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2021-03-31-accounts

Charity Registration No. 1114403

Company Registration No. 05695711 (England and Wales)

INSTITUTE FOR VOLUNTARY ACTION RESEARCH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sam Brier (Chair from 11 Nov 2020)
Richard Hopgood (Vice Chair)
Timothy Jones (Treasurer)
John Hailey
Anneessa Mahmood (Appointed 14 October 2020)
Kamna Muralidharan (Appointed 14 October 2020)
Rosa Powloski
Nicola Steuer
Palmela Witter (Appointed 14 October 2020)
Jane Hatfield (Until 24th May 2021)
Company secretary Ben Cairns
Chief Executive Ben Cairns
Charity number 1114403
Company number 05695711
Registered office - to 29/09/2020 The Old School
Exton Street
London
SE1 8UE
From 29/09/2020 The Foundry
17 Oval Way
London
SE11 5RR
Auditor Begbies
9 Bonhill Street
London
EC2A 4DJ
Bankers CAF Bank
25 Kings Hill Avenue
Kent
ME19 4JQ
Solicitors Bates Wells Braithwaite
10 Queen Street Place
London
EC4R 1BE

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

CONTENTS

Page
Trustees' report 1 - 8
Statement of trustees' responsibilities 9
Independent auditor's report 10 - 12
Statement of financial activities 13 - 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 - 32

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their report and financial statements for the year ended 31 March 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's memorandum and articles of association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).

OBJECTIVES AND ACTIVITIES Introduction

The Institute for Voluntary Action Research (IVAR) is an independent, charitable research institute. IVAR’s charitable objects are to ‘ support the development and sustainability of charities and other voluntary, community, social enterprise and not-for-profit (VCSE) organisations through research, education and training ’.

Our main interest is voluntary action – activities, services, community development or campaigns that aim to improve the quality of life and opportunity of disadvantaged individuals, groups and communities. We work collaboratively; we concentrate on problem-solving; and we want our work to be relevant and practically useful to the voluntary and community sector, as well as funders, policy-makers and other sectors.

Our research approach – collaborative, problem-solving and practically useful – is made possible by our team of staff, trustees and experienced freelance research associates, all of whom have worked in and around the voluntary and community sector as volunteers, paid staff, leaders, trustees, teachers and researchers. Our team understands and cares about the distinctiveness and independence of VCSE organisations.

Our work starts in different ways: a funder calls us to discuss a problem; we develop a project in response to needs we hear about from VCSE organisations; we receive commissions; and, occasionally, we submit tenders. We operate at a national, regional and local level; most of our work is funded by charitable trusts and foundations.

Throughout our work – literature reviews, interviews, benchmarking, surveys, focus groups, workshops, training – three things never change about what we offer:

  1. Our work begins with a ' problem ' or challenge; this becomes our ‘research question’. As part of trying to answer that question, we draw on earlier work – our own and others’ – that can shed light and provide pointers to solutions.

  2. We provide space for reflection and debate to help people find their own responses to the challenges they face.

  3. We draw on findings from our work to deliver public benefit (in line with Charity Commission guidance), through actively communicating and sharing lessons and evidence, to change practice, inform policy, develop theory and promote understanding of the voluntary and community sector.

Priorities

At a high level, we think the contribution we can make is:

  1. A responsive, relevant and useful capacity-building research institute that strengthens the UK voluntary sector through regularly sharing quick, practical insights with smaller voluntary organisations and their funders.

  2. A body of evidence that has been shaped by those delivering and funding social change that supports the development of voluntary sector practice and influences funders and public agencies across the UK.

  3. A more visible and influential IVAR that contributes to shaping a better operating environment for smaller charities.

  4. 1 -

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

For the period 2020-2025, we set four overarching strategic commitments:

1. An organisation that has the culture, skills and resources to be responsive, relevant and useful. Our judgement is that we are most useful when our time is focused on issues that really matter to our beneficiaries, in a way that is most helpful to them. Financially, that requires a strong and secure base of unrestricted core funding to allow us to be flexible, generous and agile in how we use our time. It also means ensuring that we have more robust arrangements in place to ensure that we are listening and responding to our primary audiences (see point 3 below).

2. A commitment to using our platform and our voice , in two ways. First, by providing a more engaging and accessible platform for stories of what is possible and achievable by smaller charities. Second, where we can add value, using our own voice – for leverage and influence – confident that it has legitimacy and credibility by always being grounded and informed. A more visible and influential IVAR can contribute to shaping a better operating environment for smaller charities.

3. Connecting people and ideas. We need to build on the relationships that we have with local organisations, funders and public agencies across the UK for the generation of project ideas, the distribution of learning and, above all, to enable us to remain relevant and accountable.

4. Using our network to reach more small funders and charities. To support the development of our voice and influence, provide a platform and help our role as a connector, we need to take a more strategic, focused approach. We will be developing campaign-style communications messages to help our audiences connect with our body of research in a more straightforward way. We hope this will enhance our ability to operate as a responsive research institute, connecting funders and charities, focusing on smaller organisations where we can reach individuals who have the power to change their organisations, communities and local systems.

Clients and Partners

Research clients and partners included: Access Foundation, The ACRE Network, Atlantic Philanthropies, BBC Children in Need, Berkeley Group, Brighton and Hove CCG, Carnegie UK Trust, Cattenach, CCLA, Centre for Accelerated Social Technology (CAST), Changing Lives, City Bridge Trust, Comic Relief, Community Foundation for Northern Ireland (CFNI), Co-Op Foundation, Corra Foundation, Cripplegate Foundation, East Sussex County Council, Eden Project Campaigns Ltd, Esmée Fairbairn Foundation, Help on Your Doorstep, Jack Petchey Foundation, John Lyon’s Charity, Kisharon, Lancs and South Cumbria NHS Trust, Langdon Charity UK, Lankelly Chase, Lloyds Bank Foundation for England and Wales, Local Trust, London Funders, Mercers Company, National Lottery Communities Fund, Nationwide Foundation, NHS North Cumbria CCG, Norwood Ravenswood, Oak Foundation, Paul Hamlyn Foundation, Pears Foundation, Porticus, Power to Change, Robertson Trust, Sheffield Hallam University, Shift Design, Social Enterprise UK, The Tudor Trust, United St. Saviours Charity and William Grant Foundation.

ACHIEVEMENTS AND PERFORMANCE

Covid-19 Emergency Response Work

In response to the outbreak of the coronavirus pandemic (Covid-19) in March 2020, IVAR set a simple goal for the next 12 months: to support a strong UK voluntary sector with robust and healthy small charities, voluntary, community and not-for-profit organisations that are supported and resourced to engage with uncertainty and adapt and evolve in order to tackle changing social needs with determination and vision.

One very direct achievement related to this was our quick response to Covid-19, initiating peer support sessions for voluntary, community and social enterprise (VCSE) leaders and providing regular briefings and presentations on the challenges VCSE leaders were facing, with questions and opportunities for funders to consider. We set this up quickly through our Research Development Fund, as a flexible project that would evolve in response to need. Six funders then came on board to support the work through to March 2021.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

Over the course of the 2020/21 financial year, we heard from 465 VCSE leaders from 17 fields, based across the UK. We heard a great deal about the benefit of having space to offload; a sense of solidarity; the useful opportunity to hear ideas about how people were adjusting and managing, and the positive feeling of being part of a community of leaders that were trying to adapt, innovate, and do their best to continue to make progress even through uncharted waters.

From a survey of participants in February 2021, we learned that people particularly valued an open space to talk about what was on their mind at a particular time; and having a useful and safe space to offload concerns and worries – with people who are not from the same field, or geographical area, and therefore not competitors.

Alongside the peer support sessions, we published fourteen briefings on the challenges VCSE leaders were facing, with our reflections on the questions and opportunities for funders that they raised.

Each briefing was shared with: 13 funder networks – four UK-wide and others more local; 261 funders on our newsletter list; and our Twitter and LinkedIn networks.

We used the ideas, concerns and aspirations expressed in the sessions to shape a UK-wide call for open and trusting grant-making, in partnership with London Funders, a group of eight other funders and eight VCSE organisations.

Other 2020/21 priorities

We have collated further achievements and reflections under three distinct priorities.

1. More funders take a flexible approach to grant-making that helps voluntary organisations deliver responsive and effective services to their beneficiaries within an increasingly complex and uncertain environment.

We provided significant support to funders to enable them to take a flexible approach to grant-making, including:

Feedback on this work included:

‘We’ve been busy planning our impact and learning plans for the next phase and have been finding IVAR’s resources really helpful for this.’

‘As a recipient of these briefing notes, I just wanted to say how insightful and helpful they are to me in my role as a funder. In the current circumstances, all information is good information and this is good.’

‘Thank you VERY much for inviting me to the roundtable yesterday – such a fascinating session that chimed in so many ways – and exactly the right time to be thinking of these things.’

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

2. Small voluntary and community organisations and social enterprises are equipped with practical, timely research insights that help them to support people and their local communities in need.

We published regular blogs synthesising practical, timely research insights, including: Leading through uncertainty: Lessons from the recession ; How can small charities be heard? ; and Six ways VCSE leaders are adapting to Covid-19 .

As noted above, over 450 VCSE leaders joined our peer support sessions – a space for them to share and explore live challenges they were facing. These sessions also contributed to support for other VCSE organisations through our published briefings: ‘I would like to offer my thanks to the IVAR team for the briefings they have produced during this time of crisis. I have found the reports to be most helpful and I believe I am better informed to fulfil the responsibilities of my role as a result of this support’.

Our annual health conference, Transforming Healthcare Together, went virtual in 2020, and was attended by 140 cross-sector leaders: a powerful reminder of the need to support and facilitate cross-sector connections and joint working across local systems. We developed a suite of resources to support leaders from the voluntary and healthcare sectors to build relationships that enable them to work in new ways to improve referral pathways; protect against overwhelming demand on statutory health services; and reach the most isolated and vulnerable members of the community. We built partnerships between 13 local NHS systems and the VCSE sector to address local challenges. We also captured learning from partnerships working together in ’ response to Covid-19 in We re better together .

Feedback on this work included:

‘I enjoyed just talking in a non-judgmental way about the challenges and opportunities we face.’

‘I really appreciate everything that IVAR is doing to support charity leaders across the UK at this time. I certainly have found [the sessions] useful, helping me to recognise that what is happening to [our organisation] is not unique and that , with your support, we have been able to influence funders.’

‘It was a really interesting session, and great to be part of another IVAR initiative. You always manage to combine good use of technology with an informal and relaxed atmosphere that makes everyone feel able to share their views and learning.’

3. Funders change their approach to relationships, processes and risk to make life easier for small voluntary organisations.

At the beginning of 2020/21, we were working on two projects around funders’ approaches to relationships, processes and risk:

Thinking about… risk framework : We worked with five funders – of different scales, purposes and ways of working – to better understand the varied approaches grant makers take to risk. Together, we developed a framework that helps funders consider their approach to different elements of risk.

The power of face-to-face grant-making: Small grants in Hartlepool : In this paper, we shared Tudor Trust’s pilot approach to paring back bureaucracy and placing relationships and trust at the forefront of their grantmaking, including the views of those who took part.

Following the Covid-19 outbreak, funders’ approaches changed significantly – and additional challenges around inclusivity and equity were raised in the wake of the killing of George Floyd. In response, we initiated work to understand how simplified funding could be sustained beyond Covid-19, with a particular focus on the needs of VCSE organisations adversely affected by systemic barriers and burdensome practice. Our initial thinking was set out in: A simple ambition for grant-making . Following a survey of 89 funders from across the UK, we developed a ‘call to action’ for trust and transparency in grant-making. This was launched as the Open and Trusting grant-making initiative, with 50 foundations from across the UK signing up to eight public commitments.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

Reach

Challenges and future priorities

We expect challenges over the next 12 months to centre around the ongoing impact of Covid-19 – both for us and the VCSE organisations and funders with whom we work. In particular:

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

FINANCIAL REVIEW

The results of the year’s activity are set out in the attached financial statements. The income less total expenses of the Charity produced a net surplus for the year of £192,216 (2020: £5,585). Total reserves at the year-end increased to £328,367 (2020: £136,151). The charity operates from rented premises and accordingly the total of reserves designated and held in the form of fixed assets at the year-end stood at £2,472 (2020: £4,351). A further £160,000 of designated funds have been set aside from the Atlantic Philanthropies donation to fund core expenditure over the next three years.

The Charity generates income from grants, and, to a lesser and minor extent, fees charged for research and education projects and consultancy work respectively. The Charity is supported by key core funders who provide annual grants to support core expenditure, as detailed in note 3 to the accounts.

Individual projects are funded by grants, as disclosed in note 5 to the accounts, and may be undertaken by charity employees or external researchers. Projects are usually relatively small in terms of the funding received.

The work undertaken by the Charity does not always coincide with the accounting year and accordingly income relating to projects that are part completed at the balance sheet date is deferred to the following year to match with the work required to complete the project, as detailed in note 14 to the accounts.

Reserves policy

The Board of Trustees maintains a reserves policy to protect the organisation and the sustainability and independence of its charitable programme by providing time to adjust to changing financial circumstances. This limits the risk of disruption to the programme in the event of a downturn in some of IVAR’s various sources of income, or an unexpected need for additional expenditure. The policy also provides parameters for future strategic plans and contributes towards decision-making.

Following a review during the year, the Board has amended IVAR’s reserves policy and established a target range of core reserves between two and four months’ budgeted core expenditure for the level of general reserves. This is based on a risk assessment of the probability and likely impact on IVAR’s charitable programme that might be caused by a decline in income, an inability to meet financial obligations, or an inability to reduce expenditure in the immediate short-term. The policy ensures a balance between spending the maximum amount of income raised as soon as possible after receipt, while maintaining a level of reserves to ensure uninterrupted operation. The core reserves policy and the target range are reviewed annually to reassess the risks and reflect changes in IVAR’s income, financial obligations and expenditure.

This policy would equate to a target for ‘free’ reserves – unrestricted reserves not matched by fixed assets or other designations – of between approximately £120,000 and £240,000 at 31 March 2021 (2020: following the current year amended policy, approximately £103,000 to £206,000) while the ‘free’ reserves held at that date were £165,895 (2020: £131,800).

Alongside the establishment of core reserves, the Board of Trustees is also committed to reinvesting surplus funds into the active pursuit of its charitable objectives and organisational mission. To this end, the reserves policy also allows funds to be set aside for the Research Development Fund, to provide a small working fund to support activities that may require specific investment (e.g. work with smaller, less well-resourced organisations; supplementary work to disseminate research findings; exploratory work in new areas).

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Institute for Voluntary Action Research (IVAR) is a charitable company limited by guarantee and was formally registered on 2nd February 2006 and as a charity on 30th May 2006. IVAR is governed by its Memorandum and Articles of Association as amended by a special resolution on 3rd February 2011. In the event of winding up, members’ liabilities are limited to £1 each.

The Trustees are responsible for the management of the Charity, which they delegate to the Director on a dayto-day basis. IVAR’s Board of Trustees includes senior practitioners, scholars and funders from the VCSE sector, universities and business.

The Board meets four times a year, or more often if required (a Board Working Group, comprising a selection of trustees, was established in 2019 to meet between Board meetings to help in moving on 2020-2025 strategy work related to staffing, processes and systems, office accommodation and Board succession, replenishment and diversity). It currently has two formal sub-committees: Finance and Remuneration Committee and a Personnel and Recruitment Committee. Ben Cairns has served as Director of the Charity since his appointment on 1st July 2006.

Risks

The Trustees confirm that the major risks to which the Charity is exposed have been reviewed, and systems and procedures have been established to manage those risks.

The risk register is maintained and reviewed regularly, including action points to address any significant concerns. The review takes account of changes to IVAR’s strategic goals and objectives as they arise.

The principal current risks being addressed include staff wellbeing (including from working during Covid-19 and working with an ambitious strategy and busy project portfolio); being an insufficiently diverse organisation; continued close monitoring of project income due to the uncertainty of the landscape post Covid-19; developing communications further (both the platform, e.g. website and different methods for disseminating IVAR’s work) partly to ensure we remain relevant and responsive to the people and causes we want to serve.

Appointments to the Board

During 2020/21, the Board embarked on an open recruitment process as part of organisation-wide efforts to build a diverse Board that reflects the communities we work with and support across the UK, with a particular emphasis on appointing trustees who are black or people of colour. In October 2020, this process was successfully concluded, and three new trustees were appointed.

Trustees are inducted by the Board Chair and are provided with a copy of the Charity Commission guidance, The essential trustee: what you need to know, what you need to do . New trustees also receive access to relevant training, minutes of recent Board meetings, recent IVAR reports, meet IVAR staff and, where appropriate, attend events organised by IVAR.

Arrangements for setting the pay and remuneration of key management personnel

The Board has a Finance and Remuneration Committee, which reviews the pay of staff on an annual basis. Where appropriate, the Committee will establish benchmarks on the basis of available data from partner or related charities.

Fundraising

IVAR fully complies with The Charities (Protection and Social Investment) Act 2016. We do not fundraise from the general public, nor do we employ fundraisers or use fundraising agents.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

PUBLIC BENEFIT STATEMENT

The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The public benefit of the Charity’s activities in supporting VCSE organisations is outlined under ‘Objectives and Activities’ and ‘Achievements and Performance’ above.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' r eport was approved by the Board of Trustees.

..............................

Sam Brier (Chair from 11 Nov 2020)

Trustee Dated: .... 17 November 2021 ....................

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2021

The trustees, who are also the directors of Institute For Voluntary Action Research for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare accounts 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 accounts, 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 accounts 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.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF INSTITUTE FOR VOLUNTARY ACTION RESEARCH

Opinion

We have audited the financial statements of Institute For Voluntary Action Research (the ‘charity’) for the year ended 31 March 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard 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:

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INSTITUTE FOR VOLUNTARY ACTION RESEARCH

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 d irectors ' r eport included within the trustees' r eport.

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 s tatement of trustees' r esponsibilities, 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 .

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INSTITUTE FOR VOLUNTARY ACTION RESEARCH

Extent to which the audit was capable of detecting irregularities, including fraud

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:

– Agreement of the financial statement disclosures to underlying supporting documentation to assess compliance with those laws and regulations having an impact on the financial statements;

– Enquiries and confirmation of management and the trustees as to their identification of any non-compliance with laws or regulations, or any actual or potential claims;

– Review of minutes of Board meetings throughout the period;

– incorporating unpredictability into the nature, timing and/or extent of testing.

– Evaluation of the selection and application of the accounting policies chosen by the company.

– In relation to the risk of management override of internal controls, by undertaking procedures to review journal entries and evaluating whether there was evidence of bias that represented a risk of material misstatement due to fraud; and

– We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

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.

Katherine Dee FCA (Senior Statutory Auditor) 18/11/2021 for and on behalf of Begbies .........................

Chartered Accountants Statutory Auditor

9 Bonhill Street London EC2A 4DJ

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

Current financial year
Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income from:
Core grants
3
437,999
35,000
Charitable activities
5
251,094
294,800
Investment income
4
1,112
-
Total income
690,205
329,800
Expenditure on:
Raising funds
6
18,520
-
Charitable activities
7
479,469
329,800
Total resources expended
497,989
329,800
Net income for the year/
Net movement in funds
192,216
-
Fund balances at 1 April 2020
136,151
-
Fund balances at 31 March 2021
328,367
-		 Total
2021
£
472,999
545,894
1,112
1,020,005
18,520
809,269
827,789
192,216
136,151
328,367		 Total
2020
£
217,500
644,172
1,356
863,028
14,010
843,433
857,443
5,585
130,566
136,151

The statement of financial activities includes all gains and losses recognised in the year.

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.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

Prior financial year

Unrestricted
Restricted
funds
funds
2020
2020
Notes
£
£
Income from:
Core grants
3
217,500
-
Charitable activities
5
283,696
360,476
Investment income
4
1,356
-
Total income
502,552
360,476
Expenditure on:
Raising funds
6
14,010
-
Charitable activities
7
482,957
360,476
Total resources expended
496,967
360,476
Net income for the year/
Net movement in funds
5,585
-
Fund balances at 1 April 2019
130,566
-
Fund balances at 31 March 2020
136,151
-		 Total
2020
£
217,500
644,172
1,356
863,028
14,010
843,433
857,443
5,585
130,566
136,151

The statement of financial activities includes all gains and losses recognised in the year.

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.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

BALANCE SHEET

AS AT 31 MARCH 2021

2021
Notes
£
Fixed assets
Tangible assets
10
Current assets
Debtors
11
39,593
Investments - notice account
12
151,715
Cash at bank and in hand
340,012
531,320
Creditors: amounts falling due within
one year
13
(205,425)
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds
Designated funds
17
162,472
General unrestricted funds
165,895		 2020
£
£
2,472
73,531
50,730
261,138
385,399
(253,599)
325,895
328,367
4,351
131,800
328,367
328,367		 £
4,351
131,800
136,151
136,151
136,151

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The accounts were approved by the Trustees on .. 17 November 2021 .......................

..............................

Sam Brier (Chair from 11 Nov 2020) Trustee

Company Registration No. 05695711

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

2021
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
22
180,908
Investing activities
Purchase of tangible fixed assets
(2,162)
Investment into term deposit accounts
(100,985)
Interest received
1,112
Net cash used in investing activities
(102,035)
Net increase/(decrease) in cash and cash
equivalents
78,873
Cash and cash equivalents at beginning of year
261,138
Cash and cash equivalents at end of year
340,012
Relating to:
Bank balances and short term deposits
340,012		 2020
£
£
(202,713)
(2,443)
(50,730)
1,356
(51,817)
(254,530)
515,669
261,138
261,138

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

Institute For Voluntary Action Research is a private company limited by guarantee incorporated in England and Wales. The registered office from 29/09/2020 was The Foundry, 17 Oval Way, London, SE11 5RR, prior to 29/09/2020, the registered office was The Old School, Exton Street, London, SE1 8UE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (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 a mounts in these financial statements are rounded to the nearest £.

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

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence 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 financial statements.

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.

Grants are recognised in line with the charities entitlement to the grant. Grants which are received for specific time periods are allocated to those time periods. And any sums to which the charity is not yet entitled, but have already received are deferred and not recognised in the year.

Income relating to commissioned projects is recognised in line with the performance of that project. Where income is received in advance of work having been performed the income is deferred to the extent that the work is yet to be undertaken.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.5 Resources expended

All expenditure is accounted for on an accruals basis .

Expenses incurred in undertaking activities for the fulfilment of the charity's objects are shown as direct charitable expenditure. The charity operates one type of charitable activity - charitable research projects.

Fundraising costs are the costs of application and reporting on the charity's income.

Support and governance costs, which cannot be directly attributed to particular activities, have been apportioned proportionately to estimated overheads used and allocated to charitable activities and fundraising cost.

The charity is not registered for VAT and expenditure categories include their irrecoverable VAT elements.

1.6 Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements 4 years Furniture & equipment 50% 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 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 ) .

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks .

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 of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

Where material t he cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

The key area of estimation in the current and previous year is the deferral of project income where income is received in advance of the work performed. The deferral is calculated with reference to the estimated percentage of the project performed at the balance sheet date with reference to key project stages and deliverables.

3 Core grants

Grants
Esmée Fairbairn Foundation
Porticus
Tudor Trust
Pears Foundation
Paul Hamlyn Foundation
National Lottery Community Fund
Atlantic Philanthropies
Other		 2021
£
60,000
60,000
60,000
50,000
50,000
35,000
157,974
25
472,999		 2020
£
65,000
60,000
55,000
25,000
12,500
-
-
-
217,500

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

3 Core grants

(Continued)

During the year the charity received a $200,000 grant from The Atlantic Philanthropies for the mixed purposes of unspecified future learning support, with any remaining funds being a core funding grant to enable the charity to fulfil its general objects. The Atlantic Philanthropies organisation closed as planned in September 2020, and no future learning support was requested. Accordingly, the grant has been recorded as unrestricted grant income.

Having regard to the size of other core funding grants received by the charity, the Trustees consider that this funding is most appropriately recognised over a period of three years, and so have designated an amount of reserves to support activity over that period.

4 Investment income

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Bank interest receivable 1,112 1,356
Charitable activities
2021 2020
£ £
Consultancy 66,350 8,466
Grant funded project s 479,544 635,706
545,894 644,172
Analysis by fund
Unrestricted funds 251,094 283,696
Restricted funds 294,800 360,476
545,894 644,172

5 Charitable activities

Where projects are undertaken jointly, funds received on behalf of third party charities are not included in the above totals.

Funds received for third parties in 2020 included £2,300 as part of a Funding and Commissioning study and £22,544 as part of the BHP Self Care project. No equivalent funds were received in 2021.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

5
6		 Charitable activities
Grant project funders above £5,000- funding received
Atlantic Philanthropies
Blackpool Teaching Hospital
CCLA Investment Management
CaVCA
City Bridge Trust
Changing Lives
Comic Relief
Corra Foundation
Esmée Fairbairn Foundation
Help on Your Doorstep
John Lyon's Charity
Lancs and S. Cumbria
Lloyds Banking Group Foundation
Local Trust
London Funders
Mercers' Company
National Lottery Communities Fund - The Big Lottery
Oak Foundation
Paul Hamlyn Foundation
Pears Foundation
Porticus UK
Premier League Charity Fund
QE Jubilee Trust
Robertson Trust
Sheffield Hallam University
Shift Design
The Tudor Trust
United St Saviour
Welcome Trust
Grant project funders below £5,000
Add/(less) net movements on deferred income
Raising funds
Fundraising and publicity
Staff costs
Governance costs
Support costs		 (Continued)
2021
2020
£
£
39,493
-
-
9,100
6,250
-
-
7,000
12,500
-
-
10,000
54,000
42,000
6,500
-
38,780
51,980
10,000
15,000
-
25,000
18,200
-
5,000
25,000
31,000
23,500
5,000
-
5,000
5,950
13,100
89,922
-
35,024
32,280
26,000
27,280
19,375
25,000
-
-
10,000
-
11,832
1,000
-
6,600
6,400
26,400
-
42,100
13,500
-
12,000
-
13,023
33,310
7,560
40,751
176,541
479,544
635,706
2021
2020
£
£
12,678
9,335
319
270
5,523
4,405
18,520
14,010

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

7 Charitable activities

Staff costs
Research associate fees
Academic advice and consultancy
Other direct costs including publications and conferences
Share of support costs (see note 8)
Share of governance costs (see note 8)
Analysis by fund
Unrestricted funds
Restricted funds
For the year ended 31 March 2020
Unrestricted funds
Restricted funds		 2021
£
405,859
173,063
-
43,783
622,705
176,363
10,201
809,269
479,469
329,800
809,269		 2020
£
373,386
156,320
1,109
125,638
656,453
176,184
10,796
843,433
482,957
360,476
843,433

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

8 Support costs

Support
costs
Governance
costs
£
£
Staff costs
52,654
-
Depreciation
4,041
-
Rent, insurance and service charges
39,105
-
Equipment rental
1,569
-
Payroll administration and recruitment
9,081
-
Relocation costs
7,424
-
IT costs and website
20,516
-
Bookkeeping and accountancy fees
19,480
-
Printing, postage, stationery and telephone
12,618
-
Publishing materials, events, marketing,
subscriptions and publications
1,499
-
Travel and subsistence (non project)
5,952
-
Sundry
7,947
-
Audit fees
-
4,560
Legal and professional
-
5,453
Trustees insurance
-
507
181,886
10,520
Analysed between
Fundraising
5,523
319
Charitable activities
176,363
10,201
181,886
10,520		 2021
£
52,654
4,041
39,105
1,569
9,081
7,424
20,516
19,480
12,618
1,499
5,952
7,947
4,560
5,453
507
192,406
5,842
186,564
192,406		 2020
£
59,117
4,701
41,387
2,627
3,235
-
14,401
15,050
17,532
11,625
8,698
2,216
4,440
6,119
507
191,655
4,675
186,980
191,655

Support and governance cost have been allocated across fundraising and the charitable activities using a ratio based on estimated overhead resources used.

Governance costs includes payments accrued to the auditors of £ 4,560 including VAT (2020- £ 4,440 ) for audit fees.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

9 Employees

Number of employees

The average monthly number of employees during the year was:

Generating funds
Research projects and other direct charitable activities
Support and administration
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration, excluding
employer's pension contributions, was £60,000 or more were:
£80,001-£90,000		 2021
Number
0.1
9.4
1.0
10.5
2021
£
417,736
40,415
13,040
471,191
2021
Number
1		 2020
Number
0.1
9.9
1.0
11
2020
£
389,630
39,469
12,739
441,838
2020
Number
1

The above member of staff was enrolled in the defined contribution pension scheme, with employer contributions paid of £2,188 (2020: £2,193).

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

10
Tangible fixed assets
Leasehold
improvements
Furniture &
equipment
£
£
Cost
At 1 April 2020
8,382
15,678
Additions
-
2,162
Disposals
(8,382)
(8,036)
At 31 March 2021
-
9,804
Depreciation and impairment
At 1 April 2020
8,382
11,327
Depreciation charged in the year
-
4,041
Eliminated in respect of disposals
(8,382)
(8,036)
At 31 March 2021
-
7,332
Carrying amount
At 31 March 2021
-
2,472
At 31 March 2020
-
4,351
11
Debtors
2021
Amounts falling due within one year:
£
Trade debtors
27,302
Other debtors
11,097
Prepayments
1,194
39,593
12
Current asset investments
2021
£
Bank notice accounts
151,715		 Total
£
24,060
2,162
(16,418)
9,804
19,709
4,041
(16,418)
7,332
2,472
4,351
2020
£
60,275
8,296
4,960
73,531
2020
£
50,730

The notice account is subject to 125 days notice before withdrawals can be made.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2021 2020
Notes £ £
Other taxation and social security 14,038 11,065
Deferred income 14 153,968 185,018
Trade creditors 29,177 22,302
Other creditors - 25,835
Accruals and deferred income 8,242 9,379
205,425 253,599
Deferred income
2021 2020
£ £
Arising from performance related grants and
projects 153,968 185,018
2021 2020
£ £
Balance as at start of year 185,018 314,202
Released in year (185,018) (314,202)
Deferred in year 153,968 185,018
Balance as at end of year 153,968 185,018

14 Deferred income

During the year IVAR received £36,950 (2020: £9,700) from statutory sources - East Sussex County Council, Lancashire & South Cumbria NHS, and North Cumbria CCG (2019 Blackpool Teaching Hospitals NHS Foundation Trust). All grant provider requirements had been met at the year end in respect of funds released to income.

15 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 for each employee.

The charge to profit or loss in respect of defined contribution schemes was £13,040 (2020 - £12,739).

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

16 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 April 2019 resources expended 1 April 2020 resources expended
31		 March 2021
£ £ £ £ £ £ £
UK Evaluation Roundtable - 41,274 (41,274) - 53,750 (53,750) -
Atlantic Philanthropies - 141,246 (141,246) - - - -
BHP Self-Care - 117,391 (117,391) - 41,630 (41,630) -
Aligned Reporting - 24,510 (24,510) - 5,570 (5,570) -
Small Charities Advocacy - 24,555 (24,555) - - - -
Small Charities Tech Study - 11,500 (11,500) - 10,500 (10,500) -
National Lottery Community Fund - - - - 35,000 (35,000) -
Covid 19 Emergency Support - - - - 105,500 (105,500) -
Covid 19 Learning Review - - - - 32,000 (32,000) -
Youth Infrastructure - - - - 11,400 (11,400) -
NCVO joint project - - - - 26,400 (26,400) -
Small projects - - - - 8,050 (8,050) -
- 360,476 (360,476) - 329,800 (329,800) -

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

16 Restricted funds

(Continued)

UK Evaluation Roundtable

The Evaluation Roundtable is a network of foundation leaders in the UK, the US and Canada. The Roundtable aims to improve evaluative practice in foundations by infusing it with cutting-edge ideas, and by providing foundation staff with an opportunity to refine and deepen their thinking and practice. It is a public resource for information on what other foundations are doing on evaluation, as well as for ideas about where and how foundations might develop their practice.

Atlantic Philanthropies

A four year grant for the Incubation Evaluation of the Atlantic Institute at the Rhodes Trust.

BHP Self Care

A two year grant for Big Lottery Fund grant for building relationships between the NHS, local government, citizens and voluntary, community and social enterprise organisations .

Aligned Reporting

Grants towards a review of the opportunities for aligned reporting across funders.

Small Charities Advocacy

A grant funded project researching place based funding approaches.

Small Charities Tech Study

Funding for an exploratory study into making technology imaginable and usable for small voluntary organisations.

Covid 19 Emergency Support

Grants towards initiating peer support sessions for voluntary, community and social enterprise (VCSE) leaders .

Covid 19 Learning Review

A project to capture the key features of funder responses to the Covid 19 crisis.

Youth Infrastructure

Joint funded project into charity infrastructure.

NCVO Joint Project Collaborative working project for NCVO.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

17 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 April 2019 resources expended 1 April 2020 resources expended
31		 March 2021
£ £ £ £ £ £ £
Fixed Asset Fund 6,609 2,443 (4,701) 4,351 2,162 (4,041) 2,472
Core Expenditure Contribution - - - - 160,000 - 160,000
6,609 2,443 (4,701) 4,351 162,162 (4,041) 162,472

Fixed Asset Fund

The fixed assets are considered to be not easily realisable and accordingly are not represented in the general reserve. The balance carried forward is equal to the year-end net book value of fixed assets.

Core Expenditure Contribution

The designation of £160,000 as a contribution to core expenditure arises from funding from Atlantic Philanthropies (see note 3). Trustees intend to release this amount over the three years ending 31 March 2024.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

18 Analysis of net assets between funds

Designated
Fund
Restricted
Fund
Unrestricted
Fund
2021
2021
2021
£
£
£
Fund balances at 31 March 2021 are represented by:
Tangible assets
2,472
-
-
Current assets/(liabilities)
160,000
-
165,895
162,472
-
165,895		 TotalDesignated
Fund
Unrestricted
Fund
2021
2020
2020
£
£
£
2,472
4,351
-
325,895
131,800
328,367
4,351
131,800		 Total
2020
£
4,351
131,800
136,151

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

19 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2021
£
8,880
-
8,880		 2020
£
7,788
694
8,482

At the 2020 balance sheet date, the charity operated from rented premises which could be vacated with two months notice at any time. The 2020 figure for lease commitments within one year included two months rent at the year end prevailing rate.

In October 2020, the charity relocated and signed a new lease with a three month break clause. The 2021 figure for lease commitments within one year includes three months of rent and agreed service charges at the prevailing rate.

During 2019 the charity entered into a three year operating lease for a photocopier. The total commitment under the lease was £4,118, and the £694 remained at the balance sheet date.

20 Trustees and Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2021 2020
£ £
Aggregate compensation including employer's pension and national
insurance contributions 100,109 97,732

During the year trustees received associate fees as follows: Richard Hopgood, fees and expenses of £0 (2020: £4,324). The charity received research project payments of £2,000 and £10,000 (2020 £12,000 and £15,000) from United St Saviours Charity and Help On Your Doorstep respectively. Nicola Steuer is a trustee of both these organisations, but not a controlling trustee.

IVAR has authority to make payments to trustees for consultancy work contained in its governing document. Payments have been made in accordance with the trustees remuneration policy and approved by the trustees.

No trustees received reimbursement of travel expenses during the year (2020: 1 trustee : £179).

The charity purchases trustee insurance as identified in note 8.

21 Limited by guarantee status

The charitable company's legal structure is that of a company limited by guarantee. In the event of the company winding-up , each member is liable to contribute to any deficit to a maximum of £1 per member.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

22
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
(Decrease) in creditors
(Decrease) in deferred income
Cash generated from/(absorbed by) operations
23
Analysis of changes in net funds
The charity had no debt during the year.		 2021
2020
£
£
192,216
5,585
(1,112)
(1,356)
4,041
4,701
33,938
(43,627)
(17,124)
(38,832)
(31,050)
(129,184)
180,909
(202,713)