Heartsease Community
Money Advice Centre
Annual Report and Financial Statements for the Financial year ending 31 July 2024
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HCMAC Report and Accounts 2023/2024
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 (until September 2023)
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.
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HCMAC Report and Accounts 2023/2024
Chair of Trustees Report
The centre has now been in operation for three 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.
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HCMAC Report and Accounts 2023/2024
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.
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HCMAC Report and Accounts 2023/2024
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:
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to provide education and advice on all aspects of money management and budgeting
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to advise people with regard to benefit entitlement and to assist with filling in forms
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to help those in debt to manage their finances including advice and, where appropriate, negotiation with creditors.
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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.
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HCMAC Report and Accounts 2023/2024
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 Charity has sufficient funding for another year of operation and will be seeking further funding during the coming year.
HCMAC Income and Expenditure Account
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Income 2022/2023 2023/2024
£ £
Grants Received 2,250 2,000
Other Income 50
Total Income 2,250 2,050
Expenditure2020/2021
Governance 1,549 1,755
Training and Conference Costs 20 340
Rent and maintenance of premises 2,500 2,545
Telecommunications and Broadband 444 812
Equipment 26 52
Total Expenditure 4,804 5,504
Surplus -2,554 -3,454
Total 2,250 2,050
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HCMAC Report and Accounts 2023/2024
HCMAC Balance Sheet at 31 July 2024
| 2022/2023 | 2023/2024 | |
|---|---|---|
| £ | £ | |
| Cooperative Bank Current Account | 5,946 | 2,491 |
| Total Assets | 5,946 | 2,491 |
| Total Reserves | 5,946 | 2,491 |
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.
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HCMAC Report and Accounts 2023/2024
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.
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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.
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HCMAC Report and Accounts 2023/2024
Operations Report
During the 2023/2024 year the charity opened five new debt cases. There were seven still open from the previous year. Of these 12 we were unable to reach a solution in six cases because the client moved away or disengaged. We were successful in obtaining one Debt Relief Order and we carried five open cases forward into the next year.
We also helped three people with their benefit claims and, in one case, we managed to double a couple’s income!
This has been another 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 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.
The Rev Janet Wyer retired from her post as Vicar of St. Francis in September 2023, and therefore ceased to be a Trustee.
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HCMAC Report and Accounts 2023/2024