## **Financial Statements**
**12 months to 31 December 2020**
_**RESTORING DIGNITY RENEWING HOPE**_
## **CONTENTS**
|1.|Welcome|03|
|---|---|---|
|2.|Mission & Purpose|04|
|3.|Activities, Achievements & Performance|06|
|4.|Governance & Management|12|
|5.|Structure|13|
|6.|Funding & Support|14|
|7.|Future Plans|14|
|8.|Financial Review, Risk Management & Reserves Policy|16|
|9.|Independent Examiner’s report to the trustees|17|
|10.|Annual Accounts|18|
## **CHARITY INFORMATION**
**Charity Name**
**St Paul’s Money Advice** (SPMAC)
**Charity number** 250015
## **Bankers**
## **Trustees**
Francis Ellison (Chair) Conan McKenzie (Treasurer) Sara Judith Thomas (Secretary) Rosemary Brown Stephen Richards Daniel Rolles Justin Thomas
## **Independent examiner**
## **Registered office and principal address**
Queen Caroline Street London W6
HSBC, 21 King’s Mall, King Street, John Mullins Hammersmith W6 0QF
2
## **1. WELCOME**
## **From the Chair of Trustees**
I am delighted to present our Annual Report and Financial Statements for the year ended 31 December 2020.
2020 was a year of contrasts. Although evictions were stayed, and much debt collection went into abeyance, the wider financial impact of the pandemic took a huge toll. Struggling clients were pushed further into difficulty and the real effects of the crisis are only just beginning.
Against this backdrop, I am delighted at what we achieved – wholeheartedly supporting current clients, but also laying the foundations to address the huge influx of new clients we expect in the months to come.
Our staff and volunteers rose to the challenge magnificently. We helped the neediest in our community throughout the pandemic, offering phone appointments when face-to-face meetings proved impossible. Crosslight moved its popular ‘Money Essentials’ budgeting workshops online, so more people could access this valuable resource.
I am humbled at how staff and volunteers have worked tirelessly under the most difficult circumstances. And our funders and partners have been unbelievably generous, recognising the new need, the new reality.
_“When I came to Crosslight Hammersmith I was in a fragile, disorganised state of mind._
_The patient, considerate, expert advice I have received from you has allowed me to repay outstanding debts that seemed impossible some months ago. In addition I am benefiting from increases in my benefits. All this has been done with kindness, allowing me to feel much better as I continue to try to get my money matters straight._
_I am very grateful to you for making an important difference to me while vulnerable and still suffering some health problems. Warmest thanks!”_
This is reflected in healthy finances and growing staff and volunteers…but we must do more. Crosslight Hammersmith is growing and grow it must – 2021 will bring new clients, new demands and new challenges.
Francis Ellison, Chair of Trustees
3
## **2. MISSION & PURPOSE**
St Paul’s Money Advice Centre is an independent, person-centred charity working to alleviate poverty amongst the most vulnerable in our communities.
SPMAC works in partnership with the charity Crosslight Advice (charity number 1163306) and fulfils its mission through the joint operation of the Crosslight branch in Hammersmith, known as Crosslight Hammersmith.
**Our joint vision** is **to restore dignity** and **renew hope** to those in need by reducing debt poverty and improving financial capability.
The approach of Crosslight Hammersmith focuses on individuals and families who are often characterised by unemployment or low incomes, long-term physical or mental health problems, and complex social and family issues.
Our ethos is to work with our clients on an individual basis, to ensure they can embrace the advice given, understand the benefits of simple money management and budgeting techniques, and work through the root causes of their difficulties. It is a partnership, and we aim to equip and empower, rather than prescribe or dictate. Most of our clients come to us at a point of crisis, often facing the threat of eviction, court orders, visits from bailiffs, and mounting priority debts. Simply being given the time to be heard can have a huge impact. If we engage, opportunities abound for positive life changes, building resilience and encouraging financial independence.
Our Christian ethos and our five core values lie at the heart of all that we do and underpin our work. These values are:
- To help anyone, regardless of background, faith or circumstance, who is willing to proactively work with us to address their situation
- To model unconditional love and compassion to all
- To act without judgement in the best interests of our clients to the best of our ability
- To be open, honest and fair in all our dealings with clients and creditors alike, and to expect the same in return
- To empower our clients to make their own informed decisions and act for themselves wherever possible
The objective of St Paul’s Money Advice is:
**“The alleviation of poverty through the provision of free money advice to any person requiring help or support with any aspect of personal finance including debt by the provision of services, advocacy, advice and information.”**
We adhere to the Charity Commission’s guidance on public benefit when reviewing the objectives and aims of St Paul’s Money Advice Centre and in planning future activities.
## **Client Case Study**
## **Sally's story**
Life is a real struggle for Sally. She can’t work because of debilitating physical health problems, which triggered depression and migraines, yet is a carer for her daughter who lives with her together with her baby grandson. On top of that she tries to help her mother who has cancer.
She was just about coping when her world turned upside down. She notified the council of the birth of her grandson. They wrote back to say that they had been overpaying her housing benefit for 3 years and as a result she owed them over £2000 – money she simply did not have. She was beside herself with worry when she first came to see us, scared she might lose her council flat.
We reassured Sally that would not happen and got in touch with the council to understand what had happened. Because Sally has more bedrooms than people in her home, she is subject to the ‘bedroom tax’ under which housing benefit is reduced by 14% for the first ‘spare’ room and 25% for the second. She had notified the council 3 years ago when one of her adult children moved out, but they never changed her benefits. So, instead of finding her bedroom tax was reduced because of the arrival of her grandson, she instead received a big bill.
We persuaded the council to cut from £11 to £5 the amount they deducted each week from her current housing benefit to repay this debt and set about establishing Sally’s other debts. She feared she owed over £20,000 but after running a credit report we found it was only £11,000 in total, which meant we could help her apply for a Debt Relief Order. This has now written off all her debts, giving her a fresh start. Money is still very tight, but Sally can now make ends meet. When she first came to us she told us her debt was making her depression worse and harming her family relationships, but now all that has stopped.
_“I've signposted a few friends and family members too to your service”_
5
## **3. ACTIVITIES, ACHIEVEMENTS &**
## **PERFORMANCE**
This section reflects the work of Crosslight Hammersmith, in partnership with Crosslight Advice
2020 was a challenging year for all those involved in
the work of Crosslight Hammersmith. It was also one in which the importance of what we do, and the dedication of our amazing team shone brighter than ever.
This unique year has been difficult for everyone. Our staff and volunteers have often faced difficult personal circumstances themselves. And for our clients, the difficulties thrown up by the pandemic have been devastating, with many families already on the edge being pushed further into difficulty.
We were able to support more people than ever before, hold more appointments than ever before, and make a bigger positive impact on the lives of our clients than ever before. We were able to support **over 338 individuals** with comprehensive debt advice, budget coaching and open-ended mentoring. And our team held an extraordinary **1,124 appointments with clients,** (up 117% on 2019), at a time when many organisations had to shut their doors.
Together with our partner organisation Crosslight Advice we transformed our service overnight to offer phone appointments. No client missed an appointment. We achieved all these milestones:
- Rolled out VOIP phones lines to all applicable volunteers.
- Launched a new online client document platform.
- Introduced a new training programme with 11 online internal training sessions covering different topics.
- Moved all team meetings online.
- Ran Covid-19-secure face-to-face appointments when guidance allowed it.
- Launched the Money Course online, a new video series: online courses and online one-to-one budget coaching
**In the last 12 months:**
We increased the annual income of our clients by over **£316,000**
We secured debt write-off of over **£427,000**
- Launched a new one-to-one Budget Coaching programme
6
## **What we do**
The aims, objectives and activities of Crosslight Hammersmith can be summarized under the three headings Advise, Equip and Encourage.
## **Advise**
We provide comprehensive debt and benefit advice, focusing on the unique circumstances of each individual. The end-toend support we provide includes in-depth casework for the most vulnerable. We act as advocates for our clients to ensure their voices are heard, intermediating on their behalf whenever necessary. Our approach is to journey with our clients and support them each step of the way, working at their pace and adapting to their individual needs and abilities. Our open-ended support is available for as long as needed.
## **Equip**
A key part of our mission is to create lasting change so that our clients can face the future with confidence and be better equipped to meet their full potential. We do this through oneto-one budget coaching and our 'Money Course' workshops, helping clients look beyond crisis advice and building resilience. Both programmes help clients understand their own finances and teach them simple financial skills so they can manage their money more effectively.
## **Encourage**
Debt and financial difficulty are often symptoms of a deeper problem. We support clients through their difficulties and empower them to turn their lives around through a holistic approach which includes mentoring, befriending, encouragement and social engagement. Two-thirds of clients receive additional 'holistic' support, for example help with job applications, applications for residency / citizenship, and support with family life. This support is initiated directly by advisers for their clients on a case-by-case basis.
## **Who we help**
**3 in 5**
**have incomes below the UK poverty line**
## **Half**
**of our clients can’t afford their rent and are facing possible eviction**
**9 in 10 report mental health symptoms**
**2 in 5 Can’t afford to heat their home**
7
## **The challenges faced by our clients**
One trend that continues is the increasing complexity of the cases we see. Rarely do we encounter a client with simple credit card bills. The majority have complex needs which require dozens of hours of patient case work, and increasingly, court action or tribunal appeals.
||**2018**|**2019**|**2020**||
|---|---|---|---|---|
|Average debt per client|£15,420|£17,645|£18,629||
|% of clients who have long-term health issues|32%|43%|50%||
|% of clients struggling with social issues|13%|15%|27%||
|% of clients with multiple (4+) debts|71%|81%|81%||
|% of clients with priority debts|77%|80%|80%||
|% of clients with rent arrears and facing eviction|44%|48%|50%||
|% of clients with utility arrears|42%|47%|51%||
## **Social Impact**
It is crucial for us to know if we are meeting the needs of those we support. Our holistic approach means that we get to know our clients very well and have the privilege of supporting them through many personal situations which may be a cause of, or caused by, their financial situation. We ask all our clients two sets of simple questions, six months apart, designed to evaluate the practical and emotional impact of our work. We use the responses to analyse the impact of our interventions on the lives of those we support.
**----- Start of picture text -----**
83% of money
course attendees
felt more
confident about
their money
82% of clients
said their main
debt issue had
been resolved
**----- End of picture text -----**
**----- Start of picture text -----**
63% of clients
reported
improved mental
wellbeing
73% of clients
feel their financial
outlook had
improved
**----- End of picture text -----**
**----- Start of picture text -----**
73% of clients
feel their financial
outlook had
improved
**----- End of picture text -----**
8
## **Our Team**
Another objective in 2020 was to increase the capacity of our volunteers, to leverage the work of our staff team. With case complexity increasing, and the advice landscape becoming more and more technical, training is key. We have a comprehensive training programme using both internal and external resources, so staff and volunteers can develop and increase their accredited competencies.
We have been encouraged that 12 new volunteers joined us during the year. We now have 40 volunteers and three more who have yet to complete their training. A few volunteers had to take a break from volunteering due to personal circumstances linked to Covid-19. During the same period, nine volunteers left the organisation, two of whom moved to volunteer with another Crosslight branch.
We were not able to realise our plan to open a satellite location in Fulham due to the pandemic, but we plan to open therein 2021. We are aware of the benefits for clients to have face-to-face appointments close to their homes. Therefore, we have continued to explore options for opening a site in the north of the borough so as to be closer to clients. We were offered some space in Shepherd’s Bush and hope to use these premises in the second half of 2021. There is significant need for debt advice in the north of the borough and many of our clients come from the White City estate.
_"After seven years of volunteering I am leaving for an adventure that leads me overseas. I am grateful for the opportunity I had to support people struggling with debts._
_One thing I am proud of was being able to help a young 6th form student who lost her parent. We were able to get her housing benefit backdated, which meant that £5k of debt basically disappeared. I know from the head of 6th form that this had a major impact on ensuring she could remain in education and had a major impact on her life." Steve Wallis_
9
## **Our Outcomes**
We take analysis of the impact of our work very seriously. With the assistance of the Charities Evaluation Service, we implemented a robust recording methodology so we could assess the effectiveness of our work. The pandemic had an impact on the clients who approached us, the interactions with creditors and the emotional wellbeing of our clients, and as a result also had some effect on our outcomes, and in particular how clients reported their perspective after the advice.
We target ten specific ‘outcomes’ aligned to our aims, i.e. the individual changes we are trying to achieve. Examples include: fewer clients at risk of eviction, fewer clients facing ‘priority debts’, more individuals accessing budgeting advice.
All our outcomes are measured through our case management system and we have established procedures for recording data (e.g. we record when we achieve milestones like resolving rent arrears).
## A) Improved economic circumstances
One of our aims is to help people to improve their economic circumstances. In the last 12 months, 60% (51% in 2019) of our clients had one or more financial gains thanks to our intervention. These included: new benefits claimed, benefit deductions stopped/reduced, grant awarded, and debts written off. In addition, as an approved Agency for “H&F Foodbank” and for “Acts 435” a charity for one-off donations to the very poor (www.acts435.org.uk) we were able to help clients in practical ways.
## B) Prevention of homelessness
One of the main concerns for clients is to secure their home. We prevented eviction and stabilized rent arrears within three months for 72% (76% in 2019) of clients threatened with eviction. Clients are freed from emotional distress so that they can tackle other issues and effectively manage their finances.
## C) Clients’ responses to advice
We use a single snapshot measurement to give us an overall picture of how we are doing, by recording those clients where Crosslight has achieved two or more positive debt outcomes. We also monitor how our clients feel before and after receiving advice.
|**2020**|2019|**Impact - casework clients**|
|---|---|---|
|Ave %|Ave %|(responses to client feedback survey post advice)|
|75%|83%|feel more in control of their financial situation|
|67%|76%|feel better able to live within their means each month|
|61%|73%|feel less stressed and/or anxious about their financial situation|
|54%|65%|feel their close relationships have improved|
The weakening of our impact statistics in 2020 is a result of the difficulties faced during lockdown and reflect not only the worsening financial crisis that many of our clients experienced, but also wider social climate.
10
## **Covid-19 – Responding to a crisis**
This report is published at an unprecedented time in our nation’s history, in the midst of a farreaching pandemic, the full consequences of which are yet to be realised.
Needless to say, the pandemic has had a major impact on our work and how it is delivered.
Since March 2020, all our appointments have taken place via telephone. This enabled us to continue our work uninterrupted and has been a lifesaver for many clients. Phone appointments have worked better than anyone dared hope, and clients have responded extremely positively.
Less can be achieved in a single telephone session and so we have had to hold more appointments than previously (over double). It takes longer to build trust over the telephone. For example, much of the impact of our work comes from the fact that we can help clients address the causes of their debts and mentor them as they get back on their feet. This is harder to achieve over the phone.
Those with communication issues or who cannot read or write have struggled to express themselves and/or relay the contents of correspondence easily. We put support mechanisms in place, using video-calling, easy document-scanning, and drop-offs for paperwork. We have now been able to restart a limited number of face-to-face appointments, which has been warmly welcomed by many clients.
Many creditors and third parties struggled to respond to Covid-19 and lockdowns, causing further difficulty in unravelling and resolving complex situations.
Finally, we saw fluctuations in demand through the year with demand falling in the early stages of lockdown. There were several reasons for this, e.g. referral agencies and other charities, who would normally refer clients to us, either curtailed or stopped their activities. At the same time, almost all debt collection and legal action stopped.
This temporary slowdown in new enquiries enabled us to concentrate on existing clients, especially cases which were taking longer than usual. We were able to resolve double the number of cases during this period than last year. This, alongside other measures to increase our capacity, was a deliberate strategy to prepare for a significant increase in demand in 2021.
Against this backdrop, we are extremely grateful for how our team has responded. We have held more appointments and resolved more cases than ever before, a testament to the incredible hard work and dedication of staff and volunteers alike. Nevertheless, it has been a challenging period, which looks set to continue into 2021 and beyond.
11
## **4. GOVERNANCE & MANAGEMENT**
St Paul’s Money Advice Centre (SPMAC) is a registered charity which is governed by a Trust Deed.
The charity has a formal relationship with the registered Charitable Incorporated Organisation Crosslight Advice (1163306) and jointly operates Crosslight Hammersmith, one of several Crosslight branches serving the needs of local communities.
SPMAC and Crosslight assume different responsibilities regarding the overall operations of Crosslight Hammersmith, to ensure an efficient and cost-effective structure that avoids duplication, reduces overall costs through shared resources and economies of scale, and provides the biggest impact to those being served. The responsibilities of each organisation are codified in a memorandum of understanding between Crosslight Advice and SPMAC. Crosslight Advice is the entity authorised by the Financial Conduct Authority, and the staff of SPMAC provide debt advice as agents of Crosslight Advice under the day-to-day management of the Crosslight CEO.
SPMAC is governed by a board of trustees who are appointed by existing trustees by resolution in a trustee meeting. They provide local accountability and oversight to ensure that the service and activities reflect the needs and priorities of the community the branch serves. All new trustees receive an induction to their role and the work of Crosslight. All trustees give their time voluntarily and receive no benefits from the charity. The trustees have established two committees to coordinate and oversee the operations and fundraising of SPMAC.
The trustees have delegated day-to-day management of SPMAC to the branch manager, supported by a team of staff and volunteers.
## **Related parties**
Francis Ellison is a trustee of Crosslight Advice as well as SPMAC.
SPMAC also has a partnership with St Paul’s Hammersmith (SPH) and benefits from the use of free office and meeting facilities provided by SPH. Stephen Richards is also a trustee (PCC member) of St Paul’s Hammersmith. SPMAC received donations of £2,171 from SPH during the year, through restricted offerings collected by SPH.
12
## **5. STRUCTURE**
Our model is one of collaboration and partnership, recognising that we cannot achieve lasting change without the support and participation of the communities we serve. It is important for us to give our clients a holistic support and we are aware that we can only do that in partnership with other organisations.
Alongside our strategic partnership with Crosslight Advice, we are also involved in the H&F CAN community aid network that was launched by Hammersmith & Fulham Council to support residents in need during the pandemic.
We are an active member of the Hammersmith and Fulham Advice Station and work together with the different agencies (for example the H&F Law Centre, Family Mosaic, Hestia etc.) to support our clients in a holistic way. We continue to be an approved agency for the London Borough of Hammersmith & Fulham Housing & Council Tax Departments. Crosslight has a formal partnership agreement with the Rent Income team who refer their neediest clients to us (typically those with multiple debts whom they feel in need of sustained support).
We continue to enjoy strong relationships with local partners, referrals from whom are a primary source of clients. We currently make and receive direct referrals from numerous organisations including;
- Hammersmith & Fulham Rent Income team
- West London Mental Health Team
- Action on Disability
- Hestia and LBHF social services
- Hammersmith & Fulham Law Centre
- local foodbanks
- local charities for the homeless
- Claybrook Centre NHSx
Indirect referrals come from local authority benefit and council tax teams, CA (Citizen Advice), GP’s, Mencap, AgeUK, community support groups, refugee support groups, churches, family support services, and numerous local agencies and advice providers.
We exchange knowledge and training with the other Crosslight branch staff and volunteers that serve the communities in:
## **London**
- Balham
- Chiswick
- Ealing
- **South East Branches (Kent)** � Sevenoaks
- Tonbridge Central
- Tunbridge Wells
- Hounslow West
- Kensington
- Twickenham
## **South West Branches**
- Swindon
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## **6. FUNDING & SUPPORT**
SPMAC continued to receive valuable support from local charities and from Trust for London, together with individual donations. We have set up a trustee-led fundraising committee to develop and implement a fundraising strategy for the charity. Due to Covid-19 it was not possible to hold any fundraising events in 2020.
In 2020 SPMAC received funding over £49,300 to support our work with the most vulnerable. We are very grateful to the many individuals, companies, partners, churches and trusts that have given so generously. SPMAC relies on this voluntary income and it is only through the generosity of our supporters that our transformational work can continue.
In particular we would like to thank the following for their financial support:
## **Provision of support**
The trustees would like to sincerely thank St Paul’s Church Hammersmith, the partner church of St Paul’s Money Advice Centre for providing office space and meeting rooms.
## **7. FUTURE PLANS**
## **Responding to COVID-19**
The big theme for 2021 and beyond will be how the nation recovers from the COVID-19 pandemic. We are fully expecting demand for debt advice to increase substantially once the full effects of the crisis feed through into the real economy, as workers are laid off, incomes are curtailed, and the benefit system struggles.
In partnership with Crosslight we have already put in motion plans to increase capacity to respond to a surge in demand. These additional resources will be used to help us provide ‘as needed’ phone advice, helping clients navigate through the changed benefits environment, and help them access services that they may never have used before. They will also enable us to expand our capacity to hold ‘Open Advice’ appointments (openended, ongoing, assisted self-help), to support more clients more quickly and provide a gateway into casework for those who need extra support.
## **Strengthen the foundations for growth**
We aim to recruit a case manager to ensure that the team is properly resourced and supported as we enter the next stage of growth.
14
## **Continue to Build Capacity**
One of our aims is to support more people in need whilst protecting our casework offering and the quality of the service we offer. To that end we plan to:
- Recruit additional volunteers
- Up-skill current volunteers through a renewed emphasis on technical skills training and the introduction of a new training plan
- Identify new satellites/outreach locations to provide more accessible support within branch catchment areas
- Open the new Fulham and Shepherd’s Bush locations
- Use new ways of delivering our service, including telephone appointments, to complement our main face-to-face offering
- Grow our fundraising capability through relationships, volunteers and events in order to raise funds for sustaining and increasing our services.
## **Client Case Study**
## **Jack's story**
Jack came to Crosslight for advice after he was furloughed by his employer, and was therefore on a significantly reduced income, struggling to pay his household bills and manage his debts.
We helped Jack to set up token payments of £1 per month to all of his creditors and arranged for all the interest and charges to be frozen so his debts did not increase. This gave Jack some breathing space and he could use the money from furlough to pay his mortgage and other priority bills, whilst making sure he had enough to buy food and other essentials.
Jack's employer then took him off furlough and he started working again, on a lower salary than he previously. We reviewed Jack's income and expenditure and helped him set up affordable payment plans for each of his debts, whilst at the same time building up a savings plan - we have encouraged Jack not to use credit or build up debt in the future, so a savings plan is crucial in helping him to break the cycle of debt.
Jack is very hopeful for the future and grateful for the help he has received from us. He believes there is scope for him to take on more hours and possibly a promotion at work, so as his income increases we will help him make sure his debt payments are sustainable, whilst helping him break the cycle by building up savings too.
Jack is in a much better place now and is also giving back to the community and being active in his church’s efforts to help others during this time
15
## **8. FINANCIAL REVIEW, RISK MANAGEMENT, & RESERVES POLICY**
Total incoming resources for the period amounted to £49,336. Resources expended on charitable activities were £54,984.
The trustees continue to review and assess the key operational, governance, compliance and financial risks faced by SPMAC. Risks to the charity are monitored by the trustees and appropriate action taken where necessary.
The principal risk is a cash flow deficit should insufficient funds be raised. To this end, the trustees consider that free reserves should be equivalent to a minimum of six months of normal expenditure, excluding expenditure backed by restricted funding for 12 months or more.
The trustees believe that this provides sufficient flexibility to cover temporary shortfalls in incoming resources and will allow the charity to continue its work and respond to unforeseen events whilst specific action plans are implemented. The level of reserves is monitored monthly. At 31[st] December 2020 the charity had net free reserves of **£37,714** which exceeded the reserves target.
|.
Total Funds 31.12
Less: restricted funds
Less: stated liabilities
**Free reserves:**
Free reserves requirement:
Staff costs (6 months)
Other costs (6 months)|**2020**
**2019**
**2018**|
|---|---|
||38,820
44,468
19,667
1,106
17,812
0
0
**37,714**
**26,656**
**19,667**
17,500
10,254
16,836
7,325
6,316
8,010|
|Total|24,825
16,570
24,846|
## **Statement of disclosure to auditors**
So far as the Trustees are aware, there is no relevant information of which the independent examiner is unaware. Additionally, the Trustees believe they have taken all the necessary steps that they ought to have taken as Trustees in order to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information.
Francis Ellison, Chair of Trustees Dated: 21.05.2021
16
## **9. INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2020**
I report on the accounts for the period ended 31.12.20 which are set out in the following pages.
## **Respective responsibilities of trustees and independent examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to:
- examine the accounts under section 145 of the Charities Act,
- follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
- state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
I am qualified to undertake this examination by being Multi-Asset Specialist.
In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the requirements of Charities (Accounts and Reports) regulations 2008.
I have no concerns and have come across no matters to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
______________________________ John Mullins
17
10. ANNUAL ACCOUNTS
CHARITY COMMISSION
FOR ENGIAND ANO WALFS
ST PAUL'$ MONEY ADVKE
Recei
ts and
ments accounts
CC16a
Forthe p8rlod
from
01.012020
31.122020
Section A Receipts and payments
Unrestrl¢ted
fund$
Restrl¢ted
fund$
Endowment
funds
Total funds
Last year
t•th• m•aMSt
toth• no4r•*t£
tath¢ T91£
toth¢ noBrn3tE
A1 Rte•l ts
DOnaS
DrEdw8td8 8 Kkngs eha
E&5
undraL4n
Fundraising Events
Trlamtnemth United Chari
SeThl¢e
reement
The HoTT*y Lon$da chEr*ab TruBt
TTuslforLDndon
14549
15,049
10,605
88
88
546
7.267
7,267
32
50fy
500
20,000
20,000
ross Income
AR)
21.569
27.767
49.336
71,716
set an
see tsble .
Inves
men
21.569
27,767
49.336
71.716
Fundraislng event
InsurAnce
Sh8red C051s (Cr
Offirg Expgn895
Salary
TrdlN
37
7,172
1.743
371J
10,50
2,128
1.300
40.045
10,SOD
043
34,68B
210
46,64
150
10.135
150
54.108
Sub total
43,973
A4 Asset and Inv8Strnent
LFnaYa Laptop
376
5UQ
Sub total
376
500
07&00
10,511
44,473
54,984
46,648
Net of re¢elpts/(paymentsJ
A5 Transfers b•tW•on funds
A6 Cash fund5 last year end
Cash funds thls end
11,058
14706
5,64B
25,068
26.656
37,71
17.812
1.106
44,468
38,820
18
Section B Statement of assets and liabilities at the end of the period
Unrestricted
funds
lon•At•ot£
Restricted
funds
to n•Br••t£
Endowment
funds
lo n•arg¥t£
B1 Cash funds
Bgnka¢Cot
37.714
1.1fj6
Total ¢ash funds
37,714
1.106
q¢couThtls11
Unrestrlcted
funds
n•aM*t£
Restrlcted
fund5
to n4*r*gt£
Endowm•nt
fund$
to nBarnst£
Details
Fund to whlch
setb910
Curr•ntv4lu•
tIottA
etails
B3 Investment assets
1873
3 HP Lapliys
1 Lenova Laptop
876
657
Fund to whkh
asset belon
Details
Cost lopuonal)
Cumhtvalts
tlonA
B4 Assets retslnad for thfr
Charftys ¢)wn use
Fund towhleh
Arnountd
Wh•n due
Oetalls
BS Uabllltles
Slgned byonè or trustees on
b81*lf of the Iruste8s
re
Prfnt Narne
Date of
roval
rwtsi s 6LL14*JAI