Company Number - 05128833 Charity Number - 1104230
CHANGE AGENTS UK CHARITY (A COMPANY LIMITED BY GUARANTEE) AND ITS SUBSIDIARY UNDERTAKINGS
Financial Statements for the year ended 31 March 2023
CHANGE AGENTS UK CHARITY
Index
for the year ended 31 March 2023
| Page | |
|---|---|
| Legal and administrative information | 1 to 2 |
| Report of the trustees | 3 to 10 |
| Independent examiners report to the members | 11 |
| Consolidated Statement of Financial Activities | 12 to 13 |
| Group and charity balance sheets | 14 |
| Notes to the financial statements | 15 to 24 |
| Fund comparatives | 26 to 27 |
CHANGE AGENTS UK CHARITY
Legal and administrative information
for the year ended 31 March 2023
Directors and Trustees Trevor Gibson Chair Dr Ian Paton Vice-Chair (Vice-Chair until Dec 2022) Dr Emma Fieldhouse Vice-Chair (Vice-Chair from Dec 2022) Professor (Emeritus) Mark Lemon Charlotte Dixon Charlotte Bonner (Appointed 11 October 2022) Sheri-Leigh Miles (Appointed 11 October 2022) Dr Shujhat Khan (Appointed 11 October 2022) Catherine (Katy) Boom (Appointed 11 October 2022) Dr Lorena Pasquini (Appointed 6 December 2022) Eleanor Snare (Appointed 6 December 2022) Chief Executive Alexandra (Lexie) Jones Registered office Oakham Railway Station Station Approach Oakham Rutland LE15 6QT Company registration number 05128833 Charity registration number 1104230 Independent Examiner Ken Maggs Hoekman Way Spalding Lincs PE11 3HE Bankers The Cooperative Bank plc Stockport Business Direct PO Box 250 Skelmersdale WN8 6WT CCLA Investment Management Funds COIF Charity Funds 80 Cheapside London EC2V 6DZ
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CHANGE AGENTS UK CHARITY
Legal and administrative information (Continued)
for the year ended 31 March 2023
Solicitors
Insurance brokers
Travers Smith LLP 10 Snow Hill London EC1A 2AL (appointed May 2022) PIB Insurance Brokers aQmen Underwriting Services Southgate House Southgate Street Gloucester GL1 1UB
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CHANGE AGENTS UK CHARITY
Report of the trustees
for the year ended 31 March 2023
The Board of Trustees of Change Agents UK Charity, who are also directors of the charity for the purposes of the Companies Act, are pleased to present their annual report for the year ended 31 March 2023 under the Charities Act 2011, together with the independently examined accounts for the year. The Board of Trustees confirms that the latter comply with the requirements of the Act, the Trust Deed and the Charities SORP FRS 102.
REFERENCE AND ADMINISTRATIVE INFORMATION
The organisation is a charitable company, registered under charity number 1104230 limited by guarantee, incorporated and registered as a charity on 14 May 2004. The charity was established under a Memorandum Association, which established its object and powers. Change Agents UK Charity Trustees, executive officers and principal addresses of the Charity are as listed on page 1. Particulars of the Charity's professional advisers are given on pages 1 to 2.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
Change Agents UK Charity is governed under its Article of Association. In the event of the charity being wound up members are required to contribute an amount not exceeding £1.
Governing Bodies
The Charity is governed by the Board of Trustees detailed on page 1.
Appointment
The Directors of the charity are also Trustees for the purposes of charity law and under the Charity's Articles are known as members of the Board of Trustees. Under the requirements of the Memorandum and Articles of Association, a third of the members of the Board of Trustees are required to retire at the annual general meeting. Members required to retire may stand for re-election.
Recruitment of Trustees
Analysis carried out each year identifies certain skills that would be required for the Board in future. A sustained effort has been made to recruit trustees with these skills and experience to improve the quality and effectiveness of the board.
All members of the Board of Trustees give their time voluntarily and received no benefits from the charity.
Organisational Management
Day-to-day management of the Charity, its subsidiary undertakings and the staff team is overseen by the Chief Executive, detailed on page 1.
Group Structure and Relationships
The Charity has a wholly-owned trading subsidiary, Change Agents UK Trading Ltd, the sole purpose of which is to undertake sustainability-related projects that generate funds for the Charity and support the delivery of our charitable objectives. The subsidiary mainly functions as a sustainability recruitment and employment business. Work undertaken in the trading subsidiary directly supports the Charity’s objectives in terms of raising public awareness on sustainable development through the provision of recruitment, training and work placements for projects that deliver sustainable change. The organisation holds Corporate Membership of the Recruitment & Employment Confederation (REC). Staff costs are expensed within the Charity with a cross-charge to the trading subsidiary to reflect work undertaken on its behalf. Profits generated in the trading subsidiary are gift-aided to the Charity under a Deed of Covenant, to support its work in education for sustainability and employability.
Change Agents UK Charity supports young people, education, employability and communities partly through networking and partnerships with organisations in the public, private and third sectors working in the field of sustainability. The Charity also benefits from an "alumni" network whose close support we greatly appreciate and acknowledge.
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CHANGE AGENTS UK CHARITY
Report of the trustees (continued)
for the year ended 31 March 2023
Risk Management
The Trustees have considered the major risks faced by the Charity. Risks are managed and minimised by monthly reporting and action and by reviewing policies periodically. The Group Risk Register is maintained and reviewed at Board Meetings. The Board has formally adopted the Charity Governance Code as a mechanism to underpin its compliance with legal and regulatory responsibilities.
Volunteers
Our volunteers fall into several categories. There are our Board of Trustees, who take responsibility for corporate governance and the strategic management of the charity. Professor Stephen Martin, our President and Co-Founder, works hard on behalf of the Charity and regularly lends it the benefit of his considerable knowledge, skill and support. Then there are our other experienced volunteers, who contribute their skill and time to our charitable endeavours, particularly in training and development. Change Agents UK Charity gratefully acknowledges the contribution of our volunteers and thanks them for all of their hard work. All our volunteers give their time freely and receive no financial benefit from the Charity.
CHANGE AGENTS UK: OUR MISSION AND IMPACT
Charitable Objects
Our charitable objectives are “to advance the education of the public in sustainable development by the provision of exhibitions, meetings, lectures, classes, seminars and courses either alone or with others, and to promote and undertake research for the public benefit in sustainable development and to disseminate the useful results of such research”. To us, sustainable development means a way of learning, living and working that integrates environmental protection and management with both social and economic development, in a way that does not compromise the ability of other people, now or in the future, to meet their own needs. We support the delivery of the Sustainable Development Goals and we work towards the realisation of a low-carbon economy and a secure, resilient and fair future for all.
Strategy
To work towards our strategic vision of a secure, resilient, and fair future for all and deliver our charitable objectives, we undertake the following activities:
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We recruit, train and support people to begin and maintain impactful careers in sustainability, decarbonisation and Net Zero and in socially valuable or community-focused roles.
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We provide interactive education programmes designed to raise awareness and understanding of sustainability and Net Zero, to provide people with the skills needed for a greener future and to drive forward action by individuals and organisations.
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We provide project support for environmental, social and community projects.
Objectives for the year
Our objectives for the year were:
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Expand our range of educational programmes to focus on sustainability leadership, skills for the future and carbon literacy. Achieve an educational impact reach of 500-1000 direct participants.
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Recruit more Change Agents into meaningful work in sustainability and Net Zero, targeting a 25% year-on-year increase.
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To continue to provide a high-quality service to our clients, partners, service users and beneficiaries.
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Maintain a robust and healthy financial position, ensuring costs are well-managed and income growth of at least 25% is achieved.
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Ensure diversity and inclusion in all forms are at the heart of everything we do.
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Expand and grow our Board and staff team to support and deliver our growth ambitions.
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Alongside our work with many national and international organisations, also ensure we provide support for local community projects in Rutland and the East Midlands, where Change Agents UK is headquartered.
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CHANGE AGENTS UK CHARITY
for the year ended 31 March 2023
Report of the trustees (continued)
THE YEAR IN REVIEW
2022/23 has been an outstanding year of growth and impact for Change Agents UK
Recruiting and supporting more people to become Change Agents
We are passionate about supporting people to use their working lives to drive forward sustainability and about helping organisations to have the right resources in place to deliver their sustainability ambitions and Net Zero commitments. Our trading subsidiary therefore principally functions as a successful sustainability recruitment and employment business, all profits from which are gift-aided to support the charity. We worked successfully with our partners to create and fill a further 29 Change Agent placements in 2022/23 (an increase from 17 in the prior year), each of them recruited to support the delivery of varied and impactful sustainability programmes. Institutions with whom we have worked to create these opportunities this year include the London School of Economics (LSE), RECOUP, University College London, Nattergal, Salix Finance, the Open University, Innovate UK/KTN, Peterborough Environment City Trust, the University of Swansea, Bedford Borough Council and the London School of Hygiene & Tropical Medicine.
We strive to make the sustainability recruitment process an enriching and supportive experience for all our applicants. We offer feedback and support to candidates throughout the process. Everyone we recruit benefits from our training programmes and development support, helping them to make their career in sustainability the most successful it can be.
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CHANGE AGENTS UK CHARITY
Report of the trustees (continued)
for the year ended 31 March 2023
THE YEAR IN REVIEW (Continued)
Education for sustainability and Net Zero
We delivered a vast and varied programme of training and education during this financial year, with 923 participants in our programmes and many more indirect beneficiaries of our work .
Working with schools, colleges, and universities
Our education work took us into schools, colleges, and universities, working with students at all stages of education from Year 8 up to post-graduate level. We delivered programmes in green careers, skills for successful futures and the principles of sustainability. We also delivered programmes to professional and staff groups to help them to bring sustainability understanding and action into their professional lives and spheres of influence.
Carbon Literacy
Working with the Open University, we delivered Carbon Literacy training (accredited by the Carbon Literacy Project) to hundreds of staff and students, helping them to understand more about climate science and justice, the carbon impact of different choices and how to reduce their carbon emissions.
“Thoroughly enjoyed the Carbon Literacy course; would definitely recommend to any family members or friends who are unaware of environmental justice struggles and need an extra push in adopting measures to reduce carbon footprint.”
2023 Carbon Literacy training participant.
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CHANGE AGENTS UK CHARITY
Report of the trustees (continued)
for the year ended 31 March 2023
THE YEAR IN REVIEW (Continued)
Sustainability Leadership Skills Programme
Delivering high-quality training in skills for a sustainable future is key part of our educational mission. Alongside our awareness-raising educational work, we have developed a successful training programme consisting of a rich blend of courses designed to help individuals to put sustainability at the centre of their lives and work. This programme covers key topics such as project management, systems-thinking & the circular economy, communicating sustainability, understanding greenwashing and taking a leadership role in sustainability. This course is supported by the Chartered Institution of Wastes Management (CIWM), and successful completion entitles a course participant to become an Associate Member and begin their journey to Chartered Environmentalist (CEnv), if they wish. It is provided as part of our core service for all those we recruit and we offer the courses as separate standalone workshops as needed.
Research and projects
During 2022/23, we joined forces with the Education & Training Foundation (ETF) and the universities in Leicester to conduct a research project on a possible Sustainability Skills Academy for the region. This project yielded a great deal of useful information on the challenges of engaging local businesses and groups in sustainability programmes and produced a comprehensive action plan to be taken forward by the Environmental Theme of the Civic Universities’ Partnership. We published some of our findings from this project in FE News in Jan 2023 in an article entitled “We need to change the record on Green Skills.”
We also began a research and strategy project in partnership with Citizens Advice Rutland to map the Voluntary Services Sector across the county of Rutland, produce a directory of charitable and volunteer-led services for public use and to create a strategy for the sector. The intention for this project is to support and amplify the work undertaken in the voluntary sector to help local people.
We were also involved in editing the chapter on SDG4/Education in the UN Global Compact’s Measuring Up 2 report on the UK’s progress on the sustainable development goals (SDGs).
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CHANGE AGENTS UK CHARITY
Report of the trustees (continued)
for the year ended 31 March 2023
THE YEAR IN REVIEW (Continued)
Board and staff recruitment
During this financial year, we undertook a comprehensive programme of Board recruitment, seeking to expand our established Board with new members, bringing in different skills, experience and areas of professional expertise. We defined the Trustee role profile to set out the organisation’s requirements and the duties of a trustee and advertised the vacancies widely across various channels. We received an outstanding number of high-quality applications, all of which were carefully assessed. We were pleased to expand our Board membership to 11 to include new members from different professional backgrounds including academia, climate science, business, the NHS and education and skills in the third sector.
We have also expanded the staff team, creating new roles in sustainability education, projects, green recruitment and marketing and communications.
These appointments strengthen our team and build our capacity to deliver more action on sustainability.
Equality, Diversity and Inclusion
Equality, diversity, and inclusion are central to our work and values. We want to improve accessibility to education for sustainability development, future skills provision and address the low levels of diversity in the environmental science and sustainability professions. Our work this year has continued to open doors for people from all backgrounds, both in education and recruitment into green jobs, helping them to prepare for a successful and sustainable future, and the recruitment of our own Board and staff members placed strong emphasis on diversity and widening representation. We will continue to strive for equality, fairness, and justice.
Financial review
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Group income amounted to £526,589 (2021/22: £292,604).
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Total expenditure came to £487,700 (2021/22: £278,019).
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The overrall Group results for the year showed a net surplus, before tax, of £38,889 (2021/22 surplus of £14,585).
We delivered an extremely strong financial performance in 2022/23 with year-on-year income growth of 80% , efficient cost management and an operating profit of £76,060 in the trading subsidiary, of which £75,188 will be gift aided to the Charity.
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CHANGE AGENTS UK CHARITY
Report of the trustees (continued)
for the year ended 31 March 2023
Reserves policy
The Trustees have considered the requirement for free reserves which are those unrestricted funds not invested in tangible fixed assets, fixed assets investments, or designated for specific purposes or otherwise committed. The Trustees have decided that the group should seek to maintain free reserves equivalent to 3 months’ revenue expenditure.
The Group Balance Sheet shows free reserves, or Unrestricted Funds, of £208,304 (2021/22: £169,581).
The Trustees have a reasonable expectation that the Charity will continue in operational existence for the foreseeable future; the Trustees are not aware of any material uncertainties about the entity's ability to continue. Therefore, the Trustees have used the going concern basis in preparing these financial statements.
Plans for future periods
2022/23 was a year of considerable growth. Our plans for the next financial period are to consolidate and build on the programmes, products and expertise we have developed.
We plan to design and launch an accredited “Carbon Literacy for Change Agents” course for our expanding network and further courses aimed at bringing climate literacy into different professions and disciplines, ensuring that sustainability becomes and remains mainstream and integrated across all sectors and jobs, and not a niche or standalone subject.
We will also seek to expand the green recruitment activities of our trading subsidiary into new sectors, looking at the private sector as well as our traditional markets in higher education and public sector.
We will also focus on further outreach work, providing free climate essential courses and launching an Access Scheme to bring our Sustainability Skills Leadership Programme to diverse audiences and creating opportunities for many more people from all backgrounds to launch successful sustainability-focused careers.
We are a partnership-focused organisation, and we will continue to build relationships and collaborations with trusted partners who share our values so that we can achieve more by working together.
Public benefit
The Trustees have considered the Charities Commission's requirement in respect of Public Benefit when reviewing our aims and objectives and in planning future activities.
The Charity undertakes a range of activities in pursuance of its charitable aims. The Trustees consider that these activities provide benefit by advancing education in sustainable development through providing and facilitating training, seminars and workshops, attending conferences and through projects, work placements and the assimilation of knowledge and practical learning through real and meaningful work opportunities.
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CHANGE AGENTS UK CHARITY
Report of the trustees (continued)
for the year ended 31 March 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Company and charity law requires the Trustees of a charity 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 surplus or deficit of the charity for that period.
In preparing these financial statements, the Trustees are required to:
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Select suitable accounting policies and then apply them consistently, make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards and statements of recommended practice (SORP) have been followed, subject to any departure disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The maintenance and integrity of the Charity's website is the responsibility of the Trustees. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislations in other jurisdictions.
Insofar as the Trustees are aware:
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There is no relevant audit information of which the Charity's examiner is unaware; and
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They have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Independent Examiner
A resolution proposing the re-appointment of Ken Maggs of Moore Thompson as independent examiner will be put to the members at the Annual General Meeting.
Small company provisions
This report has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006 and with the Charities Statement of Recommended Practice FRS 102.
The statement of financial activities has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006 and with the Financial Reporting Standards for Smaller Entities (Effective April 2018).
This report was approved by the Board of trustees on 26 September 2023 and signed on its behalf by
Trevor Gibson
Chairman
Registered office
Oakham Station Station Approach Oakham Rutland LE15 6QT
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Independent examiners report to the members of
CHANGE AGENTS UK CHARITY
I report to the charity trustees on my examination of the consolidated accounts of the Group comprising Change Agents UK Charity ('the chartity') and its subsidiary undertakings for the year ended 31 March 2023, which are set out on pages 12 to 27.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’) and the Charities Act 2011 ('the 2011 Act') and you have chosen to prepare consolidated accounts for the Group.
Having satisfied myself that the accounts of the group 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 the consolidated accounts. I have carried out my examination under section 145 of 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 group’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 a member of the Institute of Chartered Accountants of England and Wales, 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:
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accounting records were not kept in respect of the group as required by section 130 of the 2011 Act and section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act and the Charities (Accounts and Reports) Regulations 2008 other than any requirements that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination; or
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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.
Date: 26 September 2023
K J MAGGS FCA. BCA. Chartered Accountant Hoekman Way Spalding PE11 3HE
Page 11
CHANGE AGENTS UK CHARITY
Consolidated Statement of Financial Activities
(incorporating the consolidated income and expenditure account)
for the year ended 31 March 2023
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Unrestricted Restricted Total Total
Funds Funds Funds Funds
Note 2023 2022
£ £ £ £
Income from:
Donations and legacies 4,617 15 4,632 2,860
Charitable activities 2 60,446 - 60,446 105,381
Other trading activities 2 460,368 - 460,368 184,332
Investments 1,143 - 1,143 31
Total income 526,574 15 526,589 292,604
Expenditure on:
Raising funds 3 (405,914) - (405,914) (174,416)
Charitable activities 3 (79,165) (15) (79,180) (101,473)
Governance costs 3 (2,606) - (2,606) (2,130)
Total resources expended (487,685) (15) (487,700) (278,019)
Net income before tax 38,889 - 38,889 14,585
Tax on surplus on trading activities (166) - (166) (181)
Net income 38,723 - 38,723 14,404
Transfers between funds - - - -
Net movement in funds 38,723 - 38,723 14,404
Total funds brought forward 169,581 - 169,581 155,177
Total funds carried forward 208,304 - 208,304 169,581
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The charity has no recognised gains or losses other than the results for the year as set out above.
All of the activities of the charity are classed as continuing.
The charity has taken advantage of section 408 of the Companies Act 2006 not to publish its own Statement of Financial Activities.
The accounting policies and notes on pages 15 to 27 form part of these financial statements.
Page 12
Consolidated Statement of Financial Activities
CHANGE AGENTS UK CHARITY
(incorporating the consolidated income and expenditure account)
for the year ended 31 March 2022
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Unrestricted Restricted Total
Funds Funds Funds
2022
£ £ £
Income from:
Donations and legacies 2,860 - 2,860
Charitable activities 105,381 - 105,381
Other trading activities 184,332 - 184,332
Investments 31 - 31
Other income - - -
Total income 292,604 - 292,604
Expenditure on:
Raising funds (174,416) - (174,416)
Charitable activities (101,473) - (101,473)
Governance costs (2,130) - (2,130)
Total resources expended (278,019) - (278,019)
Net income before tax 14,585 - 14,585
Tax on surplus on trading activities (181) - (181)
Net income 14,404 - 14,404
Transfers between funds 2,925 (2,925) -
Net movement in funds 17,329 (2,925) 14,404
Total funds brought forward 152,252 2,925 155,177
Total funds carried forward 169,581 - 169,581
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CHANGE AGENTS UK CHARITY
Group and charity balance sheets
at 31 March 2023
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Group Charity
2023 2022 2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 10 - - - -
Tangible assets 11 27,461 29,927 24,853 28,192
Investments 12 - - 3 3
27,461 29,927 24,856 28,195
Current assets
Debtors 13 21,316 32,999 29,843 24,110
Cash at bank and in hand 245,791 153,777 129,792 103,596
267,107 186,776 159,635 127,706
Creditors: amounts falling due
within one year 14 (85,768) (46,792) (8,582) (18,010)
Net current assets 181,339 139,984 151,053 109,696
- -
Provisions for liabilities and charges (496) (330)
Net assets 208,304 169,581 175,909 137,891
Unrestricted funds 15
General funds 208,304 169,581 175,909 137,891
Restricted funds 16 - - - -
Total Funds 208,304 169,581 175,909 137,891
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The trustees are satisfied that the charity is entitled to exemption from audit of the financial statements for the year under Section 477 of the Companies Act 2006 (the Act) relating to small companies and that the members have not required the company to obtain an audit in accordance with Section 476.
The trustees acknowledge their responsibilities for:
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(i) ensuring that the charity keeps proper accounting records which comply with
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(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 section 396, 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standards applicable in the UK and Republic of Ireland'.
Approved by the Board of Trustees on 26 September 2023 and signed on its behalf:
Trevor Gibson
Company Registration Number: 05128833 Registered Charity Number: 1104230
The accounting policies and notes on pages 15 to 27 form part of these financial statements.
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CHANGE AGENTS UK CHARITY
Notes to the financial statements
for the year ended 31 March 2023
1. Accounting policies
Charity Information
Change Agents UK Charity is a private charitable company limited by guarantee and is incorporated in England and Wales; the registered office is located at Oakham Railway Station, Station Approach, Oakham, Rutland, LE15 6QT.
The company constitutes as a public benefit entity as defined by FRS 102. The principle activity is advancing education in sustainable development; formally through providing lessons, seminars, conferences and lectures; and informally through projects, work placements, volunteering and the assimilation of knowledge, practical learning and doing real work.
Basis of preparation
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The Charity has taken the available exemption under the Charities SORP (FRS 102) Update Bulletin 1, as a smaller charity, to not prepare a Statement of Cash Flows.
The financial statements are prepared on a going concern basis under the historical cost convention, as modified to include certain items at fair value.
The financial statements are presented in Sterling (£), which is deemed to be the functional currency of the charity.
Basis of Consolidation
These financial statements consolidate the results of the charity and its wholly owned subsidiaries', Change Agents UK Trading Limited and Studentforce for Sustainability Limited, on a line by line basis.
Studentforce for Sustainability Limited was dormant during the year.
A separate Statement of Financial Activities (incorporating the Income and Expenditure Account) are not presented for the charity itself following the exemptions afforded by section 408 of the Companies Act 2006.
Fund accounting
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Unrestricted funds are available for use at the discretion of the Board of Trustees in furtherance of the general objects of the charity.
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Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund.
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CHANGE AGENTS UK CHARITY
Notes to the financial statements (continued)
for the year ended 31 March 2023
1. Accounting policies (continued)
Income recognition
All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income conditions and the amount can be probable. The following specific policies are applied to particular categories of income:
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Voluntary income received by way of donations and gifts is included in full in the Statement of Financial Activities when receivable.
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Grants, where entitlement is not conditional on delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
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Revenue grants are carried forward to the extent that the grantor specifies that the grant is for expenditure in future accounting periods. Grants carried forward in this way are accounted for as deferred income.
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Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
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Investment income is accounted for when receivable.
Expenditure recognition
Expenditure is recognised on an accruals basis as a liability is incurred and includes irrecoverable VAT.
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Costs of generating funds are the costs incurred in attracting voluntary income and trading activities which raise funds.
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Charitable activities expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity.
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All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on a per project basis.
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The company operated a defined contribution pension scheme for the benefit of the employees. The pension cost charged in the Statement of Financial Activities represents the amount of contributions payable to the scheme in respect of the accounting period.
Financial Instruments
The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Taxation
No provision has been made for corporation tax, as the company is of charitable status. A provision for corporation tax is necessary in the subsidiary undertakings on its taxable profits.
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CHANGE AGENTS UK CHARITY
Notes to the financial statements (continued)
for the year ended 31 March 2023
1. Accounting policies (continued)
Operating lease arrangements
Operating lease rentals are charged to the Statement of Financial Activities at current rates under lease agreements.
Fixed Assets
Major expenditure on tangible fixed assets is capitalised. Expenditure on fixed assets not exceeding £250 for each asset is written off in the year in which it is incurred.
Depreciation is provided on all tangible assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life on the following bases:
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Leasehold improvements are written off over the 25 year term of the lease.
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Office and computer equipment 33%, per annum, straight line, on cost, commencing in the month following the month of purchase.
Amortisation
Amortisation is calculated to write down the cost, less estimated residual value, of all assets over their expected useful lives. The rates generally applicable are:
- ●Website development - Straight line over 3 years
2. Charitable activities
| Unrestricted Restricted 2023 Total £ £ £ Grants and contracts Cultural Recovery Fund for Heritage - - - Postcode local trust fund - - - Sustainability Education and Training 11,948 - 11,948 Sustainability Project Management and Research 9,334 - 9,334 Project management fees 21,200 - 21,200 Kickstart funding 17,964 - 17,964 60,446 - 60,446 Opportunities for vocational training Recruitment, Employment Services and Training Fees 460,368 - 460,368 Total 520,814 - 520,814 |
2022 Total £ 7,360 18,650 2,795 - - 76,576 105,381 184,332 289,713 |
|---|---|
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CHANGE AGENTS UK CHARITY
Notes to the financial statements (continued)
for the year ended 31 March 2023
3. Resources expended
| £ Grants payable - Staff costs (note 6) 374,563 Travel and subsistence 1,239 110 Advertising and marketing 2,523 2,719 Training 701 Computer and software costs 6,620 Miscellaneous 187 Bank charges and similar fees 571 Audit and accountancy 2,910 Legal and professional fees 2,843 Premises 5,131 Support costs 5,797 Total resource expended 405,914 Cost of raising funds Postage and stationery Subscriptions |
Govern- ance £ £ 400 - 66,703 - 1,378 - 5 - - - 393 - 1,306 - 316 - 371 - 659 - - 2,606 2,148 - 1,592 - 3,894 - 79,165 2,606 Unrestricted Charitable activities |
Restricted Foodbank £ - - - - - - - - 15 - - - - - 15 |
2023 Total £ 400 441,266 2,617 115 2,523 3,112 2,007 6,936 573 1,230 5,516 4,991 6,723 9,691 487,700 |
2022 Total £ 12,600 232,516 106 216 521 2,573 1,237 4,341 265 1,039 5,630 3,766 3,628 9,581 278,019 |
|---|---|---|---|---|
4. Net income before tax
Net income before tax is stated after changing:
| Net income before tax is stated after changing: Depreciation Amortisation Independent Examination fees |
2023 £ 4,297 - 5,516 |
2022 £ 3,520 426 5,630 |
|---|---|---|
5. Net income from non-charitable trading activities of the subsidiary
The wholly owned subsidiary, Change Agents UK Trading Ltd, which is incorporated in England and Wales (registered number 06482166), provides recruitment, training and development and employment services. The subsidiary pays all of its profits to the charity under a deed of covenant. The charity owns the entire share capital of 1 ordinary share of £1 each. The company was incorporated on 24 January 2008 and started trading on 1 April 2008. A summary of the trading results is shown below.
| Turnover and other operating income Cost of sales and administration expenses Gift aid donation paid Taxation Retained profits brought forward Retained profits carried forward |
2023 £ 481,567 (405,508) (75,188) (166) 705 31,690 32,395 |
2022 £ 184,331 (174,148) (8,771) (181) 1,231 30,459 31,690 |
|---|---|---|
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CHANGE AGENTS UK CHARITY
Notes to the financial statements (continued)
for the year ended 31 March 2023
5. Net income from non-charitable trading activities of the subsidiary (continued)
| The assets and liabilities of the subsidiary were: Fixed assets Current assets Current liabilities Provisions |
2023 £ 2,608 135,660 (105,375) (496) 32,397 |
2022 £ 1,736 71,163 (40,878) (330) 31,691 |
|---|---|---|
The second wholly owned subsidiary Studentforce for Sustainability Ltd, which is incorporated in England and Wales (registered number 07767094), remained dormant in the current year. Therefore, no items of income, expense, assets or liabilities were included on consolidation of this entity (2022 - £Nil). The charity owns the entire share capital of 1 ordinary share of £1 each.
6. Staff costs and numbers
| Salaries and wages Trading subsidiary employment Charity staff members Social security costs Trading subsidiary employment Charity staff members Pension contributions Trading subsidiary employment Charity staff members Total |
2023 £ 260,870 140,728 25,003 5,481 5,560 3,624 |
401,598 30,484 9,184 441,266 |
2022 £ 107,350 107,995 8,711 3,208 2,449 2,803 |
215,345 11,919 5,252 232,516 |
|---|---|---|---|---|
No employees received emoluments of more than £60,000 in the year (2022 - 0).
The average number of employees during the year by the group was 18 (2022 - 11). The average number of those who are employed on behalf of the charity was 8 (2022 - 6). The average number of those who are employed on behalf of the trading company was 10 (2022 - 5)
The key management personnel of the group comprise of the Chief Executive Officer and the Finance Officer whose employee benefits totalled £53,312 (2022 - £44,307).
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CHANGE AGENTS UK CHARITY
for the year ended 31 March 2023
Notes to the financial statements (continued)
7. Pension Costs
The charity participates in a defined contribution pension scheme administered externally. Membership of the scheme is available to employees satisfying qualifying conditions. Payments made to the fund are charged monthly in the financial statements. The pension cost charge amounted to £2,803 (2022: £2,873). At the year end there was £nil in unpaid contributions (2022 - £nil).
The pension costs are allocated between unrestricted and restricted reserves using the employees' time allocation when working on the various activities of the group. Any closing liability would be attributed to the unrestricted reserves at the year end.
8. Trustees' remuneration and related party transactions
No member of the Board of Trustees received any remuneration during the year. Travel costs amounting to £nil (2022: £nil) were re-imbursed to members of the Board of Trustees.
During the year donations were received from related parties totalling £3,150 (2022 - £1,750).
9. Taxation
As a charity Change Agents UK Charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 of section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
10. Intangible fixed assets
| Cost At 1 April 2022 At 31 March 2023 Amortisation At 1 April 2022 Charge for the year At 31 March 2023 Net book values At 31 March 2023 At 31 March 2022 |
Group Charity £ £ 5,157 867 5,157 867 5,157 867 - - 5,157 867 - - - - Website Development |
|---|---|
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CHANGE AGENTS UK CHARITY
Notes to the financial statements (continued)
for the year ended 31 March 2023
----- Start of picture text -----
11. Tangible fixed assets
Group
Leasehold Office and Total
Improvements Computer
Equipment
£ £ £
Cost or valuation
At 1 April 2022 68,061 54,736 122,797
Additions - 1,831 1,831
Disposals - (7,252) (7,252)
At 31 March 2023 68,061 49,315 117,376
Depreciation
At 1 April 2022 41,515 51,355 92,870
Charge for the year 2,722 1,575 4,297
On disposals - (7,252) (7,252)
At 31 March 2023 44,237 45,678 89,915
Net book values
At 31 March 2023 23,824 3,637 27,461
At 31 March 2022 26,546 3,381 29,927
Charity
Leasehold Office and Total
Improvements Computer
Equipment
£ £ £
Cost or valuation
At 1 April 2022 68,061 27,116 95,177
Disposals - (1,999) (1,999)
At 31 March 2023 68,061 25,117 93,178
Depreciation
At 1 April 2022 41,515 25,470 66,985
Charge for the year 2,722 617 3,339
On disposals - (1,999) (1,999)
At 31 March 2023 44,237 24,088 68,325
Net book values
At 31 March 2023 23,824 1,029 24,853
At 31 March 2022 26,546 1,646 28,192
----- End of picture text -----
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CHANGE AGENTS UK CHARITY
Notes to the financial statements (continued)
for the year ended 31 March 2023
12. Fixed Asset Investments
Charity
| Unlisted Investments in subsidiary undertakings | 2023 £ 3 |
2022 £ 3 |
|---|---|---|
The charity owns the entire share capital of two ordinary shares of £1 each in StudentForce for Sustainability Ltd, which is incorporated in England and Wales. The company has been dormant since its incorporation. The charity owns the entire share capital of one ordinary share of £1 in Change Agents UK Trading Limited, which is incorporated in England and Wales.
13. Debtors
| Trade debtors Prepayments and accrued income Amounts owed from group undertakings |
Group 2023 2022 £ £ 18,421 19,328 2,895 13,671 - - 21,316 32,999 |
Charity 2023 2022 £ £ - 9,322 1,655 6,017 28,188 8,771 29,843 24,110 |
|---|---|---|
14. Creditors: amounts falling due within one year
| Trade creditors Other taxation and social security Accruals Deferred income Amounts due to group undertakings Other creditors |
Group 2023 2022 £ £ 3,085 3,335 21,106 14,493 8,075 7,859 53,502 20,389 - - - 716 85,768 46,792 |
2023 2022 £ £ 550 443 3,237 1,854 3,997 3,945 796 11,050 2 2 - 716 8,582 18,010 Charity |
|---|---|---|
Deferred income comprises fees invoiced in advance in respect of the provision of vocational training (subsidiary) and grant receivable (parent). The figures disclosed below are all in respect of provision of services.
| At 1 April 2022 Amount released to incoming resources Amount deferred in the year At 31 March 2023 |
Group £ 20,389 (20,389) 53,502 53,502 |
Charity £ 11,050 (11,050) 796 796 |
|---|---|---|
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CHANGE AGENTS UK CHARITY
Notes to the financial statements (continued)
for the year ended 31 March 2023
15. Movement in unrestricted funds
| Group General funds Total unrestricted funds Charity General funds Total unrestricted funds |
£ 169,581 169,581 £ 137,891 137,891 At 1 April 2022 At 1 April 2022 |
£ - - £ - - Transfers between funds Transfers between funds |
Incoming Outgoing £ £ 526,574 (487,851) 526,574 (487,851) Incoming Outgoing £ £ 203,324 (165,306) 203,324 (165,306) Movement in resources Movement in resources |
£ 208,304 208,304 £ 175,909 175,909 At 31 March 2023 At 31 March 2023 |
|---|---|---|---|---|
Purpose of unrestricted funds
General funds represent the balance of unrestricted funds that may be used for revenue or capital expenditure without having recourse to externally imposed restrictions.
16. Movement in restricted funds
| Charity Energy Projects Foodbank Total restricted funds |
£ - - At 1 April 2022 |
£ - - Transfers between funds |
Incoming Outgoing £ £ 15 (15) 15 (15) Movement in resources |
£ - - At 31 March 2023 |
|---|---|---|---|---|
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CHANGE AGENTS UK CHARITY
Notes to the financial statements (continued)
for the year ended 31 March 2023
17. Analysis of net assets between funds
| Group Tangible fixed assets Current assets Current liabilities Provisions for liabilities and charges Charity Tangible fixed assets Fixed asset investments Currents assets Current liabilities |
General Funds £ 27,461 267,107 (85,768) (496) 208,304 General Funds £ 24,853 3 159,635 (8,582) 175,909 |
Total Funds £ £ £ - - 27,461 - - 267,107 - - (85,768) - - (496) - - 208,304 Total Funds £ £ £ - - 24,853 - - 3 - - 159,635 - - (8,582) - - 175,909 Designated Funds Funds Restricted 2023 Designated Restricted Funds Funds 2023 |
|---|---|---|
18. Capital commitments
There were no capital commitments authorised and contracted for at 31 March 2023 or 31 March 2022.
19. Contingent Liabilities
There were no contingent liabilities at 31 March 2023 or 31 March 2022.
20. Constitution
The charitable company is limited by guarantee with no share capital. There were 11 members at 31 March 2023 (2022 - 5).
21. Related party transactions
The Charity has taken advantage of the exemption in Financial Reporting Standard 102 Section 33.1A from the requirement to disclose transactions with group companies on the grounds that they are wholly owned subsidiaries.
There were no other related party transactions during this year.
22. Controlling Party
The charity is controlled by the Board of Trustees and no one trustee has or exerts overall control.
Page 24
CHANGE AGENTS UK CHARITY
Notes to the financial statements (continued)
for the year ended 31 March 2023
Pages 26 to 27 also form part of these financial statements
and show the 2022 financial statements comparative figures.
Page 25
CHANGE AGENTS UK CHARITY
Notes to the financial statements (continued)
for the year ended 31 March 2023
23. Fund Comparatives Charitable activities
| Charitable activities Grants and contracts Cultural Recovery Fund for Heritage Postcode local trust fund Sustainability Education and Training Kickstart funding Opportunities for vocational training Total Resources expended Grants payable Staff costs (note 6) Travel and subsistence Postage and stationery Advertising and marketing Subscriptions Training Computer and software costs Miscellaneous Bank charges and similar fees Audit and accountancy Legal and professional fees Premises Support costs Total resource expended Recruitment, Employment Services and Training Fees |
£ £ 7,360 18,650 2,795 - 76,576 - 105,381 - 184,332 - 289,713 - £ £ £ - 12,600 - 151,681 80,835 - - 106 - 187 29 - 521 - - 1,890 683 - - 1,237 - 4,246 95 - 26 239 - 660 379 - 3,500 - 2,130 2,249 1,517 - 3,347 281 - 6,109 3,472 - 174,416 101,473 2,130 Cost of generating income Governance Charitable activities Restricted Unrestricted Unrestricted |
2022 Total £ 7,360 18,650 2,795 76,576 105,381 184,332 289,713 Restricted EVS £ - - - - - - - - - - - - - - - |
2022 Total £ 12,600 232,516 106 216 521 2,573 1,237 4,341 265 1,039 5,630 3,766 3,628 9,581 278,019 |
|---|---|---|---|
Page 26
CHANGE AGENTS UK CHARITY
Notes to the financial statements (continued)
for the year ended 31 March 2023
23. Fund Comparatives (continued)
Movement in unrestricted funds
| Group General funds Total unrestricted funds Charity General funds Total unrestricted funds Movement in restricted funds Charity Energy Projects EVS Total restricted funds Analysis of net assets between funds Group Tangible fixed assets Current assets Current liabilities Provisions for liabilities and charges Charity Tangible fixed assets Fixed asset investments Currents assets Current liabilities |
£ 152,252 152,252 £ 121,793 121,793 £ 2,925 2,925 General Funds £ 29,927 186,776 (46,792) (330) 169,581 General Funds £ 28,192 3 127,706 (18,010) 137,891 At 1 April 2021 At 1 April 2021 At 1 April 2021 |
£ 2,925 2,925 £ 2,925 2,925 £ (2,925) (2,925) £ - - - - - £ - - - - - Designated Funds Transfers between funds Funds Designated Transfers between funds Transfers between funds |
Incoming Outgoing £ £ 292,604 (278,200) 292,604 (278,200) Incoming Outgoing £ £ 141,443 (128,270) 141,443 (128,270) Incoming Outgoing £ £ - - - - Total Funds £ £ - 29,927 - 186,776 - (46,792) - (330) - 169,581 Total Funds £ £ - 28,192 - 3 - 127,706 - (18,010) - 137,891 Restricted Funds Movement in resources Restricted Funds Movement in resources Movement in resources |
£ 169,581 169,581 £ 137,891 137,891 £ - - At 31 March 2022 At 31 March 2022 At 31 March 2022 |
|---|---|---|---|---|
Page 27