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## **Money Advice and Community Support Service** 

## **Money Advice Plus** 

**Annual report and financial statements** 

**For the year ended 31 March 2022** 


www.monyadviceplus.org.uk Registered charity number 1045340 Company registration number 03029782 (England and Wales) 


@MoneyAdvicePlus @MoneyAdvicePlus 



## **MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS CONTENTS** 

||**Page**|
|---|---|
|Trustees report|1 - 13|
|Independent auditor's report|14 - 17|
|Statement of financial activities|18 - 19|
|Balance sheet|20|
|Statement of cash flows|21|
|Notes to the financial statements|22 - 36|






## **Trustees’ report and financial Statements For the year ended 31 March 2022** 

The Trustees are pleased to present their report together with the financial statements for the year ended 31 March 2022. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 

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Trustees’ report and financial statements (for the year ended 31 March 2022) 




## **REFERENCE AND ADMINISTRATIVE DETAILS** 

## Status 

Money Advice and Community Support Service (MACS), trading as Money Advice Plus, is a charitable company limited by guarantee (number 3029782), incorporated on 7 March 1995, registered as a Charity (number 1045340) on 29 March 1995 and regulated by the Financial Conduct Authority. 

Working Name Money Advice Plus Trustees ( who are also Nikky Myers Chair directors) Stewart Beamont Resigned 13 January 2021 Terry Mase Resigned 13 January 2022 Jonathan Hyman Treasurer Asif Chaudhery Resigned 17 November 2022 Olivia Hobson Resigned 13 January 2022 Gemma Dunn Phil Hall Resigned 3 August 2022 Nick Gray Appointed 16 September 2021 Ric Stewart Appointed 22 March 2022 Bryan Coverdale Appointed 16 September 2021 Tracie Church Appointed 18 August 2022 Chief Executive Karen Perrier Company Secretary Jackie Grigg Register Office Tisbury Road Offices, Hove Town Hall, Tisbury Road, Hove, BN3 3BQ Operational Addresses Tisbury Road Offices, Hove Town Hall, Tisbury Road, Hove, BN3 3BQ 2[nd] Floor, 182 – 184 Terminus Road, Eastbourne, BN21 3BB Website http://www.moneyadviceplus.com Email info@moneyadviceplus.org.uk Bankers Barclays Bank Plc, North Street, Brighton, East Sussex, BN1 1SF Independent Auditor Plummer Parsons, 18 Hyde Gardens, Eastbourne, BN21 4PT Health and Safety John Rodway, Corporate and Public Safety Ltd Competent Person Insurers:  Aviva Insurance Ltd. insure for contents, public liability, and employer’s liability;  VCS Insurance Company Limited (Guernsey) insure for Professional indemnity. FCA reference 618927 

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Trustees’ report and financial statements (for the year ended 31 March 2022) 




## **Report of the trustees** 

## **Chair of trustee’s introduction** 

Who would have thought that as I write this we are still recovering from the pandemic and the country is now facing a cost-of-living crisis that is expected to be felt by all. Throughout the year we had been warned of the energy price cap increase, which will result in a hike in everyone’s gas and electricity bills. We have seen the cost of rent, food and petrol prices rise.  The debt advice sector for the last year has been speculating about when it will see an increase in demand for its service as Covid restrictions are lifted and normal collection activity resumes. 

For Money Advice Plus it has been a year of both challenges and successes.  We have seen a few longer-term members of staff evaluate their work-life balance and leave the Charity. We have had success in recruitment. Employing staff who are completely remote but seen an increased difficulty of employing experienced Money Advisers in the local area of Brighton and Hove. This difficulty is not confined to Money Advice Plus and has been experienced sector-wide as experienced Money Adviser left the sector because of the pause on the recommission of debt advice services by the Money and Pension Service. On the positive side, Money Advice Plus has looked to employee trainees offering professional skills and opportunities locally. 

As always, the focus of Money Advice Plus, its trustees, staff and volunteers are to provide a quality service to our clients.  We saw an increase in the number of both clients and households supported. with a massive number of welfare benefits (£2.5M) claimed and debts relived (£2.3M), in addition to other financial benefits to clients (£0.5M). 

In what has been another extraordinary year I would like to thank our patrons, trustees, volunteers and without doubt the Money Advice Plus team for all its continued hard work. Despite all the challenges you have faced you have met them head-on and without a doubt made a difference to the people you have supported. 

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Trustees’ report and financial statements (for the year ended 31 March 2022) 




## **Aims and objectives** 

## Vision and mission 

Vision: Our vision is for everyone to have the advice and support they need to manage their own money effectively. 

Mission: Our mission is to help people manage their money effectively. We will deliver person-centred money advice services. We will actively engage with those who find this the most difficult, improving wellbeing and financial resilience. 

## Charitable objects: 

_Our Charitable objects are to provide advice, counsel, support and assistance according to their needs to people (and their carers and/or their support agencies) in the United Kingdom who are having difficulty managing their financial affairs because of illness (mental or physical), poverty, old age, or economic abuse and to make such representations, application, education and training provision, policy guidance and research on their behalf (and similarly affected people) to appropriate parties as are relevant to these objects. And to undertake such actions as are necessary to support these Objectives, which are not specifically mentioned_ 

Our Activities and Strategic Priorities 

In shaping our objectives and planning our activities for the year, the Trustees have considered the duties set out in section 17(5) of the Charities Act 2011 to have due regard to public benefit.  To meet our charitable remit and objectives the Charity carries out the following activities for the public benefit: 

Money Advice Plus provides money management services including money handling, debt and benefit advice, long-term casework and financial capability coaching.  These services are provided one on one in person or by phone. 

- Acting as a Deputy in the Court of Protection 

- Acting as an appointee 

- Specialist level (up to and including) welfare benefits advice, casework with telephones services 

- Specialist level (up to and including) debt advice, casework with telephone services 

The charity specialises in working with clients who find it difficult to access mainstream advice services, by offering incredibly personalised support - to an extent not offered by other organisations. 

This includes working with people experiencing severe mental illness, dementia, fluctuating mental capacity, learning disabilities, physical disabilities, sensory loss, substance misuse, refugees, asylum seekers and victimsurvivors of domestic abuse. 

Services help clients to deal with current debt problems, understand their rights, understand legal action taken by creditors, offer repayment by contacting creditors on their behalf, claim state benefits, and tax credits, make cost savings and maximise income. 

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Trustees’ report and financial statements (for the year ended 31 March 2022) 




Our financial capability work helps people look at and understand their relationship with money, helping them to move forward with financial confidence. 

Brighton Money Management work provides a money handling service which is offered to the most vulnerable, in the form of cash delivery, bill paying and budget administration. We are appointees for many of our moneyhandling clients meaning we have complete responsibility for their benefits claims. Uniquely the Charity can be Deputy in the Court of Protection for people who lack capacity and are unable to manage their finances. 

The Financial Support Line for Victims of Domestic Abuse and its casework service, developed in partnership with, Surviving Economic Abuse, which is one of a kind in the UK. The service supports victim-survivors by providing money advice through a lens of economic safety. Understanding the additional risks for those that are experiencing economic abuse and coerced debt. Creating the innovation Economic Abuse Evidence Form is currently being trialled for a potential national rollout, by all financial services and debt advice organisations 

The team at Money Advice Plus excels in the safeguarding and soft skills needed to work with hard-to-reach individuals and are experts in building trust and engagement by listening and providing a tailored approach. Money Advice Plus is so skilled in these areas, Brighton and Hove City Council have said they can rely on us to keep an eye on vulnerable people, know how to spot and anticipate problems and deal with them as needed. 

Money Advice Plus works with housing associations, adult social care, voluntary sector organisations, local authorities, and Clinical Commissioning Groups to deliver on-the-ground support to vulnerable individuals. 

Services are delivered Nationally over the phone and video call, email, letter, text and face-to-face meetings (local, when allowed). Money Advice Plus currently has Covid secure arrangements in place for staff and clients. 

The strategic aims of the Charity were to 

- to strengthen the organisation and its governance by continuing to strengthen the breadth and depth of the Board of Trustees 

- To strengthen and upgrade the Charity’s IT system. 

- To develop a three-year strategy and business plan including a digital delivery plan for 2022-2025. 

- To strengthen and develop the skills and knowledge of staff to continue to meet the changing needs of clients 

- To finalise the job evaluation and an endeavour to ensure staff continue to receive competitive salaries. 

- To understand the changes the pandemic has created on clients, staff and service delivery and how Money Advice Plus will manage and integrate this into the Charity’s way of working. 

- To focus on applying for funding that supports and strengthens our current work with a particular focus on 

   - a. Acquiring additional funding for the Financial Support Line for Victims of Domestic Abuse and its casework service, which is run in partnership with Surviving Economic Abuse. Enabling us to continue working with victim-survivors in the future and establishing the Economic Abuse Evidence Form in the debt advice community 

   - b. Seek out new sources of funding for our financial capability work including developing and producing training materials 

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Trustees’ report and financial statements (for the year ended 31 March 2022) 




- Look to strengthen and enhance the partnerships we have and develop new partnerships that will support this year’s strategy as well as the 2022-2025 strategy. 

## Did we meet our strategic aims? 

This year saw two long-standing Board members leave. Four new trustees have been recruited; their addition strengthens the board. 

During this year we have improved both our telephone and IT systems. We have moved from holding documents on the server to a cloud-based system. With more staff working from home this supported collaborative working and has reduced the heavy demand on our remote server. 

The benchmarking and job evaluation was finalised, and the pay structure was implemented, meaning all staff are receiving a competitive salary based on their given job description. 

The pandemic has changed the way Money Advice Plus operates and delivers its services. We are still in the process of learning these changes and are currently working with our service users to understand their digital access. 

One of our biggest challenges has always been the recruitment of qualified Money Advisers. The pandemic while creating many problems did allow us to understand that staff could work remotely. Before the pandemic, only a very small number of staff worked away from the offices. Now we have been able to widen our recruitment pool as we have been able to advertise for fully remote staff if service delivery allows. 

We managed to secure further funding for the Financial Support Line and casework service till the end of March 2022 and currently have funding applications outstanding with Henry Smith and the National Lottery Community Fund to provide support until 31 March 2025. This funding has provided resources to support service users and pilot the Economic Abuse Evidence Form (EAEF). This year we have managed to support a further 710 victim-survivors, and we have had £306,602 written off (£121,352 using the EAEF). 

We have furthered our relationship with Brighton and Hove City Council (BHCC) through both our MoneyWorks and Advice Matters partnerships.  We have distributed grants to individuals on behalf of BHCC through the household support fund and also public health to support energy hardship. We have secured additional funding from BHCC to provide Financial Capability Coaching alongside debt and benefit advice and grant payments to those that are ‘Just about managing’ and who cannot access the Local Discretionary Social Fund. 

## Our Impact in 2021/22 

As always, the focus of Money Advice Plus, its trustees, staff and volunteers are to provide a quality service to our clients.  We saw an increase in the number of both clients and households supported, with a massive number of welfare benefits (£2.5M) claimed and debts relived (£2.3M), in addition to other financial benefits to clients (£0.5M). 

Our charitable purpose is to “help people manage their money effectively” and we address this by providing the services described above.  Evidence of the practical benefit of our services is demonstrated by our performance. 

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Trustees’ report and financial statements (for the year ended 31 March 2022) 




The last year’s figures are held in the brackets. 

In 2021-22 we assisted 4,562 (4,767) people with debt and welfare benefit problems.  These numbers are for just one year, but the impact on each individual client is immense, and for some, has life changing outcomes. 

Of these: 

- 1,984 (1,964) people received face to face advice and case work in the Brighton & Hove, East Sussex and West Sussex areas 

- 2,578 (2,803) people received telephone advice and casework across the country 




The result of this work was to: - 

- Increase benefit income by £2,220,472 (£1,963,310) 

- Secure one-off payments of benefits of at least £372,623 (£400,829) 

- Obtain charitable grants and refunds and compensation of £534,472 (£423,019) 

- Write off debts amounting to £2,283,862 (£1,639,524) 

   - £1,213,520 were written off 

   - £1,027,551 were write-offs for victim-survivors of domestic abuse, £121,352 used the innovative Economic Abuse Evidence Form 

   - £1,070,342 formal insolvencies solutions 

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Trustees’ report and financial statements (for the year ended 31 March 2022) 




- Negotiated with creditors to achieve client payments of £54,135 (£47,873 )per year 

Altogether with charitable payments and other financial outcomes, our clients were better off by a total of £5,314,600 (£4,474,556) per year, an average of £1,164 (£938) per client. or £3.80 (£3.50) for every £1 spent on our service. 

Money Handling service 

- 437 (438) people received a money handling service, primarily in Brighton and East Sussex. 

- £4,809,000 (£4,403,247) of clients’ money was handled.  This comprises clients’ income received and used to fulfil their weekly and monthly budget requirements, paying bills and debts, provision of weekly cash, and savings. 

- Client account balances were maintained consistently at a level in excess of over £2.1million (£2.1million) throughout the year and were held on clients’ behalf in designated client accounts held by our bankers. 

- We made payments out to the value of £4,720,000 (4,020,881) ensuring essential bills were paid, and clients had appropriate access to their money. 

## **Financial review** 

The year ended 31st March 2022 was the first year in the Charity's history that its total income was almost £1.4 million.  Total income increased by 8% compared with the previous year’s figure of £1.3 million.  The two main elements of our income are Money Management Services totalling £657,266 and Money Advice Services totalling £732,530. This is the first time that our Money Advice Services is substantially larger than our Money Management Services. 

Other income comprised £5,914 from donations and legacies and £1,430 from investment income. There was also an unrealised gain from investments of £7,273 due to a favourable change in its market value at year-end. 

Total expenditure amounted to £1.39million. This represented a 8% increase on the previous year.  Staff remuneration and associated expenses accounted for the bulk of the Charity's expenditure, amounting to £1.25million (89% of total expenditure) and represented an 9% increase on the previous year. The Charity continues to seek to ensure that all projects are funded on a full cost recovery basis and are working hard to make sure future costs are forecasted adequately. 

The Charity has maintained all its grants and contracts, and in certain cases, has secured additional funding to enhance current services.  Due to the need to upgrade IT hardware and software subsequently, it has operated close to its budget for this year. These upgrades have put the Charity in a much stronger position moving forward. 

The bulk of the Charity’s income derives from income on contracts and grants. The Charity is now in the third year of a five-year contract, which provides Money Management services to clients referred by Adult Social Care of Brighton & Hove City Council. This contract accounts for 47% of the Charity’s total income for 2021- 

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Trustees’ report and financial statements (for the year ended 31 March 2022) 




2022.  The Charity has just secured 3 years of funding for its service to Victim-survivors of domestic abuse. The certainty of this income means that the Charity is now less dependent on negotiating the bulk of its funding on an annual basis than in the previous years. Most new funding is paid in arrears. Close management of the Charity’s cash flow is therefore of critical importance. As of 31st March 2022, bank & cash balances totalled £479,844 a slight increase on the balance in the previous year of £338,221. 

## Reserves policy 

The Charity requires protection against significant funding cutbacks and needs to have sufficient funds to meet its contractual obligations towards its staff and to manage any necessary restructure or termination of its services to its clients, including those on whose behalf the Charity holds funds in designated client accounts. 

The Reserves Policy sets out in detail the principles by which the Board is required to operate in managing the reserves, considering the long-term viability and development of the Charity and its services to its clients, including the establishment of designated reserves for development purposes. 

The Trustees have set a designated reserve entitled “Closure Costs” at a minimum level equivalent to at least three months of operating costs, taking into account potential costs such as redundancy costs, lease commitments and maternity leave. The required reserves figure is re-calculated every six months, reviewed by the Finance Sub-Group and reported to the Board. As of 31st March 2022, this designated reserve stood at £335,000. As of 31st March 2022, designated reserves: Development Fund and Client Benefit Fund stood at £16,377 and £7,773 respectively. Free reserves as of 31[st] March 2022, after allowing for any transfers to and from the designated reserves referred to above, totalled £102,564 compared with £92,639 the previous year. All reserves are predominantly held on deposit with banks and Building Societies. 

## Investment policy 

The Charity monies held for operational purposes and clients’ monies will only be invested on an instant access basis with one or more of the four main clearing banks - currently Barclays, HSBC, Lloyds Banking Group and NatWest Group.  The maximum amount of the Charity monies held with anyone clearing bank should not exceed £1.5million whilst the maximum amount of clients’ monies held with anyone clearing bank should not exceed £3.5million.  The maximum amount of the Charity and clients’ monies held with anyone clearing bank must not exceed £5 million. 

Non-operational Charity monies can be invested with any financial institution which holds a licence under the Government-backed Financial Services Compensation Scheme (FSCS) up to the limit, currently, £85,000, any investment amount should take account of any potential accrued interest. The term of any FSCS investment should not exceed twelve months. 

## Fundraising approach 

Money Advice Plus income generation strategy was developed in 2016 with the support of Nashira Consultancy. 

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Trustees’ report and financial statements (for the year ended 31 March 2022) 




This year when applying for new funding will make sure it supports and strengthen our current work with a particular focus on 

- a. Acquiring additional funding for the Financial Support Line for Victims of Domestic Abuse and its casework service. 

- b. Seek out new sources of funding for our financial capability work including developing and producing training materials 

As an independent charity, we have broad sources of funding and we must continue to build strong relationships with local government, statutory bodies and charitable trusts and foundations. There is a need for the charity to identify other sources of funding including unrestricted funds, such as corporations and individuals so the charity is not reliant on any one funder. 

## Looking ahead 

Over the next three years, we will work towards delivering the vision and mission of Money Advice Plus, being mindful of our values and charitable objects. We will do this by using our theory of change objective 

_“_ People have the advice and support they need to manage their money effectively.” 

And working toward our key strategic objectives and aims of 

- Maintaining and strengthening our services to enable people to deal more confidently with their money 

- Embedding our commitment to equality, diversity, and inclusion in everything we do by 

- Promoting Money Advice Plus to be known as a centre of excellence by 

- Ensuring staff are enabled to provide high-quality services to our clients 

## **Structure, governance and management** 

## Board of trustees 

Money Advice Plus Board of Trustees governs the organisation and there were 9 trustees throughout 2021/22. The trustees’ role is to direct the affairs of the Charity and deliver its charitable objectives. A regular skills audit is carried out to ensure that the board has the right mix of skills, knowledge, and expertise. There is a full Board meeting every 2 months. The Board delegates responsibilities to sub-committees (also known as subgroups) to examine key areas in greater detail than can be dealt with at a full board meeting. Each has its terms of reference and reports to the board. These are currently Finance, Business Development, Policy and Governance, Health and Safety, People, Networking and Partnerships. 

## Staff team 

Money Advice Plus currently has 57 members of staff with a wealth of experience in delivering money advice services. Each person plays a crucial role in delivering to our service users. The Chief Executive reports to the Board of Trustees and is responsible for managing the organisation to ensure that it meets its aims and strategic objectives. Day-to-day management is the responsibility of a small team of managers. Services are delivered from two sites. The services from the Hove Office support the community of Brighton and Hove. The services from Eastbourne are telephone-based and have a wider reach across England. 

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Trustees’ report and financial statements (for the year ended 31 March 2022) 




## Risk Management 

Money Advice Plus has a risk register which sets out the risks to the charity in these broad areas, strategic, economic, reputation, regulatory, governance, client money, staffing, IT and external. The risk register includes an assessment of the likelihood, severity, and potential impact of each risk. The responsibility of individual risk sits with the Chief Executive. The Chief Executive review the risk with the management team and the Chair of Trustees. The Board receives a summary of the risks and any changes at each Board meeting. 

Money Advice Plus must be in the best position possible to continue to deliver its services following any sort of event. This does not necessarily mean a disaster, it can be something quite minor which affects the ability to continue working as normal, such as service disruptions or planned changes in services. A business continuity plan is held within the staff manual which contains guidance and information which may be needed, and this is updated regularly. 

All Policies and Procedures are reviewed and if necessary revised under a scheduled framework. The Charity continues to comply with the Quality Mark Standards set by the Advice Quality Standard. Additionally, a good practice is continually developed by service users and staff input and by sharing through regular team meetings. 

Many of our service users are vulnerable adults. Risk assessments are carried out on each vulnerable adult referred to us by Adult Social Care before the referral is accepted. We minimise risk to members of staff by having a set of safe ways of working rules within our Health and Safety Policy and procedures. Staff and Trustees receive training in the protection of vulnerable adults so they can identify problems and know how to manage them. Trustees also receive safeguarding training, so they have a strong understanding of the working staff undertake. The majority of the Charity’s clients are considered to be vulnerable adults; all staff (paid and volunteer) and Trustees are required to have a Criminal Records Bureau check. 

The Trustees have considered the updated Governance Code and are working towards implementing the changes and embedding them into our risk management. 

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Trustees’ report and financial statements (for the year ended 31 March 2022) 




## **Statement of responsibilities of the trustees** 

The Trustees (who are also the directors of Money Advice and Community Support Service for the purposes of company law) are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period.  In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles of the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is appropriate to presume that the charitable company will continue in business. 

- The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006.  They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website.  Legislation in the United Kingdom governing the preparation and dissemination may differ from legislation in other jurisdictions. 

## Exemptions from disclosure 

There are no exemptions from disclosure. 

## Statement as to disclosure of information to auditors 

In so far as the Trustees are aware at the time of approving our Trustees’ annual report: 

- there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the group’s auditor is unaware, and 

- the Trustees, having made enquiries of fellow directors and the Charity’s auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a director to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

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Trustees’ report and financial statements (for the year ended 31 March 2022) 



MONEY
ADVICE
PLUS
Funds held as custodian trustees on behalf of others
The Charity manages funds arising from money mana9ement setvices provided for the Charity's clients primarily
under the terms of the Supporting People contract of Brighton and Hove Council.
These funds amounted to £2,220,616. This compares with £2,115,983 in the previous year. The funds of each
client are managed in separate accounts maintained in the Charity's accounting system. As part of our Busine55
Continuity Plan, client account data is backed up daily to a separate system. From January 2022 we had a new
cloud-based client accounting system in place.
The Charity complies with the Financial Conduct Authority (FCA) relevant regulations and is classified as a CASS
sfflall debt management firm and is required to follow the FCA harKlbook CASS 11 rules.
Client monies are primarily deposited at Barclay5 Bank with term deposits a150 placed with a limited number of
other banks and building societies approved by the Finance Subgroup.
Financial control logs regarding client monies are maintained and a report is prepared by management for
review by the Finance Subgroup at least every three months.
The report was approved by the Trustees on i & . 12.?
and signed on their behalf by.
Nikky Myers
Choir of Tru5rees
Date
Ila IZ. ZL)4L
Trust￿. report and financial statements Ifor the year en(led 31 March 2022)

## **MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS INDEPENDENT AUDITOR'S REPORT** 

## **TO THE TRUSTEES OF MONEY ADVICE AND COMMUNITY SUPPORT SERVICE** 

## **Opinion** 

We have audited the financial statements of Money Advice and Community Support Service (the ‘charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the trustees report; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

- 14 - 



**MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS INDEPENDENT AUDITOR'S REPORT (CONTINUED)** 

## **TO THE TRUSTEES OF MONEY ADVICE AND COMMUNITY SUPPORT SERVICE** 

## **Responsibilities of trustees** 

As explained more fully in the statement of trustees responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor's responsibilities for the audit of the financial statements** 

The trustees have elected for the financial statements to be audited in accordance with the Charities Act 2011 rather than the Companies Act 2006. Accordingly, we have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the regulations made under section 154 of that Act. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.  The extent to which our procedures are capable of detecting such irregularities is detailed below: 

Based on our understanding of the charity and its activities, and through discussion with the trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006, Charities Act 2011,  Data Protection Act, GDPR, and other relevant legislation. 

We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, being FRS 102 and Charities SORP (FRS 102) (effective January 2019). We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. 

- 15 - 



## **MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS INDEPENDENT AUDITOR'S REPORT (CONTINUED)** 

## **TO THE TRUSTEES OF MONEY ADVICE AND COMMUNITY SUPPORT SERVICE** 

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase income or reduce expenditure, related party transactions, management bias in accounting estimates and judgemental areas of the financial statements.  Audit procedures performed by the engagement team included: 

- Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud, and review of the reports made by management; and 

- A review of relevant correspondence, including correspondence with HM Revenue & Customs, for signs of potential non-compliance with laws and regulations; and 

- A review of specific nominal codes within the accounting records that would highlight costs associated with non-compliance of relevant laws and regulations; and 

- Assessment of identified fraud risk factors; and 

- Challenging assumptions and judgements made by management in its significant accounting estimates; and 

- Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and 

- Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and 

- Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and 

- Identifying and testing journal entries, in particular any manual entries made at the year-end for financial statement preparation, as well as throughout the year. 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company’s internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. 

- Conclude on the appropriateness of the Trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

- 16 - 



MONEY ADVICE AND COMMUNITY SUPPORT SERVICE
MONEY ADVICE PLUS
INDEPENDENT AUDITOR'S REPORT ICONTINUED)
TO THE TRUSTEES OF MONEY ADVICE AND COMMUNITY SUPPORT SERVICE
A further description of our responsibilities is available on the Financial Reporting Counctrl's website al.. https'll
www.lrc.org ukJauditDrsresponsibililies. This description forms pan of our audrtor's report
Usè of our report
This report is made solely to the Charty's truslees. as a body, In accordance Trmlh section 144 of the Charities Act
2011 and the regulations made under se¢Xion 154 of that Act. Our audrt work has been undertaken so that we might
state to the charity's trustees those matters we are required lo state to them in an auditors, report and lor no other
purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the
chaiity and the ¢Y)arity's trustees as a body, for our audit work, this ￿pOrt. or for the opinions we have fomied.
Plummer Parsons
16 December 2022
Chartered Accountants
Statutory Auditor
18 Hyde Gardens
Easlboume
East Sussex
BN214PT
Plummer Parson5 15 eligible for apwintment as auditor of the chanty by virtue of rts eligibilty for appointment a$
auditor of a company under section 1212 of the Companies Act 2006.
17_

## **MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

|**Current financial year**<br>**Unrestricted Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**funds**<br>**general**<br>**designated**<br>**2022**<br>**2022**<br>**2022**<br>**Notes**<br>**£**<br>**£**<br>**£**<br>**Income and endowments from:**<br>Donations and legacies<br>**3**<br>5,914<br>-<br>-<br>Charitable activities<br>Money Management<br>**4**<br>657,266<br>-<br>-<br>Money Advice<br>**4**<br>427,932<br>-<br>304,598<br>Other trading activities<br>**5**<br>-<br>-<br>-<br>Investments<br>**6**<br>1,430<br>-<br>-<br>Other income<br>**7**<br>-<br>-<br>-<br>**Total income**<br>1,092,542<br>-<br>304,598<br>**Expenditure on:**<br>Charitable activities<br>Money Management<br>**8**<br>676,547<br>-<br>-<br>Money Advice<br>**8**<br>400,431<br>-<br>321,038<br>**Total charitable expenditure**<br>1,076,978<br>-<br>321,038<br>Net gains/(losses) on investments<br>**12**<br>7,273<br>-<br>-<br>**Net incoming/(outgoing) resources**<br>**before transfers**<br>22,837<br>-<br>(16,440)<br>Gross transfers between funds<br>(12,912)<br>-<br>12,912<br>**Net movement in funds**<br>9,925<br>-<br>(3,528)<br>Fund balances at 1 April 2021<br>92,639<br>359,150<br>3,528<br>**Fund balances at 31 March 2022**<br>102,564<br>359,150<br>-|**Total**<br>**2022**<br>**£**<br>5,914<br>657,266<br>732,530<br>-<br>1,430<br>-<br>1,397,140<br>676,547<br>721,469<br>1,398,016<br>7,273<br>6,397<br>-<br>6,397<br>455,317<br>461,714|Total<br>2021<br>**£**<br>2,618<br>633,844<br>644,884<br>37<br>482<br>5,006|
|---|---|---|
|||1,286,871|
|||610,641<br>678,407|
|||1,289,048|
|||11,476|
|||9,299<br>-|
|||9,299<br>446,018|
|||455,317|



The statement of financial activities includes all gains and losses recognised in the year. 

All income and expenditure derive from continuing activities. 

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 

- 18 - 



## **MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

## **Prior financial year** 

|**Unrestricted Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**funds**<br>**general**<br>**designated**<br>**2021**<br>**2021**<br>**2021**<br>**Notes**<br>**£**<br>**£**<br>**£**<br>**Income and endowments from:**<br>Donations and legacies<br>**3**<br>2,618<br>-<br>-<br>Charitable activities<br>Money Management<br>**4**<br>633,844<br>-<br>-<br>Money Advice<br>**4**<br>356,501<br>-<br>288,383<br>Other trading activities<br>**5**<br>37<br>-<br>-<br>Investments<br>**6**<br>482<br>-<br>-<br>Other income<br>**7**<br>5,006<br>-<br>-<br>**Total income**<br>998,488<br>-<br>288,383<br>**Expenditure on:**<br>Charitable activities<br>Money Management<br>**8**<br>610,641<br>-<br>-<br>Money Advice<br>**8**<br>387,469<br>-<br>290,938<br>**Total charitable expenditure**<br>998,110<br>-<br>290,938<br>Net gains/(losses) on investments<br>**12**<br>11,476<br>-<br>-<br>**Net incoming/(outgoing) resources before**<br>**transfers**<br>11,854<br>-<br>(2,555)<br>Gross transfers between funds<br>(21,083)<br>15,000<br>6,083<br>**Net movement in funds**<br>(9,229)<br>15,000<br>3,528<br>Fund balances at 1 April 2020<br>101,868<br>344,150<br>-<br>**Fund balances at 31 March 2021**<br>92,639<br>359,150<br>3,528|**Total**<br>**2021**<br>**£**<br>2,618<br>633,844<br>644,884<br>37<br>482<br>5,006|
|---|---|
||1,286,871|
||610,641<br>678,407|
||1,289,048|
||11,476|
||9,299<br>-|
||9,299<br>446,018|
||455,317|



The statement of financial activities includes all gains and losses recognised in the year. 

All income and expenditure derive from continuing activities. 

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 

- 19 - 



MONEY ADVICE AND COMMUNITY SUPPORT SERVICE
MONEY ADVICE PLUS
BALANCE SHEET
ASAT 31 MARCH 2022
2022
2021
Fixed assets
Tangible assets
Investments
13
14
1,253
59,255
67.170
60,508
Current assets
Debtors
Cash at bank and in hand
16
148.194
479.844
148,392
338.221
628.038
486.613
Creditorn.. amounts lalllng due withln
onè ygar
17
{233,4941
(91,804}
Net current assets
394.544
394,809
Total ass•ts 1988 current liabllrt¥•s
461.714
455.317
Incomg funds
Restricted funds
3,528
Designated funds
General unreslrided fijnds
21
359,1
102.564
359,150
92,639
461,714
451,789
461.714
455.317
The <xJmpany is entitled to the exempbon from the audrt requiremenl contained in 5ec*ion 477 of th8 Companies Act
2006. for the year ended 31 March 2022. allho￿h an audrt has been caffled ¢)ul undeT sect*?n 144 01 the Charities
A¢t2011.
The directors aCkn￿WIedge their responwbil1t￿S for wnplwn9 with the reqU1￿ments ol C(Knparies Act 2LXJ6
with rèspect to accounting records and the preparation of financlal statements
The mernbers have not required the company to obtain an audrt of its financial statèments under the requirements
of the Companies Act 2(￿, for the year in que5t*Jn in ac(x)rdan¢e with seclion 476.
These financial ststements have been prepwed in accordance wilh the provisions applicable to companies subject
to the small rL*mpanigs regime.
The finanaal slaternents were appro¥et1 by the Truslees on .........................
M$ N Myers
Truste•
Company registration number 03029782

## **MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS STATEMENT OF CASH FLOWS** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

|**Notes**<br>**Cash flows from operating activities**<br>Cash generated from operations<br>**25**<br>**Investing activities**<br>Purchase of investments<br>Investment income received<br>**Net cash generated from investing**<br>**activities**<br>**Net cash used in financing activities**<br>**Net increase in cash and cash equivalents**<br>Cash and cash equivalents at beginning of year<br>**Cash and cash equivalents at end of year**|**2022**<br>**£**<br>(12)<br>1,430|**£**<br>140,205<br>1,418<br>-<br>141,623<br>338,221<br>479,844|**2021**<br>**£**<br>(45)<br>482|**£**<br>4,164<br>437<br>-|
|---|---|---|---|---|
|||||4,601<br>333,620|
|||||338,221|



- 21 - 



**MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS NOTES TO THE  FINANCIAL STATEMENTS** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

## **1 Accounting policies** 

## **Charity information** 

Money Advice and Community Support Service is a private company limited by guarantee incorporated in England and Wales. The registered office is Tisbury Road Offices, Hove Town Hall, Tisbury Road, Hove, East Sussex, BN3 3BQ. 

## **1.1 Accounting convention** 

The accounts have been prepared in accordance with the charitable company's Memorandum and Articles of Association,  the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. 

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 under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value, where appropriate. The principal 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. 

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. 

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts. 

## **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. 

Income is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of VAT. 

Cash donations are recognised on receipt. Other donations and legacies 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. 

Income from grants and contracts is recognised when the charity has entitlement to the funds, any performance conditions have been met, it is probable that income will be received and the amount can be measured reliably and is not deferred. 

Income received in advance of the provision of a specified service is deferred and included in creditors until the criteria for income recognition are met and, where entitlement arises before income is received, the income is accrued. 

- 22 - 



**MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

## **1 Accounting policies** 

## **(Continued)** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. 

## **1.5 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. 

Resources expended are allocated to a particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration on each activity, comprising the salary and overhead costs of the central function, is apportioned on a basis which is an estimate, based on staff time and staff costs, of the amount attributable to each activity. 

## **1.6 Tangible fixed assets** 

Tangible fixed assets costing more than £1,000 are capitalised and are initially measured at cost, including any incidental expenses of acquisition, thereafter being subsequently measured at cost or valuation, net of depreciation and any impairment losses. 

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: 

Equipment 33.3% on cost 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 

## **1.7 Fixed asset investments** 

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date.  Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. 

## **1.8 Impairment of fixed assets** 

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 

## **1.9 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. 

## **1.10 Financial instruments** 

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

- 23 - 



**MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

## **1 Accounting policies** 

## **(Continued)** 

## _**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. 

Bank deposits are made to ensure adequate liquidity and are placed for a maximum term of 12 months. 

## _**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. 

A provision had been established with regards to services provided to residents of Housing Associations. The provision would be utilized in the event that the relationship with a Housing Association ceases and the charity believes it is in the interests of individual residents that casework, such as negotiation with all the creditors of individual residents is completed. 

This provision was established in the 2014 accounts and was based on the number of engaged case at an average hourly rate for the estimated time remaining. Given that at 31 March 2020 the relationship with various new associates was continuing to find future case work, following a review, it was considered that no provision was now required. 

## **1.11 Employee benefits** 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received, if considered material. 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 

## **1.12 Retirement benefits** 

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The charity acts as agent in collecting and paying over employee pension contributions and both employer and employee make contributions under the scheme. 

- 24 - 



## **MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

## **1 Accounting policies** 

## **(Continued)** 

## **1.13 Funds held on behalf of clients** 

The Charity’s objects are to provide advice, counsel and assistance according to their needs to people in the United Kingdom who are having difficulty managing their financial affairs because of illness, poverty, or old age, and to make such representations on their behalf as are relevant to these objects.  In meeting these objectives an important activity the charity undertakes for clients in Brighton and Hove and in East and West Sussex is assisting with the management of the income and expenditure and safekeeping of the funds. Clients funds are held by the charity in an accounting system separate from the accounting system for the charity’s own funds. 

The funds are placed with banks and building societies as designated client accounts supported by documents in conformity with the requirements of the Financial Conduct Authority. 

Further details regarding the management of these funds are contained in the Funds Held as Custodian Trustees on behalf of clients and Investment Policy sections of the Trustees Report. 

In the year to 31 March 2022 income received and paid into the client accounts totalled £4,809k (2021: £4,403k) and payments out of the accounts totalled £4,720k (2021: £4,020k). 

## **2 Critical accounting estimates and judgements** 

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

## **3 Donations and legacies** 

||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**general**|general|
||**2022**|2021|
||**£**|£|
|Donations and gifts|5,914|2,618|



- 25 - 



**MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

## **4 Charitable activities** 

|**Money**<br>**Management**<br>**Money Advice**<br>**£**<br>**£**<br>Money Management income<br>657,266<br>-<br>Money Advice income<br>-<br>732,530<br>657,266<br>732,530<br>Analysis by fund<br>Unrestricted funds - general<br>657,266<br>427,932<br>Restricted funds<br>-<br>304,598<br>657,266<br>732,530<br>**For the year ended 31 March 2021**<br>Unrestricted funds - general<br>633,844<br>356,501<br>Restricted funds<br>-<br>288,383<br>633,844<br>644,884<br>**Grant income**<br>Brighton Supporting People (BHCC)<br>625,721<br>-<br>Individual contracts (BHCC & E & WSCC)<br>24,031<br>-<br>Money Guardians (BHCC)<br>7,514<br>-<br>Advice to Council Tenants (BHCC)<br>-<br>80,000<br>Moneyworks (BHCC)<br>-<br>53,898<br>MASDAP (MAS)<br>-<br>81,766<br>Money Advice for Wellbeing (CCG)<br>-<br>50,974<br>Housing Associations<br>-<br>103,353<br>P A Housing (previously Paragon Housing)<br>-<br>48,750<br>Warmth for Well Being<br>-<br>55,812<br>MacMillan<br>-<br>24,165<br>Advice Matters (BHCC)<br>-<br>33,233<br>Economic Abuse Evidence Forum (formally DEAP)<br>-<br>143,528<br>We Are Digital (L&Q)<br>-<br>52,122<br>Lift Up Fund<br>-<br>4,166<br>Other<br>-<br>763<br>657,266<br>732,530|**Total**<br>**2022**<br>**£**<br>657,266<br>732,530<br>1,389,796<br>1,085,198<br>304,598<br>1,389,796<br>625,721<br>24,031<br>7,514<br>80,000<br>53,898<br>81,766<br>50,974<br>103,353<br>48,750<br>55,812<br>24,165<br>33,233<br>143,528<br>52,122<br>4,166<br>763<br>1,389,796|**Total**<br>**2021**<br>**£**<br>633,844<br>644,884|
|---|---|---|
|||1,278,728|
|||990,345<br>288,383|
|||1,278,728|
|||600,000<br>24,966<br>8,878<br>80,000<br>52,561<br>126,388<br>50,974<br>69,770<br>35,000<br>21,000<br>23,985<br>32,465<br>87,035<br>65,605<br>-<br>101|
|||1,278,728|



Grant income in the year includes deferred income released during the year of £37,628 (2021: £Nil) brought forward from previous years. 

- 26 - 



## **MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

## **5 Other trading activities** 

||**Total**|Unrestricted|
|---|---|---|
|||funds|
|||general|
||**2022**|2021|
||**£**|£|
|Membership and training|-|37|



## **6 Investments** 

||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**general**|general|
||**2022**|2021|
||**£**|£|
|Income from listed investments|12|44|
|Interest receivable|1,418|438|
||1,430|482|
|**Other income**|||
||**Total**|Unrestricted|
|||funds|
|||general|
||**2022**|2021|
||**£**|£|
|Other income|-|5,006|



## **7 Other income** 

- 27 - 



## **MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

## **8 Charitable activities** 

|**Money**<br>**Management**<br>**2022**<br>**£**<br>Staff costs<br>602,208<br>Depreciation and<br>impairment<br>624<br>Property Costs<br>22,662<br>Office Overheads<br>37,048<br>662,542<br>Share of support costs<br>(see note 9)<br>3,141<br>Share of governance<br>costs (see note 9)<br>10,864<br>676,547<br>**Analysis by fund**<br>Unrestricted funds -<br>general<br>676,547<br>Restricted funds<br>-<br>676,547|**Money**<br>**Management**<br>**2022**<br>**£**<br>Staff costs<br>602,208<br>Depreciation and<br>impairment<br>624<br>Property Costs<br>22,662<br>Office Overheads<br>37,048<br>662,542<br>Share of support costs<br>(see note 9)<br>3,141<br>Share of governance<br>costs (see note 9)<br>10,864<br>676,547<br>**Analysis by fund**<br>Unrestricted funds -<br>general<br>676,547<br>Restricted funds<br>-<br>676,547|**Money**<br>**Advice**<br>**2022**<br>**£**<br>648,226<br>-<br>23,512<br>34,484<br>706,222<br>8,589<br>6,658<br>721,469<br>400,431<br>321,038<br>721,469|**Total**<br>**2022**<br>**Money**<br>**Management**<br>**2021**<br>**£**<br>**£**<br>1,250,434<br>531,601<br>624<br>627<br>46,174<br>19,488<br>71,532<br>39,116<br>1,368,764<br>590,832<br>11,730<br>7,459<br>17,522<br>12,350<br>1,398,016<br>610,641<br>1,076,978<br>610,641<br>321,038<br>-<br>1,398,016<br>610,641|**Total**<br>**2022**<br>**Money**<br>**Management**<br>**2021**<br>**£**<br>**£**<br>1,250,434<br>531,601<br>624<br>627<br>46,174<br>19,488<br>71,532<br>39,116<br>1,368,764<br>590,832<br>11,730<br>7,459<br>17,522<br>12,350<br>1,398,016<br>610,641<br>1,076,978<br>610,641<br>321,038<br>-<br>1,398,016<br>610,641|**Money**<br>**Advice**<br>**2021**<br>**£**<br>610,913<br>-<br>27,118<br>27,499<br>665,530<br>5,307<br>7,570<br>678,407<br>387,469<br>290,938<br>678,407|**Total**<br>**2021**<br>**£**<br>1,142,514<br>627<br>46,606<br>66,615|
|---|---|---|---|---|---|---|
||**2022**<br>**£**<br>602,208<br>624<br>22,662<br>37,048<br>662,542<br>3,141<br>10,864<br>676,547<br>676,547<br>-<br>676,547|||**2021**<br>**£**<br>531,601<br>627<br>19,488<br>39,116<br>590,832<br>7,459<br>12,350<br>610,641<br>610,641<br>-<br>610,641|||
|||||||1,256,362<br>12,766<br>19,920|
|||||||1,289,048|
|||||||998,110<br>290,938|
|||||||1,289,048|



- 28 - 



## **MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

## **9 Support costs** 

|Other finance costs<br>Client interest & costs<br>Other insurance<br>Sundry<br>Audit fees<br>Accountancy<br>Legal and professional<br>Trustees training &<br>expenses<br>Professional indemnity<br>insurance<br>Annual report<br>Analysed between<br>Charitable activities|**Support**<br>**costs**<br>**Governance**<br>**costs**<br>**£**<br>**£**<br>1,265<br>-<br>6,776<br>-<br>3,631<br>-<br>58<br>-<br>-<br>8,934<br>-<br>3,066<br>-<br>4,189<br>-<br>-<br>-<br>1,333<br>-<br>-<br>11,730<br>17,522<br>11,730<br>17,522|**2022**<br>**£**<br>1,265<br>6,776<br>3,631<br>58<br>8,934<br>3,066<br>4,189<br>-<br>1,333<br>-<br>29,252<br>29,252|**Support**<br>**costs**<br>**Governance**<br>**costs**<br>**£**<br>**£**<br>1,186<br>-<br>8,212<br>-<br>3,368<br>-<br>-<br>-<br>-<br>8,520<br>-<br>2,960<br>-<br>7,597<br>-<br>180<br>-<br>-<br>-<br>663<br>12,766<br>19,920<br>12,766<br>19,920|**2021**<br>**£**<br>1,186<br>8,212<br>3,368<br>-<br>8,520<br>2,960<br>7,597<br>180<br>-<br>663|
|---|---|---|---|---|
|||||32,686|
|||||32,686|



Governance costs includes payments to the auditors of £5,670 for audit fees, £3,264 for other assurance engagements and £3,066 for non-audit services (2021- £5,400, £3,120 and £2,960 respectively) . 

## **10 Trustees** 

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2021: None). 

## **11 Employees** 

The average monthly number of FTE employees during the year was: 

|**Employment costs**<br>Wages and salaries<br>Social security costs<br>Other pension costs|**2022**<br>**Number**<br>46<br>**2022**<br>**£**<br>1,117,038<br>85,610<br>47,786<br>1,250,434|**2021**<br>**Number**<br>40|
|---|---|---|
|||**2021**<br>**£**<br>1,018,694<br>79,557<br>44,263|
|||1,142,514|



- 29 - 



**MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

## **11 Employees** 

## **(Continued)** 

The key management personnel comprise the trustees and the Chief Executive Officer, who have authority and responsibility for planning, directing and controlling the activities of the charity. The total employee benefits of the key management personnel were £44,955 (2021: £44,352). 

There are no employees whose annual remuneration was £60,000 or more. 

The average monthly number of employees during the year was 57 (2021: 53). 

Included within wages costs are other staff costs incurred totalling £12,898 (2021: £12,309).  These other staff costs include, but are not limited to, expenditure relating to recruitment, staff training, staff travel and staff welfare. 

## **12 Net gains/(losses) on investments** 

|||**Unrestricted**|Unrestricted|
|---|---|---|---|
|||**funds**|funds|
|||**general**|general|
|||**2022**|2021|
|||**£**|£|
||Revaluation of investments|7,273|11,476|
|**13**|**Tangible fixed assets**|||
||||**Equipment**|
||||**£**|
||**Cost**|||
||At 1 April 2021||25,487|
||At 31 March 2022||25,487|
||**Depreciation and impairment**|||
||At 1 April 2021||24,233|
||Depreciation charged in the year||624|
||At 31 March 2022||24,857|
||**Carrying amount**|||
||At 31 March 2022||630|
||At 31 March 2021||1,253|



- 30 - 



**MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

## **14 Fixed asset investments** 

|**Cost or valuation**<br>At 1 April 2021<br>Additions<br>Valuation changes<br>At 31 March 2022<br>**Carrying amount**<br>At 31 March 2022<br>At 31 March 2021<br>**15**<br>**Financial instruments**<br>**Carrying amount of financial assets**<br>Instruments measured at fair value through profit or loss<br>**16**<br>**Debtors**<br>**Amounts falling due within one year:**<br>Trade debtors<br>Other debtors<br>Prepayments and accrued income<br>**17**<br>**Creditors: amounts falling due within one year**<br>Other taxation and social security<br>Trade creditors<br>Other creditors<br>Accruals and deferred income|**Listed**<br>**investments**<br>**£**<br>59,255<br>12<br>7,273<br>66,540<br>66,540<br>59,255<br>**2022**<br>**2021**<br>**£**<br>**£**<br>66,540<br>59,255<br>**2022**<br>**2021**<br>**£**<br>**£**<br>70,845<br>107,746<br>150<br>-<br>77,199<br>40,646<br>148,194<br>148,392<br>**2022**<br>**2021**<br>**£**<br>**£**<br>33,440<br>20,508<br>4,629<br>10,015<br>111,299<br>7,732<br>84,126<br>53,549<br>233,494<br>91,804|
|---|---|



A grant of £100,000 was received by Money Advice Plus from Brighton and Hove City Council (BHCC) on 31st March 2022.  The Trustees have no discretion about how the funds are used and they must be administered in accordance with the criteria set out by BHCC Lift-up fund. The balance at the year end was £100,000 and is included in Other creditors. 

- 31 - 



## **MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

## **18 Client accounts** 

|**Client accounts**|||
|---|---|---|
|Barclays Bank<br>Scottish Widows<br>Cash in hand<br>Other (including cash in transit)|**2022**<br>**£**<br>2,084,039<br>75,000<br>1,000<br>60,577<br>2,220,616|**2021**<br>**£**<br>1,996,385<br>75,000<br>1,000<br>43,598|
|||2,115,983|



## **19 Retirement benefit schemes** 

## **Defined contribution schemes** 

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. 

The charge to profit or loss in respect of defined contribution schemes was £47,786 (2021: £44,263). This has been allocated against the applicable fund in line with the allocation of staff costs based on time spent. 

- 32 - 



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**MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

## **21 Designated funds** 

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: 

|**Balance at**<br>**1 April 2020**<br>**£**<br>Closure costs<br>320,000<br>Client benefit fund<br>7,773<br>Development fund<br>16,377<br>344,150|**Movement**<br>**in funds**<br>**Transfers**<br>**Balance at**<br>**1 April 2021**<br>**Incoming**<br>**resources**<br>**Balance at**<br>**31 March 2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>15,000<br>335,000<br>-<br>335,000<br>-<br>7,773<br>-<br>7,773<br>-<br>16,377<br>-<br>16,377<br>15,000<br>359,150<br>-<br>359,150|**Movement**<br>**in funds**<br>**Transfers**<br>**Balance at**<br>**1 April 2021**<br>**Incoming**<br>**resources**<br>**Balance at**<br>**31 March 2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>15,000<br>335,000<br>-<br>335,000<br>-<br>7,773<br>-<br>7,773<br>-<br>16,377<br>-<br>16,377<br>15,000<br>359,150<br>-<br>359,150|
|---|---|---|
|||359,150|



The nature and purpose of each designated fund is as follows: 

## Closure Costs 

This fund is for the costs, not financed by grants and contracts, which the charity would incur in the event of the loss of funding that would result in the Trustees either having to close the charity or undertake a radical restructure. 

Client Benefit fund. This fund contains monies raised by staff to provide specific help to clients in time of particular need. 

Development fund. This fund is set aside for investment in updated accounting systems, replacement of obsolete ICT equipment and the development of the charity’s money advice and handing services. 

The transfers represent increases in fund balances agreed upon by the Trustees. 

- 34 - 



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**MONEY ADVICE AND COMMUNITY SUPPORT SERVICE MONEY ADVICE PLUS NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

## **23 Operating lease commitments** 

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: 

|Within one year<br>Between two and five years|**2022**<br>**£**<br>42,000<br>100,167<br>142,167|**2021**<br>**£**<br>42,000<br>14,167|
|---|---|---|
|||56,167|



The operating lease commitments relate to the rent of offices in Eastbourne and Hove. The leases run for 5 and 10 years respectively. 

Rent paid for the two offices during the year was £42,000 (2021: £42,000). 

## **24 Related party transactions** 

There were no disclosable related party transactions during the year (2021- none). 

|**25**<br>**Cash generated from operations**<br>Surplus for the year<br>Adjustments for:<br>Investment income recognised in statement of financial activities<br>Fair value gains and losses on investments<br>Depreciation and impairment of tangible fixed assets<br>Movements in working capital:<br>Decrease/(increase) in debtors<br>Increase in creditors<br>**Cash generated from operations**|**2022**<br>**£**<br>6,397<br>(1,430)<br>(7,273)<br>624<br>197<br>141,690<br>140,205|**2021**<br>**£**<br>9,299<br>(482<br>(11,476)<br>627<br>(20,336<br>26,532|
|---|---|---|
|||4,164|



|**26**|**Analysis of changes in net funds**|
|---|---|
||The charity had no debt during the year.|



- 36 -