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2022-03-31-accounts

Child Poverty Action Group
(ACompany
Limited by Guarantee)
Report and Financial Statements
Year Ended 31March 2022
Contents
Trustees' report 3-31
Independent
auditors'		 report ...32-35
Statement offinancial activities ...36-37
Balance sheet 38
Cash flow statement. ..39
Notes to the financial statements ......40-54

Structure, governance
and management		 Structure, governance
and management		 Structure, governance
and management		 Structure, governance
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 30Micawber Street
operational address London
N1 7ST
officeocpag. org.uk
Email cpag.org.uk
Website
Honorary officers Jane Millar Chair from 25 November 2021
Alan Buckle Chair until 24 November 2021
Jane Millar Vice Chair until 24 November 2021
Mark O'Kelly Treasurer until 24 November 2021
Mark Cooke Treasurer from 25 November 2021
Mark Cooke Vice Chair from 10March 2022
Chief Executive Alison Garnham
Company Secretary Chineze Okonkwo-Onyilo
Bankers NatWest
Bank pic
Islington
Angel Branch
2/3 Upper Street
London
N1 OPH
Solicitors Russell-Cooke
2 Putney
Hill
London SW15 6AB
Auditors Haysmacintyre
LLP
10Queen Street Place
London
EC4R 1AG

Continue to be Given greater media interest
in		 Comment
and focus only where we are expert and		 have have have 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 ofaccountability
to sign off 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 rehance
on funders
and		 Sales and income reports generated
and regularly
reviewed
reserves publications/subscription
income,		 to enable agility and timely corrective action.
sustainably and the economic pressures Close monitoring
ofgrant funded
projects to ensure		 that
facing our financial supporters funding
conditions are met within timescales given.
and 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 ofpublications 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 The reserves increased
substantially
in the previous		 year
income which enables us to post a and this year. We have sufficient funds
in the bank		 for
surplus
and build reserves to the		 deferred
income.
required
levels.
We continue to Our objective to move towards
a		 The digital team lead by the Director of Business meet
investin 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 the senior management		 team
working together.
Covid-19 risk The senior management
team		 Staff health and wellbeing
continues to be a priority		 for
and staffing, resources and CPAG, hybrid
working was fully implemented
in the		 financial
assurance
sub-committee		 year.
Trustees continued
to assess the		 Regular risk assessments
take place, and the updated		 policy
risk from Covid-19, to ensure a is updated
and communicated
to staff.
series ofmitigating
actions were		 Financial impact: the budget and plan for future years are
in place. . constantly
being revised and reviewed to reflect further		 loss
ofonsite training
income, The following
mitigating		 plans are
already implemented:
Could-19 risk ~ New products
in		 New products
in		 the form ofwebinars
and online
(continued) training continued to be developed
and delivered		 in
2021/22 will continue for the foreseeable
future even
with the planned re-introduction
ofonsite training		 in
the next financial year. This is in order to continue to
generate income while also responding
to survey
feedback which supported
continuation
ofonline
training.
~ Extra push
in the		 sales ofsubscriptions
to AskCPAG		 to
individual subscribers
and large bulk corporate sales.

Income from:
Donations 2 1,212,357 1,212,357
Legacies 2 42,033 42,033
Activities for generating funds
Rent and room hire
Charitable
activities:
Publications 1,092,552 51,975 1,144,527
Welfare rights and test cases 187,618 979,983 1,167,601
Training 464,488 232,675 697,163
Membership 61,593 61,593
Information,
research		 and campaigning 250 1,484,154 1,484,404
Investments 9,706 9,706
Other 15,846 15,846
Total 3,086,443 2,748,787 5,835,230
Expenditure
on:
Raising funds 259,642 259,642
Charitable
activities:
Publications 768,121 51,975 820,096
Welfare rights and test cases 279,858 985,843 1,265,701
Training 257,085 232,675 489,760
Membership 39,217 39,217
Information,
research		 and campaigning 482,015 1,490,908 1,972,923
Total 4 2,085,938 2,761,401 4,847,339
Net income/(expenditure)
Investment
gains		 before 1,000,505 (12,614) 987,891
Gross transfers between funds
Net Income/(expenditure) 1,000,505 (12,614) 987,891
Unrealised
Investment		 gams 69 69
Net movement
in funds		 1,000,574 (12,614) 987,960
Total funds brought forward 3,553,880 14,616 3,568,496
Total funds carried forward 4,554,454 2,002 4,556,456
Income from:
Donations 2 1,326,533 1,326,533
Legacies 2 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 income/(expenditure) 1,349,813 (7,957) 1,341,856
Gross transfers between funds
Net Income/(expenditure) 1,349,813 (7,957) 1,341,856
Unreahsed
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
Total funds carried forward 3,553,880 14,616 3,568,496
FIXEDASSETS
Tangible fixed assets 1,653,916 1,744,010
Investments 1,528,211 1,118,444
3,182,127 2,862,454
CURRENT ASSETS
Stock 10 91,684 74,944
Debtors 11 1,081,585 1,573,118
Cash and Short-term deposits 2,276,789 1,429,407
3,450,058 3,077,469
Cl)EDITORS: amounts falling due
within one year 12 (2,075,729) (2,371,427)
NET CURRENT ASSETS 1,374,329 706,042
TOTAL ASSETS LESSCURRENT
LIABIUTIES 4,556,456 3,568,496
13 4,556,456 3,568,496
FUNDS
Restricted funds 2,002 14,616
Unrestricted
funds:
Designated
funds		 2,415,459 2,278,553
General funds 2,138,995 1,275,327
TOTAL OIARTIY FUNDS 14 4,556,456 3,568,496

Cashflows from operating activities
Net cash provided
by operating
activities (see note below)		 1,253,570 1,728,574
Cash flows from Investing activities
Investment
income received		 9,706 6,202
Purchase ofproperty,
plant		 and equipment (6,196) (3,040)
Purchase ofinvestments (409,698) (605,892)
Net cash (used in)/provided by investing
activities		 (406,188) (602,730)
Change
in cash and cash equivalents
in the year		 847,382 1,125,844
Cash and cash equivalents
at the start ofthe year		 1,429,407 303,563
Cash and cash equivalents atthe end ofthe year 2,276,789 1,429,407
Note: reconciliation ofnet expenditure tonet cash used by opemting octivities
Net income/(expenditure)
forthe year		 987,960 (1,342,128)
Adjustments
for:
Depreciation 96,290 122,064
Investment
(gains)/losses		 (69) (272)
Investment
income		 (9,706) (6,202)
Decrease/(Increase) in stock (16,740) 25,085
Decrease/(increase) in debtors 491,533 (698,900)
(Decrease)/increase in creditors (295,698) 944,671
Net provided
by operating
activities		 1,253,570 1,728,574

2022 2021
Publications 3/o 10o/
Welfare Rights and Test Cases 299o 27o/o
Training 12o/o 15o/o
Membership 1o/o 1o/
Information, Research and Campaigning 44o/o 42o/o
Fundraising and Publicity 5'/o So/o
Governance 1o/o 1o/o
Leasehold
buildings		 50years
Fixtures, furniture and equipment 5years
CRM Ik Website 5years
Computers
including		 software 3years

This isstated after charging: This isstated after charging:
Depreciation 96,290 122,064
Operating
lease rentals:
Property 41,685 38,438
Equipment 4,199 14,937
Auditors
remuneration:
Audit Current Year provision 15,000 15,000
Audit Release of previous over provision (6,500)
Trustees'
remuneration;
Costs paid for Trustees
Trustees'
reimbursed		 expenses
a ~
Costs ofgenerating funds
Raising funds 51,987 207,655 259,642
Charitable
activities
Publications 85,074 735,022 820,096
Welfare rights 301,562 964,139 1,265,701
Training 122,159 367,601 489,760
Membership 6,380 32,837 39,217
Information,
research		 and campaigning 453,108 1,519,815 1,972,923
Total expenditure 1,020,270 3,827,069 4,847,339

a ~
Costs ofgenerating funds
Raising funds 58,476 194,346 252,822
Charitable
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
Salaries and wages 2,740,720 2,463,145
Social security costs 271,577 256,412
Pension contributions 154,062 138,428
3,166,359 2,857,985
Agency staff costs 45,683 5,066
Total staff costs 3,212,042 2,863,051

Welfare rights and test cases Welfare rights and test cases Welfare rights and test cases 17 16
Information, research and campaigning 27 23
Fundra ising and publicity 3 3
Training 6 6
Membership 1 1
Publications 5 5
Governance 1 1
Support activities 9 8
69 63

At 01/04/2021 1,766,146 107,225 375,359 2,248,730
Additions
in year		 6,196 6,196
At31March 2022 1,766,146 107,225 381,555 2,254,926
Depreciation
At 01/04/2021 215,724 67,085 221,911 504,720
Charge for 2021/22 35,537 9,211 51,542 96,290
At 31March 2022 251,261 76,296 273,453 601,010
Net BookValue
At 31March 2022 1,514,885 30,929 108,102 1,653,916
At 31March 2021 1,550,422 40,140 153,448 1,744,010
Market value at the start ofthe year 1,118,444 512,281
Amount deposited
in the year		 409,698 605,892
Unrealised
gain		 69 272
Market value at the end ofthe year 1,528,211 1,118,444
Historic cost at year end 1,529,537 1,119,701
Investments
comprise:
Close Brothers Group Pic 1,526,886 1,117,188
Shares listed on the LSE 1,323 1,254
Investment
in trading
subsidiary		 2 2
1,528,211 1,118,444

Work in progress Work in progress 79,072 67,236
Publications for resale 12,612 7,708
91,684 74,944

Trade debtors 882,517 833,538
Other debtors 14,240 43,588
Prepayments 71,537 67,976
Accrued income 113,291 628,016
1,081,585 1,573,118
Trade creditors 6,499 182,356
Taxation and social security 103,877 65,937
Other creditors 229,530 212,004
Accruals and Deferred Income 1,735,823 1,911,130
2,075,729 2,371,427
Tangible fixed assets 1,653,916 1,653,916
Fixed asset investments 1,528,211 1,528,211
Net current assets 2,002 (766,668) 2,138,995 1,374,329
Net assets atthe end ofthe
year 2022		 2,002 1,653,916 761,543 2,138,995 4,556,456
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 at the end ofthe
year 2021		 14,616 1,744,010 534,543 1,275,327 3,568,496

Restdicted funds
Scottish Government
—second tier welfare
rights service		 695,000 (695,000)
National
Lottery Community
Fund		 650,743 (650,743)
Barclays —Your Work Your Way 316,808 (316,808)
Scottish Government
through
a
ALEC Fund grant		 CYPFEIF and 133,000 (133,000)
The Legal Education
Foundation
Improving
public law education		 (TLEF)—
and capacity		 96,321 (96,321)
Scottish Government —Cost ofthe School
Day Project		 92,780 (92,780)
TLEF —'Computer
Says Nol' Access tojustice
in universal
credit		 12,614 83,519 (96,133)
Barclays
—Survivors Welfare Advice Project		 79,811 (79,811)
Comic Relief 76,441 (76,441)
City Bridge Trust 75,071 (75,071)
abrdn
Financial
Fairness Trust (formerly
Standard
Life)		 69,262 (69,262)
TLEF - Access to justice in social security 60,471 (60,471)
Fusion 21Foundation 49,513 (49,513)
Therium
Access Limited		 43,637 (43,637)
Trust for London 42,835 (42,835)
Mitchell Charitable
Trust		 30,000 (30,000)
Glasgow
Health and Social Care		 Partnership 23,614 (23,614)
TUUT Charitable
Trust		 22,514 (22,514)
Grants for Advice Line Glasgow 22,250 (22,250)
Donations to appeal for UK Cost ofSchool
Day project		 17,265 (17,265)
Deborah and Laurence
Harris		 12,500 (12,500)
Baring Foundation 9,657 (9,657)
University ofYork- benefit changes and
larger families		 8,637 (8,637)
London Borough ofGreenwich 6,667 (6,667)
Scottish Government
—Scottish
up Fund		 Benefit Take- 6,600 (6,600)
Oxfam 4,458 (4,458)
Newcastle
University
and NEPC		 3,166 (3,166)
Orbit Group 3,125 (3,125)
Coventry
City Council		 3,000 (3,000)
Pears Foundation 2,625 (2,625)
Digital Freedom
Fund		 2,103 (2,103)
Strategic Lega
I Fund		 1,848 (1,848)
University
ofYork - 'Could		 Realities' 499 (499)
Other grants 2,002 3,047 (3,047) 2,002
Total restricted funds 14,616 2,748,787 (2,761,401) 2,002
0~id
d
Tangible fixed assets 1,744,010 (96,290) 6,196 1,653,916
Capital and Infrastructure Reserve 40,000 60,000 100,000
Development
Fund		 100,000 100,000
Redundancy/Leave 85,000 85,000
Investment
Fund		 259,543 259,543
Campaign
Fund		 50,000 50,000
COL Reserve 67,000 67,000
Fundraising
Investment		 100,000 100,000
Total designated
funds		 2,278,553 (96,290) 233,196 2,415,459
General funds 1,275,327 3,086,512 (1,989,648) (233,196) 2,138,995
Total unrestricted
funds		 3,553,880 3,086,512 (2,085,938) 4,554,454
TotalFunds 3,568,496 5,835,299 (4,847,339) 4,556,456

Restricted 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
Justice Fund		 Social 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 Rehef —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 Partnership 40,927 (40,927)
Comic Relief m 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)
TUUT 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)
Limversity ofYork grant from Nuffield
Foundation
—benefit changes and larger		 3,926 (3,926)
families
Barclays —Survivors Welfare Advice Project 2,192 (2,192)
Fusion 21Foundation 975 (975)
Other grants 3,502 15,130 (16,630) 2,002
Total restricted funds 22,573 3,054,657 (3,062,614) 14,616
~Dd
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
Tota
I unrestricted
funds		 2,203,795 2,838,911 (1,488,826) 3,553,880
TotalFunds 2,226,368 5,893,568 (4,551,440) 3,568,496

Scottish Government
—second tier		 Scottish Government
—second tier		 Scottish Government
—second tier		 The aim ofthis project is to tackle poverty
by improving		 the quality ofadvice
welfare rights service made available to low-income
households.
The project achieves its		 aim through
increasing the capacity and capability offront-line
agencies to provide accurate,
high-quality,
and effective advice and information
on benefits to eligible
claimants,
both in and out ofwork.
National
Lottery Community		 Fund UK Cost ofthe School Day project: second year of a 39-month
long project that
breaks down financial
barriers to education
in England, Scotland and Wales. The
project helps children
and young people to take part and		 be happy at school.
Barclays —Your Work Your Way Third 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.
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
support them
in Scotland.
The Legal Education
Foundation		 Second of a two-year grant to advance
legal education
and capacity		 ofwelfare
(TLEF) —Improving
public law		 rights advisers through
a range of legal procedures.
education
and capacity
Scottish Government- Cost ofthe Supports the salary costs and overheads
ofa part time project manager
and
School Day Project information
officer, This project provides strategic leadership
and support to
more schools and Local Authorities.
TLEF —'Computer
Says Nol' Access		 Second ofa two-year grant to enable access tojustice in the face of the
tojustice in universal
credit		 digitalisation
of universal
credit.
Barclays
—Survivors Welfare Advice		 One-year project advising
professionals
working
with domestic abuse survivors
project on issues relating to their benefit claims and entitlement.
Comic Relief Third of a three-year
universal
credit advice project.
City Bridge Trust First year ofa three-year
contmuation
grant for a London		 Universal Credit
Welfare
Rights Worker and associated project costs.
abrdn
Financial Fairness		 Trust Second ofa two-year grant towards
research
and advocacy work to		 reform
(formerly
Standard
Life)		 emergency
support to reduce demand for food banks.
The Legal Education
Foundation-		 First year of a 23-month
project that increases access to		 justice for families on
Access tojustice in social security low income accessing welfare benefits.
Fusion 21Foundation Project to improve
universal
credit for claimants
experiencing
mental
health
problems.
Therium
Access Limited		 Continuation
funding for the employment
of a solicitor.
Trust for London London Calling project.
Mitchell Charitable
Trust		 Second ofa two-year grant for the Early Warning
System		 for England and Wales.
Glasgow
Health and Social Care		 Funding for a Glasgow child poverty action co-ordinator.
Partnership
TUUT Charitable
Trust		 Second ofa two-year grant part-funding
a parliamentary		 assistant.
Grants for Advice Line Glasgow Grants for Advice Line Glasgow Grants for Advice Line Glasgow Grants for Advice Line Glasgow Co-funding
for our free service for anyone
in Scotland		 who advises who advises people living
in poverty
and on low income on benefit entitlements.
Donations to appeal for UK Cost of Donations towards extending
our UK Cost ofSchool Day project in schools.
School Day project
Deborah
and Laurence		 Harris Towards our legal work.
Baring Foundation Support for legal action related to Covid-19.
University ofYork —benefit changes Project on how benefit changes affect larger families.
and larger families
London Borough ofGreenwich Cost ofSchool Day project extension
in London.
Scottish Government -Scottish Funding to develop
eLea ming
courses on the Scottish		 child payment and other
Benefit Take-up
Fund		 new Scottish benefits.
Oxfam Funding for report as part ofour Secure Futures for families and children work.
Newcastle
University		 and NEPC Modelling
early childhood
poverty
in the North East.
Orbit Group Cost ofSchool Day project extension
in Coventry.
Coventry
City Council		 Cost ofSchool Day project extension
in Coventry.
Pears Foundation UK Cost ofSchool Day project extension.
Digital Freedom
Fund		 Project on access tojustice in the face ofdigitalisation of means tested welfare
benefits
in the UK.
Strategic Legal Fund Pre-litigation
research
into EU citizens with pre-settled		 status and no other right
to reside being excluded from social security benefits.
University ofYork —'Covid Realities' Research project documenting
the experiences
of parents		 and carers on a low
income during the pandemic.
Other grants Grants towards
our advice service and policy work.
Purposes ofDesignated Reserves
Tangible
Fixed assets		 Reserves Reserve relates tothe net book value oftangible
fixed		 assets at the end of the
financial year.
Capital and infrastructure reserve To keep on top oftechnological
developments
needed		 to IT and
communications
hardware
and software infrastructure.		 This includes completing
the upgrade ofour finance software, so it is fit for CPAG's purposes in the
foreseeable future. Forthe next Syears.
Development
fund Reserve		 Reserve to fund tax/benefit
modelling,
policy and research activities		 critical to
enhancing
our impact over the next Syears.
Redundancy/annual
leave		 reserve Reserve to finance possible redundancies
and contractual		 holiday entitlements
ofstaff including
up to 10days leave carries forward from		 the previous year, for
the next financial year.

Investment Fund Reserve to continue development
ofour		 leading digital products, website, e- leading digital products, website, e- leading digital products, website, e-
commerce
and shop. And reserve to help develop		 our campaigning
capacity over
a 2-year period.
Campaign Fund Reserve to fund our campaigning
activity		 including research,
polling and
campaign
assets over a 2-year period.
COL reserve Contingency
reserve to cover additional		 costs caused by rising inflation
Fundraising Investment Reserve to cover fundraising
consultancy		 support to increase individual donors
over a 2-year period.

Within 1year 2,852 38,508 11,976 15,584
1—5years 154,033 8,593 20,483
2,852 192,541 20,569 36,067