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2021-09-30-accounts

Charity Registration No. 1096300

Company Registration No. 4297905 (England and Wales)

POLICY EXCHANGE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

POLICY EXCHANGE LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Pamela Dow
Alexander Downer
Andrew Feldman
David Harding
Patricia Hodgson
Greta Jones
Andrew Law (Appointed 22 January 2021)
Charlote Metcalf
David Ord
Roger Orf
Andrew Roberts
Robert Rosenkranz
William Salomon
Peter Wall
Simon Wolfson
Nigel Wright
Director Dean Godson
Charity number 1096300
Company number 4297905
Registered ofce Acre House
11-15 William Road
London
United Kingdom
NW1 3ER
Auditor HW Fisher LLP
Acre House
11-15 William Road
London
United Kingdom
NW1 3ER
Bankers Barclays Bank PLC
1 Churchill Place
London
E14 5HP
Natwest Bank PLC
135 Bishopsgate
London
EC2M 3UR

POLICY EXCHANGE LIMITED

CONTENTS

Page
Trustees' report 1 - 7
Statement of trustees' responsibilites 8
Independent auditor's report 9 - 11
Statement of fnancial actvites 12 - 13
Balance sheet 14
Statement of cash fows 15
Notes to the fnancial statements 16 - 29

POLICY EXCHANGE LIMITED TRUSTEES’ REPORT (INLCUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

______________

The Trustees present their report and financial statements for the year ended 30 September 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity’s governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)” (as amended for accounting periods commencing from 1 January 2016).

Objects of the Charity and Mission

The objects of Policy Exchange as set out in its memorandum and articles are as follows:

The non-partisan advancement of education in the economic, social and political sciences and their effect on public policy and the policy making process in the UK and the promotion and publication of objective research.

Policy Exchange is one of the UK’s leading independent think tanks. As an educational charity, our mission is to develop and promote new policy ideas which deliver better public services, a stronger society, and a more dynamic economy for all. The Trustees have considered the Charity Commission’s guidance on public benefit and place a number of objectives at the heart of their strategic thinking when considering how best to discharge Policy Exchange’s mission:

Structure, Governance and Management

Policy Exchange is a registered charity, number 1096300, and is constituted as a Charitable Company limited by guarantee governed by its Memorandum and Articles of Association dated 9 November 2001 and revised on 3 May 2011. The company was registered as a charity with the Charity Commission of England and Wales on 3 March 2003.

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POLICY EXCHANGE LIMITED TRUSTEES’ REPORT (INLCUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

______________

The Trustees, who are also Members of the Charity, serve a four year term before being required to seek re-election. None of the Trustees has any beneficial interest in the Company. The Trustees delegate the day-to-day running of the Charity to the Director, Dean Godson, who is in turn supported by a Senior Management Team. The Director makes quarterly reports to the Board of Trustees on any significant matters across all areas of the Charity, including changes in staff, policy research and financial issues. The Board of Trustees is responsible for making major decisions of a strategic nature with regard to both Policy Exchange Ltd and its trading subsidiary Policy Exchange Events Ltd (formerly The Ideas Space Ltd).

A separate Risk and Remuneration Committee, comprising three Trustees who serve on the Main Board, meets annually – or more often if required – to review the major risks which might threaten the successful operation of the Charity. Matters around pay and compensation for the Charity’s Director are also part of the Committee’s remit, which reports directly to the Chairman of Trustees at the relevant meeting of the Full Board of Trustees.

Achievements and performance

Policy Exchange’s programme of research and events in 2020/21 has reaffirmed our place at the heart of the national policy conversation. Our work covered a wide range of issues, from addressing the waiting list backlog in the NHS; Planning reform; Knife Crime; economic recovery from the Pandemic; and Britain’s future role in the Indo-Pacific; to reform of Government; developing the market for electric vehicles; ‘Green’ finance; Islamism; and creating digital identities. In recognition of our contributions to policy and public debate, Policy Exchange won the Advocacy Award at the Prospect Think Tank Awards of 2020.

Despite the pandemic, we led an extremely active events programme too. Keynote and international speakers included the Prime Minister, Rt Hon Boris Johnson MP; the serving Australian Prime Minister Hon Scott Morrison AC; Deputy US National Security Adviser Matthew Pottinger; future Indo-Pacific Adviser to US President Joe Biden Dr Kurt Campbell; former French Socialist Prime Minister Manuel Valls; and HE Harsh Vardhan Shringla, Foreign Secretary of India.

Policy Exchange produced 45 publications and hosted 64 events over the course of the year including the 2020 party conference season.

Reports and their influence

Health policy remained a priority during the reporting period. Policy Exchange published Saving a Lost Decade , a major piece of research on the future of public health policy. It assessed the options facing the Government following the decision to restructure Public Health England and received widespread praise from the health community. The Health and Social Care Unit also published a paper assessing the initial phase of the vaccine rollout as well as a major report on the recovery of elective care which set out over thirty policy recommendations to tackle the waiting list in elective care.

The Economics and Social Policy Unit continued to work on the policy response to the Covid-19 crisis and has contributed to the wider work of Policy Exchange by publishing papers on issues such as the macro-economic management of the economy and the housing market. The report Monetary Response to the Coronavirus Crisis was extensively covered by the Economics Editor of The Guardian , Larry Elliott, who speculated in his column that the approach described in the report was an indication of the future direction of the Bank of England. The Unit also published a response to the Government’s Spending Review and called for a pro-growth economic strategy as the best way to address Britain’s fiscal position.

The Housing Unit’s key contribution to the ongoing debate on UK housing policy was a report with the recommendation of 'Street Votes'. This would give whole streets a say over their redevelopment and was previously submitted to the Government's Planning White Paper consultation. It received endorsements from political figures across the spectrum.

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POLICY EXCHANGE LIMITED TRUSTEES’ REPORT (INLCUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

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In the field of education and skills, Policy Exchange’s David Goodhart published his latest book, Head, Hand, Heart and was made a Financial Times ‘Book of the Year’. It has been one of the key influences behind Government thinking on moving the focus away from higher education and achieving a better spread of reward and status in the labour market. David also coauthored Technical Breakthrough: Delivering Britain’s Higher-level Skills . The paper argues that most of the renewed investment in technical skills should be delivered by universities and especially new universities like Nottingham Trent. It makes an imaginative pitch for a repurposing of parts of higher education, similar to the reinvention of ‘applied universities’, the old polytechnics in new form. Policy Exchange’s report on Academic Freedom in the UK formed the basis for the Department for Education’s White Paper and was cited six times in the White Paper with five of the seven policy recommendations directly adopted or adapted.

The Energy and Environment Unit published a range of influential reports in 2020/21, including The Future of UK-EU Energy Cooperation , The Future of the North Sea , Charging Up and Capital Shift . It also published Powering Net Zero , which set out why ‘local electricity pricing’ holds the key to a Net Zero Energy System. The report, Crossed Wires considered the growing challenge of connecting offshore wind farms to the UK’s onshore electricity network. The Unit also launched Policy Exchange’s new journal, Environmental Affairs . The first edition, The Geopolitics of Climate Change , explored the rising geopolitical impact of environmental policy and was launched with a keynote speech delivered by General David Petraeus, former Commander of United States Central Command. Among other eminent figures in the field, the journal featured articles by General Petraeus; Hon Malcolm Turnbull AC; Rt Hon Lord Hague of Richmond.

The Judicial Power Project published a range of papers including the research note, Overseas Operation Bill , endorsed by the former head of the SAS, Lt Gen Graeme Lamb KBE, CMG, DSO. It set out ten ways in which the Government’s Overseas Operations Bill could be amended to improve its effectiveness and to minimise the risk of unintended consequences. The Project also published a symposium on Supreme Court reform, in which distinguished legal commentators engaged with the question of how and by whom appellate authority should be exercised. The report, Reforming the Lord Chancellor’s Role in Senior Judicial Appointments , endorsed by Rt Hon Jack Straw, made the case for reforming judicial appointments, in which judges effectively appoint other judges. In addition, the Judicial Power Project published a major study of judicial interference with the Government’s control of the UK’s borders. It made a lengthy submission in response to the Government consultation on judicial review reform and offered a critique of the Law Commission’s misconceived consultation into hate crimes.

The History Matters Project, chaired by Sir Trevor Phillips, has been at the heart of discussion on decolonisation of museums, curricula, and other institutions in the public space. The project documented hundreds of instances of ‘decolonisation’ through its regular newsletters, five of which were published during the reporting period. Policy Exchange also published Protecting Local Heritage: How to bring democracy to the renaming of streets, and another with a foreword by the Rt Hon Sir Nicholas Soames in response to a panel discussion at Churchill College, Cambridge. The paper highlights and analyses the many historically inaccurate claims that were made at the panel discussion.

As technology touches on all areas of policy, the Technology Unit’s work ranged from finance to health policy. In October the Unit published, Verified: The UK’s Digital ID Dilemmas, a major new report on digital identity. It argues that the Government needs to develop better systems to allow people to create and use ‘digital identities’ to prove their identity online, which could prevent billions of pounds of fraud a year. In December, the Technology Policy Unit continued supporting the work of Policy Exchange’s Reform of Government Commission, and in July the Unit published a report outlining how the U.K. can pursue a new direction in innovation policy.

Finally, the Britain in the World Project published several influential reports including on the UK’s maritime sector, Japan’s new security policy and post-Brexit opportunities for the UK. It also published A Washington Strategy’ for British diplomacy which urged the Government to recognise ‘the need for radical diplomatic change in a post-Brexit and post-Trump world’. The paper made a strong impact in diplomatic circles in both the UK and Washington DC, and was noted by the new Biden Administration.

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POLICY EXCHANGE LIMITED TRUSTEES’ REPORT (INLCUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

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Impact on government policy

A range of Policy Exchange proposals were adopted by the Government over the course of 2020/21. The Prime Minister’s 10-Point Plan for a Green Industrial Revolution included many echoes of Policy Exchange’s research in this area over more than a decade. These included a commitment to nuclear Small Modular Reactors (SMRs), reflecting our pioneering work in a 2018 paper and the report Small Modular Reactors ; the Government bringing forward the phase-out date for petrol and diesel cars to 2030, which we recommended in our 2019 report Modernising the UK ; various commitments to invest in public transport, echoing recommendations in reports such as Driving Down Emissions published in 2017 and Up In the Air published in 2016; and the creation of a national infrastructure bank to support green infrastructure implementing proposals from Policy Exchange’s 2009 paper, Delivering a 21[st] Century Infrastructure for Britain .

The announcement by the Government of a review into the transport connectivity in all parts of the United Kingdom mirrored a specific recommendation from the 2019 report Modernising the United Kingdom .

The impact of our research was also evident in the Government’s publication of the Integrated Review. It argues for a ‘tilt’ to the Indo-Pacific, reflecting the framework and strategy recommended by Policy Exchange’s Indo-Pacific Commission and the report A Very British Tilt: Towards a new UK strategy in the Indo-Pacific . The Commission’s work was led by Rt Hon Stephen Harper, the former Canadian Prime Minister, and with a Foreword by Hon Shinzo Abe, former Prime Minister of Japan. The Integrated Review also recommends the UK taking a leading role in the shaping of a new international order, as argued by John Bew in his 2019 paper, Making Global Britain Work ; putting the space domain at the core of the Government’s strategic vision for this country, as recommended by the work of Policy Exchange’s Space Policy Unit and the adoption of Net Assessment as a cross-government capability, as recommended by A Question of Power: Towards Better UK Strategy Through Net Assessment . Key other themes in the Integrated Review, such as the notion of ‘strategic competition’ with our global adversaries, can be closely linked to Policy Exchange’s research output.

Elsewhere in domestic policy, the Queen’s Speech put into legislative terms the planning reforms Policy Exchange has been proposing for the past three years, notably ‘building beautiful’ to win local consent for new developments.

The Health and Social Care Unit called for the creation of a ‘New Institute for Health Improvement housed in the Department of Health and Social Care, reporting to Ministers and the Chief Medical Officer’; for the Government to improve transparency around covid-19 vaccination deployment data; for investment in diagnostics to bring the UK in line with OECD comparator countries with the setup of surgical hubs; and for a long-term multi-year settlement for elective recovery. These recommendations were all adopted by Government.

Future Plans

Policy Exchange will continue to develop and promote new policy ideas which deliver better public services, a stronger society, and a more dynamic economy.

Policy Exchange has embarked on a major project to review UK regulation following our departure from the European Union. Led by the former Head of the Civil Service Lord Sedwill, a high-level panel will examine ways in which regulation can be better geared to achieve practical improvements to people’s everyday lives, including public sector workers from police officers to teachers, whose time and energy is spent dealing with suffocating regulation rather than the tasks the public would expect.

The History Matters project is drawing up a set of universally applicable principles which will provide heads of institutions with a clearly defined procedure through which, once they have demonstrated that there may be a basis for change, they can determine the best approach to take regarding any proposed change. The project is also looking at the changing curatorial narratives at the Imperial War Museum in London over the past two decades, in particular focussing on the museum’s failure to engage with the post-war conflicts adequately.

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POLICY EXCHANGE LIMITED TRUSTEES’ REPORT (INLCUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

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The Skills, Social Mobility and Levelling Up Unit is soon to publish a paper on rethinking social mobility for the ‘Levelling Up’ era, authored by Alun Francis, a leading innovator in the field of further education.

We also have packed programmes for the upcoming party conferences, including Lisa Nandy, Shadow Foreign Secretary, appearing with Sebastian Payne, author of the widely acclaimed Broken Heartlands at Labour’s Conference, and an ‘in conversation’ event with Rt Hon Sajid Javid MP, Health Secretary, and Fraser Nelson, Editor of The Spectator , at Conservative Party Conference.

Digital Outreach

Over this pandemic period we experienced consistent growth across all platforms. Our website saw a 15% increase in traffic compared to the same period last year, with over 700,000 page views. 60% of our audience were from the UK and 40% were international, with 10% from the US. Our social media channels continued to grow, with the biggest increases being YouTube and LinkedIn.

Our digital platform for events remains a market leader for UK Think Tanks. In October 2020 we had a successful online presence at both Virtual Labour and Conservative party conferences. Having taken steps to build our own studio system, we are well placed to transition to a programme of hybrid events in the future.

Looking ahead, the rollout of multiple podcast series is planned in order to help us reach new audiences.

Fundraising

Policy Exchange relies on the support of a broad spread of regular donors for its work. Fundraising for specific research and events is done on a project by project basis, according to Policy Exchange’s own research priorities, and its editorial independence is a precondition of any engagement with donors. Policy Exchange does not work with any external professional fundraisers or employ any large scale targeted fundraising activities and therefore does not participate in any fundraising regulatory schemes, relying instead on the quality of its research and its proven track record of effecting policy change, in order to attract support for its ongoing work. Fundraising costs incurred by the Charity during the year mainly comprise salaries.

Financial Review

The results for the year and financial position of the Charity are set out in the annexed financial statements.

Policy Exchange was pleased to record a surplus of £206,686 on slightly raised income of £3,396,554 (2020: 3,348,991). Costs remained almost exactly in line with the previous year at £3,189,868.

Reserves Policy

The Trustees recognise the need to hold reserves and allow for seasonal or other fluctuations in donations and/or expenditure.

Total reserves at 30 September 2021 stood at £2,134,493 of which £1,264,742 were general unrestricted and £100,000 were designated unrestricted, therefore overall £1,364,742 (64%) were unrestricted. Designated reserves dropped from £150,000 at the start of the year to £100,000 at the year end, following the release of previous sums allocated for specific projects. Residual Designated Funds comprise sums earmarked by the Trustees for core projects, including ongoing website and future relocation costs.

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POLICY EXCHANGE LIMITED TRUSTEES’ REPORT (INLCUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

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The Trustees review carefully the level of unrestricted reserves and aim to keep a level of unrestricted reserves equivalent to between four and six months’ regular operating costs in order to manage any unexpected shocks. At £1,364,742, unrestricted reserves at 30 September 2021 comfortably exceeded this requirement and the Trustees are therefore satisfied that the Charity’s reserves are sufficient.

Directors and Trustees

The Directors of the company are also Trustees of the Charity, and there are no other trustees. The following Directors served throughout the year and up to the date of signature of the financial statements except where noted:

Diana Berry (retired 15.04.21) Pamela Dow (appointed 10.12.18) (on Leave of Absence) Alexander Downer Andrew Feldman David Harding Patricia Hodgson Greta Jones Andrew Law (appointed 22.01.21) Edward Lee (retired 05.06.21) Charlotte Metcalf David Ord Roger Orf Andrew Roberts George Robinson (retired 15.04.21) Robert Rosenkranz William Salomon Peter Wall Simon Wolfson Nigel Wright

Appointment and Training of Trustees

Trustees may, from time to time, and at any time, appoint any person to be a Trustee at any of the Quarterly Board Meetings.

All Trustees have successful track records in the fields of journalism, commerce, the arts, the armed services, academia or government. Each one has experience in participating in formal committee structures and understands the responsibilities of acting as a trustee for a charitable organisation. All new Trustees are given the opportunity to spend time with management to familiarise themselves with the operations and understand the key issues that surround the organisation.

Statement of disclosure to auditor

So far as each person who was a trustee at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the Trustees individually have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit information and to establish that the Charity’s auditor is aware of that information.

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POLICY EXCHANGE LIMITED TRUSTEES’ REPORT (INLCUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

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Risk Management

The Risk and Remuneration Committee identified three particular ongoing operational risks for consideration:

On behalf of the board of Trustees

William salomon

……………………..

William Salomon

Trustee

27 Jun 2022 Dated:

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POLICY EXCHANGE LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2021

The trustees, who are also the directors of Policy Exchange Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

POLICY EXCHANGE LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF POLICY EXCHANGE LIMITED

Opinion

We have audited the financial statements of Policy Exchange Limited (the ‘charity’) for the year ended 30 September 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

POLICY EXCHANGE LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF POLICY EXCHANGE LIMITED

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.

POLICY EXCHANGE LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF POLICY EXCHANGE LIMITED

Use of our report

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

HW Fisher LLP

Russell Nathan (Senior Statutory Auditor)

for and on behalf of HW Fisher LLP

Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom 27 Jun 2022 .........................

POLICY EXCHANGE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2021

Current fnancial year
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2021
2021
2021
Notes
£
£
£
Income and endowments from:
Donatons, gifs and grants
3
1,414,886
-
1,548,009
Incoming resources from charitable
actvites
4
160,000
-
-
Trading income
5
97,802
-
-
Investments
6
249
-
-
Other income
7
175,608
-
-
Total income
1,848,545
-
1,548,009
Expenditure on:
Raising funds
8
185,935
-
-
Research
9
323,574
-
2,680,359
Total resources expended
509,509
-
2,680,359
Net incoming/(outgoing) resources before
transfers
1,339,036
-
(1,132,350)
Net incoming/(outgoing) resources before
transfers
1,339,036
-
(1,132,350)
Gross transfers between funds
(1,383,254)
(50,000)
1,433,254
Net (expenditure)/income for the year/
Net movement in funds
(44,218)
(50,000)
300,904
Fund balances at 1 October 2020
1,308,960
150,000
468,847
Fund balances at 30 September 2021
1,264,742
100,000
769,751		 Total
2021
£
2,962,895
160,000
97,802
249
175,608
3,396,554
185,935
3,003,933
3,189,868
206,686
206,686
-
206,686
1,927,807
2,134,493		 Total
2020
£
2,997,455
157,000
26,387
2,634
165,515
3,348,991
174,528
3,042,539
3,217,067
131,924
131,924
-
131,924
1,795,883
1,927,807

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

POLICY EXCHANGE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2021

Prior fnancial year
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2020
2020
2020
Notes
£
£
£
Income and endowments from:
Donatons, gifs and grants
3
1,906,149
-
1,091,306
Incoming resources from charitable actvites
4
157,000
-
-
Trading income
5
26,387
-
-
Investments
6
2,634
-
-
Other income
7
165,515
-
-
Total income
2,257,685
-
1,091,306
Expenditure on:
Raising funds
8
174,528
-
-
Research
9
550,157
-
2,492,382
Total resources expended
724,685
-
2,492,382
Net incoming/(outgoing) resources before transfers
1,533,000
-
(1,401,076)
Gross transfers between funds
(1,567,213)
(56,228)
1,623,441
Net (expenditure)/income for the year/
Net movement in funds
(34,213)
(56,228)
222,365
Fund balances at 1 October 2019
1,343,173
206,228
246,482
Fund balances at 30 September 2020
1,308,960
150,000
468,847		 Total
2020
£
2,997,455
157,000
26,387
2,634
165,515
3,348,991
174,528
3,042,539
3,217,067
131,924
-
131,924
1,795,883
1,927,807

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

POLICY EXCHANGE LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2021

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one year
18
Net current assets
Total assets less current liabilites
Income funds
Restricted funds
20
Unrestricted funds
Designated funds
21
General unrestricted funds		 2021
£
558,969
2,205,754
2,764,723
(664,877)
100,000
1,264,742		 £
34,645
2
34,647
2,099,846
2,134,493
769,751
1,364,742
2,134,493		 2020
£
404,155
2,139,853
2,544,008
(700,346)
150,000
1,308,960		 £
84,143
2
84,145
1,843,662
1,927,807
468,847
1,458,960
1,927,807

22 Jun 2022

The financial statements were approved by the Trustees on .........................

William salomon

.............................. William Salomon

Trustee

Company Registration No. 4297905

POLICY EXCHANGE LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

Notes
Cash fows from operatng actvites
Cash generated from operatons
25
Investng actvites
Purchase of tangible fxed assets
Investment income received
Net cash used in investng actvites
Net cash used in fnancing actvites
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
(11,755)
249		 £
77,407
(11,506)
-
65,901
2,139,853
2,205,754		 2020
£
(13,486)
2,634		 £
418,263
(10,852)
-
407,411
1,732,442
2,139,853

POLICY EXCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

1 Accounting policies

Charity information

Policy Exchange Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Policy Exchange Events Limited is not included in consolidated financial statements as its inclusion is not material for the purpose of giving a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

As stated in the Trustees' Report, the trustees have considered the effect of the Covid-19 outbreak. The trustees consider that the outbreak has caused some disruption to the charity's operations and the level of significance will be dependent upon the length of time of the disruption. The trustees of Policy Exchange Limited, along with the senior management team, continue to monitor the situation carefully and have put plans in place to mitigate the risk to the companies' operations. Further details of this can be seen in the Risk Management section of the Trustees' Report. The trustees have a reasonable expectation that Policy Exchange Limited can continue as a going concern for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the charity is legally entitled 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 donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

POLICY EXCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised on an accruals basis, exclusive of value added tax.

Costs of generating funds are those costs incurred in attracting voluntary income, in particular grant funding and the costs of maintaining the company's profile within the sector.

Expenditure relating to research and events activities are those elements of expenditure directly incurred in performing these activities.

Governance costs include those costs incurred in the governance of the company and are primarily associated with constitutional and statutory requirements.

Support costs have been allocated in full to the single charitable activity - Research.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Short leasehold Over the life of the lease Computer equipment 3 years straight line Fixtures, fittings & equipment 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs.

1.8

Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all its financial instruments.

The charity only has assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of fixed asset investments that are initially recognised at transaction value and subsequently recognised at their fair value.

1.10 Employee benefits

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 terminate the employment of an employee or to provide termination benefits.

POLICY EXCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

1 Accounting policies

(Continued)

1.11 Retirement benefits

The charity operates a defined contributions stakeholder pension scheme. Contributions are charged in the financial statements as they become payable in accordance with the rules of the scheme.

1.12 Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There were no critical accounting estimates and judgements.

3 Donations, gifts and grants

Unrestricted
funds
general
2021
£
Donatons and gifs
1,414,886
Grants receivable
-
1,414,886		 Restricted
funds
2021
£
1,548,009
-
1,548,009		 Total
Unrestricted
funds
general
2021
2020
£
£
2,962,895
1,873,378
-
32,771
2,962,895
1,906,149		 Restricted
funds
2020
£
1,091,306
-
1,091,306		 Total
2020
£
2,964,684
32,771
2,997,455

During the year, £nil (2020: £32,771) was received under the CJRS as a government grant.

Sales within charitable activities

Corporate Corporate
events events
2021 2020
£ £
160,000 157,000

POLICY EXCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

5
6
7
8		 Trading income
Unrestricted
Unrestricted
funds
funds
general
general
2021
2020
£
£
Business forum and book sales
97,802
26,387
Investments
Unrestricted
Unrestricted
funds
funds
general
general
2021
2020
£
£
Interest receivable
249
2,634
Other income
Unrestricted
Unrestricted
funds
funds
general
general
2021
2020
£
£
Other income
-
1,143
Rental income
175,608
164,372
175,608
165,515
Raising funds
Unrestricted
Unrestricted
funds
funds
general
general
2021
2020
£
£
Costs of generatng voluntary income
Staging fundraising events
31,759
9,967
Other fundraising costs
(9,838)
(1,747)
Staf costs
164,014
166,308
185,935
174,528

POLICY EXCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

9 Research

Staf costs
Professional fees, research and events
Publicatons, printng and postage
Travel and subsistence
Premises
Website and IT support
Other costs
Grant funding of actvites (see note 10)
Share of support costs (see note 11)
Share of governance costs (see note 11)
Analysis by fund
Unrestricted funds - general
Restricted funds		 2021
£
1,164,739
991,345
42,822
32,753
374,649
38,324
35,727
2,680,359
-
290,411
33,163
3,003,933
323,574
2,680,359
3,003,933		 2020
£
1,065,807
788,193
22,222
38,360
411,661
31,795
20,344
2,378,382
114,000
537,277
12,880
3,042,539
550,157
2,492,382
3,042,539

10 Grants payable

2020
£
Grants to insttutons:
Other 114,000

Grants payable relate to a 3 year project with the Woolf Institute, Cambridge on “British Islam and English Law”. This work was published in January 2022.

POLICY EXCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2021

11
Support costs
Support costs
Governance
costs
£
£
Staf costs
95,154
-
Depreciaton
61,253
-
Other costs
104,843
-
Premises
29,161
-
Audit fees
-
33,163
290,411
33,163
Analysed between
Charitable actvites
290,411
33,163		 2021
Support costs
Governance
costs
£
£
£
95,154
96,798
-
61,253
56,497
-
104,843
276,191
-
29,161
107,791
-
33,163
-
12,880
323,574
537,277
12,880
323,574
537,277
12,880		 2020
£
96,798
56,497
276,191
107,791
12,880
550,157
550,157

Governance costs includes payments to the auditors of £18,384 (2020: £10,316) for audit fees and £10,529 (2020: £2,564) for other services.

12 Trustees

No trustees received benefits or have been paid any remuneration (2020- none received) from the charity during the year.

13 Employees

The average monthly number of employees during the year was:

Research
Fundraising
Administraton
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2021
Number
17
2
5
24
2021
£
1,228,693
135,377
59,837
1,423,907		 2020
Number
16
2
6
24
2020
£
1,139,643
126,906
62,364
1,328,913

POLICY EXCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

(Continued)

Included in Wages and Salaries is £22,500 (2020: £nil) relating to a termination payment payable to an employee under a settlement agreement. This amount was paid within the year.

The key management personnel of the charity comprises the trustees, the Director, the Managing Director, the Director of Policy and Communications, and the Director of Research. The trustees do not receive any remuneration. Remuneration of key management personnel amounted to £521,244 (2020: £379,250) in the year.

The number of employees whose annual remuneration was £60,000 or more were:

2021 2020
Number Number
60,000 - 69,999 1 -
70,000 - 79,999 1 -
100,000 - 109,999 1 2
110,000 - 119,999 1 -
150,000 - 159,999 1 1

Contributions totalling £32,883 (2020: £24,250) were made to defined contribution pension schemes on behalf of employees whose emoluments exceed £60,000.

14
Tangible fxed assets
Short leasehold
Computer
equipment
Fixtures, ftngs
& equipment
£
£
£
Cost
At 1 October 2020
262,836
65,070
50,110
Additons
-
11,755
-
At 30 September 2021
262,836
76,825
50,110
Depreciaton and impairment
At 1 October 2020
201,551
45,177
47,145
Depreciaton charged in the year
49,027
10,564
1,662
At 30 September 2021
250,578
55,741
48,807
Carrying amount
At 30 September 2021
12,258
21,084
1,303
At 30 September 2020
61,285
19,893
2,965		 Total
£
378,016
11,755
389,771
293,873
61,253
355,126
34,645
84,143

POLICY EXCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2021

15 Fixed asset investments

Cost or valuaton
At 1 October 2020 & 30 September 2021
Carrying amount
At 30 September 2021
At 30 September 2020
16
Subsidiaries
Details of the charity's subsidiaries at 30 September 2021 are as follows:
Name of undertaking and country of
Nature of business
Class of
incorporaton or residency
shareholding
Policy Exchange Events
Limited
United Kingdom Conference/administraton
services
Ordinary
These fnancial statements are separate charity fnancial statements for Policy Exchange Limited.
17
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
18
Creditors: amounts falling due within one year
Other taxaton and social security
Trade creditors
Other creditors
Accruals and deferred income		 Investment in
subsidiary
£
2
2
2		 Investment in
subsidiary
£
2
2
2
% Held
Direct
100.00		 Indirect
-
2021
£
163,402
246,074
149,493
558,969
2021
£
52,663
308,305
92,408
211,501
664,877		 2020
£
137,249
118,310
148,596
404,155
2020
£
36,948
227,889
79,814
355,695
700,346

Total deferred income at the year end amounted to £144,746 (2020: £271,649). This amount represents income for subscriptions, donations and sublease rental income that relate to future accounting periods and will be shown in the next financial year.

POLICY EXCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2021

19 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £59,837 (2020 - £62,364).

Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donatons and grants held on trust for specifc purposes: Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Transfers from
Transfers from
Balance at
Incoming
Resources
Transfers from
Balance at		 1 October 2019
resources
expended
Designated
Unrestricted
1 October 2020
resources
expended
Unrestricted
30 September		 funds
funds
funds
2021		 £
£
£
£
£
£
£
£
£
£		 Economics
-
55,000
(542,294)
-
487,294
-
35,000
(495,148)
460,148
-		 Security and Extremism
-
176,479
(645,908)
7,698
461,731
-
450,000
(480,397)
30,397
-		 Educaton
10,455
219,544
(105,747)
-
-
124,252
160,000
(118,824)
-
165,428		 Crime and Justce
9,052
-
(680)
-
-
8,372
-
-
-
8,372		 Environment and energy
102,386
180,049
(147,704)
-
-
134,731
452,000
(333,520)
-
253,211		 Directors
-
174,000
(408,232)
-
313,975
79,743
221,000
(490,015)
405,272
216,000		 Wolfson Economics Prize
7,076
-
-
-
-
7,076
173,509
(159,394)
-
21,191		 Cites
-
-
(101,088)
48,530
52,558
-
10,000
(57,911)
47,911
-		 Immigraton, Integraton and Demography
105,549
-
(30,529)
-
30,529
105,549
-
(17,947)
17,947
105,549		 Health and Social Policy
9,124
77,700
(79,834)
-
2,134
9,124
26,500
(102,317)
66,693
-		 Technology Policy
2,840
22,500
(98,928)
-
73,588
-
-
(60,549)
60,549
-		 Foreign Policy
-
186,034
(331,438)
-
145,404
-
20,000
(364,338)
344,338
-		 246,482
1,091,306
(2,492,382)
56,228
1,567,213
468,847
1,548,009
(2,680,360)
1,433,255
769,751		 Restricted funds relate to research projects undertaken with regard to all public policy areas. A typical research project will include detailed research, a writen report or note, and related event (s). Surplus funds at the year end represent the balance of donatons given for work which was stll in progress at 30 September 2021. Transfers into restricted funds ensure either zero balances at year end, or sums needed to complete work stll underway. The Wolfson Prize Fund relates to a competton launched in October 2012. The competton is sponsored by the Charles Wolfson Charitable Trust and administered by Policy Exchange.
20

POLICY EXCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

21 Designated funds

The income funds of the charity include designated funds comprising the following unexpended balances held for specific purposes:

Balance at
1 October 2019
£
Research
56,228
Core maintenance
150,000
206,228		 Transfers
Balance at
1 October 2020
£
£
(56,228)
-
-
150,000
(56,228)
150,000		 Transfers
Balance at
30 September
2021
£
£
-
-
(50,000)
100,000
(50,000)
100,000		 Transfers
Balance at
30 September
2021
£
£
-
-
(50,000)
100,000
(50,000)
100,000
100,000

Research funds are to be used for projects associated with a number of different research areas. Core funds are to be used in relation to core projects including premises expenses and website and IT upgrades.

Transfers from designated funds represents the overspend on the research funds being covered by the designated funds.

Total 2020 £ 84,143 2 1,843,662 1,927,807
Restricted funds 2020 £ - - 468,847 468,847
Designated funds 2020 £ - - 150,000 150,000
Unrestricted funds 2020 £ 84,143 2 1,224,815 1,308,960
Total 2021 £ 34,645 2 2,099,846 2,134,493
Restricted funds 2021 £ - - 769,751 769,751
Designated funds 2021 £ - - 100,000 100,000
Unrestricted funds 2021 £ 34,645 2 1,230,095 1,264,742
Analysis of net assets between funds Fund balances at 30 September 2021 are represented by: Tangible assets Investments Current assets/(liabilites)
22

POLICY EXCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

23 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under a noncancellable operating lease, which fall due as follows:

Within one year
Between two and fve years		 2021
£
97,741
-
97,741		 2020
£
390,962
97,741
488,703

Lessor

The operating lease represents the sublease of office floor space to third parties. The lease was negotiated over terms of 5 years with a break clause after two years. There are no options in place for either party to extend the lease terms. There are no contingent rent or escalation clauses. There are no significant restrictions imposed by lease arrangements.

At the reporting end date the charity had contracted with tenants for the following minimum lease payments:

Within one year
Between two and fve years		 2021
£
36,018
-
36,018		 2020
£
144,073
36,018
180,091

Non-adjusting post balance sheet event

On nearing termination of the above leases, the entity entered into a lease that commenced on 29 October 2021. This lease contains an 11-month rent free period, with an annual rental charge thereafter of £278,375 paid in quarterly installments. The lease term of 10 years will be subject to a break clause after 5 years, with rent reviews occuring every 5 years.

24

Related party transactions

The total donations recognised as income in the year from the charity's trustees and related parties amounted to £779,009 (2020: £499,000). One donation of £80,000 was part of a three year donation of £240,000 received in the prior year, the coming year amount of £80,000 has been recognised in deferred income.

POLICY EXCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2021

25
Cash generated from operatons
2021
£
Surplus for the year
206,686
Adjustments for:
Investment income recognised in statement of fnancial actvites
(249)
Depreciaton and impairment of tangible fxed assets
61,253
Movements in working capital:
(Increase) in debtors
(154,814)
(Decrease)/increase in creditors
(35,469)
Cash generated from operatons
77,407
26
Analysis of changes in net funds
The charity had no debt during the year.		 25
Cash generated from operatons
2021
£
Surplus for the year
206,686
Adjustments for:
Investment income recognised in statement of fnancial actvites
(249)
Depreciaton and impairment of tangible fxed assets
61,253
Movements in working capital:
(Increase) in debtors
(154,814)
(Decrease)/increase in creditors
(35,469)
Cash generated from operatons
77,407
26
Analysis of changes in net funds
The charity had no debt during the year.		 2020
£
131,924
(2,634)
56,497
(37,934)
270,410
418,263