Docusign Envelope ID: BEAAC0D1-B9F9-4212-A492-DFE326F85C7F
Charity registration number 1198352 (England and Wales) Company registration number CE028676
MORTGAGE ADVICE BUREAU FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Docusign Envelope ID: BEAAC0D1-B9F9-4212-A492-DFE326F85C7F
MORTGAGE ADVICE BUREAU FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr Peter Brodnicki Mr Benjamin Thompson Mrs Lucy Tilley Mrs Alison Crossley Mrs Esther Dijkstra Mr Simon Frankish Mrs Caroline Hill (Appointed 26 June 2024) Charity number (England and Wales) 1198352 Company number CE028676 Registered office Capital House Pride Place Pride Park Derby DE24 8QR Independent examiner PKF Smith Cooper Limited Prospect House 1 Prospect Place Pride Park Derby DE24 8HG
Docusign Envelope ID: BEAAC0D1-B9F9-4212-A492-DFE326F85C7F
MORTGAGE ADVICE BUREAU FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 12 |
Docusign Envelope ID: BEAAC0D1-B9F9-4212-A492-DFE326F85C7F
MORTGAGE ADVICE BUREAU FOUNDATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Foundation's constitution, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
The Foundation’s charitable objectives are to advance such charitable purposes (according to the law of England and Wales) for the public benefit as the Trustees see fit from time to time, primarily by providing grants and volunteer support to charities and/or other organisations and with a particular focus on health and wellbeing, the prevention of poverty and combating the effects of climate change.
Our vision is to empower and uplift our communities by supporting local projects that make a real difference. Chosen and championed by our colleagues, customers and business partners, we aim to create a lasting impact and stronger connections across the MAB family. Our mission is to deliver £1m of grant funding in our first 5 years.
Public benefit
The Trustees confirm that they have complied with their duty to have regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
The Foundation supports charities, and community interest companies across England, Scotland, and Wales principally through financial grants for specific projects. Grants from £500 to £5,000 are made typically in quarterly tranches throughout the year. The Trustees have the ability to award larger grants should they see fit to do so.
Funding is limited to a maximum of £5,000 or 75% of the total project cost (whichever is the lesser). The charity or CIC will need to raise its share of the project cost for the grant to be released. Exceptions can be made at the Trustees discretion.
The Foundation has once again partnered with Crowdfunder to provide a platform for all our projects. They help assess the charitable status of the project and provide a clear audit trail of funds raised for money laundering purposes. The Foundation has entered into a rolling contract with Crowdfunder to provide this service.
There are no income limits on organisations supported, but the focus is on supporting wherever possible smaller, local, grassroots organisations that are volunteer led.
The Foundation also works in partnership with Mortgage Advice Bureau Limited and its network of business partners to support community projects through volunteering.
The Foundation helps coordinated group volunteering activities throughout the year and is supported by Mortgage Advice Bureau Limited who provide all head office staff with 2 days of fully paid leave to work with these local charities.
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Docusign Envelope ID: BEAAC0D1-B9F9-4212-A492-DFE326F85C7F
MORTGAGE ADVICE BUREAU FOUNDATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Grant making policy
The Trustees ensure proper governance of the Foundation’s grant-making in three ways.
a) Through grant-making principles which ensure that, even where there is donor or funding partner involvement, decisions are ultimately made by the Foundation's Trustees.
b) Through published grant-making criteria which set out the activities the Trustees wish to support in furtherance of the Foundation’s charitable objectives. The criteria also include activities which the trustees do not wish to support because they do not consider them to be in line with the Foundation’s purpose.
c) Through grant-making processes which set out how decisions are reached for awarding grants from different types of funds at the Foundation.
A committee made up of 8 independent individuals from Mortgage Advice Bureau Limited's business partners and led by the Chief Executive has been designated responsibility for initial assessment of all grant applications. Each application is first scored using an assessment rubric, which assesses the application against five criteria:
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Focus (25%)
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Impact (25%)
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Risk (20%)
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Organisation (20%)
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Sustainability (10%)
Scores are tabulated, and applications are further reviewed by the Trustees prior to a final funding decision.
The Foundation operates a transparent approach to grant making, and all grants made are listed on the Foundation's website.
The Foundation raises income by fundraising from Mortgage Advice Bureau Limited and its employees, suppliers and business partners. It is committed to best practice in all fundraising activities, in line with the Code of Fundraising Practice and the Fundraising Promise. No complaints have been registered with the regulator against the Foundation in the year under review.
Achievements and performance
Significant activities and achievements against objectives
The Foundation continues to review its grant-making policy and now issues impact questionnaires to all successful grant applications. Our first impact statement is available for the period from conception to the end of 2024. Impact statements will be issued at the end of each financial year starting in 2025.
Fundraising
Total income for the year was £90,759. Key achievements relating to fundraising included, donations from Mortgage Advice Bureau Limited, the MAB Golf Day at the Leatherhead Club, a raffle at Mortgage Advice Bureau Limited's National Sales Awards and fund raising events taken on by our staff including the Great North Run. It also generated donations from several corporate partners through the 500 Club.
The Trustees would like to thank everyone who supported the foundation throughout the year for their kindness and generosity.
Grant making
In the period to 31 December 2024, the Foundation helped raise a total of £132,264 for the projects it supported, issuing grants totalling £61,806 and in addition raising a further £70,458 via the Crowdfunder platform from individual donations which went directly to the projects.
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Docusign Envelope ID: BEAAC0D1-B9F9-4212-A492-DFE326F85C7F
MORTGAGE ADVICE BUREAU FOUNDATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial review
The Foundation received a total income of £90,759 during the financial year and ended the year with £47,705 cash at bank. Total operating costs for the year were £18,327 with an event expenditure of £61,806.
The Trustees consider there to be no material concerns for the Foundation's ability to continue as a going concern.
Structure, governance and management
The Foundation is registered as a Charitable Incorporated Organisation (CIO) in England and Wales. The governing document is its constitution, dated 15 December 2021, which sets out the Foundation's charitable objectives.
The Trustees who are appointed at the date of signing the accounts of the Foundation are set out on page 1.
Apart from the first Foundation Trustees, every Trustee must be appointed by a resolution passed at a properly convened meeting of the Foundation Trustees. New Trustees are selected for appointment by the existing Trustees, with due regard to the skills, experience, and knowledge needed for the effective administration of the Foundation.
Appointment of Trustees wherever possible must provide for at least two members of the board (or one third, whichever is greater) to be external of Mortgage Advice Bureau Limited and its subsidiaries. The current board is comprised of four Trustees from Mortgage Advice Bureau Limited and three external members. The Trustees meet quarterly and set the strategic goals for the Foundation, including the selection of grantees, strategic charity partnerships, and any external promotion. The Trustees retain responsibility for all policy and decision making. Daily management of the Foundation is undertaken by the Foundation CEO.
No Trustee received any remuneration. benefits, or expenses in the financial year.
Mortgage Advice Bureau Limited is a related party of the Foundation and provided goods and services of nominal value without charge, along with the use of office space, IT equipment, and other sundry items. The Trustees would like to extend their gratitude for this support in kind.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr Peter Brodnicki
Mr Benjamin Thompson Mrs Lucy Tilley Mrs Alison Crossley Mrs Esther Dijkstra Mr Simon Frankish Mr Fabien Holler (Resigned 26 June 2024) Mrs Caroline Hill (Appointed 26 June 2024)
The Trustees report was approved by the Board of Trustees.
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.............................. Mrs Caroline Hill Chair of the Trustees 29 October 2025
Date: .............................................
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Docusign Envelope ID: BEAAC0D1-B9F9-4212-A492-DFE326F85C7F
MORTGAGE ADVICE BUREAU FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MORTGAGE ADVICE BUREAU FOUNDATION
I report to the trustees on my examination of the financial statements of Mortgage Advice Bureau Foundation (the Foundation) for the year ended 31 December 2024.
Responsibilities and basis of report
As the trustees of the Foundation (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the Foundation are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Foundation’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Foundation as required by section 386 of the Companies Act 2006.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
PKF Smith Cooper Limited
Prospect House 1 Prospect Place Pride Park Derby DE24 8HG Date: 30 October 2025
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Docusign Envelope ID: BEAAC0D1-B9F9-4212-A492-DFE326F85C7F
MORTGAGE ADVICE BUREAU FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 90,759 | 83,483 |
| Total income | 90,759 | 83,483 | |
| Expenditure on: | |||
| Charitable activities | 4 | 80,133 | 51,646 |
| Total expenditure | 80,133 | 51,646 | |
| Net income and movement in funds | 10,626 | 31,837 | |
| Reconciliation of funds: | |||
| Fund balances at 1 January 2024 | 48,942 | 17,105 | |
| Fund balances at 31 December 2024 | 59,568 | 48,942 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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Docusign Envelope ID: BEAAC0D1-B9F9-4212-A492-DFE326F85C7F
MORTGAGE ADVICE BUREAU FOUNDATION
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Fixed assets Intangible assets 10 Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities The funds of the Foundation Unrestricted funds 14 |
2024 £ 1,752 47,705 49,457 (1,920) |
£ 12,000 31 12,031 47,537 59,568 59,568 59,568 |
2023 £ 7,671 26,341 34,012 (1,920) |
£ 16,800 50 |
|---|---|---|---|---|
| 16,850 32,092 |
||||
| 48,942 | ||||
| 48,942 | ||||
| 48,942 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
29 October 2025
The financial statements were approved by the trustees on .........................
.............................. Mrs Caroline Hill
Chair of the Trustees
Company registration number CE028676 (England and Wales)
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Docusign Envelope ID: BEAAC0D1-B9F9-4212-A492-DFE326F85C7F
MORTGAGE ADVICE BUREAU FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
Mortgage Advice Bureau Foundation is a public benefit entity and a registered charity incorporated in England and Wales. The registered office is Capital House, Pride Place, Pride Park, Derby, DE24 8QR.
1.1 Basis of preparation
The financial statements have been prepared in accordance with the Foundation's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Foundation is a Public Benefit Entity as defined by FRS 102.
The Foundation has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the Foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Foundation has been notified of the donation, unless performance conditions require deferral of the amount.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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Docusign Envelope ID: BEAAC0D1-B9F9-4212-A492-DFE326F85C7F
MORTGAGE ADVICE BUREAU FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.6 Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software over 5 years
1.7 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment 20% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
2 Critical accounting estimates and judgements
In the application of the Foundation’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 90,759 | 83,483 |
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Docusign Envelope ID: BEAAC0D1-B9F9-4212-A492-DFE326F85C7F
MORTGAGE ADVICE BUREAU FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
4 Expenditure on charitable activities
| Grant | Grant | ||
|---|---|---|---|
| making | making | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Pledges | 61,806 | 41,265 | |
| Share of support and governance costs (see note 5) | |||
| Support | 16,407 | 8,461 | |
| Governance | 1,920 | 1,920 | |
| 80,133 | 51,646 | ||
| Analysis by fund | |||
| Unrestricted funds | 80,133 | 51,646 | |
| 5 | Support costs allocated to activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Depreciation | 4,819 | 4,813 | |
| Website costs | 247 | 201 | |
| Bank charges | 30 | 10 | |
| General expenses | 611 | 937 | |
| Platform charges | 10,700 | 2,500 | |
| Governance costs | 1,920 | 1,920 | |
| 18,327 | 10,381 | ||
| Analysed between: | |||
| Grant making | 18,327 | 10,381 | |
| 6 | Net movement in funds | 2024 | 2023 |
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the independent examination of the charity's financial | |||
| statements | 1,920 | 1,920 | |
| Depreciation of owned tangible fixed assets | 19 | 13 | |
| Amortisation of intangible assets | 4,800 | 4,800 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Foundation during the year.
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Docusign Envelope ID: BEAAC0D1-B9F9-4212-A492-DFE326F85C7F
MORTGAGE ADVICE BUREAU FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
8 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2024 | 2023 | |
| Number | Number | |
| Total | - | - |
| There were no employees whose annual remuneration was more than £60,000. |
9 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
10 Intangible fixed assets
| Intangible fixed assets | |
|---|---|
| Software | |
| £ | |
| Cost | |
| At 1 January 2024 and 31 December 2024 | 24,000 |
| Amortisation and impairment | |
| At 1 January 2024 | 7,200 |
| Amortisation charged for the year | 4,800 |
| At 31 December 2024 | 12,000 |
| Carrying amount | |
| At 31 December 2024 | 12,000 |
| At 31 December 2023 | 16,800 |
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Docusign Envelope ID: BEAAC0D1-B9F9-4212-A492-DFE326F85C7F
MORTGAGE ADVICE BUREAU FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
11 Tangible fixed assets
| Cost At 1 January 2024 At 31 December 2024 Depreciation and impairment At 1 January 2024 Depreciation charged in the year At 31 December 2024 Carrying amount At 31 December 2024 At 31 December 2023 12 Debtors Amounts falling due within one year: Prepayments and accrued income 13 Creditors: amounts falling due within one year Accruals and deferred income |
Plant and equipment £ 79 79 29 19 48 31 50 2024 2023 £ £ 1,752 7,671 2024 2023 £ £ 1,920 1,920 |
Plant and equipment £ 79 79 29 19 48 31 50 2024 2023 £ £ 1,752 7,671 2024 2023 £ £ 1,920 1,920 |
|---|---|---|
| 79 | ||
| 29 19 |
||
| 48 | ||
| 31 | ||
| 50 | ||
| 2023 £ 7,671 |
||
| 2023 £ 1,920 |
14 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At | 1 | January | Incoming | Resources | At 31 | |
|---|---|---|---|---|---|---|
| 2024 | resources | expended | December | |||
| 2024 | ||||||
| £ | £ | £ | £ | |||
| General funds | 48,942 | 90,759 | (80,133) | 59,568 |
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Docusign Envelope ID: BEAAC0D1-B9F9-4212-A492-DFE326F85C7F
MORTGAGE ADVICE BUREAU FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 14 | Unrestricted funds | (Continued) | |||
|---|---|---|---|---|---|
| Previous year: | At 1 January | Incoming | Resources | At 31 | |
| 2023 | resources | expended | December | ||
| 2023 | |||||
| £ | £ | £ | £ | ||
| General funds | 17,105 | 83,483 | (51,646) | 48,942 |
15 Related party transactions
The foundation received £76,112 in donations from Mortgage Advice Bureau Limited during the year, a company which the Trustees' are also directors.
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