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2022-03-31-accounts

THE FEATHERS ASSOCIATION

Company Limited by Guarantee Registered Charity

Report and Financial Statements for Year Ended 31[st] March 2022

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

THE FEATHERS ASSOCIATION

CONTENTS

PAGE
Legal and administrative details 1
Trustees’ report 2 - 6
Statement of responsibilities of the Trustees 7
Auditors’ report 8 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cashflows 13
Notes to the financial statements 14 – 21

THE FEATHERS ASSOCIATION

LEGAL AND ADMINISTRATIVE DETAILS

Trustees / Directors: Aimee Anderson – appointed 30 March 2022
Donal Brennan – resigned 30 March 2022
Lionel Bunting – appointed 30 March 2022 – Chair from 1
December 2022
Ms Helena Coles
Debra Fullman – appointed 26 April 2021
Richard Haw – resigned 8 April 2022
Arnold Lustman - Interim Chairman to 22 February 2022, resigned
30 November 2022
David Jones – appointed 22 February 2022 – Chair, resigned 30
November 2022
Jonathan Martin – appointed 6 June 2022
Kenneth Ridley OBE
Felicity Selcoe – appointed 30 March 2022, resigned 20 July 2022
The late Ms Sandra Wagg DL (Chairman) – resigned 6 July 2021
Company Secretary: Mrs Genevieve Grimshaw (appointed February 2021 to 21
November 2021)
David Jones – from 1 December 2022
Key Management Personnel David Jones – CEO from 1 December 2022
Andrew Mederick – Director of Communities and Engagements
Genevieve Grimshaw - Operations Manager
Registered office: 22/24 Buckingham Palace Road
London
England
SW1W 0QP
Auditors: Azets Audit Services
Greytown House
221 – 227 High Street
Orpington
Kent, BR6 0NZ
Bankers: CAF Bank
25 King’s Hill Avenue
King’s Hill
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

1

THE FEATHERS ASSOCIATION

TRUSTEES’ REPORT

Introduction

The Trustees, who are the Directors of The Feathers Association, present their report and audited financial statements for the year ended 31st March 2022 which have been prepared in accordance with the Statement of Recommended Practice (SORP 2019): “Accounting and Reporting by Charities (FRS102)” issued in 2019, and the Companies Act 2006 and the Charities Act 2011. The terms “Trustee” and “Director” are interchangeable in this report.

Background

The charity’s history dates back to 1934, when Mrs Freda Dudley Ward set up the original charity 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.

We consider ourselves very lucky that the Prince of Wales permitted the Charity to use his three feathers emblem as a logo, which remains in use until this day. Under her second married name of 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 due to either property leases expiring or buildings became less suitable for modern requirements. In 2005, the Fourth Feathers Youth and Community Centre in Westminster (renamed to Feathers Marylebone in June 2022) became the sole remaining club in central London and then became the flagship of the Feathers 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 realigned, and powers were obtained by the Trustees to award grants to other, similar charities.

We are keen to continue with grant giving to support other youth organisations deliver much needed projects, whilst further developing our own in-house youth programs and growing our offering to the wider community, including the use of our building.

Structure, Governance and Management

The Feathers Association has developed a substantial reputation for supporting centre-based youth work and as detailed above, delivered primarily from the Feathers Marylebone centre.

The Feathers Association is a company limited by guarantee and is a registered charity. The charity’s objects and its governance are set out in the Articles of Association.

The affairs of the charity are supervised by the 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 throughout the year, 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 Chair and withdraw from decisions where a conflict arises.

2

THE FEATHERS ASSOCIATION

TRUSTEES’ REPORT

Organisational Structure and Management

It is with great sadness the Chair of the Association, Ms Sandra Wagg passed away in July 2021; the Treasurer Arnold Lustman was duly appointed as Interim Chair, with a recruitment campaign for a new Chair concluding on the 22nd February 2022, with the appointment of David Jones. David has since stepped down as Chair, taking up the role of CEO of the charity. Lionel Bunting was appointed as Chair on 1 December 2022.

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-to-day administration is undertaken by the Charity’s Chief Operating Officer, who reports to and works closely with the Chair / CEO. The Chief Operating Officer is assisted by a full time Assistant Operations Manager and outsourced finance.

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 contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s objectives.

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

• The Association awards grants to charities with similar objectives to those of the Association. Since 2006, 29 independent charities around London have successfully secured funding from The Feathers Association for an amount of £443,231. This support was offered primarily but not exclusively to those organisations which operate in the City of Westminster and the London Borough of Kensington and Chelsea with which the Association has historical links

• Providing core financial and administrative support to the Feathers Marylebone, our flagship youth centre responsible for the direct delivery of youth work to the Church Street and Lisson Grove areas of Marylebone. As per other charities / organisation’s the centre’s delivery was impacted by Covid, and finally reopened in July 2021, with numbers slowly increasing on a week by week basis. Along with income generated from membership of some 500 individuals, grants are also received from Westminster City Council and other publicity funded bodies and charities in return for the delivery of specific programmes and capital projects.

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. The principal fund-raising event is the Feathers Charity Ball, which is held in December each year and supplemented by a smaller Easter Ball. Due to Covid, the December 2021 ball was postponed and held in May 2022, with the Easter ball in both 2021 and 2022 being cancelled in their entirety.

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, currently, does not intend to enter into any long-term funding arrangements for other charities other than the Feathers Marylebone.

3

THE FEATHERS ASSOCIATION

TRUSTEES’ REPORT

There were three grants in the year 2021-22:-

3) Fourth Feathers Youth and Community Centre

Through the Feathers Marylebone Centre, 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 four times per week attracting children aged 8 – 12. The average attendance is 15 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 Feathers Marylebone consists of a Director of Communities and Engagement, a Senior Youth Worker, a Deputy Senior Youth Worker, part-time youth workers, trainees and volunteers. All the staff team are encouraged to take courses to further their qualifications.

Plans for Future Periods

The last 10 months or so has proved to be an exciting time for the charity, with new enthused leadership and a more diverse board of Trustees than ever before, expansion has been a priority.

For the first time in the charity’s almost 90 year history, we are looking to expand beyond the boundaries of London. Cardiff and Salford have been identified as of high need for the services and support the charity provides and to date serious steps towards offering services in Cardiff have been made with a likely launch in March 2023 and other areas to follow throughout the year.

A team have been developed at the new Head Office to provide a core service to support the current Marylebone centre and club, expansion into new areas and to support continued good governance.

Going concern and Covid-19

Covid during 2021 / 2022 continued to prove an extremely challenging time for everyone, with the centre reopening with restrictions in place in July 2021. Based on the value of the investments the charity holds, the level of existing cash and estimated levels of income and expenditure, the Trustees are satisfied that the Charitable organisation has adequate resources to continue in operation for the foreseeable future.

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 £67,636 (2021 : surplus £15,582).

Despite the impact of COVID 19 the Association was able to maintain its income base recording £532,338 of income in the year against £452,609 last year. This was against a background of postponing the Feathers Ball events in 2021/22. The shortfall was made up by grants income totalling £301,549 against £244,452 last year.

The value of the investment portfolio was significantly improved as the economic outlook has improved since the impact of COVID 19 giving rise to a gain on investments of £409,624 against a gain in 2020/21 of £863,523.

4

THE FEATHERS ASSOCIATION

TRUSTEES’ REPORT

(b) Investment Powers, Policy and Performance

The Trustees’ investment powers are governed by the Articles of Association which permit the Trustees: -

Trustees’ investment objective is to aim for a 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 2021-22 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 £99,533 (2021 : £87,801). The market value of the investment portfolio at 31st March 2022 was £5,767,559 (2021 : £5,285,062)

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

The Association’s portfolio is managed on a medium-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.

During the summer of 2022 the Trustees undertook a full financial review (alongside a structural review of the organisation) including portfolio and banking requirements on the grounds of good governance. This included the current incumbents Cazenove as well as HSBC, Barclays , Rathbones, and also Coutts and Co, who could offer both banking and portfolio management.

A short list was made, by two Trustees, of Coutts & Co (for both banking and portfolio management) and Rathbone’s who could potentially manage the portfolio along with staying the bank that we currently used CAF. A vote was taken at a Board meeting in favour of Coutts & Co taking over the portfolio management and our banking needs. It has proved successful to date in many ways and the Feathers Association looks forward to a continued improved position and service level in this area.

(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 risk register detailing major risks is prepared annually and covers key areas such as finance, governance, HR, 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) 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.

Total funds for the Charity as at 31 March 2022 were £6,677,309 (2021 : £6,200,049), split between unrestricted reserves of £5,830,653 (2021 : £5,379,112) and restricted reserves of £846,656 (2021 : £820,937). The unrestricted funds are split between general funds of £517,807 (2021 : £478,550) and designated funds of £5,312,846 (2021 : £4,900,562). Notes 13 and 14 provide details of designated and restricted funds.

5

THE FEATHERS ASSOCIATION

TRUSTEES’ REPORT

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 £465,000 (2020/21 £440,000) against a general reserve of £517,807 (2021 £477,950). 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 eighty-six years.

(e) Fundraising

The Charity did not undertake any fundraising appeals to the general public during the 2021 / 2022 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 continued hard work in what has proofed to be difficult circumstances due to the unexpected passing of the Charity’s Chair.

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.

6

THE FEATHERS ASSOCIATION

STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES

The charity Trustees (who are also the directors of The Feathers Association for the purposes of company law) are responsible for preparing a Trustees’ annual report and financial statements in 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 information included on the charitable company’s website. Legislation in the United Kingdom 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 31 January 2023 and signed on their behalf by:

Lionel Bunting Chairman

7

THE FEATHERS ASSOCIATION

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE FEATHERS ASSOCIATION

Opinion

We have audited the financial statements of The Feathers Association (the ‘charitable company’) for the year ended 31 March 2022 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 applicable law. Our responsibilities under those standards are further described in the Auditor’s 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.

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. 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.

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:-

8

THE FEATHERS ASSOCIATION

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE FEATHERS ASSOCIATION

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 report and the Trustees’ report.

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

As explained more fully in the Trustees’ responsibilities statement 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 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.

Auditor’s responsibilities for the audit of the financial statement

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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (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.

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 on the Financial Reporting Council’s website at: . This description forms part of our auditor’s report.

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.

9

THE FEATHERS ASSOCIATION

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE FEATHERS ASSOCIATION

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 auditor’s 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.

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

10

THE FEATHERS ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2022

Year ended Year ended
Notes **Unrestricted ** Restricted 31 March 31 March
Fund Funds 2022 2021
INCOME AND EXPENDITURE £ £ £ £
Income:
Donations and gifts 2 9,544 - 9,544 7,294
Income from charitable activities
Grants 3 - 301,549 301,549 269,452
Income from trading activities:
Feathers Ball & fund-raising events 4,250 - 4,250 -
Rental income 117,462 - 117,462 88,062
Investment income 4 99,533 - 99,533 87,801
------------ ------------ ------------ ------------
Total income 230,789 301,549 532,338 452,609
Expenditure:
Costs of raising funds:
Feathers Balls (26,978) - (26,978) (34,601)
Charitable activities:
Youth and community services (133,188) (275,830) (409,018) (380,991)
Grants for youth and community
activities (28,706) - (28,706) (44,825)
------------ ------------ ------------ ------------
Total expenditure: 5 (188,872) (275,830) (464,702) (436,757)
Net income/(expenditure)
before transfers:		 41,917 25,719 67,636 15,852
Transfer between funds - - - -
------------ ------------ ------------ ------------
Net movement in funds after transfers: 41,917 25,719 67,636 879,375
Net gains/(losses) on investments 10 409,624 - 409,624 863,523
------------ ------------ ------------ ------------
Net movement in funds: 451,541 25,719 477,260 879,375
Reconciliation of funds:
Total funds brought forward 5,379,112 820,937 6,200,049 5,320,674
------------ ------------ ------------ ------------
Total funds carried forward: 5,830,653 846,656 6,677,309 6,200,049
========== ========== ========== ==========

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

11

THE FEATHERS ASSOCIATION

BALANCE SHEET AS AT 31 MARCH 2022

31 March 2022 31 March 2021
Notes £ £ £ £
FIXED ASSETS
Tangible assets 9 800,278 817,153
Investments 10 5,767,559 5,285,062
Total Fixed Assets ------------------ ------------------
6,567,837 6,102,215
CURRENT ASSETS
Debtors 11 124,280 88,492
Cash at bank and in hand 124,100 52,727
------------------ ------------------
Total Current Assets 248,380 141,219
LIABILITIES
Creditors: amounts falling due
within one year 12 (138,908) (43,385)
------------------ ------------------
NET CURRENT ASSETS 109,472
97,834
------------------ ------------------
NET ASSETS 6,677,309 6,200,049
========== ==========
FUNDS
Designated Funds 13 5,312,846 4,900,562
General Funds 517,807 478,550
------------------
------------------
Unrestricted funds
5,830,653 5,379,112
Restricted funds 14 846,656 820,937
------------------ ------------------
TOTAL FUNDS 15 6,677,309
6,200,049
========== ==========

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 31 January 2023 and signed on their behalf by:

………………………………………. Kenneth Ridley OBE Interim Treasurer

12

THE FEATHERS ASSOCIATION

STATEMENT OF CASHFLOWS AS AT 31 MARCH 2022

Notes
2022
£
Cash flow from operating activities
16
144,246
___
Net cash flow from operating activities
144,246
__
Cash flow from investing activities
Purchase of fixed assets
-
Purchase of investments
(1,317,284)
Proceeds from sale of investments
1,318,194
_
Net cash flow from investing activities
910
_
Net increase / (decrease) in cash and cash equivalents
145,156
Cash and cash equivalents at 01 April 2021
205,382
_
Cash and cash equivalents at 31 March 2022
350,538
__
Cash and cash equivalents consists of:
Cash at bank and in hand
124,100
Cash at investment managers
226,438
__

Cash and cash equivalents at 31 March 2022
350,538
_		 __ 2021
£
2,672
___
2,672
__
(2,688)
(1,553,739)
1,614,528
_
58,101
_
60,773
144,609
_
205,382
_
52,727
152,655
__
205,382
_____
_

13

THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

1.1 Basis of preparing the financial statements

The Feathers Association is governed under its Memorandum and Articles of Association. The address of the principal office is given in the information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are set out on page 3.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 & Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Income

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

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.

1.3 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

The analysis of these costs is included in note 5.

1.4 Fund accounting

Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Restricted funds are funds that can only be used for particular restricted purposes within the objects of the charity. Restriction arises when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds represent funds invested in fixed assets. The designated fund balance has been represented to ensure that fund balance stated accurately reflects the designation policy adopted by the Trustees.

1.5 Tangible fixed assets

Tangible assets are shown at cost less depreciation. Depreciation is provided at rates calculated to write off the cost, less their residual value, 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

14

THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

1.6 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.

1.7 Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

1.8 Taxation

The company is a registered charity and is therefore entitled to the exemptions from corporation tax afforded by section 505 of the Income and Corporation Taxes Act 1988. Accordingly, there is no corporation tax charge in these financial statements.

1.9 Going concern

The financial statements have been prepared on a going concern basis. The trustees have carefully considered the level of funds held and the expected level of income and expenditure for 12 months from the approval of these financial statements. The trustees have concluded that the budgeted income and expenditure is sufficient with the level of reserves appropriate for the charity, in the current circumstances, to be able to continue as a going concern.

1.10 Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 9 for the carrying amount of tangible fixed assets and note 1.5 for the useful economic lives for each class of assets.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

2. DONATIONS AND GIFTS

DONATIONS AND GIFTS
2022 2021
£ £
David Miller Architects - 1,350
The Rotary Club 1,000 2,000
Family and Parents - 1,000
Callpot 2,899 -
The British Land 1,000 -
Other Donations less than £1,000 4,645 2,944
------------------ ------------------
9,544 7,294
======== ========

15

THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

3. INCOME FROM CHARITABLE ACTIVITIES
GRANTS Unrestricted Restricted 2021
£ £ £
Westminster City Council – Core Funding - 87,883 99,930
Westminster City Council – Other - - 770
Westminster Foundation - 38,876 65,596
Young Westminster Foundation - 56,500 21,450
Duke of Westminster - 63,175 -
Neighbourhood Keepers Fund - - 20,931
London Sports - 9,157 -
City of Westminster - - 8,300
Learning Loss - - 7,682
Mayors Fund - - 4,000
London Youth - - 1,000
BGS Cayzer - 28,500 25,000
Other - 8,803 -
------------------ ------------------ --------------------
- 301,549 269,450
======== ======== =========
4. INVESTMENT INCOME 2022
2021
£ £
Dividends on listed investments 99,533 87,801
======== ======
5. EXPENDITURE
Direct Salary Support Total Total
costs costs costs 2022 2021
£ £ £ £ £
Costs of generating funds:
Investment manager fees 26,660 - - 26,660 23,660
Fundraising for Feathers Charity Balls 318 - - 318 10,941
---------------- ---------------- ---------------- ---------------- ----------------
26,978 - - 26,978 34,601
Charitable activities
Youth and community services 125,812 205,124 78,082 409,018 380,991
Grants payable
Chelsea Academy Foundation - - - - 9,000
Create (Arts) - - - - 10,000
Grove Adventure Playground - - - - 5,900
Katherine Low Settlement - - - - 5,000
Marylebone Bangladesh Society LCF - - - - 2,247
North Paddington Youth Club 8,706 - - 8,706 6,178
Safe Families - - - - 6,500
London Youth Rowing 10,000 - - 10,000 -
Federation of London Youth Clubs 10,000 - - 10,100 -
---------------- ---------------- ---------------- ---------------- ----------------
28,706 - - 28,706 44,825
---------------- ---------------- ---------------- ---------------- ----------------
Total 181,496
205,124		 78,082 464,702 436,757
========= ========= ========= ========= =========

16

THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

5. EXPENDITURE - Continued

Support costs 2022 2021
£ £
Depreciation – office and computer equipment 1,344 707
Accountancy and SAGE Cloud costs 14,047 10,486
Consultancy fees - 35,433
Printing, postage and stationery 2,335 973
Telephone 2,081 1,443
Website costs 4,200 -
Computer and online subscription costs 7,156 3,029
Recruitment and HR costs 14,035 8,114
Staff related costs 4,328 -
Temporary staff costs - receptionist 8,029 -
Insurance 5,090 61
Sundry costs 1,640 11,290
Audit fees – governance cost 10,560 10,235
Governance costs 3,183 -
---------------- ---------------
78,082 81,771
========= =========
6. NET MOVEMENT IN FUNDS
2022 2021
This is stated after charging £ £
Depreciation 16,874 16,237
Auditors remuneration : audit work (net of VAT) 7,300 6,750
: non audit work 1,500 -
======== ========
7. STAFF COSTS 2022 2021
Number Number
The average number of persons employed by the charity during the year was 16 9
======== ========
Staff costs were as follows: £ £
Wages and salaries 190,022 156,406
Social security costs 10,593 10,200
Pension costs 4,508 12,473
--------------- ---------------
205,124 179,079
======== ========

No employee received remuneration exceeding £60,000 during the year (2021 none).

The organisation paid £nil (2021 £21,600) redundancy costs.

The total employee benefits including pension contributions of the key management personnel £104,538 (2021 - £92,620).

8. TRUSTEES’ REMUNERATION AND REIMBURSED EXPENSES

No Trustee received remuneration for their services or any reimbursed expenses during the year ended 31 March 2022 nor for the year ended 31 March 2021.

17

THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

9. TANGIBLE FIXED Leasehold Furniture & Computer
ASSETS improvements Fittings Equipment Total
£ £ £ £
Cost:
At 1st April 2021 and 31 March 2022 1,107,856 25,413 48,278 1,181,547
---------------- ---------------- ---------------- ----------------
Depreciation:
At 1st April 2021		 292,685 25,413 46,296 364,394
Charge for the year 15,530 - 1,345 16,875
---------------- ---------------- ---------------- ----------------
At 31st March 2022 308,215 25,413 47,641 381,269
Net Book Value:
31st March 2022		 799,641 - 637 800,278
=========== ======= ======== ==========
31st March 2021 815,171 - 1,982 817,153
=========== ======= ======== ==========
10. INVESTMENTS 2022 2021
£ £
Market value
As at 1st April 2021 5,132,407 4,329,673
Additions at cost 1,317,284 1,553,739
Disposals at opening market value (1,318,194) (1,614,528)
Net gains/(losses) 409,624 863,523
Investment holdings ---------------------
5,541,121		 --------------------
5,132,407
Cash held for investment 226,438 152,655
-------------------- --------------------
Market value as at 31st March 2021 5,767,559 5,285,062
========== ==========
Historical cost 4,690,616 4,552,661
========== ==========
The investment holdings are split as follows
UK equities 717,072 1,002,741
Overseas equities 2,982,558 2,667,548
International bonds 784,113 670,423
Other 437,721 350,342
Hedge Funds 86,190 -
Property funds 533,467 441,353
-------------------- --------------------
5,541,121 5,132,407
========== ==========

The following investments represented material elements, being more than 5% of the investment portfolio by market value:

2022 2021
£ £
Vanguard S & P 500 Units Vanguard 871,025 720,335
FTSE UK All Share Index Trojan - 346,915
Trojan Income Fund - 264,839

18

THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

11. DEBTORS
2022 2021
£ £
Debtors 82,269 71,512
Accrued Income 4,867 13,380
Prepayments 37,144 3,600
---------------- ----------------
124,280 88,492
======== =========
12. CREDITORS: amounts falling due within one year 2022 2021
£ £
Trade creditors - 14,600
Taxation and social security 13,392 3,479
Accruals and deferred income 125,516 25,375
---------------- ----------------
138,908 43,385
======== ========
13. DESIGNATED FUNDS
Current Balance at New Designations Balance at
31st March
Designations		 released 31st March
2021 2022
£ £ £ £
Designated:-
Capital Fund 4,900,562 409,624 - 5,310,186
Building Refurbishment - 2,660 - 2,660
---------------- ------------------ ----------------- -----------------
4,900,562 412,284 - 5,312,846
======== ========== ========= =========

Capital Fund - 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.

Building refurbishment – Funds allocated by the Trustees to pay for current and future maintenance, renovations and improvements to the charity’s leasehold property.

Prior year
Balance at New Designations Balance at
31st March Designations released 31st March
2020 2021
£ £ £ £
Designated:-
Capital Fund 4,037,039 863,523 - 4,900,562
------------------ ------------------ ------------------- --------------------
4,536,394 208,157 - 5,379,112
======== ========== ========= =========

19

THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

14. RESTRICTED FUNDS

Current year Balance at Balance at
31st March 31st March
2021 Income Expenditure Transfers 2022
£ £ £ £ £
Cayzer Targeted Activities - 28,500 (15,550) - 12,950
Neighbourhood Keepers Fund - - - - -
YW Christmas Story - 45,000 (13,008) - 31,992
Learning Loss - - - - -
CofW Activities Funding - 23,876 (23,876) - -
CofW Charitable Funding - 13,000 (9,750) - 3,250
DoW Youth Collection - 18,175 (11,375) - 6,800
Westminster Foundation 18,750 45,000 (45,000) - 18,750
WCC - Other - - - -
YW Holiday Programme - 11,500 (11,500) - -
Sports England - 9,157 (9,157) - -
Portland Foundation 4,931 10,655 (15,586) - -
CoW Ward Councillors - 9,050 (9,050) - -
CoW Youth Core Funding 12,539 78,833 (91,372) - -
London Youth Foundation 437 8,803 (8,540) - 700
Fourth Feathers Fund 784,280 - (12,066) - 772,214
---------------- ---------------- ---------------- ---------------- ---------------
820,937 301,549 (275,830) - 846,656
========== ======== ========= ========= =========

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 2022 i.e. received during 2021/22 in advance of being spent within the contractual period of the payment.

Prior year

Balance at Balance at
31st March 31st March
2020 Income Expenditure Transfers 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
========== ======== ========= ========= =========

20

THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

15. NET ANALYSIS OF FUNDS

Current year General Designated Restricted Total
£ £ £ £
Fixed Assets 28,064 - 772,214 800,278
Investments 457,373 5,310,186 - 5,767,559
Net Current Assets 32,270 2,660 74,442 109,472
--------- ---------------- ---------------- ----------------
517,807 5,312,846 846,656 6,691,689
========= ========= ======== =========

Prior year

General Designated Restricted Total
£ £ £ £
Fixed Assets 32,873 - 784,280 817,153
Investments 384,500 4,900,562 - 5,285,062
Net Current Assets 61,177 - 36,657 97,834
--------- ---------------- ---------------- ----------------
478,550 4,900,562 820,937 6,200,049
========= ========= ======== =========

16. RECONCILIATION OF NET INCOME / (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
2022 2021
£ £
Net income for the year 67,636 15,852
Depreciation 16,875 16,236
Increase in debtors (35,788) (48,463)
Increase in creditors 95,523 19,047
---------------- ----------------
Net cash flow from operating activities 144,246 2,672
======== =========

17. 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 £4,508 (2021: £12,473).

18. 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.

19. 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.

20. RELATED PARTY TRANSACTIONS

No related party transactions were recorded in the year (2021 none).

21