MONEY 2021 Annual Report Charity Number: 1106941 Company Number: 05244075 ## **The Money Charity Annual Report** For the year ended 31 December 2021 2 The Money Charity Reference and Administrative Information Company Number: 05244075 Charity Number.. 1106941 Registered Office and Operational Address: 15 Prescott Place. London SW4 6BS Country of Registration.. England & Wales Country of Incorporation: United Kingdom Trustees: Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows.. G Bell S P Butler L J Ellett A Pieckielon J Basini (To 05111121) (To 13112121) (From 06112121) Company Secretary: M Highman A Leung Yoon Slung (To 26104121) (From 26104121) Key Management Personnel.. M Highman, Chief Executive Bankers: The Co-operative Bank plc, 16 Saltergate, Lincoln LN2 IDG Independent Examiner: Joanna Pittman FCA, Sayer Vincent LLP, Chartered Accountants and Statutory Auditor. Invicta House. 108-114 Golden Lane. London ECIY OTL **The Money Charity Annual Report** For the year ended 31 December 2021 ## Chief Executive’s Message Thank you for taking the time to read The Money Charity’s Annual Report for 2021, a year where our lives continued to be dominated by the pandemic, but where many degrees of normality began to return thanks to the rollout of vaccines and the gradual lifting of various restrictions. Where 2020 had largely been a tale of merely survival, for us and many other charities, 2021 became a year where we could not only recover, but in many ways take encouraging strides forward. We saw bookings increasing again, our audiences growing, focused on developing and refining our sessions, created brand new promotional and marketing collateral, plus the particular highlight of our staff team’s long-awaited return to the office. As for so many of you, this was the first time most of our team had seen each other for ‘real’ in around 18 months! More widely, the UK took further steps back towards more regular patterns of life again, but those encouraging steps had to be tempered by the ongoing sobering reminders of how heavily the pandemic had affected people’s finances. In some ways the picture was new, but to a large extent, all that had been highlighted was the many ingrained issues the UK already had with its own money, from overreliance on credit and unsustainable spending to poor levels of financial understanding, the many varied challenges of insufficient incomes to a lack of ability and engagement with effective, robust budgeting and planning. The wider recovery also saw moves towards the removal of many of the welcome support mechanisms which had helped so many people to manage through the months of lockdown, pushing more towards situations of deeper indebtedness and employment struggles. These problems were then further exacerbated as the year went on by significant surging increases in the cost of living in many respects. While we welcomed our bookings and enquiries growing, these increases really did illustrate a rapidly growing need of people for the services we offer, alongside a greater awareness from many organisations across the UK of their duty to look to support their people. Following the staff team’s return from furlough in September 2020, we had worked quickly and efficiently to adapt and update our entire delivery approach and content to better fit the ‘new normal’ we all found ourselves in. We have then really benefited in 2021 from this rapid pivoting, which allowed us to focus on reengaging with schools, colleges, workplaces and communities to see booking numbers bouncing back to pre-pandemic levels and even beyond. This growth was driven by several factors, such as the additional freedoms offered by increased virtual and online delivery, the up-to-date relevance of our content to people’s lives, as well as the pandemic increasing all sorts of people’s awareness of the importance of getting to grips with their money. Whether delivered face-to-face or virtually, our Financial Education Money Workshops for Young People are still foundational to what we do, bringing essential, engaging, interactive and fun learning to young people at the ages where they may make key financial decisions or form the behaviours which will have implications in their coming years. Even with the year’s challenges, we still managed to deliver over **722 Hours** of Money Workshops to over **17,000 Young People** . Over two-thirds of this delivery was to schools and colleges classed as in disadvantaged areas, many of which will have borne the brunt of the pandemic’s financial effects. Moreover, **12%** of our total delivery to young people was in 4 **The Money Charity Annual Report** For the year ended 31 December 2021 non-mainstream settings. Our commitment remains clear then, that regardless of background or circumstances, we believe that everyone needs, and can benefit from, the equipping and skills we help people to develop in getting to grips with their money. Meanwhile our Financial Wellbeing Workshops and Webinars for Adults continue to engage people with Financial Wellbeing in the workplace, or in their community, often in their context of need. We spent a lot of time through the year updating session content, developing new options to meet needs, plus expanding our marketing collateral showcasing all we offer. Following our quiet 2020, our end of year figures showed considerable growth, exceeding pre-pandemic levels, with **256 Hours** delivered to over **2,800 People** , through **56** commercial and **58** community clients. Through the year, we made great progress in updating our website to better reflect the breadth of what we do while our social media presence grew, with LinkedIn and Instagram proving particular growth areas. However, the biggest promotional news of 2021 was the creation and launch of The Money Charity’s first ever promotional films! Thanks to one of our generous funders, we were able to work with a creative agency to plan how to best showcase what we do, capturing footage and talking heads of our work in action and turning those into 4 exciting, encouraging and engaging films. They are a great demonstration of just how we work with people of all ages and a real call to action for new funders and partners to find out more and get involved. If you haven’t yet watched them on our website, I highly recommend you do as soon as you can. Our monthly Money Stats remains one of our most popular offerings. Through it, we looked at a wide range of topics, many Covid-centred as to be expected, but also related subjects, such as the labour market, wage growth and the financial circumstances young people face. Through the year we saw the readership increase, but were particularly encouraged with how a greater proportion of the audience were reading and engaging with the Money Stats email, report and website pages. Clearly, the interest in, or need for, the valuable insights our objective and impartial viewpoint provides is only growing, so if you aren’t already a subscriber, there’s no better time to get it straight into your inbox, sign up! Our wider Policy work also continued and we were pleased to contribute to a number of forward-thinking consultations with the potential to make big differences to UK consumers, on topics such as Diversity and Inclusion, Access to Cash, the Consumer Duty, APP Scams and Buy Now Pay Later. We will continue monitoring these with interest in the next year. Through all the challenges, our work continues to be underpinned and supported by our invaluable funders, without whom we would achieve very little and our considerable thanks go out to all of them, both new and existing partners. As we continue to come out of the pandemic, the UK will need a focus on Financial Wellbeing perhaps like never before, so it should be an exciting and impactful time to join us in partnership. We hope that in the rest of this report, you will see how hard we have worked through 2021, so that we can continue to see the UK increase its Financial Wellbeing by managing its money well, by supporting people of all ages, backgrounds and abilities in making the most of their money, reducing their stress and the burden of financial worries so they can live happier, more fulfilled lives. If you would like to help us in this mission, in any way at all, please do get in touch with us so we can start a conversation. We’d love to hear from you! Michelle Highman Chief Executive 5 **The Money Charity Annual Report** For the year ended 31 December 2021 ## Trustees’ Annual Report The trustees present their report and the financial statements for the year ended 31 December 2021. Reference and administrative information set out on page 3 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. ## Objectives and Activities ## **Purposes and Aims** The Money Charity is the UK’s Financial Capability & Wellbeing charity, providing education, information, advice and guidance to all. Our vision is that everyone achieves Financial Wellbeing by managing their money well. We empower people across the UK to build the skills, knowledge, attitudes and behaviours to make the most of their money throughout their lives; helping them achieve their goals and live a happier, more positive life as a result. Our charitable objectives were reviewed in 2018 and changed in 2019 to better reflect our focus. They are: ● the prevention of financial hardship in the United Kingdom for the public benefit, in particular, but not exclusively, by providing money management education, advice and information 6 **The Money Charity Annual Report** For the year ended 31 December 2021 We do this primarily through our own delivery, but also through influencing and supporting others. We develop and deliver products and services that provide education, information and advice on money matters for those in the Workplace, in our Communities, and in Education. We also influence and support others to promote Financial Capability and Financial Wellbeing, through consultancy, policy, research and media work. We will continue to develop our offering to find innovative and engaging ways to do this and to cover the whole of the UK more comprehensively. The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure that the charity's aims, objectives and activities remain focused on its stated purposes. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set. Everything the charity does focuses on improving the Financial Wellbeing of those in the United Kingdom. Our long-term objectives are to increase individuals’ ability to manage and make the most of their money. Day-to-day, our work is focused around four key areas: supporting Workplaces and Communities, supporting Young People, Consultancy work, and Influencing others. Our main focus and the area that we spend the majority of our resources on, is the direct delivery of Financial Capability and Wellbeing products and services to people of all ages. 7 **The Money Charity Annual Report** For the year ended 31 December 2021 ## Achievements and Performance The charity's main activities and who it tries to help are described further below. All its charitable activities focus on Financial Wellbeing and good money management; these are undertaken to further The Money Charity’s charitable purposes for the public benefit. We measure our success in many ways. One of the most important is the number of people we reach with our support and messages, whether this is the number of participants at our Workshops and Webinars, those who read our Manuals and/or Money Statistics reports, or how many access and follow our website and social media channels. We also look at the number and location of schools we work in, the numbers and types of not-for-profit organisations and community groups we partner with, as well as the range of commercial organisations whose staff we can reach with our training. The quality and impact of our Financial Education is another key benchmark for us. We evaluate our young people and adult Workshops each year, as well as using independent evaluation when possible, to provide benchmarks for assessment of the impact we are having. We also put weight on the quality and reach of our communications, including consultations, participation in sector groups, alongside other policy and influencing work in the Financial Capability area. Details of some of the key benchmarks and outcomes during the year are described below and in the infographics which follow. ## **Young People** ## **We need to reach people with Financial Education well before they ‘need’ it.** - Financial Education has now been on the English curriculum since 2014, but there are still no central resources allocated to supporting it, no clear and consistent positioning for where in the curriculum it belongs, nor any framework for its evaluation and implementation covered by Ofsted. This is the situation despite the evidence that good financial understanding and approaches, once embedded, can better prepare young people for entering into adult life, changing their prospects and lives for the better while also being beneficial to wider society. - Young people reporting having received some form of Financial Education at school is increasing, with a 2021 LIBF report finding that 64% of those aged 15-18 had covered this topic within the last year. However, other research shows disparities behind these rates, with those in more disadvantaged areas significantly less likely to have been reached. Teachers, or those working with young people, often tell us how they feel illequipped and lacking confidence in helping them find out about how to manage their finances in a rapidly changing world, where money is increasingly ‘virtual’ and those who go on to university are likely to graduate into a challenging working world, with a starting point of heavy indebtedness. Against that backdrop, it is vital for young people’s lives that they can grasp early the essential importance of budgeting, financial planning and making well-informed financial decisions. 8 **The Money Charity Annual Report** For the year ended 31 December 2021 ## **Financial Education Money Workshops** The aim of The Money Charity’s Young People’s Money Workshops is to provide the building blocks to sound money management, helping them to develop the skills, knowledge, attitudes and behaviours they will need so they can make the most of their money throughout their lives. We offer unique and tailored Financial Education Workshops designed for young people aged between 11-19 years, as well as those at University. Our Workshops are designed with flexibility so they can fit easily into timetables or schedules, with a modular approach which means that teachers and practitioners can pick and choose the topics they think are most relevant to their classes or groups. Delivered to groups of up to 40, they cover the essentials of staying on top of your money, including using money to achieve your goals, saving, tax, how to read a payslip, understanding credit as well as financial products like banking and student finance. Each Workshop includes a range of activities, the chance to debate and discuss, with relevant takeaways for the young people. We often deliver as part of designated lesson times, such as during Citizenship, Maths or PSHE, while our Workshops are mapped to the English, Northern Irish and Welsh Curricula. Our Young People’s Money Workshops are available for schools and colleges, as well as for other youth settings such as charities and community groups that work with young people. Every session is delivered by one of our expert facilitators, either a member of staff or one of our freelance consultants, who are based around the country and engage the organisations in their area through active promotion and ongoing relationships. Following the challenges of furlough and lockdowns during 2020, we were delighted this year to be able to spend more time back in classrooms face-to-face with pupils, where interactivity and engagement can be that much easier to facilitate. We also worked through the year to update our Workshops, developing a new “Covid-19 & Financial Resilience” module covering how the pandemic has impacted young people’s money, how they can meet those challenges and find opportunities, plus what they can do to be financially resilient. Alongside this, we moved all our session presentations and collateral into a new design template, bringing real freshness to our content in a way that will appeal to their audience. We took our Workshops designed for students further, with a full launch of our Uni Money Workshops offering and interest and bookings coming in. Overall, Workshop demand continued to recover well, with delivery levels returning to around preCovid times. Through the year we delivered a total of **722 Hours** of Workshops, which reached **17,078 Young People** throughout England, Northern Ireland and Wales. These hours weren’t solely 9 **The Money Charity Annual Report** For the year ended 31 December 2021 in mainstream education either, with **86 Hours** (around **12%** of the total) delivered to community groups, such as young refugees, those with Special Education Needs and Disabilities (SEND) or young carers, to name a few. Of the year’s total delivery, **487 Hours** were delivered to disadvantaged groups, including vulnerable groups of young people and those in schools with an above average percentage receiving Free School Meals. Additionally, we were delighted to receive funding from the MaPS Children and Young People Financial Education Innovation Programme to work in partnership with Teenage Cancer Trust, enabling young people with cancer to understand how cancer might affect their money, and how they can manage their money to overcome different challenges. We delivered **10 Workshops** reaching **46 Young People** with cancer, as well as supporting Teenage Cancer Trust Youth Support Coordinators to talk about money with the young people they support, by providing them with 4 training sessions as well as resources and signposting documents. Following the success of this project, we are looking for funding to take this offering further, supporting more young people with health conditions. Separately, we also ran **10 Workshops** for **67 Young People** impacted by the criminal justice system. With upcoming Workshops to this cohort of young people in 2022, we are delighted to be supporting this particularly vulnerable group. We always want to learn more about the effectiveness of our Workshops, as well as how they can be improved. Our evaluation agency helped us progress this and in 2021 we found that: - Young people reported a 23% increase in their ability to manage their money after one of our Workshops, along with a 20% increase in their ability and willingness to talk about money matters with close contacts. - There was a significant positive effect on young people’s knowledge and understanding of credit, savings, planning, and budgeting. - Teachers/organisations reported a significant increase in young people’s confidence in making decisions about money matters after the Workshop, while **100%** of those who booked with us would be interested in additional sessions, as well as recommending The Money Charity to others. ## **Teacher Resource Packs** We believe that educating pupils at school about their finances at an age where they are starting to encounter having their own money and making future decisions is one of the most important things we can do. That’s why our Teacher Resource Packs remain a helpful part of our Financial Education offering. The packs are styled as “lessons in a box” that can be left behind in the schools we visit, or sent to those who may find it difficult to schedule a Workshop. 10 **The Money Charity Annual Report** For the year ended 31 December 2021 Our full range of 13 packs focus on a wide range of accessible Financial Education subjects, suitable for KS3 and KS4 groups. Each pack is designed to fit into the curriculum, with the flexibility to fit into different lesson lengths, meaning teachers are facilitated in delivering engaging material, which has been developed with the benefit of our expertise and experience, to their classes. Teachers nearly all understand the importance of impactful Financial Education for their classes, but for many, time pressures, lack of confidence or not feeling well enough informed themselves hold them back. It’s positive then that we distributed 700 Teacher Resource Packs in 2021. ## **Student Money Manual** Many young people who may have received little or no Financial Education in school face managing their own money for the first time as students, against a backdrop of heavy, increasing student debt. We therefore produce our Student Money Manual (SMM) each year as an essential, accessible guide to student finance and how to manage money at university. It provides key information both for young people who are considering going to university (and may be unsure if they can afford to), as well as those who are already there and are looking for more input into how they manage their finances at this new stage of financial independence. Historically, the SMM has been unique in its status as an annually updated hard-copy resource. However, recent years have made this impossible, meaning the 2021 edition continued the previous year’s model of being a fullyinteractive PDF download instead. We were also able to give the SMM a more thorough review and update than the previous year had allowed. Thanks to sponsorship from fumopay for the 2021-22 edition, we continue to be able to offer the SMM for free, which greatly increases its appeal for students being savvy about their cash, which is clearly one of our main goals! 11 **The Money Charity Annual Report** For the year ended 31 December 2021 ## **Workplace and Community** ## **We develop people’s Financial Wellbeing regardless of their age, background and stage of life.** - Although now part of the curriculum, most adults never received any Financial Education during school, university, or as part of an apprenticeship scheme. According to The FCA in 2020, **28%** of adults had low confidence in managing their money, while MaPS found that **million (52%)** of adults say they do not feel comfortable talking about money and **63%** do not feel they can determine what happens in their lives when it comes to money. - Increasingly, UK employers are also acknowledging the link between employees’ wellbeing and their performance at work, with stress now the number one work-related health problem. A Close Brothers survey found that 94% of UK employees admitted to worrying about money and 77% of those saying money worries impact them at work. Clearly there are not only welfare, but also sound business reasons for providing Financial Wellbeing training at work. Plus with our independent, impartial viewpoint, employers can be assured they are equipping their staff with skills, knowledge and confidence, rather than straying into individualised financial advice. ## **Workplace Financial Wellbeing Workshops** Following the disruptions of 2020, we were really glad to see strong growth in 2021 for our Workshop and Webinar delivery, with a total of **120 Hours** delivered, reaching **1,741 People** . Not only was this a recovery in delivery levels, it even exceeded our pre-pandemic figures. Delivery of these sessions really are a key part of our work, as they help generate valuable income which enables us to keep up with the running costs of the charity. This in turn supplements the other funding we receive, which can then be dedicated to our work with young people and communities. We were delighted to work with **56** commerial clients, with a number of very well-known organisations from a diverse range of commercial sectors amongst them, such as The AA, Haier, HSS, Nest, Network Rail, Southern Housing, Taylor Wimpey, UNISON and Usborne Publishing, demonstrating the quality and prestige of our offering. We consolidated these steps with a full update and rebrand of all our Workshop and Webinar content and presentations, as well as through launching a professional Guide showcasing all of our available options. We also developed new sessions to meet the requests and demands we were hearing from organisations, including ones looking at Money Safety, Women & Money, plus tailored sessions for Young Adults or Young Apprentices. 12 ## **The Money Charity Annual Report** For the year ended 31 December 2021 Our new impact and evaluation partner also helped us find some compelling measures to demonstrate the quality of our work, noting a **25%** increase in how financially capable and able to plan for their future attendees felt after attending one of our Workshops/Webinars. Their awareness of where to go for support or financial information also increased significantly, with **96%** of attendees saying they would recommend us. We know well from the many dominant narratives around the pandemic that the UK’s household finances continue to be heavily affected, many for the good and many for the bad, meaning Financial Wellbeing will likely become an even more prominent aspect of the wider conversations around wellbeing in the months to come. With employers becoming more acutely aware of the challenge, and vital importance, of their employee’s wellbeing, we remain extremely well placed to meet their need, due to the uniqueness of our fully independent and impartial offering. ## **Community Financial Wellbeing Workshops** Thanks to support from our funders, our Community Financial Wellbeing Workshops offer charities, community groups and voluntary organisations the opportunity to access valuable training for their beneficiaries, volunteers and staff which they would often be closed off from due to budget constraints. We have a wealth of experience and expertise delivering Workshops, which enable these organisations to invest both in those they work with and those who deliver that work, as well as inspiring those passionate about financial issues to step into volunteering opportunities to further spread the word within their communities. Using relevant examples, delivery and materials, our Workshops cover a wide range of topics, including attitudes to money, aspirations, budgeting and planning your finances, managing everyday money, building financial resilience, borrowing and saving to achieve your goals. The Workshops are engaging and relevant, focusing on developing Financial Capability and therefore improving Financial Wellbeing. During Workshops, participants are introduced to a range of tools, techniques and other organisations offering information and support, to help them to manage their money better. 13 ## **The Money Charity Annual Report** For the year ended 31 December 2021 In 2021 we delivered **136 Hours** of Workshops to, and through, **58** not-for-profit partner organisations and reached **1,088 People** . This meant that through the year, exactly half of our total number of sessions delivered was to Workplace clients and half to Community, a great result which demonstrates our vital commitment to reaching all sorts of adults in different life settings. As a charity ourselves, we know how incredibly difficult the last two years have been for charities and community organisations, which is why we have seen so many keen to work with us this year and why we intend to keep meeting this growing need for the many worthy organisations who will need it. Groups reached in 2021 included those working with refugees, women’s groups, homeless people, as well as young adults such as carers, those with disabilities, or care leavers. Whomever it may be, we bring an ultimately positive message: that everyone can be in control of their finances and develop a positive relationship with money regardless of age, stage, background or situations. ## **The Money Manual** Our Money Manual sits complementarily alongside our Student Money Manual as a really useful, additional-value, resource for our Workplace & Community work, whether that’s given out for free to all Workshop attendees, or for those ordering copies from our website. ## **Consultancy** Our long history of Consultancy work means we can offer our unique perspective, experience and expertise to add real insight and value to organisations working on a project or product. An organisation might need support in building a Financial Wellbeing hub for their employees, or they may want our input in producing strong, engaging Financial Education content for a new resource helping parents who want to talk about money with their children. They may be looking to develop a new money management app, or need a critical friend who can help them ask the right questions about a new project or product. They might just want our help in gaining consumer and sector insights from our Financial Wellbeing perspective. 14 **The Money Charity Annual Report** For the year ended 31 December 2021 Whether it’s a one-off project or a whole suite of work, we have over 25 years of experience in the Financial Wellbeing, Financial Education, and Financial Capability sectors, meaning our diverse staff team and network of consultants can bring unique perspectives to any organisation. Organisations engaging with us in this way also allows us to bring positive, aspirational Financial Wellbeing messages to many more people, reaching them in appropriate ways through the organisations they already trust. 2021 saw real diversity across some very interesting projects, from working with The Seafarers’ Charity to create a new tailored Financial Wellbeing module which will form part of mandatory training for all new fishers to developing a 12 module workbook to be used as part of the Duke of Edinburgh Award. From creating and delivering a bespoke webinar on Financial Wellbeing for UNISON members to developing content for an e-learning programme for the Professional Association of Childcare Practitioners (PACEY) to support their early years practitioners. We also created and developed a Money Mentoring course for Southern Housing’s Many Sisters Project and, latterly in the year, started work on Financial Wellbeing content for The Worcestershire NHS Trust, a legacy of the late Captain Tom’s remarkable fundraising efforts. While our Consultancy work is a key aspect of our income generation, it also truly benefits our clients too. While they gain access to our expert support, consultancy clients have the additional bonus of knowing that they’re supporting the wider work of The Money Charity, helping us deliver more Workshops to those that most need them, enabling us to continue producing valuable resources and speaking up in Policy & Research so our society’s financial systems deliver better outcomes for people every day. ## **Policy, Research and Communications** Advocating, contributing to policy consultations and working with financial service providers to encourage developments that make money fairer and easier to understand and manage are vital elements of our work. As a small national charity with a big vision, these are ways we can influence decision-makers, encourage others to provide Financial Capability support, and improve the financial lives of people across the UK. In 2021, we submitted responses to **15** **Consultations** . As ever, these were on a broad range of topics with some particularly interesting areas of development, from the long-discussed Consumer Duty to Diversity and Inclusion Reporting for Company Boards and Executive Committees, alongside issues we have long championed such as continuing and improving Access to Cash. This range of topics illustrates the many diverse factors that go into improving the UK’s Financial Wellbeing, along with the many challenges people face in their day-to-day money management. 15 ## **The Money Charity Annual Report** For the year ended 31 December 2021 We remain an active participant within the Financial Capability sector, working with colleagues in fellow organisations who share our vision and mission. This included membership of several groups, such as the FCA’s Consumer Network and the Youth Financial Capability Group. The latter made some great strides in 2021, with collaboration on projects, such as MaPS’ Pathfinder initiative, as well as the production of a joint Financial Education resource, detailing all members’ available products and resources for young people, families and educators. We also met with newer organisations in our area, such as KickStart Money launching the Centre for Financial Capability, or the Financial Times’ Financial Literacy and Inclusion Campaign. 2021 also saw us make great improvements in our promotional materials, as we refreshed our three Workshop Guides to give clearer, better visualised handouts, detailing all the sessions we can offer to schools, colleges, workplaces and community groups. More significant than either of these though was the creation of The Money Charity’s first ever promotional films. Thanks to generous dedicated funding from Provident, we appointed and worked with a film production agency to plan, film and edit a set of films which would best showcase the variety and value of our work. The final four films, “Meet The Money Charity”, “Financial Education for Young People”, “Financial Wellbeing in the Workplace” and “Financial Wellbeing in the Community” launched together in early December and were very well received. Creating The Money Charity’s first ever promotional films after over 25 years of work really did represent a major achievement for us and they will become a vital foundational piece of our ongoing wider promotional efforts. ## **Our Website and Social Media** The Money Charity’s objective is that Financial Capability support should be available to everyone who needs it. As we can’t provide direct face-to-face support for everyone, we publicise the issues of Financial Wellbeing and Financial Education through our press releases, website, social media and emails. With the world growing ever more digital, the challenge for all our channels is to keep moving, ensuring they are the best shop window for our work that they can possibly be. Our website aims to offer straightforward, friendly information, as well as our resources, services and tools, receiving nearly **20,500 Visits** to around **39,500 Pages** from over **15,000 Unique Visitors** through the year. It was great to see our traffic growing as we dedicated considerable resource in 2021 to developing and sharpening multiple aspects of our site. 16 **The Money Charity Annual Report** For the year ended 31 December 2021 Our free online Budget Builder, available on desktop and mobile, continued to engage many more people with taking their first steps into budgeting, with over **1,200 New Users** , taking the total to just under **8,000** . Our social media channels continued to grow steadily and, while Twitter remains by far our biggest following, we saw particular remarkable growth on LinkedIn and Instagram, with the former growing by around 50% and the latter doubling! By year’s end, our total social following had increased to just under **8,300** , with our posts making it into the news feeds of over **186,000 People** . ## **The Money Statistics** We trawl multiple statistical sources and crunch the data each month to produce the unique perspectives and fascinating facts of “The Money Statistics”, our objective round-up of important statistics in UK money, debt, credit, tax and benefits, housing and the economy. The power of The Money Statistics isn’t just the varied and engaged audience they reach, but the stories they allow us to tell about the UK’s Financial Wellbeing. They are a platform for objective and impartial information, compiling and presenting complex information in a way that can be used within press and online, highlighting a variety of vital issues. From the stark message of the average UK credit card debt and how long it may take to repay, to the challenging financial circumstances most young people find themselves in every day, they are our way of raising issues and generating further discussion. In 2021, we returned to a full set of monthly reports, following the previous year’s interruptions. While the dominant narrative for the year continued to be the pandemic and its effects upon the UK’s finances, we were also able to highlight insights into the labour market, pay growth as well as young people’s financial lives. We saw real growth for The Money Stats through the year and while overall total readership saw just small gains, we found that opens and clicks of our monthly reports got stronger and stronger. Clearly, even more of our audience are realising the value of our analysis and commentary and tuning in for our insights. While the report is directly received by these people each month, the content then spreads far and wide beyond that, with a variety of sources sharing and making use of them in both their professional and personal lives. Many sites, media outlets and individuals will quote from them or use them as vital research or evidence, as well as key launching points into their own stories and presentations. The Money Statistics continue to be the most popular page on our website alongside the homepage, demonstrating both a strong desire for this information, as well as a clear indicator that this remains a vital thread of our work and one of the things for which we are best known. 17 The Money Charity Annual Report For the year ended 31 December 2021 Highlights of our 2021 Achievements 722 Hours of Workshops Delivered to 17,078 Young People 136 urs of Community orkshops 1088 Peo )NoYKplaGe WorKshops le 174IPeo MONEY 15 Consultation Responses Submitted MONEY MONEY 4 New Promotional Films, Our First Ever 1L MON EY CIKArLAJ The Money Charity Annual Report For the year ended 31 December 2021 ,273 Followers on Social Media Our Posts Reached Up To 186,461 People 20,498 Website 1,277 NEW Budget Builder Users 7,924 TOTAL Visits Teacher Resource Packs 700 Ordered 1L MON EY CIKArLAJ **The Money Charity Annual Report** For the year ended 31 December 2021 ## **Funding** We have continued to benefit from support from many of our much-valued existing funders, some of whom have supported our work for many years, such as Provident Financial Group & Vanquis Bank, ClearScore, St James’s Place Wealth Management, the John Coates Charitable Trust and MoneySprite. In 2021 we warmly welcomed amongst others the Money and Pensions Service, National Lottery Awards for All, Alan Boswell Trust, the MSE Charity, Bristow & Sutor and Virgin Media O2 who were either new or returning funders. ## Beneficiaries of our Services The beneficiaries of our services are people of all ages and backgrounds across the UK. Our faceto-face and virtual delivery in schools, colleges, community groups and workplaces takes place in England, Northern Ireland, Scotland and Wales. Our digital and printed information and resources are available across the UK. ## Financial Review Overall income for the year amounted to £395,591 (2020 £272,981) with an expenditure for the period of £436,433 (2020 £431,980). Net income was -£40,842 compared with -£158,999 in 2020. Net unrestricted income amounted to £38 (2020 -£181,073). 20 For the year ended 31 December 2021 ## **The Money Charity Annual Report** Net assets of the charity amounted to £244,949 (2020 £285,791) at 31 December 2021, comprising £118,937 (2020 £118,899) of unrestricted reserves and £126,012 (2020 £166,892) of restricted reserves. At year-end, there were no material commitments of unrestricted reserves not provided for as a liability in the accounts. 2021 showed a marked improvement in our finances with income up by £122,610 from the previous year. For the five years pre 2020, we had received significant unrestricted donations from a number of sources. This has not been the case in 2020 and 2021 and so we have continued to adapt to the steep drop in our unrestricted income by diversifying our income and increasing our earned income. That plus a significant reduction in our annual expenditure enabled us to deliver a small unrestricted profit and meant we didn’t have to reduce our unrestricted reserves further (as we had to the year before). We continue to use a number of at-hand bank accounts and deposits to provide an appropriate mix of security, investment income and short-term access. At year-end, bank and cash balances were £264,304 (2020 £312,849) and no short-term deposits (2020 none). It has been the historical policy of the organisation to ensure expenditure is closely linked to income, although this can vary with the timing of significant projects and this principle will continue in the future. Our financial position in the future will depend on a number of factors, primarily our ability to continue to raise funds, build our earned income and manage our cost base, as well as to retain our staff and continue to achieve desirable outcomes for those we support, and evidence this for our funders and the wider community. ## Principal Risks and Uncertainties There remains a risk that we will not be able to generate sufficient income ourselves to cover our expenditure, either through paid-for training and consultancy or restricted projects, without also receiving unrestricted donations to cover our costs. This risk has reduced since 2020 and indeed 2022 is currently looking even more promising. We are doing everything we can to focus on income generation and to secure the future of the charity, but ultimately this is a difficult risk to mitigate. 21 **The Money Charity Annual Report** For the year ended 31 December 2021 In addition, it continues to be difficult to raise funds in the Financial Capability sector. Although what we do is valued by our beneficiaries and beyond, the debate as to who should pay for it continues. The focus of the Money and Pensions Service continues to be on crisis debt solutions, rather than the more preventative work we do. ## Reserves Policy and Going Concern It is the policy of the charity that the unrestricted funds not committed or invested in tangible fixed assets (the free reserves) held, should equate to a minimum of three months of our unrestricted expenditure. In December 2021, unrestricted free reserves had increased to £116,511 (2020 £114,874), which represents four months worth of reserves. Increasingly we are generating income through consultancy & training delivery and whilst this is welcome, it is not secured much in advance of delivery, so makes forecasting with certainty more difficult. However, the cost of living crisis and an increased focus on Financial Wellbeing leads us to believe that there is an appetite for what we do and that we can continue to attract income at an increasing rate. In addition, we are very close to securing some new restricted project funding plus renewing some old relationships, meaning our ability to deliver in this area with certainty is also reasonably secure. Should our hopes for maintaining income over the next 12 months not be met, our reserves are sufficient to cover the difference in the short term. Overall we are comfortable that the charity is a going concern for at least the next 12 months with no material uncertainties. ## Fundraising Appointed in 2019 as our fundraising agency, Oaks Consultancy continued their work throughout 2021 and we spent £25,842 on fundraising in this way (2020 £29,072). Management of our corporate fundraising was done by the senior management team. We do not fundraise directly from the public, other than facilitating this on our website. In addition, we have a small number of individuals who choose to donate annually or monthly. We do not market to our donors and so we are not registered with the Fundraising Regulator. We have received no complaints about our fundraising. 22 **The Money Charity Annual Report** For the year ended 31 December 2021 ## Plans for the Future In 2021 we conducted a strategic review of the charity to set a strategic and forward direction for 2022 to 2024. This reaffirmed our commitment to focusing on achieving Financial Wellbeing for all those we work with, through our tried and tested methods, such as Workshops and other resources, whilst adapting and innovating to ensure our relevance and that we remain engaging. We intend to focus on: - increasing restricted income and delivery for our Young People Money Workshops; - increasing earned income through Financial Wellbeing training for Employers; - increasing earned income through the provision of consultancy services; and - maintaining restricted income and delivery for our Adults in the Community Financial Wellbeing Workshops and our influencing work. ## Structure, Governance and Management The organisation is a charitable company limited by guarantee, incorporated on 28/09/2004 and registered as a charity on 23/11/2004. The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association. All trustees give their time voluntarily and receive no benefits from the charity. There were no expenses reclaimed from the charity. The governing body is the board of trustees. Four board meetings were held during the year, three by video conference call and one at The Money Charity’s office. The charity’s trustees and senior management attended these meetings. 23 **The Money Charity Annual Report** For the year ended 31 December 2021 The Chief Executive (Michelle Highman) who is appointed by the trustees, manages the day-to-day operation of The Money Charity’s activities under delegated authority. The Chief Executive is responsible for maintaining the direction of the organisation thus ensuring the charity’s objectives are achieved. At year-end, the Chief Executive was supported by seven staff, of whom five were part-time (plus one part-time member of staff on maternity leave). The charity’s staff are all based at our head office in Clapham, London, but are all currently working in a hybrid way. ## Appointment of Trustees The directors of the company are charity trustees for the purpose of charity law and under the company’s Articles are known as members of the board. The board ensures that when admitting trustees, it takes into account the need for trustees to contribute to the skills and balance of the board as a whole. Recruitment is normally conducted on an open basis, unless a particular skill or need is identified which is best fulfilled by a known individual. Trustees are formally elected to post by the current trustees. In 2021 we recruited one new trustee. ## Trustee Induction and Training New trustees are inducted through a combination of face-to-face or virtual meetings and the provision of an induction pack. ## Remuneration Policy for Key Management Personnel The Chief Executive’s remuneration was set by the trustees on appointment in 2011. Since then she has voluntarily excluded herself from any pay review process. All other remuneration decisions are delegated to the Chief Executive within the pay review budget approved each year by the trustees 24 **The Money Charity Annual Report** For the year ended 31 December 2021 ## Statement of Responsibilities of the Trustees The trustees (who are also directors of The Money Charity for the purposes of company law) are responsible for preparing the trustees’ annual report and the 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 in the Charities SORP - ●Make judgements and estimates that are reasonable and prudent - ●State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements - ●Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation The trustees are responsible for keeping adequate accounting records that 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 charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2021 was 3 (2020: 4). The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity. The trustees’ annual report has been approved by the trustees on date 25 April 2022 and signed on their behalf by Linda Ellett Trustee Date: 25 April 2022 25 The Money Charity Thank You to all our friends and supporters, including: Alan Boswell Trust Bristow & Sutor Clearscore fumopay The John Coates Charitable Trust The Money and Pensions Service Moneysprite The MSE Charity MSN Fund National Lottery Awards for All Open Banking Expo Postcode Society Trust Provident Financial Group & Vanquis Bank Sovereign Housing Association St James's Place Wealth Management Virgin Media 02 + Christmas donations from Google employees And our many individual supporters and users of our service. **The Money Charity Annual Report** For the year ended 31 December 2021 ## Independent Examiner’s Report to the Trustees of The Money Charity I report to the trustees on my examination of the accounts of The Money Charity for the year ended 31 December 2021. This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed. ## **Responsibilities and Basis of Report** As the charity trustees of the Company you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011 (‘the 2011 Act’). ## **Independent Examiner’s Statement** Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accounts in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. Accounting records were not kept in respect of the Company as required by section 386 of the 2006 or 2. The accounts do not accord with those records; or 3. The accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 4. The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities; 27 **The Money Charity Annual Report** For the year ended 31 December 2021 I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Name: Joanna Pittman Date: 26 April 2022 Relevant Professional Qualification or Membership of Professional Bodies (if any): Fellow of the Institute of Chartered Accountants in England and Wales Address: Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London EC1Y 0TL 28 The Money Charity Annual Report For the year ended 31 December 2021 The Money Charity Statement of financial actNilie5 lino)rporating an incorne and expenditure aco)untl For the year ended 31 December 2021 2021 Total UnrestrKted Restri¢led 2020 Total Unrestrided Restricted Note In¢ome from.. Donation5 and legacies Charitable a¢livities Core activities other In¢ome Investments 29.458 29A58 10,699 10.699 163.0 9.151 164 193.728 356.818 9,151 164 38,322 89,311 2,899 131.750 170.072 89,311 2.899 Total Incornè 201,863 193,728 395,591 141,231 131,750 272,981 Expenditure on= Raising funds Charitable activities Core aGts-vilies 52,626 52,626 58,708 58,708 149,19 234,608 383,807 263,596 109.676 373,272 Total expendotu 201,825 234,608 436,433 322,304 109,676 431,980 Net income I lexpenditurel forthe year 140,8801 140.8421 1181,0731 22,074 1158,9391 Reconciltztion of fund5: Total fil￿S brought forward 118.899 166.892 285.791 299.972 144.818 444.790 Total fund$ ¢arri¢d forward 118.937 126.012 244,949 118,899 186.892 285.791 All ol the atx)ve ￿SU￿$ are denved from Continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed In Note 12 to the finanual statements. 29 1L MON EY CIKArLAJ The Money Charity Annual Report For the year ended 31 December 2021 The Money Charity Balance sheet Company no. 05244075 As at 31 December 2021 2021 2020 Note Fixed assets- Tangible assets 2,426 4,025 2,426 4,025 Current a$$et$'. Debtors Cash at bank and in hand 18,369 264,304 6.222 312,849 282,673 319.071 Llabllltles.. Creditors.. amoun15 falling due within one yèar 10 40,151 37,306 Ngt currgnt assets 242,S23 281,765 Total net assets 11a 244,949 285,791 The lund$ of the charity: Restricted income funds Unrestricted income funds.. General funds 12a 126,012 166,892 118,937 118.899 Totsl unrestricted funds 118.937 118,899 Totsl charity funds 244,949 285,791 The opinion of the directors is that the company is entitled to the exempts'ons conferred by Section 477 of the Companies Act 2006 relating to small companies. The directors acknowledge the followng responsibilits'es.. lil The members have not required the company to obtain an audit of ils accounts for the year in question in accordance with section 476 lill The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts Approved by the tru51ee5 on 25 April 2022 and signed on their behalf by Linda Ellett Trustee 30 1L MON EY CIKArLAJ The Money Charity Annual Report For the year ended 31 December 2021 The Mongy Charity Statemgnt of cash flows For the ar ended 31 December 2021 Note 2021 2020 Cash flows from operating activities Net Income I lexpenditurel for the reporting period las per the statement of financial activities) DepTeciab"on charges Dividends, interest and rent from investments Idecrea5el in debtors Idecreasel in credrtors 140,8421 1158.9991 1,600 11641 112.1481 1,605 12,8991 10.360 16,7011 Net cash provided by operaiing a￿l¥ll1eS 148,710) 1156,6351 Cash flows from invesiing aciiviiies.. Dividends, interest and rent5 from investments Purchase of fixed assets Transfer of cash to deposit acc¢xnls 164 2,899 128,577 Not cash provided by inv05ting actiwti85 131.476 Changg in cash and cash equivalents in the year 148,546) 125,1591 Cash and cash equwalents at the beginning of the year 312.849 338,L708 Cash and cash equivalgnts at thg gnd of tho year 264,304 312,849 31 1L MON EY CIKArLAJ The Money Charity Annual Report For the year ended 31 December 2021 The Money Charity Notes to the financlal statements For the oar ended 31 De¢emb&r 2021 1 Accountlng pollcl8S al Statutory Informallon The Money Charity is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address is 15 Prescott Place, London, SW4 6BS. bl Basis of preparation The financial slalemenls have been prepared In accordance with Accounb"ng and Reporting by Charrties." ststemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021- (Charities SORP FRS 1021, The Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Assets and liabilits'es are initially recognised al historical cost or Iransadion value unless otherwise stated in the relevant accounting policy or note. In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Eslimales and judgements are continually evaluated and are based on historical experience and other factors, including expectab'ons of future events that are believed to be reasonable under the circumstances. The nature of the eslimalion means the actual outcomes could differ from those estimates. Any significant esknmates and iudgemenls affecting these financial statements are detailed within tt)e relevant accounting policies below. cl Publlc bgnefft gntlty The charity meets the definibon of a public benefit entity under FRS 102. dl Golng concom The Iruslees consider that there are no material sjncertainties about the charitys ability to continue as a going concern. The trustees do not consider that there are any sources of estimats'on uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. el Income Income is recognised when the charity has entidement to the funds, any perfomiance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from government and othèr grants. whether'c8Pital' grants or'revenue, grants. is recognised when the charity has entitlement to the funds. any perfom)ance conditions attached to the grants have been met. it is probable that the 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 seNice is deferred until the criteri8 for income recognition are met. On receipt, donated gifts, professional services and donated faclf(ies are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing lo pay to obtain services Dr facilities of equivalent economic benefrt on the open market,. a corresponding amount is then recognised in expenditure in the period of receipt. 32 1L MON EY CIKArLAJ The Money Charity Annual Report For the year ended 31 December 2021 The Money Charlty Nots5 to the financial statements For the ear ended 31 December 2021 1 Acc¢)untlng policies Icontinuedl fj Interest receivable Interest on funds held on deposit 15 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. gl Fund accounting Restricted funds are to be used for 5peafic purposes as laKI down by the donoT. Expendlture which meets these criteria is charged to the fvnd. Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. Designated funds are unrestricted funds earmarfoed by the trustees for particular purposes. h) Exp8nditure and iTrecoverable VAT Expendrture 15 recognised once there is a legal QT constructive obligation lo make a payrrenl to a third party, il is probable that serfement wll be required and the amount of the obligation can be measured reliably. Expenditure is classified under the followng activity headings.. Costs of raising fund5 relate to the c0515 incurred by the charity in inducing third parties lo rnake voluntary contributions lo it, as well as the cost of any activities with a fundraising purpose Expenditure on ehèritable activities includes the Costs tsf delivering services and ()ther education81 activities undertaken to further the purposes of the charity and their as50cialed 5UPPOrt costs Other expenditure represents those items not falling into any other heading Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. 11 Allocation of support costs Resources expended are allocated to the particular activity where the cost relates directly to that activity. However. the cost of overall direction and administration of each activity, comprising the salary and overhead C051s of the central function. is apportioned on the follo￿7ng basis which are an esknmale. based on staff ts"me, of the amount attributable to each activity. Charita￿e core activities Raising funds Support costs 76.4% 8.40 15.2% Governan￿ costs are the costs associated with the govemance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated wth the strategic tllanagement of the chanty s activitie5. Jl Operating leases Rental chaTges are charged on a straight line b85is over the tem of the lease. kl Tanglblè flxed assets Items of equiprnenl are capilalised where the purchase price exceed5 £500. Depreciab"on costs are allocated to activib'es on the basis of the use of the related assets in those activities. Assets are reviewed for impairment rf circumstances indicate their carrwng value may exceed their net realisable value and value in Use. Major components are treated as a separate asset where they have signttic8nUy different pattems of consumption of economic benefits and are depreciated separatety over its useful life. 33 1L MON EY CIKArLAJ The Money Charity Annual Report For the year ended 31 December 2021 The Money Charity Notes to the financial statements Forthg year endod 31 Decgmber 2021 1 Accountlng pollcigs Icontlnugd) kl Tanglble fixed assets Icontlnuedl Depreciation is provided al rates calculated lo write down the cost of each asset lo tts estimated residual value over ils expected useful life. The deprectation rates in use are a5 follows= Computer equipment and software Fumilure, fixtures and fittings 2586 Straight line 2586 Reducing balance 11 Debtors Trade and other debtors are re¢ognised at the settlement amount due after any trade discount offered. PrepayTnents are valued at the amount prepa1d nel of any trade discounts due. ml Short term deposits Short term deposits includes cash balances that are invested in accounts with a maturity dale of belween 3 and 12 months. n) Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments wlh a short maturity of three months or less from the date of acquisition or opening of the deposf( or similar account. ol Credltors and provlslons Credrtors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligab.on can be measured or estimated reliably. Creditors and provisions are nomially recognised al their settlement amount after allowng for any trade discounts due. pl Financial instruments The charity only ha5 financial asset5 and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequenUy measured al their settlement value with the exception of bank loans which are subsequentty measured al amortised cost using the effective interest method. ql Pensions The charitable company operates a defined contribution pension scheme. Contribution5 payable to the charitable companvs pension scheme are charged lo the Statement of Financial Activities in the period to which they relate. 2 Income from charitable actlvttles 2021 Total Unrestricted 2020 Total Unrestricted Restricted Restricted Grants consu￿anCY Money manual Training 52,250 54,557 583 55.700 193,728 245,978 54,557 583 55,700 131,750 131,750 23,316 1,105 13,900 23,316 1,105 13,900 163,090 193,728 356,818 38,322 131,750 170,072 34 1L MON EY CIKArLAJ The Money Charity Annual Report For the year ended 31 December 2021 The Monoy Charlty Notes to tho flnanclal statsmonts Forth8 arended 31 Docorthr 2021 3a Analysls of oxpendlture (current ￿ar) Charf18ble Raising fund$ tore activitiÈS Govemance eosts Support tosts 2021 Totsl 2020 Total Stsff costs (Note 51 Other staff costs Restricted direct costs Unrestricted direct Costs other Char￿able 8cYvttle$ Insurance Telephone and Intemet Office cost$ Computer malnten8nce and prfntlng Rent R Support fees AudM and IE fees Dep￿atIOn hmscellaneous 19.587 177.751 35.256 2.023 232,594 2,023 q10,371 50,801 306,908 2,539 36,715 43.794 3,336 1.027 6,274 1.737 4.586 20,004 558 4,481 1.605 11.9831 110.371 24.468 1,845 25.842 491 1.091 5.534 954 4.320 20.004 1.240 1,091 5,534 954 4,320 20,004 1,240 4,045 1.600 1,600 13 45.429 314.434 4,058 72.512 436.433 431.980 Support cost5 7.197 65.315 172.5121 Governdnco C05ts 4.058 14.0581 Tol41 expgndilure 2021 52,626 983,807 436,433 Total expenditure 2020 58.708 373.272 431.980 35 1L MON EY CIKArLAJ The Money Charity Annual Report For the year ended 31 December 2021 The Money Charity Notes to the financial statements For the ear ended 31 December 2021 3b AJ)alysis of expenditure Iprior yearl Charrtable Raising funds core activities Governance costs Support costs 2020 Total Staff costs INote 51 Other staff costs Restricted direct costs Unrestricted direct costs Olher charitable aetivities Insurance Telephone and internet Office costs Computer Maintenan￿ and printing Rent HR Support fees Audit and IE fee5 Depreciation Miscellaneou5 20,238 214,499 72,174 2,539 306,908 2,539 36,715 43,794 3,336 1,027 6,274 1.737 4,586 20,004 958 4,481 1,605 11.9831 36.715 14.586 3,336 29,072 1,027 6,274 1.737 4.586 20,004 958 4,481 1,605 11,9961 13 49,308 269,136 4A94 109,043 431,980 Support costs 9,400 99.642 1109,0431 Governance costs 4,494 14,4941 Total expenditure 2020 58,708 373,272 431,980 36 1L MON EY CIKArLAJ The Money Charity Annual Report For the year ended 31 December 2021 The Moneycharfty NotOS to the flnanclal statsments For the ar endad 31 Decamber 2021 Net expendlture for the year This is stsled after charging I luedf(ingl'. 2021 2020 Depreciation Operating lease renta15 payabk". Propety Equipment Independent Examinerfs TemuneratKJn {excluding VATI Independent Examination fees 1.600 1,605 20.004 1,594 20,004 1,594 3,675 3,500 alysis of staff cost5, trustee remuneration and expenses, and the c05t of key management personnel Staff costs were as follows.. 2021 2020 Salaries and wages Social security cost5 Employer's contribution lo defined contribution pensDn schemes Oiher foms of employee benefits 193,308 18,313 19,760 1,213 252,972 25,366 27.163 1,407 232,594 306,908 No empk*yee recewed em ￿0Yee benefts exceeding £60,000 during the year. The key management personnel of the charty in 2021 comprised the ChEf Exerxjlive Officer. The lotsl employee benefits lincluding pensi[￿ contn"bukn"ons and employerfs national Insurance) of the key management personnel w￿e £50,77812020.' £60,650). The charty tsvstees were neill%r paid nor recewed any other benefts from employment with the charity in the year12020'. £nil}. No charity trustee re￿iVed pawmenl for professional or olher seNces 9Jpplied to the charrty 12020.. £nill. No expenses were reimbvrsed to charity trustees during the year12020'. £01. 37 1L MON EY CIKArLAJ The Money Charity Annual Report For the year ended 31 December 2021 The Money Charity Notss to the financial statements For the oar ended 31 Dgcember 2021 staff numbgrs The average number of employees (head count based on number of staff employed) during the year was 8 12020.. 81. Relatsd party transactlons Aggregate donations from related parties were £28,36312020.' £Nil}. Justin Basini is the Chief Executive Officer & Co-Founder of Ckarscore, and the tharty receNed one grant of £19,463 and one thjnalion of £8.900 from Clearscore in 2021, totalling £28,36312020.' £Nill. steve BLJller is Chief Executive offiTrr at Punter Southall Aspire IPSAI. and the ¢harity re￿iVed one grant of £12,400 from PSA in 2019. The grant has been used throughout 202110 deliver a volunteer programme. Tanglble flxgd assets Computer equipment and soknre Furnrture, fixtures and fittings Total Cost At the start of the year 4,967 18,704 23,672 At the end of the year 4,967 18,704 23,672 Depreciation At the start of the year Charge for the year 4,900 17 14,746 1,583 19,646 1,599 At the end of the year Net book value At th8 gnd of the yoar 4,917 16,329 21,246 51 2,375 2.426 At the start of the year 67 3,958 4,025 l of the above assets are used for charitable pur￿Ses. 38 1L MON EY CIKArLAJ The Money Charity Annual Report For the year ended 31 December 2021 The Money Charity Notes to the financial statements For the ear ended 31 December 2021 Debtors 2021 2020 Trade debtors Other debtors 17,340 1,029 5.926 295 18,369 6,222 10 Credltors.. amounts lalllng due wlthln one year 2021 2020 Trade credf(ors Accruals Deferred income 16,552 13,939 9,660 18,399 14,533 4,375 40,151 37,306 Deferred income comprises of income received for Finanaal Education and Financial Wellbeing Training where delivery has not taken place yet. 11a Analysis of net assets between funds (current yearl General unrestricted Restricted Totsl funds Tangible fixed assets Nel current assets 2,426 116.511 2,426 242,523 126,012 Net assets at 31 December 2021 118,937 126,012 244,949 11b Analysis of net assets between funds (prior yearl General unrestricted Restricted Totsl funds Tangible fixeLI assets Net current assets 4,025 114,873 4,025 2B1,766 166,892 Net assets at 31 December 2020 118.899 166,892 285,791 39 1L MON EY CIKArLAJ The Money Charity Annual Report For the year ended 31 December 2021 The Money Charity Notss to the flnanclal ststements For tha oar ended 31 Decambar 2021 12a Movements In funds {Cu￿ent yearl At1 January 2021 At31 Decem￿￿ 2021 Income & Expendrture gain5 & losse5 Tran5ters Restrlcted funds: Finanoal Education with Youro Peop Finanaal Wellbeing Training wlh Adults 95,445 71,447 165,541 28,187 1182,0901 152,5181 78,896 47,116 Total restricted funds 166,892 193,728 1234,6081 126,012 Unrestricted funds- General funds 118,899 201,863 1201,8251 118.937 Total unrestrlcted funds 118,899 201,863 1201,8251 118,937 Total funds 285.791 395.591 1436.4331 244.949 The narrative lo explain the purpose of each fund is given at the foot of the note below. 12b Movements In funds {prtor year) At1 January 2020 At31 Decem￿￿ 2020 Income & Expenditure gain5 & losse5 Transters Restrlcted funds: Finanoal Education with Youro Peop Finanaal Wellbeing Training wlh Adults CAF Development Fund 81,607 54,878 8,333 82,750 36,500 12,500 168.9121 119,9311 120,8331 95.445 71,447 Total restdctsd funds 144,818 131,750 1109,6771 166.892 Unrestdctsd funds: General funds 299,972 141,231 1322,3041 118,899 Total unrestrlcted funds 299,972 141,231 1322,3041 118.899 Total funds 444,790 272,981 1431,9801 285,791 40 1L MON EY CIKArLAJ The Money Charity Annual Report For the year ended 31 December 2021 The Money Charity Notss to the financial statements For the oar ended 31 Dgcember 2021 Purposes of restrlcted funds: Flnanclal Educatlon wlth Young Paople In Educatlon and th8 Communlty To provide free diretx delivery training and resources for young people, primarily in sthools and cdleges in England, Wale5 and Nothem Ireland through our Money Workshops. Flnanclal Well￿1ng Tralnlng wlth Adults In the Communlty To provide free dirert delivery training lo adults aimed both directly at individuals who want to leam to manage money well, and the intemiediaries, such as housing assockalions and communty groups who help them. 13 Operating lease commitments paydble as a lessee The tharity's total fvlure minimum lease payThents under non-cancellable operating leases is as folk￿￿S for each of the following perw)ds Equipment 2021 2020 Les5 than one year Ckne to fnie years 1,594 2,390 1,594 3.984 3,984 5,578 14 Legal status of the charity The tharrty is a company limrted by guarantee and has no Share capital. The liability of each member in the event of wnding up is limited lo £1. 41 1L MON EY CIKArLAJ Thanks For Reading To support our work in 2022 as we help the UK increase its Financial Wellbeing, or just to find out more, head to our website: httPS:Ilthemoneycharity.org.uk or email hello@themoneycharity.org.uk