The Trustees present their annual report and financial statements for the year ended 31 March 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)”.
The charity has now ceased with effect from 4 April 2024.
The objectives of the Charity were:
To promote, maintain, improve and advance public education in the fields of economic, social, political and environmental sciences and ethnic and cultural studies with reference to sustainable development for the relief of poverty worldwide.
To promote diversity and inclusivity and facilitate understanding between and among people of all nations, with a view to enabling people throughout the world to take action to further the main object above.
The Charity’s work in 2023-24
The charity has worked on closing down following a decision at the Trustees Meeting (AGM 2021, Part 2) held on 6 February 2022 to close the Charity. The charity closed with effect from 4 April 2024.
All remaining assets have been disposed of and all remaining funds distributed to like minded charities.
The One World Week Website:
The Homepage was edited to include the information about closure of the Charity and a new page “OWW is Changing” included the closure statement and how OWW local organisers could continue to use the website’s existing resources and guidance; contact details were provided for WCIA and Global Dimension for up to date information and resources. The rest of the website was edited to enable it to be used without further supervision (i.e. to exclude interactions other than accessing resources and links to other organisations). The website is set to run until April 2025.
Financial Issues:
All fundraising ceased:
The donation page and other references to donating to OWW on the website were removed.
We commissioned Jac Warren to trawl through our records and advise donors with standing orders to cancel them.
All cancellations were completed by the end of the financial year.
Public benefit
One World Week sought to always comply with the requirements of charity law and the guidance published by the Charity Commission, particularly the imperative to ensure that the activities of One World Week demonstrated public benefit, which it did this year by distributing remaining funds to like minded charities.
The Charity’s contributions to its objectives were for the public benefit. The Trustees know of no related drawbacks to the activities of the Charity, the general public is the beneficiary, the benefit is not restricted by geography nor price and the poor are specifically included. The Charity confers no private benefits. Whilst deciding at Trustees meetings, what activities the Charity should undertake, Trustees have paid due regard to Charity Commission guidance on public benefit.
One World Week centrally was run almost entirely by volunteers including some of the trustees working in a voluntary capacity. The exception is some paid book-keeping work. All volunteers work from home, we have no physical office other than an address. Emails are responded to by a trustee volunteer.
One World Week has made a total deficit for the year of £20,414 (2023 - £559). The total reserves currently stand at £nil (2023 - £20,414), of which £nil (2023 - £7,053) are designated for potential wind down costs.
One World Week is very grateful to the donors who continued to support them during closure through standing orders. The total income raised in 2023-24 came to £907.
Reserves policy
No reserves are needed as the charity has ceased activities and all remaining funds have been distributed.
The Charity was controlled by its governing document, the Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee as defined by the Companies Act 2006.
One World Week was a not-for-profit company with charitable status since January 2005.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The Trustees report was approved by the Board of Trustees.
I report to the Trustees on my examination of the financial statements of One World Week (the Charity) for the year ended 31 March 2024.
As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year.
One World Week is a private company limited by guarantee incorporated in England and Wales. The registered office is 15 Bryngwyn Road, Newport, NP20 4JS.
The accounts have been prepared in accordance with the Charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Charity has ceased with effect from 4 April 2024. Thus the accounts have been prepared on a basis other than going concern, no adjustments have been necessary as a result of ceasing to apply the going concern basis.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
Expenditure on charitable activities includes the general costs undertaken to further the purposes of the charity and their associated support costs.
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Investments
Insurance
Sundries
Web support and maintenance
Accountancy and payroll service
None of the Trustees (or any persons connected with them) received any remuneration during the year.
Donations to other charities on closure
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
These are unrestricted funds which are material to the Charity's activities made up as follows:
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
The amount designated relates to potential wind down costs to the charity if further funding is not obtained.
The Trustees have handed over One World Week's activities to other like minded charities and distributed all remaining funds to the same charities.
There were no disclosable related party transactions during the year (2023 - none).