## **Heartsease Community**
## **Money Advice Centre**
# **Annual Report and Financial Statements for the Financial year ending 31 July 2023**
1
HCMAC Report and Accounts 2022/2023
## 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.
2
HCMAC Report and Accounts 2022/2023
## **Chair of Trustees Report**
The centre has now been in operation for two years and has managed to help a number of people. 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 Company of Actuaries Charitable Trust for the grant they made this year. We have sufficient funding to cover the next year of operation.
While take-up of our services has been modest 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.
## **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.
3
HCMAC Report and Accounts 2022/2023
## **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. During the year both advisers undertook training relevant to their roles.
## **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 2022/2023
## **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 education and 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.
- to advise on appropriate debt solutions and to help clients to achieve those solutions
## **Activities**
The Charity has permission to provide regulated debt advice from the Financial Conduct Authority. 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 2022/2023
## **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.
The Company of Actuaries Charitable Trust
The Charity has sufficient funding for another year of operation and will be seeking further funding during the coming year.
## **HCMAC Income and Expenditure Account**
**----- Start of picture text -----**
Income 2022/2023 2021/2022
£ £
Grants Received 2,250 7,740
Other Income 390
Total Income 2,250 8,130
Expenditure
Governance 1,549 1,452
Training and Conference Costs 20 389
Rent and maintenance of premises 2,500 3,535
Telecommunications and Broadband 444 524
Equipment 26 878
Total Expenditure 4,804 7,080
Surplus -2,554 1,050
Total 2,250 8,130
**----- End of picture text -----**
6
HCMAC Report and Accounts 2022/2023
## **HCMAC Balance Sheet at 31 July 2023**
||2022/2023|2021/2022|
|---|---|---|
||£|£|
|Cooperative Bank Current Account|5,946|8,500|
|Total Assets|5,946|8,500|
|Total Reserves|5,946|8,500|
## **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 no fixed assets.
The Charity has no investments. All money is held within the current account.
7
HCMAC Report and Accounts 2022/2023
## **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
**----- End of picture text -----**
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.
8
HCMAC Report and Accounts 2022/2023
## **Operations Report**
During the 2022/2023 year the charity has opened five new debt cases. There were five still open from the previous year. Of these ten cases we completed three, including two successful applications for Debt Relief Orders, leaving seven to be carried forward into the next year. In addition we dealt with three cases where we helped people apply for benefits.
This has been another relatively quiet year but we believe that the need for our services is still very real and are working on ways to make our work better known. We are continuing to explore other links through which we can make our work more widely known.
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.
9
HCMAC Report and Accounts 2022/2023