T, MONEY ADVICE SERVICE Re Tistered Charili Numb¢r: 116?8?8 REPORT AND UNALDITED ACCOknWTS Year ended 31 Dcccnibcr 024
TW MONEY ADVICE SERVICE REPORT AND UNAUDITED ACCOL,ThTS- 31 December 2024 Contcnts RetX)rt ol'the Iru5tees Independenl examiners reTX)rr Receipts and paiments account Statement of asseis and liabilities Notes to the accoun 9-10
Page l. TII. MONF.Y ADVICE SERVICE RF.PORT OF THE TRUSTLIS 'I'he trusi¢¢s pre5eni iheir repon iogeiher "1th the accounts of 1-11.. Mone% Advice Service (TWMAS) tor the }'ear ended 31 DeLL"mtK"r 2024. Name and re YiStratiun TII'MA% is a regisiered charii).. regisirntion nuniber1162828. Goiemii) docun)tnl 'I"II MAS is a Lhdriiable incorpordled organisation. goierned bl a 'ritten constitution. Trustees The Inisiees ot the chariiN' are ihe members of the board. Trusiees are elecied to ihe board annually. and serve t.or a Tem ot- four l'ears. -1 rustees mai, seTh'e no more ihan three conseLUtiic terni5. Current trustees arKI InLee5 5eTh'ed during thc N"ear are as follows:_ Martin Dutt marare1 CJailand Jeaii Moiirhouse Robert Miller Itrom 4191?0?4) Brigitte Herren (from 1312125) Alice Simon lio 1416120?41 Paul Deane-w'illiams I 1517P0241 li ei-yi Chen {10 311121?024) Relruilineni. induLiion and traininu of n¢w twstces Neil. irusiees are aptK)inted to the organisation b%. e.xisiing Irusltts at a properlv conN'ened meeting of the Iruslees. Ncw 1>. appoinied Iruslees are gii.'en inlorniation and adv ice Concerning Ihe hisloTr and actiN ities ot'the charit),, Irusiee I'esponsibilities and r¢leN'ant charii>' reoulaiions. The) are also gii'en a eopy of the latest report and acLounis in order lo give them an understhnding of ihL charil!" s financial position. Continued......
TW MONEY ADVICF. SERVICE REPORT OF THE TRUSTF.ES Coniinued Princi al otTice The charit) s registered address is= 30 Crown Road Tl¢kenhaM TJA'13EE Professional ad isors Bankers- HSFIC" 54 C larence Street Kingston Urrf)n Thames Surre). K-FI INS Trustecs, res onsibilities in res ct ol-lhe aralion of the accounts Chariiv law rcqiiires the irusiees of ihe organivtion io prepare a receipts and pa)'ments account and a statement of assets and liabilitits lor each financial Near. In addition the trustees are responsible tor keepin proper accouiiling records ii'hich are sufticieni to sho. and explain ihe charitN"'s transactions and to disclose ith reasonable aecuraci. ai an! lime the tinancial position of ihe or(Fanisation. The!. are also rcspiinsihlL lor safeguarding the ttsseis ol- the charit!" and h¢nce for L3kiiio reasonable steps for the preN'ention and dotection of t'raiid and other irregulariiies. Ob-ects The objects t.or hICh the charil). is established are (i) for ihe relief of those in need bN" reason of age. ill health, disabilit>'. financial hardship or other disadN'aiitage: {ii) to further such other exclusii'el!," chdriiable pun)oses according 10 ihe laH' of En2land and Wales as ihe trusiees in their absolute discretion from time to tim¢ determine. Continued....
Page 3. TIA, MONEY ADVICE SERVICE REPORT OF THI. TRLISTF.F.S Continued GOernance. volunteers and staff Tlie charit! H'as constiiuted on 19th JUIN" 2015 and registered ith the Charitv Comniission on 24th Julv 2015. TII'MAS iiorks in partnership "1th Crosslighi Adi"ice {chariti' iiuinber 11633061 10 1)perate Lrosslinlil, TN%i¢kcnhani Branch, hilh proyidcs adi.ice io mcinbers ol- the publiL from ihe T1. posicode area M'hl) are in debt. I-WMAS is respoiisible tor recruilina local adi'isors Ipaid and i olunieers) 'hO w'ork ui)der the supervisioi) ot LrosSliht ,4di'iLe and are cok'ered b!. Cr0551iuhi Adi-icc s FL A auihorisalion. TIA'MAS also proN ides support for adwisors and orgJanises Crosslj(pht.run monei adi ice courses for clients and other members of the public. At ihe end ot 2024 T'mAs ernplolcd N"0 part-time staff and supp)rted 18 active volunteers. The charit}, is 'er) gratelul io ils fvolunieers who dedicated manN' hours ol-their own time 10 meeting w'iih clieiils and managing cases diiring the N"ear. The tnisiees held five meetings during ?024 (four regular quarterl). meetings and one straiegi, meeting). Rei'iew of actil'ities of Crossliaht. T.1¢kenhaM Branch for the ¥"ear ended 31 December 20?4 WL supported ?0 I people direLiI)". and held 330 apwyinlmenis durin(J the year. achiei'ino debt reductions of £?78.904 and income gains ot- £J8.24L. in ihe forni of grants and benetiis a'arded. lor clieiits. In mani other instan¢¢.% we were uble io slop iniercst and other charges on debts and to negotiaie atfordable debi repavn)ent plaiis. Clieiils usualli htar JLx)ut us fr(Ini M ord i)l-mouih. or are referred io us b)" local agenciL'S such as IhL NHS. local auihorit!,. local churches. RUILS. 14esiia. Achie%'ing' for Children. C-itizeii s .4di'icc Bureau. housing assoLiktions and partner charities. Our clienis span a 'ide spectrum of aue (our oldest client il'as 82). family prolilcs and Lthnic backgrounds and ihe iasi majoriix" are in reccipl of bencfiis dnd live iii renled acLommodaiion. 860/0 of our clienis had iheir main issuc resolN"ed 'hen ihei came to see us and 940/0 reported n inipr()¥ement in their situaiion and leli more in Lonirol ol-IhLir fuilire. Vern feli clienis are in full-tiine emplovnient or hake an qualilicaiions. Man!" arc uiicinploN"ed. '][h a disabilities or healih conditions thal inhibii Iheir abilii! io work 1160 had menthl healih issues and 121 had mobiliTh' or de¥teriT)' issues). Some clients hale muliiple health issUCS. Il'e see somL LliLntS Slill sufferiiio from ihe impact of ihe Coi'id lOck'-do.n period5. People losi their incomL's and livelihoods and haie not ! et been able to gei back io a qualil!. of lifc the! once enjoK'ed. The cost ot living cri.%is Loniinues to hal e a huae impact on our clicni% and man!" face a situation of often ha'ing to choose beiween pa! inbF lor t-ood or ener(pi' as the! are noi al.aN"S able io afiord both. The last majoril). ot our clieni appointments are in-person. On ai'erage. each monih .¢ held ? l appointments al Si Stephen s Lhurch. East -fw"ickenham. 4 in Han) IM hich is a new locaiion lor us). 2 ai All Sainis LhurLh: Hanipion and 4 at Hope church. Houns1o. lacross ? locations). We also hcld 5 mone). ¢ducaiion courses across Richmond Borough during the N'ear - in Central 'l-N'ickenhani. East Ti%'iLkL'nham. Ham. Hampton and Mnrrlake. These courses are designcd to equip our clients and others .]lh nione¥" manauement and budgeting skills to help them ai'oid falling inio debt. Continued.
PagFe 4. Tlh, MONEY ADVICF. SERVICE REPOR T OF THE TRUSTF.F.S Continued Rei'iew of actii'ilies durin rhe 'ear ended 31 December ?0?4 Coniinued t c.xist to help people lili themseli es oui of POVL'rt!' and to help ihem io build a better future for themSele5. Our i'ision is cenired on the whole rSOn. meeting people at their point ol- iieed and walkiiia 'ith them Lintil Ihei. get back on their feet. This hulistic approach aims to tull). suppon ihose slrug'gling the most and to equip them to face the rulu '1th confidence. RL'sults and tinancial sition The receipts and pa)'ments accouni for rhe lear ended .31 Decembcr 2024 is set oui on pa(Je 7. Th¢ charitj s bank balance tothlled £46,007 ai the ! ear end (2023.. £) 1.136). We are verw grateful to all donors who have supported our work this l-ear and in preiiious N'ears. We are parti¢ularli' graielul i(} St Stephen s Church Tw ickenham. I lampton Fund, Richmond F'oundation and ihc RotaTh' Club for their oenerous SLlPPOrt. e would also likc to thank London Borough of Hounslow. lor supwrting our work in Hounslow, {via a service lei.el agrecment be¢'een Houn51ow, Borough and Crosslight Advice). The trustecs haTr'e desionaied £3.000 of the £6.000 llrant from St stephen s Church i0,ardS the costs of pr()i.'iding debi and benelii adi'ice in Houns1o. alter March •02). li hen ilie funding to Crosslight Irom London Borough ot Hounslow will have b¢en I"ulli" expendcd. The trust¢es are of the opinion thai the okerall slale of atlairs of the oruanisation at 31 tkcember 2024 is satisfactor> and (hat Ihe organisalion has sutTicienl reserves io meei its future obligations. Reserves olic The trustees aim to maintain averdge tree reser¥'es Ot-6 to 9 months planned expendiiure to cover an!, temporary. shorttalls in ineomino rewurces and enable the charitN' io continue its 'ork whi15t specitic plaiis to balance income and eKpendiiure are implemented. Ai N"ear cnd. undesignated tree reseTh'es were £32.4201?0?3: £42.7841. equating to approximateli, 7 months of total 2025 budgeied expenditure. Public benetit In preparing? this report the irustees ha"e gi.en due regard the Chariti Commission's general guidance on publ ic benetit. ConiinLled......
P(ye 5. T, MONF.Y ADVICF. SF.RVICE REPORT OF IHE TRL,STEES Continued Related PartN' Disclosurcs Jean Moorhouse also ser%'es as a Irustee of Crosslight Adi'ice. Donations lo ihc Lharit)" Irom irusiees ioialled £320 in 2024 (£1.260 in ?0?3)- No trustee receii'ed anw mUneral10n or expenses from ihe chariti. during ihe i ear. Apprc)i'¢d bi. the trustees on 4 Sepiember ?025 and signed on their khalf by.. Robert J Miller Chair ot-Trustees
Page 6. TJA. MONEY ADVICE SERVICE INDEPF.NDF.NT F.XAMINERS REPORT TO THF. TRL',s ri.ES or TW, MONEY ADVICE SERVICE I reEK)rt lo ihe charitN Iruslces on m) examination of the above charit). ("The Trust") accounts for the ear ended 31 December ?0?4 which are sci oui on pages 7 to l O. Res onsibilities and basis ot.re As the chariti s trust¢cs. l'ou are responsible for the preparaiion of the accounts in accordance '1th the requirenienis ot the Charitics Ali 101 l {-'Ihe .4ct-"). I report in respeci of mi, examination of the Trust's accounts Caled oul under section 145 of the 201 l Act and in Lam. ingv (iut m!. examinaiion. I hai.e t"ollow-ed all the applicable Directions lyjillen by th¢ C harit). Commission under scction 14515)(b) of the Act. Inde cndLni exaniiner's statement I have Lompleted MN" cxamination. I confirm that no material matters have come to MN attention in connection w'ith the examination giving me cause io belieN'e ihat in. any maierial rc5PCLI- the accounting records H'ere not kepl in accordance ii'ith section 130 of the Charities Act.. or the accounis did not accord i&"ith ihe accountinu records= or the accounts did noi complN' w iih the applicable requiremenis Concerning tlie lorm and content of accounts set oul in the Chariiies IAccounts and Reports} Regulations 2008 other than any requiremeni thai Ihe accounts £ii"e a -irue and lair I'lei. Ivhich is not a maller considered as part ot-an independent examination. I have no concerns and have come across no mailers in connection with the examination to H,hich aiteniion should be dra'n in ihi5 report in order lo enable a proper understanding of the accounts to be reached. Signed as (he independent exaniiner on t's LL 202) bi.: Christopher Brcc Chartered Accounthnt
Page 7. TW. MONEY.4DVICE SERVICE RECEIPTS AND PA YMF.NTS ACCOLNT FOR YEAR ENDED 31 DECEMBER 0?4 Funds of the Chariti. {£) 103 Note Unresirici¢d Restricted Total Total Receipts Donations and grants Other Income 18.8?4 ?3,850 42.674 34.?56 550 5iO Total receipis 19.)74 23.8iO 43.?24 C051s of raisin% funds Fundiai%ingy cosls i24 524 Charitdble actiiities Crossli&71il Advic¢ Siafl cosis 7.5) *.000 9.500 8.iOO 15.851 18,9:0 27.992 Oiher direct costs 2.86i 3,464 Toral pas'ments 48.2)9 j8.i64 N¢t pavm¢nt5 for ihe )'ear Toial liinds broiighi forward Toial tiinds carried fornard (7.ifA) (5.035) 14.308) 48.784 58.44) 49.102 54,1 j7 Appro.ed b), Ihc irustees on 4 SLplcmkr 202) and si&?n¢d on their khalf by.. Robcrt J Miller Chair of Trusiees
PagTC 8. TII, MONEY ADVICF. SERVICE STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER2024 N(He 7024 ?0•3 A55ets Tangible fixed assets Cash ai bank Cash held bN' accountants 1.174 46.(K>7 943 51.136 165 Tax reclaim- Gift aid 1.947 1.89i 49.)95 54.137 Liabilities Pensions pal'able Wagjes paJabl¢ Suppliers 110 47 493 Net Assets 49.102 54.137 20?4 20?3 Statement of funds Llnrestricted funds Oeneial I'und 3*.420 Designated fund 41.4?0 48.784 Restricted fuThds I li)un41oi¥ fund Staff Costs Coiir8es fund 4.819 4.630 73) 534 7.682 i.353 Total of funds 54.137 Approved by the trustees on 4 and signed on iheir behalf by.'- bert J Miller Chair ofr-Truslecs
Page 9. TW. MONI.-1' .4DVIC'I." %I.RVICI-- NOTE TO THE.4CCOI.Th'TS IDF. F.MBER 1024 l. Accoiintin The accounts have been prepared on the rcceipts and pal'menis b&sis. The accounis compl) wilh the organisaiion's gToverningi documeni. UK Generalli" Accepied Prdctice and ihe Charities Act ?01 l insolar as th¢}. appl). to the charil!" and lis Trustees annual report and accounts. The tangible fixed assets are recorded ai ¢osi less a¢¢umulaied depreciaiion a]Id anN accumulalcd inipaimient losses. Al each reportingT date the Lhatiti &ssesses Mheiher ihere is ani indicatioi) of impaimient. If such iiidicaiion exists. Ihe recoiLrable amounr of th¢ a55¢t is deiermined Mhsch is tlie higher of lis fair &alue less cosis ro sell and its value in use. An impairmeni loss is recognised here tlie carTh ing ainount ¢iLeeds ihe re¢overdble amount. Depreciation is charged so as io allocat¢ th¢ cost ol'atsseis less Iheir residual value over iheir estimaied useful lives on an annual 2iQ/o reducing balance basis. The trust¢¢% Lonfirni. in accordance wilh The Cliaritable Incorw)raled Or£ani5atioiis IGeneral} Regulations 2012. Ihai ai ihe l'ear end I'WMAS did not have an!. ou15tanding gwdniees io third parties nor ank" deb secured on assers of the organisarion. Tli¢ chariti"'s trusiees are responsible for ihe prepardrion of ilie accouiits. The charity" 5 trustees ¢onsider Ihat an dLLdil is not required for ihis peri(NJ under Seciion 144 of the Charitits Act :O I l. Donations and nis L"niestT]cied Total Richmond Foundation 10.0( lo.0 London Borouuh of Richmond 5.850 Si Sieph¢n's PC C-rosslight.4dNice Oiher donarions 6.000 8,IK)O 10.672 10.672 Giftaid 3Tan iible fixed ass¢ts- com u(erslolTice meni l osi- As at l Jan ?0?4 -9i9 .4ddiiions during the N'ear ( urriL'dfon1'd- as at l Jart ?OJ? BrouLihi forward as at l Jan ?0?4 996 Char£e for the iear CurriL'¢lfi?n*urd- as * l Jan 20?4 l.i88 .Igi book value ..1.¥ ui 31 f)eceier ?074 1.174 ,Is ai 31 lJeLemher 2n23 94)
Page 10 -r. Ii()Nl.'Y AD ICI". NOTL TO THE ACCOLNTS FOR I"III." l-l.'Ak l.'Xl)l.'D i I l)I."C F.NIBF.R 2024 4 Statcmeni of fLinds ResiTicled (£1 G¢i3¢r41 Tothl SvdlT" Cosis Lour5es Dcsi Balance at l Jan 2024 6.000 48.784 534 4.819 S,3$3 Income 19.374 1 £.050 8(K) 8.000 2.3.850 Expenditure 126.7381 ?6.738 (10.4?0) (6011 I10,5} 121,5211 148,?591 Balance at i l Dec ?0?4 9.000 7.6¥2 Th¢ Rtslricied HoLinslow' fund arose from a grani Irotn Ciogslighi AdKice for proi'iding debi and benefit ad'iCe in HoungloH' from Febriw%' :O?2 iu IfarLh ?0?4. A fih¢r yani beinbp received in 2024 lo coveT soine ofihe costs of work in Houslom. io Iqarch .01$ The purwse of the fiind is to cotrer the Losr8 of proN'iding this advii¢. The balance r¢mainingi al i l Decernr 20?4 .$ £2,J19. AtE unresiricied Houn51ow fund was also establishcd in 10?? following the trustccs agr¢en)eni to designate a PK)rtion of gTeneral fund incom¢ lo nd Conlinu10n "or in Hoiinslow". when all Cros81ighi Advice yants have been full!" expended. The purtK)s¢ of t]]e tund is io CO.er some of ihe cosis of providinb) debt aiid knefii advice ii) Hounslow.. The purpose of ¢h¢ StatTCosts fund is lo cover salaries and other sthff costs. The purFA)se of ihe Courses fund is to covcr cost of coiir5es run for Clients. 5 Related art iransaLiions In ihc )'¢ar irusiees donaled £)20 10 ihe charit%" (£1 ?60 in ?O:J). There 'tre no oth¢r Iran5aclions with the trust¢¢5.