**REGISTERED COMPANY NUMBER: 02052268 (England and Wales) REGISTERED CHARITY NUMBER: 295501** 

## **REPORT OF THE TRUSTEES AND** 

**AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** 

## **FOR** 

## **ONE WESTMINSTER** 

DSK Partners LLP Chartered Accountants and Statutory Auditors 75 Park Lane Croydon Surrey CR9 1XS 



**ONE WESTMINSTER** 

**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** 

||**Page**|
|---|---|
|**Report of the Trustees**|1to9|
|**Report of the Independent Auditors**|10 to 13|
|**Statement of Financial Activities**|14|
|**Statement of Financial Position**|15|
|**Statement of Cash Flows**|16|
|**Notes to the Statement of Cash Flows**|17|
|**Notes to the Financial Statements**|18 to 29|
|**Detailed Statement of Financial Activities**|30 to 31|





**ONE WESTMINSTER** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** 

## **Trustees Report for Annual Accounts 2021** 

The Trustees, who are also directors of One Westminster (the "Company", for the purposes of the Companies Act), submit their Annual Report and the financial statements for the year ended 31 March 2021. The Trustees confirm that the Annual Report and financial statements of the Company comply with current statutory requirements, the requirements of the Company's governing document and the provisions of the SORP - FRS 102. 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and aims** 

The objects of One Westminster remain: 

i) To promote volunteering and the role of voluntary organisations to achieve any charitable purpose for the benefit of the community. 

ii) To promote any charitable purpose and, in particular, the advancement of education, relief of unemployment, the protection of health and the relief of poverty, distress and sickness and 

iii) To promote and organise cooperation to facilitate the achievement of the above charitable purposes and to that end to bring together in council representatives of voluntary organisations and statutory authorities within the area of benefit which are engaged in the furtherance of the above charitable purposes. 

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our work and in planning future activities. 

One Westminster continues to deliver high quality services aimed at supporting some of the most disadvantaged members of the community. We retain our work supporting, advocating and enabling volunteering across the city, providing support, advice, signposting and networking opportunities within the Westminster voluntary and community sector including the facilitation and development of the Westminster Community Network. We also deliver a number of discreet direct services to older people, adults with learning disabilities, the unemployed and local families through our Lottery funded projects and council contracts. Our social enterprise - Time and Talents continues to work with employers to enable them to provide much needed highly skilled volunteers for local charities and community groups to assist them in delivering their own charitable objectives. 

## **Public benefit** 

The Trustees have paid due regard to the guidance on public benefit produced by The Charity Commission and are confident that the work of the charity meets all the criteria for public benefit. 

Page 1 



**ONE WESTMINSTER** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** 

## **OBJECTIVES AND ACTIVITIES ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE - YEAR 2020-21** 

## **OVERVIEW** 

The year 2020-21 has been like no other. All our work has been undertaken against the backdrop of the Covid 19 pandemic. This has resulted in us having to adapt our ways of working, the delivery of our projects and the very nature of some of our work. As a CVS and Volunteer Centre, we have both had to adapt both our own work and support the wider sector to sustain their work, keep informed, reach their clients and increasingly work alongside Westminster City Council and our NHS partners. 

The whole team, working from home, have managed to adapt, develop and deliver new services and maintain their existing work. They have shown exceptional resilience, commitment and passion throughout the year. The Trustees are extremely proud of the achievements of the team over the year and thank each and every one of them for their dedication and efforts. 

In addition to the project information below, One Westminster, through the CEO, has worked alongside others to develop 2 new Third Sector collaborations - one across Kensington and Chelsea and Westminster - Community Health West London and one across NW London - Third Sector Together - 3ST. Both collaboratives are designed to enhance the likelihood of the voluntary sector securing health contracts in the future. 

The CEO continues to play an active part in London Plus - the voice of the sector across London - by attending regular CVS Director's Meeting and leading for NW London on the work with the National Academy for Social Prescription. The CEO retains her role as Vice-Chair on the Young Westminster Foundation. 

## **ONE WESTMINSTER'S WORK WITH AND FOR VOLUNTEERS** 

## **Volunteer Centre** 

Covid 19 had a major impact on the work the Volunteer Centre would normally carry out over the year. Our normal services of outreach and drop ins had to be curtailed. However, it was important the Volunteer Centre continued to support volunteering in the borough, which included the following: 

-Over 80 clients attended the zoom monthly 'Introduction to Volunteering Workshop', which is delivered in partnership with Westminster Adult Education Service (WAES). 

-Presentations to promote volunteering have included zoom Fresher fairs and progression week at Westminster Adult Education Service (WAES), City of Westminster College and presentations to promote volunteering at staff meeting at Westminster Job centre. 

-Responded to over 250 volunteer enquiries during the year. Support included contacting clients directly through email, phone calls and signposting to current volunteer roles available, particularly through Westminster Connects. 

-4 Zoom Volunteer Coordinators Network meetings been held, attended by 91 staff/volunteers from Westminster Voluntary Organisations. Guest speakers included Do-it Trust, Tempo, and group discussions included Westminster Organisations response during covid 19 relating to volunteering. 

-Good practice support by phone and email to staff/volunteer from over 15 Voluntary organisations, including issues relating to volunteer policies, recruitment and DBS. 

## **Volunteer Employment Support Project** 

The new Westminster Connects Volunteer Employment Support Project was launched in September 2020 following discussion and agreement with Westminster City Council. The aim of the project is to support the employability of unemployed Westminster residents by linking them up with volunteers who provide 1-2 hours weekly support for 6 months. 

Page 2 



**ONE WESTMINSTER** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** 

## **OBJECTIVES AND ACTIVITIES** 

We worked closely with existing key partners such as Westminster Job Centre and Westminster Voluntary Organisations, which resulted in a high number of client referrals and self-referrals. 

A number of our volunteers have also previously experienced being out of work so have a close understanding of the difficult and challenging times Westminster residents can face while being unemployed. 

## 51 Volunteers Registered 

52 Unemployed client referrals - this includes self-referrals or referrals through Westminster Voluntary Organisations 41 matches - volunteers matched with unemployed residents 

8 Training sessions held - attended by total of 42 volunteers 

## **Disclosure Barring Service (DBS)** 

One Westminster stopped providing a paper form DBS service to Westminster Voluntary Organisations in March 2020. This was partly due to staff changes, Covid 19 and that now over 80% of DBS's nationally are completed online. 

We now use an online DBS service for all our volunteers for One Westminster and Westminster Connect projects who require a DBS check. We have processed over 200 DBS checks during the last year. 

We provided DBS good practice support and information to over 30 Westminster Voluntary Organisations. 

## **Voluntary Sector Support - CVS Service** 

## **Organisation Support** 

There continues to be a steady demand for local capacity-building and organisation support services. Although on-line resources are increasingly available, it is clear that local groups still require a need for advice and information on local resources, partnerships and information on overall governance and funding regimes for charities. This year we provided 164 sessions of 121 support for local charities. 

## **Training events** 

We ran 7 sessions this year, mainly Meet the Funder events. Online meetings enabled us to develop a tri-borough approach, replacing the annual Funders Fair with a series of meetings with individual funders. This new approach has been welcomed by funders, for whom it is especially productive, as well as by organisations. Sharing presentations after the events has also increased the value of these sessions. Evaluations from training sessions are consistently positive, with no attendees finding them anything other than useful. 

The team also took the lead for NW London on delivery of the Learning Together programme supported by Thriving Communities a programme led by the National Academy of Social Prescription. 

## **Networks** 

We delivered 14 network meetings over the year. All of these were online meetings, and attendance equalled or exceeded that of pre-Covid times. Meeting evaluations have supported this positivity, as well as contributing regularly to our topic choices. We will be consulting members of all the Networks on possible hybrid ways of running networks in the future. 

Westminster Community Network - 6 meetings Health and Wellbeing Network - 4 meetings Older People Providers - 4 meetings 

## **Communications** 

Throughout this period we have used Mailchimp and Twitter as our two main platforms. Mailchimp is used for our fortnightly e-bulletin that goes out to around 1,000 subscribers. 

Page 3 



**ONE WESTMINSTER** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** 

## **OBJECTIVES AND ACTIVITIES** 

## **Mailchimp - E-bulletin** 

From May 2020 to April 2021 we published a record number of e-bulletins: 27, by increasing to weekly publications to keep readers up to date with the fast-changing government guidance, medical updates and the local response. We ran some 700 stories in all covering the latest news, free training, funding opportunities, events, jobs and the latest research and comments on relevant subjects. We also added special features from time to time on topics such as Black Lives Matter and food poverty in Westminster, and these often increased the opening rates. 

We saw a steady rise in the number of subscribers, on average around 10 a month (a record for us). In May 2020, the average opening rate of the e-bulletin was around 30% but by the autumn of 2020 this had risen to 40%. One issue scored our highest ever opening rate of 43%. Click rates too rose from 7.5% in May 2020 to around 10% - 11%. 

Twitter - we published 217 tweets with info relevant to the pandemic as well as supporting the activities of local voluntary sector organisations. In total nearly 100,000 impressions were recorded and we now have just short of 2,500 followers. 

## **Westminster Connects and Time and Talents Westminster Connects** 

The Time and Talents team has seen major changes as a direct result of the pandemic. The team has adapted, flexed and taken on new work, supporting the Westminster Connects service and running the Check in and Chat Service with new funding provided through WCC Public Health. 

Over the course of the year, the following has been achieved: 

-Supplied 150 volunteering opportunities to Westminster Connects published in 16 fortnightly Volunteer Newsletters since August. 

-Supported 40 organisations to recruit volunteers for 53 different volunteering posts that were advertised in Westminster Connects newsletter. 

-Managed 362 Westminster Connects referrals for volunteering roles at local charities 

-Run ongoing weekly liaisons with charities to monitor and log actual deployment for Westminster Connects volunteers. 

-TOTAL deployment of 100 Westminster Connects volunteers at local projects 

-Hosted 5 Charity Q&A online sessions for Westminster Connects volunteers to meet local charities. The Q&A sessions hosted 25 charities showcasing around 70 volunteer roles to 100 volunteers who participated through the year. 

## **Time and Talents** 

Kept liaisons with community partner organisations and charities' need assessment on a monthly basis 

Facilitated employee volunteering for our clients: 

- Westminster City Council (till end July 2020) 

- Government Department of BEIS (till end March 2021) 

- Department for Transport 

- UK Government Investments 

- John Lewis (till end March 2021) 

- Warner Media (till end 2020) 

- DP World and Newton Europe (festive CSR day). 

Coordinated volunteering opportunities development. 

Page 4 



**ONE WESTMINSTER** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** 

## **OBJECTIVES AND ACTIVITIES** 

Published 8 Time and Talents volunteering opportunities lists circulated to our corporate partners, the Responsible Business Network, BIDs and Business Alliances in Westminster. 

Facilitated 572 hours of volunteering activities around 25 charities, involving 235 employees from the 5 Time & Talents employer partners, that directly benefited 2000 Westminster residents. 

Facilitated nearly £5,000 in kind donations to cover project costs for materials for festive season activities, Christmas presents, winter warmers, and children's books, toys, plants and laptops. 

Facilitated a fundraising challenge for the UKGI employees who raised £725 for the Marylebone Project for homeless women. 

## **ONE WESTMINSTER'S PROJECTS** 

## **Befriending Plus Project** 

With the start of the pandemic, the Befriending Plus Project coordinator sustained her current volunteers and clients but developed and supported the creation of the Check in and Chat Service by helping create and deliver the training programme for staff and volunteers. From November, the Befriending Plus project re-launched as a fully functioning telephone befriending service. The project noticed a significant increase in referrals from diverse communities within Westminster. 

A highlight was a collaboration with the Time & Talents team who were able to provide a volunteer from Warner Media to assist in putting together a Festive Booklet with heartfelt messages from volunteers and clients. 

The project consistently receives high levels of volunteer enquiries, but inevitably not all result in a successful match. 77 new active matches were made between June 2020 and May 2021. 

The project is continuously assessing how best to deliver its service in the light of Covid 19 including supporting volunteers around decision making around moving from telephone to face to face support. 

We also retain strong links with other Befriending services in Westminster including Age UK, Octavia and Neighbour Care supporting their waiting lists with volunteers. 

## **Learning Disability Volunteering Project** 

Adults with Learning Disabilities have been disproportionately impacted by Covid 19. All our volunteers were required to shield and protect themselves during the year. However, they all moved to meeting regularly on-line and we kept in telephone contact. During the year, the project coordinator moved into a Social Prescribing role and the Volunteer Centre team picked up supporting the group. We were delighted to be able to appoint one of our long serving volunteers to deliver this work on a part-time basis. She has provided a wonderful range of speakers and performers to meet the group off line and keep everyone engaged and supported. 

We are extremely happy and lucky that all our group have kept well and happy throughout the year. They have recently met for a picnic and are really keen to go back to volunteering once the pandemic allows. 

Page 5 



**ONE WESTMINSTER** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** 

## **OBJECTIVES AND ACTIVITIES** 

## **Social Prescription in Westminster** 

The year started with One Westminster commencing our role as manager of a new service in Westminster - the NHS Social Prescription Link Worker scheme. This involved One Westminster recruiting a team of Link workers working alongside GP practices within Primary Care Networks in the Central London CCG area. Our new team commenced their contracts on April 1st a few weeks after the first lock-down started! The team, funded through PCNs were complemented by 2 link workers reporting to the 2 mental health hubs operating across Westminster and funded by CNWL. Initially, the impact of the pandemic on Primary Care meant that the team could not fully engage with their GP practices. Westminster Council had established a new Westminster Connects service into which people could volunteer and report needs across the City. Following a request, One Westminster established a "Check in and Chat" service, training volunteers to call residents in need and offer support around food, medicines and mental health needs. The Link worker team played a key role in delivering this service during the first lock-down. Over the course of the year, relationships with GP practices were formed and the team was able to begin delivering their role as originally intended, albeit it, with the restrictions that the pandemic caused. In addition to their roles, the team helped out with vaccinations. 

During the year Social Prescriber Link workers saw 1094 individual clients, face to face or remotely. They spent 22,592 hours supporting Westminster residents. 

A full report and power point presentation on the work of the Social Prescriber Link Worker team over the year is available on our website - www.onewestminster.org.uk. 

## **STRATEGIC REPORT** 

## **Financial position** 

The Charity's income was £869,455 in the year ended 31st March 2021 compared to £722,140 in the year ended 31st March 2020. The total expenditure amounted to £863,598 compared to £728,178 in the year ended 31st March 2020. As at 31st March 2021 the Charity has general free reserves of £82,483 from a total unrestricted fund amounting to £85,370. Overall, the total fund balance carried forward at 31st March 2021 was £146,971 (as illustrated in note 18). 

## **Reserves and investment policy** 

Free reserves are defined as the net assets of the charity excluding those assets tied up in fixed assets or representing restricted funds. The stated policy of the Trustees is to set a target level of free reserves equivalent to three months future expenditure less amounts already held in restricted reserves. Free reserves as defined by Charity Commission guidance are equivalent to the charity's general reserve which is deficit. The Trustees are fully aware of the need to sustain a reserve for the charity's own operations. 

The Memorandum & Articles of Association provides that the charity invests monies not immediately required for its own purposes in or upon such investments, securities or property, as may be thought fit. At the present time the Trustees' policy is to maintain all such monies on deposits earning a market rate of interest. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document** 

The organisation is a charitable company limited by guarantee, incorporated on 3 September 1986 and registered as a charity on 3 October 1986. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding one pound. 

Page 6 



**ONE WESTMINSTER** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Recruitment and appointment of new trustees** 

The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Board of Trustees (or the Board). The members of the Board are elected to serve for a period of two years after which they must be re-elected by the Trustees for a further three years but must not serve more than five years consecutively unless co-opted. 

The Board elected Matthew Ayres to the position of Chair at their Board meeting on March 4th 2020. Matthew has continued to serve as Chair throughout the period of this report. 

In June 2021, two new voluntary sector representatives were elected onto the Board. A further two business representatives are being recommended for election at the Board's September meeting. 

## **Organisational structure** 

Throughout the year, the organisation has continued to be led by Jackie Rosenberg on a part-time basis, seconded from Paddington Development Trust. A memorandum of agreement exists between PDT and One Westminster allowing for the secondment. 

This arrangement is meeting the needs of both organisations and is likely to continue for the foreseeable future. 

## **Risk management** 

The Board of Trustees has in place an active risk register which is regularly reviewed. The register reviews all aspects of the Charity's activities and puts in place measures to reduce any risks. 

A full set of policies and procedures covering all aspects of the charity's work, including health and safety, child and vulnerable adult safeguarding, financial management etc. is in place and is reviewed annually. 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

## **Registered Company number** 

02052268 (England and Wales) 

## **Registered Charity number** 

295501 

## **Registered office** 

37 Chapel Street London NW1 5DP 

## **Trustees** 

Ms S Springer (resigned 15.7.20) E H K Yeo M Ayres Chair Ms S Annis M Hazell Treasurer Ms N Thalassis Ms P Fudlalla Ms V Etienne Ms H Nightingale (appointed 16.6.21) Ms H Taheri (appointed 16.6.21) 

Page 7 



**ONE WESTMINSTER** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** 

## **REFERENCE AND ADMINISTRATIVE DETAILS Company Secretary** 

Miss J Rosenberg 

## **Auditors** 

DSK Partners LLP Chartered Accountants and Statutory Auditors 75 Park Lane Croydon Surrey CR9 1XS 

## **Bankers** 

Unity Trust Bank Nine Brindley Place Birmingham B1 2HB 

## **OBSERVER** 

Iain Bott (Westminster City Council) 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

The trustees (who are also the directors of One Westminster for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

In so far as the trustees are aware: 

- there is no relevant audit information of which the charitable company's auditors are unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

Page 8 



**ONE WESTMINSTER** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** 

## **AUDITORS** 

The auditors, DSK Partners LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. 

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 25 November 2021 and signed on the board's behalf by: 

M Ayres - Trustee 

Page 9 



**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ONE WESTMINSTER** 

## **Opinion** 

We have audited the financial statements of One Westminster (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 

- In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

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

## **Conclusions relating to going concern** 

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

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

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

## **Emphasis of matter** 

In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made in note 1 to the financial statements concerning the entity's ability to continue as a going concern. 

The entity is entitled to the reliefs provided by the Government as a response to the unprecedented COVID-19 lockdown in the United Kingdom. These conditions, along with other matters explained in note 1 to the financial statements, may cast significant doubt on the entity's ability to continue as a going concern. Our opinion is not modified in respect of this matter. 

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the trustees assessment of the limited company's ability to continue to adopt the going concern basis of accounting included reviewing cash flows and considering the general state of the economy and the entity's business. 

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

Page 10 



**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ONE WESTMINSTER** 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Report of the Trustees has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

Page 11 



**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ONE WESTMINSTER** 

## **Our responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

- Using our general commercial and sector experience and through discussions with the directors and management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management's own assessment of the risks that irregularities may occur either as a result of fraud or error. 

- We examined the company's regulatory and legal correspondence and discussed with the directors and management any known or suspected instances of fraud or non-compliance with laws and regulations. 

- We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 

- In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements. 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. 

Page 12 



**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ONE WESTMINSTER** 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 

Romit Basu FCA (Senior Statutory Auditor) for and on behalf of DSK Partners LLP Chartered Accountants and Statutory Auditors 75 Park Lane Croydon Surrey CR9 1XS 

25 November 2021 

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**ONE WESTMINSTER** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021** 

|Unrestricted<br>Restricted<br>2021<br>Total<br>Notes<br>funds<br>£<br>funds<br>£<br>funds<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>2<br>15,734<br>2,030<br>17,764<br>**Charitable activities**<br>Grants and contract funding<br>5<br>10,000<br>738,600<br>748,600<br>Other trading activities<br>3<br>98,508<br>4,582<br>103,090<br>Investment income<br>4<br>1<br>-<br>1<br>**Total**<br>124,243<br>745,212<br>869,455<br>**EXPENDITURE ON**<br>**Charitable activities**<br>Direct costs<br>6<br>10,229<br>9,992<br>20,221<br>Staff costs<br>70,202<br>475,577<br>545,779<br>Support costs<br>67,079<br>230,519<br>297,598<br>**Total**<br>147,510<br>716,088<br>863,598<br>**NET INCOME/(EXPENDITURE)**<br>(23,267 )<br>29,124<br>5,857<br>**RECONCILIATION OF FUNDS**<br>**Total funds brought forward**<br>108,637<br>32,477<br>141,114<br>**TOTAL FUNDS CARRIED FORWARD**<br>85,370<br>61,601<br>146,971|2020<br>Total<br>funds<br>£<br>5,839<br>471,929<br>244,367<br>5<br>722,140<br>84,864<br>364,533<br>278,781<br>728,178<br>(6,038 )<br>147,152<br>141,114|
|---|---|



The notes form part of these financial statements 

Page 14 



## **ONE WESTMINSTER** 

## **STATEMENT OF FINANCIAL POSITION 31 MARCH 2021** 

|Unrestricted<br>Notes<br>funds<br>£<br>**FIXED ASSETS**<br>Tangible assets<br>13<br>11,828<br>**CURRENT ASSETS**<br>Debtors<br>14<br>125,863<br>Cash at bank<br>92,426<br>218,289<br>**CREDITORS**<br>Amounts falling due within one year<br>15<br>(111,966 )<br>**NET CURRENT ASSETS**<br>106,323<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>118,151<br>**CREDITORS**<br>Amounts falling due after more than one year<br>16<br>(32,781 )<br>**NET ASSETS**<br>85,370<br>**FUNDS**<br>Unrestricted funds<br>18<br>Restricted funds:<br>Restricted funds<br>**TOTAL FUNDS**|Restricted<br>funds<br>£<br>-<br>-<br>61,601<br>61,601<br>-<br>61,601<br>61,601<br>-<br>61,601|2021<br>Total<br>funds<br>£<br>11,828<br>125,863<br>154,027<br>279,890<br>(111,966 )<br>167,924<br>179,752<br>(32,781 )<br>146,971<br>85,370<br>61,601<br>146,971|2020<br>Total<br>funds<br>£<br>7,113<br>87,128<br>170,602|
|---|---|---|---|
||||257,730<br>(82,511 )|
||||175,219|
||||182,332<br>(41,218 )|
||||141,114<br>108,637<br>32,477|
||||141,114|



The financial statements were approved by the Board of Trustees and authorised for issue on 25 November 2021 and were signed on its behalf by: 

M Ayres - Trustee 

The notes form part of these financial statements 

Page 15 



**ONE WESTMINSTER** 

## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021** 

|Notes<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Net cash (used in)/provided by operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Net cash used in investing activities<br>**Change in cash and cash equivalents in the**<br>**reporting period**<br>**Cash and cash equivalents at the beginning**<br>**of the reporting period**<br>**Cash and cash equivalents at the end of the**<br>**reporting period**|2021<br>£<br>(7,986 )<br>(7,986 )<br>(8,589 )<br>(8,589 )<br>(16,575 )<br>170,602<br>154,027|2020<br>£<br>29,583<br>29,583<br>(2,603 )<br>(2,603 )<br>26,980<br>143,622<br>170,602|
|---|---|---|



The notes form part of these financial statements 

Page 16 



**ONE WESTMINSTER** 

## **NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021** 

## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES** 

|**ACTIVITIES**|||
|---|---|---|
|**Net income/(expenditure) for the reporting period (as per the Statement**<br>**of Financial Activities)**<br>**Adjustments for:**<br>Depreciation charges<br>(Increase)/decrease in debtors<br>Increase in creditors<br>**Net cash (used in)/provided by operations**|2021<br>£<br>5,857<br>3,874<br>(38,735 )<br>21,018<br>(7,986 )|2020<br>£<br>(6,038 )<br>3,942<br>28,541<br>3,138|
|||29,583|



## 2. **ANALYSIS OF CHANGES IN NET FUNDS** 

||At 1.4.20|Cash flow|At 31.3.21|
|---|---|---|---|
||£|£|£|
|**Net cash**||||
|Cash at bank|170,602|(16,575 )|154,027|
||170,602|(16,575 )|154,027|
|**Total**|170,602|(16,575 )|154,027|



The notes form part of these financial statements 

Page 17 



**ONE WESTMINSTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** 

## **1. ACCOUNTING POLICIES** 

## **BASIS OF PREPARING THE FINANCIAL STATEMENTS** 

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. 

The presentation currency of the financial statements is the Pound Sterling (£). 

## **GOING CONCERN** 

Since 31 December 2019, the spread of COVID-19 has severely impacted many local economies around the globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. In the UK this began on 23rd March 2020 and carried on well into 2021. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Governments and central banks have responded with monetary and fiscal interventions to stabilise economic conditions. The charity is likely to continue to be affected in the form of loss of income, however it will benefit from savings in costs and therefore this will not significantly impact the entity's financial position. 

The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the charity for future periods. 

As part of the trustees' assessment of going concern, they have prepared detailed cash flow and profit and loss forecasts for the next 12 months. The forecasts have been prepared on an appropriate basis, taking into account the current economic conditions that exist. 

After making appropriate enquires, the trustees have a reasonable expectation that the charity has adequate resources to enable it to continue in operational existence for the foreseeable future. They believe it is appropriate to prepare the accounts on a going concern basis. 

## **INCOME** 

## **Grant and contract funding** 

Income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

## **Voluntary income** 

Income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when received. The value provided by volunteers has not been included. 

## **Other income** 

Income, including bank interest, is recognised in full when received. 

## **EXPENDITURE** 

Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered. 

continued... 

Page 18 



**ONE WESTMINSTER** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **1. ACCOUNTING POLICIES - continued** 

## **EXPENDITURE** 

Resources expended are allocated to the particular activity where the cost relates directly to the activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the basis of staff time attributable to each activity. 

Grants including grants for the purchase of fixed assets are recognised in full in the Statement of Financial Activities in the year in which they are receivable. Income is deferred when received in advance of the period to which it relates. 

## **TANGIBLE FIXED ASSETS** 

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. 

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at the following rates: 

Improvements to Property - Straight line over the life of the lease Fixtures & Fittings - 33.33% on cost Computer Equipment - 20% on cost 

Assets held under finance leases are depreciated in the same way as owned assets. 

At each statement of financial position date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. 

## **TAXATION** 

The charity is exempt from corporation tax on its charitable activities. 

## **FUND ACCOUNTING** 

Unrestricted funds are donations or other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. 

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. 

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support. 

## **PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS** 

The charity participates in a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. 

## **TRADE AND OTHER DEBTORS** 

Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. 

continued... 

Page 19 



**ONE WESTMINSTER** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **1. ACCOUNTING POLICIES - continued** 

## **TRADE AND OTHER DEBTORS** 

## **CASH AND CASH EQUIVALENTS** 

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. 

## **TRADE AND OTHER CREDITORS** 

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. 

## **2. DONATIONS AND LEGACIES** 

During the year, One Westminster received no legacy payments and £17,764 in donations from various funders. For the year ended 31st March 2020 there were no legacy payments and only £5,839 related to donations from various funders. 

## **3. OTHER TRADING ACTIVITIES** 

|Sundry Income<br>Time and Talent<br>Rental Income<br>DBS|2021<br>£<br>24,349<br>46,767<br>30,428<br>1,546<br>103,090|2020<br>£<br>1,517<br>126,377<br>94,052<br>22,421<br>244,367|
|---|---|---|



## **4.** 

## **INVESTMENT INCOME** 

|**INVESTMENT INCOME**|||||
|---|---|---|---|---|
||2021||2020||
||£||£||
|Bank interest||1||5|



continued... 

Page 20 



**ONE WESTMINSTER** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **5. INCOME FROM CHARITABLE ACTIVITIES** 

||2021|2020|
|---|---|---|
||Grants||
||and||
||contract|Total|
||funding|activities|
||£|£|
|Grants|748,600|471,929|



## **6. CHARITABLE ACTIVITIES COSTS** 

|Grant<br>funding of<br>Direct<br>activities<br>Costs (see<br>(see note<br>note 7)<br>8)<br>£<br>£<br>Direct costs<br>20,221<br>-<br>Staff costs<br>450,917<br>94,862<br>Support costs<br>293,003<br>-<br>764,141<br>94,862<br>**7.**<br>**DIRECT COSTS OF CHARITABLE ACTIVITIES**<br>Staff costs<br>Staff related costs<br>Other charitable costs<br>Premises costs<br>Bank charges<br>Bad debt provision<br>Consultancy fees<br>Depreciation|Support<br>costs (see<br>note 9)<br>£<br>-<br>-<br>4,595<br>4,595<br>2021<br>£<br>608,339<br>6,330<br>12,557<br>89,026<br>725<br>5,652<br>37,638<br>3,874<br>764,141|Totals<br>£<br>20,221<br>545,779<br>297,598<br>863,598<br>2020<br>£<br>442,689<br>24,551<br>21,572<br>107,851<br>627<br>240<br>38,918<br>3,942<br>640,390|
|---|---|---|



continued... 

Page 21 



**ONE WESTMINSTER** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **8. GRANTS PAYABLE** 

|**8.**|**GRANTS PAYABLE**||||
|---|---|---|---|---|
|||2021||2020|
||||£|£|
||Staff costs|94,862||83,228|
|**9.**|**SUPPORT COSTS**||||
|||||Governance|
|||||costs|
|||||£|
||Support costs|||4,595|
||Support costs, included in the above, are as follows:||||
|||2021||2020|
|||Support||Total|
|||costs||activities|
||||£|£|
||Auditors' remuneration||4,595|4,560|
|**10.**|**NET INCOME/(EXPENDITURE)**||||
||Net income/(expenditure) is stated after charging/(crediting):||||
|||**2021**||**2020**|
|||**£**||**£**|
||Depreciation - owned assets|3,157||3,641|
||Auditors' remuneration|4,595||4,560|



## **11. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020. 

continued... 

Page 22 



**ONE WESTMINSTER** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **11. TRUSTEES' REMUNERATION AND BENEFITS - continued** 

## **TRUSTEES' EXPENSES** 

There were £nil trustees' expenses for the year ended 31 March 2021 and £Nil for the year ended 31 March 2020. 

## **12. STAFF COSTS** 

|Wages and salaries<br>Social security costs<br>Other pension costs<br>The average monthly number of employees during the year was as follows:<br>Staff|2021<br>£<br>545,482<br>43,600<br>19,257<br>608,339<br>2021<br>21|2020<br>£<br>399,567<br>31,847<br>11,275|
|---|---|---|
|||442,689|
||||
|||2020<br>15|



No employees received emoluments in excess of £60,000. 

## **13. TANGIBLE FIXED ASSETS** 

|Improvements<br>to<br>property<br>£<br>**COST**<br>At 1 April 2020<br>15,465<br>Additions<br>-<br>At 31 March 2021<br>15,465<br>**DEPRECIATION**<br>At 1 April 2020<br>15,465<br>Charge for year<br>-<br>At 31 March 2021<br>15,465<br>**NET BOOK VALUE**<br>At 31 March 2021<br>-<br>At 31 March 2020<br>-|Fixtures<br>and<br>fittings<br>£<br>21,548<br>-<br>21,548<br>17,270<br>1,546<br>18,816<br>2,732<br>4,278|Computer<br>equipment<br>£<br>108,275<br>8,589<br>116,864<br>105,440<br>2,328<br>107,768<br>9,096<br>2,835|Totals<br>£<br>145,288<br>8,589|
|---|---|---|---|
||||153,877|
||||138,175<br>3,874|
||||142,049|
||||11,828|
|||||
||||7,113|



continued... 

Page 23 



**ONE WESTMINSTER** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

|**14.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Trade debtors<br>Other debtors<br>Prepayments<br>**15.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Trade creditors<br>Other creditors<br>Pension liability<br>Accruals and deferred income<br>**16.**<br>**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**<br>Pension liability (payable between one and five years)<br>**17.**<br>**LEASING AGREEMENTS**<br>Minimum lease payments under non-cancellable operating leases fall due as follows:<br>Within one year<br>Between one and five years|2021<br>£<br>101,864<br>263<br>23,736<br>125,863<br>2021<br>£<br>243<br>18,812<br>11,106<br>81,805<br>111,966<br>2021<br>£<br>32,781<br>2021<br>£<br>25,500<br>-<br>25,500||2020<br>£<br>61,809<br>-<br>25,319|
|---|---|---|---|
||||87,128|
||||2020<br>£<br>835<br>16,394<br>10,782<br>54,500|
||||82,511|
||||2020<br>£<br>41,218|
||||2020<br>£<br>34,000<br>25,500|
||||59,500|



continued... 

Page 24 



**ONE WESTMINSTER** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **18. MOVEMENT IN FUNDS** 

|**Unrestricted funds**<br>General funds<br>Designated funds<br>**Restricted funds**<br>Restricted funds<br>**TOTAL FUNDS**<br>Net movement in funds, included in the above are as follows:<br>**Unrestricted funds**<br>General funds<br>**Restricted funds**<br>Restricted funds<br>**TOTAL FUNDS**<br>**Comparatives for movement in funds**<br>**Unrestricted funds**<br>General funds<br>Designated funds<br>**Restricted funds**<br>Restricted funds<br>**TOTAL FUNDS**|At 1.4.20<br>£<br>105,750<br>2,887<br>108,637<br>32,477<br>141,114<br>Incoming<br>resources<br>£<br>124,243<br>745,212<br>869,455<br>At 1.4.19<br>£<br>118,887<br>2,887<br>121,774<br>25,378<br>147,152|Net<br>movement<br>At<br>in funds<br>£<br>31.3.21<br>£<br>(23,267 )<br>82,483<br>-<br>2,887<br>(23,267 )<br>85,370<br>29,124<br>61,601<br>5,857<br>146,971<br>Resources<br>expended<br>£<br>Movement<br>in funds<br>£<br>(147,510 )<br>(23,267 )<br>(716,088 )<br>29,124<br>(863,598 )<br>5,857<br>Net<br>movement<br>At<br>in funds<br>£<br>31.3.20<br>£<br>(13,137 )<br>105,750<br>-<br>2,887<br>(13,137 )<br>108,637<br>7,099<br>32,477<br>(6,038 )<br>141,114|
|---|---|---|



continued... 

Page 25 



**ONE WESTMINSTER** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **18. MOVEMENT IN FUNDS - continued** 

Comparative net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General funds<br>**Restricted funds**<br>Restricted funds<br>**TOTAL FUNDS**<br>**RESTRICTED FUNDS**<br>Family Learning & Support (FLS)<br>Befriending Plus<br>LD Volunteering<br>Volunteer Outreach Development<br>Service<br>CVS<br>SPLW|**Brought**<br>**Forward**<br>**£**<br>29,422<br>12,662<br>-<br>-<br>(9,607 )<br>-<br>32,477|Incoming<br>resources<br>£<br>Resources<br>expended<br>£<br>Movement<br>in funds<br>£<br>248,619<br>(261,756 )<br>(13,137 )<br>473,521<br>(466,422 )<br>7,099<br>722,140<br>(728,178 )<br>(6,038 )<br>**Incoming**<br>**Resources**<br>**Allocation**<br>**Carried**<br>**Resources**<br>**Expended**<br>**to**<br>**Forward**<br>**Overheads**<br>**£**<br>**£**<br>**£**<br>**£**<br>118,139<br>(114,556 )<br>-<br>33,005<br>40,000<br>(34,885 )<br>-<br>17,777<br>22,236<br>(18,580 )<br>-<br>3,656<br>87,924<br> (87,924 )<br>-<br>-<br> <br>246,746<br>(233,476 )<br>-<br>3,663<br>230,167<br>(226,667 )<br>-<br>3,500<br>745,212<br>(716,088 )<br>-<br>61,601|
|---|---|---|



## **19. RELATED PARTY DISCLOSURES** 

There were no related party transactions for the year ended 31 March 2021. 

## **20. PENSION LIABILITY** 

The pension scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. 

## **SCHEME: TPT Retirement Solutions - The Growth Plan** 

The company participates in the scheme, a multi-employer scheme which provides benefits to some 950 nonassociated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. 

continued... 

Page 26 



**ONE WESTMINSTER NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **20. PENSION LIABILITY - continued** 

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. 

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. 

A full actuarial valuation for the scheme was carried out at 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows: 

## **Deficit contributions** 

From 1 April 2019 to 31 January 2025: £11,243,000 per annum (payable monthly and increasing by 3% each on 1st April) 

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies. 

Note that the scheme's previous valuation was carried out with an effective date of 30 September 2014. This valuation showed assets of £793.4m, liabilities of £969.9m and a deficit of £176.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows: 

## **Deficit contributions** 

From 1 April 2016 to 30 September 2025: £12,945,440 per annum (payable monthly and increasing by 3% each on 1st April) 

From 1 April 2016 to 30 September 2028: £54,560 per annum (payable monthly and increasing by 3% each on 1st April) 

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. 

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. 

## **PRESENT VALUES OF PROVISION** 

||31st March|31st March|31st March|
|---|---|---|---|
||2021|2020|2019|
||£|£|£|
|Present value of provision|43,887|52,000|63,080|



continued... 

Page 27 



**ONE WESTMINSTER** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **20. PENSION LIABILITY - continued** 

## **RECONCILIATION OF OPENING AND CLOSING PROVISIONS** 

|Provision at start of period<br>Unwinding of the discount factor (interest expense)<br>Deficit contribution paid<br>Remeasurements - impact of any change in assumptions<br>Remeasurements - amendments to the contribution schedule<br>Provision at end of period|Period Ending-31st<br>March 2021<br>£<br>52,000<br>1,168<br>(10,782 )<br>1,501<br>-<br>43,887|Period Ending-31st<br>March 2020<br>£<br>63,080<br>798<br> <br>(10,468 )<br>(1,410 )<br>-<br>52,000|
|---|---|---|



## **INCOME AND EXPENDITURE IMPACT** 

||Period Ending-31st|Period Ending-31st|
|---|---|---|
||March 2021|March 2020|
||£|£|
|Interest expense|1,168|7,98|
|Remeasurements - impact of any change in assumptions|1,501|(1,410 )|
|Remeasurements - amendments to the contribution schedule|-|-|
|Contributions paid in respect of future service*|*|*|
|Costs recognised in income and expenditure account|*|*|



*includes defined contribution schemes and future service contributions (i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes. To be completed by the company. 

## **ASSUMPTIONS** 

||31 March 2021|--%|31 March|2020--%|31 March 2019--|
|---|---|---|---|---|---|
||per annum||per annum||% per annum|
|Rate of discount||0.66||2.53|1.39|



The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions. 

The following schedule details the deficit contributions agreed between the company and the scheme at each year end period: 

continued... 

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**ONE WESTMINSTER** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **20. PENSION LIABILITY - continued** 

|**DEFICIT CONTRIBUTIONS SCHEDULE**||||
|---|---|---|---|
||31st March|31st March|31st March|
|Year ending|2021|2020|2019|
||£|£|£|
|Year 1|11,106|10,782|10,468|
|Year 2|11,439|11,106|10,782|
|Year 3|11,782|11,439|11,106|
|Year 4|10,113|11,782|11,439|
|Year 5|-|10,113|11,782|
|Year 6|-|-|10,113|
|Year 7|-|-|-|
|Year 8|-|-|-|
|Year 9|-|-|-|



The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. 

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**ONE WESTMINSTER** 

## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021** 

|**INCOME AND ENDOWMENTS**<br>**Donations and legacies**<br>Gifts and Donations<br>**Other trading activities**<br>Sundry Income<br>Time and Talent<br>Rental Income<br>DBS<br>**Investment income**<br>Bank interest<br>**Charitable activities**<br>Grants<br>**Total incoming resources**<br>**EXPENDITURE**<br>**Charitable activities**<br>Wages<br>Social security<br>Pensions<br>Staff related costs<br>Other charitable costs<br>Premises costs<br>Bank charges<br>Bad debt provision<br>Consultancy fees<br>Depreciation of tangible fixed assets<br>Grants to individuals<br>**Support costs**<br>**Governance costs**<br>Auditors' remuneration|2021<br>£<br>17,764<br>24,349<br>46,767<br>30,428<br>1,546<br>103,090<br>1<br>748,600<br>869,455<br>545,482<br>43,600<br>19,257<br>6,330<br>12,557<br>89,026<br>725<br>5,652<br>37,638<br>3,874<br>94,862<br>859,003<br>4,595|2020<br>£<br>5,839<br>1,517<br>126,377<br>94,052<br>22,421|
|---|---|---|
|||244,367<br>5<br>471,929|
|||722,140<br>399,567<br>31,847<br>11,275<br>24,551<br>21,572<br>107,851<br>627<br>240<br>38,918<br>3,942<br>83,228|
|||723,618<br>4,560|



This page does not form part of the statutory financial statements 

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**ONE WESTMINSTER** 

## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021** 

|Total resources expended<br>**Net income/(expenditure)**|2021<br>£<br>863,598<br>5,857|2020<br>£|
|---|---|---|
|||728,178|
|||(6,038 )|



This page does not form part of the statutory financial statements 

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