The OneCity Trust
Trustee’s Report and Financial Statements
For the year ended 31 March 2020
Registered charity number SC034165
The OneCity Trust Financial Statements to 31 March 2020
Contents Pages
Trustee’s Report ...... 2 Statement of Trustee’s responsibilities ...... 11 Independent Examiner’s Report to the Trustees ...... 12 Statement of Financial Activities ...... 13 Balance Sheet ...... 14 Cash Flow Statement ...... 15 Notes to the Financial Statements ...... 16
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The OneCity Trust Financial Statements to 31 March 2020
Trustee’s Report The Trustee submits its report and independently examined financial statements for the year ended 31 March 2020.
Reference and Administrative Information
Charity Name The OneCity Trust
Registered Charity Number SC034165
Trustee OneCity Limited
The directors of OneCity Limited (SC320023) are:
(Chair)
C/o The Lord Provost’s Suite City Chambers High Street Edinburgh EH1 1YJ
Independent Examiner City of Edinburgh Council Business Centre 2.6 Waverley Court 4 East Market Street Edinburgh, EH8 8BG
Investment Advisors Aberdeen Standard Capital 1 George Street Edinburgh EH2 2LL
Bankers Royal Bank of Scotland Plc 36 St Andrew Square Edinburgh EH2 2YB
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The OneCity Trust Financial Statements to 31 March 2020
Structure, Governance and Management
Structure The OneCity Trust is a charity registered in Scotland that was established by a deed of trust dated 7 March 2003. Governance OneCity Ltd is the current Trustee of the Trust. Board members meet two to four times per year and have responsibility for the approval of strategy, annual objectives, capital and revenue budgets, changes to professional advisers and the grant distribution mechanism. They also have responsibility for approval of policies such as investment, grant making, risk assessment and the size of the reserves of the Trust. Management The day to day activities of the Trust are managed by OneCity Ltd, which oversees the development, finance, administration, and grant making activities. The Directors of OneCity Ltd have direct responsibility for the management of the Trust, with administrative support provided by an Executive Officer of the City of Edinburgh Council. The grant making activities of the Trust are determined by the Directors.
Appointment, Induction, and Training of Trustees Directors may be recruited to the Board of OneCity Ltd under the terms of its Memorandum and Articles of Association. In appropriate circumstances, the power to appoint trustees to the OneCity Trust rests with the Protector of the Trust, currently the Head of Finance of the City of Edinburgh Council.
Board members of OneCity Ltd are selected to provide a breadth of skills, experience, and influence across the main areas of activity of the Trust namely the third sector, marketing, fundraising, events, grant making and financial management together with associated areas such as legal, information technology and human resources.
New Board members of OneCity Ltd receive an introductory package of information about the Trust including a copy of its Deed of Trust, Articles of Association, Memorandum of Association and its latest set of annual accounts, as well as a briefing from the Chair as part of the induction programme. In view of the wide skills base of the Directors, it is considered that there is no requirement for formal periodic training. Ad hoc training can be provided when the need is identified.
Risk Management Board Members of OneCity Ltd are responsible for the management of risks faced by the Trust. Risks are identified, assessed and controls established on an ongoing basis. In addition, a formal in-depth review of the risk management processes of the Trust is undertaken every three years.
The key controls of the Trust include:
• Formal structure and agendas for Trustee meetings • Business planning, budgeting, and management accounting • Established organisational structure and lines of reporting • Formal written policies including authorisation and approval procedures • Annual review of investment performance and existing policy
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The OneCity Trust Financial Statements to 31 March 2020
Risk Management – continued The risks to which the Trust is exposed are discussed at Board meetings and the Directors believe that they have taken measures that are appropriate to minimise those risks.
The Board is involved in setting and reviewing the grant making criteria, and associated systems, with the objective of providing a transparent system that meets the Trust’s objectives and that of its donors.
Objectives The Trust was established as a result of the Lord Provost of Edinburgh’s Commission on Social Exclusion. This considered the question of who experiences social exclusion in the city and, more importantly, what should be done. A key recommendation was the formation of an “inclusion trust” in the form of a community foundation that would channel funds and ideas from Edinburgh’s businesses and individuals, for the benefit of the city.
The Trust Deed has the stated purpose that “Trustees shall hold the Trust Fund and the income of it to pay and apply the same for the purposes of advancing, facilitating, and promoting the education, social welfare, human rights and the tackling of extreme inequalities in income and alleviation of poverty among persons within the area of benefit.” The area of benefit being defined as the local authority area of the City of Edinburgh Council.
The Trust awards grants from its Main Grant Fund as well as from the Lord Provost’s Rapid Action Fund.
Fundraising Activities Following the success of prior years' Lord Provosts fundraising Burns Suppers, the Lord Provost hosted the fourth Burns Supper in aid of the OneCity Trust on 24 January 2020, which raised over £22,200 (net). This annual event allows guests to meet with Trustees present and listen to the President talk about the work of the OneCity Trust. Videos are screened to the audience where a number of beneficiaries are interviewed in advance of the event, about the impact of the funding awarded to their organisation.
The City of Edinburgh Council awarded a contract to Travis Perkins on 1 April 2015 which includes a community benefit clause, whereby 1% of contract spend will be provided by Travis Perkins towards community projects based in areas with a high density of Council housing. The OneCity Trust was approached by the City of Edinburgh Council and Travis Perkins Managed Services and became the route for Community Legacy Funding.
The Trust is grateful for the continuing support of the City of Edinburgh Council and Travis Perkins Managed Services for the Community Benefit funding of which £40,000 was available during the financial year to support community projects, £36,000 being awarded in year and the balance being carried forward to 2020/21. Travis Perkins have confirmed £34,179 of additional funding has accrued and will be available in addition to the sums carried forward, for grant awards in the coming year.
The City of Edinburgh Council also awarded a contract to Engie Regeneration Ltd (ENGIE) to develop the North Sighthill site with 184 homes for social housing/mid-market rent and 132 homes for sale. As part of this contract, Engie provided a community investment fund of £50,000 in 2018/19 to be disbursed to eligible community groups and organisations primarily in the south west locality of the City of Edinburgh.
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The OneCity Trust Financial Statements to 31 March 2020
Fundraising Activities – continued On 14 February 2019 a service level agreement was signed by Engie, CEC and OCT confirming that this agreement would run until the end of the contract period, or until the monies were disbursed, whichever was the latter. £48,256 was used to fund grants in 2019/20 and the balance of £1,744 is carried forward.
The Trust has also benefited from the generosity of Underbelly Ltd who once again donated 50 pence for every ticket sold at the Torchlight Procession together with accepting online and collection tin donations during Edinburgh’s Winter Festivals 2019, raising a total of £10,902. In addition, Underbelly organised a special gala performance of Drop and Roll during Edinburgh’s Festival Fringe, in support of the Trust raising £6,885.
The Trust was the beneficiary of £3,350 from ticket sale funds raised from the Lord Provosts fundraising ‘Evening with Ian Rankin’ event held at the City Chambers on 1 November 2019.
As part of their Community Benefit agreement with the City of Edinburgh Council, CGI UK Ltd have provided a £3,000 donation for the fifth and final year. DF Concerts also donated the sum of £2,300 following the Edinburgh Summer Sessions concerts which took place in the Princes Street Gardens. Smaller donations have been received from various Edinburgh incorporations, organisations and donors including Spifox, Forams Symposium, Montpelier’s and BAM properties. The Trust gives its sincerest thanks to all donors. Achievements and Performance Grant Making The accumulated reserves were utilised with the donations, fundraising income, Engie Regeneration Community Benefit fund and the Travis Perkins fund to support the grant making for 2019/20. This has been used to award grants (see note 3) to thirty-four organisations to a sum of £179,256; £95,000 from the Main Grant Fund/Rapid Action Fund, £48,256 from the Engie Regeneration fund and £36,000 from Travis Perkins, as noted below; Main Grant Fund/Rapid Action Fund £5,500 was awarded to Almond Mains Initiative to provide social opportunities for older people facing social exclusion and isolation from a disability or disabling health condition, living in the Barnton, Cramond, Davidson's Mains, Silverknowes and Parkgrove areas of the city.
£4,500 was awarded to Amazing Harmonies to provide an opportunity for people of all ages within the community to come together through singing, dance and cultural activities to reduce inequality and isolation and promote wellbeing. Particularly aimed at young people moving from Primary into Secondary education and will work with other community organisations to deliver results. Plan to hold 2 x 1-hour sessions for 20 young people per month, along with working with various community groups.
£3,000 was awarded to Broomhouse Centre - Counselling Service for funding required to extend school- based counselling sessions in local schools. Grant will pay for salary costs.
£100 was awarded to Drylaw Parish Church Day Care to purchase plants for the Day Care centre clients to plant and enhance the garden for all to enjoy.
£5,000 was awarded to Edinburgh Diwali for annual event since 2017, reaching out to all of Edinburgh citizens. Funding required for floats for parade, Chinese dragons and Lion Dance and illumination of castle rock.
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The OneCity Trust Financial Statements to 31 March 2020
Grant Making – continued £1,000 was awarded to Edinburgh Tamil Sangam to teach children traditional Tamil dances such as Bharatnatyam and Tamil Folk dances, sing Tamil Folk songs, play traditional instruments. With the long drought and tough conditions of Tamil Nadu in mind, children have been continuously taught the urgent need for Water Conservation, Recycling and the importance of Farming. Their programmes keep children exposed to all aspects of Tamil culture, including traditional dress and food.
£600 was awarded to Float Trust to set up a travel bank, to provide bus travel vouchers to those in Edinburgh who are in need.
£500 was awarded to Friends of Pilrig Park School to promote the Fairtrade cause in areas such as sports, cooking, crafts and textiles. Resources will be purchased to ensure that the club is accessible for children with special needs.
£2,000 awarded to Grassroots Clothing supports unemployed, disabled and disadvantaged men in the city to access free to keep interview appropriate clothing. Includes training volunteers.
£3,000 awarded to Heavy Sounds to run a series of themed projects and workshops involving storytelling, poetry, song-writing, rapping and hip hop for young people facing significant barriers who are disengaged with education. Identified through the Guidance department as having significant barriers to inclusion such as residency in areas of multiple deprivation, poverty, social exclusion and offending. The activities took place at Liberton High School in the south east locality of the city.
£6,500 awarded to Leith Festival Association to organise a project with various cultural backgrounds, ages and abilities to produce artwork/banner which will head the 2020 festival, celebrating the centenary of Leith being amalgamated with Edinburgh. Workshops held over 4 months to create and grant will pay for staff coordinator for 4 months.
£1,000 awarded to Leith Healthy Hearts for a small group of older people seeking to meet costs for venue hire and class instructor for cardio exercise class.
£4,000 awarded to LINKnet Mentoring for promoting minority ethnic artistes to showcase their talents, and social and community cohesion. Looking to host two events in the year, with 4 different performers at each with a post-show networking event for the 400 guests. Grant sought for staff costs, venue hire and performers.
£7,500 awarded to Muirhouse Millennium Centre for LIFT to offer a range of support and advocacy services, supporting families who are homeless, facing homelessness, unsuitable accommodation, employability support, isolation, etc. Funding required to provide an employability support worker who will engage 20 clients in group sessions, improving mental health and budgeting.
£8,600 awarded to Networking Key Services to promote integration and community cohesion through cultural bridging activities and social interactions among women from various backgrounds. Also seeking to improve the quality of life for 80 South Asian women by connecting them with their local communities, over
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The OneCity Trust Financial Statements to 31 March 2020
Grant Making – continued a period of 12 weeks by organising events to help increase confidence. Grant will be used to cover staff costs, travel costs along with fees for activities, group and volunteer expenses.
£8,000 awarded to North West Carers for project which aims to support 150 unpaid carers (aged from 5 to 95-year old) and 150 cared for people from NW Edinburgh with different cultural needs who are marginalised due to their carer role and illness, providing them with positive social interaction and beneficial peer support. Grant will help to increase the number of carers using group by 40 - 50 per year, along with the same number of clients with dementia by providing activities and events throughout the year. Plan to work with 20 - 25 agencies and local businesses.
£9,000 awarded to Northfield and Willowbrae Community Services Group, an organisation operating since 1975. Aim to start a new group for people of all ages, intergenerational, along with those of differing abilities. Seeking 2 lay workers to help the co-ordinator with staff costs and transport professionals.
£7,600 awarded to Sandy's for their project supporting people from a range of ethnic communities via the provision of after school childcare, practical learning of cooking skills and recipes and shared social experiences. Opportunity for parents to learn and share recipes whilst the children take part in activities facilitated by youth workers. Sessions will run once a week during term time. Grant will pay for x 2 youth workers; room hire and resources for children’s activities.
£2,000 awarded to Scottish Indian Arts Forum (SIAF) for organisers of the 25th year in Edinburgh to plan a larger scale event and increasing audience from previous years. Free, full day events on Calton Hill for all the family, attracting approx. 4000 people and engage with more than 200 children to participate in the event. Funding required to be used towards hire of a children’s marquee, materials and professionals.
£5,000 awarded to Smart Works an organisation which provides a 2-hour dressing and coaching service for unemployed women with confirmed job interviews. Once successful at interview the women are invited back for a second dressing to receive 5 additional items of clothing which until they get paid. Recently moved closer to city centre to reduce travel costs for clients. Aim to help 21 women per month and train volunteers. Grant required for staff costs and rental for premises.
£600 awarded to Smart Works who provide support, coaching and outfits to unemployed women who are actively job seeking. Funds required to buy bus tickets to ensure clients get to their interviews.
£2,000 awarded to Venchie to sustain the Monday to Friday Breakfast Club in Craigmillar, which engages with 25 primary school children each term.
£8,000 awarded to Volunteer Centre for their VINE project which gives some of the most excluded people in the city the chance, encouragement and support to become active citizens within the greater Pilton area. Aim to work with 30 - 50 people with mental health issues, physical disabilities, BME community, etc to become active citizens, increase awareness at North Edinburgh Fair to target 75 prospects. Organise a celebration event, quarterly meetings and one to one consultancy. Grant required to cover costs of staff, office overheads and stationery costs.
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The OneCity Trust Financial Statements to 31 March 2020
Grant Making – continued
Travis Perkins £8,500 awarded to Community Alliance Trust to bring together communities of Craigmillar, Magdalene and Bingham with the purpose to grow and cook food. Encouraging the sharing of cultures in terms of plants grown from different parts of the world and cook a wide range of meals, made from a world-wide range of cuisines. A 1,000sq ft of community growing space will be created, along with the running of community gardening workshops. Grant required for full staff costs.
£8,000 awarded to North Edinburgh Arts to The NEA café which serves around 300 customers per week and has a sharing shelf where free food, domestic items and toys are displayed and available for those in need; distributed without stigma or the need for referral. 15 to 20 visits are made daily. Grant required for x1 staff member for 15 hrs per week to coordinate and collect food and train and support volunteers, publicise the resource and distribute information to those in need.
£4,500 awarded to Pilmeny Development Project for older people living in Leith, Lochend, Craigentinny, Northfield/Willowbrae and Craigmillar to address loneliness, social isolation and prevention in deterioration in health and wellbeing. Looking to organise a minimum of 2 community events for 30 older people and a minimum of 5 home visits per month for house bound people, etc. Funding required to pay for staff costs of and accommodation.
£9,000 awarded to Whale Arts Agency for Let's Create - for women over 16 years of age and Men's Making Group, for men over 16 years of age - all of whom suffer poor mental health due to socio-economic, cultural and poverty issues. Aim is to improve confidence, self- esteem and social inclusion whilst meeting others who live in the area.
£6,000 awarded to Willowbrae/Duddingston Residents Association to purchase a summer house for the grounds of the sheltered housing complex for 29 residents, as there is no communal room for them to meet. Aiming to promote social inclusion and better mental health for the residents, along with other local residents at least during the summer months.
Engie Regeneration £9,789 awarded to About Youth for a diverse programme of youth work opportunities including youth groups, out-reach initiatives, activity programmes and one to one support service, engaging young people aged 7 - 19 years old. Particular focus is on the Calders, North Sighthill and Wester Hailes areas of the city. Grant required for staff costs, food, resources and activity programme budget.
£8,500 awarded to African Connections to engage with local residents, particularly young people with free access to arts and entertainment through music and dance workshops, along with a festival fringe showcase at the August 2020 festival fringe. Aiming to benefit 40 people in workshops, 10 volunteers and 140 residents to the free show. Grant required for project officer, dance & music workshops, facilitators, volunteer costs, governance, refreshments.
£1,500 awarded to Big Hearts - Go Fitba for a 12-week programme for young children (P4 - P7) at risk of poor health outcomes due to multiple disadvantages and social isolation.
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The OneCity Trust Financial Statements to 31 March 2020
£9,000 awarded to Broomhouse Centre - Broomhouse Home Farm, to create a neighbourhood-based community growing project in Broomhouse, to alleviate poverty, social isolation and raise awareness of healthy eating. Working together with the local primary schools, church and local organisations with an aim to have 400 local residents taking part in community growing activities, having recruited 50 volunteers and engage with 200 residents and 80 primary school children on climate change and food security. Grant required for staff costs, materials, overheads and consultancy costs.
£9,000 awarded to Community One Stop Shop to employ a specialised advice post where they can help an additional 40 clients in the Broomhouse and Calders area of the city through the appeal process for Universal credit and PIP and accompany them to their appeals.
£8,500 awarded to South West Edible Estates for their community garden project, which will be located in the greenway between Murrayburn & Hailesland, providing growing beds for over 70 households. They will establish a grower’s association, who will manage the garden. The Community garden shed will be used for community cultural events e.g. fetes. Play areas and picnic benches will be built by local people. Grant required for staff and office costs.
£1,967 awarded to Westenders Drama Group, an Intergenerational project promoting social inclusion within the Broomhouse area of the city by engaging in an annual pantomime for the local neighbourhood. Funding to purchase lighting for church hall.
Plans The Trust will continue to explore opportunities afforded from Community & Legacy funding offered by companies as it believes it is in a unique position to deliver real benefits.
The Trustees will continue to raise awareness of the Trusts activities to raise funds to increase its grant making capacity and to promote its work, particularly in the use of social media to highlight the projects and the funding they have received.
In light of the current Covid-19 pandemic, the Trust must take a prudent approach to any fundraising activities for the upcoming year. Therefore, with the Travis Perkins Managed Services, income from the 2020 Burns Supper combined with the draw-down of cash from the Endowment, the Trust expects to award grants in the region of £30,000 in 2020/21. Support The Trustees acknowledge and thank the City of Edinburgh Council for its continued support with the grant making and administration of the Trust and the Lord Provost and staff.
Investments, Policy, and Performance The Trustee has absolute discretion in the investment of funds of the Trust and has agreed an investment strategy in conjunction with its appointed investment adviser. The investment objective is to maximise total return with a medium risk profile. Currently, the Trust’s money is either invested in a broadly-based unit trust fund (BNY Mellon Fund Managers Global Growth & Income Fund for Charities) or held in cash. Investment yields have been maintained in a volatile market which has enabled the Trust to ensure there will be further funds available next year. Total investments stood at £705,551 at 31 March 2020, compared to £774,251 at the previous year end. The value of the Trust’s unit trust investments has fallen by £68,700, this
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The OneCity Trust Financial Statements to 31 March 2020 decrease occurred in the last financial quarter and was a direct result from the Global Covid-19 pandemic. £22,030 was earned in year through dividends and interest, with £20,322 drawn down to support grant making. Reserves Policy The Statement of Recommended Practice: Accounting and Reporting by Charities defines “reserves” as that part of a charity’s income funds that is freely available. This definition normally excludes restricted funds as well as both permanent and expendable endowment funds. The Trustee defines “free reserves” as the balance available in the Unrestricted Fund. The Trustee has assessed the requirement for free reserves of the Trust considering the likely future income and expenditure streams. As the Trust has no long-term commitments beyond its grant making, the agreed objective is to retain sufficient free reserves to meet its obligations and to ensure financial stability. As a minimum the Trust needs to hold a small amount of reserves (estimated at around £2,000) to cover the ongoing costs of generating funds, governance and support costs. As at 31 March 2020 the free reserves of the Trust stood at £2,000, (2019 £2,000).
Disclosure of information to independent examiner The Directors who held office at the date of approval of this Trustee's Report confirm that, so far as they are each aware, there is no relevant information of which the Trust’s independent examiner is unaware; and each Director has taken all steps that they ought to have taken as a Director and Charity Trustee to make themselves aware of any relevant information and to establish that the Trust’s examiner is aware of any relevant information and to establish that the Trust’s examiner is aware of that information.
Independent Examination In view of the cost of using an Auditor, the Trustee has again decided to opt for an Independent Examiner’s Report. This meets OSCR’s requirements as the Trust has income under £500,000 per annum and assets before deduction of liabilities of below £3.26m.
On behalf of the Trustee
Chairman For OneCity Limited
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The OneCity Trust Financial Statements to 31 March 2020
Statement of Trustee’s responsibilities in respect of the Trustee’s annual report and the financial statements
Under charity law, the Trustee and thus each of the Directors of the company acting collectively as the Trustee is responsible for preparing the Trustee’s Report and the financial statements for each financial year which show a true and fair view of the state of affairs of the charity and of the excess of income over expenditure for that period.
In preparing these financial statements, generally accepted accounting practice entails that the Trustee:
• Selects suitable accounting policies and then applies them consistently; • Observes the methods and principles in the applicable Charities SORP; • Makes judgements and estimates that are reasonable and prudent; • States whether applicable accounting standards have been followed, subject to any material departures being disclosed and explained in the financial statements, and • Prepares the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities. The Trustee is required to act in accordance with the Trust Deed of the charity, within the framework of trust law. It is responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time and to enable the Trustee to ensure that, where any statement of accounts are prepared by it under section 44 of the charities and Trustee Investment (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 (as amended), those statement of accounts comply with the requirements of regulations under that provision. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.
The Trustee is responsible for the maintenance and integrity of the financial and other information included on the charity’s website. Legislation in the UK, governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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The OneCity Trust Financial Statements to 31 March 2020
Independent Examiner’s Report to the Trustees of OneCity Trust
I report on the accounts of the charity for the year ended 31 March 2020 which are set out on the following pages.
Respective Responsibilities of Trustees and Examiner The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charity and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider the audit requirement of regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44 (1) (c) of the Act and to state whether matters have come to my attention.
Basis of Independent Examiner’s Statement My examination is carried out in accordance with regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts.
In the course of my examination, no matter has come to my attention: 1. Which gives me reasonable cause to believe that in any material respect the requirements: • to keep accounting records in accordance with Section 44 (1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and • to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, 2. To which, in my opinion, attention should be drawn in order, to enable a proper understanding of the accounts to be reached.
Signed:
Date:
Name:
Relevant Professional Body: The Association of Chartered Certified Accountants
Address: The City of Edinburgh Council, 2.6 Waverley Court, 4 East Market Street, Edinburgh, EH8 8BG
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The OneCity Trust Financial Statements to 31 March 2020
Statement of Financial Activities for the year ended 31 March 2020
Note Total funds Unrestricted Expendable Total funds 2019 fund Endowment 2020 fund £ £ £ £ Income and endowments from: 2 Donations and legacies 139,592 73,155 73,155 -
Other trading activities 49,657 49,098 49,098 -
Income from investment 23,221 3,550 22,133 25,683
Total income and endowment 212,470 3,550 144,386 147,936
Expenditure on: 3
Raising funds: Costs of generating funds 20,349 - 22,080 22,080 Charitable activities: Grant awards 110,795 - 179,256 179,256 Donations 4,000 - - Governance Costs 3,746 4,121 - 4,121
Total expenditure 138,890 4,121 201,336 205,457
Net income/(expenditure) and net 73,580 (571) (56,950) (57,521) movements in funds before gains and
losses on investments
Net gains / (losses) on investments 54,407 - (70,953) (70,953)
Net income / (expenditure) 127,987 (571) (127,903) (128,474)
Transfer between funds - 571 (571) -
Net movement in funds 127,987 - (128,474) (128,474)
Total funds brought forward 766,448 2,000 892,435 894,435
Total funds carried forward 894,435 2,000 763,961 765,961
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The OneCity Trust Financial Statements to 31 March 2020
Balance Sheet for the year ended 31 March 2020
Note Total funds Unrestricted Expendable Total Funds 2019 fund Endowment 2020 Fund £ £ £ £ Fixed assets: 7
Investments 774,251 - 705,551 705,551
Current assets:
Debtors 8 38,314 - 21,076 21,076 Cash at Bank 87,195 2,000 46,731 48,731 125,509 2,000 67,807 69,807
Liabilities: Creditors falling due within one year 9 (5,325) - (9,397) (9,397)
Net current assets 120,184 2,000 58,410 60,410
Net assets 894,435 2,000 763,961 765,961
The funds of the charity: 10 Restricted funds - - - - Unrestricted funds 2,000 2,000 - 2,000 Expendable endowment fund 892,435 - 763,961 763,961
894,435 2,000 763,961 765,961
The notes at pages 16 to 22 form part of these accounts.
Approved by the trustees on 4 December 2020 and signed on their behalf by:
Chair of Trustees
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The OneCity Trust Financial Statements to 31 March 2020
Cash Flow Statement for the year ended 31 March 2020
Note Total funds Total Funds 2019 2020
£ £ Net cash received/(used) in operating activities 11 25,280 (58,786)
Net cash provided by investing activities 19,227 20,322
Change in cash and cash equivalents in year 44,507 (38,464)
Cash and cash equivalents brought forward 42,688 87,195
Cash and cash equivalents carried forward 87,195 48,731
Net increase / (decrease) in cash and cash equivalents 44,507 (38,464)
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The OneCity Trust Financial Statements to 31 March 2020
Notes to the Financial Statements
1 Accounting policies The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements.
1.1 Basis of preparation and assessment of going concern The financial statements are prepared under the historical cost convention as modified by the Re- valuation of investment assets. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
1.2 Income Recognition All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability.
Donated services or facilities are included in incoming resources when the benefit to the charity is reasonably quantifiable and measurable. They are valued by the trustees at the amount the charity would have been willing to pay for the services or facilities on the open market.
1.3 Expenditure recognition All expenditure is recognised on an accrual basis and is recognised when there is a legal or constructive obligation to pay for goods and services. All costs have been directly attributed to the relevant category of resources expended
Grants payable are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustee has agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the Trust. The Trust is not registered for VAT and all expenditure categories therefore include irrecoverable VAT.
1.4 Funds Structure Donations which have been received for the establishment of a long-term investment portfolio for the charity are added to the expendable endowment fund. Donations received which have restrictions imposed by the donors are classified as restricted funds, grants payable from these funds are made in accordance with the donor’s wishes.
Further details of each fund are disclosed in note 10.
1.5 Fixed asset Investments Investments are stated at market value as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
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The OneCity Trust Financial Statements to 31 March 2020
Notes to the Financial Statements
1.6 Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.
1.7 Taxation The Trust is recognised by HM Revenue and Customs as a charity for the purposes of Section 505, Income and Corporation Taxes Act 1988 and is exempt from corporation tax on its charitable activities.
2 Incoming Resources Total funds Unrestricted Expendable Total funds 2019 fund Endowment 2020 fund £ £ £ £ Donations and legacies Donations 39,741 - 33,155 33,155 Community Benefit Funding 99,851 - 40,000 40,000 139,592 - 73,155 73,155
Other trading activities Marathon Sponsorship 1,706 - - - Burns Supper 47,287 - 44,370 44,370 Ian Rankin Event - - 3,350 3,350 Commitment Fees 664 - 1,378 1,378
Total 49,657 - 49,098 49,098
Income from investments Dividends and Investment Interest 23,157 3,550 22,030 25,580 Bank Interest 64 - 103 103
Total 23,221 3,550 22,133 25,683
Total income and endowments 212,470 3,550 144,386 147,936
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The OneCity Trust Financial Statements to 31 March 2020
Notes to the Financial Statements
3 Expenditure Total funds Unrestricted Expendable Total Funds 2019 fund Endowment 2020 fund Expenditure on: £ £ £ £ Raising funds Burns Supper 20,350 - 22,080 22,080 Total 20,350 - 22,080 22,080
Charitable Activities Main and Rapid Action Fund Awards: Almond Mains Initiative - 5,500 5,500 Amazing Harmonies - 4,500 4,500 Broomhouse Centre – Counselling Service - 3,000 3,000 Drylaw Parish Church Day Care - 100 100 Edinburgh Diwali - 5,000 5,000 Edinburgh Tamil Sangam - 1,000 1,000 Float Trust - 600 600 Friends of Pilrig Park School - 500 500 Grassroots Clothing - 2,000 2,000 Heavy Sound - 3,000 3,000 Leith Festival Association - 6,500 6,500 Leith Healthy Hearts - 1,000 1,000 LINKnet Mentoring - 4,000 4,000 Muirhouse Millennium Centre - 7,500 7,500 Networking Key Services - 8,600 8,600 North West Carers - 8,000 8,000 Northfield & Willowbrae Comm Service Group - 9,000 9,000 Sandy’s - 7,600 7,600 Scottish Indian Arts Forum (SIAF) - 2,000 2,000 Smart Works - 5,600 5,600 Venchie - 2,000 2,000 Volunteer Centre - 8,000 8,000 Travis Perkins Awards Community Alliance Trust - 8,500 8,500 North Edinburgh Arts - 8,000 8,000 Pilmeny Development Project - 4,500 4,500 Whale Arts Agency - 9,000 9,000 Willowbrae/Duddingston Residents Association - 6,000 6,000
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The OneCity Trust Financial Statements to 31 March 2020
Engie Regeneration Awards About Youth - 9,789 9,789 African Connections - 8,500 8,500 Big Hearts – Go Fitba - 1,500 1,500 Broomhouse Centre – Broomhouse Home Farm - 9,000 9,000 Community One Stop Shop 9,000 9,000 South West Edible Estates 8,500 8,500 Westenders Drama Group 1,967 1,967 Total Grant Awards 110,795 - 179,256 179,256
Total funds Unrestricted Expendable Total Funds 2019 fund Endowment 2020 fund £ £ £ £ Donations Order of St John 1,000 - - - My Name’5 Doddie Foundation 3,000 - - - Total Donations 4,000 - - -
Governance Costs Trustee Insurance 444 446 - 446 Investment Management Fees 2,685 3,005 - 3,005 Other expenditure 616 670 - 670 Total Governance Costs 3,745 4,121 - 4,121
Total Resources expended 138,890 4,121 201,336 205,457
4 Allocation of supports costs and overheads There were no support costs during the current financial year or in the previous year.
5 Staff and trustee costs and expenses The Trust did not employ any staff during the period.
The Trustee received neither remuneration nor expenses during the current or previous period.
6 Auditor’s Remuneration As a result of the Trustee’s decision for an Independent Examiner’s Report, no audit fee has been incurred for the year.
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The OneCity Trust Financial Statements to 31 March 2020
7 Investments The Investment portfolio of the Trust is managed by Aberdeen Standard Capital.
2019 2020 Market Value at: £ £ Beginning of period 718,599 774,251 Investment Income 20,322 22,030 Transfer to Bank (19,227) (20,322) Income for sale of investments 2,835 3,550 Management fees (2,685) (3,005) Net gains and (losses) 54,407 (70,953)
At the end of period 774,251 705,551
Historical cost 538,120 538,090
2019 2020 Represented by: £ £ Investment trusts and unit trusts 753,779 682,826 Cash and fixed interest securities 20,472 22,725
Total 774,251 705,551
Investments Global Growth & Income Fund for Charities 753,779 682,826 Cash on deposit 20,472 22,725
Total 774,251 705,551
8 Debtors 2019 2020 £ £ Pre-payment of trustee insurance 420 419 Burns Supper 14,348 1,400 Underbelly events 17,546 17,787 Sponsorship - CGI 6,000 0 Ian Rankin event - 550 Administration of Community Benefit Funds - 900 Donations - 20 38,314 21,076
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The OneCity Trust Financial Statements to 31 March 2020
Notes to the Financial Statements
9 Creditors: amounts due within one year 2019 2020 £ £ Doddie Weir Foundation 3,000 - Elsie Inglis Fund 2,325 2,325 Give Fundraising - 7,072 5,325 9,397
10 Analysis of charitable funds Balance Incoming Resources Transfers Gains and Balance brought resources expended losses carried forward forward £ £ £ £ £ £ a) Unrestricted 2,000 3,550 (4,121) 571 - 2,000
b) Expendable Endowment 892,435 144,386 (201,336) (571) (70,953) 763,961 - Total 894,435 147,936 (205,457) - (70,953) 765,961
a) Unrestricted Fund: The unrestricted funds are available to be spent for any of the purposes of the charity. b) Expendable Endowment Fund: Unless donors state otherwise the presumption is that donations received, and other income will be added to the expendable endowment fund. The Trustee has the freedom to decide whether funds are added to or withdrawn from fixed asset investments. The funds may be used to support community groups and charities with the overall aim of tackling social exclusion as well as the general running of the charity.
11 Reconciliation of net movement in funds to net cash flow from operating activities 2019 2020 £ £ Net movement in funds 127,987 (128,474) Deduct investment income (23,157) (25,580) Add drawdown from investment 21,912 23,327 Add back (gains) /losses on investments (54,407) 70,953 Decrease / (increase) in debtors (31,938) 17,238 Increase / (decrease) in creditors 4,110 4,072 44,507 (38,464)
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The OneCity Trust Financial Statements to 31 March 2020
12 Reserves Policy The Board agreed its future approach to reserves over the next financial year in light of the likely future income and expenditure streams. As the Trust has no long-term commitments beyond its grant making, the agreed objective is to retain sufficient free reserves to meet its obligations and to ensure financial stability. As a minimum, the Trust needs to hold a small amount of reserves (estimated at around £2,000) to cover the ongoing costs of generating funds, governance, and support costs.
13 Related party transactions There were no related party transactions.
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