REGISTERED COMPANY NUMBER: 03174842 (England and Wales) REGISTERED CHARITY NUMBER.. 1057195 Report of the Trustees and Financial Slatements for the Year Endod 31 March 2024 for Cilizans Advlc• Kan8ington and Chelsea Haines Walis Wales LLP, Slalutory Auditors 7 Neptune Court Vanguard Way Cardiff CF24 5PJ
Cltlzens Advlce Kenslngion and Chelsèa Conlenls of ihe Flnanclal Statements for the Year Ended 31 March 2024 Page Reporl ol the Trustees Report ol tha Indgp8nd•nt Auditors 8 to 10 Statement of FlnanGlal Acllvltles Statement of Financial Position 12 Slatement of Cash Flows 13 Notes to the Statement of Cash Flows 14 Notes lo the Financial Stalements 15 to 25
Cltlzèns Advlce Kenslngton and Chelsea (Reglstered number.. 03174842 Report of the Trustees for the Year Ended 31 March 2024 1. The truslges who are also directors of tha charity for Ihe purposes of the Companies Act 2006. pres8nl their report with Ihe financial statements of the charity for the year ended 31 March 2024. The Irust&es have adopted the provisions of Accounting and Reporting by Charities-. Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Flnanclal Reporting Standard appllcable In the UK and Republlc of Ireland (FRS 1021 {effecllve 1 January 2019). Slructure, governance and managèment Govornlng document The charity is conlrolled by its goveming document, a deed of trust, and constitutes a limited company. limited by guarantee, as defined by (he Coinpanies Art 2006. Reference and administrative details Register8d Company number 03174842 (England and Wales) Rggistered Charity number 1057195 Regist8r8d office Che1cea Old Town Hall Kings Road London SW3 SEB Truslees Cllr D A Schmetterling MsCTH8ruce Revd Dr M J A Long {r8sign8d 6.6.23> Ms K G Blagden Ms J Rhoades Cllr M Adam (resigned 12.7.231 Cllr M S Bakhliar (appointed 12.7.23} (resigned 22.4.241 MsSLDunn Mr S Jayant Cllr W Lane DrAMfula Dr J Pinto Mr R Orr-Ewing (appointèd 25.6.241 Ms F W Huckelt {appointed 25.6.24) Mrs S L Goldsmith lappoinled 25.6.24> Mrs A Moullon lappoinled 20.8.24) 2. KEY MANAGEMENT PERSONNEL Chiaf Ex8cutiV8 Officer.. Mr William Robert5 Company Se¢relary.' Mr William Roberts Website Address-. hllPS-.Ilcitizensadvicekc.org.uk Auditors Haines Watts Wales LLP, Statutory Auditors 7 Neptune Court Vanguard Way Cardiff CF24 5PJ Page 1
Cltlzèns Advlce Kenslngton and Chelsea (Reglstered number.. 03174842 Report of the Trustees for the Year Ended 31 March 2024 Reference and admlnlstratlve detalls Bankers Barclays Bank PLC 137 Ladbroke Grove Notting Hill London W111PR Page 2
Cltlzèns Advlce Kenslngton and Chelsea (Reglstered number.. 03174842 Report of the Trustees for the Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT 3. Status The Citizens Advice Kensington & Chelsea (Charity Registralion no.. 10571951 is constituted as a company limited by guarantee (Company no.. 3174842 incorporated 19 March 19961 and governed during Ihe year by trustees under ils memorandum and articles of association. 4. Trustees and Organisational Structure - Undèr the Arlicles of Association adoptèd on 27 November 20Q3, there may be beeern four and sixteen trustees. New Trustees are appoinled,. election by members in General Meeting, by nomination by member organisations and approval by the trustees for the time being, by co-oplion by the trustees, for term5 of three year5. Truslee members are individuals who are interested in furthering the missions of the charity. Three representative members of the trustees are councillors who represent the Royal Borough of Kensington & Chelsea. The role of Iruslees is voluntary. and not paid. 5. Policies and procedureg for the induction and training of trustees -The trustees endeavour to identify c8ndid8tes for trusteeship from variou5 individuals and organisations representative of the commLJnity in which the charity operates. particularly those with any of the various skills desirable in a trustee board and makes use of the specialSst training courses for trustees provided by the related national charity Citizens Advice. 8. Decision Making - The Irust8es oversee appointments of paid staff, grant funding applications, annual financial budgets and accounts, and quarterly financial and operalional reports from slaff, and any pol8nlial issuelsl. Day-Io•day implernentation of d8 cisions and operational management are delegated lo the respective managers of the charity. Trustees are responsible for determining the remuneralSon of key management personnel. 7. R•latgd Charltlo$ and Organlsatlon$ - The sorvicg is a momb9r of Cilizgns Advice Ith9 OP9rating name of the National ASSClation ol Citizens Advice Bureaux) (Charity registration no.'279057,of 3rd Floor North. Head Office, 1 Easton St, London, WC1X ODWI. A5 such il musl conform to the requirements of the organisation'5 membership sch8me, and il is repres8n18d within the organisalion's democratic structure, The service relies on the organisation for suppori services such as training of trustees, staff and volunteers, and provision of an information database. 8, Risk review - The Iruslees conduct regular ieviews of the major external risks, which the chsrily is exposed to, and systems or best practices have been established to mitigate against those risks. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and project8, to ensure the consistent quality ol delivery for all operalianal and financial acllvilies of the charlly. These procedures are reviewed annually lo ensure they still meet the updated needs of the charity P.Arh year. Onp. nntp. tn highlight 18 IhAt among8t thp. wide range of pxi8ling fiindpr8 r)f thp rhArily. some making gr2nl8 c)nly on an annual basis, means that the service of the charity, in common with many similar voluntary organisalions. faces significant risks to external funding. Trustees consider, bearing in mind these risks and the position sel out in para's 12 & 13 below. that there should be unrestricted funds neither committed nor invested in fixed assets of £250.000. From April 2024 this figure will increase lo £309,385. At 31 March 2D24, the free reserves amounted to £581,919 {2023,' £338,720). As described Sn No1e 15, the Service Is an associate employer in the defined-benefit pension scheme for staff, which was closed lo new staff on 1 October 2000 and to any further accrual from 31 March 2008. In common with similar organisations, the Service has arranged for former members of the scheme, as well as any other Staff, to join a defined-contribution scheme managed by Scottish Widows. PUBLIC BENEFIT 9. Public Benefit - The trustees confirm Ih8t they have cornplied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission's general guidance on public benefit, 'charities and public benefit,. The charity's objectives and achievements are set out below. Page 3
Cltlzèns Advlce Kenslngton and Chelsea (Reglstered number.. 03174842 Report of the Trustees for the Year Ended 31 March 2024 OBJECTIVES AND ACTIVITIES 10. Objectlves - The principal object of the charity is to provide nIreS for the supply of advice and guidance in furtherance of the advancement of education, the protection of health an(J the relief of poverty, sickness and (iistress, for the benefit of the community in Kensinglon and Chelsea. To this end, the setvice operates in accordance with the standards necessary for the service lo qualify for membership of Citizèns Advice (a related charity as described in para. 7 abové). The service aims.. -To provide the advice people need for the problems they face. -To iiT)prove Ilie pulicies and practiS ilial alleLI people's lives. -The service is independent and provides free, confidential and Impartial advice to everybody regardless of race, gender, sexuality or disability. 11. Tha service monitors its achievement of theso objectives by the numbars of advice enquiri&s it deals with, and the amounl of support given to clients at various l&vels, and particularly in financial lerms by the amounts of benefits or judicial or other awards achieved for clients by advice giv8n. 12. A¢tlvltles - In furtherance of Ihese objeclives, the service aims lo provide a regular generalist advice service within the borough, supplemented by additional projects for advice to particular groups or on particular topics identifi'ed as needed in the area, 8nd for which funding can be obtoinod. 13. The service operates fiom our registered office al Chelsea Old Town Hall, London SW3 SEB, with some work such being carried out remotely where appropriate. We deliver an Adviceline drop-in telephone service, operating 9am - 5pm on weekdays, and pre-booked advice appointments in the Chelsea office on weekd8ys loo. We continue to operate outreach locab'ons at Notting Hill Mgthodist Church {Kgnsington and Chglsga Foodbank ITrus$911 Trust)) 3 days p9r w9ek, and HMP Wormwood Scrubs {Thg Rausing Trust and the K+C Foundalionl 2 d8ys per week. Our team continues lo take relerr81s from the Grenfell Dedicated Service and Adult Social Care Teams, as well as from other RBKC departments. We opera18 Help and Advice Hubs three limes p8r week, which are drop-in sessions in community sellings (Chelsea Theatre on Tuesdays, Kensington Town Hall Dn Wednesday and th@ Kensington Leisure Centre of Fridays). In Ihe summer of 2023, the Royal Borough of Kensington and Chelsea put ils Information, Advice and Guidance (IAGI ¢ontra¢l out to lender. We submilted a bid as Ihe main conlraclor wilh two other advice agencies as our sub-contractors (Nucleus Legal Advicè and North Kensington Law C8nlr&l, In early 2024 we w8r8 award8d this contract for a period of five Iplus two} y8ars. Th8 total annual value of the contract is £1,016,000 with £307,542 to be distribuled lo our sub-contractors. This is an extremely posilive developmènt which not only provides much orealer security, it also enshrines the community based and partnérship approach to service delivery that we have developed over the past two years. In addilion th8 seNice operales the following special projects.. -An advice bureau servic8 in HM Wormwood Scrubs began in 1994. In recent years HM Prison Service have nol been in a position to approve any basic grant bul continues to offer financial assislance in the form of £10,000 in premises, costs in kind. Funding from February 2023 to March 2025 has been received from the Kensington and Chelsea Foundalion1£25,000) and The Julia & Hans Rausing Trust (£20,000). Further 8fforts will continue 10 s8curg funding lor 2025-26. -The Adult Social Care project 18 funded by the local authority's Social Services D8partm8nt IAdull Social Car8). which began beeen 1995 and 2002. In 2023-24 8 grant of£110,000 was awarded and from April 2024 this 5ervicc will bc includcd in Iho IAG conlract. -Grenfell project which cOmmend in June 2017 lo support resldents and familles affected by the Grenfell Tower fire tragedy was supported in 2023-24 by local aulhoiiiy funding of £100,000. A further grant of £50.000 has been awarded in 2024_25 to cover the period April lo September. -The Nationally Lottery funding has allowed LJS to increase the number of volunteers working in the service, substantially increasing our advice capacity Funding for 2024-25 stands at £55,110 {2023.24.' £54,029) -The Covid Recovery funding, supported by the IDcal authority, enables us lo restructure by meeting redundancy costs and bring in piofessional support for the process and ceased in 2023-24. -The Food Bank service which commenced in April 2022 is funded by the Trussell Trusl under 3-year funding. The grant lor 2024-25 is £44.00112023_24'. £42.7881 lo cover four days of advice per week_ -The AICS project commenced in J2nuary 2022, under which we receive £18,9471year (2022.23.. £4,008) from RBKC (who have a GLA grant for the project) lo provide outreach, currently at K&C Foodbank and Bay20. This project ceased in January 2024. Page 4
Cltlzèns Advlce Kenslngton and Chelsea (Reglstered number.. 03174842 Report of the Trustees for the Year Ended 31 March 2024 -Nalional Citizens Advice awarded a on8-off grant of £15,000 irb 2023-24 undèr Ihair Cost of Living initiativa which ran from April to September 2023 -The local authority awarded a one-off granl of£48,458 in 2023-24 to pilot Ihe Help and Advice Hub in the Chelsea Theatre which will be included in the IAG contract from April 2024. 14. Volunteers The service benefits from time and expertise volLJntarily given - however. no financial value is recognised in the financial stalemenls. It also includes thé work of the trustees, who are unrémuneraled. and of voluntèer administrative and advicè workers, During Ihè year, there was an average of five full time staff at no cost lo the service apart from travel, Iraining and other expenses of £1,340 in 2023-2024. The estimaled additional value volunteers bring lo Ihe service is £65,000, Page 5
Cltlzèns Advlce Kenslngton and Chelsea (Reglstered number.. 03174842 Report of the Trustees for the Year Ended 31 March 2024 ACHIEVEMENTS AND PERFORMANCE 15. Qualitative and quantitative indicators of the numbers aThJ nature of enqviries, and of progress with casework, and numbers of appolntments, home vlslls, representatlons at panels and tribunals, and of complainls are collated in Ihe form of Service Information which is reported quarterly to the principal fvnder under the current funding agreement. FINANCIAL REVIEW 16. Fundprs The service 15 grateful foi the financial sUPPQrt il iefjeives frn its various fuiiders, notably the Royal Borough gf Ke nsington & Chelsea - VCS and Communily Partnerships, Social servIs and Grenfell Departmenls, Citizens Advice, Kensingion & Chelsea Foundation, Campd8n Charities, HM Prison Service, National Lotlery Community Fund, The Trussell Trust and The Julia and Hans Rausing Trusl. 17. Flnanclal P¢sltlon - The sla18ment of financial activities for the year ended 31 March 2024 shows total revenue income of £1,046,25012023, £1,088,141), expenditure of £936,255 {2023.' £894,351) and net present value pension re-measurements of £12, 52012023.. £20,720), giving nel incoming resources for the year of £97,47512023. £173,070). 18. Reserves Policy - Details of fund balances are given in Note 15 to the accounts. Of the total balances. those of restricted funds will bc rcquired lor ongoing exponditurc or adjustment 8gainsl future grants for restricted projects. Unrcstrictd rcsorvcs amount to £596,919 (2023: £339,788) representing 640/0 of revenue expendilure in the year12023.' 37.10). These reserves are held as a working balance lo smooth any day-to-day andlor project lo-project fluclualions in incorne and expenditure. It also covers separately funded projects, which may have different accounting periods and differ&nt timelables for grant inslalments. Aparl from this reserve. the charity holds no financial assets or investments, and relies entirely on current funding for its activities. With the exception of funding for the special projec18 listed in para 13 above, and income from referral service wcrk, donation8 and bank interest, the Servi is wholly dependent on funding by the local authority,. 19. Going concern The trustees have considered the confirmed income forecast for the period ahead. Given that the bureau was awarded thè new IAG contract with Kensington and Chelsèa Council from April 202415 y&ars + 21 al the same level of funding as 2022-23, tha trusteas balièva that tho charity has a good èxpactalion of having sufficianl resourcos lo conlinug in Iho foro99gablg future. The financial aclivity and pos11ion are outlined in pages 10 & 11. The trustees have assessed the financial position of the Charity and would like to conclude that it Is well-prepared lo meet the Ilabilllies and to manage any Identified business and financial risk. Tha financial position ig onhanced by sufficient resarvas, posilivg relationships and feedback rèceived from key funders and a proven ability lo secure successful bids for naw funding. The financial planning lakes into the considerations of current econom1¢ climate and any potential impact on chariiy sources of incomg and planned exponditur&s. W@ acknowledge the pension obligations of charity and have a clear course of actions lo reduce the pension deficit over lime. PLANS FOR FUTURE PERIODS 20. The focus of service developrnenl is to significantly extend our reach and accessibility by developing 8 range of access channels and outreach services. We have changed our website to include a public access benefits checker and we are developing an interactive. automated 24hour chat facS1ity Our intention is to locate services where people already go - particularly those who have not sought advice before or who did not realise they may be able lo qel h&lp. We have successful piloted a help and support hub, based on triaqe and close work with other advice and comrnunity SUPPOrt partners. Building on the learning frorn this pilot. and in the spirit of continuDUS learning. we will be seeking additional locations and partners for these weekly drop in services. We are also aware of the changing needs of our communStles, and we will be lookn'ng for ways of providing advice outside our current working hours. We will also continue to work with advice sector partners on Seamless referrals, creating single points of access to new clients. Page 6
Cltlzèns Advlce Kenslngton and Chelsea (Reglstered number.. 03174842 Report of the Trustees for the Year Ended 31 March 2024 Wè ar8 also aware of tha ne6d lo grow and develop a workforc& of the future. Wa took on our first paid Irainèe in 2022 on a yaar-long contract_ Basad on this successful mod81, we will sgek further opportunities to offer this significant and impaclful training OPP(Ytunity to additional candidales in future yoars. Statemenl of Irustees. responslbllltles The trustee5 Iwho are also the directors of Citizens Advice Kensington and Chelsea for the purposes of company law) are responsible for preparing the Report of the Trustees and Ihe financial statements in accordance wilh applicable law and Uniled Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Company law requir8S the trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charitable company and of Ihe 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 policies and then apply them consistently,. observe the methods and prinGiples in the Charity SORP., make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it Ss inapproprlate lo presume that the charitable company will continue in business. The Irustees are responsible for keeping proper accounting records which disclose th 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 taking reasonable Steps for the prevenllon and detection of fraud and other irregularities. 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 taken all steps that they ought to have taken lo make Ihernselves aware of any relevant audil information and lo establish that the auditors are aware of that infDrmation. This report has been prepared in accordance with the speaal provisions of Part 15 of the Companies Act 2006 relating lo small companies. Approved by order of the board of lrnslees on 7 January 2025 and signed on its behalf by.. Ms C T H Bruc8 - Trusl&e Page 7
Report of Ihe Independent Audltors lo the Members of Cltlzens Advlce Kenslngton and Chelsea Opinion We have audited the financial statemenls of Citizens Advice Kensington and Chelsea (the 'charilatJle company,) for the year ended 31 March 2024 which comprise the Slatem8nl of Financial Activities, the Slal8ment of Financial Posilion, Ihe Stal8ment of Cash Flows and notes lo tha financial stataments, 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 Kinydom Generally Accepted Accounting Praclicel, including Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable In Ihe UK and Republlc of Ireland,. In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as al 31 March 2024 and of its incoming resources and application of resources, including its income and expendilure, for the year then ended: have been properly prepaied in accordaiice with United Kingdoni Generally Accepted Accounting Pradice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,; and have been prepared in accordance with the requirements of the CompanSes Act 2006. Basis for opinion We conducted our audit in accordance with International St8ndards on Auditing {UKI IISAS (UKI) and applicable law. Our responsibilities under those standards are further described In the Auditors, responsibilities for the audit of the financial 51alements section of our report. We are independent of the charitable company in accordance with the ethical requirement5 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 lo 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 conc8m basi5 of accounllng Sn the preparation of the financlal slalements is appropriate. 8ased on Ihe 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 lo continue as a going concern for a Feriod of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the resp)nsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees ar8 r8sponsible for the other information. The olh8r information comprises th8 inlormation includ8d in the Annual Report, olher Ihan the financial slalemenls and our Report of the Independent Auditors Ihereon. Our opinion on the financial slalements does not cover Ihe olher information and, excepl to the extent otherwise explicitly staled in our report, we do nol express any form of assurance conclusion Ihereon. In connection with our audit of th& financial statements, our responsibility is lo read the olh8r information and, in doing so, consider whelher the other information is materially inconsistenl with Ihe financial statements or our knowledge oblained in the audit or otherwise appears lo be materially misslaled. If we idenlify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misslatemenl in the financial slalemenls Ihemselves. If, based on the work we have performed, we concludè that there is a material misstatèment of this other information, we ar9 rèquired to report thal facl. We have nothing to report in this regard. Oplnlons on other matters prescrfbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course ol ihe audit: the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistenl with the financial statem6nls; and Ihe Raport of th& Trustees has baen prepared in accordanc8 with applicabl8 legal requirements. Page 8
Report of Ihe Independent Audltors lo the Members of Cltlzens Advlce Kenslngton and Chelsea Matters on which we are required to report by exception In tha light of Ihe knowledge and und8rstanding of the charitab16 company and its anvironmant obtained in Iha course of Ihe audit, we have not idgntifiad material misslalamants in the Report of Ihe Truslaes. We have nothing lo report in respect of the following matters where the Companies Act 2006 reqLJires us to report to you if, in our oplnlon.. adequate accounting remrds have not been kept or returns adequale for our audit have not been received frorn branches not visited by us: or the financial statements are not in agreement with the accounting rordS and returns; or certain disclosures of trustees, remuneration specified by law are not made., or we have iiol received all Ihe iiiforrTiatioii arid explanalions we require for our audil,. or the trustees were not entitled lo take advantage of the srnall companies exemption from the requirement lo prepare a Strategic Report or In prepanng the Report Df the Trustees. Rosponsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the Iru$tee$ {who ore also the directors of the chBrriable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that Ihey give a true and fair view. and for such inlemal control as the trustees determine is necessary to enable the preparation of financial statements thal are free from material misstalement. whether due lo fraud or error. In preporing the financial stotements, the trustees are responsible for ossessing the charitable company's ability to continue os 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 charitabl8 company ar to ceas8 operations, or have no realistic alternative but to do so. Our responsibilitles for the audlt of tho financlal statomonts Our objectives are to obtain reasonable assuranc8 about whether the financial statements as a whole are fre6 from material misstatement, whether due lo fraud or error, and lo 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 IUKI will always delect a material misstalemenl when il exists. Misslalements can anse from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting IrgUlaritIes, including fraud is detailed below.. Our planning procedures idenlify the legal and r8gulalory frameworks applicabl8 lo th8 Operations and financial slalemenls of th8 company. These are reviewed internally with the aLJdit team including relevant industry experience and expectations as well as externally with the client management, The key laws and regulations we considered in this conlexl were the UK Companies Act 2006, UK GAAP FRS 102 and relevant tax legislation. Once identifièd, we assess the rtsks of material misstalemenls in relalion lo the laws and regul81ions, irregularities, including fraud and adjust our testing accordingly. Our audit procedur8s include., Oiscussing with Management which areas of the business they believe to be more susceptible to fraud, and whether they have any knowledge or suspicion of fraudulent activities,, Obtaining an understanding of th& key controls pul in place by the company to address risks Identified. assesslng the effecliv8n8ss of those and discussing how these are maintained and monilor8d internally; Assessing the risk of management override and review and testing of journal entries made into the accounting syslem., Challenging assumptions and judgements made by the company in relation to the significanl accounting estimates employ8d in the preparation of Ihe financial statgments., Oiscussing with Management the16gal and regulalory obligations of the business and whath8r thay hav8 any knowlèdge or suspicion of non complianca. Despite tho audit being planned and conduclod in accordance with ISAS {UKI thore remains an unavoidable risk that matorial misstatements in the financial statements may not be detected owing to inherent limitalions of the audit, and that by their very nature, any such inslonGes of fraud or irregularities likely involve collusion. forgery, inlpnlional misrepresentation, or the override of intemal wntrds. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al wwN.frc.org.uklaudilorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 9
Report of Ihe Independent Audltors lo the Members of Cltlzens Advlce Kenslngton and Chelsea Use of our report This report is made sol8ly io the charitable company's members, as a body, in accordance wth Chapi8r 3 of Parl 16 of th& Companigs Act 2006. Our audit work has been undertaken so that w8 might state to the charitable company's members those matters we are required lo state to them in an auditors, rep(Yt and for no other purpose. To the fullest extent pemiilled by law, wo do not accept or assume responsibility to anyone other than the charitable company and Ihe charitsble company's members as a body, for our audlt work, for this report, or for the oplnions we have formed. Vidotia Carler {Senioi Statutory Audilor) for and on behalf of Haines Watts Wales LLP, Statutory Audi1ors 7 Neptune Court Vanguard Way Cardiff GF24 SPJ 7 January 2025 Page10
Cltlzens Advlce Kenslngion and Chelsèa Statement of Flnanclal Actlvltles for the Year Ended 31 March 2024 2024 Total funds 2023 Total funds as reslated Unrestrlcled funds Restrlcted funds Notes Income and endowments from Donations and legacies 613 613 8,014 Charitable activities General Bureaux aiid CoiTllI)unily ServiLes Wormwood Scrubs Project Adull Social C8re Grenfell Project RBKC WECAN Project 674,264 54,029 46,302 110,000 100,000 728,293 46,302 110,000 100,000 48,458 712,259 23,698 118,564 223,966 48,458 Investment incom8 Total 735,919 310,331 1.046,250 1.088,141 Expenditure on Charltable a¢tlvltles General Bureaux and Community Services Wormwood Scrubs Project Adull Social Care Grenfell Project Unlversal Support NatSonal Lottery Communlly Fund Kensington Covid Recovery Total 549,271 549,271 33,348 125,994 138,237 579,289 17,709 98,382 197,217 1,754 23,348 125,994 138,237 55,372 24,033 386,984 55,372 549.271 936,255 894,351 Net gains on investments NET INCOMEf{EXPENDITURE) Transfers between funds Other recognlsed galnslllos808) Acluarial gain81{1088881 on defined ben8fit schemes Net movement in funds 186,648 83,005 (76,653} 183,0051 109,995 193,T90 15 12.5201 257.133 12 5201 97,475 20 7201 173,070 (159,658) Reconciliation of funds Total funds brought for•4ard As previously reported Prior year adjuslmenl As restated 385,992 46,206 339,786 212,966 598,958 46,206 552,752 379,682 212,966 379,682 Total funds Carried forwar<4 596 919 53,308 650 227 552 752 The notes form part of these financial statements Page11
Cltlzèns Advlce Kenslngton and Chelsea (Reglstered number.. 03174842 Statement of Flnanclal Posltlon 31 March 2024 2024 Total funds 2023 Total funds as reslated Unrestrlcled funds Restrlcted funds Notes Flxed assets Tangible assets 12 15,002 15.002 1,066 Currenl assets Deblors Cash at bank and in hand 13 8,484 972.004 980,488 8.484 1025 310 1,033,794 61,697 952 177 1.013,874 53,306 53,306 Creditors Amounts falling due within one year 14 {83,135} {82.135) 1132,2741 Net current assets 897,353 53,306 950,859 881,600 Total assets less current liabililies 912,355 53,306 965,661 882,666 Penslon Ilablllty 16 {315.434) {315.434) 1329,9141 NET ASSETS Funds Unrestricted funds Reslricled funds Total funds 596.921 650 227 552 752 15 598,921 53 306 650 227 339.786 212966 552 752 These financial stalernenls have been pr8par8d in accordance with the provisions applicable to charitable compani8s subjecl to the small companies regime. The financial statements were approved by the Board of Trustees and aulhorised for issue on 7 January 2025 and were signed on ils behalf by-. Ms C T H Bruce - Trustee The notes form part of these financial statements Page12
Cltlzens Advlce Kenslngion and Chelsèa Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 as restated Notes Cash flows from operatlng ac¢lvltles Cash generated from operations Prior year adjustment Net cash provided by operating activities 94,836 12,501 46,206 58.707 Cash flows from Invèsllng aellvltle$ Purchase of tangible fixed assets Net cash used in investing activities 21703) 21703) Change In cash and cash equlvalenls In the reportlng perlod Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reportlng perlod 73,133 57,107 952,177 895.070 1,025,310 952,177 The notes form part of these financial statements Page13
Cltlzens Advlce Kenslngion and Chelsèa Notes to the Statement of Cash Flows for the Year Ended 31 March 2024 Rèconclllatlon of net Income lo net cash flow from operatlng actlvltles 2024 2023 as restated Net Income for the reportlng perlod las per the Statement ot Flnan¢lal Activities Adjustmgnts for: Depreciation charges Decreasellincreasel in debtors DeLiva5e in credilor5 Difference belvveen pension charge and cash conlribulions Net cash provlded by operatlon8 109,995 193.790 7,767 53.213 (49.1391 27,0001 6.070 154,6081 159,5451 73,2061 12.501 Analysls of changes In net funds At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and in hand 952177 952,177 952177 1,025,310 1 025 310 1025 310 73,133 Total The notes form part of these financial statements Page 14
Cltlzens Advlce Kenslngion and Chelsèa Notes to the Flnanclal Slatemenls for the Year Ended 31 March 2024 Aecountlng pollcles Statutory Informatlon Citizens Advice Kensington and Chelsea is an incorporated charity, limited by guarantee, registered in England and Wales. The reglstered number and reglstered offlce address can be found In Ihe Report of the Tru51ees. Basls of preparlng the Ilnanclal 8tatements 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 1021 'Accounting and Reporting by Charities: Stslement of Recommended Practice applicable in Ihe UK and Republic of Ireland (FRS 1021 (effective 1 January 2019),. Financial Reporting Slandard 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 historlcal cost convention. Going concorn The financial $181ements have been prepared on 8 going concern basis. The Tru3tees h8ve reviewed and considered relevant infomialion, including the annual budget and future cash flows in making their assessment. Based on these assessrnents, the Trustees have CAincluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement lo the funds, it 15 probable that th8 incom8 will be received and the amount can be measured reliably. Expondituro Liabilities are recogni8ed a8 8xp8nditur8 as soon a8 there is a legal or constructive obligalion committing the charity lo that expenditure, il is probable Ihat 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 lo the category. Where costs cannot be directly attnbuted lo particular headings they have been allo(aled to activities on a basis consistent with the use of resources. Governance costs These include the costs attributable lo the Charity's compliance with constitutional and statutory requirernenls including audit, strategic mar)agemenl and Trustee's meetings and reimbursed expenses. Allocatlon of support costs Support cosls include central functions and have been allocaled lo activity cost categories on a basis consislenl with th8 use of resource5 for example stsff costs by Ihe time spent and other costs by their usa9e. Tangible fixed assets Depreciation is providéd al the following annual rates in ord8r lo write off 8ach 8sset Over ils &slimai8d useful life. Computer equipment 33 % on cost Taxatlon The charity is exempt from corporation tax on ils charilable activities. Fund accountlng Unreslricted funds can be used in accordance with the charitable objeGtives at the discretion of Ihe tru518es. Rastricted funds can only be used for particular restriclad purtX)s8s within the objects of Ihg charily. Rastriclions arisa when specified by ihe donor or when funds are raised for particular restrictad purposas. Further explanation of the nature and purpose of each fund is included in the notes to the financial slatomenls. Page 15 conlinued..-
Cltlzens Advlce Kenslngion and Chelsèa Notes to the Flnanclal Statements- contlnued for the Year Ended 31 March 2024 Aecountlng pollcles- eontlnued Penslon costs and other post-retlrement beneflts The Charity is part of a multi-employer defined benefit pension scheme The plan closed to future accrual on 31 fvlarch 2008. A separaie actuarlal valuatlon for the Charity is unable lo be oblalned In relatlon to the penslon scheme and therefore il is unable to ascertain its share of the underlying assets and liabilities of the plan al the year end. The liability has therefore been calculated based on the present value of the funding agreement with the pension plan. The liability has been discounted at an appropriate market rate. For more information see note 16. Defined contribution pension schgme5 The Charity operates a defined contribution pension scheme. Contributions payable to the Charity's pension schem8 are charged to the Statement of Flnanclal AclSvilies In Ihe perlod to whSch they relate. Donatod soNi¢es and fa¢ililies Donated professional seNices and donated facilities are reGo9nised as income when the charity has Gontrol over the item. any conditions associated with the donated item have been rnet. the receipt of economic benefit from the use by the charity of the itern 15 probable and that economic benefit can be measured reliably. On receipt, donated professional services and donated facilities are recognised on the b&8is of the value of the gift to the charity which is Ihe amount the charity would have been willing to pay to obtain services or f2cililies of equivalent economic benefit on the open market; a corresponding omount is then recognised in expenditure in the period Df receipt, Debtars Trade and other debtors ar8 recogni5ed at the 58ltlement amount due after any discount off8red. Pr8payment5 are valu8d al the amount prepaid net of any discounts due. Cash at bank and in hand Cash al bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or18ss from the date of 8CqUiSltion or opening of the deposit or similar account Credltors and provlslons Creditors and provisions 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 eslimated reliably. Creditors and provisions are norm811y recognised al their settlement amount after allowing for any trade discounts du8. Flnanclal Instruments The Charity only has financial assets and linancial liabilities of a kind that qualify as basic financial instruments. Basic finarlcial inslrumènls are initially recognised al transaction v8lue and subsèquéntly mèasured 81 their selllement value with the exception ol loans which are subsequenlly measured al amortised cost using the effective inleresl method. Temiination benefits Termination benefits are reoognised when the charity is demonstrably commilted either.. to lermlnate the employment of an employ&e or group of employees before the normal rellremenl date., or lo provide terminalion tnefItS as a result of an offer made in order to èncourage voluntary redundancy. T8rmination bonefils are r8cognis@d at the b8sI 8sliMat8 of th8 expenditure that would be required to seltle the obligation at th8 reporting date. Page 16 conlinued..-
Cltlzens Advlce Kenslngion and Chelsèa Notes to the Flnanclal Statements- contlnued for the Year Ended 31 March 2024 Donatlons and legacles 2024 2023 as restated Donations 613 Investment Income 2024 2023 as rèstated Interest received Income from charltable actlvltles 2024 2023 as rgstated Actlvlty Royal Borough of Kensington & Chelsea - general grant K&C Foundation RBKC RBKC AICS Campden Charities CiL4 The National Lottery The Trussell Trust Wormwood Scrubs - donations in kind Wormwood Scrub5 RBKC- Social Servic88 K&C Foundation K&C Foundation RBKC AICS RBKC Grenfell Project RBKC WECAN Project General Bureaux and Community Services General Bureaux and Community Services General Bureaux and Community Services General Bureaux and Community Services General Bureaux and Community Services General Bureaux and Cornrnunity Services General Bureaux and Community Services General Bureaux and Community Services 550,000 32,164 13,104 14,939 6,000 15,269 54,029 42,788 550,000 49,443 41,133 14,211 4,500 52.972 Wormwood Scrubs Project Wormwood Scrubs Project Adult Social Care Adult Sccial Care Grenfell Project Grenfell Project Grenfell Project RBKC WECAN Project 10,000 36,302 110,000 23,698 114,783 3,781 98,000 125,966 100,000 48,458 1033 D53 1 078 487 Donations In kind relate to the réntal of the facilities at Wormwood Scrubs H M Prison for the Charity to provide advlsory servSces. Page 17 conlinued..-
Cltlzens Advlce Kenslngion and Chelsèa Notes to the Flnanclal Statements- contlnued for the Year Ended 31 March 2024 Charltable actlvltles costs Support costs (see note 61 Dlrect Costs Totals General Bureaux and Community servIs Wormwood Scrubs Project Adult Social Care Grenfell Project National Lottery Community Fund Kensington Covld Recovery 332.762 16.620 97.009 76.005 34.500 216.509 16,728 28,985 62,232 20,872 549,271 33,348 125,994 138,237 55,372 34,033 936.255 556 896 379 359 Support Costs Premlses ¢osts Informatlon technology Human resources General Bureaux and Community Servlces Wormwood ucrubs Project Adult Social Care Grenfell Project N8lional Lottery Community Fund Kensington Covid Recovery 32.108 10.262 4.248 3.628 2.201 12,642 576 2.186 4.112 2.197 60,113 4,424 11.121 23,055 11,788 110501 Administration Costs Governance costs other Totals Gener81 Bureaux and Cornmunity Services Wormwood Scrubs Project Adult Social Care Grenfell Project National Lottery Communlly Fund Kensington Covid Recovery 17,064 716 2.947 3.885 2,726 84 124 24 4955 26 080 992 34 033 150208 10,458 726 3,528 1,472 968 216,509 16,728 28,985 62,232 20,872 34,033 379 359 Net incomo1(expenditurel Net incomellexpenditurel is stated after chargingllcreditingl.. 2023 as rèstated 2024 Auditors, remuneration Depreciation - owned assets 8,850 7,767 8,701 6,070 Page 18 conlinued..-
Cltlzens Advlce Kenslngion and Chelsèa Notes to the Flnanclal Statements- contlnued for the Year Ended 31 March 2024 Trustèes, remuneratlon and beneflts Thore wero no trustees, remuneration or other benefits for the year endod 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Staff costs 2024 2023 as restated Wages and salaries Social security costs Other pension costs 595,512 49.D80 18,017 662 609 586.010 55,373 20,180 661 563 Key management relate to employees that are deemed to have significant influence on the strategic direction of Ihe Charity. Key management remuneration for the year lotalled £96,45412023.' £93,670). Th8 average monthly number of employees during the y8ar was as follows.. 2024 2023 as rastated 15 Project workers Management and administration 12 14 17 No employees received emoluments in 8xcess of £60.000. 10. Comparatives for the slatsment of financial aclivities Unreslricted funds Rostricted funds Total funds as rostated Income and endowments from Donations and legacies 8,014 8,014 Charitable activities General Bureaux and Community Services Wormwood Scrubs Project Adult Social Care Grenfell Project 618,154 94,105 23,698 118.564 223,966 712,259 23,698 118,564 223,966 Investment income Total 1,640 627,808 1,640 1,088,141 460,333 Expenditure on Charitablo activities General Bureaux and Comrnunity Services Wormwood Scrubs Project 516,017 63,272 17,709 579,289 17,709 Page 19 conlinued..-
Cltlzens Advlce Kenslngion and Chelsèa Notes to the Flnanclal Statements- contlnued for the Year Ended 31 March 2024 10. Comparatlves for the slatement of flnanclal acllvllles - contlnued Unrestrlcted funds Restrlcted funds Total funds as reslated Adult Social Care Grenfell Project Universal Support Tolal 98,382 197,217 1,754 378,334 98,382 197,217 1,754 894,351 516,017 NET INCOME Other recognised gainsl(losses} Acluaiial gainsll105ses) on defined beneflt schemes Net movement In funds 111,791 81,999 193,790 20,720 g1,071 20,7201 173,070 81,999 ReconGlllatlon of funds Total funds brought fomard 248,716 130,968 379,682 Total funds carrled forward 339 787 212 965 552 752 11. Prior year adjustment A prlor year adlustmenl has been included in these financial statement followlng an extension to the net present value LiilLuliiliun fur Ihe defined benefil pension bLheme. The Luirenl dnd Lompdfialive periuds, bdseol on nel prebenl Vdlue calculations provided to Ihe charity, are now calculated on annual contributions up lo and including 2041 Ipreviously 20371 and the impact on the 2023 liability is an increas8 of £46,206. See further detail per note 16. 12. Tanglble Ilxed assets Computer equipment Cost Al 1 April 2023 Additions Al 31 March 2024 Depreciation Al 1 April 2023 Charge for year Al 31 March 2024 Net book value Al 31 March 2024 Al 31 March 2023 69,730 21,703 91,433 68,664 7,767 76,431 Page 20 conlinued..-
Cltlzens Advlce Kenslngion and Chelsèa Notes to the Flnanclal Statements- contlnued for the Year Ended 31 March 2024 13. Dèbtors: amounts falllng due wllhln one year 2024 2023 as restated Accrued Income Prepayments 3,591 4,893 59,008 2,689 14. Credltors.. amounts falllng due wlthln one year 2024 2023 as restated Social security and other taxes Other creditors Aii)ounts held on behalf of clieiits Oeferred income Accrued expenses 9,926 8.163 13.744 13,353 10,201 22,800 69,178 16.742 132274 Deferred Income Oeferred income as at 1 April 2023 Released in the year Income deferred in the year Deferred Income as at 31 March 2024 69.178 169.1781 Deferred income relates to grant Sn¢ome that the CharSty has received but Ss not enlitled lo al the year end In line wlth FRS 102 SORP. Page 21 conlinued..-
Cltlzens Advlce Kenslngion and Chelsèa Notes to the Flnanclal Statements- contlnued for the Year Ended 31 March 2024 15. Movement In funds Prlor year adjustment Net movement In funds Transfers between funds At 31.3.24 At 1.4.23 Unrestrlcted funds General fvnd General Fund- Bureaux Services Pension liability Designated Fund - IT and ServSce Developments (1,1521 (1,152} 619.700 (283.708) 160.802 14.480 83,005 863.507 (315.434> 146,2061 50,000 385,992 50,000 598,921 146.2061 174130 83,005 Restricted funds HM Prison Service - Wormwood Scrubs Adult Social Care RBKC- Grenfell Project National Lottery Comfflunity Fund Kensington Covid R8COVery 9,540 98,999 66,731 12.952 115.9941 138.2381 22.492 183,0051 28.493 3,663 34,033 212,966 598 958 (1.3421 34.0331 76 6551 2.321 83.0051 53,306 650 227 TOTAL FUNDS 46 2061 Net movemenl in funds, included in the above are as follows,, Incomlng resources Resources expended Galns and losses Movement In funds Unregtrl¢led fundg General fund G8n8ral Fund- Bureaux SeNice8 Pension liability 11,1521 1575 1171 27 000 1549,269) {1,152) 160,802 735,919 12.520 (12,520) 735,919 174,130 Restrlcted funds HM Prison S8rvic8- Wormwood Scrubs Adult Social Care RBKC - Grenf811 Project Nalional Lottery Communlly Fund Kensington Covid Recovery 46,302 110,000 100.000 54,029 {33.3501 1125 9941 1138 2381 155 3711 34 033 386 986) 936 255 12,952 115,994) 138,238} 11,342) 34 033) 76 6551 310,331 TOTAL FUNDS Page 22 conlinued..-
Cltlzens Advlce Kenslngion and Chelsèa Notes to the Flnanclal Statements- contlnued for the Year Ended 31 March 2024 15. Movement In funds- contlnued Comparatlves for movement In lunds Net movement In funds Transfers between funds At 31.3.23 At 1.4.22 Unrestrlcled funds General fund General Fund- Bureaux Services Pension liability Designated Fund - IT and Service Developments 295,191 289,719 (336.1941 (295,1911 245,191 38.584 52 486 573,494 {283,708) 50.000 248,716 91.070 339,786 Restricted funds HM Prison Service- Wormwood Scrubs Adult Social Care RBKC- Grenfell Project Univor381 Support National Lottery Community Fund Kensington Covid Recovery 3,875 78,817 39,g83 381 768 7,142 130.966 379 682 5665 20182 26 748 13811 2895 26 891 82.000 173070 9,540 98,999 68,731 3,663 34,033 212 966 552 752 TOTAL FUNDS Comparative net movem8nt in funds, included in the above are as follows: Incomlng re$ource$ Resources expended Galns and lossès Movement In funds Unrestrlcted funds G8n8ral Fund- Bureaux SeNice8 Pension liability 627,808 1568 5041 52486 1516,018) 120,7201 38,584 627,808 {20,720) 91,070 Restrlcted funds HM Prison S8rvic8- Wormwood Scrubs Adult Social Care RBKC - Grenf811 Project Universal Support Nalional Lottory Community Fund Kensington Covid Recovery 23,898 118,564 223.967 {18.0331 198 3821 11972191 13811 {50 0771 14 241 378 333) 894 351 5,865 20,182 26,748 {381) 2,895 26 891 82,000 173070 52,972 460 333 1088 141 TOTAL FUNDS Page 23 conlinued..-
Cltlzens Advlce Kenslngion and Chelsèa Notes to the Flnanclal Statements- contlnued for the Year Ended 31 March 2024 15. Movement In funds- contlnued Wormwood Scrubs project is an advice bureau service in HM Prison, which began in 1994, which has been largely funded by HM Prison seiCe together with various other funding partners. Adult Social Care Income Maximisation projects. Mental Health project, B&E project and the HIV project funded by the local authority's Social Services Department {Adult Social Carel all began between 1995 and 2002. These projects provide advice and casework to help vulnerable adult5 (including older people. and those with physical or mental health condilionsl with benefils-relaled issues. The fund ha5 pieviuubly been split inlo 3 separate funds within Ihe finanGial stalements but have now been consolidated into one Adull Social Care fund. Gr&nf&ll project. which commenced in June 2017, provides advice and support on a range of important matters such as rehousing of survivors and displaced r8sidents, supporting residents to rnake claims for welfare benefits, assisting families nd survivors who receiv8d charitable donations and supporting re5iden15 Wlth their employer relationships. Unlversal Support project provided the advice and support people need lo make and complele Iheir first Universal Credit claim. This project has now finish&J. Panslon Ilablllty has been designated within unrestricted funds lo separately identify the amount owed by the Charity to fund the defined benefit penslon deficit at the year end. Tha K8nsington Covid R8cov8ry funding has enabled the charity to restructure, by meeling redundancy costs and buy in professional support for the process. The Natlonal Loltery Communlty fundlng has enabled the charity to enhance volunteer training pro9ramme, substantially increasing our advice capacity. Transfers between funds £83,005 has b8en transferred from restricted to unrestric18d funds in th8 year. This relat8S to residual funds not utilised for Adult Social Care lund. This work will continue under the new RBKC IAG contract. 16. Employee benefit obligations Citizens Advice ('Ihe Principal Employer'> operales a delined benefit schéme {'Ihe Plan,) in the UK which provides both pensions in reliremenl and death benefits to members. Pension benefils are relaled lo the members, final salaries at retirement and their length of service at the dale they retired or left pensionable service. The Plan closed lo future accrual on 31 March 2008. The Plan also contains some money purchase AVCS and prole¢led righls funds, which are not included in these disclosures. In accordanc8 Wlth th8 schedule of contributions agreed by Ihe Employer and Truste8 in August 2023, the contributions lo the Plan for the year ending 31 March 2024 have been £5,218,000, which includes £4,918,000 towards the deficit and £300,000 as an allowan for adrninislralion expenses and all scheme levies. The Plan is a registered scheme under UK legislation, The Plan is subje¢l to Ihe scheme fundlng requirements outllned in UK legislation. The Plan is governèd by the Plan's Trust Daed and Rulas dal8d 4 April 2011. The Trustae is responsibl8 for tha oporalion and the governance of the Plan, including making decisions regarding the Plan's funding invastment strategy (although Ihey are required to consult Ihe Principal Employer). An attuarial valuation of the Plan was carried oul as at 31 Klarch 2024 by a qualified independent actuary, based upon membership data as al 31 March 2022, allowing for assumed membership movements over the period from this dale, and any material membership movements significantly different from those assumed le.g. transfers outl. The most recent fomial actuarial valuation of the Plan was as at 31 March 2022 and revealed a funding deficit of £53,536,000. In the recovery plan asreed followin9 the valuation, the Principal Employer and other participating employers agreed to pay deficit reduction wntributions of £2,918,000 per annum with the view to eliminating the deficit by 30 September 2040. Page 24 conlinued..-
Cltlzens Advlce Kenslngion and Chelsèa Notes to the Flnanclal Statements- contlnued for the Year Ended 31 March 2024 16. Employee benefit obllgatlons . contlnued The liabilities of the Plan are basod on the current value of expected benefit payment cashflows lo members of thg Plan over the next 60 or more years. The average duration of the liabilities is approximately 11 years. The Plan is exposed to actuarial risk5 such as market linves1ment) risk, interest rale risk, inflation risk, currency risk and longevity risk. As the Charity is unable to value ils share of the multi-employer pension scheme assets and liabilities at the year-end, the pension liability has beeii calculaled based gli the nel piesenl value of future pension defiGit conliibutions. Tlie Charity lias agreed to make deficit contribution5 of £27,000 lo the pension scheme per year until 2041. The discount factor of 4.9'/0 12023.. 4.8°/o) has been extracted from the acluarial valuation report of the mulli*mployer pension scheme. 2024 2023 Pension liability brought forward Prior year adjuslment (see nc)te 111 Deficit contribution in the year Nel present value remeasurement Pension liability as at 31 March 329.914 46.206 127,0001 12,520 315,434 336.194 (27,000 25,486 329,914 17. Operating 1gag0 Commitsngnts At the reporllng dale the charity had ou13tandlng commitm8nt8 for future mlnimum lease payment8 under non-c8ncell8bl8 operating leases which fall due as follows.. 2024 2023 Within on8 y8ar Between one and five years Tolal 6,695 13,389 6,695 Total operating lease costs recognised in the SOFA in the year was £13,38912023.' £13,389). 18. Related party disclosur•s There were no related party transactions for the year ended 31 March 2024. Page 25
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