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
Che1￿cea 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
be￿eern 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
ASSC￿lation 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 practi￿S 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 be￿een 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 cOmmen￿d 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.
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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 f￿rn its various fuiiders, notably the Royal Borough gf Ke
nsington & Chelsea - VCS and Communily Partnerships, Social servI￿s 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.
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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 r￿ordS 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 Ir￿gUlaritIes, 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 t￿nefItS 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
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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
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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
servI￿s
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
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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 se￿iCe 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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manner of delivery under section 1072 of the Companies Act 2006.