Company registration number: 02457362
Charity registration number: 900311
Talking
Money
(A company limited by guarantee)
Annual Report and Financial Statements
For the Year Ended 31 March 2025

CONTENTS
TRUSTEES, REPORT
I. REFERENCE AND ADMINISTRATIVE DETAILS......................................................
2. CHAIR'S REVIEW...........................
3. OBJECTIVES AND ACTIVITIES..............................
4. STRATEGY AND PRINCIPLES.................................
5. LOCAL CONTEXT AND PARTNERSHIPS.........................
6. ACHIEVEMENT AND PERFORMANCE............................
7. FINANCIAL REVIEW..
.11
8. PLANS FOR FUTURE PERIODS
.13
9. STRUCTURE, GOVERNANCE AND MANAGEMENT.............................................. 14
10. STATEMENT OF TRUSTEES, RESPONSIBILITIES.............................................. 16
INDEPENDENT EXAMINER'S REPORT...................................................................... 17
STATEMENT OF FINANCIAL ACTIVITIES...
.18
BALANCE SHEET.............................................
.19
STATEMENT OF CASH FLOWS...............................
.20
NOTES TO THE FINANCIALSTATEMENTS..................
.21

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TALKING MONEY
I. REFERENCE AND ADMINISTRATIVE DETAILS
Constitution
Talking Money is a company limited by guarantee and a registered charity governed by its Articles of
Association.
Company Registration Number
Charity Registration Number
Website
02457362
900311
www.talkin
mone
.or
Trustees
Richard Ascroft (Interim Cha ir of Trustees)
Richard Hicken
Collin Salandy
Susan Tranter
Andrea Powell
Lisa Stanley (joined on 22 January 20251
Aisha Stewart (joined on 22 January 20251
Katherine Dye ljoined on 23 July 20251
Chief Executives- shared role
Anna Brown
Kerryn Bell
Partnerships Manager
Tamra Mannin
Principal Office / Registered Office
l Hide Market
West Street
St Philips
Bristol
B52 OBH
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

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TALKING MONEY
2. CHAIR'S REVIEW
This year marked both an end and a beginning forTalking Money. The final year of funding from the Aviva
Foundation brings with it a moment of reflection- a chance to look back on five years of purp05eful change
and to ask what we have learned and where we go next.
The systems thinking and intervention principles that Talking Money began embedding in 2018 have now
shaped almost every part of the organisation. From how clients are supported, to how impact is understood,
to how decisions are made internally.. the whole organisation has shifted towards deeper listening,
relational practice, and more trust in emergent learning. The approach continues to evolve in ways that are
grounded, practical and hopeful. AdviceUK have worked to make the approach known more broadly as
'Whole Person, Whole Community, We tend to think of it as simply 'Advice in Context,.
This year, we saw that change taking root. The flatter team structure, greater collaboration across roles,
and more open internal dialogue have made space for shared ownership and responsiveness. The 'one
team, approach has allowed advisers to work more flexibly and thoughtfully, meeting clients as people with
full lives, not just cases with single issues. Regular reflection sessions, better use of meaningful data, and
creative problem-solving are no longer pilot ideas- they are the norm.
Crucially, none of this would have been possible without the difficult a nd bold decisions taken in previous
years. Choosing to step away from Money and Pensions Service funding was a watershed moment that
allowed us to reconnect with Talking Money's values, respond more flexibly to clients, needs and focus on
our stated objects. Reducing in size to regain independence took courage and care. It has made Talking
Money more resilient, more focused, and more aligned with the realities of the communities it serves.
In 2024-2025, the team continued to deepen its understanding of what makes a difference, capturing
feedback that reflects the emotiona I, relational and practical shifts clients experience, not just financial
outcomes. At a time when many people's incomes remain far below what's needed to live with dignity, and
when services are under relentless and growing pressure, Talking Money's ability to offer calm, thoughtful
advice and support is more valuable than ever.
We are entering a new phase - one where we are no longer only responding to crisis but actively working
to shape a more just and person-centred system. There is much still to do, and much we are still learning.
But the foundation is strong: a comm itted team, a reflective culture, and a strategy that live5 and breathes
in everyday practice.
On behalf of the Board, I want to thank the staff, volunteers, funders, and partners who make this work
possible. And most of all, the people who come to Talking Money and trust us to walk alongside them.

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TALKING MONEY
3. OBJECTIVES AND ACTIVITIES
Charitable Objects
Ta Iking Money's objectives and principal activities are..
The relief of poverty and promotion of free advice and other services to persons who are in
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:
Financial literacy
Debt awareness and prevention
Social welfare and advocacy
How we achieve public benefit
The Trustees confirm that they have complied with their duty under Section 17 of 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 activities of Talking Money. Talking Money is committed to enabling as many people
as possible to access effective money advice, support, and information.
The Trustees have complied with their duty to have due regard to the Charity Commi55ion's public benefit
guidance when exercising any powers or duties to which the guidance is relevant.
Our aim
To help people with their money worries, in a way that suits them, so they can get on with their lives.
Activities we provide to achieve our aims
Talking Money provides independent, person-centred advice, support and information mainly on a l-l
basis to people experiencing financial hardship in Bristol and South Gloucestershire. Our core activities
include:
Debt advice
Regulated, specialist advice to help people understand and resolve unmanageable debt, including support
with creditor negotiations, insolvency options, and debt relief orders.
Welfare benefits advice
Support with navigating the benefits system, including eligibility checks, applications, mandatory
reconsiderations, and representation at appeals.
Money guidance and budgeting support
Practical support with managing money, understanding bills, and making informed decisions- offered in a
way that builds confidence and respects each person's existing strengths.
Crisis support and advocacy
Help for people facing immediate hardship, including food and fuel insecurity or seNice disconnection,
combined with advocacy to unblock barriers to access essential systems.
As presented in the Statement of Financial Activities on page 18, Talking Money continues to have one main
area of charitable work - the provision of free and independent, high quality money advice services. As
described above, we work within a number of partnerships and has a variety of funding streams- but all
the work can be broadly categorised under the umbrella of Money Advice.

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4. STRATEGY AND PRINCIPLES
The previous page sets out simply and clearly our charitable objectives and the activities we carry out to
achieve those objectives. Here we'll attempt to flesh that out a bit and explain how we work- with clients,
and as a team- how we measure our impact and hold ourselves to account.
Organisational Purpose and Living Strategy
Our working purpose of "Help me with my money worries, in a way that suits me, so I can get on with my
life" reflects what people using our services tell us they value most. It helps us stay focused on the things
that matter to them, and it shapes not just how we work but how we think about progress, keeping our
attention on real experiences and outcomes, not just outputs or targets.
We developed our living strategy as a way of staying more closely aligned with that purpose, with how we
actually work, and with what people are facing day to day. It's not a fixed plan, but a flexible framework that
we try to build through reflection, noticing patterns in our work, and paying attention to what people are
telling us. It's rooted in our values and principles, a nd we've deliberately avoided locking it down into rigid
timelines or deliverables.
SO far, the strategy has been shaped internally by the team, based on what we're learning through delivery.
We know it would benefit from more input from the people and partners we work alongside. We try to keep
it alive through regular reflection, honest conversations, and taking time to step back and ask what's
working, what isn't, and what needs to change. It's a work in progress, but it helps us stay focused,
adaptable, and in tune with the people we're here to support.
LIVING STRATEGY
OUR EIGHT STRATEGIC THEMES
11 People are helped with their money worries in 21 We are listening to and understanding the
a way that suits them, so they can get on with
communities we work with
their lives
3) We are representative of the communities we 41 We are a principles-based organisation with
work with through being diverse and inclusive
integrity
51 We influence policy and we challenge
61 We have and give a clear message about who
systems.. we lead the way
we are and what we do
71 We are financially sustainable
8) People who work here have good wellbeing
Guiding Principles
Our organisation and services are person-centred and draw on systems thinking methods to simplify money
advice services in a world already littered with complexity. We work hard to maintain an organisational
culture that prioritises trust, dignity and long-term impact. G uided by a clear set of working principles, we
measure what matters most to the people we advise, using tools that reflect complexity, connection and
meaningful change. Our principles are grounded in what matters to the people we support. They are not
fixed rules, nor are they static - they evolve in response to people's needs, what the work demands, and
what proves effective. Since first developing them, we've added new principles, removed some, and
adapted others to better reflect the realities of our practice.

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Adaptable
We workflexibly and tailor our approach to each person's needs ond context.
In practice: This might mean using visuals to explain things, offering contact at times that work
for someone, or adjusting how we communicate to match someone's learning Style.
Empathic
We seek to understand the whole person, not just their money issues.
In practice: We take time to listen to what else is going on in someone's life and let that shape
how we work with them.
Empowering
We build on people's strengths so they can take oction themselves.
In practice: This could include coaching someone to speak to a creditor or complete a form
themselves, with support, not instruction.
Collaborative
We work in partnership, doing the work with people, not to them.
In practice: We agree together what's needed from both sides, and try to stay clear about roles,
responsibilities and expectations.
Challenging
We notice and try to remove barriers, including those created by broken systems.
In practice: We chase things up, find different routes in, and persist until we make progress. We
don't accept 'that's just how it is, if it's not working.
I ntentional
Wefocus on what really matters to euch person, within our responsibilities.
In practice,. We use what matters to Someone to guide the work and avoid doing things that don't
add value or feel irrelevant.
Effective
We stay with each case until our involvement is no longer adding vt71ue.
In practice: We plan time properly, manage caseloads carefully, and review whether we're still
the right people to help.

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5. LOCAL CONTEXT AND PARTNERSHIPS
The latest statistics from the Department of Work and Pensions IDWPI, released in March 2025, paint a
stark picture of child poverty in the UK and in our local area. Across the UK, the number of children falling
below the poverty line reached a record high of 4.5 million in the year to April 2024, an increase of 100,000
from the year before. Across Bristol, North Somerset and South Gloucestershire around 18Yo of children are
living in poverty. In the central district of Bristol and Lawrence Hill areas, where Talking Money is based, this
increases to around 50% of children.
Various global, national and local factors continue to impact the f inancial health of families and individuals
we work with. The long-lasting and intersecting effects of the Covid-19 pandemic, the cost-of-living crisis,
Brexit and government policy around tax and social welfare, together with high rents and lack of available
rental housing in Bristol mean that many people's day-to-day lives are 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 and family, ultimately further increasing
already significant societal inequa lity. Talking Money continues to provide advice, support, and information
to people and communities most adversely affected by this crisis.
Partnerships
Partnership working is crucial for our whole person, whole community approach. We work closely with
other money advice agencies in Bristol, South Gloucestershire and nationally, as well as agencies providing
complementary services including housing and legal advice.
We are part of the Bristol Advice Partnership, along with six other advice agencies led by Citizens Advice
Bristol and funded by Bristol City Council. This contract, which has been in place for over 15 years, is
currently being recommissioned and we'll be able to report more on this next year. We are similarly part of
the South Glos Consortium, a partnership of five local agencies funding our work with South Gloucestershire
residents.
Our Homefull partnership, a collaboration with a local housing advice provider, Housing Matters l Bristol), is
designed to address both housing and money issues that are so often interconnected for clients. Two money
advisers from Talking Money work with a housing adviser from Housing Matters, and in partnership with
local children's centres, to support families in need of financial and housing advice. Through the BOOST
Community outreach project, we have a money advisor based at the Wellspring Settlement in Lawrence Hill
once a week- engaging directly with residents in one of the most deprived areas in the city.
Volunteers
Talking Money engaged with volunteers on a couple of exciting projects this year. We've been working with
a group of four students from the University of the West of England; facilitated by The Design Enterprise
Studio, a creative and technical unit, led by UWE Bristol Staff and populated by students in the final year of
their B5c Digital Media Degree. Under our strategic aim of having a clear message about who we are and
what we do, the UWE students undertook to clarify the goals and purposes of Talking Money's social media
use over a 6-month period starting in October 2024. The group made great progress in that period and

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created a plan for ongoing social media engagement. Two of the students are going to continue volunteering
with us and help to deliverthe plan.
We also partnered with Ablaze on their Employment and Skills programme, providing a 10-day work
placement for a local young person in Autumn 2024. The young people in the programme are all 16-25,
NEET (not in employment, education or training} and presenting with various barriers to employment. The
person placed with us supported our office and administrative functions, ga ining experience in finance, data
monitoring and analysis, and communications; they gained a lot from the experience as did Talking Money.
6. ACHIEVEMENT AND PERFORMANCE
Over the past year, we've continued to support people facing financial hardship through tailored, hiEh-
quality advice on debt and benefits, as well as broader support and information around money. While we
still offer face-to-face services from our Old Market base and through some home visits, much of our work
now takes place flexibly- by phone, video, and through partnerships that help us reach people in different
ways.
We worked directly with 306 individuals overthe year and received 1,513 enquiries {showing the vast unmet
need in our local community). In total, we helped people secure or retain £867,479 in financial outcomes
(though this doesn't reflect broader financial advantage experienced by people through, for example,
repayment plans). People told us they felt more confident, less stressed, and better able to manage their
liiies.
We've also adapted how we record and reflect on our work, capturing the reality that people's needs often
change during our work together. Rather than separating issues into different cases, we now take a whole-
person approach that recognises complexity and overlap. We've invested in better listening and using
reflective tools a nd feedback analysis to understa nd impact more meaningfully.
The following section summarises our progress under each of the eight strategic goals in our living strategy,
which guide both what we do and how we do it.
l. We are listenin8 to and understanding the communities we work with
We've made steady progress in better understanding the lives of the people we support, and in finding more
meaningful ways to reflect and respond to what matters most to them.
Developed and piloted a client-centred progress tool, shaped by adviser a nd client input
Began using more open-ended, narrative-based approaches to understanding people's experiences
Developed our approach to collecting personal and sometimes sensitive information from the
people we work with (including shifting to free-text demographic fields, im proving inclusivity and
data quality) resulting in higher volumes of data and a better understanding of the groups of
people we are working with
Continued to feed lived experience insight into our service design, internal learning, and influencing
work

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2. People are helped with their money worries, in a way that suits them, so they can get on with
their lives
We remain committed to meeting people where they are and advising them in a way that's practical,
respectful and human.
Supported over 300 individuals {plus their households) with their money troubles
Helped people secure or retain almost £870,000 in financial outcomes
Offered flexible, sustained advice and guidance that people described as 'life-changinE,
judgemental" and "calm in a storm"
"non-
3. We are representative of the communities we work with through being diverse and inclusive
We've taken practical steps to understand where our staff team and trustee5 underrepresent our client
base or the wider community and started to act on those gaps.
Carried out a detailed equalities a nalysi5 comparing clients, staff, trustees and local demographics
Made changes to our data collection systems so people can self-identify more fully le.g., in gender,
sexuality, religion and language)
Reached out to underrepresented groups, including Somali and Muslim-led organisations, and
began small steps towards stronger connections
Recruited two new trustees bringing more diversity and expertise to the Board
4. We are a principles-based organisation with integrity
We've worked hard to stay close to our values, even when the work is messy, hard or uncertain. This has
helped us offer something grounded and consistent in a shifting landscape.
Protected time and space for in-depth, person-centred support where needed (and the flexibility to
do very little when that is also required)
Maintained team stability and cohesion, allowing deeper work with people over time
Embedded reflective practice across the team, encouraging learning, care and accountability
Took part in a peer-led review of our system and culture, making space for challenge and growth
Commissioned a stakeholder insights gathering exercise to help us understand how others see us
5. We influence policy and we challenge systems: we lead the way
We're learning what it means to engage with systems, not just services.
Shared client experiences with funders, MPS, and council officers to highlight patterns of harm and
complexity
Contributed to a new citywide advice strategy, and took up a seat on the DWP/Bristol systems
failure group
Developed our own capacity to hold space for systems thinking, strategic challenge, and relational
influencing
6. We have and give a clear message about who we are and what we do
We've become more confident in articulating our purpose, and more deliberate in how we communicate
our work, both internally and externally.
We are co-designing new branding and website content with clients and team members
Used storytelling and reflective data to communicate not just what we do, but why it matters
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Improved how we present ourselves in materials, partnerships and public messaging
Explored new ways of reaching people through creative collaboration and client input
7. We are financially sustainable
We've taken a careful, values-led approach to funding and finance, focusing on stability, learning and
alignment, rather than growth for its own sake.
Exceeded income targets for 2024-25 and prepared well for a planned reduction in 2025-26
Used funding from supportive sources to invest in culture, systems and reflective practice, not only
service delivery
Collaboratively reshaped the team and working patterns in response to reduced income,
maintaining morale and motivation
Continued to make strategic decisions that prioritise depth, sustainability and alignment with our
purpose
8. People who work here have good wellbeing
Staff wellbeing remains a foundation of our work. We know that emotionally demanding, complex work
requires care, flexibility and connection. And we continue to proudly invest in that.
All staff rated their satisfaction highly, describing the workplace as "safe,
"grounded in purpose"
Regular reflective spaces and open communication help us navigate pressure and complexity
Sought and listened to feedback, responding with changes le.g., reviewing policy and practice,
investing in space and introducing an employee assistance programmel
Adapted to uncertainty and change with shared decision-making, care and transparency
Protected a working culture that allows people to do their best work, and to feel good about doing
it
"compassionate,, and
7. FINANCIAL REVIEW
FY24-25 was another successful year for fundraising and Talking Money continues to maintain financial
stability with appropriate reserve levels and hea Ithy cash flow. The Trustees report an unrestricted surplus
for the financial year of £51,734 and a restricted surplus of £19,689. This was a total surplus for the year of
£71,42312024: £42,730).
Total income for FY24-25 was £620,06912024: £543,454). Trusts and foundations continue to be the primary
source of funding, making up 68Yo of total income (see below for further details}. Statutory funding was 22Yo
of total income in FY24-25 and unrestricted income including rental income, bank interest and donations
made up the remaining IOYO. Unrestricted income 15 a relatively small but vital part of our income picture,
and this grew again in FY24-25, up 70% to £81,85212024: £45,056).
This fina ncial result was achieved through:
The ongoing support from existing funders including:
Multi-year grants from the Aviva Foundation, the National Lottery Reaching Communities Fund,
Bristol City Council, Garfield Weston Foundation, Nisbet Trust, National Benevolent Society,
Santander Foundation;
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Repeat grants from John James Trust, Quartet Community Foundation, Singer Foundation,
Triodos Foundation, Bristol Wessex Water and other organisations listed in Note 19.
New income including grants from the Social Investment for Business Thrive Together Fund, the Money
and Pensions Service Modernisation Fund, St James's Place Charitable Foundation.
Strong financial management and procedures by the finance officer and leadership team. Much
recognition here must go to the finance off icer, who is an incredible asset to the organisation.
Sound financial controls a nd monitoring:
o The Trustees monitor key financial performa nce ind icators regularly: comparisons of actual and
budgeted income and expenditure (and consequently surplus/deficitl 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 controls includ ing com pleting the Interna
Controls for Charities ICC8) checklist. This provides additional assurance that robust controls
and procedures are in place and are followed.
o Talking Money is exposed to liquidity risk, particularly in years when generating a deficit.
Regular fina ncial monitoring identifies any fund ing requirements well in advance and we work
closely with its lenders to ensure that future requirements are met by available facilities.
We are incredibly grateful for both new and continued support from our partners and funders- see note 4
for the full list of our funders.
Gifts in kind
We received Gifts in Kind to the total value of £20,791 during the year12024: £525}. This was in relation to
donated Services from The Discourse, a local design agency and Certified B Corp, who are carrying out a full
brand design for us. The tota I value of donated services is included under donations in note 3.
Fixed Assets
In the opinion of the Trustees, the building owned byTalking Money11 Hide Market) may be worth between
£450,000- £500,000 (the value attributed to the premises in balance sheet within the accounts reflects the
historic cost, adjusted as set out below).
Investment policy and performance
Talking Money's investment policy is to maximise return on investment within the restra ints of maintaining
a low-risk investment Strategy. All investments are held in the form of cash,. we manage its own deposits
and monitors the cash posltion and prospective cashflow.
Cash deposits are split so that no one institution holds the total cash ba lance. Bank interest received in FY24-
25 was £9, 152 {FY23-24: £7,831) reflecting the significant increase in interest rates in the yea r.
Bank Loans
Talking Money owns the property at l Hide Market but does not hold significant cash reserves of its own.
To make the best use of this property and ensure that we meet our reserves policy (see below) and hold
sufficient cash for our day-to-day requirements, we took out a loan from City Funds in April 2020. Our
cashflow forecasts indicated that, as we repay that loan and our minimum reserves requirement grows by
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around £IOk each year, the level of cash held would be insufficient by Spring 2025. The trustees therefore
agreed taking on an additional smaller loan which allowed usto top up ourcash whilst continuingto benefit
from the very favourable interest rates on the City Funds loan.
We were fortunate to find and secure a blended finance package from Social Investment Business Thrive
Together Fund which provided a £75k loan and a non-refundable grant of £25k grant for our core services.
See note 13 to the accounts for more information on both bank loans.
Reserves Policy
The purpose of the policy is to ensure sufficient funds in case of cessation of business. The Trustees review
the reserves policy annua Ily as part of the review of Financia l Rules. The current policy is that liquid reserves
should be a minimum of an amount equal to the total accrued redundancy liability of the organisation
{should all staff have to be made redundant} plus one year's property costs plus a contingency of IO%. This
figure was £121,116 12024.. £101,516] at 31 March 2025 (which includes £99,395 for the redundancy
liability).
Reserves Position
Total liquid reserves were £246,56212024: £136,440]. This figure includes the combined balance of the City
Funds Loan and the SIB loan due > l year which was £151,014 at 31 March 2025. The total funds of Talking
Money at 31 March 2025 were £454,553 of which £49,689 were restricted funds. At 31 March 2024 the
total funds were £383,130 of which £30,000 were restricted funds. Further details can be found in notes 17
and 19.
Due to the new bank loan and grant, together with other unbudgeted grants, we finished the year with
surplus and hence our level of liquid reserves at 31 March is well above the required amount. The Trustees
approved a budget for FY25-26 which includes using the unrestricted surplus of £51,357 towards our core
charitable activities. We expect by 31 March 2026 for our liquid reserves to be more in line with the
minimum requirement.
Going concern
After taking account of the unrestricted surplus generated in FY24-25, the remaining fundraising target for
FY25-26 is £45k and the team are confident this will be achieved. The leadership team are focused on a
range of fundraising opportunities for FY26-27, prioritising multi-year bids to large trusts and foundations,
as well as submitting applications to local and national small-to-medium sized funders.
Talking Money has a strong track record for fundraising; we have robust financial reserves as shown above
including the property and healthy cash balances. It is standard practice for the Trustees to approve a deficit
budget with a fundraising target for the year. The financial 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 Talking Money has adequate resources to continue to trade for the foreseeable future being 12 months
from approval of these financial statements.
8. PLANS FOR FUTURE PERIODS
In the year ahead, we'll continue working on our eight strategic intentions, building on what we've learned
about doing good work in a complex and uncertain world. Our commitment to a reflective, person-centred
and systemic approach remains strong, and we're seeing the difference that approach makes, both for
individuals and in our influence on wider systems.
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The cost-of-living crisis continues to affect nearly every aspect of our work, and we know that for many of
the people we support, incomes still fall short of covering even the essentials. We know that l-l advice and
support will remain at the heart of what we do. It's where relationships are built, trust is earned, and where
real change can happen for people facing deep financial hardship. We'll continue to offer this support
through our core service and through targeted partnership projects that help us reach people experiencing
particular forms of disadvantage,
At the same time, we're learning more about the systems that make people's lives harder- systems that
delay access to money, penalise poverty, and trap people in stress and uncertainty. Many of these systems
are not designed for the realities people face. We want to play a role in challenging and changing that,
consistent with the attainment of Talking Money's object5. We're not claiming to have the answers, but we
are trying to stay with the questions, bringing what we hear from clients into the spaces where decisions
are made, and staying persistent in our efforts to make small, meaningful shifts.
We're a Iso deepening our relationships with others who are working in sim ilar ways. This includes partners
in the Bristol Advice Pa rtnership, loca l and national allies working on advice, poverty and systems change,
and a growing network of organisations exploring how to hold both immediate crisis support and longer-
term transformation at once.
Looking ahead, we'll keep doing what we do best.. offering high-quality, robust money advice, information
and support, working alongside people with care, integrity and purpose, while learning, questioning and
evolving as we go.
9. STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
Ta Iking Money is a charitable com pa ny lim ited by guarantee. It was called Bristol Debt Advice Centre until
1st March 2014 when the name was 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 was established under a Memorandum of Association which established it5 objects
and powers and is governed under its Articles of Association.
Board of Trustees
On 31 March 2025, Talking Money was governed by a Board consisting of seven Trustees, who bring a
diverse range of skills and experience to the organisation. All Trustees give up their time freely. Details of
Trustees, expenses are disclosed in note 8 to the accounts.
When considering the need for newTrustees, the existing Trustees considerthe numbers, skills and diversity
of existing Trustees and they aim to fill existing gaps in the Board. New Trustees are sought in various ways:
by advertising on appropriate websltes, including the Talking Money website, or through contacts made
while promoting Talking Money's services.
On appointment, Trustees are invited to spend time observing the work of Talking Money, meeting staff,
seeing current operational proced ures in practice, and having a chance to obseNe a n advice session (with
the client's permission). These activities provide new Trustees with a greater understanding of our work in
practice.
In addition, new Trustees are fully briefed by the Chair of Trustees and Chief Executive with regards to:
Their obligations as members of the Boa rd of Trustees, including relevant publications from the Cha rity
14

TRUSTEES, REPORT
TALKING MONEY
Commission and including their role as a Company Director;
Relevant documentation regarding the legal framework of Talking Money, 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 Talking Money. 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.
Management
The Trustees of the charity, who are also its statutory directors for company law purposes, exercise all its
powers. The Trustees are responsible for strategy, policy and financial oversight. 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, in charge of directing and controlling the organisation. The running
and operating on a day-to-day basis is delegated to two Co-chief Executives, who are supported by a
Partnerships Manager,. together they form the Leadership Team. In addition to these roles, the Finance
Officer and the Operations Lead contribute to the day-to-day running of the organisation.
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 posltion 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 financia I health of the organisation). Due to the size of the fund raising
target when the budget was approved by the trustees, no pay increase was awarded in April 2025, therefore
we are currently in line with the FY23-24 NJC scale. This will be reviewed throughout the year,
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 Talking Money. 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 we own and operate from, e.g., through fire or flood. The strategy to
mitigate this risk is to have appropriate insurance in place, a nd to use secure web-based systems
that can be accessed from alternative venues. A disaster recovery plan also forms part of our risk
management strategy, something which was greatly informed following the changes to working
practices as a result of the Covid-19 pandemic.
The Trustees confirm that the major risks to which Talking Money is exposed, as identified by them, have
been reviewed in the period and systems have been established and maintained to manage those risks.
15

TRUSTEES, REPORT
TALKING MONEY
10. STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Trustees, who are also the directors of Talking Money for the purposes of company law, are responsible
for prepa ring the Trustees, Report and the f inancial statements in accorda nce with applicable law a nd United
Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statement5for each financial year which 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 year. In preparing these financial
Statements, the Trustees are required to:
select suitable accounting policies and apply them consistently;
observe the methods and principles in the Charities 50RP,'
makejudgementsand estimatesthat are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material
departu res disclosed a nd explained in the financial statements,. and
prepare the financial statements on the going concern basis unless it is inappropriateto presume
that the charitable com pany will conti nue in operation.
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 our website in accordance with legislation in the United Kingdom governing the
preparation and dissemination of financial statements.
Approved by the Trustees of the charity on 17 September 2025 and signed on its behalf by:
Mr R Ascroft
Acting Chair of Trustees
16

TRusfEE5' REPORT
TALKING MONEY
INDEPENDENT EXAMINER'S REPORT
I report to the CharltyTrustees on my examination of the accounts of the Charity forthe year ended 31 March
2025 whlch are Set out on pages 18to 39.
Respective responslbilities of Trustees and examiner
A5 the Charitvs Trustees of Talklng Money, and also a5 Its directors for the purpose of company law, you are
responsible for the preparation of the accounts In accordance with the requirements of the Companles Art
2006 (the 2006 Act).
Having satlsfled myself that the accounts of the Charity are not requirÈd to be audlted and are ellgible for
independent examlnation, I report In respect of my examination of the Charity's accounts carried out under
sectlon 145 of the 2011 Act and in carrying out my examinatlon I have followed all the applicable Directions
given by the Charlty Commission under sectlon 1451Sllbl of the Act.
Independent examiner's statement
Since Talking Money's gross income exceeded £250,000 your examiner must be a member of a body listed In
sectlon 145 of the 2011 Act. I confirm that l am quallfied to undertake the examination because l am
member of the Institute of Chartered Accountants in England and Wales, which Is one of the listed bodies.
I have completed my examinatlon. I conflrm that no materlal matter5 have come to my attentlon in
connection wlth the examlnation glving me cause to believe that In any material respect:
accountlng records were not kept In respect of Talking Money as requlred by sertion 386 of the 2006 Act,,
or
2. the accounts do not accord wlth those record5; or
3. the accoLtnts do not comply with the accounting requirements of sectlon 396 of the 2006 Act other than
any requlrement that the accounts give a 'true and fairvlew, whlch 15 not a matter considered as part of
an Independent examination,. or
4. the accounts have not been prepared In accordance with the methods and principles of the Statement
of Recommended Practlce for accounting and reportlng by charitles lappllcable to charities preparing
thelr accounts in accordance with the Financial Reportlng Standard applicable In the UK and Republic of
Ireland (FRS 102)}.
I have no concerns and have come across no other matters in connection with the examlnation to which
attention should be drawn In this report In order to enable a proper understanding of the accounts to be
reached.
Guy Armitage-Norton
Milsted Langdon LLP
Freshford House
Redcliffe Way
Brlstol BSI 6NL
Date:
17

TALKING MONEY
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 31 March 2025
I Including income and expenditure account a nd statement of tota I recognised gains and losses)
Unrestricted
funds
Restricted
funds
Total
2025
Total
2024
Note
Income and Endowments
from:
Donations and legacies
Charitable activities
Investment income
Other income
25,378
1,852
536,365
27,230
536,365
9,152
47,322
10,204
491,226
7,831
34,193
543,454
9,152
47,322
81,852
Total income
538,217
620,069
Expenditure on:
Charitable activities
130,1181
1518,528} 1548,6461 {500,7241
Total expenditure
130,118)
1518,5281 1548,6461 {500,7241
Net income/{expenditure)
51,734
19,689
71,423
42,730
Transfers between funds
Net movement in funds
51,734
19,689
71,423
42,730
Reconciliation of funds
Total funds brought forward
353,130
30,000
383,130
340,400
Total funds carried forward
17
404,864
49,689
454,553
383,130
There were no other gains or losse5 Other than those stated above.
All Talking Money's activities derive from continuing operations during the above two periods.
The funds breakdown for the above two periods is shown in note 18.
The statement of financial activities also complies with the requirements for an income expenditure account
under the Companies Act 2006.
The notes on pages 21 to 33 form part of these financial statements.
18

TALKING MONEY
BALANCE SHEET
As at 31 March 2025
Note
2025
2024
Fixed assets
Tangible assets
io
308,540
308,787
Current assets:
Debtors
Cash at bank and in hand
li
67,042
300,724
367,766
19,871
387,460
407,331
Creditors: Amounts falling due within one year
Net current assets
12
170,739)
297,027
1240,891}
166,440
Total assets less current liabilities
605,567
475,227
Creditors: Amounts falling due after more than one year
Net assets
13
{151,0141
454,553
192,0971
383,130
Funds of the Charity:
Restricted income funds
Unrestricted income funds
19
17
49,689
404,864
454,553
30,000
353,130
383,130
Total funds
For the year ended 31 March 2025 the company was entitled to exemption under section 477 of the
Companies Act 2006 relating to small companies. No members have required the company to 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 by the Trustees and authorised for issue on 17 September 2025 and
signed on their behalf by:
Mr Richard Ascroft
Interim Chair of Trustees
The notes on pages 21 to 33 form part of these financial statements.
19

TALKING MONEY
STATEMENT OF CASH FLOWS
For the year ended 31 March 2025
Note
2025
2024
Cash flows from operating activities:
Net income
71,423
42,730
Adjustments to cash flows from non-cash items:
Depreciation
Investment Income
Interest paid
10
3,133
19,1521
5,288
70,692
4,457
17,8311
5,239
44,595
Working capital adjustments:
Decrease/lincreasel in debtors
{Decreasel/increase in creditors
li
12
147,1711
1171,9691
8,521
121,449
Net cash flows from operating activities
1148,4481
174,565
Cash flows from investing activities:
Interest receivable a nd similar income
Purchase of property, plant & equipment
Net cash flows from investing activities:
9,152
12,886)
6,266
7,831
15,5901
2,241
Cash flows from financing activities:
Interest paid
Cash flows from new loans or borrowing
Repayments of loans or borrowing
Net cash flows from investing activities
{5,2881
76,500
115,7661
55,446
15,2391
13
{15,0601
120,2991
Net Idecreasel/increase in cash and cash equivalents
Cash and cash equivalents at l April
Cash and cash equivalents at 31 March
186,7361
387,460
300,724
156,507
230,953
387,460
All the cash flows are derived from continuing operations during the above two periods.
The notes on pages 21 to 33 form part of these financial statements.
20

TALKING MONEY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2025
I Charity status
Talking Money is a private charitable company limited by guarantee, registered as a charity with The Charity
Commission, incorporated in England and Wales, United Kingdom, and consequently does not have share
capital. Each of the trustees are liable to contribute an amount not exceeding £1 towards the assets of the
charity in the event of liquidation.
The address of its registered office is:
l Hide Market
West Street
St Philips
Bristol
BS2 OBH
These financial statements were authorised for issue by the trustees on 17 September 2025.
2 Accounting policies
Summory of significant Gccounting 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 consistently 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 Republicof Ireland IFRS 1021 {effective l January
2015}- {Charities SORP IFRS 1021), the Financial Reporting Standard applicable in the UK and Republic of
Ireland (FRS 1021 and the CompaniesAct 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 convention 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 uncertaintie5 about Talking Money's ability to continue as a going concern. Based on
the information available to the Trustees at the date of approval, the Trustees consider that Talking Money
has adequate resources to continue to trade for the foreseeable future being 12 months from approval of
these financial statements. Talking Money continues to adopt the going concern basis in preparing these
financial statements.
Income and endowments
All income is included in the statement of financia l activities when Talking Money is entitled to the income,
the receipt is proba ble, a nd the amount ca n be measured with sufficient reliability,
21

TALKING MONEY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2025
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.
Other income represent5 income that cannot be reported underthe other analysis headings provided within
the Statement of Financial Activities. Other income is accounted for on an accruals basis.
Donotions and legacies
Donated professional seNices and donated facilities are recognised as income when Talking Money has
control over the item, any conditions associated with the donated item have been met, the receipt of
economic benefit from the use by Talking Money 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.
On receipt, donated professional services and donated facilities are recognised on the basi5 of the value of
the gift to Talking Money which is the amount we 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 grants, where related to performance and specific deliverables, are accounted for
as Talking Money 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 a nd the amount can be measured reliably. All costs are a Ilocated 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 centra I staff costs allocated time spent, and depreciation cha rges 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 expenditure comprises those costs incurred by Ta Iking Money in the delivery of its activities
and services for its beneficiaries. It includes both costs that can be allocated directly to such activities
and those costs of an indirect nature necessaryto support them, including governance related costs.
SupportCOSts
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 costs 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 Talking Money's compliance with constitutional and statutory
requirements, including independent examination, strategic management and Trustee's meetings and
reimbursed expenses.
22

TALKING MONEY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2025
Taxotion
Talking Money is considered to pass 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, Talking Money is potentially 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 GainsAct 1992, to the extentthat such income orgainsare applied exclusively
to charitable purposes.
Tangiblefixed assets
All computer equipment and individual fixed assets costing £1,000 or more are initially recorded at cost,
less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation ond omortisation
Depreciation is provided on tangible fixed assets to write off the cost or valuation, less any estimated
resid ual value, over their expected useful economic life as follows:
Asset class
Freehold land and buildings
Fixtures, fittings a nd equipment
Depreciation method and rate
Held at historical cost
25Yo Straight line
Trode 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 asset, the estimated future cash flow have been
affected. The impairment loss is recognised in the Statement of Financial Activities.
Cash Gnd 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 Talking Money has a present obligation resulting from a past
event that will probably result in the transfer of funds to a third party and the amount due to settle the
obligation can be measured or estimated reliably. These are normally recognised at their settlement amount
after allowing for any trade discount due.
Financial lia bilities are only derecognised when, and only when, Talking Money's obligations are discharged,
cancelled or expire. Accordingly, where there is an unconditional right of settlement at least twelve months
after the reporting date, liabilities are presented as non-current liabilities.
23

TALKING MONEY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2025
Borrowings
Interest-bea ring borrowings are initially recorded at fair value, net of transaction costs. I nterest-bea ring
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
Fina ncial Activities over the period of the relevant borrowing. Interest expense is recognised based on the
effective interest method and is includ ed in interest payable and similar cha rges.
Borrowings are classified as current liabilities unless Talking Money has an unconditional right to defer
settlement of the lia bility 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.
Financial instruments
Talking Money 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 plan is a pension plan under which fixed contributions are paid into a pension fund
and Talking Money 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 is recognised as a prepayment.
Talking Money contributes towards defined contribution schemes for all employees and the costs charged
in the financial statements represent the contributions payable during the year. The scheme assets are
separately administered from Talking Money.
Redundoncy ond payment in lieu of notice
Redundancy pay is recognised immediately as an expense when Talking Money 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 lease5
Leases in which substantially all the risks and rewards of ownership are reta ined 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.
24

TALKING MONEY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2025
3. Income from donations and legacies
Unrestricted
funds
Restricted
funds
Total
2025
Total
2024
Donations from individuals and
businesses
Gift aid
Gifts in kind - donated services
Client fund donations
Cash for Kids donation
3,947
640
3,947
640
20,791
1,852
2,037
470
525
20,791
1,852
2,672
4,500
25,378
1,852
27,230
10,204
In the comparative financial year, £7,172 of the income from donations and legacies was in respect of funds
for restricted purposes and the remaining £3,032 was in respect of unrestricted funds.
25

TALKING MONEY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2025
4. Income from charitable activities
Unrestricted
funds
Restricted
funds
Total
2025
Total
2024
Aviva Foundation
103,212
20,000
103,212
20,000
101,051
BCC* and ACFA** Mental Health Project
BCC* Bristol Impact Fund Boost Community
17,324
35,025
59,068
17,324
35,025
59,068
16,037
35,025
29,000
BCC Community Advice Network
BCC. Household Support Fund
BCC. Bristol Redress Fund
16,203
7,150
20,000
16,203
7,150
20,000
9,340
9,750
20,000
Bristol Wessex Water
Garfield Weston Foundation
Institute of Money Advisers
372
20,000
5,000
1,489
24,386
10,000
95,000
372
20,000
5,000
1,489
24,386
10,000
95,000
7,870
20,000
John James Bristol Foundation
Med lock Charita ble Trust
Megawatt Community Energy Fund
Money and Pensions Service Modernisation Fund
National Benevolent Society
National Lottery Reaching Communities
Nationwide Foundation
Nisbet Trust
Quartet Community Foundation Catalyst Fund
Quartet Community Foundation Express Fund
Quartet Community Foundation Resilience Pot
Santander Foundation - core grant
Santander Foundation- Homefull grant
Singer Foundation
Social Investment Business Thrive Together Fund
South Gloucestershire Council
St Ja mes's Place Charitable Foundation
Triodos Foundation
Van Neste Foundation
10,000
134,000
23,764
20,000
3,000
20,000
20,000
5,000
5,000
933
6,000
24,000
8,000
24,000
8,000
25,000
4,636
2,500
3,000
10,000
536,365
24,000
8,000
25,000
4,636
2,500
3,000
10,000
536,365
4,956
2,000
6,500
491,226
BCC = Bristol City Council
ACFA= a network of Advice Centres in the south West
In the comparative financial year, all the income from charita ble activities wa5 in respect of funds for
restricted purposes.
26

TALKING MONEY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2025
5. Other income
Total
2025
Total
2024
Rental income
Advice Pro recharge
Solar Generation FIT
Sundry income
41,999
2,264
1,370
1,689
47,322
29,556
2,264
1,275
1,098
34,193
All income recognised within this classification is accounted for within unrestricted funds for both the
current and comparative financial year.
6. Analysis of governance and support costs
Support costs
Total
2025
Total
2024
Telephone
Office expenses
Premises expenses
1,617
11,871
26,824
40,312
1,298
12,002
28,182
41,482
Governance costs
Total
2025
Total
2024
Independent examiner's remuneration
Independent Examination of the financial statements
2,514
2,378
7. Net income/{expenditure)
Net incoming resources for the year include:
2025
2024
Independent Examination fees
Depreciation of fixed a55ets
Rentals payable under operating leases
2,514
3,133
982
2,378
4,457
949
27

TALKING MONEY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2025
8. Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from Talking Money
during the year {2024 £nill. No trustees incurred any expenses on behalf of or received benefits from
Talking Money during the year12024- £nil).
9. Staff costs
The aggregate payroll costs were a5 follows:
2025
2024
Staff costs during the year were:
Wages and salaries
346,975
323,643
Social security costs
24,251
22,404
Pension costs
17,349
16,848
Other staff costs
4,329
1,699
392,904
364,594
The monthly average number of persons (including the leadership team) employed by Talking Money
during the year was as follows..
2025
2024
Average number of staff employed
Average number of staff expressed as full-time
eq uiva lents
13
13
io
io
No employee received emoluments of more than £60,000 during the year12024- none).
During the year, remuneration to key management personnel amounted to £112,146 (2024 - £104,046).
The Trustees considered that key management personnel comprised.,
Anna Brown- Joint Chief Executive
Kerryn Bell - Joint Chief Executive
Tamra Mannin- Partnerships Manager
28

TALKING MONEY
NOTE5 TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2025
10. Tangible fixed assets
Freehold land
and buildings
Fixtures, fittings
and equipment
Total
Cost
At l April 2024
Additions in year
Disposa Is in year
At 31 March 2025
303,227
17,388
2,886
320,615
2,886
303,227
20,274
323,501
Depreciation
At l April 2024
Charge for the year
Depreciation on disposal
At 31 March 2025
11,828
3,133
11,828
3,133
14,961
14,961
Net book value
At 31 March 2025
303,227
5,313
308,540
At 31 March 2024
303,227
5,560
308,787
11. Debtors
2025
2024
Trade debtors
Allowance for bad debts
Prepayments and accrued income
Other debtors
2,107
-600
52,168
13,367
67,042
3,318
-3,446
19,999
19,871
12. Creditors: amounts falling due within one year
2025
2024
Bank loans
Trade creditors
Accruals
Other taxation a nd social security
Other cred itors
Deferred income
17,583
4,863
7,141
10,436
3,150
27,566
70,739
15,766
907
7,003
10,597
161,052
45,566
240,891
29

TALKING MONEY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2025
12. Creditors: amounts falling due within one year (cont.)
2025
2024
Deferred income at l April
Resources deferred in the period
Amounts released from previous periods
Deferred income at 31 March
45,566
27,566
145,5661
27,566
77,779
45,566
177,7791
45,566
Deferred income represents grants and payments for services in advance of performance criteria being met.
13. Creditors: amounts falling due after one year
2025
2024
City Funds loan
Social Investment Business loan
75,607
75,407
151,014
92,097
92,097
The City Funds loan has the following charge over Talking Money and security therefrom: _ fixed first legal
charge over l Hide Market, West Street, Bristol, BS2 OBH.
The Thrive Together (SIB) loan has no charge over Talking Money.
14. Financial instruments
Categorisation of financial instruments
2025
2024
Carrying amount of financial assets
Debt instrument measured at amortised cost
316,198
249,371
Carrying amount of f inancial liabilities
Liabilities measured at amortised cost
187,046
142,630
15. Pension obligations
Defined contribution pension scheme
The employees of Talking Money belong to independently administered defined contribution pension
schemes.
There were outstanding contributions of £2,785 at the end of the financial year12024- £2,407 outstandingl
in respect of independently ad ministered def ined contribution schemes.
30

TALKING MONEY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2025
16. Operating lease commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2025
2024
Other
Within one year
Between one and five years
888
1,553
2,441
888
2,441
3,329
17. Funds
Balance at
01 Apr 24
Incoming
resources
Resource5
expended
Balance at 31
Mar 25
Unrestricted general funds
Restricted funds
Total funds
353,130
30,000
383,130
81,852
538,217
620,069
(30,1181
1518,5281
1548,6461
404,864
49,689
454,553
Balance at
01 Apr 23
Incoming
resources
Resources
expended
Balance at 31
Mar 24
Unrestricted general funds
Restricted funds
Total funds
339,622
778
45,056
498,398
543,454
131,5481
1469,1761
1500,7241
353,130
30,000
383,130
340,400
There were no transfers made in the year ending 31 March 202512024: none).
18. Analysis of net assets between funds
Unrestricted
general funds
Restricted
funds
Total funds
31 Mar 2025
Ta ngible fixed assets
Current assets
Current liabilitie5
Long term liabilities
Total net assets
308,540
318,077
170,7391
{151,0141
404,864
308,540
367,766
{70,7391
1151,0141
454,553
49,689
49,689
Unrestricted
general funds
Restricted
funds
Total funds
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
31

TALKING MONEY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2025
19. Restricted Funds
Balance at
01 Apr 24
Incoming
resources
Resources
expended
Balance at
31 Mar 25
BCC and ACFA Mental Health project
Bristol Impact Fund Boost Community
project
Bristol Wessex Water
Client fund donations
Core Money Advice project
Homefull project
Money and Pensions Service Moderni5ation
Fund
Warmer Homes, Advice and Money IWHAMI
20,000
(9,0101
10,990
17,324
7,150
1,852
417,302
34,000
117,324)
17,150)
11,8521
1417,3021
134,0001
30,000
30,000
24,386
16,203
115,6871
116,2031
8,699
30,000
538,217
{518,5281
49,689
The specific purposesfor which the funds are to be applied are as follows:
BCC and ACFA Mental Health project
This is a new project funded by Bristol City Council and delivered by Talking Money in partnership with
ACFA. The aim is to build the knowledge and skills of client-facing workers in the advice sector to better
support clients around their mental wellbeing and provide 'warm transfers,, where capacity allows, to
other mental health and wellbeing support. The project runs for a year from September 2024 and we
received the full payment in advance. The remaining balance of £10,990 will be spent by August 2025.
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
a nd support services in one place.
Bristol Wessex Water
Bristol Water and Wessex Waterjointly fund the provision of money advice and applications for help for
clients who have difficulty paying their water bills.
Client fund donations
These are donations secured from local charities on behalf of clients by Talking Money advisors.
Core Money Advice project
The following grants provide funding towards the running costs of a money advice service for people
experiencing poverty and disadvantage i n Bristol, south Gloucestershire a nd the surrounding area. The
aim of this service is to support people to improve their financial circumstances through the provision of
free, specialist debt, energy and benefits advice and financial education or support.
Aviva Foundation, Bristol City Council Community Investment Fund Community Advice Network, Bristol
City Council Household Support Fund, Garfield Weston Foundation, Institute of Money Advisers, Medlock
Charitable Trust, National Benevolent Society, The National Lottery Reaching Communities Fund, Nisbet
Trust, Quartet Community Foundation Express Fund, Singer Foundation, Social Investment Business Thrive
32

TALKING MONEY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2025
Together Fund, South Gloucestershire Council Advice Service, St James's Place Charitable Foundation, and
Triodos 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 FY23-24 {Year 11. The National Lottery allowed
us to reallocate £30,000 from Year l into future years. None of this was used in FY24-25 due to other
unbudgeted grants received; we are therefore still holding a balance of £30,000 at 31 March 2025.
The grant from John James Bristol Foundation ca n be used for premises and utilities, equipment, training
& consultancy, insurance, and IT support, within the Core Money Advice project,
Homefull project
This project is run in partnership with Housing Matters (Bristol) who are lead partner. Our advisers are
working with Bristol Children's Centres providing money and housing advice through I:1 advice. Funded
by grants from the Santander Foundation and the Van Neste Foundation in FY24-25.
Money and Pensions Service Modernisation Fund
This is a new project funded by the Money and Pensions Service, working in partnership with Wyser to
develop AS515T, an Al powered transcription tool. The project ran from l January to 31 March 2025 and all
the funding was committed by 31 March 2025. We paid in advance for some additional time from our
partners Wyser who are continuing to work on the technology, and for l year's subscription to the new Al
module that Wyser created. The remaining balance of £8,699 will be released as prepayments in FY25-26.
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 issues. The project provides advice, support 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 Homes Fund.
20. Analysis of changes in net debt
Balance at
01 Apr 24
Cash flows
Other non-
cash changes
Balance at
31 Mar 25
Cash and cash equivalents
Cash at bank and in hand
387,460
387,460
186,7361
{86,7361
300,724
300,724
Borrowings
Debt due within one year
Debt due after one year
(15,766}
(92,0971
1107,8631
15,766
117,5831
17,583
(17,5831
(74,514)
192,097)
15,766
279,597
170,970)
208,627
33