MONEY AND MENTAL HEALTH P O L I C Y l N S T l T U T E REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE Y&4R ENDED 31 DECEMBER 2023 FOR MONEY AND MENTAL HEALTH POLICY INSTITUTE REGISTERED CHARrrY NUMBER.. 1166493 MHA StAtutoryA￿1tof Elfed House Oak Tree Court Cardiff Gale Business Pa CARDIFF County ot Carthff CF23 8RS MONEY AND MENTAL HEALTH POLICY INSTITUTE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Entity Inlorrr>ation Chairfs Ann¢Jal Report 2 to 3 Chief Executive Officerfs Report Report ofthe Tnjstees 5 10 14 Report of tho IndepeThdent Auditors 15 lo 16 ststement of FinatxLal Activlties 17 Balance She$t 18 Cash Flow Stafement 19 Notes lo Ihe Cash Frow Statement 20 Notes lo the Finonrial Statement$ 21 10 29 MONEY AND trnENTAL HEALTH POLICY INSTrruTE ENTITY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023 ChaSr M Lewi8 Victrchalr Trea$uror C Pearson Trustees Z Claments C Frands P Nash C Pond GROY S Ryatt Addres$ 22 TrQngs% London WC2B 6LE Charity N￿bar 1186493 Auditor5 MHA Elfed Htruso Oak Tree Court CardiNGate BUSI￿8$ Park Cardiff CF23 8RS Bankers Unity Trust Bank Lirnited Four Brlndley Place Blrmwigham 81 2JB ilnlted Tnjst Bank Limled 1 Ropernak8r Street Londo EC2Y 9AW v1¥g￿ Money PIC Jubilee Hou88 GD5forth Newcasue up¢m Tyne NE3 4PL Insi9nis Cash Soluti£￿s Sl John's Innovation Centre Cowley Road CB4 OWS Page 1 AIONEY AND MENTAL HEALTH POLICY INSTITUTE CHAIR'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Martln LtwS5.' Money and Mental H¢aJth 1$ a do tank not a thlnk t•nK It's all about real worfd ImpacL The toxic relalion5hip behween money i$sues and Thntsl health problems has long been a passlon of mloe lo break. Yet the palh isn't Jnear and the Inrredible r83ulls Money and Mental Health has achieved do nDt lake pla¢e in a vacuum... set up the charity ￿ 2016- $ln¢e then the pandenwc and the Gosl of Imng cri5i4 have rnade11 feel like We'￿ walking into hpadwnd. The joy is that progress has still been rnade. and had Mffley and M•ntal Heallh not bean ar0￿d. I Ihink U)in95 would be farW￿e. We've enabled ¢hanges to the benefits system. tsdwln tKthlC• 8$8ch•hty.11 *A$th pprirddrty dlnknrft year fur peoF4e. rw resaaKh ffi￿n9 thal 5.2 ￿l￿On pecgb had mL45ed tBpaymM(s cffi dob￿ Ilke knans and carfs. Thal was 1.5 mlfvn peor4e than at Ihg g13)22. éesFiie paceol havhg thBn. 2023 has ￿￿jh1 par￿L7r tha12nlles. the protrAoms aref8r kn new-¥d y8arf$ hnK4Ct on a wider￿01&y¢lth from t￿rIan1#5￿ctearn ss &*y¥trlYo to dèfNerow thTresThblbWStsnpacl goHb.. Fawer dr440*anl89oJ QB ? resu￿ of mut￿1 heaN¥ 4r vxFwlenc¥ F¢s￿li￿ hsm) 44oo¥lw. ￿s￿0￿r paylrrtJfores8￿tid Few8rwpk pcwJEwlry$t£rtdardsa5 are$￿i01M*sw he￿Y>p￿trA?rns Suwt swb*65 b8c4me rnoro 6￿¥￿at he￿1￿ hayetrth mLrwaTrJ m¥iial hoahh￿￿￿M. To grd5W¢". Rose￿￿ th• Ilnks meotal buNl¢ wvblqms ffnan&l dlftkulUF6. the I 8xperfenE4 of c￿r Ra*arth GynmLrl¥, a gr¢up of ngaty s.ri￿ p8tWo with Fewml t14*1￿ tsf M￿3[ 81th wbth8. acadErit knrdiwe, and a ol othor The RB5q*th cornrnL￿tyh Rl thehpatofaTrofourYKth4r￿￿Beree￿￿￿&K8￿￿1DrttXII&wj16VeIth￿ la51yew. D•volap prBcthal ptslky ¥althlivn& vthinl kn Fqthr&tr¥p vmlh &loye aeThk•, ttho Sha￿ Ènd req￿ale1￿[ern. ATh4those ushiu knpurSwwthalTr￿tYWL￿k￿. G•mpalBn. GolkbuTht•. test zrHI Inntrrf4t• untu fs¥8•r¢h IMd¥ ts ￿41 ¢hanm In 2023, cHrnpakJneAI. cdL4boraiod ind tsJLlat¢T5 and, thro￿ hands￿ K4pntal <$%￿p￿r￿e, helped flrrnslo 1rnP￿ vJ*4JmesTorl)aioJstr)met¥VAth rtwtslhoalLh pr(4J*ms. We'rEa150wrnmHta4 ID PJ5ifj￿knp￿1ThJlh￿I thrwh w6th, ￿rt￿S01￿￿d0￿ FOreyz￿*.' Jr PEopk sre ao grou￿ Ih thredexpcr*vKeofn￿b1 he￿I￿pr￿l￿￿s. N8*el9hlkn 12 of(wad￿$0ryb0srd alKlour￿le0I, ￿K￿l￿T￿l￿{ne In ten ofourÈlaff tearn. ￿2ve &KperfetKeof yot{e￿,. Wl ow eYenL• at k8SI JJPEts experiEnt8J rnentsl PrOtrA￿ 0ndfinan￿1￿ffl￿1ty. In our most r8coThi $iaff OltBSpUth￿ ogregd that ond Monlal Hoallh ha$ 8 8uppTh*v¢ learn arfiure, lh9le￿￿•yeg$ tr•akd aTrJ that thBy had ¢¥Wknl0Bs b) 4rvJ In the lastyagr. W# ha¥E a 5ix￿h0n￿ty kknthip pwramrn2 pakl 6t Lrmthn LKkng Wage and wtte defighfed k) l%M A gblcnL8 frkn fc( ty2rwu* pru91arnff￿ b h* rn¢xe peoplE have a Intrtsthechadty Bui aTso th8fBts rnore thftl*e c4n th). Foru• trj b& 88 offtha ag h7ath*éing OEr￿￿Ury we do ai Monoy and Plqntsi Haalth ha& io IwvB Qq￿tyalkn core en¢J bedernvered bya Ilalthoyt4ow¥i r orgBnl6•tion. lWrba¢k9m￿fj. th frum oxfThl wtht a Charityw￿0 8sse$8fflenl ofthth>Tr va ￿0¥. Wfy S) CO￿b￿le Ythal dclr¥J bulbe honestab¢ul Yknprè ￿ can do b6kn. Th818pr4es 1) hthy othkp ¥tat¥rnembvrE. Y4othY4th tyJrResgarth Commuwty, the lo￿8￿9 thp ways pursuechwe. Eo IndLth5 aurlt4nkn.no aSVIB kA* b th&bJtsJre In 2024 bu a5klny ¢we6th￿8btyjI knthat's nexl, a wfr de¥ek4) Our￿b￿0vS strnltyyfcrf th8 ¢harEiy. We Ihatlu fflqke dffer8nca that 15 rneded need S)Y4ork b)gothèr, ao ￿E'd l¢)ve ta haarfrom you YOqOfm Ittal￿. Ilolen Undw*Chlgtfx•¢ulJ Cor*rD'Ar¢y. IAtsrfm ChhlEKeoth lrnatornXycov•r) Page 4 MONEY AND MENTAL HEALTH POLICY INSTITUTE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECÈMBER 2023 The liu$tees arÈ pJea$ed to ￿sent the anwal fepori and financial slalements of the Money and Mental Health Pollty InS￿lute Cmoney and Mentsl Health" orthe"Inslilule" or Ihe"Charityl lor Ihe yearend8d 31 December2023. The trustees confirm that the annual report and the fina￿￿91 5tatemnts of the In51iluts coryty with currenl 5talutory requiremen15, the reqU1￿MentS of the Institute's constitution and tho prov151on$ ol thg Stsl¢ment tsf Re¢ommended PraCu￿ ISORPI'Accounln9 and Reporting by Chartlie5' effective 1 Jar￿ary 2019 IFRS 1021. The Institut¢ is a Charitable Incorporated Organisation (charity regislrabon no 1168493, ￿￿lSte￿d on 12 Apr*1 20161. 08JECTIVES AND ACTMTIES In setting objectives and plfjniing f¢Jr adiYilio$. the twstees confim that they have compl*d ￿th the duly in 8ectlon 17 of the ChaTrlies Act 2011 to have due regard to the publi¢ benefit guvjance pU￿lShe￿ by the Charity Commis￿On. The objects oftrte Charfty aro-. to advance understatyling of menlal health. ffnanaal dI￿￿￿LIeS and capabli ty and lh8 relalicnship beiween thè Iwo., {21 to imwove the lives of peoFAe with mentsl heal¢h proble￿￿. parficularly in felth'oTr to theii ffinano experi8n¢¥s, arKI {3} to promota the weseryalhtin of good mental heakh. wSth a particular locus on the Impact of peopleb finand experfences, tnduding by Car￿ng oul research, laolltsyng &Iscu55ion, deBigniro and testing new approaches Bnd dk55eminatiTrg the usefijl results of these endeavours. In orderto ftjlnl these objeets, the Charity currenly carrJe$ out the Idlo￿ng BcUvltie$.' polry. research and 1nfiuenc￿vj ¥nrk 121 handS￿n consultarKy work lo deliver proct¢al Changes Ihat mprove out¢ome$ In es$ents"a18￿lces for pef¥)b wlh mentsl health problem5- IhTDugh our Menial Health Accessib￿ programme {31 our new Gambllng Commisslon work progr8mrnè, combining lived experfence, fe5eareh, polty ￿￿rk and hands-oTr consutt8ncyto halp ffin8ncial servre providws lo ￿l￿¢t Ihe rSsk 01 gambtin9 hami$ ACHIEVEMENTS AND PERFORMANCE Ourwork In 2023- PolicyD reseaich and Influenclng S¢r¢Dg¢h¢nlng regulatlon 2023 was another year in which we er¥J8g¢d *xtensNely wllh Rou18tor8 of es¥entsal seNi￿$, to h¢lp Ihem better understand and act upon the needs ol people itrilh mental health problem5. W8 were pleased to $ee Innuen¢ acllon taken by a numbe* of regtsl8tors and govgmment buJEs thls year.. Ofwat. Ihe water regtylator, has introduced new wles for waler ccrnpanE5. raising slan&ard5 lor how theytreal cuslomers. Our research highlighting the poor experiences of ¢ustomers wlth mental heatth problems wa5 promlnerttty eilerl In Ohvat's work. Watercompanie5 will now hav8 to make it easier for people lo get in touch and ensure that support 1$ avallable if you're struggling to pay. Compan¢e5 can b8 fined up to 10% of their tumover il they (Jonl ojmply, and we're optirnislicthi5 will ￿ad lo improved oulcoMe$. We called on Ofgem, the energy regulator. tts (ntroduce new wle$ to ¥￿teCtcu$tOrners In vulnerab Circurf¥slan￿$. In response. Ofgem now ￿quIreS energy fimis lo lolk)w spedfic steps before putlng a customer ontD a prepayment meter. to make sure tt won't have a detrimentsl impacl on Ihem. Customers who ve mi%$8d bllls will now receN8 p*oa¢bve communl¢ats'￿s from Iheir¢ompanies about Ihe support Ihat is available. Ofwm has laid out new expectations for telecoms ffirm5 about how they must contact cu51omprs, before ary debt colleeiion activity- This camo in direct ￿sponSe to enga9emenlw¢ had ￿th offlcials al Ofcorn followlng our rep￿1 on the Eqyalty Ad in 2022. An updated govemmenl toolkit, settlng out how PUb￿C sector bodie5 r8cov•ring debt shoukl stspport Cusiomers, n¢w features extsacts from Ihe Sel of guid8s on dssclosure we puNi8hed alongslde Money Adwice TWSL Page 5 MONEY AND MENTAL HEALTH POUGY INSTITUTE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 310ECEUBER 2023 Maklng Insurance work beffer for people w(th mental health problems Our'written 0￿, ieport examined Ihe difficulties people with mental ￿alth problems face when navlgatiftg the Insuranc& rnarket. The work. ¥vhich was supported by a grarTrl from the Which? Fund. funded by the Consumer5. As50ualion, found Ihat people vAth mgntal health prob￿rnS ar8 still facino sIgn￿￿antlY higher insurance premiums, re￿￿ c4)ver or a being relu5ed cover 8llog81thr- somellrnes even when their conditions 8re $table and manageable. 11 rais￿ concams Ihat 5Lyne firms ¢ould be di5criminaling against people vlith mental health prob[en￿ by failin9 to baso their deci&ons on o¢¢ura18 d8t8. W8 called on the Flnancial Conduct Au¢fK)Aty IFCAI to Investigate whelher insurance fim)s are making fa deci5ion5. we'￿ hopelul thi$ happen 2024 to deepw unders¢andiny on¢J ￿tImatelY deJNer better oulcomes for people ￿￿th mentsl health problerns. The reFNNt helped lo k*k518rt • conversation about these issues in the Insurance sector. We folbwed Ihe launch of Ihe research by publishing g best practice guhle fcf in8ur8nce pmv¥leJs. offeang pracllcal step5 Ihey Can lake tr> support people with mental health problerrFS through the ¢ust(Mner joumey - from apptylTrg Ihrough lo makln9 0 dalm. Off the back of thaL the Assodatigll Df British Insurers IABII wmmltted lurther luThliw lo provide rnental health tralnln9 to 5.CMJO frondine insurance professionals. The training will boost Iheir understsnding of ￿Mmen rnenlal hedth Prob￿rnS 8nd how Ihey affert people practically, to make sure cu$lDmers voth mental heahh problems get a servlce that meets their needs. The ABI dso cornm4tted lo reVI￿￿n9 the irtfoimatson on its webslte to tyetter explain why aThJ how data about ment31 health e¢nditions are used across the Indu$try. Boostlng safety onllne W8 were ddvJhted to s8$ the Online Safety Act Pass into law in 2023. brfn9i•g Nlh it new requiremenls for tech firms to and femove Scam posts and ads. Thk% followed a crg35-seclgr campalgn which Money and Mental Health helped to coftvew featuring consthmer groups. the financlol Serv￿e$ Industry body UK Finance 8nd 8 host of other orgèNsations. We hop6 that these new proleclw)n5 will significanty ￿dl￿e the 175k ol fallin9 Mdirn to an ￿rne scam, especlally for Ihose of us with mental health wobletrts. who are threE times mLYe likely to be affected by these crlme$ compared to p&ople wllhout mental health problerns. Wey be keeplng a close eye In the comtng year ￿ erssure Ihese legal dutie5 are property enforced. Scams are far from Ihe only danger we can face onllne. We also asked the Competition and Mafkets Athority io inves11gat8 exploitative practices like p￿sSUre selling tacbcs and lake thscount ollers. it subsequenlly launcl investigation ￿rk looking at online cholce architectu￿ these issues. Maklng gambllng saferfor people wlth mental health problems In 2023 the governmant published its bng-awaited gambling whi18 paper. setting Out its plans to mke gambling fegulalion fil lor the digit￿ age. We were pleased tts spe a Number of our recomrnendatlons for reducing gambling ha￿n$ featured In the Mthlle paper. Thls Included proposals to put $tak8 Ilmits on orlSne gambling slots. and io gpie the Gatnbling C¢mmlssion rnore oversight over the desi9n of online gambling products. as well 8s a more proachve rola in ensuring regulatory compliance arnong Onl￿ne gambling firms. The while paper also references the need lor financ*al seNice5 to strengthen spencting tylo¢ks. a Wic we￿• work8d do$ely wilh banks on slnce 2017. We Wll be ¢k)sety monilothig Ihe govemment's next steps. ReduGln9 the psy¢hological harm of debt collec¢ion A longstanding priority lor us haE been tackling aggresslv8 debt collection Pfacllces and the imrnense 4Yi5tress they cause for peop￿ in financial diffirAJfty. In 2023. we started a new 18-month project- funded by 8brdn Fin8ncial Fwmess Twst- with Ihe aim Of ¥edu¢in9 Ihe pre55ure5 people In debt facè and buildin9 ¥ OD$5.$e¢tor movetnent for change. We kickstarted this wlth the launch of our'Dobts and Despair, report, which found that neèrty hair of people are behb)d on ¢¢n5umer credit payments Say they feel harassed or overythelmed by the votyJrn8 ol contact they receive from C￿di10rS. We calèd for the governrnenl and lh8 FCA to work together to Introduce clear Simils on the number of time5 crediloFS can contact peopla aboul missed payrrEnts. Our Lgunch evenl- chaired by M8rtsn Lawis and w￿h speakers fr the maln polill¢al partles - allowed us to raise these i$sues wllh Blm Afotaml, EcotKimlc Secretary lo Ihe Treasury, and enior offiaals from Ihe FCA We wl rontinue to push for thes8 changes a$ the pr**e¢t moves forward. Maklng ft ea$lerfoi p¢ople to get help wlth Unfversal Credlt Our research shows hund￿d$ of Ihousands of people experfencing m8nl81 distrass may slNggle to get the support they need from loved on8S to manage their Univefsal Credil account and avoid sanctions. Th3t'5 because needle$$ llawg In the syslem make it loo hard for people to nominale spmeone to help Ihern. In 2023 we were pleased lo see the Departm&nt for Work and Pensions IDWPI acknowledge the lrnportance of maknng it easier for people claiming Unive￿al Credit lo gei help frorn others to rnanage Iheir benefit$. It has tommilted ￿ expl￿n9 ways lo enhance supportfor people who rety on third parties and ¢aTers to mana9e thelr Unlversal Credit. In¢luding Iwkin9 at how Peop￿ can give pemiisson lo others to aclon theirbehaif. This is an Issue wa'll continua lo press for progres8 ￿ in 2024. Page 6 MONEY AND MENTAL HEALTH POLICY INSTITUTE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 A benefits 5yStern that work5 for people wlth mental hÈallh problem5 In 2023. Ihe DWP published Its Heatth and Olsability White Paper. It Inclu¢fed c¢Jmmltments to mthe the benefit5 System more supp￿tive and e8sier to navigate- induth.ng change5 we have campaigned for lik8.- h81wng Feop18 to stsy in WO￿ by prgthdtng montal heallh $UPFQrt io p8wI8 In emFloyrnenl through the A¢eess to Work Menta Heamh Supw S¢￿Ce. empowerfng people tts intera¢l wlh the DWP in the w8y Ihatsuits thelr needs, f¢r inslance allowlng peopje to choose the channel they are contaded through lor heallh a&ses$ments and expa1￿1ft9 Ihe opuons for maktng applicatlons for Personal Independence Payrnent lo irKlud8 phone aml video. tesung Ihg sharing ofheallh assessrnent ￿POrtS that the DWP have ma¢Je v4eighin9 UP 8 terson's needs before benefits dec*$￿)￿$ are made, whlch gives paople rmre or4)(*tunrty lo claaty evidence and to support more a¢wrate de¢i5ion5. We were also Fl¥sed to see the DWP backtrack on woposals to rer￿ve parts of Ihe Work Capablllty Assessment which would have d15proportionalelydisadvantaged p8&￿e mentsl heaNh prO￿ems. Tlis was in resP￿Se to campaigning frcm u$ 8 range olvoiGe$ across the sector. Hèlplng mor¢ p¢tsple to batance thelr Mentsl health and work One of our key recommenclatims was for the government to scale up the Indniidual Placement Support IIPSI prcgramrne, whsrh has been hugely successful In SLtpportin9 people with severe mentsl illnoss to find and stay In wo Bul Ihis support ￿ rol conslslenuy avallable a¢r0s5 Ihe country, so we called lor provislon to be exl8ndgd our p8peron reduc4ng the number of people unable to work due lo poor mental heallh. INe were pleased to See Ihe government act on Ihls t￿1 In 2023, when it lavnthpd the expansion of the IndI￿dUal Fla￿ment and Support In Piimary Care wo5rammg. Vnd¢rstan*Jlng the relationship between our ethnlclty. money •nd mental health The toxi cyde of money and mental health problem$ ¢an impact anyone, bJl factors like ethnicity can affecl how we experience this cycle a5 wem as how easy k Is to 8ccess support lo deal ￿1th these Issue$. In 2023 we publlshed research which revealed that Peop￿ frLYn mlnodtised eihnlc groups are di5proportion8tely affe¢ted ty the economic and so¢ial 4Yeleminants ol peor rnenlal heallh including low incotne. $orial exdusian and ¥acism. We set ways that employers, support seNices and essential $ervice firrn5 can address Ih85e Inequalities. We We￿ pleased to launch the research with a wpbinar featuring Nvo rnemb8r5 of our Ras8arth Communlty who shared their vlews and personal reft¢clions. This re3earch was the Ihlrd pap￿ in a Series exploring how different demographic factc9 Ihe d8¥a$tsting link bet¥veen flnancial difflcully and sulckle has long been a priority in our work. so we were very ￿eaSed to 568 the govemrnent re5PDnd fo this by making il central to Ihe¥ new suiode prevention strategy for Ihe first b"Tne. For example, Ihis means Ihat ststt In Sefvi￿5 like the Departrnenl for Work and Pensions ￿11 be trahed up to offer lailor¢d $ulclde prevention supp￿1 to peoplÈ ¢xperlen¢lng nnanrial difficulties. Integratlng money and mental hÈalth $¢Ni¢es One ol Money and Mental Health's first ever rasearth rgports eXplo￿d how o¢¢ess lo debt acfvte In NHS Talkfjng Theraple6 could increase recovery rates for peopl8 with depression oranxlgty and protrAem debt. Since Ihen, we've been Campaigning to make this a reality. while the case and evidenc& base for it5 elfectiven855. This indudes our pather5hip wTth King's Cd*e London and Cthzens Advice lo plol this lype of seNl¢e In sO￿h London and MathY81ey. New research published in 2023 showed that wiwrfjng mi¥w advice alongside mental health support could thuble overy rates for people Struggling wllh debt and depresslon an# help an extra 27.0(Kl people recover frtyD mental health prob18ms each y80r. These reforms Could save the public purse £144 Milli￿ each year by redu¢ln9 demand cn l)ealth sefYi¢es and helping more people wlh ment81 health problems move into ernploymenl, The momenlum tse￿n￿ this Integrated approach to rnoney and raental health support is bulldlng, and as we h¥Jk loward$ ¢he 2024 election we wdl b8 pushing for the ngxt govemment to make this • wority. Mental health problèms and financial difficulty In re￿￿ement In Jun8 2023 we putrAish8d ￿SearCh- sponsofed by the Money and Pension$ ser¥￿- which showed that mfiions of people with mental health problems are faung a financial diff edge when they reli￿. The findin9s showed that poor mentsl heallh Can lead lo people saving loss Into thelr pension, as well as struggl￿g to understand thoir iet*emBnt options. We made a suite of ￿COMMenda110nS to tackle these prO￿ems, and hope to see some of these taken up ès Ihe Money and Pensons Service iTnproves UK pènsK)n5 guidance in Ihe ¢Thning year$. Page 7 MONEY AND MENTAL HEALTH POLICY INSTITUTE REPORT OF THE TRUSTEES FOR THE YEAR ENL)E0 31 DECEMBER 2023 Ourwork In 2023- M•ntal Health Ac¢esslble Through our Ment31 Health Acces5itts programme, we WCFk dir8Ctly wlh fim15 to m8ke theirseFvices more accessible for th?Ir cu5tom8rs wlth mentsl heath problems. Thls enables us tc put cur r8search and the In$ighl$ of our Research Community into aclv)n, breaking the between financial difficulties and p￿r menlal heamh. In 2023. wa helped six firms wi¥king in essenlial semces. FolWng ￿r recornmendatlons. these wmpanles have laken actiijns like offering peop￿ rnore channels through wlich they can contatt spe¢Aalist teams, providing tr84nhg to help fronttlne colleagues belter support ￿$tornerS In vulnerabl8 clr¢um51anees, and improwng tools Ilke gamblirvJ bloGks to hplp pe(yle slay in contrc4 of th8irfinan¢es. This yaar we were d81ighled lo welcome ¢)ur first firrn from Ihe energy seGtor- OVO- Into the prograrnme. We worked th them ¢0 lest a ntsmber ol their digilal cuslom8rlourneys Used by customers to a￿$$ support, and to review several key eommunicatlons sent to customers Io a55e55 how atte$5ible ihey aTr for thos8 li￿n9 with mental health problems. HSBC UK became U)e second bank to gain Mental Health Acce55ible acueditsth'on. lollowin9 8 Comprehensive r8vie%v of the bank's Custorner 5eMce. produc¢ design, customer-facing communicat￿175 and staff training. We continued to work ￿lIh Lbyds Banking Group, the first firm to receive an Advanced, accredit8t￿n ratino follomri Continurws Prog￿$$ ￿nGe ils initial 8crxedilallon In 2020. Wg also worf(ed wtth our first building s￿le(Y. Nallonwde, which took steps towa￿$ Improved accessI￿lIty that induded enha￿Thg r8sourr£s for slafF supwting customers with mental health problems 8nd Ma￿ry comtnuni¢ation5 sent to customers more indusNe. Nationwlde wenl on to becorne ourfirst a¢¢redited building soaety in earfy 2024. W¢ were pleased to work with Baringa Panners. a mènagemont rKJnsultancy practiee, who donated seNlces Ihrough their Community Fundino wogramme to revw Mental Heal*h Acce5sible's slralÈgl¢ approach to havin9 impact In thE essential seNKe5 Sectors. Our sincere Ihanks SQ8S to lh8 tearn at Baringa lor Ihelr Involuable corrtributions Ihrw9hout Ihe prolecl. Ourwork In 2023- Gambling Commlsslon vmrk program We 8re exclted to h8¥e been awarded funding Irun the Gambling Ctsmml$s1￿ lor an ambitiou5 new prograrnme of work aimed at helpin9 financial seNKe5 to reduce the risk of gatnbling ha￿& TNS VAII b& a three year programm¢ aiming to bring together lived expellence InsEght, new research. polKy experbse and our hands-on ￿Su￿anCY work to help h¢)rt of finanty￿ seN1￿9 ffmis to take very prarlical steps lo toekle 9ambling h8nns. There h8s been 8 small amount of set up and ptanning o¢tivity on thJs prLwamme in 2023, but Ihis bvill fonn a rnuch larger piowtion ot ourwcrfK In 2024 to 2026. Spreadlng the word We galTr6d 96 pieces of naional media ￿ver¥ge and substanlally I￿reaSed our soclal medla reaeh, targeted lo reach those making the de051ons we want to Influence. We attrdcled around 120.000 wsilor5 to ourwebsite, downkjadlng our2023 re[￿5 nearfy 400 times. We held 6 events which attracted 606 attervjees, aming thErn *ith Ihe evidence and arguments lo make change. We pubf*shed 8 report5. 17 coryaullabon ￿SpOnSe$ and 1 best praclKe guide. directty shaplng th8 work ofpollcy makers. ffrm$ and serwice commissloners. We welcorned over 1,000 new rr￿rnbe￿ to our Resea¥ch Cornmunty to share their perso￿1 stories Shap8 the lulure of(AJrwcfk. Page 8 IAONEY AND MENTAL HEALTH POLICY INSTITUTE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 PLANS FOR THE FullJRE In 2024, key research projects wlll Indude: Significant research li￿*lfi9 at Ihe mental health impact of higher Mortgage rates Work to deepen our underslaThfing of how Tnoney and mental heahh problems interact overllme Conlinulng our efforls to redu￿ Ihe psychologic41 damage done by a99￿$s￿le debt ¢olte¢tion, lund*J by abrdn Financlal Faimess TNSI. by dlgging Into govemrnenl.bodies like bcal COU￿lS and the DWP - as well as energy and lelecoms Companies Research exploring tha expedences of both money and rnent81 health problems among minorltised ethn(c groups Work setting olrt how lo Improve access to income maxlrnlsallon Se￿￿S forpeoplÈ wlth mental health prob￿M$ Re￿sItIng ourwork on third paty a¢¢e$$ to finanual seFVif£S A significant research report lookkng al Ihe desKJn ol a future Idl onc8. s8r*k8 to Share dala about Peo￿e addlbonal needs wilh rnulbple servic85 Our Rese8rch Cornmunity rn￿bers have played 8 key rde in info¥ming Ihe research agenda outlined above. To hdp the CommunSty grow In numbers, diversity and engagèment. W8 will tako sever81 acllons In 2024 to Strengthen It. As part of thè fundiw owarded by Irnpa¢t on Urban Health. our full-time Reseerch Cornrnunity Manager will explore rnore Innovauve ways to make our Community more representative thA)wJh twung the repiesenlation ol rnen. younger people and people from minorilised ethnic groups. We V4ill also con&der SWdyS lo hear from mor8 merrthars and ralse satisfaction levels even furtherlhrough our new ReSea￿h Community platrorm. FINANCIAL REVIEW In 2023 Money and Mental Health 9gnera¢ed £847,027 of unrestrfcted Incom?. ¢ompared to £604.821 In 2022. This pays for our core research ttnd Influencing work wluch continues to grow in ￿aGh and inpact, and is needed now more than ever. In addition. wo w8re forlunale to Secu￿ £1.164,292 In resthcted ina)rne for sperAfio pr￿￿ts. £824.426 of this was owarded by Ihe Gambltrng Commission for an ambith.ous three year prograrnme of worf< (pwd up front) aimed al galvanising aclion among finanoal sÈtVi¢Ès fimis to reduce gambling harms. While thls funding Is accoun￿ for sowy our 2023 ac£ounts lather than in Eubseqv8nt years, It will be used to s¢Jpport Ihls prograrrtffia work ovor Ihe comlng three years. 11 was also a good y88r for Mental Health Acossible, whlth broughl in £197,250 in 20231£97250 more than In 20221. and also goneroted a Grnall surplus for th8 first lime. Expendllure r81ated to charitable aclivlties for the year totallod £1,074,359 spEt be￿een unr¢stfjeted 6xpenses of £785,869 and restricted expense5 of £288,490. Of this total. £883.623 related to dlrect project delwery Costs, £39,133 to fundraising costs. £147.123 relalewledge experhgrKB needed lor effodbv* admlnistralion of the In8tllkrte. Induction support aThl a InJ8tee in(ormation pad( is provided forall r¥ew tnJ5tees. Meml>Fr$' Ilabllity Money and Mental Health had 9 trustees ￿ of 31 Det￿ber 2023. They are the only persons eligible to be merTrbws of the Instilute and Iheir Fnernb8rship cannot be transfeNed to anyone p15e. If lhe lllstilute 15 wovnd up. its mwnbers have no Ilabllity (o conlrfbute to Its assets and ￿ persorngl responslbilityfor Settling Its debts and liabdifjgs. Trustees, responslbilttbE$ The Iruslep5 are responsible for pr8parlng the Trust89s' Report and Ihe Flnandal Slalements In a¢wrdanc6 wllh applcaNe law and Vnited Klngdoms A¢wunting Standard5 (UK GAAPI. The Institute h8s opted lo prepare its accounls u$w the Financial Reporting Standard applicable in Ihe UK and the RepubliG ol Ireland IFRS 1021 and followlhe Charity SORP IFRS 1021. Ag a charity re9islered in England and Wales. the Charitable Incorporated organisat￿)n also reports In accordarKg %*ilh lh8 Charity Commisslon for England an¢ Wales, guldarK* en publlc benefit And tho char￿e$ kt 2011. Chalr of the Board of Trustees Marun Lewls CBE 1$ the f¢)under and the cha￿ of tho Board of Tnjstees of the Instilute. H8 ftsjnded the Money SavN Expert webslte in 2003 and 15 currently ils Executive (￿alr. He 1$ also an award-winning campaigning joumalisl, a TV and radio presetFter, a newspHper ¢duTnnisl and du￿Or as well 35 a charity founder. To data. he h35 also been Ihe maln sovr¢8 of revenug olthe In$tllute. Organlsatlonal $tiucture ènd dèci51on makln9 The Board of Twst88s Is responslèlg fLv U)e overall govemance aThl ￿tre¢l[On ol Uie Inst*tute. The Board meets quarteFty. Trustees operate In a non*xecutive capacity and they 8re responsibla lor helping to preseive the Institute'$ tndependenc8 and impartiallly, nfjtably by ensuring that no intere51 9roup 15 able Io exert undue influence the Instilute$ woik. Oversight of fintncial perfomBnce and Operation￿ conlrols have been detegated ¥in¢8 2019 to a Flnanc¢ and Audll Comtnittee chal￿d by the Treasurer, which a150 quarterty. A RernUnerat￿n Committea meets at least On￿ p¢r year arsd reports to Ihe Finance end Audit Committee on pay an¢ benefits re¢ommendatVM5 ¥nd to the full m￿eY ar Menlal Heallh Board ￿ cther rnattW5. Day to day operauons ofthe Insb"Ivte are delegated to Ihe Ch*f Executive orricerand thE $ell￿r management team. Page 12 QNEY AND MÈNTAL H&4LTh POLICY INSTITUTE REPORT OF THE TRUSTEE5 FOR THE YEAR ENDED 31 DECEMBER 2Q23 Remuneratlon pollcy. related party and othertr•n$oGtions Money and Menial Health Is committed io ensuring Ihat Ils Staff members are pai¢J falrfy and in 8 Wfdy Ihat ensures It attracts and retslns the ilghi skills to have the greatest Impact kn delivering its charilabte objecltves. In th15 conkxl. 811 Salaries 8re revi&wed on an annual basis ￿th the Intenti￿ to offer an infjati¢n.related in¢fease to all emp1oy&es each January, subjÈ¢l to the In51ilule'$ financial health being robust (this policy is not applicable to interns who are remunerat9d al the London J￿n9 wagg wly¢h already indudes an annual Inflation adjuslmentl. The InsDlute also has in pface 8 work pension scheme r8tying on employerf$ 8nd employees. pen*on conlribulions. The Iru5tees hereby tonfiFrn that no ¢onlra¢tual relationship %Mth a related party wa5 to be reported. Furthermore, the Institute dld not act a$ an agent or 8 CU51cdian trustee during the rePor￿ttg period and il dld not hold any fund5 on behalf of other paths. Finally, the tpJslees also coThfirm that lhe￿ are no applicable exemptions from diKlwre in thls ￿poIL Risk management It is the respOTrsib￿Ity of the trusiees lo monlior Ihe rfsks posed to the engcing vlabllily of the Institute and Its abllity lo f￿r11 its charitaLle objectives. All are￿ of risk Ig0veman￿ and ¢ompli8nce, operational. financi￿, environmental aNJ exlemall have been Identified and are Sel Out in the Institute's risk reglster. ThB 8oard of Truslees ￿9￿lartY asse$se5 Ihe major risk5 to ¥vhich mOr￿Y and hAenlal Health Is expose(*. The Ma￿ risks idenbfied ftx cUrr￿t year indude.. Harm to mental health antl wellbelng of ￿Search partscipan15, media volunteefs and staff The effect of Ihe cost of livirrfj crisis on the Institute's income and expenditure The continuin9 need to diversity the Charity'5 Income sourc8S Loss ofkey personnd. $t8ff $￿knesS or re¢iuilfflentrhallenge5. The 8oard Is ¥alisfied that systems gThd adequate levels of reseNes are In k4a¢E to nltlg&te the Institute￿ exposure tts these m4or rf5ks. Our thank5 The trijslees are very grateful lo Ih8 rnany and organlsalA)n$ WI￿ supp¢yted the work of the Insllute in 2023. (n particular lo Ihe stslf team, advisory board. and the thousands of peoFle wh) generously shared their lived experierKe of mentsl health problems to ythap& our work. Page 13 IIONEY AND IIEIITAL HEALTr114)LICYINSTfftnE REPORT OF IHE VRUSTEE5 FOR THEYEAR ENDÉO 31 0ECEIIBER2023 STATEMEIIF OF TRUSTEES. RESPONSI8IUTIES Th8 knJstO8s wp r￿p￿ls￿4ror￿Ip2rfr0lnekn￿ Rwland thelrAnd*s*tsTrwts In oLYxxd*r• 8P ihtss SlandBrtslUrdted Kjngdom G￿r¥￿A0¥￿*j Af£ow)IlrvJ Prthl The law 4)plkabfa to charlQ£s In Er*knd 8né wa￿ w￿145 thé trntst#s Io Pfep•rn tnan*l stalam•ts fth- 03 fjnAfi&al yw truq and f*r ¥&8w of tl* ¥iat8 of dfars of thè ¢h8niy of fh8 Iwmhg aNJ On ao JUn0Z￿B$ B r£sV￿￿a rtt•nlmqryw.WallS Grng)ryLLP B¥auJtrs kn xoYdarnc*￿lh SedknS16 _/_sJ_14__. 5W5m Us bthallty. P￿14 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MONEY AND PIIENTAL HEALTH POLICY INSTITUTE Oplnlon W8 h8ve audited the finandal slatements of Monoy and Mantsl Health Pc4icy Instlhjte (the 'CharlV) for Ihe ye8r ended 31 De¢ember 2023 whlch cornpri5e the Statemen¢ of Financial Acti￿lIeS. the Balance Sheet, the ¢8sh Flow Statement and notes lo thè fin8n¢lal statements. includ￿g a summary of slonfficant auounling policie5. The finanaal reporfing IraFr*work Ihat has bean applied In th¢lr preparation 15 applicable law and United Kingdom Ao¢ounUng Standards induding Ftsianclal Repo￿ng Standard 102 The Financial Repoiting Standard apph'table IA the UK and Republic of Ireland Iunlted Kkngdorn Generally Accepted A¢¢wnts"ng Practice). In our opinion Iho f￿an￿oI stolements-. give a trt￿ and fair wew of Ihe stste ol Ihe Charitys affair5 as at 31 Oecernber 2023 and ¢f Its In¢¢)ming re8oLrrces 2nd 8pplicallon ol wour¢es, Including st5 incom8 and expenditure, forth¢ yèarthfjn e[￿ed., have been properly prepared in atcotdan¢e with UTriteLI Kirwdom Generally Accepted Accounllng Praclice., and have ￿en prepared In accordance with Ihe requirements of the Charities Ad 2011. Bas1$ for oplnloh We conducted otsr audil 6n ac￿rdance ￿th International Stsndard$ on A￿11￿￿9 IUKI IISAS IUKII and applica￿e law. Our sponsibililies under those standards are fvrther described in the Audiiors, reSponsIb￿l*8￿ for the auolil of Ihe fina[￿￿9( $tstements se¢tion ol our reporL We 8re independent of Charlty in acmdance w￿h the elhical requlrements thatare relevant to our audit of the financlal ststÈmerts in Ihe UK induding the FRC'S Ethical St8ndèrd, and we have luifilled our other e¢hi¢al responsibuities in accordance wtlh Ihese reqU1￿Ments. We believe that the aLtd¢t evkl?n¢e we have obtain8d is sufficrent and approprfate lo wowde a basLs forour oplnion. Concluslons relatlrtg to golng ¢on¢ern In auditing the financial Statements. we have ¢ondyded that th8 Iruste95' use gf the gokng ￿nCeM bas￿ of accounting In the preparatfon of the ffnancial Statements Is approprfale. Based on the woyk we have perforrned. have not Id8ntlfied arsy material uncwtainties ￿lating to evènts or condÈt¢c￿s Ihat, 5ndlvldually or colle¢tivdy, may cast significant doubt on the Charity's abllity lo Con￿nUe 8$ 8 gokng coneern for a period ofat least twefvo months from %vhen th6 finanrAal slaiements are aulhortsed lori55ue. Our responslblllties and the ￿Sponsibl11t48S of the Irustaes wSih respect to golng concem am ths¢ri)ed in the relevant $*ctiot>s of thi5 rgport. Other 5nfonnatlon Tho trust￿ are responsible for the olher knforrnallon. The other Infomialion comprises the ￿lfO￿ath)n Induded h the Annual Repor( other than the financral slalements a￿d our Re￿rt of the Independent Auditors Ih8reon. Our Opin￿)n on the financkl $taiemenls ths not cover the other Information and. e￿ept tothe extent otherwise expffrilty staled In our ￿pOrt, we do not express anyfomi of assvrance wncluslon thereon. In connection with our Sud￿ of the finan￿31 slalements, our tssponslbifity Ss to r8ad the other Inforfftatbn aThl, in doing so, consKfer whelh&r the other Inforrnation is materially incons*stenl wth the financial slaternenls or our knO￿edge obtained ￿ the audit or Othe￿Se appears to be materially misstated. If we ￿an1rfY suth material irKonsi$tena8s or apparent material mis$tatemen15, we ar8 r8quired lo determing whether this Y￿e$ tg a fflateTl#l misslatemail kn tho finandal $latemenls themselves. Ir. based ffi the WO￿ we have F*rforned, we conctude that there 1$ a m8terig1 rnisststement of this other informalion, we 818 req1j1￿￿ to ￿por1 thatlacl. We have nolhirtg to report in thi5 regard. Matters on whlch we arè requlr¢d to r¢port by ¢X¢•MSon We have nothing to rewi in r8spe¢l of the followyn9 matter3 *here Ihe Charitie5 I￿¢&Unts and Report51 Reg￿￿tionS 2008 requires us to Yeport to you if. in ouropin￿ln.' the information g￿en in Ihe Report ol Ihe T￿￿e¢S is hconsist$nl In any malErial r8spoct with Ih? fmantkl Statements". or the charity has nol kept adequate a¢tounling records,. or the fMan¢ial statements are not in agreeMent￿th Ihe ac¢ounbtvJ fecords and ￿lumS. or we have nol rece￿¥# all the inlonnation and explanations we r8qulr8 our audit Respon51blllties of trust8es 8 explalned MO￿ fully In the Slaternent of Tru5te8< Responsi141ities. th8 trustees are respon￿bIe for the preparallon of the financlal statements and for being satisfied that they give a tnje and fair wew, and for such inlem81 control 85 Ihe trustees detemine is necessary io enabla p￿p¥all0￿ of finan¢ial statements Ihat are free Ir(wn mate1481 ml$ststemenl. whether due to fraud or error. In prepaiing the fin8nc&al 5tatemenl$, Ihe trustees are responslL4tr for assesslng Ihe CharW3 atsNly lo Con￿nUe as a golng ¢on¢ern. dlscjoslng, as applieable. matters related to ￿Ing concern and usin9 the goino concem basis of accounting unless the ttustees either intend to liquidate ￿ Charity or to ￿3S8 operations, or have no realistic altefflafjve bul to do so. Pa9e1S REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MONEY AND MENTAL HEALTH POLICY INSTITUTE Our responsibllities for the audit ol the finan¢lal $tatem¢nts We have been appointed as auditors under SectiotF 144 of the Charities Act 2011 and report in accordanee with the Act and relevant reGulalions made or having effect Ihereunder. Our objeclives are to obtain reasonable assurance about wttelher the finan¢i31 slalemenls as a whts￿ are freè fr￿￿ material rnisslatement, whether dye to fraud or enor. and lo is$ue a Report of Ihe IThdeper￿ent Awjilors that includes OLtr opinion. Reasonable assurance Trs a high level ol assurance, but Is [￿1 è guarantee that an audit cOnd￿ted in accordance with ISAS (UK) will ah¥ays delecl a material mis5talemenl when it exists. Misslatements can sT￿e from fraud or erior and are considered materol rf, individually or irt the ag9regate. they could reasonably be expeded to tnfluen Ihe eccYK>mi¢dec*sioThs of users taken oft the bssis of these financial statements. I￿gUlaritieS. indud¢ng fraLtd. 9￿ instances of non-compliance with laws and regulations. We deslgn prC¢ÈdU￿S In line with our resporbsiknlities, outlined above, to deted matèrial mi$3latements in ￿SpeCt of lrre9ularilies, including fraud. The specifi¢ procedures for this engagement and the exlent lo which these are capable of detecting irregularities, incluOing fraud is detalled below. We evaluated managemeTrfs ￿n￿￿tIVeS and OPPty¢unilies for fraudulent maffllpulation of Ihe fin8ndal statements linduding the risk of override of ¢onlrolsl and dotemiined that the p￿nCIpal risks were felaled lo posting inaccurnte joumals. We addressed these risks by rarrylng out spe0fjc￿lY tsrggted pr(￿dUreS, which included". Enquir*es of management, those charged with govgrnance around aclual and potential rrtigation ¥rtd C￿lMS.. Pertormln9 audit woik over the risk of management override of ￿ntrol$, induding testln9 of journal entries and olher adjustments for approprialeness, evaluating the business fatipnale of SVJfNficant transactions outslde the norrnal coutsè of buslness-, Reviewn9 minutes of meetings of those charged with governa$7ce- Evaluatin9 Ihe reasons for any large or unu$y?l iransactions-, Rewewing finanuol slalement disdOsu￿ and testing to 5￿POrtir￿4 docLmentstion to assess compliance wlth appbcable law5 and re9ulabons. Because of the inherent limilatbns of ath #udil there 15 a risk Ihat we will nol detect all irregularities, induding Ih95e leading lo a material misstatement In the financial statements or non-compliance wilh ￿gUlatIOn. Th¢ risk increases Ihe more that compliance with a law or regulatk)n 1$ removed from the events and transadions reflected in the financial staternenls as we v4$11 be less likely lo become aware of instancès of non-compliance. The risk is also gieater ￿gardIng Irregularities o¢urring due to fraud rather than error. as fraud involves in¢enl&onal o)ncealment, forgery. collushJn. omission or misrepresenlallons. A further tleseripfy'on of our responsi￿li11eS lor the audit of Ihe financial 51aternents is lO￿ted on the Finanrial ReportitY4 Council's website al wvM.frc.org.uVaudllorsresponslbSllties. Thls deseripts)n forms part of our Report of the Independent Auditors. Use of our report This report 15 rnade solety to Ihe ch*ity's trustee5, 85 a body, in accordance ￿th Part 4 of Ihe CharS1ies (Accounts and Reports) Regulations 2(K)8. Our audit work has bgen undertaken so that we might stale to the Charit￿$ tfuslees those mattels we are iequired k) 51ate lo them in an auditors. report and for no other purp)se. To the fullest extent perrnitted by law. we do not accept or 8ssume responsibilrty to anyone other Ih8n the Charily and the Charity's trustees as a body. for our audil work. for this report, or for the opinions we have torrned. w< Juli8 Mortimer (Senior Statutory Auditor) for and on behalf ofMHA statutory Auditor CARDIFF CF23 8RS Date.. MHA is the trading name of Maclnlyre Hudson LLP, 3 limited liability partnershlp in England •nd W?les {re9iStered number OC3123131 Page 16 MONEY AND MENTAL HE4LTH POUCY INSTITUTE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 310ÉCEMBER 2023 2023 Total funds 2022 Unresliicled fund9 ReslrFcted lunds funds Notes INCOME AND ENDOWMENTS FROM Donatio￿ and legacies 532.160 824,426 1,358.586 498.725 Charitable activlt1¢5 Poficy. research and influencin9 Mentsl Health A¢cessiLle 86.969 197.250 339,866 426,835 1972SO 64.157 100,OOCI Imieslment in¢ome Other income 30,471 177 30.471 177 7,491 Totsl 847.027 ￿92 2.011.319 670,373 EXPENDIWRE ON Raising lund5 39,133 39.133 22.582 Charltabla actlvttles Policy, research and in17uenur4 wuk Menlal Heafth Aceessible Gambkng C¢mrnisslon wrtrk pfogramme 556,764 189.972 281,814 838,378 189,972 6,876 662,227 147.D28 6.876 Total 785 869 288.490 1074.359 831.837 NET INCOMEIIEXPENDITUREI 61,158 16.920 875,802 16.9201 936.960 Transfers between funds 1161.464) 17 N+t mwmont In funds 78.078 858.882 93S.960 1161,4641 RE¢ONCILIATION OF FUNDS Total fvnds broughtforward 619,136 619,136 780.800 TOTAL FUNDS CARRIED FORWARD 697 214 858.882 1.556,096 619.136 The notes l(m partef these finaThcial statements Page 17 To￿1 Toiol Js FIXEIJASSErs TaThJblp tsgats 12 6,017 13 14 Bf7. .1￿ 8T3￿2 1.n1X 15 114rA 72f4 &58￿3 el4138 T214 ￿e8Z 1 ¥S 17 697.214 619.1 YOTAL FilIt4 6191 Pog& 18 MONEY AND MENTAL HEALTH POLICY INSMUTE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Not8S Cash fflow5 from operatlng activltles Cash gene￿te¢ from operations 854.954 215,7331 Nel cash provSd8d byllused in) operaung a¢tlvhles 215,7331 Cash flows from Investlng actlvltte¥ Purchase ol tsn9lble fixEd a55ets Sal& of12ngible fixed èssets Purcha58 of CUfTent8S$8t investrn8nt5 Interest re¢ewed 16.932} 640 159£.6661 30.471 14,2511 15.2491 Net cash LL5ed In ￿veSti1￿j actiwitses 572.4871 ChanBe In ¢osh and Cash equivalents in the reportlng perlod Cash and Gash egulvalents at Ihe beglnnln9 olthe reportln9 perfod 282,467 (217,7421 154 551 372.293 Cash and ¢a5h equivalonts It the end of the r¢ptsrtbng perlod 437 018 154.551 The nots$ forni partof ￿e$& firtanclal 8tat8ments Page 19 MONEY AND MENTAL HEALTH POLICY INSTITIThE NOTES TO THE CASH FLOWSTATEMEhlT FOR THE YEAR ENDED 31 DECEMBER 2023 RE¢ON¢lL￿ri0N OF INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITies 2023 2022 Net IncorneUexpend[￿rel for the reporting pprfod la$ perthp Statèment of FlnaTr¢lal Actlvltlesl Adjustments for: DepreeiatH>n tharge5 Pfofit on disposal of fixed assets Interest recelved In¢reasÈ In debtars Increaselléecreasel in credilors 936.960 1161,4641 4.Q66 11771 130,4711 1153,7641 98,340 3.69D 17.4911 147.4291 3.039 Net cash provlded byllus¢d Inl operatlon8 854.954 215,7331 ANALYSIS OF CHANGES IN NET FUNDS At 111123 Cash flow At 3tlf2123 N•t ¢a$h Cash al bank 282,487 437 018 Llqutd re$our¢¢s Current asset investsnents 433.188 S96.666 1.029.854 Totsl 587.739 1466.872 The notes fomi part ol these financial state￿￿t8 Pa9e 20 MONEY AND MENTAL HEALTH POLICY INSTITUTE NOYES ro THE FINANCIAL STATEdlENTS FOR THE YEAR ENDED 31 DECEPIBER 2023 STATLITORY INFORMATION Mcney and Mental Health Policy Institute 15 a registered charity. regis￿red in England and Wales under ch8rfty number 1166493. The govemtng documertt ol the Charity is 115 Consliiulion and it is a Charitable Incorporated Organisation ICIOI. The pdndpal addre55 can be lound on the entity information page. The nature ofthe charty Opera￿On5 and principal actwthes are disclo$ed vrilhin the Report of Ihe Trustees. Th8 finarrial statements are wesented hi Sterfing 1£), Ihe Chadty's fvnctional currerKy. and rounded to the eare$l p¢yJnd. The significant 8ccounting po￿￿e$ applied In (he preparalkn of these finan¢l81 slatements a￿ set bdow. These policles have been con5iStenUyapplied to all years prtsented unless otherwise staled. ACCOUNTING POLICIES Basls ol preparfrt9 th¢ financial statements The financial slalernenls of th& Charlty, which is a public benefit eThlily under FRS 102. have been prepared in accordance wlh the Cha￿tieS SORP IFRS 1Q2) 'Accounting and Reporting by Charities.. Ststen￿nl of Recornrnended Practice apkqi¢8ble to ¢harities p￿Paring their accounts In acCOrda￿e with the Finanoal Reporting SlarKlard applicable In Ihe UK 2nd Republ￿ ol Ireland IFRS 1021 leWocllve l January 20191., Flnancial Reporting Standard 102 Yhe Fmancial Reporting Standard applir2ble In the UK and Repubiie of IreLqThd', Ihe Charlties A¢1 2011 and UK GenerallyArttpted Accounting PraolTCe. The finan¢ial statements have been ￿epa￿d lo give a Irue and fairf view and have departed from the Cha￿￿e5 IAcwunts and Rèports) ReguL4tions 2008 only to the extent to provvJE a and fairf view. This departure has involved fcllowing Ihe Accojnling and Rep￿rt￿n9 by Charilies.. Statement of Reccmmended Pfadte •P￿leable to ch8rfts.es preparing Iheir accounts In accordance wlth Ihe Financlal Re￿I￿n9 SlaTrdard spplicable in the UK 2nd Republlc of Ireland i$sued in October 2019 rather than the Accounting 8nd Repo￿n9 by ChadUe$: Statement ol Recommended Practice effective from 1 April 2WS which has Since been withdrawn. The finandal statemonts hava bèen piepar8d urKler tre hlstorfcal cost o)nventlorL Assets and l￿bIlItieS are Initially recogni5ed al h$loncal cosl or tran$a¢tion values unless otherW￿e sl8led in the relevant accouftting policy nolElsl. Ineoma l ineorne from doTrat￿, granls and i)ther sources 15 recognised on an accNals basis aftd Included #i the Statement ol Finanoal Activllie5 once the Charity has fjnlllement to the funds, ft Is probable that thè In¢cYn8 WA be recelv8d and thé amount can be measured rellab￿. In tho case of 9rant Sncixlle, evidenca of entiuement wla l usually e￿st when the lomil offer of funthng k ¢ommunlcated Sn whtlng to the Chadly. Howover, where 9fdnts contaln lerrns conditions that rnust be rnet b¢fore the CharSty has en1￿jement to Ihe resources. Ihe grant Income Shall be ￿COgniSed to Ihe extent that the Charity has provided the $petthed se￿￿$ or met any perfornance related condlions. Incom8 from the supply of the Mental Health Accessible 5ervw is ￿Co￿nIsed in line with the Ilelivery of the conlocted selvices provided Ihat.. the s18ge of tompleti¢n, Ihe r05t5 incurrd in delivemg the Service and the costs to ccfnplete the requlrempnts of the coniract can all be measured reJSobly. Expenditure LIa￿lItieS are recu4nised as ¢xpendibJre as soon a8 Ihere 15 a leg* or ￿nstruC￿ve obllgauon cclimiiitiw the Charity lo that expenditure. it 1$ probable that a transfer of economic benefit5 ￿711 be required in setdement and thfr amounl ot the obligats'on can be measured rel18￿y. Expenditure Is ac¢ouTrted fry on an accruals basts and has beell classified under heading5 that aggregate all cost related to tha category. Where costs cannot be dI￿¢tty attributed lo particular heading$ they have been allocated lo aclwilies a basis consBtent the tsse of resources. Allo¢atFon and apportlonmet)t ol ¢o$ts All ¢o$ts are allocated bEtswen the expenditure categories on 8 basis des&ned to rene¢t Ihe Ltse of the r8souree. Costs rdating to a part14xlar activlty are alloca*d direcuy,. others are apportioned on en approPr￿te ba￿5. Tanglbl¢ fixed a$$ets DepreCiat￿n is prOV￿8d at Ihe frJllo￿n9 arinual rates lft ordar to wlte off 8ach asset over Its estimated usefvl Irf¢. Computerequlprnent- ?Iraighl line 33.33% Page 21 Ccfitinued... AONEY AND MÉNTAL HEALTH POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS. contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES- eontlnued Cash at bank and In hand Cash 8t bank and In hand inctudes cash 8nd short-term highly Jqul4 investments wth 8 515)rt maturty of thr88 months or less from Ihe date olaGqui5ilion or open¢ng of the depjsltor slmllar ac¢ounL Inveslments Investments held as curr8Tr1 assets represent de￿511 arcounts that are not raadily cenvertlble to cash and Ihat have a maturity of more IhaTr three month$ bul not mor• than twelve rnonlh5 from the date of acqulsition or ning of th8 deposll or slmifar account. Inter85t recelvable Fnterest cffl funds held oft deposll Is InfAuded on an attrual bas￿. Debtors Trnde and other thb10￿ are ¥8cognised at Iho $e¢¢lement amourt after any trdde discount offered. Prepayrnents are valued at the amount prtrpald net ofany trade discounts due. Ciedltors Trade treditors are recognised al th8 se￿ement amoLMt arterany trade d&%counl offered. Accrvals and provlslan$ A¢¢rual$ are reco9nKsed when there is 8n obligation at the Balance Sheet dale 85 8 resutt of a past event. il 15 probable that a Iransfer of economic bertefit will b8 required in satU8menl. and Ihe amount of Ihe $etUemeTrt rAn be estimal•d ieli8bly. Liablliles are re￿gnised ai the amujnt that Ihè Charlty anttcJpates It ￿11 pay to $etle Ihe debt. Provisi￿5 are measured al Ihe besl estimate of the arnounts required to 8et#e obllgation. Where Ihe effect of the lime ¥alue of money is rnaterial, the provston is basett on the present value of those amounts, di5uJunted at the pre-tax diswunt rate U)al rellect5 the risks speufic (o the liability. The ￿t￿M￿dIng ol the ¢Ji5GOUnt 15 recognised in St#l*menl of Financial Acllvlbes as a flnance cost. D¢fèrr¢d In¢ome Deferred incomE reprtsenls arnoun15 received relating to future perfods and is released trj Inwnlng r•swrces In the p•ricd lo which it relales. Operating leases Rentsls applicable lo operalng lezses where substan￿allY all ¢f the benefits and rfsks ol ownershlp remaln wllh the les50rare charged against Profits on a stralght line basis over Ihe par￿d ofthe lease. Taxatlon The Charity15 ex8mptfrorn corporalksn tax on Its chafttable actiwles. Fund accovnting Unreslricled funds tan b8 vsed In a￿rdance wlth the charitable ob￿cl￿e$ at the dSs¢rellon of U)e tru$tee$. Reslitcted fijnds can only be used for Path￿#r reslricted Pu￿05e5 Within ￿ otiiects oft1￿ Charity. Re$ltict*ons rlse when specified by the d&ior orwhen funds are ral8ed for pafucular rp$tsi¢led purposes. De5wJnaled funds are created ￿ $Fet>tk putyo$e$ al the discretion olthe tru51ees. Further 8xpl8nalion olthe nature and purp)se of ¢a¢h fund Is Induded In the Mtes to Ihe fm8nthl statements. Pèvslon ¢05t5 and other post-retlrement beneflts . The Charity op9rates a def*ned contribution pension scherne. ConlribuiK)n8 payable to the Ch8rWs ptnslon stheme are charged to Ihe Stslement ol Financial Ad*it*s In the period lo whkh they ￿late. Employee bene￿ts When employees have rendered $8rvFce b the Charity, short.lerm enwl¢iyee beneffts to whlch Ihe empbyees ate enutfed are recognk8ed atthe uTrJi5counled amount expected to be p8id in exchange forthal 5or¥l¢e. Page 22 onUnu8d.. MONÉY ANO MENTAL HEALTH POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS. continuod FOR THE YEAR ENDED 31 DECEMBER 2023 DONATIONS AND LEGACIES 2023 2022 Donations ants 1.299,086 463.725 1,356.S86 498,725 In¢luded within the above donations 15 a restricted dona￿On of £824.428 as part of a $elll¢m+nt agroed wllh the Gambllng Commlssion to awolgrate progress towards delNery of Ihe Nation81 Slrale9y to Reduce Gambling Hams. Grants received. Incl￿ded In tha obovg. aro as follows: 2023 The Pears Famlly Charflable Foundation The Grocer5, Charity Inthalo 50,OOD s,000 INVESTMENT INCOME 2023 2022 Bank Interul recelvable INCOME FRO141 CHARITABLE AQTIVMES 2023 2022 Activlty Contracts lor Charitabte Research Pollcy. research and infiuensing ¢on$yftan¢y servtcos l advi¢e Policy. research and influerKing work Grants Policy. researth and influenc￿9 work Con5ullancy seNces1 adv Menlal Health Accessible 76.000 10,969 339.866 11,3951 65,552 100,000 624.08$ 164,157 All irKome from contracts for charitabl8 research and ￿nsulta1￿Y services Is unrestrictsd h nature. The grants below ara all restri¢le4 In nalure. Grants recelved. included in the above, are as lollows: 2022 Whi¢h? Impact on Urban Heatth- EsseTrtial Services Equalitie8 Act proie¢l Imwl on Urban HEalth- Strategi¢ Parlner$hip Th8 Money & Pensions Servlce IMaPSI abrdn Finaneial Ftirness Trust 7.566 27.552 38,000 220,CK)O 55,(K)O 57.300 339,866 65.552 Page 23 continuerl... MONEY AND MENTAL HEALTH PQLICY INSTITUTE NOTES TO THE FINAIICIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBÈR 2023 RAISING FVNDS Fundralsing costs 2023 2022 S￿ff costs Other fundraising ￿$ts 38,293 22.432 1S0 CHARSTABLE ACTivifiES COSTS Dtrect eo$ts Support sts Gtsvemance ¢osts Total$ Policy. research and Influen¢ing work Mèntal Heallh A¢cessiblo Gambling Commission woth programrne 705.028 173.675 128.870 16,297 1,956 4.480 838.378 189.972 6,B76 883.623 147.123 1.035 226 NEf INCOMEIIEXPENDITUREI Net incomellexpenditurel is stated after thar9ingll(¥edilingl.' 2023 2022 AL￿￿0￿5. remuneration DePrec￿a￿0￿- owned assets Surplu5 Ots dksP)5al Df fsxed assets 5.2SO 4,066 5,000 3,690 TRUSTEES. REMUNERAnoN AND BENEFITS There We￿ rKI trustees, remu￿ration or other b￿fits lor Ihe year ended 37 December 2023 or the year ended 31 December 2022. Trustees, ¢xp¢n$¢s During the yearan Brnountof £3012022.. £Nill pald to 112022.. 01 trustee r8specl of travel expenses. 10. STAFF COSTS 2023 2022 Wag8S 8nd salaries Socor security ¢05ts Olh8r pension costs 759.65$ 77.459 42.335 581,136 61.705 31.300 879,649 674.141 The average monlhly numbor of •mploy8es durfng th& yearwas as foll 2023 18 2022 14 Page 24 conlNed... MONEY AND MENTAL HEALTH POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS ￿ contlnued FOR THE YEAR ENDED 31 DECEMBER 2Ct23 10. STAFF COSTS The numberof employees wh¢$e employee bEnefits lexcludl'ng emFloyer pension costs) exGeeded £60,000 ￿$.. 2023 2022 £60,OQI -£TO.000 £70.DJ1 . £80,000 £80,¢X11- £90.0 In addibon lo this. penslon conMbution$ of E8.05112022.. £7.97Ql were recefved by these empbyees. The tolal key Manag8rnent p￿rsOn￿61 remungratbn during the yoar wa$ £417,289 {2022- £361.8071. 11. COMPARATIVES FOR THE STATEIIENT OF FINANCIAL ACTIVITIES UnffjslrKted lund$ Restrthd fund5 Total funts INCOME AND ENOOWIMENTS FROM Donations and leoaeies 498,725 498,725 Charltable actlvltles Policy, fe5earch and Influen￿r￿j work Mental Health Accessiwe {1,3951 11x1,000 65.552 64,157 Investment incom8 Total 604.821 65.552 670.373 EXPENDrruRE ON Ra15ino fthd5 22,582 22.582 Charftable a¢tivltle5 Policy. ￿se8￿[h arsd influenrAng work Mental Heallh Accesslble 618,474 43,7S3 862,227 Total 43.7S3 831837 NET IMCOMEI{EXPENOryUREI Transfers between fund$ 1183,2631 21.799 1161.4f41 Net mov¢m¢nt In fund¥ 1161.4641 1161.4641 RECONCILIATION OF FUNDS Total fund5 bmughtforward 780.6QO 780,600 TOTAL FUNDS CARRIED FORWARD Pog¢ 25 conumed... MONEY AND MENTAL HEALTH POLICY SNSTfTUTE NOTES TO THÉ FINANCIAL STATEMENTS- contÉnued FOR THE YEAR ENDED 31 DECEMBER 2023 12. TANGIBLE FIXED ASSETS Compuier e4uipmwl cosr A11 January 2023 Additions Dispo5815 18,855 Al 31 Decen*ef 2023 17.832 DEPRECIATION At 1 January 2023 Charge for year Eliminated on dispDsal 12,838 4,06e At 31 Dxember 2023 NET BOOK VALUE At 31 De¢ember 2023 At31 December 2022 13. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade debtors Olh£r debtor5 Ac¢xued income Prepayfflents 140,400 572 53.641 49.847 46,80D 28.236 15.660 244.460 90.696 14. CURRENT ASSET INVESTMENTS 2023 2022 Deposlt acwJnl¥ 1.029.854 433.7B6 Page 26 conlnued... MONEY AND MENTAL HEALTH POUCYINSTITVTE NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 31 DECEMBER 2023 15. CREDrroRS.. AMOUNTS FALLING DUE WITHIN ONÉ YEAR 2023 2W22 Tr8de creditors Soual secuiity and other laKe$ 2.898 21.073 31,380 108,30S 18,781 15.979 5,628 VAT Accruals and defer￿d In￿rne 163.656 Included ￿thin Accruals and deforted Incom8 above Is thg fdfowing defeffed Incorne.. 2023 2Q22 Impact on u￿an Heatth- Strateolc partnership Other consultancy SeNces 15.000 79,250 10.599 The above deferred ir￿rne ￿lateS to in¢(¥ne recpwed In advartce ol seryice dell¥ery. Dèferred Income bmyght IE)r*èid was ￿leaSed in full to lh8 SOFA In the 2023 financlal yoar. 16. LEASING AGREEMENTS Mlnlmwi lease payments under rnn-cancdlaNe op8ratlng leases ¢all due es follows: 2023 202Z Wtthln one year 16.560 16,170 Thè abov• commilment Is in re$pe¢t of offi¢e $pa¢g. 17. MOVEMENT IN FUNDS Nel movernent in lund$ Translers between fvnds At 111123 31112123 Unrestricted fvnd8 General fund 619,136 61.158 16.920 697,214 Restrlcted funds Gambling Comtni$$ion woth programrne Pensions fund Debt ¢¢￿e¢b"on fund strategic partnership wth Impa¢ton UrbaT7 Health fvnd 817.550 36,920 6.332 35,OLKI 817,550 116,9201 6,332 35,000 16 9201 858.882 TOTAL FUNDS 819.138 936,960 1￿58,098 Page 27 ¢ontlwBd... MONEY AND MENTAL HEALTH POLICY INSTITUTE NOTES TO THE FINANCIAL STATEPIJENTS . ¢on¢lnued FOR THE YEAR ENDED 31 DECEMBER 2023 17. MOVEMENT IN FUNDS- continued Nel movement in fund5. inctuded ITh the above are Bs follovts." Incoming resources Rtsources oxpended Movement in funds Unre$trf¢t•d funds General fvnd 647.027 (785.869) 61.158 R¢strl¢tod fitnds G2mbling Cornrnissicfi worf( programme In$urdnTr fund Pensions fund Debt ¢ollection fund Strategic partnership with lrnpa¢l on Ulban Health frJnd e24,426 7.566 55,000 57.300 16,8761 17,5661 138,08Ql) 150.968} 817,550 16.920 6.332 1,164,292 28e 490 875 802 TOTAL FUNDS 2.01t.319 1074 359 936.960 Re5tr1cted funds InSUTance fund Grant funding w￿ved frorn Ihe Which? Fund, frJnded by the Consumers, A$soda￿On towards the prdeet enOll¢d Explorbng and tackling unfak 45s¢rimlnallon agalnst people wllh rnenlal health prcblems In key knsurance markets.. The overar¢hing aim tsf Ihls proje¢l 15 impmved zcce5S to 8ppropri2t*. fairfy priced insurance lor people wilh experience ofmental heath prOb￿M$. Gambling Commlsslon work programm¢ Funifs awar(5ed by the Gambling CommisS￿n 85 part of 8 reguL810ry Settlement 19 be u¥ed to accelerate progress lowards tha NatioTrl Strategy to Red1￿¢ Gambling Harrns. Pensions fund Grant funding wa5 received from the Money and Pen5vJns Se￿ce to fund researth lo rdenllfy ba￿larS b reUr8rn8nt planrsln9 for Ihose rnental heallh protrAem$. Debt ¢01￿Ction fund Grant lunding was lecelved from abrdn Nnandal Falme$s Trust to furyl cam￿9￿ and policy worf( lo r8duco the psythological harm c8U5ed by 8ggre55we debt collection practices during the wst of fvlr¥J rAiSiS and to ensure th8t this is a PDlitical pllorityfor policy4Dakers ahead ol Ihe next 9eneral election. Strateg1¢ partn¢rshlp wlth Impa¢t on Urban Heolth fund Thls 15 fvnding lor 8 3 year partnership wlh Impact on Urban Heallh to proV￿e core funding. Salary support and other consultancy costs to support the charibes continued gfo*lh and development as a trusled uganisatlon wwkin9 to influence, advocate support a range of parln6r5 8rtd rnakers. The Incomè re¢ctrJnlsed1s In relation to year 1 of the projecl. Transfers betw•on fvnds Penslons fund The grant fvnding offer for I￿$ project was Issued In Febnjary 2023. Approval vjas sought and oblained fr¢m the lunder, tonfinning Ihat ¢￿ts incunyd on th*$ proJe¢t prior to the offer comin9 Into existence lin¢uired durfng 20221 Could be induded as grant expenditure. A5 a resutt. an arnovnt of £16.920 has been transferred from Ihe Pensions fund to Ihe general fund. Page 28 ¢onlinued... MONEY AND MENTAL HEALTH POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 17. MOVEMENT IN FUNDS- continued Comparatlves for movement In funds Net movemant in funds Transfer8 betweèn funds Al 31112r22 At 111122 Unrestricted funds General fund 780,6LXI 1183,263) 21,799 619,136 Restricted funds Equality Act fund 21,799 121.799) TOTAL FUNDS 780.600 361,4641 619.136 CompaTalNe net movement in f¢Jnds, induded in the above are as follows.. Incuming fesources Resources expended Movement in funds Unrestricted fvnds General fund 604.821 1788.084) 1183,263} Restri¢ted fund8 Insurance lund Equality Act fund 27,552 38.000 127,5521 162011 21,799 21.799 TOTAL FUNDS 670,373 831,8371 161.464 Prior ear furbds onl Equality Act fund Grant funding recewed from Impact on Urban Health towards Ihe project 'Essents'81 Services Equalities Act Project,. This was a iesearth project lo understand the polenltal lo use the Equ8lity Act as a tool lo ensure essent*81 Servi￿$ make adjustrnents for customers with mental health problems. Prior ear transfer be￿en lund$ Equality Aet fund The gr8nt fvnding offer for this project wa5 issued in February 2022. Approval was sought and obtained from the lunder, confirming that costs incurred on this project prior lo the offer coming into existence lincurred during 20211 could be induded a5 grant expenditure. As 8 resutt, 8n amount of £21.799 h88 been transferred from the Equality Act lund to the general fund. 18. EMPLOYEE BENEFIT OBLIGATIONS The Charity operates 8 defined Gonlribub'on pervsion scheme. The assets of the stheme are held separately from those of the Charty in independently administered funds. The pension wst charge rep￿SentS ¢onlribulions paid by the Charity lo the fund and amounted to £42,335 {2022- £31,300). Contributions outstanding al the year end amounted lo £Nil12022.' £Nil). 19. RELATED PARTY DISCLOSURES During the year, donation5 lolalling £450,OCX)12022'. £450.5621 were received from the founder and Chair of th& harity- Martin Lews. Page 29