Registered number: 04283557 Charity number: 1096199 THE CREDIT UNION FOUNDATION {A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
THE CREDIT UNION FOUNDATION IA company Ilmlted by guarantse) CONTENTS Page Reference and administrativo dotails of the Company, its Trustees and advlsers Trustees, report Independent examIneS rèport Statement of flnancial activities Balance sheet Notes to the financlal statements 9-21
THE CREDIT UNION FOUNDATION IA company Ilmited by guarnntee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Company registered number 04283557 Charity registsred number 1096199 Registered offlce Holyoake House Hanover Street Manchester M60 OAS Company secretary Robert Kelly Chief executive officer Robert Kelly A¢Gountants Crowe U.K. LLP 3rd floor St George's House 56 Peter Street Manchester M2 3NQ Bankers The Co-operative Bank pl¢ Balloon Street Manchester M60 4EP Page 1
THE CREDIT UNION FOUNDATION {A company limited by guarantee} TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees of the chartty present their annual report and the financial statements for the year ended 30 September 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT status and Administration The company is a registered charily and a company limited by guarantee and is governed by its Memorandum and Articles of Association. Membership of the Foundation is open to directors of the Association of British Credit Unions Limited IABCUL) and persons appointed by the directors ofABCUL. Upon admission to membership, members are automatically appointed as trustees. Trustees continue to serve until Ihey resign, are removed from membership by the directors of ABCUL or cease to be legally eligible to serve as charity trustees or company directors. Administrative services are provided by ABCUL. The directors of the charitable company (the charity) are its trustees for the purpose of charity law and directors for the purpose of company law, The trustees who seNed the charity during the year were as follows.. Lord Roy Kennedy of Southwark (end of lemi 29105124) Robert Kelly (Secretary) Paul Norgrove Richard Munro (end of temi 16103124) Alison Pask Dawn Vear Emily Harrison (appointed 29105124) Tes8 Manning (appointed 18103124) AppolntmenL Induction and training of trustees Trustees appointed to the Credit Union Foundation Board have all come to the role with a wealth of experience in either the credit union sector or financial services sector. All trustees are made aware of the role and remit of the Credit Union Foundalion, are kept up to date with information and Iraining opportunities to help them in their roles. They are also updaled wilh any changes to relevant legislation and guidance from the Charity Commission regarding their legal responsibilities. Organisational Structure Alison Pask is now the Chair following the departure of Lord Kennedy (end of term). Paul Norgrove, as ABCUL President continued as ABCUL TTUStee during the year. Teresa Manning was appointed to replace Richard Munro as the 5e¢ond ABCUL Trustee. Dawn Vear continued in her role as an Independent Trustee of the Foundation. Emily Harrison joined as an Independent Trustee of the Foundalion during the year. Robert Kelly continues as Company Secretary by virtue of being Chief ExeGutive of ABCUL. The ABCUL Board is in the prOsS of recruiting two new independent trustees who should join the Trustee Board during 2025. The Board currently consists of six Trustees-two ABCUL Directors.. Paul Norgrove and Teresa Manning and three Independent Directors (with Iwo vacant positions).. Alison Pask (Chair), Dawn Vear and Emily Harrison Robert Kelly continues to serve as Company Secretary. Page 2
THE CREDIT UNION FOUNDATION (A company limlted by guarantse) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Risk review The trustees have continued to assess the major risks that the charity could potentially be exposed to, particulaTiy in relation to operations and the financial management of the Charity. Trustees have developed a Collective understanding of risk and continue to amend their risk register to refled current and potential risks for the Foundation. The trustees are satisfied that systems are in place to mitigate the associated risks. OBJECTIVES AND ACTIVITIES The objects for which it is estsblished are-. (a) To advance education amongst the publiG in matters pertaining lo credil unions and their potential in relieving povety and need, and to provide education and training in the knowledge and skills pertinent to the establishment and management of Credit unions-, (b) To relieve poverty and need amongst communities in the United Kingdom and throughout the World which are in need of such relief, by adw5ing needy persons within those communities how to establish and manage credit unions. (c) To relieve povety by providing grants, items, support and other services to credit unions to allow them to extend Iheir services to individuals in need andlor charities, or other organisations working to prevent or relieve poverty In fvrtherance of the above objectives, Ihe foundation shall have the following powers.. (a) To publish books, pamphlets. reports, leaflets. journals. films and instructional matter., (b) To commission and undertake and publish the useful results of research, and to run lectures. seminars, conferences and courses; (c) To provide financial, technical and educational assistance in connection with projects and purposes which will further the objects of the Foundation., {d) To receive donations, endowments, sponsorship fees, subscriptions and legacies from persons desirin9 to promote the Foundation's objects or any oflhem and to hold funds in trust for same., The trustees confinn that they have referred to the guidance contained in the Charity Commission's general information on public benefft when reviewing the Foundation's aims and objectives and in planning future activities. The Foundation regularfy reviews its Trustee Board Policy Manual. monitors performance against it and inlroduces changes where necessary. ACHIEVEMENTS AND PERFORMANCE Foundation activities were able to resume inwperson, but some activty remained on-line The eighth year of the CU Futures programme Concluded in March 2024 and the year 9 programme was launched. The participants have been meeting in person for most of their activities. The graduation ceremony for year eight was held at the ABCUL Annual ConferenrE in March 2024. The programme has now graduated 80 individuals across 8 years and has 8 more preparing to graduate at the Annual Conference in March 2025. The DEEU programme took place in September 2024 in Edinburgh. The event was attended by 36 delegales and the programme location. date and details have already been confirmed for the 2025 programme. Page 3
THE CREDIT UNION FOUNDATION (A Gompany limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 FINANCIAL REVIEW Main funding sources and expenditure Peach State Credit Union continued their generous donation towards the CU Futures programme for whith £18,284 was received during the year along with other donations from credit unions amounting to £19,850. The DEEU event held in September 2024 generated a surplus of £7,852 after all costs were covered and a contribution made towards overheads of £3,456. Resorves pollcy The trustees recognise the need for Ihe charity to establish and maintain reserves to enable it to carry out its charitable objectives in the event of unforeseeable matters arising. Where funds are generated for specific purposes, they are held as restricted funds, as detailed in notes 12. Where funds are available for use al the discretion of the trustees, they are held in unrestricted funds. At the balance sheet date there were unrestricted funds of £ 48,376 Future developments Plans are in place for the DE Europe programme which is now expected to be hosted in Dublin funded by fees paid directly by credit unions and individuals. with some funds already raised for a scholarship programme. The CU Futures programme will continue for a tenth intake, funded through donations from credit unions and individuals. Graduates from the ninth programme will celebrate at a ceremony in March 2025. Trustees are also exploring the development of a Leadership and Management School and funding and partnership opportunities are being examined. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also directors of The Credit Union Foundation for the purposes of company lawl are responsible for preparing the trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom AQUntirI9 Standards). Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must nol approve the financial slatements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the inwming resourS and application of resources. including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistentty., obseNe the methods and prinaples in the Charities SORP. make judgments and estimates that are reasonable and prudent: state whelher applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.. and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Gharitsble companrfs transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial stalements comply with the Companies Ad 2006 and the provisions of the Charity's constitution. 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 iegUlarities. Page 4
THE CREDIT UNION FOUNDATION (A company limlted by guarantse) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 DISCLOSURE OF INFORMATION TO INDEPENDENT EXAMINER Insofar as each of the tfustees of the charity at the date of approval of this report is aware there is no relevant financial information (information needed by the charity's independent examiner in connection with preparing their report) of which the charitls independent examiner is unaware. Each trustee has taken all of the steps that helshe should have taken as a Irustee in order to make himselflherself aware of any relevant information and to establish that the chari15 independent examiner is aware of that information. INDEPENDENT EXAMINER Following a tender process conducted during the year, Crowe U.K. LLP were appointed as independent examiner to the charity. Approved by order of the members of the board of Trustees on 27 February 2025 and signed on Iheir behalf by: Page 5
THE CREDIT UNION FOUNDATION (A company limited by guaranlee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Independent Examinerfs Report to the Trustees of The Credit Union Foundation ('the Compan) I report to the charity Trustees on my examination of Ihe account5 of the Company for the year ended 30 September 2024. Responsibilitles and Ba$ls of Report As the Trustees of the Company {and its directors for the purposes of Company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 Cthe 2006 Act,). Having satisfied myself that the accounts of the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respecl of my examination of the Companys accounts carried out under section 145 of the Charities Aot 2011 rthe 2011 Act,). In carrying out my examination I hav8 followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examiner's Ststement 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.. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act- or the accounts do not accord with those re¢ords', or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that thè accounts give a 'true and fairf wew which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard appli¢able in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the exafflination lo which attention should be drawn in this report in order to enable a proper understanding of the accounls to be reached. This report is made solely to the Companvs Tnjslees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stale to the Companys Trustees those matters l am required to stale to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report. Signed.. Dated.. 19th March 2025 Page 6
THE CREDIT UNION FOUNDATION (A company limited by guarantse) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Restrictsd Unrestricted fund$ funds 2024 2024 Total funds 2024 Total funds 2023 Notè Income from: Donations and legacies Charitable activities Investments 10,436 32.628 1,395 10,436 150.048 1.395 22,972 136,440 206 117,420 Total income 117,420 44,459 161.879 159,618 Expendituro on: Raising fvnds Charitable a¢tivitie$ 335 40,318 335 169,509 286 154,464 129,191 Total oxpendituro 129,191 40.653 169,844 154, 750 Net lexpenditure)lincome Transfers between funds {11,771) 3,806 (7,965) 4,868 (15,OOOJ 13 Net movement in funds 111,7711 3,806 (7,9651 (10, 132) Reconclllatlon of funds: Total funds brought fOard Net movement in funds 87,317 (11,771} 68,019 3,806 1S5,336 17,965) 165,468 (10, 132) Total funds carried forward 75,546 71,825 147,371 155,336 The Ststement of Financial Activities includes all gains and losses recognised in the year. The notes on pagès 9 to 21 form part of these financial statements. Page 7
THE CREDIT UNION FOUNDATION (A company limited by guaranteel REGISTERED NUMBER: 04283557 BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Nots Intangible assets 10 3.142 3.142 Current assets Debtors Cash at bank and in hand 17,150 135,125 13,021 149,323 152,275 162,344 Creditors.. amounts falling due within one year 12 18,046) (7,008) Net Current assets 144.229 155,336 Total assets less curront liabilities 147.371 155,336 Net assets excluding pension asset 147.371 155,336 Total net assets 147,371 755,336 Charity funds Restricted funds Unrestricted funds 13 13 75,S46 71,825 87,317 68,019 Total funds 147,371 155,336 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for i55ue by ihe Trustees on 27 February 2025 and signed heir behalf by= l Lkl6125 The notes on pages 9 to 21 form part of these financial statements. Page 8
THE CREDIT UNION FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 General Information The Company is a company limited by guarantee, incorporated in England with regislered number 04283557. The members of the company are the Trustees named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Company. Accounting pollcies 2.1 Basis of preparation of financlal statements The financial statements have been prepared in accordan¢e with the Charities SORP (FRS 102) Accounting and Reporting by Charities: Slatement of Recommended Practice appli&qble 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). the Financial Reporting Standard applicable in the UK and RepubliG of Ireland (FRS 102) and the Companies Act 2006. The Credit Union Foundalion meets Ihe definition of a public benefit entity under FRS 102. Assels and liabilities are initially re¢ognised al historical cost or Iransaction value unless otherwise stated in the relevant accounting policy. 2.2 Income All income is recognised oncE the Company has entitlement lo the income, it is probable thal the income will be received and the amount of income receivable can be measured reliably. Donated services or facilities are recognised when the Company has control over the item, any conditions associaled with the donated ilem have been met, the receipt of economic benefit from the use of the Company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer lo the Truslees, report for more information about their contribution. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Company which is the amount the Company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market-, a corresponding amount is then recognised in expenditure in the period of receipt Income tsx recoverable in relation to donations received under Gift Aid or deeds of covenanl is recognised al the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 9
THE CREDIT UNION FOUNDATION {A company Ilmited by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies {¢ontinued) 2.3 Expenditure Expendilure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable Ihat a transfer of economic benefits will bè required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs invofved in undertaking each activity. Direct costs attributable to a single a¢tivty are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocaled on the basis of time spent, and depreciation ¢harges allo&2ted on the portion of the asset's use. Expenditu on raising fvnds indudes all expenditure incurred by the Company to raise funds for its charitable purposes and includes $tS of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on direcuy undertaking the activities which further the Companys objectives, as well as any associaled 5UPPOrt costs. 2.4 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company.. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Intanglble assets and amortisation Inlangible assets costing £NIL or more are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured al cost less any accumulaled amortisation and any accumulated impairment losses. Amortisation is provided on intangible assets at rale5 calculated to write off the cost of each asset on a straighl-line basis over its expected useful life. Amortisation is provided on the following basis.. Computer SOfare 2.6 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepaymenls are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or les5 from the date of acquisition or opening of the deposit or similar account. Page 10
THE CREDIT UNION FOUNDATION (A company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies (continued) 2.8 Llabllities and provisions Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlemént, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amounl it has received as advanced payments for the goods or setvices it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is malerial, the provision is based on the present value of Ihose amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial aclivilies as a finance cost. 2.9 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cosl using Ihe effective interesl melhod. 2.10 Fund accounting General funds are unrestricted funds which are available for use at the dis¢retion of the Trustees in furtherano of the general objectives of the Company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trusteès for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the noles to the financial stalements. Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Donations 10.436 10,436 Page11
THE CREDIT UNION FOUNDATION (A company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Income from donatlons and legacies {continuedl Unrestricted funds 2023 Total funds 2023 Donations 22,972 22,972 Income from charitable a¢tlvltles Restrlctsd Unrestricted funds funds 2024 2024 Total funds 2024 Project in¢ome Donated administation and finance support 117,420 117,420 32,628 32.628 117.420 32.628 150.048 Restricted Unrestricted funds funds 2023 2023 Tolal funds 2023 Project income Donated administralion and finance support 105,358 105,358 31,082 31,082 105,358 31,082 136,440 Investment income Unrestricted funds 2024 Total funds 2024 Interest Received 1,395 1,395 Page 12
THE CREDIT UNION FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Investment income (continued) Unrestricted funds 2023 Total funds 2023 Interest Received 206 206 Expenditure on raising funds Costs of raising voluntsry income Unrestricted funds 2024 Total funds 2024 Fundraising cosls 335 335 UnStricted funds 2023 Total funds 2023 Fundraising costs 286 286 Page 13
THE CREDrr UNION FOUNDATION IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Analysis of expenditure on charitable actlvlties Summary by fund typo Restricted Unrestricted funds funds 2024 2024 Total 2024 Project expenditure Donated administration and finance support Insuran and website Bank charges Governance costs Staff expenses Depreciation 129,191 129.191 32,628 2,736 113 3,924 159 32,628 2,736 113 3,924 159 758 758 129,191 40,318 169,509 Restricted Unrestricted funds funds 2023 2023 Total 2023 Project expenditure Donated administration and finance support Insurance and website Bank charges Governance costs Staff expenses 116,903 116,903 31,082 2,959 776 2,674 70 31,082 2,959 776 2,674 70 116,903 37,561 154,464 Page 14
THE CREDIT UNION FOUNDATION (A company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Project expenditure Donated administration and finance support Insurance Bank charges Governance costs staff expenses Direct costs - Activity 8 129,191 129,191 32,628 2,736 113 3,924 159 758 32,628 2,736 113 3,924 159 758 129.350 40,159 169,509 Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Project expenditure Donated administration and finan¢e support Insurance Bank charges Governance costs Direct costs - Aclivity 6 116,903 116,903 31,082 2,959 776 2,674 70 31,082 2,959 776 2,674 70 116,973 37,491 154,464 Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits {2023- fJllL). During the year ended 30 September 2024, no Trustee expenses have been incurred (2023- £NIL). Page 15
THE CREDIT UNION FOUNDATION (A company Ilmlted by guarantso NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 10. Intangible assets Computor software Cost Additions 3,900 At 30 September 2024 3,900 Amortisatlon Charge for the year 758 At 30 September 2024 758 Not book value At 30 September 2024 3,142 At 30 September2023 11. Debtors 2024 2023 Due withln one year Trade debtors Prepayments and accrued income 10.139 7,011 8,078 4.943 17,150 13,021 12. Creditors". Amounts falling due within one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 3,668 2,049 2,329 1,600 699 4, 709 8,046 7,008 Page 16
THE CREDIT UNION FOUNDATION (A company limited by guardntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 12. Creditors: Amounts falling due withln one year (continued) 2024 2023 Page 17
THE CREDIT UNION FOUNDATION (A company limitsd by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 13. Statoment of funds Statement of funds - current year Balance at 30 September 2024 Balance at 1 October 2023 Income Expenditure Unrestrlcted funds Dosignatsd funds Designated Funds - all funds Unallocated amounts 22,687 761 (761) 23.448 (761) 22,687 22,687 General funds General Funds- all funds Unallocated amounts 45.332 11,831 32,628 18,025 132,6281 49,138 45,332 44,459 140,653) 49.138 Total Unrestrictsd funds 68,019 44.459 140,653) 71,825 Restrlcted funds History project CU Futures Program Market research project Gambia Project DEEU programme 338 41,853 15,000 1,346 28.780 338 34,085 38.134 (45,902) (15,000) 11,346) (66,943) 79,286 41,123 87,317 117.420 1129,191) 75,546 Total of funds 155,336 161,879 1169,844) 147,371 Page 18
THE CREDIT UNION FOUNDATION (A Gompany limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 13. Statement of funds (continued) Statsment of funds - prlor year Balanee at 30 Sept9mbèK 2023 Balan at 1 October 2022 Trnnsfars in/out Income Expenditu Unrestrlcted funds Designated funds Designated Fund Business Developmenl Communications Plan 4,404 3,283 7. 687 8,000 7,000 8,000 7,000 4,404 3,283 15,000 22,687 General fund$ General Funds - all funds 47,202 50,977 (37,847) (15,000) 45,332 Total Unrestricted funds 51,606 54,260 (37,847) 68,019 Balance at 30 S8Ptember 2023 BalanG9 at l October 2022 Transfars in/oul Income Expenditure Restrlcted funds History project NFCDCU Irips CU Futures Program Market research project Gambia Proje DEEU programme 7.510 13,531 41,818 15,000 1,346 19,657 (7, 172) (13,531) (45,618) 338 45,653 41,853 15,000 1,346 28, 780 59, 705 (50,582) 98,862 105,358 (116.903) 87,317 Total of funds 150,468 159,618 (154, 750) 155,336 Page 19
THE CREDIT UNION FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 14. Summary offunds Summary of funds - current year Balance at 30 September 2024 Balance at 1 October 2023 Income Expenditure Designaled funds General funds Restricted funds 22,687 45,332 87,317 22,687 49,138 75,546 44,459 117,420 (40,653) 1129,1911 155,336 161,879 {169,8441 147,371 Summary offunds . prfor year Balance al 30 September 2023 Bal8ncg at l Octob8r 2022 Transfer5 in/out Incomg Expenditu Designated funds General funds Restricted funds 4,404 47,202 98,862 3,283 50,977 105,358 15,000 (15,000) 22, 687 45,332 87,317 (37,847) (116,903) 150,468 159,618 (154. 750) 155,336 IS. Analysis of net assets between fund8 Analysis of net assets between funds - current porlod Rostricted Unrestricted funds funds 2024 2024 Total funds 2024 Intangible fixed assets Current assets Creditors due within one year 3,142 76,729 {8,046) 3,142 152,275 (8,0461 75,546 Total 75,546 71,825 147,371 Page 20
THE CREDIT UNION FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 15. Analysis of net assets between funds Icontinuedl Analysls of net assets between funds - prior period R8Stricted unStriCted funds funds 2023 2023 Total fvnds 2023 Current assets Creditors due within one year 87,317 75,027 (7,008) 162,344 (7.008) Total 87,317 68,019 155,336 Page 21