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2020-12-31-accounts

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INSTITUTE OF MONEY ADVISERS

(A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Company Registration No. 05386480 (England and Wales)

Charity Registration No. 1112758

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees T Lett
J Clack
S Mercer
R Rosenberg - co-opted
J Fielding
S Williams
L Goldberg - co-opted (Appointed 22 February 2021)
A Walters - co-opted (Appointed 22 February 2021)
Secretary S Williams
Charity number 1112758
Company number 05386480
Principal address First Floor
4 Park Court
Park Cross Street
Leeds
LS1 2QH
Registered office First Floor
4 Park Court
Park Cross Street
Leeds
LS1 2QH
Auditor Alison Whalley FCA
Naylor Wintersgill Limited
Carlton House
Bradford
BD1 4NS
Bankers Co-operative Bank plc
PO Box 250
Delf House
Southway
Skelmersdale
WN8 6WT
Unity Trust Bank
Nine Brindleyplace
Birmingham
B1 2HB

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) CONTENTS

Page
Trustees report 1 - 7
Statement of Trustees responsibilities 8
Independent auditor's report 9 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 29

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their report and financial statements for the year ended 31 December 2020.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity'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) (effective 1 January 2015)” . The charity is a public benefit entity as defined by FRS102.

Objectives and activities

The objects of the charity are to relieve poverty and advance public education in all matters relating to management of personal finances, to promote free money advice, to advance the education of advisers relating to money advice and to bring a responsible influence to bear on public policy relating to money advice and / or personal finances. To the relief and prevention of financial hardship in particular but not exclusively by

(i) the promotion of high standard in the provision of free-to-client money advice;

(ii) the provision of education and training for money advisers;

(iii) the advancement of the education of the public in the subject of money matters, debt and the management of personal finances.

In pursuit of these aims, over the past year, the Institute of Money Advisers (IMA) has undertaken the following activities: -

How activities have delivered public benefit

The IMA has provided training, information resources and education to money advisers to develop high standards in free-to-client advice to relieve and prevent financial hardship to the public.

The board has reviewed the guidance issued by the Charity Commission regarding public benefit, and are satisfied the charity complies with the duty in section 4 of the 2011 Charities Act.

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

Financial review

The financial statements are set out pages 12 to 29. The trustees consider the financial performance by the charity during the year to have been satisfactory.

The Statement of Financial Activities shows a total income of £551,194 (2019 £714,531) and total costs of £510,835 (£634,529) resulting in a surplus of £40,359 (2019 £80,002).

The Board have made provision to address the financial challenges of income generation by contracting with a business development consultant, to help increase revenue and mitigate the risk of unexpected budget variances being met from reserves.

Trustees consider it appropriate to hold free reserves equivalent to at least six months' operating costs. In addition, the trustees agreed to put aside specific reserves of £3,500 to provide financial support to students on 2021 cohorts of CertMAP in exceptional circumstances; £4,000 to provide subsidised places to members attending the IMA annual conference; £63,000 to procure a Customer Relationship Management system; £6,000 to cover post lockdown office costs; £2,000 to provide an IMA Branch Support Fund; £2,000 to cover interim costs of IMA Branch Money Advice Group meetings; £4,000 to subsidise IMA member training places to non-MaPS funded advisers; £2,548 for internal learning and development; a Fixed Asset Fund of £3,914; and an IT equipment reserve of £3,000.

The trustees also considered it prudent to hold a Contingency Fund of £44,942 to meet obligations under existing contracts and lease agreements.

The free reserves at 31 December 2020 stood at £546,073 (£468,312)

Availability and adequacy of assets of each of the funds

The Board of trustees is satisfied that the IMA's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.

Principal Funding Sources

How our expenditure in the year has supported our objectives.

Education

Integral to meeting our charitable purpose is the provision of education and training for money advisers. To this end, in 2020 the Institute provided:

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

Qualifications

Awarding the Certificate in Money Advice Practice , to 129 IMA members in 2020 ensured that they met the quality standard required in this highly-skilled area of work and became recognised as Accredited Money Advisers.

Bursary funding from the United Utilities Trust Fund and the Thames Water Trust Fund helped to subsidise the cost of studying the CertMAP qualification for IMA members assisting clients in the United Utilities and Thames Water regions.

Training

We delivered a total of 58 open programme training events throughout the year in a range of specialist subjects offering a total of 1385 training places. During January-March, these courses were delivered face-toface at venues across England and Wales. Due to the coronavirus pandemic, training courses were reconfigured for virtual delivery and, from April 2020, all courses were delivered online to ensure that advisers were able to keep their knowledge up to date and continue to develop professionally.

373 advisers attended open programme training free of charge, and a further 338 received free training inhouse, thanks to funding from the Money and Pensions Service (via a Money Advice Trust grant).

Relieve Poverty

The provision of education, training and support services to IMA members outlined in this report helps to improve and maintain the quality of advice provided by money advisers; in turn, the work of money advisers supporting those with unmanageable debt and maximising incomes, helps to relieve poverty and advance public education in all matters relating to management of personal finances.

Our policy work has enabled us to gather evidence and respond to issues which threaten, cause or compound poverty to people in debt.

In its role as a Debt Relief Order Competent Authority, the IMA was directly involved in the relief of poverty during 2020, with our staff assessing and authorising only applicants with the requisite skills and competence to act as Approved Intermediaries. IMA Approved Intermediaries were then able to submit Debt Relief Order applications on behalf of insolvent people, eventually leading to the discharge of their debt.

Influence Policy and Practice

The staff team also worked with IMA members and other sector stakeholders to contribute to and support consultations and campaigns. We obtained evidence from and facilitated focus group meetings with IMA members to inform our response to the Cabinet Office’s call for evidence to improve government debt management. We also worked in partnership with the Taking Control stakeholders seeking to improve enforcement agent practice.

In response to a resolution passed at the IMA’s Annual General Meeting in 2019, we commissioned independent research into the impact of workloads on debt advisers.

A report, ‘Workload conditions and wellbeing in the money advice sector’, was published in October 2020 and has supported advisers in discussions with their employers and employers in discussions with funders. The IMA has also brought the report’s findings to the attention of key decision makers and funders to asked that wellbeing and working conditions are considered when planning future debt advice service provision.

Plans and Main Objectives for the Forthcoming Year

In 2020, the IMA Trustee Board plans to build on the success of the previous twelve months, ensuring that high quality training, education and support services are available to advisers who make a difference to overindebted people and those who are struggling to budget.

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

Strategy for Achieving Objectives in 2020

Review the IMA’s constitution and propose special resolutions to the Annual General Meetings to be held in 2021, ensuring compliance with Charity Commission and Company Law requirements.

Support quality in the provision of money advice by maintaining IMA Accreditation, involving further development of the IMA’s CertMAP qualification, Continuing Professional Development scheme and Professional Code of Conduct.

In partnership with the Money Advice Trust, provide an adapted version of the IMA’s Continuing Professional Development scheme to Money and Pensions Service funded advisers, as part of a Quality Improvement grant agreement.

Deliver the CertMAP qualification, in partnership with Staffordshire University, to two further cohorts of up to 100 students each.

Seek additional bursary funding to help to make the CertMAP qualification available to those working in organisations with limited/reduced funding sources.

Support the training and education of advisers by delivering an up to date IMA Training Programme, relevant and responsive to adviser need and sector developments.

Continue to develop the IMA’s online learning offer, including exploration of a Learning Management System.

Seek sponsorship and funding to support the provision of free training.

Hold a virtual conference in place of the two day annual physical event.

Continue to develop information resources and materials to support good advice practice as part of a Money and Pensions Service funded Networking and Information Sharing project.

Deliver four free live webinars to IMA members.

Provide a commercial case-file audit service to support the development and assurance of quality in the sector.

Take steps to increase the Institute’s profile and stature.

Increase our social media presence, including use of Linked In and Facebook to share news and updates.

Continue the IMA’s social policy partnership with PayPlan, in response to developments in the external environment.

Explore opportunities to provide additional membership benefits, including partnerships with external suppliers.

Develop our understanding of issues from our report into adviser workload conditions and wellbeing by conducting further research.

Engage with stakeholders regarding our workload conditions and wellbeing report, including addressing confirmation of advice issues.

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

Structure, governance and management

The charity is a company limited by guarantee registered in England and Wales(Registered company no 05386480) and is governed by its Memorandum and Articles of Association. It was incorporated on 9 March 2005 and registered as a charity on 18 January 2006 (Registered Charity no 1112758).

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

T Budd - co-opted

(Resigned 17 February 2021)

T Lett J Phipps (Resigned 2 February 2021) J Clack S Mercer R Rosenberg - co-opted J Fielding S Williams L Goldberg - co-opted (Appointed 22 February 2021) A Walters - co-opted (Appointed 22 February 2021)

Appointment of trustees is governed by the charity's Memorandum and Articles of Association. Trustees are elected by ballot at the General Meeting and the Ordinary Members shall take office for three years, save for the first three years following incorporation when one third of the originally elected Trustees shall retire in rotation but may be re-elected.

The trustees have the power to co-opt up to four further members to fill specialist roles. A Co-opted Director's period of appointment runs up to the date of the AGM following co-option. One further Director is elected by the Council of the Institute as its representative on the Board of Trustees.

All members are circulated with invitations to nominate trustees prior to the Annual General Meeting (AGM) advising them of the retiring trustees and requesting nominations for the AGM. When considering co-opting trustees, the Board has regard to the requirement for any specialist skills needed.

None of the Trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of the charity winding up.

Organisation of the Charity

All strategic decisions affecting the IMA are made by the Board. The Board can decide to delegate powers to make decisions in specific areas to relevant sub-committees; these will be described in individual subcommittees Terms of Reference, the IMA Membership Rules and the Memorandums and Articles of Associations. Responsibility to make decisions about the day to day running of each element of the organisation is allocated to the relevant members of management team under supervision of the Chief Executive Officer.

Chief Executive Officer

The IMA’s CEO is Robert Wilson, who joined the organisation in March 2014 .

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

Risk Assessment

Trustees have assessed the major risks to which the charity is exposed and believe that the risks posed by the Covid-19 pandemic preventing face-to-face training, events and other meetings, are effectively mitigated by hosting online events using webinar platforms.

The potential risk of a reduction in membership and lower take-up of IMA services is not significant in the short-term, following Money and Pension Service funding of over 500 trainee debt adviser roles in 2020/21. Post-pandemic, however, there may be significant changes to the money advice sector in the longer-term, for which we Trustees will actively monitor the external environment.

The IMA risk register is reviewed and updated at each Trustee Board meeting, ensuring effective risk management and mitigation.

Related Parties

In the delivery of some of our strategic aims, the IMA will partner with other organisations:

We will partner with the Staffordshire University to deliver the debt advice qualification, the Certificate of Credit in Money Advice Practice.

Through a grant from the Money Advice Trust, we will seek to offer free training to Money and Pensions Service funded debt advice projects.

Through a quality improvement grant from and in partnership with the Money Advice Trust, we will provide an adapted version of the IMA’s Continuing Professional Development scheme to Money and Pensions Service.

The IMA will continue to work with a wide range of stakeholders involved in the delivery of money advice to promote quality and share good practice.

Auditor

Naylor Wintersgill Limited were reappointed as auditors.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees r eport was approved by the Board of Trustees.

J Clack Chair of the trustees Dated: 29 July 2021

T Lett Treasurer Dated:29 July 2021

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees, who are also the directors of Institute of Money Advisers for the purpose of company law, are responsible for preparing the Trustees 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 Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INSTITUTE OF MONEY ADVISERS

Opinion

We have audited the financial statements of Institute of Money Advisers (the ‘Charity’) for the year ended 31 December 2020 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).

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 directors’ 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 [entity]'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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF INSTITUTE OF MONEY ADVISERS

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the d irectors’ r eport included within the Trustees r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the s tatement of Trustees r esponsibilities, 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

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF INSTITUTE OF MONEY ADVISERS

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the C harit y and its industry, we identified that the principal risks of noncompliance with laws and regulations related to breaches of UK law and we considered the extent to which noncompliance might have a material effect on the financial statements of the C harit y. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. 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 revenue or reduce expenditure or increase the capital position of the C harit y, and management bias in accounting estimates and judgmental areas of the financial statements. Audit procedures performed by the engagement team included: ·

Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing over immaterial liabilities and assets balances. ·

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.

Alison Whalley (Senior Statutory Auditor) for and on behalf of Naylor Wintersgill Limited 29 July 2021 Chartered Accountants Statutory Auditor Carlton House Grammar School Street Bradford BD1 4NS

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted
Restricted
funds
funds
2020
2020
Notes
£
£
Income from:
Donations and
legacies
3
22,675
99,293
Income from
c haritable activities
4
415,361
9,500
Investments
5
4,365
-
Total income
442,401
108,793
Expenditure on:
Expenditure on
c haritable activities
6
402,042
108,793
Net income for the year/
Net movement in funds
40,359
-
Fund balances at
1 January 2020
646,617
-
Fund balances at
31 December
2020
686,976
-		 Unrestricted
Restricted
Total
funds
funds
2020
2019
2019
£
£
£
121,968
28,720
119,034
424,861
463,278
98,540
4,365
4,959
-
551,194
496,957
217,574
510,835
416,955
217,574
40,359
80,002
-
646,617
566,615
-
686,976
646,617
-		 Total
2019
£
147,754
561,818
4,959
714,531
634,529
80,002
566,615
646,617

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.

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET

AS AT 31 DECEMBER 2020

2020
Notes
£
Fixed assets
Tangible assets
11
Current assets
Debtors
12
111,662
Cash at bank and in hand
610,090
721,752
Creditors: amounts falling due within
one year
13
(38,689)
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds
Designated funds
16
140,903
General unrestricted funds
546,073
The financial statements were approved by the Trustees on 29 July 2021
T Lett
J Clack
Trustee
Trustee		 £
3,913
683,063
686,976
686,976
686,976		 2019
£
115,355
561,413
676,768
(36,938)
178,306
468,311		 £
6,787
639,830
646,617
646,617
646,617

Company Registration No. 05386480

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Cash flows from operating activities
Cash generated from operations
21
Investing activities
Purchase of tangible fixed assets
Interest received
Net cash generated from/(used in)
investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2020
£
(659)
4,365		 £
44,971
3,706
-
48,677
561,413
610,090		 2019
£
(6,678)
4,959		 £
18,212
(1,719)
-
16,493
544,920
561,413

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

Institute of Money Advisers is a private company limited by guarantee incorporated in England and Wales. The registered office is First Floor, 4 Park Court, Park Cross Street, Leeds, LS1 2QH.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's [governing document], 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) (effective 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 a mounts 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. 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.

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 financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Incoming resources

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.

Cash donations are recognised on receipt. Other donations 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.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.5 Resources expended

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities an those costs of an indirect nature necessary to support them.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and 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:

Fixtures and fittings

33% Straight line

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 net income/(expenditure) for the year.

1.7 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 ) .

1.8 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.

1.9 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.

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.

DocuSign Envelope ID: 2D8DC6F6-90B7-48B5-8A58-BC494A740D46

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

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 p aymen ts 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.

1.10 Employee benefits

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

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.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 Restricted
funds
funds
2020
2020
£
£
Donations and gifts
22,675
-
Grant listed below
-
99,293
22,675
99,293		 TotalUnrestricted
Restricted
funds
funds
2020
2019
2019
£
£
£
22,675
28,720
-
99,293
-
119,034
121,968
28,720
119,034		 Total
2019
£
28,720
119,034
147,754

DocuSign Envelope ID: 2D8DC6F6-90B7-48B5-8A58-BC494A740D46

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

3
Donations and legacies
Grants receivable for core
activities
Money and Pensions Service
(Networking and Information
Sharing Project)
Money Advice Trust (Quality
Improvement and CPD
Projects)
4
Income from
c haritable activities		 -
-
-		 58,050
41,243
99,293		 58,050
41,243
99,293		 -
-
-		 (Continued)
61,691
61,691
57,343
57,343
119,034
119,034
Money Advice
Annual
Conference
2020
2020
£
£
Subscriptions -
members
164,988
-
Quarterly Account
6,226
-
Advertising
6,300
-
Training
63,602
-
MAT training grant
108,760
-
ASA training
agreement
-
-
CertMAP
59,425
-
CertMAP bursary
funding
9,500
-
Quality audit service
2,560
-
An nual conference
-
-
Sponsorships -
Conference
-
3,500
421,361
3,500
Analysis by fund
Unrestricted funds
411,861
3,500
Restricted funds
9,500
-
421,361
3,500		 Total
2020
Money Advice
Annual
Conference
2019
2019
£
£
£
164,988
164,592
-
6,226
8,171
-
6,300
5,300
-
63,602
108,749
-
108,760
86,210
-
-
1,230
-
59,425
67,275
-
9,500
11,100
-
2,560
608
-
-
-
81,384
3,500
-
27,199
424,861
453,235
108,583
415,361
354,695
108,583
9,500
98,540
-
424,861
453,235
108,583		 Total
2019
£
164,592
8,171
5,300
108,749
86,210
1,230
67,275
11,100
608
81,384
27,199
561,818
463,278
98,540
561,818

DocuSign Envelope ID: 2D8DC6F6-90B7-48B5-8A58-BC494A740D46

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

5 Investments

Unrestricted Unrestricted
funds
funds
2020
2019
£
£
Interest receivable 4,365
4,959

6 Expenditure on c haritable activities

Annual conference costs
Quarterly Account Editorial
costs
CertMAP
Training course costs
Research Project
Share of support costs
(see note 7)
Share of governance costs
(see note 7)
Analysis by fund
Unrestricted funds
Restricted funds		 Money
Advice
Annual
Conference
2020
2020
£
£
-
710
14,900
-
58,178
-
51,782
-
21,135
-
145,995
710
352,899
-
11,231
-
510,125
710
401,332
710
108,793
-
510,125
710		 Total
2020
£
710
14,900
58,178
51,782
21,135
146,705
352,899
11,231
510,835
402,042
108,793
510,835		 Money
Advice
Annual
Conference
2019
2019
£
£
-
76,088
16,630
-
63,782
-
85,606
-
-
-
166,018
76,088
372,762
-
19,661
-
558,441
76,088
340,867
76,088
217,574
-
558,441
76,088		 Total
2019
£
76,088
16,630
63,782
85,606
-
242,106
372,762
19,661
634,529
416,955
217,574
634,529

DocuSign Envelope ID: 2D8DC6F6-90B7-48B5-8A58-BC494A740D46

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

7 Support costs

Support
costs
Governance
costs
£
£
Staff costs
287,709
-
Depreciation
3,533
-
Staff recruitment
and training
1,537
-
Premises costs
15,229
-
Office costs
25,440
-
Website
-
-
Insurance
1,780
-
Travel and subsistence
5,300
-
Sundry
1,378
-
Marketing
-
-
Legal and professional
fees
6,990
-
Irrecoverable VAT
4,003
-
Audit fees
-
6,833
Board and council
meeting costs
-
4,398
352,899
11,231
Analysed between
Charitable activities
352,899
11,231		 2020
Support
costs
Governance
costs
£
£
£
287,709
278,086
-
3,533
2,696
-
1,537
7,644
-
15,229
17,046
-
25,440
26,133
-
-
4,600
-
1,780
1,777
-
5,300
13,348
-
1,378
2,568
-
-
1,897
-
6,990
5,815
-
4,003
11,152
-
6,833
-
6,897
4,398
-
12,764
364,130
372,762
19,661
364,130
372,762
19,661		 2019
£
278,086
2,696
7,644
17,046
26,133
4,600
1,777
13,348
2,568
1,897
5,815
11,152
6,897
12,764
392,423
392,423

Governance costs includes payments to the auditors of £ 6,833 (2019- £ 6,897 ) for audit fees.

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity for their role as Trustees during the current or previous year.

DocuSign Envelope ID: 2D8DC6F6-90B7-48B5-8A58-BC494A740D46

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

9 Employees

Number of employees

The average monthly number of employees during the year was:


Employment costs
Wages and salaries
Social security costs
Other pension costs		 2020
Number
10
2020
£
258,983
16,307
12,419
287,709		 2019
Number
10
2019
£
250,232
16,363
11,491
278,086

No employee was paid more than £60,000 during the year (2019 none)

10 Taxation

As a charity the company is exempt from tax on income falling within part II of the Corporation Tax Act 2010 and on gains falling within s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives. No tax charges have arisen in the charity.

11 Tangible fixed assets

Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2020 29,076
Additions 659
At 31 December 2020 29,735
Depreciation and impairment
At 1 January 2020 22,289
Depreciation charged in the year 3,533
At 31 December 2020 25,822
Carrying amount
At 31 December 2020 3,913
At 31 December 2019 6,787

DocuSign Envelope ID: 2D8DC6F6-90B7-48B5-8A58-BC494A740D46

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

12 Debtors

Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
14
Trade creditors
Accruals and deferred income		 2020
£
82,583
29,079
111,662
2020
£
5,348
16,400
3,448
13,493
38,689		 2019
£
88,355
27,000
115,355
2019
£
4,125
19,155
4,607
9,051
36,938

14 Deferred income

Other deferred income
As at 1 January
Amount released to incoming resources
Training fees
Membership fees
Conference fees and sponsorship
As at 31 December		 2020
£
16,400
2020
£
19,155
(19,155)
8,800
2,100
5,500
16,400		 2019
£
19,155
2019
£
24,957
(24,957)
7,850
1,287
10,018
19,155

Deferred income relates to fees received in advance for grants, membership, training courses and the annual conference.

DocuSign Envelope ID: 2D8DC6F6-90B7-48B5-8A58-BC494A740D46

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

15 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Incoming Resources Balance at Incoming Resources Balance at
resources expended
1		 January 2020 resources expended 31 December
2020
£ £ £ £ £ £
CertMAP Bursaries 11,100 (11,100)
-		 9,500 (9,500)
-
Training courses 87,440 (87,440)
-		 - - -
Quality Improvement and
CPD Projects 57,343 (57,343)
-		 41,243 (41,243)
-
Network and Information
Sharing 61,691 (61,691)
-		 58,050 (58,050)
-
217,574 (217,574)
-		 108,793 (108,793)
-

CertMAP bursaries- financial support provided by United Utilities Trust and Thames Water for CertMAP.

The Quality Improvement Project and the 2019-20 CPD Programme were funded by Money Advice Trust. Training courses were places for training funded by Money Advice Trust, Nationwide and ASA.

Network and information sharing project was funded by Money and Pensions Service.

DocuSign Envelope ID: 2D8DC6F6-90B7-48B5-8A58-BC494A740D46

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

16 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
1 January 2019
Resources
expended
£
£
Contingency
35,513
-
CertMAP Financial Support
15,398
(1,557)
IT equipment replacement
7,283
(6,680)
Fixed asset fund
2,805
-
Learning and development
5,000
(2,002)
Research
20,000
-
Accreditation
85,000
-
Business development post
10,764
(8,041)
Relocation costs
15,000
-
Subsidised member training places
10,000
(3,300)
Customer relationship Management System Development
63,000
-
Branch support fund
4,500
(331)
MAG emergency support
6,000
-
Conference
15,000
(3,328)
Member webinars
-
-
Strategy day facilitator
2,000
-
297,263
(25,239)		 Transfers
Balance at
1 January 2020
Resources
expended
£
£
£
13,704
49,217
-
(11,841)
2,000
(1,220)
-
603
(603)
3,982
6,787
(2,874)
-
2,998
(450)
-
20,000
(19,400)
(85,000)
-
-
(2,723)
-
-
-
15,000
(1,662)
-
6,700
(3,305)
-
63,000
-
1,831
6,000
(269)
(4,000)
2,000
-
(7,672)
4,000
-
-
-
-
(2,000)
-
-
(93,719)
178,308
(29,783)		 Transfers
Balance at
31 December
2020
£
£
(4,275)
44,942
2,720
3,500
3,000
3,000
-
3,913
-
2,548
(600)
-
-
-
-
-
(7,338)
6,000
605
4,000
-
63,000
(3,731)
2,000
-
2,000
-
4,000
2,000
2,000
-
-
(7,619)
140,903

DocuSign Envelope ID: 2D8DC6F6-90B7-48B5-8A58-BC494A740D46

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

16 Designated funds (Continued)

Contingency fund - to cover lease commitments, staff termination payments and other contingencies that would arise in the event of winding up the charity. CertMAP financial support is funding set aside to provide financial support for CertMAP.

IT equipment replacement - to meet the cost of replacing IT equipment when it becomes obsolete or beyond economic repair.

Fixed asset fund - to reflect the charity's unrestricted funds invested in fixed assets.

Research - into the impact on advisors of the economic climate.

Accreditation - to explore the implications of mandatory accreditation.

Business development post - A twelve month post looking for opportunities to develop the business further.

Relocation costs - Cost of identification of premises and relocation.

Customer Relationship Management System Development - Development of a customer relationship management system. Subsidised member training places - to provide subsidised places on IMA training courses for members not funded by MaPS. Learning and development - to provide executive coaching.

Branch support fund - to provide a small grant to each branch.

MAG emergency support - to provide emergency support to branches for particular needs on application.

Conference - to provide subsidised places for members at the annual conference.

Strategy day facilitator - to engage a professional to facilitate at a business planning and strategy meeting.

DocuSign Envelope ID: 2D8DC6F6-90B7-48B5-8A58-BC494A740D46

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

17 Funds

Balance at 1 Incoming Resources Transfers Balance at 1 Incoming Resources Transfers Balance at 31
January resources expended January 2020 resources expended December 2020
2019
£ £ £ £ £ £ £ £ £
Restricted funds - 217,574 (217,574) - - 108,793 (108,793) - -
Designated funds 297,263 - (25,239) (93,719) 178,305 - (29,783) (7,619) 140,903
Unrestricted funds 269,352 496,957 (391,716) 93,719 468,312 442,401 (372,259) 7,619 546,073
566,615 714,531 (634,529) - 646,617 551,194 (510,835) - 686,976

DocuSign Envelope ID: 2D8DC6F6-90B7-48B5-8A58-BC494A740D46

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

18
Analysis of net assets between funds
Unrestricted
Funds
Designated
funds
2020
2020
£
£
Fund balances at 31
December 2020 are
represented by:
Tangible assets
-
3,913
Current assets/
(liabilities)
546,073
136,990
546,073
140,903		 Total Unrestricted
Funds
Designated
funds
2020
2019
2019
£
£
£
3,913
-
6,787
683,063
468,312
171,518
686,976
468,312
178,305		 Total
2019
£
6,787
639,830
646,617

DocuSign Envelope ID: 2D8DC6F6-90B7-48B5-8A58-BC494A740D46

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

19 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
Between two and five years		 2020
£
5,632
-
5,632		 2019
£
13,937
1,102
15,039

20 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2020 2019
£ £
Aggregate compensation 57,913 55,220

Six trustees were reimbursed travel expenses amounting to £1,904 (2019 - £5,394, Seven) during the year. No trustees were paid during the year for their role as trustees.

Charges were made during the year of £nil by T Lett (2019 - T Lett £3,139) for services provided outside of his trustee role.

Subscription and course fees of £413 (2019 £991) were paid by the Trustees during the year.

At the year end £300 was due to T Lett, £nil was due to J Phipps and £nil was due to S Mercer in respect of expenses (2019 £1,666 T Lett, £200 J Phipps and £27 S Mercer).

DocuSign Envelope ID: 2D8DC6F6-90B7-48B5-8A58-BC494A740D46

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

21
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
Increase/(decrease) in creditors
(Decrease) in deferred income
Cash generated from operations		 2020
2019
£
£
40,359
80,002
(4,365)
(4,959)
3,533
2,696
3,693
(48,293)
4,506
(5,432)
(2,755)
(5,802)
44,971
18,212