Financial Statements
Contents - Annual Report
Financial Statements
| 2019 | 2018 | |||||||
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |||
| Funds | Funds | Funds | Funds | Funds | Funds | |||
| Notes | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||
| Income from: | ||||||||
| Donations and legacies | (2) | 45,803 | 25,161 | 70,964 | 30,507 | 25,742 | 56,249 | |
| Trading activities | 11,677 | - | 11,677 | 5,640 | - | 5,640 | ||
| Investments | (2/4) | 3,347 | - | 3,347 | 3,253 | - | 3,253 | |
| Total Income | (2) | 60,827 | 25,161 | 85,988 | 39,400 | 25,742 | 65,142 | |
| Expenditure on: | ||||||||
| Raising funds | 15,145 | - | 15,145 | 17,154 | 451 | 17,605 | ||
| Charitable activities | ||||||||
| Tackling poverty and social injustice: | ||||||||
| UK | 26,861 | 6,014 | 32,875 | 19,338 | 2,662 | 22,000 | ||
| International | 31,483 | 17,634 | 49,117 | 16,981 | 5,826 | 22,807 | ||
| Global awareness, education and social change | 1,795 | - | 1,795 | 3,264 | - | 3,264 | ||
| 60,139 | 23,648 | 83,787 | 39,583 | 8,488 | 48,071 | |||
| Total Expenditure | (5a) | 75,284 | 23,648 | 98,932 | 56,737 | 8,939 | 65,676 | |
| Operating (Deficit)/surplus | (14,457) | 1,513 | (12,944) | (17,337) | 16,803 | (534) | ||
| Gains on investments | (4/12) | 13,213 | - | 13,213 | 15,562 | - | 15,562 | |
| Net Income / (Expenditure) | (1,244) | 1,513 | 269 | (1,775) | 16,803 | 15,028 | ||
| Net movement in funds | (1,244) | 1,513 | 269 | (1,775) | 16,803 | 15,028 | ||
| Funds brought forward at 1 August 2018 | (19/20) | 133,372 | (1,459) | 131,913 | 135,147 | (18,262) | 116,885 | |
| Funds carried forward at 31 July 2019 | (19/20) | 132,128 | 54 | 132,182 | 133,372 | (1,459) | 131,913 | |
All amounts relate to the continuing activities of the group. The reference to the notes, which form part of these financial statements is shown on each line as is appropriate.
The notes on the following page form part of these financial statements
| 2019 | 2018 | ||||||
| Notes | Group | Charity | Group | Charity | |||
| £'000 | £'000 | £'000 | £'000 | ||||
| Fixed assets | |||||||
| Intangible assets | (10) | 227 | 16 | 342 | 91 | ||
| Tangible assets | (11) | 307 | 307 | 282 | 282 | ||
| Investments | (12a) | 137,138 | 137,138 | 130,379 | 130,379 | ||
| 137,672 | 137,461 | 131,003 | 130,752 | ||||
| Current assets | |||||||
| Investments | (13) | 45,543 | 45,486 | 64,142 | 64,085 | ||
| Debtors (including £1.8m due after more than one year) | (14) | 42,286 | 38,822 | 28,665 | 28,928 | ||
| Cash at bank and in hand | (25) | 4,940 | 3,897 | 2,186 | 1,003 | ||
| 92,769 | 88,205 | 94,993 | 94,016 | ||||
| Provisions | (16) | (670) | (670) | (461) | (461) | ||
| Creditors: amounts falling due within one year | (15a) | (66,417) | (61,792) | (68,303) | (67,225) | ||
| Net current assets | 25,682 | 25,743 | 26,229 | 26,330 | |||
| Total assets less current liabilities | 163,354 | 163,204 | 157,232 | 157,082 | |||
| Creditors: amounts falling due after more than one year | (15b) | (31,172) | (31,172) | (25,319) | (25,319) | ||
| Net assets | (18) | 132,182 | 132,032 | 131,913 | 131,763 | ||
| Funds | |||||||
| Unrestricted funds | |||||||
| Designated funds | (19) | 75,071 | 66,160 | 81,439 | 81,439 | ||
| General fund | (19) | 57,057 | 65,818 | 51,933 | 51,783 | ||
| Total unrestricted funds | 132,128 | 131,978 | 133,372 | 133,222 | |||
| Restricted Funds | (20) | 54 | 54 | (1,459) | (1,459) | ||
| Total funds | 132,182 | 132,032 | 131,913 | 131,763 | |||
The group has taken advantage of the exemption under s408 of the Companies Act 2006 and has not prepared a separate Statement of Financial Activities for the charity. The net income for Charity Projects (company number 01806414) in the year was £0.3m (2018:£15m)
Approved by the trustees and authorised for issue on their behalf by:
Tim Davie - Chairman, 27 November 2019 Michael Harris - Trustee of Chair of Finance and Risk Committee, 27 November 2019
| 2019 | 2018 | |||||
| £'000 | £'000 | |||||
| Cash flows from operating activities: | A | |||||
| Net cash used in operating activities | (25,491) | (45,856) | ||||
| Cash flows from investing activities: | ||||||
| Dividends and interest | (4) | 3,347 | 3,253 | |||
| Purchase of tangible fixed assets | (11) | (148) | (219) | |||
| Purchase of intangible fixed assets | (10) | (7) | (88) | |||
| Net proceeds from sale of fixed asset investments | (12b) | 6,454 | 35,636 | |||
| Net movement on current investments > 3 months | (13) | 5,151 | 14,964 | |||
| Net cash provided by investing activities | 14,797 | 53,546 | ||||
| Change in cash and cash equivalents in the reporting period | B | (10,694) | 7,690 | |||
| Cash and cash equivalents at 1 August | 61,177 | 53,487 | ||||
| Cash and cash equivalents at 31 July | 50,483 | 61,177 | ||||
| A. Reconciliation of net income to net cash flow used in operating activities | ||||||
| Net income for the reporting period | 269 | 15,028 | ||||
| Adjustments for: | ||||||
| Depreciation and amortisation charges | (5a) | 237 | 576 | |||
| Gains on investments | (12) | (13,213) | (15,562) | |||
| Dividends and interest | (4) | (3,347) | (3,253) | |||
| Loss on the disposal of fixed assets | 8 | 308 | ||||
| (Decrease)/Increase in debtors | (14) | (13,621) | 2,594 | |||
| (Decrease)/Increase in creditors | (15) | 4,176 | (45,547) | |||
| Net cash used in operating activities | (25,491) | (45,856) | ||||
| B. Analysis of cash and cash equivalents | ||||||
| At 1 August 2018 | Movement | At 31 July 2019 | ||||
| Cash at bank and in hand | (25) | 2,186 | 2,754 | 4,940 | ||
| Current investments (less than three months) | (13) | 58,991 | (13,448) | 45,543 | ||
|
Total cash and cash equivalents |
61,177 | (10,694) | 50,483 | |||
The notes on the following page form part of these financial statements.
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