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2023-03-31-accounts

Company number: 06902258 Charity number: 1133179 Charity Digital Trust

Report and financial statements For the year ended 31 March 2023

Charity Digital Trust

Contents

For the year ended 31 March 2023

Reference and administrative details .............................................................................................. 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ....................................................................................................... 14 Consolidated statement of financial activities .............................................................................. 18 Balance sheets .............................................................................................................................. 19 Consolidated statement of cash flows .......................................................................................... 20 Notes to the financial statements ................................................................................................. 21

Charity Digital Trust

Reference and administrative details

For theyear ended 31 March 2023
Registered name Charity Digital Trust (formerly Tech Trust)
Trading names Charity Digital
Company number 06902258
Country of incorporation England and Wales
Charity number 1133179
Principal office Pennine Place
2a Charing Cross Road
London WC2H 0HF
Registered office Camburgh House, 27 New Dover Road
CANTERBURY, CT1 3DN
Trustees Ms C Tavernier
Mr S Dunne
Ms Z Amar
Mr P Jacobs (Resigned 21stMarch 2023)
Ms E MacKenzie
Ms M Brewis (Resigned 12thDecember 2022)
Mr R George
Mr R Taylor
Mr J Nathenson (Appointed 4thAugust 2022)
Mr J Tan (Appointed 19th June 2023)
Ms C Garbett (Appointed 19th June 2023)
Accountants Burgess Hodgson
Camburgh House, 27 New Dover Road
Canterbury CT1 3DN
Bankers NatWest Bank plc
The Strand
London WC2N 5JB
Solicitors Wright Hassall LLP
Olympus Avenue
Royal Leamington Spa
CV34 6BF
Auditors Sayer Vincent LLP
Chartered Accountants and Statutory Auditors
Invicta House, 108-114 Golden Lane, London EC1Y 0TL

1

Charity Digital Trust

Trustees’ annual report

For the year ended 31 March 2023

The trustees are pleased to present their annual directors' report together with the consolidated financial statements of the charity and its subsidiaries for the year ending 31 March 2023 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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).

Our purposes and activities

The charity and its subsidiaries derive most of their income from trading activities offering products and services to other not-for-profits, either delivering significant cost savings, unique products or levels of support unavailable elsewhere. The trustees have considered this trading position with respect to the Charities SORP, FRS102 and the Charity Commission's guidance on public benefit including:

The trustees are clear that the trading activity model delivers significant benefit to not-for-profits that could not be delivered by a commercial organisation, and that the charity, whilst run on a trading basis, has clear charitable impact objectives which can be quantified and publicly reported.

We have four primary vehicles to deliver our impact:

2

Charity Digital Trust

Trustees’ annual report

For the year ended 31 March 2023

Our values

We believe technology used in the right way and to the right extent can be enormously beneficial to society as a whole. We want technology to be fully utilised for the benefit of not-for-profits and their beneficiaries. Charity Digital Trust (Charity Digital) believes it can do this as a charity trading in a commercial way through collaboration with the technology community whilst maintaining a balanced and agnostic view on the choice of solutions.

We aim to be friendly, honest, supportive, open-minded and humble in our approach to supporting UK not-for-profits.

Achievements and performance

This report covers the first full financial year after the end of the COVID-19 pandemic restrictions. This saw many not-for-profits move their focus away from digital. It also saw the end of most of the Microsoft on-premise donation programme (in April 2022) and the full impact of the cost-ofliving crisis. In response to these environmental changes, the Charity Digital strategy was reviewed and significantly updated. This resulted in the identification of five key growth initiatives which were invested in during the year. These were:

As a result of the programme change and investments, the charity planned for and recorded a deficit in the year. Progress with the strategic initiatives is outlined in the report as well as future plans.

3

Charity Digital Trust

Trustees’ annual report

For the year ended 31 March 2023

Our central purpose has essentially remained the same – helping not-for-profits throughout the UK adjust to and embrace the opportunities and challenges of an increasingly digital world. We continue to focus on three areas to progress our purpose:

The achievements of the charity are significant, delivering:

As a trading charity we have historically generated enough income from activities to sustain the charity and add to reserves for the future however the drop in income and expenditure on strategic investments resulted in a planned deficit in 2022/23. Our current annual revenue stands at £2.2m (2021/22 £2.3m) with a deficit of £334k and cash reserves of over £0.8m.

Though 2022/23 was free of any COVID-19 lockdown effects, the cost of living crisis had a major impact on the sector with increased costs and reduced income from public fundraising experienced by many not-for-profits.

In line with our strategic aims, we were pleased to receive increased levels of support from the tech sector in providing the above services. This resulted in record sponsorship and event revenues of £616k. However, the latter part of the financial year saw many tech businesses commence major cost-reduction programmes many of which impacted their not-for-profit activities. Whilst this had little effect on the charity's 2022/23 results it has significantly impacted the 2023/24 finances.

4

Charity Digital Trust

Trustees’ annual report

For the year ended 31 March 2023

Software and Related Services – Charity Digital Exchange

We have been operating the donation programme in the UK since 2006 in close collaboration with our partner TechSoup in the USA. Software partners like Microsoft, Adobe and AWS, and hardware providers like Cisco, make their products available to us. We then give eligible not-for-profits access to those products at free or heavily discounted prices, charging an administration fee for each product taken, which funds the eligibility assessment, marketing and customer support.

In 2022/23 7,024 (2021/22 7,404) not-for-profits received a donation from the exchange programme, generating administration fees for Charity Digital of £459k (£845k in 2021/22), cumulatively saving not-for-profits around £4m (2021/22 £12m) versus fair market value. During the year, 3,800 new not-for-profits registered (2,925 in 2021/22) and became eligible to receive donated software. By the financial year end, a total of 80,800 not-for-profits had registered on the programme since 2006, saving a total of around £288m in procurement costs.

The drop in administration fees in the year was anticipated with Microsoft ending its on-premise software donation programme, other than for the Windows Operating System and those not-forprofits running publicly shared computer resources (i.e. libraries and computer training labs). The changes which took effect on April 4[th] , 2022 were reported in previous annual reports and accelerated a review of the Charity Digital strategy. One element of the strategy was to be more needs-based in our engagement with not-for-profits. This is already delivering results as the nonMicrosoft elements of the donation programme grew 16% to £413k in 2022/23 (£355k in 2021/22).

Improving the service we offer to our not-for-profit beneficiaries is important to us and in 2022/23 we introduced two major developments. The first in April 2022 was the introduction of a new customer operations software system called Front. This helps us to more efficiently manage emails, messages and other interactions with customers and supports better collaboration within our customer service team. The second was the introduction of LiveChat in January 2023. LiveChat supports real-time interactions with users who visit the Charity Digital website. It enables personalised support to be provided quickly and efficiently. Both of these developments have contributed significantly to the charity maintaining high customer satisfaction scores. We continually monitor not-for-profit satisfaction and value for money when using the Exchange programme through Trust Pilot. We have consistently maintained a 5-star rating and have an ongoing programme of improvement to address any specific issues and complaints.

Since 2006 we have built considerable experience validating UK not-for-profits for access to discounted technology on the Exchange. We have been providing bespoke validation services to various businesses including Microsoft for Office 365, and Google for their Workspace for Nonprofits programmes. This has accelerated the number of not-for-profits we interact with, especially the larger ones. During 2022/23 9,992 (2021/22 11,561) not-for-profits registered for these supplementary services. The drop in the number of validations in 2021/22 was driven by a combination of factors. The most significant was the decision by Google to start to transition its validation away from TechSoup – starting in the UK in Q3 2022/23. This appears to have been primarily driven by cost considerations. The number of requests for Microsoft validations also dropped in the year. Despite the drop in validation volumes, the product-related validation income

Charity Digital Trust

Trustees’ annual report

For the year ended 31 March 2023

increased slightly to £125k (2021/22 £118k) as a result of currency movements and changes in the mix of validation activity. As a result of the Google changes, validation income is expected to be lower in 2023/24.

Software and Related Services – Charity Digital Mail

We bulk buy millions of e-mails a month from dotdigital (previously known as DotMailer), a specialist marketing automation provider, and then pass the volume discount we achieve back to the not-forprofits. They can send out templated and branded e-mails to their donors, supporters and service users via a white-labelled dotdigital platform. So that not-for-profits can get the maximum impact from the platform, we provide initial technical training and ongoing support and training including know-how on improving open rates and click-throughs.

In 2022/23, we sent over 49 million e-mails on behalf of UK not-for-profits (48 million 2021/22). We have a 95% customer retention rate and recruited 9 new clients last year, more than replacing the 6 we lost. The increase in the total number of emails sent was primarily due to not-for-profits increasing the volume of sends.

Information and Education Services – Advertiser-Funded Activity

We know from our many years of experience that not-for-profits struggle to keep pace with changing technology and are quite often daunted by the prospect of IT-related projects. Our information and education platform, previously known as CDN but migrated to our new Affino platform in March 2020, was created to provide a unique daily feed of case studies and helpful advice, aiding not-for-profits in achieving more with digital tools.

Page views on the platform were stable at 1.8m in 2022/23 (1.9m in 2021/22) despite a temporary move away from consuming digital content in the immediate post-pandemic period. To support the strategic aim of growing our not-for-profit audience, during the year we invested significant effort and funds in better understanding our audience's needs and consumption behaviours and reflected this in our content and improvements to Affino. This has resulted in considerable traffic and page view growth in 2023/24. In 2022/23 our newer content types continued to do well with videos generating 15,382 views, podcasts generating 17,190 listens (12,100 in 2021/22) and webinars generating 15,366 participants (8,214 in 2021/22).

With the return of physical events from the spring of 2022, we were able to run two in-person conferences in 2022/23 as well as hosting our popular virtual #BeMoreDigital Fundraising Day. Our first conference of the year was our delayed 2022 #BeMoreDigital Conference which took place in June 2022 at the Hammersmith Novotel. This was followed in March 2023 by the #BeMoreDigital 2023 Conference. Our conferences saw us host nearly 600 not-for-profit delegates with our popular travel bursary scheme helping to support attendance from those based outside the greater London area. Despite an increased appetite for in-person events, following the COVID lockdowns, our virtual #BeMoreDigital Fundraising Day 2022 enjoyed strong engagement with 449 live attendees (2021 441 attendees). This illustrates the continued appetite for virtual events, which offer not-for-profits from across the country quick and cost-effective access to high-quality education and information regardless of their location.

6

Charity Digital Trust

Trustees’ annual report

For the year ended 31 March 2023

Our information and education services have traditionally been funded from advertising, sponsorship and lead generation campaigns delivered for a mixture of large corporate and focused niche suppliers to the not-for-profit market. With two in-person events and strong sponsor support across the year, revenues increased to £616k (2021/22 £367k). With the softening of the sponsor market outlined previously and a reduction back to one in-person event per year, these increases will not be sustained in 2023/24.

Information and Education Services – Grant Funded

In the 2022/23 year, the level of grant-funded activity undertaken by the charity reduced slightly to £237k (2021/22 £288k). Grants enable us to deliver programmes which have a more focused impact and would not be fundable by our other income streams. Some of these grants were received directly from funders such as from the Heritage Fund (for the Heritage Digital Academy which is managed by Charity Digital but delivered by a consortium) and others indirectly such as the Digital Questions Project which is also funded by the Heritage Fund but paid by the Heritage Alliance who are managing that project.

The Heritage Digital Academy concluded in November 2022 having started in May 2021. The programme supported 643 individuals from 526 unique Heritage organisations (which are predominantly not-for-profit organisations) in “Making a Plan for Digital” and “Designing Digital Services”. Respondents provided strongly positive feedback with 95% of respondents recommending the programme.

Significant funding was also received from the Okta for Good Fund via the TIDES Foundation for a new programme called Accelerating Digital Strategy. This programme, which supports a cohort of not-for-profits on a 12-month accelerator combining learning and doing, started in March 2022 but was predominantly delivered in the 2022/23 financial year. In October of 2022, we were pleased to receive further funding for a second year of this programme which is focused on supporting notfor-profits in implementing the Digital Strategies previously developed. This programme is being delivered between January and December 2023.

In 2021/22 Charity Digital became the custodian for the Charity Digital Code. The Code was developed by a consortium of voluntary sector contributors, chaired by Zoe Amar (who is also a Charity Digital Trustee). Using residual grant funding which was transferred to Charity Digital some limited user research and education was delivered in the year. More substantial funding is being sought to enable a major update and increased promotion of the Code.

Though there has been some excellent grant delivery, progress on growing grant-funded activity has been disappointing. This largely reflects trusts and foundations reducing funding for infrastructure organisations and digital initiatives to enable them to focus on funding front-line service organisations (for example Heritage Fund support for digital ran from 2020-22 but has not been extended into 2023).

Charity Digital Trust

Trustees’ annual report

For the year ended 31 March 2023

Settlement Services

CTT Charity Payments has continued to invest in its Direct Debit processing solution for UK lotteries, processing around 156,000 direct debits a month compared to 152,000 in 2021/22. The aim is to continue to offer the lowest-cost solution available to maximise the proportion of ticket proceeds going to each charity.

How we generate funds

The Charity does not raise funds through fundraising campaigns or other channels. All funding is generated by the commercial activities of the Charity or funds provided under grant programmes.

Financial review

The consolidated unrestricted fund position as of 31 March 2023 is £514,432 compared with £864,389 as at 31 March 2022. Consolidated income of £2,200,384 reduced from the 2021/22 figure of £2,260,611 whilst total expenditure was at £2,534,846 versus £2,235,210 in the previous year.

The excess of expenditure over income in the year has led to a decrease in funds carried forward at year-end to £609,888.

Reserves policy and going concern

The reserves policy aims to ensure that the charity (and group) has sufficient reserves to continue its core activities of providing services to the charity sector, even when there are significant deviations from its business plans. The level of reserves is further considered in the context of approved contingent charity activities investment. The level of reserves needed to achieve this objective is reviewed on an annual basis, and for the 2022/23 financial year, the target level was held in line with the policy at a target of £200,000. This target of free reserves is calculated as being Net Assets less Fixed Assets. This free reserves target was reviewed specifically by the Board at its full board meeting in March 2022 and deemed to be sufficient.

In conducting this review, a number of factors are taken into account including the degree of risk associated with future income streams, the level of fixed costs and forecast cash flow requirements.

At year-end, the amount of unrestricted funds to be carried forward was £514,432. Using the calculation of Net Assets less Fixed Assets as above, unrestricted free reserves at 31 March 2023 were £514,432 thereby exceeding the free reserves target of £200,000. With the reserves significantly reduced the charity has introduced a number of cost-saving measures in 2023/24 and has sharpened its strategic focus to a smaller number of the initiatives which were delivering the most significant results.

The Financial Sub-Committee will continue to review the financial situation carefully regularly, identifying risks and potential remedies versus the monthly re-forecasting.

8

Charity Digital Trust

Trustees’ annual report

For the year ended 31 March 2023

The trustees are confident that the activities contained within the subsidiary, CTT Charity Payments Limited, continue to provide value to the charity, both in terms of its complementary activity and benefit to the charity and charitable impact to the charity community. A small profit has been forecast for the coming year, and future years will deliver similar if not higher excess funds for use in the charity. It should also be noted that included in the subsidiary’s forecast profit expected in the next financial year are apportionments of fixed cost and expense incurred in, and recharged by, the charity to the subsidiary, which would not be avoided should the subsidiary be closed. As in previous years, the provision for intercompany indebtedness in the charity has been adjusted to reflect the amount outstanding as of 31 March 2023 and provided for in full as of that date and the trustees will continue to review this position in the future.

Plans for future periods

As outlined earlier in the report the end of the majority of the Microsoft on-premise donation programme had a significant effect on the 2022/23 finances which when combined with investments resulted in a major deficit.

The 2023/24 finances have been further affected by sponsorship reductions from tech businesses, loss of Google validations, reduced grant funding opportunities and the impact of inflation on the Charity Digital cost base. As a result, the charity has been forced to undertake a major cost-cutting programme to bring its finances to a sustainable position.

It has halted its investments in grants and managed services (though these areas will continue to be pursued opportunistically where resources allow) and focused its attention on the initiatives which have been delivering the most significant results:

Together with TechSoup Global, we will continue to work with partners like Microsoft, AWS and Adobe to help not-for-profits use technology to enable them to thrive and deliver more impact for their beneficiaries.

9

Charity Digital Trust

Trustees’ annual report

For the year ended 31 March 2023

The continuous improvement principles applied over the last ten years will continue with a focus on using technology to improve efficiency and negotiating the best possible commercial deals with suppliers.

All products and services will be reviewed for impact and their ability to generate a margin versus the complexity, risk and investment surrounding their operation. We expect to see ever greater integration between product and content on the Charity Digital platform over the coming years.

Principal risks

Our approach to risk management and control is described on page 10. Following review by the Trustees, the principal risks and uncertainties facing Charity Digital and its subsidiaries are listed here, together with a summary of our approach to managing those risks.

Risk Our Response
Financial Challenge
We operate in a dynamic environment and the
viability of our business model cannot be
assumed to continue. In addition, we are
exposed to the impact of the broader
economic environment on our customers.		 We keep our business performance under
constant review. We are actively seeking to
both grow our existing revenue streams and to
seek new avenues for the generation of
income.
People and Culture
Current market conditions mean that it may be
difficult for the charity to recruit and retain the
right calibres of staff and hence achieve its
strategic goals.		 We place significant emphasis on ensuring our
employees feel connected to the charity and its
mission.
We aim to maintain a remuneration package
that is competitive within our sector including
aperformance-linked bonus scheme.
Internal Factors
Our activities are highly dependent upon our
I.T. systems and in common with other
organisations cyber threats are a serious risk.		 Our I. T. environment and systems are
overseen by a dedicated resource. The security
of our systems and our plans to ensure the
continuityof operations are kept under review.

Governing document

Charity Digital Trust is a company limited by guarantee governed by its Memorandum and Articles of Association dated 05 October 2018. It is registered as a charity with the Charity Commission in England and Wales.

10

Charity Digital Trust

Trustees’ annual report

For the year ended 31 March 2023

Leadership induction and training

New trustees undergo an orientation meeting regarding their legal obligations under charity and company law, the Charity Commission guidance on public benefit, and to inform them of the content of the Memorandum and Articles of Association, decision-making processes, the strategy, the business plan, the budgets and recent financial performance of the charity. An induction document is updated annually.

Leadership

During the year the charity had up to 9 voluntary trustees that met formally four times to review the operations and strategy of the charity and its subsidiary and provide guidance and support to management. The trustees continue to delegate the day-to-day operational decision-making to the Chief Executive and the directors of CTT Charity Payments Limited (CTTCP).

Charity Code of Governance

The Trustees are guided by the principles of the Charity Code of Governance. The composition of the Board is reviewed regularly to ensure that the right mix of skills is present to guide the charity. Throughout the charity equality, diversity and inclusion is a guiding principle and the Board reviews the composition of our team regularly both in terms of composition and remuneration. The Board works closely with management through several sub-committees which help to ensure that the right decisions are taken to advance the mission of the charity. The adequacy of the internal control environment is monitored by the Risk Committee each quarter and reported to the Board.

Related parties and cooperation with other organisations

None of our trustees receive remuneration or other benefits from their work with the charity. However, some of the trustees own or manage companies that the charity partners with and any payments to those organisations for services are logged on the conflict-of-interest register. Any new potential conflicts are declared at each board meeting

Pay policy for senior staff

All trustees give of their time freely and none have received remuneration in the year (2021/22: £Nil)

The pay of the staff is reviewed annually and normally increased in accordance with average earnings and a view on the cost of living.

11

Charity Digital Trust

Trustees’ annual report

For the year ended 31 March 2023

The CEO salary is reviewed annually by the trustees benchmarking against levels in other charities, social enterprises and commercial organisations. The salary of the CEO was last reviewed in April 2023 at the same time as other staff members.

Risk management

The Trustees are responsible for identifying and managing the major risks facing the charity. Trustees regularly consider risk management in a broad and strategic manner, considering all relevant internal and external factors that might alter or undermine the capacity of the charity to fulfil its charitable objectives, its mission and its strategy. Risk registers provide comprehensive assurance of the following areas of risk and control:

Our risk review process assesses each of the major risks and the effectiveness of the

arrangements for managing them. The resulting report is reviewed by the Risk Subcommittee and Trustees every quarter and in greater depth once each year. The Risk Appetite statement is also reviewed by the Trustees annually. The Trustees are satisfied that the principal risks have been identified and are being effectively managed.

To ensure our future viability we continue to employ continuous improvement principles in operational and financial areas with a specific focus on being more effective and efficient at what we do whilst having the lowest cost levels possible. We have introduced several digital solutions to facilitate this whilst focussing on supplier cost reduction.

The trustees are confident that the risks and safeguards contained in the risk assessment have been properly documented and addressed over the course of the financial year. In addition, the trustees have reviewed the internal controls within the charity and its subsidiaries to ensure that they were operating effectively throughout the year as well as ensuring that they will safeguard the assets of the charity.

Trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing the report of the trustees and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the

12

Charity Digital Trust

Trustees’ annual report

For the year ended 31 March 2023

incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the trustees are required to:

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

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our auditors

In so far as the trustees are aware at the time of approving the report of the trustees:

By order of the board of trustees

Claire Tavernier (Chair) 11[th] December 2023

13

Independent auditor’s report

To the members of

Charity Digital Trust

Opinion

We have audited the financial statements of Charity Digital Trust (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 March 2023 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the group financial statements section of our report. We are independent of the group and parent charitable company 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 Charity Digital Trust'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.

14

Independent auditor’s report

To the members of

Charity Digital Trust

Other Information

The other information comprises the information included in the trustees’ annual report, other than the group 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 group 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 group 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 group 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 the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

15

Independent auditor’s report

To the members of

Charity Digital Trust

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent charitable company for the purposes 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 group’s and the parent charitable company’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 group or the parent 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

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts.

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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

16

Independent auditor’s report

To the members of

Charity Digital Trust

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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.

Joanna Pittman (Senior statutory auditor)

Date 18 December 2023

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

17

Charity Digital Trust

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2023

For theyear ended 31 March 2023
Note
Income from:
2,3
Reconciliation of funds:
18
Total funds brought forward
Total funds carried forward
Net movement in funds
Total expenditure
Charitable activities
Software and related services
Information and education services
Settlement services
Other
Total income
Expenditure on:
Grants
Charitable activities
Software and related services
Information and education services
Settlement services
Other		 Unrestricted
£
25,476
1,155,390
636,361
163,640
8,335		 Restricted
£
211,182
-
-
-
-		 2023
Total
£
236,658
1,155,390
636,361
163,640
8,335		 Unrestricted
£
2,719
1,440,862
367,474
163,277
1,432		 Restricted
£
284,847
-
-
-
-		 2022
Total
£
287,566
1,440,862
367,474
163,277
1,432
1,989,202 211,182 2,200,384 1,975,764 284,847 2,260,611
988,829
1,018,394
278,224
53,712		 195,687
-
-
-		 1,184,516
1,018,394
278,224
53,712		 1,073,413
738,486
199,889
14,036		 209,386
-
-
-		 1,282,799
738,486
199,889
14,036
2,339,159 195,687 2,534,846 2,025,824 209,386 2,235,210
(349,957)
864,389		 15,495
79,961		 (334,462)
944,350		 (50,060)
914,449		 75,461
4,500		 25,401
918,949
514,432 95,456 609,888 864,389 79,961 944,350

There were no other recognised gains or losses other than those stated above. All activities are continuing. Movements in funds are disclosed in note 19 to the financial statements.

18

Charity Digital Trust

Company no. 06902258

Balance sheets

As at 31 March 2023

As at 31 March 2023
Balance sheets		 Company no. 06902258 Company no. 06902258
Note
Fixed assets:
9
Current assets:
12
Liabilities:
13
15
18, 19
Total assets less current liabilities
Debtors
Funds:
Restricted income funds
Unrestricted general funds
Creditors: amounts falling due within one year
Net current assets
Total net assets
Creditors: amounts falling due after one year
Cash at bank and in hand
Short term deposits
Tangible assets
Total funds		 2023
2022
£
£
-
33,461
-
33,461
291,984
185,589
174,719
170,049
773,986
1,522,927
1,240,689
1,878,565
(630,801)
(967,676)
609,888
910,889
609,888
944,350
-
-
609,888
944,350
95,456
79,961
514,432
864,389
609,888
944,350
The group		 2023
2022
£
£
-
33,461
-
33,461
636,764
524,568
174,719
170,049
618,164
1,224,262
1,429,647
1,918,879
(548,092)
(680,053)
881,555
1,238,826
881,555
1,272,287
(447,446)
(447,446)
434,110
824,841
95,456
79,961
338,654
744,880
434,110
824,841
The charity
-
291,984
174,719
773,986		 33,461
185,589
170,049
1,522,927		 -
636,764
174,719
618,164		 33,461
524,568
170,049
1,224,262
1,240,689
(630,801)		 1,878,565
(967,676)		 1,429,647
(548,092)		 1,918,879
(680,053)
609,888 910,889 881,555 1,238,826
609,888
-		 944,350
-		 881,555
(447,446)		 1,272,287
(447,446)
609,888 944,350 434,110 824,841
95,456
514,432		 79,961
864,389		 95,456
338,654		 79,961
744,880
609,888 944,350 434,110 824,841

Approved by the trustees on 11 December 2023 and signed on their behalf by

Claire Tavernier Chairman of the Trustees

19

Charity Digital Trust

Consolidated statement of cash flows

For the year ended 31 March 2023

For the year ended 31 March 2023 For the year ended 31 March 2023 For the year ended 31 March 2023
Note
£
£
20
(744,270)
-
(4,671)
(4,671)
(748,941)
1,522,927
773,986
g
Cash flows from operating activities
Net cash used in investing activities
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Purchase of fixed assets
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Amounts placed on short term deposit
2023		 £
£
267,769
(4,522)
(48)
(4,570)
263,199
1,259,728
1,522,927
2022
(748,941)
1,522,927		 263,199
1,259,728
773,986 1,522,927

20

Charity Digital Trust

Notes to the financial statements

For the year ended 31 March 2023

a) Statutory information

Charity Digital Trust is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address is Camburgh House, 27 New Dover Road, Canterbury CT1 3DN and its main place of business is Pennine Place, 2a Charing Cross Road, London WC2H 0HF.

b) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

These financial statements consolidate the results of the charitable company and its wholly-owned subsidiary CTT Charity Payments Limited on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern and meet its liabilities as they fall due.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. There has been no material impact on trading through the Covid period and there is no expectaion that there will be in the rest ot the financial year.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met. Such deferment is also applied to grants and donations until those services for which the grant or donation was made, have been provided.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

21

Charity Digital Trust

Notes to the financial statements

For the year ended 31 March 2023

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

i) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on estimates of activity and/or staff time, of the amount attributable to each activity.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on either staff time or turnover creating the following ratios:

Support % Governance %
Software and related services 18 53
Marketing services 45 28
Settlement services - 7
Other - 12
Governance 37 -

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

j) Operating leases

The Charity had no operating leases or rentals in the financial period other that of a short term lease for accommodation (shown in Note 21 below); the cost of which is charged as it is incurred on a straight line basis.

k) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £200. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

22

Charity Digital Trust

Notes to the financial statements

For the year ended 31 March 2023

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and cash in hand only includes balances held in accounts with instant access.

Short term deposits includes cash balances that are invested in accounts with maturity dates of greater than 90 days.

o) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

q) Pensions

The Charity operates a contribution pension scheme which is available to all members of staff. The Charity contributes a fixed 2.5% (2022:5%).

23

Charity Digital Trust

Notes to the financial statements

For the year ended 31 March 2023

2 Analysis of expenditure (current year)

Charitable activities

Staff costs (Note 5)
Cost of sales
Other staff related costs
Marketing
IT and transaction cost
Consultancy, legal & prof.
Auditors remuneration
Accommodation and office
Financing and Interest
Depreciation and amort.
Other
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022		 Software &
related
services
£
193,381
556,191
9,224
69,423
66,719
-
-
-
-
-
-		 Information
and
Education
services
£
506,230
224,095
22,641
-
-
38,895
-
-
-
-
-		 Settlement
services
£
-
220,274
-
-
-
16,484
-
5,472
-
-
-
242,230
-
35,994
278,224
200,090		 Other
£
-
-
-
-
-
-
-
-
-
-
-		 Governance
costs
£
381,509
-
18,448
-
-
-
13,500
-
-
-
-		 Support costs
£
-
-
-
-
-
45,147
-
88,914
-
34,884
23,414		 2023
Total
£
1,081,120
1,000,561
50,312
69,423
66,719
100,526
13,500
94,386
-
34,884
23,414		 2022
Total
£
877,940
953,931
50,172
39,631
83,066
74,760
13,500
90,978
-
36,480
14,752
894,938
35,266
254,311		 791,861
86,562
139,972		 -
-
52,054		 413,457
70,532
(482,331)		 192,359
(192,359)
-		 2,534,846
-
-		 2,235,210
-
-
1,184,516 1,018,394 52,054 1,657 2,534,846 2,235,210
1,284,572 738,938 11,714 (104) - - 2,235,210

24

Charity Digital Trust

Notes to the financial statements

For the year ended 31 March 2023

3 Analysis of expenditure (prior year)

Analysis of expenditure (prior year) year) year)
Staff costs
Cost of sales
Other staff related costs
Marketing
IT and transaction cost
Consultancy, legal & prof.
Auditors remuneration
Accommodation and office
Financing and Interest
Depreciation and amort.
Other
Support costs
Governance costs
Total expenditure 2022		 Charitable activities Other
£
-
-
-
-
-
-
-
-
-
-
-		 Governance
costs
£
-
-
10,093
-
-
-
13,500
-
-
-
-		 Support costs
£
263,713
-
-
-
-
34,881
-
85,506
-
36,480
14,752		 2022
Total
£
877,940
953,931
50,172
39,631
83,066
74,760
13,500
90,978
-
36,480
14,752
Re stated
Software &
related
services
£
246,756
692,376
15,494
39,631
83,066
-
-
-
-
-
-		 Restated
Information
and
Education
services
£
367,471
90,306
24,584
-
-
24,741
-
-
-
-
-		 Settlement
services
£
-
171,249
-
-
-
15,138
-
5,472
-
-
-
191,859
-
8,030
200,090
1,077,324
134,441
71,034		 507,102
213,313
18,072		 -
-
14,036		 23,593
87,578
(111,171)		 435,332
(435,332)
-		 2,235,210
-
-
1,282,799 738,486 14,036 - - 2,235,411

25

Charity Digital Trust

Notes to the financial statements

For the year ended 31 March 2023

4 Net income for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2023 2022
£ £
Depreciation 34,884 36,480
Operating lease rentals:
Property 92,853 88,540
Equipment - 120
Auditors' remuneration (excluding VAT):
Audit - group 13,500 13,500
Audit - subsidiary 3,750 3,250
Other services 1,025 -
Over-accrual in prior year - 1,200
Foreign exchange losses/(gains) 6,988 3,048

Staff costs were as follows:

Staff costs were as follows:
Social security costs
Other forms of employee benefits
Salaries and wages
Employer’s contribution to defined contribution pension schemes		 2023
£
954,493
104,269
22,358
-		 2022
£
762,411
83,812
26,533
5,185
1,081,120 877,940

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:


employer's national insurance) during the year between:
2023 2022
No. No.
£60,000 - £69,999 2 -
£70,000 - £79,999 1 -
£80,000 - £89,999 1 -
£90,000 - £99,999 - -
£100,000 - £109,999 - 1
£110,000 - £119,000 1 -

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £307,867 (2022: £288,831).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

No donations wrre received from Trustees during the year. (2022 - Nil).

Travel expenses of £99 were paid to one of the Trustees in the financial year (2022: £nil).

26

Charity Digital Trust

Notes to the financial statements

For the year ended 31 March 2023

6 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 18 (2022:17).

Staff are split across the activities of the charitable company as follows:

Staff are split across the activities of the charitable company as follows:
Mail & marketing Services
Support
Software and support		 2023
No.
3.9
9.1
4.8		 2022
No.
5.3
8.3
3.4
17.8 17.0

7 Related party transactions

There were no transactions with related parties.

8 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's trading subsidiary CTT Charity payments made taxable profits in the year but no charge to corporation tax is expected due to the availability of tax losses brought forward, profit of £24,898 in 2023 (2022:£25,283).

9 Tangible fixed assets

Tangible fixed assets
The group and Charity
At the end of the year
At the start of the year
Cost
At the end of the year
At the end of the year
At the start of the year
Additions in year
At the start of the year
Charge for the year
Depreciation
Net book value		 Fixtures and
fittings
£
51,302
-		 Computer
equipment
£
187,141
-		 Total
£
238,443
-
51,302 187,141 238,443
50,584
718		 154,398
32,743		 204,982
33,461
51,302 187,141 238,443
- - -
718 32,743 33,461

27

Charity Digital Trust

Notes to the financial statements

For the year ended 31 March 2023

10 Subsidiary undertakings

The charitable company owns the whole of the issued ordinary share capital of CTT Charity Payments Limited, a company registered in England (4222881). The subsidiary is used for additional primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities.

The aggregate of the assets, liabilities and funds was:
Cost of sales
Operating profit
Profit for the financial year
Interest receivable
Deficit in funds
Turnover
Administrative and direct expenses
Costs fairly apportioned from the parent charity
Gross profit
Assets
Liabilities		 2023
£
163,640
(89,120)		 2022
£
163,277
(85,029)
74,520
(18,099)
(33,072)		 78,248
(19,933)
(33,072)
23,349
1,551		 25,243
40
24,900 25,283
196,581
(498,619)		 339,794
(667,730)
(302,038) (327,936)

11 Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

Balance with subsidiaries
Trade debtors
Other debtors
Prepayments and accrued income
Result for the year
Gross income
Debtors		 2023
2022
£
£
200,156
133,867
11,505
10,755
80,323
40,967
-
-
291,984
185,589
The group		 2023
2022
£
£
200,156
133,867
11,505
10,755
80,323
40,967
-
-
291,984
185,589
The group		 2023
£
2,035,196
(359,360)		 2022
£
2,130,364
116
291,984 185,589 636,764 524,568

12 Debtors

28

Charity Digital Trust

Notes to the financial statements

For the year ended 31 March 2023

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Taxation and social security
Other creditors
Accruals
Deferred income (note 14)		 2023
2022
£
£
125,602
109,674
99,403
132,108
67,111
253,453
128,471
147,057
210,214
325,384
630,801
967,676
The group		 2023
2022
£
£
122,084
107,718
71,112
109,239
9,550
12,469
120,094
125,243
225,252
325,384
548,092
680,053
The charity
630,801 967,676 548,092 680,053

14 Deferred income

Deferred income comprises unexpired elements of invoiced contract bundles for email marketing unused by clients at year end, billed but not delivered work undertaken on the Charity Digital News platform and deferred balances from grants received where performance specified under the donation is not completed.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year
Creditors: amounts falling due after one year
Other liabilities		 2023
2022
£
£
325,384
191,247
(974,253)
(663,466)
859,083
797,603
210,214
325,384
2023
2022
£
£
-
-
-
-
The group
The group		 2023
2022
£
£
325,384
191,247
(974,253)
(663,466)
859,083
797,603
210,214
325,384
2023
2022
£
£
-
-
-
-
The group
The group		 2023
2022
£
£
325,384
191,247
(974,253)
(663,466)
859,083
797,603
210,214
325,384
2023
2022
£
£
447,446
447,446
447,446
447,446
The charity
The charity		 2023
2022
£
£
325,384
191,247
(974,253)
(663,466)
859,083
797,603
210,214
325,384
2023
2022
£
£
447,446
447,446
447,446
447,446
The charity
The charity
- - 447,446 447,446

15 Creditors: amounts falling due after one year

16 Analysis of group net assets between funds (current year)

Analysis of group net assets between funds (current year)
Net current assets
Long term liabilities
Tangible fixed assets
Net assets at 31 March 2023		 General
unrestricted
£
-
514,432
-		 Restricted
funds
£
-
95,456
-		 Total funds
£
-
609,888
-
514,432 95,456 609,888

29

Charity Digital Trust

Notes to the financial statements

For the year ended 31 March 2023

17 Analysis of group net assets between funds (prior year)
General Restricted
unrestricted funds Total funds
£ £ £
Tangible fixed assets 33,461 - 33,461
Net current assets 830,928 79,961 910,889
Long term liabilities - - -
Net assets at 31 March 2022 864,389 79,961 944,350
18 Movements in funds (current year)
At 1 April Income & Expenditure & At 31 March
2022 gains losses 2023
£ £ £ £
Restricted funds:
Heritage Digital 5,028 124,900 (129,928) -
Tides Foundation 68,484 86,282 (59,309) 95,457
TS Foundation 4,551 - (4,551) -
Code of practice 1,899 - (1,899) -
Total restricted funds 79,962 211,182 (195,687) 95,457
General funds 864,388 1,989,202 (2,339,159) 514,431
Total funds 944,350 2,200,384 (2,534,846) 609,888

The narrative to explain the purpose of each fund is given at the foot of the note below.

19 Movements in funds (prior year)

Movements in funds (prior year)
Code of practice
Total restricted funds
General funds
Heritage Digital
Total funds
OCS
Restricted funds:
Tides Foundation
TS Foundation		 At 31 March
2021
£
-
-
-
-
4,500		 Income &
gains
£
180,088
74,404
20,957
9,399
-		 Expenditure &
losses
£
(175,060)
(5,920)
(16,406)
(7,500)
(4,500)		 At 31 March
2022
£
5,028
68,484
4,551
1,899
-
4,500
914,448		 284,848
1,975,764		 (209,386)
(2,025,824)		 79,962
864,388
918,948 2,260,612 (2,235,210) 944,350
,

30

Charity Digital Trust

Notes to the financial statements

For the year ended 31 March 2023

Purposes of restricted funds

Heritage Digital

Heritage Digital Academy is a programme managed by Charity Digital which seeks to support organisations in the Heritage sector in developing new practices around the use of digital tools and services.

Tides Foundation

Charity Digital has been awarded funding to deliver a programme entitled 'Accelerating Digital Strategy'. This will support a cohort of not for profits over a 12 month period and will be primarily delivered in the following financial year.

2023 2022
£ £
Net income for the reporting period (334,462) 25,401
(as per the statement of financial activities)
Depreciation charges 33,461 36,480
Decrease (Increase) in debtors (106,395) (63,783)
Increase in creditors (336,874) 269,671
Net cash provided by operating activities (744,270) 267,769

21 Operating lease commitments

The group's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:


of the following periods:
Property Equipment
2023 2022 2023 2022
£ £ £ £
Less than one year 51,450 89,400 - -

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

31