balance of grants awarded across the seven funding areas. Now that the Trust is better established, a key objective for the year will be setting up an Away Day to discuss the grant making strategy with a view to increasing the capacity of the Trust.

The Trustees will continue to approve grants at quarterly meetings and it is anticipated that they will approve between three and six applications at each of these meetings. Grants will continue to range from £5,000 to £10,000, and can be applied for core, capital or project costs. Where appropriate, the Trustees will consider the option of awarding multi-year funding, however this will usually be with charities that have received an initial grant from the charity and a relationship has developed.

HIGHWAY ONE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

In addition, the Trustees are open to supporting of initiatives outside of the grant making process if they can be seen to support the objects of the Trust. These will be considered on a case by case basis.

Public benefit statement

When deciding on activities and programmes to support the Trustees pay due regard to the Charity Commission's guidance on public benefit.

Achievements and performance

During the year, grants have been made to:

HIGHWAY ONE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

In addition, the Trustees continue to support the charity Shelter Community (charity registration number1151910) who are based in a building in West London that was received by the Trust as a gift in kind in 2018. The property is kept as an asset of the charity and will be let to suitable charitable organisations who provide accommodation and support for those in need. In the first instance this is to Shelter Community who support young people in housing need who are aiming to get their lives back on track supported by volunteer mentors and a resident host family.

Financial review

The charity had an income for the year of £271,893 (2020: £272,474). After regular charitable expenditure of £303,816 (2020: £269,287) there was a deficit of £31,923 (2020: £6,813). All funds held at the period end were unrestricted but there is a designated fund to hold the property donated to the charity. The annual depreciation cost relating to the property will be charged against this designated fund.

The trustees aim to sustain the level of reserves in line with its policy stated below.

HIGHWAY ONE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Reserves policy

The charity maintains sufficient level of reserves to meet its current obligations. This policy is reviewed regularly by the trustees. A minimum of £10,000 is held in cash to cover three months of administration and expenditure costs.

Risk management

The trustees have assessed the major risks to which the CIO is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

Highway One Trust registered as a CIO Charity with Charity Commission on 8 December 2015.

The trustees who served during the year and up to the date of signature of the financial statements were: Jacqueline Elton

Neil Maybin Michael Armstrong Sarah Rutherford

The charity is mainly funded by a Swiss registered charity which was established in 2010 and another established in 2021.

Trustees are appointed from an appropriate range of contexts with the necessary skills and experience to advise on the delivery of the charity's objectives. Training for new Trustees is through provision of relevant Charity Commission guidance documents and a full induction with the Chair.

Decisions to award grants are taken by the Trustees following a two stage application procedure which is managed by the Trust Director who also carries out the day to day administration for the charity.

The trustees' r eport was approved by the Board of Trustees.

..............................

Jacqueline Elton

Trustee Dated: .........................

HIGHWAY ONE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees 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).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the CIO and of the incoming resources and application of resources of the CIO for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the CIO and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HIGHWAY ONE TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HIGHWAY ONE TRUST

I report to the trustees on my examination of the financial statements of Highway One Trust (the CIO) for the year ended 31 December 2021.

Responsibilities and basis of report

As the trustees of the CIO you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the CIO’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the CIO’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard 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 now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Gary Howard FCA

Howard Wilson Chartered Accountants 36 Crown Rise Watford Hertfordshire WD25 0NE

Dated: .........................

HIGHWAY ONE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2021 2020
Notes
£		 £
Income and endowments from:
Charitable activities 3 270,000 270,000
Rental income 4 50 50
Other income 5 1,843 2,424
Total income 271,893 272,474
Expenditure on:
Charitable activities 6 303,816 269,287
Net gains/(losses) on investments 10 - (10,000)
Net movement in funds (31,923) (6,813)
Fund balances at 1 January 2021 2,204,883 2,211,696
Fund balances at 31 December 2021 2,172,960 2,204,883

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

All income and expenditure derive from continuing activities.

HIGHWAY ONE TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes
Fixed assets
Tangible assets
11
Investments
12
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds
Designated funds
14
General unrestricted funds		 2021
£
£
2,083,774
15,000
2,098,774
77,626
(3,440)
74,186
2,172,960
2,083,774
89,186
2,172,960
2,172,960		 2020
£
£
2,128,910
15,000
2,143,910
63,466
(2,493)
60,973
2,204,883
2,128,910
75,973
2,204,883
2,204,883

The financial statements were approved by the Trustees on .........................

.............................. Jacqueline Elton Trustee

HIGHWAY ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

Highway One Trust is a Charitable Incorporated Organisation (CIO).

1.1 Accounting convention

The financial statements have been prepared in accordance with the CIO's governing document, the Charities Act 2011 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 CIO is a Public Benefit Entity as defined by FRS 102.

The CIO has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the CIO . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 CIO 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 CIO 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 CIO 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.

1.5 Expenditure

Resources expended are included in the Statement of Financial Activities on an accruals basis inclusive of VAT .

HIGHWAY ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

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:

Freehold land and buildings

over 50 years

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 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the CIO 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 ) .

1.9 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.

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 p aymen ts 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 CIO ’s contractual obligations expire or are discharged or cancelled.

HIGHWAY ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

2 Critical accounting estimates and judgements

In the application of the CIO’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 Charitable activities

Charitable
Charitable
Income
Income
Heading 1
Heading 1
2021
2020
£
£
Grants received 270,000
270,000
Rental income
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Rental income 50 50
Other income
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Property recharges 1,843 2,424

4 Rental income

5 Other income

HIGHWAY ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

6 Charitable activities

Depreciation and impairment
Premises costs
Insurance costs
Office costs
Research costs
Travel and subsistence costs
General expenses
Legal and professional costs
Governance costs
Bank charges and other finance costs
Grant funding of activities (see note 7)		 2021
£
45,136
18,720
1,998
149
10,155
15
126
900
1,260
84
78,543
225,273
303,816		 2020
£
45,136
17,160
2,620
201
9,564
225
-
936
960
73
76,875
192,412
269,287

Governance costs comprise independent examiner's fee of £1,260 (2020 - £960).

HIGHWAY ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

7 Grants payable

Grants to institutions:
Wilmslow Wells for Africa
Winter Comfort
Off the Record
Spark Inside
Fair Trials International
Unlock
Christian Solidarity Worldwide
Shelter
Full Fact
Cribs International
Hestia Housing
Linking Lives
Autistica
Amber Foundation
Release International
Foxglove
Campaign Against Living Miserably
Imago Dei
The Marmalade Trust
Five Talents
Tearfund
Child Hope UK
Wellsprings Together
Centre for Criminal Appeals
Prison Reform Trust
Reprieve
Switchback
Only Connect
Dose of Nature
Inside Justice
Mosaic Middle East (formerly FRRME)
Changing Faces		 2021
£
5,000
10,000
-
10,000
10,000
-
10,000
-
10,000
10,000
10,000
15,000
-
-
-
10,000
-
-
-
10,000
10,000
10,000
10,000
10,000
-
10,000
10,000
10,000
15,000
10,000
10,000
10,273
225,273		 2020
£
5,000
7,500
10,000
15,000
10,000
5,000
10,000
-
-
-
-
10,000
10,000
10,000
10,000
10,000
9,962
9,950
-
-
-
-
10,000
10,000
10,000
10,000
-
-
10,000
10,000
-
192,412

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the CIO during the year (2020: £Nil) .

HIGHWAY ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

9 Employees

The average monthly number of employees, including trustees, during the year was: The average monthly number of employees, including trustees, during the year was:
2021 2020
Number Number
Trustees 4 4
There were no employees whose annual remuneration was more than £60,000.
10 Net gains/(losses) on investments
Total Unrestricted
funds
2021 2020
£ £
Revaluation of investments - (10,000)
11 Tangible fixed assets
Freehold land and buildings
£
Cost
At 1 January 2021 2,256,795
At 31 December 2021 2,256,795
Depreciation and impairment
At 1 January 2021 127,885
Depreciation charged in the year 45,136
At 31 December 2021 173,021
Carrying amount
At 31 December 2021 2,083,774
At 31 December 2020 2,128,910

HIGHWAY ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

12 Fixed asset investments

Unlisted
investments
£
Cost or valuation
At 1 January 2021 & 31 December 2021 15,000
Carrying amount
At 31 December 2021 15,000
At 31 December 2020 15,000
Creditors: amounts falling due within one year
2021 2020
£ £
Accruals and deferred income 3,440 2,493

13 Creditors: amounts falling due within one year

14 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:

Balance at
1 January 2020
£
Property Fund
2,174,046
2,174,046		 Resources
expended
Balance at
1 January 2021
£
£
(45,136)
2,128,910
(45,136)
2,128,910		 Resources
expended
Balance at
31 December
2021
£
£
(45,136)
2,083,774
(45,136)
2,083,774

The property fund relates to the charity's donated property asset in London.

15 Related party transactions

There were no disclosable related party transactions during the year (2020 - none) .