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2023-03-31-accounts

Company no. 12488846 Charity no. 1199945

Centre for Responsible Credit Ltd Report and Unaudited Financial Statements

31 March 2023

Centre for Responsible Credit Ltd

Reference and administrative details

For the year ended 31 March 2023 Company number 12488846 Charity number 1199945 Registered office and 27 Cambridge Street operational address Leicester LE3 0JQ Trustees The trustees who served during the year and up to the date of this report were as follows: Niall Alexander Diane Burridge appointed 7 November 2022 Clare Payne Chief executive officer Damon Gibbons Bankers National Westminster Bank Plc 250 Bishopsgate London EC2M 4AA Independent examiners Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

1

Centre for Responsible Credit Ltd

Report of the trustees

For the year ended 31 March 2023

Company Report

The Trustees present their report along with the financial statements of the company for the year ended 31 March 2023.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Objectives and activities

The company’s objectives are:

For the public benefit

To these ends, the company undertakes the following activities:

Research and Evaluation: We conduct research into the extent of credit use amongst households (particularly amongst those on low to middle incomes) and explore the interactions between credit use and poverty.

Developing and delivering new solutions: Based on our research findings, we are engaged in the development of new solutions to help reduce the risk and level of indebtedness for low to middle income households.

Networking: To both help inform and conduct our research programme and assist with the dissemination of our findings, we engage in networking activities with, for example, debt advice agencies, financial services providers, regulators, and policymakers. These activities include the organisation of our own conferences and can involve us in supporting the development of new networks (e.g., with front-line debt advisers and people with lived experience of debt) where these are needed.

Campaigning and political activity: In some cases, our research may identify a possible need for changes to be made to the regulation of credit markets or products, or to the systems providing for debt relief, financial education, and promoting financial well-being more generally. In these cases, preventing and alleviating poverty amongst debtor households may lead us to undertake campaigns and political activities to highlight the issues involved to policymakers and/or advance the education of the public.

Consultancy services: We are sometimes asked to provide consultancy services by members of our networks - for example to help them apply insights from our pre-existing research findings to the design of new products and services, or to assist them to provide evidence to policy and/or operational reviews conducted by Government or other statutory agencies.

2

Centre for Responsible Credit Ltd

Report of the trustees

For the year ended 31 March 2023

Achievements and performance

Table 1, below, provides details of our main achievements in relation to each of the above activities over the period.

over the period.
Research and Evaluation We conducted an evaluation of the not-for-profit provider Fair for You’s
trial schemes, which offered small sum low interest loans to customers
of Iceland Foods.
This indicated that the trials were successful in
reducing the need for food banks and helped lower income households
to better cope with financial pressures caused by the ongoing cost-of-
living-crisis. Wider benefits included improved diets and a reduction in
the use of high-cost credit, including from illegal lenders. Our evaluation
fed into Iceland Foods’ decision to fund a national roll-out of a
completely interest-free scheme in partnership with Fair for You in
August 2022.
Developing and Delivering We continued the delivery of two pilot projects: FlexMyRent and
New Solutions Financial Shield.
FlexMyRent is being trialled with two housing associations, Optivo and
MTVH, and is funded by a grant from the JP Morgan Chase Foundation
which runs through to December 2023. The project involves CfRC in
providing a digital platform for tenants to propose and receive decisions
concerning personalised rent payment schedules. It is hoped this will
provide an interest free alternative to credit use for these households.
By the end of the financial year, the project had engaged over 600 social
housing tenants and over
150 proposals
for flexibility
had been
submitted through our platform. Activities to evaluate the impacts of the
scheme are ongoing.
Financial Shield is being funded by a grant from Impact on Urban Health
and is trialling a new co-ordinated support service for residents in
Peckham, South Bermondsey, and Stockwell who have both long-term
health conditions and money worries. We are delivering this project in
partnership
with
GP
practices,
Social
Prescribing
Teams,
advice
agencies, local authorities, and housing associations. The Financial
Shield project has now been extended to September 2025.
In the
financial year, the project received 650 referrals, resulting in 330 people
being successfully onboarded. Advisers working on the project secured
over £350,000 in additional benefits and grants for these individuals.
Networking We continued to support the ‘We Are Debt Advisers’ network on a pro
bono basis. This network, which includes approximately 700 people, has
previously been successful in preventing large scale cuts to the funding
of
community-based
debt
advice.
Activities
in
the
year
included
consultation events with debt advisers regarding new grant agreement
arrangements with the Money and Pensions Service, with whom we also
met on regular basis.
Campaigning and political We responded to several consultations over the year, including with
activity respect to the Financial Conduct Authority’s Credit Market Information
Study and the new Consumer Duty and Government’s Insolvency
Review. We also engaged with HM Treasury and the Bank of England
concerning the latter’s new Cost-of-living adjusted measures of the
household debt burden.
Consultancy services We continued to provide advice to Debt Justice’s ‘Together Against
Debt’ project which is seeking to bring the voices of people with lived
experience of debt into the policy-making process. We also joined the
advisory group for a Centre for Justice Innovation project exploring the
impacts of Magistrates Court Fines for people on low incomes.

3

Centre for Responsible Credit Ltd

Report of the trustees

For the year ended 31 March 2023

Financial Review

The accounts demonstrate that this was a year in which we consolidated our operations. Income was again around £450,000, with this primarily comprising the grant from Impact on Urban Health for the delivery of the Financial Shield project. Expenditure to deliver this project was channelled through our sub-contracts with Age UK Lambeth and three Primary Care Networks. The costs of those appear as consultancy fees in our accounts and this category of expenditure accounted for 75% of turnover. Other significant expenditure related to payments to our software developers in respect of their work on the FlexMyRent platform.

Staffing costs rose slightly as a percentage of turnover (12% compared to 10% in the year previously) whilst support and governance costs again remained low compared at just 1.7%, reflecting the organisation’s continuing determination to operate with extremely lean overheads. This includes continued remote working, with no rental liabilities for office space or other premises.

Overall, the budget was balanced for the year (net loss of just £33), which has allowed us to carry forward £95,690 from previous periods to 2023/24. During the course of the year, the Trustees adopted a policy of maintaining reserves at a level sufficient to cover at least three months of staff costs and overheads. As reserves were well above this at year end, a decision was taken to create a part-time Research and Development Lead position, and this was successfully recruited to in March 2023.

Plans for future periods

The employment of the new Research and Development Lead is expected to generate new research activity and diversify our current funding base. This is consistent with our business plan covering the period 2020 to 2023, which prioritised consideration of recruitment to the core staff team when resources allowed. A new Business Plan, covering the period to 2026, is under development and it is anticipated that this will include further recruitment to the staff team in 2024.

Structure, governance, and management

Aside from gaining charitable status in August 2022, there were no changes to the structure, governance, or management arrangements for the company in the year.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

4

Centre for Responsible Credit Ltd

Report of the trustees

For the year ended 31 March 2023

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Independent examiners

Godfrey Wilson Limited were re-appointed as independent examiners to the charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 24 November 2023 and signed on their behalf by

Clare Payne - Chair

5

Independent examiner's report

To the trustees of

Centre for Responsible Credit Ltd

I report to the trustees on my examination of the accounts of Centre for Responsible Credit Ltd (the charitable company) for the year ended 31 March 2023, which are set out on pages 7 to 19.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

Godfrey Wilson Limited also provides bookkeeping services to the charitable company. I confirm that as a member of the ICAEW I am subject to the FRC’s Revised Ethical Standard 2016, which I have applied with respect to this engagement.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 accounts to be reached.

Date: 24 November 2023 Rob Wilson FCA Member of the ICAEW For and on behalf of:

Godfrey Wilson Limited

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

6

Centre for Responsible Credit Ltd

Statement of financial activities

For the year ended 31 March 2023

Restricted Unrestricted
Note
£
£
Income(and endowments) from:
Charitable activities
3
438,913
25,600
Investments
4
-
381
Total income(and endowments)
438,913
25,981
Expenditure on:
Charitable activities
404,938
59,989
Total expenditure
5
404,938
59,989
Net gains / (losses) on investments
-
-
Net income / (expenditure)
33,975
(34,008)
Transfers between funds
-
-
Net movement in funds
7
33,975
(34,008)
Reconciliation of funds:
Total funds brought forward
48,974
46,749
Total funds carried forward
82,949
12,741		 2023
Total
£
464,513
381
464,894
464,927
464,927
-
(33)
-
(33)
95,723
95,690		 2022
Total
£
455,413
-
455,413
450,951
450,951
-
4,462
-
4,462
91,261
95,723

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 14 to the accounts.

7

Centre for Responsible Credit Ltd

Balance sheet

As at 31 March 2023

----- Start of picture text -----
2023 2022
Note £ £ £
Fixed assets
Tangible assets 10 220 317
Current assets
Debtors 11 61,881 84,451
Cash at bank and in hand 96,213 43,917
158,094 128,368
Liabilities
Creditors: amounts falling due within 1 year 12 (62,624) (32,962)
Net current assets / (liabilities) 95,470 95,406
Net assets / (liabilities) 13 95,690 95,723
Funds 14
Restricted funds 82,949 48,974
Unrestricted funds
General funds 12,741 46,749
Total charity funds 95,690 95,723
----- End of picture text -----

The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 24 November 2023 and signed on their behalf by

Clare Payne - Chair

8

Centre for Responsible Credit Ltd

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Centre for Responsible Credit Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income received in advance is deferred until criteria for income recognition are met.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

9

Centre for Responsible Credit Ltd

Notes to the financial statements

For the year ended 31 March 2023

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities as follows:

2023 2022 Raising funds 0.0% 0.0% Charitable activities 100.0% 100.0%

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Computer equipment 3 years

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

10

Centre for Responsible Credit Ltd

Notes to the financial statements

For the year ended 31 March 2023

l) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

n) Pension costs

The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

o) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

p) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation as described in note i above.

11

Centre for Responsible Credit Ltd

Notes to the financial statements

For the year ended 31 March 2023

2. Prior period comparatives: statement of financial activities

Income from:
Charitable activities
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure)
Transfers between funds
Net movement in funds
Income from charitable activities
Grants
Service level agreements
Total income from charitable activities
Prior period comparative:
Grants
Service level agreements
Total income from charitable activities
Income from investments
Interest
Total income from investments
Prior period comparative:
Interest
Total income from investments		 Restricted
£
£
405,546
49,867
405,546
49,867
401,222
49,729
401,222
49,729
4,324
138
-
-
4,324
138
Restricted
£
£
386,310
287
52,603
25,313
438,913
25,600
Restricted
£
£
367,773
1,167
37,773
48,700
405,546
49,867
Restricted
£
£
-
381
-
381
Restricted
£
£
-
-
-
-
Unrestricted
Unrestricted
Unrestricted
Unrestricted
Unrestricted		 2022
Total
£
455,413
455,413
-
450,951
450,951
4,462
-
4,462
2023
Total
£
386,597
77,916
464,513
2022
Total
£
368,940
86,473
455,413
2023
Total
£
381
381
2022
Total
£
-
-

3. Income from charitable activities

4. Income from investments

12

Centre for Responsible Credit Ltd

Notes to the financial statements

For the year ended 31 March 2023

5. Total expenditure

Staff costs (note 8)
Research and consultancy costs
Professional subscriptions
Legal and professional
Accountancy
Insurance
PPS
Software development
Travel
Sundry
Depreciation
Bank Charges
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable
activities
£
55,991
335,846
470
-
-
665
3,139
59,038
955
221
427
79
456,831
8,096
464,927		 Support and
governance
costs
£
-
-
-
4,765
3,331
-
-
-
-
-
-
-
8,096
(8,096)
-		 2023 Total
£
55,991
335,846
470
4,765
3,331
665
3,139
59,038
955
221
427
79
464,927
-
464,927

Total governance costs were £3,331 (2022: £3,540)

13

Centre for Responsible Credit Ltd

Notes to the financial statements

For the year ended 31 March 2023

6.
Total expenditure
Prior period comparative
Staff costs (note 8)
Research and consultancy
Professional subscriptions
Legal and professional
Accountancy
Insurance
Printing, postage and stationery
Advertising
Software development
Travel
Depreciation
Miscellaneous costs
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable
activities
£
47,054
312,699
231
-
-
474
4,726
76,378
755
318
953
443,588
7,363
450,951		 Support and
governance
costs
£
-
-
-
3,823
3,540
-
-
-
-
-
-
-
7,363
(7,363)
-		 2022 Total
£
47,054
312,699
231
3,823
3,540
474
4,726
-
76,378
755
318
953
450,951
-
450,951

14

Centre for Responsible Credit Ltd

Notes to the financial statements

For the year ended 31 March 2023

7. Net movement in funds This is stated after charging:

Depreciation
8.
Staff costs and numbers
Staff costs were as follows:
Salaries and wages
Social security costs
Pension costs		 2023
£
427
2023
£
47,981
5,537
2,473
55,991		 2022
£
318
2022
£
42,420
4,634
-
47,054

No employee earned more than £60,000 during the year.

The key management personnel of the charity comprise the Directors and Chief Executive. The total employee benefits of the key management personnel were £54,843 (2022: £47,054).

Average head count 2023
No.
1.00		 2022
No.
1.00

9. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

15

Centre for Responsible Credit Ltd

Notes to the financial statements

For the year ended 31 March 2023

10. Tangible fixed assets

Cost
At 1 April 2022
Additions in year
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
11. Debtors
Trade debtors
Accrued income
VAT
12. Creditors : amounts due within 1 year
Trade creditors
Accruals
Other taxation and social security
VAT		 2023
£
1,386
57,334
3,161
61,881
2023
£
25,504
36,837
283
-
62,624		 Total
£
953
330
-
1,283
636
427
-
1,063
220
317
2022
£
5,221
79,230
-
84,451
2022
£
2,930
23,708
1,409
4,915
32,962

16

Centre for Responsible Credit Ltd

Notes to the financial statements

For the year ended 31 March 2023

13. Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 March 2023
Prior year comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 March 2022		 £
-
82,949
-
82,949
£
-
48,974
-
48,974
Restricted
funds
Restricted
funds		 £
220
75,145
(62,624)
12,741
£
317
79,394
(32,962)
46,749
General
funds
General
funds		 Total
funds
£
220
158,094
(62,624)
95,690
Total
funds
£
317
128,368
(32,962)
95,723

17

Centre for Responsible Credit Ltd

Notes to the financial statements

For the year ended 31 March 2023

14. Movements in funds

Restricted funds
Financial Shield
FlexMyRent
Total restricted funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1 April
2022
£
36,861
12,113
48,974
46,749
46,749
95,723		 Income
£
386,310
52,604
438,914
25,981
25,981
464,895		 £
(340,483)
(64,456)
(404,939)
(59,989)
(59,989)
(464,928)
Expenditure		 £
-
-
-
-
-
-
Transfers
between
funds		 £
82,688
261
82,949
12,741
12,741
95,690
At 31 March
2023

Purposes of restricted funds

FlexMyRent

Funded by JP Morgan Charitable Foundation, FlexMyRent is trialling a new way for residents to plan rent payments and offers them a completely free way to manage cash-flow problems over the year. Residents use our digital platform to create a personalised rent payment plan, providing them with the opportunity to pay less rent in months when money is tight and slightly more when things are that little bit easier. In exchange, residents engage with support services provided by their housing provider and keep them informed of their financial situation so any extra help required can be provided. CfRC is currently trialling the scheme with two housing associations: Southern Housing and MTVH.

Financial Shield

Funded by Impact on Urban Health, this pilot brings together Primary Care Networks, social prescribing teams, local authorities, and housing associations with advice and community based support agencies to provide a holistic response to people’s financial and health support needs. The pilot is being conducted in Lambeth and Southwark and will evaluate the impact of benefits advice and support with rent and Council Tax debts on the health of people living with long-term conditions.

18

Centre for Responsible Credit Ltd

Notes to the financial statements

For the year ended 31 March 2023

14. Movements in funds (continued) Prior year comparative

Prior year comparative
Restricted funds
Financial Shield
FlexMyRent
Total restricted funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1 April
2021
£
44,650
-
44,650
46,611
46,611
91,261		 Income
£
332,073
73,473
405,546
49,867
49,867
455,413		 £
(339,862)
(61,360)
(401,222)
(49,729)
(49,729)
(450,951)
Expenditure		 £
-
-
-
-
-
-
Transfers
between
funds		 £
36,861
12,113
48,974
46,749
46,749
95,723
At 31 March
2022

15. Related party transactions

There were no related party transactions in the current or prior period.

19