Regist•r•d numbor. 04283557 Charity number: 1096199 THE CREDIT UNION FOUNDATION (A company limited by guarante•) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 THE CRED￿ UNION FOUNOATIOM IA company limited by guarnntsel CONTENTS Page R8f•ronce and admlnl$tra1l￿ dotslls of th• Company, Its Tru•ts•¥ and *dvlsern Trust•e$' report Ind•p•nd•nt oxamln•rf¥ report Statom•t)t of financlal aetlvlti88 Balance sheet Notss to the financial statements THE CREDIT UNION FOUNDATION IA ¢omyny Ilmited by guarnntso) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 202S Trust•os R Kel￿. Chief Executive {resignod 28 February 20251 C Strand lappoinled 1 Maich 2025, resigned 1 June 2025) M Bland. Chief Executive {appoinled 2 June 20251 A Pask (resigned 4 September 2025) E Harrison, Chair as at 4 September 2025 J Fell lappoirhled 28 June 20251 T Manning D Vèal P Norgrove Company reglstorod number 04283557 Chority regiSter•d number 1096199 Règist•r•d off￿¢ Holyoake Housè Hanover Street Manchester M60 OAS Company $ecretary Matt Bland Chlef •xecutlv• offi¢•r Matt Bland A¢¢ountants Crow6 U.K. LLP 3rd fk)or Sl George's Hous8 56 Peter Streot Manchester M2 3NQ Bankor8 The C(>operatlve Bank pl¢ Balloon Street Manchester M60 4EP Page I THE CREDIT UNION FOUNDATION IA company IlmSted by guarante•l TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The trustees of the charty present their annual report and the financial statements lor the year ended 30 September 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT status and Administration The company is a registered ¢haity and a ¢ompany Irrnrted by guarantee and is govemed by ils Memorandum and Articles of As50ciatson. Membership of the Foundation is open lo directors of the Association of Br￿sh Cred Unions Limited IABCUL} and persons appointad by the directors ol ABCUL. Upon admission to membership. members are automaticalty appointed as trustees. Trustees ¢onlinue to serve until they resign, are removed fiom membeiship by Ihe directors of ABCUL or cease lo be legalty eligible to serve as charty trustees or company directors. Adminislrative seNlces aro provlded by ABCUL. The directOTS of the charitable company (the charity) are its trustee$ for Ihe purpose of charity law and director5 for the purposè of company law, The trust￿ who served the charlly during the year wère as follows.. Robert Kelly (resigned 28 February 2025} Carol Strand {appointed 1 Mafch 2025, resigned 1 Jung 20251 Matt Bland (appointed 2 June 20251 Alison P8sk {resigned 4 September 2025) Emily Harrison James Fell (appointed 28 June 20251 Teresa Manning Dawn Vear Paul Norgrove Appolntmonl Indu¢tl(trn and training of trustees Trustees appointed lo Ihe Credit Unton Fc4Jndation Board have all come lo the role with a wealth of experien¢e in &rther the credit unlon sector or financial sÈNees sector. All Iruslees are made aware of the role and remit of the Credit Union Foundation. are kept up to dale wlh information and training opportunities to help them in their roles. They are also updated with any changes to relevant legislation and guid8neo from the Charity Commission regarding their legal r&sponsi￿'11tlfrs. Organl8a15onal structure Emily Harrison 1$ the Chair. Paul Norgrove, as ABCUL President continued a5 ABCUL Trustee during the year. Teresa Manning was the second ABCUL Trustee. Dawn Vear continued in her role as an Independent Trustee of the Foundation. Emily Harrison is an Inde￿ndent Trustee of the Foundation during the year. James Fell is an Independent TTUStee of the Foundation. Matt Bland is ncw Company Secrétary by virtue of baing Chl8f Exécutive of ABCUL. The Board currentty consists of six Trustees- Nvo ABCUL Directors.. Paul Norgrove and Teresa Manning and three Independent Directors Iwilh ￿ vacant positions).. Em￿Y Harrison (Chairl, Dawn Vear an¢J James Fell Matt Bland was appointad Company Secretsry on 2 June 2025. Page 2 THE CREDIT UNION FOUNDATION IA company Ilmlt•d by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDEO 30 SEPTEMBER 2025 Risk review The truslèes have continued lo assèss the major risks that the charty could polenti81ty be exposed lo, parti￿larlY in relakn'on to operation5 and the financial manageffltrnl of the charity. Trustees have developed eollective und¢rstsnding of risk and continue to amend their risk register to reflect current and potential risks for the Foundation. The trustees are satisfièd that system5 are in place lo miNgate the assorjated risks. OBJECTIVES AND ACTIVMES The objects for which il is established are.. lal To advance education among51 the public in matters pertalning lo cred(( unions and their potential in relieving poverty and nead, and lo pro*ide education and Iraining in the knowledge and skills pertSnenl lo the establishment and management of credit union5'. Ibl To relieve poverty and need 3mong$l communities in the United Kingdom and throughout Ihe Wortd whith are in need of such rdièf, by adw5ing needy p&rsons within those Communities how to estsblish and manage credit unions. Icl To relieve poverty by prowding grants, Items. support and other services lo ¢redil unions lo allow them to extend their services to Indi￿dUal5 in need andlor charities, or ¢)ther organisalions working to prevent or ￿lIeVe poverty In lurther8n¢e of the above objectives, th8 foundation shall have thè following powers". lal To publish books, pamphlets, reports, leaflets, joumals, films and instructional matter., Ibl To commission and undertake and publish the useful fesulls of research, and to run lectures, seminaT5. conlerences and courses,. [¢1 To piowde financial, technical and educational assi81ance in conneclion wrth projects and purposes whirh will further the objects of thg Foundation., Idl To receive donations, endowments, sponsorship fees, subscriptions and legaaas from porsons desiTing to promoté the Foundation's objects or any of them and lo hold funds in trust for same., The Iru5tees confirm that they have referred lo the guidanc& contained in the Charity Commission's general information on publi¢ t*nefft when reviewing the Foundation's aims and objectives and in plannitya luture activitie$. Thè Foundalkin ragylady reviews its Trustee Board PO￿¢Y Manual, monitors perfornance agalnsl rt and introduces changès where necessary. ACHIEVEMENTS AND PERFORMAMCE The ninth year ofthe CU Futures prng¥amme conduded in March 2025 and the year 10 prograrnme was launched. The year 9 sludents graduated al a ceremony held at the ABCUL Annual Conference in Leeds in March 2025. Once the year 10 students graduate in 2026, a total of 101 individuals will have 9ratlualed over Ihe 10 years. The DE Europe programmp took place in Dublin in August 2025. The event was attendgd by 42 detggales from across Great Britain, IreSand, Europe and Africa. Page 3 THE CREDIT UNION FOUNDATION {A ¢ompany Ilmlted by guarantsel TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 30 SEPTEMBER 2026 FINANCIAL REVIEW Main funding source5 and expenditure Peach State Credit Unitin conlinugd their generous donation towards the GU Futures program for which £18,595 was receivèd during the year. This year, for the first lime. The League of Credit Unions and Affiliates also contributed lo the CU Futures in the amount of £18,423. A8CUL credit unions once again don8ted generousty to the program during the y8ar raising £36,310. policy The Trustees r&cognise the nèèd for the eharty lo estsbli5h and maintain reserves lo enable it lo carry out Tts charitable oblective5 in the event of unforeseeable matters arising. Where funds are generated for speafic purposes. they are held as restricted funds, as detailed in note 12. Where funds are available for use al the discretion of the Trustees, these arè hèld in unrèstrictèd fvnds. At tho balance sheet dale, there were unrestricted funds of £43,462 plug designated fvnds of £40,969. Ftrture developmonts CU Futures progfamrne wll ¢ontinue for an eleventh intske funded directly through donations from Peach State, The League of Credit Unions and Affiliates and ABCUL member credit unions. Graduates from year ten, will celebrate al a ceremony in Septembèr 2026. A n8￿Y appointed Found*on Proie¢t Manager will be leading on Leadership and Development through an apprenti￿Ship levy and also Fund-Raising opportunities for both CDCU (Community Developrnenl Credit Unions) and other potential opportunities. The Credrt Union Fovndation contlnue 10 5UPPOrt the DE Europe Programme with an event expected to take place in the Autumn of 2026. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also d1￿CtorS of The Credrt Union Foundation for the purp05e5 of company law} are responsible for preparfng the trustees, Annual Rep(¥t and the financial slalemenls in accordance wlh applicable law and United Kingdorn Generally Accepted Accounting Pracbce (United ￿ngdoM Accounting Standards). Company law rgquires the Irustegs to prepare financial slalements for each financial year. Under company law the trustees must not approve the financial slalements unless they are satisfied that Ihey give a true and fair viow of the Slate of affairs of the charitable company and of the incoming resources and appli¢alion of resources. including the In￿Me and ex￿ndrt￿rfr, of the charttable company for that period. In preparing these financral statements, the Trusteos are required to.. Select suitable accounting poI￿leS and thèn apply them consi$tonUy,' observe the methods and prinryples in the Ch8Trtie5 SORP,. makè judgments and estimates that are reasonable and prudent.. stsle whether applicable UK accounting standards hav6 been followed, Subject to any maledal departures disdosed and explained in the finanryal statèmen15", and prepare the finanu81 slalemenls on the goinu Concern basis unless il Is inappropriate to presume that th d)aritable company will continue in business. The trustegs are responsible for keeping ad&)uale a¢¢ounling records that are sufficAenl to show and explain fhe charitable Company's transactions. disdose with reasonable accuracy at any lime the finan¢ial position of the charitable company and enable them to ensure that the financial statements comply wrth the Companies Act 2006 and the prowsions of the charitys conslttulion. They are also responsible for safeguarding the assets ol th9 charty and hence for taking reasonat4e steps for the prevents'on and d8taction of fraud and othar irragularits8$. Page 4 THE CREDTh UNION FOUNDATION IA company Ilmlt8d by guarantsel TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 DISCLOSURE OF INFORMATION TO INDEPENDENT EXAMINER Insofar as each of the Iruslees of the charty at the dale of approval ol this rèport is awaie there is no relevant financial information linforniation needed by the charitys independent examiner in connection wrth praparing their report) of which the charity's irKJependenl examiner is unaware. Each Irustee has taken 311 of the steps Ihat helshe shoukl have tsken as a trustee in ordèi to make hi￿se￿1herse1f awar& of any relevant informatson and to estsblish that the charitys independent exambner is aware of that infom)ation. INOEPENDENT EXAMINER Foltowing last yearfs AGM. cro￿ U.K. LLP were appointed as independent examiner to the charity. Approved by Order of the membèrs of the board of Trustees and signad on their behalf by.. Matt Bland Date.. 19 February 2026 Page 5 10th March 2026 Vicky Szulist for and on behalf of Crowe UK LLP Manchester THE CREDIT UNION FOUNDATION IA company limited by guarnnto•l STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2026 Unre¥tricted funds 2025 R•strfctsd funds 2025 Total funds 2025 Total funds 2024 Not• Income from.. Donations and le9aeies Charitable activities Investments 18.300 30.686 1,346 18.300 20S.031 1.346 10,436 150,048 1,395 174,445 Total Incomg SO,232 174,445 224.677 161,879 Expandltur• on: Raising funds charitab￿ a¢ti¥Sb&s 276 37.350 276 172,661 335 135,311 169, Total èxp•ndlture 37.626 135,311 172,93Y 169,844 Net movement in funds 12,606 39,134 51,740 (7,965) R¢¢onciliation of funds.. Total funds bToughl forward Net movtrmenl in funds 71.82S 12.606 76,646 39,134 147,371 51,740 155,336 (7,965) Totsl fund$ carried fovward 84.431 114,680 199,111 147,371 The Statement of Finanaal ActMlie$ includes all gains and losses reeogni$èd in the year. The notes on pag95 9 to 22 form part of thase financial stslemenl5. Page 7 THE CREDIT UNION FOUNDATIOM IA company Ilmlt•d by guarnnts¢l REGISTERED NUMBER: 04283557 BALANCE SHEET AS AT 30 SEPTEMBER 2025 2025 2024 Not• Intangiblo assets 10 3,142 1.842 3.742 Current assets Debtors Cash al bank and in hand 26.084 179.838 17, 150 135, 125 20S.922 152,275 Currnnt liabilitles Crgdilors.. amounts falling due within one year 12 {8.8531 (8.046) Net currnnt as••ts 197,269 144,229 Total ass•ts1È8$ ¢urr•nt liablllU•$ 199.111 147,371 Nèt 4$80ts èxcluding p•nsion as8•t 199.111 147,371 Totsl net ￿￿et9 199.111 147,371 Chority funds Restricted funds Unreslricled funds 13 114,680 84,431 T5,546 71,825 13 Totsl funds 199.111 147,371 The Company was enlrfleil lo exemption from audr( under secllon 477 of the Companies Ad 2￿6. The members have not required the company to obtain an audit the year in question in 8c¢ord3nce v section 476 of Companies Act 2006. The Tn￿leeS acknowledge their responsibilrties for cOMp￿.n9 with the requirements of the Act wlh respect to accounting records and pr9paration of financial ststemgnts. The financial statements have been prepared in accnrdance with the provisions applicabl¢ to entities subject to the small companies regimo. The finan￿81 statements were approved and auihorised for issue by the Trustees and sioned on their beh811 by.. Oale.. 19 February 2026 The notes on pages 9 1¢ 22 form part of these financial statements. iAAtt Bland Page 8 THE CREDrr UNION FOUNDATION IA ¢ompany limited by guarnnt•o} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 General Infomiatlon The Cornpany 15 a cornpany limitèd by guarantee, incorporated in England wrth registered numbor 04283557. The members of the company are the Trustees named on page 1. In the event of the Company being wound up, the liabilty in respect of the gu8ranlee is lirniled lo £1 per mèmber of the Company. Accounting pollclos 11 Ba•1$ of preparatlon of flnanclal statsm•nts The financial statemènts have been prepared in accordanee wlh the Charities SORP IFRS 1021- Accovnling and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 20C6. The Credit Union Foundatitin meets the definition of a public benèfit entity under FRS 102. Assats and liabilities arg ini￿allY recognised al historical cost or transaction value unless otherwise stsled in the rèlèvant a￿)untIng polry. 12 Incom• AJI In￿Me 1$ recognised once the Company has et)titlemenl lo Ihe income. it is probable that the income w￿1 be received and the amount of 1￿me receivable can be measured rèliably. Donated servicès or facilths are recognised when the Company has control over the itèm, any conditions asso¢i*ed with the donated item have been met. the receipt of economic benafrt from the use of the Company of the item is probabl8 and that economic benefit can be mèasuied Teliably. In accordance with the Charilios SORP IFRS 1021. the general vdunteer lime of the Friends is not recognised and rèfèr to the Trustees. report for more information about their conlributic)n. On receipt, donated professional $8rvices and donated facililies are recognised on basis of the value of the gtft to thè Company which 15 the amount the Company would have been willing to pay to obtain services or fa¢ilrt¢e5 of equivalent economic benefit on the open market,. a corrasponding amount is then recognised in expenditure in the perlod ol receipt Income tax rècov8r8ble In felation to donations received under Gift Aid or deeds of cov&nant is recognised al the time of the donation. Income tax recoverab￿ in relation lo inve3trnent income is recognis￿ at the time the invBstmgnt ino)m8 is re¢ervable. Page 9 THE CREDIT UNION FOUNDATION IA company limited by guardnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 A¢¢ountlng pollcles (Con￿nued) 13 Expenditur• Expenditure is Te¢ognised oncè there is a legal CK Constructive obligation lo transfer econornic benefft lo a third party, it is probable Ihat a transfer of economic benefrts will be required in settlement and the amount of the obligation can b8 measured rèliably. Expènditure is classified by acltwty. The Costs of each acliwty are made up of the lolal of direct C051s and shared cos15, induding 5UPPOrt Costs Involved in undertaking each adivty. Direct costs attributable lo a single activity are allocated directty lo that activity. Shared costs which contribute to more than one activity and support Costs whlch are not attributable lo a sing18 activity arè apportionèd b&tr￿eèn those activibes on 3 basis Consistent wrfh the use of resources. Genlral staff costs are allocated on the basis of lime spent, and depreciation charge5 allocated on tho Portion of the assevs use. Expenditure on ralsing funds includes all expendilufe incurred by the Gtsmpany lo raise funds for ils arstable purpose5 and indudes c051s of all fundraising activthes events and non