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← Citizens Advice Waltham Forest Ltd

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 03696999 (England and Wales) REGISTERED CHARITY NUMBER: 1075780

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

CITIZENS ADVICE WALTHAM FOREST LIMITED

Hartley Fowler LLP Statutory Auditors Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon London SW19 4EU

CITIZENS ADVICE WALTHAM FOREST LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page
Report of the Trustees 1 to 9
Report of the Independent Auditors 10 to 12
Statement of Financial Activities 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Cash Flow Statement 16
Notes to the Financial Statements 17 to 33

CITIZENS ADVICE WALTHAM FOREST LIMITED (REGISTERED NUMBER: 03696999)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Structure Governance and Management

Governing document

Citizens Advice Waltham Forest Ltd (CAWF) is a registered charity (registration number 1075780) and a company limited by guarantee. The maximum liability of each member is limited to £1. The company is governed by its Memorandum and Articles of Association as amended on 19th September 2013 and 26 September 2022.

Citizens Advice 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 national bodies rebranding and is now known as Citizens Advice Waltham Forest.

Recruitment and appointment of Trustees

Trustees who are also Directors of the company are elected from the local community and must either live or work in the London Borough of Waltham Forest unless co-opted by the Board. A selection Committee, made up of Trustees, the Company Secretary and led by the Chair of the Trustee Board is established to oversee the elections process for Board appointments. A separate process agreed by the Trustee Board is followed for the election of the Chair. Other bodies external to the charity are entitled to nominate but not appoint persons to the Trustee Board, except for Waltham Forest Council who can appoint observers to the Board without voting rights.

Trustees are elected at the annual general meeting (there can be no more than fourteen elected Trustees in total) and they hold office from the end of that meeting, or co-opted 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-opted Trustee is made at a meeting of the Trustee Board and takes effect immediately, unless the appointment is to fill a place which has not yet been vacated, in which case the appointment runs from the date when the post becomes vacant. The Trustees had indemnity insurance in place during the year. The Trustee Board and staff would like to extend their thanks to the following Trustees who have resigned from the board for their time and voluntary service to CAWF: Rachel Agnew, Sue Murray-Johnson

Trustee Induction and Training

Newly appointed Trustees are provided with a comprehensive induction to Citizens Advice Waltham Forest training courses and mentoring by established Trustees. All new and prospective Trustees are also provided with an induction pack which includes the Memorandum and Articles of Association, the previous year’s annual accounts and the business plan for the service together with links to the relevant governance sections of the Skillbook portal for Citizens Advice.

Organisational Structure

Citizens Advice Waltham Forest is governed by its Trustee Board who are responsible for setting the strategic direction of the organisation and its policies. The Trustees carry the ultimate responsibility for the conduct of Citizens Advice Waltham Forest and for ensuring that it satisfies its legal and contractual obligations. Trustees meet as a minimum quarterly 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 maintained at the registered office, and are available to the public.

Key management personnel remuneration

The Trustees consider the Trustee Board and the Chief Executive as key management. All Trustees give their time freely and no Trustee receives remuneration or reimbursement of expenses in the year. Remuneration is reviewed annually in the same way as remuneration for all other employees by members of the Resource Committee. Non-salary terms and conditions for all employees are standard. Salary levels are reviewed with regard to market rates, inflation, affordability and benchmarked against pay levels in other similar organisations.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

CITIZENS ADVICE WALTHAM FOREST LIMITED (REGISTERED NUMBER: 03696999)

Related Parties

Citizens 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 standards. Operating policies are independently determined by the Trustee Board of Citizens Advice Waltham Forest in order to fulfil its charitable objectives and comply with CA’s membership requirements.

Citizens Advice Waltham Forest also co-operates and liaises with a number of other advisory services, local charities and social services departments on behalf of clients. Where one of the Trustees holds the position of Trustee of another charity or Director of a company, they may be involved in discussions regarding that other charity or company, but not in the ultimate decision-making process.

Principal risks and uncertainties

Citizens Advice Waltham Forest has a risk management strategy and risk register agreed by the Trustee Board. The Trustees recognise that any major risks to which the charity is exposed need to be reviewed and systems put in place to mitigate those risks. To that end the charity is continually monitoring and managing its risk, reviewing the corporate risk register and ensuring action plans are in place to mitigate its key risks.

Included in external risks is that of the loss of funding. The effects of this have been minimised by the procedures in place, which have resulted in funding being secured from a variety of sources and by restructuring. The charity continues to seek to diversify its funding sources. However, its strategic approach is to consolidate and build on core services such as Benefits and Debt.

Internal risks are minimised by the implementation of procedures for the authorisation of all transactions and projects and to ensure consistent quality of delivery for each operational work stream. These procedures are periodically reviewed to ensure that they still meet the needs of the charity .

Objectives and Activities

Objectives

Citizens Advice Waltham Forest’s objectives are to promote any charitable purpose for the benefit of the community in Waltham Forest, by the advancement of education, the protection and preservation of health and the relief of poverty, sickness and distress. We have considered the Charity Commission’s guidance on public benefit in setting our objectives.

The charity also has its own mission statement:

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CITIZENS ADVICE WALTHAM FOREST LIMITED (REGISTERED NUMBER: 03696999)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Aims, Objectives, Strategies and Activities 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 influence on the development of social policies and services and to ensure individuals do not suffer through a lack of knowledge or an inability to express their needs effectively.

Waltham Forest – Information Advice and Advocacy Service (now known as Information, Advice and Guidance Service)

The local authority continued to support the service throughout 2024/2025 and have extended funding on the current contract. During 2024/2024 staff continued their work with vulnerable families and we have maintained our close partnership with the Children and Family Centres including working closely with the Early Help Team.

Adviceline

Adviceline is covered by a team of paid staff, apprentices and volunteers and is open from 9am – 5pm Monday to Friday. A dedicated Service 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 Pension Wise project for residents wanting to find out about their pension options has been extended until 31 March 2025 and continues to be a high performing regional service.

The following running specialist projects were all renewed and continued throughout 2024/25:

Mental Health

Supported by the Integrated Care Board (ICB) the project works with residents with mental ill health and who require specialist support with benefits, housing and debt.

Social Housing

Supported by Waltham Forest Council and London and Quadrant Housing Trust (L&Q), we help tenants of Waltham Forest Housing and L&Q with debt and benefits advice to make sure they are able to manage their finances in order to pay their rent, receive the support they need and prevent homelessness.

Debt Project

This project is funded by the Money and Pensions Service subcontracted via Toynbee Hall - Debt Free Advice provided specialist debt advice and casework.

The Early Help Money Matters Project

This provides advice and support to vulnerable families referred by Waltham Forest Council's Early Help Service. In addition to being in financial need, clients of the project are struggling with additional issues such as ill health or disability, children with special needs and domestic violence. We provide advice and an intensive casework service in relation to all benefits issues including checks on entitlement, help with making claims and assistance in challenging decisions (including the appeals process).

We also help clients to apply for other financial assistance such as charitable grants and the Local Welfare Fund. If a client needs debt advice they are referred to our specialist debt advisers. In 2024/25 the Early Help Money Matters project obtained over £1,182,467.03 actual financial outcomes for our clients.

Public Benefit

The Trustees have paid due regard to the Charity Commission’s guidance on public benefit in deciding the activities undertaken by the charity during the year. The Trustees are satisfied that the information provided in the report and accounts meets the public benefit reporting requirements.

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CITIZENS ADVICE WALTHAM FOREST LIMITED (REGISTERED NUMBER: 03696999)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The principal activity of Citizens Advice Waltham Forest remains the provision of free, confidential, independent, impartial advice, guidance, advocacy and information and counsel for members of the public as detailed below.

The advice service consists of:

i) Generalist and specialist advice to all sections of the community ii) Service provision for mental health users in debt, welfare benefits and housing iii) Service provision for users with long term health issues in debt and welfare benefits iv) Specialist debt and money advice v) Specialist debt advice for tenants living in social housing vi) Pension guidance for people over 55 years vii) Social Prescribing for patients and vulnerable people viii) Specialist benefits casework support

Advice and casework services were provided through face to face appointments at our offices and outreach venues, by telephone, email, webchat and video.

Contribution of Volunteers

The charity receives help and support in the form of voluntary assistance in advising the public and administering the charity. CAWF was supported with an average of 16 volunteers during the course of the year who gave the local Citizens Advice 1220 hours between them. Our volunteers were instrumental in helping us to maintain our services. Thanks are extended to these volunteers for their tremendous support.

Achievements and Performance in the year

Charitable Activities and Achievements

During 2024/25, 11,592 (2023/24 13,982) clients contacted Citizens Advice Waltham Forest. They asked for help with 2024/25, 26,478 (2023/24, 28,591) different advice issues.

Citizens Advice Waltham Forest service delivery model continues 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 specialist support if required and face to face appointments made where necessary. Face to face appointments are made with a Money Matters Coach or referred to our specialist debt or benefits projects if the client is vulnerable, or where the presenting issue/s are complex and where it is clear that the client would not be able to resolve them without further or intensive support.

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CITIZENS ADVICE WALTHAM FOREST LIMITED (REGISTERED NUMBER: 03696999)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Summary of issues dealt with in 2024/25:

==> picture [241 x 377] intentionally omitted <==

----- Start of picture text -----
Financial services and capability 10,943
Benefits Universal Credit 2,609
Benefits and tax credits 5,508
Debt 2,731
Housing 1,689
Health and community care 122
Employment 505
Relationships and family 297
Other 40
Immigration and asylum 269
Legal 462
Education 35
Consumer goods and services 268
Tax 180
Utilities and communications 256
Travel and transport 94
Grand total 26,478
----- End of picture text -----

The most common issues dealt with were Pensions, Benefits and Debt, followed by Housing, Health and Community Care and Employment.

Factors Affecting the Achievement of Objectives

The charity is only too well aware of the financial pressures experienced by its major funders, and in view of this has taken active measures to seek additional sources of funding for its services and to develop advice partnerships in Waltham Forest. Core funding from the local authority has been static in inflationary times. Our local authority funding has been extended and is called Information, Advice and Guidance (IAG).

The charity continues to play an effective role as a community based, quality assured and advice, information, and guidance with specialist projects in Debt, Social Housing, Pension Wise, Early Help, Mental health and Social Prescribing.

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CITIZENS ADVICE WALTHAM FOREST LIMITED (REGISTERED NUMBER: 03696999)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Financial review

Incoming resources in the year were £1,325,960 (2023/24 £1,658,827). Of this £847,954 (2023/24 £1,173,584) related to project restricted activities.

A surplus of £41,823 (2023/24 £42,708 surplus) was made in the year. At 31 March 2025 total funds were £498,867 (2023/24 £457,044).

Reserves Policy

In defining its reserves policy, the Trustees have considered the level of free reserves it is appropriate for the charity to hold in order to ensure its financial sustainability, future strategic development and continuing to operate and meet the needs of its clients in the event that unforeseen and potentially financially damaging circumstances arise. Taking into account the reliability and continuance of future funding, timing of cash flows and working capital requirements and cover for unplanned repairs and premises 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 expenditure. At the 31 March 2024, total unrestricted reserves were £498,867 which after deducting the net book value of fixed assets, £4,430 , results in free reserves of £494,437. The Trustees aim to take appropriate measures this year and next to achieve the targeted reserves.

Principal Funding Sources

The Trustees extend their gratitude to the London Borough of Waltham Forest who continued to support the core operating capacity of the charity and so that we can support families who need intensive support due to complex difficulties (Early Help). Additionally, project-specific funding was received from Waltham Forest Housing and London and Quadrant Housing Trust in support of the debt and benefit advisory work for their tenants, debt advice funding from Debt Free London (Toynbee Hall), the London Borough of Waltham Forest and the Clinical Commissioning Group in support of benefits and debt advisory work for clients with mental ill health and the Social Prescribing project, and Citizens Advice for funding Pension Wise and Help to Claim Universal Credit projects, and the Department of Health for supporting the Waltham Forest Social Prescribing partnership. We also extend our thanks and gratitude to the GLA for supporting our Advice in the Community Project and funding from Energy Redress to support clients facing fuel poverty.

For the period 2024/25 Citizens Advice Waltham Forest intends to further build on their work in the following way: The CEO will continue to take forward CAWF’s strategic aims:

Investment Policy

As required in its Memorandum paragraph 3.19 in furtherance of its objects, and for no other purposes, the charity 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 fit, subject nevertheless to such conditions and such consents as may for the time being be imposed or required by law. The charity does not currently hold material investments.

Going Concern

After making appropriate enquiries, the Trustees are confident that the Trust has sufficient resources to continue to operate for the foreseeable future. The Financial Statements have therefore been prepared on a going concern basis. The Statement of Accounting Policies gives further information.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

CITIZENS ADVICE WALTHAM FOREST LIMITED (REGISTERED NUMBER: 03696999)

Engagement with employees

The Company's policy is to consult and discuss with employees at meetings, as well as through an established Joint Negotiation and Consultation committee (with representatives elected from the staff matters likely to affect employees' interests). Information of matters of concern to employees is given through information emails and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the organisation's performance. Employee views are further sought via an annual People Survey undertaken by national Citizens Advice.

Engagement with suppliers, customers and others

The Trustees recognise the importance of fostering good business relationships with all stakeholders and our choice of suppliers is no different in that regard. Wherever possible, local suppliers for services and products are sought in accordance with our values & constitution to support the local economy. In addition, directors aim to engage with companies whose values and commitment to effective customer relationship management align to ours. We survey our client for feedback on a quarterly basis for their views and use this feedback to improve services where we need to.

Members of the Board

Members of the Board who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 8.

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CTIZENS ADVICE WALTHAM FOREST LIMITED (REGISTERED NUMBER: 03696999)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

03696999 (England and Wales)

Registered Charity number

1075780

Registered office

220 Hoe Street London E17 3AY

Principal address

220 Hoe Street London E17 3AY

Trustees

Andrea Naylor Co-Chair (Appointed Chair 1st January 2025) Vivienne Jackson Nathan Burns James Holdcroft Thomas Leach Polly O’Hara Chloe Parkin (Appointed 16th January 2025) Co-opted Trustees: Mr Wayne R Cunningham Rachael Agnew Co-Chair (Resigned 31st December 2024) Susan Murray-Johnson Treasurer (Resigned 31stDecember 2024) Rachel Goscoigne (Resigned 27th April 2024)

Chief Executive and Company Secretary

Caroline Grant Chief Executive Officer (Appointed 19[th] August 2024) Melissa Tettey Chief Executive Officer (Resigned 31[st] August 2024) Florence Anichebe Secretary (Appointed 16[th] January 2025) Kairen Zonena Secretary (Resigned 16[th] January 2025)

Senior Management

The CEO is supported by Joanna Bellis (Head of Services) and Fetsum Fetwi (Service Operations Manager).

Auditors

Hartley Fowler LLP Statutory Auditors Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon London SW19 4EU

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CITIZENS ADVICE WALTHAM FOREST LIMITED (REGISTERED NUMBER: 03696999)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Legal Advisors

Weightmans LLP 100 Old Hall Street Liverpool L3 9QJ

Bankers

Barclays PLC 278 Hoe Street London E17 9QE

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees (who are also the directors of Citizens Advice Waltham Forest Limited for the purposes of company law) are responsible for preparing the Annual 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 which 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

AUDITORS

The auditors, 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 provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 4 December 2025 and signed on its behalf by:

Andrea Naylor – Chair of Board of Trustees

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CITIZENS ADVICE WALTHAM FOREST LIMITED

Opinion

We have audited the financial statements of Citizens Advice Waltham Forest Limited (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United 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 Auditors' 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 we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of 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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CITIZENS ADVICE WALTHAM FOREST LIMITED

Matters on which we are required to report by exception

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 misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such 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.

Our responsibilities for the audit of the financial statements

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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess 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 assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

-the nature of the industry and sector, control environment and the charities activities;

-results of our enquiries of management about their own identification and assessment of the risks of irregularities;

-any matters we identified having obtained and reviewed the charitable company's documentation of their policies and procedures relating to:

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REPORT OFTHE INDEPENDE￿r AUDrroRS TO THE MEMBERS OF crrIzENS ADVICE WALTHAM FOREST LIMrrED As a result of these procedures, we considered the opportunlties and in￿ntIveS that may exist within the organisatton for fraud. In common with all audlts we are also ￿qUired to perform specific Pro￿dureS to respond to the rlsk of management override. We a150 obtained an understanding of the legal and regulatory framework that the charitable company operates in. The key laws and regulations we considered in this context included the Charities Act 2011, UK Companies Act and tax leglslation. In addition we considered provisions of other laws and regulations that do not have a dlrect effect on the flnanclal statements but compliance with which may be fundamental to the charstable company's abillty to operate or to avoid a materlal penalty. As a result of perfomiing the above, we did not identify any key matters reloted to the potential risk of fraud or non<omplian with taws and regulations. Our procedures to ￿Spond to risks identffied Included the following: reviewlng the financial statement disclosures and testlng to supp)rttng documentation to assess compliance with provlslon of relevant laws and regulatlons descrlbed as having a dirett effect on the financial statements; -enquirlng of management concernlng actual and potential Iltlgation and claims. -performlng analytlcal procedures to Identify any unusual or unexpected relationships that may Indlcate risks of material misstatement due to fraud. -revlewlng mlnutes of meetlngs of those tharged wlth governan￿, revlewing Internal reports, and -In addressing the rlsk of fraud through management overrlde of controls, testing the appropriateness of Journal entrles and other adjustments, assessing whether the judgements made in maklng accountlng estimates are Indicative of a potential bias and evaluatlng the business rationale for any signlflcant transattlons that are unusual or outslde the normal course of buslness. We also communicated relevant Identlfied laws and regulatlons and potentlal fraud risks to all engagement team members and remained alert to any Indication of fraud or non-compllance with laws and regulations throughout the audit. A further descrlption of our responslbillties for the audlt of the financlal statements Is located on the Flnanclal Reporting Counal's website at www.frc.org.uklaudltorsresponsibllitles. This descrlptlon foms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charftable company's members, as a body, In accordance with thapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those maiters we are requlred to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charltable company's members as a bodyi for our audlt worl for thls report, or for the oplnions we have formed. Jonathan Askew FCA ( ior Statutory Audltor) for and on tehalf of Hartley Fowler LLP Statutory Auditors Chartered Accountants 4th Floor Tultion House 27-37 St George's Road Wimbledon London SW19 4EU Date: 9 December 2025 12

Citizens Advice Waltham Forest Limited

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income & Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2025

==> picture [490 x 328] intentionally omitted <==

----- Start of picture text -----
Notes 2025 2025 2025 2024
Unrestricted Restricted Total funds Total funds
£ £ £ £
Income from:
Donations 3 40 - 40 629
Charitable activities 3 470,933 847,954 1,318,887 1,651,294
Investment Income 3 6,933 - 6,933 6,499
Other 3 100 - 100 405
Total Income 478,006 847,954 1,325,960 1,658,827
Expenditure on:
Charitable activities 4 421,337 862,800 1,284,137 1,616,119
Total Expenditure 421,337 862,800 1,284,137 1,616,119
Net income/(expenditure) 56,669 (14,846) 41,823 42,708
Transfers between funds 14 (3,487) 3,487 - -
Net movement in funds 53,182 (11,359) 41,823 42,708
Reconciliation of funds:
Total funds brought forward 14 335,191 121,853 457,044 414,336
Total funds carried forward 14 388,373 110,494 498,867 457,044
----- End of picture text -----

The notes on pages 17 to 33 form part of these financial statements.

There were no other recognised gains and losses other than those listed above and the net income for the year. All income relates to continuing operations.

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Citizens Advice Waltham Forest Limited

Balance sheet as at 31 March 2025 Company Registration Number: 03696999

Notes
FIXED ASSETS
Tangible Fixed Assets
9		 Unrestricted
Restricted
2025
2024
Funds
Funds
Total funds
Total funds
£
£
4,430
-
4,430
6,645
CURRENT ASSETS
Debtors
10
Cash at bank and in hand		 63,166
120,420
183,586
26,450
461,862
43,891
505,753
652,919
CREDITORS
Amounts falling due within one year
11		 525,028
164,311
689,339
679,369
(25,575)
(53,817)
(79,392)
(88,777)
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS
Amounts falling due after one year
12		 499,453
110,494
609,947
590,592
503,883
110,494
614,377
597,237
(115,510)
-
(115,510)
(140,193)
NET ASSETS 388,373
110,494
498,867
457,044
FUNDS
Restricted
14
Unrestricted funds
14
Pension reserve
14		 -
110,494
110,494
121,853
503,883
-
503,883
475,384
(115,510)
-
(115,510)
(140,193)
388,373
110,494
498,867
457,044

The financial 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 financial statements were approved and authorised for issue by the Trustees on 4th December 2025 and signed on their behalf by:

Andrea Naylor - Trustee

14

Citizens Advice Waltham Forest Limited

Cash Flow Statement For the year ended 31 March 2025

==> picture [472 x 221] intentionally omitted <==

----- Start of picture text -----
2025 2024
£ £
Cash flows from operating activities
Net cash provided by operating activities (154,098) (19,400)
Cash flows from investing activities
- -
Payments for tangible fixed assets
Investment received 6,933 6,499
Change in cash and cash equivalents in the year (147,165) (12,901)
Cash and cash equivalents at beginning of the year 652,919 665,820
Total cash and cash equivalents at end of the year 505,754 652,919
----- End of picture text -----

15

Citizens Advice Waltham Forest Limited

Notes to the Cash Flow Statement For the year ended 31 March 2025

Reconciliation of net movement in funds to net cash flow from operating activities

Statement of financial Activities: Net movement in funds
Adjustments for:
Depreciation charges
Interest from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities
Analysis of changes in net funds
Net cash
Cash at bank
Total		 At 1/4/24
£
652,919
652,919
652,919		 2025
£
41,823
2,215
(6,933)
(157,136)
(34,068)
(154,098)
Cash flow
£
(147,166)
(147,166)
(147,166)		 2024
£
42,708
4,838
(6,499)
15,933
(76,380)
(19,400)
At 31/3/25
£
505,753
505,753
505,753

16

Citizens Advice Waltham Forest Limited

Notes to the financial statements

For the year ended 31 March 2025

1. GENERAL INFORMATION

The charity is a private company incorporated and domiciled in England and Wales. The address of its registered office 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 2025 and 31 March 2024. the financial information is presented in sterling.

The charity aims to provide free, confidential, impartial and independent advice and information for the benefit of 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 knowledge or an inability to express their needs effectively.

2. ACCOUNTING POLICIES

Basis of preparation of financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Finanical Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of the financial statements on a going concern basis

The financial statements have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves and the expected level of income and expenditure 12 months from authorising these financial statements. There are no material uncertainties about the charity's ability to continue as a going concern.

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires the trustees and management to make significant judgements and estimates.

The items in the financial statements where judgements and estimates have been made include:

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are to be used for specific purposes 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

For the year ended 31 March 2025

Income

Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

The following specific policies are applied to particular categories of income:

Donations and grants are split between restricted and unrestricted funds in accordance with the terms of the grant or donation.

Donations and gifts are recognised in the Statement of Financial Activities when receivable.

Income from government and other grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Donated services and facilities are included 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 disclosed in the Report of the Directors and Trustees.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.

Expenditure

Expenditure, including redundancy costs, is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:

· Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes 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 with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

· All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis, for example hours spent on the activity as set out in Note 3.

Fixed assets are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £1,000 are not capitalised. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:

Improvement to property - 10% straight line Fixtures and fittings - 25% straight line

18

Citizens Advice Waltham Forest Limited

Notes to the financial statements

For the year ended 31 March 2025

Taxation

The charity is exempt from corporation tax on its charitable activities.

Operating leases

Rentals applicable to operating leases are charged to the Statement of Financial Activities over the period they are incurred.

Pension costs

The charity participates in two defined contribution scheme and one defined benefit scheme. The cost of the contributions made by the charity to the contribution scheme are charged as an expense when incurred. The assets of the scheme are held separately from those of the charity in an independently administered fund.

National Association of Citizens Advice Bureaux (NACAB) "The Plan". This is a traditional defined benefit scheme with pensions determined by years of service and final salary. The pension costs are assessed in accordance with acturial advice and based on the most recent actuarial valuation of the scheme. These costs have been accounted for on the basis of charging the cost of providing pensions over the period during which the charity benefits from the employees' services. This scheme, which had been closed to new employees in London Bureaux for a number of years, was closed to future accrual with effect from 31 March 2009. Further details are provided in the notes to the accounts. A replacement definded contribution stakeholder scheme operated by Aviva has been offered to existing NACAB scheme members with effect from 1 April 2009.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

19

Citizens Advice Waltham Forest Limited

Notes to the financial statements

For the year ended 31 March 2025

3 Income from Charitable Activities

Voluntary income
Donations
Local authority and other contracts
Household Support
Grants for extended services
Waltham Forest Primary Care Trust/North East
London Foundation Trust (Mental Health
Project)
Waltham Forest Housing
Waltham Forest Early Help
Toynbee Hall project
London & Quadrant Housing Association
Citizens Advice - Pension Wise
Social Prescribing
Energy redress
Advice in Community
Other grants for advisory services
Other Income
Bank interest
Miscellaneous income
Total Other Income
Grants from London Borough of Waltham
Forest - core services		 Unrestricted
Funds
£
40
437,750
-

-
-
-
-
31,746
-
-
-
-
1,437
470,932
6,933
100
7,033		 Restricted
Funds
£
-
-
-
29,115
114,313
101,150
97,449
-
438,607
-
-
67,320
-
847,954
-
-
-		 Total
2025
Funds
£
40
437,750
-
29,115
114,313
101,150
97,449
31,746
438,607
-
-
67,320
1,437
1,318,887
6,933
100
7,033		 Total
2024
Funds
£
629
437,750
194,000
29,245
106,265
101,150
147,908
33,137
444,019
39,873
22,457
73,667
21,823
1,651,294
6,499
405
6,904

20

Citizens Advice Waltham Forest Limited

Notes to the financial statements

For the year ended 31 March 2025

4 Analysis of expenditure
Charitable activities
Staff costs
Other direct costs
Support costs (see below)
Support Costs
Management & administration
Office, IT & communications
Premises
Governance
Other		 Unrestricted
Restricted
Pension
Generalist
Specialist
Reserve
£
£
£
291,233
623,707
-
(843)
8,410
-
130,946
230,684
-
421,337
862,800
-
#REF!
52,106
91,187
-
53,623
94,014
-
19,927
35,336
-
5,191
9,969
-
99
178
-
130,946
230,684
-		 2025
2024
Total
Total
£
£
914,940
1,205,691
7,567
54,724
361,630
355,704
1,284,137
1,616,119
143,293
136,454
147,637
140,811
55,263
56,044
15,160
22,103
277
292
361,630
355,704

The basis of allocation of support costs is hours worked

Charitable activities
Staff costs
Other direct costs
Support costs (see below)
Support Costs
Management & administration
Office, IT & communications
Premises
Governance
Other		 Unrestricted
Restricted
Pension
Generalist
Specialist
Reserve
£
£
£
337,030
854,561
14,100
4,964
49,760
-
111,534
244,170
-
453,528
1,148,491
14,100
41,444
95,010
-
41,797
99,014
-
16,448
39,596
-
7,479
14,624
-
84
208
-
107,252
248,452
-		 2024
2023
Total
Total
£
£
1,205,691
1,299,983
54,724
126,694
355,704
275,832
1,616,119
1,702,509
136,454
126,019
140,811
88,684
56,044
48,922
22,103
12,045
292
162
355,704
275,832

The basis of allocation of support costs is hours worked.

21

Citizens Advice Waltham Forest Limited

Notes to the financial statements

For the year ended 31 March 2025

5 Net expenditure for the year

This is stated after charging:
Depreciation
Auditors' remuneration
Operating lease costs
6 Staff Costs and Numbers
Staff costs include:
Wages and salaries
Social security costs
Defined contribution pension costs
Other staff costs		 2025
£
2,515
9,600
35,361
2025
£
927,258
89,703
26,218
7,511
1,050,690		 2024
£
4,838
14,640
37,815
2024
£
1,165,197
108,780
33,465
-
1,307,442

The charity contributed to a defined benefit scheme during the year 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:

Advisory services
Management and administration
One employee received a salary of between £60,000 and £70,000		 2025
25
5
30		 2024
30
7
37

7 Trustee Remuneration & Related Party Transactions

Citizens Advice Waltham Forest Ltd considers the key management personnel of the organisation to comprise the Trustees, together with the Chief Executive. The aggregate remuneration, including employer national insurance contributions, of those personnel for services to the Charity in the year amounted to £81,538 (2024: £75,503). In addition, employer's pension contributions were £2,182 (2024: £2,023).

No trustee was remunerated for any services. All payments were by way of reimbursement for expenses which totalled £Nil (2024: £Nil). The trustees had indemnity insurance in place during the year.

During the previous year a close family member of the management team was employed by the organisation. The total gross remuneration received by the close family member was £nil (2024: £28,739).

There were no related party transactions for the year ended 31 March 2025 and 31 March 2024.

22

Citizens Advice Waltham Forest Limited

Notes to the financial statements For the year ended 31 March 2025

8 Taxation

Citizens Advice Waltham Forest Limited is a registered charity and therefore potentially exempt from taxation of its income and gains, as Citizens Advice Waltham Forest Limited falls within the definition of a charitable company as defined in Part 1, Schedule 6 of the Finance Act 2010. no tax charge has arisen during the year.

9 Tangible Fixed Assets

Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
Disposals
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
10
Debtors: amounts falling due within one year
Trade debtors
Prepayments
Accrued income
Other debtors		 Improvements to
Property
26,230
-
-
26,230
26,230
-
-
26,230
-
-		 Fixtures, fittings
and equipment
£
40,171
-
-
40,171
33,526
2,215
-
35,741
4,430
6,645
2025
£
-
11,960
170,708
918
183,586		 Total
£
66,401
-
-
66,401
59,756
2,215
-
61,971
4,430
6,645
2024
£
-
12,903
13,547
-
26,450

23

Citizens Advice Waltham Forest Limited

Notes to the financial statements For the year ended 31 March 2025

11 Creditors - amounts falling due within one year

Trade creditors
Fee income received in advance
PAYE
Other creditors
Accrued expenses
Deferred income
Pension contributions - recovery plan
Client monies
Deferred income
Deferred income at 1 April
Resourced deferred in the year
Amounts released from previous periods
Deferred income at 31 March		 2025
£
-
4,774
20,907
15,173
18,402
6,120
12,000
2,016
79,392
2025
£
-
6,120
-
6,120		 2024
£
-
4,774
24,915
15,653
31,210
-
12,000
224
88,776
2024
£
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 falling due after one year

Provision brought forward
Unwinding of the discount rate
Provision carried forward
Employer contributions relating to the pension
recovery plan		 2025
£
140,193
(12,000)
(12,683)
115,510		 2024
£
126,093
(12,000)
26,100
140,193

The above provision relates 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 deficit by 31st March 2041

24

Citizens Advice Waltham Forest Limited

Notes to the financial statements For the year ended 31 March 2025

13 Financial instruments
Financial assets
Financial assets measured at fair value through
net income or expenditure
Financial liabilities
Financial liabilities measured at amortised cost		 2025
£
505,753
73,272		 2024
£
652,919
88,777

Financial assets measured at fair value through net income or expenditure comprises cash held at bank.

Financial liabilities measured at amortised cost comprise PAYE, other creditors, accrued expenses and pensions contributions.

14 Statement of funds

Restricted Funds
Waltham Forest Primary Care
Trust (Mental Health)
Waltham Forest Housing
Waltham Forest Early Help
London Borough of Waltham
Forest Direct Payments
SENDIASS
Clinical CG
Toynbee Hall Project (Capitalise)
Citizens Advice - Pension Wise
Social Prescribing
Household support
Energy redress
Advice in Community
Total Restricted Funds
Unrestricted Funds:
London Borough of Waltham
Forest General Funds
London & Quadrant Housing
Association
Other Unrestricted funds
Pension reserve
Total Unrestricted funds
Total funds		 At 31 March
2024
£
977
3,854
-
30,859
3,825
8,991
14,042
2,437
42,254
2,095
3,235
9,283
121,853
307,185
5,622
162,577
(140,193)
335,191
457,044		 Income
£
29,115
114,313
101,150
-
-
97,449
438,607
-
-
-
67,320
847,954
-
437,750
31,746
8,510
-
478,006
1,325,960		 Expenditure
£
(29,293)
(118,861)
(90,451)
-
-
-
(112,686)
(442,642)
-
-
-
(68,869)
(862,801)
(399,977)
(29,413)
(16,629)
24,682
(421,337)
(1,284,138)		 Transfers
£
-
694
-
1,196
1,597
-
-
-
-
3,487
(3,487)
-
-
-
(3,487)
-		 At 31 March
2025
£
799
-
10,699
30,859
3,825
8,991
-
-
42,254
2,095
3,235
7,735
110,493
341,471
7,955
154,458
(115,511)
388,373
498,866

25

Citizens Advice Waltham Forest Limited

Notes to the financial statements

For the year ended 31 March 2025

14 Statement of funds (continued)

Comparative information in respect of the preceding period (31 March 2024) is as follows:

Restricted Funds
Waltham Forest Primary Care
Waltham Forest Housing
Waltham Forest Early Help
London Borough of Waltham
Forest Direct Payments
SENDIASS
Clinical CG
Toynbee Hall Project (Capitalise)
Citizens Advice - Pension Wise
Social Prescribing
Household support
Energy redress
Advice in Community
Citizens Advice - Cost of Living
Total Restricted Funds
Unrestricted Funds:
London Borough of Waltham
Forest General Funds
London & Quadrant Housing
Association
Other Unrestricted funds
Pension reserve
Total Unrestricted funds
Total funds		 At 31 March
2023
£
-
3,840
-
30,859
3,825
8,991
-
-
39,757
-
-
6,004
-
93,276
273,253
-
173,900
(126,093)
321,060
414,336		 Income
£
29,245
106,265
101,150
-
-
-
147,908
444,019
39,873
194,000
22,457
73,667
15,000
1,173,584
437,750
33,137
14,356
-
485,243
1,658,827		 Expenditure
£
(28,268)
(106,251)
(104,634)
-
-
-
(133,866)
(441,582)
(37,376)
(191,905)
(19,222)
(70,388)
(15,000)
(1,148,491)
(400,334)
(27,515)
(25,679)
(14,100)
(467,628)
(1,616,119)		 Transfers
£
-
-
3,484
-
-
-
-
-
-
-
-
-
-
3,484
(3,484)
-
-
-
(3,484)
-		 At 31 March
2024
£
977
3,854
-
30,859
3,825
8,991
14,042
2,437
42,254
2,095
3,235
9,283
-
121,853
307,185
5,622
162,577
(140,193)
335,191
457,044

26

Citizens Advice Waltham Forest Limited

Notes to the financial statements

For the year ended 31 March 2025

14 Statement of funds (continued)

The restricted funds relate to monies granted by the following bodies:

Waltham Forest Primary Care Trust (Mental - to provide a service to residents with mental ill health and
Health) who require specialist support with benefits, housing and debt.
Toynbee Hall Project (Debt Free London) - to provide a service to assess client’s needs and lead to a
resolution of their over-indebtedness.
Waltham Forest Housing - to provide money and debt management advice to tenants
living in social housing.
Waltham Forest Early Help - to provide advice and support to vulnerable families referred by
Waltham Forest Council's Early Help Service. In addition to
being in financial need, clients of the project are struggling with
additional issues such as ill health or disability, children with
special needs and domestic violence.
London Borough of Waltham Forest - to process Direct Payments and provide support for clients
Direct Payments entitled to Direct Payments
Clinical CG – Debt Advice - to provide debt, benefits and housing advice to mental health
clients living in the community.
Citizen Advice – Pension Wise - to empower users to make informed decisions about how to
use their pension.
Special Educational Needs - to provide services and develop services for families with
children with special educational needs and disabilities
Social Prescribing-LB Waltham Forest - to provide social prescribing help and support to residents
Household support - to disseminate cost of living grants for residents of Waltham
Forest who are facing financial hardship.
Energy redress - to support residents with energy related advice, aiming to
tackle fuel poverty and other cost of living matters.
Advice in Community - to support Waltham Forest residents with cost of living issues
in community settings or via referrals from community partners.

The unrestricted general funds represent the funds of Citizens Advice Waltham Forest that are not designated for particular purposes.

27

Citizens Advice Waltham Forest Limited

Notes to the financial statements

For the year ended 31 March 2025

15 Analysis of net assets between funds

Fund balances at 31 March 2025 are represented by:
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
Total Funds
Fund balances at 31 March 2024 are represented by:
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
Total Funds		 £
£
£
4,430
-
4,430
525,028
164,311
689,339
(25,575)
(53,817)
(79,392)
(115,510)
-
(115,510)
388,373
110,494
498,867
£
£
£
6,645
-
6,645
492,166
187,203
679,369
(23,427)
(65,350)
(88,777)
(140,193)
-
(140,193)
335,191
121,853
457,044
Unrestricted
Funds
Restricted
Funds
Total funds
Unrestricted
Funds
Restricted
Funds
Total funds

The unrestricted funds represent the free funds of Citizens Advice Waltham Forest, which are not designated for particular purposes.

16 Operating lease commitments

At 31 March 2025 Citizens Advice Waltham Forest had total commitments under non-cancellable operating leases as follow:

Land and buildings
Due within one year
Due within two to five years
Due in over five years
Other leases
Due within one year
Due within two to five years
Due in over five years		 2025
2024
£
£
-
32,000
-
-
-
-
-
32,000
3,361
5,307
636
3,997
-
-
3,997
9,304

28

Citizens Advice Waltham Forest Limited

Notes to the financial statements For the year ended 31 March 2025

17 Pension scheme

Citizens Advice ('the Principal Employer') operates a defined benefit scheme ('the Plan') in the UK which provides both pensions in retirement and death benefits to members. Pension benefits are related to the members' final salaries at retirement and their length of service at the date they retired or left pensionable service. The Plan closed to future accrual on 31 March 2008. The Plan also contains some money purchase AVCs and protected rights funds, which are not included in these disclosures.

In accordance with the schedule of contributions agreed by the Employer and Trustee in August 2023, the contributions to the Plan for the year ending 31 March 2025 have been £3,218,000, which includes £2,918,000 towards the deficit and £300,000 as an allowance for administration expenses and all scheme levies.

The Plan is a registered scheme under UK legislation. The Plan is subject to the scheme funding requirements outlined in UK legislation. The Plan is governed by the Plan's Trust Deed and Rules dated 4 April 2011. The Trustee is responsible for the operation and the governance of the Plan, including making decisions regarding the Plan's funding investment strategy (although they are required to consult the Principal Employer).

An actuarial valuation of the Plan was carried out as at 31 March 2025 by a qualified independent actuary, based upon membership data as at 31 March 2022, allowing for assumed membership movements over the period from this date, and any material membership movements significantly different from those assumed (e.g. transfers out).

The most recent formal actuarial valuation of the Plan was as at 31 March 2022 and revealed a funding deficit of £53,536,000. In the recovery plan agreed following the valuation, the Principal Employer and other participating employers agreed to pay deficit reduction contributions of £2,918,000 per annum with the view to eliminating the deficit by 30 September 2040.

The liabilities of the Plan are based on the current value of expected benefit payment cashflows to members of the Plan over the next 60 or more years. The average duration of the liabilities is approximately 10 years.

The Plan is exposed to actuarial risks such as market (investment) risk, interest rate risk, inflation risk, currency risk and longevity risk.

29

Citizens Advice Waltham Forest Limited

Notes to the financial statements

For the year ended 31 March 2025

17 Pension scheme (continued)

The major assumptions used by the actuary were (in nominal terms) as follows:

Discount rate
Inflation assumption (RPI)
Inflation assumption (CPI)
Revaluation of deferred pensions in excess of GMP
Pension in payment increases of:
- 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
Commutation of pension for cash at retirement
Assumed life expectancies on retirement at age 65 are:
Retiring today - Males
Retiring today - Females
Retiring in 20 years time - Males
Retiring in 20 years time - Females
Structured equity and LDI
Cash
Fair value of Plan assets
The actual return on assets over the period was:
Present value of funded obligations
Fair value of Plan assets
Surplus/(deficit) in funded scheme
Present value of unfunded obligations
Unrecognised actuarial gains (losses)
Adjustment in respect of asset ceiling
Net liability in balance sheet		 As at
31/3/2025
5.80%
3.10%
2.75%
2.75%
2.70%
2.70%
2.30%
75% of HMRC
maximum
As at
31/3/2025
20.6
23.4
21.9
24.6
Value at
31/3/2025
£000s
29,553
831
55,911
(2,113)
96,535
55,911
(40,624)
-
-
-
40,624		 As at
31/3/2024
4.90%
3.20%
2.80%
2.80%
2.80%
2.80%
2.50%
75% of HMRC
maximum
As at
31/3/2024
20.6
23.4
21.8
24.5
Value at
31/3/2024
£000s
33,448
1,100
60,594
307
107,082
60,594
(46,488)
-
-
-
46,488

30

Citizens Advice Waltham Forest Limited

Notes to the financial statements

For the year ended 31 March 2025

17 Pension scheme (Continued)

Reconciliation of opening and closing balances of the present value of the defined benefit obligation

Benefit obligation at beginning of year
Current service cost
Interest cost
Contributions by Plan participants
Actuarial (gains)/losses
Benefits paid and expenses
Past service cost
Settlements
Business combinations
Exchange rate
Benefit obligation at end of year		 31/3/2025
£000s
107,082
604
5,122
-
(10,485)
(5,788)
-
-
-
-
96,535		 31/3/2024
£000s
111,169
693
5,250
-
(5,729)
(5,676)
1,375
-
-
-
107,082

31

Citizens Advice Waltham Forest Limited

Notes to the financial statements

For the year ended 31 March 2024

17 Pension scheme (Continued)

Reconciliation of opening and closing balances of the fair value of Plan assets

31/3/2025
£000s
Fair value of Plan assets at beginning of year
60,594
Interest income on Plan assets
2,907
Return on assets, excluding interest income
(5,020)
Contributions by employers
3,218
Contributions by Plan participants
-
Benefits paid and expenses
(5,788)
Business combinations
-
Settlements
-
Exchange rate
-
Fair value of Plan assets at end of year
55,911
The amounts recognised in profit or loss:
31/3/2025
£000s
Service cost - inc. current & past service costs, settlements
-
Service cost - administrative cost
604
Net interest on the net defined benefit liability
2,215
Total expense
2,819
Remeasurements of the net defined benefit liability (asset) to be shown in OCI:
31/3/2025
£000s
Actuarial (gains)/losses on the liabilities
(10,485)
Return on assets, excluding interest income
5,020
Changes in the effect of the asset ceiling excluding Interest income
-
Total remeasurement of the net defined benefit liability (asset)
(5,465)
to be shown in OCI		 31/3/2024
£000s
60,745
2,905
(2,598)
5,218
-
(5,676)
-
-
-
60,594
31/3/2024
£000s
1,375
693
2,345
4,413
31/3/2024
£000s
(5,729)
2,598
-
(3,131)

32

Citizens Advice Waltham Forest Limited

Notes to the financial statements

For the year ended 31 March 2025

18 Comparatives for the Statement of Financial Activities

Income from:
Donations
Charitable activities
Investment Income
Other
Total Income
Expenditure on:
Charitable activities
Total Expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
629
477,710
6,499
405
485,243
467,628
467,628
17,615
(3,484)
14,131
321,060
335,191		 Restricted
funds
£
-
1,173,584
-
-
1,173,584
1,148,491
1,148,491
25,093
3,484
28,577
93,276
121,853		 Total
funds
£
629
1,651,294
6,499
405
1,658,827
1,616,119
1,616,119
42,708
-
42,708
414,336
457,044

19 Contingent liabilities

The charity is involved in an employment tribunal. A Judicial Mediation hearing has been set for February 2026 and a Dispute Resolution Hearing for April 2026. The charity can not estimate any potential provision at present as the charity has not yet received clear guidance on the possible outcome from Counsel.

20 Post balance sheet event

Since the year end the charity has vacated its' principal and registered address at 220 Hoe Street and is in the process of relocating to a new location.

33