REGISTERED COMPANY NUMBER: 03696999 (England and Wales) REGISTERED CHARrrY NUMBER: 1075780 REPORT OF THE TRUSTEES AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR CITIZENS ADVICE WALTHAM FOREsr LIMITED Hartley Fowler LLP statutory Audltors Chartered Accountants 4th Floor Tuitlon House 27-37 st George's Road Wlmbledon London SW19 4EU crrizENS ADVICE WALTHAM FOREST LIMITED coKrENTS OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Pag• Report of the Trusts•s I to 9 Report of the Independent Audltorg 10 to 12 ststement of Flnanclal Actlvltles 13 Balance Sheet 14 Cash Flow Statement 15 Notes to the Cash Flow Statement 16 Notes to the Flnanclal Statements 17 to 33 crrIzENS ADVICE WALTHAM FOREST UMrrED (REGISTERED NUMBER: 03696999) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The TNstee5, who are also the Directors for the purposes of Company Law, are pleased to present their annual report and the audited financlal statements for the year ended 31 March 2024. The financial Statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Associatlon and Accounting and RepOrtIr￿ by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Report Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). Structure Governance and Management Governing document Citizens Advi￿ Waltham Forest Ltd (CAWF)1s a registered charity (registration number 1075780) and a company limited by guarant￿. The maximum liability of each member is limited to £1. The company Is governed by Its Memorandum and Arttcles of Assoclation as amended on 19th September 2013 and 26 September 2022. Citlzens Advlce Waltham Forest Ltd was incorporated as a company limited by guarantee on 18 January 1999 (registration number 03696999) and commenced operations that day. On 10th December 2016 the local Citizens Advice adopted a new name In line with the nats.onal bodies rebrandlng and Is now known as atlzens Adv7￿ Waltham ForesL Recrultment and appolntment of Trusta•s Trustees who are also Dlrectors of the company are elected from the local community and must either Ilve or work in the London Borough of Waltham Forest unle55 Ctropted by the Board. A selection Commlttee, made up of Trustees, the Company Secretary and led by the Chalr of the Trustee Board Is estsbllshed to oversee the electlon5 process for Board appointments. A separate process agreed by the Trustee Board Es followed for the elertlon of the Chalr. Other bodles external to the charity are entitled to nominate but not appoint persons to the Trustee Board, except for Waltham Forest Counal who can appoint observers to the Board without voting rlghts. Trustees are elected at the annual general meeting (there can be no more than fourteen elected Trust*s in totsl) and they hold office from the end of that meeting, or Co￿pted by the Board, provided that on appointment the total number of co-opted Trustees does not exceed one third of the total number of Trustees. Each appointment of a co-opled Trustee is made at a meeting of the Trustee Board and tskes effect immediatelyi unless the appointment Is to fill a place whlch has not yet been vacated, in whlch case the appolntment runs from the date when the post becomes vacant. The Trustees had indemnlty insurance In place durlng the year. The Trustee Board and stsff would Ilke to extend their thanks to Trustees who have reslgned from the board for their tlme and voluntary service to CAWF. Trustee Inductlon and Tralning Newly appointed Trustees are provided with a comprehensive induttion to Citizens Advi￿ Waltham Forest tralning courses and mentoring by established Trustees. All new and prospective Trust￿ are also provided with an induttion pack which includes the Memorandum and Articles of Association, the previous yearfs annual accounts and the business plan for the service together with links to the relevant governance sections of the Skollbook portal for Citizens Advi￿. Organisatlonal Structure Citizens Advice Waltham Forest is governed by its Trustee Board who are responsible for setting the strategic direction of the organlsation and its rolicies. The Trustees carry the ultimate responsiblllty for the conduct of Citizens Advice Waltham Forest and for ensuring that it satisfies its legal and contractual obligations. Trustees meet as a minimum quarterfy and delegate the day-to-day operation of the organisation to the CEO who manages through a Senior Management Team. The Trustee Board is Independent from the management of the organisation. Details of members, Interests are maintsined at the registered offi￿, and are available to the public. Relatsd Parties (Jtizens Advice Waltham Forest is a member of Citizens Advice, referred to as CA. CA provides a framework for standards of advice and casework management as well as monitoring progress against these siandards. Operating policies are independently determined by the Trustee Board of Citizens Advice Waltham Forest in order to fulfil its charitable objectives and comply with CAS membership requirements. crrIzENS ADVICE WALTHAM FOREST LIMrrED (REGISTERED NUMBER: 03696999) REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2024 Citizens Advice Waltham Forest also co-operates and liaises with a number of other advisory services, local charities and soaal servi departments on behalf of clients. Where one of the Trustees holds the position of Trustee of another charity or Dirertor of a companyi they may be involved In dlscussions regarding that other charity or company, but not in the ultimate decision-maknng process. Prlncipal rlsks and un￿rtaintleS Citizens Advice Waltham Forest has a risk management strategy and r15k reglster agreed by the Trustee Board. The Tnjstees recognise that any major risks to which the charity is exposed need to be reviewed and systems put in place to mitigate those risks. To that end the charity Is continually monitoring and managing its rlsk, revlewing the corporate risk register and ensuring action plans are in place to mitigate its key risks. Induded in external risks b that of the loss of funding. The effects of this have been minlmised by the procedures in pla￿, which have resulted in funding being secured from a variety of sources and by restructuring the Serv1￿ in 2015. The charlty continues to seek to diverslfy Its fundlng SoUr￿s. However, Its strateglc appro*1 is to consolidate and bulld on core servlces such as Beneffts and Debt and to this end addltlonal funds have been secured from the GLA and Energy Redress. Internal risks are mlnimlsed by the implementation of procedures for the authorlsation of all transaLtions and projects and to ensure consistent quality of delivery for each operational work st￿arn. These procedures are perlodically reviewed to ensure that they stlll meet the need5 of the charlty. Object￿￿ and Actlvltles Objertives Citizens Advice Waltham Forest's objectives are to promote any charitable purpose for the benefit of the communlty in Waltham Forest, by the advancement of educatlon, the protectlon and preseNation of health and the relief of poverty, sickness and distress. We have considered the Charity Commissk)n's gUIdan￿ on publlc beneflt In settlng our obiectlves. The charlty also has its own mlsslon statement: To be recognlsed and respected as the maln generallst advlce agency in Waltham Forest, providing In-depth casework To attract addltlonal resour￿$ Into Waltham Forest to provide addltlonal seNlces for the beneflt of its cltlzens, sharing our good practice and providin9 SUPPOrt to other not-for-profit organisations To be recognised and respetted as a leading advice agency In Greater London In those areas where y￿ have developed specialist services (pensions, wdfare beneflts and debt) and targeted outreach servlces To be recognised and respected by our partner organisaUons for the quality of the social policy Informatlon produced from the servlce we provide Key management personnel remuneratlon The Trustees consider the Tnjstee Board and the Chlef Executlve as key management. All Trustees give their tlme freely and no Twstee recelves remuneratlon or ￿lmI)UrSeMent of expenses in the year. Remuneratlon Is reviewed annually In the same way as remuneration for all other employees by members of the Personnel Committee. Non-salary terms and conditions for all employees are standard. Salary levels are reviewed with regard to market rates, Infiation, affordability and benthMa￿ed agalnst pay levels In other slmllar organisations. Aims, Objectives Strategles and Activltles for the year Citizens Advice Waltham Forest {CAWF) aims to provide free, confidential, impartial and independent advice and information for the benefit of the local community, to exercise a responsible Influen￿ on the development of soclal poliaes and seNices and to ensure individuals do not suffer through a lack of knowledge or an Inabilty to express their needs effectively. Waltham Forest- Information Advi￿ and Advocacy servi￿ (now known a5 Inforniation, Advlce and Guidantt Service) CITIZENS ADVICE WALTHAM FOREsr LIMrrED (REGISTERED NUMBER: 03696999) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The local authorty continued to support the service throughout 202312024 and have extended funding on the current contract. During 202312024 stsff continued their work with vulnerable families mainly over the telephone and we have maintalned our close partnership with the Children and Family Centres Including working c105ely with the Early Help Team. Advlceline Adviceline is covered by a team of paid staff, apprentices and volunteers and is open from 9am - 5pm Monday to Friday. A dedlcated servi￿ Manager Operations and Team Leaders are available whilst Adviceline is open to train, sUPPOrt and supervise both volunteers and staff. We use Internal work queues and appointments to refer clients to the most suitable internal service or person to help them. Pension Wise Funding to run a Penslon Wise project for residents wantlng to find out about their pension options has been extended until 31 March 2024 and contlnues to be a high performlng regional servlce. The followlng runnlng speclalist projects were all renewed and continued throughout 2023124: Mental Health Supported by the Integrated Care Board (ICB) the project works with resldents with mentsl 111 health and who requlre spedalist support wlth beneflts, housing and debt. Social Houslng Supported by Waltham Forest Council and London and Quadrant Housing Trust (L&Q), we help tenants of Waltham Forest Houslng and L&Q with debt and benefits advice to make sure they are able to manage their flnances in order to pay their rent, receive the support they need and prevent homelessness. Debt Project Thls project Is ftjnded by the Money and Pensions SeNlce sutKontracted vla Toynbee Hall - Debt Free Advice provlded specialist debt advi￿ and casework. Household Support Fund Thls project is funded by Waltham Forest Councll, The project disseminates cost of living grants for residents of Waltham Forest who are facing financial hardship. Dirert Payfflents This project Is funded by Waltham Forest Council. It supwrts residents who are entltled to community care servlces to re￿1ve payments Instead of services to arrange and to employ thelr own care servlces Social prescTibing and Benefits project The Soclal Prescribing and Benefits project provides adv1￿ and support to cllents who have been referred by thelr GP for a non- medical need and require help and advice with benefit and debt problems. The project also takes referrals from Adult Social Care and the local MPS. The project supports vulnerable clients all of whom have mentsl and physical health problems. The project provides in- depth casework and 5UPPOrt covering all benefit issues frorn income maximi5ation to representation at First Tier and Upper Tribunal. The project helps with applications for all benefits (excluding Universal Credit) and applications to Charities and the Local Welfare Asslstance Fund. If the cLients requlre debt advice, an Income maxlmlsatlon theck is undertsken prior to a referral belng made to the specialist debt team. CITIZENS ADVICE WALTHAM FOREST LIMrrED (REGISTERED NUMBER: 03696999) REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2024 The Early Help Money Matters Project This provides advi￿ and support to vulnerable families referred by Waltham Forest Council's Early Help Service. In addition to bdng in financial need, clients of the project are stnjggling with additional issues such as ill health or disability, children with special needs and domestic vIolen￿. We provide advlce and an intensive casework service in relatlon to all benefits issues IKludlng checks on entItleM￿t, help with making claims and assistsnce in challenging declsions (including the appeals process). We also help clients to apply for other f]nancial assistance such as charitable grants and the Loc31 Welfare Fund. If a dient needs debt advice they are referred to our specialist debt advisers. In 2023124 the Early Help Money Matters project obtsined over £1,437,121 (2022123: £1,161,721) actual financial outcomes for our dients. Publlc Benefit The Trustees have paid due regard to the Charity Commisslon's gUIdan￿ on public beneflt in deciding the actlvities undertaken by the charfty during the year. The Trustees are satlsfied that the Informatksn provlded In the report and accounts meets the publlc beneflt reportlng requlrements. The principal activity of Citizens Advlce Watham Forest remalns the provislon of free, confldential, independent, impartial advi￿, guidano, advoca￿ and Infomiatlon and counsel for members of the publlc as detailed below. The athlce servlce conslsts of: Generallst and speclallst advlce to all sectlons of the community Serylce provlslon for mental health users in debt, welfare beneflts and houslng Serv1￿ provlslon for users with long term health Issues in debt and welfare beneflts Speclalist debt and money advl Speclalrst debt advi￿ for tenants living in soclal houslng Pension guidance for people over 55 years Social Prescribing for patients and vulnerable people Specialist benefits casewor* support Iv) vl) vll) Adv5￿ and casework seNices were provlded through tslephone advlce Ilnes, webchat and via vldeo, We have relntroduced face to appointments at our offices and outreach venues. Contrlbutlon of Voluntsers The charity r￿1Ve5 help and supwrt in the form of voluntary asslstance In advislng the publlc and admlnlsterlng the charfty. CAWF was suppjrted wlth an average of 6 volunteers durlng the course of the year who gave the local Citizen5 Advlce an average of 250 days acr055 the year and 1500 hours betw￿￿ them. Our volunteers were instrumentsl in helping us to maintsln our servlces. Thanks are extended to these volunteers for their tremendous support. Achievements and Perfornwnce In the year Charitable Activities and Achlevements The Debt Free Advlce achieved a quallty score of 86% and a Trustpllot ratlng of 4.8. Exceeded the pass rate target of quality assessed appointments for Pension Wise. The national KPI QA pass tsrget is 85% of all assessed appointments. Our overall pass rate for 202312024 was 92%.. Achieved above average l(Pl of qualifying transaction5 target of 96.8 % and malntained and exceeded the Pension Wise utilisatlon rBte KPI which stood, in the year 202312024, at 106%. Waltham Forest Housing achieved financial outcomes of £758,094 for the year for local resldents securlng thelr hom&s and preventing homelessness.. Malntsined opening times for the Adviceline from 9am to 5pm. The staffs adaptability and continued resIllen￿ in light (>f the drastic changes to thelr operating approach over the last 18 months and the ongoing uncertainty caused by the pandemic has been phenomenal. ctfIzENS ADVICE WALTHAM FOREsr LIMITED (REGIsfERED NUMBER: 03696999) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 During 2023124, 13,982 (2022123 15,596) clients contscted Citizens Adv1￿ Waltham ForesL They asked for help w￿h 2023124, 29,591(2022123, 34,428) different advice issues. In 2023124, we assisted clients to receive financial galns totslling £3,035,606 (2022123 £1,005,093). atizens Advice Waltham Forest service dellvery model contlnues to be a telephone model whereby advisers seek to support and help clients over the phone. Call back appointments are made via a work queue for more speciallst support if required and face to fa appolntments made where necessary, Face to face appointments are made wlth a Money Matters Coach or referred to our specialist debt or benefits projects if the client is vulnerable, or where the presentlng issuels are complex and where it is clear that the cllent would not be able to resofve them without further or intensive support. Summary of Issues dealt wlth in 2023124: Flnancial services & capablllty 9,972 Benefits Unlversal Credit 2,428 Benefits & tax credits 6,438 Debt 3,089 Housing 3,157 Health & communlty care 153 Employment 821 Relationships and family 485 Other 75 Immlgratlon and asylum 477 915 Education 95 Consumer goods & servlces 193 Tax 289 utilittes & communications 237 Travel and transport 197 GVA and Hate Crime 45 Grand Total 29,951 crrIzENS ADVICE WALTHAM FOREST LIMrrED (REGIsfERED NUMBER: 03696999) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The most common issues dealt with were Penslon5, Benefits and Debt, followed by Housing, Health and Communty Care and EfnploymenL Factors Affectlng the Achlevement of Obiectlves The charity is only too well aware of the financial pressures experienced by its major fijnders, and in view of thi5 has taken actlve measures to seek additional sources of funding for Its services and to develop advi￿ partnerships in Waltham Forest. Core fundlng from the local authority has been static in inflationary times. Our local authority funding has been extended and is called Information, Advlce and Guidan￿ {tAG). The charlty contlnues to play an effectlve role as a communlty based, quality assured and advice, information, and gUIdan￿ wlth specialist projects in Debt, Social Housing, Pension Wise, Early Helpi Mental health and Social Prescrlbing. Flnancial revlew Incomlng resour￿ In the year were £1,658,827 (2022123 £1,670,239. Of this £1,173,584 (2022123 £1,139,259) related to project restritted artlvltles. A surplus of £42,708 (2022123 £32,270 deflclt) was made In the year, At 31 March 2024 total funds were £457,OH (2022123 £414,336). Thls represented £335,191 {2022123 £321,060) unrestrirted fund balances and £121,853 (2022123 £93,276) restricted funds. Reserves Pollcy In defining its re*Nes pollcyi the Trustees have considered the level of free ￿serveS it is appropriate for the charity to hold in order to ensure its flnancial sustsinability, future strategic development and continulng to operate and meet the needs of Its clients In the event that unforeseen arKI potentially flnancially damaging clrcumstances arise. Taklng into account the reliablllty and contlnuance of future fundingrt tlming of cash flows and worklng capital requlrements and cover for unplanned repairs and premlses costs, the Trustees consider that the optimum amount to set aside is £393,352, an amount equivalent to three months of the forthcoming year's planned expendlture. At the 31 March 2024, total unrestrlcted reserves were £457,044 which after deducting the net b￿k value of fixed assets, £6,645, results in free reserves of £450,399. The Trust￿ alm to take appropriate measures this year ar￿ next to achieve the tsrgeted reserves. Prlnclpal Fundlng Sources The Trustees extend thelr gratitude to the London Borough of Waltham Forest who contlnued to support the core operating capacity of the charlty and so that we can 5UPP)rt families who need Intensive support due to complex difficultles (Early Help). Additionally, project-specific funding was rettived from Waltham Forest Houslng and London and Quadrant Housing Trust In support of the debt and benefit advisory work for thelr tenants, debt advice funding from Debt Free London (Toynbee Hall), the London Borough of Waltham Forest and the ainical Commlssloning Group in support of benefits and debt advisory work for clients with mentsl ill health and the Sodal Prescribing proje¢ and Citizens Advice for funding Pension Wlse and Help to Clalm Universal Credlt projects, and the Department of Health for supportlng the Waltham Forest Sodal Prescrlblng partnershlp. We also extend our thanks and gratitude to the GLA for supporting our Advi￿ In the Communlty Project and fundlng from Energy Redress to support cllenvs fadng fuel poverty. For the period 2023124 Citizens Advice Waltham Forest intsnds to further lyjild on their work In the following way: The ￿0 wlll contlnue to take forward CAWVS strateglc aims: Focus on consolldating its core servI￿S and infrastructure, in line wlth local and CA stsztegic objectives, with the aim of continuing to increase quality and reach and ensuring staff well-iEing Continue to seek funding that builds on exlstlng seryitrs and expand reach, but wlll not seek to offer new servi￿5 in 2023124 Estsblish advocacy as an ongoing & systematic process by frKuslng on one campaign at a time and worklng a￿osS the staff team and Board to leverage local relatlonships and influence. InvestKJating scope to do more in relation to trK)use advi￿, due to an increase in demand. crrizENS ADVICE WALTHAM FOREsr LIMrrED (REGISTERED NUMBER: 03696999) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Investment Policy As required in its Memorandum paragraph 3. 19 in furtherance of its objects, and for no other purposes, the charlty has the power to invest the monies of the charity not immediately required for its purposes in or upon such Investments, securities or property as may be thought flt, subject nevertheless to such condltions and such consents as may for the time being be Imposed or requlred by law. The charlty does not currently hold material investments. Going Concern After making appropriate enquirles, the Trustees are confident that the Trust has sufficlent resources to continue to operate for the foreseeable fijture. The Financial Statements have therefore been prepared on a golng concern basis. The Statement of Accounting Policie5 gives further Information. Engagement with employees The Company's pollcy is to consult and discuss w6th employees at meetings, as well as through an established Joint Negotiation and Consultstion committee (with representauves elected from the stsff matters likely to affect employees, Interests). Information of matters of concern to employees is given through information emails and reports which seek to achleve a common awareness on part of all employees of the financial and economlc factors affecting the organlsation's performance. Employee views are further sought vla an annual People Survey undertaken by natlonal Citizens Advlce. Engagement wlth suppllers, customers and others The Trustees recognise the Importance of fosterlng good buslness relationshlps wlth all stakeholders and our cho5ce of suppliers Is no dlfferent in that regard. Wherever p055ible, local suppliers for services and products are sought In accordance wlth our value5 & constitutlon to support the local economy. In addition, dlrectors alm to engage with companles whose values and commitment to effectlve customer relationship management allgn to ours. We survey our cllent for feedback on a quarterly basis for their views and use this feedback to Improve serv1￿5 where we need to. Members of tha Board Members of the Board who are dlrectors for the purpose of company law and trustees for the purpose of charty law, who served durfng the year and up to the date of thls report are set out on page l. crrIzENS ADVICE WALTHAM FOREST LIMITED (REGISTERED NUMBER: 03696999) REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Registered Company number 03696999 (England and Wales) Registered Charity number 1075780 Registered office 220 Hoe Street London E17 3AY Prlnclpal addre 220 Hoe Street London E17 3AY Trustees Rachael Agnew - Chair Susan Murray-johnson - TreaSu￿r Rachel Gascoigne (resigned 27.04.2024) Neil Gerrard (reslgned 11.01.2024) James Holdcroft Jude Lobendhan (reslgned 19.05.2023) Andrea Naylor Nathan Burns (appolnted 11.01.2024) Dr Vivienne Jackson (appolnted 11.01.2024) Thomas Leach (appolnted 11.01.2024) Polly OTrlara (appointed 11.01.2024) Co-opted Trustees: Wayne R Cunnlngham Chief Executlve and Company Secretsry Melissa Tettey- CEO (resigned) Carollne Grant - CEO (appolnted) Kalren Zonena - Secretary Senlor Management The CEO Is supported by Joanna Bellls (Head of Serv1￿$) and Fetsum Fthl (Servlce Operatlons Manager). Auditors Hartley Fowler LLP statutory Auditor5 Chartered Accountsnts 4th Floor Tultlon House 27-37 st George's Road Wlmbledon London SW19 4EU crrIzENS ADVICE WALTHAM FOREsr LIMrrED (REGISTERED NUMBER.. 03696999) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Legal Advisors Weightmans LLP IIJO Old Hall Street Liverpool L3 9QJ Bankers Barclays PLC 278 Hoe Street London E17 9QE STATEMENT OF TRUSTEES. RESPONSIBILrrIES The Trustees (who are also the directors of Cltlzens Advice Waltham Forest Limlted for the purposes of company law) are responsible for preparing the Annual Report and the flnancial statements In accordance with applicable law and United Kingdom Accounting Standards (UnSted Kingdom Generally Accepted Accounting Prattice). Company law requlres the Trustees to prepare financlal ststements for each financlal year whlch glve a true and falr vlew of the State of affalrs of the charitable company and of the Incoming resoUr￿S and applicatlon of resources, Including the income and expendlture, of the charltsble company for that perlod. In preparlng those flnancial statements, the Trustees are requlred to select suitsble accounting pollcies and then apply them conslstently; observe the method5 and prlnciples In the Charlty SORP., make judgements and estimates that are reasonable and prudent; prepare the financlal statements on the going concem basls unless It Is inapproprlats to presume that the charitsble company wlll contlnue in business. The Trustees are responsible for keeplng proper accountlng records whlch dlsdose wlth reasonable accuracy at any tlme the financlal posltion of the charltable company and to enable them to ensure that the financlal statements comply wlth the Companles Act 2006. They are also responslble for safeguardlng the assets of the charltsble company and hence for taklng reasonable steps for the p￿ventIOn and detection of fraud and other Irregularities. In so far as the Trustees are aware,. there is no relevant audlt informatlon of whlch the charltsble company's auditors are unaware. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audlt Inft)rmation and to establish that the auditors are aware of that Information. AUDrroRS The audltors, Hartley Fowler LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. This report has been prepared in accordance with the special pMvisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on 5 December 2024 and slgned on Its behalf by.. Rachae w- Chair of Board of Trustees REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF crrIzENS ADVICE WALTHAM FOREsr LIMrrED Opinion We have audited the financial statements of Citizens Advice Waltham Forest Limited (the 'charltable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Shee¢ the Cash Flow Statement and notes to the financial staternents, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi￿). In our oplnion the flnandal statements., give a true and fair view of the state of the charitable companvs affairs as at 31 March 2024 and of its Incomlng resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance wlth United Kingdom Generally AC￿pted Accountlng Prattice; and have been prepared in accordance with the requirements of the Companies Act 2006. Ba$ls for opinion We conducted our audit in accordance with International StsrKlards on Auditlng (UK) (ISAS (UK)) and applicable law. Our responslbilities under those standards are further described in the Auditors, responsibllities for the audit of the financial statements section of our report. We are independent of the charltable company in accordance wlth the ethlcal requlrements that are relevant to our audit of the flnancial statements In the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requlrements. We believe that the audit evidence we have obtslned is sufficient and appropriate to provide a basls for our opinion. COncl￿10n9 relatlng to going concern In audltlng the financlal statements, we have conduded that the trustees, use of the golng concern basls of accountSng In the preparation of the financlal ststements Is appropriate. Based on the work we have performed, we have not identlfled any materlal uncertalntyes relatlng to events or condltlons that, Indlvidually or collectively, may cast slgnificant doubt on the charltable companvs ability to contlnue as a golng concern for a pEriod of at least twelve months from when the financlal statements are authorised for Issue. Our responsibilitles and the responsibilitles of the trustees wlth respect to going con￿rn are described in the relevant sections of this reporL other Informatlon The trustees are responsible for the other Informatlon. The other information comprises the informatlon Included in the Annual Report, other than the financlal statements and our Report of the Independent Audltors thereon. Our oplnlon on the flnancial statements does not cover the other informatlon and, except to the extent otherwlse expllcltly stated In our report, we do not express any form of assurantt conduslon thereon. In connection with our audlt of the flnancial statements, our responsSbllity is to read the other information and, In dolng so, consider whether the other Information Is materially inconslstent with the finandal ststements or our knowledge obtalned in the audlt or otherwise appears to be materially rnl￿tated. If we identlfy such material inconsistencles or apparent material mlsstatements, we are required to determine whether this glves rise to a materlal misstatement in the financlal statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of thls other Informatlon, we are requlred to ￿pOrt that fact We have nothlng to report in this regard. Oplnlons on other matter$ prescrlbed by the Companies Act 2006 In our oplnlon, based on the work undertaken in the course of the audit: the Information given in the Report of the Trustees for the financlal year for which the financial statements are prepared Is consistent with the financlal statements; and the Report of the Trustees has been prepared in accordan￿ wlth applicable legal requirements. io REPORT OFTHE INDEPENDENT AUDITORS TO THE MEMBERS OF CITIZENS ADVICE WALTHAM FOREST LIMrrED Matters on which we are requlred to report by exceptlon In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material mi55tatsments In the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requlres us to rewrt to you rf, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us. or the finandal statements are not in agreerrent with the accountlng records and retums; or certaln disdosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. or the trustees were not entitled to take advantage of the small companies exemption from the requi￿rnent to P￿pare a Strategic Report or in preparing the Report of the Trustees. Responsibilltles of trustees As explained more fully In the Ststement of Trustees, Responslbllltles, the trustees (who are also the directors of the charitsble company ft)r the purposes of company law) are responslble for the preparatlon of the flnancial statements and for belng satlsfled that they glve a true and falr view, and for such internal control as the trustees determlne 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparlng the flnancial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as appllcable, matters related to golng concern and using the going concern ba515 Qf accounting unless the trustees either Intend to liquldate the charltable company or to cease operatlons, or have no realistlc alternatlve but to do so. Our responslbllltles for the audlt of the flnanclal statements Our objectlves are to obtsln reasonable assurance al)out whether the financlal statements as a whole are free from materlal mlsststement, whether due to fraud or error, and to Issue a Report of the Independent Auditors that includes our oplnlon. Reasonable assurance is a hlgh level of assurance, but Is not a guarantee that an audlt conducted In accordance with ISAS (UK) will always detect a material mlsststement when It exists. Mlsstatements can arise from fraud or error and are considered material if, Indlvidually or In the agg￿gate, they could reasonably be expected to influentr the economic declslons of users taken on the basis of these financlal statements, The extent to which our protrdures are capable of detecting Irregularitles, includlng fraud is detsiled below: We identlfy and assess rlsk5 of materlal misstatement of the financial statements, whether due to fraud or error, and then deslgn and perform audlt procedures responsive to those risks, Including obtalnlng audlt evldence that is sufflcient and approprlate to provide a basls for our oplnlon. In Identlfying and assessing rlsks of materlal misststement In respect of Irregularltles, includlng fraud and non 475,384 (140,193) 447,153 {126,093) Pension reserv8 14 335,191 121,85 414,3 The financlal statements have been prepared In accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006. The fi'nancial ststemants were approved and authorised for issue by the Trustees on 5 December 2024 and sign8d on their behalf by: R Agne ustee Citizens Advlce Waltham Forest Llmited Cash Flow Statement For the year ended 31 March 2024 2024 2023 Cash flows from operatlng actlvltles Net cash provided by operating activities {19.4001 187,010 Cash flows from Investlng activltleg Payments for tangible fixed assets Investrment received 6,499 652 Change in cash and cash equlvalents In the yoar 112.9011 187,662 Cash and cash equlvalents at beglnnlng ol the year Total cash and cash equlvalents at end of thè yaar 865,820 652,919 478,158 665,820 15 Citizens Advlce Waltham Forest Llmited Notes to the Cash Flow Statement For the year ended 31 March 2024 Reconcillatlon of net movement In funds to net cash tlow from operatlng activities 2024 42.708 2023 132.270) ststernent of financial Activlties: Net movement in funds Adjustments for: Depreciation charges Interest from investments Loss on disposal of fixed assets Ilncreasel/decrea5e In debtors Incre35e/ldecreasel in creditor5 Net cash provided by Iu5ed inl operatin8 activities 4,838 16,499) 5,577 16521 15,933 (76,3801 (19,400) 271,499 157,144) 187,010 Analysls of changes in net funds At 0114124 Cash flow At 3113124 Net cash Cash at bank 685,820 685,820 665,820 {12.901) {12,901) 112,901) 652,919 652,919 652.919 Total 16 Citizens Advice Waltham Forest Llmlted Noteg to the financial statements Forthe year ended 31 March 2024 GENERAL INFORMATION The charity is a private company incorporated and domiciled in England and Wales. The address of its registered Offi￿ is 220 Hoe Street, London, E17 3AY. The registered number of the company is 03696999. The registered number of the charity is 1075780. The charitable company is limited by guaruntee. The financial information presented is for the year ended 31 March 2024 and 31 March 2023. the financial information is presented in steding. The charity aims to provide free, confidential, impartial and independent advi￿ and infomation for the benefit ol the local community, to exercise a responsible influence on the development of social policies and services and to ensure individuals do not suffer through a lack of kno￿edge or an inabllily to express their needs effecllvely. ACCOUNTING POLICIES B•sis of preparatlon of Ilnancial statements The financial slalements of the charitable Gompany, which is a public benefit enlily under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of ReGommended Practice applic8ble lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191,, Financial Reporting Standard 102 The Finanic81 Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Ad 2006. The finanGial statements have been prepared undef the historical cogt convention. Pre￿ratIon of the flnanclal 8talements on a golng concern balis The financial Ststements have been prepared on the assumption that the charity is able to continue as a going concem, which the trustees consider appropriate having regard to the current level of unreslriGled reserves and the expected level of income and expenditure 12 months from authorising these financsal slalernents. There are no rnaterial uncertainties about the Charity's ability lo continue as a going concem. Crltlcal accountlng ludgements and key sources of e8tlmatlon uncertalnty Preparation of the financial statements requires the trustees and management to make significant judgements and e81imates. The items in the finanrial statements where judgements and estimates have been made indude.. actuaTial assumptions used in the calculation of the definded benfit pension liability. Fund accounting Unrestricted fund5 are available for use at the discretion of the trustee5 in furtherance of the general objertives of the charity. Designated fvnds are unrestricted funds eamiarked by the trustee5 for particular puryjoses. Restricted fvnds are lo be used for specific PUTP05es as laid down by the donor. Expenditure which meets these criteria is charged to the fund. 17 Citizens Advice Waltham Forest Limited Notes to the financial statements Forthe year ended 31 March 2024 Income Income is recognised when the charity has enb'tlement to the funds, it is probable that the income will be received and the amount can be measured reliably. The followng specific policies are applied to particular categories of income.. Donations and grants are split be￿en restricted and unrestricted funds in accordance wth the terms of the grant or donation. Donations and gifts are recognised in the Stslement of Financial Activitie5 when reGeivable. Income from government and other grants is recognised when the charity has enlillement to the funds, any performance conditions attached to the grants have been mel, il is probable that the incorne will be received and the amount can be measured reliably and is not deferred. Income received in advance of the provision of specified service is deferred until the criteria for incorne recognition are mel. Donated services and facilities are induded at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts. However, its value to the charity has been estimated and disdosed in the Report of the Directors and TTU5tees. Interest on funds held on deposit is included when receivable and the amount can be meagured reliably by the charity. Expenditure Expenditure, including ￿ dundancy costs, is recogni3ed once there is a legal or constructive obligation to make payment to a third party, il is probable that settlement wll be required and the amount of the obligation can be measured reliably. Expenditure is recogni8ed on an accrual basis as a liability is incurred. Expenditure includes ny VAT which cannot be fully recovered, and is reported as part of the expenditure to whiGh it relates.. Charitable expenditure Comprises those costs incurred by the charity in the delivery of its activities and sermces for its beneficiaries. It indudes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated wth meeting the constitutional and Statutory requirements of the chanly and include the audit fees and costs linked to the strategic management of the charity. All costs are allocated belween the expenditure categories ol the Statement of Finana81 Acts'vilies on a basis designed to ￿flect the use of the resource. Costs relating to a particular activity are allocated directly,. others are apportioned an appropriate basis, for example hours spent on the activity as sel out in Note 3. Flxed a¥¥ets Fixed a55els are stated at cost less accumulated depre￿atiOn. The costs of rninor additions or those costing below £1.000 are not capitalised. Depreciation is provided at rate5 calculated lo wrile off Ihe cost of each asset over ils expected useful life as follows.. lrnprovement to property- 10Yo Straight line Fixtures and fitting5 - 25 /0 Straight line 18 Cltlzens Advice Waltham Forest Limited Notes to the flnancial statements For the year ended 31 March 2024 Taxation The charity is exempt from COTporation tax on its charitable activities. Operatlng leas88 Rentals applicable to operating leases are charged to the Statement of Financi81 Activities over Ihe period they are incurred. Ponslon costs The charity participates in tsvo defined conlnbution scheme and one defined benefit scheme. The cost of the contributions made by the charity lo the contribution scheme are charged as an expense when incurred. The asgels of the scherne are held separately frorn those of the charity in an independently administered fund. National Association of Citizens Advice Bureaux INACAB) "The Plan" This is a traditional defined benefit scheme th pensions determined by years of service and final salary. The pension Gosls are as8e35ed in accordance with cturial advice and based on the most recent actuarial valuation of the scheme. These c03ts have been accounted for on the basis of charging the cost of providing pensions over the peNod during which the charity benefits from the employees, services. This scheme, which had been closed to new employees in London Bureaux for a nuinber of years. was closed to future accru81 wlh effect from 31 March 2009. Further details are provided in the notes lo the accounts. A replacement definded contribution stakeholder SGheme operated by Aviva has been offered to existing NACAB Scheme members with effect from l April 2009. Flnancial Instruments Classificatlon Finanual assets 8nd financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Finanaal liabilities and equity instruments a￿ dassified according to the substance of the Gontractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charily after deducting of its liabilities. Recognltlon and meosurnment All financial asset9 and liabilities a￿ init1811y measured al transaction price Ilncluding transaction ￿StS), except for those finanaal assets classified as at fair value through profit or10ss. thich are initially rnea5ured at fair value (which is nomially the transaction price excluding transaction cos181, unless the arrangement constitutes a financing transaction. If an arrangement conslilules a financing transaction, the finanaal asset or financial liability is measured at the present value of the future payments discounted at a market rale of interest for a similar debt inslrurnent. Finanaal assets and liabilities are only offset in the statement of financi81 position when, and only when there exists a legally enforceable right lo set off the recognised amounts and the Charity intends either to settle on a net basis. or to realise the asset and settle Ihe liability simultaneously. Financial assets are derewgnised when and only ￿en al the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charrty transfers lo another party substantially all of the risks and rewards of ownership of the financial asset, or G) the Charity. despite having retained Some, but not all. significant risks and rewards of ownership, has ITansferred control of the asset to another party. Finanryal liabilities are deTecognised only vlhen the obligats'on specified in the ttjntract is discharged, cancelled or expires. 19 Citizens Advlce Waltham Forest Limited Notes to the financlal statements Forthe year ended 31 March 2024 3 Income from Charltable Actlvllles Unrestricted Funds Restricted Fundi Total 2024 Fund6 Tolal 2023 Funds Voluntary Income Donations 629 629 Local authorftyand other contracts Grant5 from London Borough of Waltham Forest- Gore service5 Household Support 437,750 437,750 194.000 530,328 95.838 194,000 Gran1• for extended 8ervlct• Waltham Forest Pnmary Care TnJsVNorth Ea8t London Foundation Trust Imental Health Waltharn Forest Housing Wallham Forest Earfy Help Toynbee Hall project London & Quadrant Housing Agsociation Citizens Advice- Pension Wise SEN City Trust Direct Payments Social Prescribing Energy redres8 Imrnigralion fee income Energy Saving TTU5t Advice in Community Other grant5 for advisory services 29,245 106,265 101,150 147,908 29,245 106,265 101.150 147,908 33,137 444,019 28.728 95,447 190,918 36,414 454.691 3.825 33,137 444,019 59,987 97,582 2.496 39.873 22,457 39,873 22,457 73,667 15,000 1,173.584 73,667 21,823 73,333 6,823 ,710 Olher Income Bank interest Miscellaneous income Totsl Other Income 6,499 405 6,499 405 ,904 652 20 Citizens Advlce Waltham Forest Llmited Notes to the flnancial statements For the year ended 31 March 2024 4 Analysis of expenditure Unrestricted Restricted Pension Generalist Specialist Reserve 2024 Total 2023 Total Charltable activities Staff costs Other direct costs Support costs {3ee below) 337,030 4.964 111,534 854,661 49,760 244,170 14,100 1,205,691 54,724 355,704 1,299,983 126,694 275,832 3,52 ,49 14,1 Support Costs Management & adminlstration Office, IT & communications Premises Governance Other 41,444 41,797 16.448 7,479 84 95,010 99.014 39,596 14,624 208 136,454 140,811 56,044 22,103 292 126,019 88.684 48,922 12,045 162 248,4 04 The basis of allocation of support costs is hours worked Unreslricted Restricted Pension Generalist Specialist Reserve 2023 Total 2022 Total Charitable adivities Staff costs Other direct costs Support costs (se8 below) 404,600 6,615 100,008 914,640 (19,257) 120,079 175,824 1,299,983 126,694 275,832 1,525,096 115,224 273,600 511,223 1,210,543 (19,257) 1,702,509 1,913,919 Support Costs Management & adrninislration Office. IT & comfflunications Premises Governance Other 45,470 32,104 17,999 4,379 56 80,549 56.580 30,923 7,666 106 126.019 88,684 48,922 12.045 162 92.982 83,539 81,365 15,605 109 100,008 175,824 275,832 273,600 The basis of allocation of sUPPOrt costs is hours worked. Governance cost are mainly comprised of the annual audit fee. 21 Citizens Advice Waltham Forest Limited Notes to the Ilnancial statements For the yearended 31 March 2024 S Net expenditure for the year 2024 2023 This is ststed after charging: Depreciation Auditors, remuneration Operating tease costs 4,838 14,640 37,815 5.577 10,620 37,815 8 Staff Cosls and Nurnbers staff cost5 include. 2024 2023 Wages and salaries Social security costs Defined contribution pension costs Defined benefit pension costs Pension provision Other staff costs 1,165,197 108,780 33,465 12,000 14,100 1,255,015 128,839 37,518 (19,257) 10,859 The charity contributed to a defined benefit scherne during the ye8r on behalf of 3 employees and to a defined contribution stakeholder pension schemes on behalf of 31 employees. The average number of employees, analysed by function was: 2024 2023 Advisory seNices Management and administratlon 30 29 12 One employee received a salary of be￿een £60,000 and £70,000 7 TNste• Remunerallon & Related Party Transactlons cr(izens Advice Wallham Forest Ltd considers the key management personnel of the organisation lo comprise the Trustees. logelher with the Chief Executive. The aggregate remuneration, including employer nalional insuran¢e contnbulions, of those personnel for services to the Charity in the year amounted to £75.503 {2023.' £71,182). In addition, employels pension Contributions were £2.023 {2023.' £2,007). Of these amourrts £Nil (2023.. £Nil) related to the Trustees. No trustee wa5 remunerated for any sepiices. AJI payments were by way of reimbursement for expenses which totalled £Nil12023'. £Nil). The tru51ees had indemnity insurance in place during the year. During the year 2023124 a close family mefflber of the management team was employed by the organisation. The total gross remuneration received by the close famity member wa5 £28,739 {2023: £26,659) There are no related parties to report in the current or preceding year. 22 Cltlzens Advice Waltharn Forest Limited Notes to the flnancial statements For the year ended 31 March 2024 8 Taxallon Citizens Advice Watham Forest Limited is a registered charity and therefore potentially exempt from taxation of its income and gain5, as Citizens Advice Waltham Forest Limited falls within the definition of a charitable company as defined in Part 1, Schedule 6 of the Finance Aci 2010. no tax charge has arisen during the year. 9 Tangible Flxed Assets Improvements 10 Propety Fixiures, fith'ngs and equipment Totsl Co8t At 1 April 2023 Additions Disposals At 31 March 2024 26,230 40,171 66,401 26,230 40.171 Depreci•tlon At 1 April 2023 Charge for ttte year Disposals At 31 March 2024 23,607 2,623 31,311 2,215 54,918 4.838 28,230 33.526 59,756 Net book value At 31 March 2024 6,645 6.645 At 31 Marth 2023 11.484 10 D•btor8'. amounts falllng du• wlthln one year 2024 2023 Trade Debtors Prepayments AccTued income 12.903 13,547 12.024 30,359 42.383 23 Cttizens Advlce Waltham Forest Llmlted Notes to the flnanclal statements For the year ended 31 March 2024 11 Creditor$- amounts falllng due wlthln one year 2024 2023 Trade creditors Fee income received in advance Prepaid grant funding PAYE Other creditors Accrued expenses Pension contributions- recovery plan Client monies 4,774 4,774 54.667 29,836 36,296 16,477 12,000 25,208 179,258 24,915 15,653 31,210 12,000 224 88,777 Def•rred Income 2024 2023 Defe￿ed Income at 1 April Resourced deferred in the year Amounts released from previous periods Deferred income at 31 March 15,000 49.774 15,000 49.774 15.000 15,000 Deferred income comprises fee income received in advance of services and prepaid grant funding received in advance of services to be provided. 12 Creditors - amounts falllng due after one year 2024 2023 Provision brought forward Employer contributions relating to the pension recovery plan 126,093 145,350 (12,0001 5,564 (12,0￿) <11,3271 current prioryear adj Unwinding of the discount rate 20,536 4070 Provision cl 140,193 126,093 The above provision relate5 to the requirement under the charity SORP that charities must recognise as a liability the present value of future contribution relating to the funding of a pension deficit. The provision is calculated on a recovery plan, to eliminate the funding defiat by 31 st March 2041 24 Cltlzens Advice Waltham Forest Llmlted Notes to the financial statements For the vear ended 31 March 2024 13 Financial instruments 2024 2023 Flnanclal a55ets Financial assets measured at fair value through net income or expenditvre 652,919 665.820 Financlal Ilablllties Financial liabilities measured at amortised cost 88.777 179.258 Financial assets measured at fair value through net income or expenditure comprises cash held al bank and in hand. Financial liabilities measured 8t amortised cost comprise PAYE, other creditors, accrued expens8s and pensions Contribu￿On$. 14 Statement of fund¥ At 31 March 2023 Income Expenditure Transfers At 31 March 2024 Restrlcted Funds Wallham Forest Primary Care Wallham Forest HoLJsing Wallham Forest Early Help London Borough of Waltham SENDIASS Cllnical CG Toynbee Hall Project Icapilalisel Citizens Advice- Pension Wise Soc581 Prescribing Housèhold support Energy redress Advice in C¢)mmunity 29,245 106,265 101.150 128,2681 (106,2511 (104,6341 977 3.854 10) 30,859 3.825 8,991 14,042 2,437 42,254 2,095 3,235 9,283 3,840 3,484 30,8S9 3,825 8.991 147.908 444.019 39,873 194,000 22.457 73.687 1133,8661 1441,5821 {37,3781 1191,9051 119,2221 170,3881 39,757 6,004 Citszen5 Advlce- Cost of Living 15,000 115.0001 Total Restricted Funds 93.27 ,49 121 853 Unrestricted Funds- London Borough of Waltham London & Quadrant Housing Other Unreslricled funds Pension Teserve Total Unrestricted funds 273.253 437,7SO 33.137 14,356 1400,334) 127,5151 (25,6791 114,1001 467,628 13.4841 307.185 5.622 162.577 1140,1931 33 173,900 1126,0931 32 485,243 3,484 Total funds 414,336 TT27 ,658 1.616,119 457.044 25 Citizens Advlce Waltham Forest Limited Notes to the Ilnanclal statements For the year ended 31 March 2024 The reslrithd funds relate to monies granted by the following bodies.. Wallham FoTest Primary Care Tfusl (Mental Health) Toynbee Hall Project (Debt Free London) to provide a service lo residenls walh mental ill health and who require speciali51 support with benefits, housing and debt. to provide a service lo assess client's needs and lead to a re501ution of their over-indebledness. to provide money and debt management advice to tenants living in social housing. lo provide advice and support to vulnerable families referred by Wallham Forest Council's Early Help Service. In addition to being in financi81 need, clients of the project are Struggling with additional issues such as ill health or disability, children with special needs and domestic violence. to support the local office in its work with debt advice for tenants living in social housing. to process Direct Payments and provide support for clients entitled lo Direct Payments to provide debt, benefits and houslng advlce to mental health dienls living in the community. to empower users lo make Informed decisions about how to se their pension. to provide services and develop seNices for families with children with special educats'onal needs and disabilities lo provide social prescribing help and support lo residents to disseminate co81 of living grants for residents of Waltham Forest who are facrng fln8ncial hardship. lo support residents wlh energy related advlce, aiming to tackle fuel povety and other cost of living matters. to support Wallham Forest residents with cost of living issues in community settings or vta refeirals from community partner5. Waltham For8St Housing Waltham Forest Early Help London & Quadrant Housing Associats'on London Borough of Waltham Forest Direct Payments Clinical CG- Debt Advlce Cltlzon Advlce- Pension Wise Speci81 Educational Needs Social Prescribing-LB Wallham Forest Household support Energy redress Advice in Community The unrestricted general funds represent the funds of CIIIz8ns Advice Waltham Forest that are not designated for parb'cular purposes. 26 Citizens Advlce Waltham Forost Llmlted Notes to the financlal statements For the year onded 31 March 2024 Statement of funds- comparative infomiatlon In respect of the preceding period Is as follows At 31 March Income Expenditure Transfers 2022 At 31 March 2023 Re51ricled Funds Toynbee Hall Projèct Icapilalisel Wallham Forest Housing London & Quadrant Housing Assoc London Borough of Wallham Fo￿S SENDIASS 139.3731 4.480 (10,0701 18.881 190,918 95,447 36,414 59.987 3,825 1214,0891 196,0871 {28,7821 {48,0091 62.544 3,840 2,438 30,859 3,825 Clinical CG Cityzens Advlce- Pension Wise Citizens Advlce- Universal Support Social Prescribing ILB WF) Household 5UPPOrt Energy redre55 Advice in Community Energy Saving TnJ8t Other Total Restricted Funds 6,049 2,480 48.280 66.074 15,880 11,6791 345 28,728 454.691 125,786} (459,971) 122,3301 {123,8991 {115.8691 18,0471 167,6741 8.991 2,800 125,9301 97,582 95,838 2,496 73,333 39,757 4,151 7.130 6,004 1210,543 Unrestricted Funds., London Borough of Wallham Fore8 Other Unrestricted funds Pension reseNe Total Unrestricted funds 307,281 173.248 1145,3501 335.179 530,328 652 1511,223) 153,1331 273.253 173,900 1126,093 321060 19.257 491,986 Total funds 446,606 1670,239 1.702,509 414,336 The reslricled funds relate to monies granted by the following bodies.. Toynbee Hall Proj8cI ID8bl Free London) to provide a Serv5￿ lo assess clienvs needs and lead to a re501ution of their over-indebtedness. lo provide money and d8bl management advlce to tenants living in social housing. lo support the local office in its wark with debt advice for tenants liwng in sociol housing. lo process Direct Payments and provide Support for cllents enlilted lo Direct Paymenis to provide debt. benefits and housing advice to menlal health clien15 living in the community. to empower users to make inforned decisions about h¢)w lo use their pension. to provide services and develop service5 for families with children with special educational needs and disabilib'es lo provide Social prescribing help and support to residents Waltham Forest Housing London & Quadrant Housing Assoclation London Borough of Wallham Forest DITecl Payments Clinical CG- Debt Advicg Citizen Advice- Pension Wise Special Educational Needs Social Prescribing-LB Walth8m Forest The unrestricted general fund5 represent the fund¥ of Cityzens Advice Waltham Forest that are not designated for particular purposes. 27 Citizens Advlce Waltham Forest Limited Notes to the financial statements For the year Bnded 31 March 2024 15 Analysls of net assets between funds Unr88tricted Restricted Total funds Funds Fund$ Fund balance5 at 31 March 2024 are represented by: Tangible fixed assets Current assets Current liabilities Long temi liabilities 6,645 492,166 (23,427) (140,193) 6,645 679,369 (88,777) (140,193) 187,203 (65,350) Total Funds 91 457, Unr8Strlcted Restricted Total funds Funds Funds Fund balances at 31 March 2023 are repre8entsd by: Tangible fixed assets Current assets Current liabilities Long term liabilities 11,484 11,484 492,656 215,547 708,203 (56,9871 (122,271) (179,258) (126,093) (126,093) Total Funds 321,060 The unrestricted funds represent the free funds of Citr'zens Advice Waltham Forest, which are not designated for particular purposes. 16 Operatlng lease commilments At 31 March 2023 Citizens Advice Waltham Forest had total commitments under non-cancellable operating leases as follow: 2024 2023 Land and buildings Due within one year Due wthin to five years Due in overfive years 32,000 32,000 32,000 32,000 Other leases Due within one year Due within two to five years Due in ovei five years 5,307 3,997 5,815 9,304 9,304 5,119 28 Citizens Advlce Waltham Forest Limlted Notes to the financial statements For the vear gnded 31 March 2024 17 Penslon scheme Citizens Advice I'lhe Principal Employerfl operates a defined benefit scheme I'lhe Plan'} in the UK which provides both pensions in retirement and death benefits lo members. Pension benefits are related to the members. final salaries at retirement and their length of service al the dale they retired or left pensionable service. The Plan dosed to future accrual on 31 March 2008. The Plan also contsins some money purchase Avcs and protected rights funds. which are not induded in these dlsdosu￿6. In 8ccord8nce with the schedule of contributions agreed by the Employer and Trustee in August 2023. the conlribulion5 to the Plan for the year ending 31 March 2024 have been £5,218,000, which indudes £4,918,000 towards the deficit and £300.000 as an allowan￿ for administration expenses and all scheme levie5. The Plan is a registered scheme under UK legislation. The Plan is subject lo the scheme funding requirements outlined in UK legislation. The Plan is govemed by the Plan's Trust Deed and Rules dated 4 April 2011. The Trustee is responsible for the operation and the govemance of the Plan, including making decision$ regarding the Plan's funding investment strategy (although they are required to consult tha Principal Employer). An actuarial valuatlon of the Plan was carried out as 8131 March 2024 by a qu8lrfied independent actuary, based upon membership data as al 31 March 2022, allowing for assumed membership movements over the period from this dale, and any material membership movernenls signific8nlly different from Ihose assumed le.g. transfer5 out). The most re￿nt fomal actuarial valuation of the Plan was a8 at 31 March 2022 and revealed a funding deflcS1 of £53,536,000. In the r8covery plan agreed following the valuation, the Principal Employer and other p8rticipaling employer8 8greed lo pay deficit reduction conlributsons of £2,918,000 per annum with the view lo eliminating the deficit by 30 September 2040. The liabilities of the Plan are based on the current value of expected benefit payment caSh￿Ow3 to members of the Plan over th& next 60 or more years. The average duration of the liabilities is approximately 11 years. The Plan15 exposed to actuarial risks such as market linve8lment) rlsk, interest rate risk, inflation risk, currency risk and longevity risk. 29 Cltizens Advice Waltham Forest Limited Notes to the financial statements For the ear ended 31 March 2024 17 Pension scheme Icontlnued) Th& major assumptlons used by the actuary werè (In nomlnal tsmisl as follows: 311312024 311312023 Discount rate Inflation assumption {RPII Inflation a5sumpbon ICPII Revaluation of deferred pensions in excess of GMP Pension In paymenl increases af: CPI or 5% p.a. if less - CPI inflation since retirement or 5% p.a. compound if less CPI or 3% p.a. if less 4.90% 3.20% 2.80% 2.80% 4.80% 3.30% 2.85% 2.85% 2.80% 2.80% 2.50% 2.85% 2.85% 2.50% 75% of HMRC 75% of HMRG maximum Commulatson of pension for cash at retirement maximum Asat 311312024 Asat 311312023 Assumed Ille axpectancles on retirem8nt at age 65 are: Retiring today- Male¥ Rets'ring today- Females Retiring in 20 years time- Males Retsring in 20 years time- Females 20.6 23.4 21.8 24.5 20.8 23.6 22.0 24.7 Value at 311312024 £OOOs Valu8 at 311312023 £0009 Tho assets In the Plan woro: Mulli asset funds Structu￿d equity and LDI Cash Fair value of Plan assets 26.047 33,448 1,100 60.594 24,903 35,116 726 Tho actual retum on assgts over the period was: 307 (37,0841 Present value of funded obligations Fair value of Plan assets Surplusl{deflcitl in fundgd scheme 107,082 60,594 46,488 111,169 60.745 50.424 Present value of unfunded obligations Unrecognised actuarial gains1105sesl Adjustrnent in respect of asset ￿llIng Net1Sability in balance sheet 46,488 50,424 30 Citizens Advlce Waltham Forest Umlted Notes to the flnancial statements For the ar endad 31 March 2024 17 Penslon scheme (Continued) Reconclllatlon of openlng and closlng balances of the present value of the doflned beneflt obllgatlon 311312024 £OOOs 311312023 £0008 Benefit obligation at b8ginning of year Current service cost Interest cost Contributions by Plan part¢UP8nts Actuarial Igain8)Ilosses B8nefits paid and expenses Past service cost Sèttlements Business comblnatlons Exchange rale Beneflt obligatlon at ond of year 111,169 693 5,250 148,768 832 4,074 15,729} 15,676) 1,375 {35.0411 17,4641 107 082 111,169 31 Citlzens Advice Waltham Forest Llmited Notes to the financial statements Forthe year endpd 31 March 2024 17 Pension scheme (Continued) Reconclllatlon of opgning and closing balances of the falr value of Plan assats 311312024 £OOOs 311312023 £OOOs Fair value of Plan asset5 al beginning of year Interest income on Plan assets Return on assets, excluding interest Income Conlribub'ons by employer5 Contributions by Plan participants Benefits P8id and 8xpenses Business combinations Settlements Exchange rate Falr value of Plan assets at end of year 60,745 2,905 {2,5981 5.218 102,214 2,801 139,885) 3,079 15,6761 17,4641 60,594 60,745 Th• amounts r￿agnISed In proflt or Ios8', 311312024 £0005 311312023 £OOOs Service cost- inc. current & past servlce costs, 5elllemenl3 SeNice cost- administrative cost Nel interest on the nel defined benefit liabilty Total expense 1,375 693 2,345 4,413 832 1,273 2.105 Remeasuromonts of the net deflnod beneflt Ilablllty {•9getl to be shown In OCI: 311312024 £OOOs 311312023 £OOOs Actuarial {gainslllosses on the liabilitles Relum on assets, excluding interest income Changes in the effect of the asset ceiling excluding Inter251 income Total remeasurement of the net deflned beneflt Ilablllty (asset) to be shown In OCI 15,7291 2,598 135,0411 39,885 {3,1311 4.844 32 Citlzens Advice Waltham Forest Limited Note8 to the finanGlal statements For the ear end8d 31 March 2024 18 ComparatiV88 for the Statement of Financial Activiti8S Unrestri¢ed funds Restricted funds Total funds Income frorn.. Charitable activities Investment Income Total Income 530.328 652 530,980 1,139,259 1.669,587 652 1,670,239 1,139.259 Expondlture on: Charitable activities 491,966 1,210,543 1,702,509 Totsl Exp8nditur• 491,966 1,210,543 1,702,509 Net incomel(expenditur8) 39,014 (71,284) 132,270) Transfers between funds (53,1331 53,133 Net movement in funds (14,119) 118,151) (32,2701 Reconcillation of funds: Total funds brought fonvard 335,179 111,427 446,606 Total fund8 carrled forward 321,060 93,276 414,336 33