2021-03-31-accounts - Child Poverty Action Group

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Child Poverty Action Group
(ACompany Umited by Guarantee)
Report and Financial Statements
Year Ended 31March 2021

Contents
Trustees' report		3-28
Independent auditors'	report	.29-32
Statement offinancial	activities	33-34
Balance sheet .		..35
Cash flow statement .		..36
Notes to the financial	statements	.37-51

tructure	, governa	nce and management	nce and management
Status		Child Poverty Action Group ("the		CPAG")		is a charitable		company		limited		by
		guarantee.
Governing	document	The charitable	company was established			under a Memorandum				ofAssociation
		which established the objects and		powers		ofthe charitable			company		and	is
		governed under its Articles ofAssociation.
Company	number	1993854
Charity number		Registered with	the Charity Commission		for England		and Wales registration
		number 294841, and with the Office ofthe Scottish					Charity		Regulator
		registration number SC039339
Registered	office and	30 Micawber Street
operational	address	London
		N1 7ST
Email		office@cpag.org.uk
Website		cpag.org. uk
Honorary	officers	Alan Buckle		Chair
		Kim Catcheside		Vice	Chair until 9 December					2020
		Jane Millar		Vice	Chair from 10			December 2020
		Mark O'Kelly		Treasurer
Chief Executive		Alison Garnham
Company	Secretary	Chineze Okonkwo-Onyilo
Bankers		NatWest Bank	pic
		Islington Angel	Branch
		2/3 Upper Street
		London
		N1 OPH
Soliotors		Russell-Cooke
		2 Putney Hill
		London
		SW15 6AB
Auditors		Haysmacintyre	LLP
		10Queen Street Place
		London
		EC4R 1AG

Alan Buckle	Chair
Kim Catcheside	Vice Chair until 9 December 2020
Jane Millar	Vice Chair from 10December 2020
Mark O'Kelly	Treasurer
Alan Marsh
Diane Sechi
Fiona Forsyth
Anne Baxendale
Steve Bassam (co-opted)
Tim Waters	Until 30ofJune 2020
Torsten Bell
Satwat Rehman
Stephen Watmough

Continue to be	Given greater media interest in	Given greater media interest in		~	Comment and focus only where we are expert and have	Comment and focus only where we are expert and have	Comment and focus only where we are expert and have
the leading	charities and increased exposure				evidence.
experts on social	to public comment through social			~	Established, clear approval processes for press releases		and
security and child	media activity ofour advocacy				policy briefings, balanced with need for quick media
poverty	and policy work, there is a risk				response.
	that our reputation, credibility	or		~	Established lines ofaccountabikty for sign offof all external
	market share as the leading				documents and comments.
	independent experts on social
	security and child poverty for
	media, policy stakeholders and
	advice workers, members and	the
	public may be challenged.
Grow income and	Given our reliance on funders	and		~	Sales and income reports generated and regularly reviewed
reserves	publications income, and the				to enable agility and timely corrective action.
sustainably	economic pressures facing our			~	Close monitoring ofgrant funded projects to ensure	that
	financial supporters and				funding conditions are met within timescales given.
	customers, while sales have			~	Improve our CRM and website to enable us to develop
	currently stabilised, there is a risk				fundraising in areas other than trusts and foundations
	that levels ofsales of publications				including legacies programme, individual donations	and
	or training could reduce in future.				corporates.
	Sudden cancellation ofgrants			~	Continue to develop new creative offerings to our
	may lead to inability to sustain				publications, training and membership customers.
	our vital policy and advocacy work			~	Continue to use more effective debt chasing procedures.
	and inability to build unrestricted
	income which enable us to post		a
	surplus and build reserves tothe
	required levels.
We continue to	Our objective to move towards		a	~	The digital team lead by the Director of Business meet
invest in our	digital provision and service				regularly to ensure aims and objectives are met and	we
digital	continues with investment from				continue to work on our digital strategy.
infrastructure	funding and core where			~	A Board committee monitors digital developments.
	appropriate.
Larger projects	Given our ambitions to grow our			~	Hire the best staff CPAG can attract.
	impact there is a risk that, as we			~	Constant monitoring ofactivities and resources within		large
	expand, we fail to successfully				projects.
	deliver on even larger projects.			~	Including the projects as part ofour risk assessment	process
					which involves Trustees and SMT working together.
COVID-19 risk	Senior Management team and			~	Staff health and wellbeing being a priority for CPAG,	remote
	SRA Trustees have been meeting				working was fully implemented in the financial year.
	on a monthly basis since March			~	Upgrade of IT infrastructure such as laptops have been
	2020to mitigate the risk from				procured for all staff. Also, to avoid the risk ofoverload		on
	COVID-19, and a series of				the server via VPN, we implemented Office 365.
	mitigating actions were			~	All staff are able to remotely access e-mails via outlook		web
	implemented.				access. CRM and website are online, enabling remote
	SMT are in discussion on what				working
	post-lockdown will look like while			~	Financial impact: the budget and plan for future years are
					constantly being revised and reviewed to reflect further		loss

Income from:
Donations						1,326,533		1,326,533
Legacies						45,707		45,707
Activities for generating			funds
Rent and room	hire
Charitable activities;
Publications						1,011,097	142,777	1,153,874
Welfare rights	and test		cases			2,452	1,114,298	1,116,750
Training						349,026	267,099	616,125
Membership						48,459	878	49,337
Information, research and campaigning						19,044	1,529,605	1,548,649
Investments						6,202		6,202
Other						30,391		30,391
Total						2,838,911	3,054,657	5,893,568
Expenditure on:
Raising funds						252,822		252,822
Charitable activities:
Publications						648,523	142,778	791,301
Welfare rights	and test		cases			51,991	1,115,440	1,167,431
Training						228,545	267,098	495,643
Membership						72,460	878	73,338
Information, research and campaigning						234,757	1,536,420	1,771,177
Total					4	1,489,098	3,062,614	4,551,712
Net expenditure	before		Investment	losses		1,349,813	(7,957)	1,341,856
Gross transfers	between		funds
Net Income/(expenditure)						1,349,813	(7,957)	1,341,856
Unrea lised Investment		gains				272		272
Net movement	in funds					1,350,085	(7,957)	1,342,128
Total funds brought forward						2,203,795	22,573	2,226,368
Tote Ifunds carried forward						3,553,880	14,616	3,568,496

						~ ~
Income from:
Donations				277,964		277,964
Legacies				5,701		5,701
Activities for generating	funds
Rent and room hire				19,740		19,740
Charitable activities:
Publications				734,721	79,395	814,116
Welfare rights and test cases				216,415	776,564	992,979
Training				613,216	160,428	773,644
Membership				66,339		66,339
Information, research and campaigning				122,077	788,790	910,867
Investments				6,044		6,044
Other				25,741		25,741
Total				2,087,958	1,805,177	3,893,135
Expenditure on:
Raising funds				219,049		219,049
Charitable activities:
Publications				673,865	79,395	753,260
Welfare rights and test	cases			333,635	860,631	1,194,266
Training				359,323	160,428	519,751
Membership				122,952		122,952
Information, research and campaigning				610,746	790,414	1,401,160
Total			4	2,319,570	1,890,868	4,210,438
Net expenditure before	Investment	losses		(231,612)	(85,691)	(317,303)
Gross transfers between	funds
Net expenditure				(231,612)	(85,691)	(317,303)
Llnrealised Investment	losses			(789)		(789)
Net movement In funds				(232,401)	(85,691)	(318,092)
Total funds brought forward				2,436,196	108,264	2,544,460
Total funds carded forward				2,203,795	22,573	2,226,368


FIXEDASSETS
Tangible fixed assets				1,744,010		1,863,034
Investments				1,118,444		512,281
				2,862,454		2,375,315
CURRENT ASSETS
Stock		10	74,944		100,029
Debtors		11	1,573,118		874,218
Cash and Short term	deposits		1,429,407		303,563
			3,077,469		1,277,810
CREDITORS: amounts	falling due
within one year		12	(2,371,427)		(1,426,757)
NET CURRENT (LIABILITIES)/ ASSETS				706,042		(148,947)
TOTAL ASSETS LESSCURRENT
LIABILITIES				3,568,496		2,226,368
NET ASSETS		13		3,568,496		2,226,368
FUNDS
Restricted funds				14,616		22,573
Unrestricted funds:
Designated funds				2,278,553		2,088,034
General funds				1,275,327		115,761
TOTAL CHARITY FUNDS				3,568,496		2,226,368

				~ a
Cashflows from operating	activities
Net cash provided by operating		activities (see note below)	1,728,574	355,650
Cash flows from investing	activities
Investment income received			6,202	6,044
Purchase ofproperty, plant	and	equipment	(3,040)	(130,115)
Purchase ofinvestments			(605,892)	(155,144)
Net cash (used in)/provided	by	investing activities	(602,730)	(279,215)
Change in cash and cash equivalents in the year			1,125,844	76,435
Cash and cash eqwvaients	at the start ofthe year		303,563	227,128
Cash and cash equivalents	ot	the end ofthe year	1,429,407	303,563

Notes reconciiiation ofnet	Notes reconciiiation ofnet	errpenditure
Net income/(expenditure)	forthe year		1,342,128	(318,092)
Adjustments for:
Depreciation			122,064	110,090
Investment (gains)/losses			(272)	789
Investment income			(6,202)	(6,044)
Decrease in stock			25,085	7,155
Increase in debtors			(698,900)	(136,136)
Increase in creditors			944,671	697,888
Net provided by operating		activities	1,728,574	355,650

		2021	2020
Publications		10%	90/
Welfare Rights and Test Cases		27%	26%
Training		15%	9%
Membership		1%	4%
Information,	Research and Campaigning	42%	46%
Fundraising	and Publicity	50/	5%
Governance		1%	1%

			a
This isstated after charging:
Depreciation		122,064	110,090
Operating lease rentals:
Property		38,438	40,896
Equipment		14,937	23,664
Auditors remuneration:
Audit Current Year provision		15,000	25,500
Audit Release of previous over provision		(6,500)
Trustees' remuneration:
Costs paid for trustees
Trustees' reimbursed	expenses

			~ ~ ~ ~	~
Costs ofgenerating	funds
Raising funds			58,476	194,346	252,822
Chaditable activities
Publications			108,813	682,489	791,301
Welfare rights			306,861	860,570	1,167,431
Training			134,928	360,715	495,643
Membership			14,925	58,413	73,338
Information, research		and campaigning	454,743	1,316,435	1,771,177
Total expenditure			1,078,746	3,472,966	4,551,712

				~
Costs ofgenerating	funds
Raising funds			46,797	172,252	219,049
Charitable activities
Publications			92,053	661,207	753,260
Welfare rights			267,674	926,592	1,194,266
Training			92,287	427,464	519,751
Membership			41,654	81,298	122,952
Information, research		and campaigning	460,824	940,336	1,401,160
Totalexpenditure			1,001,289	3,209,149	4,210,438

Salaries and wages	2,463,145	2,074,350
Social security costs	256,412	214,530
Pension contributions	138,428	116,601
	2,857,985	2,405,481
Agency staff costs	5,066	18,497
Tota I staff costs	2,863,051	2,423,978

Welfare rights and test cases	Welfare rights and test cases	Welfare rights and test cases	16	15
Information,	research	and campaigning	23	19
Fundraising	and publicity		3	3
Training			6	5
Membership			1	2
Publications			5	5
Governance			1	1
Support activities			8	6
			63	56

Cost
At 01/04/2020	1,766,146	107,225	555,809	2,429,180
Additions in year			3,040	3,040
Disposals in year			(183,490)	(183,490)
At 31March 2021	1,766,146	107,225	375,359	2,248,730
Depreciation
At 01/04/2020	180,187	57,874	328,085	566,146
Charge for 2020/21	35,537	9,211	77,316	122,064
Disposals in year			(183,490)	(183,490)
At 31March 2021	215,724	67,085	221,911	504,722
Net BookValue
At 31March 2021	1,550,422	40,140	153,448	1,744,010
At 31March 2020	1,585,960	49,350	227,724	1,863,034

Market value at the	start ofthe year	512,281	357,926
Amount deposited	in the year	605,892	155,144
Unrealised gain		272	(789)
Market value at the	end ofthe year	1,118,445	512,281
Historic cost at year	end	1,119,701	513,265
Investments comprise:
Close Brothers Group Pic		1,117,188	511,296
Shares listed on the	LSE	1,254	983
Investment in trading subsidiary		2	2
		1,118,444	512,281

			a ~
Work in progress		67,236	95,154
Publications	for resale	7,708	4,875
		74,944	100,029

Trade debtors	833,538	326,061
Other debtors	43,588	17,377
Prepayments	67,976	164,793
Accrued income	628,016	365,987
	1,573,118	874,218

		~ s
Trade creditors	182,356	292,152
Taxation and social security	65,937	79,371
Other creditors	212,004	56,473
Accruals and Deferred Income	1,911,130	998,761
	2,371,427	1,426,757

Tangible fixed assets		1,744,010			1,744,010
Fixed asset investments			1,118,444		1,118,444
Net current assets	14,616		(583,901)	1,275,327	706,042
Net assets atthe end ofthe year 2021	14,616	1,744,010	534,543	1,275,327	3,568,496

Tangible fixed assets		1,863,034			1,863,034
Fixed asset investments			512,281		512,281
Net current assets	22,573		(287,281)	115,761	(148,947)
Net assets atthe end ofthe year 2020	22,573	1,863,034	225,000	115,761	2,226,368

Restr)cted funds
National Lottery Community Fund —UK Cost ofthe School Day project			729,958	(729,958)
Scottish Government —second tier welfare
rights project			675,000	(675,000)
Scottish Government through a ALEC Fund grant- Early Warning	CYPFEIF and System		113,536	(113,536)
The Legal Education Foundation	(TLEF)—
improving public law education	and capacity		113,530	(113,530)
ofnon-legal professionals
Scottish Government —Covid-19 Social Justice Fund			104,877	(104,877)
Community Justice Fund via Access toJustice Foundation —Covid-19 support			100,000	(100,000)
Scottish Government —Cost ofthe School
Day Project			93,905	(93,905)
Trust for London		4,435	89,500	(93,935)
The Legal Education Foundation 'Computer Says No'	(TLEF)—	12,614	83,147	(83,147)	12,614
Oak Foundation			79,011	(79,011)
Barclays —Your Work Your Way		880	75,718	(76,598)
Esmee Fairbairn Foundation			74,354	(74,354)
Comic Relief —universal credit project		435	68,938	(69,373)
Therium Access Limited			58,484	(58,484)
University ofYork grant from Nuffield Foundation —poverty in the pandemic			56,633	(56,633)
Standard Life Foundation			55,051	(55,051)
London Community Response Fund via Trust For London —Covid-19 response			50,000	(50,000)
National Lottery Community Fund Covid-19 Emergency Funding			49,281	(49,281)
City Bridge Trust			48,750	(48,750)
City Bridge Trust —continuation	grant		16,052	(16,052)
The Legal Education Foundation Justice First Fellowship	(TLEF)—		41,543	(41,543)
Glasgow Health and Social Care (HSCP)	Partnership		40,927	(40,927)
Comic Relief in partnership with Covid response	the DCMS-		39,850	(39,850)
Barrow Cadbury Trust —Early Warning System			30,000	(30,000)
Mitchell Charitable Trust			30,000	(30,000)
Grants for Advice Line Glasgow			22,900	(22,900)
Feeding Britain		707	22,083	(22,790)
TOUT Charitable Trust			20,237	(20,237)

Baring Foundation Covid-19 Response	Baring Foundation Covid-19 Response	Fund		20,027	(20,027)
Barrow Cadbury Trust Children and Families	—Secure Futures	for		12,000	(12,000)
Oxfam GB				10,542	(10,542)
Scottish Government project	Benefits Take-up			6,600	(6,600)
University ofYork grant from Nuffield
Foundation —benefit	changes and larger			3,926	(3,926)
families
Barclays —Survivors Welfare Advice Project				2,192	(2,192)
Fusion 21 Foundation				975	(9/5)
Other grants			3,502	15,130	(16,630)		2,002
Total restricted funds			22,573	3,054,657	(3,062,614)		14,616
~O*d d
Tangible fixed assets			1,863,034		(122,064)	3,040	1,744,010
Capital Reserve			40,000				40,000
Development Fund			100,000				100,000
Redundancy/Leave			85,000				85,000
Investment Fund						259,543	259,543
Campaign Fund						50,000	50,000
Total designated funds			2,088,034		(122,064)	312,583	2,278,553
General funds			115,761	2,838,911	(1,366,762)	(312,583)	1,275,327
Total unrestricted funds			2,203,795	2,838,911	(1,488,826)		3,553,880
Total Funds			2,226,368	5,893,568	(4,551,440)		3,568,496

Restricted funds
Scottish Government —second		tier
welfare rights service				610,000	(610,000)
City Bridge Trust —universal	credit
London			2,216	48,750	(50,966)
Scottish Government —Cost	ofthe			75,371	(75,371)
School Day Project
Oak Foundation —Early Warning				86,319	(86,319)
System
The Legal Education Foundation				50,521	(50,521)
(TLEF)Justice First Fellowship
TLEF —AskCPAG			64,634	12,152	(76,786)
TLEF —increasing legal knowledge			11,100	51,542	(62,642)
and capability
TLEF —improving public law				18,749	(18,749)
education and capacity of non-
legal professionals
TLEF —Computer Says No				46,382	(33,768)	12,614
Trust for London				89,500	(85,065)	4,435
Scottish Government through		a		133,000	(133,000)
CYPFEIF and ALEC Fund grant
NHS Greater Glasgow and Clyde				16,835	(16,835)
Barrow Cadbury Fund			420	35,000	(35,420)
Oxfam GB —National Lottery			12,591	28,288	(40,879)
Community Fund —Menu for
Change
Esmee Fairbairn Foundation				78,823	(78,823)
UCL				2,251	(2,251)
Allen fk Overy Foundation				5,000	(5,000)
TUUT Charitable Trust			8,500		(8,500)
Feeding Britain			420	26,500	(26,213)	707
Gwyneth Forrester Trust				27,000	(27,000)
The Strategic Legal Fund—				6,237	(6,237)
vulnerable EU migrants project
Strategic Legal Fund —child tax				8,674	(8,674)
credits and refugees project
Access to Justice Foundation				12,500	(12,500)
Comic Relief —universal credit				35,796	(35,361)	435
project
National Lottery Community	Fund			11,853	(11,853)
—Cost ofthe School Day
development project
National Lottery Community	Fund			231,987	(231,987)
—UK Cost ofthe School Day project

Esmee Fairbairn	Foundation—		10,536	(10,536)
citizens' jury Barclays —Your Work Your Way			16,049	(15,169)		880
Grants for Advice	Line Glasgow		21,342	(21,342)
Glasgow City Council for
Participatory Budget work in
Calton Ward			1,970	(1,970)
Other grants		8,383	6,250	(11,132)		3,501
Total restricted	funds	108,264	1,805,177	(1,890,868)		22,573
~Di cd	d
Tangible fixed assets		1,843,009		(110,089)	130,114	1,863,034
Capital Reserve		40,000				40,000
Development Fund		100,000				100,000
Redundancy /Leave		85,000				85,000
Total designated	funds	2,068,009		(110,089)	130,114	2,088,034
General funds		368,187	2,087,958	(2,210,270)	(130,114)	115,761
Total unrestricted	funds	2,436,196	2,087,958	(2,320,359)		2,203,795
Tote(Funds		2,544/60	3,893,135	(4,211,227)		2,226,368

Nationa I Lottery Community	Nationa I Lottery Community		Cost ofthe School Day project breaks down financial barriers to education	in
Fund			England, Scotland and Wales. At the heart ofthis work is poverty proofing	in
			partnership with the charity Children North East.
Scottish Government	—second		This service provides information, casework advice and training to frontline	advisers
tier welfare rights project			and support staff working with families across Scotland. Service users include
			welfare rights advisers, sokcitors, student advisers, housing staff, health workers,
			family support staff, social workers and social security staff.
Scottish Government	through	a	The Early Warning System collects and analyses evidence about the impact	of
CYPFEIF and ALEC Fund grant—			changes in social security on children, their families and the communities that
Early Warning System			support them in Scotland.
The Legal Education	Foundation		Second of a two-year grant to advance legal education through a range oflegal
(TLEF) —improving	public law		procedures among welfare rights advisers to increase access tojustice and	secure
education and capacity of non-			positive outcomes for families on low income.
legal professionals
Scottish Government	—Covid-19		Support for families in need to deal with the impact ofcoronavirus.
Social Justice Fund
Community Justice Fund via			Support for specialist advice services during the CQVID-19 pandemic.
Access to Justice Foundation-
Covid-19 support
Scottish Government	—Cost of		Supports the salary costs and overheads of a part time CoSD project manager		and
the School Day (CoSD) Project			information officer. This project provides strategic leadership and support to		more
			schools and local authonties.
Trust for London			Towards campaigning work to support Lond one rs during the roll out ofuniversal
			credit and other aspects ofwelfare reform.
The Legal Education	Foundation		Second ofathree-year grant to enable access tojustice in the face ofthe
(TLEF) —'Computer	Says No'		digitalisation of universal credit.
Oak Foundation			Fourth of a four-year grant forthe Early Warning System, an evidence base
			concerning the efficacy ofthe welfare system and its impact on families on	low
			income in England and Wales.
Barclays —Your Work Your Way			Second of a four-year grant for an innovative work support programme for	potential
			second earners from low-income families, helping them overcome barriers	to	get
			into work and progress.
Esmee Fairbairn Foundation			Third of a three-year grant towards the salary costs ofa senior communications
			officer and associated costs to support the policy rights and advocacy programme			to
			reduce child poverty.
Comic Relief —universal credit			Second ofathree-year grant to equip the advice sector and frontline workers		with
project			the knowledge and tools needed on universal credit so financial entitlements		are
			maximised for families living in poverty.
Therium Access Limited			Funding for one year for the employment of a new solicitor.
University ofYork grant from			This proiect focuses on understanding how families in poverty navigate this	crisis,
Nuffield Foundation	—poverty	in	while also tracking how the social security system responds. The grant istowards
the pandemic			CPAG staff costs and overheads.

Child Poverty Action Group	Child Poverty Action Group												50
(ACompany Limited by Guarantee)
Report and Financial Statements
Year Ended 31March 2021
Standard Life Foundation		First ofa two-year grant towards research and			advocacy			work to build			consensus
		and support for government-backed emergency				assistance schemes				to reduce
		reliance on food banks.
London Community Response		Grant for funded AskCPAG subscriptions for London's					voluntary		and	community
Fund via Trust For London-		sector.
Covid-19 response
National Lottery Community		Covid-19 response grant for low-income		families.
Fund Covid-19 Emergency
Funding
City Bridge Trust		Third ofa three-year grant for	a London universal			credit		welfare	rights		worker,		and
		first year ofa new three-year continuation		grant		forthe		worker	and	associated
		project costs.
The Legal Education Foundation		Towards a trainee solicitor.
(TLEF) —Justice First Fellowship
Glasgow Health and Social Care		Funding for a Glasgow child poverty action co-ordinator.
Partnership (I-ISCP)
Comic Relief in partnership	with	Grant for funded AskCPAG subscriptions		for frontline			workers and advisers.
the DCMS - Covid response
Barrow Cadbury Trust —Early		Third and final year ofa grant towards the Early				Warning		System for England				and
Warning System		Wales.
Mitchell Charitable Trust		First of a two-year grant towards the Early Warning System for England and Wales.
Grants for Advice Line Glasgow		Match grants towards CPAG in	Scotland's	second		tier	welfare rights			advice service.
Feeding Britain		Pathways out of Poverty project.
TOUT Charitable Trust		First ofa two-year grant towards part-funding			ofa parliamentary				assistant.
Baring Foundation Covid-19		Support for legal action related	to Covid-19.
Response Fund
Barrow Cadbury Trust —Secure		Funding for a citizens' jury.
Futures for Children and
Families
Oxfam GB		Funding for a citizens' jury as part of our		work	on Secure			Futures for Children					and
		Families.
Scottish Government Benefits		Funding to develop elearning courses on		the Scottish			child payment			and other			new
Take-up Project		Scottish benefits.
University ofYork grant from		Project on how welfare reform	in the UK	affects		larger families.
Nuffield Foundation —benefit
changes and larger families
Barclays —Survivors Welfare		One-year project advising professionals working				with	domestic		abuse		survivors		on
Advice Project		issues relating to their benefit	claims and entitlement.
Fusion 21 Foundation		Research, policy and advocacy	project to improve the				experiences of				people
		experiencing mental ill-health	using the social		security system.
Other Grants		Grants towards our advice service and policy work.

Tangible	Fixed	assets Reserves	Reserve relates to the net book value of	tangible	fixed assets	at the end	ofthe
			financial year.
Capital Reserve (Databases 5 IT			Reserve to fund the cost ofthe charity's	planned	overhaul ofour IT and
Infrastructure)			communications hardware and software	infrastructure. This		includes upgrading		our
			IT and support and replacing our finance	software	so it is fit for CRAG's		purposes	in
			the foreseeable future.
Development		fund Reserve	Reserve to fund a tax/benefit modelling,	research	and new ITsystems critical to			the
			heart ofour business model to enhance	the online shopping		experience	and e-
			commerce facilities, our finance function	and to aid efticlent		working.
Redundancy/Annualleave			Reserve to finance possible redundancies	and contractual holiday entitlements				of
reserve			staff including up to 10days carried forward from		the previous year.
Investment	Fund		Reserve to build development of our leading digital products,			our sales	outlets and
			development ofour campaigning capacity.
Campaign	Fund		Reserve to fund our campaigning activity	including	research,	polling and	campaign
			assets.

Within 1year	38,508	38,508	15,584	23,809
1—5years	154,033	154,033	20,483	32,545
	192,541	192,541	36,067	56,354