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2023-03-31-accounts

Companies House Registration Number: 07205478 Charity Registration Number: 1138351

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Rooted Finance

(A Company limited by guarantee)

Green Accountancy Limited Chartered Certified Accountants Windrush House Windrush Park Road Witney Oxfordshire OX29 7DX

Rooted Finance

Contents

Charity information 1
Report of the trustees 2-9
Independent examiner's report 10
Statement of Financial Activities 11
Balance Sheet 12-13
Statement of Cash Flows 14
Notes to the Financial Statements 15-22

Rooted Finance

Reference and administrative details

Registered Company limited by guarantee number in England and Wales

07205478

Registered Charity number

1138351

Registered office

124 City Road London EC1V 2NX

Trustees

Amanda Scott Warren Keith Quick Jennifer Page Erik James Porter Rachel Bentley

Independent Examiner

David Wilsdon FCCA Green Accountancy Limited Chartered Certified Accountants Windrush House Windrush Park Road Witney Oxfordshire OX29 7DX

Page 1

Rooted Finance

Report of the trustees for the year ended 31 March 2023

Rooted Finance is a Company limited by guarantee whose only Members are the Trustees. The objectives of the charity and the powers of the Trustees are set out in the Constitution as are the regulations concerning the appointment of new Trustees.

The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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.

The trustees are responsible for keeping proper accounting records which disclose the financial position of the charity with reasonable accuracy at any time 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.

New trustees are appointed by a majority of trustees in office at that time.

Objectives and Activities

The Charity’s objects (the “Objects”) are specifically restricted to the following:

• the advancement of the education of the public in the subject of debt and personal financial management through the provision of advice about self-help and the role of appropriate financial services in self-help; and

• the assistance and support of the development and use of financial products created to provide relief to those in need by reason of financial hardship, social exclusion, and other disadvantages.

The aims of our Charity are to help prevent people from falling into unmanageable debt and helping to minimise the consequences of over indebtedness, once over indebted. Our aims continue to fully reflect the purposes which our Charity was set up to further.

Ensuring our work delivers our aims

Annually, we review our aims, objectives, and activities. The purpose of the annual review is to evaluate the work we have carried out and the impact that this has had on the groups we set out to serve. This review also ensures that we continue to further our aims, objectives, and activities in line with our stated purposes. We refer to the guidance contained in the Charity Commission’s general guidance on public benefit when undertaking our annual review and planning our future activities. Specifically, the Board of Trustees consider how planned activities will contribute to the aims and objectives they have set.

Page 2

Rooted Finance

Report of the trustees for the year ended 31 March 2023

The focus of our activities

In line with our charitable objectives, the focus of our work in the last 12 months has continued to be based on providing information, guidance, and counselling to help prevent or minimise the consequences of over indebtedness. Our focus this year has also been on delivering the independence of the Charity and we successfully split from Fair Finance in August 2022, and rebranded as Rooted Finance (RF) in April 2023. We used the following strategies to achieve these objectives and to provide an appropriate response to the ongoing cost of living crisis faced by our beneficiaries:

• identified and disseminated key financial messages and consumer campaigns, specifically to address food insecurity and fuel poverty prevention schemes and participated in groundbreaking research funded by Impact for Urban Health with Shelter, Stockwell Partnership and Comuzi Lab to examine open banking and Fintech tools for individuals with long-term health conditions facing financial hardship. Expanded our service provision to include financial assistance payments for Debt Relief Order and Bankruptcy Fees and the distribution of fuel vouchers throughout innovative partnership with Money A+E and funded by British Gas Energy Trust

• continued to expand existing strategic partnerships with British Gas Energy Trust (BGET), Hackney Council, Debt Free Advice; and developed new partnerships with Hackney Food Bank/Trussell Trust, London Mayor’s Office, and Guy’s & St Thomas Charity and Elifinty Ltd;

• expanded our reach across London for a pan-London service that effectively reaches those most in need of our services and built a network of community outreach locations for ‘Advice in Community Settings’ strategy.

Page 3

Rooted Finance

Report of the trustees for the year ended 31 March 2023

How our activities deliver public benefit

Due to the rise in inflation and the cost-of-living crisis, 2022-23 has been a particularly challenging year for the communities we serve. A significant number of existing clients – already facing financial uncertainty and over indebtedness because of the effects of the pandemic on their finances, have now been burdened with the added pressure of increasing costs for essential goods and services. Inflation hit double digits this year and food and fuel costs have been at unprecedented levels adding further pressure to struggling households. Clients face destitution at levels that are unprecedented and the rise in negative budgets amongst clients is now at one in two new clients. Our team continue to issue increasing numbers of food bank vouchers to clients facing food insecurity, and due to the steep rise in energy prices this year, we’ve seen increased demand for fuel vouchers. As seen last year, client needs continue to be multifaceted and ever more complex and time sensitive – with immediate and emergency needs at the start of a debt advice journey increasing significantly. The rise in negative budgets amongst our clients – and across the sector – also pose challenges for our organisation. Debt solutions available to clients with negative budgets are limited, and a key focus of our work this year has been expanding our income maximisation activities. We have increased our charitable grant activities and have made 67% more applications this year than in 2021/22. We have also partnered with InBest to embed a benefits calculator in our new website.

The long-term economic outlook continues to look difficult for our communities – particularly with the cost-of-living crisis continuing to unfold and the complexity of issues being faced: 62% of lowincome households in London are in arrears of some kind. The percentage has been steadily increasing over the last year: it was 54% in May 2022 and 59% in October 2022. The percentage of low-income households in London with high-cost credit arrears is 25%. This is nearly 3x the national average 9% and well over double the next closest region. The percentage of low-income households in London in arrears on utility bills (energy, water, internet and phone) is much higher than any other region and credit card arrears and rent arrears are significantly higher in London than elsewhere. Moreover, 78% of low-income households in London are going without at least one essential - well above the national average of 63%. This has increased steadily since May 2022, despite government support measures. Rooted Finance clients continue to struggle to meet their essential expenditure commitments and for the third year running, priority debts remain the top 3 debts being presented by clients: namely - council tax, rent and utilities. As with the wider data seen across London, this year has continued to show a significant rise in utility and energy debts amongst our clients, with 61% of clients presenting with utility bill arrears. RF has continued to expand our debt advice team and has strengthened the team with two new advice assistant roles to provide support to our specialist advisers. As our partnerships activities continue to expand, we have increased our Partnerships Officer role to full time This expanded role provides additional resources to RF’s management team and continues our relationship building with key stakeholders across the VCSE, Local and Central Government, Social Housing and Creditor sectors.

Page 4

Rooted Finance

Report of the trustees for the year ended 31 March 2023

Personal debt in the UK stood at £1,837.4 billion at the end of January 2023, up by £70.5 billion from £1,766.9. billion in January 2022. Spanning this timeframe, RF has helped 1994 clients in managing their debt problems in the year ending 31 March 2023 (in 2021 the figure was 2736). This reduction reflects the increased complexity of cases despite the increased levels of demand for debt advice. We have handled over £5.5 million of debt on behalf of our clients (2022 £7.1million), a decrease due to the reduction in clients supported and the increase in priority debts. This reinforces the continued rise of priority debts (lower amounts, but more significant impact on people’s living standards) and the continued reduction of higher value secondary debts such as credit cards and loans. It also reinforces RF’s role as a critical community-based charity that provides vital services to our most vulnerable communities.

This year has continued to see exponential rises in use of food banks and RF 500 referrals to foodbank providers over the course of the year. The average foodbank voucher/parcel is valued at £40, thus RF has helped our clients obtain £20,000 of food over the last 12 months. Like other debt advice services, demand for our services has continued to grow and the expansion and training of our advice team in March 2023 means we are in a good place to meet this growing demand over the next year. However, as always, demand continues to outstrip capacity and we will be adding more capacity to the team over the coming year. We ramped up face to face advice services during the year and scaled our a ‘advice in community settings’ strategy, placing our advisers in outreach locations in Hackney, Bexley, Greenwich, and Camden. Locations include libraries, job centres, employment hubs, health settings and community centres.

Our debt advice services continue to be prioritised for referrals from our partners; whilst others are based on need and an initial assessment on their ability to self-help or gain assistance from another agency. We have maintained our pan-London provision throughout the year with support from our funders and we continue to work with partner organisations to ensure that clients out of RF’s scope can access services from other local agencies or self-help routes as client needs become ever more complex.

Our main charitable activities are detailed below.

Counselling, advice and guidance services

RF continues to be funded by the Money and Pensions Service as part of the Debt Free Advice programme and our partnership across London has increased capacity to respond to the needs of Londoners. Over 1500 clients were supported through this service this year. In addition, RF continued to be funded by Hackney Council for debt advisory services to residents, and this service supported 81 clients with complex casework support this year.

We continued our partnership with Money A+E funded by British Gas Energy Trust (BGET) to provide a debt and energy advice service ‘Money in the Community’. This service spans Tower Hamlets, Hackney and Islington and has supported over 271 clients this year.

Page 5

Rooted Finance

Report of the trustees for the year ended 31 March 2023

We were also continuing our ground-breaking partnership with Hackney Food Bank/The Trussell Trust to deliver debt advice services to food bank service users. Each client receives tailored support to assist them in managing their debt, maximising their income and access to additional linked services such as housing or welfare benefit support. Our advisers have trained Food Bank volunteers to make targeted referrals, and we deliver weekly advice sessions at three of their foodbank sites across the borough. 81 clients have been supported through this service this year and RF will explore ways in which it can expand its services to these client groups in the future. The objective of our partnership is to reduce client reliance on foodbanks and to tackle the root problems of their financial difficulty through structured advice and support.

Finally, this year, RF received continuation funding from the Greater London Authority (Mayor of London) to expand our innovative partnership to help build a robust economic recovery for Londoners. RF continues to be the lead agency of the partnership which compromises nine different partners. The service provides debt and money advice services to Londoners in partnership with Money A+E and targets low-income families through school and food provider settings.

Educational and capability services

Despite our focus on the immediate crisis and the ever-increasing demands placed on our advice teams we have reintroduced our education and financial capability services this year. Our focus has been on increasing capacity by training frontline teams and volunteers as well as one-to-one coaching and embedding our ‘skill-pill’ approach within the advice process.

This year we have trained over 10 volunteers from Hackney Food Bank and delivered frontline training for advice partnership organisations our GLA funded project.

RF has also been expanding on our work last year to test digital tools that enable RF to deliver education and capability services that are relevant to our clients in an ever-digital world. We successfully delivered the influential ‘Community Fintech’ research project. with Stockwell Community Partnership, Shelter and Comuzi, and Impact on Urban Health.

In line with our strategic objectives, we continued to focus this year on widening and embedding our partnership work to strengthen the response to our communities and provide a voice for excluded communities. We have expanded our work in this area and increased our Partnerships Officer post to a full-time position to increase capacity within our management team.

This year we are delighted to have been awarded funding for two new projects that expand RF’s policy and campaigning and training and development objectives. In partnership with Money A+E we will deliver the ‘Grow your Own Advice’ and the ‘Financial Empowerment Alliance’ projects in 2023/24. Funding for these projects is from Propel and Trust for London’s Racial Justice Fund respectively. We also continue to work closely with key stakeholders, including local and central government departments to ensure structural inequalities that disproportionately impact marginalised groups and exacerbates their financial exclusion are raised and tackled appropriately.

Page 6

Rooted Finance

Report of the trustees for the year ended 31 March 2023

RF continues to be a member of the E VCSE Diversity taskforce convened by Clair Dove, VCSE Crown Representative at the Cabinet Office.

Financial Review

RF reported Net income of £94k for the year ended 31 March 2023 (2022: £48k) and the Charity ended the year with unrestricted funds of £347k (2022: £253k). Details of the Charity’s reserves are given in the Reserves policy section below.

Incoming resources

The Charity’s total income for the year was £500k (2022: £518k). In the year, the Charity continued to receive income from Money and Pensions Service (£186k), Hackney Council (£40k), Greater London Authority (£178k), British Gas Energy Fund (£50k) as well as receiving income from several new sources including Hackney Food Bank (£31k) and Comuzi Ltd (£15k).

Resources expended

The Charity’s total expenditure decreased by 14% to £406k (2022: £469k) in line with an increased level charitable activity and an increase in staff to deliver the service.

Investment policy

The Board of Trustees consider the most appropriate investment policy is for surplus funds to be held on bank deposit.

Financial risk

A single funder provided 37% of income in the year ended 31 March 2023 (2022: 60%). This funder has confirmed the renewal of this income for 12 months, giving good sighting of income in the year ahead, and the Charity was able to increase the number of funders it worked with in the year. However, total loss or significant reduction of such funding on the biggest contract is the biggest threat to RF. The Charity will continue to develop its fundraising capability and identify new streams of income. The Board of Trustees has considered the financial risks in developing its reserves policy.

Reserves policy

Rooted Finance holds minimum reserves of 6 months to cover essential operating expenses and costs to wind down the charity in the event of financial difficulties.

The Board of Trustees review the reserve policy and the risks the Charity faces regularly, and at least annually. The Board of Trustees reviews the Charity’s actual and forecast reserve level at least every quarter and where they differ from its policy, they agree what steps are needed to take to bring the amount of reserves it holds into line.

The Charity’s unrestricted funds at 31 March 2023 were £347k (2022: £253k). This represented almost six months of forecast expenditure. The Board of Trustees is satisfied that the reserves held are sufficient and appropriate.

Page 7

Rooted Finance

Report of the trustees for the year ended 31 March 2023

Organisational structure

Rooted Finance is an independent charity. It was established in August 2022 as a separate entity but operated under the previous name Fair Money Advice since its inception in 2010.

The Charity has a Board of Trustees who meet up to four times a year and are responsible for the strategic direction and policy of the Charity. At present the Board of Trustees has five members from a variety of professional backgrounds relevant to the work of the Charity. Erik Porter is Chair Day to day responsibilities for the provision of RF’s services rest with the CEO along with the Director of Operations and Advice Manager. The CEO is responsible for ensuring that the Charity delivers the services specified and that key performance indicators are met. The Director of Operations has responsibility for the day-to-day operational management of the services, individual supervision of the staff team and ensuring that the team continue to develop their skills and working practices in line with best practice.

Responsibilities of the Board of Trustees

The Board of Trustees of the Charity (who are also the Directors of Rooted Finance for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Charity and of its income and expenditure for that period. In preparing these financial statements, the Board of Trustees are required to:

The Board of Trustees is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Board of Trustees is 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.

Page 8

Rooted Finance

Report of the trustees for the year ended 31 March 2023 Declaration

The trustees declare that they have approved the trustees’ report above.

Signed:

Amanda Scott

Date: 25/07/2023

Page 9

Independent Examiner's Report to the Trustees of Rooted Finance ('the company')

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Association of Chartered Certified Accountants which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

31/07/2023

David Wilsdon FCCA Green Accountancy Limited Chartered Certified Accountants Windrush House Windrush Park Road Witney Oxfordshire OX29 7DX

Rooted Finance

Statement of Financial Activities for the year ended 31 March 2023

Unrestricted
funds
Note
£
Incoming resources
Income and endowments from:
Donations and legacies
3.1
-
Charitable activities - income
3.2
499,757
Total Income
499,757
Resources expended
Expenditure on:
Charitable activities - expenditure
4.2
405,705
Total expenditure
405,705
Net income/(expenditure)
94,052
Net movement in funds
94,052
Reconciliation of funds:
Total funds brought forward
252,960
Total funds carried forward
347,012		 Total
2023
£
-
499,757
499,757
405,705
405,705
94,052
94,052
252,960
347,012		 Total
2022
£
193
517,627
517,820
469,472
469,472
48,348
48,348
204,611
252,959

Continuing operations

All income and expenditure has arisen from continuing activities.

Page 11

Charity Number 1138351

Rooted Finance

Balance Sheet as at 31 March 2023

CIO Number 07205478

Unrestricted
funds
Note
£
Fixed assets
Tangible assets
5
565
Total fixed assets
565
Current assets
Debtors
6
-
Cash at bank and in hand
7
357,802
Total current assets
357,802
Creditors: amounts falling due within one year
8
11,355
Net current assets/(liabilities)
346,447
Total net assets
347,012
Funds of the Charity
Unrestricted funds
10
347,012
Total funds
347,012		 Total
2023
£
565
565
-
357,802
357,802
11,355
346,447
347,012
347,012
347,012		 Total
2022
£
847
847
70,237
289,580
359,817
107,705
252,112
252,959
252,960
252,960

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for :

a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on ….................... and were signed on its behalf by: 25/07/2023

Page 12

Charity Number 1138351

Rooted Finance

Balance Sheet as at 31 March 2023

CIO Number 07205478

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

Amanda Scott Trustee (Director)

Page 13

Rooted Finance

Statement of Cash Flows for the year ended 31 March 2023

Note
below
Cash flows from operating activities
Net cash from operating activities
A
Total increase /(reduction) in cash in period
Reconciliation of net cash flow to movement in net debt
Total increase /(reduction) in cash in period
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
B
Notes to the Cash Flow Statement:		 2023
£
68,222
68,222
68,222
289,580
357,802		 2022
£
58,976
58,976
58,976
230,604
289,580

Note A: Reconciliation of net (outgoing)\incoming resources to net cash inflow from operating activities

Net movement in funds
(Increase) / decrease in Debtors
(Decrease) / increase in Creditors
Purchase of fixed assets
Depreciation
Net cash from operating activities
Note B:Analysis of changes in net funds
Cash at bank		 2023
£
94,052
70,237
(96,350)
-
282
68,221
2023
£
357,802		 2022
£
48,348
(18,592)
30,067
(1,129)
282
58,976
2022
£
289,580

Page 14

Rooted Finance

Notes to the Financial Statements for the year ended 31 March 2023

1 Basis of preparing the financial statements

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts have been prepared in accordance with:

• the Charities SORP (FRS 102) '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 Company limited by guarantee and constitutes a public benefit entity as defined by FRS 102.

2 Accounting Policies

Income

Income is included in the Statement of Financial Activities (SoFA) when:

Grants and donations

Grants and donations are included in the SoFA when the general income recognition criteria are met.

In the case of performance related grants, income must only be recognised to the extent that the charity has provided the specified goods or services as entitlement to the grant only occurs when the performance related conditions are met.

Tax reclaims on donations and gifts

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Page 15

Rooted Finance

Notes to the Financial Statements for the year ended 31 March 2023

Governance and support costs

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Tangible fixed assets

These are capitalised if they can be used for more than one year, and cost at least £200. They are valued at cost.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer Equipment - 25% Straight Line Basis

Taxation

The charity registered as a charity on 11 October 2010 and since that date has been exempt from corporation tax on its charitable trading activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Debtors

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Liability recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

The charity has creditors which are measured at settlement amounts less any trade discounts

Page 16

Rooted Finance

Notes to the Financial Statements for the year ended 31 March 2023

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Page 17

Rooted Finance

Notes to the Financial Statements for the year ended 31 March 2023

3.1 Income from donations and legacies

Unrestricted
funds
£
Donations
-
Total donations and legacies
-
3.2
Income from charitable activities
Unrestricted
funds
£
Grant Income
499,757
Total income from charitable activities
499,757
Unrestricted
funds
Grants included in the above amounts:
£
Toynbee Hall
185,512
LB Hackney Council
40,317
Greater London Authority
178,000
Hackney Food Bank
31,297
Comuzi Ltd
14,797
British Gas Energy Fund
49,834
London Community Rehabilitation Company
-
Turn2Us
-
Advice UK
-
Community Southwark
-
Total grants for charitable activities
499,757		 Total
2023
£
-
-
Total
2023
£
499,757
499,757
Total
2023
£
185,512
40,317
178,000
31,297
14,797
49,834
-
-
-
-
499,757		 Total
2022
£
193
193
Total
2022
£
517,627
517,627
Total
2022
£
308,792
49,827
7,500
-
-
118,864
15,774
15,369
1,000
500
517,626

Page 18

Rooted Finance

Notes to the Financial Statements for the year ended 31 March 2023

4.1 Charitable activities - expenditure

Education/training

Unrestricted
funds
£
Staff costs
301,219
Advertising & Marketing
6,000
Bank charges
95
Computer consumables
104
Depreciation
282
HR outsourcing
6,403
Legal Fees
360
Insurance
1,251
Management charge
2,796
Office expenses
-
Print, postage and stationery
-
Professional fees
4,148
Recruitment expenses
3,799
Regrant to Money A+E
38,500
Rent
1,945
Staff entertainment
-
Telephone & Internet
5,343
Travel and subsistence
4,850
Software Support
15,811
Subcontractors
1,654
Subscriptions
1,474
Staff training
-
Website Costs
86
Support costs:
Accountancy
9,009
Independent examiners fees
576
Total expenditure on charitable activities
405,705		 Total
2023
£
301,219
6,000
95
104
282
6,403
360
1,251
2,796
-
-
4,148
3,799
38,500
1,945
-
5,343
4,850
15,811
1,654
1,474
-
86
9,009
576
405,705		 Total
2022
£
344,992
-
81
386
283
-
-
-
32,400
46,057
1,148
2,670
3,595
-
21,026
1,553
1,653
62
492
-
5,757
693
1,224
5,400
-
469,472

Support costs

All support costs are allocated to the single charitable activity of the charity and are included above.

Page 19

Rooted Finance

Notes to the Financial Statements for the year ended 31 March 2023

4.2
Governance costs included above
Unrestricted
funds
£
Accountancy
9,009
Independent examiners fees
576
Professional fees
4,148
Total governance costs
13,733		 Total
2023
£
9,009
576
4,148
13,733		 Total
2022
£
5,400
-
2,670
8,070

4.3 Trustee remuneration

None of the trustees were remunerated during the year or the previous year. No trustee expenses were paid during the year

4.5 Staff costs

Unrestricted
funds
£
Salaries - Gross pay
174,421
Salaries - Employers NI
17,650
Salaries - Employers Pension
4,116
East End Fair Finance - salary costs
104,732
Health care
300
Total staff costs
301,219		 Total
2023
£
174,421
17,650
4,116
104,732
300
301,219		 Total
2022
£
308,354
28,769
6,639
-
1,230
344,992

There were no ex-gratia payments made and no redundancy payments made. There are no staff working for the charity who were paid more than £60,000.

4.4 Staff numbers

Average headcount in the year: 2023 2022
Charitable activities 6 11

Page 20

Rooted Finance

Notes to the Financial Statements for the year ended 31 March 2023

5 Tangible fixed assets

Cost
At 1 April 2022
At 31 March 2023
Depreciation
At 1 April 2022
Charge for year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
6
Debtors
Unrestricted
funds
£
Trade debtors
-
Accrued income
-
Total debtors
-
7
Cash at bank and in hand
Unrestricted
funds
£
Bank current account
355,208
Pleo account
2,594
Total cash at bank and in hand
357,802		 Computer
equipment
£
1,130
1,130
282
283
565
565
848
Total
2023
£
-
-
-
Total
2023
£
355,208
2,594
357,802		 Totals
£
1,130
1,130
282
283
565
565
848
Total
2022
£
9,978
60,259
70,237
Total
2022
£
289,580
-
289,580

Page 21

Rooted Finance

Notes to the Financial Statements for the year ended 31 March 2023

8 Creditors: amounts falling due within one year

Unrestricted
funds
£
Accounts Payable
815
PAYE and social security
7,176
Pension payable
1,108
Accountancy fees accrual
2,256
Deferred Income
-
Total creditors due within one year
11,355		 Total
2023
£
815
7,176
1,108
2,256
-
11,355		 Total
2022
£
-
-
-
-
76,921
76,921
Unrestricted funds
Total funds
10
Charity funds - previous year
Fund name:
Unrestricted funds
Total funds		 At 1 April
2022
£
252,960
252,960
At 1 April
2021
£
204,612
37,402		 Net
movement
in funds
£
94,052
94,052
Net
movement
in funds
£
48,348
121,631		 At 31
March 2023
£
347,012
347,012
At 31
March 2022
£
252,960
159,033

Page 22

SIGNATURE CERTIFICATE

REFERENCE NUMBER F4AC590B-F955-49AE-B0AE-46C029081911

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