Charity registration number 1161226
Company registration number 08172757 (England and Wales)
THIS IS GROWTH LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
THIS IS GROWTH LTD
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Rev Richard Bray | |
|---|---|---|
| Maria Withams | ||
| Rev Edward Dix | ||
| Frazer MacDonald | ||
| Sylvetta Kargbo | ||
| Anni Uddin | (Appointed 13 March 2022) | |
| Charity number | 1161226 | |
| Company number | 08172757 | |
| Principal address | 7 Tartan House | |
| Dee Street | ||
| London | ||
| E14 0PF | ||
| Registered office | 7 Tartan House | |
| Dee Street | ||
| London | ||
| E14 0PF | ||
| Independent examiner | Richard F Hopper | |
| 4 Rhodfa Clawdd Offa | ||
| Denbigh | ||
| Denbighshire | ||
| LL16 4RJ |
THIS IS GROWTH LTD
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Statement of cash flows | 7 |
| Notes to the financial statements | 8 - 16 |
THIS IS GROWTH LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their report and accounts for the year ended 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charity's objects are the relief of poverty, advancement of the Christian faith and advancement of education. The policies adopted in furtherance of these objects are the provision of winter nightshelter accommodation and the provision of housing for homeless people.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
During the 2020/21 year GrowTH continued to offer winter night shelter provision from a local hotel in line with government guidance, necessitated due to the ongoing issues with the global pandemic. Funding for the hotel was once again provided by the Homeless Winter Transformation Fund (funded by MGCLH, administered by Homeless Link and in partnership with Housing Justice).
The shelter opened on 15 November 2021 and closed on 31 March 2022. 12 local churches arranged volunteers and hot food each evening, although many more supported in other ways, such as providing financial support or prayer.
In total 63 males and females were hosted. Every guest received assistance from an Advocate Worker to help secure accommodation, with 39 guests moving into more permanent housing and a further 13 moving into other temporary accommodation.
GrowTH Housing provided accommodation to 35 different homeless guests during the period, with a typical stay of one year. Eight of these residents moved in directly from the 2021/22 winter night shelter. The Housing Workers offer practical, relational and spiritual support.
Our annual report was produced digitally for the first time this year. All guests and residents were offered the opportunity to learn more about the Christian faith, and many chose to engage in conversations, prayer or bible studies.
Financial review
The income and expenditure for the year and the financial position at the end of the year are summarised in the attached accounts. The trustees consider the financial position to be satisfactory.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to about three month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. The trustees aim to bring reserves up to this level.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a company limited by guarantee with no share capital.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
- 1 -
THIS IS GROWTH LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Rev Richard Bray Maria Withams Stuart Currie (Resigned 20 May 2021) Rev Edward Dix Frazer MacDonald Sylvetta Kargbo Anni Uddin (Appointed 13 March 2022)
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. New trustees are appointed by unanimous consent of the existing trustees.
The trustees oversee the charity's activities but delegate day-to-day matters to the paid employees.
The trustees' report was approved by the Board of Trustees.
Rev Edward Dix
Trustee Dated: 2 December 2022
- 2 -
THIS IS GROWTH LTD
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2022
The trustees, who are also the directors of This is Growth Ltd for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 3 -
THIS IS GROWTH LTD
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THIS IS GROWTH LTD
I report to the trustees on my examination of the financial statements of This is Growth Ltd (the charity) for the year ended 31 March 2022.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (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 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member 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 member of , which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
Richard F Hopper
Chartered Accountant
4 Rhodfa Clawdd Offa Denbigh Denbighshire LL16 4RJ
Dated: 20 December 2022
- 4 -
THIS IS GROWTH LTD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income from: Donations and legacies 3 87,215 155,086 Charitable activities 4 117,933 - Investments 5 344 - Total income 205,492 155,086 Expenditure on: Charitable activities 6 231,017 155,496 Net (outgoing)/incoming resources (25,525) (410) Other recognised gains and losses Revaluation of tangible fixed assets - (40,000) Net movement in funds (25,525) (40,410) Fund balances at 1 April 2021 206,409 440,969 Fund balances at 31 March 2022 180,884 400,559 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 242,301 96,578 575,391 117,933 92,921 - 344 582 - 360,578 190,081 575,391 386,513 140,425 136,845 (25,935) 49,656 438,546 (40,000) - - (65,935) 49,656 438,546 647,378 156,753 2,423 581,443 206,409 440,969 |
Total 2021 £ 671,969 92,921 582 |
|---|---|---|
| 765,472 | ||
| 277,270 | ||
| 488,202 - |
||
| 488,202 159,176 |
||
| 647,378 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 5 -
THIS IS GROWTH LTD
BALANCE SHEET
AS AT 31 MARCH 2022
| Notes Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds General restricted funds Revaluation reserve 14 Unrestricted funds |
2022 £ 5,566 196,393 201,959 (24,027) 440,559 (40,000) |
£ 403,511 177,932 581,443 400,559 180,884 581,443 |
2021 £ 34,146 181,863 216,009 (12,281) 440,969 - |
£ 443,650 203,728 |
|---|---|---|---|---|
| 647,378 | ||||
| 440,969 206,409 |
||||
| 647,378 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 2 December 2022
Rev Edward Dix Trustee
Frazer MacDonald Trustee
Company registration number 08172757
- 6 -
THIS IS GROWTH LTD
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022
| Notes Cash flows from operating activities Cash generated from operations 17 Investing activities Purchase of tangible fixed assets Investment income received Net cash used in investing activities Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2022 £ (1,953) 344 |
2021 £ £ £ 16,139 466,555 (441,769) 582 (1,609) (441,187) - - 14,530 25,368 181,863 156,495 196,393 181,863 |
|---|---|---|
- 7 -
THIS IS GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
Charity information
This is Growth Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 7 Tartan House, Dee Street, London, E14 0PF.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's constitution, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Resources expended
Expenditure is recognised in the accounts at the time when a liability to make payment is incurred.
- 8 -
THIS IS GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Fixtures, fittings & equipment 25% p.a. on cost Computers 33.33% on net value
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
- 9 -
THIS IS GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Restricted funds funds 2022 2022 £ £ Donations and gifts 63,865 1,000 Grant income 23,350 154,086 87,215 155,086 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 64,865 71,453 441,062 177,436 25,125 134,329 242,301 96,578 575,391 |
Total 2021 £ 512,515 159,454 |
|---|---|---|
| 671,969 |
Other
The trustees are grateful for all grants and donations received, and for volunteer time donated free of charge which they estimate to have been worth about £20,000 for the year valued at national minimum wage rates.
- 10 -
THIS IS GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
4 Charitable activities
| Rental | Rental income | |
|---|---|---|
| income | ||
| 2022 | 2021 | |
| £ | £ | |
| Charitable rental income | 117,933 | 92,921 |
5 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Interest receivable | 344 | 582 |
- 11 -
THIS IS GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
6 Charitable activities
| Nightshelter | Nightshelter |
|
|---|---|---|
| and housing | and housing | |
| 2022 | 2021 | |
| £ | £ | |
| Staff costs | 140,575 | 119,396 |
| Nightshelter costs | 134,997 | 57,002 |
| Supported housing costs | 88,096 | 81,165 |
| Transport and other direct costs | 38 | (839) |
| 363,706 | 256,724 | |
| Grant funding of activities (see note 7) | 704 | 372 |
| Share of support costs (see note 8) | 19,419 | 17,613 |
| Share of governance costs (see note 8) | 2,684 | 2,561 |
| 386,513 | 277,270 | |
| Analysis by fund | ||
| Unrestricted funds | 231,017 | 140,425 |
| Restricted funds | 155,496 | 136,845 |
| 386,513 | 277,270 | |
| For the year ended 31 March 2021 | ||
| Unrestricted funds | 140,425 | |
| Restricted funds | 136,845 | |
| 277,270 |
| 7 Grants payable Grants to individuals |
2022 £ 704 704 |
2021 £ 372 |
|---|---|---|
| 372 |
- 12 -
THIS IS GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
8 Support costs
| Support costs | |||
|---|---|---|---|
| Depreciation Premises costs Administrative expenses Accountancy Annual Report Other governance costs Analysed between Charitable activities |
Support costs Governance costs £ £ 2,092 - 9,748 - 7,579 - - 1,932 - 752 - - 19,419 2,684 19,419 2,684 |
2022Support costs Governance costs £ £ £ 2,092 1,595 - 9,748 9,710 - 7,579 6,308 - 1,932 - 1,320 752 - 1,228 - - 13 22,103 17,613 2,561 22,103 17,613 2,561 |
2021 £ 1,595 9,710 6,308 1,320 1,228 13 |
| 20,174 | |||
| 20,174 |
Governance costs includes payments to the independent examiner of £1,392 (2021- £1,320) for independent examination and accountancy fees, and £752 (2021: £1,228) for the annual report.
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year, and none of them were reimbursed expenses (2021- none).
10 Employees
The average monthly number of employees during the year was:
| Direct activities Employment costs Wages and salaries Social security costs Other pension costs |
2022 Number 6 2022 £ 130,142 7,592 2,841 140,575 |
2021 Number 5 |
|---|---|---|
| 2021 £ 111,620 5,376 2,400 |
||
| 119,396 |
There were no employees whose annual remuneration was more than £60,000.
- 13 -
THIS IS GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
| 11 Tangible fixed assets Cost At 1 April 2021 Additions Disposals Revaluation At 31 March 2022 Depreciation and impairment At 1 April 2021 Depreciation charged in the year Eliminated in respect of disposals At 31 March 2022 Carrying amount At 31 March 2022 At 31 March 2021 12 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 13 Creditors: amounts falling due within one year Other taxation and social security Other creditors Accruals and deferred income |
Land and buildings Fixtures, fittings & equipment Computers £ £ £ 440,000 4,844 10,803 - 795 1,159 - (160) - (40,000) - - 400,000 5,479 11,962 - 1,976 10,021 - 1,450 643 - (160) - - 3,266 10,664 400,000 2,213 1,298 440,000 2,868 782 2022 £ 5,030 536 5,566 2022 £ 5,614 16,394 2,019 24,027 |
Total £ 455,647 1,954 (160) (40,000) 417,441 11,997 2,093 (160) 13,930 403,511 443,650 2021 £ 18,000 16,146 34,146 2021 £ - 6,443 5,838 12,281 |
|---|---|---|
- 14 -
THIS IS GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
14 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds Balance at 1 April 2020 Incoming resources Resources expended Balance at 1 April 2021 r £ £ £ £ Staff costs - 21,320 (21,320) - Software development 658 - (218) 440 Shelter expenses 1,765 85,560 (86,796) 529 Housing expenses - 468,511 (28,511) 440,000 2,423 575,391 (136,845) 440,969 |
Movement in funds Incoming esources Resources expended Revaluations, gains and losses Balance at 31 March 2022 £ £ £ £ 10,900 (10,900) - - - (145) - 295 117,138 (117,403) - 264 27,048 (27,048) (40,000) 400,000 155,086 (155,496) (40,000) 400,559 |
Movement in funds Incoming esources Resources expended Revaluations, gains and losses Balance at 31 March 2022 £ £ £ £ 10,900 (10,900) - - - (145) - 295 117,138 (117,403) - 264 27,048 (27,048) (40,000) 400,000 155,086 (155,496) (40,000) 400,559 |
|---|---|---|
| 400,559 |
- 15 -
THIS IS GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
| 15 Analysis of net assets between funds Unrestricted funds Restricted funds 2022 2022 £ £ Fund balances at 31 March 2022 are represented by: Tangible assets 2,952 400,559 Current assets/(liabilities) 174,533 3,399 177,485 403,958 |
Total Unrestricted funds Restricted funds 2022 2021 2021 £ £ £ 403,511 2,681 440,969 177,932 203,728 - 581,443 206,409 440,969 |
Total 2021 £ 443,650 203,728 |
|---|---|---|
| 647,378 |
16 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
17 Cash generated from operations
| Cash generated from operations (Deficit)/surpus for the year Adjustments for: Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets Movements in working capital: Decrease/(increase) in debtors Increase in creditors Cash generated from operations |
2022 £ (25,935) (344) 2,092 28,580 11,746 16,139 |
2021 £ 488,202 (582) 1,595 (24,622) 1,962 |
|---|---|---|
| 466,555 |
18 Analysis of changes in net funds
The charity had no debt during the year.
- 16 -