Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C Institute of Money Advisers (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Company Registration No. 05386480 (England and Wales) Charity Registration No. 1112758
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees J Clack S Williams L Goldberg - c(Fopted A Walters - c(>opted A Shafiq C Marks- COwOPted D Burdis S Goodman (Appointed 24 September 2024) Secretsry S IAfilliams Charity number 1112758 Company number 05386480 Principal address The Charity operates virtually Correspondence to.. PO Box 526 Leeds LS17 INS Registered office Carlton House Grammar School Strt Bradford BD14NS Auditor Alison Whalley FCA Azets Audit Services Ltd Carlton House Bradford BD14NS Bankers Cs>operative Bank plc PO Box 250 Delf House Southway Skelmersdale 1•th18 61 Unity Trust Bank Nine Brindleypla Bimiingham B12HB
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Trustees report Statement of Trustees responsibilities Independent auditorfs report 10-12 Statement of financial activities 13 Balance sheet 14 statement of cash flows 15 Notes to the financial statements 16-30
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial statements for the year ended 31 December 2024. 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 Artides of Association, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance th 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 the promotion of high standard in the provision of free-tiTrdient money advice: the provision of education and training for money advisers., the advancement of the education of the public in the subject of money matters, debt and the management of personal finances. In pursuit of these aims, over the past year. the Institute of Money Advisers (IMA) has undertaken the following activities.. Managed the IMAAccreditation Scheme for money advisers, including further development of.. the Certificate of Credit in Money Advi Practice (CertMAP), the IMA'S Continuing Professional Development scheme and the IMAS Professional Code of Conduct. In partnership with Staffordshire University, delivered the CertMAP qualification to one student cohort. Supported the training and education of advisers by delivering an Uptdate IMA Training Programme, relevant and responsive to adviser need and delivered online. in accordance Yth the preference of IMA members. Held an in-person Annual Conference and. later in the year. to ensure the events were accessible to as many members as FX)ssible, delivered a virtual Annual Conference, each with workshops and content designed to contribute to advisers, continuing professional development. Delivered six CPD-accredited webinars free-of-charge to IMA members as a membership benefit. Provided a commercial case-file audit Servi to support the development and assurance of quality in the sector. Further to our 2020 and 2021 reports, published longitudinal research into casework requirements and workloads in the money advice sector. Implemented an Equality Diversity and Indusion strategy. Increased our policy and influencing profile, campaigning on issues affecting IMA members and responding to external consultations and calls for eviden. Published four issues of Quarterfy Account. the Institute's news journal. Published weekly &bulletins to keep advisers infomied about sector developments and opportunities. Updated the IMA website providing infomiation and reSoUrS to support advisers, work.
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 How activities have delivered public benefrt The IMA has provided training, infomiation 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 successfvlly engaged in policy and related influenang activty. 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. Achievements and performance Maintained an average of 1766 individual members during 2024. Retained our status as a Competent Authority for the Insolvency seiCe in England, Wales and Northern Ireland for approving Intermediaries to deliver Debt Relief Orders. Approved 50 new Approved Intermediaries, maintaining an average of 216 intermediaries to deliver Debt Relief Orders in England. Wales and Northern Ireland. Following feedback from IMA members. introduced three new training courses". 'Pensions in DROS & Bankruptcy.. Everything You Need to Know., 'Debt Vvrite-offs.. Strategies for Advisers, and 'Dealing with Enforcement Agents., Offered 2150 open programme training course places on a total of 37 different training topics. Delivered an additional 61 'in-house' training courses to 1045 advisers, meeting the requesting organisation's training requirements. Enrolled 65 advisers onto CertMAP, the professional qualification in debt advice. Beeen 2010, when the qualification was introduced, and 2024. a total of 2256 advisers had obtained CertMAP. Held an in-person Annual Conference. incorporating the fifteenth Money Advice Awards Ceremony. Delivered the IMA'S fourth virtual Annual Conference, enabling those unable to attend the in-person event to benefit from a range of stimulating VrkShopS and panel discussion sessions. Assessed accredited members, Complian the IMA'S Continuing Professional Development scheme and Professional Code of Conduct. Provided a commeraal case-file audit service to support the development and assurance of quality in the sector. Continued to be actively involved in a range of fowms affecting the sector including the FCA Consumer Neork, HM Treasury's Fairness Group. the Taking Control Partnership, and the Insolvency Service's Competent Authorities Group. We also attended roundtable sessions wth the energy regulator Ofgem, to discuss issues raised by our members around energy firms. treatment of debt advice Clients. Began piloting a non-technical mentoring scheme, which v4ill be evaluated in 2025 as a possible new membership benefit. Launched an IMA podcast, 'Debt Reckoning., viith the IMA'S Policy Officer and Money Advice Specialist discussing topics of interest to IMA members. vrfith occasional guests.
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review The financial statements are set out pages 13 to 29. The trustees consider the financial performance by the charity during the year to have been satisfactory. The Statement of Financial Activities shows a total income of £637,657 {2023 £704,620) and total costs of £622,140 (2023 £774,143) resulting in a surplus of £15.517 (2023 £69.523 deficit). 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 Importan of achieving financial resilience by retaining sufficient reserves. Since the discontinuation of grant ndIng to provide training to MaPS-funded advisers, training perf0rrnan has remained strong,. however, the longer-term risk to income remains. IMA Trustees have, therefore, decided it is appropriate to adopt a prudent approach to the management of the charity's reseNes considering actual and potential financial risks. None of the IMAS 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 nine months. operating costs which currently equates to £448,188. This would provide time for alternate funding SoUrS to be sought and the development of strategies allowing the IMA to continue to meet its charitable objects. Trustees remain committed to developing services to meet the IMA'S charitable objectives and will use any undesignated reserves to that end. Trustees have also agreed to put aside specific reserves of £863 for a Fixed Asset Fund., £48,493 to provide exceptional circUmstanS financial support to students on future cohorts of CertMAP', an IT equipment reseNe of £3,000,. £10,000 to fund further development of the IMA website.. £90,710 to commission annual independent research on issues affecting IMA members during 2025 to 2027., £8,475 to support IMA regional branches,. £8,000 to support increased marketing activity to the wder sector., £2,728 for Trustee learning and development., £2,000 to provide subsidised places to members attending IMA annual cOnferens., and £1,500 to cover the costs of delivering free-of<harge webinars to members. In addition, Trustees also consider it prudent to hold a Contingency Fund of £111,543, to cover costs in the event of winding up the IMA business. To summarise, Unrestricted ReseeS going forward should have a minimum value of £735,498, including any Designated Reserves, with Contingency Fund. totalling £287.312. The unrestricted reserves at 31 December 2024 stood at £1,043,064 (2023". £1,027,547) of which designated funds are £287,312 (2023: £274,589) and general unrestricted funds are £755,752 (2023.. £752,958) 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.
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Availability and adequacy of assets of each of the funds The Board of trustees is satisfied Ihat the IMA'S assets in each fvnd 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 edu>ion and training for money advisers. To this end, in 2024 the Instilute provided. the Certificate of Credit in Money Advi Practice {CertMAP) qualffication, in partnership with Staffordshire University., the IMA Specialist Training Programme- iii. free webinars to IMA members. Qualification Awarding CertMAP to 65 IMA members in 2024 ensured they met the quality standard required in the profession and became recognised as Accredited Money Advisers. Training We delivered a total of 147 training courses via our open programme and in-house throughout the year. Learning events at the IMA'S in-per50n and virtual Annual Conference events A range of CPD-accredited workshop topics were offered during our one-day in-person and (daY online conferences, including.. DRO update Consumer Duty Energy Debt and Fuel Poverty Case law update, Shelter Specialist Debt Advice Service Case strategies Benefits update IVAS in Practi Mortgage Debt.. preventing arrears and securing forbearance
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Free member webinars We delivered the following free live CPD webinars to IMA members, which were also recorded and made available to IMA members to view after the event.. Credit Reports & DROS Challenging Recovery of Benefit Overpayments Understanding Care Costs in Financial Statements Consumer Credit Act Notices Insolvency & The Home Economic Abuse. its Impact, and Illhy it Should be a Priority for Debt Advisers Relief and vention of financial hardshi Providing the education, training and support setvices to IMA members outlined in this report helps to improve and maintain the quality of advice provided by money advisers,. in tum, 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 finanaal hardship. As a Debt Relief Order Competent Authority, the IMA was directly involved in the relief of financial hardship during 2024, with our staff assessing and authorising only applicants wth the requisite skills and competence to act as Approved Intermediaries. IMA Approved Intemiediaries were then able to submit Debt Relief Order applications on behalf of insolvent people, eventually leading to the discharge of their debt. Influence Polic and Practice We obtained evidence from IMA members to inform our policy and infiuencing work, from membership surveys, all-member meetings, smaller focus groups and individual feedback. We produced written responses to the foll0vng consultations and calls for eviden.. Claimant data on the register of County Court judgments MaPS future debt advice strategy Enforcement Conduct Board standards Buy Now, Pay Later draft regulations We also collaborated with other organisations to respond to exiemal consultations, in particular relating to enforcement agents as part of the Taking Control coalition.
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 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-t¢>client money advice sector. These external environmental factors are expected to impact on revenue received by the IMA for its core ServIS 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. Plans and rima ectives for the forthcomin ear In 2025, the IMA Trustee Board plans to build on the success of the previous twelve months, ensuring that high quality training, education and support services are available to advisers who make a difference to over-indebted people and those who are struggling to budget. Key strategic objectives in 2025 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. Develop a new partnership with The University of The West of England, Bristol, to Co-deliver the CertMAP qualification. Support the training and education of advisers by delivering an uptTrdate 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 Advi 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 seNice 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. Publish the IMA'S monthly podcast, Debt Reckoning and increase its followers and subscribers. Conclude research into the diversity of IMA membership. Implement a single membership log-in solution to improve navigation beeen the IMA website and individual IMA membership accounts.
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management The charity is a company limited by guarantee registered in England and Wales(Registered company no 05386480) and is govemed by its Artides 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 finanaal statements were= J Clack J Fielding - co-opted S Wlliams L Goldberg - C¢>OPted A Vwdlters - c(Fopted A Shafiq C Marks - co-opted D Burdis S Goodman (Resigned 21 June 2024) (Appointed 24 September 2024) 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 wnding up. Appointment of trustees is governed by the charity's Artides 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 C(Pt 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 suEFcommittees', these will be described in individual sub-committee Terms of Reference, the IMA Membership Rules and the Artides ofAssociations. 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 wder team. Related Parties In the delivery of some of our strategic aims, the IMA will partner wth other organisations.. We wll partner with the Universty of The West of England, Bristol, to deliver CertMAP, the debt advice qualification. 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 practi. Auditor 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.
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Disclosure of infomiation 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 confimied 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 v¥ith the provisions applicable to companies entitled to the small companies exemption. The Trustees report was approved by the Board of Trustees. DocuS&ned by.. DocuS*ned ty. 048D8C676FAC455.. J Clack Chair Dated: 14 May 2025 0&19F... erg Treasurer Dated.'14 May 2025
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 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 Aepted Accounting Practi). 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 resour$ and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Twstees are required to.. select suitable accounting policies and then apply them consistently- obseNe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent., and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity 11 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.
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C 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 2024 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 standa 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 2024 and of its incoming resources and application of resources. induding its income and expenditure, for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance viith the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wth Intemational Standards on Auditing (UK) (ISAS IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditoffs SponSIbl1111eS 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 suffiaent and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have conduded that the Trustees use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. 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 e1ve months from vthen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Twstees with respect to going COnM are described in the relevant sections of this report. Other information The other information comprises the infomiation induded 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 infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance condusion 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 detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we condude 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 infomiation 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 accordan with applicable legal requirements. 10-
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C 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 Charty and its environment obtained in the course of the audit, we have not identified material misststements 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 retums 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 retums,. or certain disclosures of trustees. remuneration specified by law are not made" or we have not received all the infom)ation and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordan 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 intemal 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 concem, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to Cease operations, or have no realistic altemative but to do so. Auditorfs 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 auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance th ISAS (UK} will always detect a material misstatement vthen 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=Il www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 11
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C 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 instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibililies, 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, ils activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying th that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial stalements, whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audit eviden 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 govemance around actual and potential litigation and claims as well as actual. suspected and alleged fraud- Reviewing minutes of meetings of those charged wth governance., Assessing the extent of Complian wth 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 limitstions of an audit, there is a risk that we will not detect all irregularities, induding 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 intemal control. Use of our report This report is made solely to the company's members, as a body, in accordan 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 lo state to them in an auditorfs 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. stqned by.. BC2221165F424D2 Alison Whalley (Senior Statutory Auditor) for and on behalf of Azets Audit Services Ltd 14 May 2025 Chartered Accountants Statutory Auditor Carlton House Grammar School Street Bradford BD14NS 12-
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Unrestricted Restricted funds funds 2023 2023 Total 2024 Total 2023 Notes Income from: Donations and legacies Income from charitable activities Investments 19,080 55,025 74.105 15,420 92,750 108,170 534,674 28,878 534.674 28.878 574,317 16,258 5,875 580.192 16.258 Total income 582,632 55,025 637,657 605,995 98,625 704,620 enditure on: Expenditure on charitable activits-es 567.115 55,025 622.140 575,450 198,693 774,143 Net in¢omel{expenditure) for the yearl Net movement in funds 15,517 15.517 30,545 (100,068) {69,523) Fund balances at 1 January 2024 1,027,547 1,027,547 997,002 100,068 1,097,070 Fund balances at 31 December 2024 1,043,064 1,043,064 1,027,547 1,027,547 The statement of financial activit'es indudes 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. 13-
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets 12 6.000 Current assets Debtors Cash at bank and in hand 13 57,728 1,035,599 89,617 975,390 1,093.327 1,065,007 Creditors: amounts falling due within one year 14 (51.126) {43.460) Net current assets 1,042.201 1,021.547 Total assets less current liabilities 1,043.064 1,027.547 Income funds Unrestricted funds Designated funds General unrestricted funds 17 287,312 755,752 274,589 752,958 1,043,064 1,027,547 1,043.064 1,027,547 The financial ststements were approved by the Trustees on 14 May 2025 DoCu5ed ty. DusI9ned by. UAL c6dJ tStrèF&'-&lopted C676FACd55 Chair Trustee Company registration number 05386480 14-
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flov from operating activities Cash generated froml(absorbed by) operations 21 31,802 {22,936) Investing activities Purchase of tangible fixed assets Investment income received (471) 28,878 (710) 16,258 Net cash generated from investing activities 28,407 15,548 Net cash used in financing activities Net increasel(decrease) in cash and cash equivalents 60.209 {7,388) Cash and cash equivalents at beginning of year 975.390 982.778 Cash and cash equivalents at end of year 1,035,599 975,390 15-
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 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 carying 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 vthere the revision affects both current and future periods. Accounting policies Charity infomiation 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, BD14NS. 2.1 Accounting convention The financial statements have been prepared in accordan with the Charity's [governing documentl, the Companies Act 2006, FRS 102 'The Financial Reporting Stsndard 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 cOnM 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 specffic 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 speafic 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 GiftAid or deeds of covenant is recognised at the time of the donation. 16-
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {Continued) Legacies are recognised on receipt or otherwse 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 indudes both costs that Can be allocated directly to such activities an those costs of an indirect nature neSSary 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 330h Straight line The gain or loss arising on the disposal of an asset is determined as the difference beeen 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 impaimient 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 instwments are recognised in the Charitys balan sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, 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 al 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. 17-
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 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. Finanaal 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-rrent liabilities. Trade creditors are rewgnised initially at transaction pri 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 vthich 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 temiination benefits. 2.11 Retirement benefits Payments to defined contribution retirement benefit schemes a charged as an expense as they fall due. 18-
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Donations and legacies Unrestricted Restricted funds funds Total Unrestricted Restricted funds funds Total 2024 2024 2024 2023 2023 2023 Donations and gifts Grant listed below 19,080 19,080 55,025 15,420 15,420 92,750 55,025 92,750 19.080 55,025 74.105 15,420 92,750 108,170 Grants receivable for core activities Money and Pensions Service (Debt Relief Orders) 55,025 55.025 92,750 92.750 55,025 55.025 92,750 92.750 19-
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitable activities Money Annual Advice Conference 2024 2024 Total 2024 Money Annual Advice Conference 2023 2023 Total 2023 Subscriptions- members Quarterly Account Advertising Advisory Support MaPS Adviser Panel Support Training MAT training grants MAT CPD Programme CertMAP CertMAP bursary funding Quality audit service Annual conference Sponsorships- Conference 188,579 4.872 7,260 2.450 188,579 4.872 7,260 2.450 185,568 5,988 10,470 3,000 185,568 5,988 10,470 3,000 8,030 112,366 79,300 16,610 78,750 8,030 112,366 79,300 16,610 78,750 185,509 5,050 18,680 39,560 185,509 5,050 18,680 39,560 5,875 5.635 5,875 5.635 47.600 4.504 4.504 53.710 53.710 47,600 24,500 24,500 21,000 21,000 456,464 78,210 534,674 511,592 68,600 580,192 Analysis by fund Unrestricted funds Restricted funds 456,464 78,210 534,674 505,717 5,875 68,600 574,317 5,875 456,464 78,210 534,674 511,592 68,600 580,192 Investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 28,878 16.258 -20-
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charitable activities Money Annual Advice Conference 2024 2024 Total 2024 Money Annual Advice Conference 2023 2023 Total 2023 Annual conferen costs Quarterly Account Editorial costs CertMAP Training course costs Research Project 29.345 29.345 23,593 23,593 18,905 32,498 46,586 18,905 32,498 46,586 17,607 68,827 49,655 23,626 17,607 68,827 49,655 23,626 97,989 29,345 127,334 159,715 23,593 183,308 Grant funding of activities (see note 7) 30,261 30,261 160,332 160,332 Share of support costs (see note 8} Share of governance costs (see note 8) 454,381 454.381 420,338 420,338 10.164 10.164 10.165 10.165 592,795 29,345 622,140 750,550 23,593 774,143 Analysis by fund Unrestricted funds Restricted funds 537,770 55,025 29,345 567,115 55,025 551,857 198,693 23,593 575,450 198,693 592,795 29,345 622,140 750,550 23,593 774,143 21
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable Money Advice 2024 Money Advice 2023 Grants to institutions.. Maintaining or increasing access to debt relief orders 30,261 160,332 Support costs Support Governance costs costs 2024Support costs Govemance costs 2023 Staff costs Depreciation Staff recruitment and training Premises costs Office costs CRM project costs Website Insurance Travel and subsisten Sundry Marketing Legal and professional fees Irrecoverable VAT 381,492 5,608 381,492 5,608 358,995 8.972 358,995 8,972 1.387 2,043 17,035 14,037 1.387 2.043 17,035 14,037 1.772 20,376 16,007 6,194 3,603 5,689 2,481 335 1.772 20,376 16,007 6,194 3,603 5,689 2,481 335 3,238 5,413 2,294 1,547 3,238 5,413 2,294 1,547 5.961 3.979 5.961 3.979 1.502 3.875 1.502 3.875 Audit fees Board and council meeting costs 8,950 8,950 8,000 8,000 1,214 1,214 2,165 2,165 454.381 10.164 464.545 420,338 10,165 430,503 Analysed beeen Charitable activities 454.381 10.164 464.545 420.338 10,165 430.503 Governan Costs includes payments to the auditors of £8,950 (2023- £8,000) for audit fees. Trustees None of the Trustees (or any persons connected with them) reiVed any remuneration or benefits from the Charity for their role as Trustees during the current or previous year.
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number 10 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 342,097 22,290 17,105 321,734 21,489 15.772 381,492 358.995 The number of employees whose annual remuneration was more than £60,000 is as follows= 2024 Number 2023 Number £60,001 to £70,000 11 Taxation As a charity the company is exempt from tax on income falling wthin part11 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. -23-
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Tangible fixed assets Fixtures and fittings Cost At 1 January 2024 Additions Disposals 35,593 471 {8.454) At 31 December 2024 27,610 Depreciation and impaimient At 1 January 2024 Depreciation charged in the year Eliminated in respect of disposals 29,593 5,608 {8,454) At 31 December 2024 26,747 Carrying amount At 31 December 2024 863 At 31 December 2023 6.000 13 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accrued income 34,591 23,137 69,274 20,343 57,728 89,617 14 Creditors: amounts falling due within one year 2024 2023 Notes Other taxation and social security Deferred income Trade creditors Accruals 6,606 33,093 1,034 10,393 6,784 25,830 1,269 9,577 15 51,126 43,460 -24-
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Deferred income 2024 2023 Other deferred income 33,093 25,830 Deferred income is included in the financial statements as follows- 2024 2023 Deferred income is included Ythin.. Current liabilities 33,093 25,830 Movements in the year.. Deferred income at 1 January 2024 Released from previous periods Resources deferred in the year 25,830 (25,830) 33,093 14,250 {14,250) 25,830 Deferred income at 31 December 2024 33,093 25,830 16 Restricted funds The income funds of the charity include restricted fvnds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Movement in funds Incoming Resources Balance at resources expended1 January 2024 Movement in funds Incoming Resources Balance at resources expended 31 December 2024 Balance at 1 January 2023 CertMAP Bursaries MaPS Grant for the adminstration of Debt Relief Orders 5,875 (5,875) 100,068 92.750 (192,818) 55.025 (55,025) 100,068 98,625 (198,693) 55,025 (55,025) -25-
Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Restricted funds {Continued) CertMAP bursaries- financial support provided by Thames Vwdter for CertMAP. MaPS Grant funding was provided to increase andlor maintain access to debt relief orders. -26-
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Docusign Envelope ID.. A331166C-826A4690-89CF-1A7B49B6C62C INSTITUTE OF MONEY ADVISERS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Related party transactions Remuneration of key management personnel The remuneration of key management personnel is as follows. 2024 2023 Aggregate compensation 67,353 64,504 Four trustees were reimbursed travel expenses of £1,099 (2023 - £893 three trustees). No trustees were paid during the year for their role as trustees. Subscription and course fees of £1,036 (2023- £1,178) were paid by the Trustees during the year. 21 Cash generated from operations 2024 2023 Surplusl{defi¢it) for the year 15,517 {69,523) Adjustments for= Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (28,878) 5,608 {16,258) 8,972 Movements in working capital.. Decrease in debtors Increase in creditors Increase in deferred income 31.889 403 7.263 38.558 3.735 11.580 Cash generated froml{absorbed by) operations 31,802 {22,936) -30-