Company no. 12488846 Charity no. 1199945
# **Centre for Responsible Credit Ltd Report and Unaudited Financial Statements**
**31 March 2025**
## **Centre for Responsible Credit Ltd**
## **Reference and administrative details**
**For the year ended 31 March 2025 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 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 2025**
The trustees present their report along with the financial statements of the company for the year ended 31 March 2025.
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 for the public benefit are:
- To prevent and to relieve poverty and to relieve financial hardship in the UK, particularly for persons in low-income households and those in debt; and
- To advance the education of the public in the regulation, operation and impact of credit use and the mechanisms providing for the debt relief, financial education and improved financial wellbeing of households.
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 2025**
## **Achievements and performance**
The table 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 secondary analysis of the Money and Pensions Service’s
(MaPS)
Debt
Needs
Survey
finding
that
the
MaPS
method
for
determining
the
need
for
debt
advice,
excludes
many
struggling
households. We developed an expanded model, which suggests 25% of
adults (13.5 million) need debt advice, far exceeding current service
provision. The report highlights that younger, low-income renters, families
with children, and those with health conditions are most at risk. It also
questions the effectiveness of remote advice channels, finding face-to-
face support more successful. Based on its findings we recommended a
review of MaPS’ model, increased funding via the Financial Services
Levy, and better targeting of services.
We also undertook a secondary analysis of the Bank of England’s
Household Debt Survey, highlighting that whilst the debt-to-income ratio
has fallen to 13.2%, this improvement has been not shared by the
poorest. Lower income households, when they do hold consumer credit,
have much higher debt-to-income and debt servicing ratios than the
average. After accounting for essential living costs, many spend two-
thirds of their disposable income on debt repayments. This leaves little for
food, utilities, or other necessities, forcing impossible choices and
increasing financial vulnerability. The research concluded that urgent
action was needed to reduce debt burdens for households earning below
£17,500 per year, as current conditions are unsustainable.
Finally, we continued with the delivery of a research project exploring how
borrower concerns about their credit scores has been interacting with
cost-of-living pressures and how this impacts financial behaviours,
conducting
qualitative
interviews
with
around
thirty
lower
income
borrowers. This project continues
into 2025/26, when we will be
publishing the findings from this qualitative phase, and also commission a
quantitative survey of 3,500 low to middle income consumers.|
|Developing and Delivering
New Solutions|We published an independent evaluation of our FlexMyRent scheme,
which concluded its trials in the previous financial year. The scheme
allowed social housing tenants to flexibly adjust rent payments throughout
the year, easing financial pressure during tight periods. Evaluation was
provided for the digital trial we conducted with Southern Housing from
2021–2024. This found that FlexMyRent reached a diverse tenant group,
many facing debt and financial stress. Most found our digital platform
easy to use and reported reduced anxiety, better financial management,
and improved satisfaction with their landlord. Success rates for rent plans
were positive, with no material impact on rent arrears compared to non-
participants, despite the cost-of-living crisis. The report recommended
scaling up FlexMyRent, improving support for deferred tenants, and
enhancing communication and administration for future trials.|
3
## **Centre for Responsible Credit Ltd**
## **Report of the trustees**
## **For the year ended 31 March 2025**
||We continued with the delivery of our Financial Shield project, which is
being funded by a grant from Impact on Urban Health and has been
extended through to the end of September 2025. This 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.
In June 2024, we began a new project – ‘Breakthrough’ - with Southwark
Council exploring the impact of additional monthly income boosts and
debt write-downs for the financial well-being of 150 food bank users. The
project is due to run until December 2025.
Working with a researcher from the University of Nottingham, we also
compared the decision-making process used in the FlexMyRent project to
traditional credit scoring and underwriting processes. The study found
that most applicants honestly disclosed financial pressures, with their
responses aligning with broader surveys of social housing tenants. The
FlexMyRent application process was viewed as less intrusive than
traditional credit checks, and our support needs questionnaire helped
identify those needing extra assistance. Machine learning analysis
showed that self-disclosed financial stress and starting rent balances
were key predictors of successful outcomes. The report concluded that
trust-based approaches can effectively assess risk and may offer a cost-
effective alternative to extensive data surveillance.|
|---|---|
|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.|
|Campaigning and political
activity|Throughout the year we challenged an emerging narrative that over-
regulation of the financial services industry was holding back economic
growth by pointing to historic problems associated with too little, and
ineffective, regulation rather than too much. Activities included blogs,
letters to the press, and a response to the joint Financial Conduct
Authority and Financial Ombudsman Service consultation concerning
‘mass redress’ events.|
|Consultancy services|No consultancy services were provided in the year.|
4
## **Centre for Responsible Credit Ltd**
## **Report of the trustees**
## **For the year ended 31 March 2025**
## **Financial review**
2024/25 saw us implement the plans set out in our last annual report to invest in the expansion of our staff team. Following an open recruitment procedure that attracted more than 500 applicants, we appointed an External Affairs Lead and Researcher in January 2025. This brought our average headcount to 2.42 in the year. However, the recruitment exercise disrupted our ability to seek additional work, and our turnover reduced by 15% compared to 2023/24. Despite this, and by continuing to operate with lean overheads, we achieved a small overall surplus and ended the year with total funds of just under £224,000. This would not have been possible without the continued support of Impact on Urban Health, who are providing us with a core funding grant of nearly £67,000 per annum through to July 2026.
Once again, our major costs relate to Research and Consultancy services, with these reflecting the sub-contracted delivery arrangements that we have in place for the Financial Shield project with Age UK Lambeth and Citizens Advice Southwark. Staffing costs also rose as a percentage of turnover (24% compared to 17% in the year previously) reflecting both the expanded staff team toward the end of the year and the reduction in turnover. However, software development costs reduced by nearly 40% due to the decommissioning of the digital platform commissioned for use in the FlexMyRent project, and governance costs again remained below £4,000. Total support and governance costs were just £12,500, reflecting the organisation’s use of remote working, with no rental liabilities for office space or other premises.
Total unrestricted funds at the end of the year are £83,131, which easily exceeded our reserves policy, which the Trustees have previously set as requiring cover for at least three months of staff costs and overheads (equivalent at year end to £33,222) and we do not anticipate any difficulties maintaining sufficient funds to meet this requirement over the next 12 months, due to the projects currently on our books.
## **Plans for future periods**
Our priorities for the next year have been identified by the Board and include: Strengthening governance: A recruitment exercise to expand the number of Trustees to a minimum of five by the end of the financial year was slightly delayed but will be completed in early 2025. Within this, we recognise the need to secure a more diverse membership. It is also desirable for us to include Board members with knowledge of the issues facing the debt advice sector, and/or who have experience of tackling inequalities in local government, housing, and health settings. The new Board will oversee the development of a new three-year Business Plan for the period 2025 to 2028.
Staffing: We have no immediate plans to further expand the staff team but will review staffing levels again toward the end of 2025/26.
Communicating the findings from our work: We will provide a public-facing report concerning the impact of the Financial Shield project in Autumn 2025 and will engage with policymakers including Government and local integrated care boards to disseminate learning and potentially roll out the model.
5
## **Centre for Responsible Credit Ltd**
## **Report of the trustees**
## **For the year ended 31 March 2025**
## **Structure, governance, and management**
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:
- select suitable accounting policies and then apply them consistently;
- ▪ observe the methods and principles in the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
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 11 November 2025 and signed on their behalf by
Clare Payne - Chair
6
## **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 2025, which are set out on pages 8 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:
- (1) accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
- (2) the accounts do not accord with those records; or
- (3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
- (4) the accounts 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 accounts 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 accounts to be reached.
Date: 11 November 2025 **Robert 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
7
## **Centre for Responsible Credit Ltd**
**Statement of financial activities** _(incorporating an income and expenditure account)_
## **For the year ended 31 March 2025**
|Restricted Unrestricted
Note
£
£
**Income from:**
Donations
3
10
66,998
Charitable activities
4
200,000
105,152
Investments
-
5,030
Other
-
8,000
**Total income**
200,010
185,180
**Expenditure on:**
Raising funds
-
7,568
Charitable activities
238,896
123,302
**Total expenditure**
5
238,896
130,870
6
(38,886)
54,310
**Reconciliation of funds:**
Total funds brought forward
179,462
28,821
**Total funds carried forward**
140,576
83,131
**Net income / (expenditure) and net**
**movement in funds**|**2025**
**Total**
**£**
**67,008**
**305,152**
**5,030**
**8,000**
**385,190**
**7,568**
**362,198**
**369,766**
**15,424**
**208,283**
**223,707**|2024
Total
£
66,667
384,273
2,626
-|
|---|---|---|
|||453,566|
|||-
340,973|
|||340,973|
|||112,593
95,690|
|||208,283|
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 13 to the accounts.
8
## **Centre for Responsible Credit Ltd**
## **Balance sheet**
## **As at 31 March 2025**
|Note
**Fixed assets**
Tangible assets
9
**Current assets**
Debtors
10
Cash at bank and in hand
**Liabilities**
Creditors: amounts falling due within 1 year
11
**Net current assets**
**Net assets**
12
**Funds**
13
Restricted funds
Unrestricted funds
**Total charity funds**|**£**
**11,020**
**244,707**
**255,727**
**(32,838)**|**2025**
**£**
**818**
**222,889**
**223,707**
**140,576**
**83,131**
**223,707**|2024
£
110
17,569
242,894|
|---|---|---|---|
||||260,463
(52,290)|
||||208,173|
||||208,283|
||||179,462
28,821|
||||208,283|
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.
The directors acknowledge their responsibilities for:
- (i) ensuring that the company keeps proper accounting records which comply with section 386 of the Act; and
- (ii) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the company.
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 11 November 2025 and signed on their behalf by
Clare Payne - Chair
9
## **Centre for Responsible Credit Ltd**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **1. Accounting policies**
## **a) Basis of preparation**
Centre for Responsible Credit Ltd is a charitable company limited by guarantee registered in England and Wales. The registered office address is 27 Cambridge Street, Leicestershire, LE3 0JQ.
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.
## **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.
## **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.
10
## **Centre for Responsible Credit Ltd**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **1. Accounting policies (continued)**
## **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 in full to charitable activities as fundraising expenditure only relates to staff costs.
## **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.
## **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.
11
## **Centre for Responsible Credit Ltd**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **1. Accounting policies (continued)**
## **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) 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.
**2. Prior period comparatives: statement of financial activities**
|**Income from:**
Doantions
Charitable activities
Investments
**Total income**
**Expenditure on:**
Charitable activities
**Total expenditure**
**Net income and net movement in funds**|Restricted
£
£
-
66,667
369,136
15,137
-
2,626
369,136
84,430
272,623
68,350
272,623
68,350
96,513
16,080
Unrestricted|2024
Total
£
66,667
384,273
2,626|
|---|---|---|
|||453,566|
|||340,973|
|||340,973|
|||112,593|
12
## **Centre for Responsible Credit Ltd**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **3. Income from donations**
|**Income from donations**||||
|---|---|---|---|
|Donations
Grants
**Total income from donations**|Restricted
£
£
10
331
-
66,667
10
66,998
Unrestricted|**2025**
**Total**
**£**
**341**
**66,667**
**67,008**|2024
Total
£
-
66,667|
||||66,667|
All income from donations in the prior period was unrestricted.
## **4. Income from charitable activities**
|Grants
Contracts
**Total income from charitable activities**
**Prior period comparative:**
Grants
Contracts
**Total income from charitable activities**|Restricted
£
£
200,000
-
-
105,152
200,000
105,152
Restricted
£
£
340,123
-
29,013
15,137
369,136
15,137
Unrestricted
Unrestricted|**2025**
**Total**
**£**
**200,000**
**105,152**|
|---|---|---|
|||**305,152**|
|||2024
Total
£
340,123
44,150|
|||384,273|
13
## **Centre for Responsible Credit Ltd**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **5. Total expenditure**
|**Total expenditure**||||
|---|---|---|---|
|Rasing funds
£
Staff costs (note 7)
7,568
Research and consultancy costs
-
Professional subscriptions
-
Legal and professional
-
Accountancy
-
Insurance
-
Printing, postage and stationery
-
Software development
-
Travel
-
Staff training
-
Sundry
-
Depreciation
-
Bank charges
-
**Sub-total**
7,568
-
**Total expenditure**
**7,568**
Total governance costs were £3,787 (2024: £3,340).
**Prior period comparative**
Staff costs (note 7)
Research and consultancy costs
Professional subscriptions
Legal and professional
Accountancy
Insurance
Printing, postage and stationery
Software development
Travel
Sundry
Depreciation
Bank charges
**Sub-total**
Allocation of support and governance costs
**Total expenditure**
Allocation of support and governance
costs|Charitable
activities
£
76,263
239,043
957
-
-
913
3,741
26,087
937
-
799
514
444
349,698
12,500
**362,198**
Charitable
activities
£
71,336
211,493
867
-
-
471
2,301
43,296
1,216
1,287
110
305
332,682
8,291
340,973|£
7,568
-
-
35
4,702
-
-
-
-
195
-
-
-
12,500
(12,500)
**-**
Support and
governance
£
3,755
-
-
35
4,501
-
-
-
-
-
-
-
8,291
(8,291)
-
Support and
governance|**2025 Total**
**£**
**91,399**
**239,043**
**957**
**35**
**4,702**
**913**
**3,741**
**26,087**
**937**
**195**
**799**
**514**
**444**|
||||**369,766**
-|
||||**369,766**|
||||2024 Total
£
75,091
211,493
867
35
4,501
471
2,301
43,296
1,216
1,287
110
305|
||||340,973
-|
||||340,973|
14
## **Centre for Responsible Credit Ltd**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
**6. Net movement in funds**
This is stated after charging:
|**Net movement in funds**
This is stated after charging:|||
|---|---|---|
||**2025**|2024|
||**£**|£|
|Depreciation|**514**|110|
|Trustees' remuneration|**Nil**|Nil|
|Trustees' reimbursed expenses|**Nil**|Nil|
|Independent examiner's remuneration (excluding VAT):|||
|Independent examination|**2,950**|2,800|
|Other services|**837**|540|
**7. Staff costs and numbers**
Staff costs were as follows:
|Salaries and wages
Social security costs
Pension costs|**2025**
**£**
**83,997**
**3,558**
**3,844**
**91,399**|2024
£
69,538
2,086
3,467|
|---|---|---|
|||75,091|
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 £64,102 (2024: £60,963).
|Average head count|**2025**
**No.**
**2.42**|2024
No.
2.00|
|---|---|---|
## **8. 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 2025**
|**9.**
**Tangible fixed assets**
**Cost**
At 1 April 2024
Additions in year
At 31 March 2025
**Depreciation**
At 1 April 2024
Charge for the year
At 31 March 2025
**Net book value**
**At 31 March 2025**
At 31 March 2024
**10. Debtors**
Accrued income
VAT
Other debtors
**11. Creditors : amounts due within 1 year**
Trade creditors
Accruals
Other taxation and social security
Other creditors|**2025**
**£**
**-**
**2,057**
**8,963**
**11,020**
**2025**
**£**
**28,571**
**4,267**
**-**
**-**
**32,838**|**Total**
**£**
**1,283**
**1,222**|
|---|---|---|
|||**2,505**|
|||**1,173**
**514**|
|||**1,687**|
|||**818**|
|||110|
|||2024
£
8,333
4,236
5,000|
|||17,569|
|||2024
£
1,650
48,316
1,768
556|
|||52,290|
16
## **Centre for Responsible Credit Ltd**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **12. Analysis of net assets between funds**
|**Analysis of net assets between funds**|||
|---|---|---|
|£
Tangible fixed assets
-
Current assets
142,226
Current liabilities
(1,650)
**Net assets at 31 March 2025**
**140,576**
**Prior year comparative**
£
Tangible fixed assets
-
Current assets
226,415
Current liabilities
(46,953)
**Net assets at 31 March 2024**
179,462
Restricted funds
Restricted funds|£
818
113,501
(31,188)
**83,131**
£
110
34,048
(5,337)
28,821
Unrestricted
funds
Unrestricted
funds|**Total**
**funds**
**£**
**818**
**255,727**
**(32,838)**|
|||**223,707**|
|||Total
funds
£
110
260,463
(52,290)|
|||208,283|
17
## **Centre for Responsible Credit Ltd**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **13. Movements in funds**
|**Movements in funds**|||||
|---|---|---|---|---|
|**Restricted funds**
Abrdn Financial Fairness
Financial Shield
**Total restricted funds**
General funds
**Total unrestricted funds**
**Total funds**
**Unrestricted funds**|At 1 April
2024
£
18,540
160,922
179,462
28,821
28,821
208,283|Income
£
10
200,000
200,010
185,180
185,180
385,190|£
(8,057)
(230,839)
(238,896)
(130,870)
(130,870)
(369,766)
Expenditure|**£**
**10,493**
**130,083**
**At 31 March**
**2025**|
|||||**140,576**|
|||||**83,131**|
|||||**83,131**|
|||||**223,707**|
## **Purposes of restricted funds**
Abrdn Financial Fairness
This project explores how Credit Reference Agency messaging about the importance of building and maintaining credit scores affects financial decisions when households are under pressure, including whether it deters people from seeking help with their debts. The project is undertaking qualitative interviews with around thirty low to middle income borrowers. The findings from these will be discussed with key stakeholders and will inform a survey of approximately 3,500 lower income households in the later part of the project to assess the scale of any problems. The project is due to conclude in late 2025.
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 2025**
## **13. Movements in funds (continued) Prior year comparative**
|**Movements in funds (continued)**
**Prior year comparative**|||||
|---|---|---|---|---|
|**Restricted funds**
Abrdn Financial Fairness
Financial Shield
FlexMyRent
**Total restricted funds**
General funds
**Total unrestricted funds**
**Total funds**
**Unrestricted funds**|At 1 April
2023
£
-
82,688
261
82,949
12,741
12,741
95,690|Income
£
18,540
321,583
29,013
369,136
84,430
84,430
453,566|£
-
(243,349)
(29,274)
(272,623)
(68,350)
(68,350)
(340,973)
Expenditure|£
18,540
160,922
-
At 31 March
2024|
|||||179,462|
|||||28,821|
|||||28,821|
|||||208,283|
## **14. Related party transactions**
There were no related party transactions in the current or prior period.
19