REGISTERED COMPANY NUMBER: 08273509 (England and Wales)

REGISTERED CHARITY NUMBER: 08273509

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Community Money Advice Launceston

Limited

Page

Report of the Trustees

1

to

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Notes to the Financial Statements

8

to

13

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Charity's objects are to provide debt counselling and other money advice services free of charge to needy people in Launceston and the surrounding area. The policies adopted in furtherance of these objects are the training and setting up of a team of advisors, two of who together meet each client.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The cost of living continues to challenge the most vulnerable and least well off in our society where their regular household expenditure is dominated by rent, utilities and food. These factors continue to dominate our support work.

Despite these challenges, we have remained available to support both new and existing clients throughout the last twelve months. We continue to embrace the use of technology both for client, internal and external meetings whilst our focus remains on offering face to face client appointments.

The number of client meetings held using Zoom reduced to zero during the year so now, it is the volunteers who use web toolsets such as MS Teams or Google Meet the most, primarily for training and regional meetings (as both toolsets are available free of charge with MS Office 365/Gmail respectively).

OFFICES:

Moving on from last year's report at the end of 2023, 2024 has been dominated by managing a significant 'office move' brought about by the ending of our landlord's lease for the offices we rented in central Launceston and the uncertainty associated with waiting to see the format and timing of a possible lease renewal.Our key requirements were offices in or close to the Launceston town centre, easy access to level, preferably free parking for volunteers and clients, office space that ensured confidentiality for client meetings and ideally - space to hold two meetings at the same time.

After looking at several possible offices on the rental market last summer - we finally chose to move to our new home at Sheers Barton Barns, Lawhitton - 1.5 miles south of the Launceston town centre. We now have a large reception area, a meeting room that seats 8 and a larger office space that provides a smaller client meeting space as well as hot desks for volunteers to follow up on their casework in the office rather than take it home. We also have adjacent free, level parking for volunteers and clients. The building is a barn conversion, so we have thick walls which provide the meeting privacy we need. We are now using this address as our official address and the Charity Commission, Company's House and the FCA have been informed accordingly.

Moving (and as we now know - staying in Launceston) has incurred increased costs associated with rent, insurance, business rates and electricity so additional fund raising has been recognised. Our volunteers and clients are enjoying using our new office space and for those without access to their own transport - we can use offices in town for occasional meetings, currently free of charge.

TRUSTEE AND VOLUNTEER NEWS

Early in 2024, we said a 'big thank you' and 'goodbye' to two of our volunteer advisers, Brook Moore and James Oldham and we thank them both for all the help and advice they have given to our clients over the years. Brook continues in his role as a CMA Launceston trustee.

Tim Smith also stepped down from both his adviser and trustee roles around the same time and we thank him for his many years of service to CMA Launceston. Nigel Parker has been appointed as interim Chair of Trustees until a permanent replacement can be appointed. Leighton Penhale joined the CMA Launceston trustee team towards the end of 2024 and brings with him a lot of useful local knowledge.

Sue Tierney successfully completed her Level 4 Advanced Debt Adviser training during the year, and this is fast becoming a FCA requirement that at least one member of the debt adviser team has this higher-level qualification.We are continuing to look to find both an additional trustee and additional volunteers. The CMA National Conference in October 2024 noted the national challenges of finding volunteers within the debt advice sector and many centres are having to recognise that perhaps the future of volunteer debt advisers is limited.

We are also committed to seeking funding to appoint a part time paid office administrator who can improve our interface with both new and existing clients alike and reduce the workload of myself and others in the team.

GRANTS AND DONATIONS

We are grateful for donations during the year from Launceston Parish Churches, Launceston Central Methodist Church, Launceston Lions, Launceston Rotary Club and Launceston Town Council alongside several regular and ad hoc personal donations. We successfully applied for a grant from one of our County Councillor's Community Chest funding and used this to purchase an additional office laptop. We received the final third year payment from our grant from Caledonian Investment.

We thank Cornwall Community Foundation (CCF) for the ongoing support they provide to help us administer Crisis Funding on their behalf. This enables us to provide up to £50 of help to a client towards the cost of medical support letters as hoc financial support for fuel for example. The Debt Relief Order administration fee of £90 was abolished in the March 2024 budget and this has reduced the need to help support clients seeking this form of debt solution.

We were awarded funding from Cornwall Community Foundation relating to the Cornwall 'People in Mind' project. We have a two-year funding programme to help take our services out to three rural communities in each of the two years every quarter and this will commence in Q1 2025 with Stoke Climsland, Altarnun and Week St Mary.

We distributed the Winter Crisis Fund to our most needy clients in December 24 and into January to March 2025 and this was again used to help clients who had an unplanned significant household expense during the winter months.

We recognise that we will need more grant funding moving forward and a renewed focus has started, specifically focussing on grants to support our core costs. We plan to apply to the Lottery Community Fund in early 2025 to help us employ a part time office administrator and our local wind turbine fund to help upgrade our office IT infrastructure. Microsoft Office 365 becomes unsupported on Windows 10 in October 2025 so this upgrade is essential.

DBS CHECKS

All our volunteers have a current higher level DBS check for working alongside vulnerable adults.

LOCAL GROUP AFFILIATIONS

We continue to be active members of several local groups including the Southwest Region CMA Centres Forum, Cornwall's Poverty Forum, and the Cornwall Money Advice Forum.

CMA AUDIT

Our regional CMA Manager returned to carrying our annual centre audit in line with FCA requirements in person which included reviewing the general day to day operation of the centre, the support we receive from our trustees and our financial sustainability. Nothing untoward was noted. However, there was a reminder to remain focussed on making sure the FCA mandated Consumer Duty requirements introduced in July 2023 are firmly established and adhered to moving forward and a renewed focus on full compliance with maintaining records associated with our debt advice service in line with the FCA guidelines.

Our accreditations with the FCA were found to be up to date, our public liability insurance in place, our policies and procedures in place and our adviser training in place too. We were commended on successfully moving the operation to its new location and to the development of a stronger Board of Trustees, but it was noted that we still need to do more to manage the succession planning of our CEO/Centre Manager as this is a risk.

FINANCIAL REVIEW

Reserves policy

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between six and twelve months expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is a company limited by guarantee. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

08273509 (England and Wales)

Registered Charity number

08273509

Registered office

2 Sheers Barton Barns

Lawhitton

Launceston

PL15 9NJ

Trustees

Andrew Baker FCA

Brook Moore

George Nigel Parker

Leighton Penhale (appointed 1.1.25)

Timothy Smith FCA (resigned 9.8.24)

Angela Nolan (appointed 16.7.25)

Company Secretary

Andrew Baker

Approved by order of the board of trustees on 23 September 2025 and signed on its behalf by:

George Nigel Parker - Trustee

31.12.24

31.12.23

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

10,563

11,160

21,723

17,929

EXPENDITURE ON

Charitable activities

2

Provision of money advice services

14,628

4,346

18,974

18,565

Other

274

91

365

-

Total

14,902

4,437

19,339

18,565

NET INCOME/(EXPENDITURE)

(4,339

)

6,723

2,384

(636

)

RECONCILIATION OF FUNDS

Total funds brought forward

15,051

4,376

19,427

20,063

TOTAL FUNDS CARRIED FORWARD

10,712

11,099

21,811

19,427

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

31.12.24

31.12.23

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

7

1,858

534

2,392

126

CURRENT ASSETS

Debtors

8

1,621

-

1,621

1,530

Cash at bank

7,233

10,565

17,798

17,771

8,854

10,565

19,419

19,301

NET CURRENT ASSETS

8,854

10,565

19,419

19,301

TOTAL ASSETS LESS CURRENT LIABILITIES

10,712

11,099

21,811

19,427

NET ASSETS

10,712

11,099

21,811

19,427

FUNDS

10

Unrestricted funds

10,712

15,051

Restricted funds

11,099

4,376

TOTAL FUNDS

21,811

19,427

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 23 September 2025 and were signed on its behalf by:

George Nigel Parker - Trustee

Andrew Baker - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

2.	CHARITABLE ACTIVITIES COSTS

Grant

Direct

funding of

Support

Costs

activities

costs

Totals

£

£

£

£

Provision of money advice services

1,372

2,954

14,648

18,974

3.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Depreciation - owned assets

366

263

Other operating leases

4,600

3,000

4.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

5.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31.12.24

31.12.23

Management

1

1

No employees received emoluments in excess of £60,000.

6.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

8,376

9,553

17,929

EXPENDITURE ON

Charitable activities

Provision of money advice services

10,160

8,405

18,565

NET INCOME/(EXPENDITURE)

(1,784

)

1,148

(636

)

RECONCILIATION OF FUNDS

Total funds brought forward

16,835

3,228

20,063

TOTAL FUNDS CARRIED FORWARD

15,051

4,376

19,427

7.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2024

3,079

Additions

2,632

At 31 December 2024

5,711

DEPRECIATION

At 1 January 2024

2,953

Charge for year

366

At 31 December 2024

3,319

NET BOOK VALUE

At 31 December 2024

2,392

At 31 December 2023

126

8.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

671

950

Prepayments

950

580

1,621

1,530

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

7,800

-

Between one and five years

13,000

-

20,800

-

10.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.24

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

15,051

(4,339

)

10,712

Restricted funds

CCF Debt Relief Orders

180

(150

)

30

Caledonian Operational Grant

1,554

(1,554

)

-

CCF Winter Fund Grants

2,447

(1,567

)

880

CCF Cost of Living Grant

195

(195

)

-

Cornwall County Council

-

271

271

CCF People in Mind

-

9,918

9,918

4,376

6,723

11,099

TOTAL FUNDS

19,427

2,384

21,811

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

10,563

(14,902

)

(4,339

)

Restricted funds

CCF Debt Relief Orders

-

(150

)

(150

)

Caledonian Operational Grant

-

(1,554

)

(1,554

)

CCF Winter Fund Grants

880

(2,447

)

(1,567

)

CCF Cost of Living Grant

-

(195

)

(195

)

Cornwall County Council

350

(79

)

271

CCF People in Mind

9,930

(12

)

9,918

11,160

(4,437

)

6,723

TOTAL FUNDS

21,723

(19,339

)

2,384

Comparatives for movement in funds

Net

movement

At

At 1.1.23

in funds

31.12.23

£

£

£

Unrestricted funds

General fund

16,835

(1,784

)

15,051

Restricted funds

CCF Debt Relief Orders

510

(330

)

180

Caledonian Operational Grant

2,718

(1,164

)

1,554

CCF Winter Fund Grants

-

2,447

2,447

CCF Cost of Living Grant

-

195

195

3,228

1,148

4,376

TOTAL FUNDS

20,063

(636

)

19,427

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

8,376

(10,160

)

(1,784

)

Restricted funds

CCF Debt Relief Orders

-

(330

)

(330

)

Caledonian Operational Grant

1,553

(2,717

)

(1,164

)

CCF Winter Fund Grants

3,000

(553

)

2,447

CCF Cost of Living Grant

5,000

(4,805

)

195

9,553

(8,405

)

1,148

TOTAL FUNDS

17,929

(18,565

)

(636

)

11.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2024.