2022-03-31-accounts - Rethinking Economics International

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REPCE

Charity number 1158972

Annual Report and Financial Statements

for the year ended 31 March 2022

REPCE

Annual Report and Financial Statements for the year ended 31 March 2022

Contents	Page
Trustees' report	2 to 7
Examiner's report	8
Statement of financial activities	9
Balance sheet	10
Statement of cash flows	11
Notes to the accounts	12 to 17

Prepared by West Yorkshire Community Accountancy Service CIO

REPCE

Trustees' report for the year ended 31 March 2022

Reference and administrative details of the charity, its trustees and advisors

The trustees during the financial	year and up to and including the date the report was approved were:	year and up to and including the date the report was approved were:
Name	Position	Dates
Aoife O'Leary	Chair	Resigned January 2022
Antonia Jennings	Chair
Peter Stimpson	Treasurer	Appointed April 2022
Bethan Hunt	Secretary	Appointed April 2022
Ben Pringle
Sofie Jenkinson		Resigned April 2022
Dr Mehroosh Tak
Toke Dahler-Larsen
Samiah Anderson
Christine Berry		Resigned July 2021
Joseph Proctor		Resigned April 2021
Alexander Whinnom		Appointed April 2022
James Meadway		Appointed April 2022
Bandile Ngidi		Appointed April 2022
Paula Woodman		Appointed April 2022

Resigned July 2021 Resigned April 2021 Appointed April 2022 Appointed April 2022 Appointed April 2022 Appointed April 2022 Resigned November 2022

Charity number	1158972
Registered and principal address	Bankers
22A Beswick Street	Triodos Bank NV
Ancoats	Deanery Road
Manchester M4 7HR	Bristol BS1 5AS

Registered in England and Wales

Independent examiner

Simon Bostrom FCIE West Yorkshire Community Accountancy Service CIO Stringer House 34 Lupton Street Leeds LS10 2QW

Structure, governance and management

The Charitable Incorporated Organisation (CIO) Foundation is governed by a trust document and was formed on 24 October 2014.

Rethinking Economics and its trustees are bound by its foundation constitution. The names of the trustees who served during the year are set out above.

Rethinking Economics has set up a Member's Council with circles and committees consisting of trustees, staff members and student organisers. This is in order to allow for student organisers to remain a central part of the charity’s decision making (as they were before Rethinking was incorporated as a charity). The rules governing committees and circles are set out in the organisation's standing orders and in the committee or circle Terms of Reference. Trustees mostly engage through two committees called Finance & Funding, and Staffing & Governance. The staff and committees were managed and overseen by the Co-directors during this period, and following a restructure in 2022, by the sole Director.

Rethinking Economics has a fully operational financial management controls policy.

REPCE

Trustees' report (continued) for the year ended 31 March 2022

Objectives and activities

Method of recruitment and appointment of trustees

Regular reviews are undertaken to assess the skills of the current trustees and identify any areas that need to be strengthened.

New trustees are appointed by existing trustees through an application process.

The charity's objects

The object of the CIO is to advance education in economics for the public benefit.

The charity's main activities

The activities outlined below have been undertaken by the Charity as the means by which to “advance education in economics”. This is divided into two main spheres: our work within universities and our work outside of universities.

Public benefit statement

In setting our objectives and planning our activities our Trustees have given serious consideration to the Charity Commission’s general guidance on public benefit and in particular the advancement of education and promoting a pluralist economics curriculum that better serves people and planet.

Achievements and performance Our Vision

Rethinking Economics’ vision is of economies that operate within planetary boundaries and put wellbeing at their centre. They are economies in which culture, healthcare, housing, education, water, nourishing food, utilities and transportation are available for all. They are economies in which meaningful economic decisionmaking is genuinely open and democratic, and in which a holistic and long-term view is taken by political and economic decision-makers.

To bring about economies of this nature, we need an economics discipline that is:

l Pluralist - multiple schools of thought within economics are taught at universities, and in a manner which enables students to assess their strengths and weaknesses, so as to draw on different approaches depending on the context
l Real-world focused - the historical circumstances in which ideas and models emerged are taught, and the real-world implications of their applications are considered in the classroom
l Critical - critical thinking is valued within economics education, and students are taught to critique and question dominant ideas and models
l Diverse – economics departments are representative of the society they sit within; women, people of colour and other groups currently underrepresented in the discipline choose to study it and are able to progress within it.

Our Mission

Based on our understanding of how meaningful and lasting change to economics will be brought about, our purpose is to build a diverse movement of people who challenge, interrogate and renew the practice, teaching and application of economics so that it better serves people and planet. In relation to our vision and mission, our three primary goals are:

l To reform university economics education,
l To diversify the people who study and practice economics, and
l To create an international community of Rethinkers.

REPCE

Trustees' report (continued) for the year ended 31 March 2022

Achievements and performance (continued)

Our core strategy for this reporting period is comprised of three overlapping areas of work:

l Leadership Development
l Network Development
l Community Development

Key achievements and highlights during the year relating to these areas of work include:

Leadership Development

l Leadership Programme – We developed a new Leadership Strategy and accompanying Leadership Programme. This programme of training for network members will provide an opportunity for the exploration of History of Economic Thought, Organising, Strategy, Reflective Listening and other key skills which will support successful leadership in the network.
l Group Mentoring - Delivery of our Local Group Induction Training Programme is now proving to be an effective model of supporting local and national group development. During this period, we have supported 3 cohorts through this five week programme, engaging with over 50 student organisers. A workbook has been developed to support our training provision, and which complements our Organising Handbook. Alongside this we hosted monthly calls for both regional and national organisers. and for our local groups, to come together and exchange knowledge, questions and good practice.
l Activities Fund -The RE Activities Fund provides micro grants for member groups to support them to independently progress local or national activities and projects. Over the last year, 18 groups were awarded grants of between £50- £500, with £4475 awarded in total. Projects included work to develop new websites and educational resources, as well as events such as conferences and seminars.

Network Development

l Network Growth - Our global network of student led groups continues to grow, we now have 138 member groups operating across 45 countries. During the last year, 63% of groups responding to our end of year survey reported securing positive changes made to the economics education or curriculum at their institutions.
l National Networks - Our network of national and regional networks has also continued to develop.. Several gatherings of national networks have taken place in the USA, Switzerland, India, Nigeria and various others.
l UK Gathering - A gathering of students from across our UK Network took place in April 2022 in Manchester, which brought together representatives from the 15 groups who currently make up our UK network. The gathering provided an opportunity for members to meet, plan and collaborate, and also space for UK Rethinkers to explore the viability of establishing a democratically elected UK National Network. Our National Networks support the coordination and amplification of the work of local groups, scaling up campaigning activity and helping to demonstrate to wider society the need for change. To date, in the UK this function has been hosted by RE and is reflective of our UK origins, however as the strength of our UK local group network has grown we are now supporting the exploration of this next stage of development.

Community Development

l Festival – An Exploration of our Economic Futures Building on the success of our first digital festival in 2020, we coordinated a week long online global event, working closely with our membership to design and deliver an engaging and interactive programme of activity. We had over 2,000 registrations, around 600 unique attendees and nearly 5000 individual views. Around 86% of registrants were not yet members or affiliated with local groups, evidencing the value of events such as this in engaging new audiences in our work. The event inspired the launch of several new RE groups, with further support provided to aid their development and growth.

REPCE

Trustees' report (continued) for the year ended 31 March 2022

Achievements and performance (continued)

l Festival – An Exploration of our Economic Futures Building on the success of our first digital festival in 2020, we coordinated a week long online global event, working closely with our membership to design and deliver an engaging and interactive programme of activity. We had over 2,000 registrations, around 600 unique attendees and nearly 5000 individual views. Around 86% of registrants were not yet members or affiliated with local groups, evidencing the value of events such as this in engaging new audiences in our work. The event inspired the launch of several new RE groups, with further support provided to aid their development and growth.
l Reclaiming Economics for Future Generations - A key achievement during this year has been the publication and launch of our latest book, Reclaiming Economics for Future Generations, exploring a culture within mainstream economics that perpetuates a lack of diversity and sets out the argument decolonising economics both in terms of people and ideas within the discipline. The book builds an understanding of the experiences of students and economists who have felt side-lined by this culture, providing a platform for the voices of working-class students, women, and people of colour. A series of launch and engagement events took place throughout the first quarter of this year, including an engaging and interactive programme of online and in person launch events. To complement the book, an Action Pack was produced to support students to use the resource to interrogate their curriculum and shape conversations with their local groups.
l Economists for the Future (E4F) - The appointment of a Campaign Manager supported us to progress the work of the E4F campaign in the run up to, and beyond, COP26. E4F is working to mobilise economists and their influence to help avert the climate and ecological crisis and has completed two valuable pieces of research, one of which examines how well economics journals cover the climate and ecological crisis, and which provides further evidence that the response of economists to the planetary emergency has been inadequate. A second piece of research explored the unequal geographical distribution of research within climate economics publications, reflecting the continuing exclusion of knowledge produced by global south scholars within climate crisis research and policy discussions.
l Economy Studies - We supported this collaborative project with student groups and social science academics working on the development of a framework for an interdisciplinary curriculum on economic systems. This work culminated in the production of a book, which launched in late October 21, Economy Studies: A Guide to Rethinking Economics Education, providing a toolkit for the re-design of economics courses and curricula and offers ideas and practical suggestions to stimulate student engagement and critical thinking. To support the use of this resource a complementary training programme is being delivered, supporting members to use the framework to help build alternative economics curriculum at their universities.
l Call for Change Open Letter - 8 years since the ISIPE Open Letter was published much has changed in the world. With the COVID-19 pandemic, the movement for change in economics education felt that our message needed updating so a series of workshops and consultations sought to gather the opinions and experiences of students from across the world to explore the question: ‘What is wrong with economic education?’ A ‘Call for Change’ was published which brought together these thoughts.

REPCE

Trustees' report (continued) for the year ended 31 March 2022

Achievements and performance (continued)

l Manchester Metropolitan University : Teaching Economic Policy Institutions - RE collaborated with Dr Craig Berry, Director of Manchester Centre for Economic Policy at MMU, to support the design of a new pluralist economics curriculum. RE led a programme of consultation, with insight feeding into curriculum design, which included engagement with Bank of England and economics professionals, drawing on our alumni and civil service network ‘Exploring Economics’, and hosting a student summit. A series of resources have now been produced to complement this work with RE developing a communications plan to support the dissemination of these resources, which have been shared with groups across our network and made available via our website. Dr. Berry attended our April UK gathering, delivering a workshop to support members to campaign for inclusion of this module within their curriculum.

Organisational Development

Alongside work to progress our core strategy, we have undertaken a range of activities to build and strengthen our organisational capacity. This includes:

l Anti-Oppression Strategy - Rethinking Economics is committed to equality, social justice, and inclusion. We have commissioned specialist support to aid the development of an anti-oppression strategy for the organisation. We recognise the oppressions that exist in our societies and this work, and our developing strategy, will aim to explore where these may be reflected in our operations and practise both in the UK and internationally. Our strategy will seek to challenge and mitigate the impact of these oppressions and support our practice to ensure we do not replicate power imbalances within our work, and that our activities contribute to wider movements to create just societies.
l CRM and Website – A programme of work has been undertaken to strengthen our ability to engage with, and connect, our global membership through the redevelopment of our website, renewal of our branding, and implementation of our first CRM system.
l Members Council - Elections to our members council were held in March, appointing 10 members from across the RE Network to serve in four types of officer role: Campaigns; Communications; Memberships; and Partnerships. Work has also been taking place to fully embed the role of the Members Council within our wider formal organisational governance, ensuring that student leadership remains at the heart of our organisation.

REPCE

Trustees' report (continued) for the year ended 31 March 2022

Financial review

The net income for the year was £325,595, including net income of £234,027 on unrestricted funds and net income of £91,568 on restricted funds.

Reserves policy

The Board of Trustees will consider the level of reserves that is prudent for REPCE to have at its first Board meeting of each new financial year. Consideration will be given to redundancy liabilities, lease agreements and any other significant factors that should be taken into account were Rethinking Economics to close. The document REPCE Windup Costs will be used as a guide to determine the best level of reserves for any particular financial year but it is advised that the limits should be within the following range. The Lower Limit is the windup costs of 2 months salaries, liabilities and any redundancy payments. The Upper Limit is 6 months running costs. The Strategic Aim is the mean of these two numbers.

For the year ended 31 March 2022, the lower limit was £48,281, upper limit £224,468 and strategic aim being £103,135k. The REPCE Windup Costs calculations should be updated at least once a year by one of the Staff Treasurers to ensure that the level of reserves agreed at the start of the year doesn’t drop below our lower limit. As a charity we should try to avoid keeping more than 6 months running costs so we can better support our beneficiaries. It is the responsibility of the Trustee Treasurer to scrutinize Finance and Funding reports to ensure that these limits aren’t breached for good reason. Each year we should aim to increase our reserves to a value closer to our Strategic Aim. However, it should be noted that as the organisation grows so will the lower limit and the upper limit.

The charity's free reserves, excluding fixed assets, at the year end were £363,870 which is an increase of £235,926 from the previous years reserves of £127,944.

The increase has arisen mainly due to an additional awarded amount from a funder that is changing their strategic focus. The additional funding was provided in order to finance our future activities while we identify a replacement core funder.

We are utilising a significant portion of this surplus in the current year and we anticipate our free reserves in March 2023 to be nearer to our strategic aim figure from our reserves policy.

Approved by the board of trustees on 7/12/2022

Antonia Jennings (Trustee)

REPCE

Independent examiner's report to the trustees of REPCE

I report to the charity trustees on my examination of the accounts of the CIO for the year ended 31 March 2022, which are set out on pages 9 to 17.

Responsibilities and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the CIO's accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since the CIO's gross income exceeded £250,000 your examiner must be a fellow of a body listed in section 145 of the 2011 Act.

I confirm that I am qualified to undertake the examination because I am a fellow of ACIE which is one of the listed bodies.

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

1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act;
2 the accounts do not accord with those records; or
3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.

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.

Simon Bostrom FCIE

4/1/2023

West Yorkshire Community Accountancy Service CIO

Stringer House 34 Lupton Street Leeds LS10 2QW

REPCE

Statement of Financial Activities

(including summary income and expenditure account) for the year ended 31 March 2022

Notes 2022 Unrestricted funds £ Income from: Grants and donations (2) 453,797 Bank interest 96 Other Income 1,706 Total income 455,599 Expenditure on: Staffing costs Salaries, Pensions & NIC (3) 163,489 Freelance workers 9,804 Training 5,945 Travel and subsistence 3,183 Project delivery Research 8,439 Events 3,198 Travel 1,271 Administrative expenditure Advertising and marketing 3,577 IT software and consumables 7,388 Postage and delivery 1,069 Printing and stationery 1,051 Telephone and internet 480 Independent examination 1,020 Bank charges 140 Legal and professional 7,327 Memberships and subscriptions 478 Premises expenditure Premises costs 63 Insurance 674 Depreciation 2,343 Other expenses 480 Donations - Loss on Disposal of Asset 153 Total expenditure 221,572 Net income / (expenditure) 234,027 Transfers between funds - Net movement in funds 234,027 Fund balances brought forward 132,118 Fund balances carried forward (4) 366,145	2022 Restricted funds £ 207,277 - - 207,277 67,175 21,362 - 16 3,424 1,674 1,077 11,894 1,927 106 56 98 - 5 4,123 320 1,903 200 - 349 - - 115,709 91,568 - 91,568 100,198 191,766	2022 Total funds £ 661,074 96 1,706 662,876 230,664 31,166 5,945 3,199 11,863 4,872 2,348 15,471 9,315 1,175 1,107 578 1,020 145 11,450 798 1,966 874 2,343 829 - 153 337,281 325,595 - 325,595 232,316 557,911	2021 Total funds £ 349,361 66 543 349,970 172,014 29,765 3,565 - 21,377 500 - 6,702 7,431 193 250 548 1,020 259 2,859 342 9,845 1,735 3,083 68 500 - 262,056 87,914 - 87,914 144,402 232,316

All incoming resources and resources expended derive from continuing activities.

REPCE

Balance sheet

as at 31 March 2022 2022 Unrestricted £ Fixed assets Tangible assets (5) 2,275 Total fixed assets 2,275 Current assets Debtors and prepayments (6) 862 Cash at bank and in hand (7) 376,282 Total current assets 377,144 Current liabilities: amounts falling due within one year Creditors and accruals (8) 13,274 Total current liabilities 13,274 Net current assets / (liabilities) 363,870 Net assets 366,145 Funds Unrestricted funds 366,145 Restricted funds - Total funds 366,145	2022 Restricted £ - - - 191,766 191,766 - - 191,766 191,766 - 191,766 191,766	2022 Total £ 2,275 2,275 862 568,048 568,910 13,274 13,274 555,636 557,911 366,145 191,766 557,911	2021 Total £ 4,174 4,174 34,144 217,475 251,619 23,477 23,477 228,142 232,316 132,118 100,198 232,316

The financial statements were approved by the board of trustees on 7/12/2022

Antonia Jennings (Trustee)

REPCE

Statement of cash flows

for the year ended 31 March 2022

Cash flows from operating activities: Net cash provided by (used in) operating activities Cash flows from investing activities: Dividends and interest Proceeds of sale of tangible fixed assets Purchase of tangible fixed assets Net cash provided by (used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Adjustments for: Depreciation charges Loss on deisposal of tangible fixed assets Dividends and interest from investments (Increase) / decrease in debtors Increase / (decrease) in creditors Net cash provided by (used in) operating activities Analysis of cash and cash equivalents Notice deposits (less than 30 days) Total cash and cash equivalents Reconciliation of net movement in funds to net cash flow from operating activities Net movement in funds for the reporting period (as per the statement of financial activities) Cash in hand	2022 £ 351,074 96 525 (1,122) (501) 350,573 217,475 568,048 2022 £ 325,595 2,343 153 (96) 33,282 (10,203) 351,074 2022 £ - 568,048 568,048	2021 £ 150,994 66 - (2,324) (2,258) 148,736 68,739 217,475 2021 £ 87,914 3,083 - (66) 41,055 19,008 150,994 2021 £ - 217,475 217,475

REPCE

Notes to the accounts

for the year ended 31 March 2022

1 Accounting policies

Basis of accounting

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 financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and with the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102. There has been no change to the accounting policies since last year.

No changes have been made to the accounts for previous years.

Going concern

The trustees are satisfied that there are no material uncertainties about the charity's ability to continue.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity becomes entitled to the resources, it is more likely than not that the trustees will receive the resources and the monetary value can be measured with sufficient reliability.

Grants and donations

Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.

Where grants are related to performance and specific deliverables, they are accounted for as the charity earns the right to consideration by its performance.

Expenditure and liabilities

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

Taxation

As a charity the organisation benefits from rates relief and is generally exempt from income tax and capital gains tax but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.

Tangible fixed assets

Tangible fixed assets are capitalised and included at cost including any incidental expenses of acquisition. Gifted assets are shown at the value to the charity on receipt. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows: Project and office equipment: 25%

REPCE

Notes to the accounts

for the year ended 31 March 2022

1 Accounting policies continued

Pensions

The charity operates a defined contribution scheme for the benefit of its employees. The costs of contributions are recognised in the year they are payable.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

Further explanation of the nature and purpose of each fund is included in the notes to the accounts.

Leases

Rents under operating leases are charged on a straight line basis over the lease term or to an earlier date if the lease can be determined without financial penalty.

REPCE

Notes to the accounts continued

for the year ended 31 March 2022

2 Grants and donations Foundation to Promote Open Society (OSF) Friends Provident Foundation grant Manchester Metropolitan University Joseph Rowntree Charitable Trust KR Foundation (over accrual last yr) Network for Social Change Partners for a New Economy Joffe Charitable Trust OMIDYAR Network YSI Other donations 3 Staff costs and numbers Gross salaries Social security costs Employment allowance Pensions	2022 Unrestricted funds £ 262,769 150,000 - 37,500 - - - - - - 3,528 453,797	2022 Restricted funds £ - - - - - - 124,472 25,000 54,177 3,628 - 207,277	2022 Total funds £ 262,769 150,000 - 37,500 - - 124,472 25,000 54,177 3,628 3,528 661,074 2022 £ 208,032 18,946 (4,000) 7,686 230,664	2021 Total funds £ 76,549 100,000 2,500 50,000 (1,273) 18,316 95,771 - - - 7,498 349,361 2021 £ 158,306 10,165 3,543 - 172,014

The average number of employees during the year was 8, being an average of 6.6 full time equivalent (2021: 5.3, 4.9 FTE). There were no employees with emoluments above £60,000.

Defined contribution pension scheme Costs of the scheme to the charity for the year Amount of any contributions outstanding at the year end 4 Restricted funds Balance b/f Incoming £ £ Network for Social Change 14,900 - Partners for a New Economy 85,298 124,472 Joffe - 25,000 OMIDYAR - 54,177 YSI - 3,628 100,198 207,277	Outgoing £ - 87,261 11,509 15,321 1,618 115,709	2022 £ (4,000) 1,477 Transfers £ - - - - - -	2021 £ 3,543 956 Balance c/f £ 14,900 122,509 13,491 38,856 2,010 191,766

Fund name

Network for Social Change Partners for a New Economy

Joffe OMIDYAR YSI

Purpose of restriction

For setting up a spokesperson network.

Towards a variety of activities including work with the Public Interest Research Centre, collaboration on an online global conference, summer and US conferences and training and awareness raising.

To strengthen digital and communications infrastructure.

To support the research and development of a US Organising Strategy. To support our South America partners in running the Heterodox Economics event.

REPCE

Notes to the accounts continued

for the year ended 31 March 2022

5 6 7 8	Tangible assets Cost At 1 April 2021 Additions At 31 March 2022 Depreciation At 1 April 2021 Charge for year At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 Debtors and prepayments Debtors Prepayments Cash at bank and in hand Cash at bank Cash in hand Creditors and accruals Creditors Accruals Taxation and social security Other creditors	£ 2,790 - 2,790 1,844 696 2,540 250 946 Vehicles and bikes	£ 9,954 1,122 8,930 6,726 1,647 6,905 2,025 3,228 2022 £ 525 337 862 2022 £ 568,048 - 568,048 2022 £ 3,176 1,020 7,601 1,477 13,274 Office equipment	Total £ 12,744 1,122 11,720 8,570 2,343 9,445 2,275 4,174 2021 £ 34,023 121 34,144 2021 £ 217,475 - 217,475 2021 £ 274 16,329 5,918 956 23,477

9 Related party transactions

Trustee expenses

No trustee received any expenses during this year or the previous year.

Trustee remuneration and benefits

No trustee received any remuneration or benefit during this or the previous year.

Remuneration and benefits received by key management personnel

The total employee benefits received by key management personnel were £83,534 (previous year: £68,583).

REPCE

Notes to the accounts continued

for the year ended 31 March 2022

10 Funds held as agent

At the year end the charity was holding £1,461 in funds from the Institute for New Economic Thinking. The funds were being held for the use of members of the REPCE network to run the Economics out of Equilibrium webinar series. The sum represents the total amount of funding awarded and no funds were spent during the year.

REPCE

Statement of Financial Activities including comparatives for all funds (including summary income and expenditure account) for the year ended 31 March 2022

2022 2021 Unrestricted Unrestricted funds funds £ £ Income Grants and donations 453,797 234,047 Bank interest 96 66 Other Income 1,706 543 Total income 455,599 234,656 Expenditure Staffing costs Salaries, Pensions & NIC 163,489 104,524 Freelance workers 9,804 29,742 Training 5,945 1,631 Travel and subsistence 3,183 - Project delivery Research 8,439 21,377 Events 3,198 - Travel 1,271 - Administrative expenditure Advertising and marketing 3,577 1,595 IT software and consumables 7,388 3,762 Postage and delivery 1,069 109 Printing and stationery 1,051 69 Telephone and internet 480 292 Independent examination 1,020 820 Bank charges 140 252 Legal and professional 7,327 15 Memberships and subscriptions 478 342 Premises expenditure Premises costs 63 4,991 Insurance 674 1,034 Depreciation 2,343 3,083 Other expenses 480 32 Donations - 500 Loss on Disposal of Asset 153 - Total expenditure 221,572 174,170 Net income / (expenditure) 234,027 60,486 Transfers between funds - (416) Net movement in funds 234,027 60,070 Fund balances brought forward 132,118 72,048 Fund balances carried forward 366,145 132,118	2022 Restricted funds £ 207,277 - - 207,277 67,175 21,362 - 16 3,424 1,674 1,077 11,894 1,927 106 56 98 - 5 4,123 320 1,903 200 - 349 - - 115,709 91,568 - 91,568 100,198 191,766	2021 Restricted funds £ 115,314 - - 115,314 67,490 23 1,934 - - 500 - 5,107 3,669 84 181 256 200 7 2,844 - 4,854 701 - 36 - - 87,886 27,428 416 27,844 72,354 100,198	2022 Total funds £ 661,074 96 1,706 662,876 230,664 31,166 5,945 3,199 11,863 4,872 2,348 15,471 9,315 1,175 1,107 578 1,020 145 11,450 798 1,966 874 2,343 829 - 153 337,281 325,595 - 325,595 232,316 557,911	2021 Total funds £ 349,361 66 543 349,970 172,014 29,765 3,565 - 21,377 500 - 6,702 7,431 193 250 548 1,020 259 2,859 342 9,845 1,735 3,083 68 500 - 262,056 87,914 - 87,914 144,402 232,316