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← Hammersmith And Fulham Citizens Advice Bureaux Service

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 03160526 (England and Wales) REGISTERED CHARITY NUMBER: 1054505

REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

HAMMERSMITH 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 STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 11
Statement of Financial Activities 12
Statement of Financial Position 13
Statement of Cash Flows 14
Notes to the Statement of Cash Flows 15
Notes to the Financial Statements 16 to 30
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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE (REGISTERED NUMBER: 03160526)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's principal activity is the promotion of any charitable purpose for the benefit of the community within the London Borough of Hammersmith and Fulham and surrounding areas by the advancement of education, the protection of health and the relief of poverty, sickness and distress.

Citizens Advice (operating name of the National Association of Citizens Advice Bureaux (NACAB)) is the national organisation, of which all citizens advice bureaux within the branded network are members. Citizens Advice currently has the following aims (implemented following the Annual General Meeting and conference in September 2007):

Public benefit

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

Our Vision

"Advice on its own is not always enough for our community, or for us as a service. We will develop new ways of supporting and empowering our clients to take action to achieve better outcomes".

Our Aims

At the centre of all of Citizens Advice Hammersmith & Fulham's (CAHF) strategies are its 3 key aims:

  1. To achieve Excellence - in delivering an effective, and high quality service

  2. To be innovative, resilient and flexible - to deliver an even more effective and sustainable service

  3. To demonstrate our community impact - to show the positive change we make socially, economically and to health and well-being

Our Principles and Values

As a member of the Citizens Advice Service, CAHF provides free, independent, confidential and impartial advice to everyone on their rights and responsibilities. It values diversity, promotes equality and challenges discrimination.

We are committed to put equality and equity at the heart of everything that we do, with the overarching aim to improve access, ensure inclusive service delivery and preserve intensified support for those who need it and promote an inclusive working environment for our workforce.

Our core values and principles sit at heart of every strategic decision to reflect our aim to be a strong equality champion through our roles as advisor, campaigner, employer, employee and partner.

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE (REGISTERED NUMBER: 03160526)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The main areas of charitable activity are the provision of information, advice and education on people's rights and responsibilities, through face-to-face appointments, by telephone, letter and/or email, at our main sites and at various borough-based locations, including

Premises

CAHF is located at Avonmore Library and Neighbourhood Centre in West Kensington which is the main hub for its services. It also operates its services from a number of locations around the Borough working in partnership with other community organisations.

Services

2024 - 25 continued to see an to see an exponential increase in demand for our services which is becoming exceptionally challenging to meet given the reduction in overall funding available and fewer volunteers to support our service. Our clients continue to grapple with rising 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 ways, including:

- Assisted Self Help/Information

Clients have access to terminals for assisted self-help as a first point of contact for help and information.

- Adviceline

Our main point of contact for clients seeking advice is through our Adviceline telephone service. Adviceline 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 with other LCA's in London.

- Appointment Service

Full advice appointments may either be made with a generalist adviser or with an adviser working under a specific project. Appointments are subject to availability and take place Monday to Friday throughout our opening hours.

- Email Service

Clients are able to contact 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.

Client Issues

In 2024-25, we helped a staggering 17,000 clients with 68,851 issues. This means that clients are coming to us with 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:

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE (REGISTERED NUMBER: 03160526)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Projects

CAHF is funded by a variety of funders to provide a range of complimentary projects. In addition to our generalist advice service, we delivered a wide range of specialist projects including:

Achievement and Performance

Despite the challenges of increased demand and reduced capacity (due to low level of volunteers and recruitment challenges) we have had another very successful year:

Leadership Self-Assessment

As part of our annual audit process we undertake a leadership self assessment that reviews and assesses our performance in 9 areas of leadership. We are audited by Citizens Advice. This Audit passports us to external quality marks as well as reviews the organisation against the 9 categories. On satisfactory completion of the audit, we are awarded our AQS Quality Mark for which we have to satisfy further requirements. We successfully passed our Year 1 Audit in all of the leadership areas:

  1. Governance

  2. Strategic Business Planning

  3. Risk Management

  4. Financial Management

  5. People Management

  6. Operational Performance Management

  7. Partnership Working

  8. Research & Campaigns

  9. Equality Leadership

CAHF has also secured the AQS Quality Mark for Telephone Advice, Generalist Advice, 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.

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE (REGISTERED NUMBER: 03160526)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW

Financial position

The results for the year to 31st March 2025, which are summarised in the Statement of Financial activities (SOFA), showed an overall excess of income over expenditure of £102,426 (2024 £77,156). Unrestricted funds at 31 March 2025 were £658,807 (2024 £584,361).

Principal funding sources

In common with most similar Citizens Advice offices, a major proportion of the charity's income comes from London Borough of Hammersmith and Fulham and the rest from a variety of sources including grants, service level agreements and contracts, which are usually to fund specific projects.

Reserves policy

CAHF holds its reserves under two categories: restricted and unrestricted.

Restricted reserves are restricted to the purpose for which the funder provided them. Normally restricted reserves 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 completion of the projects and as a result of the undercharged overhead recoveries in previous years. Any overspend has to be charged to unrestricted funds when the project ends.

Unrestricted reserves provide the general reserve to survive periods of difficulty and exceptional costs. The Trustee Board has established a policy whereby the total unrestricted reserve should be at the level of four months committed expenditure which is around £487,584 at the present time. Our unrestricted reserves at 31 March 2025 were £658,807 and the Board consider this a sufficient level to manage working capital requirements.

Principal Risks and Uncertainties

The Trustees have assessed and reviewed the major strategic, business and operational risks which the charity faces and confirm that systems are established to mitigate the charity's exposure to those risks.

The Trustee Board undertakes a risk assessment each year in collaboration with Citizens Advice. During this year the principal risks and priorities identified are:

Staff

Salaries and staff related costs were approximately 87% (2024 80%) of total expenditure.

Volunteers

Our volunteers are working extremely hard to meet the increased demand, particularly as we are struggling to recruit more volunteers. CAHF like many other voluntary sector organisations have experienced higher turnover of volunteers.

We recruited 77 volunteers. One third of whom were from Hammersmith and Fulham. 57 volunteers left, of which 32% went into full time work.

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE (REGISTERED NUMBER: 03160526)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

FUTURE PLANS

Our key priorities for the next 12 months include:

Whilst LBHF provides us with a strong foundation for our core funding, individual project budgets are tight as funders are either reducing funding or holding them at the same cash level, whilst costs and key performance indicators are increasing. To ensure continued sustainability, our income generation objectives are to:

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE (REGISTERED NUMBER: 03160526)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Hammersmith and Fulham Citizens Advice Bureaux Service (HFCAB) is a charitable company, Limited 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 charitable company and is governed under its Articles of Association. The company's initial Memorandum and Articles were updated by means of a Special Resolution 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 surrounding areas, as well as the borough of Hammersmith and Fulham. This amendment is in line with current Citizens Advice recommendations and was formally approved by the Charity Commission.

Recruitment and appointment of new trustees

The directors 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. Trustees are then elected 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 its current members. We seek to fill any gaps identified and to maintain diversity among trustees. Most trustees have some personal connection with the local community and an interest in some specific aspect of the work of the service and its management.

Organisational structure and decision making

The Trustee Board meets at least quarterly and sets the strategic direction and policies of the charity.

The Chief Executive, assisted by the management team, is responsible for delivering all services, contracts and projects within the strategies and policies set by the Trustee Board.

Induction and training of new trustees

New trustees undergo a period of induction. This usually comprises attendance at a Citizens Advice briefing, meetings with staff, volunteers and other trustees and time spent in one of the bureaux.

Key management remuneration

The trustees are responsible for setting the remuneration of Key management. Remuneration of key management is reviewed annually and is comparable with similar local charities.

Wider network

HFCAB is a member of the national Citizens Advice service and the national charity sets and monitors standards for advice, policies, procedures and supports bureaux with an information system, training and other services. Operating policies are independently determined by the trustee board of HFCAB in order to fulfil its charitable objectives and comply with the national membership requirements.

Related parties

The charity cooperates and liaises with other advisory services, local charities and council departments on behalf of clients. Where one of the trustees is also involved with another relevant organisation, they may be involved in discussions about it but not in any decision-making process.

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE (REGISTERED NUMBER: 03160526)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03160526 (England and Wales)

Registered Charity number 1054505

Registered office

Upper Floor Avonmore Library 7 North End Crescent London W14 8TG

Trustees

C Larnder (Chair) D Walsh (Treasurer) S W Harcourt L Homan B Gallagher P Brough R Holmes V Farnell (resigned 26/11/24) G Pope (resigned 26/11/24) E M Kawonza (resigned 26/11/24)

Auditors

Hartley Fowler LLP Statutory Auditors Chartered Accountants 4th Floor Tuition 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 Samantha Dodd Fre Tekeleab Viki Phillips

Head of Resources Head of Business Development & Comms (left January 2025) Head of Finance Head of Advice Services

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2025 srATEMENT OF TRusfEES' RESPONSIBILrriES The trustees (who are a150 the directors of Hammersmtth And Fulham Citizens Advi￿ Bureaux Seryice for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accountin9 Standards (United Kingdom Generally Accep￿1 Accountin9 Ptacbce). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resour￿ and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trust￿ are required to select suitable accounting policies and then apply them consistenty; observe the methods and principles In the Lharity SURP. make judgements and esknmates that are reasonable an(i prudent; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting fecords which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for tsknng reasonable steps for the prevention and detectron of fraud and other irregularitie4. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware; and the trustees have tsken all steps that they ought to have taken to make themselve5 aware of any relevant audit information and to establish that the auditors are aware of that Info￿natiOn. AUDITORS The auditors, Haruey Fowler LLP, will Ee prOF4￿ed for re-appointment at the forthcoming Annual General m￿ting. This report has been prepared in accordan￿ with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the ￿ard of trustees on 30 September 2025 and signed on ts behalf by.. der- Tru

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE

Opinion

We have audited the financial statements of Hammersmith And Fulham Citizens Advice Bureaux Service (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Statement of Financial 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 Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities 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 accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our 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 auditing the financial statements, we have concluded 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve 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 information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly 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 is 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 misstated. If we identify such material inconsistencies or apparent material misstatements, 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 information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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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 Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully 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 view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability 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 cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

-the nature of the industry and sector, control environment and the charities activities;

-results of our enquiries of management about their own identification and assessment of the risks of irregularities;

-any matters we identified having obtained and reviewed the charitable company's documentation of their policies and procedures relating to:

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HAMMERSMrrH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE As a result of these procedures, we considered the opwrtunities and Incentives that may exist wlthln the organlsatty)n for fraud. In common with all audit5 we are also required to perform specific prO￿dureS to respond to the rlsk of management override. We also obtained an understanding of the legal and regulatory framework that the charltsble 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 aldit¢on we consldered provisions of other laws and regulations that do not have a direct effect on the financlal statements but Complian￿ with which may be fundamental to the charitable company's ability to operate or to avoid a rnaterial penalty. As a result of perforrning the above, we did not identlfy any key matters related to the potential risk of fraud or non-complian with laws and regulations. Our procedures to respond to rlsks identified Included the following: reviewlng the financial statement d15closures and testing to supporting documentatlon to assess compliar￿e w￿h provislon of relevant laws and regulatlons descrlbed as havlng a direct effect on the financlal statements,. -enqulrlng of Manag￿nent concernlng actual and potential Iltigation and claims. -perfomiing analyt(cal prO￿dureS to Identify any unusual or unexpected relationships that may indlcate rlsks of materlal mlsststement due to fraud; -revlewing minutes of meetings of those charged with governan￿, reviewing Internal reports, and -In add￿sSIng the rlsk of fraud through management overrlde of controls, testing the approprlateness of jouinal entries and other adjustments, a55esslng whether the judgements made in maklng accountlng e5tlmates are indlcatlve of a F()tentlal bias and evaluatlng the business ratlonale for any slgnlflcant transactlons that are unusual or outslde the normal course of business. We also comrnunlcated relevant Identlfied laws and regulatlons and FQtentlal fraud risks to all engagement team members and remained alert to any indicatlon of fraud or non-compllance wlth laws and regulatlons throughout the audit. A further de￿rIPtIOn of our responslbilitles for the audit of the financial statsments Is located on the Financlal Reporting Councll's webslte at www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report Thls report Is made solely to the charltable company's members, as a bcfvJy, In accordan￿ wlth Chapter 3 of Part 16 of the Companles Aci 2006. Our audlt work has been undertaken so that we mlght stste to the charitable company's members tIM)se matters we are requlred to state to them In an audltors, rep)rt and for no other purpose. To the fullest extent Fermbtted by law, we do not accept or assume responsiblllty to anyone other than the charitable company and the charltable company's members as a b)Jy* for our audit work, for thls report, or for the oplnions we have fomied. Jonatha ke FCA (Seni for and on behalf of Harl Statutory Auditors Chartered kcountants 4th Floor Tuition House 27-37 St George's Road Wimbledon London swig 4EU atutory Audltor) owler LLP 30 September 2025 -li-

HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
5
General advice and information
Training and advice projects
Money advice projects
Investment income
4
Other income
6
Total
EXPENDITURE ON
Charitable activities
7
General advice and information
Training and advice projects
Money advice projects
Total
NET INCOME
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit schemes
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
4,173
787,588
-
31,290
27,453
98
850,602
754,398
-
22,185
776,583
74,019
427
74,446
584,361
658,807		 Restricted
funds
£
-
287,950
144,942
448,248
-
-
881,140
477,167
100,403
275,590
853,160
27,980
-
27,980
58,517
86,497		 2025
Total
funds
£
4,173
1,075,538
144,942
479,538
27,453
98
1,731,742
1,231,565
100,403
297,775
1,629,743
101,999
427
102,426
642,878
745,304		 2024
Total
funds
£
2,092
983,320
101,800
522,005
15,041
287
1,624,545
953,397
68,761
508,918
1,531,076
93,469
(16,313)
77,156
565,722
642,878

The notes form part of these financial statements

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HAMMERSMrrH AND FULHAM cmzENS ADVI￿ BUREAUX SERVICE srATEMENT OF FINANCIAL POSrnON 31 MAR(JI 2025 2025 2024 Thn9lble a5sÉts 14 8,454 CURRENT ASSErs 15 Cagl at bank 68,287 1,116,373 29,567 1,190,699 1,184,660 1,220,266 CREDrroRS Amounts fallir¥J due within one year 16 {368,116) {489,767) NEf CURRENT ASSETS 816,544 730,499 8Z4,99B no,499 PENSION LIABILrrY 20 (79,694) (87,621) NEfA5SETS 745?04 641878 FUNDS Unrestricted fvnd5 19 658,807 86,497 584,361 58,517 TOTAL FUNDS 745,304 642,B78 finanoal statements have been wepaTeJ in a(aJTda￿e wtth the Pr￿ ar¢*at4e io dwrtoile companles yjbiect to the small companvds regime. The finanaal statements were èpprov&l by the 8oard of TFuts and authori58J for t55ue on 30 Septanber 2025 arKI were 51gned on its behalf by: C LArnd . Trust D Walsh - TnJ5tee

HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
£
(86,725)
(86,725)
(15,054)
27,453
12,399
(74,326)
1,190,699
1,116,373		 2024
£
289,737
289,737
(2,479)
15,041
12,562
302,299
888,400
1,190,699

The notes form part of these financial statements

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

1.
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2025
£
Net income for the reporting period (as per the Statement of Financial
Activities)
101,999
Adjustments for:
Depreciation charges
6,600
Interest received
(27,453)
(Increase)/decrease in debtors
(38,720)
(Decrease)/increase in creditors
(121,651)
Difference between pension charge and cash contributions
(7,500)
Net cash (used in)/provided by operations
(86,725)
2.
ANALYSIS OF CHANGES IN NET FUNDS
At 1/4/24
Cash flow
£
£
Net cash
Cash at bank
1,190,699
(74,326)
1,190,699
(74,326)
Total
1,190,699
(74,326)		 2024
£
93,469
22,783
(15,041)
47,259
148,767
(7,500)
289,737
At 31/3/25
£
1,116,373
1,116,373
1,116,373

The notes form part of these financial statements

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. GENERAL INFORMATION

The charity is private company incorporated and domiciled in England and Wales. The address of its registered office 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 information presented is for the year ended 31 March 2025 and 31 March 2024. The financial information is presented in sterling.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Preparation of the financial statements on a going concern basis

The financial statements have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves and the expected level of income and expenditure for 12 months from authorising these financial statements.There are no material uncertainties about the charity's ability to continue as a going concern.

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires the trustees and management to make significant judgements and estimates.

The items in the financial statements where judgements and estimates have been made include:

Income

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

The main source of income for the charity is contracts for services and grants with the London Borough of Hammersmith and Fulham.

Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable.

Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Income from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to the consideration by its performance. Grant income relating to a later period is therefore deferred to that period and treated as deferred income in the balance sheet.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure

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

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES - continued

Governance costs

Governance costs include those costs associated 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 allocated on a percentage basis calculated by the funds brought forward plus income received in the year.

Tangible fixed assets

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Additions to leasehold property straight line over the period of the lease

Fixtures and equipment straight line over 3 years (or, the duration of the project - if shorter)

Individual assets purchased and costing less than £500 are directly written off in the statement of financial activities and therefore not capitalised. Assets capitalised are held at historic cost.

Capital grants in respect of fixed assets are credited to an unrestricted fund into which the cost of the assets acquired is charged over their expected useful life by way of depreciation - if a funder requires asset retention. Otherwise, if the restriction is satisfied by purchase of the specified assets, the restricted capital fund becomes unrestricted and is transferred to general funds.

Taxation

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

Fund accounting

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

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

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

Defined benefit pension schemes

The charitable company participated in two defined benefit schemes during the year.

(i) National Association of Citizens Advice Bureaux (NACAB) "The Plan". This is a traditional defined benefit scheme with pensions determined by years of service and final salary. The pension costs are assessed in accordance with actuarial advice and based on the most recent actuarial 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 been closed to new employees in London Bureaux for a number of years, was closed to future accrual with effect from 31 March 2009. Further details 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 effect from 1 April 2009.

(ii) 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 contributions. Consequently this also places a potential contingent liability on employers. The pension contributions charged in these financial statements represent the amounts payable by the charitable company for this scheme in respect of the year ended 31 March 2024. Further details are provided in the notes to the accounts.

Financial instruments

All loans, investments and short term deposits held by the charity are classified as basic financial instruments. These financial instruments are initially recorded at the transaction price are subsequently measured at their settlement value.

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES - continued

Financial instruments

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors are recognised at the settlement amount due. Prepayments are valued at the invoice amount prepaid.

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.

3. DONATIONS AND LEGACIES

Donations
4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants and contract income
General advice and information
Grants and contract income
Training and advice projects
Grants and contract income
Money advice projects
Grants received, included in the above, are as follows:
London Borough of Hammersmith & Fulham Advice Station Service Level
Agreement
Citizens Advice - HelpThrough Hardships Helpline Grants
The National Lottery Community Fund - RC London and South East London - Help
Hub Grant
Toynbee Hall - The Debt Free Advice Project
London Borough of Hammersmith & Fulham - Help Hub
Young Lives vs Cancer
City Bridge Trust Grant
The Henry Smith Charity
London Borough of Hammersmith & Fulham - Affordability Project
National Citizens Advice - Energy Advice Programme
Midaye Grant
West London Welcome Grant
Upper Room grant
Greater London Authority - Crisis
Greater London Authority - Specialist
Foodbank - Trussel Trust Grant
Hammersmith United & Dr Edward Bishop Kings
Carried forward		 2025
£
4,173
2025
£
27,453
2025
£
1,075,538
144,942
479,538
1,700,018
2025
£
674,193
287,768
109,926
127,815
-
80,297
44,913
68,000
39,372
64,645
-
27,185
5,000
42,000
42,500
27,665
-
1,641,279		 2024
£
2,092
2024
£
15,041
2024
£
983,320
101,800
522,005
1,607,125
2024
£
626,892
312,522
80,000
124,885
23,500
37,000
51,460
34,530
46,500
41,300
8,450
37,000
4,102
36,666
50,000
36,887
19,947
1,571,641

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

----- Start of picture text -----
5. INCOME FROM CHARITABLE ACTIVITIES - continued
2025 2024
£ £
Brought forward 1,641,279 1,571,641
Citizens Advice CSDF Innovation Grant 31,290 23,662
Other small grants 11,439 11,822
-
Propel Grant 16,010
1,700,018 1,607,125
6. OTHER INCOME
2025 2024
£ £
Sundry income 98 287
7. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 8) Totals
£ £ £
General advice and information 1,110,908 120,657 1,231,565
Training and advice projects 84,101 16,302 100,403
Money advice projects 279,118 18,657 297,775
1,474,127 155,616 1,629,743
2024 Comparatives for charitable activities costs
Direct Support
costs costs Totals
£ £ £
General advice and information 827,808 125,589 953,397
Training and advice projects 58,319 10,442 68.761
Money advice projects 484,071 24,847 508,918
1,370,198 160,878 1,531,076
8. SUPPORT COSTS
Support Governance
costs costs Totals
£ £ £
General advice and information 112,850 7,807 120,657
Training and advice projects 15,262 1,040 16,302
Money advice projects 16,285 2,372 18,657
144,397 11,219 155,616
----- End of picture text -----

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

8. SUPPORT COSTS - continued

2024 Comparatives for support costs

----- Start of picture text -----
||||| |---|---|---|---| |Support|Governance| |costs|costs|Totals| |£|£|£| |General advice and information|119,527|6,062|125,589| |Training and advice projects|10,017|425|10,442| |Money advice projects|22,328|2,609|24,487| |151,782|9,096|160,878|

----- End of picture text -----

Support costs, included in the above, are as follows:

9. NET INCOME/(EXPENDITURE)

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

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Auditors' remuneration|6,200|5,900| |Other non-audit services|4,169|2,500| |Depreciation - owned assets|6,600|22,783| |Operating leases|16,900|12,640|

----- End of picture text -----

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

11. STAFF COSTS

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Wages and salaries|1,272,054|1,186,506| |Social security costs|110,219|104,788| |Other pension costs|31,871|34,529| |1,414,144|1,325,823| |The average monthly number of employees during the year was as follows:| |2025|2024| |Advisors and assessors|41|44| |Management and administration|5|5| |46|49|

----- End of picture text -----

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

11. STAFF COSTS - continued

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£60,001 - £70,000
£70,001 - £80,000		 2025
-
1
1		 2024
1
-
1

The key management team is considered to be the senior management team. Remuneration of £266,833 (2024 £261,336) was paid to Key Management Personnel. This includes pension scheme contributions of £11,457 (2024 £11,060).

Volunteers

We recruited 77 volunteers. One third of whom were from Hammersmith and Fulham. 57 volunteers left, of which 32% went into full time work.

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
General advice and information
Training and advice projects
Money advice projects
Investment income
Other income
Total
EXPENDITURE ON
Charitable activities
General advice and information
Training and advice projects
Money advice projects
Total
NET INCOME
Transfers between funds
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit
schemes
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward		 Unrestricted
funds
£
2,092
719,744
-
23,662
15,041
287
760,826
667,319
3,273
22,145
692,737
68,089
17,256
(16,313)
69,032
515,329		 Restricted
funds
£
-
263,576
101,800
498,343
-
-
863,719
286,078
65,488
486,773
838,339
25,380
(17,256)
-
8,124
50,393		 Total
funds
£
2,092
983,320
101,800
522,005
15,041
287
1,624,545
953,397
68,761
508,918
1,531,076
93,469
-
(16,313)
77,156
565,722

-21-

HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

TOTAL FUNDS CARRIED FORWARD Unrestricted
funds
£
584,361		 Restricted
funds
£
58,517		 Total
funds
£
642,878

13. TAXATION

Hammersmith and Fulham Citizens Advice Bureaux Service is a registered charity and therefore potentially exempt from taxation of its income and gains, as Hammersmith and Fulham Citizens Advice Bureaux Service falls within the definition 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

COST
At 1 April 2024
Additions
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Contract income receivable
Other debtors and prepayments		 Short
Plant and
leasehold
machinery
£
£
2,133
196,131
-
15,054
2,133
211,185
2,133
196,131
-
6,600
2,133
202,731
-
8,454
-
-
2025
£
50,118
18,169
68,287		 Totals
£
198,264
15,054
213,318
198,264
6,600
204,864
8,454
-
2024
£
10,325
19,242
29,567

-22-

HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Operational creditors
Social security and other taxes
Other creditors and accruals
Deferred income		 2025
£
23,355
21,044
84,504
239,213
368,116		 2024
£
20,302
29,165
93,678
346,622
489,767
£ £
Deferred Income
Deferred income brought forward 346,622 229,706
Amounts released to incoming resources (224,559) (105,945)
Amount deferred in the year 117,150 222,861
Deferred income carried forward 239.213 346,622

Deferred income comprises income received during the year which relates to the next financial year.

17. LEASING AGREEMENTS

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

Within one year
Between one and five years
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fixed assets
Current assets
Current liabilities
Pension liability		 Unrestricted
funds
£
8,454
1,022,444
(292,397)
(79,694)
658,807		 Restricted
funds
£
-
162,216
(75,719)
-
86,497		 2025
£
16,650
33,000
49,650
2025
Total
funds
£
8,454
1,184,660
(368,116)
(79,694)
745,304		 2024
£
16,650
49,950
66,600
2024
Total
funds
£
-
1,220,266
(489,767)
(87,621)
642,878

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2024 Comparatives for net assets between funds

Current assets
Current liabilities
Pension liability		 Unrestricted
funds
£
1,116,754
(444,772)
(87,621)
584,361		 Restricted
funds
£
103,512
(44,995)
-
58,517		 2024
Total funds
£
1,220,266
(489,767)
(87,621)
642,878

-23-

HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

19. MOVEMENT IN FUNDS

Unrestricted funds
General fund
General fund - Capital
Pension reserve
Restricted funds
Debt Free London
Foodbank - Hammersmith and Fulham
Citizens Advice - Energy Advice Programme
City Bridge Trust Fund
Midaye Fund
The National Lottery Community Fund - RC
London and South East Region - Help Hub
West London Welcome
Greater London Authority
Young Lives vs Cancer
Propel
TOTAL FUNDS
Net movement in funds, included in the above are as
Unrestricted funds
General fund
General fund - Capital
Pension reserve
Restricted funds
Debt Free London
Foodbank - Hammersmith and Fulham
Citizens Advice - Energy Advice Programme
City Bridge Trust Fund
The National Lottery Community Fund - RC
London and South East Region - Help Hub
West London Welcome
Greater London Authority
Young Lives vs Cancer
Propel
TOTAL FUNDS		 At 1/4/24
£
671,982
-
(87,621)
584,361
(5,126)
30,009
25,606
2,130
3,392
(13,685)
10,052
2,161
3,978
-
58,517
642,878
follows:
Incoming
resources
£
850,602
-
-
850,602
133,231
320,433
64,645
44,913
109,926
27,185
84,500
80,297
16,010
881,140
1,731,742		 Net
movement
in funds
£
73,119
(6,600)
7,927
74,446
(5,569)
9,736
18,595
1,030
-
731
(3,132)
6,196
2,546
(2,153)
27,980
102,426
Resources
expended
£
(777,483)
(6,600)
7,500
(776,583)
(138,800)
(310,697)
(46,050)
(43,883)
(109,195)
(30,317)
(78,304)
(77,751)
(18,163)
(853,160)
(1,629,743)		 Transfers
between
funds
£
(15,054)
15,054
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Gains and
losses
£
-
-
427
427
-
-
-
-
-
-
-
-
-
-
427		 At
31/3/25
£
730,047
8,454
(79,694)
658,807
(10,695)
39,745
44,201
3,160
3,392
(12,954)
6,920
8,357
6,524
(2,153)
86,497
745,304
Movement
in funds
£
73,119
(6,600)
7,927
74,446
(5,569)
9,736
18,595
1,030
731
(3,132)
6,196
2,546
(2,153)
27,980
102,426

-24-

HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
General fund - Capital
Pension reserve
Restricted funds
Debt Free London
Foodbank - Hammersmith and Fulham
Citizens Advice - EBD Extra Advice
Citizens Advice - Energy Advice Programme
Citizens Advice - Universal Credit
City Bridge Trust Fund
Midaye 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
Greater London Authority
Young Lives vs Cancer
TOTAL FUNDS		 Net
movement
At 1/4/23
in funds
£
£
573,833
83,372
20,304
(22,783)
(78,808)
(8,813)
515,329
51,776
3,402
(8,528)
9,928
20,081
15,340
-
19,306
6,300
3,052
-
880
1,250
2,587
805
1,553
-
(13,435)
(250)
(2,689)
-
10,875
(823)
-
2,161
(406)
4,384
50,393
25,380
565,722
77,156		 Transfers
between
funds
£
14,777
2,479
-
17,256
-
-
(15,340)
-
(3,052)
-
-
(1,553)
-
2,689
-
-
-
(17,256)
-		 At
31/3/24
£
671,982
-
(87,621)
584,361
(5,126)
30,009
-
25,606
-
2,130
3,392
-
(13,685)
-
10,052
2,161
3,978
58,517
642,878

-25-

HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

19. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
General fund - Capital
Pension reserve
Restricted funds
Debt Free London
Foodbank - Hammersmith and Fulham
Citizens Advice - Energy Advice Programme
City Bridge Trust Fund
Midaye Fund
The National Lottery Community Fund - RC
London and South East Region - Help Hub
West London Welcome
Greater London Authority
Young Lives vs Cancer
TOTAL FUNDS		 Incoming
resources
£
760,826
-
-
760,826
124,885
373,458
41,300
51,460
8,450
103,500
37,000
86,666
37,000
863,719
1,624,545		 Resources
expended
£
(677,454)
(22,783)
7,500
(692,737)
(133,413)
(353,377)
(35,000)
(50,210)
(7,645)
(103,750)
(37,823)
(84,505)
(32,616)
(838,339)
(1,531,076)		 Gains and
losses
£
-
-
(16,313)
(16,313)
-
-
-
-
-
-
-
-
-
-
(16,313)		 Movement
in funds
£
83,372
(22,783)
(8,813)
51,776
(8,528)
20,081
6,300
1,250
805
(250)
(823)
2,161
4,384
25,380
77,156

Unrestricted Funds

Pension reserve - a designated reserve set aside to cover the liability for the obligation on the defined benefit scheme.

Fixed asset Fund - a designated fund representing amounts expended 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 Hammersmith & Fulham. The fund is rolled out from Money Advice and HFCAB subcontracted the project from Toynbee Hall.

Foodbank - this project is funded by the Trussel Trust for another year and the project is successfully completed.

Citizens Advice Energy Advice Programme - Funding from the National Association of Citizens Advice for the provision of energy advice.

City Bridge Trust Fund - Funding for a full time community outreach senior adviser and associated project costs to provide outreach advice to communities who do not usually access mainstream advice services.

Midaye Fund - Funding to provide specialist advice services 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 Authority - Funding towards costs of living advice.

London Funders Propel programme - Funding to help inform and develop our approach towards trainee recruitment, induction and support with the aim of developing the advice sector's workforce to reflect lived experience.

West London Welcome - Funding towards the salary of an outreach worker at West London Welcome.

-26-

HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

19. MOVEMENT IN FUNDS - continued

Young Lives vs Cancer - Funding to support the service.

Transfers between funds

During the year amounts were transferred from general funds to restricted funds to finance a deficit on the restricted funds.

During the year balances on some restricted funds 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)

Citizens Advice ('the Principal Employer') operates a defined benefit scheme ('the Plan') in the UK which provides both pensions in retirement and death benefits to members. Pension benefits are related to the members' final salaries at retirement and their length of service at the date they retired or left pensionable service. The Plan closed to future accrual on 31 March 2008. The Plan also contains some money purchase AVCs and protected rights funds, which are not included in these disclosures.

In accordance with the schedule of contributions agreed by the Employer and Trustee in August 2023, the contributions to the Plan for the year ending 31 March 2025 have been £3,218,000, which includes £2,918,000 towards the deficit and £300,000 as an allowance for administration expenses and all scheme levies.

The Plan is a registered scheme under UK legislation. 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 the governance of the Plan, including making decisions regarding the Plan's funding investment strategy (although they are required to consult the Principal Employer).

An actuarial valuation of the Plan was carried out as at 31 March 2025 by a qualified independent actuary, based upon membership data as at 31 March 2022, allowing for assumed membership movements over the period from this date, and any material membership movements significantly different from those assumed (e.g. transfers out).

The most recent formal actuarial valuation of the Plan was as at 31 March 2022 and revealed a funding deficit 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 view to eliminating the deficit by 30 September 2040.

The liabilities of the Plan are based on the current value of expected benefit payment cashflows to members of the Plan over the next 60 or more years. The average duration of the liabilities is approximately 10 years.

The Plan is exposed to actuarial risks such as market (investment) risk, interest rate risk, inflation risk, currency risk and longevity risk.

The major assumptions used by the actuary were (in nominal terms) as follows:

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|||| |---|---|---| |31.3.2025|31.3.2024| |Discount rate|5.80%|4.90%| |Inflation (RPI)|3.10%|3.20%| |Inflation (CPI)|2.75%|2.80%| |Revaluation of deferred pensions in excess of GMP|2.75%|2.80%| |Pension in payment increases of:| |- CPI or 5% p.a. if less|2.70%|2.80%| |- CPI inflation since retirement or 5% p.a. compound if less|2.70%|2.80%| |- CPI or 3% p.a. if less|2.30%|2.50%|

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

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20. EMPLOYEE BENEFIT OBLIGATIONS - continued
75% of HMRC 75% of HMRC
Commutation of pension for cash at retirement maximum maximum
31.3.2025 31.3.2024
Assumed life expectancies on retirement at age 65 are:
Retiring today - Males 20.6 20.6
Retiring today - Females 23.4 23.4
Retiring in 20 years time - Males 21.9 21.8
Retiring in 20 years time - Females 24.6 24.5
Value at Value at
31.3.2025 31.3.2024
£000s £000s
The assets in the Plan were:
Multi asset funds 25,527 26,047
Structured equity and LDI 29,553 33,448
Cash 831 1,100
Fair value of Plan assets 55,911 60,594
The actual return on assets over the period was: (2113) 307
Present value of funded obligations 96,535 107,082
Fair value of Plan assets 55,911 60,594
Surplus/(deficit) in funded scheme (40,624) (46,448)
- -
Present value of unfunded obligations
- -
Unrecognised actuarial gains/(losses)
- -
Adjustment in respect of asset ceiling
Net liability in balance sheet 40,624 46,448
Reconciliation of opening and closing balances of the present value of the defined benefit obligation
31.3.2025 31.3.2024
£000s £000s
Benefit obligation at beginning of year 107,082 111,169
Current service cost 604 693
Interest cost 5,122 5,250
- -
Contributions by Plan participants
Actuarial (gains)/losses (10,485) (5,079)
Benefits paid and expenses (5,788) (5,676)
Past service cost - 1,375
Settlements - -
Business combinations - -
- -
Exchange rate
Benefit obligation at end of year 96,535 107,082
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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

Reconciliation of opening and closing balances of the fair value of Plan assets

Fair value of Plan assets at beginning of year
Interest income on Plan assets
Return on assets, excluding interest income
Contributions by employers
Contributions by Plan participants
Benefits paid and expenses
Business combinations
Settlements
Exchange rate
Fair value of Plan assets at end of year
The amounts recognised in profit or loss:
Service cost - including current & past service costs, & settlements
Service cost - administrative cost
Net interest on the net defined benefit liability
Total expense		 31.3.2025
£000s
60,594
2,907
(5,020)
3,218
-
(5,788)
-
-
-
55,911
31.3.2025
£000s
-
604
2,215
2,819		 31.3.2024
£000s
60,745
2,905
(2,598)
5,218
-
(5,676)
-
-
-
60,594
31.3.2024
£000s
1,375
693
2,345
4,413
Remeasurements of the net defined benefit liability (asset) to be shown in OCI:
Actuarial (gains)/losses on the liabilities
Return on assets, excluding interest income
Changes in the effect of the asset ceiling excluding interest income
Total remeasure of the net defined liability (asset) to be
shown in OCI		 31.3.2025
£000s
(10,485)
5,020
-
(5,465)		 31.3.2024
£000s
(5,729)
2,598
-
(3,131)

(ii) 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 Series 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 expenses) with the assets of the Plan. If the liabilities exceed assets there is a buy-out debt.

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HAMMERSMITH AND FULHAM CITIZENS ADVICE BUREAUX SERVICE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

The leaving employer's share of the buy-out debt is the proportion of the Plan's liability attributable to employment with the leaving employer compared to the total amount of the Plan's liabilities (relating to employment with all the currently participating employers). The leaving employer's debt therefore includes a share of any 'orphan' liabilities in respect of previously participating employers. The amount of the debt therefore depends on many factors including total Plan liabilities, Plan investment performance, the liabilities in respect of current and former employees of the employer, financial conditions at the time of the cessation event and the insurance buy-out market. The amounts of debt can therefore be volatile over time.

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 - (2024 £25,969) were paid into the scheme during the year in respect of 42 (2024 - 42) members of staff.

21. CONTINGENT LIABILITIES

The charitable company has potential financial obligations in respect of:

i) Pension entitlements in respect of past and present staff arising under both the NACAB and Pensions Trust defined benefit pension schemes. In the case of the Pension Trust Growth Plan scheme it has been confirmed that on the basis of the actuarial 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 transactions for the year 31 March 2025 and 31 March 2024.

23. LIMITED BY GUARANTEE

The charity is a private company limited by guarantee, without share capital. The 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 provisions of the Memorandum of Association. The company is controlled by the members that include all of the trustees.

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