## **Trustees’ Annual Report for the period**
**From 1 January, 2021 Period start date To 31 December, 2021 Period end date**
## **Charity name: Promoting Economic Pluralism**
**Charity registration number:** 1178596
## **Objectives and Activities**
||SORP reference||
|---|---|---|
|Summary of the purposes of
the charity as set out in its
governing document|Para 1.17|To advance the education of the public in
general (and particularly amongst students,
academics and experienced practictioners
in the field of economics) on the principles
and relevance of economic pluralism and to
promote research for public benefit in line
with those principles and to publish useful
results.|
|Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or
services identified in the
accounts.|Para 1.17 and
1.19|The principal activity of the Company
during the period was promoting economic
pluralism through organising events,
research and publications, and finalising
the development of an accreditation
system for masters programmes that take
a pluralist approach to teaching economics.|
|Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit|Para 1.18|The directors have had regard to the
Charity Commission's guidance on public
benefit when considering the Council's
objectives and activities.|
## **Additional information (optional)**
You may choose to include further statements where relevant about:
SORP reference Para 1.38 Policy on grant making Para 1.38 Policy on social investment including program related investment Para 1.38
Contribution made by volunteers Other
## **Achievements and Performance**
||SORP reference||
|---|---|---|
|Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.|Para 1.20|The significant activities of the company
during the year, set out in Note 5 to the
accounts, are summarised below:
PEP created and promoted a platform
for leaders of university education
programmes to publish information as
to how there programmes met the
standard for economic pluralism, which
we had previously developed with
stakeholders;
PEP held the 2ndyear of its online
international Festival for Change to
build understanding of economic
system change in young leaders
working with a wide range of partners.
PEP published 4 issues of its
magazine, The Mint, featuring diverse
and innovative economic thinking.|
## **Additional information (optional)** You may choose to include further statements where relevant about:
|Achievements against
objectives set|Para 1.41||
|---|---|---|
|Performance of fundraising
activities against objectives
set|Para 1.41||
|Investment performance
against objectives|Para 1.41||
|Other|||
## **Financial Review**
|**Financial Review**|||
|---|---|---|
|Review of the charity’s
financial position at the end
of the period|Para 1.21|The company's reserves held at 31
December 2021 are expendable at the
discretion of the directors in furtherance of
the objects of the charity. At 31 December
2021 the unrestricted reserves of the
company in surplus of £18,623 (2020:
surplus £23,502). The directors believe
these level of reserves are appropriate to
cover expenditure in the coming months.|
|Statement explaining the
policy for holding reserves
stating why they are held|Para 1.22||
|Amount of reserves held|Para 1.22||
|Reasons for holding zero
reserves|Para 1.22|n/a|
|Details of fund materially in
deficit|Para 1.24|n/a|
|Explanation of any
uncertainties about the
charity continuing as a going
concern|Para 1.23|n/a|
**Additional information (optional)** You may choose to include further statements where relevant about:
The charity’s principal sources of funds (including Para 1.47 any fundraising) Investment policy and objectives including any Para 1.46 social investment policy adopted A description of the principal Para 1.46 risks facing the charity Other
## **Structure, Governance and Management**
|Description of charity’s
trusts:|||
|---|---|---|
|Type of governing document
(trust deed, royal charter)|Para 1.25|Articles of Association|
|How is the charity
constituted?
(e.g unincorporated
association, CIO)|Para 1.25|Company limited by guarantee|
|Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees|Para 1.25|Trustees are nominated and elected by
members.|
## **Additional information (optional)** You may choose to include further statements where relevant about:
Policies and procedures adopted for the induction Para 1.51 and training of trustees The charity’s organisational structure and any wider Para 1.51 network with which the charity works Relationship with any related Para 1.51 parties Other
## **Reference and Administrative details**
|Charity name|Promoting Economic Pluralism|
|---|---|
|Other name the charity uses||
|Registered charity number|1178596|
|Charity’s principal address|Beyond the Pond, Oddington, Kidlington, OX5 2RA|
|||
## **Names of the charity trustees who manage the charity**
|1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20|**Trustee name**|**Office (if any)**|**Dates acted if not for whole**
**year**|**Name of person (or body) entitled**
**to appoint trustee (if any)**|
|---|---|---|---|---|
||Ms Ann Pettifor||Resigned 8 November
2021||
||Professor Jonathan
Michie||||
||Magdalena Polan||||
||Nicolette Jean
Boater||||
||Oliver Bettis||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
## – Corporate trustees names of the directors at the date the report was approved
**Director name** Ms Magdalena Polan Prof Jonathan Michie Ms Nicolette Boater Mr Oliver Bettis
Name of trustees holding title to property belonging to the charity
**Trustee name Dates acted if not for whole year**
## **Funds held as custodian trustees on behalf of others**
Description of the assets held in this capacity
Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets
## **Additional information (optional)**
## **Names and addresses of advisers (Optional information)**
**Type of Name Address adviser**
**Name of chief executive or names of senior staff members (Optional information)**
Henry Leveson-Gower, CEO.
## **Exemptions from disclosure**
Reason for non-disclosure of key personnel details
## **Other optional information**
## **Declarations**
**The trustees declare that they have approved the trustees’ report above.**
**Signed on behalf of the charity’s trustees**
|**Signature(s)**
**Full name(s)**
**Position (eg Secretary,**
**Chair, etc)**
**Date**|||
|---|---|---|
||Henry Leveson-Gower||
||
Company Secretary||
||29 October, 2022||
||29 October, 2022||
# **REGISTERED CHARITY NUMBER: 1178596 REGISTERED COMPANY NUMBER: 10381178**
**Report of the Directors and Unaudited Financial Statements for the Year Ended 31st December 2021 for Promoting Economic Pluralism**
## **Promoting Economic Pluralism**
## **Contents of the Financial Statements for the Year Ended 31 December 2021**
|||Page|
|---|---|---|
|Report of the directors|3 to 4||
|Independent Examiner's Report|5||
|Statement of Financial Activities|6||
|Balance Sheet|7||
|Notes to the Financial Statements|8 to 11||
## **Promoting Economic Pluralism**
## **Report of the directors for the Year Ended 31 December 2021**
The directors present their report with the financial statements of the charity for the year to 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Company's Memorandum and Articles of Association dated 17 September 2016, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Name**
Promoting Economic Pluralism
## **Registered Charity number**
287564
## **Registered Company number**
10381178
## **Principal address**
Beyond the Pond, Oddington, Kidlington, OX5 2RA
## **Directors**
The Directors who served the Company during the period were as follows: Ann Pettifor (Resigned 8 November 2021) Professor Jonathan Michie Magdalena Polan Nicolette Jean Boater Oliver Bettis
## **Secretary**
Henry Leveson-Gower
## **Independent examiner**
Milan Bojkovic Tall Trees Marlborough Road Hampton Middlesex TW12 3RX
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
Promoting Economic Pluralism (PEP) is a company limited guarantee registered in England and Wales. It is governed by its Memorandum and Articles of Association dated 17 September 2016 and a special resolution dated 26 April 2018. It was registered as a charity with the Charity Commissioners on 1 June 2018.
## **Recruitment and appointment of new directors**
Additional or replacement directors can be appointed by the members or existing directors.
Page 3
## **Risk management**
The directors have considered the major risks faced by the company and have put controls in place to mitigate the risks identified.
## **OBJECTIVES**
## **Objectives and aims**
The objects of the Company for the public benefit are to advance the education of the public in general on the principles and relevance of economic pluralism, and to promote research for the public benefit in line with those principles and to publish the useful results.
## **ACTIVITIES**
The principal activity of the Company during the period was promoting economic pluralism through organising events, research and publications, and finalising the development of an accreditation system for masters programmes that take a pluralist approach to teaching economics.
The directors have had regard to the Charity Commission's guidance on public benefit when considering the Charity's objectives and activities.
## **ACHIEVEMENT AND PERFORMANCE**
The significant activities of the company during the year, set out in Note 5 to the accounts, are summarised below:
- PEP created and promoted a platform for leaders of university education programmes to publish information as to how there programmes met the standard for economic pluralism, which we had previously developed with stakeholders;
- PEP held the 2[nd] year of its online international Festival for Change to build understanding of economic system change in young leaders working with a wide range of partners.
- PEP published 4 issues of its magazine, The Mint, featuring diverse and innovative economic thinking.
## **FINANCIAL REVIEW**
## **Reserves policy**
The company's reserves held at 31 December 2021 are expendable at the discretion of the directors in furtherance of the objects of the charity. At 31 December 2021 the unrestricted reserves of the company in surplus of £18,623 (2020: surplus £23,502). The directors believe these level of reserves are appropriate to cover expenditure in the coming months.
Approved by order of the board of directors on 29[th] Oct 2022 and signed on its behalf by:
Henry Leveson-Gower Secretary
Page 4
## **Promoting Economic Pluralism**
## **Independent Examiner's Report to the directors of Promoting Economic Pluralism**
I report to the directors on my examination of the accounts of Promoting Economic Pluralism for the year ended 31 December 2021, which are set out on pages 7 to 11.
## **Respective responsibilities of directors and examiner**
The directors are responsible for the preparation of the accounts. The directors consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
- (i) examine the accounts under section 145 of the 2011 Act;
- (ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- (iii) to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as directors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- (i) accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- (ii) the accounts do not accord with those records; or
- (iii) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Milan Bojkovic Tall Trees Marlborough Road Hampton Middlesex TW12 3RX
19 Oct 2022
Page 5
## **Promoting Economic Pluralism**
## **Statement of Financial Activities for the Year Ended 31 December 2021**
|**Note**
**s**
**Income**
Grants
3
_Income from charitable activities:_
Membership subscriptions
Donations
Other income
_Total incoming resources_
**Expenditure**
_Expenditure on charitable_
_activities_
4
Charitable activities
5
Governance
Raising funds
Other
_Total outgoing resources_
**Net Movement in Funds**
**Reconciliation of funds**
Total funds brought forward
Net Movement in Funds
**Total funds carried forward**|**Unrestricte**
**d**
**Restricted**
**Total**
**Total**
**Funds**
**Funds**
**Funds**
**Funds**
**2021**
**2021**
**2021**
**2020**
**£**
**£**
**£**
**£**
53,897
-
53,897
34,993
2,560
-
2,560
3,233
4,061
-
4,061
5,130
7,686
-
7,686
6,348|
|---|---|
||68,205
-
68,205
49,705|
||73,084
-
73,084
56,874
-
-
-
-
-
-|
||73,084
-
73,084
56,874|
||**-4,879**
**-**
**-4,879**
**-7,168**|
||23,502
-
23,502
30,670
**-4,879**
-
**-4,879**
-7,168|
||**18,623**
**-**
**18,623**
**23,502**|
The notes form part of these financial statements Page 6
## **Promoting Economic Pluralism**
## **Balance Sheet**
## **At 31 December 2021**
|**Note**
**s**
**Current Assets**
Loans to Subsidiary
Debtors
Cash at bank
**_Total current assets_**
**Creditors**: Amounts falling due
within one year
6
**_Total net assets_**
**Funds of the Charity**
Funds
8|**Unrestricte**
**d**
**Restricted**
**Total**
**Total**
**Funds**
**Funds**
**Funds**
**Funds**
**2021**
**2021**
**2021**
**2020**
**£**
**£**
**£**
**£**
858
-
858
658
1,086
-
1,086
1,166
18,857
-
18,857
23,702|
|---|---|
||20,801
-
20,801
25,526
2,179
-
2,179
2,024|
||18,623
-
18,623
23,502|
||18,623
-
18,623
23,502|
The financial statements were approved by the Board of directors on 29 October 2022 and were signed on its behalf by:
## Nicolette Boater
## Oliver Bettis
The notes form part of these financial statements Page 7
**Promoting Economic Pluralism**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **1. BASIS OF ACCOUNTING**
The charity constitutes a public benefit entity as defined by FRS102.
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, and with the Charities Act 2011.
The charity has taken advantage of the provision in the SORP for charities applying FRS102 Update Bulletin 1 not to prepare a Statement of Cash Flows
## **2. ACCOUNTING POLICIES**
The accounts present a true and fair view, and the accounting policies adopted are those outlined below.
## **Recognition of income**
These are included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to the resources.
## **Grants and donations**
Grants and donations are only included in the SoFA when the general income recognition criteria are met.
## **Tax reclaims on donations**
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
## **Governance and support costs**
The charity incurred expenditure on support costs. They have been allocated to governance and support costs.
Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, as set out in note 4.
## **Restricted funds**
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
The notes form part of these financial statements Page 8
## **Offsetting**
There has been no offsetting of assets and liabilities, or income and expenses.
## **Liability recognition**
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
## **Debtors**
Debtors are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
## **Creditors**
The charity has creditors which are measured at settlement amounts less any trade discounts
## **Going Concern**
The accounts have been prepared on a going concern basis.
The notes form part of these financial statements Page 9
**Promoting Economic Pluralism**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **3. ANALYSIS OF INCOME**
Income for the year comprised:
|Grants
Donations
Membership subscriptions
Other income|**Unrestricte**
**d**
**Restricted**
**Total**
**Total**
**2021**
**2020**
**£**
**£**
**£**
**£**
53,897
-
53,897
34,993
2,560
2,560
5,130
4,061
-
4,061
3,233
7,686
-
7,686
6,349|
|---|---|
||68,205
-
68,205
49,705|
## **4. CHARITABLE ACTIVITIES**
|Accreditation
scheme
Pluralism economics
Magazine
Publication of Mint magazine
Events
Events promoting new
economic thinking
Festival for
Change
Support economic system
thinking in young leaders|**Direct**
**Apporti**
**oned**
**Total**
**Total**
**Costs**
**Support**
**Costs**
**2021**
**2020**
**£**
**£**
**£**
**£**
1,302
8,970
10,272
8,701
7,966
45,876
53,842
21,146
-
-
-
1,758
-
8,970
8,970
25,269|
|---|---|
||9,269
63,815
73,084
56,874|
## **5. DETAILS OF CERTAIN ITEMS OF EXPENDITURE**
|**Fees for examination of the accounts**
Independent Examiner's Fees
-|2021
£
-|2020
£|
|---|---|---|
The notes form part of these financial statements Page 10
**Promoting Economic Pluralism**
## **Notes to the Financial Statements - continued** for the Year Ended 31 December 2021
## **6. CREDITORS AND ACCRUALS**
|Accounts payable
Paye, NI & Pensions Payable
Wages payable
|**2021**
**2020**
**£**
**£**
206
690
1,972
1,334
-
-|
|---|---|
||2,179
2,024|
## **7. RELATED PARTY TRANSACTIONS**
The company has a 100% ownership in New Economic Knowledge Services Limited, company number 10334971, a company limited by guarantee. During 2019, the company reimbursed its subsidiary with £47,961 of which £6,732 was not expended in 2019 and hence is represented as a loan from Promoting Economic Pluralism at the end of 2019. Most of this was repaid during 2020.
## **8. CHARITY FUNDS**
Details of funds held and movements during the current reporting period
|Reserves as at:
1 January 2020
Net movement during the year
31 December 2020|**Unrestrict**
**ed**
**Restricted**
**Total**
**Total**
**2021**
**2020**
**£**
**£**
**£**
**£**
23,502
-
23,502
30,670
-4,879
-
-4,879
-7,168|
|---|---|
||18,623
-
18,623
**23,502**|
The notes form part of these financial statements Page 11
# **REGISTERED CHARITY NUMBER: 1178596 REGISTERED COMPANY NUMBER: 10381178**
**Report of the Directors and Unaudited Financial Statements for the Year Ended 31st December 2021 for Promoting Economic Pluralism**
## **Promoting Economic Pluralism**
## **Contents of the Financial Statements for the Year Ended 31 December 2021**
|||Page|
|---|---|---|
|Report of the directors|3 to 4||
|Independent Examiner's Report|5||
|Statement of Financial Activities|6||
|Balance Sheet|7||
|Notes to the Financial Statements|8 to 11||
## **Promoting Economic Pluralism**
## **Report of the directors for the Year Ended 31 December 2021**
The directors present their report with the financial statements of the charity for the year to 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Company's Memorandum and Articles of Association dated 17 September 2016, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Name**
Promoting Economic Pluralism
## **Registered Charity number**
287564
## **Registered Company number**
10381178
## **Principal address**
Beyond the Pond, Oddington, Kidlington, OX5 2RA
## **Directors**
The Directors who served the Company during the period were as follows: Ann Pettifor (Resigned 8 November 2021) Professor Jonathan Michie Magdalena Polan Nicolette Jean Boater Oliver Bettis
## **Secretary**
Henry Leveson-Gower
## **Independent examiner**
Milan Bojkovic Tall Trees Marlborough Road Hampton Middlesex TW12 3RX
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
Promoting Economic Pluralism (PEP) is a company limited guarantee registered in England and Wales. It is governed by its Memorandum and Articles of Association dated 17 September 2016 and a special resolution dated 26 April 2018. It was registered as a charity with the Charity Commissioners on 1 June 2018.
## **Recruitment and appointment of new directors**
Additional or replacement directors can be appointed by the members or existing directors.
Page 3
## **Risk management**
The directors have considered the major risks faced by the company and have put controls in place to mitigate the risks identified.
## **OBJECTIVES**
## **Objectives and aims**
The objects of the Company for the public benefit are to advance the education of the public in general on the principles and relevance of economic pluralism, and to promote research for the public benefit in line with those principles and to publish the useful results.
## **ACTIVITIES**
The principal activity of the Company during the period was promoting economic pluralism through organising events, research and publications, and finalising the development of an accreditation system for masters programmes that take a pluralist approach to teaching economics.
The directors have had regard to the Charity Commission's guidance on public benefit when considering the Charity's objectives and activities.
## **ACHIEVEMENT AND PERFORMANCE**
The significant activities of the company during the year, set out in Note 5 to the accounts, are summarised below:
- PEP created and promoted a platform for leaders of university education programmes to publish information as to how there programmes met the standard for economic pluralism, which we had previously developed with stakeholders;
- PEP held the 2[nd] year of its online international Festival for Change to build understanding of economic system change in young leaders working with a wide range of partners.
- PEP published 4 issues of its magazine, The Mint, featuring diverse and innovative economic thinking.
## **FINANCIAL REVIEW**
## **Reserves policy**
The company's reserves held at 31 December 2021 are expendable at the discretion of the directors in furtherance of the objects of the charity. At 31 December 2021 the unrestricted reserves of the company in surplus of £18,623 (2020: surplus £23,502). The directors believe these level of reserves are appropriate to cover expenditure in the coming months.
Approved by order of the board of directors on 29[th] Oct 2022 and signed on its behalf by:
Henry Leveson-Gower Secretary
Page 4
## **Promoting Economic Pluralism**
## **Independent Examiner's Report to the directors of Promoting Economic Pluralism**
I report to the directors on my examination of the accounts of Promoting Economic Pluralism for the year ended 31 December 2021, which are set out on pages 7 to 11.
## **Respective responsibilities of directors and examiner**
The directors are responsible for the preparation of the accounts. The directors consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
- (i) examine the accounts under section 145 of the 2011 Act;
- (ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- (iii) to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as directors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- (i) accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- (ii) the accounts do not accord with those records; or
- (iii) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Milan Bojkovic Tall Trees Marlborough Road Hampton Middlesex TW12 3RX
19 Oct 2022
Page 5
## **Promoting Economic Pluralism**
## **Statement of Financial Activities for the Year Ended 31 December 2021**
|**Note**
**s**
**Income**
Grants
3
_Income from charitable activities:_
Membership subscriptions
Donations
Other income
_Total incoming resources_
**Expenditure**
_Expenditure on charitable_
_activities_
4
Charitable activities
5
Governance
Raising funds
Other
_Total outgoing resources_
**Net Movement in Funds**
**Reconciliation of funds**
Total funds brought forward
Net Movement in Funds
**Total funds carried forward**|**Unrestricte**
**d**
**Restricted**
**Total**
**Total**
**Funds**
**Funds**
**Funds**
**Funds**
**2021**
**2021**
**2021**
**2020**
**£**
**£**
**£**
**£**
53,897
-
53,897
34,993
2,560
-
2,560
3,233
4,061
-
4,061
5,130
7,686
-
7,686
6,348|
|---|---|
||68,205
-
68,205
49,705|
||73,084
-
73,084
56,874
-
-
-
-
-
-|
||73,084
-
73,084
56,874|
||**-4,879**
**-**
**-4,879**
**-7,168**|
||23,502
-
23,502
30,670
**-4,879**
-
**-4,879**
-7,168|
||**18,623**
**-**
**18,623**
**23,502**|
The notes form part of these financial statements Page 6
## **Promoting Economic Pluralism**
## **Balance Sheet**
## **At 31 December 2021**
|**Note**
**s**
**Current Assets**
Loans to Subsidiary
Debtors
Cash at bank
**_Total current assets_**
**Creditors**: Amounts falling due
within one year
6
**_Total net assets_**
**Funds of the Charity**
Funds
8|**Unrestricte**
**d**
**Restricted**
**Total**
**Total**
**Funds**
**Funds**
**Funds**
**Funds**
**2021**
**2021**
**2021**
**2020**
**£**
**£**
**£**
**£**
858
-
858
658
1,086
-
1,086
1,166
18,857
-
18,857
23,702|
|---|---|
||20,801
-
20,801
25,526
2,179
-
2,179
2,024|
||18,623
-
18,623
23,502|
||18,623
-
18,623
23,502|
The financial statements were approved by the Board of directors on 29 October 2022 and were signed on its behalf by:
## Nicolette Boater
## Oliver Bettis
The notes form part of these financial statements Page 7
**Promoting Economic Pluralism**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **1. BASIS OF ACCOUNTING**
The charity constitutes a public benefit entity as defined by FRS102.
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, and with the Charities Act 2011.
The charity has taken advantage of the provision in the SORP for charities applying FRS102 Update Bulletin 1 not to prepare a Statement of Cash Flows
## **2. ACCOUNTING POLICIES**
The accounts present a true and fair view, and the accounting policies adopted are those outlined below.
## **Recognition of income**
These are included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to the resources.
## **Grants and donations**
Grants and donations are only included in the SoFA when the general income recognition criteria are met.
## **Tax reclaims on donations**
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
## **Governance and support costs**
The charity incurred expenditure on support costs. They have been allocated to governance and support costs.
Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, as set out in note 4.
## **Restricted funds**
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
The notes form part of these financial statements Page 8
## **Offsetting**
There has been no offsetting of assets and liabilities, or income and expenses.
## **Liability recognition**
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
## **Debtors**
Debtors are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
## **Creditors**
The charity has creditors which are measured at settlement amounts less any trade discounts
## **Going Concern**
The accounts have been prepared on a going concern basis.
The notes form part of these financial statements Page 9
**Promoting Economic Pluralism**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **3. ANALYSIS OF INCOME**
Income for the year comprised:
|Grants
Donations
Membership subscriptions
Other income|**Unrestricte**
**d**
**Restricted**
**Total**
**Total**
**2021**
**2020**
**£**
**£**
**£**
**£**
53,897
-
53,897
34,993
2,560
2,560
5,130
4,061
-
4,061
3,233
7,686
-
7,686
6,349|
|---|---|
||68,205
-
68,205
49,705|
## **4. CHARITABLE ACTIVITIES**
|Accreditation
scheme
Pluralism economics
Magazine
Publication of Mint magazine
Events
Events promoting new
economic thinking
Festival for
Change
Support economic system
thinking in young leaders|**Direct**
**Apporti**
**oned**
**Total**
**Total**
**Costs**
**Support**
**Costs**
**2021**
**2020**
**£**
**£**
**£**
**£**
1,302
8,970
10,272
8,701
7,966
45,876
53,842
21,146
-
-
-
1,758
-
8,970
8,970
25,269|
|---|---|
||9,269
63,815
73,084
56,874|
## **5. DETAILS OF CERTAIN ITEMS OF EXPENDITURE**
|**Fees for examination of the accounts**
Independent Examiner's Fees
-|2021
£
-|2020
£|
|---|---|---|
The notes form part of these financial statements Page 10
**Promoting Economic Pluralism**
## **Notes to the Financial Statements - continued** for the Year Ended 31 December 2021
## **6. CREDITORS AND ACCRUALS**
|Accounts payable
Paye, NI & Pensions Payable
Wages payable
|**2021**
**2020**
**£**
**£**
206
690
1,972
1,334
-
-|
|---|---|
||2,179
2,024|
## **7. RELATED PARTY TRANSACTIONS**
The company has a 100% ownership in New Economic Knowledge Services Limited, company number 10334971, a company limited by guarantee. During 2019, the company reimbursed its subsidiary with £47,961 of which £6,732 was not expended in 2019 and hence is represented as a loan from Promoting Economic Pluralism at the end of 2019. Most of this was repaid during 2020.
## **8. CHARITY FUNDS**
Details of funds held and movements during the current reporting period
|Reserves as at:
1 January 2020
Net movement during the year
31 December 2020|**Unrestrict**
**ed**
**Restricted**
**Total**
**Total**
**2021**
**2020**
**£**
**£**
**£**
**£**
23,502
-
23,502
30,670
-4,879
-
-4,879
-7,168|
|---|---|
||18,623
-
18,623
**23,502**|
The notes form part of these financial statements Page 11