Company Registration No. 07917713 Charity Registration No. 1146001
MK MONEY LIFELINE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
MK MONEY LIFELINE
LEGAL AND ADMINISTRATIVE INFORMATION
| Directors & Trustees | B E Hampson | Chair |
|---|---|---|
| I N Anderson | ||
| A O Audu | ||
| R R Hudson | ||
| N O Meniru | ||
| Company secretary | B E Hampson | |
| Company number | 07917713 | |
| Financial Conduct Authority registration | 618802 | |
| Charity number | 1146001 | |
| Principal address | Acorn House | |
| 391a Midsummer Boulevard | ||
| Central Milton Keynes | ||
| MK9 3HP | ||
| Independent examiner | Steve Brentnall | |
| 1 Meadow View Cottages | ||
| Town Littleworth, | ||
| Cooksbridge | ||
| Lewes | ||
| East Sussex | ||
| BN8 4TH | ||
| Bankers | CAF Bank Ltd | |
| 25 Kings Hill Avenue | ||
| Kings Hill | ||
| West Malling | ||
| Kent | ||
| ME19 4JQ |
MK MONEY LIFELINE
CONTENTS
| Page | |
|---|---|
| Trustees' annual report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 17 |
MK MONEY LIFELINE
TRUSTEES' ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT)
FOR THE YEAR ENDED 31 OCTOBER 2024
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st October 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Articles, the Companies Act 2006, the Charities Act 2011 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)” (as amended for accounting periods commencing from 1 January 2016).
Objectives and aims
The aim of the charity is to provide a debt advice service to members of the local community of Milton Keynes.
This is a service offered free to all regardless of age, nationality, race/ethnicity, caste, class, physical or mental state, appearance, gender, HIV status, religion, illness, sexuality, marital status, political beliefs and criminal convictions.
Charitable activities
The office is in Central Milton Keynes and is the base for the charity’s administration with a facility to meet clients. The Trustees thank Milton Keynes Community Foundation for their support.
Free, confidential and impartial advice is offered and follows a triage process as each problem and solution is unique. During this year advice was given by appointments either face to face or over the telephone. The charity has one unpaid manager supported by three part-time salaried administrators, a part-time fund-raising officer together with a number of volunteer advisers. Those involved in debt advice with clients are required to undertake a comprehensive training and examination process accredited by Community Money Advice.
The pandemic outbreak from March 2020 resulted in a complete change of working with client interviews exclusively taking place by telephone and/or on-line video, however we have now reverted to meeting “in person” wherever possible but with the option of remote meetings still being available to those clients who prefer it.
The support network set up to support staff and volunteer advisers, particularly after helping clients with demanding problems, continues to function and is being used.
A comprehensive set of policy documents is in place, implemented and discussed with all staff and volunteer advisers, in line with the requirements of the Financial Conduct Authority. The programme to provide advice on financial management and related skills to some school students in Milton Keynes remains on hold but it is intended to re-start after a gap of over four years as a result of the effects of the pandemic when resources permit. Two highly successful drop-in centres continue to be run on a weekly basis where financial sign-posting, outside the scope of the regulated debt-advice activity, can be given. These are financially supported by two churches and a local parish council.
MKML networks with other agencies and organisations in Milton Keynes that can offer clients assistance with non-financial problems. MKML refers or signposts clients as appropriate to these groups.
Trustees provide their services on a voluntary unpaid basis.
MK Money Lifeline is a member of Community Money Advice – a national charity providing the resources, training and support needed to establish and maintain local, free, face to face money advice services. MK Money Lifeline is registered with the Financial Conduct Authority (No 618802) and also with the Information Commissioner.
The trustees thank the centre manager, administration staff and volunteers for all their efforts in supporting the charity and their on-going help and support to clients with their problems.
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MK MONEY LIFELINE
TRUSTEES' ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) - CONTINUED
FOR THE YEAR ENDED 31 OCTOBER 2024
Public Benefit
The Trustees acknowledge the requirement to demonstrate clearly that MK Money Lifeline has charitable purposes or aims that are for the public benefit. Details of how the charity achieved this are provided elsewhere in this report. In selecting their activities, the Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit.
Financial review
Income has been received from local churches, individuals and trusts. Expenditure primarily covers the administration expense of the office (salaries, rent, stationery, telephone) and insurance, and training.
Banking facilities are provided by CAF Bank.
The charity is insured for general cover and, specifically, for advice given to clients.
Financial Results
The trustees report a total income during the period ending 31[st] October 2024 of £58,979 with expenditure of £56,682. Income exceeded expenditure by £2,297. This resulted in total funds carried forward, of £48,014. Of this amount £4,647 is restricted and may only be used for the purposes for which it was given.
Reserves policy
Sufficient funds are set aside (“designated” by the Trustees) to facilitate the managed closure of the charity should this be necessary. This is intended to include funding to enable the charity to pay redundancy costs to remunerated staff and to meet outstanding financial obligations. The amount so designated is £10,000.
Free reserves beyond this enable the charity to plan and deliver an increased scope of operation with confidence that this will not be inhibited by the inevitably variable nature of some charitable donations.
MK Money Lifeline is grateful to all individual and organisational donors who contribute to support the work of the charity.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Expansion and future developments
The charity exists for the benefit of its clients. There is an ever-increasing need for our service and we find clients are subjected to limited household income, the effects of inflation, increased energy costs and the residual effects of the Covid19 pandemic.
The charity is continuing to expand its operations in Milton Keynes with a continuing focus on areas of deprivation within the city. Demand for the services of the charity regularly exceeds our ability to meet those demands.
The future of the charity depends on the continued commitment by staff and volunteers to help clients and the ability to raise sufficient funds to cover expenses.
The 5-year strategy review completed in 2020/21 will inform the charity’s business planning processes until 2026.
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MK MONEY LIFELINE
TRUSTEES' ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) - CONTINUED
FOR THE YEAR ENDED 31 OCTOBER 2024
Structure, governance and management
The charity was incorporated, as a company limited by guarantee, on 20th January 2012 and was registered by the Charity Commission for England & Wales as a charity on 21[st] February 2012.
The directors and trustees who served during the year and up to the date of signature of the financial statements were:
B E Hampson (Chair)
I N Anderson A O Audu R R Hudson N O Meniru
None of the trustees has any beneficial interest in the charity.
Governance changes
There were no changes to the Governing documents during the year.
The trustees' report was approved by the Board of Directors and Trustees.
B Hampson
Company Secretary
Date: 21[st] January 2025
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MK MONEY LIFELINE
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTORS AND TRUSTEES OF MK MONEY LIFELINE Charity Registration number: 1146001 and company registration number 07917713
I report to the trustees on my examination of the financial statements of the company for the year ended 31 October 2024 set out on pages 5 to 17.
Responsibilities and basis of report
As the charity’s trustees of the company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the accounts of the company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 Act (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act..
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention which give me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
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the accounts do not accord with such records; or
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the accounts do not comply with the relevant accounting requirements under section 396 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination;
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the accounts have not been prepared in accordance with the Charities SORP (FRS102)
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Steve Brentnall
1 Meadow View Cottages
Town Littleworth
Cooksbridge
Lewes East Sussex BN8 4TH
Date: 25[th] February 2025
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MK MONEY LIFELINE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income and endowments from: Donations and legacies 3 46,299 1,013 Other income 4 8,797 2,870 Total income 55,096 3,883 Expenditure on: Raising funds 5 407 - Charitable activities 6 55,289 986 Total resources expended 55,696 986 Net income/(expenditure) for the year/net movement in funds (600)5 2,897 Fund balances at 1 November 2023 43,967 1,750 Fund balances at 31 October 2024 43,367 4,647 |
Total 2024 £ 47,312 11,667 58,979 407 56,275 56,682 2,297 45,717 48,014 |
Total 2023 £ 48,556 8,070 |
|---|---|---|
| 56,626 | ||
| 256 | ||
| 53,375 | ||
| 53,631 | ||
| 2,995 42,722 |
||
| 45,717 |
The statement of financial activities includes all gains and losses recognised in the year.
Details of the various funds are provided in Notes 16 and 17. All income and expenditure derive from continuing activities.
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MK MONEY LIFELINE
BALANCE SHEET
AS AT 31 OCTOBER 2024
| Notes Tangible fixed assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Net assets Capital and reserves Share Capital 14 Reserves - unrestricted 16 Reserves - restricted 17 |
2024 £ 5,495 40,340 45,835 ( 1,028) - 43,367 4,647 |
£ 3,207 44,807 ______ £48,014 48,014 £48,014 |
2023 £ 540 46,053 46,593 ( 5,152) - 43,967 1,750 |
£ 4,276 41,441 _ £45,717 |
|---|---|---|---|---|
| 45,717 | ||||
| £45,717 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 October 2024. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 21[st] January 2025 and signed on their behalf:
I N Anderson Director & Trustee
Company Registration No. 07917713
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
1 Accounting policies
Charity information
MK Money Lifeline is a company limited by guarantee incorporated under the Companies Act on 20[th] January 2012 and registered by the Charity Commission for England and Wales as a charity on 21[st] February 2012.
1.1 Accounting convention
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance with the Companies Act 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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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 £.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Donations:
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies:
Legacy income and grants receivable are recognised when the Trustees have been formally notified of the amount due to the charity.
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1 Accounting policies (continued)
1.5 Resources expended
Basic financial liabilities, including creditors 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.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment: 25% writing down basis
Any gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 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.
1.8 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. All amounts payable are classified as current liabilities if payment is due within one year.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11 Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight-line basis over the term of the relevant lease.
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Restricted funds funds £ £ Donations and gifts 45,974 1,013 Legacies 325 - For the year ended 31 October 2024 46,299 1,013 For the year ended 31 October 2023 46,170 2,386 |
Total 2024 £ 46,987 325 47,312 |
Total 2023 £ 48,556 - |
|---|---|---|
| 48,556 | ||
| 48,556 |
Donations and gifts includes amounts received from individuals, parishes and in response to particular appeals. The Trustees gratefully acknowledge all these gifts; without this generous support the charity would be unable to fulfil many of its objectives.
Due to the constantly changing nature and frequency of the services provided by volunteers it is not possible to attribute a value to the services so provided.
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
4 Other income
| Unrestricted Restricted Total funds funds 2024 2024 2024 £ £ £ Grants 7,050 2,870 9,920 Interest 1,018 - 1,018 Other income 729 - 729 For the year ended 31 October 2024 8,797 2,870 11,667 For the year ended 31 October 2023 6,070 2,000 |
Total 2023 £ 6,860 595 615 |
|---|---|
| 8,070 |
- 5 Raising funds
Fundraising and publicity Other fundraising costs
| 2024 £ 407 407 |
2023 £ 256 |
|---|---|
| 256 |
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6 Charitable activities
| Direct relief Debt advice and counselling £ Staff costs (included in note 9) - - Direct costs 251 360 Share of support costs (see note 7) - 55,311 Share of governance costs (see note 7) - 353 251 56,024 Analysis by fund Unrestricted funds - 55,289 Restricted funds 251 735 251 56,024 For the year ended 31 October 2023 Unrestricted funds – general - 50,739 Restricted funds 1,506 1,130 1,506 51,869 |
Total 2024 £ - 611 55,311 353 56,275 55,289 986 56,275 |
Total 2023 £ - 3,086 49,944 345 |
|---|---|---|
| 53,375 | ||
| 50,739 2,636 |
||
| 53,375 |
The Trustees wish to record their thanks to a number of qualified volunteer advisers who donate their time and bear their own expenses in provision of advice and support to clients.
MK Money Lifeline's work could not be accomplished without this generosity. It is not possible to attribute a monetary value to these gifts in kind.
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
| 7 Support costs Support costs Governance costs £ £ Staff costs (included in note 9) 40,981 - Office accommodation and administration costs 13,261 - Depreciation 1,069 - Independent Examination costs - 353 55,311 353 Analysed between: Charitable activities 55,311 353 |
2024 £ 40,981 13,261 1,069 353 55,664 55,664 |
2023 Basis of allocation £ 35,705 Estimates of time spent by paid staff 12,814 Pro rata to staff costs 1,425 Actual cost incurred 345 Pro rata to staff costs 50,289 50,289 |
|---|---|---|
- 8 Trustees
None of the trustees received any remuneration during the year (2023: Nil).
Details of transactions undertaken with connected or related parties are provided in Note 20.
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
9 Employees
Number of employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Centre manager | 1 | 1 |
| Administrative staff | 4 | 4 |
| 5 | 5 | |
| Employment costs | 2024 | 2023 |
| £ | £ | |
| Wages and salaries | 40,600 | 35,534 |
| Social security costs | - | - |
| Other pension costs | 381 | 171 |
| 40,981 | 35,705 |
The average number of full time equivalent employees for the year was 2 (2023: 2). There were no employees whose annual remuneration was £60,000 or more.
The centre manager provides his services as a volunteer and is not remunerated.
10 Taxation
The company is a registered charity and is exempt from taxation on income and capital gains where they are applied for charitable purposes.
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
11 Tangible Fixed Assets
| Tangible Fixed Assets | |
|---|---|
| Office | |
| equipment | |
| Cost | |
| At 1 November 2023 | 8,511 |
| Additions | - |
| Disposals | ( -) |
| ______ | |
| At 31 October 2024 | 8,511 |
| ______ | |
| Depreciation | |
| At 1 November 2023 | 4,235 |
| Charge for the year | 1,069 |
| Eliminated on disposals | ( -) |
| ______ | |
| At 31 October 2024 | 5,304 |
| ______ | |
| Net book value | |
| 31 October 2024 | 3,207 |
| ______ | |
| 31 October 2023 | 4,276 |
| ______ |
12 Debtors and prepayments
| Other debtors Prepayments |
2024 £ 5,495 - 5,495 |
2023 £ 540 - |
|---|---|---|
| 540 |
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
13 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Trade creditors Taxation and social security Other creditors Accruals |
2024 £ 259 254 - 515 1,028 |
2023 £ 466 91 2,000 2,595 |
| 5,152 |
14 Share capital
The charity does not have a share capital. The company is limited by the guarantee of the members to a maximum of £1 each.
15 Retirement benefit schemes
Defined contribution schemes
The charity operates a defined contribution pension scheme for all employees unless they elect to opt out. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The total pension cost borne by the company for the year is disclosed in the Employees Note (Note 9).
16 Designated funds included within unrestricted funds
The unrestricted funds of the company include funds designated towards the following purposes:
| Movement | in funds | ||||
|---|---|---|---|---|---|
| Balance at | Income | Expenditure | Balance at | ||
| 1 November | 31 October | ||||
| 2023 | 2024 | ||||
| £ | £ | £ | £ | ||
| Closure | 10,000 | - | ( | -) | 10,000 |
| Education | 656 | - | ( | -) | 656 |
| 10,656 | - | ( | - ) | 10,656 |
Further particulars of the funds are as follows:
Closure:
Funds are designated to facilitate a managed closure of the charity, should this be necessary, to enable the charity to pay redundancy costs to its paid staff.
Education:
This amount is designated for the support of the charity’s education work in schools to teach school students good money management.
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
17 Restricted funds
| Movement | Movement | in funds | ||||
|---|---|---|---|---|---|---|
| Balance | at | Income | Expenditure | Balance at | ||
| 1 November | 31 October | |||||
| 2023 | 2024 | |||||
| £ | £ | £ | £ | |||
| Grant towards fixed assets | 1,500 | 250 | ( 375) | 1,375 | ||
| Direct relief | 250 | 313 | ( 57) | 506 | ||
| Grant to meet debt relief costs | - | 1,500 | ( 94) | 1,406 | ||
| ‘Beyond Food’ project | - | 550 | ( -) | 550 | ||
| Future training costs | - | 760 | ( -) | 760 | ||
| Statutory fees | - | 360 | ( 360) | - | ||
| Grant towards provision of ‘signer’ for deaf clients | - | 150 | ( 100) | 50 | ||
| 1,750 | 3,883 | ( 986) | 4,647 |
Further particulars of the funds are as follows:
Grant towards fixed assets:
Funds received for new laptop computers and seating. This grant is amortised in line with the depreciation costs.
Statutory fees:
Amounts given towards fees payable to the Insolvency service to meet the costs of applying for bankruptcies and Debt Relief Orders. Funds are attracted on a case-by-case basis from various sources.
Direct relief:
Income received to meet specific needs to relieve poverty.
Grant to meet debt relief costs
These funds were given to meet debt relief costs (principally the cost of bankruptcy proceedings) where other sources of funding are unavailable.
Beyond Food project
This is a new initiative for 2025 and the funds donated are to meet ‘start-up’ costs.
Future training costs
Grant received to meet enable enhanced training to be provided.
‘Signer’ for deaf clients
Grant received to fund the provision of a British Sign Language-trained individual to be assist with deaf clients.
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
18 Analysis of net assets between funds
| Analysis of net assets between funds | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| funds | funds | |||
| 2024 | 2023 | |||
| £ | £ | £ | £ | |
| Fund balances at 31 October 2024 are represented by: | ||||
| Fixed assets | 2,082 | 1,125 | 3,207 | 4,276 |
| Current assets/(liabilities) | 41,285 | 3,522 | 44,807 | 41,441 |
| 43,367 | 4,647 | 48,014 | 45,717 |
19 Key management personnel
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
| Remuneration of key management personnel The remuneration of key management personnel is as follows. |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Aggregate compensation of the centre manager | - | - |
The centre manager is also a trustee and director and provides his services as a volunteer
20 Related party transactions
During the year the charity was party to the following arrangements:
Employment
Mrs S Anderson, the wife of the centre manager (who is also a Trustee) is employed as an office administrator and debt adviser. Her total remuneration in the year amounted to £9,422 (2023: £7,365). The terms and conditions of her employment are identical to those of all other employed staff. The centre manager does not participate in any decision making processes affecting her employment and the specific arrangements have been disclosed to the Charity Commission who have raised no objection.
Donations by Trustees
Donations totalling £238 (2023: £7,250) were made to the charity during the year by Trustees (or persons connected with them).
21 Future financial commitments
At the year end the charity had total commitments under operating leases for land and buildings expiring in one to two years of £5,530.
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