Charlty Roglstratlon No. 1169255 YOUNG WESTMINSTER FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 YOUNG WESTMINSTER FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trugt••s N Daly F Chowdhury C Archibald (Appolnted 14,OGtober20201 J Ro8ènb8rg H Taouzzale K Scarborough B Bickell Chalr N EFdly Charity number 1169255 YOUNG WESTMINSTER FOUNDATION CONTENTS chairm￿,* slaiemert Trustees, report 2-15 IndeperKlent auditofs Tepyt 16-18 statement of finandal acliwl 19 Balance sheet staement ofcash fltr 21 YOUNG WESTMINSTER FOUNDATION CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 11 has been a challenging y&r for the FrA*Klation the wider TAthJ dcmn*d by the cxJrDnavirus pandemi The wdemicand the assocaated hxkdown has bwht SIgr￿￿￿tcharV to ourfves, the needs ofour memb organIsati￿5, of yOLmg people our staff. The Foundation has adapted and Te4)Or￿ed to ts Farblemic with 8g1ty w￿liS1￿j digita indusion for young people. capacity buitding of mem￿￿ Organisati￿5 trj sustaining seNic*s and brirMJing in new revenue streaff* lo support the sec&w. It was en))uragin9 to see the c¥eati¥e reSpor￿ ￿ O￿laborat￿ acro¥s Westmirtster communtty. T F￿Jndation adapted Se￿1￿ to dL* meetings fN wthers and webinars trj support development. YWPS most signif￿ant prcprt in resFth8e to Ihe pfjrKlenM¢ has been our Digul Futtjres Project whith requir¥d the team to mobili5e a large scale COMM￿ wopct in partnerthp *ryth Wesimlnster City CouncAI whith culmlnat8d in distributing 1874 to young people and fan11￿ in Westminster. Th& Digltsl Fuiures proje¢t contrbuted to Ihe %gnificant inueasè in owtumover fr(￿ premous yearswmping over the £1 m mark. Collaboration. fleXI￿"￿ty and Trnnovation contirKR kn be at the cerrtre of our Mwk. c(4￿l￿1rati0n has been mwe iryortanl than ever for YWF, we ccffiThitted to be part of the Lon(kn Furbjèrs resrY)ns8 and collaborated very dosely with Westsninster City Councql. the Mei Pol* cur 50 + 1yJsir￿ patr*rg over the last year. Tha infrastructLTe of Westminsterfs youlh hubs has CCA)t#JJgJ to develop over the last year ￿th YWF laklNJ Fivotal role to leadin9 the regular steering gr￿p in par￿￿rshiP with We5trrTinster Cty Council, bringing in in new partners Vorthng stralegicxlty wilh the Westrninster Fc4Jndaticffl to enswe core fundirNJ and sustain**￿ty. Our team grÈwto 7 8mployees overthe lastyear*ith enW¢Jyeesic4niTrJ the team boosting ourexp8rtise and capaaty in the areas of digitral gngageW mark￿ng. and serK•us youth violence. We have also had thanges on our Board with Wa8wnaryJ sh￿ nTh)virrfJ on and a re4Vtrustoe joining Car(A Archibaldwho Lvings wealth of experience and praciicÈ in youth wcrfk tc•. The Fcwndatl(￿ Contin￿ to Iksten and expttre the issues frdcad by kJc41 y¢xmg people and youth organi8ations. In March this yearT4ye published our rwaN)r reFrt Cv Cty, Our FLrture. vthich vms the c￿MInati of an 18 nKnth research sludy and needs arAly%s. Emergiro theThEs frc¥n the report fo￿ on health and wellbeing, employmont and youth SLfAa acticfi. The c*ls to adion in the rep￿ wll guide our work into the next year and be￿. Key priorities for the rxrring year include wOrktr￿ de￿0pM￿rt for youth worker% growth of our digital offer through the Our Citywebsile, consuttation and consorti￿n developnwl addresslng seriou$ yQLrth violen d transitions projects for thilthen momng bets¥een schcd3. I'd like to thank the team. OLftrustee5, fuNlers and pkn and look forwafd to working tcNJether overthe conmng year. Chalr Dated.. YOUNG WESTMINSTER FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 Report oftho Trustees The Iruslees present th8ir report financaal 8t8tsm8nts for the finan¢i81 p8riod Df 12 months endad 31 March 2021 confimi Ihey comply with the requiremen18 of lh8 Charities Act 2011, the tnJ8t deed and th8 Charibes SORP IFRS 1021. Lègal Strurtur• Young Wesimlnster FOUnda￿On FoUnda￿On") Is a r•g18tered Ch￿ty, number 1169265. Itwas reglstered the Charitie8 ComnN8sion in Septernber 2016. ccntstituted as 8 Charitable In¢orpor8led Org8nlsalion (CIO). Our Trust••8 YWF is governed by a skllled and enlhuslastlc team of IrusleeB ￿￿th a mix of prtvale, publlc and trurd 8ector experl8nce. The board l¥ made up of 9 Iruslees, our trustees are detsiled below., N•ll Daly, Chalr. Global Head of Eryloyer Brand Manager for BakerHughg$- Neil lead¥ the 8lralggiG developmgnt of YWF worklng closely wllh the CEO. Jackle Rosenberg, Foundlng Tru8tse of th8 YWF and Vlctr Chalr. CEO of One WeBlmlnstsr and Deputy CEO of Paddinglon Development Tru¥t (YWF Member), extenBive knowledge and experlence of Ihlrd, ¥ector In Westminster. F&hmlm Chowdhury. YWF Tr8a8urer. F8hmlm18 8 Managerrfinl Accountant at McKln8ey & Co. A6 9 young man hawng grown up In Central London, Fahmlm often goes Inta local Behoo18 to gfv•.Insplrational talks about his experlencgs. Rachfjl AkehuTsI, Trustee. CEO of Caxton Youth Organl88tlon, A charfty delfvertng S￿¢14115t youth work provl$lon for young people wlth dlsabllitles (YWF Member). Counclllor Karèn Scarborough, Tru51eè. Depuly Cabinet Member for tho Envlronment In We8lNAnsterCIty Councl. Karen Support tho ev&nts workstr&8m And neknrklng into tho COTporato sector. Coundllor Harnza Taouzzale, Trusl•e and Young Ambassador - suppor￿ng the YA Team and th8 CEO w￿h business ongagamenl. Brian Bickell, CEO of Shaftesbury PLC. Brran is a resident of WeslminBter and bringB exten8ive strategic experience. Carol Archibald, Head of Youth Work at Avenues Youth Project. Carcl 18 a Westminster resident and brirwJ8 a wealth of experience through her youth vwork practice. Public Benofit The Iruslees have complledwlih thelr dutyto have due regard to the Cha￿ty Commission's Publlc BenefitGuid8nce IPB1 the Publlc Benefit Requlrement. PB2 Publlc Benefit Running a Charity alld PB3 Public Benerrt Reporltngl when exerc4sing powers Dr duties to which the guidance is relevant. Tho financial ststem8nts have bgen prepared in aclxrdance with thg a¢tt)unbng policies 8et out in note 1 to the financtal 8tatemenls and comply with the Young We8tminsler Foundalton's Igoveming dccumentl. the Charities 2011 and"AGcounting and RopDrting by Charities- Stalementol Recommended Practice applicable to charitie5 prepariny their accounts in ac￿rd8nee with the Financral Reporting Stsndard applicable in the UK and Republic of Iroland IFRS 102) laffectlve 1 January 2019)" YOUNG WESTMINSTER FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 ObJecttVtrB and acYvltle4 Vljlon For all young people in Weslmin8lEr grow ￿) healthy, Safe and happy with thè best opportunllle8 for brfghter future8. Mlssk+n Young WestTnlnster Foundation Is a cross-sector partnership which connecis our members (youth dubs and children'g charities>, fundlng partners, buslnesses and $lrolegic pathers lo shapa.opportunitiè8, brokèr n•w funds and c￿at• th8 bèst 8ervlce$ for Chlldren and young pgople In We$lminster. Thi8 will impact young people lrt Westminster wth better outcome8 around heallh and re511ienGe. staylng Bale vAth 8ucce38 in èmploymanl, educallon and better S￿la1 mobility. We aro part of the Young PeopleB Foundatlon (YPF) model, worklng alongside rI8￿Y fomed place based foundalons In other London Borough8 wlth furKilng from John Lyon's Charity lo lead thé Chlldrèn and Young People's 8eclor. Context YWF exists to PO8ltively Impact the1Sves of the 71000 young poople of We8trnlnster, vla our mèmber & partner organisations. We were est8bll6h•d agaln81 the context of Go￿rnment cut8 to fundlng resultlng in youth organl8aUon8 golng out of existence. a reduction in thè number and capa¢lty of youth w¢rkers and fr*gmentallon of 8oNlca8. We have a'¥trong Infrastructure of hl8torlc youth in Westmln81er and we ara now working dosely wllh a cor• of youth ¢lubts to bulld a n6w partnershlp louwhor to rnbulld core ¢*pacity, lo bld for grants and avold fvrther olosures. Thare Is a hldden need In We8tmln8ter, wlth 80me of th• largest lllcomè, wealih and hèalth thsparS1i88 In th& Gapil•l. Westmlnster Is the borough wllh Ihlrd hlghest rates ol thlld poverty In London. Supporting local gr888-rools, cr08 sector and sustainable solutions en8ure8 the We8tmlnster youth $8ctor thrlv88 and all young people are happier, 8afw, h&aMhler & mor• ambltl¢)u$. Strbteglc Oble¢tlv What? SupForting youth organlsatlons bgcome Th￿re effiaenl and effectlve Ihrough tralning, Infcffmalion sharing. advice. netsvork8, r88•arch and advoeacy Supportlng cross-geGtor collaboration. brokering p8thershlps b•fvMen members, bu$lnes8 partnpr8 4nd strat8glc partne Increase long lemi fundlng into the youth Sector in Westminster thrpuyh con80rtia grant applications. orpoTale investment and indlvidual philanthropy Maintain and sustsin ourselves as a resilient. informèd, go-to organlsatlon for fund8r8. buSIn￿O3. Westminster City Counril and other $18keholders for locsl expertise and knowledge of sÈctor We are committed to giving childrèn and young people a vuice in leading the YWF model, through peer research. consultation aTrJ seNce deslgn. YOUNG WESTMINSTER FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Grant DAaking Policy YWF rL*ns an annual grants programme called Brighter Futures Fund. Our approach is to bring together funders, the loral authority and corporatES to eo-invest ￿ndS into a single grants programme to prDvide an effieienl funding me¢hani$m for member organisations within Westminslèr. In 2020r21 YWF brought together 11 funders (Colas Rail. Landsec, Shaftesbury PLC. The Mercers. Company. St Giles & St George, Howard De Vvalden Estate, Great Portland Estates. Capco. Total Media and L￿cor) to give out 21 grants lotaS1ing £320.000. Qw approach for grant making includes an applicatlon process for our member organisations YAlh due dS1igence undertaken by our Grants and Evaluation Manager followed by rgcommendations lo an indepenrlent grants panel wiu) p8rticipalion from funders, young people 8nd strateglc partners. YWF also runs a small grants programme for Supplementary Schools. In 2020121 our grants programme has promdèd 7 grants to supplÈmenlary sthools in the borough tot8111ng £24,540. Commissioned Programm&s-wh8ra the local aufhority or othér statutory partners commissions YWF our approach is lo then commission ourmember organisalons to deliver activities. YWF will a￿ayS enter into a Semce Level Agreomenl with the slalulpry partnpr and then put in place agreements with ourgranteBs. Examples of LyJrnmi55ioned progra￿¥￿e5 InduLle Prevent, Sthoo18 Transitions Project and CFwrch Street Transitions Pilot. Where grants are £1 Ok or above. YWF will enter. into a grant agreement ￿th grantees and for amounts belowthen a letter ¢f agreernenl. I gr￿ts are overseen with monltorfng, evaluallon and project ￿$it$. This 1$ recorded on Beacon, our CRM system. The tnjstees have paid due regard to guidance issued by the Charity Commisslon in decidlng what acfniities the YouThJ Westminster Foundation should undertake. Needs Analy$i$- Our City. Our Future Our City, Our Future is Young Westsminster Foundation's 2020121 r*èds analysis covering the issues and experien￿9 of young people growng up in Weslmlnster over the past year. To produce this repor( we worked wIth a tralned group of 10 young people 8s peer resear(l)ery&, in addition to hearing from youth workers and practitioners through a series of online focus groups. Gonduthd in partnership wth Rocket Science, Partnership for y￿ng London and King's College London's MSC in Publir Policy & Managem?nt Prugramm?. Following on from A Clty Wthln A City in 2017, w¢ havo been able lo capture InsS9hts Into the areas of ltte that matter most to young people today. with emerging focuses on employment. mantal héalth & ￿lIbeing, social action and acc8ss to inforniation on local seTWCaS. Import8nUy, it has 8180 shNin u$ that despite a challenging ye8r, young people in Westsninster are optimistic for their future. Thls report selves as a tool for the wtder Westminster communty including YWF'S 100+ member organisations, business partners, Weslminsler City Councll. Mel Police and NHS to collaborate and to op8n a conversation a￿￿t the ne￿$ of young people and ad together. YOUNG WESTMINSTER FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Youth Worker Insight dur]ng Covld-19 lockdown Bl-weekly Worksho￿ We￿ held wth youth workers working across W6Stminsler to expjore thè impacts of co￿d- 19 ¢)n young people throughout th8 various phases of the pandemic. Between May and July 2020, youth workers were asked to put forward the topics that they felt were most pre¥sin9 for young people e.g. youth mental health or continuing studies remDtely. Four themed workshops were held over a pèripd of ￿ght weeks, with findings Wfttten up in easy-to-read short reports whlch were urculated amongst YWF partners and members. Work3hups covered various topics Indudlng: Acc￿8 to educ81ion Povety and access to food Youth ￿rceptionS of Covld-19 Youth.mental health Physi¢al health. eating and exerci80 Sleep and routlnes Access to public spaces Youth voice and actio Experience of trauma Relationshlps and social 8kills Our Membe Our m•mbers Tange from large Youth Clubs to smaller gra88 root$ organlsalions. Driven by their passion to providè support services that will give life thanging $upportto Westrninsterfs young people. Members have sperAalrst skills in a range of Interestarea5 like art3 or sports and arefocused on providing young peopl8 with educational and vocatiunal adMtie8. youth enterprise, Iralning opportunilles. ￿tthY lrfe5tyles and nutrition. By August 2020, we have loined up 105 organisations as members of YWF. (Xjr core youth cbjb partners In Weslminster are.. Fourth Feathers Marylebon8 Banglade$h Society Avenues Youth Project North Pad(Inglon Youth club ChuiEhill Gar¢Jens Youth club (Working with Men) AmWey Youth Club (Work¢ng with Men) St Andrews Youth Club Pimlico Foundation YOUNG WESTMINSTER FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 OUT vAder members indLth: Arts and M￿la fr>2wed menknws indude P•Jdingkn Arts. Dreaffth, P￿ Intercultural. Union Dance. You Press. The Screw) Ci)mmLmty Mousetrap TheatrÈ. Health focussed merths include AqlrKI, Kqy fnr£ Adpft and Surwt 8rKI Advice on Sexual ktNe (SASH). Educatlon fccus$ed ￿eMberS indude the Floating aossroom, Doorstep We$lJninster Children's Univer&ty, LangLiage in thè Communty stjpplemèntary schocAs s￿h as Al Ola. ports and play forAwJed members ￿d￿Je Greer1￿* Sw)its. Lon(h)n Tigers, Pro ToLth CIC, StJohn'sWood Adventure Playground and London Basketball As5watiC￿. Houslng a550clatlon n*n*ers irKgLKle Peat0* C0Thw￿ty FourKlalion. City West Homes and the Octavia Foundabon. Genernl communlty and famlly servlc•s focussed menkn Ind￿ the Abbey Corrrnunty Centre. Paddingion DevelcFrnent Trust, Weslbourne Park FaThwly Centre. StVwKerfs Fanily aJKI Cardinal Hume Centre. Youth Justice focusEed members ta¢*ling yath Violer￿ indude Redttr￿d. Worlung vAth Men. Victirn Supwrt and Peer Power. Mombetship Offèr COThIMUNICATIONS Our ￿mbershIp offer ￿ntreS around communica*on& nets•ANking. partnerships. Cap￿lty b￿￿1Thj and fiJnding. Over the period we have held qu¥ierfy members. neiworkir*J events including at the Donmar Theatre. We are grateful to OLf partners for hosting. T￿e events are an opp￿1Th￿ fcy us to share update5 on Ihe Foundation. for gu&st speak8rs and for Flenty of time for neknrking and parknership buitding opport￿ltieS. FUNDING havè differènt approath•s tts SL5ppJ￿n9 mÈft&*rÈ wilh funJth C￿b with contrac*ors In¢ludlng Davkl Mlllar Ar¢hitsds and 0sbDme. Vtrgln Group partnered wth us around a project to producè face masks for chlldfen and YWF ha8 distrbuted 500 fxe masks. We 8r• using r￿ sud) as We8lmSn8ler Cty CoLmciI w¢ial value commitments, bu¥ines$ improvement (tistricts ar￿ teanv trustee &y**c(lon$ to engagg busing$$es. We look for opportunltle8 lo Ilnk with ￿[porate intwest ar(m￿ uocw moblty, dlversity Indu$lon, tsbnl mal¢h, apprenllceshlps and emF4¢)yee engagen￿nt Ropresentlng th• Youth S•ctor on boards and networks A key part of our role has been to infiuence deciw¢Jn m*ThJ aThl txing th8 sectar'y voice to bear to ex19￿ng and new notr￿rkS locally, London wide ￿ Council COMn￿e0$. This h88 Indud•d att•ndance atthe WCC E8rty Help Board, th¥ We8thnster Ser*wgYouth W￿lenCe Task Group, London Youih Leaders Group and the NHS Ceniral London Clknkal CorNrf$sknlng Group. Our Fundorn In Addition to Westminster Qty Councl our¢¢ye fLThJers indudg.. John Lyon's Charlty: gives tyants lo benefrt thldren and youTrJ people up to the aoè of25 who Ilve In nine boroughs in norttrA¥est LorKton. The Charil*s mis￿on 15 to promote the life￿anceS of children and yOLmg pecple through ethJc8tion. Clty BTldge Tnmt: is ann of Bridge HI¥￿ Eslatss. ￿ VAS eStabl$hed to make use offvnds surplus to bridge requirements and Fyovides totslfjrvJ £20m per yeartoward$ tharitable actimty benafitting Greater London. rho Mercerfs Company.. a Ivery ¢X•mpany I0￿Me￿ on bory a for¢8 ph¥anltsopic good. Westmln$ter Foundation.. The ￿ke ofwethnsterfs ctwitablo frAmdatio Thanks to WgstsMOnsler Cty Council arKI all our furmlers. YOUNG WESTMINSTER FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Strdtegy D&YolopmonV Business Plan We were initially supported by Pilollighl to develop our long-temi strdlegy and bu8lness plan. This ha8 been revi¢wed in 2020 with support from the Cranfieid Trusl. Looklng Ahèad We have several PriOTftres to work through the next year Outreach Programme - work with Future Men. IGXU and youth hubs to secure long temi funding and sustainability. Seriou8 Youth Violence- UnLlertake (x)ns￿latI[>ll in the NVV of the botDuth arKI Secure a ¢onsortium pol of funding to pro*ide Effective intervention¥. Youth Worker Cornmunity- develop a Workfor￿ developThRnt offer. develop young local talent through train88ships and 8 youth work forum with opportl￿itIeS for progr8ssiorL Digitsl Indusion furthar collaborats wth Westmtsistér City Council and businèss partnèrs to ensure familiès in W8stmlnster hav• daviees aNI aré connècted. Employability - work with our business community, Mast¢ring My Future and the govemment lQckstart s(themè to create and Promote opportunitiès for work. Diversity - wew Increasè diversity within YWF and our Board to ènsu￿ rèpresentstion of thè comrnurdty we serve. Digital Campaign- work with Total Metha and take an innovative digital marketing approach to pron￿1& 8wi¢es for children and young people through Our Clty webslts. Transitions-work with Westh¥n8ter Clty Council tojoin up and tlevelop new projects for y(wng people al itryjortanl transitions points. Brighter Future8 Fund - identsfy new Investo￿ and fundr￿Se for a bigger grants programme to launch in November 2021 with greater funds ringlenced for core funding for member organisations Impact & Evaluation - continue lo work the Centre for Youth Impact to develop the capaaty of the Sector to deliver and record impacL Fundraising stèwardshlp tsf ￿rpOralè partners and funders 33 well as identifying new partners and targeting high llet worth individuals. 10- YOUNG WESTMINSTER FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 10- YOUNG WESTMINSTER FOUNDATION TRUSTEES. REPORT (coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2021 Strategk Partne Heatth is a key pfiorityforthe and as we have bJi5t *KI will mairtan partnerships with HealthW￿ and the North West London clinic￿ CLYnmisslorrire Gwi. The Metropolitan Poli￿ are a key partnw and w* •e*rrking str*r¢￿y2nd op￿￿10r￿llY wth different officers. Young Peoplg's Foundallons We dosety with the other 8 Young PeoplÈ's FWrtdat￿ts IYPFs)- H*TCPtt. Brent. Bamet. Hammersmith and Fulham, Ealing. K&C. Camden and M￿￿￿eSter. Tlis indude5 attendance at bi-mnthly CEO nwtings, OF*ratic￿al staff meetings and alteNJance at a YPF ResNJental knlrtated by John Lyon's Charity and Young Manchester In Manchester. Young Ambassadors Acting on the recommendation our Cit reF¥Jl we have ￿rmitted to manlain a wip of young arrtiass*lors o all live. work or study in Westrnin*w. The r(4e of this gro￿• is to: Undertake Tegular consullatKin Social aclon canwagn$ Performances TralnlrKJ and developmert neiwC￿lng opp(xturMTh8s for thè youry peoplÈ invow. (ljr current neetls analysis work inc4udes an eI￿rrt of peor research and ￿ intend to develop a new grtyjp of YC￿ng Ajrtassadors cajted YoLry Voice& Westminster City Council Our most important partner we collaborate dosety on OLr shared vtsion tr& Impr¢)¥e lives of young people in the City OF Westhnster. We have rAyJnrAlkJrs on our bwd and developed workiig relationships with key COl￿ClI1(￿S induding fAbinet and shadow for Econom￿ Deveksprr¢nt. EduGaUcm & Ctsmmunity,. arKI Family ServicES & Public Heath. W• ha￿ a strong nthoik a¢ross council dep¥knEnts induthw ChR(tren's Servrce& Pub&c Hea]th, Economy, Communty Safety and Polity. Pèrformance & ConNThJnutions. Thi$ has led to new projects for our members for ample the Staying Safe Proje¢* We are wothTrJ dos*Mtyth the Fdrerf team to enswe the suc£ess ofthe WCC Achiev•￿ents and perfomiance The fin81 AmrMRI Report ha¥e a m(￿e delaled seclth tfvthtth is uyrpleted during the summer as part of our annual inyaGt assessment ahead of our AGM n Octcthr. YWF an AnThJa Review every year wlh detsiled impacL achievements and perI￿rnan￿ whth is wthlished in Seixemberl O¢tober- see YWF Annual Review 2020- our final Annual Repcrt wiu nGiude this info before teing SUb￿￿tted to the Charities Commission. 11 YOUNG WESTMINSTER FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Finan¢l•l raviow The FoundatKJn'$ b￿ant0 sheet rernaned hpallhy (kning this t￿h finandat yw. Tctsl irKa)me for the year was £1.446.949 (Year ended 31 Mar 2020.. £657.1661. TN$ substantial iTr>ease is due to tsvo reasons.. a number of additional finding streams were opened of the National respwse to COMD-19. The foundation was SVCX8ssful in securing new f￿dIr￿J and vos Ablè to ithstitjute thi5 to its members. Secondly, the foundatlon was contracted by Cty of Wesknknster to delver a I￿￿ scdè DigQal Inclusion wojxl vthich resulted In £441,461 of additional incom& Restricted income for the year was £1.180.386 (Year eTrJed 31 2020.. £523,682). unrestrl￿ed income was £266.563 Iyear ended 31 2020.. £133.552). Total expendtiure for the financyal yearwas £1,362.610 (Year peii(NJ erKied 31 Mar 2020.. £1.362,610). Restricted expenthture was £1,174,876 (Year ended 31 Mar 2020: £494.716). This was Frfxnarity expenthture on thè Digital Futu￿$ Project £409,999 and the Brighter FutLYeS Fwd £318,877. Unrestricaed èxpenditure SWdS £187,743 Iyear eThJed 31 Mar 2020: £211.558). Thiswas ail Governar￿e and SupFOrt Costs. In tcAd £79280 (Year ended 31 Mar 2020.. £0) transfern were mwje frrKn unrestric1￿ fLJxls as eXper￿rture on some Restricted fund5 exceeded the incomè. Th8Te were alK* Restricted fvnds. whkh ha￿ yet to be spent thatwll be carried foThvard into 2021r22. There was an over811 net Income at the end the year of £84.339 (Year ended 31 Mar 2020: £49.040 net expenthture). total fijnds carried ftTh¥d at of the year are £196.370 (Year endèd 31 Mar 2020.. £112,031>. Golng Concem The Foundation reFrt)rted a net inLYEase of £24.674 (Year erKJpd 31 Marth 202tr. £23,679 outflow). The TTUStegs have re￿eWed the imp￿1 crfthe COWtk19 virus on1he Foundation's proyrammesand the 8bHlty to raise nds. They are of the Mew that the cash held al￿ the steps b￿ng taken io artsss rthv funding based on the oppr)rtunities that have arisen due to COVID-19 have seawed the immediale firtwe of the Foundation forthe next 18 to 24 months. They therefore befjeve that thÈre *• no materia uncertainlies abc￿ the Foundation's ab￿lty to c¢￿tinu8 and that on this bags the FlY￿datkn Is a gLxr•J cxncem. is the pulicy of the Young Wesfminster FO￿datiOn that uryeststsxed ftllxls whth have not been deSi￿ated for a spectfi¢ use should be maintsined at a levd equivatertto thee six nK)nth's expenditure. Thetru$teo$ considers that reserves St this level will ￿Ure thaL h the ewrrt of a signrf*cant d￿P in funding, they wll be abl• to ￿ntinue Ihe Young Weskninster Foundation's CAThrent %thite consMJer*ion is u•ven to ways in vthich additional funds may be raised. This level of reseNes has ljeen mantsined through¢yJt thÈ yèar. The trustees has assessed ￿ map)r risks to whth the We5trrinster FOUndatic￿ is exp09ed, are Satisfi￿ that systems are in pl￿e to rrnkngat6 exp05ufE tothe maN)r risks. 5¢n￿tUre9 governance and managemènt The Young WestTrrrinster Foundatlon is a Charitable Ir*opy*d C*garisatiM (CIO>. The trustees who Se￿ed during the ye* 8nd up trJ the d* of SI￿jre ofthe finanaal statemwrt5 were.. NDaty F Chowdhury C Archib81d J Rosenbwg H Taouzzale K Scarborough B Bid(ell R Akehurst WButt S Ryan (Apporrtèd 14 Odober2020) (Resgned 14 October 2020) (Rwgned 14 October2020) , (Resigned 14 October 2020) 14- YOUNG WESTMINSTER FOUNDATION TRUSTEES. REPORT (coKfiNUED) FOR THE YEAR ENDED 31 RIARCH 2021 TN8tre Recrultmentand Tralning Tru8tees a￿ recruited thr(￿h open re(¥litr￿ r¢xnJs vthi¢h We cxxrmuii¢ated o&rt to mgmbor ofganisati¢x and partn￿5. Candidates are interviewed by (￿￿ent I￿￿teeS WKI young Jnbassador& Part of tsustee$' indudion irttgudes meetings with Ihe Chair. CEO aThJ project vtwts to rnerr￿ organisations. GE>vgrnan¢¢ The Board takes its govemance responsiL¥lities very sertwsty. We have met fomially every 3 months during the financial year 2019-20 period with the CEO 8nd his staff. We ha￿ LP groups" to look in detail at key i55l￿ as events. comnYJnications. ffina￿ membership processès and our small grants programme. We have drw*n up a Bo¥d Handbcrtto ensure Irustees are aware of their roIe5 responsibiliti88. We held our third away day in Jun8 2020 via ZcoTn Polki•s and proEodures We have identified the range of organIsati￿￿ FoSci8s and wct8dLf8s we need to ensure oyJmpliancg wilh our charitable requiremerts and to ensure we rrAnage our adiwbes effedively and effi￿enuY. Wo oJntinuou review our pclicies and proce(luresto ensure tlw are retevart and up to date. Prnmi5es The Foundatton has been located at 21 Stre< a Shartest￿ry clfice Sin￿ ￿￿uSt 2018. We have 5gven paid men*eTS of starfr. Phllip Barron, our CEO who started on a full tirrE bask8 in May 2017. Phil Jo￿18d the YWF from working ￿ a 8ustalnabllty rolts at Landsec. Helen m￿n. our D8¥dopment tlrector. started us in September 2017. Helen leads on f￿￿aIsIng and membership d•￿10pMent. Hden has for several small tharitre5 busine5se$. most recentty. working for HealtFwMtch. MatiTa Wheeler, ¢)ur ma￿￿1n9 aThl Communicatms Marrayi)wied the YWF initbally on a secondment pwtion through John Lth￿s Partnershp's dwrity. Ihe Goklen Jubilee TntsL Matua on our Young Ambassador Programme. Nora Loewenberg. OLY Grants and EVdUat￿ Manager. pined us in *4)rl 2019. Norals re¥pDn$ible for managing ow grants programme aTrJ irnpact wor Hazel Pedlar, our office Cg(Ydirwtor. joined the FLmmdati￿ in February 2020 and sukyrts the team and coordlnates finances and OFeration$. Sam Wightsnan. M8tkeling and Engag•w*rt Olfjcer, joined th• Foundation in October 2020 and supports the youth hubs ￿th theircapacity as w*ll as SUFwbng th8 core nwketiThJ woth of ￿. Aaron M¢Dtsnald. w Pwject Manager (Youth & ComnyJnity Workl. i0￿d the Foundation in January 2021 and leads on w0￿ror¢e develtyment. yOLth *Yyrkw (Mr yourwj an*￿￿ad0[S and pofjcy around serious Y￿th olence. 14- YOUNG WESTMINSTER FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 statgmont of trustses. responsibilities The trustees are resFonsible for prepariThJ the Tnth, ReF¥Jrt the fina￿¥￿ stateM￿ts in a￿)Y￿anf* with applicable law and United Klngdom Accwty Stsndards OJIMted Ki￿9￿orn Gènerally Accepted ACCOUn￿ng Practi￿). The law applicable ID charitie$ in England and Waks requres the Irustees to prepare finan&a ststements for @ad) financial year which give a true and fair view of the stste of *irs of thg YourtsJ Westminster Foundation and of the incoming resoLrces and application of reswre•s ofts YourvJ Westminster Foundation for that year. In prepariTh3 these ffinart?al ststfjm￿. Ihe tDJstees are rewred to: seJec* suit*)le'accountsTh3 p￿￿S and then apply them consstenty, obser￿￿ the methoys and wn(iFles n the Charrfies SORP: make jLhJgem*ts and esbn*s th* are reasonab￿ aThJ state whether appIL¥b￿ awxmb.ng stsndarts have been ftIky￿l. ￿1b]eCt to ary material dèparDJres disdosed exF48ined in11)e fin￿81 $I*m￿.. aThJ prgwg the f￿artda1 statements the gjing 4x)r*xm bags it is inaFyopriata to pres￿)* that the tharity will continue in operat￿. The trustees are responsbi le for keeptng sufficient •XOunti￿ records tr￿t disd05e with reasonable accuracy at any time the financiaj [*￿ition of thÈ Young Wastminstor Foundation and er￿ble.￿ern to ensure that the financial statements CoM￿Y ¥￿th the Chanties Acl 2011. the Ch¥rty {A￿OUrIts ar*1 Reports) Regulations 2008 and the prowsions of the tnjst deed. They are also responsilje for safegu*irNJ the assets of the Young Westmin$ler Foundation arKi fortaking reasonable stepsforthe prevention and dgtec*on offtaud arKI other irregularities. The tmgtees. reportwas approv*1 by Ihe Board ofTru5tees. Trustee Dated:.... 15- YOUNG WESTMINSTER FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF YOUNG WESTMINSTER FOUNDATION Oplnlon Wè hav• audited the financAal statements ol Young WBslminsler Foundation (the 'Young Westminster Foundah'on'l for the ygar •nd8d 31 March 2021 which comprise the 8lalement of flnandal activi11gS, the balan￿ 8heet. the statement of c88h flows 8nd the notss to the financ4al statements, Includlng Slgnlflcanl accounting pollcles. The financial reportlng framework that has been applied In their preparation 18 applicable law and Unf(ed Klngdom Accounting Standards, Indudlng FRS 102 The FSnanclal R&pcS￿n9 Stsndard applicable in the UK and Republic of Ireland (Llnited Kingdom Generally Accepted Accountlng Practl¢81. In our opinion. the financlal slatemenls.. give a true and falr vlew of the Btate of thg chsrity'$ affairs a8 at 31 March 2021 Bnd of it8 incoming resources and application of resourceB, for the year then ended., have been properly prepared In accordan￿ wlh Unlled KtngdDm Generally Accepted ACCOUn￿ng Pr8ctlc8', and have been yepared In accordanc8 wSlh the requtromgnts of tho Ch8riUe$ Act 2011. BA81s for oplnlon We conducted our gudlt In accnrdance wllh Inlemational Standards on Audlllng IUKI IISAS (UK)) and applic*ble18w, Our responSI￿.11￿95 under Ih¢)8e slandardB are fvrther descrlbed In the Audil0rf8 r88pan8ibilllies for the 8udil of tho NnancS0l slat¥menls section of OUT report. We are IndeperKlent of the Young Wegtmlnstèr Foundation Sn accordancè the èthlcal requlrementB that are Televanl to our audll of the Ilnancl¥l sl01gmen19 In tho UK. Snduding tha FRC. Ethical Standard, and we have ￿lfIlled our other ethlc81 r68pon81bllllle8 In accordance with these requirement8. W• bellgve that the audlt •vld•nc• ￿ have oblalned IB sufflclent and appropriate to provide a ba81$ for our oplnlon. Condu•lon8 r•lattng to golng eonc•m In audlling the finonGio1 statemenly. wa have concluded that the Iru8tee8' use of the golng concern bad8 of accounting In the PTep8raUon of th? financial siolements18 appropriats. Based on the work we have p&rformed, we have not identifleLI any matsrlal uncertalnties r8lallng to evènts or ¢cndkSons that. Sndlvidually or collectively, rrmy cast 8ignificanl doubt on the Young We81mln8ter Foundation's 8bllity to contlnu&as a golng conc8m fora period ofal least￿e1Ve mnth8 fromwhen tho flnancial 8talemenls are aulhorfs for issue. Our r6$ponsiblllle8 and the re8ponslbSlmes ofthe truste￿ respect lo going wirAm are described in the relgvanl sections of thi8 report. Other infomiation The other irrformalion compri8es the information Included in thè 8nnug1 roport otharthan th• financial stal8mants and QUT audltoee report thereon. The trustee8 are responsible forthe other Information contained wthin th8 8nnual Teport. Our opinlon on thè finan¢ial statemen18 does not cover the other information and we do not 8xpres5 any form of assurance conGIu5iors thereon. Our responsibility is to read the other information and. in doing so. consider whether tha othar inf0m￿tiOn is materially inGonslstent with the financial statemen18 or our knowledge obtained in the cour89 of the audit, or otherwise appears lo be Mater￿allY mi55tated. If we identfy such material inconsi51encies or apparent material misslalements. we are requirtsd lo determine wh6thèr this gives rise to a material misstatement in the finana81 statements th¢mselve$. If, based on the work we have perfomied. wè ¢xndude that ihere is a material mlsstalemenl of this other irrformation, we arg requwed lo report that faGt. We have nothing to reptsrt In Ihls regard. 16- YOUNG WESTMINSTER FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF YOUNG WESTMINSTER FOUNDATION Matters on whlch wo arn roqulred to roport by excepllon We have nothing to report in respect of the followng mattars in relation to which the Charitles (Account8 and Reports) Regulatlons 2008 require us to report to you rf, in our opinlon- the Infomalon glven In the financlal ststemenl$18 Inconslstsnl In any matsrial re8pectwith the tru8t8es' reportr, or sufficierrt accounting records have not b8•n k•pt,' or the financial 8ts1emEnts are not In 8greemenl wllh th8 accounting r8cords', or w8 have not ￿ceIVed 411 the Informatlon and explanaliong we ￿qUIre for our audit. Ra•ponslbllltlK of truBt808 AS explalned more fully In the 8latement of tru$loè5' respon$lbiSities, tha twst888iar6 r88ponslble for the preparadon of thè finandal 8tatemen18 and for belng satisfied that they give a true and falr view, 8nd for 8uch Intemal control a8 th• Irusteos detemine Is necefjsary tc enable the preparation of finanryal 8ts1emenl8 that are fw from material mi9gtstement, whether dua tt• fraud or error. In preparlng the financial Statements. the Iruslee8 are re8ponglble for assesslng thg Young Weslmlnslor Foundation's abS1ity to conlknug as a golng ￿n￿Orn, discloslng, aj appllcablB, matters related to golng cJnc*m and uslng tha golng concam bas1$ of a¢¢ountlng unle88 th• truBtse8 gllher kn18nd to ceo¥e operg1ion8, or have no reall8llc altsrn8tlv8 but to do so. Audltoi* re8pon•lbllltle• ft)r Ihg audlt of tho flnancl•l statsments Wo have bgen appolnted a8 auditor undèr sectlon 144 of the Charfllo8 A¢t 2011 And ftport In accordanca wlth the Act and relevant regulation8 made or havlng •ffe¢t thereunder. Our obledlves are to obtain rea80nable 888urance about whelh•r the financlal statements as a whole are fm from m*èrfal misslatemenl, whether due ID fraud or error, and lo issu8 an audllorf5 report th81 Include8 our oplnlon. Reasonable 8$8ur8nc•18 a high18vel of asgurance but18 not a guarantao that On audll conducted in accordance whh ISAS IUKI ￿11 a￿ayS detect a material misststemenl when It exl818. Mi88talemenlJ can arise from fraud or error and are consldered material if, indlvldu811y OT In lh• aggregate. they could re4¥onably be expe0*￿ to infiuencg the eGonomic decisions of user8 taken on th• basls of these financial statements. Irregularities, Indudlng fraud, are Inslonces pf n¢￿-cOMpli8nce w5th lawB and fegul8lion8. We dè81gn proe•dur•8 In 1Sne with our r•sponsibilitle8, oulllned above, lo detect materlal misslalemenls in respect of irregularilie8, including fraLKI. The extent lo whith our procedure8 are capable of detectlng Irregularille$, induding fraud. 18 detailed below. A further de8cdptton of our rg8ponsibllitie$ 1$ available on the FinanrAal, Rep￿tIng Coundl'8 webglta al.. htips'.lknw.frc.org.ukJaudhornre8pDnslbllRle$. Th1¥ de8Gripllon fryms part of our audilorfs reporL Othtrr matters . Prfor yearfin4￿[al 8tstements not audited Comparative informallon In the finandal statements is derived from Young We81min8ter Foundation's prior period fInAn￿al statements which wÈr• not audilad. We have conducted audit procedures on opening balances to ensure that we have obtained 8 re88onabl8 assuranc8 that thére is not a materi81 n￿SStateMent In those IguTe& 17- YOUNG WESTMINSTER FOUNDATION INDEPENDENT AUDITOR'S REF¥JRT (CONTINUED) TO THE TRUSTEES OF YOUNG WESTMINSTER FOUNDATION Your attention is dravm to the fxl tlwtthe thrity has prep¥ed financial staterr￿S in ac￿rdar￿ 7•Ath "Accounting arKI Rewrting by Charities.. Statement of ReCAyr￿ Practice *icalAe to charitse5 weparing their accounts in accordance with the Finanual RepoTtirMJ Standard appwe in the UK ar￿ Republic of Ireland {FRS 1021" (as amended) in preference to the ACc￿￿tIftg and ReF¥)rtiro by Charrties: Statement of ReCOn¥￿nded Practice issued on 1 April 2005 whlch is refe￿ed to in the extant rngulabons but has ncw been withdralvn. Thls has been (lone in order for the finaxial Statem￿ to prowde a In￿ arKI fair view in aoz(Kdance current Generaily Accepted knntirwJ PractKe. Use of our rnport This rep￿1 is made solely to fhe Chari￿5 tNste8s, as a bc￿. in ￿7th part 4 of the ChaTrbes (Atxounts and R#ports) Regulations 2008. Our audlt vrt)rk has undertaken so that v* might stsle to the ¢haritys trustees those mattws we are required to sL*e to th￿ in ￿ audtiors, repjrt arKI for no other ptsrFrt)se. To tho fullest extent permitted by law. we do not accept orassume responsibiffityto ￿yor￿ ottwthan the charity and the chari￿$ trustees as a body. for our audit work. for this rerM)rt. or forthe oF4nions we havè fomwL •- Robert Klruand (Sgnlor Statukny Auditor) For and on behalf of Chartered Accountants statutory Auditor 20 August 2021 Critchleys Audit LLP is e1￿ible for appOirtn￿nt as auditor of the Young We5tmnster FOUndaU¢￿ by virtue of its efigibility for appjinlment as auditrA of a underof Secti{￿ 1212 of the Companies Ad 2006. 18- YOUNG WESTMINSTER FOUNDATION STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 nds 2020 fimds 2020 2021 2020 Income from: Donations and legacaes Investments 266.542 1.180.386 1.446.928 21 21 133.484 523.682 657.166 68 T¢*1 Incom• 266.563 1.180.386 1,446,949 133.552 523.682 657,234 Ex endlture on: Charitable activilies 187.743 1.174.867 1.361610 211.558 494,71 S 706,274 Not ineomingl{autyolng) rgsources bofore 78.820 5&19 84.339 (78.Cth) 28,986 {49.0401 Gross transfers be￿een fiJnd5 (79.2801 Nfjt lexpendlture)fincome for thgyoarf Net movement Sn furxts {460) 84.799 84.339 (78.OC6) 28.966 149.0401 Fund balances ai 1 hpril 2020 84.795 27.236 111031 162.801 (1.7301 161.071 Fund balances at 31 March 2021 84.335 112.035 196.370 84.79S 27.236 111031 The statement of financi￿ ￿￿vil￿ I￿￿Ude5 al gains arxl k)sses re(x)wised in ihe year. Al inctyne and expenditure dérivefr￿ fAKrtiniiry -19- YOUNG WESTMINSTER FOUNDATION BALANCE SHEET ASAT31 MARCH2021 20 2020 Currentassèts Debtors Cash at bank and in harKI 148.226 237,3￿j 31,532 212.716 385.616 244248 Credit¢rs: amounts falling witlth) ong year (189.246) (132.217) Net cuThenl assets 196.370 112,031 Income funds Restricted funds Unrostricted funds 11 112.035 84.335 27236 84.795 1￿.370 112.031 The financial statemgnts were appr￿d bythe T(l￿tee9 on ......... ..... ......... NDa Tntstee YOUNG WESTMINSTER FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AIARCH 2021 2020 Cash flows from op•ratiry activities Cash generated froml(abscKbed by) oparatior 15 24.653 123,74n Inv￿tIng aGllvltles Investrnenl irKome received 21 68 Not cash gènerated from Investlng activitiBS 21 68 Nèt eash used In financlng actlvitlqs Net inc￿Se1(deCrea$e) In cash and cash equlvalents 24.674 {23,679> Cash and cash &]uivalenlS at begiMirnJ 212.716 236,395 Cash and cash equfvalents at end of year 237,390 212,716 -21- YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accountlng pollcles Charlty Inforniation Young Westminster Foundatlon is a Charitable Incorwrated Organisation ICIO). 1.fj Accounting ¢onventbon The financial statements have been prepared in attnrd8nc• 4Mth th8 Young Westminster Foundation's Charitsble Incorporated Organisafjon A8$oclation. the Ch8rilles Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance th the Financial Reporting Standard appli￿ble in the UK and Republic of Ireland IFRS 1021 (effeciive 1 January 2019)" The Young Westminster Foundallon is a Public Benefit Entity as defined by FRS 102. The fin8nci81 statements hav8 departed from the Charities (Accoun15 and Repotts) Regulations 2008 only lo the extent requirÈd lo provid2 3 truè aThJ fair wow. This departure has involved following the Slalemenl of Recommended Practice for tharilies applying FRS 102 rather than the version of the Statement of Recommended Practica whieh is rafarred to in the Regulations but which has since been withdrawn. The financial statements are prepared in 81erfing, which 18 the functional curtvnw of the Young Westminster Foundation. Monetary amounts in these financial statements are rounded to the nearest £. Th& financial statements have been prepared under the historical cost convention, mrylified to include the revaluation of freehold properties and to include investment properties and certain finar)cial instrument8 al f8ir valuè. The principal accountin9 policies adopted are set out below. 1.2 Going ¢¢ncern At thè timè of approvin9 the financial statements, trustees have a reasonable expectation that the Young WeslminsterFoundation ha5 adpquate re¥ourcesto ¢ontTnue in operational wstenceforthe foreseeablefvture. Thus tha trusts8s continue to adopt the going concern basis of accounting in preparing the ffinanryal ststement9. 1.3 ChaTltabl& funds Uni¥stricled funds are avallable for use at the discretion of the trustees in furtherance of their charitsble objectSves. Restricted fvnds are subject to specffic wndrtion5 by donows as to how they may be used. Th8 purposes and uses of the restricted funds are set out in the notes lo thè financial stal&ments. 1A Income Income is rÈcognised whÈn thè Young Westminstèr F￿Jndat10n is legally 8ntitlad to it after. any p&rfomRnce eondilions have been mel, the amounts can be measwed rellably, and 5tls probabSethat Income vlll bo re¢eived. Grants are recognised in the finanaal slalements when due. Donations are recognised when receNed. Sales are reo)gnl8ed when the related services have been provided. Cash donations ara recognised rerAipt. Othar donations ar• recognised once the Young Westminster Foundation has been notified of the donation, unless performance con￿￿OnS require deferral of the amount. Income tax recoverable in relation to donations received under Gfft Aid or deeds of o)venant is recognised at the timg of thg donaticn. Legaoes ats re¢ognisÈd on rècelpt or othèNM8e if thè Young We8tmlnster Foundatlon has beèn notlfièd of an Impending distribution. the amount is kr￿Wn. and receipt is expected. If the amount is not known, the legacy 18 treatsd as a contingent asset 22- YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Accountiny policles IconL) 1.5 Expendlture Expenditure Is accounted for on an aLrruals basis and includes irrecoverable VAT. Grants payable are recognised as expenditure when paymont is to the pother orgonisalion in accordance with the terms of ￿e agreemenL 1.6 CAsh and ¢a$h ¢qulvalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-lem liquid Invèstments with original maturitles of three months or less. and bank overdrafts. Bank overdrafts are shown thin borrowngs in current liabilities.. 1.7 Financial instruments The YoLJng Westminster Foundation, has elected lo apply the proM8ians of Section 11 'Basic Foianclal InstNmerts' 8nd Section 12'0th¢T Finan￿al Instruments Issues. of FRS 102 to au of its finan¢ial in81ruments. Financial instruments are rewgnised in the Young Westminstèr Foundation's balanc8 sheet ￿en the Young Westminster Foundation becomes party to the ttjntractual prDvislons ol the instrumgnl. Financial assets and liabilities are offset, vrith thè amounts presented in th• financial statements. when there 18 a legally enforceable right lo set off the recognised amounts and there 15 an intention to settlg a nel basis or lo reallse the asset and setue the liabl￿ty simultaneously. Basic finan¢ial assets Basicfinanual as8ets, whlch Indude debtors and cash and bank balan￿. are initially measured attransaction price induding transaction c4Jsls and are subsequenUy carried at arnortised cost uslng Ihe effective interest Èthod unlass tha arrangement constilLbles a financing transaction, where the transaction Is measured at th6 present value Df the future r￿1p1S discounted at a market rale of interest. Fin8noal 888els d889ified 8S receivable syithin one year arg not amortlsed. Ba$1¢ fmanclal Ilaljllltles Basic finanaal liabilities, induding creditors arKt bank loans are initially r8cognlsed at transaction price unles9 the *rrangemenl con8titutes a finanring transadlon, wherethe dpbt instrument is measured atthe presentvalue of thè future payments discounted at a market rate Df interfsL Financlal liabilities classified as payable within one year are not amortisèd. D&bl instruments are subsequently carried at amortised o¥Jst, Using the effective Inte￿$t rate method. Trade creditors are obligation5 to pay for good8 or semces that have been acquired in the ordinary COUTse of OP8r*lons from suppliers. Amunts payable are classnled a5 currpnl liabilities if payment Is duewthin one year or les5. If not. they are presented as non-current liabilities. Trade creditors are recognised inlti8lly at transaction price and SLthequentty ThEa8Lwed at amDrtised co3t using the effeclive intere81 method. 1)greoognitlon of IlnanGlal Ilaljililies Flnancial liabilities are derecognised when the y￿n9 Weslmlnster Foundatlon's contfdctual obligafSon5 expire or are discharged or cancelled. 1.8 Employee beneflts The cost of any unu8ed holiday enlitt8m8nt is r8cognis8d in th8 p8riod in vthich the employee's semces are received. Termination bgnefils a￿ recognl$e(l Nnmedialely as an expense when the Young Weskninster Foundation is demonstrabty cornmitted to terminate the eryloyment of an employee orto,'provide temiination benefits. -23- YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Accoun1h￿ policies q¢ort) 1.9 Rotlrement bonofits Payments to define(I contribution reliremért btt*fit Sd￿n￿ are L*arged as an expense as ttw fall due. Crltkal accountuig ••llmats8 And Judg•meits In the application oflhe Young Westmnsler F￿KIatIon,s ac£ounting pdicios. the trustees ￿ required.lo make Sudg*ments. estimates and assumpdons about thè earying arrKJunt of 4sset# and lIab￿lI6¢S that are not readily apparerrt from other sources. The estimates and associated assurr4)tions are based on hi5todcal expert&ncè and other factors that are constdwed trj be T8levanL r￿lts mèy differ frt)m these estimate8. The egthrates undeffjng assumplions ￿e revivwed on an ongoing basis. Revlsions to accounting e$limates are recognised in the p•rlod in vthich the estimate is revised where the rw8ion affacts only that period, or in th• period of the revisk￿ and luturn ￿riods the rn￿*10n affects both ¢)Jrreni and fvtur• pariods. DonatloM and 1ggacl•8 Unrrftrlct•d R•strl fundB Total Unreltricted Re8trlcted fvnds funds Total 2021 2021 2020 2020 2020 Donations and É4ft8 Grant Incomè Business partnw Inci¥ Dlgttsl Futu￿9 10 172.200 5,161 680.949 94.Sfy) 399.776 5.171 853,149 94.500 402.583 91.525 63.5 473.307 50,37S 53e,807 50,375 1,500 88,484 2.807 91.525 1,5 68,484 266.542 1.180,386 1.446,928 133.484 523,882 657,186 I￿¥￿￿n•￿ts Unrnstricted Unrestrlcted fund• funds 2020 Interest receiv8t4e 21 -24- YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEIIIENTS {coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2021 Charhablfr actl¥lti 2021 2020 staff costs Grants Dir•ct pfoj8ct costs RecwSlment, tralnSng and cther staff c(ots Ronl and office expenses Generdl exponditu 205,941 644.327 470,790 17,574 11.951 12.027 151,776 460,869 46,8 4,799 13.613 28.417 1,361610 706,274 1,362,610 708,274 Anaty8i8 by fund Unrestricted fund8 Reslncted ￿ndS 187,743 1,174,867 211.558 494,716 1,362,810 7C*,274 Dlrnct projort ¢osts Dlrnet proS8Ct costs primanly rel8le to The DI￿tI Fuiwes prw (£409,999). Thlj wol•ct lackl•s digh41 èxcluslon In Weskninster thrwgh a partnership belween local charities. Ibusine5ses arKJ schDols aiming lo provide devi￿ and conn8clivty to ttthmunities impacted by ccffrffw¥inJ5. The goal 18 to ensure that no youryJ person in Westminsler goes without ha￿n9 a￿sS to a c￿￿￿)uter at home and a stabl& Snlemet conneot lo Inspire their leaming and d￿￿o￿￿￿nt Fundlng was prkncip8lly soUr￿d thr￿ seG￿On 106 fiwKls We5trTin8ter City Councll wlh additiun81 C4)nlributions from &xporat• P￿￿8. Truste None of the Irustees lor any yrsons corffie￿ them) [￿a¥ed any Temuneration or bprth f￿rn the Young Westminst•r Fourtdation d￿rrfJ the ye¥. Employoes The awage monthly number of ernPb￿ dwing ts IEarwa5: 6 2021 N￿ntser 2020 Number Employ8e8 YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEAIENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Employeos Employment costs 2021 2D20 W8ge8 and s8l¥ries Social secLtrity costs Other penston costs 17T.426 17.716 10.799 132.646 12.643 6.487 205,941 151,T16 There were no empkJyee8wPw 3nnu81 rtr1xr*￿ wa8 £60.000 ty nwe. Dèbtors 2021 2020 Amounts falung due withln one year. Trade debtors Oil)er debtors Prepayments arKI 8￿rUed incoTr 146.938 26.532 5.000 1.288 148,226 31,532 Creditor5". arno￿ts falllng due withln one year 2020 01￿ taxation socaal seeLYity Defe￿d In￿me Trade credrtors Other creditors A¢cTuals and dgforred 5.889 83.000 19,306 1.648 79.403 4,019 10 5,040 1,224 121.934 189.246 132,217 10 Dgforrnd InGom¢ 2021 2020 OU*r deferred i￿) 83.000 YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMEKrs {coKriNUED) FOR THE YEAR ENDED 31 MARCH 2021 11 Restrlcted funds The inctsme fLmds of the charity inchjde re5trNAed funds cx)nuThirvJ the f¢Jllthwing wxpended balan￿ of donations arKI grants held on trusi for PLKIM)se& nds In¢¢miNJ Ba￿at In¢￿tr￿ Rgsourc¢s Transfe￿ Balan￿ 31 Alaroh 2021 Beachcroft Brightèr FLrtUTes FLmd Church Si Forum Centre for Youth Inwact Church St Pilot Dlgital Futures CoMd-19 ￿P)nS• Outrea HAF Easter Mastemg My FU￿r@ Needs Analysis 19.837 299.355 10.OCM) 119,837) {318.8771 (3.0001 389 19.133 7,000 (1.920) 23,910 1,920 75.0 441.461 13.562 39,815 33.000 35.328 8.680 35,731 (44.6311 {4D9.9991 (13.562) P4.9￿) (39.6451 {65,4S91 '(15.064) (34200) 54.279 31,462 14,820 6,645 28,361 1.770 8.581 2.197 1.531 Sma15 Grarts S¢hocA Exclusic Mentoring Stsying Safe &Jpplemenlary Schoc4s Transitions Winter OpFQturubes Fund C¢xe (14.829) 14,829 (9.504) {8.8561 (25,0001 (26.298) 152.200) '159.750) (3.990) 6.788 2,(￿8 25.000 20.000 51200 59.750 1167 6,298 2,547 22 27.236 1,180.386 11.174.867) 79.280 112,035 -27- YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 31 MARCH 2021 11 Restrlcted funds During the period. Young Westminster Foundation transferred amounts from unresliict•d funds to those restricted funds thatwould otherwise have been in deficit. The above restricted funds arè forthè followng uses: Beachcroft- Fundiro from the We3lmln8ter FoundadLm to pay for additional IT PTOM8ion durfng the CoMd-19 pandeTnic. Brighter Futures Fund- Small Grants Programm8311 paid to members lo fund activitiesforycurwJ in Westsninster and for'strengthening The Sectorf grants to members. Church St Forun> Funding for Youth Voicè Proi8Ct with Maryl8bone Bangladestri SoEiety. Centre for Youth Impact - Funding from Wlliam Shelton Educatlonal Charity to support Westminster based youth organisations lo strengthen youth impack evaluation. Church St Pilot- Fundnig for FL￿re Men to fund aolivilies and an add￿onal youth worker. Digital Futures- Dlgilal inclusion prcject to provide laptOP5 for all school children in Westminst8r detemiined to be tn nèad of such equipment. Covid-19 response- Funding for Avenue8 Youth Club aNJ Caxton Youth Club for Summer Programm&s 2020. O(treach- Funding lo support Outreach actrvitie8 in the BE)rough. HAF Easl8r- City of Westminster fundlng glven to memt¢r5 for Holiday Activitle8 Mastering My Futurg- Funding from Shaftesbury The MercErs Trustfor a m8ntoring pro3ramme. Needs Analysis - Funding from Kasuma Trust contrfbuting to the commtssioning of a Need8 Analys15 report. Prevent- Youth Mentoring funding from City of Westminster dSstribuled to Fulurfj Men. Paddlngton ArtB and VVeslmin$ter Befriènd A Family. Small Grants- as Brighter Future Fund above. SchorA Exdusion Mentc*ing- School exdusion mentoring referra5 project fvnding from Cty of Westminster. Stsying Saf• A programrne funded by Cty of Wesknmnstsr 8lmd at young peopl8 in loeationy disproportionatdy affethd ty Crime. &Jpplemenlary Schoots- John Lyong hjndlng to dirèctly support supplèment￿ schools in the gDrough. Transitior￿- Fundlng from Shaftesbury PLC10 5UPPOrt young people maklng the tran8ifjon from Year6 to Year Wintar Opportunities FurKI - National Lottery Community Fundlng to provide Winter Opportunities for Young People in the borough. -28- YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 12 Analysls of ngt aBs8ts bg(woen furK15 Unr•strictod R￿trICtsd funds funds 2021 2021 Total Unrestricted Restrfcted funds nds 2020 2020 Total 2021 2020 Fund balances at 31 Marth 2021 are represented by.. Current assetsllliabillies) 84.335 112.035 196,370 84,795 27,236 112.031 84,335 112,035 196,370 B4,795 27,236 112.031 13 Opgrottng Igase commltments At the reporting end date theyoung We8tnMnster F¢Jundation had ¢WtS￿dIng comnYtm8ntsforfuture minwnum lease payments in regard ofthe rèntal of thÈir current premlses undèr non-cancallsbla oparating leasès, which f8U due as follows: 2021 2020 Within om y8ar 4,061 14 Related party transa¢tl¢)n$ Transactlons wlth rnlatsd partlgs Trustees Hamza Taouzzale and Karen Scarborough are both Counallors of Wastminster City Councll. During the year Westminster Cty Council provlded funding to Ihe Young Westminsler Foundation of £830,554 {2020- 343.8001. Trustee Brian Bickdl 18 the Chief Fxecutlve Officer of Shaflesbury PLC whlch proMd811 funding lo the Young westm￿ster Foundation of £70,000 durirtsJ the year12020- £10,0001- Trustee Jackie Rosenburg is the Dewty Chief Execulrve Officer of Paddington DevelopnEnt Trust which received fun¢Jing from the Young Westrninster Foundation under tha Bri9ht8r Fulures Fund 2 totalling £14.828 during the year {2020- nll). Carol Archibald who was appointed as trustee crf Young Westminster Fc￿ndation on 14 October 2020 is employed by Th8 Avenue8 Youth Club whlch re￿iVed grants and fundlng from the Young We8tminsler Foundation totalling £31,830 during Ihe yoar. -30- YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 15 Ca8h ￿n￿rated from op•ratlon* 2021 2020 Surplusl(deficitl for the year 84,339 (49,040) Adjustments for.. Irwestmenl incom8 recognlsed In statem•nt of ffnandal activitie8 121) 188) Movements in working capital: {Incr&asel in debtors {D¥cr&aselnnGrease In credltorB Increase In defefred incom8 (116,694) 125.971) 83,000 (12.032) 37.393 Cash generat•d fromllab8orbed by) opgratlon 24,653 123,7471 16 Analy&ls ol ehang•* In net fund8 The Young W•8lmlnster FcundatlDn had no d•bt durlng th• year.