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2023-03-31-accounts

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

Surviving Economic Abuse Report and Audited Financial Statements 31 March 2023

Surviving Economic Abuse

Reference and administrative details

For the year ended 31 March 2023 For the year ended 31 March 2023
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:
Fiona Cannon OBE Chair (appointed 1 October 2023)
Cathy Millis Vice Chair (Chair until 30 September 2023)
Ruth Mason Vice Chair (resigned 6 September 2022)
Jonathan Speight (Vice Chair from 6 September 2022
to 30 September 2023)
Richard Walsh Treasurer
Annabel Griffiths (resigned 9 November 2022)
Sue Lewis
Kirsty Madden (appointed 10 November 2022)
Janqui Mehta
Penelope Miller (appointed 10 November 2022)
Katie Smith
Shaun Tyndall (appointed 10 November 2022)
Sarah Williams-Gardener
Anna Yearley (appointed 10 November 2022)
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 2023

Chair of trustees' introduction

This year, SEA released an alarming new statistic which captured media attention: the average individual debt for a victim-survivor seeking specialist advice grew to £20,000. This figure reveals the devastating effect that the cost-of-living crisis has had on victim-survivors, compounding the effects of the global pandemic.

This collaborative work is central to our new strategy, Making Waves (2022-25), which now enters its second year. Guiding SEA for three years, this strategy concentrates our work on improving women’s sector, financial services and Government responses to economic abuse. Having worked hard for economic abuse to be recognised in law, our challenge now is to see this reflected in policies and practices that support victim-survivors.

This year saw some great examples of this. We supported the Cabinet Office to launch an economic abuse toolkit for public sector debt collection, we influenced changes to the child maintenance system so that it offers more protection for victim-survivors, and we supported financial service firms to launch new initiatives, such as TSB’s emergency flee fund.

To achieve the outcomes in our strategy, we put in place the infrastructure to support our goals. By investing in our training and fundraising functions, we equip ourselves to deliver ambitious outcomes for victim-survivors over the years ahead.

As we look forward, we are making plans for future leadership. I have completed 5 years as Chair of the Trustee Board, and with 1 year left to serve as a trustee, we are recruiting a new Chair of the Trustee Board, to ensure a smooth transition. In my final year I will serve as vice-chair to support the changeover. Additionally, we will be announcing in May that our founding CEO, Dr Nicola Sharp-Jeffs OBE, will transition into a new role as President and therefore by April 2024 we will have a new CEO in place.

In the 5 years that I have been with the charity SEA has grown from 3 employees and a turnover of £35,000 to a team of 23 employees and a turnover of £1.4m. To have that level of growth and at the same time build a sustainable organisation is testament to the dedication, hard work and passion from everyone involved. We have an exceptional team of employees, supported by our alumni, SEA Champions, trustees, advisors, ambassadors, funders and partners and guided by our incredible Experts by Experience. I would personally like to extend my thanks to my fellow trustees, who help support, guide and govern the charity. As I look forward, this is an exciting time for a new Chair and soon a new CEO to take the organisation to the next level, working towards economic justice for victim-survivors.

Cathy Millis Vice Chair of trustees Chair of Trustee Board (up to September 2023)

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2023

Aims and objectives

Vision and mission

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.

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

The financial year 2022-23 saw the first year of our new three-year strategy. Through this strategy we set to build on the Domestic Abuse Act 2021 for England and Wales, seeing statutory recognition of economic abuse reflected in policy and practice. We want to see financial services firms, domestic abuse support services and Government responding to the needs of victim-survivors of economic abuse.

Through our strategy, Making Waves, we focus on:

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 170 members, proactively supports SEA with resource development, media work, policy influencing and research as well as project development.

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2023

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 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 2022-23

Summary

Our work to transform responses to economic abuse forged ahead during the year under the renewed direction of our new three-year strategy, Making Waves. In these 12 months alone, SEA reached 58,500 survivors through our website, training and frontline partnerships. Much of our work during the year focused on supporting survivors in crisis as the cost-of-living crisis made this an exceptionally challenging year.

Some of our highlights of the year include:

Public understanding and behaviour change

By collaborating with organisations who can amplify our message, we have seen public understanding of economic abuse continue to grow. In 2022-23, we:

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2023

Professional response and systems change

By working in partnership with frontline organisations, we have helped to build their knowledge, confidence and capacity in supporting victim-survivors. We provided training for 840 professionals in financial services, the women’s sector and local authorities. In 2022-23, we:

Legal, regulatory and public policy change

We leveraged the enhanced legal status of economic abuse to further improve laws and policies to offer greater protection to victim-survivors. In 2022-23, we:

We also held meetings with 4 financial services regulators to influence industry policies and practices.

5

Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2023

SEA Change – survivors, partnerships, evidence and equality

By working closely with survivors and listening to their voices, alongside prioritising high-quality research into experiences of and responses to economic abuse, recognition of economic abuse is growing. In 2022-23, we:

Financial review

Overview

In the six years since SEA was established, the charity has experienced rapid growth, with a significant increase in the size of the team and its core costs. During this last year, SEA has experienced a period of consolidation, and this is reflected in the financial statements. This coincides with the end of the initial 3-year strategy and the first year of the new strategy “Making Waves.” We continue to work on diversifying our income to support our ongoing operational sustainability.

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

SEA’s total income during the year amounted to £1,443,263 (2022: £1,417,373), composed of donations of £1,329,949 (2022: £1,365,241) and charitable activities of £110,817 (2022: £52,132).

SEA has an investment policy which was approved by the Board of Trustees in September 2023.

The net increase in funds for the year to 31 March 2023 was £72,166 (2022: £83,709) of which £124,830 (2022: £64,178) 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 £462,817 (2022: £337,987).

The trustees review the reserves policy annually whilst the Finance Committee reviews the reserves position on a quarterly basis. We aim to hold unrestricted funds of around three months’ core costs (around £110,000 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.

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2023

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 trusts and foundations, statutory bodies, corporate partners and individuals, in order to diversify income sources and ensure we are not reliant on any one funder.

We also generate income through training and consultancy which seeks to transform responses to economic abuse. We train professionals from financial services, the women’s sector, and public bodies, generating core funds which support our work.

Our 2022-25 strategy is supported by a fundraising strategy which puts us in a strong position to secure the sustainable funding streams to support the development and growth of the charity. Securing unrestricted income remains a priority, to ensure we maintain a robust infrastructure to support our work and deliver to a high standard.

We strive to comply with all the relevant standards set out in the Code of Fundraising Practice and SEA is registered with the Fundraising Regulator. As we develop our individual giving programme, we are putting in place guidance to ensure we take extra care with supporters who may be vulnerable. We do not work with external organisations to carry out fundraising services on our behalf. We received no complaints regarding fundraising this year.

Looking ahead

The next year will see further work towards the goals in our strategy Making Waves, whilst ensuring a smooth transition in our leadership.

Structure, governance and management

Constitution

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 12th 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 board of trustees meet four times each year, with an additional all-day strategy day once a year. They manage the affairs of the charity and are responsible for setting its strategic objectives. They:

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2023

There is a finance committee, a Risk and Audit Committee, an HR and Safeguarding Committee and a Nominations Committee. They meet regularly in accordance with their Terms of Reference.

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 twelve 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. There were 24 team members at the year end, a decrease from 25 in 2021-22, due to vacant posts across the year end.

Team 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 people 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.

Risk management

SEA maintains 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.

The Trustee Board has overall responsibility for the Risk Register, which is managed by the Risk and Audit Committee. Individual risks are delegated to specific sub-committees. Operational responsibility for individual risks sits with either the CEO or other members of the senior leadership team. The SLT regularly reviews the risks and controls that are in place to mitigate each risk.

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2023

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

The trustees have considered the Charity 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 Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 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:

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 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.

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Surviving Economic Abuse

Report of the trustees

For the year ended 31 March 2023

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.

Approved by the trustees on 9 November 2023 and signed on their behalf by

R J Walsh

Cathy Millis - Vice Chair

Richard Walsh - Treasurer

10

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 2023 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.

11

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.

12

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.

13

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: 10 November 2023

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 2023

Note
Income from:
Donations
3
Charitable activities
4
Investment income
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
£
£
902,755
427,194
-
110,817
-
2,497
902,755
540,508
-
141,188
955,419
274,490
955,419
415,678
(52,664)
124,830
-
-
(52,664)
124,830
225,320
337,987
172,656
462,817		 2023
Total
£
1,329,949
110,817
2,497
1,443,263
141,188
1,229,909
1,371,097
72,166
-
72,166
563,307
635,473		 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

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 15 to the accounts.

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Surviving Economic Abuse

Balance sheet

As at 31 March 2023

Note
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
12
Net current assets
Net assets
14
Funds
15
Restricted funds
Unrestricted funds
Total charity funds		 £
364,522
576,887
941,409
(305,936)		 2023
£
635,473
635,473
172,656
462,817
635,473		 2022
£
30,230
688,368
718,598
(155,291)
563,307
563,307
225,320
337,987
563,307

Approved by the trustees on 9 November 2023 and signed on their behalf by

R J Walsh

Cathy Millis - Vice Chair

Richard Walsh - Treasurer

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Surviving Economic Abuse

Statement of cash flows

For the year ended 31 March 2023

Net movement in funds
Adjustments for:
Depreciation charges
(Increase) / decrease in debtors
Increase in creditors
Net cash (used in) / provided by operating activities
(Decrease) / 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		 2023
£
72,166
-
(334,292)
150,645
(111,481)
(111,481)
688,368
576,887		 2022
£
83,709
3,883
102,639
44,846
235,077
235,077
453,291
688,368

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 2023

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 2023

1. Accounting policies (continued)

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

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:

2023 2022
Raising funds 10.3% 5.4%
Charitable activities 89.7% 94.6%

i) 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.

j) 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 2023

1. Accounting policies (continued)

k) 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.

l) 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.

m) 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.

n) 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.

o) 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.

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Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2023

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
£
£
1,129,046
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
Unrestricted		 2022
Total
£
1,365,241
52,132
1,417,373
71,418
1,262,246
1,333,664
83,709
-
83,709

21

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2023

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
Rent
Political monitoring		 Restricted
£
£
902,755
385,366
-
19,524
-
22,304
902,755
427,194
Restricted
£
£
1,129,046
199,000
-
12,695
-
24,500
1,129,046
236,195
2023
Total
£
-
2,304
20,000
22,304
Unrestricted
Unrestricted		 2023
Total
£
1,288,121
19,524
22,304
1,329,949
2022
Total
£
1,328,046
12,695
24,500
1,365,241
2022
Total
£
4,500
-
20,000
24,500

22

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2023

4. Income from charitable activities

Income from charitable activities
Consultancy
Training
Total income from charitable activities		 Restricted Unrestricted
£
£
-
15,582
-
95,235
-
110,817		 2023
Total
£
15,582
95,235
110,817		 2022
Total
£
41,400
10,732
52,132

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. The total value of such grants in the period ending 31 March 2023 was £194,158 (2022: £192,000). There are no unfulfilled conditions or contingencies attaching to the grants awarded in 2022/23. There were no unspent funds repaid during the year.

23

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2023

6. Total expenditure

Staff costs (note 8)
Recruitment and training
Other staff costs
Travel and subsistence
IT and website costs
Office costs
Professional fees
Payments to partners (note 9)
Resources and promotion
Sub-total
Total expenditure
Allocation of support and
governance costs		 Raising funds
£
100,201
-
-
1,363
949
162
9,173
-
1,630
113,478
27,710
141,188		 Charitable
activities
£
661,993
7,061
2,282
3,605
4,110
4,462
54,269
240,646
10,095
988,523
241,386
1,229,909		 Support and
governance
costs
£
110,798
4,421
5,064
39,142
24,781
18,801
66,089
-
-
269,096
(269,096)
-		 2023 Total
£
872,992
11,482
7,346
44,110
29,840
23,425
129,531
240,646
11,725
1,371,097
-
1,371,097

Total governance costs were £54,836.

Prior period comparative
Staff costs (note 8)
Recruitment and training
Travel and subsistence
IT and website costs
Office costs
Professional fees
Payments to partners (note 9)
Resources and promotion
Depreciation
Sub-total
Total expenditure
Allocation of support and
governance costs		 Raising funds
£
42,093
-
56
2,172
144
15,120
-
-
-
59,585
11,833
71,418		 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		 Support and
governance
costs
£
102,606
4,060
12,596
28,756
15,240
53,821
-
-
3,883
220,962
(220,962)
-		 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

Total governance costs were £32,447.

24

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2023

7. Net movement in funds

This is stated after charging:

Depreciation
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration:
▪Statutory audit (excluding VAT)		 2023
£
-
Nil
743
6,500		 2022
£
3,883
Nil
Nil
5,250

During the year, 3 trustees were reimbursed a total of £743 for expenses relating to travel to trustee meetings (2022: nil).

8. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2023
£
772,844
76,745
23,403
872,992		 2022
£
714,870
65,145
20,425
800,440

One employee earned between £60,000 - £70,000 (2022: none).

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 £272,531 (2022: £246,093).

Average staff numbers are as follows:

Average head count
Average full time equivalent (FTE)		 2023
No.
23
21		 2022
No.
24
22

25

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2023

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		 2023
£
239,760
-
-
-
886
240,646		 2022
£
177,940
50,000
71,572
7,500
-
307,012

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. Debtors

Trade debtors
Accrued income
Other debtors		 2023
£
237,653
120,537
6,332
364,522		 2022
£
21,927
5,000
3,303
30,230

12. Creditors: amounts due within 1 year

Trade creditors
Accruals
VAT
Deferred income (note 13)
Other creditors		 2023
2022
£
£
83,473
11,704
21,710
126,015
36,115
-
160,000
10,395
4,638
7,177
305,936
155,291

26

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2023

13. Deferred income

Deferred income
At 1 April 2022
Deferred during the year
Released during the year
At 31 March 2023		 2023
£
10,395
160,000
(10,395)
160,000		 2022
£
40,000
10,395
(40,000)
10,395

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

14. Analysis of net assets between funds

Current assets
Current liabilities
Net assets at 31 March 2023
Prior year comparative
Current assets
Current liabilities
Net assets at 31 March 2022		 Restricted
funds
£
240,977
(68,321)
172,656
Restricted
funds
£
336,515
(111,195)
225,320		 £
700,432
(237,615)
462,817
£
382,083
(44,096)
337,987
Unrestricted
funds
Unrestricted
funds		 Total
funds
£
941,409
(305,936)
635,473
Total funds
£
718,598
(155,291)
563,307

27

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2023

15. Movements in funds

Movements in funds Movements in funds
At 1 April
2022
£
Restricted funds
Aviva Foundation
1,404
Home Office: Banking & resource
-
Home Office
-
LBG: Training function
17,753
LBG: Research funding
-
LBG: Perpetrator fund
47,484
LBFT: Lloyds Bank training
3,701
Women Thrive Fund
31,072
EAEF Pilot project
-
Joseph Rowntree
172
EAEF Phase 3
42,487
National Lottery: Liquidity
-
Smallwood Trust: Compass
-
Smallwood Trust: Policy
-
Standard Life Foundation
-
Labyrinth Project
-
Survivors' Forum
-
National Lottery Community Fund
-
Allen & Overy
5,000
Eleanor Rathbone Charitable Trust
-
Evan Cornish
-
Nationwide Community Grants
3,059
Oak Foundation sustainability
-
Oak Foundation GS
59,617
The Churchill Fellowship
2,970
10,601
-
Barclays: Into Plain Sight
-
STADA
-
Simmons & Simmons: training
-
Total restricted funds
225,320
General funds
337,987
Total unrestricted funds
337,987
Total funds
563,307
London Borough of Waltham
Forest
Unrestricted funds
Stargazer Project funded by abrdn
Financial Fairness Trust and
Joseph Rowntree Charitable Trust		 Income
£
40,500
96,029
98,163
-
-
-
-
-
-
12,500
413,782
-
45,000
-
-
25,714
-
-
(5,000)
2,000
8,000
-
61,000
-
-
-
45,500
-
49,567
10,000		 £
(40,250)
(96,029)
(98,163)
(1,573)
-
(18,641)
-
(31,072)
-
(12,672)
(446,047)
-
(12,004)
-
-
(25,714)
-
-
-
(2,000)
-
(3,059)
(36,458)
(59,617)
(2,970)
(10,601)
(21,659)
(9,232)
(17,658)
(10,000)
Expenditure		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers
between
funds		 £
1,654
-
-
16,180
-
28,843
3,701
-
-
-
10,222
-
32,996
-
-
-
-
-
-
-
8,000
-
24,542
-
-
-
23,841
(9,232)
31,909
-
At 31
March
2023
225,320 902,755 (955,419) - 172,656
337,987 540,508 (415,678) - 462,817
337,987 540,508 (415,678) - 462,817
563,307 1,443,263 (1,371,097) - 635,473

28

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2023

15. 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

Via our academic partnerships, SEA will work with the Child and Women Abuse Studies Unit (CWASU) and the Durham University Centre for Research into Violence and Abuse (CRIVA) to develop our evidence base that supports our perpetrator work.

LBG: Perpetrator fund

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. Providing support for LBFT grant holders. Provided by ROSA and the Smallwood Trust, in partnership with the tampon tax fund. To support victims of economic abuse through the survivors' forum and the development of resources.

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.

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.

29

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2023

15. Movements in funds (continued)

Purposes of restricted funds (continued)

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.

Evan Cornish Towards Tools to Thrive for victim-survivors of economic abuse.

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 sustainability To enable SEA to consolidate and be a sustainable organisation, including attention to promoting staff wellbeing. 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. Stargazer Project funded by abrdn Towards work to accelerate process and practice change in Financial Fairness Trust and financial services, so that victim-survivors of economic abuse Joseph Rowntree Charitable Trust receive consistently good responses and outcomes as customers. Barclays: Into Plain Sight The funding of research and a report (Seen yet sidelined) on the experience of victim survivors and whether they are getting the criminal and economic justice they deserve. STADA To support community-based training in economic abuse. Simmons & Simmons: training Towards SEA's work supporting victim-survivors of economic abuse.

30

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2023

15. Movements in funds (continued) Transfers between funds

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

Prior year comparative
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
London Borough of Waltham Forest
-
Total restricted funds
205,789
General funds
273,809
Total unrestricted funds
273,809
Total funds
479,598
Unrestricted funds		 Prior year comparative
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
London Borough of Waltham Forest
-
Total restricted funds
205,789
General funds
273,809
Total unrestricted funds
273,809
Total funds
479,598
Unrestricted funds		 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

31

Surviving Economic Abuse

Notes to the financial statements

For the year ended 31 March 2023

16. 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 £9,480 from The Millwood Partnership Ltd for coaching of SEA employees (2022: £3,986). There were no amounts outstanding at the year end (2022: £nil). The appointment of The Millwood Partnership Ltd was approved by the Board in line with the charity's normal procurement process.

32