OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS

(A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Company Registration No. 05386480 (England and Wales)

Charity Registration No. 1112758

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

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

Trustees J Clack
S Mercer
R Rosenberg - co-opted
J Fielding
S Williams
L Goldberg - co-opted
A Walters - co-opted
A Shafiq
Secretary S Williams
Charity number 1112758
Company number 05386480
Principal address The Charity operates virtually
Correspondence to:
PO Box 526
Leeds
LS17 1NS
Registered office Carlton House
Grammar School Street
Bradford
BD1 4NS
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

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

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

Page
Trustees report 1 - 8
Statement of Trustees responsibilities 9
Independent auditor's report 10 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 29

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their annual report and financial statements for the year ended 31 December 2022.

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 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 2019)”. The charity is a public benefit entity as defined by FRS102.

Objectives and activities

The object of the charity is 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 organisation has also successfully engaged in policy and related influencing activity.

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.

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

Achievements and performance

Financial review

The financial statements are set out pages 13 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 £937,083 (2021 £991,529) and total costs of £842,644 (2021 £675,874) resulting in a surplus of £94,439 (2021 £315,655) which includes a deficit on restricted funds of £49,649 (2021 £149,717 surplus).

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The IMA’s risk profile continues to be affected by a combination of change and uncertainty in the debt advice sector, against the backdrop of the increasing cost of living, which highlight the importance of achieving financial resilience by retaining sufficient reserves. Grant funding to support MaPS-funded advisers had been expected to end in March 2022, but was extended to January 2023. MaPS-related funding, therefore, represented almost 20% of IMA income in 2022. This funding will reduce to only 12% of total IMA income in 2023 and is expected to be discontinued after January 2024. IMA Trustees have, therefore, decided it should continue to adopt a prudent approach to the management of the charity’s reserves in light of the actual and potential financial risks.

None of the IMA’s income can be considered secure and, until there is certainty regarding future funding of the free debt advice sector, there remain significant financial risks to the Institute, particularly relating to membership and training revenue. Trustees are committed to ensuring the charity can continue to provide a full level of service and support to members should financially damaging circumstances arise and consider it appropriate to hold free reserves equivalent to at least 9 months’ operating costs, which currently equates to £434,676. This would provide time for alternate funding to be sought and the adoption of strategies allowing the IMA to continue to meet its charitable objects.

Trustees have also agreed to put aside specific reserves of £14,261 for a Fixed Asset Fund; £49,708 to provide exceptional circumstances financial support to students on future cohorts of CertMAP; an IT equipment reserve of £3,000; £18,650 for subscription and development costs of the IMA’s Customer Relationship Management system; £100,000 to commission annual independent research on issues affecting IMA members between 20232025; £17,000 to fund market research into engagement with and improvement to IMA training and membership services; £4,000 to subsidise training for non-MaPS funded IMA members; £9,000 to support IMA regional branches; £2,248 for internal learning and development; £2,500 for Trustee learning and development; £2,000 to provide subsidised places to members attending the IMA annual conference; and £2,000 to cover the costs of delivering free-of-charge webinars to members.

In addition, Trustees also consider it prudent to hold a Contingency Fund of £55,518, to cover costs in the event

of winding up the IMA business.

The unrestricted reserves at 31 December 2022 stood at £997,002 (2021 £852,914) of which designated funds are £279,885 (2021 £165,968) and general unrestricted funds are £717,117 (2021 £686,946)

To summarise, Unrestricted Reserves going forward should have a minimum value of £714,561 including any Designated Reserves, with Contingency Fund, totalling £279,885.

This Reserves Policy will be reviewed on an annual basis to ensure continuing appropriateness in light of the requirements of the IMA at that time.

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 2022 the Institute provided:

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

Qualification

Awarding the Certificate in Money Advice Practice to 146 IMA members in 2022 ensured they met the quality standard required in the profession and became recognised as Accredited Money Advisers.

Bursary funding from the Thames Water Trust Fund subsidised the cost of studying the CertMAP qualification for IMA members assisting clients in Thames Water regions.

Training

We delivered a total of 137 open programme and in-house training courses throughout the year.

Thanks to funding from the Money and Pensions Service (via a Money Advice Trust grant) 1007 advisers received free IMA training, attending either open programme or in-house courses.

Learning events at the virtual IMA Annual Conference

Twelve CPD-accredited workshop topics were offered during our four-day online conference, including:

Free member webinars

As a new membership benefit, we delivered the following free live webinars to IMA members, all of which were recorded and made available to IMA members to view after the event:

Relief and prevention of financial hardship

Providing the 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 their incomes, helps to relieve financial hardship and advance public education in the subject of money matters, debt and the management of personal finances.

Our policy work, including evidence obtained from IMA members, enabled us to respond to issues which threaten, cause or compound financial hardship.

As a Debt Relief Order Competent Authority, the IMA was directly involved in the relief of financial hardship during 2022, 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.

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

Influence Policy and Practice

Through a combination of membership surveys, all-member meetings, smaller focus groups and individual feedback, we obtained evidence from IMA members to inform our policy and influencing work.

We produced written responses to the following consultations and calls for evidence:

The government decided to defer the launch of the SDRP until after the outcome of the Insolvency Service’s personal insolvency review, whish was a key recommendation by the IMA in its response to the SDRP consultation.

Risk Assessment

Trustees regularly review the risks to which the Institute is exposed. Currently, the principal risks relate to funding uncertainty and changes in the free-to-client money advice sector, together with the increasing cost of living. These external environmental factors are expected to impact on revenue received by the IMA for its core services over the next three to five years.

To mitigate these risks, research shall be conducted in 2023 to help identify opportunities to increase IMA membership and attendance at IMA training, as well as exploring the scope for new and improved services.

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

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

Plans and primary objectives for the forthcoming year

In 2023, 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 over-indebted people and those who are struggling to budget.

Key strategic objectives in 2023

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 Staffordshire University, deliver the CertMAP qualification to two further cohorts of up to 100 students each.

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.

Commission market research aimed at increasing IMA membership and extending the reach of IMA training and other services.

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

Hold an in-person Annual Conference, including the fourteenth Money Advice Awards Ceremony.

Hold a virtual Annual Conference with unique workshops and content to ensure IMA events continue to be accessible to as many members as possible.

Deliver six free CPD-accredited webinars to IMA members.

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

Commission independent research on issues affecting IMA members.

Develop an Equality Diversity and Inclusion strategy.

Increase our policy and influencing profile, campaigning on issues affecting IMA members and responding to external consultations and calls for evidence.

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

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 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:

J Clack

S Mercer R Rosenberg - co-opted J Fielding S Williams L Goldberg - co-opted A Walters - co-opted A Shafiq

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

Appointment of trustees is governed by the charity's Articles of Association. The Chair and up to four Ordinary Members are elected to the Board by ballot at the IMA’s General Meeting and take office for three years, following which, they may be re-elected.

The trustees have the power to co-opt up to four further members. 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.

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 sub-committee Terms of Reference, the IMA Membership Rules and the Articles of Associations.

Chief Executive

The day to day running of organisation is delegated to the Chief Executive, Robert Wilson, who allocates responsibilities to relevant IMA managers and the wider team.

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

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 provide free training to Money and Pensions Service funded debt advice projects.

We will also partner with the Money Advice Trust to provide a commercial CPD scheme for MaPS-funded organisations.

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

In accordance with the company's articles, a resolution proposing that Naylor Wintersgill Limited be reappointed as auditor of the company will be put at a General Meeting.

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.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The Trustees report was approved by the Board of Trustees.

J Clack Chair of the trustees Dated: 24 April 2023

L Goldberg Treasurer Dated:24 April 2023

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

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.

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

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 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

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

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 directors' report included within the Trustees report.

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

Auditor's responsibilities for the audit of the financial statements

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

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

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 Charity and its industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK law and we considered the extent to which non-compliance might have a material effect on the financial statements of the Charity. 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 Charity, 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.

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Whalley (Senior Statutory Auditor) for and on behalf of Naylor Wintersgill Limited

24 April 2023

Chartered Accountants Statutory Auditor

Carlton House Grammar School Street Bradford BD1 4NS

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

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

FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and
legacies
3
64,250
363,784
Income from
charitable activities
4
495,678
8,275
Investments
5
5,096
-
Total income
565,024
372,059
Expenditure on:
Expenditure on
charitable activities
6
420,936
421,708
Net
income/(expenditure)
for the year/
Net movement in funds
144,088
(49,649)
Fund balances at 1
January 2022
852,914
149,717
Fund balances at
31 December
2022
997,002
100,068		 Unrestricted
Total
funds
2022
2021
£
£
428,034
12,530
503,953
549,676
5,096
4,606
937,083
566,812
842,644
400,874
94,439
165,938
1,002,631
686,976
1,097,070
852,914		 Restricted
funds
2021
£
411,509
13,208
-
424,717
275,000
149,717
-
149,717		 Total
2021
£
424,039
562,884
4,606
991,529
675,874
315,655
686,976
1,002,631

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.

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

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

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
16
Unrestricted funds
Designated funds
17
General unrestricted funds		 2022
£
£
14,262
128,175
982,778
1,110,953
(28,145)
1,082,808
1,097,070
100,068
279,885
717,117
997,002
1,097,070		 2021
£
£
22,858
88,877
908,534
997,411
(17,638)
979,773
1,002,631
149,717
165,968
686,946
852,914
1,002,631		 2021
£
£
22,858
88,877
908,534
997,411
(17,638)
979,773
1,002,631
149,717
165,968
686,946
852,914
1,002,631
1,002,631
149,717
852,914
1,002,631

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 24 April 2023

L Goldberg J Clack
Trustee Trustee

Company Registration No. 05386480

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities
Cash generated from operations
22
Investing activities
Purchase of tangible fixed assets
Investment income 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		 2022
£
(750)
5,096		 £
69,898
4,346
-
74,244
908,534
982,778		 2021
£
(25,140)
4,606		 £
318,978
(20,534)
-
298,444
610,090
908,534

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 Carlton House, Grammar School Street, Bradford, BD1 4NS.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. 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.

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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 the statement of financial activities.

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: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

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.

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
64,250
-
Grant listed below
-
363,784
64,250
363,784
Grants receivable for
core activities
Money and Pensions
Service (Networking and
Information Sharing
Project)
-
-
Money Advice Trust
(Quality Improvement
and CPD Projects)
-
14,284
Money and Pensions
Service (Debt Relief
Orders)
-
349,500
-
363,784		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
64,250
12,530
-
363,784
-
411,509
428,034
12,530
411,509
-
-
15,817
14,284
-
47,942
349,500
-
347,750
363,784
-
411,509		 Total
2021
£
12,530
411,509
424,039
15,817
47,942
347,750
411,509

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

4 Income from charitable activities

Money Advice
Annual
Conference
2022
2022
£
£
Subscriptions -
members
172,404
-
Quarterly Account
5,550
-
Advertising
9,700
-
Advisory Support
2,250
Training
73,410
-
MAT training grants
121,913
-
CertMAP
67,008
-
CertMAP bursary
funding
8,275
-
Quality audit service
2,944
-
Annual conference
-
18,300
Sponsorships -
Conference
-
22,200
463,454
40,500
Analysis by fund
Unrestricted funds
455,178
40,500
Restricted funds
8,275
-
463,453
40,500		 Total
2022
Money Advice
Annual
Conference
2021
2021
£
£
£
172,404
169,879
-
5,550
6,327
-
9,700
7,300
-
2,250
750
73,410
89,295
-
121,913
157,480
-
67,008
69,200
-
8,275
13,208
-
2,944
1,975
-
18,300
-
25,470
22,200
-
22,000
503,954
515,414
47,470
495,678
502,206
47,470
8,275
13,208
-
503,953
515,414
47,470		 Total
2021
£
169,879
6,327
7,300
750
89,295
157,480
69,200
13,208
1,975
25,470
22,000
562,884
549,676
13,208
562,884

5 Investments

Interest receivable

**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
5,096 4,606

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

6 Expenditure on charitable activities

Annual conference costs
Quarterly Account Editorial
costs
CertMAP
Training course costs
Grant funding of activities
(see note 7)
Share of support costs (see
note 8)
Share of governance costs
(see note 8)
Analysis by fund
Unrestricted funds
Restricted funds		 Money
Advice
Annual
Conference
2022
2022
£
£
-
3,738
17,260
-
60,818
-
46,425
-
124,503
3,738
337,235
-
370,110
-
7,058
-
838,906
3,738
417,198
3,738
421,708
-
838,906
3,738		 Total
2022
£
3,738
17,260
60,818
46,425
128,241
337,235
370,110
7,058
842,644
420,936
421,708
842,644		 Money
Advice
Annual
Conference
2021
2021
£
£
-
3,799
16,409
-
66,315
-
47,565
-
130,289
3,799
155,820
-
342,585
36,902
6,479
-
635,173
40,701
360,173
40,701
275,000
-
635,173
40,701		 Total
2021
£
3,799
16,409
66,315
47,565
134,088
155,820
379,487
6,479
675,874
400,874
275,000
675,874

7 Grants payable

Money Money
Advice Advice
2022 2021
£ £
Grants to institutions:
Maintaining or increasing access to debt relief orders 337,235 155,820

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8 Support costs

Staff costs
Depreciation
Staff recruitment
and training
Premises costs
Office costs
CRM project costs
Insurance
Travel and subsistence
Sundry
Marketing
Legal and professional
fees
Irrecoverable VAT
Audit fees
Board and council
meeting costs
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
313,009
-
9,347
-
2,280
-
1,506
-
16,199
-
12,093
-
2,121
-
3,069
-
2,389
-
1,800
-
5,763
-
534
-
-
6,500
-
558
370,110
7,058
370,110
7,058		 2022Support costs Governance
costs
£
£
£
313,009
293,511
-
9,347
6,195
-
2,280
1,903
-
1,506
18,782
-
16,199
23,705
-
12,093
11,790
-
2,121
1,721
-
3,069
2,803
-
2,389
1,265
-
1,800
-
-
5,763
15,766
-
534
2,046
-
6,500
-
5,618
558
-
861
377,168
379,487
6,479
377,168
379,487
6,479		 2021
£
293,511
6,195
1,903
18,782
23,705
11,790
1,721
2,803
1,265
-
15,766
2,046
5,618
861
385,966
385,966

Governance costs includes payments to the auditors of £6,500 (2021- £5,618) for audit fees.

9 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.

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 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
9 10

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

11
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2022
2021
£
£
279,304
263,134
20,055
17,726
13,650
12,651
313,009
293,511		 (Continued)
2022
2021
£
£
279,304
263,134
20,055
17,726
13,650
12,651
313,009
293,511
293,511

No employee was paid more than £60,000 during the year (2021 none)

12
Tangible fixed assets
Cost
At 1 January 2022
Additions
At 31 December 2022
Depreciation and impairment
At 1 January 2022
Depreciation charged in the year
At 31 December 2022
Carrying amount
At 31 December 2022
At 31 December 2021
13
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 Fixtures and fittings
£
34,133
750
34,883
11,275
9,346
20,621
14,262
22,858
2022
2021
£
£
84,635
81,159
34,000
-
9,540
7,718
128,175
88,877		 Fixtures and fittings
£
34,133
750
34,883
11,275
9,346
20,621
14,262
22,858
2022
2021
£
£
84,635
81,159
34,000
-
9,540
7,718
128,175
88,877
34,883
11,275
9,346
20,621
14,262
22,858
2021
£
81,159
-
7,718
88,877

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

14
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
15
Trade creditors
Accruals
15
Deferred income
Other deferred income
As at 1 January
Amount released to incoming resources
Training fees
Membership fees
Accreditation fees
Conference fees and sponsorship
As at 31 December		 2022
2021
£
£
2,510
5,863
14,250
2,495
1,416
573
9,969
8,707
28,145
17,638
2022
2021
£
£
14,250
2,495
2022
2021
£
£
2,495
16,400
(2,495)
(16,400)
14,250
1,000
-
775
-
720
-
-
14,250
2,495

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

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

16 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 2022 resources expended 31 December
2022
£ £ £ £ £ £
CertMAP Bursaries 13,208 (13,208) - 8,275 (8,275) -
Quality Improvement and
CPD Projects 47,942 (47,942) - 14,284 (14,284) -
Network and Information
Sharing 15,817 (15,817) - - - -
MaPS Grant for the
adminstration of Debt
Relief Orders 347,750 (198,033) 149,717 349,500 (399,149) 100,068
424,717 (275,000) 149,717 372,059 (421,708) 100,068

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

The Quality Improvement Project and CPD Projects were funded by Money Advice Trust.

Network and Information Sharing project was funded by Money and Pensions Service.

MaPS Grant funding was provided to increase and/or maintain access to debt relief orders and we will make a further distribution of funding to our Al organisations in 2023.

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

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

FOR THE YEAR ENDED 31 DECEMBER 2022

17 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 2021
Resources
expended
£
£
Contingency
44,942
-
CertMAP Financial Support
3,500
(1,082)
IT equipment replacement
3,000
(2,900)
Fixed asset fund
3,913
(6,194)
Learning and development
2,548
(300)
Relocation costs
6,000
(5,640)
Research (follow up to Wellbeing Report)
-
-
Research (Training)
-
-
Recruitment of P/T Policy Officer
-
-
Trustee Training and Development
-
-
Subsidised member training places
4,000
(4,000)
Customer relationship Management System Development
63,000
(40,746)
Branch support fund
2,000
(390)
MAG emergency support
2,000
-
Conference
4,000
(1,425)
Member webinars
2,000
(500)
140,903
(63,177)		 Transfers
Balance at
1 January 2022
Resources
expended
£
£
£
4,165
49,107
-
1,082
3,500
(1,332)
2,900
3,000
(900)
25,140
22,859
-
-
2,248
-
(360)
-
-
20,000
20,000
-
5,000
5,000
-
21,500
21,500
-
2,500
2,500
-
4,000
4,000
(4,000)
-
22,254
(16,749)
390
2,000
(520)
-
2,000
-
1,425
4,000
(2,940)
500
2,000
(850)
88,242
165,968
(27,291)		 Transfers
Balance at
31 December
2022
£
£
6,411
55,518
47,540
49,708
900
3,000
(8,598)
14,261
-
2,248
-
-
80,000
100,000
12,000
17,000
(21,500)
-
-
2,500
4,000
4,000
13,145
18,650
7,520
9,000
(2,000)
-
940
2,000
850
2,000
141,208
279,885		 Transfers
Balance at
31 December
2022
£
£
6,411
55,518
47,540
49,708
900
3,000
(8,598)
14,261
-
2,248
-
-
80,000
100,000
12,000
17,000
(21,500)
-
-
2,500
4,000
4,000
13,145
18,650
7,520
9,000
(2,000)
-
940
2,000
850
2,000
141,208
279,885
279,885

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

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

FOR THE YEAR ENDED 31 DECEMBER 2022

17 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.

Learning and development - to provide executive coaching.

Relocation costs - cost of identification of premises and relocation.

Research (follow up for wellbeing report) - to commission further research building on our wellbeing and workloads research in 2020. Research (training) - research into engagements with IMA training.

Recruitment of P/T Policy officer - to employ a fixed term policy officer for 12 months.

Trustee Training and Development - to provide trustee training and development.

Subsidised member training places - to provide subsidised places on IMA training courses for members not funded by MaPS.

Customer Relationship Management System Development - Development of a customer relationship management system.

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. This fund has now been merged with the Branch support fund. Conference - to provide subsidised places for members at the annual conference.

Member webinars - to fund the provision of webinars to members.

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

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

FOR THE YEAR ENDED 31 DECEMBER 2022

18 Funds

Balance at 1
January
2021
Incoming
resources
Resources
expended
£
£
£
£
Restricted funds
-
424,717
(275,000)
Designated funds
140,903
-
(63,177)
Unrestricted funds
546,073
566,812
(337,697)
686,976
991,529
(675,874)
Analysis of net assets between funds
Unrestricted
Funds
2022
£
Fund balances at 31 December 2022 are
represented by:
Tangible assets
22,860
Current assets/(liabilities)
694,257
717,117		 Transfers
Balance at 1
January 2022
£
-
149,717
88,242
165,968
(88,242)
686,946
-
1,002,631
Designated
funds
Restricted
Funds
2022
2022
£
£
(8,598)
-
288,483
100,068
279,885
100,068		 Incoming
resources
Resources
expended
Transfers
Balance at 31
December 2022
£
£
£
£
372,059
(421,708)
-
100,068
-
(27,291)
141,208
279,885
565,024
(393,645)
(141,208)
717,117
937,083
(842,644)
-
1,097,070
Total Unrestricted
Funds
Designated
funds
Restricted
Funds
Total
2022
2021
2021
2021
2021
£
£
£
£
£
14,262
763
22,095
-
22,858
1,082,808
686,947
143,109
149,717
979,773
1,097,070
687,710
165,204
149,717
1,002,631

19 Analysis of net assets between funds

DocuSign Envelope ID: DC5E9499-22D5-4BC0-86FE-1E50CF7E45BF

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

20 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:

2022 2021
£ £
Within one year - 1,122

21 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2022 2021
£ £
Aggregate compensation 64,905 58,101

One trustee was reimbursed travel expenses of £178 (2021 - None) and two trustees were reimbursed editorial expenses of £279 (2021 - None) during the year. No trustees were paid during the year for their role as trustees.

Subscription and course fees of £745 (2021 £716) were paid by the Trustees during the year.

At the year end £Nil (2021 - £300) was due to T Lett in respect of expenses. T Lett resigned as a trustee on 27 September 2021.

22 Cash generated from operations

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:
(Increase)/decrease in debtors
(Decrease) in creditors
Increase/(decrease) in deferred income
Cash generated from operations		 2022
£
94,438
(5,096)
9,347
(39,298)
(1,248)
11,755
69,898		 2021
£
315,655
(4,606
6,195
22,785
(7,146
(13,905
318,978