ACTION FOR FINANCIAL INCLUSION (AFFI) CIC

Company limited by guarantee

Company Registration Number:
13438846 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2024

Period of accounts

Start date: 1 July 2023

End date: 30 June 2024

ACTION FOR FINANCIAL INCLUSION (AFFI) CIC

Contents of the Financial Statements

for the Period Ended 30 June 2024

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

ACTION FOR FINANCIAL INCLUSION (AFFI) CIC

Directors' report period ended 30 June 2024

The directors present their report with the financial statements of the company for the period ended 30 June 2024

Directors

The directors shown below have held office during the whole of the period from
1 July 2023 to 30 June 2024

Mr Graham Edward Hodgson Brough
Mr Delroy Anthony Corinaldi
Mr Malcolm Hurlston
Dr Robert Barr OBE
Mr Michael Gerard McAteer


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
25 March 2025

And signed on behalf of the board by:
Name: Mr Michael Gerard McAteer
Status: Director

ACTION FOR FINANCIAL INCLUSION (AFFI) CIC

Profit And Loss Account

for the Period Ended 30 June 2024

2024 2023


£

£
Turnover: 0 55,466
Cost of sales: 0 ( 55,466 )
Gross profit(or loss): 0 0
Operating profit(or loss): 0 0
Profit(or loss) before tax: 0 0
Profit(or loss) for the financial year: 0 0

ACTION FOR FINANCIAL INCLUSION (AFFI) CIC

Balance sheet

As at 30 June 2024

Notes 2024 2023


£

£
Current assets
Cash at bank and in hand: 18,722 20,041
Total current assets: 18,722 20,041
Creditors: amounts falling due within one year: 3 ( 18,722 ) ( 20,041 )
Net current assets (liabilities): 0 0
Total assets less current liabilities: 0 0
Total net assets (liabilities): 0 0
Members' funds
Profit and loss account: 0 0
Total members' funds: 0 0

The notes form part of these financial statements

ACTION FOR FINANCIAL INCLUSION (AFFI) CIC

Balance sheet statements

For the year ending 30 June 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 25 March 2025
and signed on behalf of the board by:

Name: Mr Michael Gerard McAteer
Status: Director

The notes form part of these financial statements

ACTION FOR FINANCIAL INCLUSION (AFFI) CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Other accounting policies

    Members Liability: The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

ACTION FOR FINANCIAL INCLUSION (AFFI) CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

ACTION FOR FINANCIAL INCLUSION (AFFI) CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Creditors: amounts falling due within one year note

2024 2023
£ £
Other creditors 18,722 20,041
Total 18,722 20,041

COMMUNITY INTEREST ANNUAL REPORT

ACTION FOR FINANCIAL INCLUSION (AFFI) CIC

Company Number: 13438846 (England and Wales)

Year Ending: 30 June 2024

Company activities and impact

Many people live on the knife-edge, never sure if they can survive even a minor financial setback. They need only a small financial cushion and their lives can be transformed. Our Work and Save campaign in Scotland has shown what is possible. The campaign was funded by the Scottish government through leading credit unions, Capital and Scotwest. Our volunteer board worked with teams from the credit unions. Thanks to their combined efforts, with particular recognition of the part played by board members Graham Brough and Marion Faichnie, over 120,000 employees in Scotland are now able to save through payroll deduction with credit unions. This is a remarkable achievement, especially in the light of the challenges presented by Covid at the time. Nearly everything had to be carried out remotely. The next step will be for employees to save regularly which will take them beyond financial resilience to financial wellbeing. The first stage of our work in Scotland has demonstrated the potential of payroll saving. Of course it is in the government’s power to mandate automatic saving also. But the importance of payroll saving is that it does not only support employees; it empowers them at the same time. The second stage of our work needs to go beyond the central belt of Scotland where the support of our credit union backers has been most effective and reach out to eastern Scot-land, where there are more private sector employees, and to contiguous parts of northern England where poverty is deeper than in Scotland. These will require further funding which, on any common-sense basis, should be forthcoming in light of the achievements to date and prospects before us. I would like to thank our participants, our funders and the board members who have worked hard and pro bono.

Consultation with stakeholders

As explained above, we have prioritised setting up payroll savings schemes. We are adopting a regional approach and started with Scotland. Stakeholder collaboration, not just consultation, is very much at the heart of our model designed to expand take up of payroll savings schemes. Our key stakeholders are leading credit unions in Scotland, employers, representative bodies, policymakers, and civil society organisations. As mentioned, we trialled different approaches, and consulted with stakeholders to identify the most effective approach to expand the reach of payroll savings schemes.

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
24 March 2025

And signed on behalf of the board by:
Name: Michael McAteer
Status: Director