ANNUAL REPORT 2014

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“Welcome to our annual report for the year April 2013 to March 2014. Talking Money has had a challenging year which in truth is something of an understatement.The withdrawal of grant funding from the legal services commission coupled with rising levels of debt and welfare reform changes mean that our services have never been more in demand. As the following pages show, we are meeting that demand as best we can, often with heart-warming results when our clients’ lives are improved as a result of advice received from Talking Money.

Our new premises have already improved the delivery of our services to our clients. We have plans for extending our reach with creative use of IT but recognise that often there is no substitute for a face to face meeting. Whether you are one of our clients, a grant funder or other supporter, we look forward to working with you in the coming year.”

Roger HawesChair of Trustees

A message from the Chair...

£2,219,8103,204 CLIENTS3,779 CASES

OF Debt written off

How we’ve helped this year...

4

Talking Money (formerly Bristol Debt Advice Centre) is an established charity that provides comprehensive free, independent and specialist money information and advice. Our change of name in March 2014 reflects our wider remit and geographical area, and is a response to our clients’ concerns about being seen using a ‘debt’ service.We incorporate a thriving Energy Advice Project which supports individuals in fuel poverty or fuel debt across the South West, and nationally through telephone advice. For over 24 years we have been dedicated to helping people out of financial hardship.

Talking Money is a highly regarded organisation, committed to working with other advice providers across the region and nationally (in both formal and informal partnerships) to provide services to some of the most vulnerable sections of society.

Our Mission and purposeTalking Money’s mission statement is “improving lives by tackling financial problems”. Within the context of our mission, we exist to:

Relieve and prevent poverty Combat social and financial exclusion Promote equality of opportunity Promote access to justice Provide education on debt awareness and prevention, energy awareness, financial literacy and social welfare

We aim to provide services that are free at the point of delivery, accurate and complete, independent, confidential, accessible and empowering. The following pages will provide an overview of our contacts, achievements and impact, followed by a review from each of our three services – debt advice, energy advice and ‘Future Money’ – our financial capability and income maximisation service.

About Talking Money... Our achievements in 2013/2014The national contextTalking Money’s work in 2013/14 took place against a backdrop of unprecedented wider challenges - a global recession, cuts to funding in the public and voluntary sectors, rising levels of debt, Welfare Reform changes impacting on vulnerable households – all of these have resulted in increased need and demand for our services.

Our achievements in the year

Buying, moving to and completely refurbishing our new premises with a shop front in West Street, Bristol; creating an enlarged accessible reception area and interview rooms for the benefit of our clients

Establishing a new supported Self-Help area with four computers, for use by callers to manage their money

As lead agency for the Debt Advice partnership of 7 agencies, securing a 3 year agreement with the Money Advice Service for the partnership to deliver increased levels of specialist debt advice across the region from October 2014

Securing new and extended funding streams, and several capital and revenue one-off grants

Participating as one of 10 agencies forming a national partnership to bid for national contracts

Managing the ending of Legal Aid for Debt Advice with the necessary redundancies and organisational restructuring

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Specialist legal advice in debt is delivered at Talking Money by a team of money advice caseworkers through face to face sessions, telephone, website (email) and Skype. We also act as the lead agency for a debt advice partnership delivering services across the region.Typically the clients that Talking Money serves are on government benefits or in low paid work, with around three quarters living in the Bristol area. However the only eligibility criteria for the service is that the client has a debt issue and lives in England.

Despite the ending of Legal Aid for Debt Advice and the reduction in our team, the team has had a successful year by:

Receiving the highest scores in the independent evaluation of our Face to Face Debt Advice partnership of seven advice agencies, funded by the Money Advice Service

Winning the Institute of Money Advisers’ ‘Debt Team of the Year’ award

Securing grants from the Henry Smith Trust and Lloyds TSB foundation, to provide additional casework time help manage the rising demand

Providing drop in sessions at our office twice a week, and outreach sessions in locations in South Gloucestershire

Delivering tailored services to Knightstone residents and to Bristol and Wessex Water clients

Offering specialist business debt appointments to sole traders or small partnerships who are still trading and under the VAT threshold

Debt Advice Team review

7,412how we’ve helped this year...

Number of enquiries

Philippa has long standing anxiety and agoraphobia, she was referred to us by a support worker from Shelter. Philippa’s home wasn’t suitable for her health, however she was unable to move because she had arrears at her property. Philippa had other debts too which worsened her anxiety. Working with her support worker, who had built up trust with Philippa, we advised that a Debt Relief Order (DRO) would write off her old debt and enable her to move. Now she has had her DRO approved Philippa can start bidding for a new social tenancy without the worry of her debt following her, giving her the chance of a fresh start.

Philippa’s story

DEBT WRITTEN

OFF

TOKEN PAYMENT ARRANGED

REPAYMENT PLAN

NEGOTIATED

BAILIFF OR COURT ACTION

PREVENTED

referred to other AGENCIES

DEBT LIABILITY

CHALLENGED

otherCLIENT ADVISED AND TOOK OWN ACTION

debt outcomes

6%6%11%

2% 7%13%

47%

11%

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The Energy Advice Project offers tailored energy efficiency advice, support, education and training to alleviate fuel debt. We do this primarily by supporting clients with charitable trust applications via the British Gas and EDF Energy Trust Funds. We also offer a local home energy audit visiting service when funding permits.

The Energy Advice Project reaches those in financial hardship with fuel debts nationally through a telephone service. The majority of our referrals come from other agencies who are working with clients with high support needs.

This year has seen the Energy Advice Project achieve:

An extension of our British Gas Energy Trust project to cover the whole South West region, through working in a promotional partnership with another advice agency, Homemaker South West, in Devon and Cornwall

Continuation of our EDF Energy Trust project, as one of only three projects across the country funded to deliver this advice and charitable trust applications to the Trust

Grants from the NHS and Quartet Community Foundation, to undertake home energy audits to vulnerable older people who may be at increased risk of hospital admission during winter months

Delivery of 15 Energy Best Deal presentations to professionals and public on getting value from energy suppliers

Delivery of 16 energy awareness presentations to parents at Stay & Play sessions at Children’s Centres in Swindon

Energy Advice Project review

£244,862how we’ve helped this year...Financial gains through grants and benefit

Abdi is a self-employed father. He came to the UK from Somalia in 2003 to escape civil war, and he left all close family members behind. With a fluctuating income Abdi found it difficult to budget, he had responsibility for his young family in the UK and supporting elderly relatives in Somalia, he ran into difficulties paying his energy bills. With the help from our Energy Advice Project, Abdi lowered his energy bills by applying for free insulation and a new boiler. He also received benefits and budgeting advice which has helped him stay in control of his money.

Abdi’s story

105

19

76

44% British gas application successful 31% EDF application successful 25% Unsuccessful

eap outcomes

eap other work

Switching exercises

Benefit checks

Charitable applications

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future money team reviewThe Future Money Team delivers financial capability advice and support, and benefits advice. The service also delivers workshops and training to service users and frontline staff of other community groups and organisations.

The financial capability advice and support can include budgeting and bill payments, banking and credit unions, saving and borrowing, maximising income and sustaining tenancies.

Benefits advice includes benefit checks; better-off calculations; benefit applications; and challenging local authority and Inland Revenue benefit overpayments.

The team’s achievements during the year include:

Working with Police and Probation services to deliver financial capability support and debt advice to ex-offenders

Delivering ‘Money Matters’ workshops at Eden House (day service for women involved in the criminal justice system)

Providing tailored benefits advice casework and income maximisation support to Solon Housing Association residents

Leading a Comic Relief funded partnership project to improve the financial confidence of older people

Securing Money Advice Trust funding to develop a toolkit for organisations wishing to integrate financial capability into their debt advice service, to break the cycle of debt

Designing and delivering courses for front line staff, which generate income to support our work with clients

£15,455,425how we’ve helped this year...total debt managed

Marianne is 59, she lives alone in social housing, and she has chronic asthma which leaves her housebound. Her relationships with her neighbours are strong; she trusts them and they offer her practical and emotional support. However she was at risk of having to move away from this support network as she was unable to afford the rent shortfall as a result of the bedroom tax.

Our advisors recognised that Marianne could claim Disability Living Allowance. With our support she was awarded a yearly payment of £5,629 and received a backdated sum of £523. With our help she is now able to stay in her home.

Marianne’s story

Income maximisation

through benefit checks

Ongoing benefit increase

One off benefit

gain

Charitable gain

Referred to other support

OtherThreatened court action

prevented

Future money outcomes

49%

29%19%

7%21% 13%

1%

1312

Financial Review

These figures are extracted from our audited Statement of Financial Activities. The full accounts are available on request.

£841,701 £830,578 11% Local Authorities 29% Money Advice Service 24% Energy Trusts 4% Water Authority 2% Comic Relief 5% Housing Associations 4% Other Trust Funds 1% Training & Consultancy 2% Financial Capability Projects 9% Legal Services Commission 3% Donations And Other 5% Capital Grants

79.9% Staff costs 2.5% Equipment and depreciation 1.1% It 2.3% Admin and office 9.2% Accommodation + move 1.1% Telephone 1.9% Training & consultancy 0.4% Un-reclaimable vat 1.4% Management & legal 0.1% Marketing & PR

Our income in 2013/14

Our expenditure in 2013/14

Reaching outThe people we help are typically living on an extremely low income, and many are from vulnerable groups. A snapshot of the demographics of the people we saw in the year is shown below.

48% Unemployed 5% Self employed 15% Working part time 10% Working full time

1% In education 6% Retired 15% Unfit for work

58% white british 29% black/ black british

9% other 4% asian/asian british

59% Social tenant 23% private tenant 2% homeless

8% other 8% Buying (mortgage etc)

27% Long term illness 13% mental ill health 66% not considered disabled

3% other 9% physical disability

Employment Status

Housing Status

DisabilityEthnicity

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We’d like to thank all the organisations who have funded our work during 2013/14 – it wouldn’t be possible without your support. A special thank you goes to all the individuals and other organisations who supported us. Your support has a vital impact on how we can help people on a day to day basis, as well as on our long term sustainability.

Thank you to all our Funders...

Talking Money – key contactsOur Trustees:Roger Hawes, Chair David Seabright, Finance Director

Simon Tutton, Richard Hicken Paul Smith, Neil Holliday

Our staff contacts:Helena Thompson, Chief Executive helena.thompson@talkingmoney.org.uk

Debt Advice TeamTamra Mannin, Services Manager tamra.mannin@talkingmoney.org.uk

Energy Advice ProjectRhianne Cotterill, Project Manager rhianne.cotterill@talkingmoney.org.uk

Future Money TeamDan Bicknell, Senior Financial Inclusion Officer dan.bicknell@talkingmoney.org.uk

Administration Team Karen Sutcliffe, Office Manager karen.sutcliffe@talkingmoney.org.uk

Partnerships Kerryn Bell, Projects and Partnerships Manager kerryn.bell@talkingmoney.org.uk

Central Support Team Emily Barker, Development Officer emily.barker@talkingmoney.org.uk

Karen Canning, Finance Officer karen.canning@talkingmoeny.org.uk

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Talking Money is authorised and regulated by the Financial Conduct Authority No. 618880

Registered Company No. 2457362Registered Charity No. 900311

VAT Reg No. 741778409

1 Hide Market, West Street, St Philips, Bristol, BS2 0BHTel: 0117 954 3990 Email: mail@talkingmoney.org.uk

www.talkingmoney.org.uk

Formerly Bristol Debt Advice Centre

Published October 2014 by