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2021-03-31-accounts

Company registration number: 03501846 Charity registration number: 1069301

HARINGEY CITIZENS ADVICE BUREAUX

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

HARINGEY CITIZENS ADVICE BUREAUX

CONTENTS

Page Number
Charity Reference and Administrative Details 3
Trustees' Report 4 – 14
Independent Auditor’s report 15 – 17
Statement of Financial Activities (incorporating the Income and Expenditure Account) 18
Balance Sheet 19
Statement of Cash Flows 20
Notes to the Financial Statements 21 – 35

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HARINGEY CITIZENS ADVICE BUREAUX

CHARITY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021

Trustees

The directors of the charitable company are its Trustees for the purposes of charity law. The Trustees who have served from 1 April 2020 up to the date of approval of these financial statements were as follows:

Andy Love Gloria Saffrey-Powell Sean O'Donovan – Vice Chair Richard Warner Rachel Williamson – Treasurer Stephanie Pilling Kaya Chatterji Lorna Reith – Chair Laura Payne Ben Tovey George Dunstall Giselle McGowan Chloe Hedman (appointed 26 April 2021) Andrew Godfrey (appointed 26 April 2021)

Company registration number 03501846

Charity registration number 1069301

Registered office 20E Waltheof Gardens London N17 7DN Bureau address: Waltheof Gardens Citizens Advice 20E Waltheof Gardens London N17 7DN

Chief Executive and Company Secretary Daniel Blake

Independent auditors

Beever and Struthers Chartered Accountants & Business Advisers 15 Bunhil Row London EC1Y 8LP

Bankers

The Co-operative Bank plc 1 Balloon Street Manchester M60 4EP

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HARINGEY CITIZENS ADVICE BUREAUX

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their report and the financial statements for the year ended 31 March 2021.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) published in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Structure, Governance and Management

The company is limited by guarantee, governed by its memorandum and articles of association dated 30 January 1998 and last amended on 6 October 2011, and registered under the number 03501846. The company is registered as a charity under the number 1069301. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.

Citizens Advice Haringey operates under the membership umbrella of Citizens Advice (CABx) who provide the framework for standards of advice and casework management. Citizens Advice Haringey (CAH) co-operates and liaises, on behalf of its clients, with a number of advice agencies in the borough, local charities, the Health Authority and Council services.

The affairs of Citizens Advice Haringey are governed by the Board of Trustees who meet at least four times a year. The members of the charity are individuals companies or organisations who are interested in furthering the work of the charity and who are not paid, or volunteer workers of the charity. Each member has one vote.

The ordinary membership, as well as the make-up of the Trustee Board, is reviewed annually prior to the Annual General Meeting. We carry out a skills audit and an assessment of the diversity of the Board. This is followed by a recruitment campaign for both ordinary members and potential Trustees. This is done using our extensive network across the local voluntary and community sector as well as specialist agencies.

New Trustees

The Board appointed two new trustees, Andrey Godfrey and Chloe Hedman, on 26 April 2021.

Board of Trustees

The members of the Board of Trustees perform the role of directors in company law and are the Trustees in charity law. Those who served during the year, except where indicated, are listed on page 3.

We would like to thank our Trustees for the dedication and commitment they have given over the years.

Organisational Structure

A Trustee Board, of currently thirteen members, administers the charity. They meet four times per year with additional quarterly meetings of the sub-committees for Finance, Health and Safety, Quality and Human Resources. The Chief Executive of the organisation has been appointed by the Trustees to manage the day-to-day operations of the charity. In addition, there is an experienced team of paid staff and a substantial team of volunteers who are key to the service offered by the charity.

Decisions are made by the Trustee Board in line with the Business Development Plan and are reviewed at least annually. The Senior Management Team meet to review progress against targets and the Charity's financial position and to discuss issues referred to them by the Trustee Board. Reports and recommendations are then taken to the full Board for approval, and their implementation is organised by the Chief Executive and the staff team.

There are regular staff, volunteer and senior management team meetings which ensure that progress is being made against targets and also enable early troubleshooting when problems arise. There is an Annual General Meeting, which involves the staff team, Trustee Board, members, and Stakeholders.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Arrangements for Setting the Pay and Remuneration of Key Management Personnel

The Trustees consider that the Board of Trustees and the Senior Management Team (SMT) comprise the Key Management Personnel of the charity.

All Trustees give their time freely and no Trustee received remuneration in the year. Details of Trustees’ expenses and related party transactions are disclosed in notes 9 and 20 to the financial statements. The charity’s Senior Management Team are all paid in accordance with a published scale of grades using NJC scales which are extensively used in the voluntary sector.

Any increases to these published grades would be debated and approved by the Trustee Board. The Chief Executive submits a proposal for staff salaries during the budget process; the Chief Executive’s salary is reviewed and approved by the Trustee Board separately but in line with the policy set out above.

An annual review of the existing pay scales is undertaken and a decision taken as to whether or not the charity implements the proposals made by the Chief Executive and the Trustee Board. The criteria to establish whether or not uplift should be implemented will include the financial stability of the charity and its main income streams, the trend with regard to pay increases witnessed within the appropriate operating environment (e.g. trends within similar sized voluntary sector organisations) and the current national average pay increase levels.

Related Parties

In addition to its membership of Citizens Advice, the charity also cooperates and liaises with a number of other advisory services, local charities and Council departments on behalf of clients. Where one of the Trustees is also involved with another relevant organisation, they may be involved in discussions about it but not in any decision-making process.

Objectives, Activities and Achievements

The objectives for which the charity was established as defined in the Articles of Association are the promotion of any charitable purposes for the benefit of the community in Haringey and surrounding areas by the advancement of education, the protection of health and the relief of poverty and distress.

CAH helps people get the support they need and enables them to manage their lives better in times of crisis. Life is complicated and things can go wrong for all of us. CAH’s free, impartial advice is crucial and highly valuable to individuals, the Council, government and society as a whole.

CAH seeks to put the customer at the heart of everything we do. We are committed to a community centred approach that recognises our customers, local community, social and faith networks as assets, not people with problems.

We also emphasise the importance of early intervention and prevention, seeking to understand and act on the underlying causes of demand for our services and tackle preventable systemic failure.

The policies that have been adopted to achieve this aim are as follows:

Information, Advice and Guidance:

Citizens Advice Haringey (CAH) in partnership with two subcontractors (Vibrance and Public Voice) deliver the Information, advice and guidance contract to residents and those who work in Haringey.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The service model puts more emphasis on working within the communities, providing better access for clients, increased self-help and digital methods.

The aims of the service are to:

The new objectives of the service are:

During the financial year Citizens Advice Haringey saw nearly 10,000 individual clients, and 39% of those were disabled and/or were suffering from a long-term health condition. The top three issues people sought help with were housing, welfare benefits, debt, and employment. We have seen an increase throughout the year in those seeking help with mental health issues which have a bigger impact on their daily life.

Our successes have included financial gains for our clients amounting to £1,558,167, including benefit appeals and charitable applications for individual support.

Objectives for the Year and Public Benefit

The charity's objectives are to promote any charitable purpose for the benefit of the community in Haringey, by the advancement of education, the protection and preservation of health and the relief of poverty, sickness and distress.

CAH’s aims are to provide free, confidential, impartial and independent advice and information for the benefit of the local community, to provide the advice people need for the problems they face and to improve policies and practices that affect people's lives.

We review our aims, objectives and activities on a regular basis. This review looks at what we achieved and the outcomes of our work in the previous twelve months. It looks at the success of each key activity and the benefits to

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

those groups of people we are here to help and it also helps us to ensure our aims, objectives and activities remain focussed on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. Our key objectives are:

Objective 1: Make access to advice and information easier

Objective 2: Work with Citizens Advice to provide One Service

Objective 3: Be more sustainable for the future

Objective 4: Be more influential

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Objective 5: Be a stronger equality champion

Objective 6: Support an efficient staff and volunteer structure

Review of Activities and Achievements 2020-2021

This year has been the most challenging year in our history due to the Covid-19 pandemic. For the whole year services have been provided on a remote basis and we have seen a continued rise in the number of people seeking help locally.

Citizens Advice Haringey provides the main gateway to advice and other services for local people. We offer general advice on welfare benefits, money/debt, housing, employment, consumer rights, immigration, family and personal matters, providing general advice on discrimination across all areas.

Our aim is to provide a high quality service for as many clients as possible, focussing on those most in need. Recognising that we are unlikely to meet all demand for our service, and where possible seeking to work in partnership with other organisations, professionals and community groups to deliver our services.

We emphasise the importance of early intervention and prevention, seeking to understand and address the underlying causes of demand for our services by tackling preventable systemic failure.

As an organisation heavily reliant on volunteers to deliver services, Citizens Advice Haringey offers a range of volunteering opportunities, recognising the value in each member of our community.

Our work in Haringey strives to significantly help some of the most vulnerable people in the borough. We provide accessible services to meet clients’ needs, spread throughout the borough through our various projects and outreach services. This year we faced extraordinary events with the Covid-19 pandemic and subsequent lockdown that occurred just prior to the end of the year. As of the 19th March all services offered by CAH moved to a remote basis with a telephone access point.

During the pandemic we have continued to run the Help to Claim Service. This provides support for anyone claiming universal credit up until the first correct payment is received. This service is funded by the Department for Work and Pensions via Citizens Advice. We have delivered this service in partnership with both Tottenham and Wood Green JobCentre Plus.

We have been delighted to work in partnership with Haringey Council as part of the Connected Communities service during the pandemic enabling vulnerable people in the borough to access food, prescriptions and other support during the pandemic.

Our Crutch project continued to help those in crisis situations during the pandemic by providing a variety of ongoing support and enabling clients to avoid future crises. Working with partners we have established a distribution network for food provision to enable those who are unable to reach a food bank to access food.

We have continually reviewed and monitored services, making changes to improve client experience and ensure that our service quality is compliant with the Citizens Advice membership standards.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The key statistics collected from our advice related activities over the reporting period 2020-201 were:

The Trustee Board

The Trustee Board has continued to provide strong governance, meeting regularly, discussing policies and procedures and making and approving decisions on major governance issues. The Board has been strong on financial stewardship and encouraged greater fundraising activity to ensure the sustainability and further development of the organisation.

The Finance, Human Resources, Health and Safety, Quality and Campaign and Research sub committees have continued to meet regularly in order to ensure organisational compliance and development.

The ordinary membership as well as the makeup of the Trustee Board is reviewed annually prior to the Annual General Meeting.

The Board discusses policies and procedures and makes and approves decisions on major governance issues. It also ensures that there is an appropriate strategic plan and that this is being carried out effectively. The day-to-day management of the charity is delegated to staff through the Chief Executive and then to the members of the management team. The management team meets regularly. There are three subcommittees of the Board, Finance, HR, health and safety, quality and campaign and research and health and safety who meet quarterly, consider important issues and report to the main Board.

Trustees worked closely with the Chief Executive to develop the new Business Plan and to monitor progress in achieving previously agreed milestones outlined in the Business Plan.

Campaign and Research

Our twin and equal aims are to provide the advice people need for the problems they face and to improve the policies and practices that affect people's lives. Therefore, we need to ensure that we maximise our ability to spot trends, highlight issues and provide a bank of evidence to influence present and future policies. It will continue to be a core aim of Citizens Advice Haringey and the Citizens Advice Bureaux family to provide evidence to support and stimulate debate, to campaign and lobby on key social policy issues, and to influence the policy makers and service providers. Citizens Advice Haringey continued to endeavour to influence policy in key areas of:

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

include those on low incomes receiving in-work benefits, as well as disabled people and those with long-term health conditions. We were delighted to work with haringey council to bring in the introduction of a Local Welfare Assistance Scheme

We are committed to increasing the range, quality and quantity of our campaigns and research work so that we can take every opportunity to improve the lives of not only our clients but for all in Haringey. We regularly make contributions to local media aimed at addressing the needs of our community.

Partnerships & Business Development

Throughout this year the organisation has continued to develop new partnerships and to grow current ones. Currently we work with Vibrance, Public Voice, Mind in Haringey, DWP and Homes 4 Haringey, we are developing links with other organisations such as Bubic and Shelter.

We have continued working with Haringey Clinical Commissioning Group (CCG) and other health partners to ensure there is a coherent advice and information offer for people accessing health services.

Citizens Advice Haringey continues to work well with London & Quadrant Housing Trust providing the Pound Advice Project taking direct referrals from the Housing Association. Advice and assistance is provided to deal with rent arrears and benefit problems, reduce debt and maximise income.

Citizens Advice Haringey works in close partnership with Bridge Renewal Trust who are Haringey Council's Strategic Partner for the Voluntary and Community Sector (VCS). We aim to work together with the sector to contribute to local authority and health issues building a stronger partnership across Haringey. As part of the response to the pandemic CAH has been a key partner in the voluntary sector CEO group facilitated by Bridge.

We have enjoyed a fruitful partnership with Pro Bono Community - an organisation that provides volunteer placements for trainee solicitors. In addition to providing general volunteers we were delighted to work together on A Big Lottery funded project providing remote support and legal advice to residents of the borough living in Private Rented Sector accommodation.

Internal and External Factors

Maintaining external quality accreditation is essential for the charity. We passed our Leadership Self Assessment Verification visit scoring yellow, yellow. We continue to maintain our audit standards with systems for record checking, independent file reviews and support for staff and governance.

Future Developments

Citizens Advice Haringey aims to continually improve access to its service and to maintain a high quality service for as many clients as possible, focussing on those most in need and being innovative about methods of service delivery. We work in partnership with other local agencies both to prevent problems arising for clients and to help them resolve problems that have arisen. In order to achieve our objectives, we have the following plans for future work and developments:

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

1. Access to our Service - Monitoring and Assessing the Service

Principal Risks and Uncertainties

The Board of Trustees reviews the major risks to which the charity is exposed through a series of risk assessments that also details mitigation strategies and is updated at least annually. Significant external risks to funding are taken into account in the charity’s development strategies and business plans which allow for diversification of funding and activities. The Trustees continue to review the financial risks to which the organisation is subject due to the generally unfavourable economic climate and challenging funding environment. The Trustees believe that these and other risks will be mitigated by:

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety, equal opportunities, data protection, and adult and vulnerable adults protection legislation.

Financial Review

Income for the year ending 31st March 2021 totalled £1,399,623 a 4.3% increase from the previous year (2020: £1,341,488). Unrestricted income increased by 2.4% to £857,713 (2020: £837,842), however it decreased in relation to total income to 61.3% (2020: 62.5%). Restricted income increased by 7.6% to £541,910 (2020: £503,646).

Expenditure totalled £1,196,687 (2020: £1,230,708), creating a surplus of £202,936 for the year, before any actuarial gains/losses on the defined benefit pension scheme have been taken into account. This year, the change in the valuation of the pension obligation has had a significant impact on the unrestricted fund balance. The pension obligation moved from being a liability to an asset for the first time in 2017 and this year has seen a positive increase again to £570,000. The actuarial gain of £83,000 has increased the end of year unrestricted fund balance to £1,406,567 (2020: £1,174,327). The restricted fund balance at the end of the year was £82,640 (2020: £28,944), which puts the total funds held by the charity as £1,489,207.

Although the current unrestricted fund balance gives the perception of a charity in excellent financial health, it is worth noting the pension fund obligation, has previously been in substantial deficit (2010: -£1,020,823). Therefore, it is important not to view the increase in unrestricted fund as free reserves as it is likely they could be called upon to absorb the fluctuations in the pension obligation in the future.

Principal Funding Sources

The charity received funding from the Big Lottery, London Borough of Haringey, London & Quadrant Housing Trust and Department of Work and Pensions.

This funding was spent on providing generalist advice, primarily to the residents of the London Borough of Haringey, through the core gateway and appointment services at the bureaux and outreach services in health hubs and specialist projects.

We continue to pursue other funding opportunities as they arise, in accordance with our three-year funding strategy and our identified priorities.

Investment Policy

The Charity will continue to retain a prudent amount in reserves each year. Most of the charity's funds are to be spent in the short term so there are no funds for long term investment. The policy of the Board of Trustees is to invest the amount that it has available and grants received in advance in short term bank deposits and deposit bonds.

Reserves Policy and Defined Benefit Pension Scheme Funding

The Board of Trustees has examined the charity's requirements for operational reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be 3 months of the expenditure excluding the expenditure on finite projects. This gives a target of around £400,000 in general unrestricted funds as a minimum. The Trustee Board also wish to set aside a general reserve for items such as investment in IT infrastructure of £40,000.

The present level of free operational reserves available to the charity of £833,241 excluding the pension asset/liability, is more than this target level. These figures are made up of the unrestricted reserves of £836,567 less the unrestricted fixed assets of £3,326. This excludes the adjustments required for future pension assets/liabilities and had they been included, the overall free reserves would have been £1,406,567.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Trustees recognise this is an actuarial change to the financial position and will exercise great caution when making future plans based on these increased levels of reserves. The reduction in the pension deficit to a position of surplus is attributable to gains on underlying pension fund investments and there is no guarantee this can be maintained in the future as past changes have shown. When we consider the amount needed to protect against the fluctuations in the pension obligation and factor in the previous deficit amounts the range required is between £300,000 - £600,000.

The operational reserves are needed to meet the working capital requirements of the charity and the Board of Trustees are confident that at this level they would be able to appropriately manage the activities of the charity in the event of a temporary but significant drop in core funding. This is in line with general guidance on charities and not for profit organisations, and with three-month notice periods in contractual or service level agreements.

Although the strategy is to build operational reserves through planned operating surpluses, the Board of Trustees is well aware that it is unlikely that the target range can be reached for some considerable years due to constraints in funding and to the pension scheme situation. Recommendations made by actuaries to the Haringey Pension Scheme Board are generally geared to eliminating the deficit on the pension scheme over the longer term.

A plan had been agreed previously to increase contributions to the pension scheme over the next twenty years to eliminate the deficit there on. The pension deficit will only affect the reserves of the organisation if the charity's funders refuse to accommodate the increased contributions in the future funding which they provide. So far funders have not taken this position and annual budgets allow for the increased pension contributions and these are taken into account by the main funders on annual monitoring.

Statement of Board of Trustees’ Responsibilities

The Trustees (who are also directors of Haringey Citizens Advice Bureaux for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company, and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and 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 prevention and detection of fraud and other irregularities.

Statement of Disclosure of Information to Auditors

In so far as the Trustees are aware:

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

A resolution proposing that Beever and Struthers be re-appointed as auditors of the charitable company will be put to the Annual General Meeting.

Small Company Exemptions

The report of the Trustees has been prepared taking advantage of the small companies’ exemption of section 415(A) of the Companies Act 2006.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 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 published in October 2019.

This report was approved by the Board of Trustees on 2 August 2021 and signed on its behalf by:

Lorna Reith

Chair

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HARINGEY CITIZENS ADVICE BUREAUX FOR THE YEAR ENDED 31 MARCH 2021

Opinion

We have audited the financial statements of Haringey Citizens Advice Bureaux (the ‘charitable company’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities (incorporating the Income and Expenditure Account), the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies in note 1. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for the audit of small entities, in the circumstances set out in note 8 to the financial statements, 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 Board of Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Board of Trustees with respect to going concern are described in the relevant sections of this report.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HARINGEY CITIZENS ADVICE BUREAUX FOR THE YEAR ENDED 31 MARCH 2021

Other Information

The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Board of Trustees’ Responsibilities set out on pages 13 and 14, the Trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s web-site at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HARINGEY CITIZENS ADVICE BUREAUX FOR THE YEAR ENDED 31 MARCH 2021

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

Use of our report

This report is made solely to the charitable company’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s Trustees those matters we are required to state to them in an auditor’s 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 Trustees as a body for our audit work, for this report, or for the opinions we have formed.

Beever and Struthers 15 Bunhill Row Chartered Accountants London Statutory Auditor EC1Y 8LP

Date: 27 September 2021

Beever and Struthers is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Note
INCOME AND ENDOWMENTS FROM:
Donations
2
Charitable activities
4
Investments
3
Other
TOTAL INCOMING RESOURCES
EXPENDITURE ON:
Charitable activities
5
TOTAL RESOURCES EXPENDED
NET INCOME / (EXPENDITURE)
TRANSFERS BETWEEN FUNDS
16
NET INCOME / (EXPENDITURE)
BEFORE OTHER GAINS AND LOSSES
OTHER RECOGNISED GAINS /
(LOSSES):
Actuarial gains / (losses) on defined
benefit pension schemes
18
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
16		 Total
Total
Unrestricted
Restricted
Funds
Funds
Funds
Funds
2021
2020
£
£
£
£
1,000
-
1,000
7,777
855,612
541,910
1,397,522
1,332,683
851
-
851
1,028
250
-
250
-
857,713
541,910
1,399,623
1,341,488
708,473
488,214
1,196,687
1,230,708
708,473
488,214
1,196,687
1,230,708
149,240
53,696
202,936
110,780
-
-
-
-
149,240
53,696
202,936
110,780
83,000
-
83,000
88,000
232,240
53,696
285,936
198,780
1,174,327
28,944
1,203,271
1,004,491
1,406,567
82,640
1,489,207
1,203,271

All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above.

The notes on pages 21 to 35 form an integral part of these financial statements.

18

HARINGEY CITIZENS ADVICE BUREAUX

COMPANY REGISTRATION NUMBER: 03501846

BALANCE SHEET AS AT 31 MARCH 2021

Note
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CREDITORS: amounts falling
due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS:amounts falling due
after more than one year
15
NET ASSETS OR LIABILITIES
EXCLUDING PENSION ASSET OR
LIABILITY
Defined benefit pension scheme
asset / (liability)
18
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
16
Unrestricted funds:
Unrestricted funds
Pension reserve
Total unrestricted funds
16
TOTAL CHARITY FUNDS		 £
13,965
1,085,875		 2021
£
3,326
916,765		 £
204,879
792,631		 2020
£
8,713
775,657
1,099,840
(183,075)		 997,510
(221,853)
836,567
570,000		 752,327
422,000
920,091
(884)		 784,370
(3,099)
919,207
570,000		 781,271
422,000
1,489,207 1,203,271
82,640
1,406,567		 28,944
1,174,327
1,489,207 1,203,271

For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies but the Trustees’ have elected to have an audit under the Charities Act 2011.

Directors’ responsibilities:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements set out on pages 18 to 35 were approved and authorised for issue by the Board of Trustees on 2 August 2021 and were signed on their behalf, by:

Lorna Reith

Chair

The notes on pages 21 to 35 form an integral part of these financial statements.

19

HARINGEY CITIZENS ADVICE BUREAUX

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Note
Cash flow from operating activities
Net cash flow from operating activities
i
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Net cash provided by/(used in) investing activities
Cash flow from financing activities
Repayments of borrowings
Net Cash provided by/(used in) financing activities
Change In cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Note I
Net movement in funds
Depreciation
Dividends and interest from investments
Decrease/ (Increase) in debtors
Increase/ (decrease) in creditors
Pension actuarial movement
Net cash inflow from operating activities		 2021
£
292,393
851
-
851
-
-
293,244
792,631
1,085,875
285,936
5,387
(851)
190,914
(40,993)
(148,000)
292,393		 2020
£
2,998
1,028
(6,006)
(4,978)
-
-
(1,980)
794,611
792,631
198,780
5,722
(1,028)
(68,746)
6,270
(138,000)
2,998

The notes on pages 21 to 35 form an integral part of these financial statements.

20

HARINGEY CITIZENS ADVICE BUREAUX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.1 General Information and basis of preparation

Haringey Citizens Advice Bureaux is a registered charitable company limited by guarantee (Charity number 1069301, Company number 03501846) with the Charity Commission and Registrar of Companies in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The address of the registered office is 20E Waltheof Gardens, London, N17 7DN. The nature of the Charity's operations and principal activities are the promotion of any charitable purposes for the benefit of the community in Haringey and surrounding areas by the advancement of education, the protection of health and the relief of poverty, sickness and distress.

The Charity constitutes a public benefit entity defined by FRS 102. The financial statements have been prepared in accordance with Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.

The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the Charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

21

HARINGEY CITIZENS ADVICE BUREAUX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

1.3 Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019. Further detail of the contribution of volunteers is given in the Trustees' Report.

Income from government and other grants and contracts is recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

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

1.4 Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties that will result in the outflow of economic benefit. Expenditure on charitable activities includes all costs incurred on furthering the objects of the Charity.

Irrecoverable VAT Is charged as an expense against the activity for which the related expenditure arose.

1.5 Support costs allocation

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs, administrative and payroll costs. They are incurred in support of expenditure on the objects of the Charity and include project management carried out al Headquarters. Where support costs cannot be directly attributed to particular headings they have allocated expenditure on charitable activities on the basis of staff time involved in the activity.

The analysis of these costs is included in Note 6.

22

HARINGEY CITIZENS ADVICE BUREAUX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

1.6 Tangible fixed assets

All assets costing more than £500 are capitalised.

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Computer equipment 33.33% Straight line Other office equipment 20.00% Straight line

1.7 Debtors receivable and creditors payable within one year

Debtors are recognised when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Creditors are recognised when the Charity has a present legal or constructive obligation resulting from a past event and the settlement is expected to result in an outflow of economic benefits.

1.8 Provisions

Provisions are recognised when the Charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

1.9 Financial Instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Cash is held at cost. Other basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method.

1.10 Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

23

HARINGEY CITIZENS ADVICE BUREAUX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

1.11 Employee benefits

The charity operates a defined benefit pension scheme and the pension charge is based on a full actuarial valuation dated 31 March 2021. Where a liability exists, the charity's obligations under the plan is recognised net of plan assets. The net change in the net defined benefit liability is recognised as the gain or loss of the defined benefit plan during the period. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis using the projected unit method.

When employees have rendered service to the Charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity also operates a defined contribution pension scheme, contributions to which are expensed in the Statement of Financial Activities as they become payable.

1.12 Taxation

By virtue of s. 478 Corporation Tax Act 2010, the Charity is exempt from Corporation Tax.

1.13 Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

1.14 Judgements and key sources of estimation uncertainty

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

24

HARINGEY CITIZENS ADVICE BUREAUX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. INCOME FROM DONATIONS

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2021 2021 2021 2020
£ £ £ £
Donations 1,000 - 1,000 7,777

In 2020, of the total income from donations, £100 was unrestricted and £7,677 was restricted.

3. INCOME FROM INVESTMENTS

3. INCOME FROM INVESTMENTS 3. INCOME FROM INVESTMENTS
Unrestricted
Funds
2021
£
Restricted
Funds
2021
£
Bank interest
851
-
In 2020 all income from investments was unrestricted.
4. INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
Funds
2021
£
Restricted
Funds
2021
£
London Borough of Haringey
Connected Communities (Communities
First)
-
137,214
Information Advice and Guidance
816,000
-
Homeless Prevention Project
-
-
816,000
137,214
Big Lottery
Pro Bono Communities
-
25,646
Crutch
-
10,070
-
35,716
London Communities
London Community Response Fund
-
9,970
We Are Digital
Pound Advice
32,424
-
Haringey Giving
Haringey Together
5,000
-
Bridge Renewal Trust
EU Settled Status
-
-
Citizens Advice
Citizens Advice (Core)
2,188
359,010
Total
855,612
541,910		 Total
Funds
2021
£
Total
Funds
2020
£
851
1,028
Total
Funds
2021
£
Total
Funds
2020
£
137,214
74,786
816,000
816,000
-
11,250
816,000
137,214
-
25,646
-
10,070		 953,214
902,036
25,646
-
10,070
128,165
-
35,716
-
9,970
32,424
-
5,000
-
-
-
2,188
359,010		 35,716
128,165
9,970
-
32,424
18,204
5,000
-
-
1,000
361,198
283,278
855,612
541,910		 1,397,522
1,332,683

In 2020, of the total income from charitable activities, £836,714 was unrestricted and £495,969 was restricted.

25

HARINGEY CITIZENS ADVICE BUREAUX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. EXPENDITURE FROM CHARITABLE ACTIVITIES

Activities Support Total Total
Undertaken Costs Funds Funds
Directly
2021 2021 2021 2020
£ £ £ £
Pro Bono Communities 15,482 2,487 17,969 -
BEIS Infrastructure 11,479 - 11,479 -
BEIS HMPT 7,767 2,487 10,254 -
London Communities 7,097 2,873 9,970 -
BEIS Innovation 19,586 5,414 25,000 -
We Are Digital 18,279 4,986 23,265 39,419
Help to Claim (CitA) 185,993 51,324 237,317 281,768
Homeless Prevention Project - - - 14,250
Haringey Giving 5,000 - 5,000 -
General 180 - 180 -
Connected Communities (Community First) 106,182 31,033 137,215 74,785
Crutch 34,822 4,190 39,012 152,566
Information Advice & Guidance (IAG) 622,530 57,496 680,026 667,920
Total 1,034,397 162,290 1,196,687 1,230,708
Total support costs of £162,290 (2020: £238,689) are analysed in Note 6.

6. ANALYSIS OF SUPPORT COSTS

6. ANALYSIS OF SUPPORT COSTS
Wages and salaries (including National Insurance and Pension)
Premises costs
Actual expenses
Staff & Volunteer
Governance costs
Other
Defined benefit pension net interest cost (Note 11)
Defined benefit pension service cost (credit)
Total
Total governance costs of £9,167 (2020: £9,045) are analysed in Note 7.
7. GOVERNANCE COSTS
Trustees' indemnity insurance
Auditor's remuneration - audit of the financial statements
Auditor's remuneration - audit underprovision for 2020
Auditor's remuneration - preparation of financial statements
Legal and professional
Travel and subsistence
Training and conferences
Other
Total		 2021
£
2020
£
113,857
111,922
31,714
35,668
71,646
69,132
387
62,048
9,167
9,045
519
874
(10,000)
(8,000)
(55,000)
(42,000)
162,290
238,689
2021
£
2020
£
-
-
6,514
6,482
481
-
1,704
1,696
13
848
-
-
-
-
455
19
9,167
9,045

26

HARINGEY CITIZENS ADVICE BUREAUX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. NET INCOME / (EXPENDITURE) FOR THE YEAR

8. NET INCOME / (EXPENDITURE) FOR THE YEAR
2021 2020
£ £
Depreciation of tangible fixed assets: owned by the charity 5,387 5,722
Auditors' remuneration – Audit of the financial statements (inclusive of VAT) 6,995 6,482
Auditors' remuneration – Preparation of financial statements (inclusive of 1,704 1,696
VAT)

In common with many other organisations of our size and nature we use our auditors to assist with the preparation of the financial statements.

9. KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES

The Charity considers its key management personnel comprise;

The Trustees Chief Executive Finance Manager Operations and Development Manager

The Trustees neither received nor waived any remuneration during the year (2020: £NIL).

The total amount of employee benefits received by other key management personnel is £144,634 (2020: £138,857).

The Trustees had £NIL expenses reimbursed during the year (2020: £23). No amounts were paid to Trustees to attend training courses (2020: £NIL).

10. STAFF COSTS AND EMPLOYEE BENEFITS

Wages and salaries
Social security costs
Other pension costs
Total		 2021
£
2020
£
804,251
793,244
69,734
71,744
81,367
54,000
955,352
918,988

No staff costs or employee benefits were paid by related parties.

No employees received total employee benefits (excluding employer pension costs) of more than £60,000 in 2021 (2020: none).

27

HARINGEY CITIZENS ADVICE BUREAUX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10. STAFF COSTS AND EMPLOYEE BENEFITS (CONTINUED)

The average monthly number of persons employed by the Charity during the year was as follows:

Generalist advice
London Communities
Help to Claim
Pro Bono Communities
Connected Communities
We Are Digital
Crutch
BEIS
HPP
Support staff
Total
11. OTHER FINANCE INCOME / (COSTS)
Expected return on defined benefit pension scheme assets
Interest on defined benefit pension scheme liabilities
Total		 2021
No.
2020
No.
12
13
-
-
5
7
-
-
3
1
1
1
-
2
1
-
-
1
2
2
24
27
2021
£
2020
£
67,000
75,000
(57,000)
(67,000)
10,000
8,000

12. TANGIBLE FIXED ASSETS

12. TANGIBLE FIXED ASSETS
Costs
At 1 April 2020
Additions
Disposals
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
Disposals
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Computer
Equipment
£
Other Fixed
Assets
£
Total
£
-
26,227
26,227
-
-
-
-
(9,669)
(9,669)
-
16,558
16,558
-
17,514
17,514
-
5,387
5,387
-
(9,669)
(9,669)
-
13,232
13,232
-
3,326
3,326
-
8,713
8,713

28

HARINGEY CITIZENS ADVICE BUREAUX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

13. DEBTORS

13. DEBTORS
Trade debtors
Prepayments
Accrued income
Total		 2021
£
2020
£
5,582
194,150
8,383
8,094
-
2,635
13,965
204,879

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Net obligations under finance leases and hire purchase contracts (Note 22)
Other taxation and social security
Other creditors
Accruals
Total		 2021
£
2020
£
2,486
2,486
53,506
51,150
9,652
21,547
117,431
146,670
183,075
221,853

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£ £
Net obligations under finance leases and hire purchase contracts (Note 22) 884 3,099
Obligations under finance leases and hire purchase contracts, included above, are payable as follows:
In one year or more but less than two years 884 2,486
In two years or more and less than five years - 613
In five years or more - -
Total 884 3,099

29

HARINGEY CITIZENS ADVICE BUREAUX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

16. FUND RECONCILIATION
Balance at
1 April
2020
£
Income
£
Expenditure
£
Unrestricted Funds
General funds
747,327
857,713
(773,473)
Property maintenance
5,000
-
-
Pension reserve
422,000
-
65,000
1,174,327
857,713
(708,473)
Restricted Funds
Pro Bono Communities
-
25,646
(17,969)
London Community Fund
-
9,970
(9,970)
BEIS Infrastructure
-
18,224
(11,479)
BEIS HMPT
-
20,000
(10,254)
Connected Communities
-
137,214
(137,214)
BEIS Innovation
-
25,000
(25,000)
Help to Claim
-
295,786
(237,317)
Crutch
28,944
10,070
(39,011)
28,944
541,910
(488,214)
Total Funds
1,203,271
1,399,623
(1,196,687)		 16. FUND RECONCILIATION
Balance at
1 April
2020
£
Income
£
Expenditure
£
Unrestricted Funds
General funds
747,327
857,713
(773,473)
Property maintenance
5,000
-
-
Pension reserve
422,000
-
65,000
1,174,327
857,713
(708,473)
Restricted Funds
Pro Bono Communities
-
25,646
(17,969)
London Community Fund
-
9,970
(9,970)
BEIS Infrastructure
-
18,224
(11,479)
BEIS HMPT
-
20,000
(10,254)
Connected Communities
-
137,214
(137,214)
BEIS Innovation
-
25,000
(25,000)
Help to Claim
-
295,786
(237,317)
Crutch
28,944
10,070
(39,011)
28,944
541,910
(488,214)
Total Funds
1,203,271
1,399,623
(1,196,687)		 Transfers
In / Out
£
Gains /
(Losses)
£
Balance at
31 March
2021
£
-
-
831,567
-
-
5,000
-
83,000
570,000
1,174,327
857,713
(708,473)
-
25,646
(17,969)
-
9,970
(9,970)
-
18,224
(11,479)
-
20,000
(10,254)
-
137,214
(137,214)
-
25,000
(25,000)
-
295,786
(237,317)
28,944
10,070
(39,011)		 -
83,000
1,406,567
-
-
7,677
-
-
-
-
-
6,745
-
-
9,746
-
-
-
-
-
-
-
-
58,469
-
-
3
28,944
541,910
(488,214)		 -
-
82,640
1,203,271
1,399,623
(1,196,687)		 -
83,000
1,489,207

The Board of Trustees have designated funds for the following purposes:

The restricted funds are for the following purposes:

30

HARINGEY CITIZENS ADVICE BUREAUX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible Fixed Assets
Current Assets
Creditors due within one year
Creditors due in more than one year
Pension Asset / (liability)
Total		 Unrestricted
Funds
2021
£
Restricted
Funds
2021
£
Total
Funds
2021
£
Total
Funds
2020
£
3,326
-
3,326
8,713
1,017,200
82,640
1,099,840
997,510
(183,075)
-
(183,075)
(221,853)
(884)
-
(884)
(3,099)
570,000
-
570,000
422,000
1,406,567
82,640
1,489,207
1,203,271

18. PENSIONS AND OTHER POST RETIREMENT BENEFITS

The charity operates a Defined benefit pension scheme through the London Borough of Haringey Local Government Pension Scheme (LGPS). The Borough instructed independent actuaries to carry out a valuation of the pension fund at 31 March 2021. The Actuary has identified the charity's share of the schemes assets and liabilities which have been included within the Financial Statements.

These calculations have been prepared in accordance with the Pensions Technical Actuarial Standard adopted by the Financial Reporting Standard. The assumptions used in order to calculate the assets and liabilities of the scheme are listed below.

Principal actuarial assumptions used were as follows:

2021 2020
Discount rate at 31 March 1.95% 2.30%
Future Salary Increases 3.85% 3.00%
Future Pension Increases 2.85% 2.00%
The mortality assumptions for longevity (in years) on retirement at age 65 are:
Current Future
pensioners pensioners
Males 21.7 years 23.1 years
Females 24.2 years 26.0 years

31

HARINGEY CITIZENS ADVICE BUREAUX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

18. PENSIONS AND OTHER POST RETIREMENT BENEFITS (CONTINUED)

The amount that each major class of pension plan asset constitutes of the fair value of the total plan assets was as follows:

31 March 2021 31 March 2020

Equities 68% 56%
Bonds 21% 29%
Property 10% 14%
Cash 1% 1%

The actual return on scheme assets from 1 April 2019 to 31 March 2020 were (3.9%). The total returns from 1 April 2020 to 31 March 2021 were 22.2%.

The total cost recognised in the period was as follows:

Interest on obligation (Note 11)
Expected return on scheme assets (Note 11)
Current service cost (Note 10)
Total cost recognised within (Notes 10 and 11)		 2021
2020
£
£
(57,000)
(67,000)
67,000
75,000
(41,000)
(48,000)
(31,000)
(40,000)

Movements in the present value of the defined benefit obligation were as follows:

Opening defined benefit obligation
Interest cost
Contributions by scheme participants
Current service cost
Actuarial (gains)_I_losses
Benefits paid
Closing defined benefit obligation
Changes in the fair value of scheme assets were as follows:
Opening fair value of scheme assets
Expected return on assets
Actuarial (losses)_I_gains
Contributions by employer
Contributions by scheme participants
Benefits paid
Total		 2021
2020
£
£
2,484,000
2,820,000
57,000
67,000
7,000
7,000
41,000
48,000
495,000
(363,000)
(102,000)
(95,000)
2,982,000
2,484,000
2021
2020
£
£
2,906,000
3,104,000
67,000
75,000
578,000
(275,000)
96,000
90,000
7,000
7,000
(102,000)
(95,000)
3,552,000
2,906,000

32

HARINGEY CITIZENS ADVICE BUREAUX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

18. PENSIONS AND OTHER POST RETIREMENT BENEFITS (CONTINUED)

Amounts for the current and previous four periods are as follows:

Defined benefit obligation
Scheme assets
Net asset/(liability)
Experience adjustments on scheme
liabilities
Experience adjustments on scheme
assets		 2021
£
2020
£
2019
£
2018
£
2017
£
(2,982,000)
(2,484,000)
(2,820,000)
(2,665,000)
(2,667,000)
3,552,000
2,906,000
3,104,000
2,952,000
2,845,000
570,000
422,000
284,000
287,000
178,000
-
-
-
-
578,000
(275,000)
74,000
64,000
428,000

19. OPERATING LEASES

At 31 March 2021 the total of the Charity's future minimum lease payments under non-cancellable operating leases for land and buildings are as follows:

Amounts payable:
Within 1 year
Between 1 and 5 years
Total		 2021
£
2020
£
18,000
18,000
-
-
18,000
18,000

20. RELATED PARTY TRANSACTIONS

There were none identified.

33

HARINGEY CITIZENS ADVICE BUREAUX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

21. FINANCIAL INSTRUMENTS

At the balance sheet date the Charity held the following:

Financial assets
Financial assets measured at cost:
Cash at bank and in hand
Financial assets measured at amortised cost:
Other debtors
Trade debtors
Financial liabilities
Financial liabilities measured at amortised cost:
Trade creditors
Other creditors
Other taxation and social security
Obligations under finance leases
22. OBLIGATIONS UNDER FINANCE LEASES
In less than one year
In one year or more but less than two years
In two years or more and less than five years
In five years or more
Total		 2021
£
2020
£
1,085,875
792,631
-
2,635
5,582
194,150
1,091,457
989,416
-
-
9,652
21,547
53,506
51,150
3,370
5,585
66,528
78,282
2021
£
2020
£
2,486
2,486
884
2,486
-
613
-
-
3,370
5,585

The obligations under finance leases are repayable by equal instalments. Finance leases relate to a photocopier and franking machine. The lease agreements do not include any contingent rent or restrictions.

23. TAXATION

By virtue of s. 478 Corporation Tax Act 2010, the Charity is exempt from Corporation Tax.

24. CAPITAL COMMITMENTS

The Charity had no capital commitments as at 31 March 2021 (2020: Nil).

34

HARINGEY CITIZENS ADVICE BUREAUX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

25. ANALYSIS OF CHANGES IN NET DEBT

Analysis of changes in net debt:

At 1 April Cash Non-Cash At 31 March
2020 Flows Movements 2021
£ £ £
£
Cash and Cash Equivalents 792,631 293,244 - 1,085,875
Loans Due in One Year - - - -
Loans Due After One Year - - - -
______ ______ ______ ______
792,631 293,244 - 1,085,875
______ ______ ______ ______

35