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 circumstan￿5 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