## **TRUSTEES’ REPORT AND ACCOUNTS** **1st January 2024 to 31st December 2024** ## **GENERAL INFORMATION** **Trustees -** John Barr, David Chubb, Graham Dunn, Harry Pepper ( Chair) **Manager -** Amanda Heath, IMA Cert. **CIO Registration Number** -1180798 **FCA registration number -** 728612 **Registered Offices -** The Fox, Leicester St, Melton Mowbray LE13 0PP **Operational Address** - The Fox, Leicester St, Melton Mowbray LE13 0PP **Bankers** - Charities Aid Foundation, NatWest (Client Funds) **Independent Examiner** - Mike Alexander, CPFA (Retired) The trustees present their report and accounts for the period ending 31st December 2024. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements and the charity’s constitution and have been prepared on the basis of section 133 of the Charities Act 2011. ## **INTRODUCTION** Melton And District Money Advice Centre (MADMAC) is an independent, local, community focused charity, working to alleviate poverty caused by problem debt and lack of financial capability. Our service is completely free, and we offer face-to-face advice, education, practical assistance and ongoing support to anyone who needs it, regardless of background or circumstance. Our aim is simple; to help people avoid getting into financial difficulty and, if they have, to provide the emotional and financial support necessary to get them back on their feet. We provide financial literacy and money management education to schools, businesses and other institutions, as well as to individuals, and our debt services are available to any adult client who is struggling with debt regardless of their background, ethnicity, sexuality, religion, age or any other factor. Our model is one of collaboration and partnership. We operate on a whole person basis, working with individuals and families who are typically on low incomes or unemployed, often with long term physical or mental health problems and with complex social and family issues. By working with our clients one-to-one and face-to-face where possible, we’re able to help them understand and work through the implications of the budgeting and money management advice they are being given so as to facilitate long term financial independence. Most clients make contact or are referred to MADMAC at a point of debt crisis, where eviction is being threatened or bailiffs are at the door and they are faced with mounting debts. Being available to listen to each of their unique stories helps us build relationships which engender trust and commitment to see the process through to life changing outcomes. MADMAC can sometimes be their last hope. ## **OBJECTS AND ACTIVITIES** MADMAC’s purposes are, the prevention and relief of poverty for the public benefit in Melton Mowbray and surrounding Districts / Boroughs, by providing money management education and free, confidential and impartial debt advice. ## MADMAC’s activities are: a) The provision of a personalised package of care until financial freedom is gained, encouraging the reduction and occurrence of future debt problems. Debt advice provides solutions for debt problems. b) The provision of Debt Prevention and Education training/resources. This is delivered at both primary and secondary levels in schools and colleges, as well as to individuals, businesses, charities and other institutions. Our online budget planner is also a tool used by many. Weekly podcasts provide a new audience that can gain help and motivation to grow in financial capability skills. MADMAC’s vision is to restore dignity and hope to those in need by reducing debt poverty and improving financial capability, through the following means: a) Advise - We aim to reduce the harmful effect of unmanageable debt on individuals and families, by providing a comprehensive debt advice service which includes casework. b) Equipping - We aim to reduce the number of individuals and families who fall into unmanageable debt, by providing education and resources on budgeting and practical day-to-day money management. c) Encouragement - We aim to increase the number of people who feel empowered to address the wider causes of their financial difficulties, by providing training, support and guidance wherever possible. We act as advocates for our clients to ensure their voices are heard, mediating on their behalf whenever necessary. Our approach is to journey with our clients and support them each step of the way, working at their pace and adapting to their individual needs and abilities. Our open-ended support is available for as long as is needed. d) Policy change- We aim to provide a voice to bring local and national change in the areas of debt issues being faced in our society. We are partners with national policy change providers such as IMA, CMA and CSJ and the Illegal Money Lending Team. ## **REVIEW OF THE YEAR** ## Funding We have been able to secure all funding needed to carry on with all posts and actually increase some hours with various members of staff where it has been needed.. Details of these are to be found in the Financial Report that follows ## Clients Clients have continued to come to MADMAC throughout the year keeping the charity very busy. The Team have continued to find flexible solutions to ensure all clients needing our services are seen as soon as possible. Being aware of clients’ vulnerability, we understand non engagement and missed appointments. We try to accommodate these by using different methods on 3 separate times to facilitate engagement, to help a client come to an appointment. There has been an increase in waiting times, which fluctuates from a few weeks to 6- 8 weeks at our busiest times. Social Media engagement continues to be an excellent means of raising awareness of MADMAC’s services and provides an easy way for people to investigating what MADMAC can do for them. By keeping abreast of the range of services provided by other local organisations, we have been able to signpost some potential clients to others who can help them more appropriately or more quickly. This has enabled us to focus and concentrate on debt advice. Statistics Our top 3 categories for referrals are: - 1) Self-referrals-66% - 9% increase from last year- huge achievement that word of mouth means people know we exist in the community and know how to access us. - 2) Rehab clients- 10% 1% decrease from last year. Over 6 years of working with our local rehabs means residents can concentrate on their recovery while we deal with their debts. - 3) Melton Borough Council – 9% -1% decrease from last year. Increasingly clients are coming to us from workers at MBC who value our local, face to face, intensive service we provide. ## Charnwood area statistics We continue to monitor these separately and in 2024 the top 3 categories for referrals are: - 1) Self-referrals – Risen by 16 % from 2023 to 36% of all referrals which means more people are hearing about us - 2) Social Prescribers- Syston surgery- 16% A large surgery that sends many referrals - 3) Social Prescribers / other-11% Again very active social prescribers seeing the value of debt advice in relation to helping with people’s health issues. ## CharnMAC Charnwood Money Advice Centre will be consolidated into MADMAC in 2025 to minimise overheads and focus as many resources as possible at client facing work. The Hub centre will close in May 2025 and the Charnwood area of MADMAC will be launched. Charnwood’s Money Mentor has trained to be a debt adviser and we hope the new system will work well. ## Prevention and Education Our educational programme, backed by Melton Building Society, has achieved great results with 9,612 people having been reached, these being a combination of primary and secondary school children, community groups and a few businesses. Feedback continues to be extremely positive and, through word of mouth, we have now provided money management education into every primary and secondary school in the district. We have steadily increased the resources allocated to Prevention and Education and plan to continue to invest in this area. FCA Consumer Duty Consumer duties remain at the heart of all we do here at MADMAC, with this always being on our agenda at trustee meetings. ## Volunteers We had 3 volunteers in 2024 who provide a range of support roles to ensure that our qualified advisors’ time is focussed on delivering debt advice. ## Premises We have a rolling contract for our existing premises and, whilst some minor repairs have been necessary, it meets both our staff and clients’ requirements. ## Partnership Our ongoing key partnerships are with all the organisations that refer people, pointing them towards us; our funders, both large and small, without whom we would struggle to simply exist and to the Community Money Advice (CMA) network which affords us all manner of technical and managerial resources. ## Staffing Amanda Heath is our founder, the Centre Manager and the inspiration behind all that MADMAC stands for and represents. Hetty Simpson has an invaluable role as Assistant Manager, supporting Amanda and managing the Charity’s administration and payroll functions. We also have 3 part time debt advisers and an education officer for the school work and courses. ## Future Plans - To sustain future funding to cover all posts and expenses - To recruit and train additional volunteers for administration and in support of the rest of the team - To expand the work of Charnwood area - To gain funding through the sale of money management courses - To expand the education work ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** MADMAC is a registered Charitable Incorporated Organisation (CIO) which is governed by a Board of Trustees who are either recruited by the Centre Manager or appointed by the 4 existing trustees. All new trustees receive an induction to their role and the work of MADMAC. All trustees give their time voluntarily and receive no benefits from the charity. The day-to-day management of MADMAC is delegated to the Centre Manager, supported by part-time staff members and volunteers. ## **FINANCIAL REVIEW** This can be found in the account section. The number of employed staff at year end was 6 (3.6 FTE). We have resolved to set aside 25% of expected annual expenditure for unexpected funding shortfalls and will be opening an appropriate separate savings account for this purpose. The Trustees believe that this policy will provide sufficient short and medium-term resources to permit MADMAC to continue its work, should alternative or additional funding be required. ## **CLIENT STORY** An elderly lady came to us full of anxiety. Her partner had dealt with the family’s finances and, on his death, she found herself out of her depth and in financial difficulty. She came to us believing that she would have to sell her house and would lose her savings. We were able to reassure her, during a number of home visits, that she would not lose her home and that we could get the interest and fees stopped. Whilst it took significant time and resources, the debt has now been resolved and she has benefited from some long-term budgeting support. We have also helped increase the family’s income In the subsequent year she has had another three issues that have arisen but, instead of leaving them to fester, she contacted us and we have dealt with them together. Through a combination of education and emotional support, she is gaining in confidence and managing her finances more effectively. We are proud that one of our USPs is the provision of face to face support, by the same case worker, to build relationships and trust with clients to help them change their spending habits and remain solvent. CHARITY COMMISSION FOR ENGLAND AND WALES Receipts and payments accounts CC16a For the perfod from To Section A Receipts and payments Unrestricted funds Restricted fiinds EndowmeTrt funds Total furKIs Last year to th& r*arp5t£ to the nearest£ to th8 r*•ro¥t£ to the neare5t£ Al Receipts CDutses Donations- For ClieDt5 tbn¥iions- Fundrdising rbnatiolls- Individual$ Ck>nabons- Qty¥nisations Grani$ Intersl & Sundry R*eipls 1128 1128 56 37,010 8,864 85.186 7,S13 37.01Q 5.514 23,770 10,903 131,263 1,715 3.350 85,186 1943 Sub total (Gross income for AR) 45,523 136,188 175,164 A2 Assel and investh)ent sales. (see table). Sub total Total receipts 45.523 90,665 136.18B 175.164 •nts Accountancy Advprtising Cateri Client￿4 Client Debt sol￿On$ EduCa￿On Insursnce OtherAdmin Itr & sar￿￿8￿￿1ngI Prernises Profession81 Association Fees 8818ries Slalionery, Pnnbng & Postage Sundry ENpen5es Telephone Training TBvel Volunleerwdfare 179 532 613 323 1,732 450 318 373 1.732 450 1.025 427 14,281 4,210 2.834 710 990 5.842 2.812 104,040 2,067 707 1,576 4.452 3.248 130,900 2,010 103 435 1741 74.658 479 51 17 322 385 781 1.143 95 1,067 779 250 1.465 155 Sub total 59241 91.137 150.378 141A89 A4 Asset and in￿StMent purchases, Isee table) oirice Equipment 1.713 1,713 2,111 Sub total 1.713 1.713 59.241 92.850 152,091 143.600 Net of ￿￿elPts/[paYrnents) AS Transfers batwoen funds A6 Cash funds last year end Cash funds this year end 13.718 9.726 99,864 76.419 2,185 9,726 41,647 49.188 15,904 31,564 141.510 125,607 109,947 141,510 CCXX R1 accounts ISSI 0610812025 Section B Statement of assets and liabilities at the end of the period Unre5tricte¢ts funds Restricled funds to nearÈst£ Endowment funds to near￿t £ Categories Detail$ B1 Cash funds Bar4( alc cwrent 11h69 Bar& al¢-savirys 950 48,681 Bank a￿-Cl￿1fi￿ds 506 Totsl cash funds 76,419 49,188 xxxrt(sll Unrestricted funds to nearest£ Restricted funds to nearest£ Endowment funds to neares1£ Details Fund to whlch asspt belon Detatls Cost14wOon•ll urront Yalue lonal F￿d towhith asset bfrl Restricted Costloptionall Cuvrentvalue onal Details C￿￿￿dIng equip[￿1 B4 Assets retsined for the charitys own use IIKorier Restri￿ ce fvmitu Restrict￿j Fund towhi knount thje onal When duè iional Details 85 Liabilities Signed by one or tnjstees on half of all the trustees Stgnatu Print Narne Date of roval CCXX R2 acwunts ISSI 06ffj8r2025 CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Examinerfs Report Report to the trustees rf16LfftsNU QiS14LIC I /Wfr>.Vtr7 Aooicé C*TrJ"rrte On accounts for the year ended Charity no (rfany) 11&o?9 Set out on pages I rewrt to the trustees on my e￿￿minatIon of the accounts of the above chanty {Ihe Trusn for tre year ended 3i/i z/zotstr As the charivs tn￿tees, you a￿ responsible for the preparation of the accounts in accordan￿ ￿ryth the r4uirements of the Charibes Act 2011 (Ihe Acr). Responsibilities and basis of report I rekN)rt in resped of my examinalion of the Trust's accounts Ca￿led out under seth.on 145 of 2011 Ad and in carying out rny examination. I have followed all the applicable Directions given by the Charity Commtssion under section 145(5){b) of the Act. Independent rrhe examinerfs statement und 's gros come ex £250,C(K) kethee mination by Ing a qual. bcMty]]. Delete [ ] rfn(* applKable. lamq mber edto Insert name of I have completed my examinat50n. I confim that no matenal matters have come to my attenb.on in connecb'on with the examination £8ther dwI08e￿") %4thich gives me cause to believe that in, any material respect: the accounting records not kept in accordance with wtion 130 of the Charibes ￿. or the accounts dtd not accord wilh the accounting records; or the accounts dKI not comply the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fairf view which is not a matter considered as part of an IndepEn￿ examination. I have no cOn￿mS and have come across no i)ther matters in Ksnnertion vthh the examination to which attention shoukl ￿ drawn in this report in order to enable a proper understanding of the accounts to be reached. . Please delete the ￿￿nIS in the bTrckets rfthey do not apply. Signed: Date= Name: Relevant professional qualificationls) or body ceFA IER Oct 2018 (rf any): Address: 11 G*)•404Y Section B Disclosure Only complete rf the examiner needs to highlight material matters of concem (see CC32, IndeF￿dent examination of charity accounts: directions and guidan￿ for examiners). Give here brief details of any items that the examiner wishes to disclose. IER Oct 2018