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2022-03-31-accounts

Charity no. (England & Wales) 1173256 Charity no. (Scotland) SC051495

Surviving Economic Abuse Report and Audited Financial Statements 31 March 2022

Surviving Economic Abuse

Reference and administrative details

For the year ended 31 March 2022

Charity number

1173256 and SC051495

Registered office

483 Green Lanes London N13 4BS

Trustees

The trustees who served during the year and up to the date of this report were as follows:

Cathy Millis Chair Ruth Mason Vice Chair Richard Walsh Treasurer Annabel Griffiths Sue Lewis Janqui Mehta Katie Smith Jonathan Speight Sarah Williams-Gardener

Chief executive officer Dr Nicola Sharp-Jeffs OBE

Bankers

CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

Auditors

Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2022

Chair of trustees’ introduction

As the world began to emerge from the unprecedented and multi-faceted challenges of the Covid-19 pandemic, SEA had another successful year, driving more change for victim-survivors of economic abuse. Via our partnerships, website and training, SEA this year supported more than 30,000 victimsurvivors.

The financial year 2021-22 saw the final 12 months of our three-year strategy, Surviving and Thriving. Our work under this strategy focused largely on influencing the Domestic Abuse Bill, now Act (2021). This work created a vital legal framework to support victim-survivors’ access to safety and justice and will be the lasting legacy of our first strategy. This year, we began working with policy-makers and financial services to ensure its implementation prioritises the needs of victim-survivors. This included influencing UK Finance to recognise coerced debt and arrears in the refreshed Financial Abuse Code.

Moving forward, we look ahead to our new strategy, Making Waves, through which we will build on this work and develop ever closer links with frontline services. By applying our knowledge and expertise on economic abuse to the work of frontline organisations, we can make the greatest difference to the lives of victim-survivors. This year, our work Lloyds Banking Group’s Domestic and Financial Abuse Team supported them to offer best practice responses to 1,200 victim-survivors of domestic abuse.

The change that SEA has created and continues to create is only possible thanks to the hard work of the team in ensuring the charity remains economically viable. Our income boost during the pandemic saw SEA grow rapidly, and this year our challenge was to maintain this level of funding. By diversifying our funding sources and renewing support from existing funders, SEA is on a sustainable footing for the years ahead.

It's hard to believe that SEA has affected change in legislation, influenced industry in implementing the law to support victim-survivors and developed strong bonds with frontline services to support them in working with survivors in just five years. It is truly inspiring to see how much has been achieved in such a short space of time and how the drive to support victim-survivors is as ambitious and bold as it ever was.

I’d like to thank the dedicated trustee board, the exceptionally hard working SEA team and the tireless CEO, Dr Nicola Sharp-Jeffs. And of course, the Experts by Experience Group, who guide us in all we do.

Cathy Millis Chair of trustees

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2022

The trustees present their report together with the financial statements of the charity for the year ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Aims and objectives

Vision: Our vision is a world in which all women and girls achieve economic equality and can live their lives free of abuse and exploitation.

Mission: Surviving Economic Abuse (SEA) is the only UK charity dedicated to raising awareness of economic abuse and transforming responses to it. We work day in, day out to ensure that women are supported not only to survive, but also to thrive.

Charitable purpose

The activities we carry out to further our charitable purpose are set out in our Constitution:

“the advancement of education for the public benefit in economic abuse in intimate partner relationships through the dissemination of knowledge and the development of appropriate resources for services to respond to economic abuse as it is experienced by women.”

Strategic priorities

Everything that we do aims to increase knowledge and understanding of economic abuse among professionals, policy-makers and the public, to remove barriers that women face to economic safety. We work through four strategic priorities to achieve this change:

Awareness-raising and education: We work with the media to develop awareness-raising campaigns and educate communities to increase understanding of economic abuse. We want society to understand what economic abuse is, how to recognise it and how to respond.

Professional responses: We deliver training, develop tools and resources, provide expert advice and disseminate best practice to professionals who work with victim-survivors, so that they have the knowledge, skills and confidence to recognise and respond to economic abuse.

Systems change: We advocate for and support the development of new approaches to economic abuse. We work with organisations to review their systems, policies and procedures, so they understand how economic abuse impacts women accessing their services and remove barriers to economic safety.

Policy influencing: We work with policy-makers and commissioners of domestic violence services, so that they understand what economic abuse is and reflect this in the decisions they make.

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2022

There is some natural overlap between each of our strategic priorities, with the activity in each area complementing other areas of work. For example, much of our awareness-raising work is based on our calls for changes to policy and legislation. This means that, in practice, a lot of the work that we do spans more than one strategic priority with some work driving us towards our goals in two or more priority areas. For this reason, our financial statements look at SEA’s expenditure as a whole, not broken down by strategic priority.

How we work

Survivors’ voices are at the heart of our work. Only by listening to survivors and understanding their experiences can we create lasting change.

The Experts by Experience Group (EEG) is a group of survivors of economic abuse who generously give their time and insight to influence our work. They speak openly and honestly about what they have experienced so that they can be a force for change. Their insight informs everything we do, from what information and resources women need, to the changes that are needed in policy and practice. The group, which has more than 100 members, proactively supports SEA with resource development, media work, policy influencing and research as well as project development.

Ensuring our work delivers our aims

The trustees confirm that they have referred to the information contained in the Charity Commission's general guidance on public benefit when reviewing the charity’s aims and objectives, and in planning activities and strategy for the year ahead. The trustees are satisfied that the aims of the charity are carried out wholly in pursuit of its charitable aims for the public benefit.

Our work in 2021/22

Summary

As the world began to return to a ‘new normal’ after the tumultuous months of the pandemic, SEA marked another busy year, achieving even greater change for victim-survivors. Via our website, training and partnerships with frontline organisations, SEA this year supported more than 30,000 victimsurvivors of economic abuse .

Some of our highlights this year included:

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2022

Awareness-raising and public education

Our work to influence the Domestic Abuse Act over the last three years positioned SEA as a credible voice. During the last year, we saw this credibility grow, reaching more people with important information about economic abuse.

Professional responses

Through award-winning partnerships and an established training programme, we equipped frontline professionals with the knowledge and skills to respond to victim-survivors of economic abuse.

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2022

Systems change

This year, we made strides towards systems change in financial services.

Policy influencing

Three years of policy influencing saw economic abuse named and defined in law, and post-separation abuse criminalised, creating a legal framework to support victim-survivors to reach safety and access justice. This year we entered a new chapter, focusing on successful implementation of the law.

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2022

Our other policy priorities this year resulted in the publication of two reports:

Financial review

As a young charity, SEA continues to be in a period of development. The staff team and core costs have grown significantly since the charity was established in 2017. During the year, we have worked on diversifying our income to support our ongoing operational sustainability.

We received grant income from a range of funders, including some multi-year grants. This has improved the balance of restricted and unrestricted funds to provide essential support for core work.

SEA’s total income during the year amounted to £1,417,373 (2021: £1,306,291), composed of donations of £1,365,241 (2021: £1,289,766) and charitable activities of £52,132 (2021: £16,525).

Our cash balances were higher at year-end than last year. This is due to advance funding received towards project delivery in FY 22-23 and sums held by SEA and owed to partners at the year end. SEA does not have an investment policy at present but will review this on an ongoing basis.

The net increase in funds for the year to 31 March 2022 was £83,709 (2021: £287,894) of which £64,178 (2021: £147,522) related to a surplus of unrestricted fund activity.

Reserves policy

The “free reserves” (unrestricted net current assets) of the charity at the year-end were £337,987 (2021: £269,926).

The trustees review the reserves policy annually whilst the Finance, Risk and Audit Committee reviews the reserves position on a quarterly basis. We aim to hold unrestricted funds of around three months’ core costs (around £90,000 per month). These funds would be used as an emergency fund and at the trustees’ discretion. The trustees are committed to maintaining reserves at this level to mitigate risks around income shortfalls and periods of growth.

Unrestricted funds raised since the beginning of the financial year will cover any deficit and will be used to maintain the “free reserves” policy as set out above.

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2022

Fundraising approach

As an independent charity we depend on charitable donations for all areas of our work. SEA’s fundraising approach is to build strong relationships with a range of charitable trust and foundations, statutory bodies, corporate partners and individuals, in order to diversify income sources and ensure we are not reliant on any one funder.

Our new three-year strategy, commencing in the coming year, will be supported by a refreshed fundraising strategy to put us in a strong position to secure the sustainable funding streams needed to build on this year’s growth. Securing unrestricted funding remains a priority.

We strive to comply with all the relevant standards set out in the Code of Fundraising Practice and in the coming year we will become a paying member of the Fundraising Regulator. We did not undertake any work throughout the year with professional fundraisers or commercial participators. We received no complaints regarding fundraising this year.

Looking ahead

During the year ahead, we will continue to look to secure sustainable funding streams to consolidate on the growth of the previous few years and ensure that we have a sustainable financial framework to underpin our new strategy.

We will continue to look to the future with great ambition for what we can achieve to support victimsurvivors of economic abuse. In 2022, we will launch a new strategy to give the charity renewed direction for the three years ahead and to help us achieve even more for victim-survivors of economic abuse.

Our new strategy will see us focus our efforts on working with the financial services and women’s sectors, and make strides towards ensuring that we are reaching and representing more survivors of economic abuse, including those from marginalised groups and with multiple intersecting inequalities.

Structure, governance and management

Surviving Economic Abuse is a charitable incorporated organisation (CIO). It was registered with the Charity Commission for England and Wales on 2 June 2017 (number 1173256). The charity is governed by its constitution.

Surviving Economic Abuse was registered with OSCR (the Office of the Scottish Regulator) on 12 January 2022.

Board of trustees

Our governing body, the board of trustees, is responsible for the governance and work of the charity. Our trustees are volunteers and are not remunerated for their work, but may claim reasonable travel expenses incurred through their responsibilities to the charity.

The trustees meet four times each year, with an all-day strategy day once a year. They manage the affairs of the charity and are responsible for setting its strategic objectives.

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2022

They:

There is a Finance, Risk and Audit Committee and a Remunerations and Nominations Committee, both of which also meet four to six times each year.

Details of the trustees who served during the year are listed on page 1. Details of trustees’ expenses can be found on page 25.

Trustee recruitment

The board of trustees is made up of nine trustees. Apart from the founding trustees, every trustee is appointed for a term of three years.

In selecting individuals for appointment, the trustees have regard to the skills, knowledge and experience needed for the effective administration of the charity. The Board aims to have a diverse board of skills and experience and welcomes applications from all sectors and from people of all backgrounds. Induction information covering the role and responsibilities of trustees is provided.

Trustees are required to disclose and register all relevant interests and withdraw from decisions where a conflict of interest arises.

Staff team

Day-to-day operations and management of the charity are delegated by the trustees to the CEO, who provides regular reports to the trustees on performance. The CEO's performance is scrutinised by the trustees through monitoring the charity's key performance indicators, quarterly reporting of progress towards strategic objectives, and an annual performance appraisal conducted by the Chair of trustees. The CEO is supported by a senior leadership team of 5, including a Head of Development who joined in February 2022. There are 25 members of staff, an increase from 22 in 2020-21.

Staff recruitment and remuneration

We place the highest value on our staff. Recruiting the right people and retaining them is fundamental to the success of the charity.

We are committed to providing equal opportunities in employment. We seek to attract employees from diverse backgrounds and with a range of skills, and to avoid unlawful discrimination in all aspects of employment, including recruitment, promotion, opportunities for training, pay and benefits.

We pay a fair and appropriate salary to attract and keep the very best people with the right experience to advance the aims of the charity.

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2022

Risk management

SEA has a risk register which sets out the risks to the charity in five broad areas - governance, environmental and external, regulatory and compliance, financial, operational. The risk register includes an assessment of the likelihood, severity and potential impact of each risk.

With a senior leadership team now in place, responsibilities for individual risks sit with either the CEO or other members of the senior leadership team. The team regularly reviews the risks and the controls that are in place to mitigate each risk. Where there are concerns, these are raised with the Finance, Risk and Audit Committee and the trustee board as a whole as needed.

The trustees have identified that the most significant risks to the organisation at the time of writing this report are:

Fundraising: The risk of not raising sufficient funds to deliver future projects. SEA is reliant upon a small number of high value income sources, including short term grants and restricted grants. Our ability to deliver projects and meet our wider objectives is dependent upon us growing and diversifying our fundraising income.

Staffing: The loss of key staff and/or specialist knowledge. As a small charity, staff absence through illness or resignation can affect our ability to deliver projects.

Adverse publicity: The risk of a complaint which affects the confidence of SEA’s donors, victimsurvivors, team members and wider stakeholders and impacts on programme delivery or SEA’s ability to achieve its goals.

The trustees have considered the Governance Code and are including actions within the risk register to ensure the framework of the code is embedded within our risk management framework.

Statement of responsibilities of the trustees

The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standards 102: The Financial Reporting Standard generally applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires 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 the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2022

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the constitution. The trustees 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the charity during the year and have expressed their willingness to continue in that capacity.

The report was approved by the trustees on 9 November 2022 and signed on their behalf by:

Cathy Millis Chair of trustees

11

Independent auditors' report

To the members of

Surviving Economic Abuse

Opinion

We have audited the financial statements of Surviving Economic Abuse (the 'charity') for the year ended 31 March 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

12

Independent auditors' report

To the members of

Surviving Economic Abuse

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

13

Independent auditors' report

To the members of

Surviving Economic Abuse

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing the appropriateness of journal entries;

▪Assessing judgements and accounting estimates for potential bias;

▪Reviewing related party transactions; and

▪Testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

14

Independent auditors' report

To the members of

Surviving Economic Abuse

Use of our report

This report is made solely to the charityʼs trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charityʼs trustees those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charityʼs trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Godfrey Wilson Limited

Date: 11 November 2022

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

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Surviving Economic Abuse

Statement of financial activities

For the year ended 31 March 2022

Note
Income from:
Donations
3
Charitable activities
4
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
6
Net income
Transfers between funds
Net movement in funds
7
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Restricted Unrestricted
£
£
1,129,046
236,195
-
52,132
1,129,046
288,327
26,519
44,899
1,088,993
173,253
1,115,512
218,152
13,534
70,175
5,997
(5,997)
19,531
64,178
205,789
273,809
225,320
337,987		 2022
Total
£
1,365,241
52,132
1,417,373
71,418
1,262,246
1,333,664
83,709
-
83,709
479,598
563,307		 2021
Total
£
1,289,766
16,525
1,306,291
63,341
955,056
1,018,397
287,894
-
287,894
191,704
479,598

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 16 to the accounts.

16

Surviving Economic Abuse

Balance sheet

As at 31 March 2022

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
13
Net current assets
Net assets
15
Funds
16
Restricted funds
Unrestricted funds
Total charity funds		 £
30,230
688,368
718,598
(155,291)		 2022
£
-
563,307
563,307
225,320
337,987
563,307		 2021
£
3,883
132,869
453,291
586,160
(110,445)
475,715
479,598
205,789
273,809
479,598

Approved by the trustees on 9 November 2022 and signed on their behalf by

R J Walsh Catherine Millis - Chair Richard Walsh - Treasurer

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Surviving Economic Abuse

Statement of cash flows

For the year ended 31 March 2022

For theyear ended 31 March 2022
Net movement in funds
Adjustments for:
Depreciation charges
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Net cash provided by / (used in) investing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2022
£
83,709
3,883
102,639
44,846
235,077
-
-
235,077
453,291
688,368		 2021
£
287,894
4,305
(104,487)
61,460
249,172
(1,333)
(1,333)
247,839
205,452
453,291

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

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Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2022

1. Accounting policies

a) Basis of preparation

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

Surviving Economic Abuse meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of provision of training is deferred until criteria for income recognition are met.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

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Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2022

1. Accounting policies (continued) f) Funds accounting

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between costs of raising funds and expenditure on charitable activities in the same proportion as direct costs, on the following basis:

2022 2021
Raising funds 5.4% 6.2%
Charitable activities 94.6% 93.8%

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Computer equipment

3 years straight line

Items of equipment are capitalised where the purchase price exceeds £1,000.

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at bank and in hand

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

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Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2022

1. Accounting policies (continued)

l) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

n) Grants payable

Grants payable to other organisations are charged in the year in which the offer is conveyed to the recipient, except in those cases where the offer is conditional.

o) Pension costs

The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

p) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

21

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2022

2. Prior period comparatives: statement of financial activities

Income from:
Donations
Charitable activities
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income
Transfers between funds
Net movement in funds		 Restricted
£
£
1,021,362
268,404
-
16,525
1,021,362
284,929
32,342
30,999
855,189
99,867
887,531
130,866
133,831
154,063
6,541
(6,541)
140,372
147,522
Unrestricted		 2021
Total
£
1,289,766
16,525
1,306,291
63,341
955,056
1,018,397
287,894
-
287,894

22

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2022

3. Income from donations

Grants
Donations
Donated services and facilities
Total income from donations
Prior period comparative:
Grants
Donations
Donated services and facilities
Total income from donations
*Donated services and facilities include the following:
Legal and professional
IT support
Political monitoring		 Restricted
£
£
1,129,046
199,000
-
12,695
-
24,500
1,129,046
236,195
Restricted
£
£
1,021,362
215,956
-
5,825
-
46,623
1,021,362
268,404
2022
Total
£
4,500
-
20,000
24,500
Unrestricted
Unrestricted		 2022
Total
£
1,328,046
12,695
24,500
1,365,241
2021
Total
£
1,237,318
5,825
46,623
1,289,766
2021
Total
£
-
20,800
25,823
46,623

23

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2022

4. Income from charitable activities

Income from charitable activities
Consultancy
Training
Total income from charitable activities		 Restricted Unrestricted
£
£
-
41,400
-
10,732
-
52,132		 2022
Total
£
41,400
10,732
52,132		 2021
Total
£
11,700
4,825
16,525

All income from charitable activities in the prior year was unrestricted.

5. Government grants

The charity receives government grants, defined as funding from the Home Office to fund charitable activities (and in the prior year from the Ministry of Housing, Communities and Local Government, Money and Pensions Services, National Lottery Community Fund, Department for Digital, Culture, Media and Sport, and the Home Office). The total value of such grants in the period ending 31 March 2022 was £192,000 (2021: £450,854). There are no unfulfilled conditions or contingencies attaching to the grants awarded in 2021/22. In the prior period, the charity was required to repay unspent funds of £18,233 to the Home Office as a condition of the grant. There were no unspent funds repaid during the year.

24

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2022

6. Total expenditure

Raising funds
£
Staff costs (note 8)
42,093
Recruitment and training
-
Travel and subsistence
56
IT and website costs
2,172
Office costs
144
Professional fees
15,120
Payments to partners (note 9)
-
Resources and promotion
-
Depreciation
-
Sub-total
59,585
11,833
Total expenditure
71,418
Total governance costs were £32,447.
Prior period comparative
Raising funds
£
Staff costs (note 8)
32,727
Recruitment and training
-
Travel and subsistence
-
IT and website costs
20,800
Office costs
197
Professional fees
-
Payments to partners (note 9)
-
Resources and promotion
553
Depreciation
-
Sub-total
54,277
9,064
Total expenditure
63,341
Allocation of support and
governance costs
Allocation of support and
governance costs		 Charitable
activities
£
655,741
3,213
1,672
2,805
5,192
44,574
307,012
32,908
-
1,053,117
209,129
1,262,246
Charitable
activities
£
508,102
8,632
-
41,109
2,718
67,011
174,247
16,574
-
818,393
136,663
955,056		 Support and
governance
costs
£
102,606
4,060
12,596
28,756
15,240
53,821
-
-
3,883
220,962
(220,962)
-
Support and
governance
costs
£
56,685
5,825
704
24,072
14,540
39,596
-
-
4,305
145,727
(145,727)
-		 2022 Total
£
800,440
7,273
14,324
33,733
20,576
113,515
307,012
32,908
3,883
1,333,664
-
1,333,664
2021 Total
£
597,514
14,457
704
85,981
17,455
106,607
174,247
17,127
4,305
1,018,397
-
1,018,397

Total governance costs were £36,574.

25

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2022

7. Net movement in funds

This is stated after charging:

Depreciation
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration:
Statutory audit (including VAT)
Staff costs and numbers
Staff costs were as follows:
Salaries and wages
Social security costs
Pension costs		 2022
£
3,883
Nil
Nil
6,300
2022
£
714,870
65,145
20,425
800,440		 2021
£
4,305
Nil
Nil
5,940
2021
£
535,882
47,337
14,295
597,514

8. Staff costs and numbers Staff costs were as follows:

One employee (2021: one) earns more than £60,000. Total earnings fell within the £60,000 to £70,000 bracket (2021: £60,000 - £70,000).

The key management personnel of the charity comprise the Trustees, the CEO and the Senior Leadership Team. The total employee benefits of the key management personnel were £246,093 (2021: £162,876).

Average staff numbers are as follows:

Average head count
Average full time equivalent (FTE)		 2022
No.
24
22		 2021
No.
18
17

26

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2022

For the year ended 31 March 2022
9.
Grants payable
Grants to institutions:
Money Advice Plus
Durham University Research Centre
FreeFrom
Child and Woman Abuse Studies Unit
Grants < £1k
Total grants awarded to institutions		 2022
£
177,940
50,000
71,572
7,500
-
307,012		 2021
£
87,035
-
79,612
7,500
100
174,247

Grants payable are to fund charitable activities carried out in partnership with the above institutions, including funding to run the financial support line and casework service. The grants shown above do not include any contribution to core costs.

10. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11. Tangible fixed assets

Cost
At 1 April 2021
Disposals
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
On disposals
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Total
£
12,871
(12,871)
-
8,988
3,883
(12,871)
-
-
3,883

27

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2022

12. Debtors

Trade debtors
Accrued income
Other debtors
13. Creditors: amounts due within 1 year
Trade creditors
Accruals
Deferred income
Other creditors
14. Deferred income
At 1 April 2021
Deferred during the year
Released during the year
At 31 March 2022		 2022
£
21,927
5,000
3,303
30,230
2022
£
11,704
126,015
10,395
7,177
155,291
2022
£
40,000
10,395
(40,000)
10,395		 2021
£
103,522
29,347
-
132,869
2021
£
41,791
19,391
40,000
9,263
110,445
2021
£
-
50,000
(10,000)
40,000

Deferred income relates to income for training received in advance of delivery.

28

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2022

15. Analysis of net assets between funds

Analysis of net assets between funds
Current assets
Current liabilities
Net assets at 31 March 2022
Prior year comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 March 2021		 Restricted
funds
£
336,515
(111,195)
225,320
Restricted
funds
£
-
245,412
(39,623)
205,789		 £
382,083
(44,096)
337,987
£
3,883
340,748
(70,822)
273,809
Unrestricted
funds
Unrestricted
funds		 Total
funds
£
718,598
(155,291)
563,307
Total
funds
£
3,883
586,160
(110,445)
479,598

29

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2022

16. Movements in funds

Movements in funds Movements in funds
At 1 April
2021
£
Restricted funds
Aviva Foundation
-
Bank Workers Charity
-
Home Office: Banking & resource
-
LBG: Training function
-
LBG: Research funding
-
LBG: Perpetrator fund
-
LBFT: Lloyds Bank training
3,751
Women Thrive Fund
-
EAEF Pilot project
80,590
Joseph Rowntree
2,626
EAEF Phase 3
-
National Lottery: Liquidity
8,406
Smallwood Trust: HFLS role
-
Smallwood Trust: Policy
9,265
Standard Life Foundation
1,428
Labyrinth Project
5,354
Survivors' Forum
17,070
National Lottery Community Fund
5,657
Allen & Overy
-
Eleanor Rathbone Charitable Trust
3,000
Nationwide Community Grants
34,847
Oak Foundation 21/22
-
Oak Foundation GS
23,795
The Churchill Fellowship
10,000
-
Total restricted funds
205,789
General funds
273,809
Total unrestricted funds
273,809
Total funds
479,598
Unrestricted funds
London Borough of Waltham
Forest		 Income
£
40,000
20,000
192,000
20,000
50,000
132,000
-
50,000
105,902
50,000
73,000
14,374
18,935
20,000
-
51,429
-
-
5,000
-
-
54,600
200,836
7,500
23,470		 £
(38,596)
(20,000)
(192,000)
(2,247)
(50,000)
(84,516)
(50)
(18,928)
(186,492)
(52,454)
(30,513)
(22,780)
(18,935)
(35,262)
(1,428)
(56,783)
(17,070)
(5,657)
-
(3,000)
(31,788)
(54,600)
(165,014)
(14,530)
(12,869)
Expenditure		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
5,997
-
-
-
-
-
-
-
-
-
-
-
Transfers
between
funds		 £
1,404
-
-
17,753
-
47,484
3,701
31,072
-
172
42,487
-
-
-
-
-
-
-
5,000
-
3,059
-
59,617
2,970
10,601
At 31
March
2022
205,789 1,129,046 (1,115,512) 5,997 225,320
273,809 288,327 (218,152) (5,997) 337,987
273,809 288,327 (218,152) (5,997) 337,987
479,598 1,417,373 (1,333,664) - 563,307

30

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2022

16. Movements in funds (continued)

Purposes of restricted funds

Aviva Foundation

Transforming industry responses for victim-survivors of economic abuse.

Bank Workers Charity

To research the viability for an accreditation scheme for banks and building societies.

Home Office: Banking & resource The provision of economic abuse resources and support for banks.

LBG: Training function

To support work with Safelives on the controlling or coercive behaviour offence/economic abuse through training.

LBG: Research funding

Strategic work to address perpetrators - our team of specialist economic abuse advisors work alongside policy and communications staff strategically in support of long-term outcomes. Work to further develop our evidence base through partnership work.

LBFT: Lloyds Bank training

Providing support for LBFT grant holders.

Women Thrive Fund

EAEF Pilot project

Funding from the Rayne Foundation, Money and Pensions service, Cisco, Lloyds and Charles Hayward Foundation.

Joseph Rowntree Transforming industry responses.

EAEF Phase 3

Funded by the Rayne Foundation and Lloyds Banking Group.

National Lottery: Liquidity

Domestic abuse and Covid 19 strategic partnership.

Smallwood Trust: HFLS role Support for the role of Interim Service Manager.

31

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2022

16. Movements in funds (continued)

Purposes of restricted funds (continued)

Smallwood Trust: Policy Women First Policy Support - support for the role of Legal and Policy Advisor.

Standard Life Foundation Coronavirus pandemic: 'The 'Cost of Covid 19' research. Labyrinth Project Funded by Solace Women's Aid and the DCMS tampon tax fund. Survivors' Forum Funding from the Evan Cornish Foundation, 29 May 1961 Charity and CAF.

National Lottery Community Fund Funding from Awards for All for the Survivors' Summit. Allen & Overy To support the work of our coerced debt specialist.

Eleanor Rathbone Charitable Trust Experts by experience group.

Nationwide Community Grants A 'whole housing' approach to prevent housing insecurity and homelessness for women and children affected by economic abuse in London.

Oak Foundation 21/22 Core support.

Oak Foundation GS Global scoping study on economic abuse. The Churchill Fellowship Developing expert training and a free resource to equip employers with knowledge, skills and confidence to support their employees' wellbeing during and after Covid 19.

London Borough of Waltham To provide support to victims of economic abuse through Forest partnership work with the Local Authority.

Transfers between funds

Transfers from unrestricted funds relate to the top up of restricted funds which have been overspent.

32

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2022

16. Movements in funds (continued)

Movements in funds (continued) Movements in funds (continued)
Prior year comparative
At 1 April
2020
£
Restricted funds
DCMS: Economic Justice
6,860
Money Advice Plus: DEAP
1,501
Hestia: Everybody's Business
738
Home Office: Financial capability
19,420
Home Office: COVID
-
Home Office: Banking & Resource
-
LBFT: Lloyds Bank training
4,872
DEAP 2
3,800
Comic Relief: COVID
-
Comic Relief
24,492
EAEF Pilot project
-
Joseph Rowntree
-
National Lottery
-
National Lottery: Liquidity
-
Smallwood Trust: Salaries
-
Smallwood Trust: Policy
3,734
Standard Life Foundation
-
Labyrinth Project
-
Survivors' Forum
-
National Lottery Community Fund
-
Allen & Overy
-
Eleanor Rathbone Charitable Trust
-
Nationwide Community Grants
-
Oak Foundation 20/21
-
Oak Foundation GS
-
The Churchill Fellowship
-
Whole Housing (MHCLG)
-
Total restricted funds
65,417
General funds
126,287
Total unrestricted funds
126,287
Total funds
191,704
Unrestricted funds		 Income
£
-
-
-
(18,233)
79,944
96,427
-
76,260
39,641
37,485
124,867
37,500
68,043
21,315
30,000
40,000
37,000
12,857
35,000
9,988
5,000
3,000
50,000
54,600
145,668
10,000
25,000		 £
(6,860)
(1,501)
(738)
(1,187)
(80,414)
(96,427)
(1,121)
(80,060)
(40,623)
(61,977)
(44,277)
(34,874)
(68,043)
(12,909)
(30,058)
(34,469)
(35,572)
(7,503)
(17,930)
(4,331)
(5,000)
-
(15,153)
(55,119)
(121,873)
-
(29,512)
Expenditure		 £
-
-
-
-
470
-
-
-
982
-
-
-
-
-
58
-
-
-
-
-
-
-
519
-
-
4,512
Transfers
between
funds		 £
-
-
-
-
-
-
3,751
-
-
-
80,590
2,626
-
8,406
-
9,265
1,428
5,354
17,070
5,657
-
3,000
34,847
-
23,795
10,000
-
At 31
March
2021
65,417 1,021,362 (887,531) 6,541 205,789
126,287 284,929 (130,866) (6,541) 273,809
126,287 284,929 (130,866) (6,541) 273,809
191,704 1,306,291 (1,018,397) - 479,598

17. Related party transactions

Cathy Millis, a trustee of SEA, has a 50% partnership share in The Millwood Partnership Ltd. During the year, SEA purchased services totalling £3,986 from The Millwood Partnership Ltd for coaching of SEA employees (2021: £1,559). There were no amounts outstanding at the year end (2021: £1,532). The appointment of the Millwood Partnership Ltd was approved by the Board in line with the charity's procurement process.

33