2020-12-31-accounts

Charity Number 1171640

ONE WORLD ACTION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Charity Number 1171640

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ONE WORLD ACTION

YEAR ENDED 31 DECEMBER 2020

CONTENTS

	Page
Administration	3
Trustees Report	4-5
Statement of Financial Activities	6
Balance Sheet	7
Notes to the financial statements	8-10

Charity Number 1171640

ONE WORLD ACTION

YEAR ENDED 31 DECEMBER 2020

Administration

Charity Number 1171640

Trustees

Mr Vinodrai Thakrar Mrs Avani Thakrar Mr Rickesh Thakrar Mr Vishal Thakrar Mr Anil Mehta Mr Amritpal Chaggar

Principal Office C/o Thakrars 121 Spencefield Lane Leicester LE5 6GG

Bankers

Barclays Bank plc Octagon House Gadbrook Park Northwich Cheshire CW9 7RB

Charity Number 1171640

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ONE WORLD ACTION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report together with the financial statements of the charity for the year ended 31 December 2020.

CONSTITUTION

The charity is registered as a Charitable Incorporated Organisation. Its objects are prevention or relief of poverty or financial hardship anywhere in the world by providing grants, items and services to individuals in need and/or charities, or providing or assisting in the provision of education, training, healthcare projects and all the necessary support designed to enable individuals to generate a sustainable income and be self-sufficient.

COMPLIANCE

The trustees confirm that they have complied with the duty under Section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

RISK MANAGEMENT

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and future funding and are satisfied that systems and procedures are in place to mitigate its exposure to those major risks.

ACHIEVEMENTS AND PERFORMANCE

The trustees are disappointed with, but under the circumstances did anticipate, the low level of income received in the year ended 31 December 2020.

Once again, restrained assistance was provided during the year, preserving funds for a more sustainable existence in pursuance of its objectives. Income generating asset investment opportunities continue to be pursed. Successful investment is fundamental to enable the charity to ramp up its charitable activities as well as secure its long-term survival.

TRUSTEES RESPOSNSIBITIES

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

Charity Number 1171640

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ONE WORLD ACTION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED31 DECEMBER 2020

Note Incoming Resources Income and endowments from: Donations and legacies 2 Investments 3 Total Incoming Resources Resources Expended Expenditure on: Charitable activities 3.1 Other 3.2 Total Resources Expended Net Income/Movement in funds Total funds brought forward Funds Carried Forward	Unrestricted Funds Restricted Funds Total Funds 2020 Total Funds 2019 £ £ £ £ 709 - 709 48,856 269 - 269 807
	978 - 978 49,663
	63 - 63 656 66 66 97
	129 - 129 753
	849 - 849 48,910 143,232 - 143,232 94,322
	144,081 - 144,081 143,232

Charity Number 1171640

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ONE WORLD ACTION

BALANCE SHEET AS AT 31 DECEMBER 2020

Note CURRENT ASSETS Cash at bank CURRENT LIABILITIES CREDITORS – Amounts falling due within one year 4 TOTAL NET ASSETS FUNDS OF THE CHARITY Unrestricted Funds 5 TOTAL FUNDS	2020 2019 £ £ 144,617 143,788
	144,617 143,788
	536 556
	144,081 143,232
	144,081 143,232

The Financial Statements were approved by the Board of Trustees on 31 January 2021 and signed on their behalf by

Mr Vinodrai Thakrar

Notes on pages 8 to 10 form part of these Financial Statements.

Charity Number 1171640

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ONE WORLD ACTION

NOTES TO THE FINANCIAL STATEMENTS FOR

THE YEAR ENDED 31 DECEMBER 2020

ACCOUNTING POLICIES

1.1 Basis of preparation

The financial statements have been prepared under the historical cost convention, in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and in accordance with the Charities Act 2011.

1.2 Income

Income is recognised when received or entitlement is highly probable and reliably measurable.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102). In general volunteer time is not recognized.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the year of receipt.

Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

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ONE WORLD ACTION

NOTES TO THE FINANCIAL STATEMENTS FOR

THE YEAR ENDED 31 DECEMBER 2020

1.4 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount incurred net of any trade discounts due.

1.5 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.6 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.7 Financial Instruments

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

1.8 Fund Accounting

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

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

• 2 INCOME FROM DONATIONS AND LEGACIES

All donations received during the year were unrestricted and include gift aid of £131.

3 INVESTMENT INCOME

Investment income represent interest income and is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

Charity Number 1171640

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ONE WORLD ACTION

NOTES TO THE FINANCIAL STATEMENTS FOR

THE YEAR ENDED 31 DECEMBER 2020

3.1	CHARITABLE ACTIVITIES	CHARITABLE ACTIVITIES
			2020	2019
			£	£
	Payments to charitable organisations		63	320
	Independent examiner’s fees		0	336
			63	656
3.2	TRUSTEES EXPENSES
			2020	2019
			£	£
	Travel		66	97
			66	97
	None of the funds have been expended on any organisational expenses. No other payments
	have been made to any Trustees or associated parties.
4	CREDITORS
			2020	2019
			£	£
	Charitable donations		200	220
	Independent examiner’s fees		336	336
			536	556
5	FUNDS
	Funds of the charity are entirely unrestricted.

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