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← Huntingdon Area Money Advice

2024-12-31-accounts

Associated with Community Money Advice

HUNTINGDON AREA MONEY ADVICE Trustees’ Annual Report 2024

Report for the period 01/01/2024 to 31/12/2024

Charity Name Huntingdon Area Money Advice (HAMA) UK Charity Number 1152382 Charity Address 83a High St, Huntingdon, Cambs, PE29 3DP Financial Conduct Authority Registration number 705295 Informaton Commissioner’s Ofce Registration number: ZA018457 Web-site htps://www.huntsmoneyadvice.co.uk

Trustees and staf Trustees who have served in the course of the year: - David Busk Chair Richard Hough Kevin Parks Resigned 19 March 2024 Rob Alliott Deputy Chair Paul Moxham Trustee Responsible for Safeguarding Nicola Harrison Treasurer Monstford Keuneman Consumer Duty Champion and Deputy Trustee Responsible for Safeguarding Rachel Orton Resigned 03 December 2024 Volunteer staff: John Pickersgill Centre Manager, Debt Adviser & Approved Intermediary Roger Hickling Senior Adviser & Approved Intermediary Colin Borland Debt Adviser Grace Obed Debt Adviser Claire Pitcher Designated Person for Safeguarding

Independent Examiner

Mr Steven Sheppard ACA

Huntingdon Area Money Advice83a High Street Huntingdon  PE29 3DP E-Mail: help@huntsmoneyadvice.co.uk  Tel: 01480 418866 Website: huntsmoneyadvice.co.uk UK Charity No. 1152382 Authorised and Regulated by the Financial Conduct Authority: FRN705295

Huntingdon Area Money Advice

Trustees Annual Report 2024

Structure, Governance and Management

HAMA is a Charitable Incorporated Organisation. The governing document is the Constitution dated 29 May 2013. Trustees are appointed by the existing Trustee body.

HAMA works with and is supervised by the national charity Community Money Advice (Charity number 1111436) to provide the debt advice service. HAMA is authorised and regulated by the Financial Conduct Authority.

Objectves and Actvites

The objective of HAMA is the relief of financial hardship or poverty amongst persons in the Huntingdon area by any such means that are exclusively charitable at law, particularly but not exclusively by providing debt counselling services, advice and assistance in financial matters.

Public Beneft

HAMA has demonstrated public benefit in providing free advice to those in financial hardship or poverty in order to provide relief. Since the inception of the Charity in 2013 1030 people have been registered for our services and many have ongoing contact with our advisers to help them remain free of debt. Our services are available to all who have need of them within our local area, without any limitations of race, beliefs, gender or any other discrimination other than need. Although a Christian organisation, run and mainly financed by Christians HAMA does not use protected characteristics as defined in the Charity Commission guidance. We do not take advantage of the provision in Annex A of the guidance which allows those Charities whose purpose is for the relief of poverty to restrict those who may benefit. Anyone from outside of our local area would not be denied help, but where appropriate would be signposted to another similar organisation closer to them.

The founding Trustees had regard for the Charity Commission’s guidance on public benefit in setting up the Charity and subsequent Trustees have not departed from that guidance in exercising their powers.

Summary of Achievements in the reportng year

There were changes to DROs during 2024. The eligibility requirements were broadened to allow total debts up to £50,000, and also the client to have a car valued at up to £4,000. In addition, the £90 application fee has been removed. All of these changes have resulted in almost double the number of DROs this year compared to last year. Thankfully, even though these changes were not expected, since January two of our Advisers have been Approved Intermediaries and able to process DRO applications – last year we only had one.

We have invested time and finance in IT during the year. We have moved our file and email storage into Microsoft 365 with the help of Streamline IT Solutions. This has resulted in more robust Cyber security, greater storage capacity and more effective data backup systems.

We have invested in training of our Advisers. One of our debt advisers completed CMA training to Casework/Specialist Debt Advice level (three are now accredited to that level) and another has now completed the Generalist Debt Advice training.

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Trustees Annual Report 2024

The table below provides an overview of the cases received and worked through the year. A total of 220 people were helped in some way during 2024 (200 in 2023).

2024 2023
New clients approaching HAMA in year 135 105
Clients from previous years at beginning of year 85 95
Total contactng or being helped during year 220 200
Clients whose debt help was concluded during year 85 89
Clients stll being helped at end of year 96 74
Clients on waitng list at end of year 6 9
Clients terminatng (usually they ceased to engage
with us) in the year 33 28
Total 220 200

In 2024 we helped clients with:

Our model of engagement with clients recognises that many come with multiple issues, particularly mental health issues, which mean their debt problems are just part of the spectrum of challenges they are facing. This often requires us to have multiple appointments with clients over many months – making slow but positive steps forward each time in helping them to manage their finances and regain control of their lives. We work closely with a number of other agencies who are also providing support to the client and his or her family – thus together providing a package of care and support to the client. As well as managing debts, this support has included helping clients obtain benefits to which they are entitled, supporting them in addressing tax issues with HMRC and with helping them put together a budget to ensure their finances remain under control.

We work with the clients to assess their assets and debts, to maximise income and minimise expenditure, and then to agree a way forward which is best for the client – usually one of several repayment or insolvency options. For most of the debt solutions the adviser is able to contact the creditors and negotiate on behalf of the client

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Trustees Annual Report 2024

Our Senior Adviser- Roger Hickling, and Centre Manager – John Pickersgill are also “Approved Intermediaries” which allows us to submit applications to the Insolvency Service for Debt Relief Orders for our clients. John has also acted as the Approved Intermediary for out-of-area cases on behalf of the CMA Hub, which provides a central DRO service for CMA centres who do not have their own Approved Intermediary. In doing so, John has helped CMA to reduce its backlog of such cases.

In January 2024 we had four debt advisers and one budget adviser. Our Budget Adviser had to stand down in January but the four debt advisers have continued through the year. With this small team, we have managed an increased workload and the waiting list is lower than at the start of the year.

The Job Club project at Ramsey Library, run by Ramsey Neighbourhoods Trust, has now finished and so has our regular monthly attendance there. However we can still use a room at Ramsey Library, or at Ramsey Foodbank, on an ad-hoc basis to see clients who would not be able to travel to Huntingdon. Annual appraisals of the advisers have been conducted by the Centre Manger, who has himself been appraised by a Trustee. Regular educational meetings for the advisers have continued by Zoom and in person for the last meeting of the year. In 2023 the FCA introduced the Consumer Duty, which applies to the debt advice sector as well as to the creditors with whom we engage on behalf of clients. One year from its introduction, we were required to produce a Consumer Duty Report to show how we had met the duties. The Trustees appointed Monty Keuneman as Consumer Duty Champion to lead on the writing of this this report and to ensure that implementation and improvements remain on the agenda.

The Trustees meet every 3 months.

The Trustees are mindful of the need for an awareness of Safeguarding in our work. This includes training our personnel to follow best practice in their own conduct as well as to be aware of potential issues in the lives of clients who may be vulnerable adults, or in the lives of children in their family. We have a Safeguarding Team comprised of the Centre Manager, the Trustee Responsible for Safeguarding and deputy, and the Designated Person for Safeguarding (DPS). The Trustees are satisfied that the three safeguarding concerns raised during the year have been appropriately handled. None of the concerns raised were directed against HAMA personnel.

We remain very grateful to Gerald Thulbourn of Websanity for his continued technical support and updating of our website, www.huntsmoneyadvice.co.uk, which he constructed for us in 2018.

Policy on Reserves

The Trustees seek to retain reserves equivalent to 3 months of total budgeted expenditure. Should the reserves fall below this amount the Trustees will propose a plan to restore the reserve within a defined time period.

At the start of the year the 2024 budget gave a reserve (3 months of expenditure) of £1,922 and at the time the unrestricted balance was £20,646. We have maintained a balance above the reserve limit throughout the year, with a closing unrestricted balance of £22,397.

HAMA is totally reliant on donations and grants for its income and the continued availability of these are outside of our control. Nevertheless, the income is from a variety of sources, reducing the risk

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that all income would be lost at the same time. A reserve of 3 months of expenditure allows the Trustees time to react if a major source of income is lost without notice, but is not an excessive reserve in comparison to the level of risk.

We currently hold a lot more than the reserves policy requires. This is because we have received some very generous grants in recent years, which will secure the financial needs of the service for a number of years to come. It is anticipated that the balance will fall in the coming years as these grants are used.

Financial Review

The Trustees are grateful to those Churches, individuals and grant-making bodies who have supported us financially in 2024. During the year we have received monies from other charitable organisations which will help support the advice services provided to local Foodbanks.

Expenditure in the year has increased by £1,256 compared to prior year of which is due to an increase in the ongoing computer costs and making a contribution for our office space provided by Huntingdon Community Church. Insolvency fees have decreased in the year as a result of DROs no longer having a fee associated with them. See table below.

We are particularly grateful to Huntingdonshire Community Church who have continued to provide us, with dedicated office accommodation and rooms for meetings with clients. This generosity greatly enables and enhances the service which HAMA is able to provide to our clients. In addition, Godmanchester Baptist Church have also provided meeting rooms for the use of HAMA, for which we are grateful. We are also very grateful for the support, financial, practical and in prayer, which is received from various Churches and individuals.

Above all we thank, and give thanks to God for, our small team of advisers who selflessly give of their time and skills to bring help and hope to those in the grip of debt.

Approved by the Trustees at the meeting on 11 March 2025.

David Busk (Chair)

Nicola Harrison (Treasurer)

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HUNTINGDON AREA MONEY ADVICE

Accounts for the year ended 31 December 2024

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Notes to Accounts for the year ending 31 December 2024

  1. These accounts are prepared on a Receipts and Payments basis.

  2. All monetary assets of HAMA are held in the Metro bank account.

  3. HAMA has no Endowment Funds or Investments.

  4. The non-cash assets of HAMA are restricted to office equipment and stock. Other than the cost of purchase, their value is not considered in these accounts.

  5. Restricted income received in the course of the year were:-

4. The non-cash assets of HAMA are restricted to office equipment and stock. Other than the cost
of purchase, their value is not considered in these accounts.
5. Restricted income received in the course of the year were:-		 4. The non-cash assets of HAMA are restricted to office equipment and stock. Other than the cost
Institute of Money Advisers £186
Granted towards encouraging the uptake of DROs, which we have used to contribute
towards adviser training. There is no balance carried forward to 2025.
6. Unrestricted donations received from Churches were:-
Godmanchester Baptist Church £1,440
All Saints, Hartford
Christ Church Huntingdon		 £480
£200
  1. Payments to Trustees are solely for the reimbursement of expenditure on behalf of HAMA, on production of a receipt. In 2024 there were no repayments to any Trustees.

Independent examiner's report on the accounts

Sect i on A Independent Examiner’s Report

Report to the trustees/ members of

Charity Name Huntingdon Area Money Advice

On accounts for the year ended

31/12/2024

Charity no (if any)

1152382

Set out on pages

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(remember to include the page numbers of additional sheets)

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed. [ ~~The charity’s gross income exceeded £250,000 and I am qualifed to undertake the examinaton by being a qualifed member of the Associaton of Chartered Accountants.~~

It is my responsibility to:

Basis of independent examiner’s statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention ( ~~other than that disclosed below~~ *)

  1. which gives me reasonable cause to believe that in, any material respect, the requirements:

  2. to keep accounting records in accordance with section 130 of the Charities Act; and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

  4. have not been met; or

  5. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

  6. Please delete the words in the brackets if they do not apply.

Signed:

Date:

Name:

Steven Sheppard

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Trustees Annual Report 2024

Relevant professional qualification(s) or body (if any):

ACA

Address:

Sect i on B Disclosure

Give here brief details of any items that the examiner wishes to disclose .

Only complete if the examiner needs to highlight material problems.(E.g. accounting records have not been kept in accordance with s132 of the Charities’ Act 2011 and those accounts do not comply with the requirements of the 2008 Regulations setting out the form and content of charity accounts; any material expenditure or action which appears not to be in accordance with the trusts of the charity; any failure to be provided with information and explanations by any past or present trustee, officer or employee; and any material consistency between the accounts and the trustees’ annual report.)

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