Torridge, North, Mid and West Devon Citizens Advice Bureau
Report of the Trustees and Financial Statements Year ended 31 March 2022
Registered Charity number: 1068496 Company Registered Number: 03520698
Torridge, North, Mid and West Devon Citizens Advice Bureau
Year ended 31 March 2022
Contents Page Trustees’ Annual Report and Statement of Directors’ and Trustees’ Responsibilities Independent Examiner’s Report 12 Statement of Financial Activities including income and expenditure account 13 Balance Sheet 14 Statement of Cash Flows 16 Notes to the Financial Statements 17
Torridge, North, Mid and West Devon Citizens Advice Bureau
Trustees’ Annual Report
Year Ended 31 March 2022
The Trustees present their annual report and financial statements for the year ended 31 March 2022, which are prepared to meet the requirements for a directors’ report and financial statements for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association, 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 (FRS102).
Covid – 19
The Covid-19 pandemic has affected each and every one of us to a greater or lesser extent. Whilst we were quick to respond to the need to change our way of working, nobody could foresee how long we would be inhibited in our manner of working. Whilst the telephone, webchat and email were the principal ways in which we responded to our clients we also put measures in place to give face to face advice to some of our most vulnerable clients.
Many of our volunteers and staff missed the personal contact with clients and colleagues in an office environment and with that the benefits that peer support brings when dealing with people's problems. In addition, there were times when local services were only accessible online which presented barriers to some people who lacked the confidence to complete forms online.
We have an ongoing recruitment drive to better meet the ever increasing demands on our service. We provide full and comprehensive training and ongoing support and we are especially keen to recruit advisers and volunteers as we are now seeing a return to working in our offices as opposed to working from home. Our volunteers in particular come from all walks of life and bring valuable experience to our service.
Many of our volunteers are retired and their volunteering gives them a sense of purpose and usefulness but we are also keen to recruit young volunteers who can make volunteering with us a useful addition to their CV as well as identifying more easily with some of the problems younger clients bring to us.
Our funders have, without exception, continued to fund us and been very supportive of us both locally and nationally.
The contribution of Volunteer Staff:
It can never be emphasised enough that without the professionalism, commitment and support of the volunteer workforce, the Charity would not be able to provide the type of service that it does to the communities we serve. It is self-evident that the success of CA TNMWD depends entirely on the commitment and professionalism of both paid and volunteer staff. This past year a recent survey showed the financial value of the Charity’s volunteers to be over £525k.
Both paid staff and volunteers deserve great praise for the excellent work which helped over 13,300 clients with over 32,000 issues and brought £8.1 million into local communities during the reporting period
Objectives and Activities
CA TNMWD provides free, impartial, comprehensive, confidential and professional information, advice and advocacy to all in the TNMWD catchment areas. The aims and principles of the service are to provide the advice people need for the problems they face and to improve the policies and practices that affect people’s lives.
1
Torridge, North, Mid and West Devon Citizens Advice Bureau
Trustees’ Annual Report (continued)
Year Ended 31 March 2022
Public Benefit Statement
As Trustees of the Charity we have complied with the duty in S.4 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission.
The Charity provides a public benefit by providing the public in its area of benefit with free, confidential, and impartial advice regardless of age, gender, race, disability or sexuality.
Main objectives for the year:
We had several key objectives for this year including:-
1. Services : Deliver consistently high quality advice. Develop new adaptable models of service delivery to make it easier for people to obtain advice.
2. People : Ensure we maintain a high retention rate amongst our workforce through a positive and enjoyable working environment as well as providing a high level of training and support
3. Financial Sustainability Become more sustainable and effective by retaining and attracting the support of existing and potential funders.
4. Continuous Improvement: manage change to maintain a culture of continuous improvement and development.
5. Impact : Promote who we are and what we do within the communities in which we serve.
6. Influencing : Use the evidence provided by our clients to influence policy and prevent injustice.
7. Equality and Diversity We recognise the positive value of diversity, promoting equality and fairness, and challenging discrimination and are committed to providing a supportive and inclusive culture for all.
We seek to work in partnership with trusted organisations, for example medical practices, for the benefit of the community. We continue to review and develop our business plan to meet the changing environment in which we work.
We will actively recruit and train volunteers and paid staff to a standard to enable us to give high quality advice.
Achievements and performance
In the year ended 31 March 2022, CA TNMWD achieved the following:
-
Dealt with 13,343 clients through online appointments, phone calls, webchat, letters, and emails as well as face to face appointments for the most vulnerable clients.
-
Dealt with 32,269 new issues
-
Generated an amazing £8,149,673 income gain
-
Had 58,959 hits to our local website
2
Torridge, North, Mid and West Devon Citizens Advice Bureau
Trustees’ Annual Report (continued)
Year Ended 31 March 2022
These results are particularly impressive as they were achieved with fewer volunteers supporting our paid staff. As the pandemic progressed, we continued our drive to recruit and train new volunteers and advisers. These figures reflect the hard work and dedication of our workforce and also show that our more agile ways of working are effective as we try and meet the demands made on our services.
We have the following specialist services:
-
A specific specialist service for cancer sufferers, funded by Macmillan . This has supported 310 people with a life limiting condition and in the last 12 months generated nearly £1.9m of income and one off benefits for these clients and their families and carers. This has been delivered by phone and 2 half days a week at our outreach service at the North Devon District hospital.
-
The Help to Claim project, funded through National Citizens Advice by the Department for Work and Pensions supports first time claimants of Universal Credit. On this project, which has been entirely digital through 2021-22, we helped over 630 clients on their journey through the Welfare Benefits system.
-
Our Money Advice services, funded by The Money Advice and Pensions Service, the Henry Smith Charity and the Postcode Lottery grew from one advisor to three over the course of the year. Now all fully trained they have supported 1,163 clients over the last 12 months.
-
HealthWatch is an important project for us, both in terms of community engagement and direct client support. Community engagement has been harder this year but has continued using the new media that we are all now familiar with, reaching into the many groups and organisations in our large and mostly rural area. Our 2 HealthWatch champions helped some 204 clients with Health and Social Care enquiries.
-
Other smaller projects funded by Devon County Council and other local funders have helped us to provide support and advice to families with young children, carers and help many people who have financial problems.
At a national level Citizens Advice sees two million people every year, and we have a close understanding of the problems that people experience, more than any other organisation. Our local Citizens Advice know which policies are working and spot emerging problems early. In our policy research we combine these insights with analysis of wider social and economic trends, and set out new ideas to improve policy and delivery for all.
As an organisation we have completed 717 social policy evidence forms that highlight local issues to our national office and allow us to spot trends and emerging issues that might impact our clients.
Nationally we are working on the following campaigns: Cost of Living crisis with letters sent to all MPs, Fuel Poverty awareness Day and Scams Awareness week.
Locally, we are also looking into issues regarding Personal Independence Payments with a local report sent to all MPs, Energy awareness including Smart Meters and the Renters reform campaign, working with Shelter.
3
Torridge, North, Mid and West Devon Citizens Advice Bureau
Trustees’ Annual Report (continued)
Year Ended 31 March 2022
The below case studies give a flavour of the work being undertaken and the impact on our clients’ lives.
Case Study 1
Our Client had been helped to arrange token payments on credit card debts in 2011. Since then they had unfortunately developed a serious illness which had a significant impact on their life.
They came back to us as one of the creditors was offering a full and final settlement and the Client wanted advice as to how best proceed and also if and how this would impact on the other payment arrangements.
Our adviser said that due to the serious medical issues they would be a suitable candidate for possible debt writeoffs.
She wrote to each creditor with a supporting letter from the Client's doctor and received a response from each creditor confirming they would write off the balances. We further advised that they may be entitled to funding to adapt their home given their disabilities and found funds relating to the Client's previous occupation.
The Client felt empowered to make the application themself.
A total of £10,388.02 was written off and the Client received full funding for a complete refit of their bathroom. The significant upgrade was tailored to meet the specific needs created by the Client's disabilities.
Needless to say the Client was very grateful and appreciated all the help that they had been given.
Case Study 2
Well done to Ros who helped a family increase their income through the Quids for Kids Project.
The Client approached the Quids for Kids project directly. Though of working age she did not work or have any income of her own. Her husband was retired, in receipt of the state pension and some small occupational pensions.
They have a 12 year old daughter with suspected autism, communication difficulties, sensory issues and absence seizures. Whilst they received child benefit, child tax credit and council tax support, they wanted help to claim Disability Living Allowance (DLA) in respect of their daughter.
With Ros’s help the DLA claim was successful with the daughter being awarded £60 per week middle rate care component and the lower rate of mobility component of £23.70 per week. The family therefore became entitled to an increase in their Child Tax Credit (a disabled child element equating to approximately £66 per week. As a bonus the client was able to claim £67.60 per week Carer’s Allowance giving her an income in her own right which in turn means that her National Insurance credits will improve her state retirement pension when she is eligible to claim.
4
Torridge, North, Mid and West Devon Citizens Advice Bureau
Trustees’ Annual Report (continued)
Year Ended 31 March 2022
In total, the household income has increased by £217 per week, or £11,284 a year plus the family received a backdated lump sum of DLA of £1,225. All of this means that they can now afford to pay for horse riding lessons which will be beneficial to her mental health. The client and her husband were amazed and delighted with the outcome and so grateful that they said they would make a donation to the local CA office.
- Names and some details have been changed for data protection purposes
We help improve people’s physical and mental health through the services we provide.
5
Torridge, North, Mid and West Devon Citizens Advice Bureau
Trustees’ Annual Report (continued)
Year Ended 31 March 2022
Client’s Comments
----- Start of picture text -----
"I am very grateful for the help Citizens Advice
gave me. They helped me all the way and
without them I would have been in a right state.
They do fantastic work.
Thank you!"
"The patience and
understanding shown by the
adviser was unbelievable. I felt
completely out of my depth
and alone but she showed me
we are not alone. I can't thank
you enough."
"Brilliant service! I would
have been lost without it -
certainly in these strange
times."
----- End of picture text -----
6
Torridge, North, Mid and West Devon Citizens Advice Bureau
Trustees’ Annual Report (continued)
Year Ended 31 March 2022
Financial review
The Financial Statements are set out on pages 13 to 28. The Financial Statements have been prepared using 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) - (Charities SORP (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). The Trustees consider the financial performance by the Charity during the year to have been satisfactory.
The Statement of Financial Activities shows net outgoing resources for the year of £10,121. Unrestricted net income was £5,471 before transfers, and net overall expenditure relating to restricted funds which may only be spent in accordance with the restrictions thereon was £15,592.
We are grateful for grant funding from the following over the year, some of whom have increased their contributions enabling us to support more clients and invest in resources for the future:
-
Devon County Council
-
Torridge District Council
-
North Devon District Council
-
West Devon Borough Council
-
Okehampton United Charities
-
Mid Devon District Council
-
The many local Town and Parish Councils in our areas
The majority of the Charity’s expenditure is dedicated to supporting the large number of volunteer staff, their training, the running costs for the offices and staff, thus supporting the key objective of providing good quality generalist and specialist advice.
Reserves position
The total reserves at the year-end stand at £439,672 of which £6,427 were restricted, leaving unrestricted reserves of £433,245. The Trustees have designated unrestricted funds for the following purposes:-
Assets fund £147,129 - funds set aside to meet property obligations Redundancy £48,506 - to cover redundancy costs should these be required in the event of a significant reduction in funding,
Property Repair/Maintenance Fund of £32,910 for the owned and leased properties and; Business Development Fund of £17,579 - for additional resources to help more clients in the future Covid Recovery Fund of £45,000 which is expected to be spent in 2022-23
This leaves undesignated unrestricted funds of £142,121 which are considered to be ‘free reserves’.
The Trustees’ policy is to work towards maintaining ‘free reserves’ at a level at least sufficient to cover three months’ of future unrestricted expenditure (approximately £160,000).
7
Torridge, North, Mid and West Devon Citizens Advice Bureau
Trustees’ Annual Report (continued)
Year Ended 31 March 2022
Investment policy
The trustees agreed an investment policy in May 2021. The overall investment policy is to invest monies of the Charity not immediately required for its purposes upon such investments, securities or property as may be thought appropriate.
During the year ended 31 March 2022 the Charity did not hold any financial investments. All monies held in the bank accounts were required to cover current liabilities and retain sufficient funds to cover free reserves. During the year ended 31 March 2022 the Charity held an Investment Property (see Notes 9 and 18).
Share Capital
The company is limited by guarantee and therefore has no share capital.
Plans for future periods
Our funding strategy covers a broad income spectrum including developing proposals to further increase our provision of debt services. We are also actively seeking additional funding for energy advice, housing and welfare benefits. We are also considering a range of ideas for project activity which meets local client need, some of which involve collaboration with other Local Citizens Advice offices in Devon and the surrounding areas and local external partners.
Our business plan focuses on working within the community and offering greater flexibility for clients. We continue to expand our digital offering to better meet local client demand, working within the Citizens Advice national Future of Advice strategy. This involves some premises change to ensure we remain fit for purpose and efficient in the way we support both our clients and people alike.
We will also include a greater emphasis on workforce engagement, focusing on the wellbeing of our people and will consider areas such as enhanced benefits and flexible working.
We continue to develop Impact reporting materials to best evidence good value for funders and are committed to providing high quality advice and information services in line with our membership agreement with national Citizens Advice.
Structure, governance and management
Governing Document and Constitution
The Charity is controlled by its governing document, the Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The Charity is incorporated in England and Wales.
The Charity is constituted as a company limited by guarantee and is therefore governed by the Articles of Association. The Trustees of the Charity are also the Directors for the purposes of Company law. Eligibility for membership of the Charity and membership of the Board of Trustees is governed by the Articles of Association.
8
Torridge, North, Mid and West Devon Citizens Advice Bureau
Trustee recruitment and training
Trustees have been actively promoting the services of the Charity, encouraging members of the public to become interested in becoming a trustee of the Charity. Each year at the Annual General Meeting Trustees are nominated and elected on to the Board. We undertake an annual skills audit of the Trustees and recruit new Trustees as required. All Trustees serve an initial term of 3 years and are eligible to serve 2 consecutive 3 year terms with re-election after the first 3 years. After 6 years they need to resign from the Board, but in exceptional circumstances the Board could extend eligibility to a third term. Currently we have a range of skills amongst our Trustees including Financial, HR, IT and Business Leadership.
Organisation structure
TNMWD is governed by the Trustees who meet a minimum of 4 times each year at Trustee Board meetings. The Trustees also hold strategy days throughout the year to discuss strategic matters requiring more time such as reviewing the business plan. The Board has reviewed its Governance structure, continued with its annual Trustee appraisals and conducts an annual review of its Governance.
The Board continue to meet using a video conference platform as well as communicating by email which saves time and travel costs.
In order to manage the Charity as efficiently as possible, the management structure is reviewed regularly as changes in personnel occur.
The Charity is a member of the Citizens Advice National Association.
Day to day management
The day to day management of the Charity has been delegated by the Trustees to Vicki Rowe, who is the Chief Executive Officer (CEO).
The setting of pay and remuneration is decided by the Board annually.
9
Torridge, North, Mid and West Devon Citizens Advice Bureau
Trustees’ Annual Report (continued)
Year Ended 31 March 2022
Reference and administrative details
Legal registration details:-
Company registration number: 03520698 Charity registration number: 1068496
Centenary House Rydon Lane Exeter EX2 7XE
Principal and registered office Centenary House Peninsula Park
The Members of the Board of Trustees of the Charity at the date the report and accounts were approved, or who served during the year were:
Mrs D Nicholson (Chair) Mr C Perry Resigned 4 November 2021 Mr P Stafford Resigned 4 November 2021 Mrs K Percival Ms S Carruthers Resigned 4 October 2021 Ms S Hilsdon Ms J Collins Mr K Routledge Mr W Jackson Appointed 4 November 2021 Mr A Coxshall Appointed 4 November 2021 Mrs S Denton Appointed 4 November 2021
All the directors of the Company are also Trustees of the Charity, and their responsibilities include all the responsibilities of Directors under the Companies Acts and of Trustees under the Charities Act. The Directors are members of the company.
Chief Executive Officer
Vicki Rowe
Bankers Independent Examiner
Lloyds Bank plc Neil Hitchings FCA 5 High Street Francis Clark LLP Bideford Chartered Accountants EX39 2AD Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE
10
Torridge, North, Mid and West Devon Citizens Advice Bureau
Report of the Trustees for the Year Ended 31 March 2022
Statement of Directors’ and Trustees’ Responsibilities
The Trustees (who are also directors of Torridge, North, Mid and West Devon Citizens Advice for the purposes of company law) are responsible for preparing the Trustees Annual Report and the Financial Statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Charity 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 the Financial Statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
D Nicholson Director and Trustee
Date: 8 September 2022
11
Torridge, North, Mid and West Devon Citizens Advice Bureau
Independent Examiner’s Report to the Trustees of Torridge, North, Mid and West Devon Citizens Advice Bureau (‘the Company’) for the Year Ended 31 March 2022
I report to the trustees on my examination of the Financial Statements of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company 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 your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts 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 accounts 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 accounts to be reached.
Neil Hitchings FCA Independent Examiner Francis Clark LLP Chartered Accountants Centenary House Peninsula Park Rydon Lane EXETER EX2 7XE
Date: 26/9/22
12
Torridge, North, Mid and West Devon Citizens Advice Bureau
Statement of Financial Activities (including the Income and Expenditure Account)
Year ended 31 March 2022
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Unrestricted Restricted|Total|Total|
|Note|funds|funds|funds|funds|
|2022|2022|2022|2021|
|£|£|£|£|
|Income:|
|Donations and Legacies|2 11,813|-|11,813|11,388|
|Charitable activities|3|
|-|Charitable activities from public bodies 364,316|-|364,316|370,470|
|-|Charitable activities from non-public bodies|27,101|479,446|506,547|536,450|
|Investment income|4|6,482|-|6,482|15,359|
|––––—— ––––—— ––––—— ––––——|
|Total income|409,712|479,446|889,158|933,667|
|––––—— ––––—— ––––—— ––––——|
|Expenditure|
|Charitable activities|5|404,241|495,038|899,279|836,466|
|––––—— ––––—— ––––—— ––––——|
|Total expenditure|404,241|495,038|899,279|836,466|
|––––—— ––––—— ––––—— ––––——|
|Net income / (expenditure)|5,471|(15,592)|(10,121)|97,201|
|Transfers between funds|(3,389)|3,389|-|-|
|––––—— ––––—— ––––—— ––––——|
|Net movement in funds|2,082|(12,203)|(10,121)|97,201|
|Reconciliation of funds|
|Total funds brought forward|14|431,163 18,630|449,793|352,592|
|––––—— ––––—— ––––—— ––––——|
|Total funds carried forward|14|433,245|6,427|439,672|449,793|
|––––—— ––––—— ––––—— ––––——|
----- End of picture text -----
The notes on pages 17 to 28 form an integral part of these Financial Statements.
13
Torridge, North, Mid and West Devon Citizens Advice Bureau
Balance Sheet
Company Number: 03520698
| Company Number: 03520698 | |||
|---|---|---|---|
| As at 31 March 2022 | Total | Total | |
| Note | funds | funds | |
| 2022 | 2021 | ||
| £ | £ | ||
| Fixed assets | |||
| Tangible assets | 9 | 137,273 | 142,849 |
| Investment property | 9 | 190,625 | 190,625 |
| ––––—— | ––––—— | ||
| 327,898 | 333,474 | ||
| Current assets | |||
| Debtors | 10 | 37,285 | 22,945 |
| Cash at bank and in hand | 306,050 | 329,213 | |
| ––––—— | ––––—— | ||
| 343,335 | 352,158 | ||
| Creditors: Amounts due within one year | 11 | (175,589) | (87,331) |
| ––––—— | ––––—— | ||
| Net current assets | 167,746 | 264,827 | |
| ––––—— | ––––—— | ||
| Total assets less current liabilities | 495,644 | 598,301 | |
| Creditors:Amounts due in more than | |||
| one year | 12 | - | (93,937) |
| Provisions for liabilities | 13b | (55,972) | (54,571) |
| ––––—— | ––––—— | ||
| Net assets | 439,672 | 449,793 | |
| ––––—— | ––––—— | ||
| Unrestricted income funds | |||
| Designated funds | |||
| - Assets Fund |
147,129 | 147,129 | |
| - Redundancy Fund |
48,506 | 48,506 | |
| - Property Repair and Maintenance Fund |
32,910 | 32,910 | |
| - Business Development Fund |
17,579 | 17,579 | |
| - Covid Recovery Fund |
45,000 | 45,000 | |
| Undesignated funds – ‘free reserves’ | 142,121 | 140,039 | |
| ––––—— | ––––—— | ||
| 14 | 433,245 | 431,163 | |
| Restricted income funds | 14 | 6,427 | 18,630 |
| ––––—— | ––––—— | ||
| Total Charity funds | 439,672 | 449,793 | |
| ══════ | ══════ |
14
Torridge, North, Mid and West Devon Citizens Advice Bureau
Balance Sheet
Company Number: 03520698
As at 31 March 2022
The Trustees are satisfied that the Charity is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, and that no member or members have requested an audit pursuant to section 476 of the Act. The trustees acknowledge their responsibilities for:
-
(i) ensuring that the charity keeps adequate accounting records which comply with section 386 of the Act, and
-
(ii) preparing financial statements which give a true and fair view of the state of affairs of the Charity as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of sections 394 and 395, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the charity.
These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006 relating to small companies.
These financial statements were approved by the members of the Board on 8 September 2022 and are signed on their behalf by:
D Nicholson (Chairman)
A Coxshall (Trustee)
15
Torridge, North, Mid and West Devon Citizens Advice Bureau
Statement of Cash Flows
Year Ended 31 March 2022
| Note | 2022 | 2021 | |
|---|---|---|---|
| £ | £ | ||
| Cash (used in)/provided by operating activities | 18 | (13,636) | 95,159 |
| ––––—— | ––––—— | ||
| Cash flows from investing activities | |||
| Interest and rents from investment property | 6,482 | 15,359 | |
| ––––—— | ––––—— | ||
| Cash provided by investing activities | 6,482 | 15,359 | |
| ––––—— | ––––—— | ||
| Cash flows from financing activities | |||
| Repayment of borrowing | (16,009) | (15,547) | |
| ––––—— | ––––—— | ||
| Cash used in financing activities | (16,009) | (15,547) | |
| ––––—— | ––––—— | ||
| Changes in cash and cash equivalents in the reporting | period | (23,163) | 94,971 |
| ––––—— | ––––—— | ||
| Cash and cash equivalents at the beginning of the | 329,213 | 234,242 | |
| reporting period | ––––—— | ––––—— | |
| Cash and cash equivalents at the end of the reporting | 306,050 | 329,213 | |
| period(*) | ––––—— | ––––—— |
(*) Cash at bank and in hand
16
Torridge, North, Mid and West Devon Citizens Advice Bureau
Notes to the Financial Statements
For the Year Ended 31 March 2022
1. Accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.
General information
Reference and administrative details of the charity can be found on page 10.
Winding up or Dissolution of the Charity
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be given or transferred to such other charitable purpose or purposes as the members for the time being shall by ordinary resolution decide failing which the same shall be transferred to the National Association of Citizens Advice Bureau (or anybody successor to it).
Basis of preparation and statement of compliance
The Financial Statements have been prepared in accordance with ‘Accounting and Reporting by Charities: Statement of Recommended Practice’ applicable to charities preparing their accounts in accordance with the Charities SORP (FRS102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historic cost or transaction value, unless otherwise stated.
The Trustees do not believe that there are material uncertainties in relation to going concern.
The functional currency of the charity is considered to be pounds sterling because it is the currency of the primary economic environment in which the charitable company operates.
Income
All income is included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
The following specific policies are applied to particular categories of income:
Donations and legacies are included in full in the statement of financial activities when receivable.
Income from Charitable activities where entitlement is not conditional on the delivery of a specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant.
The value of services provided by volunteers has not been included.
Income from investments is included in the year in which it is receivable.
Deferred income
Grants received in advance and specified by the donor as relating to specific accounting periods or alternatively which are subject to conditions which are still to be met, and which are outside the control of the charity or where it is uncertain whether the conditions can or will be met, are deferred on an accruals basis to the period to which they relate. Such deferrals are shown in the notes to the accounts and the sums involved are shown as creditors in the accounts.
17
Torridge, North, Mid and West Devon Citizens Advice Bureau
Notes to the Financial Statements
For the Year Ended 31 March 2022
1. Accounting policies (continued)
Recognition of Liabilities
Liabilities are recognised on the accruals basis in accordance with normal accounting principles, modified where necessary in accordance with the guidance given in the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ issued by the Charity Commission (effective January 2015).
Expenditure
Expenditure is allocated between charitable activities and other in accordance with the definition of those categories as set out in the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ issued by the Charity Commission (effective January 2015).
Allocation of costs within type of expenditure
The majority of costs are directly attributable to individual activity categories and the charity’s internal accounting function is specifically geared to identifying and correctly allocating expenditure.
Costs which are not directly attributable are apportioned between activity categories on a fair and reasonable basis.
Fixed Assets and Depreciation
All tangible fixed assets are stated at cost less depreciation.
The charity has a policy generally not to capitalise items below £1,000.
Depreciation has been provided at the following rates in order to write off the assets (less their expected residual value) over their estimated economic lives.
Freehold property 50 years straight line Property improvements 20/50 years straight line Computer equipment 3 years straight line Equipment, fixtures and fittings 5 years straight line
Impairment reviews are undertaken when there are factors present to suggest that the value of assets may have been impaired.
Investment Property
Investment property is held in the balance sheet at fair value.
Taxation
The Charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. Value Added Tax is included in the relevant costs in the Statement of Financial Activities to the extent that it is not recoverable by the company.
Finance and Operating Leases
Rentals payable in respect of operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial activities as incurred.
18
Torridge, North, Mid and West Devon Citizens Advice Bureau
Notes to the Financial Statements
For the Year Ended 31 March 2022
1. Accounting policies (continued)
Provision is made for redecoration obligations under the terms of the property lease with obligations charged to the Statement of Financial Activities as incurred.
Fund Accounting
Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specific purpose and which the charity may use for its purpose at its discretion.
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
Recognition of Pension Costs and Pension Assets and Liabilities
The company makes contributions to a defined contribution pension scheme. Contributions are charged to the income and expenditure account as they become payable in accordance with the rules of the scheme.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments which are initially recognised at transaction value. The charity holds the following financial instruments:
-
Short term trade and other debtors and creditors; details of these can be found in notes 10 &11.
-
• Cash on hand and call deposits
2.
Donations and Legacies
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2022 | 2022 | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Sundry donations | 11,813 | - | 11,813 | 11,388 |
| ––––—— | ––––—— | ––––—— | ––––—— | |
| Total | 11,813 | - | 11,813 | 11,388 |
| ══════ | ══════ | ══════ | ══════ |
Of the total £11,813 (2021: £11,388) income, there was £nil (2021: £nil) that was restricted, the remaining income was unrestricted.
19
Torridge, North, Mid and West Devon Citizens Advice Bureau
Notes to the Financial Statements
For the Year Ended 31 March 2022
3. Income from Charitable Activities
a. Charitable Activities from public bodies
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2022 | 2022 | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Government and public bodies | ||||
| Devon County Council | 211,971 | - | 211,971 | 178,368 |
| North Devon District Council | 45,000 | - | 45,000 | 45,000 |
| Torridge District Council | 38,310 | - | 38,310 | 63,310 |
| West Devon District Council | 32,900 | - | 32,900 | 32,900 |
| Mid Devon District Council | 15,500 | - | 15,500 | 15,950 |
| Bideford Town Council | 4,000 | - | 4,000 | 2,975 |
| Crediton Town Council | 3,000 | - | 3,000 | 3,000 |
| Barnstaple Town Council | 2,500 | - | 2,500 | 2,500 |
| Ilfracombe Town Council | 1,000 | - | 1,000 | 3,000 |
| Northam Parish Council | 1,000 | - | 1,000 | 1,000 |
| Tiverton Town Council | 1,000 | - | 1,000 | 3,000 |
| Great Torrington Town Council | 200 | - | 200 | 400 |
| Town and Parish Councils (under £1,000) | 7,935 | - | 7,935 | 9,080 |
| Okehampton Town Council | - | - | - | 4,000 |
| Tavistock Town Council | - | - | - | 5,987 |
| ––––—— | ––––—— | ––––—— | ––––—— | |
| Total | 364,316 | - | 364,316 | 370,470 |
| ══════ | ══════ | ══════ | ══════ |
All income from public bodies was unrestricted in 2021 & 2022.
b. Charitable activities from non - public bodies
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2022 | 2022 | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Bideford Bridge Trust | - | - | - | 5,000 |
| Okehampton United Charities | - | 12,125 | 12,125 | 30,000 |
| Other Charitable Trusts | - | - | - | 1,500 |
| Contractual payments from non-public bodies | 27,101 |
467,321 | 494,422 | 499,950 |
| ––––—— | ––––—— | ––––—— | ––––—— | |
| Total | 27,101 | 479,446 | 506,547 | 536,450 |
| ══════ | ══════ | ══════ | ══════ |
Of the total £506,547 (2021: £536,450) income, there was £479,446 (2021: £484,099) of restricted income, the remaining income was unrestricted.
20
Torridge, North, Mid and West Devon Citizens Advice Bureau
Notes to the Financial Statements
For the Year Ended 31 March 2022
4. Investment income
| 4. Investment income |
||||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| funds | funds | funds | funds | |
| 2022 | 2022 | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Other bank deposit interest received | 629 | - | 629 | 1,006 |
| Rental income | 5,853 | - | 5,853 | 14,353 |
| ––––—— | ––––—— | ––––—— | ––––—— | |
| Total | 6,482 | - | 6,482 | 15,359 |
| ══════ | ══════ | ══════ | ══════ |
All investment income was unrestricted in 2021 & 2022.
5. Charitable Expenditure
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2022 | 2022 | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Support Costs of Charitable Activities | ||||
| Gross wages and salaries | 296,999 | 403,310 | 700,309 | 641,690 |
| Pension contributions | 7,706 | 8,288 | 15,994 | 14,780 |
| Other | 14,045 | 19,976 | 34,021 | 11,901 |
| Management and administration costs | ||||
| Premises costs | 47,849 | 36,305 | 84,154 | 63,090 |
| General administrative expenses | 29,649 | 27,159 | 56,808 | 96,596 |
| Finance costs | 5,193 | - | 5,193 | 5809 |
| ––––—— | ––––—— | ––––—— | ––––—— | |
| Total support costs | 401,441 | 495,038 | 896,479 | 833,866 |
| ══════ | ══════ | ══════ | ══════ | |
| Governance costs | ||||
| Independent examination | 2,800 | - | 2,800 | 2,600 |
| ––––—— | ––––—— | ––––—— | ––––—— | |
| Total governance costs | 2,800 | - | 2,800 | 2,600 |
| ══════ | ══════ | ══════ | ══════ | |
| Total resources expended | 404,241 | 495,038 | 899,279 | 836,466 |
| ══════ | ══════ | ══════ | ══════ |
Of the total £899,279 (2021: £836,466) expenditure, £495,038 (2021: £476,347) related to restricted funds, the remaining expenditure was unrestricted.
21
Torridge, North, Mid and West Devon Citizens Advice Bureau
Notes to the Financial Statements
For the Year Ended 31 March 2022
6. Surplus/Deficit for the Financial Year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| This is stated after charging: | ||
| Depreciation of owned fixed assets | 5,576 | 5,743 |
| Pension costs | 15,994 | 14,780 |
| Independent examination and accountancy | 2,800 | 2,600 |
Funds belonging to the charity have been used for the purchase of insurance to indemnify its trustees against the consequences of any neglect or default on their part. The sum expended on such insurance is not separately identifiable from the overall insurance premium.
7. Trustees’ Remuneration and Benefits
There were no trustees’ remuneration or other benefits for the year ended 31 March 2022 (2021: £nil).
The trustees’ expenses paid in the year were £29 (2021: £nil). General administrative expenses include the cost of indemnity insurance to cover all trustees.
8. Staff costs and emoluments
| Staff costs and emoluments | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Gross salaries | 657,562 | 587,927 |
| Employer’s National Insurance | 42,747 | 37,358 |
| Pension contributions | 15,994 | 14,780 |
| ––––—— | ––––—— | |
| 716,303 | 640,065 | |
| ––––—— | ––––—— |
The average monthly number of full-time equivalent employees during the year:
| : | ||
|---|---|---|
| 2022 | 2021 | |
| Engaged on charitable activities | 26 | 23 |
| Engaged on management and administration | 2 | 2 |
| ––––—— | ––––—— | |
| 28 | 25 | |
| ––––—— | ––––—— |
There were no fees or other remuneration paid to the trustees.
There were no employees with emoluments in excess of £60,000 per annum (2021:none).
The key management personnel of the Charity are considered to be the Senior Management Team/Chief Executive. Their total employee benefits, including employer’s NIC and pension contributions totalled £152,357 (2021: £154,560).
22
Torridge, North, Mid and West Devon Citizens Advice Bureau
Notes to the Financial Statements
For the Year Ended 31 March 2022
9. Tangible fixed assets
| Freehold | Property | Fixtures, | ||
|---|---|---|---|---|
| Property | Improvements | Fittings and | Total | |
| Equipment | ||||
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 April 2021 | 81,382 | 97,971 | 8,735 | 188,088 |
| ––––—— | ––––—— | ––––—— | ––––—— | |
| At 31 March 2022 | 81,382 | 97,971 | 8,735 | 188,088 |
| ––––—— | ––––—— | ––––—— | ––––—— | |
| Depreciation | ||||
| At 1 April 2021 | 14,439 | 23,268 | 7,532 | 45,239 |
| Charge for the year | 1,966 | 2,753 | 857 | 5,576 |
| ––––—— | ––––—— | ––––—— | ––––—— | |
| At 31 March 2022 | 16,405 | 26,021 | 8,389 | 50,815 |
| ––––—— | ––––—— | ––––—— | ––––—— | |
| Net book value | ||||
| At 31 March 2022 | 64,977 | 71,950 | 346 | 137,273 |
| ––––—— | ––––—— | ––––—— | ––––—— | |
| At 31 March 2021 | 66,943 | 74,703 | 1,203 | 142,849 |
| ––––—— | ––––—— | ––––—— | ––––—— |
Part of the Charity’s freehold property is considered to be investment property.
Investment Property
| £ | |
|---|---|
| Market value & net book value | |
| At 1 April 2021 | 190,625 |
| Revaluation | - |
| ––––—— | |
| At 31 March 2022 | 190,625 |
| ––––—— |
The property was revalued by Underwood Wright on 12 February 2019.
The historic cost of the investment property is £221,593.
10. Debtors
| Debtors | |
|---|---|
| 2022 2021 | |
| £ £ | |
| Trade debtors | 16,0308,189 |
| Prepayments and accrued income |
21,25514,756 |
| ––––––– ––––––– | |
| 37,28522,945 | |
| ══════ ══════ |
23
Torridge, North, Mid and West Devon Citizens Advice Bureau
Notes to the Financial Statements
For the Year Ended 31 March 2022
11. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Bank loans | 94,207 |
16,279 |
| Trade creditors | 2,181 | 12,020 |
| Accrued expenses | 20,939 | 17,798 |
| Deferred income | 46,488 | 31,192 |
| Other creditors | 11,774 | 10,042 |
| ––––––– | ––––––– | |
| 175,589 | 87,331 | |
| ══════ | ══════ |
Bank loans in favour of Lloyds Bank plc are secured by a legal charge on the charity’s freehold property at 13 Bridgeland Street, Bideford (see note 18).
12. Creditors: Amounts falling due in more than one year
| Creditors: Amounts falling due in more than one year | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Bank loans | - | 93,937 |
| ══════ | ══════ | |
| Bank loans in favour of Lloyds Bank plc are secured by a legal | charge on the charity’s | freehold property at |
| 13 Bridgeland Street, Bideford (see note 18). |
13. Operating lease
| Operating lease | ||
|---|---|---|
| 2022 | 2021 | |
| Income –the total minimum rental income is as follows: | £ | £ |
| Land and Buildings | ||
| Less than 1 year | - | 1,095 |
| ––––––– | ––––––– | |
| - | 1,095 | |
| ══════ | ══════ | |
| Commitments– the total of future minimum lease payments as follows: | 2022 | 2021 |
| Land and Buildings | £ | £ |
| Less than 1 year | 27,346 | 25,478 |
| 2-5 years | 7,343 | 28,328 |
| >5 years | 8,245 | 8,588 |
| ––––––– | ––––––– | |
| 42,934 | 62,394 | |
| ══════ | ══════ | |
| Commitments– the total of future minimum contracted payments as follows: | 2022 | 2021 |
| Other | £ | £ |
| Less than 1 year | 12,528 | 12,528 |
| 2-5 years | 35,496 | 48,024 |
| ––––––– | ––––––– | |
| 48,024 | 60,552 | |
| ══════ | ══════ |
24
Torridge, North, Mid and West Devon Citizens Advice Bureau
Notes to the Financial Statements
For the Year Ended 31 March 2021
13b. Obligations under lease agreements
| ligations under lease agreements | ||
|---|---|---|
| Redecoration | ||
| Provision | Total | |
| £ | £ | |
| At 1 April 2021 | 54,571 | 54,571 |
| Movement | 1,401 | 1,401 |
| ––––—— | ––––—— | |
| At 31 March 2022 | 55,972 | 55,972 |
| ══════ | ══════ |
Barnstaple property lease.
14. Particulars of individual funds
| Unrestricted funds: Designated funds Asset fund Redundancy fund Property repair and maintenance fund Business development fund Covid recovery fund Undesignated funds (‘free’ reserves) Restricted funds: Money Advice Service-MaPS funded Macmillan Henry Smith Debt Project Heat Well for Less Quids for Kids Fairer Charging HealthWatch Action for children Universal Credit Okehampton United Charities - face to face Postcode Lottery - money management Empower Carers Project Young Carers Connected Western Power - NEA training |
Funds at 2021 Incoming resources Outgoing resources Transfers /gains & (losses) Funds at 2022 £ £ £ £ £ 147,129 - - - 147,129 48,506 - - - 48,506 32,910 - - - 32,910 17,579 - - - 17,579 45,000 - - - 45,000 140,039 409,712 (404,241) (3,389) 142,121 |
|
|---|---|---|
| 431,163 409,712 (404,241) (3,389) 433,245 - 73,923 (78,809) 4,886 - - 99,083 (100,190) 1,107 - 3,630 56,600 (54,797) - 5,433 - 2,494 (2,494) - - - 18,600 (20,596) 1,996 - - 16,380 (16,380) - - - 28,104 (28,104) - - - 10,500 (12,239) 1,739 - - 101,871 (95,532) (6,339) - 15,000 12,125 (27,250) - (125) - 3,333 (4,514) - (1,181) - 19,250 (19,250) - - - 23,044 (23,044) - - - 4,144 (1,844) - 2,300 - 9,995 (9,995) - - 18,630 479,446 (495,038) 3,389 6,427 449,793 889,158 (899,279) - 439,672 |
25
Torridge, North, Mid and West Devon Citizens Advice Bureau
Notes to the Financial Statements
For the Year Ended 31 March 2022
14. Particulars of individual funds (continued)
General funds are donations and other incoming resources receivable or generated for the objects of the charity without further specific purpose and which the charity may use for its purpose at its discretion.
Designated Funds
-
Assets fund £147,129 - being the carrying value of fixed assets less associated borrowings thereon.
-
Redundancy fund £48,506 - to cover redundancy costs should these be required in the event of a significant reduction in funding.
-
Property repair and maintenance fund £32,910 – to cover work to properties, both leasehold and freehold.
-
Business Development fund of £17,759.
-
Covid recovery fund £45,000 – to focus on delivery of services in the recovery period as the pandemic eases.
Restricted Funds
-
Money and Pensions Service funds debt caseworkers to provide debt advice.
-
The Macmillan funds are provided to fund advisors and related costs to provide advice to people with cancer.
-
The Henry Smith Charity have provided funds for a 3 year project providing debt support and other money advice.
-
Heat Well for Less provided help and assistance to families with fuel poverty issues.
-
The Quids for Kids funds are provided for a caseworker to advise on financial issues to families with a disabled child.
-
The Fairer Charging income is received for the purposes of funding community workers who assess individual’s entitlements to benefits.
-
The HealthWatch fund is provided for a caseworker to advise on health and social care issues.
-
Action for Children works with families in Childrens Centres to provide generalist advice and support.
-
Universal Credit Help to Claim Service funding received to support and help people complete and submit their Universal Credit application.
-
Okehampton United Charities - Funds provided by Okehampton United Charities are being used to provide a face to face service for Okehampton.
-
Postcode Lottery - money management project funds additional money management advice alongside our debt advice services.
-
Empower - is a project that aims to help people struggling with their energy bills and reduce fuel poverty across Devon & Cornwall
-
Carers Project – advising and supporting working age carers.
-
Young Carers Connected – in partnership with TTVS and Unite supporting young carers.
-
Western Power – funding to train advisors to deliver energy advice.
26
Torridge, North, Mid and West Devon Citizens Advice Bureau
Notes to the Financial Statements
For the Year Ended 31 March 2022
14. Particulars of individual funds (continued)
| 2021 Comparative Note Unrestricted funds: Designated funds Asset fund Redundancy fund Property repair and maintenance fund Business development fund Covid recovery fund Undesignated funds (‘free’ reserves) Restricted funds: Money Advice Service-MaPS funded Macmillan Henry Smith Debt Project Heat Well for Less Quids for Kids Fairer Charging HealthWatch Action for children GP Surgery Bideford Universal Credit Memory Café BEIS funded IT and advice line Okehampton United Charities- face to face Social Prescribing |
Funds at 2020 Incoming resources Outgoing resources Transfers /gains & (losses) Funds at 2021 £ £ £ £ £ 148,531 - - (1,402) 147,129 44,097 - - 4,409 48,506 12,910 - - 20,000 32,910 17,579 - - - 17,579 - - - 45,000 45,000 125,335 449,568 (360,119) (74,745) 140,039 |
|
|---|---|---|
| 348,452 449,568 (360,119) (6,738) 431,163 - 75,352 (76,014) 662 - - 99,009 (98,938) (71) - - 42,450 (38,820) - 3,630 - 25,731 (25,772) 41 - - 19,080 (19,706) 626 - - 24,385 (24,385) - - - 27,544 (27,595) 51 - - 10,900 (11,015) 115 - - 582 (1,746) 1,164 - - 101,561 (101,134) (427) - 4,524 7,761 (10,429) (1,856) - - 34,360 (40,793) 6,433 - - 15,000 - - 15,000 (384) 384 - - - 4,140 484,099 (476,347) 6,738 18,630 352,592 933,667 (836,466) - 449,793 |
27
Torridge, North, Mid and West Devon Citizens Advice Bureau
N otes to the Financial Statements
For the Year Ended 31 March 2022
15. Share Capital
The charity is limited by guarantee, each member having undertaken to contribute such amounts not exceeding one pound as may be required in the event of the company being wound up whilst he or she is still a member or within one year thereafter.
All trustees are members of the company and the number of members at 31 March 2022 was 26 (2021: 23)
16. Analysis of net assets between funds
| Unrestricted | Restricted | ||
|---|---|---|---|
| funds | funds | Total | |
| £ | £ | £ | |
| Tangible fixed assets | 327,898 | - | 327,898 |
| Net current assets | 161,319 | 6,427 | 167,746 |
| Non-current liabilities | (55,972) | - | (55,972) |
| ––––—— | ––––—— | ––––—— | |
| 433,245 | 6,427 | 439,672 | |
| ══════ | ══════ | ══════ | |
| 2021 Comparative note | |||
| Unrestricted | Restricted | ||
| funds | funds | Total | |
| £ | £ | £ | |
| Tangible fixed assets | 333,474 | - | 333,474 |
| Net current assets | 246,197 | 18,630 | 264,827 |
| Non-current liabilities | (148,508) | - | (148,508) |
| ––––—— | ––––—— | ––––—— | |
| 431,163 | 18,630 | 449,793 | |
| ══════ | ══════ | ══════ |
17. Reconciliation of net income/(expenditure) to net cash flows from operating activities
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Net income/(expenditure) for the reporting period | (10,121) | 97,021 |
| Adjustments for: | ||
| Depreciation charge | 5,576 | 5,743 |
| Interest and rents from investment property | (6,482) | (15,359) |
| (Increase)/decrease in debtors | (14,340) | 3,716 |
| Increase in creditors & provision | 11,731 | 3,858 |
| ––––—— | ––––—— | |
| Net cash (used in)/provided by operating activities | (13,636) | 95,159 |
| ══════ | ══════ |
18. Post balance sheet event.
On 29 April 2022, the premises owned by the Charity in Bideford was sold for £338,000. This property was held partly as an investment property and partly as a fixed asset. The sale of the property has the impact of reducing fixed assets and increasing cash. A small profit was made on the sale after repayment of the loan and all other costs.
28