REGISTERED COMPANY NUMBER: 03160526 (England and Wales) REGISTERED CHARITY NUMBER: 1054505 REPORT OF THE TRusfEES AND AUDITED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR HAMMERSMrrH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE (A COMPANY LIMITED BY GUARANTEE) Hartley Fowler LLP statutory Auditors Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon London SW19 4EU
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE CONTENTS OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Report of the Independent Audlto 9 to 11 Statement ol Flnanclal Artlvltles 12 Statement of Finanaal Position 13 Statement of Cash Flows 14 Notes to the Statement of Cash Flows 15 Notes to the Financial Ststements 16 to 30 Detailed Statement of Financial Artivities 31
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE REPORTOF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trust5 who are also direttors of the charty for the purposes of the Companies Act 2006, present their report with the financial ststements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJEcfIvES AND ACTIVITIES Objectives and aims The charity's principal activlty IS the promotion of any charitable purpose for the benefit of the community wrthin the London Borough of Hammersmith and Fulham and surrounding areas by the advancement of education, the protettion of health and the relief of povety, sickness and distre5S, Citizens Advlce (operating name of the National Association of Cltizens Advice Bureaux (NACAB)) is the national organisation, of which all citizens advice bureaux wlthln the branded network are members. Citizens Advice currently has the following alms (implemented following the Annual General Meeting and conference In September 2007): To provide the advice that people need for the problems that they fatr. To improve the policie5 and prartices which Improve people's lives. Public benefit We have referred to the guidance contained in the Charity Commission's general guldance on public benefit when reviewlng our aims and objettives and in plannlng our future activities. Our Vlsion "Advice on Its own 19 not always enough for clients or for us as a seThice. We will develop new ways of helplng and supportlng our cllents to achleve better, more sustainable outcomes" Our Aims At the centre of all of Citizens Advice Hammersmith & Fulham's strategies are its 3 key aims.. l. To achieve Excellence in everything that we do, locally and nationally 2. To embrace Innovation -to deliver an even more effectlve and sustainable service 3. To demonstrate our Impact to show the positive change we make socially, economica11y and to health and well-belng Our Principles and Values As a member of the Citizen5 Advlce Setvice, CAHF provides free, independent, confidentlal and Impartlal advlce to everyone on their rights and responsibilities. It values dlversity, promotes equality and challenges discrimlnatlon. We are commltted to put equality at the heart of eveychlng that we do, with the overarching aim to improve access, ensure inclusive service delivery and preserve intensified supwrt for those who need it and promote an inclusive working environment for our workforce. Our core values and prlnciples sit at heart of every Strategic decislon to renect our aim to be a strong equality champion through our roles as advisor, campaigner, employer, employee and partner.
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities The main areas of charitable activity are the provision of information, advice and educats'on on people'5 rights and responsibilib'es through face to face appointments, by telephone, email, weLKhat and WhatsApp at the main bureau and at various borough based Iccations, including The ddivery of a range of complementary seNices in addition to advi The recruitment, training and development of volunteer roles,. Research, campaigning and anti-discrimination work. Premises C4HF is located at Avonmore at Avonmore Library and Neighbourhood Centre in West Kensington which is the main hub for its servi. It also operates its servIS from a number of locats'ons around the Borough working in partnership with other community organisations. In the last year, we were also based in Shepherd's Bush Market for 3 day5 a week. We also started delivering library services at Askew Road library in partnership with Library Services at London Borough of Hammer5mith & Fulham. Our call Cent is located at Askew Road Library We also continue to work in partnership with our various communlty partners such a5 the Food Bank, West London Welcome, Upper Room and many more. Services 2023 - 24 was an exptIonallY busy year for us, wlth the highest levels of demand that we have ever seen for our Servi5. Our clients continue to grapple with the c05t-of-living crisis and rising energy costs and we have helped even more people in crisis. We have tried to ensure that clients are able to reach us when they need us in a variety of way5, including.. Assisted Self HelplInformation Clients have access to terminals for assisted self-help a5 a first point of contact for help and information. Adviceline Our main point of contact for clients seeklng advlce Is through our Advirine telephone servlce. Advicellne provides an initial telephone diagnostic interview to determine whether they live, work or study in one of the Adviceline partnership Boroughs and to Identify the most appropriate next step for the client. We operate Adviceline in partnership wlth other Local Cltizens Advice's in London (LCAI. -Appointment Setvlce Full advice appointments may either be made with a generalist adviser or with an adviser working ursder a SFecific project. Appointments are Subject to availability and take place Monday to Friday throughout our opening hours. Email SeNice Clients are able to contatt CAHF by email via a form on our website that asks them to confirm residence in the borough and provide initial details about themselves and their problem. Digital Channels We have started to expand our digital offer to ensure a greater level of access for our clients through channels such as Webchat and WhatsApp. In addition to our CO seICe5, we expanded our sery1 offer through a range of complementsry services and projetts that we embedded in community Settings and outreach locations to increase access to our ServiS.
HAMMERSMITH AND FULHAM crrIzENS ADVICE BUREAUX SERVICE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Client Issues In 2023-24, we helped 17,000 clients wrth 75,000 issues. This means that clients are coming to us wrth an average of 5-6 issues per enquiry. The work has become more complex and it takes longer to deal with clients. The top issues that we dealt with are: Benefits and Universal Credit Housing Charitsble Support and Foodbank Vouchers Debt UtileS and Communlcations Projects CAHF is funded by a varlety of funders to provlde a range of compllmentary projects. In addition to our generalist advice serv1, we delivered a wide range of specialis1 projects induding: SpecSalSst debt casework Help through Hardship (focussing on food poverty) Adviser5 based in food bank5 Energy advice to help cllents overcome fuel pove Digitsl Skills projects for the digitally excluded Outreach projects working wlth partner agencies (Midaye, West London Welcome) Anti-Povety Project working with over 12 partner organlsations:. West London Welcome Upper Room Barons Court Projett Smart Works St Andrews Church (Saturday homele55 projett) Mind Look Ahead River House DAWS / Turning Point St. Mungo's He5tia Alcohol SeNice ICGL) Urban Partnership Group
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE REPORTOF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Achievement and Performance Despite the challenge5 of increased demand and reduced capacity (due to low level of volunteers and recruitment challenges) we have had another very successful year.. We have generated £1 093,645 in grant funding enabling u5 to increase our service provision to clients. We have worked in partnership with other London LCAS to form a Pan-London Consortia Citizens Advice London. Leadership Self-Assessment As part of our annual audit process we undertake a leadership self assessment that reviews and aesseS our performance in 9 areas of leadership. We are audited by Citizens Advice. This Audit passports us to external quality marks a5 well as reviews the organisation against the 9 categories. The scores are rated from I to 5 with I being poor and 5 being excellent. On satisfactory completion of the audit, we are awarded our AQS Qualty Mark for which we have to satisfy further requirements. I, Governance 2. Strategic Business Planning 3, Risk Management 4. Financial Management 5. People Management 6. Operational Performance Management 7. Partnershlp Working 8. Research & Campaigns 9. Equality Leadershlp CAHF has a150 secured the AQS Quallty Mark for Telephone Advice, Generalist Advi, and Generalist advice with casework for Debt and Welfare Benefits. In addition this year we are also very proud to secure the AQS Quality Mark for housing too. FINANCIAL REVIEW Financial position The results for the year to 315t March 2024, whlch are summarised in the Statement of Financial attlvltles (SOFA), showed an overall excess of inccKne over expenditure of £77,156 (2023 £85,939). Unrestrirted funds at 31 March 2024 were £584,36112023 £515,329). Principal fvndlng sources In common with rn05t Similar Cltlzens Advice offices, a major proportion of the charity's income comes from London Borough of Hammer5mith and Fulham and the rest from a variety of sour5 including grants, servlce level agreernents and contrarts, which are usually to fund specific project5. Reserves policy CAHF holds its reserves under two categories.. restricted and Ltnrestritted. Restricted rerVeS are restricted to the purpose for which the funder provided them, Normally restricted reseNes are carried forward to cover the cost of the work not yet provided on each project. Amounts have been released to the SOFA due to the compleb'on of the projetts and as a result of the undercharged overhead recoveries in previous year5. Any overspend has to be charged to unrestricted funds when the projert ends. Unrestricted reserves provide the general reserve to enable the charty to survive medlum term perlods of financial difficuty and exceptional costs and to Continue to provide ongoing support to its clients The Trustee Board has established a policy whereby the total unrestricted reserve should be at the level of around four months committed expenditure to provide flexibility in uncertain times, which 15 around £505,168 at 31 Mar 2024. Our actual unrestrlLted reserves at 31 March 2024 are £584,361 and the Board consider thi5 a sufficient level to manage working capitsl quireMents.
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Principal Risks and unrtaIntieS The Trustees have assessed and reviewed the major strategic, busine55 and operational risk5 which the char'ty faces and confirm that Systems are established to mitigate the charrty'5 exposure to those risk5. The Trustee Board undertakes a risk assessment each year in collaboration wtth Citizens Advice. DLJring this year the principal risks and priorities identified are.. Ensuring that we have sufficient capacty in the organisation to meet increased levels of demand Continued and adequate funding for key contrarts ensuring 5UStainability in line with inflation Maintaining the high quality service Staff SalarSes and staff related costs were approximately 800/0 (2023 87010) of total expenditure. Volunteers Our volunteers are working extrernely hard to meet the increased demand, particularly as we are struggllng to recrult more volunteers. CAHF like many other voluntary sector organisatSons have experienced higher turnover of volunteers. We recrulted 67 volunteers 46Dh of whom were from Hammersmith and Fulham, 46 volunteers left of, of which 50¥0 went into full time work and IOQ/o of volunteer leavers went Into full time study. FUTURE PLANS Our key priorities for the next 12 months include: Provlding ac55 to our 5ervlces through a range of channels and community access points to meet clients needs. Ensunng that our service will have improved capacity to meet rnore dernand, through better recruitment, retention and representation of staff and volunteers. Suppoffj'ng our workforce and ensuring their well-being whilst they cope with working in extremely challenging tlmes and dealing with increasingly complex issues. Ensunng the provision of a resilient and reliable Infrastrutture to 5UPPOrt Service delivery. Raising our profile to be seen as the partner of choice for all stakeholders (funders, clients, volunteers, partners, etc). Sharing Intelligence to remove inequallties and improve lives. Removing barders for all to ensure we remain inclusive and accessible. Developing our funding portfolio to ensure the su5tainabilty of our serVIS. Whilst LBHF provides us with a strong foundation for our core funding, individual projett budgets are tight a5 funders are either reducing funding or holding them at the same cash level, whilst costs and key performance indicators are increasing. To ensure contlnued sustalnability, our income generation objectives are to: Review and shift our c05t base to enable us to be competitive but SUStainable for the futu. Ensure the LBHF core funding remain5 at current level and moves towards regular inflationary increases. Continue to raise unrestricted income wherever possible. Continue developing strong relationships with funders by successfully delivering project objective5 and demonstrating the impact of our work to ensure newal/securing of funds, Identify new funding stream5 for projects and submit bids to add to the porfolio of cornplementary 5ervios, Wlth a particular focus on the health sertor. Exp other methods of generating UnstrIrted income eg corporate fundraising, etc.
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing duMent, a deed of trust, and constitutes a limited company, limrted by guarantee, as defined by the Companies Act 2006. Hammersmith and Fulham Citizens Advice Bureaux SeNice (HFCAB) is a charitsble company, knmited by Guarantee, incorporated on 18 February 1996 as a private company, registered as number 3160526 and registered as a charity on 11 April 1996 with number 1054505. The company was established under a Memorandum of Association, which established the objects and powers of the charttable company and is governed under its Articles of Association. The company's initial Memorandum and Articles were updated by means of a Special Reg)lution of the company dated 28 November 2002. The Memorandum and Articles were further updated, at the company's AGM in 2006 and 2018, to widen the objects to take in the surroundlng areas, as well as the bofough of Hammersmith and Fulham. This amendment is in line wjth current Citizen5 Advice recommendations and was formally approved by the Charity Commission. Recruitment and appolntment of new trustees The dirertors of the company are also charity Trustees for the purposes of charity law and are known as Trustees. Suitable individuals may be co-opted as trustees at any meeting of the Trustee Board. Trvstee5 are then eletted at the Annual General Meeting for a term of three years and may subsequently be re-elected for further three year terms. The Trustee Board periodically reviews the skills and experience of it5 current members. We seek to fill any gaps identified and to maintain dlversity among trustees. M05t trustees have some personal connettion wf(h the local community and an interest in some specific aspect of the work of the servi and its management. Organisational structure and decision making The Trustee Board meets at least quarterly and Sets the strategic directson and pollcies of the charlty. The Chief Executwe, assisted by the management team, 15 responsible for delivering all 5eNices, contracts and projects wrchin the strategies and policies set by the Trustee Board. Induction and training of new trustees New trustees undergo a period of induttion. Thls usually comprises attendance at a Citizen5 Advice briefing, meetings wfch staff, volunteers and other trustees and time spent in one of the bureaux. Key management remuneratlon The trustees are responsible for settlng the remuneration of Key management. Remuneration of key management 15 revlewed annually and Is comparable with similar local charities. Wider network HFCAB Is a member of the national Cltizens Advice service and the national charity set5 and monitors standards for advice, policles, procedures and supports bureaux with an information system, training and other services. Operating pollcies are Independently determined by the trusiee board of HFCAB in order to fulfil its charitable objectives and comply with the national membership requirements. Related partles The charity cooperates and liaises with other advisory servlces, local charlties and councll departments on behalf of clients. Where one of the trustee5 Is also invofved with another relevant organisation, they may be Involved in discussions about it but not in any deosion-making process.
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE REPORTOF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03160526 {England and Wales) Registered Charity number 1054505 Registered office Upper Floor Avonmore Library 7 North End CresTrnt London W14 8TG Trustees C Larnder (Chair) R A Jarvis (Treasurer) {re5igned 2111123) S W Harcourt L Homan E M Kawonza V Farnell G Pope 8 Gallagher P Brough R Holmes D Walsh (Treasurer) (appointed 21111231 Auditors Hartley Fowler LLP ststutory Auditors Chartered Accountants 4th FIr Tuitlon House 27-37 St George's Road Wimbledon London SW19 4EU Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Company Secretary and Chief Executive Simi Ryatt Senior Management Team Ivy Lewis Tania Lewis Fre Tekeleab Viki Phillips Head of Resources Head of Buslness Development & Comms (left Dec 2023) Head of Finance Head of Advi Services
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRusfEES' RESPONSIBILITIES The trusiees (who are also the directors of Hammersmith And Fulham Citizens Advice Bureaux Se1 for the Pltrposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pratticel. Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the charitsble company and of the Incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting F4)licies and then apply them consistently,. obseNe the methods and principles in the Charity SORP; make judgements and eg(imates that are reasonable and prudent; prepare the financial statements on the going concern basls unless it Is inapproprlate to presume that the Chatsb1e company will continue In business. The trustees are responslble for keeping proper accounting records which disclose with rea)nable accuracy at any time the financial posltion of the charitsble company and to enable them to ensure that the financial statements comply with the Cornpanies Att 2006. They a also responsible for safeguarding the assets of the charitable company and hen for taking reasonable steps for the prevention and detectlon of fraud and other irregularfcies. Tn so far as the trustees are aware: there 15 no relevant audlt information of which the charitable company's auditors are unaware; and the trustees have taken all Steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors, Hartley Fowler LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. This report has been prepared in accordan with the special provisions of Part 15 of the Companies Att 2006 relating to gnall companSes. Approved by order of the board of trustees on 5 November 2024 and signed on its behalf by: C Larnder - Trustee
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HAMMERSMITH AND FULHAM CITZZENS ADVICE BUREAUX SERVICE Opinion We have audited the financial statements Of Hammersmith And Fulham Citizens Advice Bureaux Service (the 'char(table companll for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Statement of Finanaal Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kirigdom Generally Accepted Accounting Practice). In our opinion the financial ststements: give a true and fair view of the state of the charltable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance wf(h United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in accordan wf(h International Standards on Auditsng (UK) IISAS (UK)) and applicable law. Our restonsibilities under those Standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accorciance with the ethical requirements that are relevant to our audit of the flnanclal statements in the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusion5 relating to going concern In auditing the financlal statements, we have concluded that the trustees, use of the going concern basis of accounting in the pParatIOn of the flnancial statements is appropriate. Based on the work we have performed, we have not identified any material unrtaIntieS relating to events or conditions that, individually or collettivelyi may cast significant doubt on the charitsble company's ability to continue as a going concem for period of at least thelve months from when the financial statements are authorised for Issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other inlomiation The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the flnanclal statements and our Report of the Independent Auditors thereon. Our opinion on the financlal statements does not cover the other Informaon and, expt to the extent otheMi5e expllcltly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility 15 to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mlsstated. If we identify such material inconsistencies or apparent material mlsstatements, we are required to determine whether this gives rise to a material misstatement In the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infornation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescrlbed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of the audit,. the infomiab'on given in the Report of the Trustees for the financial year for whlch the financial statements a prepared Is consistent with the financial 5tatement5; and the Report of the Trustees has been prepared in accordance with applicable legal requirements.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report In respect of the following matters where the Companies Att 2006 requires us to report to you if, in our oplnlon.. adequate accounting records have not been kept or returns adequate for our audit have not bn reiVed frcsm branches not visited by us; or the financial statement5 are not in agreement with the accounting records and returns; or certain disclosures of trustee5' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to take advantsge of the small companies exemption from the requirement to prepare a Strategic Report or in pparing the Report of the Trustees. Responsibilities of trustees As explained more fulty in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair vlew, and for such internal control as the trustees determine is necessary to enable the preparats'on of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the finanaal statements, the trustees are 5on$0b1e for assesslng the Charble company's ablllty to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to aSe operation5, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements Oltr objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable a55urance is a high level of assurance, but is not a guarantee that an audit condutted in accordance with ISAS (UK) will always detect a material mi5Statement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expetted to influence the economlc decisions of users taken on the basis of these flnancial statements. The extent to which our procedures are capable of detecting irregularities, including fraud 15 detsiled below.. We identify and assess risks of material mlsstatement of the financlal statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit eviden that is sufficient and appropriate to provide a basis for our opinion. In identifyin9 and assessing risk5 of material misstatement in respect of irregularities, including frdud and non-compliance with laws and regulations, we considered the following,. .the nature of the industry and settor, control environment and the charities attivities,. -results of our enqulries of management about their own identification and assessment of the risks of irregularities,. -any matter5 we identified having obtalned and vieWed the charitable company's documentstion of their policies and procedures relating to.. identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non -compliance; detecting and responding to the risks of fraud and whether they have knowledge of any artual, suspetted or alleged fraud,, the Internal controls e*ablished to mitigate risks of frdud or non-compllance with laws and regulatlons; the matters discussed among the audit engagement team regarding how arKJ where fraud might 0ur in the financial ststements and any potential indatOrS of fraud. -io-
REPORT OF THE INDEPENDENT AUDITORSTO THE MEMBERS OF HAMMERSMITH AND FULHAM cmzENS ADVICE BUREAUX SERVICE As a result of these procedures, we considered the OPrtUnitieS and incentives that may exist within the organisation for fraud. In common with all audits we are also required to perform specific procedures to Spond to the risk of management override. We also obtained an understsnding of the legal and regulatory framework that the charitable company operates in. The key laws and regulations we considered in this context included the Charities Act 2011, UK Companies Act and tax legislation. In addition we considered provisions of ather laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charitable company's ability to operate or to avoid a material penalty. As a result of performing the above, we did not identify any key matters related to the potential risk of fraud or non-compliance with laws and regulations. Our procedures to respond to rlsks identified included the following: reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provlsion of relevant laws and regulations described as having a direct effect on the financial statements, -enquiring of management concerning actual and potential litigatlon and claims; -performlng analytical procedures to identify any unusual or unexpected relatlonships that may indicate risks of material misstatement due to fraud. -reviewlng mlnutes of meetings of those charged with governance, reviewing internal reports, and -In addresSITh9 the risk of fra1 through management override of controls, testing the appropriateness of Journal entrie5 and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale for any significant transactions that are unusual or outside the normal course of busines5. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement teom members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit. A further description of our responsibllities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsrespon5ibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, 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 stste to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullesl extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable companvs members as a bodyi for our audit worl for this report, or for the opinions we have fomied, Jonathan WFCA for and on behalf of Statutory Auditors Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon London SW19 4EU ior Ststutory Auditor) rtley Fowler LLP 7 November 2024 -li-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestritted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2,092 2,092 2,149 Charitable activities General advi and information Training and advice projects Money advlce projects 719,744 263,576 101,800 498,343 983,320 101,800 522,005 856,383 134,951 455,921 23,662 Investment Income Other income 15,041 287 15,041 287 3,258 832 Total 760,826 863,719 1,624,545 1,453,494 EXPENDITURE ON Charitable activities General advice and information Training and advice projects Money advice projects 667,319 3,273 22,145 286,078 65,488 486,773 953,397 68,761 508,918 804,226 111,805 459,153 Total 692,737 838,339 1,53 1,076 1,375,184 NET INCOME Transfers between funds Other recognised galnsl(105ses} Attuarlal galnsl(lossesl on defined benefit schemes 68,089 17,256 25,380 117,2561 93,469 78,310 19 {16,3131 (16,3131 7,079 Net movement in funds 69,032 8,124 77,156 85,389 RECONCILIATEON OF FUNDS Total funds brought fomard 515,329 50,393 565,722 480,333 TOTAL FUNDS CARRIED FORWARD 584,361 58,517 642,878 565,722 The notes form part of these financial Statements -12-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE STATEMENT OF FINANCIAL POSITION 31 MARCH 2024 2024 2023 Notes FIXED ASSErs Tangible assets 14 20,304 CURRENT A55ETS Debtors Cash at bank 15 29,567 1,190,699 76,826 888,400 1,220,266 965,226 CREDITORS Amotjnts falling due withln one year 16 (489,767) (341,000) NET CURRENT ASSETS 730,499 624,226 TOTAL ASSETS LESS CURRENT LIABILrrIES 730,499 644,530 PENSION LIABILrrY 20 (87,621) (78,808) NET ASSETS 642,878 565,722 FUNDS Unrestricted funds Restricted fund5 19 584,361 58,517 515,329 50,393 TOTAL FUNDS 642,878 565,722 These financial ststements have been prepared in accordance with the provisions applicable to charitsble companies subjett to the small companies reglme. The financial statements were approved by the Board of Trustees and authorlsed for i55ue on 5 November 2024 and were slgned on its behalf by., C Larnder - Trustee D Walsh - Trustee The note5 form part of these financial strdtements -13-
HAMMERSMITH AND FULHAM CITXZENS ADVICE BUREAUX SERVICE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activtties Cash generated from operations 289,737 83,890 Net cash provided by operating activities 289,737 83,890 Cash flows from investing activities Purchase of tsngible fixed assets Entere5t receiv8 (2,479) 15,041 12,279) 3,258 Net cash provlded by investing activities 12,562 979 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginnlng of the reportlng perlod 302,299 84,869 888,400 803,531 Cash and cash equivalents at the end of the reporting period 1, 190,699 888,400 The note5 form part of these financial statements -L4-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET INCOME TO NEf CASH FLOW FROM OPERATING AcrivrrIES 2024 2023 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreaation charges Interest recewed Decrease/(increase) in debtors Increa in credltors Dlfference beeen Fension charge and cash contributions 93,469 78,310 22,783 (15,041) 47,259 148,767 (7,500) 21,602 {3,258) (43,812) 38,548 (7,500) Net cash provided by operations 289,737 83,890 ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash flow At 3113124 Net cash Cash at bank 888,400 302,299 1,190,699 888,400 302,299 1,190,699 Total 888,400 302,299 1,190,699 The note5 fomi part of these financial statements -15-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION The charity is prrvate company incorporated and domioled in England and Wales. The address of its registered Offi is Upper Floor Avonmore Library, 7 North End Crescent, London W14 8TG. The registered number of the company is 03160526. The registered number of the charity is 1054505. The charitable company is limited by guarantee. The financial infomation presented is for the year ended 31 March 2024 and 31 March 2023. The flnancial inforniation is presented in sterling. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 102) 'Accounting and Reporting by Charities.. Ststernent of Recommended Prattice applicable to charities preparing their accounts in accordan with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 20191,, Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Preparation ol the financial statements on a going concern basis The financial statements have been prepared on the a55umption that the charity is able to continue as a golng concern, which the trusiees consider appropriate having regard to the current level of unrestricted reserves and the expetted level of income and expenditure for 12 months from authonslng these flnanclal statements.There are no material uncertainties about the charsty's ability to continue as a going concern. Critical accounting judgements and key sources of estimation uncertainty Preparation of the financial ststements requires the trustees and management to make significant judgements and estimates. The items in the flnancia1 statements where judgements and estimates have been made include.. attuarial assumptions Used in the calculation of the defined benefit penslon liability, Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it 15 probable that the incorne will be received and the amount can be measured rellably. The main source of income for the charty is contracts for services and grants with the London Borough of Hammer5mith and Fulham. Voluntsry income is recelved by way of grants, donatsons and gifts and Is Included in full in the Statement of Flnancial Attivities when receivable. Grants, where entitlement Is not conditional on the delivery of a specific performance by the charity, are recogni5ed when the charity becomes unconditionally entitled to the grant. Income from grant5, where related to performance and Specific deliverables, are accounted for as the charity earns the right to the consideration by Its performance. Grant income relats'ng to a later period is therefore deferred to that period and treated as deferred income in the balan sheet. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charty; this is nomially upon notification of the interest paid or payable by the bank. Expenditure LiabilitEs are recognised as expenditure as s(xJn as there is a legal or construttive obligation commitknng the charty to that expenditure, it Is probable that a transfer of economic beneffts will te required in setttement and the amount of the obligation can be measured reliably. Expenditure Is accounted for on an accruals basi5 and ha5 been cla55ified under headings that aggregate all cost related to the category. Where costs cannot be direttly attributed to particular headings they have been allocated to aecivities on a basis consistent with the use of resources. -16-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Governance costs vernance costs include those costs assoaated with meeting the constitutional and statutory requirements of the charity and include the audit fee and costs linked to the strategic management of the charity. Allocation and apportionment of costs Support costs have been all(ated on a percentage basis calculated by the funds brought forward plus income weived in the year. Tangible fixed assets Depreaation is providal at rates calculated to wrlte off the c05t less resldual value of each asset over its expected useful Ilfe, as follows,. Addrtions to leasehold property Straight Ilne over the perioj of the lease Fixture5 and equlpment straight line over 3 years (or, the dUraOn of the project - if shorter) Individual a%ets purchased and costlng less than £500 are dirertly wrltten off In the staternent of financial artivltSes and therefore not capitali5ed. Assets capitsli5ed are held at historic cost. Capltsl grants in respect of flxed assets are credited to an unrestricted fund Into whlch the cost of the assets acqulred is charged over their experted useful life by way of depreciation if a fvnder requires asset retention. Otherwise, If the restrittion is satisfied by purchase of the specifled assets, the restricted capitsl fund becomes unrestricted and is transferred to 9eneral fund5. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charltable obJeLtives at the dlscretion of the trustees. Restrltted funds can only be used for particular restricted purposes within the objects of the charty. Restrictions arise when specified by the donor or when funds are raised for particular restrirted purposes. Further explanation of the nature and purpose of each fund Is included In the notes to the flnancial statements. Defined benefit penslon schemes The charitable company participated in I0 defined beneflt schemes durlng the year. (l) Natlonal Association of Cltlzens Advice Bureaux (NACAB) 'The Plan" This Is a traditional defined benefit scheme with pensions detemiined by years of service and final salary. The pension costs are assessed in accordance with actuarial advi and based on the most recent artuarial valuation of the scheme. These costs have been accounted for on the basis of charging the cost of providing pensions over the period during which the charity benefits from the employees, services. This scheme, which had b&n closed to new employees in London Bureaux for a number of years, was closed to future accrual wlth effect from 31 March 2009. Further detai15 are provided in the notes to the accounts. A replacement defined contribution stakeholder scheme operated by Aviva has been offered to existing NACAB scheme members With effeci from l April 2009. (li) The Pensions Trust Growth Plan. This previously had been classified as a defined contribution pension scheme, but has now been redesignated a defined benefit scheme because of the guarantee within the scheme that the value attributed to each member will not be less than the accumulated contribution5. Consequentiy this also places a FX)tential contingent liability on employers. The pension contributions charged in these financial Statements represent the amounts payable by the charitsble company for this scheme in respect of the year ended 31 March 2024. Further detai15 are provided in the notes to the accounts. Financial instruments All Foans, investments and short term deposits held by the charity are classif¥ed as basic financial instruments. These financial instruments a initially recorded at the transaction price are subsequently measured at their settlement value. -17-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Finanaal instruments Cash at bank and in hand include5 cash and short term highly liquid investTnefits wfth a short maturity of three month5 or less from the date of acquisition or opening of the derx)sit or similar account. Debtors are recojnised at the settlement amount due. Prepayments are valued at the involce amount prepaid. Creditors are recogni5ed where the charity has a present obligation resulting from a past event that will probably result in the transfer of fund5 to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount. DONATIONS AND LEGACIES 2024 2023 Donations 2,092 2,149 INVESTMENT INCOME 2024 2023 Dep051t account interest 15,041 3,258 INCOME FROM CHARrrABLE AcrIvrrIES 2a24 2023 Attlv General advice and inforTnation Trainlng and advice projects Money advlce proiects Grants and contract incorne Grants and contract income Grants and contratt incorne 983,320 101,800 522,005 856,383 134,951 455,921 1,607,125 1,447,255 Grants received, included In the above, are as fDIIows'. 2024 2023 London Borough of Hammersmith & Fulham Advice Ststs'on Setvlce Level Agreement Citizens Advice - HelpThrough Hard5hlps Helpline Grants The National Lottery Community Fund RC London and South East London - Help Hub Grant Toynbee Hall - The Debt Free Advice Projett London Borough of Hammersmf(h & Fulham Help Hub Young Lives vs Cancer City Bridge Trust Grant The Henry Smith Charity London Borough of Hammersmfch & Fulham - Affordability Projert National Citizens Advi - Energy Adv¢ Prc4Jramme Midaye Grant Citizen5 Advice - Pan London AdViline Development Grant West London Welcome Grant Upper Room grant Greater London Authority - Crisi5 Greater London Authority - specialist Capitsl grants 626,892 312,522 539,000 297,148 80,000 124,885 23,500 37,000 51,460 34,530 46,500 41,300 8,450 124,786 113,772 23,500 33,000 41,973 28,187 27,877 38,439 8,H8 40,012 30,447 8,837 20,0(M) 25,000 10,665 37,000 4,102 36,666 50,000 Carried forward 1,514,807 1,411,091 -18-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE ACtIvttIES - continued 2024 2023 Brought forward Focxjbank - Trussel Trust Grant Hammersmith United & Dr Edward Bishop Kings Citizens Advi CSDF Innovation Grant Other small grants 1,514,807 36,687 19,947 23,662 11,822 1,411,091 36,164 1,607,125 1,447,255 OTHER INCOME 2024 2023 Sundry income 287 832 CHARITABLE AC[E$ cosrs Support costs (see note 8) Direct Costs Totsls General advice and informatlon Training and advice projects Money advice projects 827,808 58,319 484,071 125,589 10,442 24,847 953,397 68,761 508,918 1.370,198 160,878 1,531,076 2023 Comparatives for charitable attivities costs Dirert costs Support costs Totsls General advlce and information Trainlng and advice projects Money advice projetts 695,536 95,774 442,837 108,690 16,031 16,316 804,226 111,805 459,153 1,234,147 141,037 1,375,184 SUPPORT COSTS Support costs Governance costs Totsls General advice and informatlon Training and advice projects Money advi pro}ect5 119,527 10,017 22,238 6,062 425 2,609 125,589 10,442 24,847 151,782 9,096 160,878 -19-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS - continued 2023 Comparatives for support Costs Support costs Governan Costs Totsls General advice and information Training and advice projects Money advi projerts 102,447 15,111 15,739 6,243 920 937 108,690 16,031 16,316 132,937 8,100 141,037 Support costs, Induded in the above, are a5 follows: NEf INCOMEI(EXPENDrruRE) Net Incomel(expenditurel is stated after chargingl(crediting): 2024 2023 Auditors, remuneration other non-audit Services Depreciation - owned a55ets Operating leases 5,900 2,500 22,783 12,640 5,500 1,300 21,602 9,400 io. TRusfEES' REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 Narch 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses pald for the year ended 31 March 2024 nor for the year ended 31 March 2023, ii. srAFF COSTS 2024 2023 Wages and salaries Social security Costs Other pension costs 1,186,506 104,788 34,529 1,063,895 98,764 28,369 1,325,823 1,191,028 The average monthly number of employees during the year was as follows.. 2024 44 2023 39 Advisors and a5se550r5 Management and administration 49 -20-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ii. srAFF COSTS - continued The number of employee5 whose ernployee benefits (excluding employer pension costs) exceeded £60,000 was: 2024 2023 £60,001- £70,000 The key management tearn 15 considered to be the senior management team. Remuneration of £261,336 12023 £259,726} was paid to Key Management Personnel. Thi5 includes pension scheme contributions of £11,060 12023 £10,324). Voluntee We recruited 67 volunteers 46Q/o of whom were from HammersmSth and Fulham, 46 volunteers left of, of which 50% went into full ts'me work and IOO/o of volunteer leavers went into full time study. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfIvITIES Unrestritted funds Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donatlons and legacies 2,149 2,149 Charltable activities General advice and information Training and advice projects Money advice projetts 645,840 23,500 210,543 111,451 455,921 856,383 134,951 455,921 Investment income Other income 3,258 632 3,258 832 Total 675,579 777,915 1,453,494 EXPENDITURE ON Charitable activities General advice and information Training and advice projects Money advice projects 580,556 16,231 16,316 223,670 95,574 442,837 804,226 111,805 459,153 Total 6L3,L03 762,081 1,375,184 NET INCOME Other recognised gainsl(losses) Artuarial gains on defined benefit scheme5 62,476 15,834 78,310 7,079 7,079 Net movement in funds 69,555 15,834 85,389 RECONCILIATION OF FUNDS Totsl funds brought forward 445,774 34,559 480,333 TOTAL FUNDS CARRIED FORWARD 515,329 50,393 565,722
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 13. TAXATION Hammer5mith and Fulham Citizens Advice Bureaux Service is a registered charity and therefore potentially exempt frorn taxation of its incorne and gains, as Hammersrnith and Fulham Citizens Advice Bureaux Service falls within the definlOn of a charitable company as defined in Part 1, schedule 6 of the Finance Act 2010. No tax charge has arisen during the year. 14. TANGIBLE FIXED ASSETS Short leasehold Plant and machinery Tota15 COST At l Apdl 2023 Additions 2,133 193,652 2,479 195,785 2,479 At 31 March 2024 2,133 196,131 198,264 DEPRECIATION At l April 2023 Charge for year 2,133 173,348 22,783 175,481 22,783 At 31 March 2024 2,133 196,131 198,264 NET BOOK VALUE At 3 1 March 2024 At 31 March 2023 20,304 20,304 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Contract income receivable Other debtors and prepayments 10,325 19,242 71,615 5,211 29,567 76,826 16. CREDITORS: AMOUNT5 FALLING DUE wrrHIN ONE YEAR 2024 2023 Operational credltors Social security and other taxes Other CditorS and accruals Deferred income 20,302 29,165 93,678 346,622 13,613 36,336 61,345 229,706 489,767 341,000 Deferred Income Balan at l April 2023 Amounts released to incoming resources Amount deferred in the year 229,706 (105,945) 222,861 175,461 (110,601) 168,846 Balance at 31 March 2024 346,622 229,706 Deferred income comprises income reiVed during the year which relates to the next financial year, -22-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 17. LEASING AGREEMENTS Minimum lease payments under non-cancellable operBting leases fall due a5 follows: 2024 2023 Within one year Between one and five years 16,650 49,950 9,400 37,600 66,600 47,000 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total funds 2023 Total funds Unrestricted funds Restritted funds Fixed assets Current assets Current liabilitres Pension liability 20,304 965,226 (341,000) (78,808) 1,116,754 (444,772) (87,6211 103,512 (44,9951 1,220,266 1489,767) {87,621) 584,361 58,517 642,878 565,722 2023 Comparatives for net assets beteen funds Unrestritted funds Restritted funds 2023 Total funds Flxed assets Current assets Current liabilities Pension liability 20,304 914,833 (314,0001 (78,8081 20,304 965,227 1341,0001 178,808) 50,393 515,329 50,393 565,722 -23-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 19. MOVEMENT IN FUNDS Net movement in funds Transfers betmeen funds At 3113124 At 114123 Unrestrirted funds General fund General fund Capitsl Pension reserve 573,833 20,304 {78,8081 83,372 (22,783) (8,813 } 14,777 2,479 671,982 (87,621) 515,329 51,776 17,256 584,361 Restricted funds Debt Free London Foodbank- Hammersmith and Fulham Citizens Advice - EBD Extra Advi Citizens Advice Energy Advlce Programme Citizens Advice Universal cdit City Bndge Trust Fund Midaye Fund City Bridge Tnjst TNLCF COVID-19 Response Fund The National Lottery Community Fund RC London and South East Region - Help Hub Kickstart West London Welcome Greater London Authority Young Lives vs Cancer 3,402 9,928 15,340 19,306 3,052 880 2,587 (8,5281 20,081 (5, 126) 30,009 (15,340} 6,300 25,606 (3,0521 1,250 805 2,130 3,392 1,553 (1,5531 {13,4351 (2,6891 10,875 (250) {13,685) 2,689 (8231 2,161 4,384 10,052 2,161 3,978 (406) 50,393 25,380 (17,256) 58,517 TOTAL FUNDS 565,722 77,156 642,878 Net movement in funds, included in the at)ove are a5 follows.. Incoming resources Resour expended Gains and losses Movement in funds Unrestrirted funds General fund General fund - Capital Pension reserve 760,826 (677,4541 (22,7831 7,500 83,372 (22,783) (8,813) (16,313) 760,826 (692,7371 (16,313) 51,776 Restricted funds Debt Free London Foodbank- Harnmersmith and Fulham crtizens Advice - Energy Advice Prograrnme Cty Bridge Trust Fund Midaye Fund The National Lottery Community Fund - RC London and South East Region - Help Hub West London Welcome Greater London Authorty Young Lives vs Canr 124,885 373,458 41,300 51,460 8,450 (133,4131 (353,377) {35,000) {50,2101 {7,6451 (8,528) 20,081 6,300 1,250 805 103,500 37,0(JJ 86,666 37,000 (103,750) (37,823) (84,505) {32,616) (250} 1823} 2,161 4,384 863,719 (838,3391 25,380 TOTAL FUNDS 1,624,545 (1,531,076) (16,313) 77,156 -24-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEM ENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 19. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement in funds Transfers beeen funds At 3113123 At 114122 Unrestricted funds General fund General fund Capital Penslon reserye 498,514 48,147 (100,887) 54,976 20,343 (27,8431 7,500 573,833 20,304 178,808) 14,579 445,774 69,555 515,329 Restricted funds Debt Free London Foodbank - Hammersmith and Fulham Citizens Adv[ - EBD Extra Advlce Cltizens Adv( - Energy Advi Programme citizens Advi - Universal Credit City Bridge Trust Fund Mjdaye Fund City Bridge Trust TNLCF COVID-19 Response Fund The National Lottery Community Fund RC London and South East Region - Help Hub Kickstart West London Welcome Young Lives V5 Cancer (432) 678 15,398 2,965 3,052 2,112 4,093 3,834 9,250 1581 16,341 3,402 9,928 15,340 19,306 3,052 880 2,587 (1,2321 (1,5061 1,553 1,553 2,044 (2,689) 5,785 (15,4791 (13,435) 12,689) 10,875 (406) 5,090 (4061 34,559 15,834 50,393 TOTAL FUNDS 480,333 85,389 565,722 -25-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 19. MOVEMENT IN FUNDS - contlnued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestrirted funds General fund Pension reserye 675,579 (620,6031 7,500 54,976 14,579 7,079 675,579 (613,1031 7,079 69,555 Restricted funds Debt Free London Foodbank- Hammersmtth and Fulham Citizen5 Advi - EBD Extra Advice Citizens Advi - Energy Advice Programme Clty Bridge Trust Fund Mldaye Fund Citizens Advice - Pan London Adviceline Development Fund The National Lottery Community Fund - RC London and South East Region - Help Hub West London Welcome Young Llves vs Cancer 113,772 342,149 {109,9381 {332,8991 (58) (22,098) (43,205) (9,954) 3,834 9,250 (58) 16,341 (1,232) (1,5061 38,439 41,973 8,448 40,012 (40,012) 129,675 30,447 33,000 (145,154) (25,357) (33,406) (15,4791 5,090 (406) 777,915 1762,0811 15,834 TOTAL FUNDS 1,453,494 (1,375,184) 7,079 85,389 Unrestricted Funds Pension resetve a designated reseNe set aside to cover the liability for the obligation on the defined benefit scheme. Fixed asset Fund a designated fund representing amounts exFended by the charity to acquire fixed assets for the continuing benefit of the charity. Restricted Funds Debt Free London - Debt Free London delivers specialist Debt Advice across Hammersmth & Fulham. The fund Is rolled out from Money Advice and HFCAB 5ubcontrarted the projett from Toynbee Hall. Focrtjbank - this project Is funded by the Trussel Trust for another year and the project is successfully completed. Citizens Advi Energy Advlce Programme - Funding from the National Association of Citizens Advice for the provision of energy advice. City Bridge Trust Fund - Funding for a full time communty outreach Senior adviser and assodated projett costs to provide outreach advice to communities who do not Usually access mainstream adv1 servi5. Midaye Fund Funding to provide spEcialist advi ser5 to residents and Midaye clients within Wormholt and White City. The National Lottery Community Fund RC London and South East Region "Help Hub" funding to delivery 4 outreach hubs in the local community. Greater London Authorty - Funding toward5 Costs of livlng advice. West London Welcome - Funding toward5 the salary of an outreach worker at West London Welcome. Young Lives vs Cancer - Funding to support the servlce. .26-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEM ENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 19. MOVEMENT IN FUNDS- continued Transfers between funds During the year amounts were transferred from general funds to restritted fund5 to finance a deficit on the restricted funds. During the year balances on some restricted fund5 were transferred to general funds as these projects had finished and no amounts were considered owing to the funders. 20. EMPLOYEE BENEFIT OBLIGATIONS (i) Pension costs: The National Association of Citizens Advice Bureaux Pensions and Assurance Plan {1991) Cltlzens Advlce ('the Principal Employer'l operates a defined benefit scheme ('the Plan,) in the UK which provides b)th pensions in retirement and death beneflts to member5. Pension benefits are related to the members, final salaries at tlrement and thelr length of Servi at the date they rekn'red or left penslonable servi, The Plan closed to future accrual on 3 1 March 2008. The Plan also contsins some money purchase AVCS and protected rights funds, which are not included in these disclosures. In accordance with the schedule af contributions agreed by the Employer and Trustee in August 2023, the contributions to the Plan for the year ending 3 1 March 2024 have been £5,218,000, which includes £4,918,000 towards the deficit and £300,000 as an allowance for admlnlstration expense5 and all SChe levies. The Plan is a registered scheme under UK legislation. The Plan is subject to the scheme funding requirement5 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 operatlon and the governance of the Plan, including making decisions regarding the Plan's fundlng inve*ment strategy (although they are required to consult the Principal Employer). A full attuarial valuation of the Plan was carried OLrt as at 31 March 2024 by a quallfied independent attuary, based upon membership data as at 31 March 2022, allowing for assumed membership movements over the period from this date, and any materlal membership movements significantly different from those assumed (e.g. transfers outl. The most recent formal attuarial valuation of the Plan was as at 31 March 2022 and revealed a funding deficlt of £53,536,000. In the recovery plan agreed following the valuation, the Principal Employer and other participating employers agreed to pay deficit reduction contributions of £2,918,000 per annum with the vlew to elimlnating the deficit by 30 September 2040. The liabilities of the Plan are based on the current value of expetted beneflt payment cashflows to members of the Plan over the next 60 or rn0 years. The average duratlon of the liabilities 15 approxlmately I l years. The Plan is exposed to actuarlal rlsks such as market (investment) risk, intet rate risk, inflation risk, currency risk and longevity risk. The major assumptions used by the actuary were (in nominal terms) as follows: 31.3.2024 31.3.2023 Discount rate Inflation (RPI) Inflation (CPI) Revaluation of deferred pensions in excess of GMP Pension in payment increases of.. CPI or 5010 p.a. if less CPI Inflatlon since tIrement or 50/0 p.a. compound if le55 CPI or 3010 p.a. if less 4.80010 3.30010 2.850/0 2.85010 2.80Q/o 2,800/0 2.800/0 2.80010 2.500/0 750/0 of HMRC maximum 750/D of HMRC maximum Cotnmutstion of pension for cash at retirement .27-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 20. EMPLOYEE BENEFIT OBLIGATIONS - continued 31.3.2024 31.3.2023 Assumed life expectancies on retirement at age 65 are: Retiring today - Nale5 Retinng today - Females Retinng in 20 years time - Males Retinng in 20 years time - Females 20.6 23.4 21.8 24.5 20.8 23.6 22.0 24.7 Value at 31.3.2024 £OOOs Value at 31.3.2023 £OOOs The assets in the Plan were• Multl asset funds Struttured equity and LDI Cash 26,047 33,448 I, loo 24,903 35,116 726 Fair value of Plan assets 60,594 60,745 The actual return on assets over the period was: 307 (37,084) Present value of funded obligations Fair value of Plan assets 107,082 60,594 111,169 60,745 Surplusl(deficit) in funded scheme (46,448) (50,424) Present value of unfunded obligations Unrecognlsed actuarial gains/(lossesl Adjustment in respect of asset lling Net liability in balance sheet 46,448 50,424 Reconciliation of openlng and closing balances of the present value of the defined beneflt obligation 31.3.2024 31.3.2023 £0005 £OOOs Benefit obligation at beglnning of year Current service cost Interest cost Contributions by Plan participant5 Actuarial (gainsl/losses Benefits paid and expenses Past Servi cost Settlements Business combinations Exchange rate 111,169 693 5,250 148,768 832 4,074 (5,079} 15,6761 1,375 135,041) (7,464) Benefit obligation at end of year 107,082 111,169 -28-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 20. EMPLOYEE BENEFIT OBLIGATIONS- continued Reconciliation of opening and closing balances of the fair value of Plan assets 31.3.2024 £OOOs 31.3.2023 £OOOs Fair value of Plan assets at beginning of year Interest income on Plan assets Return on assets, excluding interest income Contributions by employer5 Contributions by Plan participants Benefits pald and expenses Busine55 combinations Settlements Exchange rate 60,745 2,905 (2,598) 5,218 102,214 2,801 (39,8851 3,079 (5,676) (7,464) Fair value of Plan assets at end of year 60,594 60,745 The amounts recognl$ed In proflt or loss: 31.3.2024 £OOOs 31.3.2023 £OOOs Serylce cost - includlng cUrnt & past Servi costs, & settlements SeNice cost - adminlstrative cost Net interest on the net defined benefit liability 1,375 693 2,345 771 1,285 Totsl expense 4,413 2,105 Remeasurements of the net defined benefit liability (asset) to be shown in OCI: 31.3.2024 £OOOs 31.3.2023 £OOOs Actuarial (gains111055e5 On the liabilities Return on assets, excluding interest income Changes In the effect of the asset ceiling excluding Interest income (5,729) 2,598 (35,041) 39,885 Total remeasure of the net defined liability (asset) to be shown In OCI (3,131) 4,844 (li) Pension costs: The Pensions Trust Growth Plan Following a change in legislation in September 2005 there is a potential debt on the employer that could be levied by the Trustee of the Plan and The Pensions Act 2011 has more recently altered the definition of 5erie5 3 of the Growth Plan so that a liability arises to employers from membership of any Series except Series 4. The debt Is due in the event of the employer ceasing to participate in the Plan or the Plan winding up. The debt for the Plan as a whole is calculated by comparing the liabilities for the Plan (calculated on a buy-out basis i.e. the cost of securing benefits by purchasing annuity policies from an insurer, plus an allowance for expense5) with the assets of the Plan. If the liabilities exceed assets there is a buy-out debt. The leaving employer's share of the buy-out debt is the prorKJrtion of the Plan'5 liability attributable to employment wrth the leaving employer compared to the total amount of the Plan's liabilitie5 (lating to employment with all the currently participating employers). The leaving employer's debt therefore include5 a share of any 'orphan' liabilities in re5cl of previously participating employer5. The amount of the debt therefore depend5 on many factors including total Plan liabilities, Plan investment performance, the liabiifcies in respett of current and former employees of the employer, financial conditions at the time of the ssatiOn event and the Insuran buy-out market. The amounts of debt can therefore be volatile over time. -29-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 20. EMPLOYEE BENEFIT OBLIGATIONS- continued The bureau has been notified by The Pensions Trust of the estimated employer debt on withdrawal from the Plan based on the financial position of the Plan as at 30 September 2022. As of this date the estimated employer debt was £8,573. The trustees of The Pensions Trust have determined that Series 3 only employers will not be asked to make any contributions to the deficit but may review the decision at the next valuation. Employer's contributions totalling £31,924 12023 £25,969) were paid into the scheme during the year in respect of 4253 (2023 - 42) members of staff. 21. CONTINGENT LIABILITIES The tharltsble company has potentlal financial obligations in respect of: 11 Penslon entitlements in Rspert of past and present staff arlsing under both the NACAB and Penslons Trust defined benefit pension schemes. In the case of the Pension Trust Growth Plan scheme it has been confirrned that on the basis of the artuarial assessment of the buyout funding position at 30 September 2022, the employer debt on withdrawal liability for Hammersmith & Fulham CAB Is £8,573. 22. RELATED PARTY DISCLOSURES There were no related party transactioris for the year 31 March 2024 and 31 March 2023. 23. LIMrrED BY GUARANTEE The charity Is a private company Ilmited by guarantee, without Share capitsl. Tre members of the company guarantee the sum of £1 whilst they remain members of the company and for one year thereafter, in accordance with the provlsions of the Memorandum of Association. The company is controlled by the members that include all of the trustees. -30-
HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE DEfAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donation5 2,092 2,149 Investment income Depogt account interest 15,041 3,258 Charitable artivities Grants and contract income 1,607,125 1,447,255 Other income Sundry income 287 832 Total incoming resources 1,624,545 1,453,494 EXPENDrruRE Charltable activitles Wage5 Social security Pensions other direct Costs 1,186,5Q6 104,788 34,529 44,375 1,063,895 98,764 28,369 43,119 1,370,198 1,234,147 Support costs Support costs Volunteer cosis Premi*s related costs Communication costs Admini5tratson costs Depreaation charge Projett costs Legal and professional fees Subscriptions and other costs 554 76,256 20,654 3,561 22,783 3,497 4,780 19,697 2,912 63,549 18,261 5,564 21,602 4,941 16,108 151,782 132,937 Governance costs Auditors, remuneration Auditors, remuneration for non audit work Sundries 5,900 2,500 696 5,500 1,300 1,300 9,096 8,100 Totsl $our5 expended 1,531,076 1,375,184 Net income 93,469 78,310 This page does not form part of the statutcry finarKial ststerrents -31-