OpenCharities

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

2021-12-31-accounts

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

For the year ended 31 December 2021

Company Number: 10204667 Charity Number: 1172050

TRUSTEES, OFFICERS AND ADVISERS

CONTENTS

Patron Principal Officers
The Most Reverend and the CUF Group CEO
Right Honourable Justin Rachel Whittington
Welby
Director of Programmes and
Chairman Innovation
Sir Douglas Flint CBE Sarah Wallace BEM
Trustees Advisers
Rt Revd Richard Atkinson OBE
Dr Paul Jones Bankers
Ms Sheila Nicoll OBE National Westminster Bank
Sir Hector Sants Plc
Ms Alison Grieve Westminster Branch
Ven. Catherine Pickford PO Box 3038
Mr Christopher Cummings 57 Victoria Street
from 01.01.22 London
SW1H 0HN
Independent Examiner
Nicola Wakefield
Patron Principal Officers
Trustees, Officers
and Advisers
Introduction from the
Chair of Trustees
2
3
Report of the Trustees
4
• Review of 2021
5
• Future plans
5
• Financial Review
• Delivering public
benefit
6
6
• Structure,
Governance and
Management
• The Trustees’
Responsibility for
preparing Annual
Financial
Statements
6
9
Independent
Examiner’s Report
10
Statement of
Financial Activities
12
Balance Sheet
13
Statement of Cash
Flows
14
Notes to the Financial
Statements
15



The Most Reverend and the
Right Honourable Justin
Welby
Chairman
Sir Douglas Flint CBE
Trustees
Rt Revd Richard Atkinson OBE
Dr Paul Jones
Ms Sheila Nicoll OBE
Sir Hector Sants
Ms Alison Grieve
Ven. Catherine Pickford
Mr Christopher Cummings
from 01.01.22
CUF Group CEO
Rachel Whittington
Director of Programmes and
Innovation
Sarah Wallace BEM
Advisers
Bankers
National Westminster Bank
Plc
Westminster Branch
PO Box 3038
57 Victoria Street
London
SW1H 0HN
Independent Examiner
Nicola Wakefield
Mazars LLP
6 Sutton Plaza
Sutton Court Road
Sutton
Surrey SM1 4FS
Solicitors
Legal advice is provided by:
Anthony Collins Solicitors LLP
134 Edmund Street
Birmingham B3 2ES
Registered office
JUST FINANCE FOUNDATION
The Foundry, 17 Oval Way, London, SE11 5RR
A company limited by guarantee.
Registered number 10204667
Registered Charity number 1172050		 The Most Reverend and the
Right Honourable Justin
Welby
Chairman
Sir Douglas Flint CBE
Trustees
Rt Revd Richard Atkinson OBE
Dr Paul Jones
Ms Sheila Nicoll OBE
Sir Hector Sants
Ms Alison Grieve
Ven. Catherine Pickford
Mr Christopher Cummings
from 01.01.22		 CUF Group CEO
Rachel Whittington
Director of Programmes and
Innovation
Sarah Wallace BEM
Advisers
Bankers
National Westminster Bank
Plc
Westminster Branch
PO Box 3038
57 Victoria Street
London
SW1H 0HN
Independent Examiner
Nicola Wakefield

2

INTRODUCTION FROM THE CHAIR OF TRUSTEES

Throughout 2021, the Just Finance Foundation (JFF) continued its work with children, families, and their wider communities even as the ongoing pandemic continued to bring exceptional challenges.

Due to the dedication and innovation of our staff, partners, and community volunteers, to whom we owe a sincere debt of gratitude, we continued to provide and indeed expand access to financial skills, knowledge, and much needed support.

JFF’s Education Team, for example, launched Milo’s Money and introduced the world to its newest financial education hero – a friendly dinosaur. In his picture book, website, and online game, Milo brightened classrooms, laptops, and living rooms around the country. Milo was beloved by teachers and students alike for his child-centred approach, which combines practical skills such as coin recognition with early exposure to how money works. Following a successful pilot, Milo’s Money quickly secured its first funding partnership to bring delivery into new schools. This innovative project is key to ensuring more children across the UK have an equal baseline understanding of money, despite their personal circumstances.

In addition, our Education Team was finally able to re-start the Lifesavers programme as schools returned to a new normal. Early access to financial education has always been at the heart of our work, and this year it has been more critical than ever with many children increasingly exposed to money challenges and stresses at home. I’m proud that our team recruited 20 new schools to the LifeSavers programme in just 4 months and will continue to expand this reach in 2022.

Disadvantaged communities and families already living with debt have been disproportionately affected by the financial challenges resulting from the Covid-19 pandemic. JFF’s Community Engagement Team has worked tirelessly to identify the needs of these communities and provide them with meaningful support. We teamed up with local leaders to deliver the Covid Cash Course – a train-the-trainer style course providing vital, up-to-date and accurate information on constantly changing benefits and entitlements. By partnering with our sister charity, Near Neighbours, JFF expanded its reach and delivered the course in 7 different languages, supporting some of the most vulnerable communities at a time of real need.

Consequences from the ongoing pandemic and the devastating conflict in Ukraine mean that these are difficult times for all of us. The continued dedication and generosity of our supporters has been fundamental tour the progress we have made and is greatly appreciated and valued by everyone at JFF. We took the opportunity in the unpredictable financial landscape to increase our digital capability and our capacity to develop strategic partnerships and are excited by the potential this brings to increase our corporate funding to support the work of JFF.

In 2022, we look forward to continuing to strengthen our existing programmes and developing more creative and exciting ways to really make an impact. I am confident that, with your support, we are well-placed to emerge stronger from these challenging times. We are ready to bring a better, more equal financial future to even more children, families and their wider communities.

Sir Douglas Flint, CBE Chair of Trustees, Just Finance Foundation

3

REPORT OF THE TRUSTEES FOR THE YEAR TO 31 DECEMBER 2021

The Trustees present their annual report and financial statements of the charity for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the Articles of Association, the Companies Act 2006 and Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1[st] January 2019).

OBJECTIVES AND ACTIVITIES

The Just Finance Foundation (JFF) was established as a charity on 27[th] May 2016 and oversees the programmes previously initiated by the Archbishop of Canterbury’s Task Group on Responsible Credit and Savings in partnership with its ultimate parent company, the Church Urban Fund (CUF). JFF’s aim is to contribute to the development of a fair financial system focused on serving the whole community, in which everyone has access to responsible credit, savings and other essential financial services, and children and adults having the skills and confidence to manage money wisely throughout their lives.

What are our aims?

These are delivered through two main areas of focus :

There are plans to develop a wider agenda around financial services aimed at increasing the supply of community finance.

We are immensely grateful to The Benefact Trust and the Money and Pensions Service for their generous funding support.

4

REVIEW OF 2021

Although the ongoing pandemic continued to make life unpredictable, 2021 was a big year for the Just Finance Foundation and the team proved as creative and adaptable as ever.

At the start of the year, our Education Team launched Milo’s Money and introduced the world to its newest financial education hero. In his picture book, website, and online game, Milo brightened classrooms, laptops and living rooms around the country. Combining practical skills such as coin recognition with soft skills and early exposure to how money works, Milo’s Money child centred approach was beloved by teachers and students alike. Following a successful pilot, the team quickly secured our first funding partnership to bring delivery into more schools, helping more and more children to navigate the world of finance. While Milo’s continues to support children aged 5-7, our education team are hard at work developing a new Choose Your Own Adventure resource for older children. We cannot wait to introduce you to some more of the gang!

In September – nine long months after January’s short-lived return to school, our Education Team was finally able to re-start the Lifesavers programme. We expanded by 20 schools between September and December 2021, with an eye to expanding further in 2022. With many existing schools excited to retrain and restart financial education and savings clubs with their students in 2022, we are confident that the support and resources we provided throughout 2021 have ensured a continued interest in financial literacy.

Launched at the start of the pandemic in April 2020, our Community Engagement Team worked tirelessly on the Covid Cash Course and continued regular updates and delivery throughout the year. This train the trainer style course has reached hundreds of advisors and community workers throughout the country, providing vital, up-to-date information on constantly changing benefits and entitlements. In partnership with our sister charity, Near Neighbours, we were able to broaden our reach still further, delivering in 7 different languages and reaching some of the most vulnerable communities in a time of real need. Covid Cash Course has been temporarily retired for a welldeserved refresh, but a new, more relevant version can be expected in the coming year.

Finally, CUF commissioned a governance review across the CUF group, the outcomes of which will be reviewed by CUF, NN and JFF trustees in 2022.

PLANS FOR 2022

In 2022, we look forward to strengthening our existing programmes and continuing to develop creative and exciting ways to really make an impact. We aim to:

5

FINANCIAL REVIEW

Income and Expenditure

Total income of £180k (2020: £350k). The income reflects a decrease in funding received primarily from corporates, statutory funding, and charitable trusts, as well as individual donations.

The total expenditure for the year decreased to £240k (2020: £308k); the majority of which continued to provide funding for our financial capability work through the LifeSavers programmes £101k (2020: £105k) and a new programme, Milo’s Money £95k (2020: £35k). The balance supported the Covid Cash Course.

The Trustees wish to thank all our supporters for the financial contribution made towards the charity particularly during this time of economic challenge.

Reserves and Reserves Policy

The charity’s strategy is to build up its reserves in the medium and longer term to ensure adequate level of unrestricted fund is available to spend on its charitable purposes in the future.

At the 31st December 2021, the charity had maintained its level of unrestricted reserves at £39k (2020: £39k) and £73k (2020: £133k) in restricted reserves. These results are better than anticipated in light of the economic uncertainty during the last year, and the Trustees have a reasonable expectation that the reserves levels will grow during 2022.

Going Concern

The Trustees have considered the basis on which the accounts are prepared and whether they believe that the basis is appropriate. In particular they have reviewed the cashflow forecast for the next 12 months and assumptions on which it is based; these demonstrate with reasonable certainty that the charity will have the resources it needs to continue to operate over that period. In addition, management has demonstrated during this recent period that they have the agility and flexibility to respond to changing circumstances to ensure that the charity can continue.

DELIVERING PUBLIC BENEFIT

The Trustees have reviewed the guidance on public benefit issued by the Charity Commission and consider that Just Finance Foundation aims and activities, as set out above, fulfil the criteria. The Trustees do not anticipate any future change to this operational approach. The Trustees will continue to consider the guidance on public benefit on an annual basis.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Documents

The Just Finance Foundation is both a company limited by guarantee (Registration Number 10204667), subject to the Companies Act 2006 and a charity registered with the Charity Commission (Charity Number 1172050). It is governed by its Articles of Association, which were dated 27 May 2016.

Governance Structure

The Directors of the company known as Trustees are appointed for five years and can be reappointed for a further five years. The Articles of Association allow for up to eleven Trustees, five being nominated by the Archbishop’s Council and six by Church Urban Fund (CUF). The Trustees meet four times a year to review strategy, operational and financial performance. The composition of the

6

Trustees is listed on page 2 of this report. The balance of skills among the Trustees has been mapped against our work.

None of the Trustees receive any remuneration or benefits for acting as a Trustee of Just Finance Foundation. Any expenses reclaimed are set out in note 5 to the financial statements.

Trustee Induction and Training

All Trustees on appointment receive a detailed briefing on the aims and objectives of the charity as well as the relevant governing documents including the Articles of Association. They also receive a detailed induction with the Programme Director, are given the opportunity to visit Just Finance Communities and are kept abreast of developments at each Board meeting through a detailed report by the Programme Director. Trustees also receive regular briefings on developments in Just Finance Foundation’s operating environment to keep them up to date.

Management and Organisational Structure

The day-to-day management and delivery of the Just Finance Foundation is delegated to the CUF Group CEO and the Director of Programmes and Innovation who reports to the CUF Group CEO. The Director of Programmes and Innovation works closely with other members of CUF’s staff team (its ultimate parent company).

Principal Risks

The Trustees have identified the following strategic risks and uncertainties that may seriously affect the performance, future prospects or reputation of the Just Finance Foundation and set out below how they will be managed.

**RISK TYPE ** RISK MITIGATION
Relational Unable to achieve buy-in and
support to back JFF proposition
to ensure long term viability
leading to a lost opportunity to
contribute to the development
of a fair financial system.		 Effective strategy to appeal
directly to decision- makers and
key gate-keepers.
Loss of key supporters and
influencers of JFF resulting in a
failure to develop the
programme.		 Ongoing positive engagement of
key people including through
Board engagement.
Broadening networks of support
with the sign-up of new
supporters and influencers.
Reputational Failure of a programme,
resulting in reputational
damage, including negative
reputational consequences for
its supporters.		 Communications strategy in place
to raise awareness of the
programme.
Financial Failure to achieve the levels of
funding required to deliver the
JFF future strategy.		 Funding strategy that includes a
diversified income portfolio of
prospective funders to seek multi
year funding has been developed

7

in order to become financially sustainable. A clear and compelling case for support has been developed for funders.

Key Management Personnel Remuneration

The Trustees consider the CUF Group CEO and Director of Programmes and Innovation as comprising the key management personnel of the charity in charge of directing, running, and operating the charity on a day-to-day basis

Just Finance Foundation is committed to ensuring that staff are remunerated in a way which ensures we attract and retain the right skills to have the greatest impact in delivering our charitable objectives. The remuneration of the Director of Programmes and Innovation is reviewed annually and set by the CUF Group Renumeration Committee.

Small Company Exemption

The company has taken advantage of the small company exemption, as it is within the threshold criteria. The accounts have been prepared in accordance with the special provision contained in the Companies Act.

8

THE TRUSTEES’ RESPONSIBILITY FOR PREPARING ANNUAL FINANCIAL STATEMENTS

The law applicable to charities in England and Wales requires the Trustees to prepare annual financial statements for each financial year, that give a true and fair view of the Charity’s financial activities during the year, stating its surplus or deficit for the year and its financial position at the end of that year. In preparing annual financial statements, the Trustees have followed best practice and:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the Charity’s assets and for taking reasonable steps to prevent and detect fraud and other irregularities. The Trustees have overall responsibility for ensuring that the Charity has appropriate systems of control, financial and otherwise.

Independent Examiners

Nicola Wakefield at Mazars LLP is being proposed for reappointment as Independent Examiner.

Approved by the Trustees on 9[th] August 2022 and signed on their behalf by:

Sir Douglas Flint, CBE – Chair of Trustees

9

Independent Examiner’s Report to the Trustees of Just Finance Foundation

I report on the financial statements of Just Finance Foundation for the year ended 31 December 2021, which is set out on pages 12 to 17.

Respective responsibilities of Trustees and Examiner

The Trustees (who are also the Directors of the company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements as carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(b) of the 2011 Act.

This report, including my statement, has been prepared for and only for the charity’s Trustees as a body. My work has been undertaken so that I might state to the charity’s Trustees those matters I am required to state to them in an independent Examiner’s 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 charity and the charity’s Trustees as a body for my examination work, for this report, or for the statements I have made.

Basis of independent Examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent Examiner’s statement

In connection with my examination, which is complete, no matters have come to my attention which give me reasonable cause to believe that in any material respect:

10

charities, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Signed:

Nicola Wakefield (Sep 29, 2022 11:51 GMT+1)

Name: Nicola Wakefield FCA

Member of the Institute of Chartered Accountants in England and Wales

Date: 29-Sep-2022

11

JUST FINANCE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st December 2021

----- Start of picture text -----
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
2021 2021 2021 2020 2020 2020
Notes £'000 £'000 £'000 £'000 £'000 £'000
INCOME & EXPENDITURE
Income
Income from Donations, Legacies and Trusts 2 78 25 103 115 210 325
Income from Charitable Activities 3 0 77 77 0 25 25
Total Income 78 102 180 115 235 350
Expenditure on Charitable activities: 4
Financial Capability
Lifesavers 31 70 101 19 86 105
Covid Cash Course 16 28 44 31 109 140
Milo's Money 31 64 95 30 5 35
Local Communities
Just Finance Communities 0 0 0 1 27 28
Total Expenditure 78 162 240 81 227 308
Net(Expenditure)/Income 0 -60 -60 34 8 42
Total Funds brought forward at 1 January 39 133 172 5 125 130
Total Funds carried forward 31 December 39 73 112 39 133 172
----- End of picture text -----

The charity has no recognised gains or losses other than the net movement in funds for the year shown above. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006 and the Financial Reporting Standard (FRS 102). All activities relate to ongoing operations.

12

JUST FINANCE FOUNDATION

BALANCE SHEET AS AT 31 DECEMBER 2021

Registered Company number 10204667 and Registered Charity number 1172050

----- Start of picture text -----
2021 2020
Notes £'000 £'000 £'000 £'000
CURRENT ASSETS
Debtors & Prepayments - 5
Cash at bank 124 136
Amount due from parent charity - 35
124 176
CURRENT LIABILITIES
Creditors: amounts falling due within 1 year 9 8 4
Amount due to parent charity 4 -
12 4
NET CURRENT ASSETS 112 172
NET ASSETS 112 172
FUNDS
Restricted Funds 10 73 133
Unrestricted Funds 39 39
TOTAL FUNDS 112 172
----- End of picture text -----

For the year ended 31 December 2021 the charity was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to acounting records and preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Sir Douglas Flint 9th August 2022

13

JUST FINANCE FOUNDATION

STATEMENT OF CASH FLOW

for the year ended 31 December 2021

----- Start of picture text -----
2021 2020
£'000 £'000 £'000 £'000
Reconciliation of net movement in funds to net cash flow from
operating activities
Net(Expenditure)/ income for the reporting period
(as per statement of financial activities) (60) 42
Adjustments for:
Decrease in debtors 40 96
Increase / (Decrease) in creditors 8 (11)
48 85
Net cash (used in) / provided by operating activities (12) 127
Change in cash and cash equivalents in the reporting period (12) 127
Cash and cash equivalents at the start of the reporting period 136 9
Cash and cash equivalents at the end of the reporting period 124 136
----- End of picture text -----

14

JUST FINANCE FOUNDATION

Notes to the Financial Statements for the year ended 31 December 2021

1. ACCOUNTING POLICIES

a. Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities", applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019, Charities SORP and the Companies Act 2006

The charity constitutes a public benefit entity as defined by FRS102.

The Trustees consider that it is appropriate to prepare the accounts on a going concern basis and there are no material uncertainties about the organisation's ability to continue as a going concern.

b. Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations include tax recoverable where applicable, and are recognised when receivable and when the charity has been notified in writing of both the amount and settlement date.

Legacies are recognised on a case by case basis following the granting of probate when the administrator or executor for the estate has communicated in writing both the amount and settlement date.

Grants receivable and Trust Income are accounted for in the year to which they relate.

c. Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

d. Charitable activities

The costs of charitable activities include programme costs, governance costs and an apportionment of support costs as shown in note 4.

Support costs relating to charitable activities have been apportioned based on the staff time spent on each activity and analysed in note 5.

e. Support costs

In addition to the costs incurred directly in the course of each charitable activity, Just Finance Foundation also incurs support costs that are necessary to enable it to carry out its activities. These costs are apportioned to activities based upon the time spent on each.

f. Pensions costs

The charity operates a defined pension scheme, Church Urban Fund Pension Plan with Legal and General. The contributions to defined contribution schemes are accounted for in the year to which they relate. The costs of the defined contribution scheme are included within support costs (note 5).

The charity has no liability beyond making its contributions and paying across the deductions for the employee's contributions.

g. Funds

Unrestricted funds are available for use at the discretion of the trustees for any purpose in furtherance of the objectives of the charity.

Restricted funds are funds subject to specific restrictive conditions imposed by donors.

15

2. Income from Donations and Legacies

Donations
Trusts
Statutory - Job Retention Scheme
3. Income from Charitable activities
Income from Corporates - Nationwide Building Society
Income from Other - Money and Pensions Service
Income from Church Urban Fund		 2021
2021
2021
£'000
£'000
£'000
Unrestricted
Restricted
Total
16
5
21
62
20
82
0
0
0
78
25
103
2021
2021
2021
£'000
£'000
£'000
Unrestricted
Restricted
Total
0
0
0
0
77
77
0
0
0
0
77
77		 2020
£'000
Total
66
256
3
325
2020
£'000
Total
15
5
5
25

Income from Charitable Activities - Church Urban Fund represents funding granted by Church Urban Fund for the Just Finance Foundation programmes.

4. Expenditure on Charitable activities

Charitable Activities
Financial Capability
Lifesavers
Covid Cash Course
Milo's Money
Local Communities
Just Finance Network
Total expenditure		 Direct Staff
costs
Programme
costs
Other direct
costs
Support costs
Total 2021
£'000
£'000
£'000
£'000
£'000
(note 5)
(note 6)
(note 7)
(note 8)
69
13
1
18
101
30
5
0
9
44
32
44
1
18
95
0
0
0
0
0
131
62
2
45
240		 Total 2020
£'000
105
140
35
28
308

Support costs have been allocated to activities in proportion to staff time incurred in each activity area.

5. Staff Costs

Salaries
Social Security
Pensions		 2021
£'000
113
10
8
131		 2020
£'000
167
16
12
195

The average monthly headcount for Just Finance Foundation was 5 (2020: 6) staff with an average full time equivalent of 4 (2020: 5). Pensions costs are allocated to activities in proportion to the related staffing costs incurred.

Key management personnel were remunerated at £16k (2020:£60k).

The number of staff whose emoluments for the year exceeded £60,000 was:

£60,000 - £70,000
Members of the Board of Trustees receive no remuneration for their service
Expenses incurred in attending meetings and on other business of Just Fina
on their behalf as follows:
Travel, subsistence and other expenses		 2021
2020
0
1
s or for volunteering their time.
nce Foundation were reimbursed to Trustees or paid directly
2020
No.
£'000
No.
£'000
0
0
1
0
2021

16

6. Programme costs

6a. Lifesavers
Project Management costs
6b. Covid Cash Course
Delivery Partner Costs
6c. Milo's Money
Other programme costs
6d. Just Finance Network
Just Finance workers
Total
7. Other Direct Costs
Communications & Development
Travel & Subsistence
8.Support Costs
Independent Examination
Office and operations costs
Business Development
Recruitment
9. Creditors(amounts falling due within one year)
Accruals
Other Creditors		 2021
£'000
13
13
5
5
44
44
0
0
62
2021
£'000
1
1
2
2021
£'000
2
39
4
0
45
2021
£'000
4
4
8		 2020
£'000
13
13
50
50
1
1
27
27
91
2020
£'000
8
0
8
2020
£'000
2
11
0
1
14
2020
£'000
3
1
4

10. Restricted Funds

Lifesavers
Covid Cash Course
Milo's Money
Total restricted funds		 Balance at
Income
Expenditure
Balance at
01 Jan 2021
31 Dec 2021
£'000
£'000
£'000
£'000
108
-
70
38
25
20
28
17
-
82
64
18
133
102
162
73		 31 Dec 2020
£'000
108
25
0
133

11. Ultimate Parent Company

The ultimate parent charity is Church Urban Fund, a company and charity registered in England, registration number 2138994 and charity number 297483. Copies of the group accounts can be obtained from Church Urban Fund, The Foundry, 17 Oval Way, London SE11 5RR.

12. Related Party Transactions

During the year, Just Finance Foundation entered into the following transactions with its parent company: Just Finance Foundation received a grant of £nil (2020: £5K) from the Church Urban Fund to support Just Finance Foundation programme. Just Finance Foundation paid £50k (2020: £11k) to Church Urban Fund towards the shared central service costs provided by CUF on behalf of J At the year end, there was an intercompany balance of £4k owed to Church Urban Fund (2020: £35k owed by CUF).

Alison Grieve is a Trustee of both Church Urban Fund and Just Finance Foundation.

17