WESTWAY TRUST · 2020. 12. 2. · Westway Trust provide bursaries of up to £500 for children and...

WESTWAY TRUST

TRUSTEES’ ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2020

CONTENTS

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Page

REPORT OF THE BOARD OF TRUSTEES

Objectives and activities 4 – 5

Public Benefit 5

Transforming the Trust 6

Achievements and Performance 6 - 10

Plans for the future 10 - 11

Financial Review 12 - 14

Structure of governance and management 15 - 16

Risk and control 17 - 19

Other matters 19 - 21

Statement of Trustees’ responsibilities 22

INDEPENDENT AUDITOR’S REPORT 23 - 26

FINANCIAL STATEMENTS

Statement of financial activities 27

Balance sheets 28

Cash flow statement 29

Notes to the financial statements 30 - 62

REFERENCE AND ADMINISTRATIVE INFORMATION 63 - 64

REPORT OF THE BOARD OF TRUSTEES 2020

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Incorporating the Directors’ Strategic Report and Administrative Report for Companies Act purposes.

This year, to ensure our reporting of activity and finances over the year is accessible to all, we have

produced three documents:

Westway Stories features articles on local projects and initiatives we have been a part of;

Westway in Numbers explains some of our activity using statistics, including a simple guide to

our finances; and

This Annual Report, which is the statutory report charities have to produce and features the

audited accounts in detail.

All these documents are available on our website: https://www.westway.org/annualreport

The Trustees of Westway Trust present their Annual Report for the year ended 31 March 2020

under the Charities Act 2011 and the Companies Act 2006, including the Directors’ Report and the

Strategic Report under the 2006 Act, together with the audited financial statements for the year.

https://www.westway.org/annualreport


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OBJECTIVES AND ACTIVITIES

The objects of the Trust are to promote for the benefit of those living or working in the Royal Borough of

Kensington and Chelsea and adjoining London Boroughs, by such exclusively charitable means as

the Trustees think fit.

Our objectives and activities fall into three mutually supporting categories – social, environmental and

economic wellbeing:

Our strategic objectives Our charitable objects

Social Wellbeing

People are given opportunities to

participate and their voices are heard;

People feel proud of the area its heritage,

culture and creativity; and

Where everyone is active and healthy,

has the opportunities they need to get

the skills and qualifications to get on in

life, is engaged in a strong community

ecosystem, and has a sense of

belonging.

Provision, or assistance in the

provision of, facilities for recreation,

sporting or other leisure-time

occupation;

Advancement of health;

Development of the capacity and skills

of members of the local communities;

Advancement of the arts, culture and

heritage;

Advancement of amateur sports;

Promotion of civic responsibility; and

Relief of those in need.

Environmental Wellbeing

An improved public realm, where green

space is cherished, protected and

enhanced; public consciousness of

environmental issues heightened and

behaviour modified;

environmental sustainability at the

heart of every development along the

23 acres; and

exemplary standards sought at every

opportunity.

Maintenance, improvement or

provision of public amenities and

public art; and

Advancement of environmental

protection or improvement provided

that such activity is delivered by

programmes designed to benefit the

public.

Economic Wellbeing

A flourishing local economy, where

many more local people, including

tenants, traders and earners, directly

benefit;

Advancement of education, including

training or retraining, work

experience;

Provision of financial assistance; and


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Local start-ups supported to get on their

feet and develop sustainable

enterprises, and all tenants playing a

part in building a strong and robust

local economy; and

A sustainable organisation that

embraces innovation and

entrepreneurship reinvests in the

community’s asset and operates for the

long-term.

Support of the performing and visual

arts.

More information is provided in the Trust’s Memorandum and Articles of Association,

including restrictions applicable to the Trust.

This can be viewed on our website:

http://www.westway.org/sites/default/files/westway_trust_memorandum_and_articles_november_201

4.pdf or is available by request.

PUBLIC BENEFIT

The Trust’s area of benefit is widely defined as the Royal Borough of Kensington and Chelsea and

adjoining London Boroughs. However, the intention when the Trust was established was to make a local

impact in North Kensington. Our new strategy, launched in 2018, has made it explicit that we

concentrate our efforts on North Kensington - the local authority wards of Dalgarno, St Helen’s,

Golborne, Colville and Notting Dale. Full details of our area of benefit can be found on our website

(http://www.westway.org/where-we-work).

We have referred to the Charity Commission’s general guidance on public benefit, including the

guidance on ‘Public benefit: running a charity’ (PB2), and are confident that our objects and activities

fulfil these requirements.

http://www.westway.org/sites/default/files/westway_trust_memorandum_and_articles_november_2014.pdfhttp://www.westway.org/sites/default/files/westway_trust_memorandum_and_articles_november_2014.pdfhttp://www.westway.org/where-we-work


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TRANSFORMING THE TRUST

In 2019/20, Westway Trust continued on its journey of transformation, as outlined below.

Old Westway New Westway

Commercial property development A mixed economy of spaces, including community

spaces

Culture of telling and doing to Culture of listening and responding; putting the

interests of the community at our heart

Community engagement and grant giving Community participation and ownership

Emphasis on the technical Residents feel connected and have affinity to

Westway Trust

Tenants are cash Tenants are partners delivering cash and social

impact

Staff are workers Colleagues are nurtured and developed – one

Westway team

During the past year, we have seen a significant change at the leadership level within the Trust.

In early 2020, Toby Laurent Belson was elected the Chair of the board of trustees. Both of Westway

Trust’s joint Chief Executives who were in post during 2019/20 have now left the organisation, which is

currently being led by Interim Chief Executive Mark Lister.

ACHIEVEMENTS AND PERFORMANCE

Independent Review into Institutional Racism at Westway Trust

In 2018, Tutu Foundation UK was commissioned by Westway Trust to conduct an independent Review

into claims of institutional racism at the charity. The Review was officially launched on 7 November

2018, in a joint event hosted by Westway Trust, Tutu Foundation UK and the independent Community

Advisory Group to the Review.

Over the course of the following two years, and under the guidance of the independent Community

Advisory Group, the Tutu Foundation UK collected testimony for the Review.

The Review is currently due to be published in December 2020.

Grant Making

In the financial year of 2019/2020, a total of £296,324 was distributed in grants to 130 community

groups and individuals. These grants include:

Community Grant (Small Grants and Celebrations and Events)


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Rapid Response

Festivals and Events

Artists’ Commissions Programme

Training and Professional Development Fund

Green Infrastructure Fund

An additional £126,922 was paid for sports bursaries through Everyone Active, which was awarded to

84 local people.

1. Community Grant (Small Grants and Celebrations and Events)

The aim of the Community Grant Investment programme is to provide small amounts of funding

for one off projects to help community organisations deliver meaningful benefits in the areas of

economic, social and environmental wellbeing for the area in and around North Kensington.

In 2019/2020, we received 79 Community Investment Grant applications whereof 47 were

successful and £147,831 has been paid out to various community groups. There was a rolling

application system where 2 panel meetings were held to decide which projects should receive

funding and to what level.

Priority areas covered in successful and conditional Small Grant applications (1 application can

cover several priority areas):

i. Isolation: 28 applications

ii. Safe places for young people: 12 applications

iii. Economic participation: 9 applications

iv. Creative economy, arts and culture: 14 applications

v. Place and environment: 2 applications

vi. Exercise & Recreation: 19 applications

2. Rapid Response Fund

The Rapid Response Fund is designed for urgent activities/projects or unexpected

circumstances when other funds are not available. 39 Community Groups and individuals

received Rapid Response funding in 2019/2020. All individuals who received Rapid Response

were Grenfell related. £68,810 was awarded in total.

3. Festivals and Events Fund

18 festivals and events received funding in 2019/2020 and £65,768 was awarded in total.


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4. Artists’ Commissions/ Training and Professional Development Fund:

Artist Commissions was a new pilot programme for early and mid-career artists to present an

inspiring and eclectic range of artistic voices across the Westway estate. The programme

distributes small but transformative bursary funds with support as a catalyst to further

ambitions through trying out new ideas, promoting artists and helping them to take the next

critical step in their careers. A new pilot programme to fund Training and Professional

Development also began, with the aim of giving cultural leaders, community arts workers,

artists, creative practitioners, and other professionals working to advance the arts and creativity

and culture, opportunities to develop their professional practice. In total £17,281 was awarded

for these projects.

5. Green Infrastructure fund

The Green Infrastructure fund was intended for local organisations, for example schools,

charities, social enterprises etc. who had permission to install green infrastructure on the

property they use and where existing green space is in short supply. The applicants were asked

to demonstrate clear impact on air pollution. 4 groups were successful and £44,468 was

awarded in total.

6. Sports Bursaries

Westway Trust provide bursaries of up to £500 for children and adults who want to take part in

sports and fitness activities, and want to make use of the Westway Sports and Fitness facilities,

but find it hard to pay the fees. The bursary award lasts for a 12 month period from date of

award being given. The bursary is now managed by Everyone Active.

Bay 20

North Kensington Hearts and Minds CIC was selected as an independent community-based operator of

Bay 20 Community space in 2019. The independent CIC was chosen as the operator for the space by the

independent Bay 20 Steering Group, and began managing the space in January 2020.

Following the appointment of the operator, Westway Trust has affirmed its previous commitment to:

Subsidise Bay 20 for local community groups and to ensure it will remain affordable;

Ensure the building remains a community asset in perpetuity; and

Create a community-led steering group to oversee the operation of Bay 20 and the appointment

of a community operator.

COVID-19 response

In March 2020, Westway Trust provided a grant of £25,000 to Kensington & Chelsea Social Council to

support local food banks.


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It should be noted that COVID-19 has impacted the Trusts revenue from its property portfolio, with

many tenants being unable to trade during the lockdown period and suffering from lower turnover when

it ended. At 30 September 2020, a bad debt provision of £1,963k was held in the balance sheet to

account for revenue that had been invoiced but not yet received. The Trust utilised the Coronavirus Job

Retention (CJRS) scheme extensively from April – September 2020 as it was unable to provide services

to the community due to the impact of the pandemic. This reduced the net cash outflow for payroll that

was required and also reduced costs associated with delivering the services. The outcome of this is that

at 30 September 2020 the Trust still held a positive accumulated reserves balance and cash deposit

balances in excess of £3m.

Further to this, the Trust is providing support in an attempt to enable Tenants to continue to operate and

be able to resume trading when the effects of the pandemic are reduced. It is also reviewing staffing

levels required for its future work and reviewing its overall cost base in order to reduce operating

expenses and cash outflows. The Trust will also continue to utilise the CJRS in future to further reduce

cash outflows while it is unable to operate effectively in the community.

Learning

Our Learning team have continued to support the local community in a variety of ways. In the last year

we provided:

Grants and / or practical assistance to 16 supplementary schools;

643 pupils have benefitted from 41,098 learning hours

2481 hours of tuition offered to 351 learners, 32% of whom live in North Kensington. Following

the course, 30% of learners started a new job or began volunteering. The vast majority of our

learners reported to feeling more confident (91%) as a result of the course.

Affordable childcare and support to parents: we delivered 2,319 hours of crèche support and

990 hours of nursery support for local children and 1,310 hours of advice and support to 92

parents.

Our learning programmes provided flexible paid work to around 25 local people.

222 people were supported through our wider community support programme with 2,457

interventions including referrals, and accessing education, funding and activity opportunities.

Portobello Summer Festival

Held on 21 July 2019, the festival brought together an expansive local and international line-up of local

and national artists.

The festival theme of ’local to global’ celebrated the area’s history of elevating local talent, from music to

fashion, to world-renowned status. The theme was also reflected across the street food, dance, spoken

word, bringing the area’s unique qualities together.

https://marketing7860.wixsite.com/mysite


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The festival achieved:

10,000+ attendees

70% first-time attendees

38% attendees residents of North Kensington

76% local performers

38% attendees under 35 years

PLANS FOR THE FUTURE

The last Westway Trust Strategy was adopted by the board of trustees in 2018.

As we deliver the strategic priorities of this document, we recognise that the operating environment for

our charity has changed significantly; not least with COVID-19 and the appointment of a new

Chair, several new trustees, and in August 2020, an Interim CEO.

For the first time, Westway Trust's board of trustees has been drawn from the local community.

Together, the new leadership of the Trust has identified six new strategic priorities that will help set out

a path to transform Westway Trust into a charity which is truly community centred. 

The strategic priorities, outlined in the diagram below, will form the key pillars of a new strategic

document currently in development. 

Strategic Goals

Social, economic and environmental wellbeing and justice for the North Kensington Community

Supporting the citizens of North Kensington to empower themselves to address injustice,

discrimination, poverty and exclusion especially for the most marginalised groups


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FINANCIAL REVIEW

The net free reserves utilisation in the year to 31 March 2020 was £141,000 (2019: £22,000 generated)

and is made up as follows:

2020 2019

£'000 £’000

Recognised income 6,055 8,278

less: Bay 20 donated asset - (2,000)

less: non-cash rental income (207) (675)

Cash income 5,848 5,603

Grants and subsidies (826) (687)

Community consultation (117) (205)

Expenditure on charitable activities (3,394) (2,692)

Expenditure on property management and maintenance (1,834) (1,693)

Total expenditure (6,131) (5,277)

Net cash operating surplus/(loss) (283) 326

Add back: expenditure funded from reserves (net)

924

455

Less: amounts allocated for future property refurbishment and

capital maintenance

(760) (759)

Less: Funds designated to support community initiatives for the

2nd anniversary of the Grenfell Tower fire (22) -

Free reserves generated (used) in the year (141) 22

Recognised Income

Recognised Income was £6,055,000 in 2020 (2019: £8,278,000). This reduction was largely

attributable to the donated asset at Bay 20 (valued at £2,000,000) being recognised in the accounts

last year.


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Cash Income

Cash income for the year was £6,055,000 (2019: £5,603,000). The largest proportion of our income is

from property rental (2020: £4,740,000; 2019: £4,272,000). We also received £503,000 in grants and

earned income (2019: £750,000).

Cash income: April 2019 to March 2020

We received £420,000 in grants and crèche fees from the Royal Borough of Kensington and Chelsea

(2019: £584,000). This amount funded several learning programmes.


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Expenditure

Total expenditure was £6,131,000 (2019: £5,277,000). We spent £854,000 more in 2020 compared to

2019. The main items that make up this amount include

£826,000 of grants awarded, an increase of £139,000 from 2019. The details of the recipients

and funding programmes can be seen in Note 3 to the accounts.

£101,000 in support of Bay20. This includes three months of funding for the community

operator (NKHM) in cover the general running costs as part of a five year agreement that began in

January 2020.

£247,000 on maintaining and improving the property estate including EPC improvements

£85,000 on maintaining the grounds and gardens of the estate to provide usable spaces for the

community.

Expenditure: April 2019 to March 2020


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STRUCTURE OF GOVERNANCE AND MANAGEMENT

The Trust is a charity that was first set up in 1971. Since 2008, the activities of the Trust have been

undertaken through a charitable company, limited by guarantee.

We have a Board of up to 12 Trustees:

Up to three are elected for three-year terms by our Member Organisations;

Up to three are nominated by the Royal Borough of Kensington and Chelsea; and

Up to six are openly recruited by the other Trustees against a skills-needs audit.

The Nominations and Governance sub-committee of the Board oversees trustee recruitment. The Chair

of the Trust is selected annually by the other Trustees from the six openly recruited Trustees.

No single person or organisation has the right to appoint Board members or exercise more than 25% of

the voting rights in meetings of the Trust. The Royal Borough of Kensington and Chelsea has a right

within the Trust’s constitution to appoint up to three Trustees to the Board, which comprises up to 25%

of the voting rights on the Board if the maximum number of Trustees have been appointed, or a higher

proportion if not all the Board positions are filled.

Trustees can serve up to two, three-year terms of office, although the Board may authorise a third term

of office where it is felt that serving Trustees offer skills that are of particular relevance to the Trust.

Trustees are not paid.

New Trustees are introduced to the Trust with a formal induction programme. We also provide ongoing

training, based on periodic skill assessments.

The names of all those who are currently Trustees or who served as a trustee during the year to 31

March 2020 is set out in the section on “Reference and administrative information” at the end of this

report. Further information on our current Trustees is available on our website

(http://www.westway.org/about-us/Trustees).

The Trustees delegate the day-to-day running of the Trust to the Chief Executive, for the whole of the

year to 31 March 2020 Alex Russell and Mark Lockhart were Joint Chief Executives. Mark Lockhart

retired on 31 March 2020 and Alex Russell resigned with effect from 31 July 2020. A recruitment

exercise for a new Chief Executive is taking place. In the meantime, Mark Lister was appointed Interim

Chief Executive with effect from 1 August 2020.

The work of Trustees is guided by five sub-committees to the Board, each one chaired by a Trustee:

Nominations and Governance Committee: develops and monitors governance, recruits

Trustees and is responsible for succession planning;

Charitable Purposes Committee: examines the social impact delivered by the Trust and guides

the strategic direction of the Trust’s charitable activities. This committee also reviews and

provides support for engagement and communications with communities and stakeholders;

http://www.westway.org/about-us/trustees


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Property and Place Committee (previously known as the Property and Regeneration

Committee): guides the strategic use and development of the Westway estate and scrutinises

the Trust’s estate management land strategy and practice.

Finance, Audit and Risk Committee: oversees the management of risk and finance and

supervises the appointment of independent auditors. In September 2019, the responsibilities of

the audit committee were temporarily transferred back to the Board, pending recruitment of a

new trustee to chair this committee; and

Remuneration Committee: Ensures that the Trust has effective human resources strategies to

create a productive and diverse workforce and makes recommendations regarding staff

remuneration. The committee sets our remuneration policy, as follows:

Westway Trust is committed to ensuring that we pay our staff fairly and in a way that ensures we

attract and retain the right skills in order to have the greatest impact in delivering our charitable

objectives. Delivery of our charitable vision and purpose is primarily dependent on the performance

and efforts of our staff, which is the largest single element of charitable expenditure. We aim to

recruit, subject to experience, towards the lower point within a salary band, providing scope to be

rewarded for excellence and growth within the role. We do not employ interns without pay. The

Trust is an accredited member of the Living Wage Foundation and has paid London Living Wage

since 2004. We pay at least the London Living Wage for all our staff other than apprentices and are

committed to encouraging our suppliers to do the same. Westway Trust evaluates each post against

other posts in the Trust and market comparators to arrive at salary rates based on a consistent and

transparent process, designed to offer a fair pay framework for all salary assessments and

decisions. The pay structure is reassessed on an annual basis. All staff confirmed in post are subject

to regular performance conversations, at least annually but quarterly is strongly encouraged.

Our Member Organisations are legal members of our limited company. The Member Organisations are

active local charities and other organisations. A full list of current Members is available on our website

(http://www.westway.org/members) or by request.

The Trust is committed to upholding its organisational culture in line with the seven overarching

principles of the Charity Governance Code 2017: Organisational Purpose; Leadership; Integrity;

Decision Making and Controls; Board Effectiveness; Diversity; and Openness and Accountability.

http://www.westway.org/members


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RISK AND INTERNAL CONTROLS

The Trustees continue to review the risks facing the Trust, the controls in place and the

effectiveness of mitigating actions. The Trust has a risk register which records risks and how they

are mitigated, including (but not limited to) our income, assets, management, staff, partners and

beneficiaries, reputation, financial controls and governance. The Trustees delegate risk

management to the Chief Executive. The risk register is reviewed regularly by the Finance, Audit &

Risk Committee and at least annually by the Board.

The Trust has a comprehensive insurance policy, reviewed annually, and currently provided by

Zurich Insurance.

The Trustees have considered the nature and extent of any risks and uncertainties that arise as a

result of Brexit and COVID-19. Any material concerns have been included in the following table,

which set out the specific areas that give rise to the potential major risks for the next financial year.

Risk Current mitigating actions

Sustained or significant public criticism of decision-

making and way funds are being used or invested

slows the Trust's ability to deliver its

strategy. Community expectations for space and

facilities on the estate exceed the resources

available.

Board-led programme to bring demonstrable

community involvement in decision-making as

part of the Trust’s move towards putting the

community at the heart of everything we do.

Actions already taken or planned include:

The Trust’s Board now exclusively

comprises community-based trustees;

Community involvement in Charitable

Purposes Committee (and other sub

committees and the Board) to inform

decision-making;

Engagement plan. Rigour and audit

trail supporting decision-making;

Programme to devolve decision

making in grants, spaces use and

programming to community;

Planning applications to be submitted

with statements of community

consultation; and

The successful community panel

involvement in the Chair recruitment

exercise in 2019 will lead to

community involvement in future

recruitment exercises where


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appropriate, including for the new

Chief Executive.

Reduced income due to the impact of COVID-19 on

the Trust’s tenants cutting income by significant

amounts in 2020/21 and the following years.

Brexit adds additional uncertainty into the

economy.

Maximising long-term income through (i)

offering short-term support as necessary to

help those tenants unable to pay all or some of

their rent during the pandemic and its

aftermath; and (ii) increasing levels of income

generation and generally finding ways of

diversifying our income streams.

Reducing costs through (i) delaying, reducing

or stopping expenditure where feasible; and

(ii) moving to a new staffing structure

consistent with the Trust’s new strategy and

budget constraints.

Risk of ill-health, reduced morale and of

resignations of key staff due to COVID-19 or

related impact and proposals for restructuring/staff

reductions/ redundancies.

Comprehensive and updated risk assessments

for staff individually and of the office/work

spaces to minimise the COVID-19 infection

risk, with special emphasis on minimising risk

for those vulnerable groups identified by

government/NHS guidance to be at higher risk

of COVID-19;

Proposals involve consultations with staff and

seek to minimise redundancies, especially

compulsory redundancies.

Significant staff support in place and

exploration in consultation with staff about

further support needs including in relation to

the upcoming Institutional Racism Report.

Loss of key tenants including through the impact of

COVID-19 resulting in long void periods and

consequential significant reduction in income.

Active monitoring and account management of

key tenants, including through short-term

support packages as necessary to help tenants

manage through the pandemic and the

immediate aftermath

Significant reputational damage and reduced The Trustees and Chief Executive are working


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confidence in the Trust arise as a result of The Tutu

Foundation review into institutional racism at

Westway Trust. Resulting uncertainty creates

demotivation and slows the Trust’s ability to deliver

its goals.

closely with the Community Advisory Group to

mitigate the risk as part of the preparations for

the publication of the review and to agree

recommendations for future action.

Illegal or unauthorised occupation of property

leads to uncontrolled liabilities; public criticism;

and/ or could adversely affect income or

opportunities to enhance spaces

Ongoing engagement with Royal Borough of

Kensington and Chelsea on high-risk

properties and measures in place to maintain

occupancy and support existing tenants.

Planned or unplanned maintenance of the

motorway leads to disruption of Trust activities and

income.

While there is evidence of degradation to

exposed parts of the structure, TfL has an

inspection and maintenance regime and has

told us that there are no major works in their

current plan.

Our lease has a compensation clause.

OTHER MATTERS

Going concern

The Trustees have reviewed our financial position and financial forecasts, taking into account the level of

reserves and cash, the effects of the COVID-19 pandemic and our systems of financial control and risk

management.

COVID-19 has impacted the Trusts rental revenue from its property portfolio, with many tenants being

unable to trade due to the lockdown period and suffering from lower turnover when it ended. At 30

September 2020, a bad debt provision of £1,963k was held in the balance sheet to account for revenue

that had been invoiced but not yet received. The Trust utilised the Coronavirus Job Retention (CJRS)

scheme extensively from April – September 2020 as it was unable to provide services to the community

due to the impact of the pandemic. This reduced the net cash outflow for payroll that was required and

also reduced costs associated with delivering the services. The outcome of this is that at 30 September

2020 the Trust still held a positive accumulated reserves balance and cash deposit balances in excess of

£3m.

As a result of this and an ongoing review of operational and staffing costs, the Trustees believe that we

are well placed to manage operational, financial and COVID-19 risks successfully, that the Trust has


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adequate resources to continue in operation for the foreseeable future and it is appropriate to adopt the

going concern basis of accounting in preparing the annual accounts.

Investment policy

The Trustees have set aside 15% of Trust land, excluding the sports estate, for commercial development

to provide shops, offices, light industrial units and other suitable buildings that fit within the Trust’s

property strategy. At the year end, approximately 13% of the estate was developed for commercial

purposes. As the Trust is looking to invest in improvements to its estate, the Trustees do not consider

any other form of long-term investment to be relevant and we place surplus cash on deposit, so that it is

then available to draw down in the short-term as the need arises. As well as ongoing improvement

works, we are now looking to create a policy for longer term investment of the Trust’s reserves in order

to spread risk and ensure the Trust’s financial sustainability.

Reserves policy

The Trustees set aside available funds from our income to pay for anticipated costs and for planned

refurbishment, development of the estate and environmental improvements. The Trustees also set aside

a small amount each year, when rental income is strong, to allow for some flexibility in periods of

economic downturn. In the last year, we have set aside an additional £759,000 for future

expenditure. Capital commitments at the year-end amounted to £nil (2019: £475,000) as disclosed in

note 21.

In order to protect our charitable projects from the loss of short-term funding, a target for a minimum

level of free reserves has been set at three months’ grants receipts for project delivery together with

three months’ expenditure on the Trust’s infrastructure and property and estate management

functions. Therefore, our reserves target is £416,000.

Free, undesignated reserves amounted to £603,000 as at 31 March 2020. This is above target, but due

to the impact of COVID-19 the excess funds have not been designated for specific purposes as they are

expected to be utilised over 2020-21 in supporting the Trusts operations.

Note 19 to the financial statements gives more detail on the purposes of the designated funds and the

reasons for holding those funds. This policy is reviewed every year.


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Treasury policy

The Trust deposits its cash funds in a pooled deposit fund or with UK-based financial

institutions authorised by the Prudential Regulation Authority and regulated by the Financial Conduct

Authority. We only deposit funds in institutions with acceptable credit ratings. We make a variety of

instant access, short-term and medium-term deposits to allow funds to be accessed according to the

needs of the Trust’s forecast cash flow. In order to protect the ordinary activities of the Trust from

unforeseen events while the Trust plans and undertakes estate improvement, we will seek to hold

treasury reserves of £500,000 or more at all times.

Funds held as custodian trustee on behalf of others

The Trust asks most of its commercial tenants to pay a refundable deposit. It is our policy not to use the

deposits to fund charitable or other activity. At the year-end, tenant deposits amounted to £416,000.

Auditors

Our auditors, Moore Kingston Smith LLP, have indicated their willingness to continue in office and it is

proposed that they be re-appointed as auditors for the ensuing year.

STATEMENT OF TRUSTEES’ RESPONSIBILITES

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The Trustees (who are also directors of Westway Trust for the purpose of company law) are responsible

for preparing the Trustees’ Report and the financial statements in accordance with applicable law and

United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires Trustees to prepare financial statements for each financial year that give a true

and fair view of the state of the affairs of the charitable company and of the incoming resources and

application of resources, including the income and expenditure, of the charitable company for that

period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;

observe the methods and principles in the Charities SORP;

make judgments and estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material

departures disclosed and explained in the financial statement; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume

that the charitable company will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable

accuracy at any time the financial position of the charitable company and enable them to ensure that the

financial statements comply with the Companies Act 2006 and the Charities Act 2011 and regulations

made thereunder. 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 the financial statements may differ from legislation in other

jurisdictions.

In so far as the Trustees are aware:

there is no relevant audit information of which the charitable company’s auditor is unaware; and

the Trustees have taken all steps that they ought to have taken to make themselves aware of any

relevant audit information and to establish that the auditor is aware of that information.

Signed on behalf of the Trustees

Toby Laurent Belson Chair 1 December 2020

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WESTWAY TRUST

23

We have audited the financial statements for Westway Trust (“the company”) for the year ended 31

March 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow

Statement and notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and

United Kingdom Accounting Standards, including FRS 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:

give a true and fair view of the state of the charitable company’s affairs as at 31 March 2020 and of

its incoming resources and application of resources, including its income and expenditure, for the

year then ended;

have been properly prepared in accordance with the requirements of United Kingdom Generally

Accepted Accounting Practice; and

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

Basis for opinion

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

applicable law. Our responsibilities under those standards are further described in the Auditor’s

Responsibilities for the audit of 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

financial statements in the UK, including 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require

us to report to you where:

the Trustees’ use of the going concern basis of accounting in the preparation of the financial

statements is not appropriate; or

the Trustees have not disclosed in the financial statements any identified material uncertainties that

may cast significant doubt about the company’s ability to continue to adopt the going concern basis

of accounting for a period of at least twelve months from the date when the financial statements are

authorised for issue.

Other information

The other information comprises the information included in the annual report, other than the financial

statements and our auditor’s report thereon. The Trustees are responsible for the other information.


24

Our opinion on the financial statements does not cover the other information and, except to the extent

otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent with the

financial statements or our knowledge obtained in the audit or otherwise appears to be materially

misstated. If we identify such material inconsistencies or apparent material misstatements, we are

required to determine whether three is a material misstatement in the financial statement or a material

misstatement of other information. If, based on the work we have performed, we conclude that there is

material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

the information given in the strategic report and the trustee’s annual report for the financial year for

which the financial statements are prepared is consistent with the financial statements; and

the strategic report and the Trustees’ annual report have been prepared in accordance with

applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the

course of the audit, we have not identified material misstatements in the strategic report or the

Trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires

us to report to you if, in our opinion:

Adequate accounting records have not been kept, or returns adequate for our audit have not been

received from branches not visited by us; or

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

Certain disclosures of the Trustees’ remuneration specified by law are not made; or

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

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 21, 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


25

for such internal control as the Trustees determine is necessary to enable the preparation of financial

statements that are free from material misstatements, 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 statements

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

are free from material misstatement, whether due to fraud or error, and to issue 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 the ISAs (UK) will always detect a material misstatement when it

exists. Misstatement can arise from fraud or error and are considered material if, individually or in

aggregate, they could reasonably be expected to influence the economic decision of users taken on the

basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain

professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to

fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not

detecting a material misstatement resulting from fraud is higher than for one resulting from error, as

fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of

internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures

that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the

effectiveness of the charitable company’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by the Trustees.

Conclude on the appropriateness of the Trustees’ use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a material uncertainty exists related to events or

conditions that may cast significant doubt on the charitable company’s ability to continue as a going

concern. If we conclude that a material uncertainty exists, we are required to draw attention in our

auditor’s report to the related disclosures in the financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to

the date of our auditor’s report. However, future events or conditions may cause the charitable

company to cease to continue as a going concern.


26

Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events

in a manner that achieves fair presentation.

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

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 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 any

party other than the charitable company and charitable company’s members as a body, for our audit

work, for this report, or for the opinions we have formed.

Shivani Kothari (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Devonshire House 60 Goswell Road London EC1M 7AD

Date: 1 December 2020

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2020

27

Note General funds

Designated funds

Restricted funds

Total 2020 Total 2019

(note 26) £'000 £'000 £'000 £'000 £'000 Income Income from continuing activities Income from charitable activities Grants, earned and other income 2 - - 478 478 750 Miscellaneous income 21 - 4 25 - Donated asset - - - - 2,000 21 - 482 503 2,750

Income from investments Land and property rentals 4,740 - - 4,740 4,633 Car Park income 141 - - 141 171 Miscellaneous income 147 - - 147 143 Interest receivable 32 - - 32 34 Other income Property service charges - - 443 442 421 Miscellaneous income 49 - - 49 126

Total income 5,130 - 925 6,055 8,278

Expenditure Expenditure on continuing activities Expenditure on charitable activities 3 3,171 201 925 4,297 3,584

Investment management costs Property management 6 1,318 47 469 1,834 1,693

Total expenditure 4,489 248 1,394 6,131 5,277

Net gain/(loss) on investments 11 - 1,534 - 1,534 (675)

Total net income (expenditure) before transfers 641 1,286 (469) 1,458 2,326

Transfers between funds 9 (782) 783 (1) - -

Net income (expenditure) after transfers (141) 2,069 (470) 1,458 2,326

Actuarial gains on defined benefit pension scheme

23 - - - - -

Net movement in funds (141) 2,069 (470) 1,458 2,326

Reconciliation of funds

Balances brought forward at 1 April 2019 744 50,073 11,666 62,483 60,157

Balances carried forward at 31 March 2020

19 603 52,142 11,196 63,941 60,157

All gains and losses recognised in the year are included on the Statement of Financial Activities.

The accompanying notes form part of these financial statements.

BALANCE SHEET AT 31 MARCH 2020

28

Note 2020 2019

£'000 £'000 £'000 £'000

Non-current assets

Charitable buildings 10 2,505 2,948

Investment property 11 55,566 54,020

Other tangible fixed assets 12 84 94

Intangible assets 13 18 37

Accrued income 14 1,429 1,637

59,602 58,736

Current assets

Debtors 15 568 1,032

Short term deposits 4,666 3,840

Cash at bank and in hand 574 402

5,808 5,274

Liabilities:

amounts falling due within one year 16 (1,245) (1,435)

Net current assets 4,563 3,839

Total assets less current liabilities 64,165 62,575

Liabilities:

amounts falling due after more than

one year

17 (224) (92)

Net assets

63,941 62,483

Funds 19

Unrestricted funds

Accumulated fund 603 744

Revaluation reserve 39,188 37,654

Other designated funds 12,954 12,419

52,745 50,376

Restricted funds 11,196 11,666

63,941 62,483

Approved by the Trustees on 1 December 2020 and signed on their behalf

Toby Laurent Belson, Chair

CASHFLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2020

29

Note 2020 2019

£'000 £'000 £'000 £'000

Net cash inflow from

operating activities 24 1,010 299

Interest and servicing of loans

Bank interest received 31 34

Other interest received - -

Net interest 31 34

Capital expenditure

Payments to improve charitable

buildings

10 - (44)

Payments to improve investment

buildings

11 (12) (711)

Payments to acquire other charity fixed

assets

12 (31) (47)

Payments to acquire intangible assets 13 - (34)

Total capital expenditure (43) (836)

Increase/(Decrease) in cash and bank

deposits 25 998 (503)

Represented by:

Increase/(decrease) in short-term deposits 826 (701)

Increase/(decrease) in cash 172 198

25 998 (503)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2020

30

1. ACCOUNTING POLICIES

1.1 Form and content of accounts

The accounts are prepared in accordance with the requirements of the Trust’s constitution, the Companies Act 2006, the

Charities Act 2011, Statement of Recommended Practice “Accounting and Reporting by Charities”(SORP) revised by the

Charity Commission in 2015 and FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of

Ireland”. The order of certain items in the Statement of Financial Activities (SOFA) and their headings have been adapted,

as required by SORP, in order to present a true and fair view of the nature and scale of the activities of the Trust. The

financial statements are stated in Pounds Sterling, which is the transactional currency of the Trust.

1.2 Cost convention

The accounts have been prepared under the historical cost convention, as modified by the revaluation of investment

property and the measurement of financial assets and liabilities at fair value.

1.3 Going concern

COVID-19 has impacted the Trusts rental revenue from its property portfolio, with many tenants being unable to trade

due to the lockdown period and suffering from lower turnover when it ended. At 30 September 2020, a bad debt

provision of £1,963k was held in the balance sheet to account for revenue that had been invoiced but not yet received.

The Trust utilised the Coronavirus Job Retention (CJRS) scheme extensively from April – September 2020 as it was

unable to provide services to the community due to the impact of the pandemic. This reduced the net cash outflow for

payroll that was required and also reduced costs associated with delivering the services. The outcome of this is that at 30

September 2020 the Trust still held a positive accumulated reserves balance and cash deposit balances in excess of £3m.

Further to this, the Trust is providing support in an attempt to enable Tenants to continue to operate and be able to

resume trading when the effects of the pandemic are reduced. It is also reviewing staffing levels required for its future

work and reviewing its overall cost base in order to reduce operating expenses and cash outflows. The Trust will also

continue to utilise the CJRS in future to further reduce cash outflows while it is unable to operate effectively in the

community. Designated reserves are also available that can support the Trust’s activities in the medium-term, although

these would need to be re-built once the impact of COVID-19 lessens and reduced costs alongside increased revenues

enable the Trust to return to an operating surplus.

Although there are risks with this strategy, management has determined that the actions that it has taken are sufficient to

mitigate the uncertainty and has therefore prepared the financial statements on a going concern basis as it has a

reasonable expectation that the Trust will continue in operational existence for the foreseeable future.

1.4 Critical estimates and judgements

The Trust’s significant accounting policies are stated in this note. Not all of these significant accounting policies require

the Trustees to make difficult, subjective or complex judgements or estimates. The assets and liabilities of the Trust that

are subject to a significant degree of estimation or judgement are: the fair value of the Trust’s investment properties; the

cumulative amortisation and depreciation of assets; the timing of capitalisation of costs of new developments, dependent

on probable planning permission; the assets and liabilities of the defined-benefit pension scheme; and the recoverability

of trade debt. The Trustees consider the valuation of investment properties to be critical because of the level of

complexity, judgement or estimation involved and its impact on the financial statements. These judgements involve

assumptions or estimates in respect of future events. Actual results may differ from these estimates. The valuation of the

Trust’s property portfolio is inherently subjective due to, among other factors, the individual nature of each property, its

location and the expected future rental income. As a result, the valuation the Trustees place on the property portfolio is

subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate,

particularly in periods of volatility or low transaction flow in the commercial property market. Other estimates that affect

the Statement of Financial Activities comprise the allocation of support costs as detailed in policy 1.10.

1.5 Income

Income other than grant income is recognised at the fair value of the consideration received or receivable for goods and

services provided. Fair value takes into account settlement discounts allowed on sales.

1.6 Grants received

Where grants are received for specific purposes they are credited to the restricted funds of the Trust. Grants that are

awarded for a specific period are recognised in the SOFA in that period. Capital grants are recognised in the SOFA to the


31

extent that the Trust has met the conditions for draw-down of those grants. Otherwise, grants are shown as income in the

period in which they are received.

1.7 Grants payable

Grants payable as cash are accounted for in the period in which they are approved. Certain properties are set aside for

letting to local charitable groups at one-third of market rent. The full commercial rent is shown as investment income and

the corresponding two-thirds reduction is shown as grants payable. This is a departure from the standard treatment of

rent under FRS102; the Trustees consider this provides a more useful presentation of the deployment of the Trust’s

resources than a simple statement of the discounted rent. Grants awarded to Member Organisations of the Trust,

including grants by way of discounted rent, are identified within Note 5 to the accounts.

1.8 Rents

1.8.1 Rents Receivable

Rental income receivable from tenants under operating leases is recognised on a straight-line, accruals basis over the

term of each lease. Where chargeable, Value Added Tax is excluded from all amounts. Income arising as a result of rent

reviews is recognised when agreement of the new lease terms is reasonably certain.

Premiums receivable from tenants to surrender their lease obligations are recognised in the SOFA. The cost of any lease

incentives, such as rent-free periods and stepped rentals, are spread over the minimum, non-cancellable term of each

lease. Rents recognised in the SOFA in advance of becoming payable by the tenant are not available for disbursement on

charitable activities and are transferred to a designated accrued income fund and are released as they become payable.

1.8.2 Accrued income

Under FRS102, the Trust must accrue for the average annual rents receivable under property leases irrespective of

whether that level of rent is currently due from the tenant, as set out in accounting policy 1.8.1. Accrued income arises

when there are significant incentives to enter into a lease, such as a rent-free period at the beginning of a lease or a

stepped rental. The accrued rent is not available for disbursement on charitable activities until receivable and is held as a

debtor on the balance sheet. The balance represents the excess of income recognised in the Statement of Financial

Activities in advance of it being payable by the tenant. The balance is reduced by instalments as the income becomes due

from the tenant.

1.9 Property service charges

Income and expenditure arising from the service charge accounts of tenanted buildings are included within these

accounts at their gross values. The Trust is accountable to its tenants for the expenditure incurred on maintaining these

properties and, under the terms of the leases, the accounting records and vouchers are available for their inspection on

demand.

1.10 Basis of allocation of support costs

Staff and other support costs are allocated to the various activities of the Trust based upon the direct staff costs involved

in delivering direct charitable activities and on the estimated time devoted to the governance of the Trust.

1.11 Pension costs

1.11.1 Defined benefits pension scheme

The Trust participates in a defined benefits pension scheme under a local government scheme, the assets of which are

held wholly independently from those of the Trust. Pension costs in respect of employees who are members of this

scheme are charged to the SOFA so as to spread the cost of pensions over the service lives of employees. The current

service cost and net return on pension assets are charged to resources expended; actuarial gains and losses are shown

separately on the SOFA. Any deficit of scheme liabilities over scheme assets is recognised on the balance sheet and a

deficit reserve carried in the designated funds of the Trust as explained within the reserves policy. Net pension assets in

excess of amounts that could be recovered through reduced contributions in future years, if any, are not recognised in the

balance sheet due to the uncertain nature of such assets and the high level of dependency of the calculation of pension

liabilities upon actuarial estimates that cannot be guaranteed.

1.11.2 Defined contributions pension scheme

Employer contributions to the Trust’s defined contribution Group Personal Pension Scheme are charged to the SOFA on

an accruals basis.


32

1.12 Value Added Tax

The Trust is partially exempt for VAT purposes. Where input VAT is not recoverable, it is included in the accounts as part

of the expenditure on which it was incurred.

1.13 Volunteers

The Trust provides volunteering opportunities in a number of its activities. These are currently concentrated in the

Grounds and Gardens and the Learning teams. The work performed by the volunteers is well appreciated and is explained

in the Trustees’ Report. No financial appraisal of the value of volunteering is included within these accounts.

1.14 Land and buildings

1.14.1 Land: the Trust has a 130-year lease with a total historical cost of £280,000. The land is included in the property

valued as an investment asset.

1.14.2 Investment property: the Trust has developed some of its land with commercial building so as to provide a source

of income. These buildings and land are carried at open market value as set out in Note 12. Movements on unrealised

revaluation surpluses are shown separately on the face of the Statement of Financial Activities and the cumulative

unrealised surplus is shown as a designated fund in the balance sheet. Investment property valuation is reduced by the

cumulative value of accrued income.

1.14.3 Charitable buildings: buildings occupied by the Trust for its own charitable purposes (“charitable buildings”) are

shown at cost less depreciation. This has the effect of setting the cost of these buildings against the income of the Trust

over the expected useful lives of the buildings. Buildings are maintained in a constant state of sound repair; the amount at

which the buildings are carried in the balance sheet is reviewed annually and reduced to the extent that it is considered

that there has been an impairment of value.

1.15 Intangible assets

Intangible assets comprise:

1.15.1 Software: the acquisition and configuration costs of software, less amortisation. Software that is no longer in use is

written off; and

1.15.2 Social investments: the lower of cost or fair value of investment in social enterprises, where fair value is assessed

by the Trustees at the balance sheet date.

1.16 Capitalisation

1.16.1 Property developments: The costs of developments are written-off in the year in which they are incurred until the

point that probable planning consent is obtained and the project has a realistic likelihood of being built. Where projects

are curtailed, all previously capitalised costs are written-off.

1.16.2 Threshold: Goods acquired are capitalised where they represent an asset of continuing value to the Trust and the

cost exceeds £1,000 per item or group of items.

1.17 Depreciation and amortisation

Rates of depreciation and amortisation are designed to write-off assets over their useful economic lives.

1.17.1 Charitable buildings:

(a) Buildings are depreciated at a rate of 2% per annum on cost.

(b) Major refurbishments: depreciation is charged annually at the rate of 10% on cost.

(c) Partitioning to increase short-term office space: depreciation is charged annually at the rate of 20% on cost.

1.17.2 Landscaping and environmental improvements: expenditure is written-off in the year in which it is incurred.

1.17.3 Office furniture and fixtures: depreciation is charged at the rate of 20% p.a. on cost.

1.17.4 Computers and software: depreciation is charged at the rate of 33.3% p.a. on cost.

1.17.5 Intangible assets (software): amortisation is charged at the rate of 33.3% p.a. on cost.


33

1.18 Bad debts

Provisions are made against monies due to the Trust where the debt is overdue and recovery is in doubt. Debts are

written-off according to procedures agreed by the Trustees.

1.19 Other financial instruments

Basic financial instruments are recognised as the amount payable or receivable when the instrument is first recognised

together with any subsequent transaction costs, but modified in respect of trade debtors for an assessment of potential

bad debt, as set out in policy 1.18.

1.20 Restricted funds

1.20.1 Capital grants: Grants that are received for capital projects are credited to a restricted fund. Subsequent charges

for depreciation of those capital assets are charged directly to the fund in the statement of financial activities. The

balance of such grants are released to general funds when they are considered to be no longer repayable.

1.20.2 Service charges: Provisions are made in the service charge accounts for tenanted buildings towards the expected

costs of building repairs that may be required in the future in accordance with the terms of the relevant leases. Interest

on the unexpended balances is credited to those balances. These funds may only be spent on the specific tenanted

buildings to which they relate.

1.20.3 Other project grants: Grants that are received for specified purposes are credited to a restricted fund.

Expenditure that is attributable to such grants is charged directly to the fund in the statement of financial activities.

1.21 Designated funds

1.21.1 Buildings funds: The balances on the funds represent investment and charity land and buildings. The capital costs

of buildings that are met from the Trust’s own resources are represented by designated buildings funds. Depreciation is

charged directly against the fund in the statement of financial activities.

1.21.2 Revaluation reserve: Unrealised surpluses or deficits arising upon valuation of the Trust’s investment property are

credited or debited directly to a designated fund to indicate that any surplus is also represented by buildings rather than

cash.

1.21.3 Refurbishment fund: Transfers are made into these funds to meet the anticipated costs of renovating depreciating

assets at the end of their anticipated lives, such as the playing surfaces of sports facilities and the current commercial

rental portfolio. In addition, funds are transferred for capital developments to provide reserves to meet, or contribute, so

far as reserves permit, towards the cost of capital expenditure that is not funded by loans or grants.

1.21.4 Development fund: Transfers are made into these funds to provide reserves to meet, or contribute, so far as

reserves permit, towards the cost of capital expenditure that is not funded by loans or grants.

1.21.5 Maintenance funds: It is the Trust’s policy to set aside an amount of its surplus in years when rental income is

strong in order to allow for some flexibility during periods of economic downturn.

1.21.6 Pension reserve: The reserve represents the recognised surplus or deficit, if any, on the Trust’s defined benefits

pension scheme. Contributions are paid into the scheme in accordance with the recommendations of the scheme actuary

and may be made over a number of years to spread the cost of funding the deficit over the future service lives of active

scheme members.


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2. INCOME FROM CHARITABLE ACTIVITIES

2020 2019

Earned

income

Restricted

grants

Grenfell

Response Total

Earned

income

Restricted

grants

Grenfell

Response Total

£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000

Social Wellbeing - 5 - 5 9 40 10 59

Environmental

Well being - - - - 5 - - 5

Economic

Wellbeing 21 477 - 498 196 490 - 686

21 482 - 503 210 530 10 750


35

2. INCOME FROM CHARITABLE ACTIVITIES (continued)

2020 2019

Earned income

Restricted Grants

Grenfell Response Total Earned income

Restricted Grants

Grenfell Response Total

Source Programme £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

Royal Borough of Kensington and Chelsea

Adult Learning - 181 - 181 - 195 - 195 Supplementary Schools - 76 - 76 7 76 - 83 Crèche - 119 - 119 189 22 211 Parenting - 28 - 28 - 28 - 28 Early Years - 16 - 16 - 16 - 16 Sport bursary - - - - - - 10 10 Security infrastructure - - - - - 41 - 41 Other - - - - - - - -

Sub-total RBKC - 420 - 420 196 378 10 584

John Lyon's Charity Supplementary Schools - 40 - 40 - 55 - 55 Private Crèche usage Crèche - 16 - 16 5 - - 5 GLA Enterprise Pods - - - - - 57 - 57 Bay 20 usage Community Usage 21 - - 21 - - - - Sport England Go Gen Project - 6 - 6 9* 40 - 49

Total 21 482 - 503 210 530 10 750

* Unrestricted grant


36

3. EXPENDITURE ON CHARITABLE ACTIVITIES

2020 General

funds

Allocated

Support

Costs

(Note 8)

Total

(including

support

costs)

Designated

funds

Restricted

funds

Total

Charitable

Expenditure

£’000 £’000 £’000 £’000 £’000 £’000

Social Wellbeing

Engagement 314 198 512 - 430 942

Health and wellbeing - - - - 16 16

Arts, culture and community

grants 1,113 66 1,179 - - 1,179

Grenfell response 37 - 37 24 6 67

1,464 264 1,728 24 452 2,204

Environmental

Wellbeing

353 200 553 42 - 595

Economic Wellbeing

Stewardship (including

property development) 215 198 413 135 - 548

Economy and Skills 147 330 477 - 473 950

362 528 890 135 473 1,498

2,179 992 3,171 201 925 4,297

Made up of:

Grants awarded (Note 4) 748 - 748 23 55 826

Materials and project costs 127 2 129 - 46 175

Community consultation 117 - 117 - - 117

Staff costs 907 515 1,422 - 320 1,742

Other staff costs 71 75 146 - 17 163

Improvements, repairs and

maintenance

80 11 91 145 3 239

Environment projects 9 - 9 - - 9

Ground and Garden

maintenance

73 - 73 - - 73

Insurance and other

establishment costs

38 63 101 - 33 134

Information technology - 116 116 - 2 118

Communications and

marketing

17 30 47 - 1 48

Professional fees and costs 16 47 63 14 9 86

Depreciation - 43 43 18 430 491

Bank charges - 2 2 - - 2

Other overheads (28) 58 30 - 10 40

Internal recharges 4 - 4 - - 4

Governance Costs (note 5) - 30 30 - - 30

2,179 992 3,171 200 926 4,297

2019 2,066 865 2,931 122 531 3,584

Comparative figures for 2019 are analysed in Note 27.


37

4. GRANTS AWARDED

Adult & Community

Learning

Artists

Professional

Development,

training and

commissions

Capacity

Strengthening

Covid-19

support

Festival

Funds

Grenfell

Response

Green

Infrastructure

Fund

Rent subsidies to

charity tenants

Small grants to local

charities and

community groups

Sports

Grants

Grand Total

2020 £ £ £ £ £ £ £ £ £ £ £

Grants to Institutions

Abundance Arts - - - - - - - - 2,500 - 2,500

Access UK - - - - - - - - 2,500 - 2,500

African Women Empowerment

and Information Centre

- - - - - - - - 2,460 - 2,460

Age UK Kensington & Chelsea - -7,954 - - 1,000 - - 25,980 - - 19,026

Al Manaar Muslim Cultural

Heritage Centre

- - - - - - - - 4,990 - 4,990

Alexandra ZARĘBA-ZELTSCH - 2,500 - - - - - - - - 2,500

An Nisa Empowerment Response 6,114 - - - - - - - - - 6,114

Arsiema Alula - - - - - 590 - - - - 590

Association for Cultural

Advancement of Visual Art

(ACAVA)

- - - - 3,540 - - 19,250 - - 22,790

Azza Supplementary School 4,855 - - - - - - - 500 - 5,355

Baraka Community Association - - - - - - - - 2,950 - 2,950

Baraka Youth Association 5,020 - - - - - - - - - 5,020

Blanc Canada School - - - - - - 2,280 - - - 2,280

Border Crossings - - - - 3,500 - - - - - 3,500

Bramleys - - - - - - - - 650 - 650

Brave Indie - -1,235 - - - - - - - - -1,235

Brian Okello - 2,500 - - - - - - - - 2,500

British Association of Steelbands - - - - - - - - 1,000 - 1,000

Brown Baby - - - - - - - - 1,950 - 1,950


38

4. Grants Awarded

(Continued)

Adult &

Community

Learning

Artists

Professional

Development,

training and

commissions

Capacity

Strengthening

Covid-19

support

Festival

Funds

Grenfell

Response

Green

Infrastructure

Fund

Rent subsidies to

charity tenants


charities and

community groups

Sports

Grants Grand Total

2020 £ £ £ £ £ £ £ £ £ £ £

Bruno de Florence - - - - - - - - 860 - 860

Carers Network - - - - - - - - 2,500 - 2,500

Carnival Village Trust - 1,080 - - - - - - - - 1,080

Children's and Parents Carnival

Association (CAPCA)

- - - - 4,000 - - - 450 - 4,450

Christina Sealy - 750 - - - - - - - - 750

Colville Primary School - - - - - - - - 750 - 750

Community Accountancy Self

Help

- - - - - - - 8,140 - - 8,140

Congo Great Lakes Initiative - - - - - - - - 2,500 - 2,500

Corner Nine Arts Project - - - - 2,728 - - - 2,313 - 5,041

Corrie King - 2,500 - - - - - - - - 2,500

Creative Arts Ltd / Nicola Turner - 2,500 - - - - - - - - 2,500

Cruse Bereavement Care - - - - - - - 9,600 - - 9,600

Dadihiye Somali Development

Organisation

2,297 - - - - - - 3,840 6,667 - 12,804

Dalgarno Neighbourhood Trust - - - - - - - - 2,500 - 2,500

Dalgarno Supplementary School 4,746 - - - - - - - - - 4,746

Dance West CIC 1,853 - - - - - - - 2,500 - 4,353

Danielle Aumord - 680 - - - - - - - - 680

Ebony Steelband Trust - - - - 6,000 - - - 2,500 - 8,500

Emmanuelle Marcel Jabbour - 700 - - - - - - - - 700

EPIC ELM CIC - - - - - - - - 3,000 - 3,000

Equal People Mencap - - - - - - - - 2,500 - 2,500

Eritrean Parents and Children's

Association (EPCA)

3,306 - - - - - - 2,740 2,340 - 8,386

Ethiopian Women's

Empowerment Group

- - - - - - - - 2,420 - 2,420


39

4. Grants Awarded

(Continued)

Adult &

Community

Learning

Artists

Professional

Development,

training and

commissions

Capacity

Strengthening

Covid-19

support

Festival

Funds

Grenfell

Response

Green

Infrastructure

Fund

Rent subsidies to

charity tenants


charities and

community groups

Sports

Grants Grand Total

2020 £ £ £ £ £ £ £ £ £ £ £

FerArts CIC - - - - - - - - 5,000 - 5,000

Feruza Afewerki - 2,500 - - - - - - - - 2,500

Fifty Plus Aged Eritrean Welfare

Association

- - - - - - - - 2,492 - 2,492

Flex Won 729 - - - - - - - - - 729

FOR WOMEN (Unity through

diversity)

- - - - - - - - 2,500 - 2,500

French African Welfare

Association (FAWA)

- - - - - - - - 2,478 - 2,478

Golborne and Maxilla Children’s

Centre

- - - - - - 2,685 - - - 2,685

Grenfell Speaks - - - - - - - - 1,380 - 1,380

Harrow Club W10 - - - - - - - - 2,500 - 2,500

Hodan Somali Community - - - - - - - - 2,500 - 2,500

I will Tell - - - - - - - - 9,000 - 9,000

Ignite Foundation CIC - - - - 2,000 - - - - - 2,000

In kind support - - - - - - - - 24,707 - 24,707

Kamitan Arts CIC - - - - - - - - 500 - 500

Kensington & Chelsea Mental

Health Association (Mind)

- - - - - - - 32,280 - - 32,280

Kensington & Chelsea Social

Council

- - 24,030 25,000 - - - - 1,610 - 50,640

Kids On The Green - - - - 5,000 - - - - - 5,000

Kodjo Yenga Educational Trust

And Foundation.

- - - - - - - - 2,500 - 2,500

Lancaster West Estate T&RA - - - - - - 19,500 - - - 19,500

Lancaster West Residents

Association

- - - - - - - - 2,000 - 2,000

Latymer Community Church - - - - - - - - 2,500 - 2,500


40

4. Grants Awarded

(Continued)

Adult &

Community

Learning

Artists

Professional

Development,

training and

commissions

Capacity

Strengthening

Covid-19

support

Festival

Funds

Grenfell

Response

Green

Infrastructure

Fund

Rent subsidies to

charity tenants


charities and

community groups

Sports

Grants Grand Total

2020 £ £ £ £ £ £ £ £ £ £ £

LiNK / RBKC - NK, Extinction

Rebellion partnership

- - - - - - - - 390 - 390

London Children's Book Project - - - - - - - - 2,200 - 2,200

Makan Cafe 950 - - - - - - - - - 950

Making Communities Work &

Grow

- - - - - - - 6,715 500 - 7,215

Marie Klimis - 2,300 - - - - - - - - 2,300

Melanie Frances - 2,500 - - - - - - - - 2,500

Metronomes Steel Orchestra - - - - - - - - 2,459 - 2,459

MGA Autos 2,662 - - - - - - - - - 2,662

Midaye Somali Development

Network

- - - - - - - 15,000 - - 15,000

Miga Volunteer Tutors @Miga

International Ministries

- - - - - - - - 2,500 - 2,500

Migrant Refugee Communities

Forum

- - - - - - - 25,301 - - 25,301

Migrants Organise - - - - - - - - 2,500 - 2,500

Nelio Rodrigues - 500 - - - - - - - - 500

New Maxilla Social Club - - - - - - - 12,150 - - 12,150

Nick Field - 2,500 - - - - - - - - 2,500

North Kensington Community

Energy (NKCE)

- - - - - - - - 500 - 500

North Kensington Hearts & Minds - - - - - - - - 9,250 - 9,250

North Kensington Law Centre - - - - - - - - 500 - 500

Notting Hill Carnival Pioneers - - - - 5,000 - - - - - 5,000

Nova New Opportunities - - - - - - - 32,660 10,000 - 42,660

P3 - People Potential Possibilities - - - - - - - - 210 - 210

People Arise Now - - - - - - - - 2,500 - 2,500


41

4. Grants Awarded

(Continued)

Adult &

Community

Learning

Artists

Professional

Development,

training and

commissions

Capacity

Strengthening

Covid-19

support

Festival

Funds

Grenfell

Response

Green

Infrastructure

Fund

Rent subsidies to

charity tenants


charities and

community groups

Sports

Grants Grand Total

2020 £ £ £ £ £ £ £ £ £ £ £

Persian Care Centre - - - - - - - - 3,000 - 3,000

Pimento Community Project 3,171 - - - - - - - 3,000 - 6,171

Portobello Film Festival - - - - 3,000 - - - 2,000 - 5,000

Portobello Live Arts CIC - - - - 5,000 - - - - - 5,000

Portobello Pantomime - - - - - - - - 3,500 - 3,500

Portobello Pavilion - - - - 4,000 - - - - - 4,000

PORTOBELLO RADIO CIC Ltd - - - - 3,000 - - - - - 3,000

Prospects Kensington Ltd - - - - - - - - 2,498 - 2,498

Race Equality Foundation 85 - - - - - - - - - 85

Renegade Theatre - - - - - - - - 2,500 - 2,500

Small Truth Theatre - - - - 3,000 - - - - - 3,000

Solidarity Sports - - - - - - - - 2,500 - 2,500

Somali Women's Association 3,738 - - - - - - - - - 3,738

Sport & Leisure Management - - - - - - - - - 4,515 4,515

St Antonio Eritrean Refugees

Women Group

- - - - - - - - 2,500 - 2,500

St Giles Trust - - - - - - - 4,672 - - 4,672

Steel Pan Trust - - - - - - - - 1,000 - 1,000

Subterania - - - - - - - - 7,782 - 7,782

Swinbrook Estate T&RA - - - - - - 20,000 - - - 20,000

Teit Ethiopia Orthodox Tewahedo

Supplementary School

- - - - - - - - 500 - 500

Teit Ethiopia Supplementary

School

6,444 - - - - - - - - - 6,444

"The Bevington Trust: Bevington

Primary Summer Fair"

- - - - - - - - 200 - 200

WESTWAY TRUST · 2020. 12. 2. · Westway Trust provide bursaries of up to £500 for children and...

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Transcript of WESTWAY TRUST · 2020. 12. 2. · Westway Trust provide bursaries of up to £500 for children and...