## ## ## |Trustees'
Report||1 to 13| |---|---|---| |Statement
ofTrustees'|Responsibilities|14| |independent
Auditors'|Report|15to 18| |Statement
of Financial|Activities|19| |Statement of Financial|Activities|20| |Balance Sheet||| |Statement ofCash Flows||22| |Notes to the Financial|Statements|23 to 45| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |UNRESTRICTED FREE CASH RESERVES|POLICY|POLICY||| |---|---|---|---|---| |Operating
expenses contingency,|calculated||as 3|| |months
central
costs
plus
Advice||Plymouth||f268,000| |services including
extended resources||support.||| |Staff transition
fund
calculated|as|the rate of||| |keeping
key staff in place ifthere|are|any gaps in||E25,000| |contracts||||| |Redundancy
provision,
calculated
on redundancy
costs for the organisation
as at 31/03/2021||||E96,000| |Total Unrestricted
reserves
policy||||E.389,000| |DESIGNATED FUNDS||||| |Covid Support and Recovery Fund||||f90,000| |Innovation
and IT Fund||||E43,600| |Pension
liability relief fund||||E50,000| |Ma or
ro ect redundan
fund||||f36,000| |Total Unrestricted
plus designated||||f608,600| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||||Defined|| |---|---|---|---|---|---|---|---| |||||||Benefit|| |||||Unrestricted|Restricted|Pension|Total| ||||Note|funds|funds|Scheme|2021f| |Income and Endowments|||from:||||| |Donations
and legacies|||3|12,500|13,014||25,514| |Charitable
activities|||4|2,017,177|1,789,256||3,806,433| |Other income|||5|14,053|||14,053| |Total Income||||2,043,730|1,802,270||3,846,000| |Expenditure
on:|||||||| |Charitable
activities||||(1,837,962)|(1,835,419)|1,000|(3,672,381)| |Total Expenditure||||(1,837,962)|~1,836,419)|1,000|(3,672,381)| |Net income/(expenditure)||||205,768|(33,149)|1,000|173,619| |Transfers
between|funds|||15,172|(15,172)||| |Other recognised|gains||||||| |and losses|||||||| |Actuarial
gains/(losses)||on|||||| |defined
benefit pension
schemes||||||~86,000)|(86,000)| |Net movement
in funds||||220,940|(48,321)|(85,000)|87,619| |Reconciliation
of|funds||||||| |Total funds brought|forward|||637,320|84,719|(508,000)|214,039| |Total funds carried|forward||18|858,260|36,398|(593,000)|301,658| ## ## ## ||||||Defined|| |---|---|---|---|---|---|---| ||||||Benefit|| ||||Unrestricted|Restricted|Pension|Total| ||||funds|funds|Scheme|2020| |||Note||||| |Income and Endowments||from:||||| |Charitable
activities||4|1,263,087|1,578,148||2,841,235| |Other trading
activities||5|13,781|620||14,401| |Total Income|||1,276,868|1,578,768||2,855,636| |Expenditure
on:||||||| |Charitable
activities|||(1,365,038)|(1,608,165)|(29,000)|(3,002,203)| |Total Expenditure|||(1,365,038)|(1,608,165)|(29,000)|(3,002,203)| |Net expenditure|||(88,170)|(29,397)|(29,000)|(146,567)| |Other recognised|gains|||||| |and losses||||||| |Actuarial
gains on defined||||||| |benefit pension schemes|||||146,000|146,000| |Net movement
in funds|||(88,170)|(29,397)|117,000|(567)| |Reconciliation
of|funds|||||| |Total funds brought|forward||725,490|114,116|(625,000)|214,606| |Total funds carried|forward|18|637,320|84,719|(508,000)|214,039| ## ## |Balance She|et|as at 3|1 March 2021|||| |---|---|---|---|---|---|---| ||||||2021|2020| |||||Note||| |Fixed assets||||||| |Tangible assets||||12|9,497|12,132| |Current assets||||||| |Debtors||||13|369,809|191,011| |Cash at bank and|in hand|||14|1,110,790|1,195,144| ||||||1,480,599|1,386,155| |Creditors: Amounts||falling due within one year||15|(595,438)|(676,248)| |Net current assets|||||885,161|709,907| |Net assets excluding||pension|liability||894,658|722,039| |Pension scheme|liability|||16|(593,000)|(508,000)| |Net assets including||pension|liability||301,658|214,039| |Funds ofthe Charity:||||||| |Restricted|||||36,398|84,719| |Unrestricted
income||funds||||| |Unrestricted|||||858,260|637,320| |Pension
reserve|||||(593,000)|(508,000)| |Total funds||||18|301,658|214,039| ## |aemen
oas Flows for the|Year En|ded 31 M|arch 202
i|| |---|---|---|---|---| |||Note|2021f|2020f| |Cash flows from operating
activities||||| |Net cash income/(expenditure)|||173,619|(146,567)| |Adjustments
to cash flows from non-cash|items|||| |Depreciation||12|8,176|18,539| |Defined benefit pension scheme adjustments|||(86,000)|146,000| ||||95,795|17,972| |Working
capital adjustments||||| |Increase
in debtors||13|(178,798)|(54,020)| |(Decrease)/increase
in creditors||15|(115,035)|109,168| |Increase
in deferred
income|||119,225|34,893| |Net cash flows from operating
activities|||(78,813)|108,013| |Cash flows from investing
activities||||| |Purchase oftangible
fixed assets||12|(5,541)|(6,733)| |Net (decrease)/increase
in cash and cash equivalents|||(84,354)|101,280| |Cash and cash equivalents
at 1 April|||1,195,144|1,093,864| |Cash and cash equivalents
at 31 March|||1,110,790|1,195,144| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||Unrestricted|||| |---|---|---|---|---|---|---|---| |||||funds|Restricted|Total|Total| |||||General|funds|2021|2020| |||||E|||| |Plymouth
City Council Advice|||||||| |Plymouth||||578,811||578,811|579,211| |Plymouth
City Council secondment|||||||33,990| |Plymouth
City Council Housing|||||||| |Options
/ PBS|||||||(4,128)| |Bulb 2||||571,968||571,968|| |ATJF||||15,286||15,286|| |Charls Relief|fund|||10,448||10,448|| |Victim Care||||20,000||20,000|20,000| |Plymouth
City Council Advice|||||||| |Plymouth||||17,726||17,726|| |Electricty - NW||||15,800||15,800|| |Money Advice service - Trainee|||||10,381|10,381|| |BLF —Community||connections|||47,599|47,599|| |OVO Energy||||288,521||288,521|289,980| |Money Advice Service|||||159,260|159,260|156,050| |South West Water||||70,000||70,000|70,000| |SWW Social|Tariff|||60,000||60,000|60,000| |SWW Fresh|Start|||33,000||33,000|33,000| |EDF Energy|||||971,553|971,553|856,204| |Sanctuary
Housing||||5,000||5,000|| |Kay Kendall|Leukaemia||Fund||65,761|65,761|73,933| |COVID||||22,765||22,765|| |Loan Shark|||||1,000|1,000|3,350| |PGG Pension|Wise||||382,226|382,226|440,648| |IDMAP|||||49,136|49,136|47,963| |Core||||5,020||5,020|| |Single Q||||7,051||7,051|| |Bulb||||203,796||203,796|47,115| |JFF||||1,044||1,044|| |Central grants|||||||1,386| |Legal advice||||35,001||35,001|30,602| |Energy redress||||49,440||49,440|4,168| |Help to Claim|||||62,692|62,692|59,391| |Universal
Credit||||6,500||6,500|| |USBPL|||||39,648|39,648|38,372| |||||2,017,177|1,789,256|3,806,433|2,841,235| ## ## ## ## |||Unrestricted||| |---|---|---|---|---| |||funds|Restricted|Total| |||General|funds|funds| |Other|income|14,053||14,053| |Total|for 2021|14,053||14,053| |Total|for 2020|13,781|620|14,401| ## ||Activity|||| |---|---|---|---|---| ||undertaken|Support||| ||directly|costs|2021f|2020| |Wages and salaries|2,277,145|357,535|2,634,680|1,914,352| |Other costs|736,723|292,802|1,029,525|1,069,312| |Depreciation|8,176||8,176|18,539| ||3,022,044|650,337|3,672,381|3,002,203| ## ## ||||Unrestricted||||| |---|---|---|---|---|---|---|---| ||||funds||||| |||||Restricted|Pension|Total|Total| |||Basis of
allocation|General
f|funds|reserve|2021
E|2020| |Staff costs -|wages||||||| |and salaries||Project FTE|180,017|178,518||358535|258411| |Staff costs -|pension||||||| |costs||Project FTE|||(1,000)|(1,000)|29,000| |Legal and professional|||||||| |fees||Project FTE|10,821|11,219||22,040|4,745| |Office expenses||Project FTE|77,105|79,944||157,049|125,872| |Depreciation||Project FTE|||||3,211| |Governance|costs|Project FTE|3,361|3,486||6,847|7,463| |Premises costs||Project FTE|51,226|53,112||104,338|99,850| |Travel||Project FTE|1,243|1,285||2,528|6,452| ||||323,773|327,564|(1,000)|650,337|535,004| ## |Governance
costs||||| |---|---|---|---|---| |||Unrestricted||| |||funds|Restricted|Total| |||General|fundsf|funds| |Audit fees||||| |Audit ofthe financial|statements|3,361|3,486|6,847| |Total for 2021||3,361|3,486|6,847| |Total for 2020||3,173|4,290|7,463| ## ## ## ||||202'l|2020| |---|---|---|---|---| |Operating|leases||86,205|69,226| |Audit fees|||6,847|7,350| |Depreciation||offixed assets|8,176|18,539| ## ## |10Staff costs
The aggregate
payroll costs were as follows:||| |---|---|---| ||2021|2020| |Staff costs during the year were:||| |Wages and salaries|2,359,495|1,664,357| |Social security costs|182,091|128,623| |Pension costs|93,094|121,372| ||2,634,680|1,914,352| |||||2021|2020| |---|---|---|---|---|---| |||||No|No| |Average|monthly|number|ofemployees|120|87| ## ## ## |12Tangible fixed assets||||||| |---|---|---|---|---|---|---| ||Furniture|and|Computer||Leasehold|| ||equipment||equipment|f|improvements|Totalf| |Cost||||||| |At 1 April 2020|100,854||105,647||20,490|226,991| |Additions|1,678||3,863|||5,541| |Disposais||300)||||(300)| |At 31 March 2021|102,232||109,510||20,490|232,232| |Depreciation||||||| |At 1 April 2020|96,902||102,512||15,445|214,859| |Charge for the year||42|3,089||5,045|8,176| |Eliminated
on disposais||(300)||||(300)| |At 31 March 2021|96,644||105,601||20,490|222,735| |Net book value||||||| |At 31 March 2021|5,588||3,909|||9,497| |At 31 March 2020|3,952||3,135||5,045|12,132| |13Debtors||||||| ||||||2021f|2020| |Trade debtors|||||202,890|102,426| |Prepayments|||||34,648|36,280| |Accrued income|||||132,026|52,305| |Other debtors|||||245|| ||||||369,809|191,011| |14Cash and cash equivalents||||||| ||||||2021|2020f| |Cash at bank|||||1,110,790|1,195,144| ## ## ## ## |15Creditors:|amounts
falling due within one year||| |---|---|---|---| |||2021|2020| ||||F| |Trade creditors||62,258|53,537| |Other taxation|and social security|52,177|31,571| |VAT grant repayable||140,575|77,728| |Other creditors||121,597|418,898| |Accruals||44,123|39,031| |Deferred income||174,708|55,483| |||595,438|676,248| ## ||2021|2020| |---|---|---| |SWW Fresh Start|34,792|208,923| |Advice Plymouth|46,348|48,269| |WOW (formerly Wiser Wonga)||6,487| |BESW||555| |Charis Fund|60|85,179| ## ## ## ## ## ## ## ## |The amounts
recognised
in the s|tatem|ent|offinanci|al|position|are as follows:|| |---|---|---|---|---|---|---|---| |||||||2021|2020| |Fair value ofscheme assets||||||693,000|568,000| |Present value ofdefined
benefit|obligation|||||(1,286,000)|(1,076,000)| |Defined benefit pension scheme|deficit|||||(593,000)|(508,000)| |Defined benefit obligation|||||||| |Changes
in the defined
benefit obligation|||are as follows:||||| ||||||||2021| |Present value at start ofyear|||||||1,076,000| |Current service cost|||||||9,000| |Interest cost|||||||25,000| |Changes
in financial
assumptions|||||||228,000| |Change
in demographic
assumptions|||||||(12,000)| |Experience loss on defined
benefit obligations|||||||(16,000)| |Estimated
benefits paid net oftransfers|||||||(26,000)| |Contributions
by scheme participants||and|other employees||||2,000| |Present value at end ofyear|||||||1,286,000| |Fair value ofscheme assets|||||||| |Changes
in the fair value ofscheme||assets are as||follows:|||| ||||||||2021f| |Fair value at start ofyear|||||||568,000| |Interest income|||||||13,000| |Return on plan assets, excluding|amounts||included|in|interest|income/(expense)|130,000| |Employer
contributions|||||||6,000| |Contributions
by scheme participants|||||||2,000| |Estimated
benefits
paid plus unfunded||net oftransfers|||in||(26,000)| |Fair value at end ofyear|||||||693,000| ## ## ## |||||2021f|2020
'E| |---|---|---|---|---|---| |Gilts||||23,000|23,000| |UK equities||||77,000|76,000| |Overseas|equities|||358,000|244,000| |Property||||56,000|54,000| |Infrastructure||||28,000|24,000| |Target return|||portfolio|65,000|75,000| |Cash||||7,000|7,000| |Other bonds||||31,000|30,000| |Alternative||assets||48,000|35,000| |||||693,000|568,000| |Return on||scheme assets|||| |||||2021f|2020
F| |Return on||scheme assets||143,000|(49,000)| ## |The principal
a|ctuarial
assumptions
at the statement|offinancial
position date are as follow|s:| |---|---|---|---| |||2021|2020| ||||0/| |RPI increases||3.20|2.70| |CPI increases||2.80|1.90| |Discount rate||2.00|2.35| |Future salary increases||3.80|2.90| |Future pension|increases|2.80|1.90| ## ## ## |||||2021|2020| |---|---|---|---|---|---| |||||Years|Years| |Current|UK pensioners|at retirement|age - male|23.00|23.00| |Current|UK pensioners|at retirement|age - female|24.00|24.00| |Future|UK pensioners|at retirement|age —male|24.00|24.00| |Future|UK pensioners|at retirement|age - female|25.00|26.00| ## |Amounts
r|ecognised
in the|St|ate|ment ofFinanc|ial Activities:||||| |---|---|---|---|---|---|---|---|---|---| ||||||||2021||2020| ||||||||K'000||F'000| |Service cost|||||||||11| |Net interest|on the defined
liability/|||(asset)|||12||15| |Past service|costs||||||||46| |Total
charge
to
Statement
Activities|||of|Financial|||21||72| |Sensitivity|analysis||||||||| ||||||R'000|F000||R'000|| |Adjustment|to discount
rate||||+0.1%|pp||-0.1%|| ||Present value of|total||obligation|1,263|1,286||1,310|| ||Projected||service cost||13|13||13|| |Adjustment|to long term salary|increase|||+0.1%|0.0%||-0.1%|| ||Present value of|total||obligation|1,287|1,286||1,285|| ||Projected||service cost||13|13||13|| |Adjustment
to pension
increases
deferred
revaluation|||and||+0.1%|0.0%||-0.1%|| ||Present value of|total||obligation|1,309|1,286||1,263|| ||Projected||service cost||13|13||13|| |Adjustment|to life expectancy|assumptions|||+ 1 year|None||-1year|| ||Present value of|total||obligation|1,347|1,286||1,228|| ||Projected||service cost||14|13||13|| ## ## |17Commitments
Annual
charges for operating
leases which expire:||||| |---|---|---|---|---| ||Other|equipment|Land and|buildings| ||31/03/21|31/03/20|31/03/21|31/03/20| ||||E|| |Not later than one year|23,129|23,303|79,000|46,083| |Later than one year and not later than five years|16,512|39,641|128,375|| |Over five years||||| ||39,641|62,944|207,375|46,083| ## |18Funds|||||||Other|Balance| |---|---|---|---|---|---|---|---|---| ||||Balance||||recognised|at 31| ||||at 1 April|Incoming|Resources||gains|March| ||||2020|resources|expended|Transfers
f|l(losses)|2021| |Unrestricted||||||||| |General||||||||| |Unrestricted|funds||587,720|2,043,730|(1,837,962)|(154,828)||638,660| |Designated||||||||| |Redundancy|major|||||||| |projects|||36,000|||||36,000| |IT and innovation|||13,600|||30,000||43,600| |Covid Support and||||||||| |Recovery
Fund||||||90,000||90,000| |Pension
liability||relief||||||| |fund||||||50,000||50,000| ||||49,600|||170,000||219,600| |Total Unrestricted|||637,320|2,043,730|(1,837,962)|15,172||858,260| |Restricted||||||||| |Money Advice Service|||(1,855)|159,260|(159,289)|1,884||| |Baring Foundation|||1,095|||||1,095| |MaPS Webchat-||||||||| |(previously|IDMAP)||8,009|49,136|(53,334)|||3,811| |EDF Energy|||37,636|971,553|(1,006,639)|2,237||4,787| |Energy Trust EDFE|||27,058||(23,000)|(4,058)||| |EDF Energy|Hub||4,168||(539)|||3,629| |Hub Office Move|||1,545||(212)|||1,333| |Kay Kendall||||||||| |Leukaemia|Fund||776|65,761|(65,761)|||776| |Citizens Advice Capital||||||||| |Grant|||2,293|||(2,293)||| |PGG Pension Wise|||2,825|382,226|(366,202)|||18,849| |Big Lottery|IFC||(60)||(12)|72||| |USBPL||||39,648|(39,648)|||| |Loan shark|||1,229|1,000|(121)|||2,108| |Big Lottery|Fund-|||||||| |Community||||||||| |connections||||47,599|(47,599)|||| |'Coronavirus|Job|||||||| |Rentention|Scheme|||13,014||(13,014)||| |Money Advice Service||||||||| |-Trainee||||10,381|(10,371)|||10| ## |Notes to the Fina|ncial State|ments
fo|r the Year|Ended 3|1 March 2|021| |---|---|---|---|---|---|---| ||||||Other|Balance| ||Balance||||recognised|at 31| ||at 1 April|Incoming|Resources||gains|March| ||2020|resources|expendedf|Transfersf|l(losses)
F|2021| |Help to claim||62,692|(62,692)|||| |Total restricted|84,719|1,802,270|(1,835,419)|(15,172)||36,398| |Other||||||| |Defined Benefit||||||| |Pension Scheme|(508,000)||1,000||(86,000)|(593,000)| |Total funds|214,039|3,846,000|(3,672,381)||(86,000)|301,658| ## ## |Notes to the Financ|ial Statemen|ts
for the|Year Ended|31 March|2021| |---|---|---|---|---|---| |||||Other|| |||||recognised|Balance at| ||Balance at
1 April 2019|Incoming
resources|Resources
expended|gains
I(losses)|31 March
2020f| |Unrestricted|||||| |General|||||| |Unrestricted
funds|675,890|1,276,868|(1,365,038)||587,720| |Designated|||||| |Redundancy
major|||||| |projects|36,000||||36,000| |IT and innovation|13,600||||13,600| ||49,600||||49,600| |Total unrestricted|725,490|1,276,868|(1,365,038)||637,320| |Restricted|||||| |Money Advice Service|21|156,050|(157,926)||(1,855)| |Baring Foundation|4,325||(3,230)||1,095| |MaPS Webchat-|||||| |(previously
IDMAP)|34,436|47,963|(74,390)||8,009| |EDF Energy|31,814|856,824|(851,002)||37,636| |Energy Trust EDFE|27,058||||27,058| |EDF Energy
Hub|6,863||(2,695)||4,168| |Hub Office Move|2,609||(1,064)||1,545| |Kay Kendall|||||| |Leukaemia
Fund|4,697|73,933|(77,854)||776| |Citizens Advice Capital|||||| |Grant|2,293||||2,293| |PGG Pension Wise||440,648|(437,823)||2,825| |Big Lottery IFC|||(60)||(60)| |Loan shark||3,350|(2,121)||1,229| |Total restricted|114,116|1,578,768|(1,608,165)||84,719| |Other|||||| |Defined Benefit|||||| |Pension Scheme|(625,000)||(29,000)|146,000|(508,000)| |Total funds|214,606|2,855,636|(3,002,203)|146,000|214,039| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||||||||Total funds| |---|---|---|---|---|---|---|---|---|---| ||||||||||at 31| |||||Unrestricted||funds|Restricted|Other|March| |||||General|Designatedf||funds|funds|2021| |Tangible||fixed assets||5,542|||3,955||9,497| |Current|assets|||1,124,858|219,600||136,141||1,480,599| |Current|liabilities|||(491,740)|||(103,698)||(595,438)| |Pension||scheme|liability|||||(593,000)|(593,000)| |Total net||assets||638,660|219,600||36,398|(593,000)|301,658| ||||||||||Total funds| ||||||||||at 31| |||||Unrestricted||funds|Restricted|Other|March| |||||General|Designated||fundsf|funds
F|2020
F| |Tangible||fixed assets||5,510|||6,622||12,132| |Current|assets|||959,487||49,600|377,068||1,386,155| |Current|liabilities|||(377,277)|||(298,971)||(676,248)| |Pension||scheme|liability|||||(508,000)|(508,000)| |Total net||assets||587,720||49,600|84,719|(508,000)|214,039| |20 Analysis
ofchanges
in net d|ebt|||| |---|---|---|---|---| ||1 April 2020|Cash flow|Other
non-cash
changes|31 INarch
2021| |Cash at bank and in hand|1,195,144|(84,354)||1,110,790| |Net debt|1,195,144|101,280||1,195,144|