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2021-03-31-accounts

Switchboard LGBT+

Annual Report and Unaudited Financial Statements

31 March 2021

Company Limited by Guarantee Registration Number 2098685 (England and Wales) Charity Registration Number 296193

Contents

Reports

Reports
Reference and administrative details of
the charity, its Directors and advisers 1
Co-chairs
report		 3
5
Independent
s report		 12
Financial Statements
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Principal accounting policies 16
Notes to the financial statements 20

Switchboard LGBT+

Reference and administrative details of the charity, its directors and advisers

Directors Adam Beral Ella Goschalk Ashley Hind Harry Kyriacou Neal McCullough Kenneth Smailes Natasha Walker Peter Zacaroli Amy Tyson-Green Staff Xan Predisch Vojtech Nozicka Stephanie Fuller (appointed 8 Feb 2021) Registered office 130 Wood Street London EC2V 6DL Helpline 0300 330 0630 Office Telephone 020 7837 6768 e-mail admin@switchboard.lgbt websites www.switchboard.lgbt Company registration number 2098685 (England and Wales) Charity registration number 296193 Independent examiner Amanda Francis Buzzacott LLP 130 Wood Street London EC2V 6DL

Switchboard LGBT+ 1

Reference and administrative details of the charity, its directors and advisers

Bankers CAF Bank Limited Kings Hill West Malling Kent ME19 4TA The Royal Bank of Scotland plc London Islington Branch 40 Islington High Street London N1 8XJ Metro Bank plc 160-166 Kensington High Street London W8 7RG

mission statement

We are Switchboard, the LGBT+ Helpline.

We are a safe space for anyone to discuss anything, including sexuality, gender identity, sexual health and emotional wellbeing.

We support people to explore the right options for themselves.

We aspire to a society where all LGBT+ people are informed and empowered.

values

We are:

Switchboard LGBT+ 2

Co-

31 March 2021

Looking back to a year ago, none of us could have predicted where we would be at the end of March 2021 and whilst we acknowledge the fantastic achievement Switchboard has made as a charity to continue providing our services, we know it has not been easy. We wish to extend our thanks to every single member of the organisation.

One of our key focuses over the last year has been to make the necessary improvements safe phone room. We are very happy to be able to welcome volunteers and staff into the building once more, whilst continuing to work in a much more flexible hybrid style with remote working available for all going forward.

In August 2020, we launched our Charity Plan setting the direction of the organisation until March 2021. A core part of the plan was to work on from this the Equality Diversity and Inclusion (EDI) group was formed and is tasked with holding the organisation to account when it comes to EDI. This includes mandatory training for all volunteers and staff within the organisation, as well as qualitative research to better understand the thoughts and opinions of us all as volunteers.

The second area of the plan was to , specifically looking at how we do things and who does what within the charity. Switchboard has benefited greatly from our increased profile in recent years, but along with this and other improvements in the organisation, there has come an increase in our workload behind the scenes. Due to this, the process of recruiting and onboarding our General Manager Stephanie Fuller has been a top priority for us over the last five months, and we have already seen the benefits of this new role within Switchboard through both the implementation of strategy and operational oversight.

We are now working towards our three year Charity Plan where we will outline our aims and plans going forward, with a core aim that no call, IM or email goes unanswered. reliant on only one area for much of our income.

The partnerships and campaigns with Skittles, Tesco, Costa Coffee, Unilever and Superdrug launched earlier this year and we are pleased to say will continue into 2021-22. The products across many of these partnerships will continue to include Switchboard and number on the packaging, alongside short documentaries representing members of the LGBTQIA+ communities across the UK, and a reflection on the heritage of Switchboard. The positive impact of these partnerships not only enables us to continue to raise vital funds for our services, but to create a level of awareness we would never be able to achieve on our own, ensuring those in need know that we exist and can reach out to us for support.

Switchboard LGBT+ 3

31 March 2021

Co-

We recognise that we have a unique insight into the experiences of LGBTQIA+ communities and beyond through our call data, and we are continually working on producing the most concrete of statistics from this. These statistics have already been reported to inform governmental and public bodies on what the LGBTQIA+ communities are needing support on, using the information we have to make a positive impact on our service users long term. Covid-19 on LGBTQIA+ people who have contacted us. We are also continuing our role within the Helpline Partnership which was formed and funded last year by the National Emergencies Trust made up of LGBTQIA+ helplines across the UK.

In addition to this, we are continuing to work with many LGBTQIA+ charities, looking at the impact of Covid-19 on the sector and trying to understand and foster better ways to work together and help each other.

Switchboard continues to be in a very strong position financially, increasing numbers of people contacting us, up 60% at its height, and a continually raising awareness of our services. However, this is all directly impacted by our ability to provide the services we advertise.

Reflecting back over the last 12 months, it is very important for us to recognise how incredibly challenging this time has been for us, as a charity, as volunteers and staff, and for our callers. We are incredibly proud of all our volunteers and staff at Switchboard and all that has been achieved in both supporting our callers and each other. Switchboard has been here for the LGBTQIA+ communities since 1974, listening and learning, and we will continue to endeavour to be the best version of Switchboard we can be.

Signed by the Co-Chairs

N Walker P Zacaroli Date of approval:

Switchboard LGBT+ 4

31 March 2021

The Directors present their report together with the financial statements of Switchboard LGBT+ (Switchboard) (the Charity ) for the year ended 31 March 2021. Switchboard LGBT+ operates under the name Switchboard.

This report has been prepared in accordance with Part 8 of the Charities Act 2011 and

The reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the charitable , applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Overall objective

The charitable company's principal objective is: to provide a safe space for anyone to discuss anything, including sexuality, gender identity, sexual health and emotional wellbeing. We support people to explore the right options for themselves.

However, the overall social context for delivering this objective has changed hugely since Switchboard started operating in March 1974, as has the language we use to express the +) people have many more rights than in 1974, and are often living more open lives. Switchboard itself is a more inclusive organisation than it was then, embracing the diversity of LGBT+ communities.

What remains the same is the charitable company's original aim: to provide a confidential source of support and information to people who are or may be discriminated against, isolated or ignored. Recognising that LGBT+ people often struggle to come to terms with their sexuality, the charitable company supports anybody questioning their sexual or gender orientation. Given the personal situations of many LGBT+ people, Switchboard receives calls from the families and friends of LGBT+ people regardless of their own sexual or gender orientation; and from professionals working in agencies with LGBT+ clients, who may be

Switchboard is achieving public benefit through our work in providing a helpline service by telephone, instant messaging and email and acting as a source of web-based information, services which may be accessed by any member of the public. Indeed, Switchboard remains + people, and all those with issues or questions about sexual and gender orientation. We are a leading source of information on, and signposting to, LGBT+ organisations, services, venues and activities across the UK and beyond; we offer emotional support to callers who may have a whole range of issues; and we raise awareness of, and provide information about, safer sex and sexual health to all our callers where appropriate.

Switchboard LGBT+ 5

31 March 2021

Overall objective (continued)

charities and public benefit and have given consideration to them when assessing the Charity Charity. The Directors believe that they have given due regard to the public benefit guidance published by the Commission and have complied fully with the duty in Section 4 of Part 1 of the Charities Act 2011.

Review of the year

The last year has been very challenging for the Charity, our volunteers and for society as a whole. Our volunteers have continued to provide support to those that need it the most and we have moved to a completely remote service which was a first for the Charity. The pandemic has led to large increases in service users as the LGBT+ community has been particularly affected.

Financially the Charity is going from strength to strength and this year recognised a large surplus. The surplus has arisen due to a number of large one off donations from corporate supporters which had not been budgeted for. The Charity is therefore in a very strong financial position and will be investing the surplus in staff, IT upgrades, advertising and training over the next 12 months. The additional funding has enabled the Charity to be able to roll out an organisational wide equality diversity and inclusion training programme.

We have seen the negative impact the pandemic has had on the community, our volunteers and society but the viability and future operations of the Charity have not been affected and we want to thank everyone who continues to support, work and volunteer for us.

Plans for future periods

We have had a successful year financially in very challenging circumstances and we are looking to invest heavily in additional staff over the next 12 months to enable us to run more efficiently and improve our service offering.

Over the coming year we are also looking to continue investing in additional advertising and marketing so that we can reach those communities that need us the most. We have also started to roll out a number of new technological solutions to our back office functions and will work to embed these over the next 12 months.

Financial overview

Overall results for the year

Total income for the year 2020-21 was £439,124 (2019-20: £184,297), this is a significant increase on the prior year due to the continued growth in the Charity corporate partnerships and a number of one off donations being received. Community donations were £39,323 (2019-20: £41,535). Income from Friends of Switchboard was £18,093 (2019-20: £23,851). Rental income of £nil was received during the year (2019-20: £1,750) as the head office was closed throughout the period. Interest from the bank was £293 (2019-20: £1,003). Income from fundraising events was £nil (2019-20: £7,173) as in person events were cancelled throughout the period. We received a further £2,286 from the Domestic Abuse Partnership (2019-20: £3,965).

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31 March 2021

Financial overview (continued)

Overall results for the year (continued)

Expenditure in the year was £263,220 (2019-20 of £144,487). The increase is due to the investment in our staff team with a new general manager appointed in the period and the continued investment in the property and marketing of the services of the Charity.

The overall result for 2020-21 was a surplus of £175,904 (2019-20: a surplus of £39,810).

We would like to thank all those who have contributed to our work especially for the loyal support of our donors and the wider LGBT+ community. The year has been very successful financially which has continued to provide the Charity with substantial resources to invest and grow.

Reserves policy

The receipt of the significant legacy in 2017-18 means that reserves now represent over 6 years expenditure at current spending levels. The Directors expect this level of reserves to reduce in size once Switchboard finalises its plans regarding the legacy's use. Over the long term, the Directors believe it is prudent for the Charity to have free reserves equal to at least

Financial position

The balance sheet shows total funds of £1,539,015 (2019-20: £1,363,111).

The tangible fixed assets fund at £213,168 (2019-20: £179,599) represents the net book been created in order to emphasise the fact that the assets are fundamental to the charitable available to the Directors.

Further funds totalling £48,417 (2019-20: £48,417) have been designated or set aside for purposes as detailed in note 15 to the financial statements. Funds totalling £349 (2019-20: £349) are restricted, as detailed in note 16 to the financial statements.

General fun ay to day working capital, were £1,277,081 (2019-20: £1,134,746) at the end of March 2021. The Directors acknowledge that the level of general funds exceeds the level required under the above reserves policy. During a previous year, the Charity received a legacy of over £1 million which has inflated the Charity appropriate amount of time to determine the best use of the funds received.

Switchboard LGBT+ 7

31 March 2021

Structure, governance and management

Legal and administrative information

Switchboard LGBT+ is a registered charity, Registration No. 296193, and a company limited by guarantee which holds no share capital, Company Registration No. 2098685 (England and Wales). Switchboard LGBT+ operates under the trading name of Switchboard. In the event of the charitable company being wound up, members are required to contribute an amount not exceeding £1.

Membership of Switchboard

Volunteers at Switchboard fall into two categories, helpline volunteers and support volunteers. Those who volunteer for the helpline are selected for their knowledge, empathy and experience of life in the lesbian, gay, bisexual and trans communities. Once they have successfully completed their training they are eligible to become members of Switchboard with full voting rights. Support volunteers are selected for the skills they can bring to support the core function of Switchboard. Once they have completed an initial period of induction and demonstrated their commitment to Switchboard they are also eligible to become members of Switchboard with full voting rights. Both phone and support volunteers are required to meet a minimum commitment to keep their membership. Volunteers are able to change roles within the organisation provided they meet the relevant criteria.

Directors

The Directors, who constitute the Trustees of the charitable company for the purpose of charity legislation, are ultimately responsible for Switchboard. Directors are elected by the membership at the Annual General Meeting for a period of two years. They set the strategic direction and objectives of the organisation, agree the budget and are responsible for the overall management of the charitable company. Directors meet monthly and minutes of these meetings are made available to all volunteers.

A comprehensive induction programme is in place to ensure new Directors are familiar with the charitable company and responsibilities as a Director.

None of the Directors received any remuneration or other financial benefit for their services during 2020-21 (2019-20: £nil). No directors were reimbursed for expenses incurred in the performance of their duties (2019-20: £nil). All Directors have confirmed that they do not have, and have not had, any beneficial interest in any contract with the charitable company.

Staff

Switchboard employs two Facilities and Office Administrators to support the work of the volunteers and to provide administrative support to the organisation. Towards the end of the period a General Manager has been appointed and their role will be to support the Directors in the running of the Charity and further the Charity

Key management personnel

The Directors comprise the key management personnel of the charitable company in charge of directing and controlling, running and operating the charitable company on a day to day basis. All Directors give of their time freely and no Director received any remuneration in the year. Details of Directors expenses and remuneration are disclosed in note 8.

Switchboard LGBT+ 8

31 March 2021

Structure, governance and management (continued)

Acquisitions and disposals of fixed assets during the year are recorded in the notes to the financial statements. The Directors are of the opinion that the open market value of the freehold land and buildings is in excess of the net book value at which they are shown on the balance sheet.

Risk management

The Directors regularly assess those risks which they envisage might affect the functioning of the charitable company and its ability to achieve its objectives. The main types of risk are identified and examined together with an assessment of their severity and likely impact. They can be summarised into the following areas:

Loss or damage to the premises and other assets

The Directors are satisfied that measures are in place to minimise any potential loss from the above risks.

The risks outlined above are mitigated by a combination of factors including: providing high quality training to volunteers; review of the support systems and training offered to volunteers; embedding financial controls and procedures; continuing to build relationships with a variety of corporate organisations to diversify our income streams; yearly appraisal process implemented for staff members; and succession planning implemented for the Directors.

Covid-19 became a pandemic in March 2020 and has had a significant impact on the Charity as noted above in the review of the year. The pandemic remains a risk for the Charity though the impact of the pandemic is expected to reduce with the continued rollout of the vaccine programme. The Charity has been able to maintain a strong financial position throughout the pandemic and has successfully rolled out remote working which has enabled services to continue to be provided. The Directors therefore remain confident that the Charity is in a good position to successfully operate through the remaining period of the pandemic.

Switchboard LGBT+ 9

31 March 2021

Structure, governance and management (continued)

Risk management (continued)

The Directors would like to thank all those volunteers, staff, members of the community and corporate partners who have supported the Charity throughout this challenging period.

Fundraising

The Charity aims to achieve best practice in the way in which it communicates with donors and other supporters. It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to communication preferences can be changed at any time. The Charity manages its own fundraising activities and does not employ the services of professional fundraisers. The Charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service.

There are two types of fundraising within Switchboard: community fundraising and strategic fundraising. Both are entirely volunteer led.

Community fundraising consists of regular giving, bucket rattles and other fundraising events; and is managed by the Community Engagement and Fundraising operational team.

Strategic fundraising has largely been managed on an ad hoc basis by the Directors in the year. The plan is for the fundraising to be run and lead by staff members with the new general manager and a new fundraising lead (due to be appointed) taking ownership of this.

Neither the community or strategic fundraising methods operated by Switchboard involve persistent approaches to the public and, as such, we have received no complaints relating to our fundraising during the year.

Investment powers

Under the Memorandum and Articles of Association the charitable company has the power to make any investment the Directors believe appropriate.

Switchboard LGBT+ 10

31 March 2021

Directors' responsibilities

The Directors (who are also Trustees of Switchboard LGBT+ for the purposes of charity law) are responsible for preparing the D financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the income and expenditure for that period.

In preparing these financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently

make judgements and estimates that are reasonable and prudent:

The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Directors and signed on their behalf by:

Natasha Walker Peter Zacaroli

Director Director Approved on:

Switchboard LGBT+ (Company Registration No. 2098685 (England and Wales))

Switchboard LGBT+ 11

report 31 March 2021

Independent

I report to the Charity members on my examination of the financial statements of the charitable company for the year ended 31 March 2021.

Responsibilities and basis of report

The Trustees and Directors of the charitable company are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your Charity examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

I have completed my examination. I confirm that no material matters have come to my attention in connection with my examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Amanda Francis Buzzacott LLP 130 Wood Street London EC2V 6DL

19 November 2021

Switchboard LGBT+ 12

Statement of financial activities Year to 31 March 2021 (including an income and expenditure account)

Notes Unrestricted
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Restricted
funds
£		 Total
2021
£
436,545
2,286
293
439,124
12,253
202,576
48,391
263,220
175,904
175,904
1,363,111
1,539,015		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2020
£
Income from:
Donations and legacies
1
Charitable activities
. Service level agreements
2
Other trading activities
. Fundraising events
Interest receivable
Rental income
Total income
Expenditure on:
Raising funds
. Raising donations
3
Charitable activities
. Supporting people
4
. Provision of information
5
Total expenditure
Net income before
transfers
Transfers between funds
17
Net income and net
movement
in funds
7
Reconciliation of funds:
Fund balances at 1 April
Fund balances at 31
March		 436,545
2,286
293		 170,406
3,965
7,173
1,003
1,750		 170,406
3,965
7,173
1,003
1,750
439,124 184,297 184,297
12,253
202,576
48,391		 9,712
104,997
29,778		 9,712
104,997
29,778
263,220 144,487 144,487
175,904 39,810
18,668		 (18,668) 39,810
175,904
1,362,762		 349 58,478
1,304,284		 (18,668)
19,017		 39,810
1,323,301
1,538,666 349 1,362,762 349 1,363,111

All recognised gains and losses are included in the above statement of financial activities.

All of the charitable company financial years.

Switchboard LGBT+ 13

Balance sheet 31 March 2021

Notes 2021
£		 2021
£		 2020
£		 2020
£
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Short term deposits
12
Cash at bank
13
Liabilities
Creditors: amounts falling due
within one year
14
Net current assets
Total net assets
Represented by the funds of the
charity:
Unrestricted funds
General funds
Tangible fixed assets fund
15
Designated funds
16
. New technologies fund
. Diversity fund
. Future development fund
Restricted funds
. Big Lottery fund
17
Total funds		 46,890
104,247
1,177,678		 213,168
1,325,847		 2,106
1,183,778		 179,599
1,183,512
1,328,815
(2,968)		 1,185,884
(2,372)
4,377
4,040
40,000		 4,377
4,040
40,000
1,539,015 1,363,111
1,277,081
213,168
48,417
349		 1,134,746
179,599
48,417
349
349 349
1,539,015 1,363,111

Approved by the Directors and signed on their behalf by:

Peter Zacaroli Natasha Walker

Director Director

Approved by the Directors on:

Switchboard LGBT+ (Company Registration No. 2098685 (England and Wales))

Switchboard LGBT+ 14

Statement of cash flows Year to 31 March 2021

----- Start of picture text -----
2021 2020
Notes £ £
Cash flows from operating activities:
Net cash provided by operating activities A 45,888 51,968
Cash flows from investing activities:
Interest received 293 1,003
Purchase of tangible fixed assets (52,281) (73,794)
Net cash used in investing activities (51,988) (72,791)
Change in cash and cash equivalents in the year (6,100) (20,823)
Cash and cash equivalents at 1 April B 1,183,778 1,204,601
Cash and cash equivalents at 31 March B 1,177,678 1,183,778
Notes to the statement of cash flows for the year to 31 March 2021
A Reconciliation of net movement in funds to net cash provided by operating activities
2021 2020
£ £
Net movement in funds (as per the statement of financial activities) 175,904 39,810
Adjustments for:
Depreciation charge 18,712 10,028
Interest received (293) (1,003)
(Increase) decrease in debtors (44,784) 2,914
Increase in creditors 596 219
Increase in short term investments (104,247)
Net cash provided by operating activities 45,888 51,968
B Analysis of cash and cash equivalents
2021 2020
£ £
Total cash and cash equivalents: Cash at bank and in hand 1,177,678 1,183,778
C Analysis of net debt
Other At 31
At 1 April Cash non-cash March
2020 flows flows 2021
£ £ £ £
Total cash and cash equivalents: Cash at bank
and in hand 1,183,778 (6,100) 1,177,678
----- End of picture text -----

Switchboard LGBT+ 15

Principal accounting policies Year to 31 March 2021

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 March 2021 with comparative information provided in respect to the year ended 31 March 2020.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charitable company constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the Directors to make significant judgements and estimates.

In the financial statements, judgements and estimates have been made in estimating the useful economic life of tangible fixed assets in order to determine the annual depreciation charge, in determining legacy income to be accrued for and in apportioning governance costs.

Assessment of going concern

The Directors have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Directors have made this assessment for a period of one year from the date of approval of these financial statements, and have considered the impact of the coronavirus pandemic and the current economic climate on the Charity operations.

The Directors acknowledge and recognise the potential and continuing impact of the Covid19 pandemic on the Charity, its beneficiaries and on wider society. However, it is not anticipated at the current time that the overall financial position of the Charity will be adversely affected or its financial solvency threatened, the performance in the last 12 months demonstrates the long term viability of the Charity.

The Directors are of the opinion that the charitable company will have sufficient resources to meet its liabilities as they fall due.

Switchboard LGBT+ 16

Principal accounting policies Year to 31 March 2021

Income recognition

Income is recognised in the period in which the charitable company is entitled to receipt and the amount can be measured reliably and it is probable that the income will be received. Income comprises donations and legacies, income receivable under service level agreements, income from fundraising events, interest receivable and rental income from the hiring out of surplus space.

Donations are recognised when the charitable company has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charitable company is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charitable company and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Legacies are included in the statement of financial activities when the charitable company is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charitable company.

Entitlement is taken as the earlier of the date on which either: the charitable company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charitable company that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charitable compa have been notified to the charitable company, or the charitable company is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charitable company.

Income receivable under service level agreement has been included as income from charitable activities and is accounted on an accruals basis for when receivable under the contractual terms of relevant agreement.

Income from fundraising events is accounted for when the charitable company is entitled to the income i.e. usually on the day of the event.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid of payable by the bank.

Rental income arising from the hiring out of surplus space within the chartabl premises is accounted for when receivable i.e. usually the date of the hire.

Switchboard LGBT+ 17

Principal accounting policies Year to 31 March 2021

Expenditure recognition and basis of apportioning costs

Expenditure is included in the statement of financial activities when incurred and includes the attributable VAT which cannot be recovered.

Resources expended comprise the following categories:

Governance costs, comprising the costs of governing the charitable company and ensuring it meets its statutory reporting obligations, are allocated across expenditure categories in proportion to the costs incurred. The majority of other costs are directly attributable to expenditure categories and any other apportionment between headings is negligible.

Tangible fixed assets

All assets costing more than £1,000 and which have with an expected useful life exceeding one year are capitalised.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Freehold property 3.33% on reducing balance Furniture, fittings and equipment 10 - 25% on reducing balance

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Short term investments

Short term investments represents balances held with third party in deposit accounts with maturities of over three months from the date of acquisition. The balances are held at cost plus interest accrued.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charitable company anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Switchboard LGBT+ 18

Principal accounting policies Year to 31 March 2021

Fund accounting

Funds held by the charitable company are as follows:

Further explanation of the nature and purpose of each of the designated and restricted funds is included in the notes to the financial statements.

Switchboard LGBT+ 19

Notes to the financial statements Year to 31 March 2021

1 Income from donations and legacies

Income from donations and legacies
2021
£		 2020
£
Corporate donations
Community donations and Friends
of Switchboard		 333,872
102,673		 118,383
52,023
436,545 170,406

All income from donations was unrestricted in both financial years.

2 Income from service level agreements

Income from service level agreements
2021
£		 2020
£
Gay London Police Monitoring Group
LGBT Domestic Violence
Partnership		 2,286 3,965

3 Expenditure on raising donations

Expenditure on raising donations
2021
£		 2020
£
Staff costs
Premises
Operating costs
Governance costs (note 6)		 6,017
1,869
3,925
442		 3,967
1,286
3,357
1,102
12,253 9,712

4 Expenditure on supporting people

Expenditure on supporting people
2021
£		 2020
£
Staff costs
Premises
Operating costs
Other direct costs
Governance costs (note 6)		 38,511
27,417
86,607
42,726
7,315		 25,390
18,863
38,622
10,212
11,910
202,576 104,997

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Notes to the financial statements Year to 31 March 2021

5 Provision of information

Provision of information
2021
£		 2020
£
Staff costs
Premises
Operating costs
Governance costs (note 6)		 15,645
9,347
21,652
1,747		 10,314
6,430
9,656
3,378
48,391 29,778

6 Governance costs

Governance costs
2021
£		 2020
£
Premises
Operating costs
Other direct costs		 1,246
3,158
5,100		 857
6,391
9,142
9,504 16,390

7 Net income and net movement in funds

This is stated after charging:

2021
£		 2020
£
Staff costs (note 8)
Depreciation		 60,174
18,712
 39,671
10,028
(including VAT) 2,040 1,980

8 Staff costs and related party transactions

Staff costs and related party transactions
2021
£		 2020
£
Wages and salaries
Social security costs
Pensions		 53,449
4,753
1,972		 35,901
2,651
1,119
60,174 39,671

The average number of employees during the year was two (2020 two).

No employee earned more than £60,000 per annum (2020 - none).

The Directors comprise the key management personnel of the charitable company in charge of directing and controlling, running and operating the charitable company on a day to day basis. No Director received any remuneration for their services as Director (2020 - £nil).

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Notes to the financial statements Year to 31 March 2021

8 Staff costs and related party transactions (continued)

No Director received reimbursement of their expenses as a director (2020 - £nil). There were no other related party transactions in the year (2020 none).

9 Taxation

Switchboard LGBT+ is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

10 Tangible fixed assets

----- Start of picture text -----
Furniture,
Freehold fittings and
property equipment Total
£ £ £
Cost
At 1 April 2020 228,384 125,163 353,547
Additions 52,281 52,281
At 31 March 2021 228,384 177,444 405,828
Depreciation
At 1 April 2020 133,836 40,112 173,948
Charge for the year 3,152 15,560 18,712
At 31 March 2021 136,988 55,672 192,660
Net book values
At 31 March 2021 91,396 121,772 213,168
At 31 March 2020 94,548 85,051 179,599
----- End of picture text -----

The Directors are of the opinion that the open market value of the charitable company freehold property is in excess of its net book value. However, the Directors do not believe that the cost of quantifying the difference is commensurate with any added benefit that would be gained by a user of these financial statements having access to such information.

11 Debtors

11 Debtors
12 2021
£		 2020
£
Prepayments and accrued income 46,890 2,106
Short term deposits 2021
£		 2020
£
Flagstone Investment
Management		 104,247

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Notes to the financial statements Year to 31 March 2021

13 Cash at bank

Cash at bank
2021
£		 2020
£
The Royal Bank of Scotland plc
CAF Bank Limited
Metro Bank plc
Flagstone Investment Management
Pleo Technologies Limited		 6,031
483,736
505,200
170,331
12,380		 3,373
675,205
505,200
1,177,678 1,183,778

14 Creditors: amounts falling due within one year

2021
£		 2020
£
Accruals
Other creditors		 2,040
928		 2,176
196
2,968 2,372
Tangible fixed assets fund 2021
£		 2020
£
At 1 April
Net movements in year
At 31 March		 179,599
33,569		 115,833
63,766
213,168 179,599

15 Tangible fixed assets fund

tangible fixed assets. The fund has been created in order to emphasise the fact that the assets are fundamental to the charitable

i.e. they do not represent liquid resources available to the Directors.

16 Designated funds

The income funds of the charitable company include the following designated funds which have been set aside out of unrestricted funds by the Directors for specific purposes:

At
1 April
2020
£		 New
designations
£		 Utilised/
released
£		 At
31 March
2021
£
Diversity fund
New technologies fund
Future development fund		 4,040
4,377
40,000
48,417		 4,040
4,377
40,000
48,417

There were no changes to designated funds in the year to 31 March 2021.

Designated funds are decided on by the Directors in the light of the charitable company future commitments and strategy.

Switchboard LGBT+ 23

Notes to the financial statements Year to 31 March 2021

16 Designated funds (continued)

Diversity fund

The diversity fund comprises monies set aside to enable the charitable company to fund work that improves the diversity of the organisation, as this is recognised as a key priority and cannot be ignored even when money may be tight.

New technologies fund

The new technologies fund comprises monies to enable the charitable company to fund the development of new services and delivery methods using new technologies (such as online chat, SMS text), and to enable the charitable company to periodically upgrade its systems to ensure that it takes advantage of any future developments in telephone and IT technologies.

Future development fund

The future development fund comprises monies set aside to allow development of existing services and investment in the charitable company activities, such as developing lower risk income sources including donations from individuals.

17 Restricted funds

Restricted funds
At
1 April
2020
£		 Income
£		 Expenditure
and
transfers
£		 At
31 March
2021
£
Big Lottery fund 349
349
At
1 April
2019
£		 Income
£		 Expenditure
and transfers
£		 349
349
At
31 March
2020
£
Big Lottery fund
Building redevelopment fund		 349
18,668
19,017		 (18,668)
(18,668)		 349
349

Big Lottery fund

The Big Lottery fund comprises a grant received during a previous year to be applied towards meeting expenditure on the phone room and office computers and software together with iPads for fundraising events.

Switchboard LGBT+ 24

Notes to the financial statements Year to 31 March 2021

18 Analysis of net assets between funds

----- Start of picture text -----
Unrestricted funds
Tangible
fixed
General assets Designated Restricted Total
funds fund funds funds 2021
£ £ £ £ £
Fund balances at 31 March
2021 are represented by:
Tangible fixed assets 213,168 213,168
Net current assets 1,277,081 48,417 349 1,325,847
Total net assets 1,277,081 213,168 48,417 349 1,539,015
Unrestricted funds
Tangible
fixed
General assets Designated Restricted Total
funds fund funds funds 2020
£ £ £ £ £
Fund balances at 31 March
2020 are represented by:
Tangible fixed assets 179,599 179,599
Net current assets 1,134,746 48,417 349 1,183,512
Total net assets 1,134,746 179,599 48,417 349 1,363,111
----- End of picture text -----

19 Members liability

In accordance with the charitable company

of the company undertakes to contribute to the assets of the charitable company if it is wound up during the time that they are a member, or within one year. Such contributions are to be applied towards payment of the debts and liabilities of the charitable company contracted before the time at which they ceased to be a member, the costs, charges and expenses of winding up of the same, and for the adjustment of the rights of the contributors amongst themselves. The contribution that may be required shall not exceed £1.

Switchboard LGBT+ 25