HERTSMERE CITIZENS ADVICE BUREAU FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Registered Charlty Number: 1064996 Company Number:03438303 Limited by guarantee ADERXL3H 2911012024 COMPANIES HOUSE A14
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HERTSMERE CITIZENS ADVICE BUREAU INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page Report of the Directors and Trustees Auditors Report 13-16 Statement of Financial Activities 17 Balance Sheet 18 Cash Flow Statement 19 Notes to the Accounts 20-26
HERTSMERE CITIZENS ADVICE BUREAU REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also Directors for the purpose of Company Law) have pleasure in presenting their annual report and the audited financial statements for the year ended 31 March 2024. The financial statements comply with the Charities Act 2011, the Companies Act 2006, The Charity's Memorandum & Articles of Association. and Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). 1. ADMINISTRATIVE DETAILS Charity Name Hertsmere Citizens Advice Bureau (HCAB) Charlty Reglstratlon No. Company Reglstratlon No. 1064996 3438303 Registered Offlce Vanstone Suite The Community Centre 2 Allum Lane, Elstree, Borehamwood Hertfordshire WD6 3PJ Chief Executive Carolyn Buller Arran Elkeles Chair Company Secretary Principal Addresses Lewis Osbourne Vanstone Suite The Community Centre 2 Allum Lane, Elstree, Borehamwood Hertfordshire WD6 3PJ 8 Rudolph Road, Bushey Hertfordshire WD23 3DU The Wyllotts Centre Darkes Lane, Potters Bar Hertfordshire EN6 2HN Bankers Lloyds Bank PLC Units 32 & 32A Atria Shopping Centre Watford Hertfordshire WD17 2UB Auditors Parker Cavendish 28 Church Road Stanmore Middx. HA7 4XR
HERTSMERE CITIZENS ADVICE BUREAU REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The following people were directorsltrustees on the date of approval of the report: Date Flrst Elected or Appolnted Directorrrrustee Current Role Status Arran Elkeles Janice Myerson Malcolm Curlon Deepa Doshi Chair Elected Vice Chair Elected Chair- Finance Committee Elected Chair - Personnel & Operations Elected Committee 00ct-2o12 28-Jan-2021 07-FetF2015 2&Jan-2018 Christopher Wood Helen Warne Peter Tornlinson Alan Moss Alireza Ghaffari Asha Strong Richard Binns i¢IMd-Morttme Binoy Mistry Elected Elected Elected Elected Elected Elected Elected 05-Apr-2011 26-Jan-2017 28-Jan-2021 05-Nov-2020 25-Jan-2023 04-Apr-2023 17-Oct-2023 pr-2024-"" 10-Jul-2024 Co-opted No members of the Trustee 8oard are in paid employment in the Hertsmere Citizens Advice Bureau and no members are volunteer advisors in the bureau. The following people additionally served as directorsltrustees during the year,' Dlrectorrrrustee Status Date Reslgned John Boal Lewis Osbourne Hadley Simons Resigned Resigned Resigned 19-Jun-2023 11-Oct-2023 18-Jul-2024
HERTSMERE CITIZENS ADVICE BUREAU REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 2. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Hertsmere Citizens Advice Bureau (HCAB) is a registered charity and a company limited by guarantee. The maximum liability of each member is limited to one pound (£1). At 31 March 2024 the company had 12 members. HCAB is governed by its Memorandum and Articles of Association dated 1 July 2014 (updated on 16 May 2024). HCAB was originally incorporated as a company limited by guarantee in November 1997. The company comfflenced operations in 1997 al which date the assets and liabilities of the unincorporated 8orehamwood and Elstree Citizens Advi Bureau were acquired and in 2000 the assets and liabilities of the unincorporated Bushey Citizens Advice Bureau and Potters 8ar Citizens Advice Bureau were acquired and the company name changed to The Citizens Advi Bureau Service in Hertsmere before being changed to Hertsmere Citizens Advice Bureau on 1 July 2014. Recrultment, Appolntment ol Trustees Trustees are also Directors of the Company. The Company Secretary and the Chair oversee the election process for Board appointments. A separate selection process agreed by the Trustee Board is followed for the election of the Chair at the AGM. The Trustee Board seeks to ensure that it draws members with the required abilities from a wide section of those who live and work in Hertsmere and to appoint others who, due to their skills, may be able lo contribute to its work. No other persons or bodies external to the charrty were entitled lo appoint persons to the Trustee Board. Inductlon of Trustees Newly appointed Trustees to HCAB are enrolled on a comprehensive trustee induction training course. Tralning of Trustees Apart from the induction of newly appointed Trustees, other Trustees receive training as needs arise.
HERTSMERE CITIZENS ADVICE BUREAU REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Organisational Structure HCAB is governed by its Trustee Board which is responsible for settling the strategic direction of the organisation and the policy of the charity. The Trustees carry the ultimate responsibility for the conduct of HCAB and for ensuring that the charity satisfies its legal and contractual obligations. Trustees meet quarterly as a minimum and delegate the day to day management to the Chief Executive OffIr and her team. A register of directors, interests is maintained at the registered office, and is available to the public. Related Partles HCAB is a member of Citizens Advice, the operating name of the National Association of Citizens Advice offices, which provides a framework for standards of advice and casework management as well as monitoring progress against these slandards. Operating policies are independently determined by the Trustee Board of HCA8 in order to fulfil its charitable objects and comply wit the national requirements of Citizens Advice. The charity also ctroperates and liaises with a number of other advisory services, local charities, housing associations and social services departments on behalf of clients. Where one of the trustees holds the position of trusteeldirector of another charity, they may be involved in discussions regarding that other charity but not in the ultimate decision-making process. In 2011 HCAB joined with the 9 other offices in the Hertfordshire area to form Hertfordshire Citizens Advice Service (HCAS). This is a consortium that sought to encourage collaborative working between offices on a county wide basis. HCA8 has equal representation on this consortium along with the other 9 Hertfordshire CA offices. By 2023 it became apparent that HCAS was no longer viable and rts Board took the decision, In consultation with the Chairs and CEOS of the 10 members, that the company should be struck off. This process is expected to be completed by early Autumn.
HERTSMERE CITIZENS ADVICE BUREAU REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Major Risks A risk management strategy and risk register have been established and implemented by the Trustee Board. The Trustees recognise that any major risks to which the charity is exposed need to be reviewed and systems put in pla to mitigate those risks. To that end HCAB is continually monitoring and reviewing the risk register and ensuring action plans are in place to mitigate its key risks. Included in external risks is that of the loss of funding. HCAB is dependent upon a substantial grant from Hertsmere Borough Council to maintain its core Hertsmere-wide advice service. The Trustees have minimised the effects of the withdrawal of this funding by securing a 5 year agreement with Hertsmere Borough Council which runs until March 2028, (although these funds are not index linked). by raising funds from a variety of sources and by maintaining a prudent reserves policy. Internal risks are minimised by the implementation of procedures for aulhorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charitable company. The Charity is cognizant of the effects of inflation on the finances of the Charity. These procedures are periodically reviewed to ensure that they still meet the needs of the charity. In addition both the governance and case work of HCAB is subject to assessment and review by Citizens Advice Nats'onal Office. 3. OBJECTIVES AND ACTIVITIES Objectives The Charity's objectives are to promote any charitable purpose for the benefit of the communrty living and working in Hertsmere. by the advancement of education, the protection and preservation of health and the relief of poverty, sickness and distress.
HERTSMERE CITIZENS ADVICE BUREAU REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Alms, Objectives, Strategles and Actlvities for the Year HCA8 aims to provide free, independent, confidential and impartial advice to everyone living or working in Hertsmere, on their rights and responsibilities. It values diversity. promotes equality and challenges discrimination. HCA8 aims to provide the advice people need for the problems they face and to improve Ihe policies and practices that affect people's lives. In addition to the continuing provision of high quality advisory services to the local community the primary objectives for the year were to continue to develop the means of serrfice provision to include telephone and internet communication, and to extend the work of the specialist debt advisory serdice staffed by appropriately qualified personnel. To obtain the necessary funding to provide the additional services, applications were made to various local and nalional providers of community finance. Advertisernents volunteers, induction and training being provided to the extent that necessary knowledge and skills vRre not pre-existing. The principal activity of the HCAB remained the provision of free, confidential, independent and impartial advice, information and counsel for mernbers of the public. This is provided through three main service advice centres in Hertsmere: in Elstree & Boreharnwood, Bushey and Potters Bar. In addition lo general advice the following specialist advisory services were provided during the year:_ Specialist Welfare Benefit and Debt Counselllng Advisory seniices were provided through face-to-face consultations, telephone advice lines, by emails and various outreach seniices at community centres throughout Hertsmere. With funds received from the British Gas Energy Trust HCAB is providing detailed advice to clients struggling with energy costs.
HERTSMERE CITIZENS ADVICE BUREAU REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Contribution of Volunteers HCAB receives help and support in the forrn of voluntary assistance in advising the public and administering the charity. 55 Volunteers, including the trustees, contributed some hours 17,472 of largely advisory work to the organisation during the year. We estirnate the value of this help at approximately £297,024 in respect of the year 2023-24 (2023.. £292,000). 4. ACHIEVEMENTS AND PERFORMANCE Charltable Actlvltles The effects of the Cost-of-Livlng crisis continued to affecl the lives of the people coming to see us through 2023-24. The number of people asking for our help remained high with an increase in the number of homeowners seeking advice. Around 40 % of our clients presented with an issue related to debt and energy bills with 38Vo of those being in a negative budget situation. We gained additional funding from HCC and BGET to support caseworkers to resolve these issues for our clients. Housing and potential homelessness enquiries increased and we gained lottery funding to support people to prevent eviction and sustain their tenancies . The number of people seeking help with a crisis situation increased on the previous year and we gained funding for energy and supermarket vouchers lo help resolve the immediate problem. We continued to deliver services in all areas of Ihe borough via telephone, email and face to face.. Our skilled and conscientious staff and volunteer team delivered advice which achieved the Advice Quality standard and was assessed by National Citizens Advice as being in the highest category for quality ad consistency. Cllents and enqulres During 2023124 we dealt with 17,501 client contacts (2023: 17.379) whilst the number of new cases were 4,605 (2023: 3,836).
HERTSMERE CITIZENS ADVICE BUREAU REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Fundraising Activities Total income for the year was £759,747 an increase of £133,681 compared to the previous year. A number of new projects contributed to this additional income strengthening the Money and Debt Advice team, and providing further capability to help those in crisis. Contact with potential new clients was also generated by links to Foodbanks and greater accessibility through the website, telephone and email. No material expenditure was incurred in fundraising activities during the year. Investment Actlvltles The charity does not currently hold investments other than interest bearing accounts and term cash deposits with its banker. Factors Affecting the Achievement of Objectives The charity is only too well aware of the financial pressures experienced by its major f(meTrafitrin view o Is con Inues to seek additional sources of funding for its services while at the same time ensuring that these are provided in a cost effective and efficient manner. FINANCIAL REVIEW Flnanclal Posltlon Incoming Resources in the year were £759.747 (2023.. £626.066) and of this sum, £458,289 (2023: £333,182) related to project activities. A surplus of £68.528 was made in the year (2023.. £42,476). At 31 March 2024 total reserves were £592,278 (2023.. £523,750) of which £Nil represented Designated Funds (2023.. £Nil) and £Nil represented Restricted Funds (2023: £Nil). The surplus was increased from £42,476 in 2022123 to £68,528 in 2023124 mainly due to additional project income in 2023124.
HERTSMERE CITIZENS ADVICE BUREAU REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Reserves Policy HCAB is required to ensure that free monies are available in each financial year to meet any reasonable foreseeable contingency. The charity fnaintains a projection of income and expenditure for three years ahead and endeavours to ensure that this continues to be derived from as wide a variety of sources as possible. However. HCAB is dependent upon a substantial grant from Hertsmere Borough Council to maintain its core Hertsmere-wide advice service. Any reduction in this grant could affect the Trustees, ability to maintain a Hertsmere-wide service and any material reduction could lead to the closure of HCAB in the Borough. The Trustees have examined HCAB requirements for reserves in the light of the principal risks to the organisation. These risks centre around a major or total loss of core funding, and the consequent potenlial redundancies. The Trustees are also mindful of the desire to maintain the service in the event of a temporary hiatus in the receipt of grants. The particular reserves are outlined in notes 9 and 10 . Prlnclpal Fundlng Sources The Directors extend their gratitude to Hertsmere Borough Council who continued to support the core operating capacity of the Charity. Additionally project specific funding was received from the Rolandson Foundation, the M foundation, Aldenham Parish Council, Hertsmere Foodbanks, Citizens Advice National,British Gas Energy Trust and Hertfordshire County Council. Hertsmere Borough Council also provides the Bushey and Potters Bar office premises to the Charrty on a rent free basis for which we are again very grateful. The Charity did not have any borrowings from either providers of funding or other SoUrS as at the balance sheet date. Funds in Deficlt No funds vrfere in deficit at the balance sheet date.
HERTSMERE CITIZENS ADVICE BUREAU REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Investment Po15cy As required in its Memorandum, in furtherance of its objects, and for no other purposes. the Company has the power to invest the monies of the Company not immediately required for its purposes in or upon such investments, securities or propety as may be thought fit, subject nevertheless to such conditions and such consents as may for the time being be imposed or required by law. 6. PUBUC BENEFIT STATEMENT The Trustee Board is confident that they have complied with their duty under sectlon 4 of the Charities Act 2011 to have due regard to the guidance on public benefit published by the Charities Commission in exercising their powers or duties. 7. FUTURE PLANS inJsJLc.o.ntiD.u.aJly ss to tts se e and intends to extend its sep4ice to even wider numbers of the community through increased partnership working, development of telephone advi and office based online advisory service facilities. 10
HERTSMERE CITIZENS ADVICE BUREAU REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 8. DIRECTORS RESPONSIBILITIES The trustees (who are also directors of Hertsmere Citizens Advi Bureau for the purposes of company law> are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" In preparing those financial statements, the directors are required to:_ select suitable accounting poliaes and then apply them consistently, make judgements and estimates that are reasonable and prudent, state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The directors are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Hertsmere Citizens Advice Bureau and to enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are responsible for ensuring that the Company maintains an adequate system of internal control designed to provide reasonable assurance that Ihe assets are safeguarded against material loss or unauthorised use and to prevent and detect fraud and other irregularities. This report has been prepared in accordance with the Statement of Recommended Practice - Accounting and reporting by Charities and in accordance with the special provisions of Part 15 of the Cornpanies Act 2006 relating to small companies. 11
HERTSMERE CITIZENS ADVICE BUREAU REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 8. DIRECTORS RESPONSIBILITIES- CONTINUED So far as each director at the date of the approval of this report is aware:_ there is no relevant audit information of which the company's auditors are unaware and the directors have taken all steps they ought to have to make themselves aware of any relevanl audit information and to establish that the auditors are aware of that information. Parker Cavendish were appointed as the company's auditors at the last Annual General Meeting and have expressed their willingness to continue in that capacity. Alan Moss - Trustee Date: 10 July 2024 12
HERTSMERE CITIZENS ADVICE BUREAU INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE HERTSMERE CITIZENS ADVICE BUREAU Opinion We have audited the financial statemenls of Hertsmere Citizens Advice Bureau (the 'charilable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United 'ngdorn Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements: give a true and fair view of the state of the charitable companWs affairs as at 31 March 2024 and of its incoming resources and application of resources, including its result, for the year then ended" have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordan with the ethical requirements that are relevant to our audit of the financial statements in the UK, including Ihe FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 13
HERTSMERE CITIZENS ADVICE BUREAU INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE HERTSMERE CITIZENS ADVICE BUREAU Other Infomiation The trustees are responsible for the other information. The other information comprises the information included in the Annual Report. other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statemenls does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion Ihefeon. In connection with our audit of the financial stalements, our responsibility is to read the other information and in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audrt or othepHise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material mistatement in the financial statements themselves. If, based on the work we have performed, we conclude that there Is a material misstatement of this other information, we are required to r8POrt to report that fact. We have nothing to report in this regard. -..•pinIOnsnJoth0rXrnattarBr.e8crIbQd.bY.the0mPan1A0t.2o. In our.opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial slalements are prepared is consistenl with the financial statements; and - Ihe Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In Ihe light of the knowledge and undeTStanding of the charilable company and its environment obtained in the course of the audit. have not identified material misstatements in the Report of the Trustees We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not bean kept: or the financial statements are not in agreement with the accounting records and returns. or - certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees Responsibilities, Ihe trustees (who are also the directors of the charitable cornpany for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such inlernal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemenl, whether due to fraud or error. 14
HERTSMERE CITIZENS ADVICE BUREAU INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE HERTSMERE CITIZENS ADVICE BUREAU Responsibilities of trustees (cont) In preparing the financial statements, the trustees are responsibl8 for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. Our responslbllities for the audit of the financial stat•mants Our objectives are to obtain reasonable assurance about whether the financial slatements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will aayS detect a material rnisstatement when il exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting ifregularities, including fraud is detailed below: The engagement partner ensured that the enagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non- compliance with applicable laws and regulations, we identified the laws and regulations applicable to the company through discussions with the directors and other management, and from our commercial knowledge and experience of the company's activities and our prior knowledge of the company's operations., we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Charities Act 2011, taxation legislation, data proleclion, anti-bribery, employment, and health and safety legislation., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, inspecting relevant correspondence,. identified laws and regulations were communicated within the audit team regularfy and the team remain alert to instances of non-compliance throughout the audit,. we assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and non- compliance with laws and regulations. 15
HERTSMERE CITIZENS ADVICE BUREAU INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE HERTSMERE CITIZENS ADVICE BUREAU Our responsibilities for the audlt of the financlal statements {cont) To address the risk of fraud through management bias and override of controls, VR: performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions: assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias: and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included. but were not limited to: agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; enquiring of management as to actual and potential litigation claims; and reviewing correspondence wrth HMRC, and any other applicable correspondence. There are inherent limitations in our audit procedures described above. The more removed that laws and regulation are from financial transactions. the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit precedures required to identify non- nce an regu irEct15rraThtr0trerm?nagernentranhe- inspection of regulatory and legal correspondence, if any. Material misstatements that arise due lo fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Flnancial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitable company's members those matters we are required lo state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's Members as a body, for our audit work. for this report. or for the opinions we have formed. Marco Gazza (Senior Statutory Auditor) for and on behalf of Parker Cavendish Chartered Accountants Registered Auditor 28 Church Road Slanmore Middlesex. HA7 4XR Date: 27 September 2024 16
HERTSMERE CITIZENS ADVICE BUREAU STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT Unrestricted Unrestricted Core Project Funds Funds Total Funds 2024 Totsl Funds 2023 Note Incoming Resources Incoming Resources from Generated Funds Voluntary Income Investment Income Incoming Resources from Charitable Activities 1b 2a 2b 29,045 15.413 29,045 15,413 33,662 2,122 257.000 458.289 716,289 590,282 Total Incoming Resources 301458 458 289 759 747 626 066 Resources Expended Charitable Activities Governance Costs 222.794 10,136 458.289 681,083 10,136 575,671 7,919 Total Resources Expended 232 930 458 289 691219 583 590 Net Movement In Funds 88,528 68,628 42,476 Balances Brought Forward 523,750 623,750 481,274 Balances Carrled Forward 592 278 692 278 523 750 The notes on pages 20 - 26 form part of these financial slatements. 17
HERTSMERE CITIZENS ADVICE BUREAU BALANCE SHEET AT 31 MARCH 2024 Core Funds Project Funds Total 2024 Total 2023 Note Current Assets Debtors Bank & Cash Balances 4,224 783,438 4,224 783,438 71 595,334 787,662 787,662 595,405 Less Current Llablllties Creditors falling due within one year (195,384) (196,3841 171.666) Net current assets 592,278 692,278 523,750 Net Assets 592 278 592 278 523 750 Funds of the Charlty Unrestricted Funds Accumulated Funds Designated Funds 9-12 592,278 692.278 623,760 Restricted Funds 9-12 592 278 692 278 623 750 The financial statements have been prepared in accordan with the special provisions of Part 15 of the Companies Act 2006 relaling to small companies, and with the Financial Reporting Standard 102, These financial slatements were approved by the Board of Trustees on 10 July 2024 and signed on their behalf by:_ Arr(LI E Arran Elkeles - Chair Alan Moss - Trustee The noles on pages 20 - 26 form part of these financial statements. 18
HERTSMERE CITIZENS ADVICE BUREAU STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 Totsl 2024 Totsl 2023 Cash flows from operating activities: Net cash increasel(decrease) in operating acti 172.691 141.904) Cash flows from 5nvestlng actlvltles Investment income 16,413 2,122 Net cash provlded by Investlng actlvltles 15,413 2,122 Change in cash and cash equivalents in the year 188,104 (39,782) Cash and cash equivalents at the beginning of the year 696,334 635,116 Total cash and cash equivalents at the end of the yea 783,438 596 334 Reconclllatlon of net expenditure to net cash flow from operating activltles Net income for reporting period per SOFA 68,628 42,476 Adjustments for: Decreasel (increase) in debtors Increase l (decrease) in creditors Investment income Net cash used in operatlng activlties 14,153> 123,729 (16,413 172,691 3,178 (86,436) (2,122) 41,904) Analysis of cash & cash equlvalents Total cash and cash equivalenis at the end of the year 783.438 596,334 19
HERTSMERE CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1 - Accountin ollcles a - Basls of Preparatlon The financial statements have been prepared in accordance wilh Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2015> - ("Charities SORP(FRS 102)"), and the Companies Act 2006. Hertsmere Citizens Advice Bureau Meets the public definition of a public benefit entity under FRS 102 . Assets and liabilities are recognised at historical cost or transaction value unless otheiSe stated in the relevant accounts'ng policy note. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. so rc (l) . Grants Recelvable Grants made lo finance the activities of the bureau are credited to the income and expenditure account in the period to which they relate. (11) Bank Interest Bank interest is included in the income and expenditure account on receipt. (iii) - Other Income Sales of services are included in the income and expenditure account in the period to which they relale. Other income, including donations, gifts and covenants are included as they are reived. (Iv) - Gifts and Intangible Income In addition to the above, the charity also receives help and support in the form of voluntary assistance in advising the public. This help and support is not included in the financial statements. However, its value to the Charity has been estimated and is disclosed in the directors, report. 20
HERTSMERE CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1- Accountin olicies cont. (v) - Deferred Income Grants received in advance of the period in which the funder requires the expenditure to be applied is reflected in deferred income within the balance sheet. c - Resources Expended All material expenditure is accounted for on an accruals basis. All expenditure directly related to the provision of advice services is included within charitable actNities expenditure. d - Re8trlcted Funds Income received for restricted purposes is included in a separate restricted fund against which appropriate expenditure is allocated. including any relevant management fees. At the end of that project or at a relevant stage within that project, any surplus or deficit on that project is transferred to general funds, unless specifically forbidden by the grant provider. e - Designated Funds Designated funds are allocated out of unrestricted funds by the trustees for specific purposes. The use of such funds is at the trustees, discretion and are not treated as restricted in any way. f - Pensions The charity operates a defined contribution pension plan for its employees which complies with the Governrnent's auto-enrolment legislation. The scheme operated from 1st January 2017. which was the organisation's staging date. All pension payments are charged to the income and expenditure account in the period in which they are incurred. g - Leases Rental costs under operating leases are charged to the statement of financial activities in equal amounts over the period of the leases. 21
HERTSMERE CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 l . Capital Expendlture Expenditure on Office Fixtures and Fittings including Computer Hardware and Software is shown as fully expended in the year in which the expenditure is incurred. 2 - Incomin Resources from Generated Funds Unrestrlcted Restrfcted Funds Funds Totsl 2024 Total 2023 a - Voluntary Income Premises provided by HBC at no cost Donations 28,500 545 28,500 545 28,500 b- Investment Income Bank Interest Received 3 - Incomln Resources from Charltable Actlvltle8 Core Funds Project Funds Total 2024 Total 2023 267 000 458 289 715289 590 282 4-To urces Ex ended 2024 2023 General Advisory Services Governance Costs 681,083 10,136 691219 575.671 7.919 583 590
HERTSMERE CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 4 - Total Resources Ex ended cont. Classification of Resources Expended 2024 2023 Staff Costs - see note 6 Premises Communications Stationery, Printing & Postage Information Systems & Books Travel Recruitment & Training Insurance Professional cost Sundries 623,763 66,196 6,152 4,560 47,018 4,129 3,349 4,001 10,136 21,916 691 219 462,524 60,247 12,966 4,306 21,118 930 2.407 3,649 7,919 583 590 S - Net Movement in Funds for the Year 2024 2023 This is stated after charging.' Auditors Remuneration 4,080 6 - Inforniation re ardin Dlrectors and Em ees 2024 2023 Wages & Salaries Social Security Costs Pension Costs Other labour costs 467,025 34,395 16,865 6,478 523 763 402,028 36,078 16,272 8.146 462 524 The average number of employees, analysed by function was: 2024 2023 Charitable purposes Management & administration of charity 19 16 21 18 23
HERTSMERE CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 6 - Inforniation re ardin Direct rs and Em ees cont. No employee received remuneration of more than £51,000 {excluding Nl & Pension) No trustees received any remuneration from the company for any purpose (2023.. Nil) and no trustees have benefits accruing under pension schemes (2023.. Nil). The Gharity has purchased indemnty insurance for its trustees. 7 . Debtors 2024 2023 Grants & Other Amounts Due Total 71 71 8 - Credltors - fallln due withln 1 2024 2023 Creditors & Accrued Expenses Deferred Income Total 38,413 156 971 195 384 16,780 - Anal sis of Net A en Funds General Designated Restrlcted Funds Funds Funds Total Funds Current Assets Current Liabilities Net Assets 787,662 (195.384 592,278 787,662 195,384 692,278 24
HERTSMERE CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10 - Movement In Funds At 1 Aprll 2023 Income Expendlture 31 March 2024 Project Fund8 British Gas Energy Trust Hert Project HCC - Crisis Intervention CAN - Cost of Living M Foundaion Other Trussell Trust HBC - Homelessness 122,042 76,076 69,197 53,107 50,000 39,860 31,887 16,120 {122,042) {76,076) (69.197) (53,107) (50,000) (39,860) (31.887) (16,120) Total Project Funds 458 289 458 289 General Fund8 Non designated funds 523,750 301,458 (232,930) 592,278 Total General Funds 523 750 301458 232 930 592 278 Total Funds 523 750 759 747 691 219 592 278 R•8trlctod Fund8 There are no resiricted funds (2023.. Nil) 11-Pur ses f Pro"ect Fund Money & Debt advice Provided by Cit12en Advice National. Hertsmere Borough Council, Hertfordshire County Council and Trussell Trust to fund debt advice with related money and benefit advice. Murphy Foundation funds a caseworker to provide in depth casework for clients with complex issues. Radlett Outreach Provided by Aldenham Parish Council to finance an outreach advice facility in Radlett. Provided by Hertsmere Borough Councill Hertfordshire County Council to fund advice to clients to avoid them being evicted from housing Homelessnesslcrisis Interv British Gas Energy Trust Provided by them to fund debt advice to individual clients to help them reduce their energy costs 12- Desi nated Reserves At 31 March 2024 there are no designated reserves. all reserves being generally available. 2S
HERTSMERE CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13 - Financial Commitments Capltal Commitments At the balance sheet date there were no capital cornmitments (2023: Nil). Operating Lease Commltments At the balance sheet date the company had no annual commitments under non- cancellable operating leases. 14 - Related a transaction There were no related paty transactions in the year or in the previous year. 15 . Pension Costs HCAB currently operates 1 pension scheme for its employees. An auto enrolment pension scheme fUiTrThployeegzrjryop8r-at¢d_0o_.d5Il_n04 contribution basis. The scheme is open to all employees . The company matches the gross contributions of the employees up to a maximum of 6 % of employee earnings. The assets of the scheme are held separately from those of the company in an independently administered fund. The fund administrators are The Peoples Pension and the scheme complies with the Government's Auto-enrolment legislation. The total pension costs shown in the accounts for the year represents the ongoing contributions payable by the company to the auto-enrolment scheme of £15.866 {2023'. £16,685). There were contributions of £1,991 (2023: £2,807) payable at the year end. 26