Directors’ Report and Financial Statements for the Year Ended 31 January 2022

We are delighted to publish our Directors’ Report & Financial Statements for The Year Ended 31 January 2022 as approved by our members.

The financial year proved to be another year of great success and growth for the co-operative, in terms of financial health & profitably and more importantly our continued and enhanced ability to support and encourage positive social change by providing quality financial services to a range of incredible clients operating in the charitable, not-for-profit and co-operative sector.

Key Financials

Turnover for the financial year ended 31 January 2022 increased by £154,149 (40.4%) to £534,911. This was driven in the main by enhanced capacity to deliver services caused by an increase in headcount which abled the organisation to grow our client base.

Gross profit & margins increased from £58,228 (15.3%) in the year ended 31 January 2022 compared to £90,558 (16.9%) in the prior financial period. The co-operative recorded a healthy £14,948 surplus before taxation for the year ended 31 January 2022, an increase of £5,987 from the previous financial year.

Societal Impact

We work with co-operatives, community interest companies, community benefit societies, charities and other non-for-profit organisations throughout the UK. See client list for just a sample of some of the amazing organisations that we work alongside.

We are a value-driven organisation, and our primary purpose is to support and encourage positive social change by providing quality financial services. We started in 2017 as a group of friends determined to help make the world a better place by using their expertise to provide top quality financial services to social change organisations.

You can read more about our vision and how we aim to achieve it here:
https://www.thirdsectoraccountancy.coop/our-vision.

Good Cause Fund

Charitable donations made in the year as part of the good cause fund were £11,550 (PY: £6,500). As a way in which we look to support and encourage positive social change, we decided to donate a percentage of our annual wage bill to good causes. In the spirit of cooperation, staff members are asked to nominate one good cause each.

Donations of £1,500 each were made to the below good causes:

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