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COMPANY REGISTRATION NUMBER: 05239863
CHARITY REGISTRATION NUMBER: 1109539
Financial Inclusion Services (Yorkshire) Limited
Company Limited by Guarantee
Unaudited Financial Statements
30 September 2024
Financial Inclusion Services (Yorkshire) Limited
Company Limited by Guarantee
Financial Statements
Year ended 30 September 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
7
Financial Inclusion Services (Yorkshire) Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 September 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 September 2024 .
Reference and administrative details
Registered charity name
Financial Inclusion Services (Yorkshire) Limited
Charity registration number
1109539
Company registration number
05239863
Principal office and registered
35 Townhead Street
office
Sheffield
S1 2EB
The trustees
Mr P Armstrong
Ms C Ursell
Ms M Stavrianakos
Mr J Edwards
Mr C Kearton
Mr N Fletcher
(Resigned 31 July 2024)
Mr R Savage
Mr C Thomas
Independent examiner
Mr S D Allen ACA FCCA
Omega Court
364-366 Cemetery Road
Sheffield
S11 8FT
Structure, governance and management
Governing Document
The organisation is a charitable company limited by guarantee. It was incorporated on 23 September 2004 and is governed by the Memorandum and Articles of Association under which it is established.
Recruitment and appointment of directors
Recruitment and appointment of directors is an ongoing process within the organisation involving identifying people with skills, knowledge and relevant experience to join our board of directors. This is achieved by local advertising campaigns as well as identifying individuals with specific skills in areas required by the organisation. Information packs, policies and procedures, training opportunities and induction to the organisation are available to all who would like to become board members.
Organisational Structure
The organisation is governed by a board of directors, who are responsible for controlling the management and administration of the charity. The board have established formalised reporting procedures and clear lines of accountability. The board second a varying number of hours of Sheffield Credit Union's General Manager (also referred to as Chief Executive Officer) and Finance Manager to manage the organisation on a day to day basis on their behalf. The managers report to the board each month and there are clearly defined roles and responsibilities. The aims and objectives are set out in the organisations' Memorandum and Articles of Association. Decisions are agreed and approved at the board meetings that are held regularly throughout the year.
Risk management
The board of directors actively review the major risks to which the charity is exposed and believe that careful monitoring of reserves, combined with an annual review of the controls over financial systems, will provide sufficient resources in the event of adverse conditions. The board of directors has also examined other operational risks faced by the charity and can confirm that they have established systems and procedures to mitigate all potential risks identified.
Public Benefit Statement
The objectives and activities of the organisation have been planned, taking into account the requirements that the Charities Commission sets out with regard to Public Benefit. The Public Benefit that the organisation provides relates to our aims and objectives, and is balanced against any potential harm through our risk assessment procedures. The benefits are not unreasonably restricted. The activities do not result in private benefit.
Objectives and activities
The charity's principal objectives continue to be to relieve persons in need, poverty and distress by the provision, and support in the provision, of debt and personal finance management training, including training in vocational skills and the provision of such other resources and services as the trustees shall from time to time determine, with the object of improving the conditions of life for those persons who have need of such services. These objectives are being met by:
a) Attending strategic meetings to drive forward issues surrounding financial exclusion at a local and county level;
b) Participating in, and leading projects to improve understanding of financial exclusion, for individuals and organisations;
c) Providing support for individuals experiencing financial exclusion, in partnership with Sheffield Credit Union Limited as well as through signposting to other relevant agencies and support mechanisms;
d) Offering money management and budgeting support to individuals and to organisations dealing with individuals in need of this support.
Volunteers work within the organisation where appropriate to complement the charity's full time staff. The board estimate that approximately 40 hours were donated by volunteers during the year (Board meetings & AGM.
Achievements and performance
SCC Employability Project
Sheffield City Council contracted FISY Ltd to administer Employability Project grants on their behalf. These grants are paid to individuals through organisations participating in the project. The organisations receive the grants from FISY and then provide them to the individuals that they support. The project began in January 2012 and is ongoing. Since beginning, a total of 1116 grants have been issued, all designed to help individuals to overcome the barriers involved in getting back to work. Purposes have included accessing training, transport passes, work clothing and other expenses that would otherwise have made resuming employment difficult for the individuals.
Financial review
Principal sources of funding
This year, the charity's funds have come from contractual income from Sheffield City Council. A significant grant was received in June 2024 which allowed the presence of part-time outreach workers at community hubs. Other necessary expenditure, including support for Sheffield Credit Union to explore and develop its community presence and furtherance of the aims of financial inclusion, has been found from company reserves.
Reserves Policy
The Board of Directors has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the Charity should be between one and six months of the resources expended, which based on the current year equates to between £969 and £5,814 (2023 :£1,090 and £6,541). The board of directors feel the available unrestricted funds of £13,973 at 30 September 2024 (2023: £18,390), which is higher than this target due to reduced projects within the organisation, are sufficient for the charity to continue operating its current activities.
Investment Policy
The general purposes committee has considered the most appropriate policy for investing funds and has found that the Unity Trust bank meets the charity's requirements.
Plans for future periods
The organisation aims to continue to deliver services to improve financial capability and promote better financial inclusion. To achieve this, tendering processes and further funding applications will be submitted when appropriate. All activities that aim to improve financial capability will be considered, including sourcing training for those working with financially excluded individuals. Work within schools and the community, to deliver money skills sessions and to raise awareness of financial inclusion issues in the wider community are still under consideration for future projects.
There were no paid employees within the organisation at the end of the financial year, and all salary charges were in the form of buying in staff hours from Sheffield Credit Union (SCU). With changes of management within SCU we expect FISY to begin to employ part-time staff. The organisation aims to continue building links with the local media through work delivered by the General Manager/CEO and is continuing to utilise donated funds, and will use any new grants, to buy hours to support Sheffield Credit Union members with budgeting and financial management.
The organisation will continue to provide volunteer opportunities by recruiting and training new volunteers to our organisation. We recruit new Directors with a variety of skills to support the Board of Directors, and at the time of this report the Board of Directors has 2-6 vacancies.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 12 June 2025 and signed on behalf of the board of trustees by:
Mr P Armstrong
Mr C Kearton
Trustee
Trustee
Financial Inclusion Services (Yorkshire) Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Financial Inclusion Services (Yorkshire) Limited
Year ended 30 September 2024
I report to the trustees on my examination of the financial statements of Financial Inclusion Services (Yorkshire) Limited ('the charity') for the year ended 30 September 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr S D Allen ACA FCCA Independent Examiner
Omega Court 364-366 Cemetery Road Sheffield S11 8FT
12 June 2025
Financial Inclusion Services (Yorkshire) Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 30 September 2024
2024
2023
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
1,999
26,964
28,963
12,974
Charitable activities
6
215
215
107
-------
--------
--------
--------
Total income
1,999
27,179
29,178
13,081
-------
--------
--------
--------
Expenditure
Expenditure on charitable activities
7,8
6,416
5,211
11,627
13,081
-------
--------
--------
--------
Total expenditure
6,416
5,211
11,627
13,081
-------
--------
--------
--------
-------
--------
--------
--------
Net income and net movement in funds
( 4,417)
21,968
17,551
-------
--------
--------
--------
Reconciliation of funds
Total funds brought forward
18,390
18,390
18,390
--------
--------
--------
--------
Total funds carried forward
13,973
21,968
35,941
18,390
--------
--------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Financial Inclusion Services (Yorkshire) Limited
Company Limited by Guarantee
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Current assets
Debtors
14
35
35
Cash at bank and in hand
48,495
35,880
--------
--------
48,530
35,915
Creditors: amounts falling due within one year
15
12,589
17,525
--------
--------
Net current assets
35,941
18,390
--------
--------
Total assets less current liabilities
35,941
18,390
--------
--------
Net assets
35,941
18,390
--------
--------
Funds of the charity
Restricted funds
21,968
Unrestricted funds
13,973
18,390
--------
--------
Total charity funds
18
35,941
18,390
--------
--------
For the year ending 30 September 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 12 June 2025 , and are signed on behalf of the board by:
Mr P Armstrong
Mr C Kearton
Trustee
Trustee
Financial Inclusion Services (Yorkshire) Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 35 Townhead Street, Sheffield, S1 2EB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Limited by guarantee
The company is a company limited by guarantee not having a share capital. Every member of the company undertakes to contribute a sum not exceeding £1 if the company has insufficient assets to discharge its liabilities in the event of winding up.
5. Donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Donations
Donations and gifts
1,479
1,479
Grants
Grants receivable
1,999
25,485
27,484
-------
--------
--------
1,999
26,964
28,963
-------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Donations and gifts
4,288
7,109
11,397
Grants
Grants receivable
1,577
1,577
-------
-------
--------
4,288
8,686
12,974
-------
-------
--------
6. Charitable activities
Restricted Funds
Total Funds 2024
Restricted Funds
Total Funds 2023
£
£
£
£
Other income from charitable activities
215
215
107
107
----
----
----
----
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Charitable Activity
4,381
5,196
9,577
Support costs
2,035
15
2,050
-------
-------
--------
6,416
5,211
11,627
-------
-------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Charitable Activity
2,918
8,711
11,629
Support costs
1,370
82
1,452
-------
-------
--------
4,288
8,793
13,081
-------
-------
--------
8. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Charitable Activity
9,577
2,050
11,627
13,081
-------
-------
--------
--------
9. Analysis of support costs
Analysis of support costs - charitable activity
Total 2024
Total 2023
£
£
£
Finance costs
70
70
72
Governance costs
1,980
1,980
1,380
-------
-------
-------
2,050
2,050
1,452
-------
-------
-------
10. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,980
1,380
-------
-------
11. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
£
£
Wages and salaries
749
2,771
Employer contributions to pension plans
50
185
----
-------
799
2,956
----
-------
The average head count of employees during the year was Nil (2023: 1 ). The average number of full-time equivalent employees during the year is analysed as follows:
2024
2023
No.
No.
Direct charitable work
1
1
----
----
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
13. Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 Oct 2023 and 30 Sep 2024
10,735
--------
Depreciation
At 1 Oct 2023 and 30 Sep 2024
10,735
--------
Carrying amount
At 30 Sep 2024
--------
At 30 Sep 2023
--------
14. Debtors
2024
2023
£
£
Prepayments and accrued income
35
35
----
----
15. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
12,587
17,523
Other creditors
2
2
--------
--------
12,589
17,525
--------
--------
16. Deferred income
2024
2023
£
£
At 1 October 2023
16,143
29,117
Amount released to income
(4,996)
(12,974)
--------
--------
At 30 September 2024
11,147
16,143
--------
--------
17. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 50 (2023: £ 185 ).
18. Analysis of charitable funds
Unrestricted funds
At 1 Oct 2023
Income
Expenditure
At 30 Sep 2024
£
£
£
£
General funds
18,390
1,999
(6,416)
13,973
--------
-------
-------
--------
At 1 Oct 2022
Income
Expenditure
At 30 Sep 2023
£
£
£
£
General funds
18,390
4,288
(4,288)
18,390
--------
-------
-------
--------
Restricted funds
At 1 Oct 2023
Income
Expenditure
At 30 Sep 2024
£
£
£
£
Restricted Fund 1 - Employability
27,179
(5,211)
21,968
----
--------
-------
--------
At 1 Oct 2022
Income
Expenditure
At 30 Sep 2023
£
£
£
£
Restricted Fund 1 - Employability
8,793
(8,793)
----
-------
-------
----
19. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Current assets
26,562
21,968
48,530
Creditors less than 1 year
(12,589)
(12,589)
--------
--------
--------
Net assets
13,973
21,968
35,941
--------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Current assets
35,915
35,915
Creditors less than 1 year
(17,525)
(17,525)
--------
----
--------
Net assets
18,390
18,390
--------
----
--------
20. Related parties
During the year there were £4,471 (2023 - £3,247) of recharges from the Sheffield Credit Union to the company.