Charity registration number SC052231 (Scotland)
THE SQUEEZE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THE SQUEEZE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Charity number (Scotland)
Principal address
Independent examiner
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SC052231
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Findlays Audit Limited 11 Dudhope Terrace Dundee DD3 6TS
THE SQUEEZE
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
THE SQUEEZE
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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 (FRS 102)" (effective 1 January 2019).
Objectives and activities
The Squeeze charity was founded in 2023 with the Scottish Charity Number SC052231.
The objective of The Squeeze charity is to provide lifeline support to families and individuals facing financial crisis in Scotland. We aim to build a network of businesses and individuals who donate funds, which are then distributed directly to those in need through microgrants given via charity partners.
The charity's activities include receiving donations, conducting due diligence on charity partners, monitoring microgrants awarded, and providing support for various needs such as electricity, heating, food, clothing, and bills. We also offer a platform for businesses and individuals to easily contribute to those in need and track the impact of their donations. Additionally, the charity occasionally refers individuals to other charities in their network and provides resources for additional support.
Achievements and performance
In January 2024, The Squeeze recruited their first member of staff, funded by Perth and Kinross Council's generous grant of £20,000. This has significantly increased our capacity to provide vital support to beneficiaries, covering essential living costs such as food, heating, lighting, and clothing. We are committed to gathering statistics in line with the Scottish Government to focus efforts on our Local Child Poverty Action Plan. Priority families include lone parents, minority ethnic families, families with a disabled adult or child, younger mothers (under 25 years old), families with a baby (under one), and larger families with three or more children.
Successful securing of match-funding from The Gannochy Trust upon reaching the £10,000 donation/fund threshold, ensured sustainability and expansion of support to beneficiaries.
Real-life examples illustrate the tangible impact of donations on beneficiaries' lives, including assistance with MOT expenses, food, and heating costs, contributing to improved mental health and well-being.
Overhead costs, including professional fees, website content, and CRM system, are being addressed through grant applications and support from other Trust funds and businesses, ensuring operational sustainability.
Through our network of charities, we provide ongoing support and signposting, fostering a sense of community and collaboration to alleviate financial pressures and promote overall well-being among recipients.
Our efforts have led to positive outcomes for individuals and families, empowering them to navigate financial challenges with dignity and pride, without having to sacrifice essential needs.
Overall, The Squeeze charity has demonstrated effective utilisation of resources, impactful interventions, and a steadfast commitment to addressing the pressing needs of individuals and families experiencing financial hardship in Perthshire and Fife.
Financial review
Total reserves at the end of the period is £19,065. Of the total reserves £3,139 is unrestricted funds which are free reserves for the organisation to use as they see fit.
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THE SQUEEZE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Reserves policy
The charity is currently working on building activities and its profile which will allow them to build reserves and set an appropriate reserve policy going forward.
Plans for future periods
The Squeeze have applied for grant funding to a number of different charitable trusts which will aid the charity not only to help address the cost of living crisis through microgrants but will also help the charity strengthen their financial stability.
We are also actively exploring opportunities to expand our reach to Fife Council, recognising the pressing need for support in the region. Through strategic expansion efforts, we aim to extend our services and provide assistance to more individuals and families facing financial hardship in Fife.
Structure, governance and management
The charity was set up on 6 January 2023 as an unincorporated organisation. The purposes and administration is set out in our constitution.
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Recruitment and appointment of trustees
The trustees are appointed as and when required for a period of up to three years which is extendable. Those serving on the board have the power to make changes to the constitution. The trustees who hold regular meetings, and generally control the activities of the organisation including monitoring and controlling the financial position of the organisation.
The trustees' report was approved by the Board of Trustees.
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5 May 2025
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THE SQUEEZE
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE SQUEEZE
I report on the financial statements of the charity for the year ended 31 December 2024, which are set out on pages 4 to 13.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity's trustees consider that the audit requirement of Regulation 10(1)(d) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. 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 seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
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(ii) to prepare financial statements which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations;
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have not been met or
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
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Findlays Audit Limited 11 Dudhope Terrace Dundee DD3 6TS
Dated: 5 May 2025
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THE SQUEEZE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes Unrestricted funds 2024 £ Restricted funds 2024 £ Income from: Donations and legacies 2 2,446 23,411 Investments 3 140 - Total income 2,586 23,411 Expenditure on: Charitable activities 4 3,315 28,345 Total expenditure 3,315 28,345 Net income/(expenditure) and movement in funds (729) (4,934) Reconciliation of funds: Fund balances at 1 January 2024 3,868 20,860 Fund balances at 31 December 2024 3,139 15,926 |
Total 2024 £ Unrestricted funds 2023 £ Restricted funds 2023 £ 25,857 5,105 22,780 140 - - 25,997 5,105 22,780 31,660 1,237 1,920 31,660 1,237 1,920 (5,663) 3,868 20,860 24,728 - - 19,065 3,868 20,860 |
Total 2023 £ 27,885 - |
|---|---|---|
| 27,885 3,157 |
||
| 3,157 | ||
| 24,728 - |
||
| 24,728 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE SQUEEZE
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Current assets Cash at bank and in hand Net current assets The funds of the charity Restricted income funds 10 Unrestricted funds 11 |
2024 £ 19,065 |
£ 19,065 15,926 3,139 19,065 |
2023 £ 24,728 |
£ 24,728 |
|---|---|---|---|---|
| 20,860 3,868 |
||||
| 24,728 |
The financial statements were approved by the trustees on 5 May 2025
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Trustee
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THE SQUEEZE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
The Squeeze is a Charity registered in Scotland. The principal address c/o Findlays Audit Limited, 11 Dudhope Terrace, Dundee, DD3 6TS.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's consitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The Financial statements have been prepared on a Receipts & Payments basis. The accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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THE SQUEEZE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.7 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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THE SQUEEZE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
2 Income from donations and legacies
| Unrestricted Restricted funds funds 2024 2024 £ £ Donations and gifts 2,446 3,010 Grants - 20,401 2,446 23,411 Donations and gifts Donations - general 2,446 - Donations - Dundee & Angus area - - Donations - Fife area - 2,817 Donations - Scotland wide - - Donations - Edinburgh & Lothian area - - Donations - Glasgow & Strathclyde area - 97 Donations - Perth & Kinross - 96 2,446 3,010 Grants Perth & Kinross council - 10,000 The Gannochy Trust - 10,000 Scotmid Community Grant - 401 - 20,401 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 5,456 5,105 2,780 20,401 - 20,000 25,857 5,105 22,780 2,446 5,105 - - - 1,150 2,817 - 1,030 - - 500 - - 30 97 - 50 96 - 20 5,456 5,105 2,780 10,000 - 20,000 10,000 - - 401 - - 20,401 - 20,000 |
Total 2023 £ 7,885 20,000 |
|---|---|---|
| 27,885 | ||
| 5,105 1,150 1,030 500 30 50 20 |
||
| 7,885 | ||
| 20,000 - - |
||
| 20,000 |
3 Income from investments
Interest receivable
| Unrestricted | Unrestricted |
|---|---|
| funds | funds |
| 2024 | 2023 |
| £ | £ |
| 140 | - |
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THE SQUEEZE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
4 Expenditure on charitable activities
| Supporting | Supporting | |
|---|---|---|
| families & | families & | |
| individuals | individuals | |
| 2024 | 2023 | |
| £ | £ | |
| Direct costs | ||
| Staff costs | 21,351 | - |
| Bank Charges | - | 52 |
| Consultancy Costs | - | 1,478 |
| Subscriptions | 483 | 401 |
| Meeting Room / Refreshments | - | 26 |
| Advertising and Marketing | 106 | - |
| IT Software and Consumables | 757 | - |
| Telephone and Internet | 227 | - |
| Travelling Expenses | 137 | - |
| Sundry Expenses | 109 | - |
| 23,170 | 1,957 | |
| Grant funding of activities (see note 5) | 6,923 | 1,200 |
| Share of support and governance costs (see note 6) | ||
| Governance | 1,567 | - |
| 31,660 | 3,157 | |
| Analysis by fund | ||
| Unrestricted funds | 3,315 | 1,237 |
| Restricted funds | 28,345 | 1,920 |
| 31,660 | 3,157 |
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THE SQUEEZE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
5 Grants payable
| Grants payable | ||
|---|---|---|
| Supporting | Supporting | |
| families & | families & | |
| individuals | individuals | |
| 2024 | 2023 | |
| £ | £ | |
| Grants to institutions: | ||
| Broke Not Broken (P&K) | 2,000 | - |
| CATH (Churches Action for the Homeless) (P&K) | 1,412 | - |
| Clued Up Project (Fife) | 60 | - |
| Families First (Fife) | 500 | 700 |
| Fife Employment Access Trust (Fife) | 100 | - |
| Fife Womens Aid (Fife) | 100 | - |
| Mantalk (P&K) | 200 | 300 |
| PKAVS (P&K) | 700 | - |
| Perth Citizens Advice Bureau (P&K) | 800 | - |
| The Lighthouse for Perth (P&K) | 250 | - |
| Turning Point Scotland (P&K) | 400 | - |
| YMCA (P&K) | 150 | - |
| Turning point Scotland (Fife) | - | 200 |
| CAP Aberfeldy | 251 | - |
| 6,923 | 1,200 |
All grants have been awarded in line with The Squeeze's charitable objectives and to provide lifeline support to families and individuals who face financial crisis.
Grants are awarded to institutions who have identified individuals that require assistance.
6 Support costs allocated to activities
| Governance costs Analysed between: Supporting families & individuals Governance costs comprise: Accountancy |
2024 £ 1,567 1,567 2024 £ 1,567 1,567 |
2023 £ - - 2023 £ - - |
|---|---|---|
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THE SQUEEZE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
9 Retirement benefit schemes
| Retirement benefit schemes | ||
|---|---|---|
| 2024 | 2023 | |
| Defined contribution schemes | £ | £ |
| Charge to profit or loss in respect of defined contribution schemes | 379 | - |
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
10 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At | 1 January | Incoming | Resources | At 31 | |
|---|---|---|---|---|---|
| 2024 | resources | expended | December | ||
| 2024 | |||||
| £ | £ | £ | £ | ||
| - | - | - | - | ||
| Perth & Kinross Council - Charity Co-ordinator | 20,000 | - | (11,351) | 8,649 | |
| Fife area | 130 | 2,817 | (760) | 2,187 | |
| Scotland wide | 730 | - | - | 730 | |
| Glasgow & Strathclyde area | - | 96 | - | 96 | |
| Perth and Kinross Council | - | 10,000 | (6,163) | 3,837 | |
| The Gannochy Trust | - | 10,000 | (10,000) | - | |
| Scotmid Community Grant | - | 401 | (71) | 330 | |
| Perth and Kinross area | - | 97 | - | 97 | |
| 20,860 | 23,411 | (28,345) | 15,926 |
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THE SQUEEZE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 10 | Restricted funds | (Continued) | |||
|---|---|---|---|---|---|
| Previous Period: | At 1 January | Incoming | Resources | At 31 | |
| 2023 | resources | expended | December | ||
| 2023 | |||||
| £ | £ | £ | £ | ||
| Perth & Kinross Council - Charity Co-ordinator | - | 20,000 | - | 20,000 | |
| Dundee & Angus area | - | 1,150 | (1,000) | 150 | |
| Fife area | - | 1,030 | (900) | 130 | |
| Scotland wide | - | 500 | - | 500 | |
| Edinburgh & Lothian area | - | 30 | - | 30 | |
| Glasgow & Strathclyde area | - | 50 | - | 50 | |
| Perth & Kinross area | - | 20 | (20) | - | |
| - | 22,780 | 1,920 | 20,860 |
Perth & Kinross Council - funding received for the issue of microgrants in the community and overheads.
The Gannochy Trust - funding received for the salary of a charity co-ordinator.
Scotmid Community Grant - funding received for advertising materials and a printer.
Perth & Kinross Council - Charity Co-Ordinator Grant - This funding was received for the salary of a charity co-ordinator. Both Perth and Kinross Council and the Gannochy Trust agreed to pay costs towards this specific salary.
All other restricted funds relate to donations gifted to the organisation to be spent in specific areas of the country. This includes a £2,000 donation from Pilkington Trust, to be spent providing microgrants in the community
11 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 January | Incoming | Resources | At 31 | |
|---|---|---|---|---|
| 2024 | resources | expended | December | |
| 2024 | ||||
| £ | £ | £ | £ | |
| General funds | 3,868 | 2,586 | (3,315) | 3,139 |
| Previous Period: | At 1 January | Incoming | Resources | At 31 |
| 2023 | resources | expended | December | |
| 2023 | ||||
| £ | £ | £ | £ | |
| General funds | - | 5,105 | (1,237) | 3,868 |
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THE SQUEEZE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
12 Analysis of net assets between funds
| Unrestricted Restricted funds funds 2024 2024 £ £ At 31 December 2024: Current assets/(liabilities) 3,139 15,926 3,139 15,926 Unrestricted Restricted funds funds 2023 2023 £ £ At 31 December 2023: Current assets/(liabilities) 3,868 20,860 3,868 20,860 |
Total 2024 £ 19,065 |
|---|---|
| 19,065 | |
| Total 2023 £ 24,728 |
|
| 24,728 |
13 Related party transactions
There were donations received from two trustees which totalled £70 (2023 - £1000). There were no further related party transactions in the period.
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