INDUSTRIAL COMMON OWNERSHIP FINANCE LIMITED

Company number

01109141

Status

Active

Incorporation

1973-04-17

Last accounts made up

2024-12-31

Account category

GROUP

Primary SIC

64999

Hubs

UK Fintech

Values shown as filed in iXBRL accounts. — indicates the figure was not present in the extracted filing (either not filed under that concept or absent from the period). About these numbers

Accounting basis

FRS 102 §1A

Reporting scope

Consolidated (group)

Abridged

Yes — abridged accounts (limited disclosure)

Auditor

Third Sector Accountancy Limited

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The directors consider that the company holds sufficient cash and general reserves as set out in the Going Concern policy (see Note 1(b)); and therefore, will continue as a going concern for a period of at least 12 months from the date on which these financial statements. Furthermore, the directors believe that the prospects of the business are positive given: The pipeline for lending is strong in 2025; We continue to work with our partners delivering the Flex Fund and ERF programme, back office and consultancy work; We have a unique relationship with our clients which enables a high level of communication so that they are working with us to mitigate the effects on the portfolio; and Along with other social lenders and the co-operative movement we are making clients aware of the help that is available from government, including loans, guarantees, tax relief, cash grants and deferred VAT payments. The directors therefore consider it appropriate to adopt the going concern basis of preparation of the accounts, as detailed in note 1(b) to the financial statements.”

Subsidiaries

• Industrial Common Ownership Fund Plc · 100% held

Significant events

• “Our primary purpose is to help more people take control of their economic lives. This is achieved, mainly through the provision of loan finance and business advice to enable people to own and control the businesses in which they work or operate in their own communities.”
• “In 2024 we saw modest lending from our own funds as much of our resource was used deliver our partnership initiatives with Social Investment Business (SIB) through the Thrive Fund and the Access Foundation delivering the Flex Fund. Between them they accounted for £750,000 of lending in 2024 and levered in grant funding.”
• “The group had a very good year, generating an operational profit of £6,434 with income and expenses on budget. Notable items on the balance sheet include Ltd loan balances of £1,963,000. The net assets at year end was £2,593,919.”
• “There were no lending losses in 2024.”
• “A blended finance programme to provide patient and flexible social investment for organisations post-Covid with the capital provided by Access - The Foundation for Social Investrnent Business. It is a fund that supports Community Share projects in undeserves areas with matching equity in the form of community share purchases, with additional debt finance alongside where needed. The fund is also trialling a new product, providing up-front finance coverage for "subscription shares", where individuals who can't afford a lump.sum can purchase their share in instalments over the course of a year.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers