TAUNTON AREA DEBT ADVICE (A CHARITABLE INCORPORATED ORGANISATION)
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
TAUNTON AREA DEBT ADVICE (A CHARITABLE INCORPORATED ORGANISATION)
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
CONTENTS
| Page | |
|---|---|
| Report of the Trustees | 1 – 3 |
| Receipts and Payments account | 4 |
| Statement of Assets and Liabilities | 5 |
TAUNTON AREA DEBT ADVICE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The trustees are pleased to present their report, together with the financial statements of the charity, for the year ended 31 March 2023
REFERENCE AND ADMINISTRATIVE DETAILS
Charity number 1162324 Principal address St Mary’s House Magdalene Street Taunton Somerset, TA1 1SB
Bankers Natwest Taunton, Somerset
Trustees
The trustees serving during the year and since the year end were as follows: -
Steven James Reed (Chair) Pamela Dorothy Walker (resigned 31 March 2023) Graham McRae Reid (resigned 20 September 2022) Martin James Ingrams (resigned 14 June 2022) Philip Bedford (Treasurer) Janet Gillett
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
Taunton Area Debt Advice is a Charitable Incorporated Organisation (CIO) governed by its Constitution last amended 4 June 2015.
Appointment of Trustees
As set out in the Constitution, there must be at least three charity trustees but no maximum number of trustees. The trustees are also the members of the CIO and have no liability to contribute to its assets if it is wound up and no personal responsibility for settling its debts and liabilities.
Apart from the initial trustees, every trustee is appointed for a term of 3 years although they can offer themselves for re-appointment and retire by notifying the CIO in writing. Appointment is by a resolution passed at a properly convened meeting of the CIO trustees.
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TAUNTON AREA DEBT ADVICE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 (cont)
Organisation
The board of trustees administers the charity and generally meets four times a year – each trustee having a designated role within the organisation. The charity operates under the umbrella of Community Money Advice (CMA) which provides a wide range of practical support and advice; it also provides the services of a regional Operations Support Manager who is available to give assistance on any aspect of debt advice.
The charity is a small debt advice centre with five volunteers excluding the trustees and is an affiliated centre of CMA which is a national charity authorized and regulated by the Financial Conduct Authority.
Risk Management
The trustees have conducted a review of the major risks to which the charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors.
Taunton Area Debt Advice works with thirtyone:eight which is an independent safeguarding charity.
OBJECTIVES AND ACTIVITIES
The objects of the charity as set out in the CIO’s Constitution are the relief of financial hardship or poverty amongst persons in the Somerset area by any such means that are exclusively charitable at law, particularly but not exclusively by providing debt counselling and adjusting services, advice and assistance in financial matters.
The main activities undertaken for the public benefit in relation to these objects involves meeting with indebted clients and working with them by helping to draw up a realistic household budget; subsequently the qualified debt advisors may negotiate with creditors or consider any other available debt remedy up to and including insolvency.
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
We welcome anyone living in the Taunton area who can benefit from the resources on offer regardless of personal background, faith, gender, age or personal circumstances.
ACHIEVEMENTS AND PERFORMANCE
The reduction in stress both for the individuals concerned and for those close to them is immense; families can see a future ahead and the prospects of a normal life. Taunton Area Debt Advice has continued to help a number of clients to become free of debt and to stay clear of debt.
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TAUNTON AREA DEBT ADVICE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 (cont)
ACHIEVEMENTS AND PERFORMANCE continued
All this work is carried out by a team of volunteers who give generously of their time for the benefit of our clients and receive no remuneration for their work.
Clients are mostly referred to the charity by other agencies including Housing Associations, community support bodies, local churches and other charities. When all volunteers are fully occupied, new enquiries are generally referred to other service providers such as StepChange, Navigate, CAP, National Debtline, Citizens Advice or, with their permission, the names are added to the waiting list.
The year under review saw the retirement because of ill health of our Founder and Centre Manager. This was an unexpected event and led us to question the long term future of the charity. However, the team shared the responsibilities left by the resignation and we functioned well. We recognize that in the longer term we will need a Centre Manager. We are very well supported by the national body to whom we subscribe, Community Money Advice (CMA), and that support enabled us to work through the challenges we had faced. We are fully up to date with our FCA documentation to enable us to function as a Debt Advice Centre.
FINANCIAL REVIEW
Unrestricted receipts in the year to 31 March 2023 amounted to £19,163 with expenditure of £7,439. A further £585 was received by way of restricted gifts. Including the restricted fund balance of £2,193 there was a closing bank balance of £20,329.
The charity continues to seek additional sources of finance and now receives regular giving from a wider range of churches and individuals in the Taunton area. The charity is grateful for the grants received during the year from Somerset Community Foundation, Fairfield Charitable Trust and Open Mental Health Grants Fund for core running costs of the charity.
Approved by the trustees on 26 June 2023 and signed on behalf of them by:
Steve Reed
Steven Reed (Chairman)
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TAUNTON AREA DEBT ADVICE
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted Restricted Funds Funds £ £ Voluntary income Grants and donations 18,961 585 Gift aid tax recovered 172 0 Interest received 30 0 _ _ TOTAL RECEIPTS 19,163 585 _ _ PAYMENTS Business rates 134 0 Office Licence fees 4,585 0 Mobile phone running 272 0 Postage, printing and stationery 164 0 Sundry 31 0 CMA affiliation fee 1,100 0 Data protection fee 35 0 Training and room hire 0 510 Website and promotion 0 231 IT consultant 307 0 Thirtyone:eight (safeguarding) 145 0 Insurances 594 0 Bank charges 72 0 Insolvency fees 0 90 Equipment purchases 0 0 Software costs 0 0 Other expenditure 0 585 _ _ TOTAL PAYMENTS 7,439 1,416 _ _ Excess of Receipts over Payments 11,724 (831) Cash funds brought forward 6,412 3,024 _ _ CASH FUNDS carried forward 18,136 2,193 |
TOTAL Funds 2023 19,546 172 30 _ 19,748 _ 134 4,585 272 164 31 1,100 35 510 231 307 145 594 72 90 0 0 585 _ 8,855 _ 10,893 9,436 __ 20,329 |
TOTAL Funds 2022 £ 5,941 931 0 _ 6,872 _ 236 323 376 182 51 900 35 120 163 487 129 535 96 0 563 0 585 _ 4,781 _ 2,091 7,345 __ 9,436 |
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TAUNTON AREA DEBT ADVICE
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 MARCH 2023
£ £ CASH FUNDS Bank accounts 20,329 OTHER MONETARY ASSETS Income tax recoverable 700
ASSETS RETAINED FOR THE CHARITY’S
OWN USE
Printer Shredder Two Windows Laptops Ten mobile phones Filing cabinets Gopak table
LIABILITIES
A 36-month Licence to occupy the office and shared facilities provided by Taunton Citizens Advice Bureau was entered into at an annual Licence Fee of £3,300 pa from 28 August 2019.The monthly Licence fees were reduced during the periods when access to the premises was restricted during the Covid pandemic. The office space available for our use was increased and from 1 April 2022 the annual Licence Fee was £4,420 less any Business Rates paid by TADA. This was amended to £4,985 pa from 1 October 2022.
Approved by the trustees on 26 June 2023 and signed on behalf of them by:
Steve Reed
Steven Reed (Chairman)
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