During the past year, we have continued to drive forward the programme of modernisation and development which will enable us to build a successful future for FSB.
As the financial year closes, FSB remains financially stable with a strong Balance Sheet and reserves of over £15.1m, representing more than six months of expenses. These reserves are backed up by strong cash and investment balances of £19.9m, £4.8m in excess of reserves.
This stability positions the organisation extremely well to progress the continuing programme of modernisation and development which is at the centre of its strategy over the medium term.
The past year has fallen within an important period of change for FSB, during which the new shape of the organisation has become embedded, designed to deliver long term stability in order to meet the needs of members well into the future.
This process has featured almost £700k investment from reserves to fund the modernisation of the organisation, in particular focusing on development of member acquisition marketing and new sales channels, together with investment in retention activity. However, almost £1.0m of the £1.8m modernisation fund remains available to be spent at the end of the financial year, to support ongoing improvements.
Contributing to the focus on modernisation and development, at the time of writing the organisation has completed a successful rebrand and website relaunch (completed in November 2015). Much of this work was undertaken in the year ended 30 September 2015 but will be accounted for within the financial year ended 30 September 2016.
FSB continues to rely upon subscriptions and joining fees from its members which provide over 92% of its income. Delivering strong subscription income levels is a key success factor for the organisation, and continues to be achieved in a challenging environment. Recent and planned investments in skills, tools and systems will strongly support this going forward and have already proved successful in the growth of new sales channels and improved member product and service offerings.
Furthermore, following the purchase of all consultants’ contracts by the end of 2014, a consistent organisation-wide sales strategy, together with financial incentives, has now been developed and embedded, which will support growth within traditional sales channels.