2021-12-31-accounts - 65 Degrees North

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	Page
Trustees' annual report
Independent examiner's report to the trustees
Statement offinancial activities
Statement offinancial position
Statement ofcash flows	10
Notes to the financial statements

Principal risks identified as	Principal risks identified as	at 31	Dec	embe	r		2021 were:
Risk								Miti ation
Injury or death during a		challenge		ofa:				~	All training and challenges are meticulously
~	Beneficiary or volunteer.								planned and risk-assessed.
~ Third party non-participant. This risk would reduce the			Charity's			reputation		~	All training and challenges appropriately qualified experts.	are led	by
and potentially lead to financial liability.								~	All participants are carefully	screened	and
									selected.
								~	Adequate medical cover is provided.
								~	Procedures are in place	to ensure
									compliance with health and safety of staff,
									volunteers, clients and visitors	to events.
Financial which includes:								~	In the COVID-19 context and	lack of activity
~	Not meeting our income targets;								this risk has not arisen in the current reporting
~	Loss or reduction offunding		streams.						period.
These risks would reduce our capacity						to deliver		~	As we move forward after the	pandemic	we
our	strategy.								have set clear budgets for	both income
									generation and expenditure which will ensure
									delive ofob'ectives.
Governance which includes:								~	We have reviewed all Charity	policies	and
~	Lack of compliance	with	legal	and		regulatory			ensured all required are in place.
	requirements;							~	We have introduced a finance	rule book	with
~	Breach of data and/or iT breach				by		external		associated delegations and procedures		for
agents; These risks will impact		our operational					delivery		authorisation ofall transactions	and projects.
and	increase regulatory	scrutiny,		both			of which
will	lm act our abllit to	deliver our ob'ectlves.

							Period from
							27 Aug 19to
				Year	to 31 Dec	21	31 Dec20
				Unrestricted	Restricted
				funds	funds	Total funds	Total funds
			Note
Income and endowments
Donations Charitable activities Other trading activities				1,967		1,967	121,608 60,933 3,443
Investment income				15		15	264
Total income				1,982		1,982	186,248
Expenditure
Expenditure on charitable		activities	8,9	18,272	7,438	25,710	16,430
Total expenditure				18,272	7,438	25,710	16,430
Net (expenditure)/income		and net
movement in funds				(16,290)	(7,438)	(23,728)	169,818
Reconciliation offunds
Total funds brought	forward			115,599	54,219	169,818
Total funds carried	forward			99,309	46,781	146,090	169,818

				2021 f	2020 E
Cash flows from operating		activities
Net (expenditure)/income				(23,728)	169,818
Adjustments for:
Other interest receivable	and similar income			(15)	(264)
Interest payable and similar		charges		216	14
Accrued expenses				60	1,440
Cash generated from operations				(23,467)	171,008
Interest paid				(216)	(14)
Interest received				15	264
Net cash (used in)/from	operating activities			(23,668)	171,258
Net (decrease)/increase	in	cash and cash	equivalents	(23,668)	171,258
Cash and cash equivalents		at beginning	ofyear	171,258
Cash and cash equivalents		at end ofyear		147,590	171,258

						Unrestricted	Restricted	Total Funds
						Funds f	Funds	2021
	Small Grants
	Armed Forces Covenant			Fund Trust
	HM Treasury		LIBOR Bank Fines
						Unrestricted	Restricted	Total Funds
						Funds	Funds	2020
	Small Grants Armed Forces Covenant			Fund Trust		4,183	33,250	4,183 33,250
	HM Treasury		LIBOR Bank Fines				23,500	23,500
						4,183	56,750	60,933
6.	Other trading		activities
					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds	2021	Funds	2020
						f
	Fundraising	events					3,443	3,443
7.	Investment	income
					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds	2021	Funds	2020
	Bank interest		received		15	15	264	264

Expenditure on charitable activities by f	und type
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2021
General Funds	16,556		16,556
HM Treaury LIBOR Bank Fines		7,438	7,438
Support costs	1,716		1,716
	18,272	7,438	25,710
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2020
	E
General Funds	12,446		12,446
HM Treaury LIBOR Bank Fines		2,531	2,530
Support costs	1,453		1,454
	13,899	2,531	16,430

15	. Analysis ofcharit	. Analysis ofcharit	ab	le f	unds (continued)
	Restricted funds
						At				At
						1 January			31	December
						2021	Income	Expenditure		2021
							K			P
	Armed Forces Covenant				Fund Trust	33,250				33,250
	HM Treasury	LIBOR Bank Fines				20,969		(7,438)		13,531
						54,219		(7,438)		46,781
						At				At
						27 August			31	December
						2019	Income	Expenditure		2020
	Armed Forces Covenant				Fund Trust		33,250			33,250
	HM Treasury	LIBOR		Bank Fines			23,500	(2,531)		20,969
							56,750	(2,531)		54,219
16.	Analysis ofnet assets between funds
							Unrestricted	Restricted	Total Funds
							Funds	Funds		2021
							E
	Current assets						100,809	46,781		147,590
	Creditors less	than	1	year			(1,500)			(1,500)
	Net assets						99,309	46,781		146,090
							Unrestricted	Restricted	Total Funds
							Funds	Funds		2020
	Current assets						117,039	54,219		171,258
	Creditors less	than	1 year				(1,440)			(1,440)
	Net assets						115,599	54,219		169,818
17.	Analysis ofchanges			in net debt
							At			At
							1 Jan 2021	Cash flows	31	Dec 2021 f
	Cash at bank and in		hand				171,258	(23,668)		147,590