Heartsease Community Money Advice Centre
Annual Report and Financial Statements for the Financial year ending 31 July 2025
1
HCMAC Report and Accounts 2024/2025
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)
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 2024/2025
Chair of Trustees Report
Following a decline in the requests for our services, and difficulty in obtaining further grant funding, the Trustees decided that the Centre should cease to operate with effect from 1 January 2025. All clients were given notice of this and, where appropriate, referred to other sources of debt support. The procedures required by CMA were all completed, and the liability insurance remains in place.
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 2024/2025
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. Following the closure of the Centre the authorisation was withdrawn with effect from 5[th] February 2025
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 2024/2025
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 had permission to provide regulated debt advice from the Financial Conduct Authority. This permission was withdrawn after the closure of the Centre at the end of 2024. 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 2024/2025
Financial Matters and Accounts
The Trustees receive regular updates on the Finances at their meetings.
HCMAC Income and Expenditure Account
| Income | 2024/2025 £ |
2023/2024 £ |
|---|---|---|
| Grants Received | 0 | 2,000 |
| Other Income | 192 | 50 |
| Total Income | 192 | 2,050 |
| Expenditure 2020/2021 |
||
| Governance | 345 | 1,755 |
| Training and Conference Costs |
340 | |
| Rent and maintenance of premises |
2,545 | |
| Telecommunications and Broadband |
308 | 812 |
| Equipment | 52 | |
| Total Expenditure | 653 | 5,504 |
| Surplus | -461 | -3,454 |
| Total | 192 | 2,050 |
6
HCMAC Report and Accounts 2024/2025
HCMAC Balance Sheet at 31 July 2025
| 2022/202 | 2023/2024 | |
|---|---|---|
| 3 | ||
| £ | £ | |
| Cooperative Bank Current Account | 2,030 | 2,491 |
| Total Assets | 2,030 | 2,491 |
| Total Reserves | 2,030 | 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.
7
HCMAC Report and Accounts 2024/2025
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.
| Code of Practice | Infection Control Policy |
|---|---|
| Complaints Policy | Market Conduct |
| Complaints Procedure | New Client Procedure |
| Compliance Monitoring Programme | Privacy Notice |
| Confict of Interest Policy | Security Policy |
| Debt Advice Quality Assurance Procedures |
Staf 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 |
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 2024/2025
Operations Report
During the period from 1 August 2024 to 31 December 2024 the charity received no new applications for help. It was this which informed the decision of the Trustees to close the Centre at the end of the calendar year.
For our existing clients we were able to help one to settle with his creditors, two other clients continued their informal debt management plans, and both reported that their financial situation continued to improve. At the time the decision was made to close the Centre we had three other clients who had asked us for help, but who had not been prepared to engage with us in order to allow us to assess their financial situation fully. These three were given information about alternative debt advice services.
In all respects we complied with the requirements of Community Money Advice in closing the Centre.
The liability insurance remains in force.
9
HCMAC Report and Accounts 2024/2025