## **Heartsease Community** ## **Money Advice Centre** # **Annual Report and Financial Statements for the Financial year ending 31 July 2021** 1 HCMAC Report and Accounts 2020/2021 ## Reference and Administrative Information ## **Charity Name** The Heartsease Community Money Advice Centre ## **Charity Number** 1191355 ## **Charity Trustees** Mr Michael Culwick Mr David Lechmere (Chair) Mrs Deborah Lechmere (Treasurer) Revd Janet Wyer ## **Registered Office and Principal Address** 94 Rider Haggard Road Norwich NR7 9UQ ## **Bankers** The Cooperative Bank Ltd P.O. Box 101, 1 Balloon Street, Manchester M60 4EP. ## **Independent Examiner** Mr A R F Rothe 2 HCMAC Report and Accounts 2020/2021 ## **Chair of Trustees Report** The setting up of a debt advice centre on the Heartsease Estate has been a vision of some members of St. Francis church for a considerable time. That vision was realised this year when the PCC approved a proposal for the establishment of such a centre. We are only too well aware that for many people on the estate, and in the wider community the issue of debt is a real problem and specialist help can be invaluable in obtaining relief from it. While the Centre offers regulated debt advice we recognise the fact that there may other contributing factors to financial difficulties. For that reason we decided that our charitable objects would include help with benefit claims and financial education since these can both help people to stay out of debt. We are very grateful to the Cinnamon Network which provided the initial grant which allowed us to get started. This grant enabled us to register with the charity Community Money Advice (CMA) and their help was invaluable in seeking and securing authorisation from the Financial Conduct Authority. We are also very grateful to the Paul Bassham Trust, Norwich Consolidated Charities, the Company of Actuaries Charitable Trust and the Diocese of Norwich Mission Fund which have all given grants to enable us to equip and operate the Charity. We have sufficient funding for the first three years of operation. While take-up of our services has been slow we still believe there is a real need for this advice and we will continue to publicise our services and encourage people to take advantage of what we offer. ## **Public Benefit** The Trustees have had due regard to the Charity Commission guidance on public benefit reporting. The remainder of this report illustrates the activities taken to support the public benefit requirement. ## **Structure and Organisation** The name of the Charity is the Heartsease Community Money Advice Centre (HCMAC). The formation of the Charity was approved by the Parochial Church Council of St. Francis Heartsease on 18[th] June 2020. The Council approved the formation of a Charitable Incorporated Organisation (CIO) and the members of the Council are the members of the CIO, with responsibility for appointing the Trustees and approving the Annual Report and Accounts. The Charity is managed by the Trustees with the day to day responsibility entrusted to the Centre Manager (Mr. David Lechmere). The CIO was entered on the Register of Charities on 18[th] September 2020. 3 HCMAC Report and Accounts 2020/2021 ## **Trustee Appointments** The Trustees are appointed by the members of the Charity, and will normally serve for a term of three years. Trustees may serve more than one term. ## **Training** All Trustees and volunteers are inducted into the policies and procedures of the Charity, undertaking training to ensure they are well equipped to fulfil their duties. ## **Risk Management** The Charity carried out a risk assessment which was reviewed and approved by the Trustees during the year. It will be reviewed annually. ## **Authorisation** The Charity is authorised and regulated by the Financial Conduct Authority for the provision of regulated debt advice. ## **Affiliation** The charity is affiliated to Community Money Advice (CMA), a charity which supports the provision of debt advice in local communities, by offering templates, training, software, technical support and oversight. 4 HCMAC Report and Accounts 2020/2021 ## **Objectives and Activities** ## **Charitable Objectives** The Purpose of the Charity is the Prevention and Relief of Poverty. Within this purpose the objects of the Heartsease Community Money Advice Centre are as follows: - to provide advice on all aspects of money management and budgeting - to advise people with regard to benefit entitlement and to assist with filling in forms - to help those in debt to manage their finances including advice and, where appropriate, negotiation with creditors. ## **Activities** The Charity received permission to provide regulated debt advice from the Financial Conduct Authority in November 2020 and opened for business in January 2021. The activities of the Charity are reported to the Trustees at their regular meetings. More detail can be found in the Centre Manager’s report. ## **Public Benefit** We believe that freeing people from the burden of debt reduces worry and stress and also reduces the need for State support. We believe that helping people to claim benefits to which they are entitled ensures that they do not get trapped in a downward spiral of debt. We believe that providing financial education will prevent people from getting into debt in the first place, reducing the burden on the various agencies which might otherwise have to assist them. ## **Insurance** The Charity has in force policies covering Professional Liability, Public Liability and Employers Liability. 5 HCMAC Report and Accounts 2020/2021 ## **Financial Matters and Accounts** The Trustees receive regular updates on the Finances at their meetings. The Trustees are very grateful to the charities which have provided the funding for the Charity. During the year grants were received from: The Cinnamon Network The Paul Bassham Trust Norwich Consolidated Charities The Company of Actuaries Charitable Trust The Diocese of Norwich Mission Fund The Charity has sufficient funding pledged for three years of operation. ## **HCMAC Income and Expenditure Account** |**Income**|2020/2021| |---|---| ||£| |Grants Received|12,250| |**Total Income**|**12,250**| |**Expenditure**|2020/2021| ||£| |Governance|1,892| |Training and Conference Costs|462| |Rent and maintenance of premises|1,180| |Telecommunications and Broadband|423| |Equipment|843| |**Total Expenditure**|**4,800**| |**Reserves Carried Forward**|**7,450**| |**Total**|**12,250**| ## **HCMAC Balance Sheet at 31 July 2021** ||2020/2021| |---|---| ||£| |Cooperative Bank Current Account|7,450| |Total Assets|7,450| |Total Reserves|7,450| 6 HCMAC Report and Accounts 2020/2021 ## **Notes to the Accounts** The accounts are prepared on a cash payment and receipts basis to a 31[st] July year end. The Charity has a Financial Policy which sets out its policies with regard to record keeping, budgeting, banking and authorising of payments. There are no restricted funds. The Charity has pledges of future funding from the Diocese of Norwich and the Company of Actuaries Charitable Trust which will be included when received. The Charity has no fixed assets. The Charity has no investments. All money is held within the current account. ## **Reporting and Policies** As a registered Charity HCMAC must submit reports and accounts to the Charity Commission and ensure various statutory policies are in place. In addition, as an entity regulated by the FCA, HCMAC is required to comply with the FCA’s requirements with regard to reporting and policies. HCMAC also complies with the requirements of CMA in terms of the policies and procedures which are a condition of its affiliation. The Trustees have worked to ensure that the following required policies and procedures have been formalised and put in place. **----- Start of picture text -----**
Code of Practice Infection Control Policy
Complaints Policy Market Conduct
Complaints Procedure New Client Procedure
Compliance Monitoring Programme Privacy Notice
Conflict of Interest Policy Security Policy
Debt Advice Quality Assurance Procedures Staff and Volunteer Authorisation
Equal Opportunities Policy Treating Clients Fairly Policy
Financial Crime Prevention Policy Vulnerable Adult Policy
Financial Policy Whistleblowing Policy
CMA and FCA Compliance Checklist
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The Trustees are committed to the implementation and application of these policies and the policies are reviewed each year and updated as necessary. HCMAC has complied with the statutory reporting requirements of the FCA. 7 HCMAC Report and Accounts 2020/2021 ## **Operations Report** The early months of the charity’s first year were spent in drawing up the Constitution and gaining entry to the Register of Charities. The next step was to apply for authorisation to offer regulated debt advice. We are particularly grateful to CMA for all the advice and the helpful templates they provided to assist in this operation. While this was going on we were also acquiring the necessary equipment and receiving appropriate training. Having received FCA authorisation in November 2020, the Charity commenced operations in January 2021. In practice the impact of Covid meant that the provision of face-to-face advice was impossible for the remainder of the Charity’s financial year. It has also meant that we have not been able to publicise our services as widely as we would have liked because there was a limit to what we could offer while complying with restrictions. We have seen a small handful of clients in the period covered by this report (up to July 2021) and have helped a few more since then. We are hopeful that when restrictions ease, and with the benefit of more publicity, we will see our caseload increase. We have an office suite in the building at 94 Rider Haggard Road. This means we can meet clients in surroundings that are both relaxed and private. It also means that we can host training events and small meetings in the larger of our two rooms, and even larger events in the main part of the building. The building is rented to the church by the Diocese of Norwich and HCMAC pays rent to the Diocese for that use on behalf of the church. We have two trained advisers, who are both volunteers and would be happy to add to their numbers. 8 HCMAC Report and Accounts 2020/2021