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← Institute Of Money Advisers

2023-12-31-accounts

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS

(A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Company Registration No. 05386480 (England and Wales)

Charity Registration No. 1112758

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

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

Trustees J Clack J Fielding - co-opted S Williams L Goldberg - co-opted A Walters - co-opted A Shafiq D Burdis Appointed 15 May 2023 S Goodman Appointed 23 May 2023 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 Azets Audit Services Ltd 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: BAAEB9E6-65B4-4514-8678-42A9A2064D76

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

Page
Trustees report 1 - 10
Statement of Trustees responsibilities 11
Independent auditor's report 12 - 14
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 - 31

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report and financial statements for the year ended 31 December 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 2 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

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

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

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: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance

Financial review

The financial statements are set out pages 16 to 33. 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 £704,620 (2022 £937,083) and total costs of £774,143 (2022 £842,644) resulting in a deficit of £69,523 (2022 £94,439 surplus) which includes a deficit on restricted funds of £Nil (2022 £100,068 deficit).

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The IMA’s risk profile continues to be affected by a combination of change and uncertainty in the debt advice sector, which continues to highlight the importance of achieving financial resilience by retaining sufficient reserves. In addition, grant funding to support MaPS-funded advisers, which represented almost 20% of unrestricted income in 2022, and 12% of unrestricted income in 2023, will be discontinued from February 2024. IMA Trustees have, therefore, decided it is appropriate to adopt a prudent approach to the management of the charity’s reserves in light of 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.

Balancing the needs of beneficiaries today and beneficiaries in the future, Trustees therefore consider it appropriate to hold free reserves equivalent to at least 9 months’ operating costs which currently equates to £454,832. This would provide time for alternate funding sources to be sought and the development of strategies allowing the IMA to continue to meet its charitable objects.

Trustees have also agreed to put aside specific reserves of £6,000 for a Fixed Asset Fund; £49,108 to provide exceptional circumstances financial support to students on future cohorts of CertMAP; an IT equipment reserve of £3,000; £7,903 for subscription and development costs of the IMA’s Customer Relationship Management system; £7,500 to fund development of the IMA website; £90,710 to commission annual independent research on issues affecting IMA members between 2024-2025; £300 to subsidise training for non-MaPS funded IMA members; £9,000 to support IMA regional branches; £2,248 for internal learning and development; £3,000 for Trustee learning and development; £2,000 to provide subsidised places to members attending IMA annual conferences; and £1,500 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 £92,320, to cover costs in the event of winding up the IMA business.

The unrestricted reserves at 31 December 2023 stood at £1,027,547 (2022: £997,002) of which designated funds are £274,589 (2022: £279,885) and general unrestricted funds are £752,958 (2022: £717,117).

To summarise, Unrestricted Reserves going forward should have a minimum value of £729,421, including any Designated Reserves, with Contingency Fund, totalling £274,589.

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. Trustees remain committed to developing services to meet the needs of IMA members and will utilise any undesignated reserves to that end.

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 2023 the Institute provided:

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

Qualification

Awarding CertMAP to 115 IMA members in 2023 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. We thank Thames Water Trust Fund for providing bursary support to students since 2018. The grant has now been fully utilised, with the final bursaries awarded to students on the September 2023 cohort.

Training

We delivered a total of 129 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) 617 advisers received free IMA training, attending either open programme or in-house courses.

Learning events at the IMA’s in-person and virtual Annual Conference events

A range of CPD-accredited workshop topics were offered during our one-day in-person and two-day online conferences, including:

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

Free member webinars

We delivered the following free live webinars to IMA members, which were also 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 2023, 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: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

Influence Policy and Practice

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

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

We also conducted our own research into Local Housing Allowance, recommending that LHA rates should be unfrozen. Shortly after the publication of our report, ‘Unaffordable’ – the impact of Local Housing Allowance freezes, the Government announced that LHAs would be increased. However, this was due to be a one-off uplift, following which LHAs would be frozen again, meaning they won’t reflect rising rent prices in future. We continue to call for the link between LHAs and local rent prices to be re-established on a permanent basis.

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. 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, we intend to develop new funding, sponsorship and training relationships and to develop our business offer with 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: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

Plans and primary objectives for the forthcoming year

In 2024, 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 business objectives in 2024

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

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 (Resigned 15 May 2023) R Rosenberg - co-opted (Resigned 31 August 2023) J Fielding - co-opted S Williams L Goldberg - co-opted A Walters - co-opted A Shafiq D Burdis (Appointed 15 May 2023) S Goodman (Appointed 23 May 2023)

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: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

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 CertMAP, the debt advice qualification.

We will provide free training to Money and Pensions Service funded debt advice projects in January 2024, the end of a grant funding period agreed with the Money Advice Trust.

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

During the year Azets Audit Services Limited, trading as Azets Audit Services were appointed as auditors following their acquisition of Naylor Wintersgill Limited, on 1 May 2023.

In accordance with the company's articles, a resolution proposing that Azets Audit Services 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: 25 April 2024

L Goldberg Treasurer Dated:25 April 2024

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

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

FOR THE YEAR ENDED 31 DECEMBER 2023

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: BAAEB9E6-65B4-4514-8678-42A9A2064D76

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 2023 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: BAAEB9E6-65B4-4514-8678-42A9A2064D76

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.

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: BAAEB9E6-65B4-4514-8678-42A9A2064D76

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

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 Azets Audit Services Ltd 25 April 2024

Chartered Accountants

Statutory Auditor

Carlton House Grammar School Street Bradford BD1 4NS

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

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

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and
legacies
3
15,420
92,750
Income from
charitable activities
4
574,317
5,875
Investments
5
16,258
-
Total income
605,995
98,625
Expenditure on:
Expenditure on
charitable activities
6
575,450
198,693
Net income/
(expenditure) for the
year/
Net movement in funds
30,545
(100,068)
Fund balances at 1
January 2023
997,002
100,068
Fund balances at
31 December
2023
1,027,547
-		 Unrestricted
Total
funds
2023
2022
£
£
108,170
64,250
580,192
495,678
16,258
5,096
704,620
565,024
774,143
420,936
(69,523)
144,088
1,097,070
852,914
1,027,547
997,002		 Restricted
funds
2022
£
363,784
8,275
-
372,059
421,708
(49,649)
149,717
100,068		 Total
2022
£
428,034
503,953
5,096
937,083
842,644
94,439
1,002,631
1,097,070

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: BAAEB9E6-65B4-4514-8678-42A9A2064D76

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

AS AT 31 DECEMBER 2023

2023
Notes
£
£
Fixed assets
Tangible assets
13
6,000
Current assets
Debtors
14
89,617
Cash at bank and in hand
975,390
1,065,007
Creditors: amounts falling due within
one year
15
(43,460)
Net current assets
1,021,547
Total assets less current liabilities
1,027,547
Income funds
Restricted funds
17
-
Unrestricted funds
Designated funds
18
274,589
General unrestricted funds
752,958
1,027,547
1,027,547
The financial statements were approved by the Trustees on 25 April 2024
J Clack
L Goldberg - co-opted
Trustee
Trustee		 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		 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
1,097,070
100,068
997,002
1,097,070

Company registration number 05386480

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

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

FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
22
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
(710)
16,258		 £
(22,936)
15,548
-
(7,388)
982,778
975,390		 2022
£
(750)
5,096		 £
69,898
4,346
-
74,244
908,534
982,778

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 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.

2 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.

2.1 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.

2.2 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.

2.3 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.

2.4 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.

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2 Accounting policies

(Continued)

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.

2.5 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.

2.6 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.

2.7 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).

2.8 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.

2.9 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: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

2 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.

2.10 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.

2.11 Retirement benefits

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

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
15,420
-
Grant listed below
-
92,750
15,420
92,750
Grants receivable for
core activities
Money Advice Trust
(Quality Improvement
and CPD Projects)
-
-
Money and Pensions
Service (Debt Relief
Orders)
-
92,750
-
92,750		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
15,420
64,250
-
92,750
-
363,784
108,170
64,250
363,784
-
-
14,284
92,750
-
349,500
92,750
-
363,784		 Total
2022
£
64,250
363,784
428,034
14,284
349,500
363,784

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

4 Income from charitable activities

Money Advice
Annual
Conference
2023
2023
£
£
Subscriptions -
members
185,568
-
Quarterly Account
5,988
-
Advertising
10,470
-
Advisory Support
3,000
MaPS Adviser Panel
Support
8,030
Training
112,366
-
MAT training grants
79,300
-
MAT CPD Programme
16,610
-
CertMAP
78,750
-
CertMAP bursary
funding
5,875
-
Quality audit service
5,635
-
Annual conference
-
47,600
Sponsorships -
Conference
-
21,000
511,592
68,600
Analysis by fund
Unrestricted funds
505,717
68,600
Restricted funds
5,875
-
511,592
68,600		 Total
2023
Money Advice
Annual
Conference
2022
2022
£
£
£
185,568
172,404
-
5,988
5,550
-
10,470
9,700
-
3,000
2,250
8,030
-
112,366
73,410
-
79,300
121,913
-
16,610
-
-
78,750
67,008
-
5,875
8,275
-
5,635
2,944
-
47,600
-
18,300
21,000
-
22,200
580,192
463,453
40,500
574,317
455,178
40,500
5,875
8,275
-
580,192
463,453
40,500		 Total
2022
£
172,404
5,550
9,700
2,250
-
73,410
121,913
-
67,008
8,275
2,944
18,300
22,200
503,953
495,678
8,275
503,953

5 Investments

Interest receivable

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
16,258 5,096

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6 Expenditure on charitable activities

Annual conference
costs
Quarterly Account
Editorial costs
CertMAP
Training course costs
Research Project
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
2023
2023
£
£
-
23,593
17,607
-
68,827
-
49,655
-
23,626
-
159,715
23,593
160,332
-
420,338
-
10,165
-
750,550
23,593
551,857
23,593
198,693
-
750,550
23,593		 Total
2023
£
23,593
17,607
68,827
49,655
23,626
183,308
160,332
420,338
10,165
774,143
575,450
198,693
774,143		 Money
Advice
Annual
Conference
2022
2022
£
£
-
3,738
17,260
-
60,818
-
46,425
-
-
-
124,503
3,738
337,235
-
370,551
-
6,617
-
838,906
3,738
417,198
3,738
421,708
-
838,906
3,738		 Total
2022
£
3,738
17,260
60,818
46,425
-
2023
£
-
17,607
68,827
49,655
23,626
159,715
160,332
420,338
10,165
750,550
551,857
198,693
750,550		 2022
£
-
17,260
60,818
46,425
-
124,503
337,235
370,551
6,617
838,906
417,198
421,708
838,906
128,241
337,235
370,551
6,617
842,644
420,936
421,708
842,644

7 Grants payable

Money Money
Advice Advice
2023 2022
£ £
Grants to institutions:
Maintaining or increasing access to debt relief orders 160,332 337,235

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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
£
£
358,995
-
8,972
-
1,387
-
2,043
-
17,035
-
14,037
-
3,238
-
5,413
-
2,294
-
1,547
-
1,502
-
3,875
-
-
8,000
-
2,165
420,338
10,165
420,338
10,165		 2023Support costs Governance
costs
£
£
£
358,995
313,009
-
8,972
9,347
-
1,387
2,280
-
2,043
1,506
-
17,035
16,199
-
14,037
12,093
-
3,238
2,121
-
5,413
3,510
-
2,294
2,389
-
1,547
1,800
-
1,502
5,763
-
3,875
534
-
8,000
-
6,500
2,165
-
117
430,503
370,551
6,617
430,503
370,551
6,617		 2022
£
313,009
9,347
2,280
1,506
16,199
12,093
2,121
3,510
2,389
1,800
5,763
534
6,500
117
377,168
377,168

Governance costs includes payments to the auditors of £8,000 (2022- £6,500) 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:

2023 2022
Number Number
10 9

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

11
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2023
2022
£
£
321,734
279,304
21,489
20,055
15,772
13,650
358,995
313,009		 (Continued)
2023
2022
£
£
321,734
279,304
21,489
20,055
15,772
13,650
358,995
313,009
313,009

The number of employees whose annual remuneration was more than £60,000 is as follows:

2023 2022
Number Number
£60,001 to £70,000 1 -

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 Tangible fixed assets

Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2023 34,883
Additions 710
At 31 December 2023 35,593
Depreciation and impairment
At 1 January 2023 20,621
Depreciation charged in the year 8,972
At 31 December 2023 29,593
Carrying amount
At 31 December 2023 6,000
At 31 December 2022 14,262

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
16
Trade creditors
Accruals
16
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 January 2023
Released from previous periods
Resources deferred in the year
Deferred income at 31 December 2023		 2023
£
69,274
-
20,343
89,617
2023
£
6,784
25,830
1,269
9,577
43,460
2023
£
25,830		 2022
£
84,635
34,000
9,540
128,175
2022
£
2,510
14,250
1,416
9,969
28,145
2022
£
14,250
2022
£
14,250
2,495
(2,495)
14,250
14,250
2023
£
25,830
14,250
(14,250)
25,830
25,830

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

17 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
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 January 2022 resources expended 1 January 2023 resources expended 31 December
2023
£ £ £ £ £ £ £
CertMAP
Bursaries - 8,275 (8,275) - 5,875 (5,875) -
Quality
Improvement
and CPD
Projects - 14,284 (14,284) - - - -
MaPS Grant
for the
adminstration
of Debt Relief
Orders 149,717 349,500 (399,149) 100,068 92,750 (192,818) -
149,717 372,059 (421,708) 100,068 98,625 (198,693) -

CertMAP bursaries- financial support provided by Thames Water for CertMAP.

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

MaPS Grant funding was provided to increase and/or maintain access to debt relief orders.

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

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: Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Transfers Revaluations,
Balance at
Incoming
Resources
Transfers
Balance at		 1 January 2022
resources
expended
gains and
1 January 2023
resources
expended
31 December		 losses
2023		 £
£
£
£
£
£
£
£
£
£		 Contingency
49,107
-
-
6,411
-
55,518
-
-
36,802
92,320		 CertMAP Financial Support
3,500
-
(1,332)
47,540
-
49,708
-
(600)
-
49,108		 IT equipment replacement
3,000
-
(900)
900
-
3,000
-
(710)
710
3,000		 Fixed asset fund
22,859
-
-
(8,598)
-
14,261
-
-
(8,261)
6,000		 Learning and development
2,248
-
-
-
-
2,248
-
-
-
2,248		 Website development
-
-
-
-
-
-
-
-
7,500
7,500		 Research (follow up to Wellbeing Report)
20,000
-
-
80,000
-
100,000
-
(9,290)
-
90,710		 Research (Training)
5,000
-
-
12,000
-
17,000
-
(14,335)
(2,665)
-		 Recruitment of P/T Policy Officer
21,500
-
-
(21,500)
-
-
-
-
-
-		 Trustee Training and Development
2,500
-
-
-
-
2,500
-
(527)
1,027
3,000		 Subsidised member training places
4,000
-
(4,000)
4,000
-
4,000
-
(3,700)
-
300		 CRM System Development
22,254
-
(16,749)
13,145
-
18,650
-
(10,747)
-
7,903		 Branch support fund
2,000
-
(520)
7,520
-
9,000
-
(170)
170
9,000		 MAG emergency support
2,000
-
-
(2,000)
-
-
-
-
-
-		 Conference
4,000
-
(2,940)
940
-
2,000
-
(1,385)
1,385
2,000		 Member webinars
2,000
-
(850)
850
-
2,000
-
(1,250)
750
1,500		 165,968
-
(27,291)
141,208
-
279,885
-
(42,714)
37,418
274,589
18

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

Incoming
Resources
Transfers
Balance at 31		 resources
expended
December 2023		 £
£
£
£		 98,625
(198,693)
-
-		 -
(42,714)
37,418
274,589		 605,995
(532,736)
(37,418)
752,958		 704,620
(774,143)
-
1,027,547		 Total
Unrestricted
Designated
Restricted
Total		 Funds
funds
Funds		 2023
2022
2022
2022
2022		 £
£
£
£
£		 6,000
22,860
(8,598)
-
14,262		 1,021,547
694,257
288,483
100,068
1,082,808		 1,027,547
717,117
279,885
100,068
1,097,070
Transfers
Balance at 1		 January 2023 £ -
100,068		 141,208
279,885		 (141,208)
717,117		 -
1,097,070		 Designated
Restricted		 funds
Funds		 2023
2023		 £
£		 (8,261)
-		 282,850
-		 274,589
-
Resources expended £ (421,708) (27,291) (393,645) (842,644) Unrestricted Funds 2023 £ 14,261 738,697 752,958
Funds Balance at 1
Incoming		 January
resources		 2022 £
£
£		 Restricted funds
149,717
372,059		 Designated funds
165,968
-		 Unrestricted funds
686,946
565,024		 1,002,631
937,083		 Analysis of net assets between funds Fund balances at 31 December 2023 are represented by: Tangible assets Current assets/(liabilities)
19 20

DocuSign Envelope ID: BAAEB9E6-65B4-4514-8678-42A9A2064D76

INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

21 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023 2022
£ £
Aggregate compensation 64,504 60,171

Three trustees were reimbursed travel expenses of £893 (2022 - £178) and no trustees were reimbursed editorial expenses (2022 - £279) during the year. No trustees were paid during the year for their role as trustees.

Subscription and course fees of £1,178 (2022 - £745) were paid by the Trustees during the year.

22 Cash generated from operations
Cash generated from operations 2023 2022
£ £
(Deficit)/surpus for the year (69,523) 94,438
Adjustments for:
Investment income recognised in statement of financial activities (16,258) (5,096)
Depreciation and impairment of tangible fixed assets 8,972 9,347
Movements in working capital:
Decrease/(increase) in debtors 38,558 (39,298)
Increase/(decrease) in creditors 3,735 (1,248)
Increase in deferred income 11,580 11,755
Cash (absorbed by)/generated from operations (22,936) 69,898