OpenCharities

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2023-03-31-accounts

Charity registration number 1114403

Company registration number 05695711 (England and Wales)

INSTITUTE FOR VOLUNTARY ACTION RESEARCH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Kamna Muralidharan (Chair)
Sam Brier (Deputy Chair)
Timothy Jones (Treasurer)
André Clarke (Appointed 19 July 2022)
John Hailey (Until 18 July 2023)
Richard Hopgood (Until 9 November 2022)
Anneessa Mahmood
Michael Pitchford (Appointed 19 July 2022)
Rosa Powloski
Ruth Stephens (Appointed 19 July 2022)
Palmela Witter
Company secretary Ben Cairns
Chief Executive Ben Cairns
Charity number 1114403
Company number 05695711
Principal address 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
Cheapside House
138 Cheapside
London
EC2V 6BB

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

CONTENTS

Page
Trustees' report 1 - 10
Statement of trustees' responsibilities 11
Independent auditor's report 12 - 14
Statement of financial activities 15 - 16
Balance sheet 17
Statement of cash flows 18
Notes to the financial statements 19 - 34

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

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).

OVERVIEW

Over the past year, IVAR has continued to hold space for, and balance, the rigour of action research with a focus on equity and empowerment, initiating a number of new initiatives that support the development and sustainability of the voluntary and community sector (VCSE). A key area of focus has been ensuring that how the work is done is inclusive, responsive and recognises the agency and strengths of the people participating in research. This principle lies at the heart of action research and has been IVAR’s methodology since it was established.

The Board has been impressed with the range and depth of projects the team delivered including developing partnerships with ‘10,000 Black Interns’ and the grant-making initiative with Ubele, to help Build an Equitable Workforce. These new partnerships support IVAR’s ambition to contribute to the diversification of the research sector; enabling action research techniques to support the social change VCSE organisations are calling for.

There is however no one route to change, and we recognise that there are a plurality of views and strategies in how to approach change. This year IVAR embraced this plurality, recognising that there are multiple entry points to, and levers for, change. The team have demonstrated a thoughtfulness and care in considering its relevance and use, acting with integrity and authenticity and continuing to use the organisation’s assets for public benefit.

To that end, IVAR has spent time this year building on the role it played in supporting the voluntary sector throughout the pandemic and beyond, by sustaining and developing the Open & Trusting Grant-making community. Key to this initiative has been the need to recognise and build on the trust, agility and common purpose that brought funders and charities together through the pandemic in order to put people and communities at the heart of the change they wish to see.

Alongside delivering on an ambitious portfolio of projects with quality and rigour, the Board have been particularly mindful of the need to centre staff wellbeing alongside organisational impact while driving a commitment to diversity, equity and inclusion – both internally and in the work IVAR does externally. In doing so, we are paying attention to three particular challenges and opportunities:

1. Power and equity

We see a plurality of views and strategies about power in our sector. Perspectives about what matters most vary within and across organisations and communities. At IVAR, our approach is to embrace this plurality, recognising that there are multiple entry points to, and levers for, change. For us to be relevant and useful, we exercise great care in everything we do, striving to act with integrity and authenticity, using our assets for public benefit. This involves working in ways that feel aligned with our charitable objects, our diverse experiences, the potential of research to be useful, and the responsibility we feel to the communities and causes we serve. Going forward, we need to be vigilant about resisting and countering the notion that we might somehow be ‘best-placed’ to prescribe solutions to problems that are not ours. Our primary contribution is to open, and then hold open, channels and opportunities for the voices and experiences of people furthest from power to be heard – and to become influential. That is the essence of our approach to action research.

2. Open and Trusting

The Open and Trusting (O&T) Grant-making initiative is at a critical inflection point. There is real willingness across a growing community of funders to engage in the open and trusting conversation – both with each other and with funded organisations – and to go further with adaptations and improvements to grant-making practice. We are confident in this, following the peer reviews completed by 70 funders late last year, and the second anniversary event in March attended by over 70 people.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

At the same time, there is widespread acknowledgement that embedding meaningful, long-term change is an arduous and complicated task. Not least because of a growing acceptance that tactical changes in the grantmaking process are only one step towards a far more transformative change. Open & Trusting Grant-making is not simply about reducing burden and time pressure on busy charities. It is also about changing funder/charity relationships, so that funded organisations have the agility and agency to represent the interest and needs of the communities they serve. An open and trusting relationship between funder and charity is, ultimately, about changing culture. Engaging seriously, meaningfully and productively with that challenge must be a priority for us.

3. Pragmatic and ambitious

In common with many of the charities with whom we collaborate, IVAR faces familiar operational challenges, including: hybrid working; sustaining organisational values and culture; diversifying income sources; the costs of fundraising. At the same time, we recognise that we have established a reputation and profile – at the interface between voluntary action and funding – that affords us real opportunities to influence and shape, for the common good. So, whilst we remain committed to prudence and living within our means, we also feel a responsibility to think expansively about how best to develop and deploy our assets. How can IVAR help to facilitate meaningful and lasting changes that directly affect and benefit the work and wellbeing of small charities? What can IVAR do, now and in the future, to facilitate a serious and sustained shift to a culture of mutuality in relationships across sectoral and status divides? These, and other questions, need to remain live and in circulation.

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 and social change – activities, services, community development or campaigns that aim to improve the quality of life and opportunity of 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, policymakers 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 and their contributions to social change.

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.

Core Offer

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.

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

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

  1. A responsive, relevant and useful capacity-building research institute that strengthens the UK voluntary sector and its social change work through regularly sharing 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 platform for thought leadership from our team and the wider sector to shape a better operating environment for smaller charities.

Priorities

For the period 2020-2025, we set four overarching strategic commitments which we shared in last year’s annual report. The core of what we committed to hasn’t changed, but we have reviewed and updated our goals in light of events during 2021:

  1. Healthy and fit for purpose: Maintain the health and wellbeing of IVAR by ensuring that our people have the support, resources and systems they need to deliver high quality research and communications.

  2. Inclusive: Continue to work towards greater diversity of our staff, associates and trustees; embed Equity, Diversity and Inclusion (EDI) thinking into our project selection and design; and extend our network of partners.

  3. Visible and connected: Increase the use of our work by our core audiences – charities, foundations and public agencies.

  4. Changemaker: Lead a movement for UK grant-making to be more open and trusting.

Clients and Partners

Research clients and partners included: Action with Communities in Rural England (ACRE), Andrews Charitable Trust, Atlantic Institute, Barrow Cadbury Trust, Carnegie UK Trust, City Bridge Trust, Clothworkers Foundation, Comic Relief, Co-Op Foundation, Corra Foundation, Esmée Fairbairn Foundation, Foundation Scotland, Health Education England, Help on Your Doorstep, John Lyon’s Charity, Joseph Rowntree Foundation, Lancashire and South Cumbria NHS Trust, Lloyds Banking Group Foundation, Local Trust, London Funders, National Lottery Communities Fund – The Big Lottery, Paul Hamlyn Foundation, Pears Foundation, Robertson Trust, The Blue Thread, The Cabrach Trust, The Tudor Trust, Trust for London, UK Youth, United St Saviour’s, Walcot Foundation.

ACHIEVEMENTS AND PERFORMANCE

1. Healthy and fit for purpose

Goal : Maintain the health and wellbeing of IVAR by ensuring that our people have the support, resources and systems they need to deliver high quality research and communications.

Our latest round of staff appraisals in January confirmed that we have a really talented and committed team. People seek out and benefit from ‘stretch opportunities’; feedback is frank and constructive; and our values are being applied across every working day and throughout every working week. We see curiosity, as the question of IVAR’s involvement in climate justice work is explored. We see a commitment to being grounded, as people eschew an easy soundbite for observations that feel rooted in the lived and learned experience of the organisations we are here to serve. We see hope as, despite the chaos and madness of economic and political upheaval, staff seek out opportunities to strengthen and enhance the incredible work of local charities. And, always, we see people bringing simple human qualities to their work: empathy, compassion and respect.

We continually attend to the wellbeing of our team through making space for reflective conversations; regularly reviewing our approach to hybrid working and ensuring there are strong connection points across the team; offering a range of flexible working arrangements; and by providing professional development opportunities. This year, we have also introduced a Customer Relationship Management (CRM) system to enable us to better understand, track and manage our relationships with research participants and partners.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

This has enabled us to:

Deliver 23 research projects, including:

Produce 47 outputs to disseminate research findings (30 blogs, 9 briefings and 8 reports), including:

Deliver over 50 events , including webinars, focus groups, peer support sessions, community of practice meetings and learning workshops. Feedback from our partners included:

2. Inclusive

Goal: Continue to work towards greater diversity of our staff, associates and trustees; embed Equity, Diversity and Inclusion (EDI) thinking into our project selection and design; and extend our network of partners.

Across all of our work, we aim to ensure that people’s voices are heard in a way that reflects their experiences. This principle lies at the heart of action research, where the emphasis is always on privileging the perspectives of people directly affected and implicated by the focus of the research. That has been the IVAR methodology since our establishment in 2000.

We have made steady progress on EDI in recent years, as explored in our recently published power and equity: continuing to maintain a focus on racial equity, while also broadening our perspective – is a priority. Our approach is twofold: to pursue action which has a direct impact and can continue to inform our thinking; and to create space and build our capacity to explore deeper questions.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

Specific examples from our ongoing efforts to draw people from our communities into our work to embed EDI thinking into our practice include:

3. Visible and connected

Goa l: Increase the use of our work by our core audiences – charities, foundations and public agencies.

Our communications analytics show that we are becoming more visible and connected. During this year, we secured more than 650 new Twitter followers and 2350 new newsletter subscribers, as well as achieving more than 450 monthly report downloads (Monthly website views at 7,141 in FY22/23, up from 6,871 in FY21/22. Monthly report downloads at 467 in FY22/23, up from 307 in FY21/22).

The Funding Experience Survey

A gamechanger for our reach this year was the Funding Experience Survey.

What we did:

Six-week social media campaign with weekly videos from funders/charities talking about why #HowYouFundMatters. We shared a communications pack with all Open and Trusting Grantmakers (to share with their grantees and recent applicants); sent emails and reminders to funder and charity networks, past research participants and our newsletter lists; sent out a press release; published guest blogs (on other platforms); and had some paid advertising.

We had over 1,200 responses to the survey, exceeding our target of 1,000 and lending significant credibility to the Open and Trusting accountability process. For comparison, the well-established Charity Digital Skills survey received around 450 responses and was open two weeks longer (with the same incentives, of £100 prizes). Having a target really focused our minds. There were 2,546 link clicks to the survey (which doesn’t count people who went direct to SurveyMonkey), and 3,341 video shares across all the clips. Through this, we recruited 30 charity reviewers who we trained and resourced to lead peer review conversations with funders.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

We were also able to add over 900 charities to our mailing list through this alone – which has significantly increased the reach of useful, usable insights from across our work and the number of charities that are able to access our peer support offer.

When we published the findings of the Funding Experience Survey, we took the opportunity to do three things differently:

Page view and download numbers:

There was some positive reaction on social media, particularly from charities:

Charity reserves

Our Charity Reserves report was commissioned by a really engaged group from the Scottish Funders’ Forum ‘to understand how charity reserves can contribute to a dynamic and resilient third sector’ and explore ‘how charities can manage reserves for stability, but also how they can make reserves work harder’ . The funder group were central to dissemination, and the topic links to the Cost of Living crisis – to which many funders were (and still are) considering their response.

What we did:

How it went:

There was also really positive Twitter reaction:

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

This work also resulted in the Scottish Regulator reviewing and updating their guidance around Charity Reserves.

4. Changemaker

Goal: Lead a movement for UK grant-making to be more open and trusting.

We have built a community of 100 grantmakers committed to managing grants in a way that reflects their confidence in the organisations they fund. Key achievements this year include:

A full update of progress and plans for Open and Trusting Grant-making is available here.

PLANS FOR 2023/2024

We developed our strategic priorities for FY23/24 following a staff/Board meeting in November 2022, to build on activity over the last year in relation to delivering our four goals agreed with Core Funders. The priorities outlined describe activity over and above ‘business as usual’.

Goal
Priorities for FY23/24
Healthy and fit for purpose
Maintain
the
health
and
wellbeing of the organisation by
ensuring that our people have
the support, resources and
systems they need to delivery
high
quality
research
and
communications.
·
Meet our fundraising and new income targets, and maintain a
healthy pipeline for new work.
·
Develop a vision for 2030.
·
Embed thinking about climate change and sustainability into our
work – both operationally and through delivering an exploratory
IVAR-funded project.
·
Develop our writing style, with attention to how it changes for
different formats (e.g. tenders, short form).
·
Deliver a programme of professional development that develops
a culture of feedback and improves people’s confidence for
public speaking and facilitating difficult conversations.
·
Improve internal communications, ensuring everyone feels
connected to each other and the organisation as we continue to
work in a hybrid way.
·
Embed our new CRM – keeping it up-to-date and making it a
corepart ofproject and communications delivery.		 Goal
Priorities for FY23/24
Healthy and fit for purpose
Maintain
the
health
and
wellbeing of the organisation by
ensuring that our people have
the support, resources and
systems they need to delivery
high
quality
research
and
communications.
·
Meet our fundraising and new income targets, and maintain a
healthy pipeline for new work.
·
Develop a vision for 2030.
·
Embed thinking about climate change and sustainability into our
work – both operationally and through delivering an exploratory
IVAR-funded project.
·
Develop our writing style, with attention to how it changes for
different formats (e.g. tenders, short form).
·
Deliver a programme of professional development that develops
a culture of feedback and improves people’s confidence for
public speaking and facilitating difficult conversations.
·
Improve internal communications, ensuring everyone feels
connected to each other and the organisation as we continue to
work in a hybrid way.
·
Embed our new CRM – keeping it up-to-date and making it a
corepart ofproject and communications delivery.
Goal Priorities for FY23/24
1 Healthy and fit for purpose
Maintain
the
health
and
wellbeing of the organisation by
ensuring that our people have
the support, resources and
systems they need to delivery
high
quality
research
and
communications.





·
Meet our fundraising and new income targets, and maintain a
healthy pipeline for new work.
·
Develop a vision for 2030.
·
Embed thinking about climate change and sustainability into our
work – both operationally and through delivering an exploratory
IVAR-funded project.
·
Develop our writing style, with attention to how it changes for
different formats (e.g. tenders, short form).
·
Deliver a programme of professional development that develops
a culture of feedback and improves people’s confidence for
public speaking and facilitating difficult conversations.
·
Improve internal communications, ensuring everyone feels
connected to each other and the organisation as we continue to
work in a hybrid way.
·
Embed our new CRM – keeping it up-to-date and making it a
corepart ofproject and communications delivery.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

Inclusive
Advance our EDI thinking and
practice.
·
Continue to talk and learn about Equity, Diversity and Inclusion
(EDI), pushing ourselves through creating opportunities for
discussion and bringing in different perspectives.
·
Ensure there is an internal system to review EDI priorities, plan
and push ourselves: What are the opportunities to broaden the
focus beyond racial equity? How might we build on projects from
FY22/23? What kind of projects might we look for/initiate?
·
Continue to profile diverse voices and experiences through our
communications.
·
Continue to support new social researchers through an
internship and the Jane Hatfield Award, in partnership with the
Ubele Initiative.
Visible and connected
Increase the use of our work by
our core audiences.
·
Introduce an approach to regularly distilling insights from across
the portfolio and sharing them with relevant audiences.
·
Focus on deepening engagement with our existing audiences
and equipping them to share our work more widely.
·
Ensure that we are providing some form of direct support to
charities on a quarterly basis.
·
Maximise opportunities to engage people in IVAR’s wider work
at the start and end ofprojects.
Changemaker
Improve
the
day-to-day
experience of small charities
and
community
groups
by
leading a movement for UK
grant-making to be more open
and trusting (O&T).
·
Introduce an evolved offer that feels community-owned.
·
Ensure we are pushing funding practice, informed and shaped
by charities’ needs, and that we will be able to demonstrate this/
identify success – working in partnership with 360 Giving, Trust-
based Philanthropy Project, UK funder networks and Grant
Givers’ Movement.
·
Recruit 40 new grantmakers, building to a community of 150
organisations.		 Inclusive
Advance our EDI thinking and
practice.
·
Continue to talk and learn about Equity, Diversity and Inclusion
(EDI), pushing ourselves through creating opportunities for
discussion and bringing in different perspectives.
·
Ensure there is an internal system to review EDI priorities, plan
and push ourselves: What are the opportunities to broaden the
focus beyond racial equity? How might we build on projects from
FY22/23? What kind of projects might we look for/initiate?
·
Continue to profile diverse voices and experiences through our
communications.
·
Continue to support new social researchers through an
internship and the Jane Hatfield Award, in partnership with the
Ubele Initiative.
Visible and connected
Increase the use of our work by
our core audiences.
·
Introduce an approach to regularly distilling insights from across
the portfolio and sharing them with relevant audiences.
·
Focus on deepening engagement with our existing audiences
and equipping them to share our work more widely.
·
Ensure that we are providing some form of direct support to
charities on a quarterly basis.
·
Maximise opportunities to engage people in IVAR’s wider work
at the start and end ofprojects.
Changemaker
Improve
the
day-to-day
experience of small charities
and
community
groups
by
leading a movement for UK
grant-making to be more open
and trusting (O&T).
·
Introduce an evolved offer that feels community-owned.
·
Ensure we are pushing funding practice, informed and shaped
by charities’ needs, and that we will be able to demonstrate this/
identify success – working in partnership with 360 Giving, Trust-
based Philanthropy Project, UK funder networks and Grant
Givers’ Movement.
·
Recruit 40 new grantmakers, building to a community of 150
organisations.
2 Inclusive
Advance our EDI thinking and
practice.
·
Continue to talk and learn about Equity, Diversity and Inclusion
(EDI), pushing ourselves through creating opportunities for
discussion and bringing in different perspectives.
·
Ensure there is an internal system to review EDI priorities, plan
and push ourselves: What are the opportunities to broaden the
focus beyond racial equity? How might we build on projects from
FY22/23? What kind of projects might we look for/initiate?
·
Continue to profile diverse voices and experiences through our
communications.
·
Continue to support new social researchers through an
internship and the Jane Hatfield Award, in partnership with the
Ubele Initiative.
3 Visible and connected
Increase the use of our work by
our core audiences.
·
Introduce an approach to regularly distilling insights from across
the portfolio and sharing them with relevant audiences.
·
Focus on deepening engagement with our existing audiences
and equipping them to share our work more widely.
·
Ensure that we are providing some form of direct support to
charities on a quarterly basis.
·
Maximise opportunities to engage people in IVAR’s wider work
at the start and end ofprojects.
4 Changemaker
Improve
the
day-to-day
experience of small charities
and
community
groups
by
leading a movement for UK
grant-making to be more open
and trusting (O&T).




·
Introduce an evolved offer that feels community-owned.
·
Ensure we are pushing funding practice, informed and shaped
by charities’ needs, and that we will be able to demonstrate this/
identify success – working in partnership with 360 Giving, Trust-
based Philanthropy Project, UK funder networks and Grant
Givers’ Movement.
·
Recruit 40 new grantmakers, building to a community of 150
organisations.

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 deficit for the year of £61,737 (2022: deficit of £59,681). Total reserves at the yearend decreased to £206,949 (2022: £268,686). 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 £3,046 (2022: £3,594). A further £53,334 (2022: £106,667) of designated funds have been set aside from the Atlantic Philanthropies donation to fund core expenditure over the next (2022: two years) year.

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 17 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.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The Board has established a target range of core reserves of 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 £132,000 and £264,000 at 31 March 2023 (2022: approximately £124,000 to £248,000) while the ‘free’ reserves held at that date were £150,569 (2022: £158,426).

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 by IVAR (e.g. work with smaller, less well-resourced organisations; supplementary work to disseminate research findings; exploratory work in new areas).

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 day-today basis. IVAR’s Board of Trustees includes senior practitioners and funders from the VCSE sector.

The Board meets four times a year, or more often if required. 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 the move to hybrid working and delivering 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 the year, the Board completed an open recruitment process as part of organisation-wide efforts to better reflect the diversity of the communities we work with and support across the UK. In July 2022, 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.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

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. We have not received any complaints during the year related to fundraising.

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' report was approved by the Board of Trustees.

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

Kamna Muralidharan (Chair)

Trustee Dated: 8 November 2023...................

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2023

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 MEMBERS 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 2023 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).

In our opinion, the financial statements:

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 MEMBERS 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 directors' report included within the trustees' report.

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

Responsibilities of trustees

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

Auditor's responsibilities for the audit of the financial statements

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

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS 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: https:// 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 auditor's 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) for and on behalf of Begbies ...09/11/23..

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 2023

Current financial year Current financial year Current financial year Total
2022
£
322,493
481,746
1,186
805,425
25,907
839,199
865,106
Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£		 Total
funds funds
2023 2023 2023
£ £ £
Income from:
Core grants
3		 290,000 35,000 325,000
Charitable activities
5		 179,619 323,839 503,458
Investment income
4		 4,290 - 4,290
Total income 473,909 358,839 832,748
Expenditure on:
Raising funds
6		 26,760 - 26,760
Charitable activities
7		 508,886 358,839 867,725
Total resources expended
Net expenditure for the year/
Net movement in funds
Fund balances at 1 April 2022
Fund balances at 31 March 2023
535,646 358,839 894,485
-
(61,737) (61,737) (59,681)
328,367
268,686
268,686 - 268,686
206,949 - 206,949

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 2023

Prior financial year

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Total
2022
£
322,493
481,746
1,186
805,425
25,907
839,199
865,106
funds funds
2022 2022
£ £
Income from:
Core grants
3		 287,493 35,000
Charitable activities
5		 202,896 278,850
Investment income
4		 1,186 -
Total income 491,575 313,850
Expenditure on:
Raising funds
6		 25,907 -
Charitable activities
7		 525,349 313,850
Total resources expended
Net expenditure for the year/
Net movement in funds
Fund balances at 1 April 2021
Fund balances at 31 March 2022
551,256 313,850
-
(59,681) (59,681)
328,367
268,686
328,367 -
268,686 -

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 2023

Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets
13
Current assets		 3,046
14,639
152,788
238,098
405,525
(140,433)
203,903
206,949
110,260
158,426
206,949
206,949		 3,594
Debtors
14
Investments - notice account
15
Cash at bank and in hand
Net current assets 265,092
Total assets less current liabilities 56,380
150,569
268,686
Income funds
Unrestricted funds
Designated funds
20
General unrestricted funds
268,686
268,686

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 .8 November 2023........................

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

Kamna Muralidharan (Chair) Trustee

Company Registration No. 05695711

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash absorbed by operations
25
Investing activities
Purchase of tangible fixed assets
Withdrawal from / (investment in) term
deposit accounts		 2023 2022 £
£ £ £
(3,032)
46,520
4,290		 (117,500)
47,778
(69,722)
238,098
168,377
168,377
(97,769)
Interest received
Net cash generated from/(used in)
investing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Bank balances and short term deposits
(4,144)

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 is The Foundry, 17 Oval Way, London, SE11 5RR.

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 amounts 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 charity's 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 2023

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 two types of charitable activity - charitable research projects and grant-making to Build an Equitable Workforce.

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 salary costs and allocated to charitable activities and fundraising cost. No material costs are thought to be applicable to grant-making to Build an Equitable Workforce.

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:

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 the statement of financial activities.

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 2023

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 the 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

Total Total
2023 2022
£ £
Donations and gifts 277,000 285,000
Add/(less) net movements on deferred income 48,000 37,493
325,000 322,493

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

3
Core grants		 3
Core grants		 (Continued) (Continued)
Grants
Esmée Fairbairn Foundation
Porticus
Tudor Trust
Pears Foundation
Paul Hamlyn Foundation
National Lottery Community Fund
Garfield Weston Foundation
Other
78,000 60,000
- 40,000
62,000 60,000
50,000 50,000
50,000 -
35,000 35,000
- 40,000
2,000 -
277,000 285,000
4
Investment income
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Bank interest receivable
4,290
1,186
5
Charitable activities
2023
2022
£
£
Consultancy
2,366
23,910
Project income
501,092
457,836
503,458
481,746
Analysis by fund
Unrestricted funds
179,619
202,896
Restricted funds
323,839
278,850
503,458
481,746
funds funds
2023 2022
£ £
4,290 1,186
5
Charitable activities
Consultancy
Project income
Analysis by fund
Unrestricted funds
Restricted funds
2023 2022
£ £
2,366 23,910
501,092 457,836
503,458 481,746
179,619 202,896
323,839 278,850
503,458 481,746

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

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

5 Charitable activities (Continued) (Continued)
2023 2022
Grant project funders of £5,000 and above- funding received £ £
Action with Communities in Rural England (ACRE) - 5,000
Andrews Charitable Trust - 12,750
Atlantic Institute 10,550 -
Barrow Cadbury Trust 14,000 -
Carnegie UK Trust - 6,500
City Bridge Trust 8,750 -
Clothworkers Foundation 5,000 -
Comic Relief 45,000 45,000
Co-Op Foundation - 5,000
Corra Foundation 16,000 -
Esmée Fairbairn Foundation - 21,500
Foundation Scotland 5,000 -
Health Education England 10,000 -
Help on Your Doorstep - 9,575
John Lyon's Charity 5,000 -
Joseph Rowntree Foundation 5,000 -
Lancs and S. Cumbria NHS Trust - 9,100
Lloyds Banking Group Foundation 25,000 5,000
Local Trust 49,725 62,800
London Funders 30,949 -
National Lottery Communities Fund - The Big Lottery 152,100 110,000
Paul Hamlyn Foundation - 48,450
Pears Foundation - 5,000
Robertson Trust 5,000 -
The Blue Thread 5,000 -
The Cabrach Trust 10,000 -
The Tudor Trust - 60,800
Trust for London 10,000 -
UK Youth 20,870 -
United St Saviour's 17,000 -
Walcot Foundation - 10,211
Grant project funders below £5,000 58,548 32,050
Add/(less) net movements on deferred income (7,400) 600
501,092 457,836
6 Raising funds
Fundraising and publicity
2023 2022
£ £
Staff costs 19,859 18,979
Governance costs 468 213
Support costs 6,433 6,715
26,760 25,907

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

7 Charitable activities expenditure

Charitable activities expenditure Charitable activities expenditure Charitable activities expenditure
Research
Project
Costs
Grant-
making to
Build an
Equitable
Workforce
£
£		 Total
2023		 Total
2022
£ £ £ £
Staff costs 507,622 - 507,622 480,210
Research associate fees 95,413 - 95,413 149,937
Other direct costs including publications and
conferences
82,292 1,000 83,292 33,771
685,327 1,000 686,327 663,918
Grant funding of activities (see note 9) - 5,000 5,000 -
Share of support costs (see note 10) 164,437 - 164,437 169,894
Share of governance costs (see note 10) 11,961 - 11,961 5,387
Analysis by fund
861,725 6,000 867,725 839,199
508,886
358,839
867,725
Unrestricted funds 502,886 6,000
Restricted funds 358,839 -
861,725 6,000
For the year ended 31 March 2022
Unrestricted funds 525,349 -
-
-		 525,349
Restricted funds 313,850 313,850
839,199 839,199

8 Description of charitable activities

Research Project Costs

IVAR's main activity is carrying out research projects, dissemination of the results of those projects and other educational activities within the voluntary and community sector. The Trustees' Report contains further details of the range of projects undertaken.

Grant-making to Build an Equitable Workforce

Grant-making to support for young people from Black and Minoritised communities to improve their access to work in social research and the voluntary sector.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

9 Grants payable
Grant- 2022
making to
Build an
Equitable
Workforce
2023
£ £
Grants to institutions:
The Ubele Initiative 5,000 -

Grant-making to Build an Equitable Workforce

Grant-making to support for young people from Black and Minoritised communities to improve their access to work in social research and the voluntary sector.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

10 Support costs

Support costs Support costs Support costs
Support
costs
Governance
costs
£
£		 2023 2022
£ £ £ £
Staff costs 62,003 - 62,003 60,473
Depreciation 3,580 - 3,580 3,136
Rent, insurance and service charges 35,630 - 35,630 35,868
Equipment rental - - - 755
Payroll administration and recruitment 4,585 - 4,585 5,717
IT costs and website 15,249 - 15,249 25,151
Bookkeeping and accountancy fees 16,775 - 16,775 17,475
Printing, postage, stationery and telephone 17,537 - 17,537 10,865
Publishing materials, events, marketing, subscriptions
and publications
1,902 - 1,902 1,990
Travel and subsistence (non project) 12,312 - 12,312 11,564
Sundry 1,297 - 1,297 3,615
Audit fees - 5,024 5,024 5,040
Legal and professional - 1,078 1,078 53
Trustees insurance - 507 507 507
Trustee recruitment - 5,820 5,820 -
170,870 12,429 183,299 182,209
Analysed between
Fundraising 6,433 468 6,901 6,928
Charitable activities 164,437 11,961 176,398 175,281
170,870 12,429 183,299 182,209

Support and governance cost have been allocated across fundraising and research using a ratio based on salary costs.

Governance costs includes payments accrued to the auditors of £5,024 including VAT (2022- £5,040) for audit fees.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

11 Employees

Number of employees

The average monthly number of employees during the year was:

Number of employees
The average monthly number of employees during the year was:
2023 2022
Number Number
Generating funds 0.2 0.2
Research projects 10.6 10.6
Support and administration 1.2 1.2
12 12
Employment costs 2023 2022
£ £
Wages and salaries 518,390 494,364
Social security costs 54,076 49,512
Other pension costs 17,018 15,786
589,484 559,662

The number of employees whose annual remuneration, excluding employer's pension contributions, was £60,000 or more were:


pension contributions, was £60,000 or more were:
2023 2022
Number Number
£60,001-£70,000 1 -
£80,001-£90,000 - 1
£90,001-£100,000 1 -

The above members of staff were enrolled in the defined contribution pension scheme, with employer contributions paid of £4,402 (2022: £2,201).

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

13
Tangible fixed assets		 Furniture & equipment
£
8,862
3,032		 Furniture & equipment
£
8,862
3,032
Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation and impairment
At 1 April 2022
Depreciation charged in the year
Eliminated in respect of disposals
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022
14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments
(2,443)
9,451
5,269
3,579
(2,443)
6,405
3,046
3,594
2022
£
9,880
3,267
1,492
14,639
2022
£
152,788
2023
£
23,849
2,731
3,737
30,317
15
Current asset investments
Bank notice accounts 2023
£
106,268

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 2023

16 Creditors: amounts falling due within one year

Notes
Other taxation and social security
Deferred income
17
Trade creditors
Accruals
17
Deferred income
Arising from grants and project income
Balance as at start of year
Released in year
Deferred in year
Balance as at end of year		 2023 2022
£
14,379
96,300
16,108
13,646
140,433
2022
£
96,300
2022
£
153,018
£
14,832
55,700
17,895
12,632
101,059
2023
£
55,700
2023
£
96,300
(96,300)
(153,018)
55,700 96,300
96,300
55,700

During the year IVAR received £nil (2022: £9,100) from statutory sources.

18 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 £17,018 (2022 - £15,786).

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

19 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
Balance at
1 April 2021
Incoming
resources
Resources
expended
Balance at
1 April 2022
Incoming
resources
Resources
expended
Balance at
31 March 2023
£
£
£
£
£
£
£
UK Evaluation Roundtable
-
12,000
(12,000)
-
32,105
(32,105)
-
Learning Review
-
12,750
(12,750)
-
-
-
-
Progressing Partnerships
-
110,000
(110,000)
-
132,100
(132,100)
-
BHP Self Care
-
55,000
(55,000)
-
-
-
-
Small Charities Tech Study
-
1,000
(1,000)
-
-
-
-
National Lottery Community Fund
-
35,000
(35,000)
-
35,000
(35,000)
-
Covid-19 Emergency Support
-
25,000
(25,000)
-
-
-
-
Covid-19 Learning Review
-
7,500
(7,500)
-
135,134
(135,134)
-
Learning in Uncertainty
-
-
-
-
10,000
(10,000)
-
Tech for Good Evaluation
-
25,000
(25,000)
-
14,500
(14,500)
-
Small projects
-
30,600
(30,600)
-
-
-
-
-
313,850
(313,850)
-
358,839
(358,839)
-		 Movement in funds
Movement in funds
Balance at
1 April 2021
Incoming
resources
Resources
expended
Balance at
1 April 2022
Incoming
resources
Resources
expended
Balance at
31 March 2023
£
£
£
£
£
£
£
UK Evaluation Roundtable
-
12,000
(12,000)
-
32,105
(32,105)
-
Learning Review
-
12,750
(12,750)
-
-
-
-
Progressing Partnerships
-
110,000
(110,000)
-
132,100
(132,100)
-
BHP Self Care
-
55,000
(55,000)
-
-
-
-
Small Charities Tech Study
-
1,000
(1,000)
-
-
-
-
National Lottery Community Fund
-
35,000
(35,000)
-
35,000
(35,000)
-
Covid-19 Emergency Support
-
25,000
(25,000)
-
-
-
-
Covid-19 Learning Review
-
7,500
(7,500)
-
135,134
(135,134)
-
Learning in Uncertainty
-
-
-
-
10,000
(10,000)
-
Tech for Good Evaluation
-
25,000
(25,000)
-
14,500
(14,500)
-
Small projects
-
30,600
(30,600)
-
-
-
-
-
313,850
(313,850)
-
358,839
(358,839)
-		 Movement in funds
Movement in funds
Balance at
1 April 2021
Incoming
resources
Resources
expended
Balance at
1 April 2022
Incoming
resources
Resources
expended
Balance at
31 March 2023
£
£
£
£
£
£
£
UK Evaluation Roundtable
-
12,000
(12,000)
-
32,105
(32,105)
-
Learning Review
-
12,750
(12,750)
-
-
-
-
Progressing Partnerships
-
110,000
(110,000)
-
132,100
(132,100)
-
BHP Self Care
-
55,000
(55,000)
-
-
-
-
Small Charities Tech Study
-
1,000
(1,000)
-
-
-
-
National Lottery Community Fund
-
35,000
(35,000)
-
35,000
(35,000)
-
Covid-19 Emergency Support
-
25,000
(25,000)
-
-
-
-
Covid-19 Learning Review
-
7,500
(7,500)
-
135,134
(135,134)
-
Learning in Uncertainty
-
-
-
-
10,000
(10,000)
-
Tech for Good Evaluation
-
25,000
(25,000)
-
14,500
(14,500)
-
Small projects
-
30,600
(30,600)
-
-
-
-
-
313,850
(313,850)
-
358,839
(358,839)
-		 Movement in funds
Movement in funds
Balance at
1 April 2021
Incoming
resources
Resources
expended
Balance at
1 April 2022
Incoming
resources
Resources
expended
Balance at
31 March 2023
£
£
£
£
£
£
£
UK Evaluation Roundtable
-
12,000
(12,000)
-
32,105
(32,105)
-
Learning Review
-
12,750
(12,750)
-
-
-
-
Progressing Partnerships
-
110,000
(110,000)
-
132,100
(132,100)
-
BHP Self Care
-
55,000
(55,000)
-
-
-
-
Small Charities Tech Study
-
1,000
(1,000)
-
-
-
-
National Lottery Community Fund
-
35,000
(35,000)
-
35,000
(35,000)
-
Covid-19 Emergency Support
-
25,000
(25,000)
-
-
-
-
Covid-19 Learning Review
-
7,500
(7,500)
-
135,134
(135,134)
-
Learning in Uncertainty
-
-
-
-
10,000
(10,000)
-
Tech for Good Evaluation
-
25,000
(25,000)
-
14,500
(14,500)
-
Small projects
-
30,600
(30,600)
-
-
-
-
-
313,850
(313,850)
-
358,839
(358,839)
-		 Movement in funds
Movement in funds
Balance at
1 April 2021
Incoming
resources
Resources
expended
Balance at
1 April 2022
Incoming
resources
Resources
expended
Balance at
31 March 2023
£
£
£
£
£
£
£
UK Evaluation Roundtable
-
12,000
(12,000)
-
32,105
(32,105)
-
Learning Review
-
12,750
(12,750)
-
-
-
-
Progressing Partnerships
-
110,000
(110,000)
-
132,100
(132,100)
-
BHP Self Care
-
55,000
(55,000)
-
-
-
-
Small Charities Tech Study
-
1,000
(1,000)
-
-
-
-
National Lottery Community Fund
-
35,000
(35,000)
-
35,000
(35,000)
-
Covid-19 Emergency Support
-
25,000
(25,000)
-
-
-
-
Covid-19 Learning Review
-
7,500
(7,500)
-
135,134
(135,134)
-
Learning in Uncertainty
-
-
-
-
10,000
(10,000)
-
Tech for Good Evaluation
-
25,000
(25,000)
-
14,500
(14,500)
-
Small projects
-
30,600
(30,600)
-
-
-
-
-
313,850
(313,850)
-
358,839
(358,839)
-		 Movement in funds
Movement in funds
Balance at
1 April 2021
Incoming
resources
Resources
expended
Balance at
1 April 2022
Incoming
resources
Resources
expended
Balance at
31 March 2023
£
£
£
£
£
£
£
UK Evaluation Roundtable
-
12,000
(12,000)
-
32,105
(32,105)
-
Learning Review
-
12,750
(12,750)
-
-
-
-
Progressing Partnerships
-
110,000
(110,000)
-
132,100
(132,100)
-
BHP Self Care
-
55,000
(55,000)
-
-
-
-
Small Charities Tech Study
-
1,000
(1,000)
-
-
-
-
National Lottery Community Fund
-
35,000
(35,000)
-
35,000
(35,000)
-
Covid-19 Emergency Support
-
25,000
(25,000)
-
-
-
-
Covid-19 Learning Review
-
7,500
(7,500)
-
135,134
(135,134)
-
Learning in Uncertainty
-
-
-
-
10,000
(10,000)
-
Tech for Good Evaluation
-
25,000
(25,000)
-
14,500
(14,500)
-
Small projects
-
30,600
(30,600)
-
-
-
-
-
313,850
(313,850)
-
358,839
(358,839)
-		 Movement in funds
Movement in funds
Balance at
1 April 2021
Incoming
resources
Resources
expended
Balance at
1 April 2022
Incoming
resources
Resources
expended
Balance at
31 March 2023
£
£
£
£
£
£
£
UK Evaluation Roundtable
-
12,000
(12,000)
-
32,105
(32,105)
-
Learning Review
-
12,750
(12,750)
-
-
-
-
Progressing Partnerships
-
110,000
(110,000)
-
132,100
(132,100)
-
BHP Self Care
-
55,000
(55,000)
-
-
-
-
Small Charities Tech Study
-
1,000
(1,000)
-
-
-
-
National Lottery Community Fund
-
35,000
(35,000)
-
35,000
(35,000)
-
Covid-19 Emergency Support
-
25,000
(25,000)
-
-
-
-
Covid-19 Learning Review
-
7,500
(7,500)
-
135,134
(135,134)
-
Learning in Uncertainty
-
-
-
-
10,000
(10,000)
-
Tech for Good Evaluation
-
25,000
(25,000)
-
14,500
(14,500)
-
Small projects
-
30,600
(30,600)
-
-
-
-
-
313,850
(313,850)
-
358,839
(358,839)
-		 Movement in funds
Movement in funds
Balance at
1 April 2021
Incoming
resources
Resources
expended
Balance at
1 April 2022
Incoming
resources
Resources
expended
Balance at
31 March 2023
£
£
£
£
£
£
£
UK Evaluation Roundtable
-
12,000
(12,000)
-
32,105
(32,105)
-
Learning Review
-
12,750
(12,750)
-
-
-
-
Progressing Partnerships
-
110,000
(110,000)
-
132,100
(132,100)
-
BHP Self Care
-
55,000
(55,000)
-
-
-
-
Small Charities Tech Study
-
1,000
(1,000)
-
-
-
-
National Lottery Community Fund
-
35,000
(35,000)
-
35,000
(35,000)
-
Covid-19 Emergency Support
-
25,000
(25,000)
-
-
-
-
Covid-19 Learning Review
-
7,500
(7,500)
-
135,134
(135,134)
-
Learning in Uncertainty
-
-
-
-
10,000
(10,000)
-
Tech for Good Evaluation
-
25,000
(25,000)
-
14,500
(14,500)
-
Small projects
-
30,600
(30,600)
-
-
-
-
-
313,850
(313,850)
-
358,839
(358,839)
-
Incoming
esources
Resources
expended
Balance at
1 April 2022
r		 Incoming
esources
Resources
expended
Balance at
31 March 2023
£ £
£		 £ £
£		 £
12,000
(12,000)
12,750
(12,750)
110,000
(110,000)
55,000
(55,000)
1,000
(1,000)
35,000
(35,000)
25,000
(25,000)
7,500
(7,500)		 32,105
(32,105)
UK Evaluation Roundtable - - -
Learning Review - - -
-		 -
Progressing Partnerships - - 132,100
(132,100)		 -
BHP Self Care - (55,000) - -
-		 -
Small Charities Tech Study - (1,000) - -
-		 -
National Lottery Community Fund - (35,000) - 35,000
(35,000)		 -
Covid-19 Emergency Support - (25,000) - -
-		 -
Covid-19 Learning Review - (7,500) - 135,134
(135,134)
10,000
(10,000)
14,500
(14,500)		 -
Learning in Uncertainty - - - - (10,000) -
Tech for Good Evaluation - 25,000
(25,000)
30,600
(30,600)
313,850
(313,850)		 (25,000) - (14,500) -
Small projects - (30,600) - - - -
358,839
(358,839)
- - -

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.

Learning Review

A one year learning and development project with Andrews Charitable Trust.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

19 Restricted funds

(Continued)

Progressing Partnerships

A three year project to build health partnerships funded by The National Lottery Community Fund.

BHP Self Care

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

Small Charities Tech Study

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

- National Lottery Community Fund Partnerships England Wide

Restricted core funding.

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.

Learning in Uncertainty

Project funded by the Tudor Trust.

Tech For Good Evaluation

Learning Coordination project funded by Comic Relief.

Small Projects

A variety of projects with income £5,000 and under.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

20 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:

Balance at
1 April 2021
r
£		 Balance at
1 April 2021
r
£		 Movement in funds Movement in funds Movement in funds Movement in funds Movement in funds Movement in funds Movement in funds
Incoming
esources
Resources
expended		 Transfers
Balance at
1 April 2022
r		 Incoming
esources
Resources
expended
Balance at
31 March 2023
£ £ £ £ £ £ £ £
4,257 3,032
-
3,032
Fixed Asset Fund 2,472 (3,136) - 3,593 (3,579) 3,046
Core Expenditure Contribution 160,000 - - (53,333) 106,667 (53,333) 53,334
4,257
162,472 (3,136) (53,333) 110,260 (56,912) 56,380

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 yearend net book value of fixed assets.

Core Expenditure Contribution

The designation of £160,000 as a contribution to core expenditure arose from funding from Atlantic Philanthropies in the 2021 financial year. 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 2023

21
Analysis of net assets between funds		 21
Analysis of net assets between funds		 21
Analysis of net assets between funds
Designated
Fund
Unrestricted
Fund
2023
2023
£
£
Fund balances are
represented by:
Tangible assets
3,046
-
Current assets/(liabilities)
53,334
150,569
56,380
150,569		 Total
Designated
Fund
Unrestricted
Fund		 Total
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
3,046 - 3,046 3,594 - 3,594
53,334 150,569 203,903 106,666 158,426 265,092
56,380 150,569 206,949 110,260 158,426 268,686

22 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:

2023 2022
£ £
Within one year 11,449 10,925

In October 2020, the charity relocated and signed a five year lease with a four month break clause. The 2022 and 2023 figures for lease commitments within one year includes four months of rent and agreed service charges at the prevailing rate including VAT.

23 Trustees and Related party transactions

Remuneration of key management personnel

The remuneration of the two key management personnel for the full year, (2022: two key management personnel, one for the full year, and one for five months) is as follows.


personnel, one for the full year, and one for five months) is as follows.
2023 2022
£ £
Aggregate compensation including employer's pension and national insurance
contributions 177,823 128,592

No trustees were in receipt of remuneration for their services as trustees. During the year trustees received associate fees as follows: Richard Hopgood, fees and expenses of £4,200 (2022: £3,150).

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.

Two trustees received £248 of reimbursement of travel expenses during the year (2022: one: £63).

The charity purchases trustee insurance as identified in note 10.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

24 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 £10 per member.

25
Cash generated from operations		 2023 2022
£
£
Deficit for the year
(61,737)
Adjustments for:
Investment income recognised in statement of financial activities
(4,290)
Depreciation and impairment of tangible fixed assets
3,580
Movements in working capital:
(Increase)/decrease in debtors
(15,678)
Increase/(decrease) in creditors
1,226
(Decrease) in deferred income
(40,600)
Cash absorbed by operations
(117,499)		 £
(61,737) (59,681)
(4,290) (1,186)
3,580 3,136
24,954
(15,678)
1,226 (7,324)
(40,600) (57,668)
(97,769)
26
Analysis of changes in net funds
The charity had no debt during the year.