Executive Recruitment

Financial Information

In 2020/2021, the total income for the national charity grew to £162.6 million from £139.1 million in the previous year.

5-year snapshot of our income and expenditure (£millions)

The majority of our funding is awarded through annual funding agreements, is restricted to a particular area of activity and relates to a specific financial year. Therefore, where restricted income grows, there will tend to be a corresponding increase in expenditure in the same year. This is reflected in the 5-year snapshot of income and expenditure opposite. In the financial year 2020/2021, there was a more significant variance than other years because of the recognised cost of the agreed increase in future pension payments to the closed defined pension scheme. This is discussed further in the pensions section below. Whilst income has risen substantially in recent years as we have taken on delivery of more services, our expectation is that this will fall over the next 2 years. This reflects a generally challenging funding environment, coupled with the expectation that most of the existing services will be competitively recommissioned during 2021 and 2022 as current funding agreements end.

This reflects an increase in restricted income to £137.3 million (2020: £113.8 million) and in particular the additional funding we received for our response to the Covid-19 pandemic. This included £13.5 million one-off funding from the Department for Business, Energy & Industrial

Strategy (BEIS) and an increase to our funding from the Money and Pensions Service (MaPS) by £5.9 million to £30.3 million (2020: £24.4 million) to deliver money and debt advice.

The restricted income also includes the Department for Work and Pensions Help to Claim project funding of £34.7 million (2020: £34.3 million). 

Other significant streams of restricted income include:

  • £16.4 million (2020: £16.0 million) from BEIS for our consumer work
  • £10.7 million (2020: £11.0 million) from the Ministry of Justice for the Witness Service
  • £9.9 million (2020: £8.4 million) from the Welsh government
  • £10.1 million (2020: £10.9 million) from MaPS for our Pension Wise service

Total unrestricted income was unchanged from the previous year at £25.3 million (2020: £25.3 million). The most significant unrestricted funding continues to be that provided by BEIS to support our core activities. This remained static at £22.3 million (2020: £22.3 million).