THE INCLUSION FOUNDATION CIC

Company limited by guarantee

Company Registration Number:
12167113 (England and Wales)

Unaudited statutory accounts for the year ended 31 August 2024

Period of accounts

Start date: 1 September 2023

End date: 31 August 2024

THE INCLUSION FOUNDATION CIC

Contents of the Financial Statements

for the Period Ended 31 August 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

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Directors' report period ended 31 August 2024

The directors present their report with the financial statements of the company for the period ended 31 August 2024

Principal activities of the company

Other services activities



Directors

The director shown below has held office during the whole of the period from
1 September 2023 to 31 August 2024

Neil Harris


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
18 November 2024

And signed on behalf of the board by:
Name: Neil Harris
Status: Director

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Profit And Loss Account

for the Period Ended 31 August 2024

2024 2023


£

£
Administrative expenses: ( 2,205 ) ( 4,985 )
Operating profit(or loss): (2,205) (4,985)
Profit(or loss) before tax: (2,205) (4,985)
Profit(or loss) for the financial year: (2,205) (4,985)

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Balance sheet

As at 31 August 2024

Notes 2024 2023


£

£
Creditors: amounts falling due within one year: 3 ( 756 ) ( 720 )
Net current assets (liabilities): (756) (720)
Total assets less current liabilities: (756) ( 720)
Creditors: amounts falling due after more than one year: 4 ( 37,130 ) ( 34,961 )
Total net assets (liabilities): (37,886) (35,681)
Members' funds
Profit and loss account: (37,886) ( 35,681)
Total members' funds: ( 37,886) (35,681)

The notes form part of these financial statements

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Balance sheet statements

For the year ending 31 August 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 18 November 2024
and signed on behalf of the board by:

Name: Neil Harris
Status: Director

The notes form part of these financial statements

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Notes to the Financial Statements

for the Period Ended 31 August 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Other accounting policies

    Short term debtors are measured at transaction price, which is usually the invoice price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognized at transaction price including any transaction costs and subsequently measured at amortized cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Short term creditors are measured at transaction price, which is usually the invoice price. Loans and other financial liabilities are initially recognized at transaction price net of any transaction costs and subsequently measured at amortized cost determined using the effective interest method. A current tax liability is recognized for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognized in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognized in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognized only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. Provisions, i.e. liabilities of uncertain timing or amount, are recognized when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

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Notes to the Financial Statements

for the Period Ended 31 August 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 2 2

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Notes to the Financial Statements

for the Period Ended 31 August 2024

3. Creditors: amounts falling due within one year note

2024 2023
£ £
Other creditors 756 720
Total 756 720

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Notes to the Financial Statements

for the Period Ended 31 August 2024

4. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Other creditors 37,130 34,961
Total 37,130 34,961

COMMUNITY INTEREST ANNUAL REPORT

THE INCLUSION FOUNDATION CIC

Company Number: 12167113 (England and Wales)

Year Ending: 31 August 2024

Company activities and impact

The purpose of the Foundation is to help tackle financial exclusion in the UK. The Inclusion Foundation runs three core services: The Inclusion SignPost – an accreditation service to test, monitor and accredit financially inclusive institutions offering inclusive financial services to the public SignpostNow – a free product comparison to help consumers find the product and service that best suits their need for financial services The Inclusion Academy – an education and thought leadership programme for payment account providers, consumers and government. This includes thought leadership initiatives to help consumers understand financial products and services, as well as materials for industry and government to understand the needs of the excluded and to help accelerate the production of financially inclusive products and services. Activities that have benefitted the community in the last year are: 1 Financial Inclusion quarterly meetings with Chair of the Payment Systems Regulator 2 1st Nov 2023, Leeds - Incuto Impact and Innovation in the Community Finance Sector Conference - “FinTech for Good” Showcase – chaired the Impact and Innovation in the Credit Union sector focus 3 19th March 2024, London – Chairing the Community Finance Roundtable at Pay360 conference 4 20th May, London – Guest of the CSJ - Parliamentary Reception: Future Financial Health: Building a Financially Inclusive Britain with keynote speaker, the Economic Secretary to the Treasury, Bim Afolami MP 5 March - July 2024 – “Redefining Community Finance” Whitepaper production – focused on innovation in the Credit Union sector 6 Monthly Advisory Board participation with UKFIN+ - bridging the gap between Academia and fintech in social good projects - https://ukfin.network/advisory-board/ 7 National Payments Vision - representing the consumer of fintech

Consultation with stakeholders

The foundation has a board of directors who meet quarterly at board meetings. The foundation also has an extended Executive Committee, which includes the Board members. This Executive Committee meets monthly to review the activities of the three primary workstreams of the Founda-tion (The Inclusion Signpost, SignpostNow and The Inclusion Academy). Board Neil Harris Sarah Harris Jos Henson-Gric (Product) Angela Yore (Marcom) Carl Packman (Fund raising) Executive Committee Committee who consult with messaging, fund raising, members of the Committee are: Thomas Connelly (Secretary) Tony Craddock (The Payments Association) David Parker (Polymath Consulting) Mark Davison (Manifesto)

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
18 November 2024

And signed on behalf of the board by:
Name: Neil Harris
Status: Director