Charlty registration number 1080137 (England and Wales) Company reglslratlon number 03176917 ENERGY PROJECTS PLUS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ENERGY PROJECTS PLUS towards a sustainablÉ futur • xeinadin
ENERGY PROJECTS PLUS LIMITED CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent auditorfs report 8-10 Statement of financial activities 11 Balance sheet 12 Statement of cash flows 13 Notes lo the financial slalements 14-26
ENERGY PROJECTS PLUS LIMITED TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevèments and parformance Signific8nf activifies and achiévements against objeclives During the year to 31st March 2024 our charity supported over 7.500 households and secured, on behalf of Merseyside and Cheshire residents, over £1m in grant funds and direct savings on fuel bills as well as reduced carbon emissions through energy efficiency maasures. Our programmes that have achieved this valuable support include.. Delivery of Ihe local freephone and onlin8 Sav8 Enèrgy Advice Llne (SEAL), which was used as the primary contact point for most of the programm8s d81iverèd by Energy Prolecls Plus throughout the year. SEAL provided advice and support lo households on energy efficiency, fuel poverty, tariffs. fuel bills, retrofit, and renewable energy. This included acting as a conduit to accessing replacement boilers, h8aling r8pairs, Insulation measur8s, heat pumps and simple measures such as LED lightbulbs togelh8r with financial support such as fuel vouchers and fuel debt relief. Community engagèmènt and support is a key area of activity aimed at reaching those residents who would benefit bul do not actively request support. As part of this activity, we continued delivery of projects such as the British Gas Energy Trust fundad Llverpool Affordable Warmth scheme, the Wirral Fuel Poverty and Energy Efficiency Programme (fundèd by Wirral Council), Energy Outreach Programme training and community engagement schemè funded through Citizens Advice, Energy Redress funded scheme Warm and Well. Affordable Warmth Wirral, funded by Burbo Bank Extension Community Fund and various local authority Household Support Fund schemes. We also commenced delivery of the Cadenl Foundallon funded prolect Warmlh4H8alth. During 2023-24 we increased our delivery of LEAP (Agility Eco Services, Local EnergyAdvice Programme) across Merseyside and Cheshire. This programme offers home visits for advice and easy measures to reduce energy use and fuel bills with additional acce8S to boiler replacement or repairs, and replacement while goods. During 2023-24, our annual review, by Cllallon Iso Certlficallon, reaffirmed our ISO 9001 and ISO 14001 accreditations, thus demonstrating to pot8ntlal fLtnd8rs and partn8rs the quality and robustness of our charity and ils processes. We werè also fortunate to rècelve the support of the Pilotlight Programme, which saw senior staff and Trusl88s work with national business leaders over a 10-month period to review the charity's mission, strategy, and aims together with revlewing our business plan to enable Energy Projects Plus to maintain and improve ils effectiveness in meeting its charitable aims in a sustainable manner. In addillon lo dellverlng prolects almed al achieving dire¢t action by residents to reduce carbon emissions and Improve affordability of bllls our charity also engaged at senior level wilh decision makers across the Llverpool City Region and Cheshire. We have ropresentativa roles on the COOL Wirral Partnership (where our Chief Executive has the role of Chalr), the Liverpool City Region Climaté Partnership and various affordable warmth steering groups as well as attending natlonal and regional consultation workshops. Our active involvement is aimed at mainlaining the profile of climate change, energy efficiency, and fuel poverty with key decision makers and leads to other programmes being developed which ultimately achieve direct support to individuals across our area and beyond. Flnanclal revlew In reviewing the overall financial standing of the charity there was a net increase during the year in total assets of £188,384. This resulted from a surplus of £35,360 on General Fund 12023 Surplus £51,406} and a surplus of £153,024 on restricted funds12023 - dèficit £24,478). Building on the surplus in 2023 the significantly larger surplus In 2024 indicates further Improvement in th8 charity's financial position. Going concem After making appropriate enquiries, the Board of Trustees has a reasonable expectation that the charlty has adequate resources lo continue in operational existence for the foreseeable future. For this reason, il continues lo adopt the going concern basi5 in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies.
ENERGY PROJECTS PLUS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future periods Government level support {national, regional and locall throughout the continuing cost of living crisis, and chronically high fuel costs. will continue throughout 2024-25, though the new Government from July 2024 has idenlified changing priorities, which will emorge and clarify throughout the year. The cost of fuel continues to drive demand for support in reducing bills and seeking financial support. Energy Projects Plus st8PP8d into this delivery arena a number of years ago lo enable public sector funds to be distributed effectively and will continue lo do so pending a more considered solution to achieve fair distribution of utility costs within fu81 bllls that do nol p&nalis8 low users or vulnerable peoplg inescapably reliant on higher fuel use. Within the context of people struggling lo meet daily needs it remains equally importanl lo the charity to deliver action lo address thè climate crisis. This remains firmly within the plans of our charity through the continuing deeper foGus on retrofit programmes and the importance of advice and support lo make sense of a continually fragmented sector. Whole house retrofit and whole lifestyle approaches lo tackling the climat& crisis and fuel poverty remain our goal for accelerating take up of measure5 and other action. The close Ilnk betweèn cold homes and health, together with the impending impacts of climate change, particularly on vulnerable people. has enabled Energy Projects Plus lo forge new and stronger relationships with the formal hèalth sector. We have secured direct funding lo work with the health sector to more directly link health services supporting at-risk populatlon with the retrofit and advice support available from our charity. The clear co-benefits to health and well-being and environmental improvements will be a driver for our activity over the next few years. There is a recognition of the necessity lo invest lime, expertise and resource lo develop programmes that align the needs of the health sector delivery, those of patients. and the suslainabilily agenda with the aim of achieving fulure-proofed homes lin both Ihe new-build and existing housing stock) that are fit for purpose both now and for decades to come. Allemalive premises for the charsty remain a key priority with a focus on @xemplar environmental perfomiance. We continue our dialogue with pol6ntial partners and expect 2025 to be a key milestone in our ambition in this regard. Based on the new relationships 8nd projects secured, the upcoming year will see a significant increase in the impact of our charily. 11 is recognised that the recrultment of new Trustees will be important to this, and a formal rècrultment campalgn wlll b8 undertaken during 2024-25. Slrueture, governancè and management 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 company was incorporated on 25 March 1996 and registered as a charity on 30 March 2000. The company was established under a Memorandum of Association which eslabli5hed the objeGts and powers of the charitable company and is govemed under ils Articles ofAssociation. In the event of the company being wound up members are required to contribute an amount not exceeding £1. The Iruslees, who are also the directors for the purpose of company law, and who seNed during the year and up to the dale of signature of the financial slalements were.. A L Hughes S L Thompson D C A Colbourne
ENERGY PROJECTS PLUS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Disclosure of information to auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such rélevant information and lo establish that the auditor is aware of such information. The trusl8és' report was approved by the Board of Trustees. D C A Colbourne Trustee Dale.. 7 y//.?/Zk.........
ENERGY PROJECTS PLUS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENERGY PROJECTS PLUS LIMITED Opinion We havé audited thè financial statements of Energy Projects Plus Limited {the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities, the balan sheet, the stslement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicablè in the UK and Republic of Ireland (United Klngdom Generally Accèpted Accounting Praclicel. In our opinion, tha finan¢ial slatgments.. give a true and fair vlew of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and appllcallon of resource5, including ils income and expendlture, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Acceptèd Accounting Practice- and have been prepared in accordance wllh the rèquirements of the Companies Act 2006. Basls for oplnlon We conductèd our audit in accordance with InternalSonal Standards on Auditing IUKI (ISAS (UK)) and applicable law. Our responslbllltles under those standards are further descrlbed in the Auditors responsibilities for Ihe audit of Ihe financial statements secllon of our report. We are independent of the charity In accordance with the ethical requirements that are relevant to our audit of the flnanclal slalemenls In the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordanc8 wllh these requirements. We believe that the audit evidance we havé obtained is sufficient and appropriat8 lo providè a basis for our opinion. Conclusions relatlng to golng concern In auditing the financlal stalemenls, we have concluded that the trustees, use of the going concern basls of accounting in the prèparation of the financial slalements is appropriat8. Based on the work we have perfomied, we have not identified any materlal uncertainties relating lo events or conditions that, individually or coll8cliv&ly, may cast significant doubt on the charity's ability to continue as a going con¢em for a period of at least e1ve months from when the financial statements are authorlsed for Sssue. Our responsibilities and the responsibilities of Ihe Iruslees with respect lo going concern are described in the levanl sections of this report. Other Informatlon The other information comprises the information Included in the annual report other than th& financial statemènts and our auditor's report thereon. Tho trustees are responsible for the other information contained within the annual r8POrt. Our opinion on the financial slalemenls does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurancè conclusion thereon. Our responsibility is lo read the other inforrnation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be mal8rially misstated. If we identify such material inconsistencies or apparent material mi5Statemenls, we are r8quired lo determine whether this gives rise lo a material misstatement in the financial statement5 themselves. If, based on the work we have performed, we nClude that there is a material misstatement of this olhèr information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescrlbod by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the infomiation given in the truslees, report for the financial year for which the financial statements are prepared, which includes the directors, report preparèd for the purposes of company law, is consistent with the financial statements., and the directors, report inGluded within the trustees, report has been prepared in accordance with applicable18gal requirernenls.
ENERGY PROJECTS PLUS LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ENERGY PROJECTS PLUS LIMITED We assessed the susceptibility of the charity's financial statements lo material misstatement, including obtaining an understanding of how fraud might occur, by.. making 8nquiriès of management team as to whore they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the in18mal controls in place to mitigat8 risks of fraud and non<ompliancè with laws and regulations. To address the risk offraud through management bias and overrid8 ofcontrols. we.. performed analytical procedures lo identify any unusual or unexpected relationshlps., tested journal entries lo identify unusual Iransaclions. assessed whether judgements and assumptions made In determining the accounting eslimates were Indicative of potential bias., and investigated the rationale behind significant or unusual transactions. In r&spons8 to thè risk of irregularities and non-compliance with laws and regulations, we design6d proc8dures which included, bul were not Ilmlted to.. agreeing financial stat&m8nt disclosures to underlying supporting documenlalion; enquiring of management as lo actual and potential liligalion and claims. and reviewing correspondence with HMRC and relevant regulators. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non4ompliance. Auditlng standards also limit the audit procedurès rèquired lo identify non-complianc8 with laws and regulations to 8nqulry ofthè dlractors and other management and the inspectlon of regulatory and legal correspondence, If any. Material misstatements that arlse due to fraud can be hard8r to d8t8cI than those that arise from error as they may Involve deliberate concealment or colluslon. A further description of our responsibllitles Is avallable on the Financial Reportlng Council's website al.. https'.11 www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Use of our report This réport Is made solely to the charitab18 company's members, as a body, in accordanc8 wllh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to thè charitable company's members those matters we are required to slaté to them In an auditor's report and for no other purpose. To the fullest èxtent permitted by law, we do not accept or assume responsibility lo 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 wa have formed. Helen Furlong FCCA (Senlor Statutory Audltor) For and on behalf of X6inadin Audit Limitéd, Statutory Auditor Chartered Accountants 46 Hamilton Square Birkenhead Wirral Merseyside CH415AR Date.. 10
ENERGY PROJECTS PLUS LIMITED BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 14 1,444 1.872 Current assots Debtors Cash at bank and in hand 15 358,071 460,444 167,737 553,633 818,515 721,370 Creditors: amounts falllng due wlthSn one year 16 1115,894) {207,3611 Net current assets 702.621 514,009 Total assets less current Ilabllltles 704,065 515,681 Tha funds of the charlty Restricted income funds Unr8slricted funds 19 20 256,818 447,247 103,794 411,887 704,065 515,681 The financial statements wara approved by the trustees on . O C A Colbournè Trustee Company registration number 03176917 (England and Wales) 12
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcies Charlty Informatlon Energy Projects Plus Limited is a private company limited by guarantee incorporated in England and Wales. The register6d office is Wirral Environment Centre, Sandon Building, Falkland Road, Wirral, Merseyside, CH44 8ER. 1.1 Accounting convèntlon The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Chari118s SORP "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicab18 to charities preparing their acttiunls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The charity is a Publi¢ Benefit Entity as defin6d by FRS 102. The financial slalemenls are prepared in s18rling, which is the functional currency of the charity. Monetary amounts in these financial slatèmenls are rounded to th& nearest £. Th8 financial statements have been prepared under thè historical cost conventlon. The principal accounting policies adopted are set out below. 1.2 Golng concern At th6 lime of approving the financial statements, the Iruslees have a reasonable expeclatlon that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Iruslees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltabla funds Unreslricled funds are available for use at th8 dls¢relion of the Irus18es In furtherance of their charllable objectives. Restricted funds are subjecl lo specific condltions by donors or grantors as to how they may be us&d. The purposes and uses of the restricted funds are sel out in the notes to the financial statements. 1.4 Income Income is recognised when the Charity is legally enlitlod to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donalSons arè recognised once the charity has been notified of the donation, unless performanc6 conditions require deferral of Ihe amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognis8d at the lime of Ihe donation. Income from charitable activities includes incom8 received under contract or where entitlernenl to the grant funding is subject lo performance conditions. Income is recognised in the Statement of Financial Activities when the related services have been provided, inGome received in advanc8 of those services being provided is deferred. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. This is nom)ally on nolificalion of the interest paid or payable by the bank. 14-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Contlnued) 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term Ilquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instrumonts The charity has elected to apply the provisions of SectSon 11 'Basic Financial Inslrumenls. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ils financial inslrumenls. Financial inslrumenls are recognised in the charit$ balance sheet when the charity becomes party to the contractual provlslons of the instrument. Financial assets and liabilities are offset, with Ihe net amounts presented in the financial slalèm8nls, whan there is a legally enforceable right lo sel off the recognised amounts and there is an intention to settle on a n81 basis or to realise the asset and sattla the liability simultaneously. Baslc flnanclal assets Basic financial assets. which include debtors and cash and bank balances, are initially measur6d at transaction price including transacllon costs and are subsequently carried al amortised cost using the effective Interest method unless the arrangement conslilutes a financing Iransaclion, where Ihe transaction Is measured al the present value of th8 future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortised. Baslc flnancial Ilabllltles Basic financial liabilities, including creditors and bank loans are inillally recognised al transaction price unless the arrangement conslitules a financSng Iransaclion, where the debt instrument is measured al the present value of the future payments discounted al a market rale of interest. Financial liabilities classified as payable within onè year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations lo pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within on8 year or less. If not, they are presented as non-currenl liabilities. Trade Gredilors are recognised initially al transaction price and subsaquently measured at amortised cost using the effective interest method. Derecognltlon of flnanclal Ilabllltles Financial liabilities are derecognised when th8 Charity's contractual obligations expir8 or are discharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to lemiinate Ihe employment of an employee or to provide lemiination benefits. 1.11 Retirement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 16-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 other Income Unrestrlct6d Unrestricted funds funds 2024 2023 Other income 234 282 Expendlture on ralslng funds Unrestrlcted Unrestrlcted funds funds 2024 2023 Fundralslng and publlclty Staff costs 13,440 10,485 18-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to activltles (Continued> 2024 2023 Gov6rnance costs comprise: Audit fees Legal and professional 5.300 4,998 4,800 2,832 10,298 7,632 10 Net movement In funds 2024 2023 The n81 movement In funds is staled after chargingl(¢redilingl.' Fees payablé for Ihe audit of the charity's financial statements D8pr&ciation of owned tangible fixed assets 5,300 888 4,800 890 11 Trustoes None of the Iruslees (or any persons connected wllh them) received any r8muneration or benefits from the charity during the year. 12 Employees Thè average monthly number of employees during the yearwas: 2024 Number 2023 Number 25 18 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 464,355 30,428 9,578 291,189 16,799 5,991 504,361 313,979 There were no employees whose annual r8muneration was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows: 2024 2023 Aggregate compensation 67,702 61,073 20-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Creditors: amounts falling due withln one year 2024 2023 Notes Other taxation and social security Deferred income Trade creditors Other creditors Accruals 20,019 47,950 6,229 2,778 38,918 17,351 125,265 21,190 1,758 41,797 17 115,894 207.361 17 Deferred Income 2024 2023 Other deferred Income 47,950 125,265 Deferr8d income is Included In the financial stat8ments as follows.. 2024 2023 Deferred income is included within- Current liabilities 47,950 125.265 Movements In the year: Dèfèrrèd income at 1 April 2023 Released from previous periods Resources deferred in the year 125,265 1125.2651 47,950 7,113 17,1131 125,265 Deferred income at 31 March 2Q24 47,950 125,265 18 Retlrement benefit schemes 2024 2023 Deflned contrlbutlon schemes Charge to profil or loss in respect of defined contribution schemès 9,578 5,991 The charity operates a defined contribution pension schem8 for all qualifying employees. Th@ assels of the scheme are held separately from those of the charity in an independently administered fund. -22-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Restricted funds {Continued) Priz8 mone & other funds Comprising funds lo promote ènergy effiGiency across Cheshire,. funds to support the organisation of th& North Wesl Association of Local Energy Officers {ALEONW},' donations to general funds to promot8 fuel POV8rty support. owor Hèalth Throu h Warmth Comprising funds to support the installation of heating measures in the homes of vulnèrable people across Merseyside. Wlrral - Warm Homes HMRI etc Comprising funds lo support the installation of healing and Insulation measures in the homes of vulnerable people across Wirral. Halton HEARTH & Ener Zone ro ects Comprising funds to support the installation of h8ating and insulation measures In the homes of vulnerable people across Halton. Seflon - SEARCH &SEARCH+ Cos Homes etc Comprising funds to provide advice, and support the inslallallon of heating and insulation mèasurès, across Seflon. Cheshire East Cashbacks Comprising funds lo support the installation of healing measures in the hom8s of vulnerable peopl& across Cheshire Easl. Ener Outreach Pro ect EOP Comprising funds to dalivèr Community advice s8ssions, and training and support to front-line workers across North Wesl England. BGET- Llvar ool Affordable Warnith Comprising funds to provide advice and support, including fuel debt and tariff advice, to vulnerable people across Liverpool City (part) funded by the British Gas Energy Trust. EST & Local Authorlt - Fuel Voucher Schemes Comprising funds to allow residents to receive fuel vouchers by text or email across the Merseyside and Cheshire region. Cadent Foundation - Warmth4Health Comprssing funds to provide advice and support to residènts across Merseyside and Cheshire With a particular focus on the health impacts of damp and mould within the home. DESNZ Local Ener Advice Demonstrator LEAD Retrofit Buddles Comprising funds lo provide advice and hand-holding to residents across Merseyside and Cheshire wanting to proceed with retrofit measures and developing better understanding of the options to install improvement measures. -24-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Operating lease commitments Lessee Al the reporting end dale the charity had oulslanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2024 2023 Within one year BetWa8n two and five years 2,575 1,931 2,575 4,506 4,506 7,081 23 Related party transactlons There were no disclosable réla18d party transactions during the year (2023 - none). 24 Cash (absorbed by}Igonerated from oparatlons 2024 2023 Surplus for the y8ar 188,384 26,928 Adjustments for.. Investment income recognis8d in statement of financial activities Depreclation and impairment of tangible fixed assets 15,9431 888 12,122) 890 Movoments In working capltal.. Ilncrease) in debtors IDecreasellincre8se in creditors (De¢rease)lincrease in def6rred income 1190,3341 (14,1521 {77,3151 138,9241 4,422 118,152 Cash (absorbed by)Igenerated from operatlons 198,472) 109,346 25 Analysis of Changes In net funds The charity had no material debt during the year. -26-