## 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**
1
## 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.
2
## 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.
3
## 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.
4
## 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.
5
## 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.
6
## 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)
7
## 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
8
## 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.
9
## 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)
10
## 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|
|---|---|---|
11
## 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%
12
## 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.
13
## 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.
14
## 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).
15
## 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.
16
## 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|
|---|---|---|---|---|
17