Company registration number: 03091835 Charity registration number.. 1049632 BRENT CITIZENS ADVICE BUREAUX (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 BREBNERS Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D5AR BRENT CITIZENS ADVICE BUREAUX Contents Truslees, Report 1 to19 Independent Auditors, Report 20to23 Statement of Financial Adivities 24to25 Balance Sheet 26 Statement of Cash Flows 27 Notes lo the Financial Statements 28to46 BRENT CITIZENS ADVICE BUREAUX Trustèes. Report for the Year Ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DETAILS The Trustees. who are directors for the purposes of company law. present the annual report together with the financial statements and auditots. Teport of the charitable company for the year ended 31 March 2024. The financial statements have been Prepared in accordan￿ with the accounting policies sel out on pages 18 and 19 and comply with the Companies Act and applicable law. The Trustees. Report includes the Directors. Report as required by company law. Charity Registration Number 1049632 Company Registration Number 03091835 The charity is incorporated in England and Wales. Helen Glasson Chalrperson Frances Hutchinson Chief Executive Officer Raj Kapoor (appointed 05 June 2023) Sharon Wrighl (appointed 01 July 2022: resigned 30 June 2023) Trustees David Askwilh (ceased 22 August 2023) Helen Glasson Louisa.Martin. Treasurer Mabel Sumner (ceased 8 May 20241 Linda Lam (ceased 26 Seplember 2024) Robert Roscoe Mohammed Inham Hassen {￿aSed 11 May 2024) Frances Hutchinson Damd Boxall {appointed 13 July 2023) The folk)wing Trustees were appointed after the financial year end.. Julie Hawkins lappoinled 1 Augu5120241 Flo Rankin {appoinled 10 May 2024) Page 1 BRENT CITIZENS ADVICE BUREAUX Trustees, Report for the Year Ended 31 March 2024 Registered Office 27(&272 High Road LorKlon NW10 2EY Bankeys National Westminster Bank PIC Park Royal Branch 1 Abbey Road London NW10 7RA Audltor Brebners Chartered Accountants & Statutory ALKJitor 130 Shaftesbury Avenue London W105AR Page 2 BRENT CITIZENS ADVICE BUREAUX Trustees. Report for the Year Ended 31 March 2024 1. VISION, MISSION OBJECTIVES AND VALUES In setting objectives and planning foi aclivilies. the Trustees have given due consideration to general guidance published by Ihe Charily Commission relating to public benefit and in particular lo its supplementary public benefit guidance. Brenl Citizens Advice Bureaux fCAB' or'the Charity ) prides itself on being a dynamic, responsive organisalion. providing high-qualily advice and infoTmation for the full benefit of Brent residents. 1.1 The vision and mission of the Charity is: 1.2 Vision: We envision a fairer, safer Brent where local people face fewer challenges and are empowered lo address their own problems Ihrough our advice, supporl and guidance, and our influencing of inltiatives lo help alleviate the impact of wider slfuctural chauenges in society. 1.3 Mission: We provide free, confidential, impartial, independent, qualty adwce and guidance to support Ihe local community with the knowledge and confidence to thrive; and we seek to influence the policies and practices affecting their lives. 1.4 We will deliver this through six key strategic objectlves: 1. Servi¢e: Offering an agile and responsive service to support the lives of those in the communty across housing, welfare, employment. immigration, benefits, money and debt challenges. 2. Culture". Driv¢ng a community focussed environment where individuals feel able to speak up. challenge and contribute to the overall mission of the organisalion. 3. Our people: Recruil, develop and retain a highty s￿Iled, (yealive and engaged workforce committed lo the values of the organisalion. 4. Governance: Managing our resources and governance ethically, effectively and efficienlly lo enable the delivery of the overall organisational mission. S. Advocacy and influencing: Using local intelligence and case studies to contribute to the influence of local and national policies Ih¥ough the national Citizens Advice, local Govemment, national Govemmenl and wider influential bodies. 6. Relationship building.. Slrenglhening ties with national Citizens Advice and partner organisalions lo broaden our service offering. attract new funding, strengthen local and nalional resilien￿, and drive wider positive outcomes. Page 3 BRENT CITIZENS ADVICE BUREAUX Trustees, Report for the Year Ended 31 March 2024 1.5 Underpined by six core values: 1. Respect and integrity: We act ethically and transparently in the way we conduct our services and treat 311 employees, clients and stakeholders with dignity, consideTalion and understanding. 2. Passion: We are passionate about the work we do and are committed lo making a positive impact on society. We have a strong sense of public purpose that drives our work and ensures that our clients receive the right infomiation and advice at the right time. to help them make infomied, confident decislons. 3. Ambitiorb: We are ambitlous in our vision and are committed to positive change. Tt) achieve this. we are bold when making decisions and challenging conventional Ihinking. and we use available evidence and sound judgement to do this. 4. Creativity: We foster and sustain an environment which is inclusive. innovative. problern-solving. adaptable and flexible as to how issues are solved. From this, we gain greater knowledge and confidence in our abilities to enhance our individual and collective performances and lo deliver a h￿h-qu3Ilty service to our clients to secure the best possible outcorne5. 5. Excellonce: We challenge ourselves lo strive towards excellence, embracing conlinuous improvement and constantly learning from our collective experience. We take responsibility for our decisions and actions and, together, we are helpful. supportive and molivaled lo work at our best. Diverslty and Inclusion: CAB promotes equity, diversity and inclusion contributing to a rich and dynamic workplace. fostering innovatlon 2nd employee welkbeing. Page 4 BRENT CITIZENS ADVICE BUREAUX Trustees, Report for the Year Ended 31 March 2024 I ACTIVITIES The Charity has the general aim of contributing to the quality of life of the 390.000 residents 12023 ONS estimalel of the borough of Bient through the provision of free. independent, itnparlial and confidential advice. High demand levels for our service continue, whether delivered in-person. remotely by telephone or electronically. Our advice covers the specliurn of issues facing contemporary society- Our interventions frequently have a significant impact on our clients. lives. Our aim a￿ayS is lo ensure our clients have a bellei understsnding of their legal position and greater confidence to assert Iheir rights appropriatety in future. Fulfilling this aim has been tested to the full as nalional social. economic. and political change has impacled the borough via a c05t-of-living crisis. The Trustee Board acknowledges the inherent challenge5 but recognise to continue to provide a relevant Servi￿ in Ihe modem era we must embrace change. adapt and be alert for fresh opportunities to sustain and develop the vital role the Charity perform5. 2.1 Overview The year ending 31 March 2024 saw the end of year one of the new Infomialion, Advice and Guidance seNice contract ('Ihe IAG contract,) wilh London Borough of Brent. CAB was successful in winning this conlract for a further 2 years, plus one, plus one. The new IAG service contract is significantly different lo the previous contract and currently makes up 600A of lolal funding. which is less than in previous years. It is important for CAB to continue to develop new Income sources, diversify its income slream and ensure long term financial sustainability. Following the awarding of the IAG contract the Trustee Board employed the servi￿$ of a recruitment consultant lo facililale the recruitment of a permanent Chief Executive, who was subsequently appoinled i June 2023. In addrtion, as part of a resliucluring of CAB, senior management roles were made redundant, and a new Head ofSeNice was appointed. The new CEO has had an extreme￿ positive impact since joining the organisation. In a short period of time. he has secured 2 significant amount of additional funding and increased our volunteer base. Through his leadership he has buill a strong culture within CAB, leading by exarnple and setting clear expectations for staff and volunteers which has resulted in a cohesive working environment. Furthemiore. through building relationships wrth Brent council. the local community and National Citizens Advice he has raised the prolile of CAB. He has been integral lo establishing the newly foimed London Citizens Advice (a consortium of 28 Local Citizens Advi￿ across Greater London). The new London consortium will act as a joint venlure vehicle for all Local Citizens Advice charities across the capital, with the aim of securing funds for pan- Lolldon projects. Page 5 BRENT CITIZENS ADVICE BUREAUX Trustees. Report for the Year Ended 31 March 2024 2.2 Our objectives for 2023124 were focused around three key pillars 2.2 1 Collaboration We use the evidence clients and users provide to be more influential- developing and contrsbuling lo research and campaign activity which irnproves policy and piactice and prevents problems and systemic lailure. We partner wllh olher 3gencies and organisalians wherever possible and undertake research and campaign work lo understand and prevent systemic failures. 2.2.2 Service CAB wants lo make gelling relevant advice in Brent easler by providing an accessible and multi-channel service that meets as many community and client needs as possible and is reSponS￿ve lo changing needs. When we see clients face-lo-face. we provide our services in a pleasant, well-equipped and well.designed environment. OUT new opening times ieflecl our move towards providing a more accessible service to all. 2.2.3 Income generation CAB aims lo continue to become more financially sustainable and be the first cholce for funders and commissioners. Over the year ersding 31 March 2024 we increased our income and financial sustainability arsd will continue to do so by diversifying our funding portfolio and looking at more innovative income generation methods. Being an organisation staff and volunteers want to work for, CAB will continue to create an appro8¢hable. collaborative and innovalive culture Ihat adapts to our clients. changing need5. 2.3 The summary below highlights the multi-faceted role of CAB, emphasising its efforts in advocacy, partnership, and educalion, all while lacing challenges related lo funding and resource allocation. The key points are as follows.. 2.3.1 Advocacy and Inlluence Use of Client Infonnation: CAB uses anonymised client experiences lo infom local and central government about the impacts of legislative. economic, and social changes on Bient residents. Policy Evidence: CAB submits social policy eviden￿ forms and responds to Citizens Advice's monthly Network Panel surveys lo influence research and campaign agendas. Evnerging Issues- CAB identifies and highlighls emeiging issues affecting Brent residents and campaigns for ne￿Ssary changes. 2.3.2 Partnerships and Campaigns Collaboration: CAB leads the Advi￿ and Advocacy Ihematic group in Brent, partnering with other advice agencies and stakeholders lo campaign for and proTnole local change. Page 6 BRENT CITIZENS ADVICE BUREAUX Trustees, Report for the Year Ended 31 March 2024 2.3.3 Challenges High Demand and Funding Pressures: CAB faces the challenge of maintaining high-quality services amidst increasing demand and competition for funding in Ihe voluntary seclor. Council Support: Despite resource pressures. the London Borough of Brent continues to support and encourage CAB'S wotk. reGognising its importance. 2.3A Educational Role and Volunteer Programme Empowering Clients= Central to CAB'5 work is educating dients to better control their lives through easy access to necessary information. Volunteer Trdining: CAB recruits and trains local volunteers through a rigorous yet supportive program led by the Ofticer Manager. Employment Outcomes: Most volunteer5 secure paid work In various careers due to the skills acquired during Iheir training. contributing positively to the local economy. Coun¢ll Recognition: The London Borough of Brent acknowledged CAB'S contribution to the local economy during the tendering process for the current contract. In summary, CAB in Brent is dedicated to advocacy, education, and collaboration, striving lo adapl and maintain service quality despite financi81 and resource constraints. Its efforts in training volunteers and engaging with policy change are particularly noted and supported by Ihe local council. Page 7 BRENT CITIZENS ADVICE BUREAUX Trustees, Report for the Year Ended 31 March 2024 3.0 CATEGORY OF ENauiRIES AND CLIENT BASE 3.1 Enquiries Deprivation in Brent is characlerised by high levels of long-term unemployment, low incomes and reliance on benefils. Children and young people are particularly affected.. with a third of children in Brent living in a low-income household and a fifth in a single-adult hausehold. The continued high demand for advi￿ on welfare benefits. debt, employment. housing. and immigration. which accounted for 73VA of all enquiries. underscoTes the significant impact of our services within the community. This is further evidenced by the financial gains made for clients during the year. which amounted lo £2.881.503. During the same period, we Successfully secured debt write-offs totallin9 £496.937 for clients while supporting others to manage a combined debt of £1.665.345. 3.2 Cllent base In Brent. Blad<. Asian. and Minority Ethnic (BAME) groups make up 65'h of the population, the second highe51 in England and Wales {compared to 42°/0 in London). Addliionally, 56fj￿ of Brent residents were born outside the UK, the highest proportion in England and Wales. One in three Bfent residents speaks main language other than English, with over 90 different languages spoken across the borough. Brent also has a younger population compared lo neighbouring areas, with 50'h more 21MO-year-olds and 33¢*h fewer older residents. Our staff and volunleers reflect the diversity of the community we serve. In terms of our slaff, 960/0 of CAB'S workforce comes from BAME backgrounds, with the breakdown as follows: Black CaribbeanlBlack African (360/0). Asian IndianlAsian OlherlPakislani {36 /tsl, Irish (4 1.1, While BrilishlEnglish (4°A). and White Other (20'A). Our volunteers also come from the local Community. representing a wide range of ethnicities. This has helped lo strengthen trust in our organisation. Of our volunteer5, 80Q/o are from BAME groups, including Black CaribbeanlAfricanlBrilish {22Q/o), Asian (29%). Arab16'101, Chineso {20/ts1. Iiish 12¢/DI, and White Other (19°hl. The propottion of dienls from Black, Asian, and minority ethnic backgrounds has i￿￿eased from 59.fi last year to 74Qh thi5 year, reflecting our ongoing commitment lo diversity and inclusion. Meanwhile. White British and 'While Other. clients accounled for 264/9 of all clients seen, a 15°A decrease reflecting the changing makeup of the clients we serve_ Additionally. 41 % of our clients have a disability or long-term limrting health condition. a slight decrease of 5 % compared to 2022-23 but consislenl with figures from 2021-22. INomen represented 57VA of our clients. an increase of 1 /0 from the previous year. The majority of our clients 184.10) are aged between 25 and 64. reflecting a 1°/0 increase from the previous year. Clients under 25 and over 65 made up 40/• and 12.kn of our clients, respectively. Our shop-fronl premises on the Willesden High Road, with a bus slop outside the door, make us a visible and accessible resource for our clients. 54 /0 (vp 50/fj on Ihe previous year) of whom INe in local wards. induding Slonebrid9e, Harlesden & Kensal Green. Dollis Hill, Roundwood, Willesden Green, and Kilburn. Page 8 BRENT CITIZENS ADVICE BUREAUX Trustees, Report for the Year Ended 31 March 2024 4. SERVICES 4.1 Overview The level of demand has continued lo be high. CAB assisled just over 4,000 people with 13.930 issues in 2023-2024 - an astonishing 47P/o increase compared lo 2022-2023. The headline figures cannot rellect. however. Ihe complexity of some of the cases we resolved, whith were more challenging for the advice team lo deal with and required more lime. This increase in demand is also. in part. due to rising inflation, unprecedented hikes in energy costs, 2nd Ihe general cosl-of-living crisis. Consequenlly, CAB has had to train all paid staff and volunteers in supporting clients with managing their energy bills, helping clients with deficit budgets lo reduce non-priority expenditure and maximi$e their income. as well as the Changes to other categories of our work. Our team al CAB has also been instrumental in training advisers in other organisalions through Advice First Aid training. Advice First Aid 15 a free one4ay, inlioduclory course delivered in person by a Citizens Advice expert aimed al frontline volunteers and staff in non-advice role. 4.2 Infom)ation. Advice and Guidance Service Contract Having pul in a successful bid, CAB is now in ils second year of a four-year contract with Brent Council lo deliver Information, Advice and Guidance lo Brent residents. The IAG servi￿ contract, which commenced in December 2022 is for a fixed period of 2 years with an oplion for two singlethyear extensions 12+1 +1)- The overall council funding is now £489k per year. Experience has shown that investment in our advice services directty beneffits the Council because our early intervenlion can avert cosuy expendrture on statutory services further down the line, as is demonslraled by Ihe positive outcomes and income gains that we obtain for local Tesidenls. We are an organisalion with expertise in social welfare law area, including welfare benefilslcredils, housing, ernploymenl. debl. and immigration. We also hold an AQS {Advice Quality Standard) Casework in Welfare Benefits and Debt. The accreditation was renewed in February 2024, and CAB also achieved Ihe AQS Casework for Housing. 4.3 Outreach seNices 4.3.1 Famity Wellbèing Centres (Fwcsl Under our currenl IAG service contract. as with our previous primary advice contract wilh Bfenl Council, we continue to deliver advice al the eight FWCS in the borough. Parents of children under 18 (previously limited lo 5) who are registered with the Cenlres and need social welfare advice are provided with appointments lo see or speak lo a CAB adviser. In the last financial yeai, CAB supported 1,402 families with 2.550 issues. The cosls of living an(J housing were the most significant issues families experienced in the year under review. CAB achieved financial gains of £682,293 lor 569 families. reduced or wrole off the debt of 230 families by a total of £224,343, and secured or clarified the immigration slaltjs of 201 families andl or their family members. CAB advised and guided 127 parents on various employment mallers, supported 554 families to secure accownmodation or prevent homelessness. and feferred 107 families lo other support services. These numbers reflect the significanl impact of CAB work in the last financial year. Page 9 BRENT CITIZENS ADVICE BUREAUX Trustees, Report for the Year Ended 31 March 2024 4.3.2 Brent Hubs Under a four-year conlract. CAB provides seNices al four Bfent Hubs. From April 2023 to March 2024. the Servi￿ ieceived 6.363 advice requests fiom residents and conducted 49 housebound appointrnenls. The primary issues addressed indude benefiisllax Credits. housii)g, Universal Credit. debt. and utilities. This se[Vi￿ also generated £1.702.923 in inrx)me gains for Brent Tesidenls. We also provide the seNice through our adviceline and digitally. Aftei the initial challenges, mainty due to specific eligibility Cfiteria in the IAG Service ContTact and getting the logistics of delivering the service In place. the IAG Service element for Ihe homebound Brent residents is also now gaining momentum. In addition to the 6.363 advice request5 from Brent residents. we dealt with 829 advice requesls from non-residents. Of this. 476 (57.4°fi) advice requests were across the FWCS (32°A) and Brent Hubs168°h)- We do not have control over this, nor can we decline the requests. Most of those requests are from former residents, including those who remain connected lo Brent. In this period. we dealt wllh 15.145 issues (far more if Ihe statistics for the non-residents are included). The top five issues Brenl residents presented with queries on are benefitsltax crèdits, housing, Universal Credit, debt and uts'lits'es. 4.4 Advi¢e First Aid In addition, we delivered Advice First Aid (AFA) training to several frontline slaff and volunteers. lypically in non-adviser roles, across 4 AFA training sessions hosled by the Latin American House. Organisalions that benefitted from the training indude Sufra NVV London. SAAFI, Brersl Health Mallers. Brenl Foodbank (formerly Trussell Tnjsl Foodbank}. Kilbuin Coop, Age UK Hillingdon, Harrow & Brent, and Brent Council staff (Turning Point) and Office of the Mayor ol London. We received six complaints in this period. We consider complaints a vital part of evaluating 2nd improving our service. Therefore. we actively promote and encourage residents who, for whatever reasons, are unhappy with the service they received from us lo raise their issue directly with us. Four of the six issue5 raised related lo access issues. as an increasing niimber of residents want us to provide a drop-in IAG service 3t our main office rather than requesling advice from us at the numerous oulreach cenlres we attend. Page 10 BRENT CITIZENS ADVICE BUREAUX Trustees, Report for the Year Ended 31 March 2024 5.0 SPECIALIST SERVICES FUNDED BY PARTNERS 5.1 National Lottery Community Fund This funding enabled Ihe employment of a new adviser able lo provide immediate assistance to elienls with housing. welfare benefits. employment. and debt issues at our Head Office on Willesden High Road. 5.2 Greater London Authority Cost of Living Project In its secofid year, this project is a collaboration of 20 Londor) Citizens Advi￿ charities and inc5udes various roles such as Crisis Prevention Advisers and Specialist Welfare Advisers. The initiative. which partners with the London Legal Support Trust. aims lo support Londoners facing cost of living challenges through outreach advice, community group referra15. and crisis prevention. In Brent, services are PTovided from the main office and Kensal Rise Library. 5.3 Propel and London Legal Support Trust Funded by the Propel 'Robust Safety Nel. stream, thi5 proje¢l aims lo develop a sustainable advice sector workforce embedded in disadvantaged communities. It includes employment pathways for trained advisors, ensuring ongoing support for marginalised groups. Through this project. CAB managed lo secure funding to employ an adviser on a fixed term post for 12 months. 5.4 Brent Food Bank Collaboration Brent Foodbank is part of a nationwide network of food banks providing emergency food and support to people locked in poverty. Working in partnership. CAB provides up to 28 hours of support per week al hvo Brent foodbank localions.. Neasden and Kingsbury, aiding those in need with various issues including welfare benefits. housing and consumer Issues. 5.5 Debt Free Advice Ifonnerly Debt Free Lolydonl The Debt Free Advice service. funded by the Money and Pensions se￿1￿ IMaPS). is a pan-London initiative led by Toynbee Hall and involves 23 partiiipating organisalions. induding CAB. Due lo the seismic change in client volume target for 2023-24 our Servi￿ assisted 471 people the previous yearfs laiget was 697_ Nevertheless. we dealt wf(h combined problem debts of £4.715.066. which 15 an increase of 31 /0 from the previous yeaT. Having suc￿sSfUllY delivered the previous contract. which ended on 31 March 2024. we were awarded a new conlracl which runs until 31 st March 2025. 5.6 Eneryy Advice Project Working in partnership with national Citizens Advice wa the Energy Advice Programme (EAPI. CAB provides one lo one energy advice appointmenls to clients who are in or at risk of fuel poverty. Energy advice includes advice on energy efficiency, incorne maxirni5alion and energy grants with the airn of reducing bills. 5.7 John Fisher Free Legal Advlcg Service The seivice was established in memory of Johrb Fisher, who conlribuled significantty to CAB. The project is now in its 23rd year and is now generously supported by Clyde & Co LLP. This inlernalional law firm has been funding a coordinator lo service our Honorary Legal Advice IHLA) sessions since the project slarted in December 2001. and we are indebted to them for their continued support of the project. Page11 BRENT CITIZENS ADVICE BUREAUX Trustees, Report for the Year Ended 31 March 2024 Our virtual HLA Employment Advice Clinic continues lo thrive. and lawyers from Clyde & Co advise clients via video caiinelephone. This delivery model proved essential during and post pandemic, and allempts are being made to recruit more volunleefs for the service. Between 2023 2024, CAB delivered 41 appolr)Imenls. Moreover. since 2001, there have been 700 sessions held. 2.128 unique clients seen. 2110 volunteer lawy&rsltrainees participated and £477,000 gained for clienis. 5.8 Food Roots Project- Healthy Start The Giealer London Authority has funded CAB lo deliver Healthy Start training to specified food partnerships supported as grantee5 under the GLA'S Food Roots Programme. The overall aims of the funding are to increase aw8rene55 and visibility of Healthy Start across food pariiierships ('gtantees') and Londoners who use Iheir seNices, including newly Irained staff and volunteers who can signpost and support applications and facilllaie beller links belween stalulory and voluntary sector woik on Healthy Start. Also, lo develop a training programme which supports grantee partnerships and their member organisalions lo increase Heallhy Start uptake among the communities they 5UPPOrt. &9 Park Royal Centre for Mental Health Pond Ward. Pine, Aspen, Caspian and Shore Ward at Park Royal Mental Heallh Centre in Brent are adult inpalienl wards providing a safe and therapeutic environment for people wilh acule mental health problems. CAB has been funded lo provide an advice seNice for their inpalients since 2004 and continues supporting them primarily wlth welfare benefits. housing, and debl mallers A significant relationship with the Trnst has built up over the years, and we hope lo exlend this in Ihe future. We assisted 132 clients with 765 issues at Park Royal Centre lor Menlèl Health in 2023-24 generating income gain5 of £247,619. 6.0 COLLABORATIVE EFFORTS AND COMMUNI￿ IMPACT With collaboration now one of our three key pillars. working with colleaguos from local agencies has become an integral part of our culture al CAB. While there are inherenl challenges, such as agencies specialising in services for specific client categories, we believe Ihal collaborating wilh other organisalions enable5 us lo provide dienls with more cohesive services. This approach reduces the risk of failed referrals, delays and confusion for cllen15 who may already be In desperale need of help. In 2023-2024, CAB developed successful working relxtionships with the Workers, Rights Cenlre, Northwest London Law Cenlre. and Ken5al Rise Library. Wothing with our funders and partners, CAB can" 6.1 Offer Comprehensive Support: Wide Range of Services- CAB addresses 3 variety of issues. including debt. benefits. housing, employment, consumer rights. relationships, and taxation. Expert Advisers= Trained and regulated advisers provide specialized assistance lo ensure dients receive the best possible support. Page 12 BRENT CITIZENS ADVICE BUREAUX Trustees. Report for the Year Ended 31 March 2024 6.2 Provide Outreach and Ac¢ès$ibility." Targeted Outreach: Services are specifically designed to reach those most in need. such as mental health patients and individuals facing cost of living challenges. Accessible Locations: Semces are delivered Ihrough multiple outre2¢h points including menlal health wards, food banks. libraries, and hubs across Brent. 6.3 Showcaso Collaboralive Efforts: Partnershlp$: Collaboration wilh 23 organizations. including Ihe Money and Pensions Service (MaPS). Toynbee Hall. Greater London Authority, and Brent Council. amplifies the effectiveness of our services. Specialised Projects: Inilialives like the London Citizens Advice GLA Cost of Living Projed enhance service delivery and community engagement. 6.4 Demonstrate Impactful A¥sistsn¢o: Financial B•nefits: CAB has genefaled significant income gains for residents, addressing financial stability and improving quality of life. PraGti¢al Support: Immediate and comprehensive support for over 4.000 clients annual￿, tackling critical issues such as housing. welfare benefits, and employment. We continue to demonstrate the value of our work to funders, opinion formers, and policymakers by presenting statistical outcomes that highlight our impact. Page 13 BRENT CITIZENS ADVICE BUREAUX Trustees, Report for the Year Ended 31 March 2024 7. MEDIA AND PROMOTIONAL WORK CAB intends lo make greater use of social media lo reach new and existing clients, community groups, voluntary organizations. councillors, MPS. and the wider public. This presents an opportunity for development over the next 12 months. Adclilionally. our website will be refrèshed and updated to provide resldenls wilh inlemet attess and uplt>dale information on policy and legislative changes. particularly those affecting benefit entitlements. . STAFF DEVELOPMENT AND RECRUITING VOLUNTEERS With the ending of Ihe pandemic work patterns for 51aff changed during 202312024 wilh a shift away from home working and telephone adwce to more office- based contact and advice. while accommodating flexible working where appropriate. All staff are required to be present in the office a minimum of foul days a week. This also reflects the criteria stipulated in the IAG Service ConlTacl awarded by the London Borough of Brent. Staff and Volunteers are CAB'S greatest resource, and their development is vital to maintain a quality service lo dients. Staff enhance their skills by attending face-to-face. e4earning, and livelreco¥ded webinars training sessions, regular team briefings and supervision sessions during which they contribute lo the process of reviewing performance and raising standards. The new Head of Advice meels iegularly with the Advice Supervisor and Office Manager to discuss, review, and share good practices lo ensure consistency and efficiency in the delivery of advice service to Brent residents and support the continuous professional development of the advice team, including the advice volunteers. Volunteers have a vital and increasingly important role in service delivery. The Tru51ee Board also consists of volunteers who bling a range of skills and experience lo the service. Their commitment and conlribution are a great asset. Page 14 BRENT CITIZENS ADVICE BUREAUX Trustees, Report for the Year Ended 31 March 2024 9. FINANCIAL REVIEW: 9.1 Financial challenges Despite facing intense competition for limited funds, CAB successfully navigated significant financial challenges in 2023r24. Through a slrategic restnjcture. CAB successfully managed to maintain prudent expenditure levels and deliver an effective income generation stralegy. resulting in additional income. OUT key strategy moving forward is to diversify our funding sources. lessen our dependence on the IAG Service Contract with the London Borough of Brent and lo enhance CAB'S financial 5Lislainabilily. 9.2 Investment powers and policy The Trustees have continued with investment5 of funds in higher interest accounts. Under the Mernorandum arrd Articles of A550ciation the charity has Ihe power lo irbve5t Dr deposrt funds in any lawful manner whilst having regafd lo the suilabilily of investments and the need for diversification. 9.3 R95erves policy The Trustee5 have examined the Charily's requirements and have established the level of reserves (Ihal is those funds that are freely available) th31 the Charily ought lo have in light of the main risks to the organisalion. The aim is to ensure that the organisation retaill5 reserves equivalent to three months of operaling expenditure to reflecl the Trustees, legal and fiduciary obligations on a going concern basis, for example payment of redundancies or other liabilities,. or bridge Ihe funding gaps be￿een spending and receiving resource5 from funders. Reserves are also held lo cover possible emergencies. for example sustaining operations whilst income generating activities are under way. and to meet the working capital requirements of the organisation lo conlinue the work of the organisalion in Ihe event of a significant reduction in funding. The level of unrestricted reserves at 31 March 2024 were £512.595 {2023= £547,401) which means the organisalion is meeling ils aims of holding three months, operating expenditure. Page 15 BRENT CITIZENS ADVICE BUREAUX Trustees, Report for the Year Ended 31 March 2024 O. PLANS FOR THE FUTURE CAB will continue the activities outlined above, subject to satisfactory funding arrangements. The major concem for the charity is the need to Temove the ieliance on the London Borough of Brent IAG Service Contracl and the impact on our clients of the cosl-of-living crisis. Against a backdrop of financial cuibacks and signiflcantty less money available lo fund local voluntary groups from traditional sources. The Truslee Board (x)mmends this achievement. One of the difficulties affecting all voluntary sector agencies is that funding is typically short-term. This makes stiategic planning a significant challenge, especially when deffland continues to increase. The Trustees are committed lo supporting a quality seNice for our clients. one that ieflects a wide range of need in the local communily. The value placed on the contribution of CAB by service users 15 demonstTated in the high level of sat15faclion recorded in OUT regular Surveys of their view5. 11. STRUCTURE. GOVERNANCE AND MANAGEMENT 11.1 Govgmlng Document CAB is a company limited by guarantee. governed by its Memorandum and Articles of Associalian dated Decernber 2007 and recently updated January 2024. It 15 registered as a Charity with the Charity Commission. 11.2 Appolnlment of Trustees Until otheTwise determined the number of Trustees shall not be neither less than nine nor more than ￿enty being either.. a) elected at the Annual General Meeting, and who shall hold office from the conclusion of that meeting bl nominated by a member org8nisalion c) co-opted by the Trustee Board, Provided that the total number of co-opted and nominated Trustees does not exceed one third of the lolal nurnbeF of Trustees. Each appointmenl of a cts-opted or nominaled Trustee shall be made al an ordinary meeling of the Trustee Boaid and shall take effect immediately. unless the appoinimenl 15 10 fill a place which has not yet been vacated in which case the 3ppoinlmenl shall run from the dale when the post becomes vacant. All elected Truslees shall retire from office at Ihe third Annual General Meeting {AGMI following the AGM at which they were elected but may be Te-elected. All nominated or co-opled Trustees shall retire Irom offsce at the Ihird AGM following the ordinary meetin9 of the Trustee Board at which they were appointed but may be re-appointed. Al the ordinary meeting of the Trustee Board immedi3tely preceding the AGM. the Trustee Board shall lif applicable)-. review member organisations.. and consider any application for repiesenlalion on Ihe Ttustee Board from any member organisalion. Page 16 BRENT CITIZENS ADVICE BUREAUX Trustees. Report for the Year Ended 31 March 2024 Consider any proposal from a Trustee to offer repTesenlalion on the Trustee Board to any member organisation. Any proposal from a Trustee to offer representation to a membef organisalion can be voted on. If this motion is passed by a majority of at least Iwo-thirds of the Trustees presenl. the Trustee Board will decide how long the organisation can be represented foi and invite it to nominate a representative. As set out in the Articles of Association the Chair of the Board of Trustees is nominated and elected al the meeting immediatety following the AGM. The Honorary TreasuTer ar)d Chairs of sub committees are similarly nominated and elected. The AGM is held each year in January. The Chair is pemiitted to seTve for a total period of 6 years but is elected or re-elected at the AGM. The Trustees seek lo ensure thal the needs of the community are appropriately reflected through the diversity of the body of Trustees. To enhance the potential pool ol Ihe Trustees, the charity advertises V2can¢ies and Skills, and experience required on the Trustee board locally and nationally, seeking lo identify people who would be interested in joining the Trustee board and using their experience lo assist the Charity. In an effort lo maintain a broad skill mix, Trustees are requested to provide a list of Iheir skills on an annual basis. In the event of particular skills being losl due to retirements. polenlial applicants are approached lo offer themselves for election to the Trustees. 11.3 Induction and Tralnlng of Trustees New Trustees undergo an orientation period lo brief them on Iheir legal obligations under charity and company law. the conlenl of the Memorandum and Articles of Association, the Trustee Board and decision-making processes. the business plan and reeenl financial performance of the Charity. Prior to joining Ihe Trustee Board, they are invited lo allend a board meeting and a sub-committee meeting. During the induction period they meet key employees and other Trustees. New Trustees are also invited to attend an induction training event provided by Citizens Advice lo inform them about the role of and relationship with the national organisation. All Trustees are encouraged to attend appropriate mandatory Iraining events where these would facilitate the undertaking of their role. Trustees are also encouiaged to attend occasional staff meetings or shadow staff delivering advice to familiarise themselves with the issues conceming the day-to-day aclivilies of the organisalion. 11.4 Organisation The Trustees administer the Charity. The Trustee BoaTd meet5 5 times a yeaT, and in addition there are two sutFcommiltees covering Finance, Audit and External Engagetnent- and Personnel. Health and Safety and Premises, which wneet a minimum of 4 times a year. The subcommittee meetings may be held remotety- 11.5 Arrangements for Setting Pay and Remuneratson of Key Management Personnel The Trustee5 di5CU5s pay and remuneration at the Personnel. Health and Safety and Piemises subcommittee and make recommendations lo the full Trustee B03rd. The benchmarks used for setting pay and remuneration are from the national Citizens Advice report on Local Citizens Advice ('LCA') Salary Data. the lasl of which was issved in 2020. This enables CAB lo sel salaries that are comparable to other LCA offices. 11.6 Risk Management The Truslees pay due atienlion lo risk management and rewew risks lo the organi5ation, as a rninimufn, on a quarterly basis. The Board has a risk man3gemenl strategy which comprlses.. Page 17 BRENT CITIZENS ADVICE BUREAUX Trustees, Report for the Year Ended 31 March 2024 A quarterly review ol the risks the Charity may face The establishment of systems and procedures to miligate those risks identified in the plan The implementation of procedures designed to minimise any potential irnpacl on the Charity should those risks malerialise 12. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also the directors of CAB for the purposes of company law) are responsible for preparing the Trustees, Report and the Financial Statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice) and applicable law and regulations. Company law requires the Trustees lo prepare Financial Statements lor each financial year. Under that law the Trustees have elected to prepare the Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice {United Kingdom Accounting Standards and applicable law)- Under company law the Trustees must not approve the Financial Slalemenls unless they are satisfied that they give a true and fair view of the sl?te of affairs of the charitable company and of ils incoming resources and application of resources, including rts income and expenditure, for that period. 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 SORP 2019 (FRS 1021- make judgements and estirnates that are reasonable and Prudent slate whether applieable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slatemenls., and prepare the financial stslemenls on the going concem basis unles5 il is inappropriate lo presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficienl lo show and explain the charitable company's transactions and disclose with reasonable accuracy at any lime the financial p0511ion of the charitable company. The Trustees are also responsible for ensuring the financial statements comply with the Companies Act 2006. They are a150 responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. 13.0 Disclosure of information to auditor Each Trustee has taken step5 that they ought to have taken as a Trustee order lo make themselves aware of any relevant audit information and to establish that Ihe Charitys auditor is aware of thal information. The Truslees confirm there is no informalion which is relevant lo cornducling the audit Ihat they know of and of which the 8udiiors are unaware. 13.1 Reappointment of audltor The Truslee board will discuss the re-appointmenl of the auditors in accordance with Section 485 of the Companies Act 2006. Page18 BRENT CITIZENS ADVICE BUREAUX Trustees. Report for the Year Ended 31 March 2024 13.2 Small companies provision statement This report has been prepared in accordance with the spe(ial provisions relating to companies subject to the small companie5 regime within Part 15 of the Companies Act 2006. The annual report was approved by the TTUStees of the charity on K?!_!i. and signed on its behalf by- Helen Giasson Chairperson and Trustee Frances Hutchinson Chairperson and Trustee Page 19 BRENT CITIZENS ADVICE BUREAUX Independent Auditor's Report to the Members of Brent Citizens Advice Bureaux Opinion We have audited the financial statements of Brent Cslizens Advice Bureaux for Ihe year ended 31 Marth 2024. which comprise the Slaternent of Financial Activities. Balance Sheet. S131etnenl of Cash Flows. and Notes to the Financial Statements, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards. comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements-. give a Irue and fair view of the state of the charity's affairs a5 at 31 March 2024 and of tts incoming resources and application of resources. including its income and expenditure, for the year then ended.. have been properly prepared in accotdance with United Kingdom Generally Accepted Accounting Pracli¢e.- and have been prepared in accordance with the requirements of Ihe Companies Act 2006. Basls for opinion We conduded our audit in accordance with Inlernalional Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for Ihe audit of the finanGial statements se￿10n of our report. We are independent of Ihe charity in accordance with the elhical requirements that are relevant lo our audit ol the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled OUT Other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audillng the financial slatements, we have conduded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainlies relating to events or conditions thal. individually or collectively. may cast significant doubl on the charitys ability lo continue as a going concetn for a period of al least twelve months from when the Original financial slalemenls were aulhorised for issue. Our responsibiif(ies and the responsibilities of the Trustees with respect lo going cori¢em are described in the relevant sections of this report_ Other information The Trustees are responsible for the other information. The other infoimalion compTtses the information induded in the annual report. other than the fitbancial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other inlormalion and. except to ihe exienl otherwise explicitly staled in our report. we do not express any for¥n of assurance conclusion Ihereon. In connection with our audil of the Iinancial statemen15, our responsibility is lo read the other infomialion and. in doing so. consider whether the other irbformalion 15 materially inconsistent wilh Ihe financial 51alemenls or our knowledge oblained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether there is a material misstatement in the financial slalemenls or a material misslalemenl of the other information. If, based on the work we have performed. we conclude that there is a material mi55tatemenl of this olher information, we are required lo report that fact. We have nothing lo report in this regard. Page 20 BRENT CITIZENS ADVICE BUREAUX Independent Auditor's Report to the Members of Brent Citizens Advice Bureaux Opinion on other matter prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the TTUStees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Trustees, Report ha5 been prepared in accoidance with applicable legal requiTements. Matters on which we are required to report by exception In the iight of our knowledge and understanding of the charity and its environment obtained in the course of the audit. we have not identified materral misstatements in the Trustees. Report. We have nothing to Teport in respect of the following matters where the Companies Act 2006 requires us to report to you if. in our opinion.. adequale accounling records have not been kept. or retums adequate for our audil have not been received from branches nol visited by us.. or the financial slalements are not in agreement with the accounting records and returns., or ertaln dlsclosures of Trustees remuneration specified by law are not made: or we have not received all the infom)ation and explanations we require for our audit. the Trustees were not enliued to prepare the financial stalemenls in accordance with the small ompanies regime. and take advantage of the small companies exemptions in preparing the directors, report. and from the requirement to prepare a slralegic report. Responsibilities of Trustees As explained more fulty in the Statement of Trustees. Responsibilities (set out on page 151, the Trustees are responsible for the preparation of the financial Statements and for being satisfied that they give a true and fair view, 2nd for such inlernal control as the Ttuslees determine is necessary to enable the preparation of financial statements that are free from material misslalement, whether due lo fraud or error. In preparing the financial stslemenls. the Trustees are responsible for assessing the d)arity's ability lo continue as a going concern, disclosing, as applicable. mallers related lo going concem and using Ihe going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative bul lo do so. Page 21 BRENT CITIZENS ADVICE BUREAUX Independent Auditor's Report to the Members of Brent Citizens Advice Bureaux AuditoVs responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole ale free from material misslalemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee Ihal an audit conducted in accoidance with ISAS (UK) will always detect a material misslalemenl when it exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Based on our understanding of the Charity and the sector in which it operates, we determined that the principal risks of non-compliance with laws and regulations related lo Ihe reporting framework IFRS 102. Companies Act 2006 and the Charities SORP 20191, health and safety legislation 2nd data protection legislation. These risks were communicated lo our audit team and we remained alert lo any indications of non-cornpliance throughout our audit. We understood how the Charity is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and lo what exlenl these corroborate this understanding and assessed the susceptibility of the Charity's financial statements lo material misstatement. This included consideration of how fraud might occur and evaluation of management's incentives and opportunities for fraudulent manipulation of the financial stalements. We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, bul were not limited to. inspection of any regulatory or legal correspondence. inspection of grant documentation and the conditions contained therein.. challenging assumptions and judgements made by management.. identifying and testing journal entries with a fockJS on large or unusual transactions as determined based on our understanding of the busines5,' and identifying and assessing the effectiveness of controls in place lo prevent and detect fraud. Page 22 BRENT CITIZENS ADVICE BUREAUX Independent Auditor's Report to the Members of Brent Citizens Advice Bureaux As part of an audit in accoTdance with ISAS (UK), we exercise professional judgemenl and mainL9in professional 5ceptlClsm Ihioughout the audit. We also.. Identify and assess the risks of materi21 vnisstatement of the financial slatemenls, whether due to fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence thal is sufficienl arbd appropriate to provide a basis for our opinion_ The risk of not delecling a material isstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. foigery, intenlional omissions. misrepresenlalions. or ihe override of internal control_ Obtain an understanding of inteTnal control ielevant lo the audit in order to design audit Pro￿dureS that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitys internal control. Evaluate the approptialeness of accounting policies used and the reasonableness of accounting estimate5 and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainly exists related to events or conditions that may cast significant doubl on Ihe charitys ability lo continue as a going concern. If we conclude that a material uncertainly exists. we are required to draw attention in our audilorfs report lo the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evKlence obtained up to the date of our auditor's report. However. future events or conditions may cause the charity lo cease lo continue as a going concern. Evaluate Ihe overall presenlalion. struclure and content of the financial statements, including the disclosures. and whether the financial slalements represent the underlying Iransactions and events in a manner that achieves fair presenlalion. We communicate with those charged wilh governance regafding. among other matters. the planned scope and liming of the audit and significant audit findings, including any significant deficiencies in inlemal control that we identify during our audit. Use of our report This report is made solely to the charitable company's Trustees. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo Ihe charity's Trustees those matters we are required to slate lo them in an audilorfs report and for no other purpose. To the fullest exlent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and 115 Trustees as a body, for our audit Wofk, for this report, or foi the opinions we have formed. Darren Bond Isenior Statutory Au For and on behalf of Brebners, Statutory Auditor 130 Shaftesbury Avenue London W1D5AR . i* lol* Dale... Page 23 BRENT CITIZENS ADVICE BUREAUX ststement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted Designated funds Funds Restricted funds Totsl 2024 Year ended 31 March 2024 Note Income and Endowments from: Local Authority Grant Grants & Contracts Donations Investment income Other income 530,696 530.696 223,458 1,087 11.308 556 223,458 1.087 11.308 556 Total income Expenditure on: Charitable activities 543.647 223,458 767,105 {389.824) 1476,146) 865.970) Total expendibjre (389.824} (476.146) 1865.970 Net incomel{expenditure) 153,823 1252.688) 188.629 (98.8651 Transfers befvjeen lunds {188.629) Net movement in fund¥ 134.8061 (64.0591 198,865) Reconclllation of funds Tolal funds brought forward 547.401 60,732 69,907 678.040 Total funds carrfed forward 19 512,595 60,732 5.848 579,175 The notes on page5 28 to 46 form an integral part of these financial slalements. Page 24 BRENT CITIZENS ADVICE BUREAUX Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Comparative Statement of Financial Activities for the Year Ended 31 March 2023 Unrestricted Designated funds Fund5 Restricted funds Total 2023 Year ended 31 March 2023 Income and Endowments from: Local Authority Grant Grants & Contrac15 Donations Investment income Other income Nole 493.265 493.265 286.783 1.115 2,280 1.098 286.783 1,115 2,280 1,098 Total income Expenditure on: Charitable aclivities 497,758 286,783 784,541 413,824 1355.694) {769.518) (769.518) Total expenditure 413,824) 1355,694 Net in¢omellexpendlture) 83.934 68,911 1 S,023 Net movement Sn ￿ndS 83,934 (68.9111 15,023 Reconcillatlon of funds Total funds brought forward 463,467 60.732 138.818 663,017 Total funds carried forward 19 547.401 60.732 69,907 678,040 All of the charitvs activities derive from continuing operations during the above I￿0 periods. The funds breakdown foT 2023 is shown in note 19. All recognised gain5 and losses are included in Ihe Statement of Financial Aclivilies. The notes on pages 28 10 46 form an integral part of these financial stalemenls. Page 25 BRENT CITIZENS ADVICE BUREAUX (Registration number: 03091835) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 13 90,057 Current assets Debtors Cash at bank and in hand 14 33,415 846,431 327,319 504,234 15 879,846 831,553 Creditors: Amounts falling due within one year 16 116,5261 70,001 Nèt current assets 763,320 761.552 Total assets less current liabilities 763,320 851,609 Provisions 17 1184,145 173.569 Net assets 579,175 678,040 Funds of thè charity: Restricted income funds Restricted fijnds 5,848 69.907 Unrestricted income funds Unrestricted funds Designated Funds Total unrestricted funds 512,595 60,732 547.401 60,732 573,327 608,133 Total funds The Financial Statements have been prepared in accordance with the provisions applicable to small companies according to Part 15 of the Companies Acl 2006. 19 579.175 678.040 The financial slalemen15 on pages 24 to 46 were approved by the Trustees, and authorised for issue on *112 /.L.¢.2:1i and signed on their behalf by.. Helen Gla550n Chairman and trustee Frances Hutchinson Chairman and trustee The notes on pages 28 10 46 form an integral part of these financial slalernenls. Page 26 BRENT CITIZENS ADVICE BUREAUX Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Note Cash flows from operating activities Net cash (expenditUTe}fincome {98,865) 15,023 Adjustments to cash flows from nonvcash items Depreciation Investment income 90,057 (11.308) 90,989 2.2801 103.732 120.1161 Working capitsl adjustments Decreasellincrease) in deblors Increasel(decrease) in creditors Increase in deferred income ChaTgedlcredited to SOFA 293,904 20,398 26,127 10.576 157.501) {127.561) 15.000 {26,496) 16 Net cash flows from operating activities 330,889 {92,826) Cash flows from investing activities Interest re￿1vable and similar income 11,308 2.280 Net increaselldecrease) in ¢ash and ¢ash equivalents 342.197 190.546) Cash and cash equivalents at 1 April 504.234 594,780 Cash and Cash equlvalents at 31 March 846,431 504,234 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 28 to 46 form an integral part of these financial statements. Page 27 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 1 CHARITY STATUS The charity is a company limited by guarantee, incorporated in England and Wales. and consequently does not have share capital. Each of the Trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidalion. The charitvs registration number is 1049632 and its company registration number 15 03091835. The address of 115 registered office is.. 270-272 High Road London NW10 2EY 2 ACCOUNTING POLICIES Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial slalemenls are set oul below. These policies have been consislenlly applied to 311 Ihe years pre5enled, unless otherwise staled. Stsiement of compliance The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). They also compty with the Companies Act 2006 and Charities Act 2011. 8asis of preparation CAB meets the definition of a public benefit enlily under FRS 102, Assets and liabilities are Initially recognised al historical cost or transadion value unless othe￿iSe slated in the relevant accounting policy notes. The charity has adapted the Companies Ad formals to reflect the special nature ol the charivs aclivilies. The financial slalemenls are presented in slerling which is the functional currency of the charity. Amounts within the Iinancial slalemenls are rounded to the nearest £1. Going concern The charity is dependent on the continued sUPPOrt of funders. The Trustee5 believe that Ihe charity will conline lo receive support and accordingly consider that il is appropriate to prepaTe fin3ncial statements on a going concern basis. If funding was cul Ihe Tru51ees believe Ihat the charity's activities, and consequenily costs. could be reduced accordingly. and with the current level tjf unreslricled funds they believe that Ihe charity could continue in operation al a lowei level ol aGlivily for the foreseeable Iuiure The financ131 statemen15 do not include the adjustments that would result if the charity was unable lo conlinue as a gging concern. In preparing the accounts, the Trustees have therefore adopted Ihe going concern basis. Page 28 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 Income Donations and legacies income received by way of donations and granls is recognised when the charity is legally entitled to the income. certain of re￿Ipl and the amounl can be quanlilied with sufficient reliability. Income is recognised when the charity has entitlement to Ihe funds. any performance conditions attached to the itettbs of income have been met. it is probable that the income will be received and the amount can be measured reliably. IncoFne is deferred onty when the charity has to fulfil conditions or the income relates to future periods. Investment income arises from interest bearing bank accounts and is recognised on a receivable basis. Fund5 Unrestricted funds comprise accumulated surpluses and deficits on general funds which are available for Use al Ihe discretion of the Trustees. in furtheiance of the general charitable objectives. Restricted funds are subjecl to specific restTiCted conditions imposed by the donors. Deferred income Deferred income represents amounts received for future periods and 15 released to incoming resources in the period for which. it has been received. Such income is only deferred when.. The donor specifies that the granl or donation must only be used in future accounting periods-, or The donor has imposed conditions which must be met before the charTrly has unconditional entitlement. Investment income All the investment income arises from an inlerest-bearing deposit account. Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or conslruclive obligation to make payments lo third parties. il is probable that the settlement will be requirod and the amount ol the obligation can be measured reliably_ All expendilure is calegorised as expenditure on charitable activities includes governance costs and support costs. Governance costs include those incurred in Ihe govemance of the chaTrty and its assels and are primarily assoaaled with con5tilulional and statutory requirements. Charitsble activities Charilable expenditure compllses Ihose costs IriciJTred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly lo such actimties and those costs of an indiTect nature necessary lo support them Depreciatlon and amortisation Depreciation is provided on tangible fixed a5sels, other than assets under conslrvction. so a5 to write off the cost or valualiors. less any estimated residual value, over Iheir expected useful economic life as follows". Asset class Depreciation method and rate IT & Communication Equipment 25.10 per annum slraighl line Leasehold Improvements 25 % per annum straight line Page 29 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 Debtors Prepayments are valued at the amount prepaid nel of any trade discounts due. Accrued income and tax recoverable is included at the besl eslimale of the amounts receivable at the balanee sheet d31e. Trade and olhei debtors are recognised at the selllement amount due. Cash and cash equivalents Cash al bank and cash in hand indudes cash and short term highly liquid investments with a short maturity of IhTee months 01 less from Ihe dale of acquisition 01 opening of Ihe dep051t or similar account. Creditors Creditors are iecognised where the charity has a present obligation Tesulling from a past event that will probably result in the transfer of funds lo a Ihiid paty and the amount due to sellle the obligation can be measured or eslimaled reliably. Creditors are normally recognised at their seltlemenl amount after allowing for any trade discounts due. Provisions Provisions are recognised when the charity has an obligation al the reporting date as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Operating lease agreemènts Rentals payable under operating leases are charged against income on a straight line basis over the lèase term. Pensions Members of staff who joined prior to 31 October 2000 were eligible to join the Charity's defined benefit managed by the National Association of Citizens Advice BureaLlX after the completion of a qualifying period of Service. The scheme is a rnulli-employei pension scheme and il is nol possible to Identify Ihe assels and liabilities of the scheme which are allributable to CAB. In accordance with FRS 102 therefore, Ihe scheme is accounted for as a defined contribution scheme. Contributions lo the scheme are charged lo the Statement of Financi31 Aclivities as Ihey become payable in accordance with Ihe rules of the scheme. Financial instruments The Clianty only has financial asse15 and fin3ri¢ial liabilities of a kind that qualfy as basic Iinancial insltumenls. Basic financial inslrumenls are initially recognised at Iiansaclion value and subsequently measured al their selllemenl value with the exception of bank loans which are subsequently measured at amortised cost using Ihe effeclive interest method. Fixed assets other Ihan freehold land aTe recorded at deprecialed historical c05t and all other a55ets and liabilities are recorded al cost which is Iheir fair value. Page 30 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 3 LOCAL AUTHORITY GRANT Unrestricted funds Total 2024 Total 2023 London Borough of Brent: General Advice grant Brent Advice Partnership Total Local Authority Grants Received Less Payments To Partners Net Grant 530,696 373.978 119,287 493.265 (49.495) 443.770 530,696 530.696 4 GRANTS & CONTRACTS Restrlcted funds Total 2024 Totsl 2023 Clyde & Co Brent Housing Management (Partnership) Children's Cenlres Park Royal Centre for Mental Health Capitalise Winter Wamith Project Propel Project National Lottery Community Fund Energy Advice Universal Support European Union Settlement Scheme TTussell Tru51 GLA - Cost of Living Advice Total Restricted Grants & Gonlrac15 Total Grants & Contracts 15,000 30,(M)O 6,554 57,409 23,000 80,993 98 34,000 89,452 2,224 3,333 7,875 35.284 2,749 7.320 27,376 16,000 286.783 286.783 25.574 46,000 223,458 223.458 5 DONATIONS Unrestrfcted funds Total 2024 Tolal 2023 Anonymous Donation5 1,087 1,087 1,115 1,115 Page31 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 6 INVESTMENT INCOME Unrestricted fund5 Total 2024 Total 2023 Interest receivable and similar income- Interest receivable on bank deposlts 11.308 2,280 7 NET INCOMEIEXPENDITURE 2024 2023 Thls 1$ Stated after charying: Audit of the financial statements Depreciation of tangible fixed assets Operating lease payments 8,400 90,056 28,948 8,100 90.990 23,985 127,404 123.07S 8 TRUSTEES REMUNE51ATION AND EXPENSES No Trustees, nor any persons connected with them, have re￿iVed any remuneration from the charity during the year. No Trustees have received any reimbursed expenses from the charity during the year. Page 32 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 9 STAFF COSTS The aggregate payroll c05t5 were as follows-. 2024 2023 Staff costs during the year were: Wages 3nd salaries Social security costs Pension costs 553,321 47,615 33,043 498.133 20.868 {2,110 516,891 633,979 The monlhly average number of persons (including senior management I leadership team) employed by the charty during the year expressed as full lime equivalents was as follows.. 2024 No 2023 No General Bureau Services Projects Support 12 11 16 18 No employee eamed in excess of £65,000 during the year (2023.. £60,000). The charity considers its key management personnel to Cofnprise of Dne person, the Chief Executive. During the year and the prior year this position was held by individuals, with no overlap in periods of service. The total aggregate employment benefit for this role was £65,000 (2023= £54,333}. 10 AUDITORS. REMUNERATION 2024 2023 Audit of the financial slatemenls 8,400 8,100 11 TAXATION The charity is a regislerect charity and as such is entitled to certain lax exemptions on income and surpluses on trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for chaiilable purposes. Page 33 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 12 ANALYSIS OF EXPENDITURE Governance & Suppport Costs 2024 Total Currenl year Staff Costs Direct Costs Gener31 Bureau Services 313,103 320,876 633.979 10,818 89.548 100.366 65,903 65.722 131.625 Governance & Suppport Costs 389.824 476,146 865.970 Projects Totals 2023 Totsl Prior year Stsff Costs Direct Costs General Bureau Servlces 258.786 258,105 516.891 90,399 54,376 144,775 64,639 43,213 107,852 413,824 355.694 769,518 Projects Totals 2024 2023 Support ¢ost analysis Staff travel cost Printing, postage and stationery Telephone and fax Computer expense5 Office sundries 8,231 1,574 5,409 4,413 5.326 1,636 671 5.808 3.333 788 Insurance 2.414 28,947 25,000 10,380 8,076 11.980 598 Rent and rates 23,986 Light and heat Premises and equipment mainlenanGe Reference material 1,071 7,934 9,714 3,441 382 59.362 Payroll charges Bank charges Total support costs 408 112,158 Page 34 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 Support cost analysis 2024 2023 Total sUPPOrt costs brought forwaTd Governance 112.158 59.362 Legal fees Accountancy fees Audit 5,607 30.380 10,010 8,1(Xl 5,460 8,400 Total governance costs Total support and governance costs 19,467 131,625 48,490 107,852 13 TANGIBLE FIXED ASSETS IT& Leasehold Communications Improvements Total Cost At 1 April 2023 84.539 358.595 443.134 At 31 March 2024 84,539 358,595 443.134 Depreciation At 1 April 2023 Charge for the year 84,130 409 268.947 89,648 353.077 90.057 At 31 March 2024 84,539 358.595 443.134 Nol book value At 31 March 2024 At 31 March 2023 409 89,648 90,057 Page 35 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 14 DEBTORS 2024 2023 Trade deblots Prepayments and accrued income 26,025 7.390 327,319 33,415 327.319 2024 2023 Funds received as agent Funds paid as agent Balances held 49.495 149.495) 15 CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank 846,431 504.234 16 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2D23 Trade creditors Other tsxation and social securrty Other creditors Acuuals Deferred income 750 12,375 15,571 46,703 41,127 1,012 11,497 25,088 17,404 15,000 116.526 70.001 2024 2023 Deferred income Deferred income at 1 April 2023 Resources deferred in the period Arnounls released from previous periods 115,000) 141,127) 15,000 {15,OQO} Deferred income al year end 141.1271 115,000) Deferred incoTne comprises funds Teceived by the Charity which relate lo grants whose condilions fof recognition are fully or partially unmel at the year end. Page 36 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 17 PROVISIONS Pension contiibutions prov151on Dilapidation provision Total At 1 April 2023 Credited lo the statement of recognised gain5 and losses 85.569 88,000 173.569 10,576 10,576 At 31 March 2024 96.145 88.000 184.145 18 ANALYSIS OF NET ASSETS BETWEEN FUNDS Total funds at 31 March 2024 Unrestricted fund5 Genernl Deslgnated RgStri¢ted funds Nel current assets Provisions 696,740 1184,1451 60.732 5,848 763.320 1184,145) Total nel assets 512,595 60,732 579,175 ToLIl funds at 31 March 2023 Unrestricted funds General Designated Restricted funds Tangible fixed assets Nel current assets Provisions 43.335 677,634 {173,569) 46,722 23,186 90,057 761,552 {173,569} 60.732 Total net assets 547,400 60,732 69,908 678.040 Page 37 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 19 FUNDS Balance at 31 March 2024 Balance at 1 April 2023 Incoming resources Resources expended Transfers Current year Unrestricted fund5 General General fund Designated Repairs reserve 547.401 543.647 1389,824) (188,629) 512,595 60.732 60,732 Total unrestrlcted funds 608.133 543,647 389,824 18B,629 573.327 Restricted funds Children's Centres Capitalise Universal Support Brent Housing Management Clyde & Co Park Royal Centre for Mental Health NCIL London & Quadrant WDP Winter Warmth Project Trussell Trust Calalysl Housing Brent Calalysl HDU5ing - Ealing Brent Welfare Reform Project BAS41L wpwp VSIF Other BDIG Energy Advice Nalional Lollery Community Fund Propel Project General advice DFL Healthy Start Total restricted funds (14.525) (385) 405 14.525 385 1405) (1.067) 1,972 1,067 29,089 15,000 (46,0611 34.000 (42.312) (46.7211 8,312 46,721 (968> 968 3,943 968 1968> (1,4281 (42.8471 2,515 25,574 17,273 18,687) (167) 8,687 167 2,354 145 1.128 524 17.862 1,976 (2,354) (1451 {1.128) 15241 {17.8621 11.9761 3.824 7.875 (11,699) 3.333 2.224 46.000 89.452 3,333 {14,644} 1127,8371 1140,6371 11,960) 12,420 81.837 51.185 1,960 69.907 223,458 1476,146) 188.629 5,848 Total funds 678.040 767.105 865,970 579.175 Page 38 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 Balance at 1 April 2022 Incoming resources Resources expended Balance at 31 March 2023 Prior year Unrestricted funds General General fund Designated Repairs reserve Total unrestricted funds 463.467 497.758 {413.8241 547.401 60,732 60.732 524,199 497.758 1413.8241 608.133 Restricted Children's Cenlres Capitalise Universal Support Brent Housing Managemenl Clyde & Co Park Royal Centre for Mental Health NCIL European Union Settlement Scheme London & Quadrant WDP Winter Warmth Project Trussell Trust Catalyst Housing Brent Catslyst Housing - Ealing Brent Welfare Reform Project BAS41L wpwp VSIF Veolia other Genesis Community Housing BDIG Energy Advice Cosl of Living Advice (14.525) {385) 57.409 80.993 2.749 6.554 30,000 (57.409) (80.9931 (2,3441 17.621} (30.000) {14,525) 1385) 405 (1.0671 1,972 1.972 6,728 93,443 23,000 (29.728) (46.722) 46,721 7,320 17.320) (968) 968 4.795 (9681 968 3,943 98 27,376 (950} (27.376} 8,687 167 2.354 145 1,128 524 5.402 17.862 8,545 1,976 8.687 167 2.354 145 1,128 524 15.402) 17,862 (8.545) 1,976 35,284 16,000 (35,284) (16.000) Total restricted fund$ 138,818 286,783 {355.694} 69,907 Total funds 663.017 769,518 678.040 Page 39 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 Name of fund Description, nature and purpose of the fund Generalist advice lo parents with children aged 5 and under in the London Borough of Brent. The provision of specialist debt advice to Brent residents. Children's Cenlres Capilalise Help to Claim pmjecl SUPPDrts Universal claimants, up to the date of their first paymenl, to receive theiT ftjll entitlement to this benefit. Universal Support Brent Housing Partnership The provision of money and debt advice lo Brent Council lenants and leaseholders. Clyde & Co The provision Df free honorary 18gal advi￿ wrth the support of Clyde & Co International Law Firm. we￿are benefits and money advice to inpatients of Park Royal Centre for Mental Health. Refurbishment of the CAB office which is included within fixed assets where the expendiluie is considered Capital in nature. Assistance for vulnerable EU nalionals in the Borough of Brent in 5UPPOrting applications for leave lo remain under the EU Settlement Scheme. Park Royal Centre for Mental Heallh Neighbourhood Community Infrastructure Levy European Union Settlement Scheme TTussell Trust Provision of financial advice lo help address Ihe root causes of food poverty. The provision of advice to people struggling with their energy bills and usage. Funding for the delivery of crisis prevention and specialisl casework for vulnerable Londoners. Piovision of support with personal budget lo Universal Credit claimants. Energy Advice Cost of Living Advice Personal Budget Service London & Quadrant {L&Q) Prowsion of money advice to L&Q lenanls under their Pound Advice Project. Provisron of welfare benefits, employment and housing advice to clients of Westminster Drug Project. Provision of financial suppport to th05e experiencing fuel poverty IhTough donations made by patrons of the Tricycle Theatre and others. The provision of money advice to CalaSysl Housing tenants and leaseholders living in Brenl. The provision of money advice to Catalyst Housing tenants and leaseholder5 living in Ealing. The provision of welfare benefits 2nd debl advice lo Brent residents directly affected by changes lo Ihe welfare benefits syslern. Westminster Drug Project IWDPI Winter Warmth Catalyst Housing Brent Catalyst Housing Ealing Brent Welfare Refomi Project Page 40 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 Name of fund Description, nature and purpose of the fund The provision of debt and employment advice lo people aged 18-64 referred to the office by Age UK Brenl in order to promote and tnaximise the Independen￿ of Brent's older and disabled people through high quality accessible advice and guidance. The provision of legal and wellare benefits advice to residents of the St Raphael's Eslale. in addition lo supporling them to manage their personal finances 5vc¢essfullly, as we51 as providing advice and lo upskilling those living in Brent who are directty affected by the rollloul of Universal Credit. Funding to improve the employability of local unemployed residents through volunteering. Funding lo allow local residents to clear domestic water debts {ended in De￿rnber 2012). The provision of money and debt advice to Genesis Community Housing tenants and leaseholders (ended March 2013). Funding to deliver advice to disabled people and people with long4erm limiting health problems. Funding to invest in the loixl communtty. Funding lo build the future woikfoTce for the advice sector, ensuring that advisors are rooted in communiiies experiencing disadvantage. Funding to improve health outcomes before, during and after pregnancy. BAS41L wpwp Voluntary Sector Initiative Fund IVSIF) Veolia Genesis Communtty Housing Bient Disability Interim Galeway {BDIG) Nab"onal Lottery Communty Fund Propel Project Healthy Start The designated unrestricted fund "Repairs Reserve" relates lo funds set aside to cover repairs and dilapidalions commilmenls. Page41 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 20 PENSION AND OTHER SCHEMES Defined benefit pension sehernes National Citizens Advice I'the Principal Employerf) opeiate5 a defined benefit scheme I'the Plan,) in the UK which provides both pensions in retirement and death benelils to members. Pension benefils are ielaled lo the members, final salaries at retirement and their length of service al the dale they retired or left pensionable service. The Plan closed lo fulLITe accmal on 31 March 2008. The Plar) also contains some money purchase AVCS and protected rights funds, which are not included in these disc105ures. In accordance with the schedule of contributions agreed by the Principal Employer arid the Trustee of the Plan I'lhe Truslee'l in August 2023. the contributions to the Plan for the year ending 31 March 2024 have been £5.218.000, which includes £4.918.000 towards the deficit and £300,000 as an allowance for administration expenses and a11 scheme levies. CAB ('the Employef) has agreed to contribute £9,000 per annum, over 16 years up to 2041 , subject to future Actuarial valuations. The Plan 15 a registered scheme under UK legis131ion. The Plan is subject to the scheme funding requirements outlined in UK legislation. The Plan is governed by the Plan's Trust Deed and Rules dated 4 April 2011. The Trustee is responsible for the operation and Ihe governance of the Plan. including making decisions regarding the Plan's funding investmenl strategy (although they are required lo consult the Principal Employer). An actuarial valuation of the Plan was carried out as at 31 March 2024 by a qualified independent actuary, based upon membership data as al 31 March 2022. allowing for assumed membership movements over the period from this date, and any malerial membership movements significantly different from those assumed {e.g. transfers oull. The most recenl formal actuarial valualion of Ihe Plan was as at 31 MaTch 2022 and revealed a funding deficit of £53,536,000. In the recevery plan agreed following the valuation, the Prinapal Employer and other participating employers agreed to pay deficit reduction contributions of £2,918,000 per annum with the view to eliminating the deficit by 30 September 2040. The liabilities of the P13n are based on the current value of expected benefit paytnent cashflows to members of the Plan over the nexl 60 or more years. The average duration of the Iiabililies is approximately 11 years. The Plan is exposed lo actuarial risks such as market (inveslmentl risk, interest r31e risk, inflation iisk. currency risk and longevity risk. Page 42 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 The major assumptions used by the actuary were (in nominal temisj as follows." Asat31 March 2024 A5at31 March 2023 Discount rate 2.80 2.85 Inflation {RPI) Revaluation of deferred pensions in excess of GMP Pension in payment increases of.. Discount rale 4.90 4.80 2.80 2.85 CPI or p.a. if less CPI intlalion since ￿tirement or 5Oh p.a. compound if le35 CPI or 3DA p.a. if less Commutalion of penslon for cash at relirement of HMRC maximum) 2.80 2.85 2.50 2.50 2.50 2.50 75.00 75.00 Assumed life expe¢¢ancies on retirement at age 65 are.. A$at31 Pjjarch 2024 Years Asat31 March 2023 Years Current UK pensioners at retirement age - male Current UK pensioners al retirement age - female Future UK pensioners al ieliremenl age - male Future UK pensioners at retirement age - female 21 23 21 24 22 25 2S Page 43 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 The assets in the Plan were.. Value at 31 arch 2024 Value at 31 March 2023 Mulli asset funds Stwctured Equity Cash 26,047,000 33,447,000 1,100,000 24,903.000 35.116,fy)0 726,￿)0 Fair Value of Plan assèts 60.594.000 60.745.000 The actual refurn on assets over the period was." A$at31 March 2024 Asat31 March 2023 Return on scheme assets 307.000 37,084,000 Reconciliation of scheme assets and liabilities to assets and liabilities recognised 2024 2023 Present value of defined benefil obligation Fair value of scheme assets (107,082.000) {111,169.0001 60,594,000 60,745,000 Defined benefrt pension scheme deficit 146.488.0001 150.424.000 Reconclliation of opening and closing balances of the present value of the defined benefit obligation 2024 PTesenl value al start of year Cuirenl service cost Past seTMce cost Interest cost Actuarial gains and losses Benefits paid 111.169.000 693.000 1.375.000 5.250.000 15.729,000) 15.676,000} Present value al end of year 107,082.000 Page 44 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Statements for the Year Ended 31 March 2024 Reconciliation of opening and closing balances of the falr value of Plan assets 2024 Fair value al start of year Interest income Return on plan asse15, excluding amounts included in interest incomel{expensel Employer contributions Benefrts paid Fair value al end of year 60,745,000 2,905,000 12,598.0001 5.218,000 (5,676.0001 60.594,000 The pension scheme has not invested in any of the charity's own financial instruments or in properties or other assets used by the charity. The amounts recognised in pmfit orloss Asa131 March 2024 As at 31 March 2023 Service cost- including current and past seNice cosls and liabilities Service cosl- adminislralive cost 1,375,000 693.000 2,345.000 4.413 000 832,000 1.273,000 2.105,000 Nel interest on the nel defined benefrt liability Total expense Remeasurement of the net defined beneflt liability (asset) to b• shown In OCI Asat31 March 2024 As at 31 March 2023 Actuarial {gainsl11055es on the liabilities Relum on assets. excluding interest income Changes in the effect of the asset ceiling excluding interest income Total remoasuremènt of the net defined benefit liability (asset) to be shown in OCI (5,729.0001 135,041,000} 2,598,000 39,885.000 13,131.0001 4.844,000 Page 45 BRENT CITIZENS ADVICE BUREAUX Notes to the Financial Ststements for the Year Ended 31 March 2024 21 FINANCIAL COMMITMENTS Total futUTe minimum lease paymen15 under non-cancellable operating lea5e5 are as follows.. 2024 2023 Land and buildings Within one year Be￿een one and five years After five years 30,028 134.414 179,498 28.600 114.400 178,182 321,182 343,940 The total amount recognised as an expense relating lo operating leases during the year was £28,600 (2023: £28.600). 22 UABILITY OF MEMBERS The Charitable Company is limited by guarantee and has no share capital. In the event of the Charty being wound up. the liability in respect of the guaTantee is limited lo to £10 per member of Ihe Chafily during the time they are a member, or one year thereafter, as stated in the Mernorandum and Articles of Association. There is ne one controlling party. Page 46