2020-12-31-accounts

Company Registration number: CE002844 Charity Registration number: 1160123

FISHING INTO THE FUTURE A Charitable Incorporated Organisation (CIO)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FISHING INTO THE FUTURE

YEAR ENDED 31 DECEMBER 2020

CONTENTS

	Page
Reference and Administrative Details	1
Trustees’ Report	2 to 4
Statement of Trustees’ Responsibilities	5
Independent Examiner's Report	6
Statement of Financial Activities	7
Balance Sheet	8
Notes to the Financial Statements	9 to 15

FISHING INTO THE FUTURE

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

Trustees Adrian Bartlett Peter Bruce (appointed June 2020) James Buchan Hazel Curtis Alexa Dayton Sean Dennison Gary Hodgson Michel Kaiser (appointed March 2020) Glen Milligan (appointed March 2020) Steven Mackinson Alan Steer David Stevens Michael Warner Chantelle Williams (appointed March 2020) Peter Williams Principal Office Fishmongers’ Hall London Bridge, London EC4R 9EL The charity is incorporated in England and Wales Company Registration Number CE002844 Charity Registration Number 1160123 Independent Examiner Matthew Melksham FCCA Bush & Co Limited 2 Barnfield Crescent Exeter EX1 1QT

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FISHING INTO THE FUTURE

REPORT OF THE TRUSTEES

YEAR ENDED 31 DECEMBER 2020

The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable incorporated organisation (CIO) for the year ended 31 December 2020.

OBJECTIVES AND ACTIVITIES

Objects and Aims

The purposes of the CIO are:

• a) To promote sustainable development in UK fisheries for the benefit of the public by:

• i) The preservation, conservation and the protection of the marine environment and the prudent use of marine resources.

• ii) The promotion of sustainable means of achieving economic growth and regeneration in UK fisheries.

• b) To advance the education of the public in subjects related to sustainable development in UK fisheries and the protection, enhancement and rehabilitation of the marine environment and to promote study and research in such subjects provided that the useful results of such study are disseminated to the public at large.

Fishing into the Future has continued to fulfil these objectives by giving fishermen unparalleled opportunities to engage with fisheries science, management and supply chain experts through our Sustainable Fisheries Education Programme (SFEP). We have worked collaboratively on practical solutions that help ensure industry science and data can better inform UK fisheries policy and management.

Public Benefit

The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document and Charity Constitution

Fishing Into The Future is a charitable incorporated organisation (CIO) foundation, registered on 23 January 2015 and governed by its constitution.

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FISHING INTO THE FUTURE

REPORT OF THE TRUSTEES

YEAR ENDED 31 DECEMBER 2020

Appointment of New Trustees

New trustees are:

• a) Appointed either at the Annual General Meeting (AGM) or by vote by the existing trustees. b) Not less than two-thirds of the charity trustees must be active fishermen ("Fishermen Trustees"). An "active fisherman" is a person who is employed full-time in fishing; owns or exercises control over a fishing boat which is actively engaged in fishing; or is a representative of a fishing company.

• c) At every annual general meeting of the members of the CIO, one-third of the charity trustees shall retire from office. A charity trustee who has served for two consecutive terms of three years each may not be reappointed for a third consecutive term, except with the unanimous agreement of the other charity trustees, but may be reappointed after an interval of at least three years.

• d) There is no maximum number of trustees. The quorum for meetings is the greater of 5% of the membership or ten members.

• e) New trustees are given a copy of the charity’s constitution and the latest set of trustees’ annual report and statement of accounts.

Decision Making Structure

The trustees meet as a board:

• a) At AGMs held at intervals of not more than 15 months, for which as least 14 days’ notice has been given. Trustees must call an AGM within 21 days if requested to do so by the members. Resolutions are decided by a simple majority.

• b) The charity Trustees may delegate their powers to committees or working groups of two or more trustees. The committees must bring their proceeding and acts to the attention of the whole body of trustees and may at any time have their powers revised or revoked.

ACHIEVEMENTS AND PERFORMANCE

In January 2020, a 3-day in person residential workshop was delivered in London, to bring together Fishermen, Scientists and Government, and other stakeholders, to talk about management, collaborative science, and sustainable & profitable seafood business strategies. A total of 55 people assisted this course including 28 people directly working in the fishing industry. The event aimed to improve knowledge, connections, and confidence in attendees to participate in collaborative science and co-management processes. This included:

• a) Delivery of knowledge/learning

• b) Building stakeholder relationships c) Increasing confidence in multi-stakeholder environments

During 2019 the CIO’s Executive Director tendered his resignation, effective of the 28th February 2020. Considerable effort was put in by the Trustees, specifically the Executive Committee, to maintain the charity administrative functions and a new Programme Manager was hired in September 2021.

Charitable activities focused on, a refresh of branding and communications strategies, reviewing and updating strategic plans, training the Programme Manager and adapting to delivering materials while also restricted by COVID-related issues.

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FISHING INTO THE FUTURE

REPORT OF THE TRUSTEES

YEAR ENDED 31 DECEMBER 2020

Funding & Partnership with Fishmongers Company

In 2019, the Fishmongers' Company's Fisheries Charitable Trust (FCFCT) awarded FITF a grant amounting to £45,000 over 3 years (£15,000 per annum) to fund project activities in sustainable fisheries education. In 2020 FITF received 15,000 as a proportion of this grant.

In 2020, FCFCT proposed a partnership approach with 3 years core funding to support the work of the CIO and a Memorandum of Understanding with the FCFCT was approved by the Court of the Fishmongers’ Company in April 2020. This funding is to be used to employ a programme manager and to deliver project work to support the CIO to continue work and seek longer term funding options.

Funding from The Seafarers Charity

Fishmongers’ Company supported the application for funding to Seafarers Charity (formerly Seafarers UK) for additional funding to cover the annual employment costs of a Programme Manager.

FINANCIAL REVIEW

Income for the year decreased to £117,996 from £118,039 in 2019. Total expenditure decreased to £73,206 from £106,471 in 2019.

Total funds carried forward have increased to £102,067 from £57,277 in 2019 as some income has been received to be used over the next three years.

RESERVES POLICY

The policy of the trustees is to hold free reserves of £30,000. As at the year end, the charity held unrestricted reserves of £72,061. Of this, £2,459 related to tangible fixed assets, leaving £69,602 of free reserves. This is in excess of the policy by £39,602.

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FISHING INTO THE FUTURE

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

YEAR ENDED 31 DECEMBER 2020

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

The law applicable to charities in England and Wales, The Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed require the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

• a) Select suitable accounting policies and then apply them consistently.

• b) Observe the methods and principles in the Charities SORP.

• c) Make judgements and estimates that are reasonable and prudent.

• d) State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.

• d) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, The Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

Approved by the trustees of the charity on 15 October 2021 and signed on its behalf by:

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………………………………… ………………………………… David Stevens Alexa Dayton Trustee & Chairperson Trustee

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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

FISHING INTO THE FUTURE

YEAR ENDED 31 DECEMBER 2020

I report to the trustees on my examination of the financial statements of Fishing Into The Future Charitable Incorporated Organisation (“the charity”) for the year ended 31 December 2020.

Responsibility and Basis of Report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act and 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

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 Act.

2. The financial statements do not accord with those records.

3. The financial statements 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’s 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.

Matthew Melksham FCCA Bush & Co Limited Chartered Accountants 2 Barnfield Crescent Exeter EX1 1QT

Date: 15 October 2021

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FISHING INTO THE FUTURE

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES)

YEAR ENDED 31 DECEMBER 2020

Notes Unrestricted Restricted Funds Funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 60,000 57,996 EXPENDITURE ON Charitable activities 3 18,784 54,422 _ _ NET (EXPENDITURE) /INCOME 41,216 3,574 Transfers between funds 10 (1,891) 1,891 _ _ Net Movement In Funds 39,325 5,465 RECONCILIATION OF FUNDS Total funds brought forward 27,277 30,000 _ _ Total funds carried forward 66,602 35,465 _ _	Total Unrestricted Restricted 2020 Funds Funds £ £ £ 117,996 35,000 83,039 73,206 51,777 54,694 _ _ _ 44,790 (16,777) 28,345 - 34,028 (34,028) _ _ _ 44,790 17,251 (15,683) 57,277 10,026 35,683 _ _ _ 102,067 27,277 30,000 _ _ _	Total 2019 £ 118,039 106,471 _ 11,568 - _ 11,568 45,709 _ 57,277 _

All the charity’s activities derive from continuing operations during the above two periods.

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FISHING INTO THE FUTURE BALANCE SHEET

YEAR ENDED 31 DECEMBER 2020

Note £ FIXED ASSETS Tangible fixed assets 8 CURRENT ASSETS Debtors 9 136 Cash at bank and in hand 102,249 _ 102,385 _ CREDITORS: Amounts falling due within one year 10 (2,777) _ NET ASSETS FUNDS OF THE CHARITY RESTRICTED FUNDS 10 UNRESTRICTED INCOME FUNDS Unrestricted funds 10 TOTAL FUNDS	2020 £ £ 2,459 15,053 44,732 _ 59,785 _ (2,508) _ 99,608 102,067 _ 35,465 66,602 _ 102,067 _	2019 £ - 57,277 57,277 _ 30,000 27,277 _ 57,277 _

The notes to the financial statements on page 9 to 14 form part of these accounts. These accounts were approved by the trustees and authorised for issue on 15 October 2021 and signed on their behalf by:

……………………………… David Stevens Trustee & Chairperson

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FISHING INTO THE FUTURE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

Summary of Significant Accounting Policies and Key Accounting Estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of Compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Basis of Preparation

Fishing Into The Future meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost value unless otherwise stated in the relevant accounting policy notes.

Going Concern

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income and Endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Grants Receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. These are recognised as other debtors until received. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings, they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the assets use. Other support costs are allocated based on the spread of staff costs.

Charitable Activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Tangible Fixed Assets

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

Computer Equipment

• 20% straight line

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FISHING INTO THE FUTURE NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (continued)

Support Costs

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

Governance Costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including independent examination, strategic management and trustees’ meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and, therefore, it meets the definition of a charitable incorporated organisation for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Trade Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund Structure

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

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

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FISHING INTO THE FUTURE NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

2. INCOME FROM DONATIONS AND LEGACIES

Unrestricted Funds £ Grants, Including Capital Grants Grants from other charities 60,000 __	Restricted Funds £ 57,996 __	Total 2020 Unrestricted Funds £ £ 117,996 35,000 _ _	Restricted Funds £ 83,039 __	Total 2019 £ 118,039 __

3. EXPENDITURE ON CHARITABLE ACTIVITIES

Unrestricted Restricted Funds Funds £ £ Project delivery costs - 46,487 Rent 944 - Insurance 560 - Printing, postage and Stationery 137 - Sundry expense 6 - Costs of trustee meetings - - Travel and subsistence 63 - Bank charges 137 - Leasing payments 78 - Staff costs 10,659 7,935 Payroll costs 420 - Independent Examiner’s fees 1,295 - Administration Support 2,826 - Website & Email fees 433 - Computer costs 611 - Depreciation 615 - _ _ 18,784 54,422 _ _	Total Unrestricted Restricted 2020 Funds Funds £ £ £ 46,487 - 51,494 944 4,178 - 560 536 - 137 1,422 - 6 704 - - 306 - 63 5,093 - 137 118 - 78 1,063 - 18,594 36,755 3,200 420 374 - 1,295 1,274 - 2,826 328 - 433 - - 611 - - 615 - - _ _ _ 73,206 52,151 54,694 _ _ _	Total 2019 £ 51,494 4,178 536 1,422 704 306 5,093 118 1,063 39,955 374 1,274 328 - - - _ 106,845 _

4. NET INCOMING/OUTGOING RESOURCES

Net incoming/(outgoing) resources for the year include:

Independent Examiners’ fees

2020 £ 1,295 _____	2019 £ 1,274 _____

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FISHING INTO THE FUTURE NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

5. TRUSTEES’ REMUNERATION AND EXPENSES

During the year the following payments were made for project related consultancy fees:

• Alexa Dayton was paid £2,381 (2019: £7,000);

• Fresh from the Boat (this is the company of Chantelle Williams) was paid £600;

• Michel Kaiser was paid £965;

• Glen Milligan was paid £1,518;

• Adrian Bartlett was paid £1,108;

• Peter Williams was paid £1,440; and

• Avocet Media (company of Mike Warner) was paid £1,050.

No other trustees, nor any person connected with them, have received any remuneration or payments from the charity during the year.

During the year expenses of £73 (2019: £1,732) were reimbursed to 1 (2019: 2) of the trustees. No trustees have received any other benefits from the charity during the year.

6. STAFF COSTS

The aggregate payroll costs were as follows:

Salaries Employer’s National Insurance Pension	2020 £ 17,526 624 444 __ 18,594 ____	2019 £ 37,274 444 1,864 __ 39,582 ____

Average number of employees during the year was one (2019: one).

No employees received emoluments of more than £60,000 during the year.

7. TAXATION

The charity is a registered charity and is, therefore, exempt from taxation.

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FISHING INTO THE FUTURE NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

8. TANGIBLE FIXED ASSETS

COST At 1 January 2020 Additions Disposals At 31 December 2020 DEPRECIATION At 1 January 2020 Charge for the year Eliminated on disposal At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 1 January 2020 9. DEBTORS Prepayments Other debtors 10. CREDITORS AND ACCRUALS– amounts falling due within one year Accruals Social security & other taxes Other creditors	Computer Equipment £ - 3,074 - _ 3,074 _ - 615 - _ 615 _ 2,459 _ - _ 2020 2019 £ £ 136 - - 15,053 __ _ 136 15,053 2020 2019 £ £ 1,288 1,250 1,292 1,028 197 230 2,777 2,508 ___

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FISHING INTO THE FUTURE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

11. MOVEMENT IN FUNDS

OVEMENT IN FUNDS
	Balance at 1				Balance at
	January	Incoming	Resources		31
	2020	Resources	Expended	Transfers	Dec 2020
		£	£	£	£
Unrestricted Funds
General	27,277	60,000	(18,784)	(1,891)	66,602
	__	__	__	__	__
Restricted Funds
SFEP 2020	30,000	14,596	(46,487)	1,891	-
Seafarers Charity: employment
costs	-	43,400	(7,935)	-	35,465
	__	__	__	__	__
	30,000	57,996	(54,422)	1,891	35,465
	__	__	__	__	__
Total Funds	57,277 __	117,996 __	(73,206) __	- __	102,067 __

SFEP 2020

Grants received to support design and delivery of SFEP (Sustainable Fishing Education Programme) for UK and Scottish delegates. Funding was received last year from Marks & Spencer, Seafish, and the Scottish Fishermen’s Trust. Additional funding was received this year from both the Scottish Government, and the Maritime and Fisheries Fund. The small deficit has been covered by unrestricted funds.

Seafarers Charity: employment costs

This grant has been received towards staff costs. The balance has been carried forward to be used in future periods.

	Balance at 1				Balance at
	January	Incoming	Resources		31
	2019	Resources	Expended	Transfers	Dec 2019
		£	£	£	£
Unrestricted Funds
General	10,026	35,000	(51,777)	34,028	27,277
	__	__	__	__	__
Restricted Funds
SFEP 2020	-	30,000	-	-	30,000
Gearing Up	2,000	-	-	(2,000)	-
SFEP 2019	33,683	41,888	(54,694)	(20,877)	-
SFEP – Devon	-	11,151	-	(11,151)	-
	__	__	__	__	__
	35,683	83,039	(54,694)	(34,028)	30,000
	__	__	__	__	__
Total Funds	45,709 __	118,039 __	(106,471) __	- __	57,277 __

Gearing Up

A grant of £2,000 was received in 2018 to be used on the Gearing up project. It was financed by the EU project “Funding Fish”. This did not take place and the Charity has the funder’s permission to use the monies against their core costs.

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FISHING INTO THE FUTURE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020

11. MOVEMENT IN FUNDS (continued)

SFEP

The Sustainable Fishing Educational Programmes (SFEP) are three-day sessions delivered in England in 2018 and 2020 and in Scotland in 2019. They build on the successful delivery of the first course in Scotland in 2017. The object of the programme is to provide fishermen with the tools to engage fully with modern fisheries science and management. Costs in previous years of £20,877 should have been charged to the projects but were included as unrestricted expenditure. The transfer back to the unrestricted funds is to cover those costs.

The course in Devon as mentioned above was completed in 2018. At that point costs exceeded income and none of the staff costs were allocated from unrestricted expenditure. A transfer was made from unrestricted funds to cover the deficit. In 2019 addition funding was received for the project and this has been transferred back to the unrestricted fund to cover the previous year’s deficit, and also some of the staff costs that were not allocated from unrestricted funds.

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2020 Unrestricted Funds Restricted Funds £ £ Fixed assets 2,459 - Current assets 60,920 35,465 Current liabilities (2,777) - _ _ Total net assets 66,602 35,465 _ _ 2019 Unrestricted Funds Restricted Funds £ £ Fixed assets - - Current assets 29,785 30,000 Current liabilities (2,508) - _ _ Total net assets 27,277 30,000 _ _	Total 2020 £ 2,459 102,385 (2,777) _ 102,067 _ Total 2019 £ - 59,785 (2,508) _ 57,277 _

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