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
- (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.
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## **INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
In pursuit of these aims, over the past year, the Institute of Money Advisers (IMA) has undertaken the following activities: -
- Managed the IMA Accreditation Scheme for money advisers, including further development of:
- the Certificate of Credit in Money Advice Practice (CertMAP),
- the IMA’s Continuing Professional Development scheme and
- the IMA’s Professional Code of Conduct.
- In partnership with Staffordshire University, delivered the CertMAP qualification to two further student cohorts.
- Secured Thames Water Trust Fund grant revenue to provide bursary support to advisers studying CertMAP.
- Supported the training and education of advisers by delivering an up-to-date IMA Training Programme, relevant and responsive to adviser need and delivered online, in accordance with the preference of IMA members.
- Secured Money Advice Trust funding to provide free training places for advisers in projects funded by the Money and Pensions Service.
- Commissioned market research aimed at increasing IMA membership and extending the reach of IMA training and other services.
- Held an in-person Annual Conference and, later in the year, to ensure the events were accessible to as many members as possible, delivered a virtual Annual Conference, each with unique workshops and content.
- Delivered six CPD-accredited webinars free-of-charge to IMA members as a membership benefit.
- Provided a commercial case-file audit service to support the development and assurance of quality in the sector.
- Further to our 2020 and 2021 reports, conducted longitudinal research into casework requirements and workloads in the money advice sector.
- Developed an Equality Diversity and Inclusion strategy.
- Increased our policy and influencing profile, campaigning on issues affecting IMA members and responding to external consultations and calls for evidence.
- Published four issues of Quarterly Account, the Institute’s news journal.
- Published weekly e-bulletins to keep advisers informed about sector developments and opportunities.
- Updated the IMA website providing information and resources to support advisers’ work.
## **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.
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## **INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **Achievements and performance**
- Maintained an average of 1736 individual members during 2023.
- Retained our status as a Competent Authority for the Insolvency Service in England, Wales and Northern Ireland for approving Intermediaries to deliver Debt Relief Orders.
- Approved 37 new Approved Intermediaries, maintaining an average of 207 intermediaries to deliver Debt Relief Orders in England, Wales and Northern Ireland.
- Following feedback from IMA members, introduced four new training courses: ‘FCA Consumer Duty’, ‘Debt Relief Orders: Becoming an Intermediary’, ‘Emergency Applications’ and ‘Financial Statements.’
- Offered over 2000 open programme training course places on a total of 37 different training topics.
- Delivered an additional 48 ‘in-house’ training courses to 781 advisers, meeting the requesting organisation’s training requirements.
- Enrolled 141 advisers onto CertMAP, the professional qualification in debt advice. Between 2010, when the qualification was introduced, and 2023, a total of 2116 advisers have obtained CertMAP.
- Held our first in-person Annual Conference since the pandemic led to the cancellation of our 2020 event. In 2023, the in-person event incorporated the fourteenth Money Advice Awards Ceremony.
- Delivered the IMA’s third virtual Annual Conference, enabling those unable to attend the in-person event to benefit from a range of stimulating workshops and panel discussion sessions.
- Assessed accredited members’ compliance with the IMA’s Continuing Professional Development scheme and Professional Code of Conduct.
- In partnership with the Money Advice Trust, contracted with a selection of MaPS-funded organisations to assess their advisers’ compliance with the IMA’s Continuing Professional Development scheme.
- Provided a commercial case-file audit service to support the development and assurance of quality in the sector.
- Joined the Fairness Group, a body coordinated by HM Treasury including representatives from central and local government, the credit and debt collection industry, and the advice sector, which aims to improve fairness in government debt collection.
- Continued active involvement in a range of forums affecting the sector including the FCA Consumer Network, the Taking Control Partnership, and the Insolvency Service’s Competent Authorities Group. We also engaged with the energy regulator Ofgem as part of its panel of consumer organisations.
## **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).
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## **INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 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:
- i. the Certificate of Credit in Money Advice Practice (CertMAP) qualification, in partnership with Staffordshire University;
- ii. the IMA Specialist Training Programme;
- iii. free webinars to IMA members.
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## **INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 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:
- DRO update
- Let’s talk loan sharks
- Case strategies
- The worst council tax problems ever and how to solve them
- Benefits update
- Case law update, Shelter Specialist Debt Advice Service
- Breathing space: the tricky bits
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## **INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 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:
- Invisible People & Council Tax
- NHS Health Costs
- End of Tenancy Debts
- Fines & Penalties in the Magistrates Courts
- Financial Abuse & Debt
- Houses in Multiple Occupation & Council Tax
## **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.
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## **INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 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:
- Consumer Credit Act reform (HM Treasury)
- Valuation of Houses in Multiple Occupation for council tax purposes (Department for Levelling Up, Housing and Communities)
- Framework for consumer standards (Ofgem)
- Strengthening protections for borrowers in financial difficulty (Financial Conduct Authority)
- Debt-related costs for energy suppliers (Ofgem)
- Shared complaints handling framework (Local Government and Social Care Ombudsman)
- Enforcement agent fees (Ministry of Justice)
- Enforcement Conduct Board business plan
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.
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## **INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 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**
- 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.
- Support the training and education of advisers by delivering an up-to-date online training programme, relevant and responsive to adviser need and sector developments.
- Seek sponsorship and funding to support the provision of subsidised training and events.
- Hold an in-person Annual Conference, including the fifteenth Money Advice Awards Ceremony.
- Hold a virtual Annual Conference with unique workshops and content.
- 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.
- Further develop our policy and influencing role, campaigning on issues affecting IMA members and responding to external consultations and calls for evidence.
- Pilot a non-technical buddy/mentoring scheme as a possible new membership benefit.
- Launch an IMA podcast with the IMA’s Policy Officer and Money Advice Specialist discussing topics of interest to IMA members.
- Commission independent research into the diversity of IMA membership.
- Develop a single membership log-in solution to improve navigation between the IMA website and individual IMA membership accounts.
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## **INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 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.
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## **INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 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
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## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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## **INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INSTITUTE OF MONEY ADVISERS**
## **Opinion**
We have audited the financial statements of Institute of Money Advisers (the ‘Charity’) for the year ended 31 December 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:
- give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, 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:
- the information given in the Trustees report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
- the directors' report included within the Trustees report has been prepared in accordance with applicable legal requirements.
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## **INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF INSTITUTE OF MONEY ADVISERS**
## **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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees report and from the requirement to prepare a strategic report.
## **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.
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## **INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF INSTITUTE OF MONEY ADVISERS**
## **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:
- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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
- 14 -
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.
- 15 -
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**
- 16 -
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|
- 17 -
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.
- 18 -
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.
- 19 -
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.
- 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**_
## **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|
- 21 -
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|
- 22 -
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|
- 23 -
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|**2023**Support 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|
- 24 -
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|
- 25 -
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||
- 26 -
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.
- 27 -
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|
- 31 -