**Company Registration Number: 13029916 Charity Registration Number: 1196550**
**THE CENTRE FOR FINANCIAL CAPABILITY (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 November 2024**
## **THE CENTRE FOR FINANCIAL CAPABILITY**
**(A Company Limited by Guarantee)**
## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024**
## **CONTENTS**
||**PAGES**|
|---|---|
|**Report of the Trustees / Directors**|**1-5**|
|**Independent Examiner’s Report**|**6**|
|**Statement of Financial Activities / Summary Income and Expenditure Account**|**7**|
|**Balance Sheet**|**8**|
|**Notes to the Financial Statements**|**9-13**|
## **THE CENTRE FOR FINANCIAL CAPABILITY (A Company Limited by Guarantee)**
## **TRUSTEES ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 30 NOVEMBER 2024**
The Trustees / Directors are pleased to present their report, together with the unaudited financial statements of the charitable company (the charity) for the year ended 30 November 2024.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the Accounts and comply with the charity’s governing documents, the Charities Act 2011 and ‘Accounting and Reporting Charities: Statement of Recommended Practice applicable to charities preparing their Accounts in accordance with Financial Reporting Standards applicable in the UK and Republic of Ireland’ published in October 2019.
## **Trustees of the Charity**
The directors of the charitable company are its trustees for the purposes of charity law. Details of the trustees who have served during the year and since the year end can be found on page 5.
## **OBJECTIVES AND ACTIVITIES**
The principal objective of the charity is to help build a savings culture and promote financial education amongst young people.
The trustees regularly review the objectives and activities of the charity and, as part of this review, they have considered the Charity Commission’s general guidance on public benefit.
## **VISION AND MISSION**
The Centre for Financial Capability’s (TCFC) vision is for every child and young person to benefit from effective financial education, starting in primary schools.
To achieve this, TCFC does three things for the public benefit:
1. Partner with other organisations to identify and develop innovative financial education solutions for children and young people.
2. Conduct research to improve knowledge and awareness of key issues impacting financial education and financial literacy in the UK, including what’s needed and what works.
3. Advocate for financial education in UK public policy making by convening and working with key stakeholders, including providers, funders and policy makers.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Enabling Innovation and Delivery of Financial Education**
In January 2024, the Centre for Financial capability launched its Financial Literacy Innovation Fund which was focused on finding and supporting new solutions that help enhance and/or expand financial education delivery for primary-aged children in the UK. It was featured in The Intermediary and the Charity Times.
The following two projects were selected for funding due to the innovative new solutions they proposed:
- MyPocketSkills “Near-to-Peer” Tutoring Programme for Financial Capability will take a novel approach by pairing teenage tutors with primary school students (aged 5-11) to teach financial concepts. The project aims to improve financial literacy for both tutors and students at the same time, utilising gamification, storytelling and other creative techniques to make the learning process fun and engaging.
Page 1
**THE CENTRE FOR FINANCIAL CAPABILITY (A Company Limited by Guarantee)**
## **TRUSTEES ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 30 NOVEMBER 2024**
- The Campaign for Learning’s “Love and Learning Together” programme provides inclusive family learning which incorporates Augmented and Alternative Communication systems to support children with communication and behavioural difficulties. Funding from the Centre will help the Campaign understand how new Assistive Technology can increase children’s access to the programme content. The proposal also aims to explore how nationwide support systems can help spread and establish family financial education in every UK primary school.
## **Improving Knowledge and Awareness of Key Issues Through Research**
TCFC conducted three pieces of research in 2024 to raise awareness and improve knowledge of the key issues impacting financial education and financial literacy outcomes in the UK. TCFC research was covered in UK national and industry media, helping to shine a light on key issues and drive positive change in financial education provision.
## Research included:
- A report titled “How can we deliver effective financial education in schools?”, which outlines teachers’ views of financial education provision in schools. The report was informed by research among teachers commissioned by the Centre, as well as insights from the parliamentary roundtable we co-hosted with Baroness Sater on “The Future of Financial Literacy in 2024”.
- Polling amongst 1,031 young people aged 8-15 between 21-27 July 2024 to identify and raise awareness of the gaps in financial education provision in schools.
- Qualitative research amongst 67 small UK charities working with families between July and September 2024 to highlight the support and resources they need to provide financial education to their beneficiaries.
## **Advocating for Financial Education in Public Policy Making**
Since 2021 TCFC has led calls for the English portion of dormant assets, set to be released from the financial services industry, to be used for financial education. In January 2024, TCFC supported Baroness Sater and Lord Watson.
In February, TCFC hosted a roundtable on “The Future of Financial Literacy” in partnership with Baroness Sater. Attending the event were teachers leading on the delivery of financial education across the UK, alongside a number of supportive parliamentarians, including Jerome Mayhew MP, Chair of the APPG on Financial Education for Young People and Flick Drummond MP member of the Education Select Committee.
In March, Director Stewart Perry and Trustee Carol Knight met with the Rt. Hon. Bim Afolami, Economic Secretary to the Treasury and City Minister, to discuss a number of key aspects of financial education.
TCFC’s continued engagement with policy makers, alongside other financial education stakeholders, led to the announcement of a Parliamentary inquiry into the provision of financial education in England, led by the Education Select Committee. TCFC contributed evidence to the inquiry, and the findings were published in 2024 which strongly backed an increased role for financial education from Primary School age.
## **FINANCIAL REVIEW**
Total income for the year was £162,343 (2023: £258,866). This included unrestricted grants and donations from corporate donors of £162,293 (2023: £153,000). It also includes restricted grants and donations from corporate donors of £Nil (2023: £66,500) and bank interest of £Nil (2023: £611).
TCFC’s total expenditure for the year was £216,779 (2023: £204,620).
Total funds of TCFC at the end of the year are in deficit by £190 (2023: surplus £54,246).
Page 2
## **THE CENTRE FOR FINANCIAL CAPABILITY**
## **(A Company Limited by Guarantee)**
## **TRUSTEES ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 30 NOVEMBER 2024**
## **Investment Policy**
The charity’s funds are invested on current account with the Co-operative bank. The trustees have power to invest any money belonging to the charity as they see fit.
## **Reserves Policy**
The previous Reserves Policy to maintain three months operating expenditure has been observed through to the end of the accounting period, after which the decision had been made to close the charity down as its objectives had been achieved, and therefore it was agreed that the residual monies would be used to a) fulfil obligations to funders and b) cover all residual costs incurred to close the business.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Document**
The Centre for Financial Capability is a company limited by guarantee and not having a share capital, incorporated in England and Wales. It is governed by a Memorandum and Articles of Association dated 18 November 2020 and was registered with the Charity Commission from 12 November 2021. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.
## **Appointment of Trustees**
New trustees are nominated and approved by the Board. There is a required minimum of three and maximum of twelve trustees. One third of trustees are required to retire annually. A retiring trustee is eligible for re-election for consecutive periods not exceeding in aggregate a period of nine years from their original appointment and shall not be eligible for reelection until one year after retirement unless the break period is waived by resolution of at least 75% of Trustees.
## **Trustees’ Induction and Training**
The trustees have induction procedures to ensure new trustees understand their roles and obligations. As part of these procedures, trustees are also encouraged to attend appropriate internal / external training events to facilitate the undertaking of their roles.
## **Organisation**
The management and administration of the charity is under the control of the trustees who meet a minimum of four times per year.
## **Risk Management**
TCFC relies on voluntary annual corporate donations, the level and frequency of which are uncertain. The Trustees have set out to mitigate this risk by appointment of key management personnel to maintain relationships with existing corporate donors, identify new corporate donors, and diversify income, including seeking donations from Trusts and Foundations and individuals.
TCFC is reliant on a small number of voluntary Trustees and key management personnel, which could impact the ability of the charity to execute its strategy and plans effectively. The Trustees have to mitigate this risk by establishing a trusted network of expert consultants to provide flexible capacity and expertise to the charity as and when it is needed.
Risks are assessed and monitored regularly throughout the year.
Page 3
## **THE CENTRE FOR FINANCIAL CAPABILITY**
**(A Company Limited by Guarantee)**
## **TRUSTEES ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 30 NOVEMBER 2024**
## **PLANS FOR FUTURE PERIODS**
Following a review by trustees over the summer of 2024, the decision was made to close The Centre for Financial Capability.
Over the years, the Centre worked to put primary-aged financial education at the forefront of the conversation in the UK. The Centre is proud of its role in championing financial education in primary schools and its achievements as both The Centre for Financial Capability and, as its predecessor, the KickStart Money Campaign. Since 2017, the campaign provided financial education to over 30,000 children and demonstrated its impact through research. In that time, major policy wins were achieved, including the inclusion of financial education in the Dormant Assets Scheme in 2023 and encouraging the Government to improve protection for consumers using Buy-Now-Pay-Later-Schemes. Research commissioned by the Centre was cited by the Education Select Committee, and the profile of primary financial education in parliament has been raised with the support of numerous MPs and Peers.
A series of positive milestones highlighted a shift to recognising that all children need to receive high-quality and effective financial education, starting from a young age. In May 2024, the Education Select Committee recommended that “effective financial education needs to begin early, during primary school years” in their landmark report _Delivering Effective Financial Education”._ Moreover, under the previous government, financial education was included within the financial inclusion cause of the Dormant Assets Scheme for the first time, and with the new Government recognising the importance of early intervention financial education, the trustees agreed that the ongoing Curriculum and Assessment Review will reflect the growing acknowledgement of the importance of financial education in primary school.
It is these milestones that led trustees to the conclusion that the Centre was no longer required as a vehicle for driving the debate for early intervention financial education. Instead, targeted activities of the charity will be brought under the leadership of other organisation associated with the Centre.
Page 4
## **THE CENTRE FOR FINANCIAL CAPABILITY (A Company Limited by Guarantee)**
## **TRUSTEES ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 30 NOVEMBER 2024**
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
|Charity Name:|The Centre for Financial Capability|
|---|---|
|Working Name:|TCFC|
|Charity Registration No:|1196550|
|Company Registration No:|13029916|
|Registered Ofce:|Dakota House, 25 Falcon Court|
||Preston Farm Industrial Estate|
||Stockton on Tees|
||TS18 3TX|
|Trustees/Directors:|Ms J Goodland|
||Mrs C L Knight|
||Mrs T Tang|
||Ms L M Hill|
||Dr M Lukas|
|Acting Director:|Mr S Perry (resigned 30.08.24)|
|Independent Examiner:|Mrs A Cowley FCA|
||Baines Jewitt Limited|
||Spitfre House, 19 Falcon Court|
||Preston Farm Industrial Estate|
||Stockton on Tees|
||TS18 3TX|
|Bankers:|The Co-operative Bank Plc|
||PO Box 250|
||Skelmersdale|
||WN8 6WT|
This report has been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities” in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by the trustees on 26 September 2025 and signed on their behalf by:
Ms J Goodland (Trustee)
Page 5
## **INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF**
## **THE CENTRE FOR FINANCIAL CAPABILITY (A Company Limited by Guarantee)**
I report to the charity trustees on my examination of the Accounts of the company for the year ended 30 November 2024 which are set out on pages 7 to 13.
## **Responsibilities and Basis of Report**
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the Accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act).
Having satisfied myself that the Accounts of the company 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 your company’s Accounts as carried out under section 145 of the Charities Act 2011 (“the 2011Act”). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiners Statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. Accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
2. The Accounts do not accord with those records; or
3. The Accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the Accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
4. The Accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their Accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the Accounts to be reached.
Mrs A Cowley FCA
For and behalf of Baines Jewitt Limited Chartered Accountants Spitfire House 19 Falcon Court Preston Farm Industrial Estate Stockton on Tees TS18 3TU
Date: 29 September 2025
Page 6
## **THE CENTRE FOR FINANCIAL CAPABILITY**
## **(A Company Limited by Guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account)**
## **FOR THE YEAR ENDED 30 NOVEMBER 2024**
|**Notes**
**INCOME**
Grants and donations
**2**
Investment income
**3**
**TOTAL INCOME**
**EXPENDITURE**
Raising funds
Charitable activities
**4**
**TOTAL EXPENDITURE**
**Net movement in funds**
**5**
**Total funds brought forward**
**Total Funds Carried Forward 10&11**|**Unrestricted Funds**
**2024**
2023
**£**
£
**162,343**
191,755
**-**
611
**162,343**
192,366
**6,480**
23,080
**152,067**
173,272
**158,547**
196,352
**3,796**
(3,986)
**(3,986)**
-
**(190)**
(3,986)
|**Restricted Funds**
**2024**
2023
**£**
£
-
66,500
**-**
-
**-**
66,500
**-**
-
**58,232**
8,268
**58,232**
8,268
**(58,232)**
58,232
**58,232**
**-**
**- **
58,232|**Total Funds**
**2024**
2023
**£**
£
**162,343**
258,255
**- **
611
**162,343**
258,866
**6,480**
23,080
**210,299**
181,540
**216,779**
204,620
**(54,436)**
54,246
**54,246**
**-**
**(190)**
54,246|**Total Funds**
**2024**
2023
**£**
£
**162,343**
258,255
**- **
611
**162,343**
258,866
**6,480**
23,080
**210,299**
181,540
**216,779**
204,620
**(54,436)**
54,246
**54,246**
**-**
**(190)**
54,246|**Total Funds**
**2024**
2023
**£**
£
**162,343**
258,255
**- **
611
**162,343**
258,866
**6,480**
23,080
**210,299**
181,540
**216,779**
204,620
**(54,436)**
54,246
**54,246**
**-**
**(190)**
54,246|**Total Funds**
**2024**
2023
**£**
£
**162,343**
258,255
**- **
611
**162,343**
258,866
**6,480**
23,080
**210,299**
181,540
**216,779**
204,620
**(54,436)**
54,246
**54,246**
**-**
**(190)**
54,246|
|---|---|---|---|---|---|---|
||||||
23,080
181,540
204,620||
|||||||
54,246
**-**
54,246|
||||||||
The Statement of Financial Activities includes all gains and losses recognised during the year.
All incoming resources and resources expended derive from continuing activities.
**The notes on pages 9 to 13 form part of the financial statements.**
Page 7
**THE CENTRE FOR FINANCIAL CAPABILITY (A Company Limited by Guarantee)**
**Company Registration No: 13029916**
## **BALANCE SHEET**
**AS AT 30 NOVEMBER 2024**
|**Notes**
**CURRENT ASSETS**
Debtors
**8**
Cash at bank and in hand
**CREDITORS:**Amounts falling due
within one year
**9**
**TOTAL NET (LIABILITIES)/ASSETS**
**FUNDS**
Unrestricted
**10 & 11**
Restricted
**TOTAL FUNDS**|**2024**
**£**
**948**
**36,491**
**37,439**
**(37,629)**
**(190)**
**(190)**
**-**
**(190)**|2023
£
22,046
42,130
64,176
(9,930)|
|---|---|---|
|||
54,246
(3,986)
58,232
54,246|
||||
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements if the Act with respect to accounting records and the preparation of financial statements.
-
Approved by the directors and trustees on 23 September 2025 and signed on their behalf by:
Mrs C L Knight (Trustee)
**The notes on pages 9 to 13 form part of these financial statements.**
Page 8
**THE CENTRE FOR FINANCIAL CAPABILITY**
**(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 NOVEMBER 2024**
## 1. **ACCOUNTING POLICIES**
## a. **Basis of Preparation**
The Centre for Financial Capability is a private company limited by guarantee registered in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 5 of these financial statements. The charity believes that every child in the UK should be supported to develop the skills and behaviours necessary to navigate critical financial decisions in later life starting at primary school. The charity is working to address this through working in schools, through research and seeking innovations to meet the urgent national need for a greater focus on financial education.
The charity constitutes a public benefit entity as defined in FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their Accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdon and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The financial statements are prepared under the historical cost convention. The financial statements are presented in sterling which is the functional currently of the charity and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## b. **Income Recognition**
All income is recognised in the Statement of Financial Activities (SOFA) once the charity has legal entitlement to income, there is sufficient certainty of receipt and it is probable that the income will be received, and amount of income can be measured reliably.
## **Grants and Donations**
- Where donors specify the grant or donation must be used in a future accounting period, the income is deferred until those periods;
- When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the period in which the pre-conditions are met.
When donors specify that grants or donations are for a particular restricted purpose, which does not amount to pre-conditions regarding entitlement, the income is included in income reserves with restricted funds when received.
## c. **Resources Expended**
Resources expended are recognised in the Statement of Financial Activities on an accruals basis, inclusive of VAT. Individual costs are allocated between the various headings in the Statement of Financial Activities by reference to their underlying nature or reason for which those costs were incurred, on an estimated percentage basis.
Page 9
**THE CENTRE FOR FINANCIAL CAPABILITY**
**(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 NOVEMBER 2024**
## d. **Unrestricted and Restricted Funds**
Unrestricted funds comprise income received or generated by reference to the general objectives of the charity without further specified purpose. Such funds may however be designated by the trustees for specific purposes from time to time.
Restricted funds are those donated for a specified purpose as laid down by the donor or as a result of a specific appeal or application. Such funds are kept separate from unrestricted funds of the charity and only related expenditure is charged against them.
## e. **Debtors**
Trade and other debtors are recognised at the settlement account due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## f. **Cash at Bank and in Hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## g. **Creditors and Provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provision are normally recognised at their settlement account after allowing for any trade discounts due.
## h. **Going Concern**
Following the end of the year the Trustees agreed that the charity had fulfilled its aims in driving the debate for early intervention financial education.
The Trustees agreed to close the charity down. The remaining balance on the charity bank account was transferred to TISA, the company who has provided secretariat and treasury functions for the charity. TISA will administer the orderly close down of the charity.
## 2. **Income from Grants and Donations**
|Grants
Donations (Prior Year
includes net transfer
from former
unincorporated entity)|**Unrestricted Funds**
**Restricted**
**2024**
2023
**2024**
**£**
£
**£**
**63,000**
150,000
-
**99,343**
41,755
**-**
**162,343**
191,755
-|**Funds**
2023
£
20,000
46,500
66,500|**Total Funds**
**2024**
2023
**£**
£
**63,000**
170,000
**99,343**
88,255
**162,343**
258,255|
|---|---|---|---|
Page 10
## **THE CENTRE FOR FINANCIAL CAPABILITY**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 NOVEMBER 2024**
## 3. **Income from Investments**
|Bank interest
|**Unrestricted Funds**
**Restricted Funds**
**2024**
2023
**2024**
2023
**£**
£
**£**
£
**-**
611
**- **
-
|**Total Funds**
**2024**
2023
**£**
£
**-**
611|
|---|---|---|
## 4. **Analysis of Expenditure on Charitable Activities**
|**Unrestricted Funds**
**Restricted Funds**
**2024**
2023
**2024**
2023
**£**
£
**£**
£
Programme delivery
and innovation
**71,516**
71,411
**-**
689
Advocacy
**70,060**
67,909
**20,235**
954
Research
-
16,504
**37,997**
6,625
Governance costs
**10,491**
17,448
**-**
-
(see below)
**152,067**
173,272
**58,232**
8,268
Governance Costs:
Consultancy
**6,480**
13,340
-
-
Accountancy
**1,200**
3,966
**-**
-
Insurance
**2,723**
105
**-**
-
Subscriptions
**88**
37
**-**
-
**10,491**
17,448
**-**
-
**Net movement in funds**
**2024**
**£**
This is stated after charging:
Independent examiners fees:
- external scrutiny
**400**
- accountancy charges (including £nil, 2023 £216 under provision re prior year)
**800**|**Total**
**2024**
**£**
**71,516**
**90,295**
**37,997**
**10,491**
**210,299**|**Total**
**2024**
**£**
**71,516**
**90,295**
**37,997**
**10,491**|**Total**
**2024**
**£**
**71,516**
**90,295**
**37,997**
**10,491**|**Funds**
2023
£
72,100
68,863
23,129
17,448
181,540
13,340
3,966
105
37
17,448
2023
£
1,250
2,716|
|---|---|---|---|---|
|||
**6,480**
**1,200**
**2,723**
**88**
**10,491**|
**6,480**
**1,200**
**2,723**
**88**||
|||
|||
## 5. **Net movement in funds**
## 6. **Acting Directors Costs**
TCFC made payment to Treo ESG Limited of £43,200 (2023: £35,200) as compensation for the secondment of Mr S Perry to the role of Acting Director of TCFC. Mr S Perry is a company director of Treo ESG Limited.
## 7. **Taxation**
As a registered charity The Centre for Financial Capability is exempt from tax on its income under Section 505 of the Taxes Act 1988 provided that such income is applied for charitable purposes only.
Page 11
**(A Company Limited by Guarantee)**
## **THE CENTRE FOR FINANCIAL CAPABILITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 NOVEMBER 2024**
|8.|**Debtors**|||||
|---|---|---|---|---|---|
|||||**2024**|2023|
|||||**£**|£|
||Other debtors|||**-**|20,171|
||Prepayments|||**948**|1,875|
|||||**948**|22,046|
|9.|**Creditors: Amounts falling due within one year**|||||
|||||**2024**|2023|
|||||**£**|£|
||Trade creditors|||**36,429**|1,829|
||Accruals|||**1,200**|8,101|
|||||**37,629**|9,930|
|10.|**Statement of funds**|||||
||**2024**|**Funds at**|**Incoming**|**Resources**|**Funds at**|
|||**01.12.23**|**Resources**|**Expended**|**30.11.24**|
|||**£**|**£**|**£**|**£**|
||**Unrestricted funds**|**(3,986)**|**162,343**|**158,547**|**(190)**|
||**Restricted funds:**|||||
||**Research and outreach activity**|**39,517**|**-**|**39,517**|**-**|
||**Research project**|**18,715**|**-**|**18,715**|**-**|
|||**58,232**|**-**|**58,232**|**-**|
||**Total Funds**|**54,246**|**162,343**|**216,779**|**(190)**|
||**Statement of funds**|||||
||**2023**|**Funds at**|**Incoming**|**Resources**|**Funds at**|
|||**01.12.22**|**Resources**|**Expended**|**30.11.23**|
|||**£**|**£**|**£**|**£**|
||Unrestricted funds|**-**|192.366|196,352|(3,986)|
||Restricted funds:|||||
||Research and outreach activity|-|46,500|6,983|39,517|
||Research project|-|20,000|1,285|18,715|
|||-|66,500|8,268|58,232|
||**Total Funds**|-|258,866|204,620|54,246|
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**THE CENTRE FOR FINANCIAL CAPABILITY**
**(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 NOVEMBER 2024**
## **Restricted funds:**
Research and outreach activity – the previous years funding from Columbia Threadneedle is to support much needed research among, and create practical resources to help thousands of small local charities supporting children and young people with the socioeconomic hardship acquire the skills and knowledge needed through effective financial education.
Research project – this comprised a one off grant from the LSEG Foundation to fund research amongst teachers and practitioners on challenges and the best ways to deliver financial education through school curriculums. The project ran for one year commencing February 2023.
## 11. **Analysis of Net Assets Between Funds**
|Debtors
Cash at Bank and in Hand
Creditors|**Unrestricted Funds**
**Restricted Funds**
**2024**
2023
**2024**
2023
**£**
£
**£**
£
**948**
2,780
**-**
19,266
**36,491**
-
-
42,130
**(37,629)**
(6,766)
**-**
(3,164)
**(190)**
(3,986)
-
58,232|**Total Funds**
**2024**
2023
**£**
£
**948**
22,046
**36,491**
42,130
**(37,629)**
(9,930)
**(190)**
54,246|**Total Funds**
**2024**
2023
**£**
£
**948**
22,046
**36,491**
42,130
**(37,629)**
(9,930)
**(190)**
54,246|
|---|---|---|---|
||
||
54,246|
## 12. **Transactions with trustees and connected persons**
TCFC trustees are appointed on a voluntary basis and are not entitled to financial remuneration or benefits.
Trustees are entitled to claim reasonable expenses incurred in the course of fulfilling their duties. No such claims were made in the year.
Mrs T Tang is also a trustee of Columbia Threadneedle from whom TCFC received a donation of £20,000 (2023: £46,500).
Ms J Goodland is also a trustee of the LSEG Foundation who provided a grant of £nil (2023: £20,000) to TCFC.
Ms L M Hill is also a company director and chief executive officer of GoHenry Limited who provided a grant of £20,000 (2023: £20,000) to TCFC.
Mrs C L Knight is a trustee of MyBnk a financial education charity. TCFC made grants of £nil (2023: £58,760) to MyBnk to deliver financial education programmes in primary schools.
Mrs C L Knight is also a company director and chief executive officer of TISA a company who provide pro bono secretariat and treasury functions to TCFC.
## 13. **Post Balance Sheet Events**
Following the end of the year the Trustees agreed that the charity had fulfilled its aims in driving the debate for early intervention financial education.
The Trustees agreed to close the charity down. The remaining balance on the charity bank account was transferred to TISA, the company who has provided secretariat and treasury functions for the charity. TISA will administer the orderly close down of the charity.
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