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2021-03-31-accounts

THE FEATHERS ASSOCIATION

Company Limited by Guarantee Registered Charity

Report and Financial Statements for Year Ended 31[st] March 2021

Charity Registration Number 303320 Company Number 291140 (England and Wales)

THE FEATHERS ASSOCIATION

Report and Financial Statements Year Ended 31[st] March 2021

CONTENTS CONTENTS Page Page
1
6
Legal and administrative details 7
Statement of Responsibilities of the Trustees 8
9 - 11
Statement of financial activities 12
Balance sheet 13
Notes to the financial statements 14
21
Unaudited supplementary information 22

THE FEATHERS ASSOCIATION -TRUSTEES REPORT YEAR ENDED 31[ST] MARCH 2021

Introduction

The Trustees, who are the Directors of The Feathers Association, present their report and audited financial statements for the year ended 31st March 2021 which have been prepared in accordance ssued in 2015, and the Companies Act 2006 and the Charities Act 2011. The terms

Background

The charity was established as The Feathers Clubs Association in 1934 by Mrs Freda Dudley Ward at the behest of the Prince of Wales, who wished for something to be provided for the unemployed. With the help of other prominent individuals in the social and business world, a group of clubs were set up. The Prince of Wales permitted the charity to use his three feathers emblem. Under her second married name, the Marquesa de Casa Maury, Freda remained associated with the charity for almost 50 years.

After the Second World War there was a greater social need for youth clubs, and the charity altered its focus accordingly. Over the years the number of clubs diminished as either leases expired on properties or they became less suitable for modern requirements. In 2005 the Fourth Feathers Youth and Community Centre in Westminster became the sole remaining club in central London and then became the flagship of the Feathers Clubs Association demonstrating its expertise and knowledge in the youth sector. From the 13th March 2006 the charity was renamed The Feathers Association; the governing structure and constitution were brought up to date; and powers were obtained by the Trustees to give grants to other, similar charities.

Structure, Governance and Management

The Feathers Association has built up a substantial reputation for supporting centre-based youth work and has one remaining centre namely the Fourth Feathers Youth and Community Centre.

The Feathers Association is a company limited by guarantee and is a registered charity. The objectives and its governance are set out in the Articles of Association, which were amended in 2017 to update and modernise the constitution.

The affairs of the charity are supervised by a board of Trustees. The Articles of Association provide for a minimum of 5 Trustees to a maximum of 10. New Trustees are appointed by existing Trustees and serve for 4 years after which they may put themselves forward for reappointment for a further term of 4 years. The longest-serving Trustees retire in rotation and, if willing to act, are reappointed, unless it is decided at the meeting not to fill the vacancy or a resolution to reappoint the Trustee is put to the meeting and lost. Trustees may be appointed by ordinary resolution or if the Association does not fill the vacancy the Trustee can be reappointed to continue in office.

Upon appointment, Trustees receive an induction pack, which includes the roles and responsibilities of a charity Trustee, background information on the charity, the statutory accounts and any other relevant information. Both internal and external training is offered throughout the Trustees appointment.

The board of Trustees meet at quarterly intervals when it sets the policy and grant-making guidelines, reviews the performance of the charity against those guidelines, and monitors the financial outcomes of the charity. All Trustees give their time freely and no Trustee received remuneration in the year. Trustees are required to disclose all relevant interests and register them with the Chairman and withdraw from decisions where a conflict arises.

pg. 1

THE FEATHERS ASSOCIATION -TRUSTEES REPORT YEAR ENDED 31[ST] MARCH 2021

Organisational Structure and Management

It is with great sadness the Chair of the Association, Ms Sandra Wagg passed away in July 2021; the current Treasurer Arnold Lustman was appointed Interim Chair in July 2021. A recruitment campaign for a new Chair appointment is underway.

Specific members of the board of Trustees have been assigned areas to monitor and make recommendations to the Board with current committees consisting of (i) Grants, (ii) Investment, (iii) Management and (iv) Finance.

Day-toOperations Manager, who reports to and works closely with the Chairman. The Operations Manager is assisted by a term time Receptionist Administrator and a freelance finance consultant.

During the financial year, the Treasurer Arnie Lustman has worked closely with the freelance finance consultant, the Investment Committee and with Cazenove Capital Management who are the investment advisors.

Objectives and Activities for the Public Benefit

The principal objectives of the Feathers Association are raising horizons, nurturing talent, creating safe spaces for young people in London to grow up in healthy ways. Our vision is that London is a city where all children and teenagers can achieve their potential through informal education, sporting, cultural and recreational activities. The Trustees confirm that they have referred to the guidelines

The charity carries out these objectives by applying its yearly income to the following activities :

pg. 2

THE FEATHERS ASSOCIATION -TRUSTEES REPORT YEAR ENDED 31[ST] MARCH 2021

Achievements and Performance

1) Financial and General

The Feathers Association depends on investment returns, fund-raising events and rental income for its income. Despite the low interest rate environment and the volatility of the financial markets, the Association has been able to maintain its capital and grants for youth work in accordance with its grant-making policy. Despite COVID 19 taking hold in March 2020, the Trustees decided to continue to pay its employees, as opposed furlough staff, during these unprecedented times. The principal fund-raising event is the Feathers Charity Ball, which is held in December each year and supplemented by a smaller Easter Ball of which both were cancelled due to the pandemic. We remain indebted to our advisors and the Treasurer for their vigilance in this respect.

2) Grant Giving

Our grant-making policy provides grants for the provision of specific programmes in education, community development, youth activities, direct project costs or purchases of equipment, though in some cases support for core costs has been given. The Association does not intend to enter into any long-term funding arrangements for other charities other than the Fourth Feathers Youth and Community Centre.

There were six grants in the year 2020-21:-

3) Fourth Feathers Youth and Community Centre

Through the Fourth Feathers Youth and Community Centre on Rossmore Road, Marylebone, the Association is able to demonstrate its understanding and effectiveness of its core objectives.

The Centre operates programmes five days a week, which are drawn up in consultation with young people and the local community. The weekly programme includes a Junior Club which takes place after school three times a week attracting children aged 8 12. The average attendance is 13 children per session. Many parents and carers will drop in and receive much needed help with English. All the activities and projects have an informal educational content. These include archery, arts and crafts, basketball, climbing wall, cooking, dance, football, gardening, music and many other activities. There are programmes during the school holidays which incorporate trips within and outside London.

The team at the Fourth Feathers Youth Centre consists of a Head of Youth Services, a Senior Youth Worker, part-time youth workers and volunteers. All the staff team are encouraged to take courses to further their qualifications.

The level of financial support provided by the charity for the Fourth Feathers Youth and Community Centre is shown in the Statement of Financial Affairs under "Youth and community services". In

pg. 3

THE FEATHERS ASSOCIATION -TRUSTEES REPORT YEAR ENDED 31[ST] MARCH 2021

Plans for Future Periods

The Association continually looks to secure other charities and schools to use the premises during the daytime. Ballet Black, another charity has its offices and dance studio in the building. Abingdon House School continue to use the IT suite, the Recreation Room and playground Monday to Friday term time to provide extra classroom and playground space in relation to the provision of special needs education.

The Board of Trustees have currently match funded finance secured from The Christmas Story to refurbish the front of the building including a newly designed external walkway into the building and reception area, whilst considering updating the skatepark and area under the railway bridge for the continued use by young people.

We are also keen to further develop our work with the community and the local schools. In pursuit of this goal, the building is host to other charities such as the Doorstep Library, Tresham Centre and West London Zone Circus School.

Going concern and Covid-19

Towards the end of the last financial year (2019/20), COVID 19 took hold, and proved to be an extremely challenging time for everyone. Given the uncertainty, it is expected that our income in 2020-21 will suffer which may have an impact on our ability to pay grants. The Trustees will continue to ensure, during these exceptional

the optimum total return consistent with the chosen risk profile.

Following the Coronavirus crisis, the Trustees have assessed the organisation to be a going concern.

Financial Review

(a) Results

The Statement of Financial Activities, which forms part of this report, shows that the charity made a surplus before transfers and investment gains and losses of £15,852. The comparable figure for the previous year was a surplus of £116,155.

Despite the impact of COVID 19 the Association was able to maintain its income base recording £453,609 of income in the year against £453,485 last year. This was against a background of cancelling the Feathers Ball events in 2020/21 so income was generated against income of £100,373 in 2019/20. The shortfall was made up by grants income totalling £244,452 against £105,365 last year.

The value of the investment portfolio was significantly improved as the economic outlook as improved since the impact of COVID 19 giving rise to a gain on investments of £863,523 against a loss in 2019/20 of £514,016.

(b)

Investment Powers, Policy and Performance

Trustees: -

pg. 4

THE FEATHERS ASSOCIATION -TRUSTEES REPORT YEAR ENDED 31[ST] MARCH 2021

The Trustees have agreed to delegate investment management to Cazenove Capital balanced approach with a view to maximising long-term return, and to attaining a total return available for distribution of 3% on funds invested. It had again been decided to be prudent and preserve capital and only drawdown income generated by the fund for the 2020-21 period.

The Trustees continued to follow a tailored benchmark which comprises 72% Equities, 13% Fixed Income Funds, 3% Alternative Investments and 12% in Property Fund Investments. The appropriateness of the benchmark is reviewed annually.

Investment income from listed investments received during the year was £87,801. The market value of the investment portfolio at 31st March 2021 was £5,132,062 compared to £4,329,673 at 31st March 2020.

Formal valuations incorporating comparative performance measurements are produced quarterly by the fund managers, at the end of June, September, December and March.

-risk basis, which means that it shall be likely to a) contain some exposure to appropriate fixed interest securities, b) include some collective investment vehicles and c) within the equity content of the portfolio maintain a balance between the major stocks of recognised markets and others.

(c)

Risk Assessment

The Trustees have continued the review to identify the major risks faced by the charity and have implemented systems and controls to mitigate the risks wherever practicable. A register of major risks is prepared annually and covers key areas such as finance, governance, human resources, information technology, property, safety and safeguarding. The Trustees analyse the likelihood and impact of risk and then examine current mitigating actions and additional work required. The risks are further reviewed in light of the mitigating actions. This is discussed with, and approved by, the Board of Trustees to ensure that adequate systems and procedures have been established and this process is reviewed on an on-going basis.

(d) Fixed Assets

Acquisitions and disposals of fixed assets during the year are recorded in the notes to the financial statements.

(e)

Reserves Policy

Under the requirements of the Statement of Recommended Practice on Accounting and Reporting by Charities, the Association segregates its funds into those which are restricted and those which are unrestricted. A further description of these funds and how they are further segregated to include the General Reserve is included within Note 12 to the accounts. Total funds for the Charity as at 31 March 2021 were £6,200,049, split between unrestricted reserves of £5,378,512 and restricted reserves of £820,937 (as at 31 March 2020 total reserves were £5,320,674, £4,536,394 restricted, £784,280 unrestricted).

pg. 5

THE FEATHERS ASSOCIATION -TRUSTEES REPORT YEAR ENDED 31[ST] MARCH 2021

In line with current best practice, the Trustees have, reviewed the Reserves Policy, considered the financial impact of those risks identified as part of the on-going risk management process. The Board of Trustees has agreed that the Association, in addition to any restricted or designated reserves and commitments to, and investment in, tangible fixed assets, should have unrestricted general reserves equal to one year of operating costs. This equates to some £436,757 (2019/20 £337,330) against a general reserve of £477,950 (2019/20 £499,355). Given the variety of funding streams, the Trustees have determined that this would be sufficient to enable the Association to manage any likely eventuality.

The Trustees find it difficult to predict the precise circumstances whereby the Association would not seek to continue to maintain the youth services, which it has done for over eightysix years.

(f) Fundraising

The Charity did not undertake any fundraising appeals to the general public during the 2020 / 2021 financial year, and as a result there has been no outsourced fundraising via professional fundraisers or other third parties. Consequently, the charity is not registered with the fundraising regulator and received no fundraising complaints in the year.

Staff

The Feathers Association is entirely dependent for the achievement of its objectives on the contribution of its staff, whether volunteers in the youth club, qualified youth workers, or professional employees providing daily direction and leadership for the Charity and youth service delivery.

The Trustees would like to thank them all for their loyalty and hard work during the year and in what have proofed to be difficult circumstances due to Covid 19 and the unexpected passing of the

Public Benefit

The Trustees are confident that the activities of the charity fully meet the requirements of the Charity Commission on the delivery of public benefit.

pg. 6

THE FEATHERS ASSOCIATION -TRUSTEES REPORT YEAR ENDED 31[ST] MARCH 2021

Legal and Administrative Duties

egal and Administrative Duties egal and Administrative Duties
Trustees / Directors:
The Lady		 Arbuthnot (resigned July 2020)
Donal Brennan
Ms Helena Coles
Richard Haw
Arnold Lustman (Interim Chairman)
Kenneth Ridley OBE
The late Ms Sandra Wagg DL (Chairman)
Administrator / Company Secretary:
Mrs Stephanie Hallin (resigned December 2020)
Mrs Genevieve Grimshaw (appointed February 2021)
Key Management Personnel
Andrew Mederick, Head of Youth Service
Stephanie Hallin, Administrator (resigned December
2020)
Genevieve Grimshaw, Operations Manager (appointed
February 2021)
Registered office:
12 Rossmore Road
London
NW1 6NX
Auditors:
Azets Audit Services
Greytown House
221 227 High Street
Orpington
Kent
BR6 0NZ
Bankers:
CAF		 Bank
West Malling
Kent
ME19 4JQ
Investment Managers:
Cazenove Capital Management Limited
Charity Information:
The Feathers Association is a company registered in
England under Registration no. 291140 and a
registered charity under Registration No. 303320
The company is limited by guarantee not having a share
capital
Governing Deed:
Articles of Association

pg. 7

THE FEATHERS ASSOCIATION -TRUSTEES REPORT YEAR ENDED 31[ST] MARCH 2021

Statement of Responsibilities of the Trustees (as referred to in the audit report)

The charity Trustees (who are also the directors of The Feathers Association for the purposes of company law) are

accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 income and expenditure of the company for that period. In preparing those financial statements, the Trustees are required to;-

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.

The Trustees are responsible for the maintenance and integrity of the corporate and financial governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In so far as the Trustees are aware:-

Approved by order of the board of Trustees on 2[nd] November 2021 and signed on their behalf by:

Arnold Lustman Interim Chairman

pg. 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE FEATHERS ASSOCIATION YEAR ENDED 31[ST] MARCH 2021

Opinion

the year ended 31 March 2021 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:-

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and 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 F

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 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.

Other information

The other information comprises the information included in the annual report, other than the The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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.

pg. 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE FEATHERS ASSOCIATION YEAR ENDED 31[ST] MARCH 2021

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:-

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 strategic

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

Responsibilities of trustees

tement set out on page 8, 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 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.

udit of the financial statement

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free 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.

pg. 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE FEATHERS ASSOCIATION YEAR ENDED 31[ST] MARCH 2021

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available .

:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we the fullest extent permitted by law, we do not accept or members as a body, for our audit work, for this report, or for the opinions we have formed.

Michelle Wilkes FCA (Senior Statutory Auditor) For and on behalf of Azets Audit Services Statutory Auditor Greytown House 221-227 High Street Orpington Kent BR6 0NZ

Date 17 December 2021

pg. 11

THE FEATHERS ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST MARCH 2021

General Year ended Year ended
Notes Unrestricted Restricted 31st March 31st March
Fund Funds 2021 2020
INCOME AND EXPENDITURE £ £ £ £
Income:
Donations and gifts 2 7,294 - 7,294 14,248
Interest - - - 370
Income from charitable activities
Grants 2 - 269,452 269,452 105,365
Income from trading activities:
Feathers Ball & fund-raising
events		 - - - 100,373
Rental income 88,062 - 88,062 82,355
Investment income 3 87,801 - 87,801 150,774
------------------ ------------------ ------------------ -----------------
Total income: 183,157 269,452 452,609 453,485
Expenditure:
Costs of raising funds:
Feathers Balls (10,941) - (10,941) (29,216)
Charitable activities:
Youth and community services (148,196) (232,795) (380,991) (286,644)
Grants for youth and community
activities (44,825) - (44,825) (21,470)
------------------ ---------------- ------------------ ------------------
Total expenditure: 4 (203,962) (232,795) (436,757) (337,330)
Net income/(expenditure)
before transfers: (20,805) 36,657 15,852 116,155
Net gains/(losses) on
investments 8 863,523 - 863,523 (514,016)
Net movement in funds: ------------------ ------------------ ------------------ ------------------
842,718 36,657 879,375 (397,861)
Reconciliation of funds:
Total funds brought forward 4,536,394 784,280 5,320,674 5,718,535
========= ========= ========= ==========
Totalfunds carried forward: 5,379,112 820,937 6,200,049 5,320,674
========== ========== ========== ==========

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

pg-12

THE FEATHERS ASSOCIATION BALANCE SHEET AS AT 31[ST] MARCH 2021

31st March 2021 31st March 2020
Notes £ £ £ £
FIXED ASSETS
Tangible assets 7 817,153 830,701
Investments 8 5,285,062 4,409,229
Total Fixed Assets ------------------ ------------------
6,102,215 5,239,930
CURRENT ASSETS
Debtors 9 88,492 40,029
Cash at bank and in hand 52,727 65,053
------------------ ------------------
Total Current Assets 141,219 105,082
LIABILITIES
Creditors: amounts falling due
within one year 10 (43,385) (24,338)
------------------ ------------------
NET CURRENT ASSETS 97,834 80,744
------------------ ------------------
NET ASSETS 6,200,049 5,320,674
========== ==========
THE FUNDS OF THE CHARITY
Designated Funds 4,900,562 4,037,039
General Funds 478,550 499,355
------------------ ------------------
Unrestricted funds 11 5,379,112 4,536,394
Restricted funds 12 820,937 784,280
------------------ ------------------
TOTAL CHARITY FUNDS 6,200,049 5,320,674
========== ==========

These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The notes at pages 14 to 21 form part of these accounts.

Approved by the board of Trustees and authorised for issue on 2[nd] November 2021 and signed on their behalf by:

Kenneth Ridley OBE Interim Treasurer

pg. 13

THE FEATHERS ASSOCIATION BALANCE SHEET AS AT 31[ST] 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 2015)', 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 with the exception of investments which are included at market value.

Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the general charitable objectives. Designated funds are amounts that have been set aside at the discretion of the Trustees. Restricted funds comprise monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions.

Income

Income represents the total income receivable during the period and principally comprises grants and donations. Grants are accounted for in the period in which the charity is entitled to the income. Fund-raising income is recognised in the period in which the fund-raising event is held. Investment income is accounted for on a receivable basis.

Expenditure recognition

Expenditure including irrecoverable VAT is charged to the Statement of Financial Activities on an accruals basis.

Cost of raising funds

Costs of raising funds comprise those costs directly attributable to fundraising and publicity events, being the Feathers Charity Balls, and include an element of salary and office services costs.

Charitable activities

The expenditure on charitable activities includes grants made, governance costs and an apportionment of support costs as shown in note 4.

Support costs

Support costs comprise those costs that cannot be directly attributed to charitable activities. These costs are incurred in connection with the support of the charity, its organisational administration, and ensuring compliance with constitutional and statutory requirements. Support costs are apportioned in their entirety to the activities to which they relate.

Tangible fixed assets

Tangible assets are shown at cost. Provision is made for depreciation on all tangible assets at rates calculated to write off the cost, over their useful economic lives which are estimated to be: Leasehold premises over the term of the lease Fixtures and fittings 20% p.a. - straight line Computer equipment 50% p.a. - straight line

Fixed asset investments

Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Realised gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Debtors

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

pg-14

THE FEATHERS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31[ST] MARCH 2021

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Pension costs

The Charity operates a defined contribution pension scheme and contributions are charged to the Statement of Financial Activities for the period to which they relate.

Going concern

To maintain the Association as a going concern, general unrestricted reserves are maintained at one year of operating cost

2.

3.

INCOME
2021 2020
Donations and gifts: £ £
David Miller Architects 1,350 -
The Rotary Club 2,000 -
Family and Parents 1,000 -
Groundworks - 1,000
Feathers Charity Balls 8,682
-
Other Donations less than £1,000 2,944 4,566
------------------ ------------------
Total unrestricted donations and gifts: 7,294 14,248
======== ========
Income from charitable activities Unrestricted Restricted 2020
Grants £ £ £
London Sports - - 500
Westminster City Council
 Core Funding - 99,930 41,694
Westminster City Council Junior Club - - 10,414
Westminster City Council Other - 770 2,500
Westminster Foundation - 65,596 -
Young Westminster Foundation - 21,450 17,000
Neighbourhood Keepers Fund - 20,931 -
Portman Foundation 14,793 4,227
City of Westminster - 8,300 -
Learning Loss - 7,682 -
Mayors Fund - 4,000 -
London Youth - 1,000 2,500
BNP Paribas - - 20,280
BGS Cayzer - 25,000 6,250
------------------ ------------------ ------------------
Total income from charitable activities: - 269,452 105,365
======== ======== =========
INVESTMENT INCOME 2021 2020
£ £
Dividends on listed investments 87,801 150,774
---------------- ----------------
Total Investment Income 87,801 150,774
======== ========

pg-15

THE FEATHERS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31[ST] MARCH 2021

4. ANALYSIS OF DIRECT AND ALLOCATED COSTS

Direct Support Total Total
Costs Grants costs 2021 2020
£ £ £ £ £
Costs of generating funds:
Fundraising for Feathers Charity Balls - - 10,941 10,941 29,216
Charitable activities:
Youth and community services 208,816 - 145,596 354,412 267,423
Governance costs 26,579 26,579 19,221
Grants paid:
Chelsea Academy Foundation - 9,000 - 9,000 -
Create (Arts)
 - 10,000 - 10,000 -
Grove Adventure Playground
 - 5,900 - 5,900 -
Katherine Low Settlement - 5,000 - 5,000 -
Marylebone Bangladesh Society LCF
 - 2,247 - 2,247 -
North Paddington Youth Club - 6,178 - 6,178 -
Safe Families
 - 6,500 - 6,500 -
- - - - 2,000
St Hil - - - - 4,738
- - - - 4,732
Young Urban Arts Foundation - - - - 10,000
Total ---------------- ---------------- ---------------- ---------------- ----------------
208,816 44,825 183,116 436,757 337,330
========= ========= ========= ========= =========

Support costs

Support costs have been allocated on the basis of staff time, software cost and usage incurred and principally comprise:-

2021 2020
£ £
Salary costs 75,515 38,442
Depreciation 16,236 15,530
Audit fees 10,234 7,800
Other costs 81,131 62,298
---------------- ----------------
Total 183,116 124,070
========= =========
Net Movement of Funds
2021 2020
£ £
This is stated after charging to the SOFA:-
Depreciation 16,237 15,530
Auditors remuneration for audit work 7,800 7,800
======== ======

pg-16

THE FEATHERS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31[ST] MARCH 2021

5. ANALYSIS OF STAFF COSTS

ANALYSIS OF STAFF COSTS
2021 2020
Number Number
The average number of persons employed by the charity during the year was: 8.6 6.5
======== =========
Staff costs were as follows: £ £
Wages and salaries 156,406 134,568
Social security costs 10,200 12,284
Pension costs 12,473 1,418
---------------- ----------------
179,079 148,270
======== ========

No employee received remuneration exceeding £60,000 during the year (2020 Nil).

The organisation paid £21,600 (2019/20 Nil) redundancy costs.

The total employee benefits including pension contributions of the key management personnel £92,620 (2019/20 - £86,238)

6. EXPENSES

No Trustee received remuneration for their services or any reimbursed expenses during the year ended 31 March 2021 nor for the year ended 31 March 2020.

7.

TANGIBLE FIXED Leasehold Furniture & Computer
ASSETS improvements Fittings Equipment Total
£ £ £ £
Cost:
At 1st April 2020 1,107,856 25,413 45,590 1,178,859
Additions - - 2,688 2,688
---------------- ---------------- ---------------- ----------------
At 31st March 2021 1,107,856 25,413 48,278 1,181,547
Depreciation:
At 1st April 2020 277,155 25,413 45,590 348,158
Charge for the year 15,530 - 706 16,236
---------------- ---------------- ---------------- ----------------
At 31st March 2021 292,685 25,413 46,296 364,394
Net Book Value:
31st March 2021 815,171 - 1,982 817,153
=========== ======= ======== ==========
31st March 2020 846,231 - - 846,231
=========== ======= ======== ==========

All assets are used for charitable purposes.

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THE FEATHERS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31[ST] MARCH 2021

8. INVESTMENTS 2021 2020
£ £
Market value
As at 1st April 2020 4,329,673 4,559,565
Additions at cost 1,553,739 1,125,963
Disposals at opening market value (1,614,528) (841,839)
Net gains/(losses) 863,523 (514,016)
Investment holdings ---------------------
5,132,407		 -------------------
4,329,673
Cash held for investment 152,655 79,556
-------------------- --------------------
Market value as at 31st March 2020 5,285,062 4,409,229
========== ==========
Historical cost 4,552,661 4,592,582
========== ==========

The investment holdings are split as follows

2021 2020
£ £
Market value
UK Equities 1,002,741 1,128,670
International Equities 2,667,548 1,583,352
International Bonds 670,423 628,295
Multi Asset Funds 169,111 431,255
Property 622,584 585,101
Cash 152,655 79,556
========== ==========
Total Investment holding 5,132,062 4,329,673
========== ==========

The investment portfolio is held and managed by Cazenove Capital Management Limited. The portfolio consists of listed investments, including CAF funds and a balance of cash held on deposit by the fund managers.

At the balance sheet date, the following investments represented material elements, being more than 5% of the investment portfolio by market value:

investment portfolio by market value:
2021 2020
£ £
Vanguard S & P 500 Units Vanguard 720,335 532,182
FTSE UK All Share Index Trojan 346,915 413,265
Income Fund 264,839 383,772
Charity Equity Value Fund Charities - 260,689
Property Fund - 260,013
BMO Pyford Global Returns - 227,091
CG Portfolio Fund - 221,625

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THE FEATHERS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31[ST] MARCH 2021

9. DEBTORS

2021 2020
£ £
Debtors 71,512 22,460
Accrued Income 13,380 15,583
Prepayments 3,600 1,986
---------------- ----------------
88,492 40,029
======== =========

10. CREDITORS: amounts falling due within one year
CREDITORS: amounts falling due within one year 2021 2020
£ £
Trade creditors 14,600 13059
Taxation and social security 3,410 3,479
Accruals 25,375 7,800
---------------- ----------------
43,385 24,338
======== ========

11. ANALYSIS OF MOVEMENT IN CHARITABLE UNRESTRICTED FUNDS

Balance at Gains/ Balance at
31st March Incoming Resources (Losses) on 31st March
2020 Resources Expended Transfers Investments 2021
£ £ £ £ £ £
Designated:-
Capital Fund 4,037,039 - - - 863,523 4,900,562
General 499,355 208,157 (228,962) - - 478,550
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
4,536,394 208,157 (228,962) - 863,523 5,379,112
======== ========== ========= ======== ========= =======

The Capital Fund is a sum designated by the Trustees to provide for the continuity of The Feathers Association and the Fourth Feathers Youth and Community Centre. It is broadly represented by assets held for the longer term and to provide a source of income and a source of working capital for the Association. These capital assets are not available in the normal course of events to cover annual revenue expenditure.

Comparative Movement in Unrestricted Funds (2019/20)

Balance at Gains/ Balance at
31st March Incoming Resources (Losses) on 31st March
2019 Resources Expended Transfers Investments 2020
£ £ £ £ £ £
Designated:-
Capital Fund 4,551,055 - - - (514,016) 4,037,039
General 383,200 398,314 (282,159) - - 499,355
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
4,934,255 398,314 (266,629) - (514,016) 4,536,394
======== ========== ========= ======== ========= =======

pg-19

THE FEATHERS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31[ST] MARCH 2021

12. ANALYSIS OF MOVEMENTS IN RESTRICTED FUNDS

Balance at Gains/losses Balance at
31st March Incoming Resources On 31st March
2020 Resources Expended Transfers investments 2021
£ £ £ £ £ £
WCC Core Funding - 99,930 87,391 - - 12,539
Neighbourhood Keepers Fund 20,931 20,931 - - -
Learning Loss 7,682 7,682 - - -
WCC - Other - 770 770 - - -
Westminster Foundation - 65,596 46,846 - - 18,750
City of Westminster - 8,300 8,300 - - -
Young Westminster Foundation
-		 21,450 21,450 - - -
Mayors Fund - 4,000 4,000 - - -
Portland Foundation - 14,793 9,862 - - 4,931
London Youth Foundation - 1,000 563 - - 437
BGS Cayzer - Music Room 25,000 25,000
Fourth Feathers Fund 784,280 - - - - 784,280
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
784,280 269,452 (232,795) - - 820,937
========== ======== ========= ========= ======== =========

The Fourth Feathers Fund represents donations received for the rebuilding of the Fourth Feathers Youth and Community Centre. The depreciation charge on the redevelopment is charged to this fund so as to write off the value of the donations over the period of the lease.

Other restricted fund balances represent monies received for specific projects or activities continuing over the year ending 31[st] March 2021 i.e. received during 2020/21 in advance of being spent within the contractual period of the payment.

Comparative Movement in Restricted Funds (2019/20)

Balance at Gains/losses Balance at
31st March Incoming Resources On 31st March
2019 Resources Expended Transfers investments 2020
£ £ £ £ £ £
BGS Cayzer - Music Room - 6,250 (6,250) - - -
Westminster City Council
Family Hub - 41,694 (41,694) - - -
Westminster City Council
Holiday Programme - 2,500 (2,500) - - -
London Sports - 500 (500) - - -
Portman Foundation - 4,227 (4,227) - - -
Fourth Feathers Fund 784,280 - - - - 784,280
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
784,280 55,171 (55,171) - - 784,280
========== ======== ========= ========= ======== =========
NET ANALYSIS OF FUNDS
Designated General Restricted Total
£ £ £ £
Fixed Assets 4,900,562 417,373 784,280 6,102,215
Net Current Assets - 61,177 36,657 97,834
---------------- ---------------- ---------------- ----------------
4,900,562 478,550 820,937 6,200,049
========= ========= ======== =========

13. NET ANALYSIS OF FUNDS

pg-20

THE FEATHERS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31[ST] MARCH 2021

14. CAPITAL COMMITMENTS

There were no capital commitments at the balance sheet date (2020 £nil)

15. PENSION COMMITMENTS

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund amounting to £12,473 (2020: £1,418).

16. TAXATION

The Feathers Association is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

17. LIABILITY OF MEMBERS

The charity is constituted as a company limited by guarantee and has no share capital. The liability of each member is limited to the sum of £1 per member.

18. RELATED PARTY TRANSACTIONS

No related party transactions were recorded in the year (2019/20 Nil).

pg-21