Company registration number: 02457362 Charity registration number: 900311 talking m•ney advice, support & information (A company limited by guarantee) Annual Report and Financial Statements For the Year Ended 31 March 2024
Talking Money Contents Reference and Administrative Details.................,..,........................................................,............. Trustees, Report lincluding Dirertors, Report and Strategic Report).. Statement of Trustees, Responsibilitie5 . Independent Examiner'5 Report to the Trustees of Talking Monev...............,............... Statement of Financial Activities for the Year Ended 31 March 2024...... Balance Sheet as at 31 March 2024................... Statement of Cash Flows for the Year Ended 31 March 2024..................... Notes to the Financial Statements forthe Year Ended 31 March 2024.......,...........,.. .14 15 16 17 .18 19
Talking Money Reference and Administrative Details Trustees Neil Holliday- {Chair of Trustees, stood down on 26 September 2023 Richard Ascroft (Interim Chair of Trustees from 26 September 20231 Richard Hicken Deborah Sturge (stood down on l August 2023) Collin Salandy Susan Tranter Andrea Powell Chief Executives- shared role Anna Brown (on maternity leave until January 20241 Kerryn Bell Tamra Mannin (0.4 FTE maternity cover until January 20241 Tamra Mannin Partnerships Manager Principal Office / Registered Office l Hide Market West Street St Philips Bristol 8S2 OBH Website Company Registratlon Number Charity Registration Number www.talkin 02457362 900311 mone .or Bankers Charities Aid Foundation 25 Kings Hill Avenue Kings Hill, West Malling ME19 4JQ Royal Bank of Scotland 36 St Andrew Square Edinburgh EH2 2YB The Charity Bank Limited Fosse House, 182 High Street Tonbridge TN9 IBE Independent Examiner Milsted Langdon LLP Chartered Accountants Freshford House, Redcliffe Way Bristol BSI 6NL
Talking Money Trustees, Report (including Directors, Report and Strategic Report) The Board of Trustee5 (who are also directors for the purpose of company law) are pleased to present their annual report and the independently examined financial statements of the charity for the year ended 31 March 2024. The reference and administrative information set out on page 2 forms part of this report. The financial statements comply with the Charities Act 2011, the Companies Act 2006. the Memorandum and Articles of Association and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standa rds 102. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Document Talking Money 15 a charitable company limited by guarantee. It was called Bristol Debt Advice Centre until 1st March 2014 when the name wa5 changed to Talking Money, The company was incorporated on 8 January 1990 (number 024573621 and registered as a charity in February 1990 (number 9003111. The charitable company wa5 established under a Memorandum of Association which established its objects and powers and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1. The geographical area covered by the charity is England, although in practice most of the work is delivered in Bristol and surrounding areas. Trustees The Trustees are responsible for strategy, policy and financial oversight of the company. Implementation of this is delegated to the Co-chief Executives. The Trustees consider themselves and members of the Leadership Team as the key management personnel of the charity, in charge of directing and controlling the charity. The running and operating of the charity on a day-to-day basis 15 delegated to two Co-chief Executives, who are supportod by a Partnerships Manager,. together they form the Leadership Team. In addition to these roles, the Finance Officer and the Client and Operations Lead contribute to the day-to-day running of the organisation. In January 2023, one of the Co-chief Executives went on maternity leave, and the Partnerships Manager stepped up into her role to provide cover temporarily. Additional dutie5 were then agreed with other members of staff to support the Partnerships Manager. The temporary structure came to an end when one of the Co-chief Executives returned from maternity leave at the beginning of January 2024. All Trustees give up their time freely. Details of Trustees, expenses are disclosed in note 9 to the accounts. Recruitment and appointment of new Trustees When considering the need for new Trustees, the existingTrustees considerthe numbers, skills and diver51ty of existing Trustees and they aim to fill existing gaps in the Board. NewTrustees are sought in various ways.. by advertising on appropriate websites, including the Talking Money website, or through contacts made while promoting the charity's services. During FY24, two trustees stood down in August and September 2023, reducing the size of the board to five, The trustees consider this number to be too few, with the ideal size being between seven and ten trustees.
Trustees, Report lincluding Directors, Report and Strategic Report) (cont.) Talking Money A skills audit identified a few key areas of expertise that would be beneficial to bring on to the trustee board including fundraising and income generation, human resources, and mental health sector. We also know from our recent equalities data analysis that we under-represent young people, people from Black Afric3n/Somali ethnic origin and Musl im people, We developed a relationship with BeOnBoard {htt .beonboard.co.uk l and contracted their services to help us with the recruitment of two new Trustees. BeOnBoard is the UK'S leading organisation for equality, diversity and inclusion leadership strategy and talent matching. A live recruitment campaign was launched in April 2024 and we hope to welcome two new trustees to the board by the autumn of 2024. The aims, objectives and core values of Talking Money are explained to potential new Trustees by the Chair of Trustees and the Chief Executive, to ensure that individuals are aware of the responsibility their role will entail. The CV of a potential Trustee is circulated to current Board Members and, if approved in principle, the person is subsequently invited to attend a Board meeting as an observer. If he or she then wishes to proceed with their application, the existing Trustees consider this and approve by a Board resolution (or reject the application). A Trustee appointed by a resolution of the Trustees must retire at the next Annual General Meeting and is then eligible for re-appointment at the AGM if he or she is willing to continue to act as a Trustee. Induction and training of new Trustees On appointment, Trustees are invited to spend time observing the work of Talking Money, meeting staff, seeing current operational procedure5 in practice, and having a chance to observe an advice session (with the client's permission}. These activities provide new Trustee5 With a greater understanding of the charity's work in practice. In addition, new Trustees are fully briefed by the Chair of Trustees and Chief Executive with regards to.. Their obligation5 a5 members of the Board of Trustees, including relevant publications from the Charity Commi55ion and including their role as a Company Director,. Relevant documentation regarding the legal framework of the charity, e.g. Articles of Association; Relevant financial information as set out in the most recent published annual accounts and the management accounts; and Strategic plans and objectives. Related parties None of the Trustees receive remuneration or other benefit from their work with the charity. In the current year other than reimbursed expenses disclosed in note 9, no other related party transactions took place with the Trustees. Members of the Leadership Team are also related parties. Other than remuneration, no material transactions took place with the members of Leadership Team, Pay Policy for senior staff The pay of senior staff is reviewed annually by the Trustees lat the same time as all staff pay is reviewed). The review takes into account the appropriate position for the role on our pay scale (which is kept, where possible, in line with the National Joint Council for Local Government Services pay agreement), performance in the role and affordability {i.e., the financial position of the cha rity). The last pay increase within the yea r for all staff took place in September 2022. We met our fundraising objectives for FY24 and therefore
Trustee5' Report (including Directors, Report and Strategic Report) (cont.} Talking Money implemented a pay increase across the charity from l April 2024 that brought us in line with FY23-24 NJC pay scales. Investment Policy The charity holds cash reserves in the short-term market rather than a longer-term strategy to meet any need5 as they occur. Over the past year the charity has continued to take a prudent view in terms of the security of the charity's reserve5 rather than pursuing the highest return. The investment policy is being kept under review to take account of investment opportun ities whilst Still maintaini ng a low-risk Strategy. Risk Management A detailed risk management strategy is in place which identifies all foreseeable risks, particularly the following major risks: Loss of income as a result of external factors, necessitating the closure of the charity. The strategy to mitigate this risk is to continually monitor the external funding environment, build partnerships, keep abreast of new funding opportunities and be able to respond quickly and proactively- and Sudden loss of the property used by the company, e,g., through fire or flood. The strategy to mitigate this risk 15 to have appropriate insurance in place. and to use secure web-ba5ed systems that can be accessed from alternative venues. A disaster recovery plan also forms part of the company'5 risk management strategy, Something which was greatly informed followingthe changes made by the charity because of the Covid-19 pandemic. The Trustees confirm that the major risks to which the charity is exposed, as identified by them, have been reviewed in the period and system5 have been established and maintained to manage those risk5. OBJECTIVES AND AcfiviTIES Objectives and Activities The Trustees confirm that they have complied with their duty under the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit when planning and reviewing the aims, objectives and activitie5 of Talking Money. Talking Money is committed to enabling as many people as possible to access effective money advice, support, and information. The organisation's objectives and principal activities are: The relief of poverty and promotion of free advice and other services to persons who are in a condition of need, hardship, or distress by reason of their Social or economic circumstances. The advancement of education of the public in matters relating to.. o Financial literacv Debt awareness and prevention o Social welfare and advocacy For six years now, Talking Money has been using systems thinking methods and intervention theory principles to re-think how its activities can best meet organisational purpose and Subsequently re-design services accordingly. Multi-year funding from the Aviva Foundation has enabled the charity to dedicate
Trustees, Report {including Directors, Report and Strategic Reportl Icont.) Talking Money resources to Using action learning cycles to better understand the needs of local citizen5 and learn better lessons about what does and does not work for people trying to achieve long-term financial stability.. an approach that's been named Whole Person, Whole Community by the charity's partner, AdviceUK. Analysing client demand and end-to-end client journeys has led to some significant insights and learnings that have been incorporated into the day-to-day work and used to inform the restructure that took place in FY23. Whilst the specialisms the charity has become known for are central to lifting people in hardship out of crisis, a broader, more flexible approach designed around the variable needs of each person is continuing to show more positive results in terms of longer-term sustainable changes. The charity is committed to f urther developing this approach and is seeking partner allies in its quest. FY24 was the first whole financial year when Talking Money did not receive any funding from the Money and Pensions Service IMaPSI. Historically, for many years and finally for the first 3 months of FY23 until the funding relationship came to an end, Talking Money retained it 16-year-long role as lead agency for Debt Free Southwest, a sub-regional partnership of nine agencies funded exclusively by the national Money and Pensions Service IMaPSI. In FY22, Talking Money (along with many other advice agencies) had decided not to compete in the debt advice recommissioning process led by MaPS, largely because there was a growing gap in the vision and purpose of its work compared to that of the charity. The recommissioning was subsequently stopped just short of being completed and instead extensions to existing grantholders offered by MaPS. Talking Money took an extension to the end of June 2022, at which point it ended it5 funding relationship with Maps and exited the partnership (which was effectively then disbanded). MaPS transferred the grant and project to their new chosen provider, National Citizens Advice, who went on to hold individual sub-agreements with the former partner advice agencies. Ending the funding relationship with MaP5 was a bold and brave decision by the charity to forge a new future. Almost halving its typical income and restructuring to reduce the team by 40% were tough decisions to make but decisions that were necessary in order to reclaim the charity's independence. The charity has Since been able to forge ahead, realigning its purpose with what matters to the people it serves and developing its work to optimise effectiveness. In collaboration with the staff team, the charity developed a new living strategy, setting out 8 intentions for the charity's future. Sub-groups of staff consisting of people in various roles (spanning client-facing, supporting and leadership) were established to drive new agendas forward, using a semi-structured but emergent approach to organisational change. These agendas were: choosing who to help (directing our resources to have the most impact), data and measures (measuring what matters and using data meaningfully) and equalities Iholding the organisation accountable for tackling inequality in all ways). A small group was also formed to oversee the living strategy itself. Learning and development practices grew including weekly adviser reflection sessions and client case mapping. The long-standing debt and benefits teams were disbanded and the 'one team, approach was born with staff identifying as a group of advisers with different specialisms, working in pairs and pulling on each otherfs knowledge. Service users were offered a different experience, starting with direct help from the person with the relevant knowledge, an opportunity to work in partnership with their adviser and using their strengths to take action and create change, building on capability they already had. The beginning of a new test and learn culture was seeded, with huge promise for the future. During FY24, the organisation dedicated significant time and energy into evolving the capture of data to align with the emergent ways of working described above, and ensuring measure5 aligned to what clients were asking us to help them with. Some of this impact data is presented in the 'Charitable Activities, section below.
Trustee5' Report {including Directors, Report and Strategic Report) Icont.) Talking Money The Operating Environment and Current Partnerships The Covid-19 pandemic has left a legacy both with local people and their lives, and with how the charity operates. The social and economic impact of this global crisis and the UK government response has been felt far and wide by individuals and communitie5 acr055 the country. The charity works directly with groups of people who are most likely to be adversely affected by these unprecedented circumstances. Whilst the pandemic 15 no longer a dominant feature, the charity now operates a hybrid system for both staff and clients, where a mixture of in person contact and remote working is commonplace and is determined by the individual health need5 of clients and staff, but also other factors such as convenience and preference for clients. This works well and much like other providers across social welfare and health and social care report, is a positive change we wish to hold on to because of the benefits for clients and staff, More significa ntly we have seen the cost-of-living crisis conti nue to negatively impact the financial health of families and individuals across the nation over the last year, with ordinary working people struggling to find the money to pay for basic goods and services such a5 food and utilities because of prices increasing exponentially. Factors such as rising inflation (now being the highest in 3 decades), the Russian invasion of Ukraine, economic impact of the Covid-19 pandemic, Brexit and government policy around tax and social welfare have all contributed to continuing to make many people's day to day lives simply unaffordable. This economic hardship pushes people into debt and reduces their ability to save or invest, all of which have implications for their physical and psychological health, their relationships a nd family, ultirnately further increasing already Significant societal inequality. Talking Money continues to provide advice. support, and information to people and communities most adversely affected by this crisis. The charity continued with the delivery of a contract with South Gloucestershire Council through the South Glos Consortium, another partnership forum involving five local advice agencies and led by Citizens Advice South Gloucestershire. This work enables the charity to help residents of South Gloucestershire who are experiencing financial difficulty to access the debt and benefits advice they need to help tackle unmanageable debt, maximise income, re-prioritise spending and move towards financial stability and resilience. The charity also continued with it5 younger partnership, Homefull, a collaboration with a local housing advice provider, Housing Matters (formerly CHA51, designed to address for service users both housing and money issues that are so often interconnetted. Two money advisers from Talking Money work closely with a housing adviser from Housing Matters, and in partnership with local children's centres, working with families in need of financial and housing support. Talking Money is grateful to receive a small number of individual donations from members of the local community. There is currently no strategy in place to develop this source of raising funds, Something that the charity recognise5 would need significant resource and commitment to grow successfully. The charity remains open to this as a possibility for the future. Public Benefrt The trustees have complied with their duty to have due regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant. Volunteers Other than the trustees, the charity did not work with anyone on a volunteer basis in FY24. The charity begun the year with six trustees, all of whom were volunteers. In August 2023, Deborah Sturge, stepped down from her position on the Talking Money Board after 8.5 years. Deborah brought a wealth of
Trustees, Report lincluding Directors, Report and Strategic Report} Icont,) Talking Money knowledge, kindness and wider perspertive to Board discussions and decisions. In September 2023, our Chair of the Board, Neil Holliday, stepped down from his position. Neil had Served on the Board of Talking Money for over 9 years and was a highly valued Trustee, supporter, and cheerleader of the organisation. Both Deborah and Neil are greatly missed. ACHIEVEMENT AND PERFORMANCE Charitable activities The main area of charitable work continued to be the provision of free and independent, high quality money advice services. Historically the company has delivered mostly face-to-face advice accessed by the public through drop-in5 and appointments at the Old Market premises. As mentioned above, the charity made several changes when the Covid-19 pandemic hit to ensure services remained accessible to those who needed them and the legacy of more flexible contact offered in a range of way5 (including face to face, telephone, video call and text messaging) remains with us. The main premises in Old Market were used throughout the year by staff and clients, as well as two other limited companies who rented some of the space. Because the charity no longer needs all the space the building offers, it was decided to let some out- initially the office space on the middle floor and then all of the top floor. This generates helpful unrestricted income for the charity. The charity has typically in previous years delivered a range of rnoney advice related awareness training and specialist supervision to other organisations, client-facing staff {such as housing officersl- because of the Covid-19 pandemic, these activities were reduced, and the charity has not yet reinstated them. Our key objectives are supported through expenditure in delivering debt and benefits advice, and money guidance, support, and information. The charity continues to meet its core objectives in these respects and in FY24 provided advice, information. and support to a number of people experiencing financial difficulties. Duringthe yearTalking Money received 1,55512023: 7951 enquiries from members of the public and advised 311 people12023: 475). People who the Charity were unable to support were given information and/or directed elsewhere to get advice and support. Of the 311 people supported, many had other household members who indirectly benefited from our support. These totalled 411 indirect beneficiaries, including 281 dependent children, 51 non-dependent children and 79 recorded partners. As part of analysing client data, we look at whether we helped people with what mattered m05t to them about their financial situation. In FY24: 38% of people wanted help with clearing debts,. 27% with sorting out their benefits,, 14Yo Wlth other things- 13% with managing their bills; 6°A were concerned about having enough money to live on and 3¥a wanted help with getting on top of their money, budgeting, or banking. We found that many of these issues are interconnected and overlap. To add to that complexity, we saw that what mattered m05t to people tended to change or evolve as our work with them progressed. Just over 80% of people went on to request something more or different from us during our work together. Traditionally these issues might be recorded- and thought of - as separate cases. allowing lots of different bits of work to be counted and reported. In the spirit of understanding the whole person and approaching problems systemically, we now record these multiple demands in the same case if they took place within the same period of time / episode of help. In responding to these requests, we helped: 72 people write off debts totalling £433k 96 people secure ongoing financial gains of £305k in total 114 people secure one-off financial gains totalling £163k 10 people were supported with 11 benefit appeals 5 of those have so far been successful, resulting in £35k of financial gains for those individuals The overall financial gains people have secured is £901k
Trustees, Report lincluding Directors, Report and Strategic Report) Icont.) Talking Monev 90% of clients who completed service review surveys reported improved financial knowledge, and 74% noticed an improvement in stress levels. In addition to quantitative data, we routinely capture qualitative data about the impact that people tell us about either in their own words or through adviser observations. With the help of Al we have grouped the impact from the last year: (those in italics were reported on more than 5 occa5ionsl'. Finantial stability and debt management Being debtfree Having payments in ploce ManGging debts Being able to afford essential bills Rent arrears management Finonciol control and stability Emotional and psychological impact Mental health improvements Stre55 reduction Wellbeing enhancement Quality of life improvement Sense of relief ond peace of mind Emotionol 5UPPOrt and encourogement Anxiety reduction Basic needs and comfort Legal and administrative support Legal assistance Administrative guidance Understanding benefit systems Council tax support Immigration and criminal law advice Buying clothes Purchosingfood Home heating Cooking at home Access to hot water Comfortable living arrangements Household expenses coverage Employment and financial education: Social and family relationships: Closer family bonds Being able to do family activities Securing childcare support Independence and mobility Social engagement Accessing employment opportunities Financial literacy improvement Understanding income tax and benefits Budgeting skills development Gifts in kind The charity received Gifts in Kind to the total value of £525 during the year (2023.. £nill. This was in relation to donated services from an HR consultant, a design company and a firm of property solicitors. The total value of donated services is included under donations in note 3. FINANCIAL REVIEW FY24 was another successful year for fundraising and the charity continues to maintain financial stability with appropriate reserve leve15 and healthy cash flow. The Trustees report a surplus for the financial year of £42,73012023.. £4,217). with an unrestricted surplus of £13,508 and a restricted surplus of £29,222. Total income for FY24 was £543,45412023.. £525,807). Trusts and foundations are now the primary source of funding, making up 74Yo of total income (see below for further details). Statutory funding was 17Yo of total income in FY24 and unrestricted income including rental income, bank interest and donations was 9Y. of total income. Unrestricted income is a relatively small but vital part of our income picture, and we grew 10
Trustees, Report lincluding Directors, Report and Strategic Report) {cont.) Talking Money this by 48% in FY24 to £45,056 (2023.. £30,483) as we rented out more of our office space to maximise use of the buildin& which is our primary fixed asset. This financial result was achieved through- New income including a 4-year grant Itotalling £354kl from the National Lottery Reaching Communities Fund,. multi-year grants from Garfield Weston Foundation and National Benevolent Society,. and grants from Van Neste Foundation, Singer Foundation and Triodos Foundation. The ongoing support from existing funders including the Aviva Foundation, Ni5bet Trust, Santander Foundation, Nationwide Foundation, Quartet Community Foundation, Bristol City Council and other organisations listed in Note 20. We are incredibly grateful for both new and continued support from our partners and funders. The leadership team focused on seeking new and broader funding sources and growing our Ljnrestricted income through renting out more of our office space to tenants. This income was partially offset by ongoing building maintenance work on the building so keep it in a good state of repair, Strong financial management and procedures by the finance officer and leadership team. Much recognition here must go to the finance officer, who is an incredible asset to the organisation. Sound financial controls and monitoring: o The Trustees monitor key financial performance indicators regularly- comparisons of actual and budgeted income and expenditure {and consequently surplus/deficit) both year to date and forecast to the end of the financial year, monthly actual and projected cash flow and funds available compared with those required by the reserves policy. o The Trustees carry out an annual review of financial contro15 including completing the Internal Controls for Charities ICC8) checklist. This provides additional assurance that robust controls and procedures are in place and are followed. o The charity is exposed to liquidity risk, particularly in years when generating a deficit. Regular f inancial monitoring identifies any funding requ irements well in advance and the cha rity works closely with its lenders to ensure that future requirements are met by available facilities. Fixed Assets In the opinion of the Trustees, the building owned by Talking Money (l Hide Market) may be worth between £450.000 - £500,000. Investment policy and performance The charitls investment policy is to maximise return on investment within the restraints of maintaining a low-risk investment strategy. All investments are held in the form of cash, the charity manages it's own deposit5 and monitors the cash position and prospective cashflow. Cash deposits are split so that no one institution holds all of the charivs total cash balance. Bank interest received in FY24 was £7,831 (2023: £2,167) reflecting the significant increase in interest rates in the year. Reserves Policy The purpose of the policy is to ensure sufficient funds in case of cessation of business. The Trustees review the reserves policy annually as part of the review of Financial Rules. The current policy is that liquid reserves li
Trustees, Report (including Directors, Report and Strategic Report) (cont.) Talking Money should be a minimum of an amount equal to the total accrued redundancy liability of the company (should all staff have to be made redundantl plus one yearfs property cost5 plus a contingency of IOYO. This figure was £101,516 [2023.. £90,133] at 31 March 2024 (which includes £81,787 for the redundancy liability). Reserves Position Total liquid reserves were £136,440 [2023.. £139,831]. Thi5 figure includes the balance of the City Funds Loan due > l yearwhich was £92,097 at 31 March 2024. The total funds of the charity at 31 March 2024 were £383,130 of which £30,000 were restricted funds. At 31 March 2023 the total funds were £340,400 of which £778 were restricted funds. Further details can be found in notes 18 and 20. Any reserves in excess of the minimum required by the Reserves Policy will be used for activities to promote the charitable objectives and to provide working capital for prudent financial management. Principal Funding sources The principal funding sources for the charity are trusts and foundations, representing 74% of total incoming resources in FY24. 43% of total incoming resources for FY24 came from funders,. Development work funding from the Aviva Foundation. This was the third year of funding to continue to develop and to embed the new working approach, Whole Person, Whole Community. Funding is secured for 2024-25. A new 4-year grant totalling £354k from the National Lottery Reaching Communities. This grant supports our ongoing core work as we embed the new working approach and develop it further. PLANS FOR FUTURE PERIODS The charity plans to continue driving progress on its 8 strategic goals, further building on the strong learning culture so far established to reach exceptional performance and maximum impact. Holding and deepening a systemic perspettive on its work, the people it serves and wider society, is opening up new possibilities for directing resources and making an impact. The primary way people are helped remains through l-l contact following people approaching the agency directly. usually by phone. The charity continues to run severa I smaller projects targeted at particular groups of people in need. Arguably, challenging systems that present barriers to people in fina ncial hardship is already the bread-and- butter activity of the money advice sector. Advisers have for decades been challenging and negotiating with local authorities, energy companies, the DWP, HMRC and other creditors. Talking Money are now trying to take this to the next level. Whilst the charity specialises in working on a l-l basis with individuals to overcome their individual crises, they think doing only this might be limiting their impact. They hypothesise that directing some of their resource to helping permanently change the broken systems that maintain people's hardship and/or exacerbate their suffering can potentially impact higher numbers of people. Working 'at a system level, includes what has traditionally been known in the advice sector as social policy work. It also includes small. repeated, and persistent attempts to change or influence little things getti ng in the way of clients progressing their goals, changes that may lead to other5 not experiencing the same things, 12
Trustees, Report {including Directors. Report and Strategic Report) Icont.) Talking Money There is a growing organisational focus on challenging broken systems that present barriers to people seeking financial stability and there are some exciting plans around this. Connections are also being made with other organisations, networks and alliances that are using and developing systemic approaches to helping work. The impact of the cost-of-living crisis on people remains high and the charity continues to help many people whose incomes simply cannot cover the cost of the essentials they and their families need to live. An expected change in government on 4 July 2024 may well result in policy change that has at least some positive impact on the finances of some of the people we support. Budget 2024-25 The Board of Trustees agreed a budget of £494,893 for 2024-25 on 20 March 2024 including a fundraising target of £45,757. Going concern Following the end of the funding agreement with the Money and Pensions Service {MaPSI in July 2022, FY24 was the first full financial year where Talking Money had no funding from MaPS. Talking Money reduced its costs, primarily by reducing the size of the staff team, to a level that felt f inancially sustainable, and f inished FY24 with a small surplus. The remaining fundraising target for FY25 is £6,510 and the team expect to finish the year with a break- even position or small surplus. The leadership team are focused on a range of fundraising opportunities for FY26, prioritising multi-year bids to large trusts and foundations, as well as submitting applications to local and national small-to-medium sized funders. The organisation has also invested in a corporate fundraising course for one of the Co-chief Executives and is focused on developing relationships with new corporate funders for FY26. Talking Money has a strong track record for fundraising. The Charity also has robust financial reserves including the office buildi ng it owns and healthy cash balances. It is standard practice for the Trustee5 to approve a deficit budget with a fundraising target for the year. The fina ncia I position is monitored closely so that decisions to reduce costs can be made in a timely manner. if required. Based on the above and information available to the Trustees at the date of approval, the Trustees consider that the Charity has adequate resources to continue to trade for the foreseeable future being 12 months from approval of these financial statements. The annual report was approved by the Trustees of the charity on 18 September 2024 and signed on its behalf by: Mr R Ascroft Acting Chair of Trustees 13
Talking Monev Statement of Trustees, Responsibilities The Trustees (who are also the directors of Talking Money for the purposes of company law) are responsible for preparing the Trustee's report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policie5 and apply them consistently; observethe methods and principles in the Charities 50RP- make judgements and estimatesthat are reasonable and prudent; state whether applicable UK Accounting Standards 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 Ljnless it is inappropriate to presume that the charitablecompany will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company 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 charity's website in accordance with legislation in the United Kingdom governing the preparation and di55emination of financial statement5. Approved by the Trustees of the charity on 18 September 2024 and signed on it5 behalf by: Mr R Ascroft Acting Chair of Trustees 14
Talking Monev Independent Examiner's Report to the Trustees of Talking Money I reportto the Charity Trustees on my examination of the accounts of the Charityforthe year ended 31 March 2024 which are set out on pages 16 to 30. Respective responsibilities of Trustees and examiner As the Charitvs Trustees of Talking Money you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act,). Having satisfied myself that the accounts of the Charity are not requi red to be audited and are eligible for independent examination, I report in respect of my examination of the Talking Money's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 1451Sllbl of the Act. Independent examinerfs statement Since Talking Money'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 l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 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: accounting records were not kept in respect of Talking Money as required by section 130 of the Act; or the accounts do not accord with those records,. or the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an ir)dependent examination. 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. D S Jacobs Mi15ted Langdon LLP Freshford House Redcliffe Way Bristol BSI 6NL Date.. 15
Talking Money Statement of Financial Activities for the Year Ended 31 March 2024 Ilncluding income and expenditure account and staternent of total recognised gains and losses) Unrestricted funds Restrirted funds Total 2024 Total 2023 Note Income and Endowments from". Donations and legaties Charitable activities Other charitable income Investment income Other income 3,032 7,172 491,226 10,204 491,226 2,264 7,831 31.929 7,584 492,444 1,698 2.167 21,914 2,264 7,831 31,929 Total income 45,056 498,398 543,454 525,807 Expenditure on: Charitable activities 131,5481 1469.1761 1500.724) 1521,5901 Total expenditure 131,5481 1469,1761 1500,724} 1521.5901 Net income/lexpenditurel 13,508 29,222 42,730 4,217 Transfers between funds Net movement in funds 13,508 29,222 42,730 4.217 Reconciliation of funds Total funds brought forward 339,622 778 340,400 336,183 Total funds carried forward 18 353,130 30,000 383,130 340,400 There were no other gains or losses other than those stated above. All the charivs activities derive from continuing operations during the above two periods. The funds breakdown for the above two periods is shown in note 20. The notes on pages 19 to 30 form part of these financial statements. 16
Talking Money Balance Sheet as at 31 March 2024 Note 2024 2023 Fixed assets Tangible assets li 308,787 307,654 Current a55ets: Debtor5 12 19,871 387,460 407,331 28,392 230,953 259,345 Cash at bank and in hand Creditors: Amounts falling due within one year Net current assets 13 1240,8911 166,440 1118,7361 140.609 Total assets less current liabilities 475,227 448,263 Creditors: Amounts falling due after more than one year Net assets 14 192,0971 383,130 1107,8631 340,400 Funds of the Charity: Restricted income funds Unrestricted income funds 20 30,000 353,130 778 18 339,622 Total funds 383,130 340,400 For the year ended 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the companyto obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The members acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved bythe Trustees and authorised for issue on 18 September 2024 and signed on their behalf by.. Mr Richard Ascroft Interim Chair of Trustees The notes on pages 19 to 30 form part of these financial statements. 17
Talking Money Statement of Cash Flows for the Year Ended 31 March 2024 Note 2024 2023 Cash flows from operating activities: Net income 42,730 4.217 Adjustments to cash Ilows from non-cash items: Depreciation Investment Income Interest paid li 4,457 17,8311 5,239 44,595 3.060 12,1671 6.506 11,616 Working capital adjustments: Decrease/lincreasel in debtors IOecreasel/increase in creditors 12 13 8,521 121,449 55.815 187.450) Net cash flows from operating activities 174,565 120.0191 Cash flows from investing activitie5: Interest receivable and similar income Purchase of property. plant & equipment Net cash flows from investing activities.. 7,831 {5.5901 2,241 2,167 12,7351 1568) Cash flows from financing activitie5: Interest paid Repayments of loans or borrowing Net cash flows from investing activities 15,2391 115,0601 120,2991 16,5061 {14,4121 {20,9181 Net Idecreasel/increa5e in cash and cash equivalents Cash and cash equivalents at l April Cash and cash equivalents at 31 March 156,507 230,953 387,460 141,505) 272,458 230,953 All the cash flows are derived from continuing operations during the above two periods. The notes on pages 19 to 30 form part of these financial statements. 18
Talking Money Notes to the Financial Statements for the Year Ended 31 March 2024 I Charity status The charity is a private charitable company limited by guarantee, incorporated in England and Wales, United Kingdom, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of the registered office is: l Hide Market West Street St Philips Bristol BS2 OBH 2 Accounting policies Summaryof significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been con515tently applied to all the years presented, unless otherwise stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportingstandard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 2015) - {Charities SO RP I FRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. Basis of preparation Talking Money meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transattion value unless otherwise stated in the relevant accounting policy notes. The accounts have been prepared in GBP to the nearest £1, Going concern There are no material uncertainties about the charity's ability to continue a5 a going concern. Based on the information available to the Trustees at the date of approval, the Trustees consider that the Charity has adequate resources to continue to trade for the foreseeable future being 12 months from approval of these financial statements. The Charity continue5 to adopt the going concern basis in preparing these financial statements. Income and endowments All income is included in the statement of financial activities when the charity is entitled to the income, the receipt is probable, and the amount can be measured with sufficient reliability. Where income is received specifically for expenditure in a future accounting period, that amount is deferred. Investment income is accounted for on an accrual basis. Donation5 and legacies Donated professional services and donated facilities are recognised as income when the charity has control over the item, any condition5 associated with the donated item have been met, the receipt of economic benefit from the use by the charity is of the item is probable and can be measured reliably. General volunteer time is not recognised, unless it is significant to the charitable activity to which it relates. 19
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Talking Money 2 Accounting policies (cont.) Donations and legacies (cont.) 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. Grant income Incoming resources from grant5, where related to performance and specific deliverables. are accounted for as the charity earns the right to consideration by its performance. Government grants are recognised when there is evidence of entitlement, the receipt is probable, and the amount can be measured reliably irrespective of when the related expenditure is incurred. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings. they have been allocated on a basis consistent with the use of resources, with central staff costs allocated time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. All resources expended are inclusive of irrecoverable VAT. Charitable activities Charitable exper)diture com prises those costs incurred by the charity in t he delivery of its activities and services for its benefi'ciaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessaryto 5UPPOrt them, including governance related costs. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property cost5 by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including independent examination, strategic management and Trustee's meetings and reimbursed expenses. Taxation The charity is considered to pa5S the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentia Ily exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets All computer equipment and individual fixed assets costing £1,000 or more are initially recorded at C05t, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 20
Notes to the Financial Statements for the Year Ended 31 March 2024 Icontinuedl Talking Money 2 Accounting policies (cont.) Depreciation and amortisation Depreciation is provided on tangible fixed assets to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Freehold land and buildings Fixtures. fittings and equipment Depreciation method and rate Held at historical cost 25% straight line Trade debtors Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid. Financial assets are impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial a55et, the estimated future cash flow have been affected. The impairment loss is recognised in the Statement of Financial Activities. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade and other creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the trarssfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. These are normally recognised at their settlement amount after allowing for any trade discount due. Financial liabilities are only derecognised when, and only when, the charity's obligations are discharged, cancelled or expire. Accordingly, where there is an unconditional right of settlement at least twelve months after the reporting date, liabilitie5 are presented as non-current liabilities. Borrowings Interest-bearing borrowing5 are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised based on the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Fund structure Unrestricted income funds are general funds that are available for use at the trustees, discretion in furtherance of the objectives of the group. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose, 21
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Talking Money 2 Accounting policie5 {cont.) Financial instruments The Charity only has financial assets and 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. Pensions and other post-retirement obligations A defined contribution pla n is a pension plan under which fixed contributions are paid into 3 pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee Service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess 15 recognised as a prepayment. The charity contributes towards defined contribution schemes for all employees and the costs charged in the financial statements represent the contributions payable by the charity during the year. The scheme assets are separately administered from the charity. Redundancy and payment in Ileu of notice Redundancy pay is recognised immediately as an expense when the charity can demonstrate its commitment to terminate the employment of an employee orto provide termination benefits in accordance with contractual arrangements. Payments are calculated in accordance with statutory redundancy guidelines published by HM Government. Operating leases Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight-line basis over the lease term. 3. Income from donations and legacies Unrestricted funds Restricted funds Total 2024 Total 2023 Donations from individuals and businesses Gift aid Gifts in kind- donated services Client fund donations Cash for Kids donation 2.037 470 2.037 470 4,012 692 525 525 2,672 4,500 2,672 4,500 2,880 7,172 10,204 7,584 In the comparative financial year, £2,800 of the income from donation5 and legacies was in respect of funds for restricted purposes and the remaining £4,704 was in respect of unrestricted funds. 22
Notes to the Financial Statements for the Year Ended 31 March 2024 {continued) Talking Money 4. Income from charitable activities Unrestricted funds Restricted funds Total 2024 Total 2023 Anton Jurgens Charitable Trust Aviva Foundation Boost Community Bristol City Council Bristol City Council Household Support Fund Bristol City Council Thrive Bristol Redress Fund Bristol Warm Homes Fund Bristol Wessex Water Garfield Weston Foundation Henry Smith Charity Institute of Money Advisers J&M Britton Charitable Trust John James Bristol Foundation Matrix Causes Fund Medlock Charitable Trust Money and Pensions Service National Benevolent Society National Grid Electricity Distribution National Lottery Nationwide Homefull 3,000 92,304 15,806 35,025 101,051 16,037 35,025 29,1i00 101,051 16,037 35,025 29,[0 6.500 9.210 3,300 14,820 9,340 9.340 9,750 20,000 9,750 20,000 50,000 8,441 s,000 20,000 s,000 15,000 103,363 7,870 7,870 20,000 20,000 10,000 10,000 8,000 134,000 23,764 20,000 134,000 23,764 20,000 Nisbet Trust People's Postcode Lottery Quartet Catalyst Quartet Express Quartet Resilience Santander Core 10,000 19,000 10,000 5,000 8.707 3,000 3,000 933 933 6,000 24,000 6,000 24,000 Santander Homefull Schroder Charity Trust Singer Foundation South Gloucestershire Council Triodos Foundation Van Neste Foundation 23.504 4.000 8,000 4,956 2,000 6,500 491,226 8,000 4,956 2,000 6,500 491,226 17.464 492,444 In the comparative financial year, all the income from charitable activities was in respect of funds for restricted purposes. 23
Notes to the Financial Statements for the Year Ended 31 March 20241continued) Talking Money 5. Other charitable income Total 2024 Total 2023 Advice Pro usage 2.264 2,264 1.698 1.698 All income recognised within this classification 15 accounted for within unrestricted funds for both the current and comparative financial year, 6. Other income Total 2024 Total 2023 BCC COVID relief rates Rental income Solar Generation FIT Sundry income 2.872 14,344 1,253 3,445 21,914 29,556 1.275 1,098 31,929 All income recognised within this classification is accounted for within unrestricted funds for both the current and comparative financial year. 7. Analysls of governance and support costs Support costs Total Total 2024 2023 Telephone Office expense5 Premises expen5e5 1,298 12,002 28,182 41,482 1,847 11,546 24,704 38,097 Governance costs Total Total 2023 2024 Auditorfs remuneration Independent Examination of the financial statements 2,378 4,300 24
Notes to the Financial Statements for the Year Ended 31 March 2024 Icontinuedl Talking Money 8. Net income/{expenditure) Net incoming resources for the year include= 2024 2023 Independent Examination fees Depreciation of fixed assets Renta15 payable under operating leases 2,378 4,457 949 5,263 2,376 2,280 9. Trustees remuneration and expenses No trustees, nor any persons connected with them. have received any remuneration from the charity during the year12023 - £nil}. No trustees incurred any expenses on behalf of or received benefits from the charity during the year12023 - £nil}. 10. Staff costs The aggregate payroll cost5 were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs Staff costs for employees overseas Redundancy costs Other staff costs 323,643 22,404 16,848 343,125 24,377 18,039 8,862 6,112 4,706 405,221 1.699 364,594 During the year, no members of staff12023- two) were made redundant and a total of £nil (2023 - £6,148) was paid out as termination payments. No amounts in either the current or comparative period represented ex-gratia payments. The monthly average number of persons (including the leadership team) employed by the charity during the year was as follows: 2024 No. 2023 Average number of staff employed Average number of staff expressed as full-time equivalents 13 16 io 12 No employee received emoluments of more than £60,000 during the year (2023- none). During the year, remuneration to key management personnel amounted to £104,04612022 - £106,668). The Trustees considered that key management personnel comprised of.. Anna Brown- Joint Chief Executive lon maternity leave until January 20241 Kerryn Bell-joint Chief Executive Tamr3 Mannin Partnerships Manager from January 2024 (Partnership5 Manager & Joint Chief Executive {maternity coverl until January 20241 25
Notes to the Financial Statements for the Year Ended 31 March 2024 {continuedl Talking Money 11. Tangible fixed a55ets Freehold land and buildings Fixtures, fittings and equipment Total Cost At l April 2023 Additions in year Disposals in year At 31 March 2024 303,227 11,798 5,590 315,025 5,590 303,227 17.388 320,615 Oepreciation At l April 2023 Charge for the year Depreciation on disposal At 31 March 2024 7,371 4,457 7,371 4,457 11,828 11.828 Net book value At 31 March 2024 303,227 5,560 308,787 At 31 March 2023 303,227 4,427 307,654 12. Debtors Z024 2023 Trade debtors Allowance for bad debts Prepayments and accrued income Other debtors 3,318 13,4461 19,999 8,839 {3,446) 13,420 9.579 28,392 19,871 13. Creditors: amounts falling due within one year 2024 2023 Bank loans Trade creditors Accruals Other taxation and social security Other creditors Deferred income 15,766 907 15,060 5,152 6,190 8.500 6,055 77,779 118,736 7,003 10,597 161,052 45,566 240,891 26
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Talking Money 13. Creditor5: amounts falling due within one year Icont.> 2024 2023 Deferred income at l April Resources deferred in the period Amounts released from previous period5 Deferred income at 31 March 77,779 45,566 (77,7791 45,566 81,503 77,779 181,5031 77,779 Deferred income represents grants and payments forservices in advance of performance criteria being met. 14. Creditors: amounts falling due after one year 2024 2023 City Funds Loan 92,097 107.863 92,097 107,863 The City Funds Loan has the following charge over the company and security therefrom: charge over l Hide Market, West Street, Bristol, B52 OBH. fixed first legal 15. Financlal instruments Categorisation of financial instruments 2024 2023 Carrying amount of financial assets Debt instrument measured at amortised cost 390,778 249.371 Carrying amount of financial liabllities Liabilities rneasured at amortised cost 280,419 142,630 16. Pension obligations Defined contribution pension scheme The employees of the charity belong to independently administered defined contribution pension schemes. There were outstanding contributions of £2,407 at the end of the financial year (2023- £2,152 outstandingl in respect of independently administered defined contribution schemes. 27
Notes to the Financial Statement5 for the Year Ended 31 March 2024 (continued) Talking Money 17. Operating lease commltments Total future minimum lease payments under non-cancellable operating leases are as follows: 2024 2023 Other Within one year Between one and five years 888 888 2,441 3,329 3,329 4,216 18. Funds Balance at 01 Apr 23 Incoming resources Resource5 expended Transfers Balance at 31 Mar 24 Unrestricted general funds Restricted funds 339,622 778 45,056 498,398 543,454 131,5481 1469,1761 1500,7241 353.130 30,000 383.130 Total funds 340,400 Balance at 01 Apr22 Incoming resources Resources expended Transfers Balance at 31 Mar 23 Unrestricted general funds Restricted funds Total funds 336.091 92 336,183 30,483 495,324 525,807 126,9521 1494.638} 1521,5901 339,622 778 340.400 There were no transfers made in the year ending 31 March 202412023.. none). 19. Analysis of net a55ets between funds Unrestricted general fund5 Restricted funds Total fund5 31 Mar 2024 Tangible fixed assets Current assets Current liabilities Long term liabilities Total net assets 308,787 377,331 1240,8911 192.0971 353.130 308,787 407,331 1240,8911 {92,0971 383,130 30,000 30,000 Unrestricted general funds Restricted funds Total funds 31 Mar 2023 Tangible fixed assets Current assets Current liabilities Long term liabilities Total net a55ets 307.654 258,567 1118,736) 1107,863} 339,622 307,654 259,345 (118,7361 1107,8631 340,400 778 778 28
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Talking Money 20, Restricted Funds Balance at 01 Apr 23 Incoming resources Resources expended Balance at 31 Mar 24 Bristol Impact Fund Boost Community project Bristol Wessex Water Cash for Kids client donation Client fund donations Core Money Advice project Homefull project Quartet Resilience Warmer Homes, Advice and Money IWHAMI 16,037 9,750 4,500 2,672 407,402 47,764 933 9,340 {16,037} 19,7SOI 14,5001 13,4501 1377,4021 147,7641 19331 19,3401 778 30.000 778 498,398 1469.1761 30,000 The specific purposes for which the funds are to be applied are as follows: Bristol Impact Fund Boost Community The BOOST Community project is funded by Bristol City Council from their Bristol Impact Fund. The project is led by Wellspring Settlement and delivered in conjunction with Housing Matters and the Law Clinic. The project offers the opportunity to explore community economic benefits of having a range of money advice and support services in one place. Bristol Wessex Water Bristol Water and Wessex Water jointly fund the provision of money advice and appl ications fo r hel p for clients who have difficulty paying their water bills. Cash for Kids project Talking Money was awarded £4,500 from the Cash for Kids Cost-of-Living Grant Fund. The fund was set up to provide families who are struggling to meet the financial requirements to meet their children's basic needs with practical fi'nancial support. Talking Money distributed funds directly to families we were already working with. to a value of £50 per child, in the form of shopping vouchers which tould be used at a supermarket of the family's choice. Client fund donations These are donations secured from local charities on behalf of clients by Talking Money advisors. Core Money Advice projert The following grants provide funding towards the running costs of a money advice service for people experiencing poverty and disadvantage in Bristol, South Gloucestershire and the surrounding area. This aim of thi5 service is to support people to improve their financial circumstan5 through the provision of free, specialist debt. energy and benefits advice and financial education or support. Our specialist advisers work with people to manage their finances. negotiate affordable debt repayment plans or discharge debt through insolvency options, access benefits and support and challenge incorrect decisions. Aviva Foundation. Bristol City Council Community Investment Fund Community Advice Network, Bristol City Council Household Support Fund, Garfield Weston Foundation. Institute of Money Advisers, National Benevolent Society. The National Lottery Reaching Communities Fund, Nisbet Trust, Quartet Catalyst, Santander core grant, Singer Foundation, South Gloucestershire Council Advice Service, Triodos Foundation, Van Neste Foundation. The National Lottery Reaching Communities Fund awarded Talking Money a total grant of £354,000 over 4 years, starting in April 2023 and £134,000 was received in FY24 (Year 11. Due to unbudgeted grant income from Bristol City Council (Household Support Fund), the National Lottery allowed us to reallocate £30.000 from Year l into future years. We are therefore holding a balance of £30,000 at 31 March 2024 which will be spent over the remaining 3 years. 29
Notes to the Financial Statements for the Year Ended 31 March 2024 Icontinuedl Talking Money 20. Restrirted Funds (cont.} The grant from John Jame5 1$to1 Foundati can be used for premises and utilities, equipment, training & consultancy, insurance, and IT support, within the Core Money Advice project. Homefull project Funded by grants from Santander and Nationwide in FY24. This project 15 run in partnership with Housing Mattets (Bristol) who are lead partner. Our advisers are wor*ing with Btistol Chdd(en's cent providirg money arnl housi Quartet Resilience Help with human re50urce5 (such a5 updating and improving HR policie5 and procedures and implementing new and progressive policies) allowing the leadership team to be freed up to focus on strategy and service development. Warmer Homes, Advice and Money (WHAM) This is a partnership project working to support residents who may be struggling with high fuel bills, cold, damp homes and/or money issue5. The project provides advice, 5UPPOrt and casework including specialist Money advice, specialist energy advice including behaviour change. and home improvements to make homes warmer, healthier and cheaper to live in. Payment to Talking Money is via Centre for Sustainable Energy who are the lead partner. Funding is from the Bristol Impact Fund (Bristol City Council}- Energy Redress Fund and Warm Home5 Fund. 21. Analysi5 of changes in net debt Balance at oi Apr 23 Cash flows Other non- Balance at 31 cash changes Mar Z4 Cash and cash equivalents Cash at bank and in hand 230,953 230,953 156,507 156,507 387,460 387,460 Borrowings Debt due within one year Debt due after one year {15,060} 1107,8631 1122,9231 15,060 115,7661 15,766 115,7661 192.0971 1107.8631 15,060 108,030 171.567 279,597 30