OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-08-31-accounts

Company registration number: 03679369 Charity registration number: 1073572

FUSION UK

Company Limited by Guarantee

UNAUDITED FINANCIAL STATEMENTS AND

TRUSTEES REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

https://www.fusionmovement.org/

FUSION UK

INDEX TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

Page
Legal and administrative information 1
Executive summary 2
Trustees' annual report (incorporating the directors report) 3 - 9
Independent examiner's report to the trustees 10
Statement of financial activities 11
Statement of financial position 12
Statement of cash flows 13
Notes to the financial statements 14 - 21

FUSION UK

LEGAL AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2023

Registered charity name: Fusion UK
Trading name: Fusion Movement
Trustees: Oliver Grills
James Hill
Rowan Jackson-Smith - appointed 25 April 2023
Hannah Miller (Chair)
Ruth Page - appointed 9 February 2023
Company registration number: 03679369
Charity registration number: 1073572
Registered office address: Unit 7
30 Meadow Lane
Loughborough
Leicestershire
LE11 1JY
Independent examiner: Daniel StylesFCA
Lifestyles Accountancy Limited
39 Kirklees Road
Southport
PR8 4RB
Bankers: Barclays Bank plc
74 East Street
Chichester
West Sussex
PO19 1HT

1

FUSION UK

EXECUTIVE SUMMARY OF THE YEAR’S ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2023

In the last year, we have witnessed unprecedented openness to the gospel and to trying church. The first and second year students were affected by COVID measures in a very different way to the two previous years. They were doing GCSEs as opposed to A Levels during that time. This meant that they earned their university places through exams not teacher-granted grades. It also meant that they were able to be more adventurous in their time just before university and subsequently during their studies.

This generation of students prides itself on openness and experience. So we have been able to make use of that by asking “are you open to trying church as part of your university experience?” This is a question that creates so much curiosity. This was explored further in our Student Survey that we conducted with 1395 students. We discovered that 74% of non-Christian students would go to church if invited by a friend.

This year can be characterised as a transition year in which we positioned ourselves for increased impact and effectiveness. We have restructured ourselves to be able to respond most helpfully to the needs of the local church in evangelism to students. We now have a partnership team, a coaching team and a development team. These teams allow us to maximise individual team members’ strengths and have a bigger impact in our mission field. We are now connected to over 2500 churches in the UK and it has been excellent to be able to deliver tools and resources in the way they need.

We are aware of hundreds of students having given their life to Jesus this year through Fusiontrained church ministry. This is still very small in comparison to the number of students who would be open to the gospel. The church is asleep to the opportunity of an awakening student body. This is a large part of what we spoke to throughout the year, calling the church to wake up to student mission. This culminated in our conference which was called “Wide Awake”.

Luke Smith , National Team Leader (England and Wales)

2

FUSION UK

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

The trustees submit their annual report and financial statements for the year ended 31 August 2023. The financial statements follow the requirements of the revised Charities Statement of Recommended Practice (FRS 102) (second edition - October 2019) – Accounting and Reporting by Charities: 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) (effective 1 January 2019). For the purpose of charity law, directors are also the company’s trustees and are responsible for making all major decisions on behalf of the company and are referred to throughout this report as trustees.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is a company limited by guarantee, formed on 4 December 1998 and is governed by its its memorandum and articles of association.

Recruitment and appointment of the trustees

The board seeks to achieve a balance of skills and experience amongst the trustees. In order to maintain this, the board reviews its skill and experience mix each year and seeks to recruit new trustees as and when necessary.

Potential trustees are identified and then approached to determine whether they are able and willing to become part of the charity. Interested individuals are invited to attend a number of trustee meetings to enable them to gain an understanding of the ethos and philosophy of management of the charity. They are also invited to the main office in Loughborough to be given information about the activities, resources and objectives of the charity as well as information regarding the roles and responsibilities of trustees. At the end of this investigative period, individuals are invited to become trustees. Appointment is made at a formal meeting of the board of trustees in line with the charity's memorandum and articles of association.

The trustees delegate the day-to-day responsibility for administering the activities of the charity to a full time head of operations who is also responsible for overseeing the charity’s employees and liaising with others to whom the trustees have contracted to undertake various projects and initiatives.

Trustee induction and training

The current board of trustees provide any new trustee with an overview of the timetable of board meetings, copies of the recent minutes of meetings, the recent reports and financial statements and explains their general and specific responsibilities.

Ongoing training is provided by the board of trustees as and when the need arises.

OBJECTIVES AND ACTIVITIES

Aim and purpose

The charity exists primarily to advance the Christian faith and works to catalyse, facilitate and grow a student movement by working in partnership with local churches and other organisations. This is summarised through three purposes:

3

FUSION UK

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

OBJECTIVES AND ACTIVITIES (continued)

Aim and purpose (continued)

  1. Equipping students: preparing and inspiring students for a life of mission and discipleship at university;

  2. Serving churches: connecting students into the heart of local church and encouraging churches to be at the heart of student mission; and

  3. Developing student workers: training, resourcing and strengthening all those in church based student ministry.

Included in this is the development and maintenance of a national and international network that will produce and exchange resources to promote student mission.

Objectives and activities

The trustees have established that the aims and purposes of the charity will primarily be reached through working with local churches, their student workers and university students directly. All activities will be focused on providing resources and support in these three areas.

In planning activities for the year, the trustees have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. We want every student to have the opportunity to encounter Jesus whilst at university, for them to find a home in their local church and to live out their faith as part of their local, national and the global community through:

ACHIEVEMENTS AND PERFORMANCE

General

This was a year of transition both in terms of structure and personnel. As we look at the whole history of Fusion, this can be characterised as the third era in Fusion’s life and we have positioned ourselves to be responsive to the Holy Spirit and able to serve the local church in sharing the good news of Jesus with students. We are encouraged that from just 100 Fusion Connection churches, we know 247 students have given their lives to Jesus and 254 students have been baptised!

4

FUSION UK

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

Student Survey

We were surveying students all year and there was incredible openness displayed by the student generation. We surveyed 1395 students of all faiths and none across 45 university locations. Notably we discovered that 74% of non-Christian students would go to church if a friend invited them.

Student Gathering

We delivered a smaller, more focused annual gathering of students than in previous years called Wide Awake for 100 students and student workers. Alongside this event, we also ran Ignition Worship Nights which gathered approximately 450 students over six locations. These nights acted as a catalyst for student mission. In Falmouth, students responded to the message shared by taking out their phones and inviting their friends to church. In Bristol, some students were encouraged to spend time using the Jesus at the door evangelism model on the streets of Bristol. One student led someone to faith on the street that morning. Student salvation and recommitments were recorded at multiple Ignition nights.

Student Evangelism

Fusion continues to advocate for church-based student mission. We ran three excellent training days for churches in November which focused on engaging students in scripture. Followed by three days focused on mission and outreach in March. The Fusion team also pioneered evangelistically and prayer walks with churches in their locations throughout the year. A range of Fusion Training on mission and small groups have been delivered to 95 churches in 41 different university locations.

International

Over the past year Fusion has increased its focus on resourcing and serving the nations, our resources are available online and have been posted to many places around the world. Our aim is to continue to serve national student movements across nations regardless of whether a Fusion movement is developed there. However, Fusion is now officially operating in 5 nations and most of our international endeavour is about seeing these nations thrive. As well as England and Wales, Fusion Scotland and Fusion Spain have a team of 2 people in each nation and the Fusion USA team has doubled to 4 people in the last year.

Broadening Income Streams

Ministry Partner Development (MPD) continues to be stable and a key funding strategy for Fusion. We have identified the need to communicate centrally with individuals who partner with Fusion to aid retention of donors as team members move on from their roles at Fusion. In addition to this, we ran an MPD party to celebrate and thank donors which we plan to do annually. To aid a strategy in broadening Fusion income streams we sought advice from other charities around running a donor dinner and attracting legacy gifts. We also identified and renewed relationships with trusts that had previously funded Fusion.

5

FUSION UK

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

Review and summary of the year

The results for the year and state of the charity's affairs at 31 August 2023 are set out in the financial statements on pages 11 to 21 showing income of £732,322 (2022 - £789,515) and expenditure of £745,273 (2022 - £903,483). The charity does not use professional fundraisers or raise funds from the general public.

The charity recorded net outgoing resources of £12,951 (2023 - £113,968) combined with net unrealised gains for the year of £177 (2022 - net unrealised losses of £11,960) bringing the total reserves to a surplus of £251,856 (2022 - £264,630) which includes restricted funds of £6,022 (2022 - £6,022).

Principal funding sources

The principal funding sources of the charity continue to be received from the very generous donors and grant funders that the charity is so very thankful to.

Reserves policy

The trustees have a reserves policy to hold in free reserve sufficient sums to cover six months operational expenditure minus salaries, as any fall in support income is mitigated by a contractual reduction in wage costs through the partner raising model. The trustees believe that this reserve sum is adequate to ensure continuity in ministry and cover the costs associated with training, conferencing, student support and travel due to any unforeseen changes in circumstances and revenues.

The charity remains heavily dependent on income from supporters to fulfil its objectives. In particular, ‘partner raising’ income whereby team members’ salaries are directly linked to raising funds for the charity in relationship and partnership with individuals. As a core tenet of the charity’s income stream, the trustees have set an additional reserve target calculated at 3 months of total wage costs in the year which they consider sufficient to cover three months of partner raising income should the need arise.

Through the approval and management of appropriate budgets, the charity also ensures it is in a position to maximise investment opportunities. At present, the free reserves, which amount to £240,272, are in line with target. The level of desired reserves will be kept under review each year in the light of the charity’s development. In addition to this, the Charity holds restricted funds totalling £6,022 to fund the establishment and development of Fusion Ireland.

6

FUSION UK

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2023

FINANCIAL REVIEW (continued)

Investment policy

The charity’s memorandum provides the trustees with the power to invest monies not immediately required for its purposes, with the objective of managing resources effectively. The trustees will identify funds not required for short or medium term needs and will designate them for longer term investment. The trustees will consider the risk and benefits of such investments, and where necessary seek advice when selecting investment funds. The ethical stance of the charity is a core consideration for the placement of investment funds.

Pay policy for senior staff

The trustees consider the board of directors, who are also the charity’s trustees, and the senior management team which comprises the key management personnel of the charity, responsible for directing, controlling, running and operating the charity on a day to day basis. All directors give their time freely and no director received any remuneration during the year.

RISK REVIEW

Principal risks and uncertainties

The trustees have identified two principal risks, which have been mitigated for, and are sustainable income streams and the potential loss of key personnel as described below:

Firstly, ensuring a consistent and reliable flow of income is crucial for the effective outworking of Fusion’s mission. The trustees have mitigated this risk through monitoring and diversifying income streams. Primarily, this is mitigated through the partnership fundraising model (known as Ministry Partnership Development (MPD) within the charity). This is where ministry team members seek to raise 100% of their gross salary from individuals with whom they partner, spreading the risk of income loss across multiple sources, and increasing the number of directly invested stakeholders in the charity. The trustees have also worked with the Fusion Senior Leadership Team to grow income from other sources such as trust funds, Churches, and Major Donors.

Secondly, the Trustees recognise that team turnover can lead to a lack of continuity and direction, as well as a loss of institutional knowledge. To mitigate against this risk area Fusion prioritises the development of a robust team culture. This involves clear and comprehensive job descriptions, ensuring role clarity for each team member. Where possible, Fusion is active in succession planning and knowledge sharing between roles. Additionally, Fusion has established mechanisms for identifying and managing unsatisfactory performance, enabling proactive measures to be taken.

A risk management strategy is in place that consists of an annual review document detailing the risks to the charity and the control measures to be taken. This is prepared by the management team and then reviewed, assessed, and minuted by the board of trustees. The board of trustees along with the ops manager ensure the establishment and continuance of systems and procedures to mitigate those risks.

7

FUSION UK

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2023

PLANS FOR FUTURE PERIODS

Survey and Research

Due to the success of the survey last year, we have improved it and we are going to repeat it this year. This will give us good comparative data and also new insights with the amendments. We are aiming to survey 1750 students, an increase of 355 on last year. Alongside this survey we are also going to deliver some in-depth research into the experience of a Christian student, with particular reference to their evangelism and perspectives on church.

Deepening Church Partnership

Having moved from a regional team structure into a functional structure, we need to review and improve our relationships with our 2500 churches. The Partnership Team will lead on this developing new connections and agreements with hundreds of churches. The nature of student work is that personnel moves on quickly so this is long overdue. We will also complete a full review of Student Linkup and make decisions about how we can improve this in the short, medium and long term.

New Tools for Student Evangelism

Due to our findings in the student worldview survey 2020-2023, we want to develop new resources to help Christian students to invite their friends to church. We also want to develop a resource to help all kinds of students to read the bible. In the light of increased spiritual openness we anticipate an urgency for these resources.

Wide Awake Gathering

In July 2023, we ran a gathering called Wide Awake. Not only was this a success, but it also seemed to hit on a cultural key for the churches that we minister to. Because of this we are going to run various “Wide Awake Nights” throughout the year and across England and Wales in partnership with local churches. These evenings will all point towards and culminate in Wide Awake 24. We hope to gather 150 people for this event at the start of the summer.

Funding

We will conduct a full review of our funding streams and address how we can increase and improve them. Namely, how we connect with and relate to individual givers, large donors, churches and trust funds. This has previously been informal and staccato in nature. We will build processes and systems that will allow for repeat success and development.

8

FUSION UK

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

INDEPENDENT EXAMINER

Daniel Styles of Lifestyles Accountancy Limited has signified his willingness to continue in office and a resolution for his re-appointment will be proposed at the forthcoming annual general meeting.

This report was approved by the board of trustees on 23 December 2023 and signed on its behalf by:

………………………………

Hannah Miller - Trustee board chair

9

FUSION UK

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FUSION UK

FOR THE YEAR ENDED 31 AUGUST 2023

I report to the trustees on my examination of the financial statements of Fusion UK ('the charity') for the year ended 31 August 2023, which are set out on pages 11 to 21.

Responsibilities and basis of report

As the trustees of the charity (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 financial statements of the charity 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 financial statements 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

Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake this examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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.

….............................................

Daniel Styles FCA (Independent examiner)

Dated: 22 January 2024

for and on behalf of Lifestyles Accountancy Limited 39 Kirklees Road, Southport, PR8 4RB

10

FUSION UK

STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure)

FOR THE YEAR ENDED 31 AUGUST 2023

Notes
INCOMING RESOURCES
Donations and similar income:
Donations received
3
Income tax recoverable
Income from grant making trusts
4
Charitable activities:
Training and conference fees
Sale of training materials
Advertising revenue
Investments
Investment income
5
Other income:
Covid-19 grants
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Raising funds
6
Charitable activities
7
Governance costs
8
TOTAL RESOURCES EXPENDED
OTHER RECOGNISED GAINS
Unrealised investment gain / (loss)
NET MOVEMENT IN FUNDS
Fund balances at 1 September
Fund balances at 31 August
NET OUTGOING RESOURCES
FOR THE YEAR		 Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
539,023
-
539,023
86,886
-
86,886
70,750
-
70,750
7,101
-
7,101
20,320
-
20,320
-
-
-
8,242
-
8,242
-
-
-
732,322
-
732,322
21,723
-
21,723
722,348
-
722,348
1,202
-
1,202
745,273
-
745,273
(12,951)
-
(12,951)
177
-
177
(12,774)
-
(12,774)
258,608
6,022
264,630
245,834
6,022
251,856		 Total
funds
2022
£
613,974
66,808
72,691
1,740
24,350
-
9,952
-
789,515
23,779
878,264
1,440
903,483
(113,968)
(11,960)
(125,928)
390,558
264,630

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 14 - 21 form part of these financial statements.

11

FUSION UK

BALANCE SHEET

AS AT 31 AUGUST 2023

Notes
FIXED ASSETS
Tangible assets
10
Investments
11
CURRENT ASSETS
Stocks of resources
Debtors and prepayments
12
Cash at bank and in hand
CREDITORS: Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
FUNDS
Restricted funds
Unrestricted funds:
Designated funds
General funds
TOTAL FUNDS
14		 Total
funds
2023
£
11,582
-
11,582
28,207
8,368
226,520
263,095
22,821
240,274
251,856
6,022
-
245,834
251,856		 Total
funds
2022
£
17,373
184,482
201,855
31,957
15,960
89,782
137,699
74,925
62,774
264,629
6,022
-
258,608
264,630

For the year ending 31 August 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

n

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 n 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 23 December 2023, and are signed on behalf of the board by:

………………………………

Hannah Miller - Director

The notes on pages 14 - 21 form part of these financial statements.

12

FUSION UK

STATEMENT OF CASH FLOWS

AS AT 31 AUGUST 2023

Notes
Net cash flow from operating activities
17
Cash flow from investing activities
Payments to acquire investments
Receipts from sale of investments
Interest received
5
Net cash flow from investing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents as at 1 September 2022
Cash and cash equivalents at 31 August 2023		 Total
funds
2023
£
(56,163)
-
184,659
8,242
192,901
136,738
89,782
226,520		 Total
funds
2022
£
(41,324)
-
-
9,952
9,952
(31,372)
121,154
89,782

The notes on pages 14 - 21 form part of these financial statements.

13

FUSION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

1 GENERAL INFORMATION

Fusion UK is a company, limited by guarantee, incorporated in England and Wales under the Companies Act 2006 and Charities Act 2011. The address of the registered office is provided in the Legal and Administration details on page 1. Details of the charity's operations are provided in the Trustees Report starting at page 3.

2 ACCOUNTING POLICIES

a Basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared on a going concern basis, under the historical cost convention and include the results of the charity which are described in the Trustees Report and all of which are continuing. The financial statements are prepared in accordance with Accounting and Reporting by Charities: 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)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.

b Incoming resources

All income is included in the Statement of Financial Activities when the charity is legally entitled to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.

When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.

c Resources expended

Liabilities are recognised on the accruals basis. Expenditure is recognised in the period in which it is incurred and includes any attributable VAT which cannot be recovered. Costs which are identified as relating to restricted activities are allocated directly to those activities. Costs which relate to the general running of the charity are allocated against unrestricted funds, and within the Statement of Financial Activities these expenses are shown as costs of generating funds and costs in furtherance of charitable objects.

d Fixed assets and depreciation

Tangible fixed assets costing more than £500 are capitalised and are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows:

Leasehold improvements - straight line over the period of the lease Computer equipment - straight line over 3 years

14

FUSION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

2 ACCOUNTING POLICIES (continued)

e Investments

Investments are included at market value and any unrealised gains and losses recognised in the Statement of Financial Activities as they occur.

f Fund accounting

Unrestricted funds are those which are not subject to any special restrictions and they can be used as the trustees decide. Designated funds are part of unrestricted funds and are amounts the trustees have set aside to cover particular expenditure.

Restricted funds are those where the donor has imposed restrictions on how the fund may be used, but which do not prevent the fund being spent.

g Taxation

As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value added tax is not recovered by the charity, and as such is included in the relevant costs in the Statement of Financial Activities.

h Pension scheme

The charity operates a defined contribution scheme for certain employees. The assets of the scheme are administered by trustees in a fund independent from those of the charity.

i Limited by guarantee

The charity is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

3 DONATIONS RECEIVED

Churches
Other organisations
Individuals		 Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
432,521 -432,521
99,922 -99,922
6,580 -6,580
539,023 -539,023		 Total
funds
2022
£
495,493
108,842
9,639
613,974

15

FUSION UK

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2023

4 INCOME FROM GRANT MAKING TRUSTS

Trusts and organisations
Listed investments
Interest on cash deposits
COST OF RAISING FUNDS
Publicity costs
INVESTMENT INCOME		 Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
70,750
-
70,750
70,750
-
70,750
Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
8,053
-
8,053
189
-
189
8,242
-
8,242
Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
21,723
-
21,723
21,723
-
21,723		 Total
funds
2022
£
72,691
72,691
Total
funds
2022
£
9,940
12
9,952
Total
funds
2022
£
23,779
23,779

5 INVESTMENT INCOME

6 COST OF RAISING FUNDS

16

FUSION UK

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2023

7 COST OF CHARITABLE ACTIVITES

Resources
Events
Salaries and other staff costs
Travel and other staff expenses
Premises costs
Telephone and communications
Electronic media and computers
Other office costs
Depreciation		 Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
10,027
-
10,027
16,049
-
16,049
581,973
-
581,973
53,180
-
53,180
9,867
-
9,867
14,726
-
14,726
8,551
-
8,551
22,184
-
22,184
5,791
-
5,791
722,348
-
722,348		 Total
funds
2022
£
3,069
58,711
693,386
56,195
11,975
18,599
5,371
25,167
5,791
878,264

8 GOVERNANCE COSTS

Independent examination
Legal and sundry governance		 Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
1,046
-
1,046
156
-
156
1,202
-
1,202		 Total
funds
2022
£
1,046
394
1,440

17

FUSION UK

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2023

9 STAFF COSTS

No remuneration or expenses were paid to trustees during the year (2022 - £nil). The staff costs of the remaining staff were:

Wages and salaries
Social security costs
Pension costs		 2023
£
509,041
35,011
37,921
581,973		 2022
£
605,217
43,357
44,812
693,386

The average weekly number of staff employed by the charity during the year was as follows:

Direct charitable work
Administration		 2023
21
4
25		 2022
24
4
28

No employee earned £60,000 per annum or more during the year.

10 TANGIBLE FIXED ASSETS

Cost
Depreciation
Net book value
At 1 September 2022
At 1 September 2022 and 31 August 2023
At 1 September 2022
Charge for year
At 31 August 2023
At 31 August 2023		 Office and
Leasehold
computer
improvements
equipment
£
£
40,539 5,781
23,166 5,781
5,791 -
28,957 5,781
11,582 -
17,373 -		 Total
£
46,320
28,947
5,791
34,738
11,582
17,373

18

FUSION UK

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2023

11 INVESTMENTS

Investments represent units held in equities investment fund for charities.

Disposal
Original Cost
Disposal
31 August 2023
12
Income tax recoverable
Other debtors and prepayments
13
Taxation and social security
Accruals
Other creditors
Market valuation
DEBTORS AND PREPAYMENTS
CREDITORS: Amounts falling due within one year
At 1 September 2022
At 1 September 2022
Increase / (decrease) in unrealised gains
At 31 August 2023		 2023
£
184,482
177
(184,659)
-
200,000
(200,000)
-
2023
£
4,500
3,868
8,368
2023
£
7,942
1,046
13,833
22,821		 2022
£
196,442
(11,960)
-
184,482
200,000
-
200,000
2022
£
13,802
2,158
15,960
2022
£
11,346
46,046
17,533
74,925

19

FUSION UK

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2023

14 ANALYSIS OF FUNDS

----- Start of picture text -----
Balance at Incoming Outgoing Unrealised Balance at
1 Sep 22 resources resources gains 31 Aug 23
Unrestricted funds:
General funds 258,608 732,322 745,273 177 245,834
Fusion Scotland - - - - -
(designated)
Restricted funds:
Fusion Ireland 6,022 - - - 6,022
Total funds: 264,630 732,322 745,273 177 251,856
----- End of picture text -----

Fusion Ireland: A grant was received from WCFI designated toward the setup costs of Fusion in Ireland and is expected to be utilised in the year ahead.

Fusion Scotland: A separate charity has been formed to develop the work of Fusion in Scotland which is registered with The Office of The Scottish Regulator (OSCR). Donations intended to fund work in Scotland were passed to this charity during the year.

15 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Net current assets		 Unrestricted
Restricted
funds
funds
£
£
11,582
-
234,252
6,022
245,834
6,022		 Total
funds
£
11,582
240,274
251,856

16 GROSS OBLIGATIONS UNDER OPERATING LEASING AGREEMENTS

As at 31 August 2023, the charity had annual commitments under non-cancellable leases as follows:

No later than one year
Later than one year but not later than 5 years		 2023
£
5,562
-
5,562		 2022
£
-
11,256
11,256

20

FUSION UK

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2023

17 RECONCILIATION OF NET INCOME / (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the year
Interest receivable
Depreciation and impairment of tangible fixed assets
Unrealised (gains) / losses on investments
(Increase) / decrease in stock
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities		 2023
£
(12,774)
(8,242)
5,791
(177)
3,750
7,592
(52,104)
(56,163)		 2022
£
(125,928)
(9,952)
5,791
11,960
(4,351)
25,156
55,999
(41,324)

21