Chaty reglstration number 1169255 YOUNG WESTMINSTER FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
YOUNG WESTMINSTER FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees B Bick811 Ichairl J Rosenburg IFounding Trusletr and Vice Ch8iTI C Archibald R Gilbert M Jarniluddin R Rahman K Scarborough J Vertkin (Appointed 1 June 20231 (Appointed 5 April 20221 Chalr B Bickell Charlty number 1169255
YOUNG WESTMINSTER FOUNDATION CONTENTS Chairman's statement TTv8lees' report 4-11 Statement of trustees, responsibilities 12 Independent auditorfs report 13- 15 ststement of finanaal adivities 16 Balance sho61 17 Statement of cash flows Notes to the financial ststements 19-31
YOUNG WESTMINSTER FOUNDATION CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2023 Chair's Statement l am pleased to present rny first statement as Chair of The Young Westminster Foundation, at the end ol a year of considerable change and Prog$3 for the Foundation. Collaborating with a wide range of stakeholders. our growing reputation and scope of activities make5 an important contribution to delivering our sh8red purpose of Improving tho lives and prospects of children 8nd young people in the City of Westrninster- arguably London'$ most high-profile and diverse borough. A year of ehange Westminster Cily Councffl At the local elecb'on in May 2022, control ol Westrninster City CounrAI passed to the first Labour administiation since the borough w85 CTeated in 1965. One of the key manifesto pledges of the new 8dmlnistration wa5 an increased commitment to, and strengthening ol, ihe borough's youth sector and we ar8 regarded as a key partner lor delivering improved youth services. The opportunity to partner with the Cty Council in delivering their strategy for children and young people allow us to help shape the future of youth services and act as a voice of the young people. It also provides valuable certainty 8nd visibility of funding for both the Foundation and the s8Ctor for at least the next three years. 8oard changes My predecessor as Chair. Neil Daly, advised the Board in August 2022 of his decision to step dovm from the Board following his relocats'on outside of London. In October 2022. Fahmim Chowdhary Signed for personal reasons. I would like to thank both for their contribution to the Foundation during their tenure on the Board. In June 2023, we were pleased to welcorne Rob Gilbert to the Board, who has replaced Fahmim as our Treasurer. Rob bring5 a weatth of Commer31 and finance experience to the Board and we look forward to working with him. In May 2022, Hamza Taouzzale. one of OLsr first trustees, was appointed Lord Mayoi of Westminstef. His appointment as the borough's first young and Muslirn Lord Mayor recognised his exceptional talent and commilment to supporting other local young people. Unfortun81ely, in taking the role, Hamza had to step down frotn our Board, but he Chose to be hi5 Charity of the Year. This has provid8d us numerou5 OPPOrtunitie5 to showcase our work both across the borough and further afield in a number of hiyh pmfile and community events. Hamza will rn8intain his link with us as our first Patron. In addition, Rashrna Rahman joined the board in May 2022 . further 51renglhening the Board's sknlls and experience and adding another younger persons, perspective to our discussion5 and deci3iolls. Our le8ffl September 2022 saw the departure of Phll Barron, CEO since our fomiation in 2016. The progress we are reporting this year owes much to Phil's unstinting commitment throughout our first five ye815. On behalf of the Board, I thank him for hi5 efforts and enthusi85m and wish him success in his new position. The Board was pleased to appoint Helen Mann, our Directof ol Development since 2017, to the role of CEO. As our fvnding slieams arnd deliverables have grown. we have ensuTed that our team is equipped with the necessary expertise to continue our work as the trusted and expert partnei delivering funding to projects and prografnmes for children and young people. Our team of nine now includes experts in the 8reas of youth work, serious youlh violence. youth voice and impact and evaluatlon. The Board would like to thank the team for their exceptional efforts throughout Ihis busy and produdive year.
YOUNG WESTMINSTER FOUNDATION CHAIRMAN'S STATEMENT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 Our aetlvltles Thi5 report sets out in more detail some of the work that delivers to respond to the challenges faced by local young people and youth organisation5. V4nth the insight provSded by the 2020 Needs Anatysis Our Cily, Our Future. we have contirnued to shape projects based on listening to young people and their communities. An example of thi5 15 the Helping Hands programme that was set up in late 2021. The programme addresses the growing issue ol youth violell in the northwest of Westminster using a shared community apprD8ch. This project hgg grown from 8trength to strength and wth additional funding has now extended to the northeast of the borou9h. Our film 'The Hand that Helps, launched the Helping Hand5 programme and WDn Gold at the ChaTty Film Awards. The film was made in partnership with Media Trust and was created using the words ol young people and youth worker5. It recognises the importance ol youth work, provided lant881ic recognition of Westminster'5 youth workers and national profiling of YVVF, in addition to receiving a prize of £10,000 worth of TikTok ads. Our Mastering My Future Programme continued to grow b8nefftting from 8 Second year of funding from The Mercers, Comp8ny. This continues to be our flagship ernployment prograrnrne led ty the inspirational 2-3 Degrees. The progTamme is now working vAth many of our Corporate partners and showcasing new industries to young people in Westminster. The infrastructure introduced to support Westminster's youth hubs has developed over the18sl year and we have 8 pivotal role in leading regular steering group meetings. in partnership with the City Council. Our team has provided support lo the hubs around maiketing and evaluation with our specialists working strategiG4lly wth the Westminster Foundation, one of our funder5. to ensure their resilience and effectiveness. Building on the success of our work with youth workers during Covid-19, we have introduced quarterly youth worker forums. Workforce development was seen as a key PTiority for our mernber5 and oveT the last year we have engaged with 60 youth workers through regular rneetings and discussion5. This has en8bled us lo co-produce a programme ol training which key members have helped deliver. We have also been 8ble to fund 15 places lor youth work qualifications thank5 to funding frorn the City Council and we were delighted that Avenues Yovth Project, one ol our youth hub Members, was able lo deliveT this trainin9. We recently secured funding to lead a three-year project to expand this youih worker development programme across northwest London in conjunction with another five neighbouring Young People's Foundations from City Bridge. Our funder8 All that we do, and the positive irnpact we aim lo bring to the INes and prospects of Westminster's childrell and young people, is rnade possible by the commitment and generosity of our growing range of funding partners. The Board Is conscious gf our responsibility to ensure the funds we receive are deployed effectivety and effiuently to address the ne8d5 01 those we seek to help. Looklng ahead In October 2022. we celebrated the Foundalion's fifth annnfersary with a gathering of over 300 representatives of our members, funders and other stakeholde15, made possible by the generosity of The National Gallery, Total Media and The Westminster Propety Association. The event cleady demonstrated the breadth and importance of the growing nelwork of organisations we have established and the far-re8ching impact of our work and collaboration. Against a background of growing uncertainties 8nd challenges across society. and the particular pressures faced by children and young people. our progress since 2016 rneans we are well placed to continue to deliver on our ambition to 5UPPOrt and nurture Westminster's next generation in the years ahead.
YOUNG WESTMINSTER FOUNDATION CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2023 Ch•ir z.8.202S
YOUNG WESTMINSTER FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 R8POrt ol the Trustees ended 31 March 2023 The trustees present their report and financial statements for the finanaal year ended 31 March 2023 and confimi they comply with the requirements of the Charits'es Act 2011, the Young Westtninster Foundation l°YIfvF' or 'the Foundation I trust deed and th8 Charits"es SORP IFRS 1021. Young Westmlnster Foundatlon Vlslon Our w5ion is lor all young people living ir¢ the borough of Westminstef to grow up heallhy, safe, and happy with the best opportunities for brighter futures. Young Westmln¥ter Foundatlon Mlsslon Young Weslrninster Foundation is 3 cross-sector partnership which conThect5 our members (youth dubs and children's charities), funding partners, businesses. and Strategic parthers to shape opportunitie5, broker new funds and create the best service3 foi children and young people in Westminst8r. This will impact those young people with better oulcomes around health and resilience, staying safe, success in education. employment and better sooal obility. We are part of the Young Peoples Foundation model, worklng alongside simllar, recently forrned plac&based found8tions in other London Boroughs wth lunding from John Lyon'5 Charity to lead the Children and Young People's sector. Legal Structure, Govemanee and Managernent Young Westminster Foundation is a registered charity, nurnber 1169255 wth a memorandum and artides of asso¢iation as it's governing document. 11 was registered with the Charrties Commission in September 2016, constituted as a Charitable Incorporated Organisation ICIOI. Recruitment of new trustees is driven by the CEO and 8XlSting trustees. New trustees are then appointed by existing trustees after they h8ve attended one meeting. Our Truste85 YWF Is governed by a skilled and enthusiastic b08rd of trustees bringing a mix of priv8te, public and third sectrjr experience. The board currenty comprises." Brian Bickell, Chair. Former CEO of Shaftesbury PLC. Brian is a Chartered Accountant and resident of Westminster. He brings extensive slr8tegic experience frofll hi5 role al Shaftesbury. Jackie Rosenberg, Founding Tiustee of the YWF and Wce Chair. CEO of One Westminster and Deputy CEO of Paddington Development TTUSt la YWF Mernberl, bringing extenswe knowledge and experience ol third sector in Westminster. Rob Gilbert, Treasurer of West London Jewish Relief. Previously Robert worked as Executive chairrnan and CEO of Tile Depot for 23 years. before Selling the company to Saint Gobain in 2016. sin then he has chaired Backyard Cinema from 2017-2022 when it was sold to the Sony Corporation. Robert is also involved as treasurer in another charity which 15 8 sirnilaf size to YWF and 15 currently executive chairman of Living Space Design. Karen Scarborough. An elected Westrninster, City Councillor. Karen has 8xt8llsive knowledge of rts policies and operab'ons and supports the events workstream and wrporate sector networking and fundraising. C8rol Archibald, Director of Pfogrammes at Avenues Youth Project. C8ToI is a Westrninster resident and brlngs a wealth ol experiellce through her youth work practice. Jayne Vertkin, Regional Youth Hub Advisor for Central Govemment. Jayne retired from Westrninstef Cily Council in September 2021 where she setved as Head of Eady Help. She has worked in Weslminstei for 41 years. She 1$ supports.ng YWF with fundraising and governrnent commissioning.
YOUNG WESTMINSTER FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Jamil Uddin grew up in Vvestsninster and studied at Warwick Unlversity. Jarnil worked with Yinff as a Young Arnba5sador in 2017. Rashm8 Rahman lappoinled 5 Aprll 20221 works as a teacher at King Solomon Academy. Westmlnster. R85hrn8 grew up in Westminsler, worked with YWF as a Young Amb8ss&dor in 2017 8nd also compleled an internship with us in 2019. Neil Daly stepped down as a trustee 8nd Chair on 16 September 2022, as he relocated outside London, and on 1 November 2022 Fahmim Chowdhury resigned as a trustee and Trea5urei for personal aSonS. Hamza Taouzzale, an elected Westminster councillor, became Lord Mayor of We5trninster in May 2022 and on 24 May 2022 stepped down a5 a trustee as a consequence of the conflict of interest this appointment created. In recognilK)n of his support for YWF over rnany years, the Board has appThnt8d him as the ffirst Patron of YWF. The Board is responsible for the charity's governance 8nd strategy and foi making sure the charty is administered effectively and 8ccording to ils chaiitable purpose. The Board rnel form811y every three months during the year with the CEO and senior staff in attendance as appfopriate. Working gfOUPS have been set up lo look in detail at key issues such as events, communications, finance, safeguarding and cultural cotnpetency. We also held an annual organisational away day in August 2022, biinging all staff and trustees together to rewew current adivits.es and discuss future strategy. We have a 8oard Handbook to ensure that trustees are aware of their roles and responsibilities and each of our policies has a trustee assigned to them to ensure that they ale up-to-date alld that governance arrangernent5 continue to be appropriate. staff We have nine paid members of staff. Phil Barron, who had been CEO since the Foundation began in 2016, resigned in September 2022 Helen Mann was chosen by the Board lo fill the vacancy. Helen has been our Business Developrn8nt Director since 2017 and brings many years of fundra151ng experience as well as an in-depth knowledge of our mernbership, operations and stakeholders. Helen is joint chair of the City Council's Ear Help Board. Pollcie¥ and procedures We have Identified and 8dopted a range of organisalional policies and prOdre$ lo ensure we manage our aclivilles effectively. efficiently and meet cuirent legislation and best practice. We Continuous review our policies and procedvres to ensure they 8re relevant and up to date and have continued to 8dd to our policies where we see there is need. Risk management The Board has put in place a risk register which is regularly reviewed. The register reviews all aspects of the charity's actsvitl85 and puts in pla measures to Klenlify and mitigate risks. PublSc Bengfft The trustees have compli8d with their duty to have due regard to the Charity Commission's Public Benefit Guidance IPB1 the Public Benefit Requirement, PB2 Public Benefit Running a Charity and PB3 Public Benefit Reporting) when exerasing powers or duties to which the guidance is relevant.
YOUNG WESTMINSTER FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The objectives of the Foundation are.. a. The promotion of the voluntary sector primarily in the Clty of Weslminster, in particular by building the capacty of charitable and voluntary organisalions working with cttildren and young people and providing them with the necessary advice. support, information, training and services to en8ble them to pursue their charftable purp05e5 and irnprove the effiuency 8nd managernent of their resource5. b. To advan in life and relieve the needs of young people through rnaking grants to charit.ies and voluntary organisations that do 8ny or all the following.. the provision ol recreational and leisure tirne aclivitle5 provided in the interest of So31 welfaTe, designed io improve their Conditions of life and inuease theiT OPPOrtunrtie5'. providing support and activities which develop their skills, capaaties and capabilitie5 to enable thern to participate in society as mature and responsible individuals. Our Strategy Members: Helping youth clubs and youth organisations to thrive. Supporting youth organisalons becorne rnOTe efficient and effective through training. inlomiation sharing, advic8. networks, research and advoc8Cy. Partnershlps= Fostering a comrnunity who care aboLrt Westminster's young people. Supportlllg cross- secior collaboiation, brokering partnerships belw88n members, business partners and strategic partners. Funding.. Generating long tem investment for youth organi5ations and young people in Weslminster. Increasing long term fullding into the youth secior in Westminster through consortia grant applications, corporate investment and individu81 philanthropy. Knowledg¢= Listening, leaming and sharing. Maintain and sustain ourselves as 3 ieslllent, informed, go-to organisation for funders. busSnesses, Westminster City Council and other stakeholders for loral expertise and knowledge of sector. The Foundation and the YPF network have a shared commitment to developing a culturally competent approach within our organisation, partner organisalions and across our wider YPF nelwork. We work with and represent the diverse communities within Westminsler. Many of our m8rnber organisats'ons are led by global majority gioups. Our Activities The trustees have paid dve regard to guidance Issued by the Charity Comrnis5ion in deciding what activities the Young Westminster Foundation should undertake. Fundong and Grant Maklng Our approach for grant making includes an application proce53 for our member organisations with due diligence undertaken by our Grant5 and Evaluation Manager followed by recommendations to an independent grants panel, which comprises funders, young people and strategic partners. We continue to develop and adapt our grant making processes to remain flexible whilst rn8naging risks. Through our Bdghter Futures Fund we bring together funders, Vvestminster City Covncll and corporate partners to c&invest funds into a single grants prograrrme to provide an efficient funding mechanism for member organisation5 within Westminster.
YOUNG WESTMINSTER FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 During the year, the Brighter Futures Fund mad8 27 grants tot811ing £354,000. This year's funding was made available by Weslminsler City Council, the John Lyon's Charity. St George and St Giles Charities. Westfflinsler Alms Houses, with further contrlbutions from our business partners. We also run a small grants programme foi Supplementary Sehools. During thè year, our grants programme has provided seven grants to supplementary schools in the borough totalling £25,000. We launched our first capacjty building grants prograrnme for Helping Hands, a project to address serious youth violence in north Westminsler. Wth a grants panel made up frorn members of the Ioc81 community, we made six grants totalling £27,000. We have partnered with the City Council 8nd the Westminster Foundation lo manage the Holi¢Jay and Food Activities prograrrrne IHAFI and half teim activities. Vve gave out £870,000 in grants between Easter 2022 and February 2023. Commissioned and Special prolects The Foundation identifies gaps in provision and brings together partners and funders to address issues and reed5. The lollowng projects have been initiated and delivered by our partners over the last year.. M8stering fvly Future PrOgmme with delivery partners 2-3 Degrees, Westminster Befriend a Famity and In5pirel This employability project introduces young people to the wide range of opportunities on offer in Westminster through a range of workshops, Work eKperfence and mentoring. Funded wa the Mercer's Company and contributions from corporale partners. Church Street Transitions Programme - led by Future Men ¥th fijnding from MOPAC and the Violence Reductlon Unit. The Project Coordinator is now working with children from 4 prirnary schools in the Church Street area. Helping Hands Programme 12-month funding from London's Violence Reduction Unit. This include5 continued funding for our Pro9ramme Manag81. The project host5 youth and praCtoner led steering groups across housing estates in the northwest of the borough (Mozart, Warwick, Amberley and Brindleyl, establish a community neork and training prograrnrnes. It also allows strategic partners inrjuding the Met Police, Integrated Gangs Unil and Public Health to link in and understand the issues ol the local community. Children in Need have also provided some malch funding which will be used for evaluation and consultancy support for the project and John Lyons charity have contributed to the small grants that the COTnmunity were able to award as part of the sustainability of the projecl. The prDject will be conts"nuing in the north east but the focus for Dur Programme Manager will be to set up and replicate this project in the north east of the Borough. Young Carets projecl- our rnember organi5ation Dream Arts 15 leading on a new programme for young ¢8rers identifyin9 8 pathway lor theln and working with other member pathers in Westminster. The funding for this programme has come from the City Counal Earty help team and YWF. Young Ambassador Programme Acting on th8 tOMMendation fiom our previous Need Analysis reports we have committed to maintain A group of young ambassadors who all live. work or study in Westminster. The fole of this group 1$ to.. Undertake regular consultation with theirwith peers Social action campaigns Perforrnances Training and development, networking opportunitie8 foT the young people involved Supporting the Foundation's corporate engagement activities includiT%g communic8tlng our strategy. activitie5 and achievement5 to current and potential funders. Ovr current group have begun scoping the Needs Analysis which Is a key focus ol our work for 2023. It is working eJ05ety wth the Clty Council's Youth Voice team.
YOUNG WESTMINSTER FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Our Members Our members comprise around 130 organisations and range from large Youth Clubs to smaller grassroots organisations, whlch share a passion lo provide 5UPPOrt services that will give life changing SUPPOrt to Westrninstef's young people. Mefflbeis have specialist ski115 in a range of interest areas such 8$ arts or sports and are focused on providing young people with educational and vocational activities, youth enterprise, training opportunities. healihy lifestyles and nutrition. We work strategically with five youth hubs and oversee a steering group of the hubs in partnership with WCC who provide funding for their core activities. These hubs are.. Fourth Feathers Avenues Youth Project Churchill Gardens Youth club (Future Men) Amberfey Youth Club (Future Men) St Andrews Youth Club Our wider meFnbeTS indude a range of organisations deliverlng a huge variety of activities and PTogrammes for Westrnin5ter's children and young people. Through our activities we are 8 consistent supportgf, ffiend and funder for all our membef5. Our Impact and Member Survey We conducted our annual tnembers survey this year and received positive feedback, evidencing that we are maklng an even greater difference compared lo when we ran the last SUTvey 18 rnonths earlier. For example, 72% of our members say that they work a lot or a rnoderate amount rnoie collaborativety wth rnember5 and partners, up 5% from 2021. 83Q/o of members say we have added significant value to the sector. Smaller and larger organisations face different issues and have different need5 and expeclations around our role. Overall, increasing funding opportunities and corpor8le investment was cited as our most importanl role. 70.kn of rnember5 thought we are fumlling this role. 30% say we fulfil some of this role. This remains consistent wth feedbad( in 2021 where 72% said increasing funding was our m05t important role. Funding is a pressing issue for all members. reflecting the wider cost of living crisis. YWF will continue working with our partners and funders towards tackling this pressing issue. Respondents shared a variety ol idea8 for how we can improve our mernbership offer. These ideas will be incorporated into our strategy development. Our Partners As well as working with our members to 5UPPOrt them and better understand their needs, our WOTk in growng a community of support for young people in Westminster brings together a wide range of organisations to fund our operation5 and grant making. Westminster City Council The City Council is Oul Tnost important partner with whom we coll8borate dosety oll our shared vision to improve lives of young people living in the City of Westminsler, We have developed good working relationships across the City Council with key councillor5 including cabinet and shadow cabinet Tnembers for Economic Development, Education & Comrnunity and Family Services & Public Health We also have a strong eOrk across council departments inCldIng Children's Services, Public Health. Economy, Communty Safety and Policy, Housing and Perf0rrnan and Communications. The City Council provides lursding for our core operating and st8ff costs as well as funding for Projects we manage and commission on their behaff.
YOUNG WESTMINSTER FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 other Funde In addition to Westrninster City Counol our funders include.. John Lyon'8 Charlty.. gives grants to benefit childr8n and young people up to the age of 25 who live in nine boTough5 in northwest London. The charity, whose mission is to promote the life-chances of children and young people through education, contributes lo our core operating and stsff costs. Clty Bdge Trust.. is the funding arrn of Bridge House Estates. It provides grants totalling around £20 million per year towards charrtable activity benefitting Greater London and are a contributor to our core operating and staff costs. The Mercers, Company. a livery company focus5ed on being 8 foli* for philanthropie good who have contributed to our Mastering My Future Programme. st George and St Giles Charltles.. a lo1 funder who have contributed to our Brighter Futures grants round and lor other local projects including OL¢r next Needs Analysi5. Kusuma Trust: a local funderwho are contributing to our next Needs Anaty515. Westrninstèr Foundation. The Duke of Westminster's charitable foundation who contribute to our Core staffing ancl are contributing to our next Need5 Analysis. BBC Chlldren In Need who have contributed to the Helping Hands project. WeskninsterAlm#houses: a Ioc81 funder who have contributed lo our BrighteT Futures grants round. We also received sponsorship from several businesses and organisations toward the ¢o$t of our '5 Years Young, Event at the National Gallery including the kind 5UPPOrt of the Nab'onal Gallery itself in providing free space and financial support for the event from the Westrninster Property A8soei8tion. Buslness Partners We continue to build long-lemi mutually beneficial partnerships wf(h bu51nesses. with a focus on Ihe need for ongoing 5UPPOrt as opposed lo short terrn commitment. We have converted our Founding Partners to Growth Parlnerg over the last year, with a 3-year funding commitment and have increased the number ol businesses with whom we are engaging. Buslness Plan In December 2020 we produced our 3-year business pl8n, whictt we have continued to review and up-date as approprlate. We will updale thls over the coming year based on the insight that we will g8in from our NeedsAnalysis in 2023. Flnanclal revlow During the Per0d endgd 31 March 2023 the charity had total illcome of £2.139,530 and toial expendbture of £1,996.377 re5ulling in net income of £143,153. Our finances are robust and are Unrestricted Fund5 are in excess of the Fninlmum level of Operating Reserves set by the Board. The year saw a significant incrèase in the Foundatlon's income and expenditure on grants and projects. See Statement of Financial Activities Our income sources continue to grow le which has enabled us to grow our financial SL¢PPOrt lo our members.
YOUNG WESTMINSTER FOUNDATION TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Reserves The purpose of the Reserves Policy is to ensure the resilience ol our finances SO th81 we maintain thè financial and staff resources lo deliver our strategy gnd goals. The Board keep5 under review the Foundation's current 8nd prospective financial posiii'on, lakn'ng a prudent vW of future income streams, the levels of expenditure required to rneet both existing commitments and the impact of future expansion of its adivities, as well as the macro environment in which 1t operate5. The Foundation doe5 not se debt to fund any aspect of its operations. The Foundation's Unrestricted Resewe repSentS the accumulated financial resource available to us. The Board has agreed a minifnum level of reserves which il considers to be prudent, which is kept under review, to provide an internal Sour ol funds for situations such as a sudden increase in expenses. one-time unbudgeted expenses, unanticipated loss in funding, or uninsured losses. In the event that the Unrestrted Reserve fall, or are expected to fall below the minimum level, the Board wll take the necessary and swift remedial action to $tore reserves to at least the minimum position. In the event of a current or prospective material exces5 above the minimum level. subject lo the Foundation's medium-tefm plans and f1nancial outlook. the Bo3rd would seek either to further deploy funds In furtherance of it8 Stsled charitable objeclNes or consider a reduction in future funding requests or return of funds to core lunders. Posltlon at 31 March 2023 During 2022, the Board agreed that the Foundation should maintain a rninimum level of Unrestricted Reserve equivalent to four months of annual operating costs. COTnprising gross staff costs (prior to any allocation to projectsl and administration costs. At 31 March 2023, thi5 represented 8 minimum Sevel of £173,500, compared with the reported accumulated Uniestricted ReseTve of £289,000. Since the year ernd, the Board h85 reviewed the Foundation's level of prudent minimurn reserves. In view of persIstenY high levels of cost and salary inflation in the UK, the ne9ab.ve outlook lor the national economy and public sector funding, and expected expansion of our activilies over the mediurn terln. the Board has reset the minimum level ol Unrestricted Reserve foi the year ahead to the equivalent of six months, of forecast annual operating costs. Looklng ahead We have set the following PTlorities for the year to Marth 2024.. Tackling Serious Youth Violence.. to expand the Helping Hands project into the north east of Westminster Needs Anatysis.. to undertake 8 peer-led research project to understand the diverse experiences of young people in communits'85 across the borovgh p05t pandemic and during the cost-of-living crisis., Level Up Youth Work NW London.. to oversee and deliver a partnership project to develop the skills and capacity of the youth sector workforce across six North West London boroughs HAF aTrd half term holiday funding.. lo continue working with the City CouncAI and the KÈstminster Foundation to administer holiday project fundlng Impact and Evaluation.. to continue worknng with Westminster youth hubs and rnembers on impl8rnenting a shared vision 8round impact. 10-
YOUNG WESTMINSTER FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 8 Bickell IChaiTI J Ro$8nburg (Founding Tstee and te Ch81rl C Arthibald F Chowdhury N Daly R Gilbert M Jamlluddin R Rahman K Scarborough H Taouzzale J Verlkin IREslgned 1 November 20221 (Reslgned 31 August 20221 (Appolntsd 1 June 20231 IAppoSnted 5 Aprll 20221 IRe8lgned 24 May 20221 The tNsl es, r9POrt was approved by the Board ol Trusteg8. B Bl¢k811 (Chalrl Trn$to¢ 3.2.2023
YOUNG WESTMINSTER FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The truslees are r85ponsible for preparing the Trustees, Report and the financial statements in accordance th applicable law and United Kingdom Accounting Stand8rds Iunited Kingdom Gener31ty ACpted AcUting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial st8tements for each financial year which give a true and lair wew of the state of affairs of the Young Westminster Foundation and of the ncoming resources 8nd applicats'on of resour1$ of the Young ViÈstminster Foundation for that year. In preparing these financial ststements. the trustees are iequlred to.. select 5Urtable accounting poliaes and then 8ppty them consistently., observe the methods and principle5 in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed. subje¢t to any materi81 departures disdosed and explained in the financial ststements.. and pr8p8re the financial slalernents on the going coneem basis unless It is inappropriate to presume that the charity will continue in operation. The trustee5 are responsible for keeping sufficient accounting records that disclose with reasonable 8ccuracy at any tirne the Iinancial p051tion of the Young Westminster Foundation 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 Young We5trninster Foundation and hence for taking re8s0nable steps foi the prevention and detection of fraud and other irregularities. 12
YOUNG WESTMINSTER FOUNDATION CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF YOUNG WESTMINSTER FOUNDATION Opinion We have audited the financial statements of Young Westminster Foundation (the 'Young Vveslminsler Foundation'l for the year ended 31 March 2023 which Comprise the statement of financial actnfilies, the balance sheet, the statement of cssh flows and notes to the financial statements, including signrficant accounb'ng policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standard5, includ1ng Financial Reporting Standard 102 The Financial Reportijjg Standa¥ applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements.. glve a true and fair view of the state of the tharity's affairs as al 31 Marth 2023 and of its incomlng resources and application of resourS, for the year then ended, have been properly ppared in Bccordance with United Klngdom Generally Accepted Accounting Practice,. and have been ppared in accordance vmth the requirements of the Charities Act 2011. 8a$ls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII 8nd applicable law. Our responsibilities undei those standards are further described in Ihe Auditols responsibilities for the audit of the finanGi81 slaterngnts section of our report. We are independent of the Young Westminster Foundation In accordance with the ethical requirements that are relevant to our audit ol the financial stalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical iesponsibilities in accordance with these requirements. We believe that the audit evidence vle have obtained is sufficient and appropriate to provide 8 basis lor our opinion. Conclusrons relatlng to golng concern In auditing the financial 5talemenls, we have concluded that trustees. use of the going concem basi5 of accounting in the preparalion of the financial statements is appTopriate. Based on the work we have perforrned, we have not identified any material uncertainties re18ting to events or conditions that. individually or collectivety. may cast significant doubt on the Young Westminster Foundation's 8bilty to continue as 8 going concern for a period of at least tyRlve rnonths from when the financial statements are 8uthorised for issue. Our responsibilities and the iesponsibilities of the trustees with respect to going concern ale described in th8 relevant sections of this report. Other informatlon The other information comprises the information included in the 3nnual report other than the financial statements and our audito¢s report ihereon. The trustees are responsible for the other inforrnation contsined 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 Ihereon. Our responsibility 15 to read the other infomation and. in dolng so. consider whether the other information is materially inconsistent with the financial staternerts or our knowledge obtained in the course of the audit, or othelwise appears to be materially rnis5tated. If we identify such material inconsistencies or apparent material misslaternents, we are required to deteTTnine whether this glves rise to a rnaterial misstatement IN the financial statements themselves. 11. based on the work we have performed, we conclude that there is rnaterial misstatement ol this other infomiab'on, we are required to report that fact. We have nothing to report in this regard. 13
YOUNG WESTMINSTER FOUNDATION INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF YOUNG WESTMINSTER FOUNDATION Matters on which we are required to report by exeeptlon We have nothing lo report in respect of the following matters in relation to which the Cttarilies (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion". the infomiation given in the financkgl statements is inconsistent in any material respect wrth the trustees, report,. or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we requife for our audit. Responsibilities of Irustees AS explained more fully in the statement of Iiustees, responsibilities, the ITUStees are responsible lor the pieparation of the financial statements and lor being satisfied th8t they give a true and fair view, and for such internal control as the trustees deterrnine is nece5S8ry to enable the preparation of financial staternents that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the Young Westminster Foundation's ability to continue as a going concern. disc105ing, as applicable, matters related to going concern and using the going concern basis of acuunting unles3 the trustees either Intend to cease operations. 01 have no re81istic altemative but lo do so. Audltor's responslbllltles for the audlt of the financlal slatements We have been appointed as auditor Ljnder section 144 of the Charrties Act 2011 and report in accordance with the Act and relevant regulations made or having effgct thereunder. Our objectives are to obtain reasonable 85surance aboul whether the financial statements as a whole are tree from m8terial misstatement, whether due to fraud or error. and to issue 8n auditorfs 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 IUKI will always delect a material rnis5tatemenl when it exists. Misstatements can anse from fiaud or error an¢J are considered material if. individualty or in the aggregate, they COLJld reasonably be expected to influen the economic decisioll8 of users taken on the basis of these financial ststements. The extent to which our procedures are capable of detecting irregularities, induding fraud, is detsiled below. A further desuiption of oui responsibilities is available on the Financial Reporting Cou¢11,$ website at." https'./l w4.trC.org.UkIaudlt0rsr&5ponslb1lltle8. This description forms part of our 8uditof s report. Your attention is dr8Wn to the fact that lh8 charbty has prepared financial statements in accordance wth 'Accounting and Reporting by Charities.. Stalement ol Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Stand8rd applicable in the UK and Republic of Ireland IFRS 1021" lag amended) In preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 Apnl 2005 which is refeired to in the extant regulations but has now beeN withdrawn. This has been done in order for the financial statements to provide a true and fair wew in accordance with current Gener8lly Apted Accounting Practi. 14-
YOUNG WESTMINSTER FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF YOUNG WESTMINSTER FOUNDATION Use of our report This report is made solety to the charity's trustees, as a body. in accordance wilh part 4 01 the Charitie5 IAccounts and Reports) Regulatlons 2008. Our audit work has been undertaken so that we might state to the charrty's trustees those mallers we are required lo state to them in an audil0¢5 report and for no other purpose. To the fullest extent perrnitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's truslees as a body, for our audit work, lor this report. 01 for the opinions we have formed. Robert Kirtland (Senlor Statutory Audltorl for and on behalf of 81812023 Chartered Accountants Statutory Auditor Critchleys Audit LLP is eligible lor appointment as auditor of the Young Westminster FoundalK)n by virtue of its eligibility fof appointment as audiior of a company under of section 1212 of the Companies A¢1 2006. 15
YOUNG WESTMINSTER FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestrlcted Réstrlcted lunds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Totsl 2023 2022 Notè8 Income from.. Donations and legacies Investments 372,3(Y) 1,363 1,765,867 2,138,167 1,363 413,267 10 1.158,826 1,572,093 Total Income 373.663 1.765,887 2,139,530 413,277 1,158,826 1,572,103 Ex enditure on.. Charitable activities 267.480 1.728,897 1,996,377 293,089 1,122,221 1,415,310 Net Incoming resources before tran8fers 106.183 36,970 143,153 120,188 36,605 156,793 Gr05S transfers between funds 110.9781 10,978 110.6171 10,617 Net Incom8 lor the yearl Ngt movement in funds 95,205 47.948 143.153 109,571 47.222 156,793 Fund ba18nces at 1 April 2022 193,907 159,256 353,163 84,335 112.035 196,370 Fund balances al 31 March 2023 289,112 207,204 496,316 193,906 159,257 353,163 The staternent of financial aclwities includes all gains 8nd losses recognised In the year. All income and expenditure derive from continuing activities. 16-
YOUNG WESTMINSTER FOUNDATION BALANCE SHEET ASAT31 MARCH 2023 2023 2022 Not•8 Flxed TanglIE a5SEts 15,000 Current assets 08blor8 Cash al b8nk and In hand 10 126,680 573,164 106,331 414,126 699,844 520,457 Credltorn: amounts falllng dutr wlthln one year 11 1218,5281 1167,2941 Net currBnt assets 481,318 353,163 Totsl assets less cumnt Ilabllttle8 496.318 353,163 Income funds ReslricteL* funds Unrestricted fvd 13 207.204 289,112 159,257 193,9C 496,316 353,163 The ancl I stst8m8ntS W8re approved by Ihe Trustees ¢Jn ....................... B Bickell (Chairl Trust88 17-
YOUNG WESTMINSTER FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 1022 Notes Cash flows Irom operatlng aetlvltles Cash generated trom operations 17 157.675 176,726 Investing actlvldes Investment income received 1.363 10 Net cash generated from inve8tlng activities 1,363 10 Net cash used in finanelng actlvltle8 Net increase in cash and cash equlvalents 159,038 176,736 Cash and cash equNalen15 at beginning of year 414.126 237.3 Cash and cash equivalents at end of year 573,164 414,126 18-
YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng poli¢1 Charlty information Young Westminster Foundation is a Charitable Incorporated Organisation ICIOI. 1.1 Aeeountlng conv8ntlon The financial statements have been prepared in accordan with the Young Westminster Foundation's Charitable Incorporated Organ15alion Association. the Charities Act 2011 and "Accounting and Reporting by Chanties.. Statement of Recommended Pr8clice applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191" The Young Westrrinstei Foundation is a Public Benefit Entity as ¢Jefined by FRS 102. The finanaal statements have departed from the chareS (Accounls and Reports) Regulations 2008 onty to the extent required to provide a true and fair view. This departure has involved followlng the Statement of Recommended Practice for charities apptying FRS 102 rather than the ve15ion of the Staternent of Recommended Practice which is referred to in the Regulations but which has since been withdr8wn. The flnancial statemen15 ale prepad in sterling, which is the fundional currency ol the Young Westmin3leT Foundation. Monetary amounts in these financial ststements are rounded to the nearest £. The financial statements have been prepared under the historical cost Convention. The principal accounting policie5 adopted are sel out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectatlon that the Young Westrninster Foundatlon has adequate resources to continue in operational existence lor the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitsble funds Unrestricled funds are available for use 81 the discretion ol the trustees in furtherance of their charitable objectives. Restricted lunds a subject to specifiG conditlons by don015 as to how they rnay be used. The purposes and Uses ol the restricted funds are set oot In the notes lo the financial statement5. 1A Income Income is CognISed when the Youn9 Westminster Foundation is legally entilled to It after any perfom)an conditions have been met, the amounts can be measured reliably, and it 15 probable that income will be reIved. Grants are recognlsèd In the finanrial 8lalements when due. Donations are recognised when receNed. Sales are remgni5ed when the related services have been provided. Cash donations are recognised on ieceipt. Other donations are recognised once the Young Westminster Foundatson has been notified of the donation, unles5 perforniance conditions require deferral of the amount. Income lax recoverable in ielation to donations received under Gift Aid OT deeds of covenant is recognised 8t the lime of the donatson. Legacies are recognised on receipt or otherwse if the Young Westrninster Foundation has been notified of an irnpending distribution. the 8mount Is known. and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 19
YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting pollcles IContinuÈdl 1.5 Expondlture ExpenditLJre is recognised once the is a legal or constructive obligation to transfer econornic benefit to third party. it is probable that a transfer of economic benefits will be requifed in setuement. and the amount ol the obligation can be measured reliably. Expenditure is classified by activity. The Costs of each activity are made up of the total of direct costs and shared c05t5. including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one actwity and support costs which are not attributable to a Single activity are apportioned between those 8Ctivrties on a basis consistent wrth the use of $oUrCes. Centr81 staff costs are allocated on the basis of time spent. and depreciation charges are allocated on the portion of the as5el's use. Expenditure is accounted for on an accruals basis and include5 itrecoverable VAT. Grants payable are recognised as expenditure when payment Is due to the partner organisalion in accordan with the terms of the agreement. 1.6 Tangible fixed assets Tangible fixed as5et5 are initially rneasured at cost and subsequendy measured at cost or valuation, net ol depreciation 8nd any impairment losses. Depreciation is recognised so a5 to write off the c05t or valuation of assets less their Tesidual values over their useful lives on the following bases.. Fixtures and flttings 25% str8ight line The gain or loss arising on the dispos81 of an asset is det8irnined as the difterence between the sale proceeds and the carying value of the asset. and is recognised In the statement of financial activities. 1.7 Impalrment of flxed assets At each reporting end date, the Young Westminster Foundatloll Teviews the carrying amounts of ils tan9ible assets to detemine whether there is any indication that those assets have suffered an irnpairrnent Ios5. If any suth indication exists, the recoveiable amount of th8 asset is estimated in ordei to detemiine the extent ol the irnpairment loss lif any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, dep051ts held at call with banks, other 5hort-term liquid investments with original matur.eS of three rnonlhs or less, and bank overdrafts. Bank overdrafts are shown within borrowings in crrent liabilities. 1.9 Flnancial In¥trum•nts The Young Westminster Foundation ha5 elected to apply the provisions of Sectiorn 11 'Basic Financial Instruments, and Section 12 '0ther Finan(ial Instruments Issues, ol FRS 102 to 811 of its financial instiurnents. Financial inslruments are fecognised in the Young Westminster Foundation's balance Sheet when the Youn9 Westminster Foundation becomes party to the contractual provisions of the instrument. Financial assets and liobilities are offset, with the net amounts presented in the financial 5tatement5, when there is a legally 8nfoiceable right lo set off the recognised amounts and there is an intention to settle on 8 net basis or to realise the asset and settte the liabilty sirnUtt8neously. -20-
YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting pollcles Iconlinuedl Baslc flnancial assets Basic finaTEcial asseis, which include debtors and cash and bank balances. are Initially me8sured at transaction price inclvding transaction costs 8nd are subsequentsy carried at amorti5ed cost using the effective interest method unless the arrangement constitutes a fin8ncing transaction, where the tiansaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets dassified as receivable within one year are not amortised. Basic finjnclal Ilabilities Basic financial liabilities, induding creditors and bank loans are initially recognised at transaction Pri unlèss the arrangeTnent constitutes a finanang transaction, where the debt instrument is measured at the present value of the future payment5 discounted at a Fn8rket rate of inter85t. Financial liabilities clasSifd 85 payable within one year are not 8mortised. Debt instruments afe subsequenuy Carrièd at amortised cost. using the effective interest rate method. Trade creditors are obligatlons to pay for good5 or services th3t have been acquired in the ordinary course of operations from supplier5. Amounts P8y8ble a classified as current liabilities if payment is due within one year or less. If not, they are prgsented as non-current liabilities. Trade creditors are recognised initially at Iransaction price and sUbSequenY rneasured al amortised cost using the effective inleiest method. Derecognltion of linancial Ilabilities Financial liabilities are derecognised when the Young Westminster Foundation's contractual obligations expire or are discharged or cancelled. 1.10 Efflployee benefits The cost of any unused holiday enb'tlement is recognised in the period in which the employ8e's services are ieceived. Temiinalion benefits are recognised immediately as an expense when the Young Westminster Foundation is demonstrab5y cornmed to teminate the employmer*t of an employee 01 to provide termination benefits. 1.11 Retlrement beneflts P8yments to defined wntribution retirement benefit schemes are charged as an expense a8 they fall due. Crftlcal accountlng estlmate6 and Judgements In the appllcation of the Young Westminster Foundation's accounting poliues, the trustees are required to ake judgements. estirnates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimaie5 and asswated assumptions are based on historical experiencg and other factors that are considered to be relev8nt. Actual results may differ frotn these ests'mate5. The estimates and underlying as5UrnPtlons are revlewed on an ongoSng basis. Revisions to accounting estirnate5 are recognised in the period in which the estimate is revised where the revision affect3 onty that period, or in the period of the revision and future periods where the revision affects both current and future pe0d$. Criti¢•l judgements Depreciation Dijring the ye8r, depreclation of £5,000 has been ch8rged. This is an estirnate based on the useful life of fixtures alld fittings being 4 years and having a 25% straight-line depreciation policy. 21
YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Donatlons and legacles Unrestrlcted Restricted funds funds Total Unrestricted funds Restricted funds Total 20Z3 2023 2023 2022 2022 2022 Donations and gifts Grant income Business partner income Contract income other 8,863 110,000 12,000 8.863 1,896,442 191,425 58,012 987,043 113,771 58.012 1,149.643 116,771 6,860 240.807 1,586,442 179,42S 162.600 3.000 6,860 240,807 241,437 241,437 372,300 1,765.867 2,138,167 413,267 1,158,826 1.572,093 Investments Unrestricted Unrestrlcted funds funds 2023 2022 Interest CeIvable 1,363 10 -22-
YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charltable activities 2023 2022 Staff costs Depreciats'on and Impairment Grants Direct project costs Recruitment. tf8ining and other staff costs Rent and office expensès General expenditure 361,688 5.000 1,470.771 87,811 21,164 17.286 32,657 266,270 1,025,820 65,987 16,213 18,190 22,830 1,996,377 1,415,310 t,996,377 1.415.310 Analysis by fund UnTe5tricted funds Restricted funds 267,480 1.728,897 293,089 1,122,221 1.996.377 1,415,310 Trustses None of the trustees lor any persons connected with them) received any remuner8tion or benefits frovn the Young Westrninster Foundation during the ye8r. Employees The aver89¢ monthty number ol employees during the year wa5.. 8 2023 Number 2022 Number Employees Employment costs 2023 2022 Wages and salaries Soual securrty costs other pension costs 311,893 34,100 15,695 230.231 23.836 12.203 361.888 266,270 There were no employees vthose annu81 remuneration was more than £60,OQXJ. -23-
YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Taxation The charity is exempt from tax on income and gains falling wthin section 505 of the Taxes Act 1988 or secbon 252 of the Taxation ol Chargeable Gain5 A¢1 1992 to the 8xtent that these are applied to it5 chaiitable objects. Tangible fixed 35sets Flxture5 and Illtlng8 Cost Additions 20.000 At 31 March 2023 20,000 Depreciatlon and Impalrment Depreciation charged in the year 5,000 At 31 March 2023 5,000 Carrying amount At 31 March 2023 15.000 The £20,000 of addition5 to cost relate to a valuation of office equipment whith was donated. 10 Debtors 2023 2022 Amounts falllng due within one year: Trade debtors Prepayments and accrued Income 67,000 59,680 81.071 25.260 126,680 106,331 11 Creditors= amounts falllng due wlthln one year 2023 2022 Notes Other taxation and Social security Defeired income Trade creditors Other creditors Attruals 9,833 20,000 14,902 2,586 171,207 8,987 10,000 56,474 1,552 92,281 12 218,528 167,294 24-
YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 12 Deferred income 2023 2022 other deferred in¢ome 20,000 10,000 Deferred income is included in the financial statements relates to grants reiVed In the year relatlng to planned activitie5 in 2023r24. 2023 2022 Deferred incorne is included within.. 20.000 10,000 Movements in the year. Deferred income at 1 April 2022 Released from pievious periods Resources deferred in the year 10,000 110,0001 20,000 83.000 183.0001 10.000 Deferred ircome 8t 31 March 2023 20,000 10.0(M) 25-
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YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 14 Analysls of not assets between funds un$1Cled Restrlcted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Fund balances at 31 March 2023 are represented by.. Tangible assets Current as8etsllliabilitiesl 15,000 274,112 15,000 481,31e 207,204 193,906 159,257 353,163 289,112 207,204 496,316 193,906 159,257 353,163 15 Operatlng lease eommitments At the reporting end date the Young Westminstei Foundation ha<J outstanding commitments lor future Inimum lease payments in regard of the rental ol theiT current premises under non-cancellable operating leases, which fall due as follows". 2023 2022 Wthin one year 7.200 4,081
YOUNG WESTMINSTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 16 Related party transactions Transactlons wlth related parties Trustee5 Hamza Taouzzale and Karen Scarborough are both Councillors of Westminster City Council and Jayne Vertkin Is an employee of Westminster City Council. During the year Westmin51er City Council provided funding to the Young Westminster Foundation of £1,274,69412022- 616,8861. Trustee Hamza Taouzzale is also a Trustee of Paddington Art5 which ceiVed grants and funding from Young Westminster Foundation totalling £Nil during the year12022- £28,160). Trustee Brian Bickell is the Chief Executive Officer of Shaftesbury PIC which provided funding to the Young We5ttninster Foundation of £47,050 during the year12022- £35,000). Trustee Jackie Rosenberg 15 the Deputy Chief Executive Oificer of Paddington Developrnent Trust which received lunding from the Young Westminster Found8tion under the Brlghter Futures Fund totslling £4.420 during the year12022- £14.0381. TTUStee Carol Archibald is employed by The Avenues Youth Club whic* CeIVed grants and lunding from the Youno We5trninster Foundation totalling £73,808 durin9 the year12022- £55,233). 17 Cash generated from op8ratlons 2023 2022 Surplus for the year 143,153 156,793 Adjustrnent5 for.. Investment income recognised in statement of financial actNities Depreciation and irnpairmefit of tangible fixed a55ets Non-cash donations 11.3831 5,000 120,0001 Movements in working capital.. Ilncreaselldecrease in debtor3 Increase in creditor5 Increaselldecreasel ir deferred incorne 120,3491 41,234 10,000 41,895 51,048 173,0001 Cash generated frorn operatlons 157,875 176,728 18 Analysis of ehanges In net funds The Young Weslrninster Foundation had no debt during the year. 31