**REGISTERED CHARITY NUMBER: 1182020**
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2021 for Navigate
Maxwells Chartered Accountants 4 King Square Bridgwater Somerset TA6 3YF
Navigate
Contents of the Financial Statements for the Year Ended 31 March 2021
||Page|
|---|---|
|Report of the Trustees|1 to 7|
|Independent Examiner's Report|8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Notes to the Financial Statements|11 to 17|
|Detailed Statement of Financial Activities|18 to 19|
## Navigate
## Report of the Trustees
## for the Year Ended 31 March 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1182020
## **Principal address**
Heatherton Park Studios Heatherton Park Bradford on Tone Somerset TA4 1EU
## **Trustees**
A H R Pritchard B D Ridley J Roxburgh Mrs C J Parmenter Trustee - appointed 19.1.21
## **Independent examiner**
Maxwells Chartered Accountants 4 King Square Bridgwater Somerset TA6 3YF
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Navigate CIO is a Charitable Incorporated Organisation (CIO), registered on the 13th February 2019 Charity number 1182020. The work of Navigate was founded in 2011 as a natural development of the work of Wessex Resolutions CIC.
Navigate CIO; a charitable incorporated organisation. Registered Charity Number 1182020. Registered address: Heatherton Park Studios, Bradford on Tone, Taunton, Somerset, TA4 1EU. Navigate CIO is authorised and regulated by the Financial Conduct Authority 837950 for debt-related activities.
The CIO is governed by a Board of Trustees, currently numbering four volunteers drawn from the communities in which the Charity operates. Navigate is completely independent and has no religious or political affiliations.
The CEO, Ms M Allen is responsible for the strategic and operational direction of the Charity. The board meet a minimum of quarterly. The CEO reports regularly to the board providing reports to the trustees on operational policies and procedures, proposals for improvements in operational practices and services and all financial management information. The Charity is working towards their three-year business plan 2019-2022 and approve annual plans for operational management.
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Navigate
for the Year Ended 31 March 2021
## Report of the Trustees
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Recruitment and appointment of new trustees**
The trustees are mindful of the skill sets of the Trustees and regularly complete a skills audit to ensure effective management of the Charity. Regular training is provided and new trustees are elected by the board; recruited through volunteering, introductions, advertising or targeting specific relevant experience.
Navigate Board of trustees completed a skills audit during 2019-20 and identified areas of expertise that would support Navigates growth, development and management. The trustees seek to recruit a minimumof one new trustees to join the board during 2021-22 with experience, knowledge and skills in the following areas:
Company Secretary PR/Marketing Introducer/influencer Charity Accounting Fundraising Education Mental Health / Health & Well-being
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives**
Navigate CIO's charitable objectives are:
1) The relief of poverty or financial hardship, in particular but not exclusively by providing a range of impartial money advice and support services to people in financial hardship, including those with debt problems and those encountering fuel poverty or financial exclusion, to help them achieve greater financial resilience and capability;
2) To advance education of the public in all matters relating to the management of personal finances, with particular emphasis on issues relating to financial exclusion and building individual financial resilience and capability; and
3) To promote social isolation for the public benefit by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society.
Navigates Vision: to eliminate social isolation and financial hardship.
Navigates Mission: To equip individuals and communities with the knowledge, skills and capabilities to overcome social isolation and financial hardship through high-quality, accessible advice services.
During the financial year, Navigate CIO had 9 different projects, delivered by 13 paid employees.
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Navigate
## Report of the Trustees
## for the Year Ended 31 March 2021
## **OBJECTIVES AND ACTIVITIES**
## **Activities**
Navigates' work benefits individuals and families facing financial hardship and exclusion living in the Counties of Somerset and Devon. Our specialist advisers offer a wide range of 1:1 advice, group support and training through services designed and delivered with the needs of our clients at its heart. Everyone's circumstances are different, every person is an individual and we tailor our approach and delivery to enable engagement, empowerment and support, at a pace that works for our clients and with delivery styles that they can relate to and engage with.
Some of Navigates activities are delivered as part of the Wis£rmoney partnership, the partners consist of Navigate Charity and Encompass Southwest, a registered Charity specialising in housing and homelessness and for some projects, Mind in Somerset. The partnership was formed in 2012 and currently delivers a number of Financial Inclusion services across Devon and Somerset and operates under a formal partnership agreement.
Money, Benefits & Debt Advice - predominately delivered through home visits, debt, benefits and money advice delivered in a sensitive, client-focused manner that enables individuals to make informed choices about how to best resolve their financial difficulties:
Mental Health Training & Support - For individuals who are worried about their current or future financial situation and the impact it is having on their health and wellbeing. Mental Health First Aid Training is provided for stakeholders, delivered by our partners Mind in Somerset;
Financial Education - Free, Fun and Interactive workshops delivered through a series of games providing tips and tools to help build confidence in managing money and dealing with financial challenges;
Community Development - we work with a wide range of statutory and voluntary sector organisations to encourage effective signposting and collaborative working.
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Navigate
for the Year Ended 31 March 2021
## Report of the Trustees
## **OBJECTIVES AND ACTIVITIES Funding**
Our 9 projects have been funded through charitable grants and contracts:
1) The National Lottery Community Fund: Our Transitions Project works across the districts of Torridge and West Devon. Transitions aims to reduce social isolation and improve the quality of life and financial wellbeing of people living in the rural settlements across the two districts.
2) British Gas Energy Trust (BGET): Mind in Somerset have joined the Wis£rmoney partnership to provide mental health advocacy and support as part of this project. Our BGET project aims to improve the quality of life, wellbeing and financial resilience of people living in the Districts of West Somerset, Mid-Devon and North Devon. The project works in communities across the three Districts to support people experiencing, or at risk of experiencing, poverty, financial hardship, and social and financial exclusion.
3) Mid Devon District Council: Local Welfare Assistance to help Mid Devon residents who are facing exceptional financial difficulty through the provision of money and debt advice.
4) Mid Devon District Council: Local Support/Hardship scheme, initially set up to support Mid Devon residents with short term practical financial support during the pandemic, the service provides practical support (food, fuel etc) to individuals and families to help Mid Devon residents who are in financial hardship.
5) Awards for All Project: Funded by the National Lottery Awards for All Programme. A partnership project to support individuals who have recently been street homeless to build financial resilience through one to one money and debt advice and group financial capability workshops.
6) Navigate the Money Maze: Funded through all of our project work. Workshops delivered through a series of games providing tips and tools to help build confidence in managing money and dealing with financial challenges;
7) Accreditation of Navigate the Money Maze: Funded by Somerset Community Foundation. Funding to support accreditation of Navigate the Money Maze courses.
8) Community Health & Social Care Project (CH&SCT): Provide voluntary and community sector representation to Barnstaple, Torrington, Holsworthy, Bideford & Ilfracombe Complex Care Teams.
9) Torridge Rough Sleeper in reach project; provides advice and support to vulnerable individuals who were rough sleeping in the district of Torridge but have now secured accommodation. Advice includes budgeting, financial education, income maximisation and debt advice.
Navigate CIO has also received:
£3,600 from the Clothworkers Foundation to purchase IT and telephone equipment
£1,000 from the Hobson Charity as a contribution towards the cost of resources needed to support those in financial need after the Covid-19 crisis, specifically the purchase of 4 x mobile scanners to enable collection of paperwork: the scanning units enable Navigate caseworkers to complete all work onsite whilst following social distancing rules.
Anonymous donation of £3,000 to help the elderly during the pandemic.
£5,400 for training and consultancy support and £50,000 to support delivery and operational costs during the pandemic from The National Lottery Community Fund, distributed by The Access to Justice Foundation.
## **Public benefit**
The Trustees consider the objectives of the CIO, as stated above, comply with the Charities and Public Benefit Requirements. The Trustees unanimously agree that the requirement for due regard to the public benefit guidance are satisfied.
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## Report of the Trustees
## for the Year Ended 31 March 2021
## **ACHIEVEMENT AND PERFORMANCE Charitable activities**
During the year Navigate CIO has:
Developed Navigate the Money Maze into:
Level one and Level Two awards in Economic Wellbeing and Financial Capability. These courses will give participants a recognised qualification upon completion. Online workshops Reviewed and improved the one day certificate courses.
Wis£rmoney partners have delivered the CH&SCT project and secured funding to continue doing so during 2021-22
Secured EDF funding for 2021-22 to deliver Navigate the Money Maze in districts of Somerset, to mitigate the impact on residents of the Hinkley C development.
Received Access to Justice Foundation funding to support core operational costs during the pandemic.
Received grant funding from The British Gas Energy Trust for continuation of the BGET Project into 2021.
For individuals accessing our services;
Received over 660 referrals for assistance, supporting 825 cases Identified and managed over £873,000 of debt Written off debts totalling £194,000
Increased income for individuals by £694,000 annually Secured grants totalling over £53,000 for clients
Completed over 11,000 interventions to support clients, this includes home visits, appointments, telephone advice etc.
Money, Benefits & Debt Advice - there continues to be a huge demand for home visiting money and debt advice services for those unable to access mainstream advice.
Mental Health Training & Support - For individuals who are worried about their current or future financial situation and the impact it is having on their health and wellbeing. Mental Health First Aid Training is provided for stakeholders, delivered by our partners Mind in Somerset;
Financial Education - Navigate The Money Maze courses were all postponed due to the pandemic. No courses have been delivered during 2020-21. However the courses have been developed to offer both accredited and certificate courses in 2021-22.
Community Development - we work with a wide range of statutory and voluntary sector organisations to encourage effective signposting and collaborative working. No face to face events have taken place during 2020-21 266 forums, engagements and meetings have taken place virtually during the year.
The CIO was established in 2019, born from the work of Wessex Resolutions CIC. Since 2012-13, Navigates' financial inclusion services were delivered as part of the work of Wessex Resolutions CIC (WRCIC). The WRCIC Board of directors considered how they might focus attention even more effectively on their commitments to the delivery of financial inclusion services and during 2018 the WRCIC board of directors undertook an organisational review. As a result, Navigate was formed and is a new Charitable Incorporated Organisation (CIO), registered on the 13th February 2019 Charity number 1182020.
Page 5
## Navigate
## Report of the Trustees
## for the Year Ended 31 March 2021
As a new charity there have been funding challenges especially during the pandemic, specificallyin securing grant funding to support project and operational costs. The pandemic has created further funding challenges as Navigate currently rely on grant funding and donations to cover running costs, many funders who would support our charitable purposes suspended applications for grants. Charities who rely on fundraising activities, have been unable to self-generate income, resulting in a huge volume of applications for those grant funders still accepting applications.
Although there is a huge need to support people in the here and now, the lack of funding opportunities to develop and deliver services as we move into the "recovery" phases of Covid19 will be a huge challenge for Navigate.
The economic climate continues to remain a difficult one and competition for funding is high. However, during the year Navigate have secured £594,192 in grant, contract and donation income and have managed budgets effectively with a year-end operating surplus of £56,610. Much of this comes from redesigning our services to respond to the pandemic and being unable to deliver home visiting services.
In response to governments' guidance in relation to the Coronavirus, all face to face activities ceased during 2020-21 and Navigate staff were instructed to work from home. The client group that we support have complex and multiple needs. We have found that even with additional support, many of our clients are unable to access or act on advice given over the phone and do not have the digital access or knowledge to be able to seek advice via digital channels. As many services move further towards digital advice, we fear that many isolated and excluded individuals and families will be harder to reach. We expect a significant surge in demand and need for our services as restrictions lift.
The pandemic has reinforced the need for our specialist services. Although we recognise that we will have to operate differently for the foreseeable future, we are committed to providing face to face advice to be able to support those who need us most, while ensuring staff, volunteer and client safety.
The charity has no debts.
We have continued to build effective partnerships with likeminded organisations. Navigate work with a wide range of statutory and voluntary sector organisations and believe strongly that partnership work adds value to the activities and communities we work with; building the financial resilience of individuals and reducing the stress and anxiety of many enabling them to open the door to greater community engagement and improved wellbeing.
Navigate has a formal partnership with Encompass Southwest known as "Wiser£money". The Wis£rmoney partnership was formed in 2012 and currently delivers a number of Financial Inclusion services across Devon and operates under a formal partnership agreement. This partnership demonstrates that cooperative working reduces duplication of services and builds capacity with shared back of house resources.
## **Reserves Policy**
At the end of this year the CIC have £85,174 in reserves which will be held in accordance with our reserves policy as set by the Board of Trustees. The Trustees are working towards holding unrestricted reserves to cover 6 months budgeted turnover (a target of approximately £300,000). As at 31st March 2021 unrestricted reserves of £38,406 were held falling vastly short of the target reserve policy. As a relatively new charity, it is expected to take a number of years to build the unrestricted reserves to the target monthly coverage.
## **Final Thoughts**
In what has been a difficult year for the whole Country the Trustees very much appreciate the dedication & commitment that all the staff have shown in order to continue the work of Navigate. Mel Allen continues to work tirelessly in supporting her staff and is the driving force behind the success of Navigate.
We all look forward to 2021/22 when our services can be provided in full.
A big THANK YOU from the Trustees to all.
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## Report of the Trustees
## for the Year Ended 31 March 2021
Approved by order of the board of trustees on 2 August 2021 and signed on its behalf by:
B D Ridley - Trustee
Page 7
## Independent Examiner's Report to the Trustees of Navigate
I report on the accounts for the year ended 31 March 2021, which are set out on pages nine to seventeen.
## **Responsibilities and basis of report**
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I have examined your charity's accounts as required under section 145 of the Charities Act 2011 ('the Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
My role is to state whether any material matters have come to my attention giving me cause to believe:
1. that accounting records were not kept as required by section 130 of the Act; or
2. that the accounts do not accord with those records; or
3. that the accounts do not comply with the accounting requirements of the Act; or
4. that there is further information needed for a proper understanding of the accounts.
## **Independent examiner's statement**
I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission I have found no matters that require drawing to your attention.
Gavin Roberts FCCA, ACA Maxwells Chartered Accountants 4 King Square Bridgwater Somerset TA6 3YF
10 August 2021
Page 8
## Navigate
## Statement of Financial Activities for the Year Ended 31 March 2021
|**Year Ended**
**31.3.21**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
Notes
**£**
**£**
**£**
**INCOMING RESOURCES**
**Incoming resources from generated funds**
Voluntary income
**145,510**
**449,086**
**594,596**
**RESOURCES EXPENDED**
**Costs of generating funds**
Costs of generating voluntary income
**5,219**
**-**
**5,219**
**Charitable activities**
Money and debt advisory
**78,224**
**418,793**
**497,017**
**Other resources expended**
**35,137**
**1,104**
**36,241**
**Total resources expended**
**118,580**
**419,897**
**538,477**
**NET INCOMING RESOURCES BEFORE**
**TRANSFERS**
**26,930**
**29,189**
**56,119**
**Gross transfers between funds**
7
**(639)**
**639**
**-**
**Net incoming/(outgoing) resources**
**26,291**
**29,828**
**56,119**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**12,115**
**16,940**
**29,055**
**TOTAL FUNDS CARRIED FORWARD**
**38,406**
**46,768**
**85,174**|Period
13.2.19
to
31.3.20
Total
funds
£
445,842
31,794
335,682
49,311|
|---|---|
||416,787|
||29,055
-|
||29,055
-|
||29,055|
The notes form part of these financial statements
Page 9
## Navigate
## Balance Sheet
## At 31 March 2021
|**Unrestricted**
**Restricted**
**funds**
**funds**
Notes
**£**
**£**
**FIXED ASSETS**
Tangible assets
4
**2,391**
**-**
**CURRENT ASSETS**
Debtors
5
**15,248**
**2,546**
Cash at bank
**46,081**
**85,397**
**61,329**
**87,943**
**CREDITORS**
Amounts falling due within one year
6
**(25,314)**
**(41,175)**
**NET CURRENT ASSETS**
**36,015**
**46,768**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**38,406**
**46,768**
**NET ASSETS**
**38,406**
**46,768**
**FUNDS**
7
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|**31.3.21**
**Total**
**funds**
**£**
**2,391**
**17,794**
**131,478**
**149,272**
**(66,489)**
**82,783**
**85,174**
**85,174**
**38,406**
**46,768**
**85,174**|31.3.20
Total
funds
£
3,495
13,755
63,251
77,006
(51,446)
25,560
29,055
29,055
12,115
16,940
29,055|
|---|---|---|
The financial statements were approved by the Board of Trustees on 2 August 2021 and were signed on its behalf by:
B D Ridley -Trustee
The notes form part of these financial statements
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Notes to the Financial Statements for the Year Ended 31 March 2021
## **1. ACCOUNTING POLICIES**
## **Accounting convention**
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
## **Incoming resources**
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
## **Resources expended**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on reducing balance
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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.
## **Pension costs and other post-retirement benefits**
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **2. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the period ended 31 March 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the period ended 31 March 2020 .
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Notes to the Financial Statements - continued for the Year Ended 31 March 2021
## **3. STAFF COSTS**
|||||Period|
|---|---|---|---|---|
|||||13.2.19|
|||**Year Ended**||to|
|||**31.3.21**||31.3.20|
|||**£**||£|
||Wages and salaries|**218,031**||153,051|
||Social security costs|**12,578**||8,699|
||Other pension costs|**13,171**||11,118|
|||**243,780**||172,868|
||The average monthly number of employees during the year was as follows:||||
|||||Period|
|||||13.2.19|
|||**Year Ended**||to|
|||**31.3.21**||31.3.20|
||Office and Management||**13**|8|
||No employees received emoluments in excess of £60,000.||||
|**4.**|**TANGIBLE FIXED ASSETS**||||
|||||**Motor vehicles**|
|||||**£**|
||**COST**||||
||At 1 April 2020 and 31 March 2021|||**4,415**|
||**DEPRECIATION**||||
||At 1 April 2020|||**920**|
||Charge for year|||**1,104**|
||At 31 March 2021|||**2,024**|
||**NET BOOK VALUE**||||
||At 31 March 2021|||**2,391**|
||At 31 March 2020|||3,495|
|**5.**|**DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**||||
|||**31.3.21**||31.3.20|
|||**£**||£|
||Trade debtors|**8,273**||6,922|
||Other debtors||**-**|350|
||Prepayments and accrued income|**9,521**||6,483|
|||**17,794**||13,755|
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Notes to the Financial Statements - continued for the Year Ended 31 March 2021
## **6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Bank loans and overdrafts
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income|**31.3.21**
**£**
**-**
**8,889**
**4,672**
**5,258**
**47,670**
**66,489**|31.3.20
£
6,896
6,894
2,558
1,940
33,158|
|---|---|---|
|||51,446|
## **7. MOVEMENT IN FUNDS**
|**Net movement**
**Transfers**
**At 1.4.20**
**in funds**
**between funds**
**At**
**£**
**£**
**£**
**Unrestricted funds**
General fund
**13,643**
**(12,435)**
**(639)**
Mid Devon District Council - Local Welfare
Assistance
**5,368**
**8,002**
**-**
Navigate the Money Maze
**(6,896)**
**(197)**
**-**
Community Health & Social Care Project
(CH&SCT)
**-**
**18,737**
**-**
Mid Devon District Council Hardship Scheme
**-**
**12,021**
**-**
Torridge Rough Sleeper Outreach
**-**
**802**
**-**
**12,115**
**26,930**
**(639)**
**Restricted funds**
British Gas Energy Trust
**16,940**
**(5,989)**
**-**
Transitions
**-**
**24,073**
**-**
Awards 4 All
**-**
**2,567**
**-**
Somerset Community Foundation
**-**
**(639)**
**639**
Access to Justice Foundation
**-**
**9,146**
**-**
The Clothworkers Foundation
**-**
**31**
**-**
**16,940**
**29,189**
**639**
**TOTAL FUNDS**
**29,055**
**56,119**
**-**|**31.3.21**
**£**
**569**
**13,370**
**(7,093)**
**18,737**
**12,021**
**802**|
|---|---|
||**38,406**
**10,951**
**24,073**
**2,567**
**-**
**9,146**
**31**|
||**46,768**|
||**85,174**|
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## Notes to the Financial Statements - continued for the Year Ended 31 March 2021
## **7. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
||**Incoming**|**Resources**||**Movement in**|
|---|---|---|---|---|
||**resources**|**expended**||**funds**|
||**£**|**£**||**£**|
|**Unrestricted funds**|||||
|General fund|**28,469**|**(40,904)**||**(12,435)**|
|Mid Devon District Council - Local Welfare Assistance|**30,090**|**(22,088)**||**8,002**|
|Navigate the Money Maze|**(150)**|**(47)**||**(197)**|
|Community Health & Social Care Project (CH&SCT)|**29,246**|**(10,509)**||**18,737**|
|Mid Devon District Council Hardship Scheme|**46,633**|**(34,612)**||**12,021**|
|Torridge Rough Sleeper Outreach|**11,222**|**(10,420)**||**802**|
||**145,510**|**(118,580)**||**26,930**|
|**Restricted funds**|||||
|British Gas Energy Trust|**236,621**|**(242,610)**||**(5,989)**|
|Transitions|**145,461**|**(121,388)**||**24,073**|
|Awards 4 All|**6,533**|**(3,966)**||**2,567**|
|Somerset Community Foundation|**4,000**|**(4,639)**||**(639)**|
|Access to Justice Foundation|**52,871**|**(43,725)**||**9,146**|
|The Clothworkers Foundation|**3,600**|**(3,569)**||**31**|
||**449,086**|**(419,897)**||**29,189**|
|**TOTAL FUNDS**|**594,596**|**(538,477)**||**56,119**|
|**Comparatives for movement in funds**|||||
||**Net movement**|**Transfers**|||
||**in funds**|**between funds**||**At 31.3.20**|
||**£**|**£**||**£**|
|**Unrestricted Funds**|||||
|General fund|**20,127**|**(6,484)**||**13,643**|
|Mid Devon District Council - Local Welfare Assistance|**5,368**|**-**||**5,368**|
|Navigate the Money Maze|**(6,896)**|**-**||**(6,896)**|
||**18,599**|**(6,484)**||**12,115**|
|**Restricted Funds**|||||
|British Gas Energy Trust|**16,940**|**-**||**16,940**|
|Transitions|**(4,176)**|**4,176**||**-**|
|Awards 4 All|**(2,308)**|**2,308**||**-**|
||**10,456**|**6,484**||**16,940**|
|**TOTAL FUNDS**|**29,055**|**-**||**29,055**|
||||||
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## Notes to the Financial Statements - continued for the Year Ended 31 March 2021
## **7. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
||**Incoming**|**Resources**|Movement in|
|---|---|---|---|
||**resources**|**expended**|funds|
||**£**|**£**|£|
|**Unrestricted funds**||||
|General fund|**104,447**|**(84,320)**|**20,127**|
|Mid Devon District Council - Local Welfare Assistance|**28,311**|**(22,943)**|**5,368**|
|Navigate the Money Maze|**906**|**(7,802)**|**(6,896)**|
||**133,664**|**(115,065)**|**18,599**|
|**Restricted funds**||||
|British Gas Energy Trust|**226,314**|**(209,374)**|**16,940**|
|Transitions|**81,699**|**(85,875)**|**(4,176)**|
|Awards 4 All|**4,165**|**(6,473)**|**(2,308)**|
||**312,178**|**(301,722)**|**10,456**|
|**TOTAL FUNDS**|**445,842**|**(416,787)**|**29,055**|
|||||
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Notes to the Financial Statements - continued for the Year Ended 31 March 2021
## **7. MOVEMENT IN FUNDS - continued**
## **British Gas Energy Trust (BGET)**
Our BGET project is funded by the British Gas Energy Trust. Mind in Somerset have joined the Wis£rmoney partnership to provide mental health advocacy and support as part of this project. Our BGET project aims to improve the quality of life, wellbeing and financial resilience of people living in the Districts of West Somerset, Mid-Devon and North Devon. The project works in communities across the three Districts to support people experiencing, or at risk of experiencing, poverty, financial hardship, and social and financial exclusion.
## **Mid Devon District Council - Local Welfare Assistance**
Is a fund set up and funded by Mid Devon District Council to help Mid Devon residents who are facing exceptional financial difficulty.
## **Navigate the Money Maze**
Funded by Somerset Community Foundation, funding to support accreditation of Navigate the Money Maze courses which are workshops delivered through a series of games providing tips and tools to help build confidence in managing money and dealing with financial challenges.
## **Transitions**
The Transitions Project works across the districts of Torridge and West Devon and is funded by the National Lottery Community Fund. Transitions aim to reduce social isolation and improve the quality of life and financial wellbeing of people living in the rural settlements of Torridge and West Devon.
## **Awards 4 All**
Funded by the National Lottery Awards for All Programme. A partnership project to support individuals who have recently been street homeless to build financial resilience through one to one money and debt advice and group financial capability workshops.
## **Mid Devon District Council: Local Support/Hardship scheme**
Initially set up to support Mid Devon residents with short term practical financial support during the pandemic, the service provides practical support (food, fuel etc) to individuals and families to help Mid Devon residents who are in financial hardship.
## **Somerset Community Foundation**
Accreditation of Navigate the Money Maze - funded by Somerset Community Foundation. Funding to support accreditation of Navigate the Money Maze courses.
## **Community Health & Social Care Project (CH&SCT)**
Provide voluntary and community sector representation to Barnstaple, Torrington, Holsworthy, Bideford & Ilfracombe Community Health & Social Care Teams .
## **Torridge Rough Sleeper outreach**
Provides advice and support to vulnerable individuals who were rough sleeping in the district of Torridge but have now secured accommodation. Advice includes budgeting, financial education, income maximisation and debt advice.
## **Access to Justice Foundation**
The Community Justice Fund is a joint initiative to help specialist social welfare legal advice organisations cope with the immediate impact of the COVID-19 pandemic and lay the foundations for longer-term renewal.
## **The Clothworkers Foundation**
Award capital grants to charities registered in the UK and to not-for-profit organisations which can demonstrate that they work across one or more of their defined programme areas.
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## Navigate
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
## **7. MOVEMENT IN FUNDS - continued**
## **Transfers between funds**
The Somerset Community Foundation fund had costs in excess of their income streams during the year, to prevent the funds going into a deficit position, the trustees have agreed to transfer funds to the extent of the overspend from the unrestricted reserves. The trustees have retained the option to reverse the transfers at such time that the restricted funds are replenished by income streams and those grants allow for pre granted expenditure to be covered by the restriction.
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## Navigate
## Detailed Statement of Financial Activities for the Year Ended 31 March 2021
|**Year Ended**
**31.3.21**
**£**
**INCOMING RESOURCES**
**Voluntary income**
Gifts
**-**
Donations
**12,627**
Income
**566,132**
Other revenue
**15,837**
**594,596**
**Total incoming resources**
**594,596**
**RESOURCES EXPENDED**
**Costs of generating voluntary income**
Wages
**4,120**
Social security
**463**
Pensions
**331**
Telephone
**60**
Postage, stationery & computer
**229**
Staff costs and consulting
**16**
**5,219**
**Charitable activities**
Wages
**201,667**
Social security
**10,473**
Pensions
**11,852**
Subcontractors
**195,880**
Computer and stationery costs
**22,636**
Staff recruitment and training
**5,275**
Telephone
**4,213**
Marketing
**323**
Travelling and meeting costs
**1,878**
Sundries
**1,871**
Staff costs
**2,708**
Legal and compliance fees
**2,937**
Grants to individuals
**35,304**
**497,017**|Period
13.2.19
to
31.3.20
£
-
81,857
341,394
22,591|
|---|---|
||445,842|
||445,842
12,094
974
898
89
194
17,545|
||31,794
115,572
5,691
8,299
150,934
22,200
3,703
1,643
1,018
19,327
1,363
1,646
205
4,081|
||335,682|
## **Support costs**
This page does not form part of the statutory financial statements
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## Navigate
## Detailed Statement of Financial Activities for the Year Ended 31 March 2021
|**Year Ended**
**31.3.21**
**£**
**Management**
Insurance
**4,282**
Telephone
**116**
Postage and stationery
**53**
Expenses
**38**
**4,489**
**Finance**
Bank charges
**3,857**
Depreciation of tangible fixed assets
**1,104**
**4,961**
**Governance costs**
Wages
**12,244**
Social security
**1,642**
Pensions
**988**
IT & Software
**3,302**
Subscriptions
**1,132**
Legal and compliance fees
**2,048**
Sundries
**2,778**
Accountancy
**2,340**
Staff costs
**317**
**26,791**
**Total resources expended**
**538,477**
**Net income**
**56,119**|Period
13.2.19
to
31.3.20
£
3,425
953
328
187|
|---|---|
||4,893
2,617
920|
||3,537
25,385
2,034
1,921
3,953
409
1,623
3,187
2,160
209|
||40,881|
||416,787|
||29,055|
This page does not form part of the statutory financial statements
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