THE FINANCE IITION LAB Annual Report and Financial Statements IA Mpafty limited by gu8ranle81 31 Drnber 2024 Cc•rpany R8glstr8lK)n Numbar 09360418 (England and W81881 Ch8rity Re9i$tr8fjon Number 1165269 IEwl8nd and VV81081
Contents Reports Reference and administrative infomialion Trustees. report Statement of Irustees, responsibilities 24 IndeperKlenl examiner's report 26 Flnanclal $tstsm•nts Stslemenl ol financial aelivitl8S 27 Balance sheel 28 ststemenl of cash flows 29 Notes lo the financAal statements 30 Finance Innovation Lab
R•f•rènc•s and Admlnlstratlv• Inforniatlon Year ended 31 December 2024 Trustees Davitl Bartram Ivi¢&Chairl Christopher IKitl Beazley (Chairl Katherine Boswell Irelired 28 January 20251 Mikael Down Nana Francxms (vichair) ice Mery Emma Faulkner (resigned 3 January 20251 Thobeka Ngcobo ITreasurerl Nuria Molina Gallart lappoinled 28 January 20251 Thomas Fiailton lappointed 28 January 202SI Simon Starfing lapw)inled 28 January 20251 Erinch Sahan lappDinted 28 January 20251 Louise Eldridge lappointed 22 May 20251 Chlef Ex•cutive Officer Jesse Griffilhs Prbnclpal Address 10 Salamanca Place Londr SE1 7H8 Company roglstratlon numb•r 09380418 Charity regi#tration number 1165269 Indopendent Examlner Morris Crocker Stats'on House, 50 North Slreet Havanl P09 1aU Prfn¢lp81 bankers Unity Trust Bank PO Box 7193 Planetsry Road Willenhall WV1 9DG Finance Innovabon Lab 3
Trust••s' Report Year 8nd8d 31 DMr 2024 The Trustees, who are Directors for the purposes of company law, present the annual report together with the financial ststements and in¢Jeptrndenl examiner's report of the Charitsble company for the year ended 31 December 2024. The accounts have been prepared in accordance wth the accounting policies set out on pages 30 to 32 and comply with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Aecounling Praclicel. The principlès Sel out in Accounting 8nd Reporting by Charities.. Statementof RecommendedPraclice applicable to charities preparing their accounts in ac¢ordan¢ with the Financial Reporting Standard applicabl8 in the Unitsd Kingdom and Republic of Ireland {FRS 1021 have been followed in the preparation of this report and accounts. Our vlslon Our vision is a financial system that serves people and planet suslainable. just and resilient. one that's democratic, Democratic a transparent arKI 8cccMJntable financial system, where 811 people can P8rtitipale in the rule-making and institvlions that sh8pe11. 8 financial system that helps meet Slety'S long-lemi needs and supports human flourishing on a thriving planet. a financial system Ihal promotes diversity and equality and protects human ghls. a financial system ihat provides s8cJrity and stability for all. and for the real SuslainaNg Just Resilianl The n••d Our financial system has become disconnected from the real needs of people, the environmenl, the wider economy and society. Dyslunctson$ in the finanaal system lie at the root ol today's challenges, from dimale change and economic crises, lo poverty, margin81isalion, vulnerability and inequality. 11 doesn't have to be this way. People Created the system and people can change It. We can transform the financial system so thal it puis people and planet first. What we do To b4Jild towards our vision, we fo(yJs our work in two main are8S: Economic Justi. Tackling root caLeS of poverty and inequality in the UK and globally. Environmental Justi. Rapidly phasing out finance forfossil fuels and the destruction of nature, and inasIng green investment lo suprK)rt a just transib'on to a more sustainable economy. Finance Innovabon Lab 4
Trust••s' Report Year 8nd8d 31 DMr 2024 Vlhat we do Intinued) For each of the two areas, we have identtfied long-lerm goals which guide our work.. Economic Justice 1. T4¢kllng finan¢lal oxcluslon through growlng purpose4lrlven flnance. By 2030, major changes to govemment pcAicy atMI regulaknon drive a signifirant expansion of the purpose-driven finance sector to m88t the needs of people, small businesses and communitses who cannot access Ihe finanaal s8rvices and support they need from more mainstream finance insts"tukn"ons. 2. Tackling th8 UK'S role as a centre for economic crime and tax dodging through Increased transparency and accountability. By 2030, improvements in policy and regulation have helped lo make the UK'S financial system more transp8r&nt and accountable. and have supported global efforts to do the same. This will help lo tackle economic crime and tsx dcKlging - both malor causes of global Inequallty and injusb"e6. EnvimnmenlalJustKe." FSnan¢ing ¢helu$tgreen Iranslllon. By 2030, financial rogulation and policy support and oblige financial inslilutions to align their strategies, business models and activities with the Pari$ Climale Agreement and just transition principle$. Slandlng alongside these goals. we have a fourth goal to bulld tho ¢ollectlv• power of all the group$ and organl$atlon$ worklng to change the rule$ of tho flnanclal system. This is crucial for achiewng the goals above, bul it is also an end in itself 8s Il helps lo make the finanaal syst8m mor8 d8nMxratic, accountab18 and indusive. It also makès it possibl8 to win increasingly ambitious systemic changes, lch are less susceptible to being reversed when the political and economic 0)nte changes over time. Our approach To change the system, we need to change the rules which shape and govem it. That means we need lo see govemmenl and regu18tots tsking a MO pr08Ctive and ambitious approach trj finanaal sedor policy and regulatn. This indudes ¢reab'ng the conditions to grow purpose- driven finance insbtutions, lo shiftthe polioesand practices of MainstaM finance inslitulions, and lo shrink the n$1 unaw)untsble and ham)ful parts of the sector. Policy, laws and regulations are key leverage poinls for thanging the financial system. We need lo overcome significant barriers which stand in the way of this happening, induding the power and pnfiUen of those wthin and outside of the fin8nci81 sector who seek to maintsin the stalus quo. We need to ensure thal the perspectives and needs ofthose most negatively impacted by the financjal system aren't excluded or igrv)red by those in pM)silions of power. Finance Innovabon Lab S
Trust••s' Report Year 8nd8d 31 DMr 2024 Our approach Icontinuedl To do this, we need to increase the scale. diversity and effectiveness of the groups and networks who are working to change the finanual system. We need lo increase our collective ability to influence policy maker5 to change the rules which shape the financial system, 8nd to shift the attitudes, lIefS and power dynamics whith underpin the system. Each year, we agree prrority areas to support collaboration, to catalyse new areas of work, and lo campaign lo change the poliues and rules which shape the system. In 2024, those areas We.. Tackling financial exdusion and unaffordable uedit through the Fair Banking ftir Ml Campaign Building a diverse coalib'on of 811ies lo campaign together for a fairer, greener pensions system Developing our wort¢ lo tsckle economic (yime and dirty money Coordinatsng and supw)rting civil soryety efforts to align finanaal policy with the UK'S dimale and nalure goals Our work In 2024 2024 saw progress and successes across our different priority areas, as we led or supported work lo influence political manileslos in the first hall of the year, and then the priorities of the new govemmenl following the general elecb'on in July. Our campaign for a Fair Banking Act {FBAI, which aims lo ¢8ckle financial exclusion and unaffordable credit, gained significant politscal Iractson, while the coalition behind the campaign expande(l and diversified signrficanuy. Highlights induded a p8di8menlary event in which policy makers were able to hear direcily from people with direct experience of financial exclusion, along with business leaders, financial regulatois and representatives of the responsible finance sector. We led efforts lo influence Ihe UK govemmenl's on¢e-in-a%eneralion review of the pensions system. We broughl together civil swety organisalions, trade unions, consumer groups and pensions experts lo develop a shared policy agenda and a joint advocacy strategy. This has laid the foundatsons for an impacfful campaign in 2025 lo make the pensions system work better for 5aveTS and pensioners. for the economy. and for the envifonment. Rapidly scaling up investment in a just Iransibon to a sustainable economy is a crrtical priority for the coming years. We coordinated a neOrk of organisations to identify policy priorities, develop shared strategies to IrfflUen the new government, and coordinate joint aclivilies. There is wnuch more to be done. but we have seen significant gains in some key areas. and we now have the nehyorks and stralegies in place to push for further progress in 2025. We were once again listed in N rises for 2024. In January 2025, Katie Boswell and Emma Faulkner left Ihe board, and we appDinted four new Trustees, who bring with them a wealth of experien from across the sector- Nuria Molina Gallart, Thomas Raillon. Simon Starting, and Erinch Sahan. A fifth newTruslee, Louise Eldridge. is due lo be appoinled in May 2025. Finance Innovabon Lab
Trust••s' Report Year 8nd8d 31 DMr 2024 Charitable objècts The objects of the Charity are for the public benefit.. 1 The promotion of ethical prinpIeS in financial systems for the public benefit including Ibut not limited tol by.. 1.1 Advancing education and promoting research into the UK and international financial systems and their constiluenl elements in(Juding in parts'cular. areas of ¢hang8 and innovation within those syslems. emergent trends, new financial business models and impacts of investments on society and the enmronment," and publishing or otherwise disseminating the results of such research and providirwj a forum for its di$$S1on'. 1.2 Promoting sustainable develt¥)menl by: a. promoting the preservalion and conservalion of the natural environment and the prudent use of natural resources and ecological processes.. and b. promoting sustsinable means of athieving economic progress and regeneration. In this conlexl. "sustainable development" means development ihat meets the ne8ds of the present generation without compromising the ability of fulure generations lo meet their needs. 2 Relief of poverty and improvirwj Ihe conditions of lrfe in socially and economically disadvantsged communities. Publlc bonoflt The Iruslees confimi that they have complied with Ihe requlremenls of sectlon 4 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission for Eng18nd and Wales. Finance Innovabon Lab 7
Trust••s' Report Year 8nd8d 31 DMr 2024 Tackllng finan¢lal ex¢lusion and unaffordable credit through the Falr Banking for All Campaign EconomK JustKe." Tackling finanual exdusion thrOh grOng purpose4driven finence. achVed by the implementats.on of8 FairBanking Act. y 2030. major changes lo govemment wlicy and regulation drive a significant expansion of the purpose-driven finance sector to meel the needs of people, small business8s and communib.es who cannot access the fin8nu81 services and support they need from more mainstream fina instituti}8. Th8 impact of our work Millions of people in the UK lack financjal resilience. They are vulnerable lo financial shortfalls or shocks because they are exduded from the m8inslream fin8nci81 system, unable 10 8¢cess affordable credit in moments of need. A lack of safe and affordable 8llernalives means that many have no choice bul to use exploitslive high-cost lenders or loan sharf(s, and can end up trapped in a cyde of problem debt. People on low incomes, women, peoplo of colour, and disabled people a dispropo0nateIY likely to be finanaally exduded. We are working lo tackle this crisis through our leadership ol the Fair Banking for All coalition, and the coalition's campayn for a Fair Banking Act. Research that we published in September showed that a Fair Banking Act could lead lo 8 13-fold increase in the volume ol lending from responsit4e finance instilulions lo finanaally insecure people, creating around £3bn of 8ddilional affordable credit. That increase in lending would more than match the amount owed to illeg81 money lenders across the UK, providing a re81811ernalive lor people who can't a¢¢ess support from high street banks and helping to pull the rug from under the illegal lending market. During the year, a growing number of organisalions backed our call for a Fair Banking Act or equivalent in their own repts or manifestos. These induded a Lrt by the Scottish Govemmenl's Minister lor Employment and Investment, and the manileslo of the Co- operative Party. In our engagement wth rK>lili(ians. business leaders and financial regulators, we are increasingly seeing eviden that the debate is moving from "Do we need Ihi5?' 10 "How can we make this happenr We have also seen a growing recognition wthin govemment of the importance of the responsible finance seclor lor iackling finarrial exdusion - which is central lo our argument for why a Fair Banking Act is needed. One sign of progress is that represenlalives of the credit union and CDFI seclors have been invited to join the Financial Indusion Committee that is feeding into the govemmenl's new National Financial Indusion Strategy. In 2025, we will be doubling down on our efforts lo ensu that this strategy is infomied by the insights of people who will most diredy impacted by rt, and that 8 Fair Banking Act is included a5 a central What we did Our strategy focuses on building 8 t*)werful (x)alilion- looted in the experience of people with direct experience of financial exdusion, and Ggpable of persuading the government to enact transformative solutions. Finance Innovabon Lab
Trust••s' Report Year 8nd8d 31 DMr 2024 Tackllng financlal exclusion and unaffordable credit through the Falr Banking for All Campaign Iconlinuedl The coalits'on's goal is to wn the introduction of a Fair Banking Act IFBAI which could transform access to Credit in the UK by mandating mainstream banks, purpos&driven finance institutions and regulators to w(Kk in partnership lo add$$ financial exdusion. We incre8sed the size. diversity. an(1 engagemenl levels of the F8ir Banking for Al coalition. Al the end of 2023. we had 13 coalition members, plus four supwrting organisalions. In 2024, that grew lo 32 coalition members. vrilh a further five organisations supporting or inputting into the campaign. We have built up the rampaign's social media presence, with growing levels of content sharing and engagement from other organisations, the general public, and tKJlilicians. Throughout the year. we worked to bjikl Influen with politicians from all parties, as well as finanaal regulators and mainstream financial instslulions. That induded briefings for all political parties lo influence their manifestos. and then writing to all new MPS after the election. In October, we organised a parliamentsry roundlable event in partnership with tha All-P8rty Padiamenlary Group on Fair Bankir4J. This fealured contribulions from people with lived experience of financial exdusion alongside the Federation of Small Businesses, the FCA, representslivgs ol the responsible finance sgctor, and the actor and activist Michael Sheen. In advance of the evenl, we published new research which showed that the Fair 8anking Ad could lead lo a Ihirteen•fold increase in the lerKling capacjty of credit unions and CDFl$, and boost small-business lumover by alt7M)st £4 billion. People wth livetl experience of finawal exdusion play a key role in the w81ition. Through 2024 we worked closely with a small grcwp of individuals whose expertise helped shape the campaign and some of its key aclivilies le.g. plans and messaging for the padiamgnlary event in October), and who we supported to share their insights and experience with policy makers 8nd the me(lia. 2025 and beyond Going into 2025, we will keep building momentum and political pressure for the govemment to commit to a Fair Banking Actas a cenlral pillarof Iheir natnal Financial Indusion Strategy. We will continue lo work with a cx)mmunity of peotAe with lived experience of financial exclusion to help shape the next phase of the Fair Banking Act ¢amp8ign. and support them to share their expe"Se and inShts wrth policy makers an¢J the media. We will also strengthen our engagemenl with mainstream banks to build and demonstrate more industy sUprt for our posibons. Finance Innovabon Lab 9
Trust••s' Report Year 8nd8d 31 DMr 2024 Buildlng a diverse ¢oalltlon of allies to ¢ampalgn together for a fairer. greener pensions system A campaign focused on bolh our economic and environmental jusfice goals, seeking to ensure the govemment's maiorPensions Rewew and related rOm7S deliver.. Decent pensn$ lor all, so everyone can enjoy Ihelr r&lir6ment. Responwble investment by the £2.5 Inllit)n pensn$ industry to support a just, green Iransilion. The Imp•¢t of our worft In 2024, the r¥ UK govemment initiated a major review of the pensions system, creating an opportunty for the biggest reforrns in a 9eneratson. We have playèd a c*nlral role in coordinating 8 civil souety response lo this. building a powerful alliance alongside trade union5. pensions industy Tepresentalives, consumer groups and others. We are now w811 positioned lo build on the progress made, and to win significant reforms over the coming year. Our evidence-based policy proposals, cwuthored with unions and ryvil society partners, show how the pensions syslem could be translomied to deliver better outcomes for savers and pensioners. They show how il could cLJntribLrte more lo the govemment's growth and investment priorities, especially through investrnent in a just transition to a lowrbOn economy, while phasing out pension investments in fossil fuels, deforeststson and othèr harrnfijl indusiries. Whlle the first phase ofthe govemment's reviewfell rushed. we have been focused on maklng thg case lor why the lollowing phases need to bo more ambitious, and to be basod on input from a wider range ol voices. We were encouraged that. towards the end of 2024, the Chancellor described the Review as the biggest sel of refomis to pensions in decades in her maiden Mansion House speech, indicating thal this remains a major priority for the govemmenl, with a high level ol ambition. What we did Our work lo Influen the Pensions Review focused on raising the govemmenl's ambition for reform, and on ensuring that the review addresses issues of inequality and sustsinability in the pensions system. We began the year the launch of our P of Pension rt, followed by a statement with Civil society paT1ners ShareA¢lion and Make My Money Matter, laying out an ambitious policy agenda for progressive pensions refom. The launch of this joint statemenl in March resulted in wdespread media o)verage induding in Pensions A e., ESG Investor., GB News,. and Business Green. Throughout the yeaT. we engaged wth progressive gTOUPS from various sectors working on pensions reform, including civil society. trade union5, academics and Industry leaders lo build a broad-based and powerful Coalition. For example, in July, we published a oint statement wtth allies in the Ira¢Je union movement. Finance Innovation Lab 10
Trust••s' Report Year 8nd8d 31 DMr 2024 Buildlng a diverse ¢oalltlon of allies to ¢ampalgn together for a fairer. greener pensions system Icontinuedl We coordinated a joint advccY strategy lo inlluence Labour's pension refomis, which included res onses lo consultabons. contributing to events and meeting with the Pensions Minister at the Laur party conference. and briefing C¥0sartY politicians. Our media efforts aimed lo ale a Compelling put41¢ narrative on pensions refom. Key messages. fact sheets, and media research were developed, with orS placed in mainstream and sector press induding in Pensions Ex ert. Business Green, ar)d LBC. 2025 and beyond Going into 2025. we will scale up push for ambitious refonn of the pensions system so rt delivers better outcomes forsavers and pensioners, for the econorny and for the environment. We will lead a powerful and br08d alliance of civil society groups. pensioner and consumer groups. unions. and industy to influence thè govemmenl through advocacy, public campaigning, and media work. Finance Innovation Lab 11
Trust••s' Report Year 8nd8d 31 DMr 2024 Developing our work to tackle economic ¢rlme and dirty money Economic Justice." Tackling the UK'S role as a centre for economic crime and lax dodging through increased transparencyandaccount8bility. y 2030, improvements in policy aNI regulation have helped to make the UK'S financial system more transparent and accountable, and have supported global efforts to do th8 same. This will help lo tackle erL)nomic crime and tax dodging- both major causes of global inequality and injustice. The UK is al the centre of e¢0M1¢ crime and lax di)dgiThJ globally. This problem of 'illicit finance. costs the UK an estimated £350 billion per year, and the UK and the UK'S overseas territories and dependencies, role in f8ulitaling illicit fin8nce and dirty money ¢x)sts developing countries in lost tax revenue. ouffiows of corrupt funds. and lost investment. This is a new area of wort( for fv Lab. so 2024 was a year of leaming, making conne¢¢ions 8nd developing our understsnding of where we can best make a difference. There is 8 strong community of changemakers to work wilh, a clear agenda set out in the Economi¢ Crimg Manifesto. and a lol of progress has bgen madg in the UK recently, though there is Still a long way lo go. 2025 and beyond The Lab will begin lo scale up its work in thi5 area in 2025 through inlegraling into existing networks and discussing with active organisalions the best role we can play. This collaboralive approach wll be central lo ensuring that we help lo build power and support the important work, actors and networks that have achieved so much in advancing this agenda in recent years. We will alw develop our first rerx)rt on the impacts of financial and ewnomic crime and tax dodging on the UK economy. to help raise awareness of the issue and develop our thinklng. Finance Innovation Lab 12
Trust••s' Report Year 8nd8d 31 DMr 2024 Coordinating and supporting ¢lvil so¢lety efforts to align financlal pollcy wlth the UK'S climate and nature goals Environmental Justice.. Finanng the just green fransifion. y 2030. financial regulation and Oicy suppcyt arHJ crtAige financAal institutions lo align their slralegies, business models and activities with the Paris Climate Agreement and just transition prinuples. The Impact of our work The financial sector remains a ntral driverof the dimate and nature crises. but is also critical to our hopes of achievin9 a rapid and just transrtion lo a zerovcarbon economy that allows the natural world to thrive. In 2024, w8 saw some significanl steps fornard cx) sustainable finance in the UK. Following years of civil society pressure, ihe new Chancellor of the Exchequer reintroduced climate mandates for financial regulators, and introduced new nature mandates. LatK)ur made a manifesto commitment to bring in new regulations requiring businesses to produce 1.5C aligned Iransilion plans. The govemrnenl laid out plans for a new industrial strategy with green investment al its heart. and created 8 new National Wealth Fund with a remit to support Ihls. Clvil sc¢iety organisalions have played a key role in developing proposals in all these areas, and building support for them from pclitioans. busingss18adgrs and other influgntial actors. Wo have played a cenlral rcle in coor(linating and suppoth'ng thgse efforts. bringing allies together lo identify wndows of opportunity and lo develop shared strategies lo influence decision-makers. We have helped to ensure that a broad range ol organisats'ons can present a united Ironl to govemment. and that colleclive resources are aligned around the biggest potential windows of opwrtunity. What we did Our work in 2024 focused primarity on building the collectivg capacity and influence of civil society organisations to inlluence finanual policy and regulations. We led a policy development process Ihat united sixteen organisations around a shared enda ahead of the general election. This pul forward ambitious bul achievable recommendations lor how the govemmenl should refomi financial sector poli and regulation to tackle the nature and dimale uises. We established effective ways of working to strengthen collaboration beeen organisats'ons working on sustainable finance. For example, we organised workshops to agree priorities and headline stralegies, and convened regular meetings to share intel and updates, and lo plan and coordinate aclivilies. We supwjrted the set-up of sub-groups focused on specific policy priorib'es, and led a steering group to oversee the different strands of activity. This vital behind- Ihe-scenes work ensured that our netwoTk as a whole ¢x>uld be more than the sum of ils parts. It laid the foundations for further CollabtIOn in 2025 as we push for big prog$$ on green investrnenl le.g. through pensions and the Nation81 Wealth Fund) anij regulation for sustsinable finan {e.g. through the implementab.on of 1.5C-aligned transits.on plans). Finance Innovation Lab 13
Trust••s' Report Year 8nd8d 31 DMr 2024 Coordinating and supporting ¢lvil so¢lety efforts to align financlal pollcy wlth the UK'S climate and nature goals (continued) Ambitious policy proposals need to be infornied by the insights of the financial sector if they are lo be workable. and need lo have b8¢king from leaders within the sector rf they are to gain )litical traction. To this end, we u)ntinued to buikj up our neiwork ol allies in the sector, hosting monthly networking events Ihroughout2024 and a larger evènt during London Clim8te Action Week in assoaation wilh UK Finance. We also ran a collaborative learning project with civil lety partners lo identify ways in which engagement with the private se¢tor could become MO ¢siSnI 8n(l effective. 2025 and beyond Going into 2025, we wll continue to coordinate collective efforts lo influence finance policy and regulation to scale vp investment in a just. green transition and lo accelerate a phase out of finanang lor fossil fuels and other harmfvl sectors. We will further engage the fin8nci81 sector lo gain insighls, to influence their Ihinking. and to build a broader base of support for our policy positions and advcw strategies. Finance Innovation Lab 14
Trust••s' Report Year 8nd8d 31 DMr 2024 Buildlng ¢ollective power Build the collecbve of all the groups and Organisarn$ wothing to change the njles of the financial system. Our 2030 goal is that there is a significant increase in the number. diversity and impact of organisations and individuals working together to influence financial regulation and poliGy for the benefit of people and the aneL The Imp•¢t of our wo In a year with a gal deal of political change and unpredictsbility, our kKJlicy updates and analysis kept allies UTrtspeed wilh new devek)pments, and helped to identify emerging opportunities and threais. Meebngs of the Transfomiing Finan¢e Nets¥ork in the run-up to and after the general election provided space for of9anisations working on different aspects of finance systems change to ojmpare notes, identify shared priorities, and discuss strategies for influence. This helped to create greater alignment amongst allie$. and allowed for more agile responses to the new government's agenda as il developed. Within each ol our programmes. we built power within the networks and coalitions th81 we le8d, increasing the number and diversity of organis8ts.ons working together around key strategi¢ priorities, fo$lering higher levels of wllaboratson, and producing joint strategies and outputs to increase cwjr OlectiVe influence. What we dld Our work in all areas inclL4des a fo()Js on building the infrastructure lo support and strengthen the ecosystem of organisab'ons VrkIng to change the finanual system so it works for people 8nd p18net. By prowding coordination spaces. sharing insights an¢J analysis. and leading the development of shared stral8gi8s and plans, we build ourcoll8Ctive power, and b8com8 moro than the sum of our parts. In addition lo the nefvrks and coalitions that we convene as part of our thematic programmes, induding the Better Pensions ¢x>alTtion, the Fair Banking for All coalition, and the Sustainable Finance Network, in 2024 we conlinued lo convene the Transforming Finance Neork and Transforming Data NeNYork. Trmth regular meetings as well as active e-lisls. We also continued lo publish our Policy FoThvard Look IPFLI, a regular comprehensive analysis of government and regulatory activities in the financial sector. As in previous years, this resource received widespread recognilion from reapients. with a growing subscriber base and praise from civil society allies for its darity and depth. We also supported advocacy led by others, such as endorsing a letter lo the Govemor of the Bank of England in April calling for bolder action on climate, and a letter lo the Basel Commtttee on Banking supervision calling for btrtter approaches to porting genhouSe gas emissions from financial inslitulions. 2025 and beyond G(Mng into 2025, we wll continue lo provide insight and analysis through our Policy Forward Lwk, and convene spaces to develop arKI deliver strategic campaigns and other joint Finance Innovation Lab 15
Trust••s' Report Year 8nd8d 31 DMr 2024 Buildlng lleCtIve power {conlinuedl initiatives focused on key priority areas offinancial systems change. We will build and support networks and coalitions, creating entry pM)ints for new organisations and individuals lo engage in finance systems change and building bridge5 with other progressive movements, and provide thought-leadership lo explore aThJ help develop an ambitious future agenda for transformative financial systems change. Finance Innovation Lab 16
Trust••s' Report Year 8nd8d 31 DMr 2024 Shaplng the debate In addition to various short arbdes available on the Lab's website, we issued the following publications across our wority areas: In January. we published a r reviewin osals for chan e lo the Pensions syLm. and recommending five key sets of forMS that could ensure th81 the nsions system worts for people. the economy. and the environment. ro In March. we CO&signed a letter to the Basel Committee on Bankin Su ervision, which sets global rules for Banks, highlighting a serious flaw in those rules that risk under-reporting greenhouse gas emissions from thtr financial industry. Also in March, we published specific sals for ions reform. developed based on our own expertise as well as that of ShareAction and Make My Money Matter, and 8 year-long prOS of discussions with experts from the pen5ion5 industry and beyond. Following this, in June, we published detailed oli mm in partnership with trade unions and other civil society groups. In April, the Lab CO•signed a letter to the Andrew Baile , as Govemor of the Bank of England. to align the finanual sector with the UK'S dimale goals. In May. we published a bnefin highlighting how a Fair Banking Act would support businesses and ueale a slepchan9e in financial inclusion across the UK. In June we published a s L>riefin highli9hling how the same legislation would support an ambitious scaling of the purpos&driven finance sector, tackle individual financial exclusion. arKI drive capital to small businesses to enable local and national growth. fin In July, we published a with 14 other organis81ions, urging the new govemmenl lo priorilise green fin8nce, derrK)nslraling to the worfd how lo finance a just transition lo a thriving low<arbon gconomy. In September, we published res rch showing that a Fair Banking Act could lead to a significant increase in the gjpply of affordable credit for individuals, SMES and social enterprises in the UK. Ajso in September, we sent a ir Iwith Make my Money Mattgr and ShareActionl lo ihe Pensions Minisler, requesting a meeb'ng to discuss how we can support the Govemment's rewew of retirement savings and the pensions system. Also in September, we published an u ale lo our revious a er litled'Fair Banking for AJI= Why the UK needs a Fair Banking Act to ta¢kle financial exdusion,, setting out the key features of a Fair Banking Act, and rewsing and updating the proposal originally set out. In October. we joined financial indusion experts and organisations including Charles Randell CBE, Martin Lewis CBE. and Johnny Timpson OBE, to co-sign a oint letter to Rachel Reeves MP. asking Ihe Chancellor to ensu that financial inolusion is a priority for the FCA. Finance Innovation Lab 17
Trust••s' Report Year 8nd8d 31 DMr 2024 Shaplng the debate Icontinuedl In November. we S nded to Ihe De artment of Work and Pensions consultation on legislation related to the creation of multi-employer collective defined contribution ICDCI pension schemes. highlighting the need lor CDC pensions lo be fo¢ussed on the needs of beneficAaries and linked lo green investment. In December, alongside 50 other signatories, we soned a letter to Rachel Reeves issuing a warning that a compelitiveness•orientaled finance strategy could jeopardise financial stability and growth. We also res onded to the overnment's Call for Evidence issued as part of its devek)pment of a Financial Services Growth and Compeliliveness Strategy. regislering those concems and arguing for more focus on finance as a means to power the green transition. We tx)ntinued producing a ffjgular summary and analysis of all major financ181 s8clor Folicy. regulatory and legislabve processes, alongside briefings organis81ions, journalists, and policy makers to share insights from it. We published our monthly Changing Finar¢ roundup of key news stories relating lo transforming the financial system for people and planet. In reeoanilion of th6 Lab's expase, our team are frequenuy cited or asked to share Ihair expertise in various sgttings. We were widely quoted in the media and have had opinion pieces, interviews or quotes in press ranging from LBC to GB News to Business Green and Pensions Age. Calls lor a Fair Banking Act also featured in the Times, the Financial Times and the Big Issue. Finance Innovation Lab 18
Trust••s' Report Year 8nd8d 31 DMr 2024 Our structure and govemance The Finan Innovation Lab was established as a Company Limiled by Guarantee ICLG, number 093804181 on 8 January 2015 and became a Registered Charity (number 11652691 on 22 January 2016. Our constitutional documents are our Articles of As)ciation. Our Board The board can consist of up to fourteen trustee5, all able lo serve two terms of three yeaTS. sucOMMittees of the board are convened to expedite the execution of duties. Current su committees are the Finan and Operational Risk committee, which meets quarterly, and the Communications and Campaigns C(Nnmittee, whid) meets two lo thre& limes a year. In addition. the Chair and Vice Chairs mel together with the CEO and Director of P&opl&, Resources and Operations or Chief Operating Officer every other month. Trustee rewitmenl is wnducted via an open application process advèrtised via various different channels. Induction support is provided to all new trustees by the staff team and Chair. This includes copies of relevant policies, procedures, and governance information. The truslees who served during the financial perij were.. Dawd Bartram {vic&Chairl Christopher IKill Beazley (Chair Katherine 8oswel Mikael Down Nana Francois Ivie&Chairl Alice Mery Emma Faulkner Thobeka Ngcobo (freasurer} Nuria Molina Gallart Thomas Raillon Simon Starling Erinch Sahan Retirèd 28 January 2025 Re&gned 3 January 2025 Appointed 28 January 2025 Appointed 28 January 2025 Appointed 28 January 2025 Appointed 28 January 2025 Finance Innovation Lab 19
Trust••s' Report Year 8nd8d 31 DMr 2024 Our stru¢ture and govemance l¢))ntinued) Our team Day-Ii>day management is delegatsd to Chief Exgcvtive Officer. The Lab team during 2024 was.. Jesse Griffiths Rebecca Sumner Smith Chief Execxjlive Officer Chief OFerating OffIr Director ol People, Resources and Operations Director of Programmes and Campaigns Head ol Advo(3Cy Head of Climate and Nature Head ol Movement Building and Campaigns tiob-sharel Holly May Nick Bryer Martoes Nic11$ Jon Dennis Sam Rex-Edwards and Kay Polley Thomas Shields Alexandra Spencer Yvonne Morris Sarah Emm Guriinder Khambay Policy and Public Affairs Manager Programme Manager Oper8tions Man8ger Finance Manager Pr(NJramme and Communications Officer Key management personnel during the year We Jesse Griffilhs, Rebecca Sumner Smllh, Holly May and Nick Bryer. Remuneration is reviewed and agreed annualty by (he tnjslees with reference lo salary bands which have b8en sel after consideration ol external benchmarking. The Lab is an accredited Living Wage and Living Pension employer and we are committed lo ensuring that we pay our staff fairly and in a way which ensures we attract and retsin people wlh the right skills lo have the greatest impact in delivering our charitable objeth'ves. We 81so wort¢ed wtth freelancers during the year who brought invaluable insight and sklll to our work. including two Lab Assw"ales. David Fagleman and Anna Johnston. Cornplian¢e with the Charity Goveman¢e Code for smaller ¢harities The Charity Govemance Code I'lhe C(xJe'l is a voluntary le intended lo help charities in England and Wales. and theirtruslees. develop high stsndards ofgovemance. The Code has been designed as a tool to support continuous improvement - something core to the Lab's values and systems-focused approach. The Lab is committed to the aims of the Code. As such. the trustees have resolved to adopt the Code and the Principles as a tool to identify ar9as lo fwus on. An updated version of the Code was released in December 2020. In 2021, the Iruslees engaged in a review of the Lab's govemance in line wth the Code practice. This review was refshed during 2023, confimiing that justice, equity, diversity and inclusion continued to be the key area requiring focus (see below). Finance Innovation Lab 20
Trust••s' Report Year 8nd8d 31 DMr 2024 Our stru¢ture and govemance l¢))ntinued) Justlce. equlty. dlvetslty, and Incluslon (JEDI) The Lab is Ix)mmittèd to providing equality and faimess for all and not lo dis¢riminalè on any basis, including gender, marilal stalus. race. ethnic origin. colour. nab'onality. nalional origin, isability. sexual orientation, mentsl health, ligIOn or age. From Ihe outset, the Lab has worked to build a culture whith is open and indusive. and which actively supports justice, equily. diversity and indusion in our intemal practi$ as well as our programmab'¢ work. As part of our work on the updated CharTty Governan Code. in 2021-2022 the Lab set up time-bound JEDI working group consisting of board and team members. This group was re- estsblished in 2023-2024 to deepen our work. the outcomes from which were shared on our website here.. htl s."Illinanceinnovalionlab.or I"ustice-e uil -diversit -and-inclusion-at-the- lab-an-u dalel. The working group will continue in 2025 in an updated fomi. This is an ar8a of ongoing fo(yJ$, updates from which are pencrfjically shared on our website. Flnanclal rwlow Where dld our money ¢om• from? In 2024, we received income from the following sources.. 20241£) Grant8 and donat5ons The Sunrise Project Laudes Foundalion KR Foundation Joseph Rowntree Charitable Trust Friends Providenl Foundation European Climate Foundation Joffe Charitable Trust John Ellerman Foundabon Barrow C8dbury Trust Tudor Trust Network for Social Change Pi¢kwell Foundation £186.702 £144.408 £124,854 £101.700 £90,000 £40,000 £33.333 £33.333 £30,500 £30.000 £18,749 £6.000 Consultancy Income £ 18,395 Donations £33 Interest and reimbursed expenses £1,757 Total £859,764 Finance Innovation Lab 21
Trust••s' Report Year 8nd8d 31 DMr 2024 Financial review Iconlinued) What did we spend it on? Our biggest cost is our team.. the talented staff and freelancers who design and deliver our programmes. 20241£> £626,565 £17.877 £44.458 £9,284 £5,249 £703,433 Staff costs Freelance stsff Rent. IT and other running cosls Accountancy, Independent Examination and legal fees Venues, hosting events and parbcipant expenses Total Results lor the year Total ino)me for the year was £859,764 (2023.. £833.3851 ofwhich £241,885 was unrestricted 12023.. £203,63418nd £617,879 was SInc¢e 12023.. £629,751>. Unrestricted expenditure was £145,08412023= £192,643) and we were allowed lo transfer £7.500 from one restricted grant lo unreslricled funds. resutts'ng in a surplus unrestricted funds for the year of £104,301 12023.. surplus of £10,9911. Restrict8d 8xpenditur8 was £558,34912023.' £635,995) resulting in a surplus after translers on restricted fvnds for the year of É52.03012023.' deficit of £6,244). Our financlal posltlon The Iruslees sel the Lab's largel serveS al a level sufficient lo ensu our financial slabillly and ability to meet ourcharilable objeclives lorthe foreseeable ftjture. Our target is to maintain reserves 81 a level Ihat is al leasl equivalent lo three months, of salary costs bul no more than Six month's worth ol toial budgeted expendilure. The tru$tee$ review the amount of reserve$ that are required on a quarterly bas. Al 31 December 2024, the Lab had unrestricted reserves of £241,792, which represented 340/0 lor 4.12 monlhsl of exnditure. Having reviewed both the policy and serveS level, the truslees consider the level of reserves held to be appropriate. Prin¢lple rl$ks and un¢ertaintle$ The Trustegs actbvely review both the strategic antl operational risks that thg Finance Innovab'on Lab faces. These cover t)oth short and long-lemi risks and in particular concern finanaal sustsinability and reptjlation. Principle risks and uncertainties faaThJ the Lab duriThJ 2024 induded.. The rlsk of havlng Insufficient fundlng and staff to deliver our ambitious programme of work, leading to the potenbal for staff bumout andlor poor quality delivery. This risk is acbvely mitigated in a number of ways. induding various policies to support staff welfare, acb've workload management. and seeking additional funding sources to alleviate pressure rather than simply add additional requirements into our work. Finance Innovation Lab 22
Trust••s' Report Year 8nd8d 31 DMr 2024 Prlnclple rlsks and unc•rtalntl8s Icontinuedl The risk of long4emi staff sickness impacting the ability of the Lab lo deliver. This is particulady relevantgiven we are a small team. We mitigate this risk similarly to the above working to ensure there is capaty within the team and budget lo flex lo unforeseen circumstsn¢e- alongside 8 comprehensive business continuity plan. The Iruslees conffirni that they are satisfied that strategie5. systems and controls are, as far as possible, in place to mitsgale significant risks. induding those presented by the coronavirus pandemic and measures taken by public authorities to control it. The Finance and Operational Risk Committee {FORCI of the Board ol Trustees regularty reviews the Lab's risk register. The FORC'S principal role is one of oversight and scrutiny and it does not relieve the Board of its responsibilities for the monitoring and management of risk. The risk register is also reviewed regularly by the Board ol Trustees. Thank you The Lab exists to change one of the most tx)werfvl. unequal. unsustslnable and unaccountable systems in the wodd- the financi81 system. We didn't take this on because il's easy lo achieve or easy lo frjnd. We look il on because we believe that transforming the fin8ncAal system is the key lo tackling all of the major challenges face, from the climate and nature crisis. lo inequality, poverty, rnarginalisalion and exclusion. We believe it can be done. And we have the courage to lry. We'd like to express our sincere th8nks lo all of those who have made our journey possible so far, induding.. The Lab team and tnjslees. Our funders. donors and supporters in the UK and beyond. Our Senior Fellows.. Bertrand Beghin. Christine Berry. Fran Boail. Gemma Bone Dodds, Diane Burridge, Martin Campbell, Bruce Davis, Simon Deane-Johns, Anna Fielding, Tony Greenham, Julia Groves. Malcolm Hayday. Nonhlanhla Makuyana, Reema Patel, Faith Reynolds, Karf Richler. Brett Scott, Jame5 Vaccaro. and Emma Vartolomei. The Lab's knJNling p8thers, WNF-UK and ICAEW. The Lab'5 CO•fournJers.' Charfotte Millar. Jen Morgan, Rachel Sinha and Richard Spencer. Finance Innovation Lab 23
Trust••s' Report Year 8nd8d 31 DMr 2024 Statement of trustees. responsibilities The trustees (who are also Directors of Finance Innovation Lab for the purposes of company lawl are responsiNe for preparing the Truslees. report and financial siatemenis in ardance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accountsng Practice). Company law requires the trustees lo prepare finanu81 statements for e8¢h fin8nci81 year whith give a true and fair view of the state of affairs of the charitable company and of the InM9 and expendilure of the tharitsble company for Ihat period. In preparing these financial stslements. the truste85 are required lo: select suitsble accx)unling wliaes an(1 then apply them wnsistenuy,. observe the methods and principles in Accounting arKI Reporting by Charities.. Slalement ol Recommen(Jed Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting stalar applicable in the UK and Republic of Ireland IFRS 1021., make judgements and eslimales thal are reasonable and prudent,. slate whether applicable Unile(l Kingdom Accounts'ng Standards have been followed, subject to any material departures disdosed and explained In the finanaal stst8menlg,' and prepare the finanual slalemenls on the going concem basis unless il is inappropriate lo presume that the charilable company will contsnue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure Ihat the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding thè 8s5els of the charitable rnpanY and hence for taking reasonable steps for the pVentIOn and deteCtit of fraud and other irregularities. Each of the Irustees conffimis that.. so faras the Injstee is aware. there is no relevantaudit infornialion of which the charitable company's auditor is unaware: and the (rustee has iaken all Ihe steps that they ought lo have taken as a trustee in order to make himseifiherseW aware of any relevant audil infomiation and to establish that the charitable company's indepe[ent examiner is aware of that inforwnation. This confim)alion is given and should be interpreted in accordance with the provisions of s418 of Ihe Companies Act 2006. The trustees a $t>n$1b1e for the maintenance and integrity of the corporate and fin8n¢i81 informali¢M inclu¢JeLI on the ch8ritsble company'sweb5tte. Legislation in the United Kingdom govèming the prèparation and dissemination of finan(ial ststem&nts may drffor from legislation in otherjurisdictsons. Finance Innovation Lab 24
Trust••s' Report Year 8nd8d 31 DMr 2024 Approved by the trustees of the charity on 8th Juty 2025 and signed on its behalf by.. 3GMTI J} Trustee Finance Innovation Lab 25
Indèpendent examinerfs report Year ended 31 December 2024 Independent examlnevs report to tho trustees of Finance Innovation Lab {Ihe Cornpany'l I report to the charity trustees on my examination of the accounts of the C¢)mpany for tho y8ar ended 31 December 2024. Respon$ibiliti&s and ba$1$ of report As lh& charills trustees of th8 Company land also its dir8Ctors for thè purposes of cornpany law} you are responsible for the preparation of the acwunls in accordance with th8 requiTemenls of the Companies Act 20061'th8 2006 Act,). Having satisfied myselfthat the aowunts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independenl examination, I report in respect of my examination of your charity's accounts as carri8d out under Section 145 of the Charities Act 2011 1 the 2011 Act). In Carrying (t my examination I have followed the Directions given by the Charity Commission under Section 14515) (bl of the 2011 ACL Indopondont oxamlnerfs 8tat•ment Sinc8 your charitys gross income exceeded £250.000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the oxaminalion because l arn a member of the lllslilu16 of Charter8d Accountants in England and Wales, which is one of the liste(a bodies. I have completed my examination. I confirm that no malt8rs hav8 come to my attention in connectlon th the examination giving me cause lo believe.. counting records were not kept in respect of tha Corwany as required by Section 386 of the 2006 Act,. or 2 the accoun do not accord with those records- or 3 the accounts do not comply with the accounting requirements of Section 396 of the 2006Actother than any requirement Ihatthp acGounts give a true arKI fairviewwhich is not a mattèr consid8red 8s part of an independent 6xamination', or 4 the accounts have not been prepared in accordance with th8 m8thods and principles of the Statement of Reeommended Practice for accounling and reporting by charities (applicable lo charities preparing their accounts in accordance with the Finanaal Repong Standard applicable in the UK and Republic of Ireland IFRS 102)}. I have no concerns and have come across no other matt8rs in connection with the examination lo which attention should be drawn in this report in ord8r to &nabta a proper understanding of the accounts to be reached. stuart Mackie, FCA Morfs Crocker Chartered Acc(yJntants Stslion House North Streel Havant Hampshire P09 1QU Date.. Finance Ir)novation Lab 26
Stat•m•nt of financlal actlvltl•s Ilneorporatlng Incomè and •xpèndlturn account) Year ended 31 Dember 2024 Unrestricted ftjnds Restricted funds Total 2024 Income from: Donations Charitable 8ctiviti8S Inv8Stment in(x) Total Income 221,733 19,724 428 241,885 617,879 839.612 19.724 428 859,764 617,879 Exwndlture on: Raising funds Chadtable activitses Total expendi¢ur8 156.2261 16.4551 162,6811 188.8581 1551.8941 1640,7521 1145.0841 1558.3491 703,433 N8t incomg lor thg ygar 96,801 59,530 156.331 Transl•rs b•tr•M•n funds 17,5001 Net Incomg and net fflov•mgn¢ In funds 104,301 52,030 156,331 Rtcon¢lllaiion of fund• Toial lunds brought lorw Total hjnds carried forward 146.997 251,298 160.482 212,512 307,479 463.810 17,19 Comparallve figures for the yearended 31 r)ecember 2023.. Rastrfctad funds Total 2023 lunds Noles Incomo from: Donations Chariiablè ac11e5 Investment incorr Total Inccffie 161.612 41.627 395 203.634 629,751 791,363 41,627 395 833,385 629,751 Expendlture on: Raising funds Chantable a¢bvth$ Tot81 exp8nditurè 128.0831 130.4361 58,S191 5 1164.5601 1605.5591 177Q,1191 1192,6431 1635,9951 1828.6381 N•t ineom• and nèt mov•m•ni in fvnds 10.991 16.2441 4,747 Reconclllatlon of funds Total funds brought forward Total fvnds carried forvdrd 136,006 146.997 166,726 160,482 302.732 307,479 17,19 Al of the charrty's actiwb.es derive from ntinUIng operalior15 during the above two periods. Finance Innovation Lab 27
Balan¢e sheet Year en¢Jed 31 December 2024 2024 2023 Notes Fixed assets Tangle fixed assets 13 10.236 Current asseis Debtors Cash at bank and in hand 14 6.512 474.494 481,006 16,356 324.606 340.962 Creditors.. amount5 falling du8 wilhin one y 15 126.7021 143,7191 Net current assets 454.304 297.243 Net assets 463,810 307,479 Funds ol Ihe charity.. Restricted funds Unrestricted funds Toial funds 19 212.512 251,298 463,810 160,482 146,997 307.479 17 The charita0 company is entitled lo exemption from audit undèr S8etion 477 01 tho Compani8s Act 2006 for the year ended 31 December 2024. Thè members hava noi r8quir8d thè tompany 10 obtain an audit of its financial statèmanls for tha y8arended 31 D8Cgrnt4r 2024 in accordance with Section 476 of th9 Compani8s Act 2006. The Iwstees acknOed9e Iheir $[m)nSibIlitieS for 1818nsuring that the charitable D)mpany ke8p$ Occounllng rec4vd$ Ihat with SecUon$ 386 and 387 of the Cornpanies Act 8nd Ibl preparing financial stat8menls which a true and fair wew of the Stale of affairs of the ch8ritable company as ai thè ènd of èach finanual year and ol lis suWus or dèficit for aach finan1 ar in accordance *ith Ihg requir8ments of Section5 394 and 395 and which othe158 comply with th8 requiromenls ol tho Compan9 Aci 2CWJ6 relab'ng to financial statèments, so far as applicable lo the charitable cA)mpany. These finala1 slatements have been prepared in accordan with the provisKJns applirablg to eharitable compani&s 5uL¥8LI to th8 small LPanIeS regiTh. The finanrial ststempth were approved by the Board of Tru$iees and authorfsed for Issue on 8th July 2025 and w8r8 sign8d on lis tehaif by.. Tru5t8e Finance Innovation Lab.. A o)mpany limited by guarantee. Company Registrabon No. 0938041e (England and Wales). Finance Innovation Lab 28
Statement of ¢ash flows Year ended 31 December 2024 2024 2023 Not85 Cash flows from operatln9 a¢¢lvlJ•s: Net used in operabThJ acb"wts"es A 1152.019 143.6701 Cash flow5 frorn invosting activitios: Intere51 r8ceived Purchase of langiN& fixed assets Disposal of fixed assel Net cash provided by Investing actlvltlwa 428 15.00$) 395 12.C()81 12.1311 11,6131 Chang• In ¢ash and •qul¥al•nts In th• y•ar 149,888 145.2831 Cash and cash equlvalents at 1 January 2024 324,606 369,889 C•8h and ¢a8h 0gulv•hnts at 31 D*mb•r 2024 474,494 324.606 Notes to th¢ $tatomgnt of Cash for thg y•or to 310gc8mber 202 A Roconclllatlon of n•t mov•mont In fund• to n•t ush provldod by lUd Inl oporatlng 8ctlvltS0• 2024 2023 N•t Mov•mont In fvnd8 la• p•r th• 8tatsm•nt of fftn4n¢l•l adlvltl¢81 Adlu8tm•nts lor: Inl8r8St receival)le DepreciatK)n charg8 IProfilWoss on disrKJsal of lan9ible fix assel Decrease (In8$e) in deblors (Decrease) increase In creditors Net cash Iu8ed Inl provlded by operatlng actlvlllel 156.331 4.747 14281 3,341 1521 9,844 11T,0171 1152,0191 13951 4,798 113,5331 139.2871 143,6701 B Anatys15 of cash and cash •qul¥alent• 2024 2023 Cash at bank and in hand Total cash and cash equivalen18 474,494 474.494 324.606 324.606 C Anaty5is of chang85 in not debt 2023 Cash flows 2024 Cash al bank and in hand 324.K 324.606 149.888 149.888 474,494 474,494 Finance Innovation Lab 29
Notes to the financial statements Year erKled 31 December 2024 1 Charity status The Charity is a company limitsd by guarants8 and consequenuy does not have share capital. E8ch of the trustees is liable lo conth.bute an amount not exceedin9 £1 tOW8rds the assets of th8 charity in Ihe &vent of liquidation. 2 Principal accounting policies Summary of slgnlllcant accountlng pollclas and key accountlng 8stlmat•s The principal accounting poliaes appl in the preparation of these financial statements are set out below. These poliaes have been consistently applied to all the years presented, unless otherwise stated. Statemènt of ¢ompllan¢• The financial statements have b88n pr8pared in accordance with Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to Charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicabl8 in the UK and Republic of Ireband {FRS 1021 and the Companies Act 2006. Basls ot preparation Finance Innovation Lab meets Ihe definition of a public benefit entity under FRS 102. Assets and liabililies are initially reo)gnised at histori1 wst or transaction value unless othernlSe staled in the relevanl accountsng policy notes. Goln9 concem The Iruslees have considered the impact of the cost of livlng crisis on the charty and put measures into p18ce lo ensure the Lab can continue its operations as described in the truslees, report. Although all of the future fvndfaising is not yel confirmed, 9iven existing funding commitments in place ihe tnJslees nsider Iherg are rrentlY no material uncertainties about the charity's abilty lo continue as a going conc8m nor any significant areas of uncertainty Ihat affed the carrying value of assets held by the chanty. In¢om• All income is recognised once the charity has entillemenl to the income, il is probable that the income will be CeIve{l and Ihe amount of the income receivable can be measured reliably. Donations Donats'ons are recognised when the charity has been notified in writing of both the amount 8nd settlement date. In the event that a don81ion is subject to conditM)ns that qUIre 8 level of parfomiance by the charity before th8 charity is entided to the funds, the income is deferr8d and not ¢(jnised until either those ndItionS are fvlly met. or the fulfilmenl of Ihoso condilions is wholly w(hin the control of the charity and li is probable that Ihese conditions will be fulfilled in the rep)rting period. Grants receivable Grants are recognised when the charity h8$ an entiuement to the funds and any conditions linked to the grants have been mel. Where perfom)ance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and induded on the balance sheet as deferred income to be released. Finance Innovation Lab 30
Notes to the financial statements Year erKled 31 December 2024 2 Principal accounting policies {oJnlinued} Expenditure l expenditure is recognised ore there is a legal or constructive obligation to that expenditure, il is probable setllement is required and the amount can be measured reliably. Al costs are allocated lo the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be d1cl1Y attributed to particular headings they have been allocated on a basis eonsislent with the use of soUrCes. with central staff costs allocal&d on the basis of time ¥>ent. aNI depreciation charges allocated on the poOn of the asset's use. Other supwrt costs are alIcle base(l on the spread of slaff costs. Ralslng funds These are costs inojrred in attracb.ng vc4untsry income and those Incuffed In trading aclivllles that raise lunds. Charitable activitie8 Charitable expenditure comprises those costs incurred by the charity in the delivery of ils acliwlies and services lor ts beneficiaries. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary lo Support them. Gov•mance costs These in¢lutle the cosls attribulable lo the charity's compliance with constilulional and Statutory requiremenis. induding audit, slralegi¢ management and trustees. meetings and reimbursed expenses. Taxation The Charity is considered lo pass Ihe 18sls sel crtrt in Paragraph 1 Schgdule 6 of the Finance Act 2010 and therelore it meets the definition of a charitable company for UK corporats'on tax purposes. Accordingly, th9 charity is potentially exempt from taxation in resp8cI of incom8 or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 01 the Taxalion of Chargeable Gains Act 1992, to the extent (hal such income or gains are applied exdusively to charitable purposes. Tanglble fixed assets Individual fixed assets costing £1.(KIO cf more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent amjmulated impairnient losses. Depreciation and amortisation Depreciation is prowded on tangible fixed ass8ts so as to write off the cost or valuation, less any estsmated residual value. over their expected useful economic life as follows.. Asset class Computer equipment Depreciation method and rate 25% straight line Finance Innovation Lab 31
Notes to the financial statements Year erKled 31 December 2024 2 Principal accounting policies {oJnlinued} Trade debtors Trade debtrjrs are amounts due customers for services perfom)ed in the ordinary course of business. Trade debtors are Tecognised inilialty al the transaction price. They are subsequently measured al amorbsed cost using the effective interest meth¢yJ, less provision for impairment. A provision for the impaimientol trade debtors is estsblished when there is obje¢tive evidence that the charity will 1 be able lo ccAlect 811 amounts due according to Ihe original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposf(s. and other short-18rm highly liquid investments that are readily convertible to a known amount of cash and 8re subjeci lo an insignificanl risk of chang8 in value. Trade ¢roditors Trade Creditors are obligali¢)ns lo pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable a classified as current liabilities il the charity does not have an unconditional right. al the end of the reporting period. to defer selllemenl of the credilor for al le8sI twefve months 8fter the reporting date. If there is an unconditsonal right to defer setuement for al l¢ast N¥olve months after the repon9 dal?, they are presented 8s n-Current liabilrties. Trade creditors are recognised initially at the transaction price and subsequently measured 8t amortise(I cost using the effective InteSt melhlxl. Fund Structure Unrestricled income funds are general funds Ihal are available for use at the trustees, discretion in lurtherance ol the objectives of the charity. Restricted inwme lun¢Js a those donale(I for use in a particular area orforspecific purposes, the use of which is $In'¢led to that aa or purpose. Finance Innovation Lab 32
Notes to tho financial statements Year ended 31 December 2024 Income from donatlons Unrestrted hjnds Restricted hjnds Total 2024 Grants from.. Charities Individuals 221,700 33 221,733 617,879 839,579 33 839,612 617,879 UnrestrKted nds RestrKted funds Tot81 2023 Grants from.. CharitS IndivU81$ 161.592 20 161,672 629, 751 791,343 20 791,363 629, 751 4 Income from charltable actlvltles unreStrted fvnds Restricted fvnds Tolal 2024 Consuliancy Isock81 and Sustainab ffinance and financk81 reform) 19.724 19.724 UnrestrKted fvnds Restr¢ted fvnds Total 2023 Consuftancy (Soc1 and Sustainab fance and financial reform) 41,627 41,627 Finance InnovatK>n Lab 33
Notes to tho finanical statements Year ended 31 December 2024 5 Expenditure on charitable activities UnreStrted funds Restricted funds Total 2024 Notes Direct costs Staff costs Freelance staff AJk)cated support costs 1,668 6,730 473,605 8,277 63,282 551,894 8.398 473.605 17,877 140 872 640 752 11 9,600 77,590 88,858 Unrestrtled lunds Restricled funds Total 2023 Not8S Dir8Ct costs Staff costs Freelance staff Allocated support costs 21. 142 105.010 1,407 37.007 164,560 34.865 351.82T 102.996 115.871 605,559 56,007 456,837 104,397 752,8T8 770, 179 11 6 Expenditure on fundraislng costs unrestrted funds Restricted funds Total 2024 Notes Staff costs Consultants AJk)caled support costs Total 48,311 48.311 Unrestricfed funds Restricfed funds Totg12023 Notes 11 Staff costs Consultants Other Allocated support costs Total 21,460 3,024 247 19,936 41,396 3,024 247 7 Support ¢o$ts Fundraising costs Charrtab aclivib'es Total 2024 Notes Governance Staff costs Finance IT Legal & ProfessK)nal Establishment Other Total 162 9.687 18 1,292 896 1,059 1,256 14.370 1.586 94.962 181 12,665 8,786 10,382 12,309 140.871 1,748 104.649 199 13.957 9,682 11,441 11 155241 Finance InnovatK>n Lab 34
Notes to the finanical statements Year ended 31 December 2024 7 Support costs Continued FUndrag costs Charitable actiVitS Tot812023 Notes Governance Staff costs Fin8nce IT L8gal & PrOfesSnal Establishment Other Total 924 8.023 20 1.088 1.956 1,665 776 13,852 10,202 88,542 219 12.011 21.586 18,375 1,943 152 878 11,126 96,565 239 13,099 23,542 20,040 2,119 766 730 11 8 Goveman¢e costs Unrestrted funds Restricted funds Total 2024 Notes 10 Board costs Independent eXaMinatn 290 290 Unrestrited fvnds Restricted funds Tot812023 Notes io &)ard costs Audit fees 220 706 326 220 9 Net income Net income for the year i8 Staled after charging.. 2024 2023 Noles Audit fees.. Current year Independent examiners fee Operating aSeS- Lgnd and bUingS Profil on disposal of asset De rectr.0n 10,800 1,740 6,903 {521 13,798 13 Finance InnovatK>n Lab 35
Notes to tho finanical statements Year ended 31 December 2024 10 Trustees. remuneration and expenses No Trustees, nor any persons connected wf(h them. have recewed any remuneral¥)n from the charity during the year. No other Trustees have received any other beneffts from the charty during the year. No expenses {2023'. £881 were incurred for board meeting refreshments during the year. No trustees (2023= one) were relnbursed expenses12023= £2371 for travel lo meetings. Gtfts to the value of £812023: £237) were prov•Jed to Trustees. 11 Staff costs The aggregate payroll costs were as folksws: 2024 2023 Staff costs during the year were: Wages and salarS Social securty costs Empk)yer pensK)n conlributK)ns 543,781 54,691 515,980 50,510 Key management personnel remuneralDn. whh includes empbyer's Nation81 Insurance end pensions, for the year was £262,617 {2023'. £236.240}. The monlhty average number of persons {nchJding senr management team) empbyed by the charity during the year expressed as average full lime equIvantS was as folksws.. 2024 No 10 2023 No Avera e number ofem The number of empkjyees whose emofuments. excluding emptyers Nats)nal Insurance and pension. fell within the folh)wing bands was.. 2024 2023 £60 000 - £70 000 £70 000 - £80 000 12 Taxatlon Finance InnoVatn Lab i8 a registered charty and therefore ts not liable to income tax or corporation tax on income derwed from ts charitable activitk8s. as rt falls wrthin the various exemptions availabk lo registered CharitS. Finance InnovatK>n Lab 36
Notes to tho finanical statements Year ended 31 December 2024 13 Tanglble flxed assets Total (computer equipment) Cost At 1 January 2024 Addi(M)ns Disposals Al 31 December 2024 Depreciatlon Al 1 January 2024 Charge for the year Disposals At 31 December 2024 Not book value At 31 December 2024 At 31 December 2023 25.972 5,005 12,394) 15,736 4.538 11,197) 14 Debtors 2024 2023 Prepayments Accrued income and other debtors 4.521 4,406 15 Croditors: amounts falllng due wlthln one year 2024 2023 Trade creditors Other taxatn and sockql securty AccruaL8 3,447 16.818 1,957 14,641 16 Finan¢ial ¢ommitm•nt$ Al 31 December 2024 the charty had no kne commitments under non-cancelable operating ases Finance InnovatK>n Lab 37
Notes to tho finanical statements Year ended 31 December 2024 17 Funds Balance at 1 January 2024 Transfer Balance at between 31 December funds 2024 Income Expendilure Unrestrlcted funds General Restrlcted funds Total funds 146.997 160.482 307.479 241,885 617.879 859,764 (145,0841 558.349 (703,4331 7,500 7,500 251.298 212,512 463.810 Balanc8 al 7 January 2023 Transf8r Balance at between 37 December funds 2023 Income Expendrfure Unrestricted funds General ReStrted funds Total funds 736.006 166, 726 302. 732 203,634 629, 751 833,385 (192,643) 635,995 (828,638 146,997 160,482 307,479 18 Analysls of net assets between funds Unrestrted Restricted Total funds funds funds 2024 Tangibk fLxed assets Net current assets Total nel assets 9,506 241.792 251.298 9.506 454,304 463.810 212,512 212,512 Unrestricfed RestrKled funds funds Tot81 funds 2023 Tangibk fixgd assets Net current 8ssets Total nel assels 10,236 136. 761 146,997 70,236 297,243 301,479 160,482 160,482 Finance InnovatK>n Lab 38
Notes to the flnancial statements Year ended 31 December 2024 19 Restricted Funds Balance at 1 January 2024 Transfer Balance at between 31 December fvnds 2024 Fund Income Expenditure Barrow Cadbury Trust Partners for a New Economy Joffe char[tab Trust The Sunrtse Project Laudes FoundatK)n Network for Socral Change Pickwell FoundatKsn European Climate FOund8n John Elk8rrnan FOundatn KR FoundatDn 11.500 20.722 16,500 .760 15.C(Ki 30,500 134,5001 120.7221 122,0001 (194.2601 (149,4071 118.7491 16,0001 {7,500) 33,333 186.702 144,407 18,749 27.833 89.202 10.000 40.CIXI 33,333 124.855 40,000 13.889 31,588 119,4441 193.2671 Total restrted 160.482 617,879 558.349 7,500 212,512 Balance al l January 2023 Transf8r Balance al between 31 December funds 2023 Fund Incom8 Expendrfure Barrow Cadbury Trust Partners for 8 New Economy Joffe Charit8ble Trust The Sunrise Project MultIplr Network for Social Change L8udes Foundation JJ Charrfabb frust ckwell Foundatif)n Total restricted 12. 49,0 (50.000) (99.689) (31.500) (173,505) (38,885) (19,720) (169,296) (50.000) (4,000 635,995 tl,500 61.028 59,383 20, 722 15,000 45,888 33,000 224,377 38,885 79, 120 151,986 50,000 4,000 629, 757 16,500 96, 760 32,310 15,000 766, 726 160,482 Banuw Cadbury Tmsl, Laudes Riundatn, Joffe Chaiilab18 Twst.. grants to support our worft building the power of cNil soClY networf(s to influence financrdl pOIy. Joffe Charitable Trust also supported the development of a new strand of work focused on the UK'S rok in global economic crime and lax dodging. The Sunrise Pmject, KR FOUndatn, Etspean (knte Foundation, PartnefS fora New Economy.. grants lo support OUT worfK lo create a rrK)re sustsinable financial system. induding convening and collaboT8ting with networks of civil society organisatH)ns and private sector allies to change finance policy to boost green investmenl and rapM11y phase out financing for fossil fuels and other hannful sectors John Ellem?an FoundatAon." grant to support our wort( to tackk financial exclusion and the poverty premium in the UK. through our work leading the Fair Banking for All coatstion and the campaign for 8 Fair Banking Act Netwohk for Social Change, Pickwell Foundatil)n.' grants to support us in devek)ping research and policy, and buildinq a broad4>ased coal[tn to push for refomKq to the UK'S pensK)n system Finance InnovatK>n Lab 39
20 Related party transactions There were no reLated paty transactions to report in 2024 Finance InnovatK>n Lab 40
FIL Accounts and Trustee Report 2024 Final for Signature Final Audit Report 2025-07-21 Created.. 202M7-21 By.. unts Finar8 Lab lacftsJnts@finarKeir)Ya1ab.¢X9I Status.. &gn8d Transaction 10.. C8jCHBcAI1jWNd.Py2XChJKV¢IzUa4wUl[ "FIL Accounts and Trustee Report 2024 Final for Signature" Hist Document Grealed by Accounts Finance Lab laccounls@financeinnovationlab.orgl 2025.07.21 . 4.'19.'46 PM GMT . Document emailed lo Thobeka Ng¢obo Ipetuniatng¢obo@gmail.rTh)I for signatu 2025-07-21- 4.'19..51 PM GMT Document emailed lo Thobeka Ngcobo Ipetuniatngcotrf) 2025-07-21- 4.'19..51 PM GMT gmail.coml for signature Email viewed by Thobeka Ngcobo Ipeluniatngcobo@gmail.com) 2025-07-21- 11..01..54 PM GMT Docurnenl e-signed by Thobeka Ngcobo {petunialngcobo@gmail.¢oml Snatu Date.. 202&07-21- 11."03'.11 PM GMT- Twne &wrr'. sew- Si9Traty Whjred dewr wlth number Email viewed by Thobeka Ngcobo Ipeluniatngcobo@gmail.com) 2025-07-21- 11..03..19 PM GMT Document e-signed by Thobeka Ngcobo (petunialngbO@grnaIl.¢Ornl S#tu Date. 202M7_21 _ 11".04."23 PM GMT_ SCwt.. svJTrattbre0)tyr fr(n de wth plKX)e number Agreement completed. 2025-07-21- 11..04'.23 PM GMT Adobe Acrobat Sign