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REGISTERED COMPANY NUMBER: 00291140 (England and Wales)
REGISTERED CHARITY NUMBER: 303320
























REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

THE FEATHERS ASSOCIATION
(A COMPANY LIMITED BY GUARANTEE)

THE FEATHERS ASSOCIATION

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024










Page

Reference and Administrative Details 1

Report of the Trustees 2 to 8

Report of the Independent Auditors 9 to 10

Statement of Financial Activities 11

Balance Sheet 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15 to 26

THE FEATHERS ASSOCIATION

REFERENCE AND ADMINISTRATIVE DETAILS
For The Year Ended 31 March 2024



TRUSTEES Aimee Anderson (resigned 23.7.24)
Lionel Bunting - Chair
Debra Fullman (resigned 15.4.24)
Ethan Lees
Jonathan Martin
William Ridley (resigned 18.5.23)
Beverley Angelieta Preddie (appointed 7.7.24)
Micheal James Harrison (appointed 22.10.24)


COMPANY SECRETARY David Jones


REGISTERED OFFICE 22 - 24 Buckingham Palace Road
London
SW1W 0QP


REGISTERED COMPANY NUMBER 00291140 (England and Wales)


REGISTERED CHARITY NUMBER 303320


INDEPENDENT AUDITORS TC Group
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ


BANKERS Coutts & Co
440 Strand
London
WC2R 0QS

THE FEATHERS ASSOCIATION (REGISTERED NUMBER: 00291140)

REPORT OF THE TRUSTEES
For The Year Ended 31 March 2024



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 2019).

Background

The charity's history dates back to 1934, when Mrs Freda Dudley Ward set up the original charity at the behest of the Prince of Wales, who wished for something to be provided for the unemployed, to help heat homes, provide clothing and food for children and families during the great depression. With the help of other prominent individuals in the social and business world, a group of clubs were set up.

We consider ourselves very fortunate and humbled that the Prince of Wales permitted the Charity to use his three feathers emblem as our logo, which remains in use until this day. Under her second married name of the Marquesa de Casa Maury, Freda remained associated with the Charity for almost 50 years for which we remain grateful to this day. Her enduring legacy lives on at the charity.

After the Second World War there was a greater social need for youth clubs, and the Charity altered its focus accordingly. Over the years, the number of clubs diminished due to either property leases expiring or buildings became less suitable for modern requirements. In 2005, the Fourth Feathers Youth and Community Centre in Westminster (renamed to Feathers Marylebone in June 2022) became the sole remaining club in central London and then became the flagship of The Feathers Association; demonstrating its expertise and knowledge in the youth sector.

From the 13th March 2006 the Charity was renamed The Feathers Association. The governing structure and constitution were realigned, and powers were obtained by the Trustees to award grants to other, similar charities.

The organisation under its current board of trustees, CEO and operations management team continue the fine work of delivering much needed projects for young people and the wider community. Recent developments continue to ensure that our core geographical area of Westminster adjacent to our hub is our key priority, but we have expanded our base of operations in line with the ethos and governance of the organisation to include similar communities in other areas of England, Wales and Scotland to deliver on a true national presence for The Feathers Association.


THE FEATHERS ASSOCIATION (REGISTERED NUMBER: 00291140)

REPORT OF THE TRUSTEES
For The Year Ended 31 March 2024


OBJECTIVES AND ACTIVITIES
Objectives and Activities for the Public benefit
The principal objective of The Feathers Association since its inception in 1934 is to provide opportunities for young people and communities to develop in a positive way through informal education, sporting, cultural and recreational activities. Also, to provide new opportunities for all.

Activities which have been redesigned or introduced in consultation with young people from within our communities and each programme has a unique impact on the lives of our members. In particular within Westminster, in line with our grants from Westminster City Council and other publicity funded bodies and charities, for which we deliver specific programmes and capital projects.

The Trustees confirm that they have referred to the guidelines contained in the Charity Commission's general guidance on public benefit when reviewing the charity's objectives.
The charity carries out these objectives through the following activities using a hub & spoke approach to service delivery:


- Providing core financial and administrative support to the Feathers Marylebone club, our flagship youth and community centre responsible for the direct delivery of youth work to the Church Street and Lisson Grove areas of Marylebone.

- Providing core financial and administrative support along with guidance and best practice to the Feathers spoke projects in England, Wales & Scotland.

- Awarding grants to charities with similar objectives to those of the Association. Since 2006, 29 independent charities around London have successfully secured funding from The Feathers Association for an amount of £443,231. This support was offered primarily but not exclusively to those organisations which operate in the City of Westminster and the London Borough of Kensington and Chelsea with which the Association has historical links. Whilst we no longer actively seek to allocate grants during our strategic growth we continue to reserve the right to be able to do so should the need arise.

- Conducting research to continual refine our product portfolio and identify new opportunities for development which will positively impact the lives of our young people and the communities in which we operate. Research which strengthens our operations and supports our delivery 'spoke' partners ensuring success in everything we do, support and fund.

STRATEGIC REPORT
Achievement and performance
Financial and General
The Feathers Association depends on investment returns, fund-raising events and activities, rental income and various grants & awards for its revenue streams.

Despite the complex world we operate in and the subsequent volatility of the financial markets, the charity has continued to generate income and maintain its capital and grants for youth and community work in accordance with its grant-making policy.

Events continue to be the principle means of fundraising and build on the extensive history, attendance and affection held for the Feathers events; which are society social calendar events for the diary! There are several balls which are held through the year which have generated strong returns this least year with ambitious plans to enhance these further and complement them with a select collection of new events in the year ahead.

Grant Giving
Our grant-making policy provides grants for the provision of specific programmes in education, community development, youth activities, direct project costs or purchases of equipment, though in some cases support for core costs has been given. The Association, currently, does not intend to enter into any long-term funding arrangements for other charities focussing instead on the Feathers Marylebone Club and the new clubs in Wales and Scotland through our strategic growth plans.

No grants were awarded by the charity in this financial year. During this financial year, the charity undertook a period of strategic growth and repositioning to be well prepared for the future and better to serve our communities, as such we have not provided any grant funding to third parties. We have provided funds for our regional centres in Wales and Scotland.


THE FEATHERS ASSOCIATION (REGISTERED NUMBER: 00291140)

REPORT OF THE TRUSTEES
For The Year Ended 31 March 2024


STRATEGIC REPORT
Achievement and performance
Feathers Marylebone
Through the Feathers Marylebone Club, the Association is able to demonstrate its understanding and effectiveness of its core objectives.

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

The team at Feathers Marylebone is led by a Director of Communities and Engagement and currently consists of a Club Manager, a Senior Youth Worker, a Deputy Senior Youth Worker, part-time youth workers, trainees and volunteers. All the staff team are encouraged to take courses to further their qualifications.

Financial review
Results
The relatively short terms deficit is in line with financial planning, which took into account the need to address exceptional reorganisation costs linked to our changing strategy and allow time for the newly established fundraising and corporate sponsorship team to set up policies, plans and direct activity to rebalance the funding streams for the organisation.

The Association was able to maintain its income base recording £842,753 of income in the year against £650,024 last year.

The value of the investment portfolio has remained steady albeit recording a gain over the year of £490,754 against a loss in 2022/2023 of £136,641.


THE FEATHERS ASSOCIATION (REGISTERED NUMBER: 00291140)

REPORT OF THE TRUSTEES
For The Year Ended 31 March 2024


STRATEGIC REPORT
Financial review
Investment policy and objectives
The assets of the Association must be invested in accordance with the Trustee Act 2000 and the Memorandum and Articles of Association incorporated 11th August 1934 and amended by special resolution dated 6th November 2017. These allow the charity to deposit or invest funds with all the powers of a beneficial owner, but to invest only after obtaining advice from a financial expert (as defined in Article 5.17) and having regard to the suitability of investments and the need for diversification.

The Association's investment objective is to maintain the real value of the invested reserves whilst also delivering a distribution of 3% per annum.

The investments are split across two portfolios. The Balanced portfolio is managed on a medium risk basis with the asset allocation being equities 53%, bonds 26% and cash 1% to reflect this. The Ambitious portfolio is managed on a medium / high risk basis with the asset allocation being equities 73%, bonds 26% and cash 1%.

The Trustees require that the investments should take account of social, environmental and ethical considerations and reserve the right to exclude companies that carry out activities contrary to their aims or from holding particular investments which may damage the charity's reputation. Environmental, Social and Governance factors are at the heart of what we do and we expect our investment portfolio to give weight to these considerations whilst retaining the real value of the investments and achieving the best possible return for our beneficiaries.

The benchmarks, against which the performance of the portfolios are measured, are composite benchmarks encompassing global indices and ESG screened indices to reflect the Association's stated aims. The appropriateness of the benchmarks is reviewed annually.

Investment income from listed investments received during the year was £128,681 (2023 : £126,237). The market value of the investment portfolio at 31st March 2024 was £5,208,870 (2023 : £5,192,176)

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

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

Following a review of our financial position and service providers, and in line with good governance, changes were implemented in 2022-23. These changes have proven to be both appropriate and beneficial to the charity. However, the accountancy firm we initially appointed has since been replaced with a new provider who is better aligned with our needs and can offer the support required for a growing charity. The auditors we appointed remain unchanged for this financial year.

Reserves policy
Under the requirements of the Statement of Recommended Practice on Accounting and Reporting by Charities, the Association segregates its funds into those which are restricted and those which are unrestricted.

Total funds for the Charity as at 31 March 2024 were £6,399,731 (2023 : £6,274,072), split between unrestricted reserves of £5,379,260 (2023 : £5,459,199 ) and restricted reserves of £1,020,471 (2023 : £814,873). The unrestricted funds are split between general funds of £287,699 (2023 : £282,994) and designated funds of £5,666,959 (2023 : £5,176,205). Notes 20 and 21 provide details of designated and restricted funds.

In line with current best practice, the Trustees have, reviewed the Reserves Policy, considered the financial impact of those risks identified as part of the on-going risk management process. The Board of Trustees has agreed that the Association, in addition to any restricted or designated reserves and commitments to, and investment in, tangible fixed assets, should have unrestricted general reserves equal to one year of operating costs. This equates to some £1,207,848 (2022/2023 £916,620) against a general reserve of £287,699 (2022/2023 £282,994). Given the variety of funding streams, the Trustees have determined that this would be sufficient to enable the Association to manage any likely eventuality.

The Trustees find it difficult to predict the precise circumstances whereby the Association would not seek to continue to maintain the youth and community services, which it has done since 1934.


THE FEATHERS ASSOCIATION (REGISTERED NUMBER: 00291140)

REPORT OF THE TRUSTEES
For The Year Ended 31 March 2024


STRATEGIC REPORT
Financial review
Risk Assessment
The Trustees have continued the review to identify the major risks faced by the charity and have implemented systems and controls to mitigate the risks wherever practicable.

A risk register detailing major risks is prepared annually and covers key areas such as finance, governance, HR, information technology, property, safety and safeguarding. The Trustees analyse the likelihood and impact of risk and then examine current mitigating actions and additional work required. The risks are further reviewed in light of the mitigating actions.

This is discussed with, and approved by, the Board of Trustees to ensure that adequate systems and procedures have been established and this process is reviewed on an on-going basis.

Fundraising
The charity moved from a position of no fundraising appeals to the establishment of an in-house fundraising and corporate sponsorship team. Due process has been followed and the charity is registered with the Fundraising Regulator. This revised focus on fundraising has proved beneficial for the charity and made noteworthy improvements to the fundraising position of the charity, and forward plans and in process applications for funding look extremely promising.

Staff
The Feathers Association is entirely dependent for the achievement of its objectives on the contribution of its staff, whether volunteers in the youth and community clubs/spokes, qualified youth workers, or professional employees providing daily direction and leadership for the Charity and youth service delivery by the CEO and senior leadership team.

The Trustees are always updated on the contributions and achievements of its professional employees and would like to express their sincere thanks for their loyalty and continued hard work, in particular it's CEO, helping to make the charity what it is today and an organisation that is now well positioned to embrace an exciting and dynamic future.

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

Future plans
This and the previous financial year saw a shift in focus and improvements in activities, proving to be an exciting time for the charity, with new enthused leadership and a more diverse board of Trustees than ever before, strategic growth has been a priority.

For the first time in the charity's almost 90 year history, we expanded beyond the boundaries of London. Building on growth opportunities developed over the previous year, the team is building on the newly established provision with new projects in key areas of deprivation in England, Wales and Scotland.

The exceptional reorganisation of the charity has seen an invigorated team working out of the newly established Head Office in London providing critical service and support to the Marylebone Hub as well as the spoke operations in England, Wales and Scotland. With exciting opportunities and funding streams coming on-line, we are poised to build on the developments achieved last year and continue to strengthen our operations across the regions and enhance our offering with exciting new provision.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.


THE FEATHERS ASSOCIATION (REGISTERED NUMBER: 00291140)

REPORT OF THE TRUSTEES
For The Year Ended 31 March 2024


The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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

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

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

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

The Board of Trustees meet at quarterly intervals throughout the year, when it sets the policy and grant-making guidelines, reviews the performance of the charity against those guidelines, and monitors the financial outcomes of the charity. All Trustees give their time freely and no Trustee received remuneration in the year.

Trustees are required to disclose all relevant interests and register them with the Chair and withdraw from decisions where a conflict arises.

Organisational structure and management
It is with great sadness the Chair of the Association, Ms Sandra Wagg passed away in July 2021; the Treasurer Arnold Lustman was duly appointed as Interim Chair at that time, with a recruitment campaign for a new Chair concluding on the 22nd February 2022, with the appointment of David Jones in both roles of Chair and CEO unremunerated. David has since stepped down as Chair, taking up the role of CEO of the charity at the invitation of the board of Trustees in a remunerated position to the benefit of the charity. Lionel Bunting was duly appointed as Chair on 1 December 2022 from his role as Vice Chair at the same point David was appointed CEO.

Specific members of the board of Trustees have been assigned areas to monitor and make recommendations to the Board with current committees consisting of (i) Ambassadors, (ii) Finance & Investment, (iii) Events (iv) Education. Day-to-day administration is undertaken by the Charity's Chief Executive Officer, and Senior Leadership Team, including a Director of Communities & Engagement and a Director of Business & Innovation, with the CEO reporting to and works closely with the Chair.

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Feathers Association for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-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 which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


THE FEATHERS ASSOCIATION (REGISTERED NUMBER: 00291140)

REPORT OF THE TRUSTEES
For The Year Ended 31 March 2024


STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditors are 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 auditors are aware of that information.

AUDITORS
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting pending agreement by the trustees.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 31 January 2025 and signed on the board's behalf by:





Lionel Bunting - Trustee

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


Opinion
We have audited the financial statements of The Feathers Association (the 'charitable company') for the year ended 31 March 2024 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 2024 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 United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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 trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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


Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our 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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the charitable company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assess the susceptibility of the charitable company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the charitable company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Dilun Mistry FCA (Senior Statutory Auditor)
for and on behalf of TC Group
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ

31 January 2025

THE FEATHERS ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES
For The Year Ended 31 March 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 33,823 - 33,823 1,738

Charitable activities 6
Grants 500 408,117 408,617 190,178

Other trading activities 4 199,273 - 199,273 203,777
Investment income 5 201,040 - 201,040 254,331
Total 434,636 408,117 842,753 650,024

EXPENDITURE ON
Raising funds 7 111,031 - 111,031 103,412

Charitable activities 8
Youth and community services 887,898 170,626 1,058,524 791,708
Grants 6,400 31,893 38,293 21,500
Total 1,005,329 202,519 1,207,848 916,620

Net gains/(losses) on investments 490,754 - 490,754 (136,641 )

NET INCOME/(EXPENDITURE) (79,939 ) 205,598 125,659 (403,237 )


RECONCILIATION OF FUNDS
Total funds brought forward 5,459,199 814,873 6,274,072 6,677,309

TOTAL FUNDS CARRIED FORWARD 5,379,260 1,020,471 6,399,731 6,274,072

THE FEATHERS ASSOCIATION (REGISTERED NUMBER: 00291140)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 15 849,288 821,523
Investments 16 5,208,870 5,192,176
6,058,158 6,013,699

CURRENT ASSETS
Debtors 17 346,958 59,452
Cash at bank and in hand 207,232 273,169
554,190 332,621

CREDITORS
Amounts falling due within one year 18 (212,617 ) (72,248 )

NET CURRENT ASSETS 341,573 260,373

TOTAL ASSETS LESS CURRENT LIABILITIES 6,399,731 6,274,072

NET ASSETS 6,399,731 6,274,072
FUNDS 20
Unrestricted funds 5,379,260 5,459,199
Restricted funds 1,020,471 814,873
TOTAL FUNDS 6,399,731 6,274,072


The financial statements were approved by the Board of Trustees and authorised for issue on 31 January 2025 and were signed on its behalf by:





Lionel Bunting - Trustee

THE FEATHERS ASSOCIATION

CASH FLOW STATEMENT
For The Year Ended 31 March 2024

2024 2023
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 (613,721 ) (376,889 )
Net cash used in operating activities (613,721 ) (376,889 )

Cash flows from investing activities
Purchase of tangible fixed assets (56,033 ) (39,325 )
Purchase of fixed asset investments (3,412,674 ) (5,630,455 )
Sale of fixed asset investments 4,033,839 5,884,236
Movement in cash with investment manager (147,105 ) 184,960
Interest received 1,076 305
Dividends received 128,681 126,237
Net cash provided by investing activities 547,784 525,958

Change in cash and cash equivalents in
the reporting period

(65,937

)

149,069
Cash and cash equivalents at the
beginning of the reporting period

273,169

124,100
Cash and cash equivalents at the end of
the reporting period

207,232

273,169

THE FEATHERS ASSOCIATION

NOTES TO THE CASH FLOW STATEMENT
For The Year Ended 31 March 2024


1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2024 2023
£    £   
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)

125,659

(403,237

)
Adjustments for:
Depreciation charges 28,268 18,081
(Gain)/losses on investments (490,754 ) 136,641
Interest received (1,076 ) (305 )
Dividends received (128,681 ) (126,237 )
(Increase)/decrease in debtors (287,506 ) 64,828
Increase/(decrease) in creditors 140,369 (66,660 )
Net cash used in operations (613,721 ) (376,889 )


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 273,169 (65,937 ) 207,232
273,169 (65,937 ) 207,232
Total 273,169 (65,937 ) 207,232

THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

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

The financial statements are prepared in sterling which is the functional currency of the charity.

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

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

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

- Costs of raising funds are those costs incurred in attracting voluntary income.
- Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Long leasehold - in accordance with the lease
Fixtures and fittings - 20% on cost
Computer equipment - 50% on cost

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

THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


1. ACCOUNTING POLICIES - continued

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

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

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

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

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

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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

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

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

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

3. DONATIONS AND LEGACIES
2024 2023
£    £   
Donations 33,823 1,738

4. OTHER TRADING ACTIVITIES
2024 2023
£    £   
Feathers Ball & fund-raising events 199,273 203,777


THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


5. INVESTMENT INCOME
2024 2023
£    £   
Rents received 71,283 127,789
Dividends received on listed investments 128,681 126,237
Deposit account interest 1,076 305
201,040 254,331

6. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Activity £    £   
Grants Grants 408,617 190,178

Grants received, included in the above, are as follows:
2024 2023
£    £   
Westminster City Council - Core Funding 138,275 -
Westminster Foundation 45,000 46,964
Young Westminster Foundation 24,122 -
London Sports 10,000 -
Other 500 -
Cayzer Targeted Activities 60,000 -
City of Westminister Activities Funding - 13,391
Young Westminister Holiday Programme 22,255 17,465
Portland Foundation - 17,486
City of Westminister Youth Core Funding - 59,633
London Youth Foundation - 1,600
Neighbourhood Keepers Fund - 14,712
Aspect - 4,000
Howard D Walden 3,250 9,750
Mayor fund / Kitchen social 4,600 5,177
Block Haus Management 25,322 -
BNP Paribas 9,990 -
London Marathon Charitable Trust 5,000 -
National Lottery Community Fund 14,062 -
Portman Estate 26,241 -
Gosling Foundation 20,000 -
408,617 190,178

7. RAISING FUNDS

Other trading activities
2024 2023
£    £   
Bad debts 19,138 -


THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


7. RAISING FUNDS - continued

Cost of raising funds
2024 2023
£    £   
Portfolio management 25,246 27,886
Fundraising for the Feathers Ball 66,647 75,526
91,893 103,412

Aggregate amounts 111,031 103,412

8. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities Support
Direct (see note costs (see
Costs 9) note 10) Totals
£    £    £    £   
Youth and community services 844,921 - 213,603 1,058,524
Grants - 38,293 - 38,293
844,921 38,293 213,603 1,096,817

9. GRANTS PAYABLE
2024 2023
£    £   
Grants 38,293 21,500

Total Total
2024 2023
£    £   

Marylebone Bangladesh Society 438 1,500
Earls Court Youth Club - 10,000
North Paddington Youth Club 26,609 10,000
Summer Club 6,400 -
Adventure Play Hub Limited 428 -
West London Zone 428 -
Dream Arts 480 -
Alexandra Herrera - Dance Project 3,270 -
Ballet Black 240 --
38,293 21,500



THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


10. SUPPORT COSTS
Information
Management Finance technology
£    £    £   
Youth and community services 22,171 1,154 14,838
Human Governance
resources costs Totals
£    £    £   
Youth and community services 127,457 47,983 213,603

Support costs, included in the above, are as follows:
2024 2023
Youth and
community Total
services activities
£    £   
Insurance 9,413 9,828
Telephone 6,205 4,563
Postage and stationery 1,556 2,513
Depreciation of tangible asset 4,997 1,150
Bank charges 1,154 695
IT costs 14,838 18,508
Recruitment and HR costs 17,139 7,251
Temporary staff costs - receptionist 930 -
Staff training and welfare - 5,618
Consultancy 109,388 21,750
Auditors' remuneration 11,850 9,600
Accountancy fees 30,516 22,208
Legal and governance costs 5,617 9,576
213,603 113,260

11. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Auditors remuneration 11,850 9,600
Depreciation - owned assets 28,268 18,080

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.


Trustees' expenses

One trustees was reimbursed for expenses paid for the year ended 31 March 2024 amounting to £338 (2023: no transactions). At the year ended 31 March 2024 an amount of £169 was due to the trustee (2023: no transactions).


THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


13. STAFF COSTS
2024 2023
£    £   
Wages and salaries 511,682 435,053
Social security costs 37,165 41,273
Other pension costs 24,146 14,323
572,993 490,649

The average monthly number of employees during the year was as follows:

2024 2023
Administrative 26 25

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
£70,001 - £80,000 2 1

The total employee benefits including pension contributions of the key management personnel amounted to £184,892 (2023: £185,525).

14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 1,738 - 1,738

Charitable activities
Grants - 190,178 190,178

Other trading activities 203,777 - 203,777
Investment income 254,331 - 254,331
Total 459,846 190,178 650,024

EXPENDITURE ON
Raising funds 103,412 - 103,412

Charitable activities
Youth and community services 598,759 192,949 791,708
Grants 21,500 - 21,500
Total 723,671 192,949 916,620

Net gains/(losses) on investments (136,641 ) - (136,641 )

NET INCOME/(EXPENDITURE) (400,466 ) (2,771 ) (403,237 )
Transfers between funds 29,012 (29,012 ) -
Net movement in funds (371,454 ) (31,783 ) (403,237 )

RECONCILIATION OF FUNDS
Total funds brought forward 5,830,653 846,656 6,677,309


THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
funds funds funds
£    £    £   
TOTAL FUNDS CARRIED FORWARD 5,459,199 814,873 6,274,072

15. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 1,135,270 33,898 - 51,704 1,220,872
Additions - 10,000 37,194 8,839 56,033
At 31 March 2024 1,135,270 43,898 37,194 60,543 1,276,905
DEPRECIATION
At 1 April 2023 323,925 26,633 - 48,791 399,349
Charge for year 13,170 3,902 6,199 4,997 28,268
At 31 March 2024 337,095 30,535 6,199 53,788 427,617
NET BOOK VALUE
At 31 March 2024 798,175 13,363 30,995 6,755 849,288
At 31 March 2023 811,345 7,265 - 2,913 821,523

16. FIXED ASSET INVESTMENTS
Cash and
Listed settlements
investments pending Totals
£    £    £   
MARKET VALUE
At 1 April 2023 5,150,699 41,477 5,192,176
Additions 3,412,674 - 3,412,674
Disposals (4,033,839 ) - (4,033,839 )
Revaluations 490,754 147,105 637,859
At 31 March 2024 5,020,288 188,582 5,208,870
NET BOOK VALUE
At 31 March 2024 5,020,288 188,582 5,208,870
At 31 March 2023 5,150,699 41,477 5,192,176

The investment holdings are split as follows:

2024 2023
£    £   
UK equities 1,259,827 1,230,737
Overseas equities 2,448,860 1,982,707
International bonds 1,207,338 1,808,405
Other 163,833 41,427
Hedge funds - -
Property funds 129,012 128,914
5,208,870 5,192,175

THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


16. FIXED ASSET INVESTMENTS - continued


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

2024 2023
£    £   
Coutts US and Canada Enhanced Index Government Bond 278,352 1,016,492
Coutts US ESG Insights Equity Fund 532,972 667,230
Coutts UK ESG Insights Equity Fund 897,564 840,175
Coutts Actively Managed US Equity Fund 703,387 396,159
Coutts Actively Managed UK Equity Fund 282,554 315,948
Vanguard Investment Series Plc - 232,089

Cost or valuation at 31 March 2024 is represented by:

Cash and
Listed settlements
investments pending Totals
£    £    £   
Valuation in 2024 186,624 147,105 333,729
Cost 4,833,664 41,477 4,875,141
5,020,288 188,582 5,208,870

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 4,833,664 4,949,114

Fixed asset investments were valued on an open market basis on 31 March 2024 by Coutts & Co .

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 825 1,780
Other debtors 9,620 8,793
Prepayments and accrued income 336,513 48,879
346,958 59,452


THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 134,812 13,872
Social security and other taxes 6,248 13,278
Other creditors 10,691 8,402
Accrued expenses 27,213 15,165
Deferred income 33,653 21,531
212,617 72,248

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS
2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
£    £    £    £   
Fixed assets 776,722 72,566 849,288 821,523
Investments 4,465,537 743,333 5,208,870 5,192,176
Current assets 349,618 204,572 554,190 332,621
Current liabilities (212,617 ) - (212,617 ) (72,248 )
5,379,260 1,020,471 6,399,731 6,274,072

20. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 282,994 (570,693 ) (287,699 )
Capital fund 5,173,545 490,754 5,664,299
Building refurbishment 2,660 - 2,660
5,459,199 (79,939 ) 5,379,260
Restricted funds
Cayzer Targeted Activities - 40,876 40,876
Young Westminster Christmas Story 4,578 - 4,578
City of Westminster Activities Funding - 57,765 57,765
Westminster Foundation 32,241 16,446 48,687
Young Westminster Holiday Programme 7,035 (4,354 ) 2,681
Portland Foundation 8,188 - 8,188
London Youth Foundation 1,217 - 1,217
Fourth Feathers Fund 756,503 (13,170 ) 743,333
Aspect 279 - 279
Howard D Walden - 3,050 3,050
Mayor fund / Kitchen Social 4,832 4,550 9,382
Block Haus Management - 8,076 8,076
BNP Paribas - 9,990 9,990
London Marathon Charitable Trust - 5,000 5,000
London Sport - 7,185 7,185
National Lottery Community Fund - 14,062 14,062
Portman Estate - 12,528 12,528
Young Westminster Foundation - 23,594 23,594
The Gosling Foundation - 20,000 20,000
814,873 205,598 1,020,471
TOTAL FUNDS 6,274,072 125,659 6,399,731

THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


20. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 434,636 (1,005,329 ) - (570,693 )
Capital fund - - 490,754 490,754
434,636 (1,005,329 ) 490,754 (79,939 )
Restricted funds
Cayzer Targeted Activities 60,000 (19,124 ) - 40,876
City of Westminster Activities Funding 138,275 (80,510 ) - 57,765
Westminster Foundation 45,000 (28,554 ) - 16,446
Young Westminster Holiday Programme 22,255 (26,609 ) - (4,354 )
Fourth Feathers Fund - (13,170 ) - (13,170 )
Howard D Walden 3,250 (200 ) - 3,050
Mayor fund / Kitchen Social 4,600 (50 ) - 4,550
Block Haus Management 25,322 (17,246 ) - 8,076
BNP Paribas 9,990 - - 9,990
London Marathon Charitable Trust 5,000 - - 5,000
London Sport 10,000 (2,815 ) - 7,185
National Lottery Community Fund 14,062 - - 14,062
Portman Estate 26,241 (13,713 ) - 12,528
Young Westminster Foundation 24,122 (528 ) - 23,594
The Gosling Foundation 20,000 - - 20,000
408,117 (202,519 ) - 205,598
TOTAL FUNDS 842,753 (1,207,848 ) 490,754 125,659


THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net Transfers
movement between At
At 1.4.22 in funds funds 31.3.23
£    £    £    £   
Unrestricted funds
General fund 517,807 (263,825 ) 29,012 282,994
Capital fund 5,310,186 (136,641 ) - 5,173,545
Building refurbishment 2,660 - - 2,660
5,830,653 (400,466 ) 29,012 5,459,199
Restricted funds
Cayzer Targeted Activities 12,950 (12,150 ) (800 ) -
Young Westminster Christmas Story 31,992 - (27,414 ) 4,578
City of Westminster Activities Funding 3,250 (3,250 ) - -
Diocese of Westminster Youth Collection 6,800 (8,382 ) 1,582 -
Westminster Foundation 18,750 13,491 - 32,241
Young Westminster Holiday Programme - 7,035 - 7,035
Portland Foundation - 8,188 - 8,188
London Youth Foundation 700 517 - 1,217
Fourth Feathers Fund 772,214 (15,711 ) - 756,503
Aspect - 4,000 (3,721 ) 279
Howard D Walden - (1,341 ) 1,341 -
Mayor fund / Kitchen Social - 4,832 - 4,832
846,656 (2,771 ) (29,012 ) 814,873
TOTAL FUNDS 6,677,309 (403,237 ) - 6,274,072

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 459,846 (723,671 ) - (263,825 )
Capital fund - - (136,641 ) (136,641 )
459,846 (723,671 ) (136,641 ) (400,466 )
Restricted funds
Cayzer Targeted Activities - (12,150 ) - (12,150 )
City of Westminster Activities Funding 13,391 (16,641 ) - (3,250 )
Diocese of Westminster Youth Collection - (8,382 ) - (8,382 )
Westminster Foundation 46,964 (33,473 ) - 13,491
Young Westminster Holiday Programme 17,465 (10,430 ) - 7,035
Portland Foundation 17,486 (9,298 ) - 8,188
City of Westminster Youth Core Funding 59,633 (59,633 ) - -
London Youth Foundation 1,600 (1,083 ) - 517
Fourth Feathers Fund - (15,711 ) - (15,711 )
Neighbourhood Keepers Fund 14,712 (14,712 ) - -
Aspect 4,000 - - 4,000
Howard D Walden 9,750 (11,091 ) - (1,341 )
Mayor fund / Kitchen Social 5,177 (345 ) - 4,832
190,178 (192,949 ) - (2,771 )
TOTAL FUNDS 650,024 (916,620 ) (136,641 ) (403,237 )

THE FEATHERS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


20. MOVEMENT IN FUNDS - continued


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

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

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

Other restricted fund balances represent monies received for specific projects or activities continuing over the year end, in advance of being spent within the contractual period of the payment.

21. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund amounting to £24,146 (2023: £14,323).

Amount payable to the pension administrator at the year end and included in other creditors is an amount totalling £10,691 (2023: £8,402)

22. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

23. TAXATION

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

24. LIABILITY OF MEMBERS

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