Annual Report and Financial Statements 2022-2023 - Flipbook - Page 11
The fall in income from other trading activities reflects
the extraordinary funding in 2021-22 in connection with
the relocation of teams from Sedum House to serviced
offices in Doncaster. The fall in donations arose from
the non-recurrent support in 2021-22 by National Grid
shareholders of c£116k, offset by growth in donations
and income from fundraising by the Wates Group in
2022-23.
STATEMENT OF FINANCIAL ACTIVITIES
Total Income
Expenditure:
Charitable expenditure:
Health, conservation and
community
Training and employment
Support costs
Fundraising costs
Grants awarded
Total expenditure
2023
£’000
11,061
2022 Change
£’000 £’000
9,333
1,728
9,318
128
1,525
463
11,434
7,402
84
1,218
162
8,866
1,916
44
307
301
2,568
(173)
(200)
(373)
480
(13)
467
(653)
(187)
(840)
(373)
201
668
(201)
(1,041)
New support roles were recruited in 2022-23 to
transform the charity’s infrastructure that underpins its
work in income generation and volunteer engagement.
These roles are expected to drive lean process
improvement, improve data governance and quality and
improve learning and organisational development at the
charity.
The increase in Fundraising costs in 2022-23 comprised
the recruitment of a team of three fundraisers, a
marketing executive, online promotion expenditure,
the cost of digital campaign management services and
continuing specialist fundraising consultancy support to
implement the income generation strategy.
The Charity did not use any professional fundraisers
or commercial participators and did not adopt any
voluntary regulatory fundraising schemes or standards
during the year.
The fundraising team registered the charity with the
Fundraising Preference Service and related procedures
were operational during the year in relation to the
proactive individual fundraising that was carried out.
BALANCE SHEET
Net unrestricted expenditure
Net restricted expenditure
Total net income/
(expenditure)
Gain on revaluation
Net income/(expenditure)
EXPENDITURE
Expenditure increased by £2,568k to £11,434k in the year
as follows:
Expenditureoncharitableactivitiesincreased26gin
2022-23, including the cost of inflation on materials,
transport, and other operational costs.
The charity invested in new roles in Operations during
the year with three Assistant Director roles created to
increase senior resources across the UK.
There was a significant increase in the cost of trees in
2022-23 which was offset by additional tree planting
and fulfilment opportunities in the year as referenced
above.
People costs increased through the increase in scale
of TCV activities, a non-recurrent cost of living award,
backdatedemployerpensioncontributions/a4gpay
award, and the costs of maintaining TCV’s commitment
to the real living wage for its employees.
2023
£’000
2022 Change
£’000 £’000
Tangible fixed assets
616
858
(242)
Investment property
850
850
-
1,466
3,797
187
779
(2,116)
2,647
98
4,015
1,708
3,329
1,500
(2,051)
2,778
(98)
4,388
(242)
468
187
(721)
(65)
(131)
(373)
Total fixed assets
Debtors
Assets held for resale
Cash and cash equivalents
Creditors
Net current assets
Provisions for liabilities
Net assets
The net asset value decreased by £373k in the year
(2022: £668k increase) with net assets of £4,015k at 31
March 2023 (2022: £4,388k).
The investment property at Sedum House, Doncaster
was revalued at 31 March 2023 with the value
unchanged from the prior year at £850k.
The Charity had a net cash outflow of £721k for the year
(2022: £375k outflow).
Non-recurrent administrative delays in raising invoices
to grant funders led to a temporary fall in cash balances
in quarter 4. Cash balances are expected to return to
more normal levels with an investment in credit control
activity during quarters 1 and 2 of the 2023-24 financial
year.
Costs also increased with an increased level of employee
turnover as reflected across the wider charity sector.
The increase of £44k in training and employment costs
reflects the increase in the scale of work funded by the
European Social Fund in the year.
TCV Annual Report and Financial Statements 2022-2311
