Charity registration number 1077828 (England and Wales) Company registration number 03618859 CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE LEGAL AND ADMINISTRATIVE INFORMATION Trustees Secretary Key Management Personnel Charity number (England and Wales) Company number Registered office Auditor Bankers M Berrington C Drysdale S Lagoe A Russell A Seidel D Smith C Joyce D Cain J Insley J Insley S Bestwick 1077828 03618859 The Library And Information Centre Eastwood Nottinghamshire NG16 3GB Rogers Spencer Newstead House Pelham Road Nottingham NG5 1AP Lloyds 12-16 Lower Parliament Street Nottingham Nottinghamshire NG1 3DA (Appointed 5 December 2024) (Appointed 11 November 2024) Chief executive officer Operations director
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE CONTENTS Trustees' report Page 1-5 Statement of Trustees' responsibilities 6 Independent auditor's report 7-10 Statement of financial activities 11 - 12 Balance sheet 13 Statement of cash flows 14 Notes to the financial statements 15 - 30
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 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). Objectives and activities Citizens Advice Central Nottinghamshire is established for the promotion of charitable purposes for the benefit of the community in the Borough of Broxtowe and the District of Ashfield and Newark & Sherwood and surrounding areas and in the County of Nottinghamshire for the advancement of education, the protection of health and the relief of poverty, sickness and distress. The Charity provides free, impartial, confidential and independent advice for the benefit of the local community in Broxtowe, Ashfield and Newark & Sherwood and the wider Nottinghamshire community as appropriate. We also exercise a responsible influence on the development of social policies and services and to ensure individuals do not suffer through lack of knowledge or an inability to express their needs effectively. Public benefit The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. How these activities benefit the public: Our staff and volunteers have risen to the challenge as always and their work contributes to the astonishing impact we make, helping clients access much needed additional income, worth nearly £8.4 million in total. Over £1.8 million of clients debt has been written off as a direct outcome of the assistance staff and volunteers have provided to clients seeking help. Evaluation of client outcomes is important to us. We need to know that our work has a lasting impact and have developed advanced ways of measuring this. This year our client evaluation collected 227 responses to questions regarding the sustainability of advice outcomes, well-being and specific questions on how effective our work supporting people's financial resilience is. To summarise, people tell us that they have improved ability to resolve or get help with problems in the future, they feel more supported and less isolated and 63% of clients report a measure of improved financial resilience, an area of work that we are developing in the future due to its importance and relevance to the whole community in Broxtowe, Ashfield and Newark & Sherwood. Through the Financial Resilience project, we have a long-term plan to help more of our clients shift their position in the labour market and increase financial well-being. We offer a range of projects alongside our core advice service and all of these benefit Broxtowe, Ashfield and Newark & Sherwood residents, these projects range from mediation services, mental health support, financial resilience work, money and housing advice, welfare benefits work, projects which work alongside health professionals and digital projects. - 1-
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance Significant activities and achievements against objectives Citizens Advice Central Nottinghamshire is a local independent charity for the community that delivers a significant impact for the community. Last year it helped 15,113 individuals with almost 54,006 problems. The main enquiry areas are benefits, housing and debt. However, in 2024/25 we saw enquiries for help to access charitable support making the top five again following problems with utilities in fourth. Demand remains high at similar levels to last year. Overall, this data shows the impact of the cost-of-living continues to bite hard across Central Nottinghamshire. Feedback from our partners is positive. They tell us that we help them with their objectives for the good of Broxtowe, Ashfield and Newark & Sherwood and we received a 100% approval rating for our partnership working. We know that together our collective impact for the community is greater. This year we have taken the time to provide a summary of the additional projects we run thanks to funding additional to our core service. These projects increase our capacity to help more people and deliver casework on matters that are more complex or for clients that need structured support with multiple problems and disadvantages. It is also important to mention that the additional restricted funds we raise for projects represent new investment in Broxtowe, Ashfield and Newark & Sherwood services. This year the value of new investments brought in by our charity was £1 million. Our volunteers give their time to the community freely. The work they carry out is valued at £907,007. They also gain the skills and experience to move into paid employment. We offer location to locations advice from premises in Beeston (co-located with Broxtowe Borough Council), Eastwood (as part of the Library building), Newark (co located with Newark & Sherwood District Council), Ollerton (Freehold Premises), Ashfield (co located in Kirkby Health & Wellbeing Centre) and we have multiple outreach location across Central Nottinghamshire. Our staff and volunteers work from these five sites Monday to Friday with some staff operating a hybrid working week from home. Advice is also provided by telephone, email and webchat. During the year our staff numbers ranged between 52 and 54 at any one time working alongside our volunteer workforce of approximately 97 including our Trustee Board. Financial review CACN is reliant on income from Local Authority and project funding. Total income during the year was £1,486,815 (2024 - £1,609,431). Of this £959,671 (2024 - £662,737) related to project restricted activities. N.B. 2024 figures included the transfer of the net assets of two Local Citizens Advice who merged with another to form Citizens Advice Central Nottinghamshire. See note 3. Net Income for the year ended 31st March 2025 was £162,779 (2024 - £790,391). This includes a re-measurement gain defined benefit pension scheme for the year ended 31st March 2025 of £248,000 (2024 - £14,000). At 31st March 2025 total reserves were in surplus by £1,267,548 (2024 - £1,104,769) including a pension reserve surplus of £181,000 (2024 - deficit of £67,000). Reserves Policy The Trustees believe that Citizens Advice Central Nottinghamshire should hold financial reserves in order to ensure that the charity can continue to operate and meet the needs of clients in the event of unforeseen and potentially financially When considering the right level of reserves, we will take into account the following: • forecasts of future income, the reliability and sustainability of each source of income and prospects for obtaining income from new sources • forecasts of future expenditure, based on planned activity • analysis of future requirements, opportunities, contingencies (e.g. redundancy and other contractual obligations such as maternity leave) or risks which are unlikely to be covered by income if and when they arise • analysis of the likelihood of such risks arising and the consequences to the charity if they cannot be dealt with. - 2-
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted reserves Each year's budget will include the budgeted reserves at the year end, calculated by taking the Unrestricted Reserves and subtracting Designated Reserves for specific purposes. The Designated Reserves will include: • Redundancy costs should the charity close • Other closure costs should the charity close • Any other designated reserves agreed by the Trustee Board The remaining Unrestricted Reserves will be considered against the budgeted monthly operating costs for the year. The Trustees have excluded the Nottinghamshire County Council pension exit liability from the calculation of reserves on the basis that this is a long term liability that is being adequately managed and is not expected to crystallise in the foreseeable future. The Trustees keep the pension liability under regular review and understand the circumstances when it would become payable. The Trustees believe that on this basis, six months Unrestricted Reserves, net of the Designated Reserves, is a However, from time to time the Trustees may agree a budget which shows year end expected reserves to be lower than this Reserves will be reported each quarter with a forecast for the year end reserves compared to budget. Principal funding sources Major core funders include Newark & Sherwood District Council, Ashfield District Council, Broxtowe Borough Council and Nottinghamshire County Council along with those local parish and town councils which have supported the core operating capacity of CACN. The trustee board extend their gratitude to the ongoing financial support received from these partners. In addition, Newark & Sherwood District Council and Broxtowe Borough council provides CACN with accommodation in Newark, Eastwood and Beeston at a concession to the market rent. Also, CACN qualifies for a full exemption for business rates from the local authority. Additionally, project specific funding was received from: • Community Advice & Law Service in support of MAPS (Money Advice & Pensions Service) debt services, • Newark & Sherwood District Council in support of homelessness prevention, welfare benefits and outreach, • Broxtowe Borough Council for housing, financial resilience and mediation, and Wellbeing Hub, • National Association of Citizens Advice Bureaux in support of energy advice services, remote delivery and cost of living, • National Lottery Community Fund in support of remote supervision, outreach and early intervention, • Trussell Trust, support and advice, • Access to Justice Foundation (IOTLS - Improving Outcomes Through Legal Support) - for welfare benefits, • Henry Smith Charity, financial resilience advice, • Change Grow Live, supporting people with complex needs, • Nottinghamshire County Council, cost of living, financial resilience and support with the Household Support Fund, • NHS Nottingham & Nottinghamshire Integrated Care Board, advice on prescription • Collingham Rural Advice & Resource Centre (CRARC), outreach. • Boots Charitable Trust • Mid Notts Place Based Partnership - Investing in Communities, early intervention work • Nottingham West PCN, advice on prescription The charity did not have any borrowings from any providers of funding or other sources at the balance sheet date. - 3-
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Major risks The Trustees have a risk management strategy which reviews significant risks and uncertainties by the Charity and the relevance of its insurance policies, Apart from key insurance policies, other measures, especially policies and procedures are reviewed which can mitigate risk. The earlier emphasis on maintaining positive relationships with funders, trying to develop reserves and alternative sources of income still remain both relevant and very much a priority. The Trustees have agreed a budget for 2025/26 with a deficit of £229k, in the expectation that the organisation will secure additional funding during the year to significantly reduce this deficit. The Trustees are confident that the organisation will finish the year with reserves within the reserves policy. All the income from funders is guaranteer and we do not expect any of them to end agreements early. Our Chief Executive Officer, Operations Director an Impact & Evaluation Manager have a funding strategy agreed by the Board and continue to apply for grants and develop partnerships to generate future funds. The Chief Executive Officer maintains relationships with existing funders to ensure continuation. Plans for future periods The Charity will look to achieving balanced budgets rather than deficit ones over the next 2 to 3 years and protecting our reserves. We will continue to work in collaboration with partners locally including the other two Citizens Advice local offices to ensure sustainability and efficiency to stabilise and secure the Charity's financial position. Additional funding streams are continually being sourced by the CEO, Senior Management Team and the Impact & Evaluation Manager whilst at the same time protecting our existing funding by offering a high quality, robust and effective service to the residents across Central Nottinghamshire We have a robust business plan covering the period 2025 - 2027 which contains links to other plans such as fundraising strategy, research and campaign plan, community needs analysis and communication plans. Structure, governance and management The Charity is a company limited by guarantee and registered charity. It is operated under the rules of its Articles of Association dated 2nd January 2024. The Charity has been in existence since September 1974. The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: M Berrington C Drysdale G Gadie J Heeley (Resigned 8 July 2025) (Resigned 11 June 2025) S Lagoe J Machary M Pringle (Resigned 26 August 2025) (Resigned 20 May 2024) A Russell A Seidel D Smith C Joyce D Cain (Appointed 5 December 2024) (Appointed 11 November 2024) Recruitment and appointment of trustees Trustees are appointed by an open recruitment method with vacancies advertised through the Citizens Advice network and our local contacts. We also use CharityJob, NCVO and Reach websites. Interested people who apply vill then be invited for an informal chat with the Chair before more formal proceedings begin including applicatio forms, interview and references, due diligence to check fitness and propriety. The Trustees then follow an inductio process with the Chief Executive and are offered training opportunities as appropriate. - 4-
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The day to day management of the charity is delegated to the Chief Executive Officer and the Operations Director. Funds held as custodian trustee CA Central Nottinghamshire holds funds on behalf of Broxtowe Borough Council. By mutual agreement and a signed Service Level Agreement the Homelessness Prevention Funds are held in a separate Lloyds Bank account. Use of the fund can only be to resolve homelessness at the prevention stage, easing the demand on the Council's housing options service:- • ensuring cases are resolved earlier, successfully preventing homelessness • to clients who would be deemed priority need by the Council resulting in a reduction in the demand and use of the Council's temporary accommodation • to resolve cases of threatened homelessness within the private rented sector in conjunction with other schemes such as Call Before You Serve and referrals to other support and advice providers will encourage the sustainment of tenancies which the private rented sector which in turn will ease the burden on the Referrals to the scheme are assessed by two managers and paid following the normal bank mandate. Auditor In accordance with the company's articles, a resolution proposing that Rogers Spencer be reappointed as auditor of the company will be put at a General Meeting. Disclosure of information to auditor Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The Trustees' report was approved by the Board of Trustees. : S Lagoe Trustee Date: .. 3/11/25 -5-
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees, who are also the directors of Citizens Advice Central Nottinghamshire for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fail riew of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 6-
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its ncoming resources and application of resources, including its income and expenditure, for the year ther ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethica requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethica Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe hat 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 onditions that, individually or collectively, may cast significant doubt on the charity'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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit: the information given in the Trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirements. - 7-
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, 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 financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report. Responsibilities of Trustees As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the charity for the purpose 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. - 8-
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: • The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • We identified the laws and regulations applicable to the group through discussions with trustees and other management, and from our knowledge and experience of the charity sector and grant providers; • We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Companies Act 2006, Charities Act 2011, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; • We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and • Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; • Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and • Understanding the design of the charity's remuneration policies. To address the risk of fraud through management bias and override of controls, we: • Performed analytical procedures to identify any unusual or unexpected relationships; • Tested journal entries to identify unusual transactions; • Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and • Investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • Agreeing financial statement disclosures to underlying supporting documentation; • Reading the minutes of meetings of those charged with governance; • Enquiring of management as to actual and potential litigation and claims; and • Reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. - 9-
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE Other matters The financial statements for the previous accounting period were not audited. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. m. Bars Melvin Bailey FCCA DChA (Senior Statutory Auditor) 12/11/25 for and on behalf of Rogers Spencer Chartered Accountants Statutory Auditor Newstead House Pelham Road Nottingham NG5 1AP - 10 -
• CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Current financial year Notes Unrestricted Unrestricted funds funds general Pension fund 2025 2025 € Restricted funds Income from: Donations and legacies Charitable activities Investments Total income Expenditure on: Charitable activities Total expenditure Net income/(expenditure) Transfers between funds Other recognised gains and losses: Actuarial gains on defined benefit pension schemes Net movement in funds Reconciliation of funds: Fund balances at 1 April 2024 As originally reported Prior year adjustment As restated Fund balances at 31 March 2025 6 8 493,484 5,978 27,682 527,144 440,649 440,649 86,495 (43,480) - 43,015 1,036,708 (22,400) 1,014,308 1,057,323 : - 35,000 35,000 (35,000) - 283,000 248,000 (67,000) (67,000) 181,000 958,951 720 959,671 1,108,987 1,108,987 (149,316) 43,480 - (105,836) 135,061 135,061 29,225 Total 2025 Total As restated 2024 1,452,435 6,698 27,682 1,486,815 1,584,636 1,584,636 (97,821) 283,000 185,179 1,104,769 (22,400) 1,082,369 1,267,548 1,582,211 22,214 5,006 1,609,431 1,012,040 1,012,040 597,391 193,000 790,391 314,378 (22,400) 291,978 1,082,369 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 11 -
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Prior financial year Income from: Donations and legacies Charitable activities Investments Total income Expenditure on: Charitable activities Total expenditure Net income/(expenditure) Transfers between funds Other recognised gains and losses: Actuarial gains on defined benefit pension schemes Net movement in funds Reconciliation of funds: Fund balances at 1 April 2023 As originally reported Prior year adjustment As restated Fund balances at 31 March 2024 Notes 5 6 8 Unrestricted Unrestricted funds funds general pension 2024 € 2024 919,474 22,214 5,006 946,694 184,184 184,184 762,510 (15,775) - 746,735 312,373 (22,400) 289,973 1,014,308 : - 207,000 207,000 (207,000) - 193,000 (14,000) (53,000) (53,000) (67,000) - 12- Restricted funds 2024 662,737 662,737 620,856 620,856 41,881 15,775 - 57,656 77,405 77.405 135,061 Total 2024 1,582,211 22,214 5,006 1,609,431 1,012,040 1,012,040 597,391 - 193,000 790,391 336,778 (22,400) 291,978 1,082,369
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 As restated Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand Notes 12 Cre yors: amounts falling due within 14 Net current assets Total assets less current liabilities Defined benefit pension liability Net assets excluding pension surplus/(deficit) Defined benefit pension surplus 16 16 Net assets The funds of the charity Restricted income funds Unrestricted funds Pension reserve 24,860 € 34,777 229,740 1,039,034 1,268,774 (207,086) 119,544 1,058,757 1,178,301 (63,709) 1,061,688 1,086,548 - 1,086,548 181,000 1,267,548 1,114,592 1,149,369 (67,000) 1,082,369 - 1,082,369 29,225 1,057,323 181,000 1,267,548 135,061 1,014,308 (67,000) 1,082,369 The financial statements were approved by the Trustees on ... 3/11/25 stage S Lagoe Trustee Company registration number 03618859 (England and Wales) - 13-
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 € Cash flows from operating activities Cash (absorbed by)/generated from perations Investing activities Purchase of tangible fixed assets Investment income received Net cash generated from/(used in) investing activities Net cash generated from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Notes 21 2024 (47,405) 740,137 27,682 (49,556) 5,006 27,682 - (19,723) 1,058,757 1,039,034 (44,550) 695,587 363,170 1,058,757 -14-
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1 Accounting policies Charity information Citizens Advice Central Nottinghamshire is a private company limited by guarantee incorporated in England and Wales. The registered office is The Library And Information Centre, Eastwood, Nottinghamshire, NG16 3GB. 1.1 Accounting convention Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income ncome is recognised when the charity is legally entitled to it after any performance conditions have been met he amounts can be measured reliably, and it is probable that income will be received Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 15-
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 1.5 Accounting policies (Continued) Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs anc shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single 1.6 1.7 depreciation charges are allocated on the portion of the asset's use. Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings Leasehold improvements Fixtures and fittings Computers Motor vehicles 2% straight line basis 10% straight line basis 15% reducing balance basis 33.3% straight line basis 20% straight line basis The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. - 16-
• CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 1 Accounting policies (Continued) Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course o perations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.11 Retirement benefits The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice. The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred. The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/(expenditure) for the year. Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income/ (expenditure) in subsequent periods. The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme. - 17 -
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 2 Critical accounting estimates and judgements In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future - 18 -
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Donations and legacies Donations and gifts name com merger Unrestricted funds general 2025 99,161 394,323 Restricted funds 2025 Total 2025 958,951 99,161 1,353,274 493.484 958,951 1.452435 Unrestricted funds general 2024 5,902 225,142 688,430 919,474 Restricted funds 2024 584,938 77,799 662,737 Total 2024 5,902 810,080 766,229 1,582,211 Donated goods and services Citizens Advice Central Nottinghamshire has an agreement to rent offices within the Broxtowe Borough Council building for £10,000 per year (all costs included). This is a payment in kind as part of the three year rolling grant agreement due to be renewed in April 2027. An agreement is also in place in respect of Castle House desk licences. The annual licence fee is £36,540. Concession of £29,040 is granted, resulting in £7,500 per annum payable by the charity. - 19 -
• CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 4 Income from charitable activities Unrestricted Restricted funds funds 2025 2025 5 Charitable activities Other income Income from investments 5,978 720 Total Unrestricted Restricted funds funds 2025 2024 € 6,698 22,214 - Total 2024 € 22,214 Interest receivable Unrestricted Unrestricted funds funds 2025 € 2024 € 27,682 5,006 - 20 -
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 6 Expenditure on charitable activities Direct costs Staff costs Depreciation and impairment Staff training Volunteer expenses & training Travel & subsistence Disbursements Communications Accountancy fees / consultancy charges Legal & professional fees Subscriptions Insurance IT equipment & support Office equipment Printing, postage & stationery Premises expenses Bank charges Miscellaneous expenses Other charitable expenditure Share of support and governance costs (see note 7) Governance Analysis by fund Unrestricted funds - general Unrestricted funds - pension Restricted funds Charitable activities 2025 € 1,293,039 9,918 4,861 11,888 16,348 36,533 16,117 4,520 9,534 10,386 2,916 42,529 1,566 3,786 88,555 233 932 - 1,553,661 30,975 1,584,636 440,649 35,000 1,108,987 1,584,636 7 Support costs allocated to activities Governance Charitable activities 2025 30,975 -21- Charitable activities 2024 € 854,601 6,445 1,376 6,892 3,438 7,142 8,945 14,420 18,030 10,126 3,645 16,697 1,561 5,837 32,948 177 101 8,259 1,000,640 11,400 1,012,040 184,184 207,000 620,856 1,012,040 Total 2024 € 11,400
• CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 7 Support costs allocated to activities (Continued) 2024 Governance costs comprise: Staff costs Audit fees 8 2025 € 20,725 10,250 30,975 2025 € 11,400 11,400 2024 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable to the charity's auditor: - for the audit of the charity's financial statements - for other financial services Depreciation of owned tangible fixed assets 8,000 2,250 9,918 5,725 3,575 6,444 9 Trustees None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 10 Employees The average monthly number of employees during the year was: 2025 Number 53 2024 Number 31 Employment costs Wages and salaries Social security costs Employers contributions to pension schemes Other pension costs 1,125,521 91,823 61,420 35,000 1,313,764 583,494 38,675 25,432 207,000 854,601 There were no employees whose annual remuneration was more than £60,000. - 22-
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Employees Remuneration of key management personnel The remuneration of key management personnel was as follows: 2025 € 139,633 (Continued) 2024 73,878 Aggregate compensation 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Tangible fixed assets Freehold land Leasehold Fixtures and Computers and buildings improvements fittings Motor vehicles Cost At 1 April 2024 At 31 March 2025 35,000 35,000 Depreciation and impairment At 1 April 2024 (As restated) Depreciation charged in the year At 31 March 2025 Carrying amount At 31 March 2025 At 31 March 2024 (As restated) 22,400 700 23,100 11,900 12,600 13 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 22,301 22,301 22,301 - 22,301 - - 84,684 84,684 72,606 1,812 74,418 10,266 12,078 80,176 80,176 70,076 7,406 77,482 2,694 10,099 65,018 65,018 65,018 65,018 - - 2025 178,199 38,665 12,876 229,740 Total 287,179 287,179 252,401 9,918 262,319 24,860 34,777 2024 € 90,934 26,554 2,056 119,544 - 23-
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Creditors: amounts falling due within one year Other taxation and social security Dotered income Accruals Notes 15 2025 21,511 134,064 9,222 42,289 207,086 2024 19,287 9,000 4,544 30,878 63,709 15 Deferred income 2025 € 134,064 2024 € 9,000 Other deferred income Deferred income is included in the financial statements as follows: Deferred income is included within: Current liabilities Movements in the year: Deferred income at 1 April 2024 Released from previous periods Resources deferred in the year Deferred income at 31 March 2025 2025 134,064 9,000 (9,000) 134,064 134,064 2024 9,000 : 9,000 9,000 16 Retirement benefit schemes Defined benefit schemes The charity participates in the Nottinghamshire County Council Pension Fund, a multi-employer defined benefit final salary scheme. The scheme is administered for the benefit of Local Authority employees and other bodies and is managed in accordance with the Local Government Pension Scheme Regulations. The The most recent comprehensive rolled on actuarial valuation report was carried out on 31 March 2024 by Barnett Waddingham. - 24-
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Retirement benefit schemes Amounts recognised in the profit and loss account: Current service cost let interest on defined benefit liability/(asse lestriction on net interest income credited to the income statemer Total costs Amounts taken to other comprehensive income: Actual return on scheme assets Less: calculated interest element Return on scheme assets excluding interest income Restriction on net interest income credited to the income statement Actuarial changes related to obligations Total costs/(income he amounts included in the balance sheet arising from the charity obligations in respect of defined benefit plans are as follows Present value of defined benefit obligations Fair value of plan assets (Surplus)/deficit in scheme Movements in the present value of defined benefit obligations: 2025 € 32,000 87,000 (85,000) 34,000 2025 (44,000) 44,000 85,000 (334,000) (249,000) 2025 2,462,000 (2,643,000) (181,000) Liabilities at 1 April 2024 Current service cost Benefits paid Contributions from scheme members Actuarial gains and losses Interest cost At 31 March 2025 The defined benefit obligations arise from plans which are wholly or partly funded. - 25- • (Continued) 2024 € 14,000 (123,000) 128,000 19,000 2024 (177,000) 177,000 (128,000) (65,000) (193,000) 2024 2,729,000 (2,662,000) 67,000 2025 2,729,000 32,000 (106,000) 10,000 (334,000) 131,000 2,462,000
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Retirement benefit schemes Movements in the fair value of plan assets: (Continued) Fair value of assets at 1 April 2024 Interest income Benefits paid Contributions by the employer Contributions by scheme members At 31 March 2025 The actual return on plan assets was £129,000 (2024 - £49,000). The fair value of plan assets at the reporting period end was as follows: 2,662,000 44,000 (106,000) 33,000 10,000 2,643,000 Fund assets 2025 2,643,000 2024 2,662,000 - 26 -
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Restricted funds Th usesticted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may Balance at 1 April 2023 Movement in funds Resources expended Transfers Balance at 1 April 2024 Movement in funds Incoming resources Resources expended Transfers Balance at 31 March 2025 The Henry Smith Charity Housing (Broxtowe) Homeless Prevention Fund National Lottery AOP Hope (Trussell Trust) Wellbeing Hub Homelessness Disbursement Fund Meditation Project CGL (Change Grow Live) COL FR PBP Mid Notts Access to Justice Foundation (IOTLS - Improving Outcomes Through Legal Support) MAPS Outreach Collingham Reaching Communities NCLF Advice for Outcomes Remote Advice UKSP FR Debt Project (Newark & Sherwood) Early intervention Outreach (Newark & Sherwood) Remote Advice 12,521 6,398 (705) 1,582 35,000 10.060 4.996 6,597 51,407 44,700 10,899 27,905 17,531 10,193 18,061 2,768 20,775 73,041 915 24,172 (18,760) (38,516) (4,748) (38,741) (25,943) (14,323) (36,515) (8,343) (13,984) (1,048) (18,098) (60) (29,196) (82,050) (3,881) (17,545) (4,098) 19,661 3,688 1,144 10,150 18,757 3,424 26,390 1,717 8,543 9,145 (37) (2,708) 8,421 9,009 2,966 6,627 41,500 67,958 53,230 11,599 10,000 9,692 (27,031) (78,547) (19.942) (2,850) (12,630) (9,029) - 27- 14,469 10,589 (33,288) 8,749 2,630 12 675 43,200 51,257 (38,644) (53,682) (43,096) (45,852) (43,025) (13,658) (24,724) (43,949) (13,768) (1,144) (10,150) 5,339 16,430 (7,841) 10,449 1,263 19,000 29,422 24,476 13,000 26,682 35,392 1,059 10,501 588 47,319 81,569 203,948 15,356 70,773 95,527 20,750 68,000 55,000 (49,485) 2,166 15,000 (81,533) (239,397) (19,100) (72,035) (99,228) (23,728) (73,771) (57,931) (19,931) (20,611) (36) 35.449 3.744 5,365 3,701 (11,491) 5,771 2,931 11,182 5,611 (675)
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Restricted funds Welfare Benefits (Newark & Sherwood) Henry Smith Cost of Living Energy Advice Good Ideas Fund Awards for All Energy (Newark & Sherwood) Newark & Tuxford Foodbank (Trussell Trust) MAPS (Newark & Sherwood) MAPS A Early Intervention A 7,553 10,000 14,163 14.613 10,000 77,405 4,493 18,606 21,709 4,504 662,737 (11,203) (8,780) (4,382) (12,717) (13,073) (7,553) (4,497) (5,762) (20,768) (21,739) (8,602) (620,856) - 28- 1,203 4,382 (1,896) 3,073 4,97 1,269 2,162 30 4,098 15,775 5,383 - - 135,061 44,000 959,671 (45,607) (1,108,987) (Continued) 1,607 (5,383) 43,480 29,225
• CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Analysis of net assets between funds At 31 March 2025: Tangible assets Current assets/(liabilities) Provisions and pensions At 31 March 2024: Tangible assets Current assets/(liabilities) Provisions and pensions Unrestricted Unrestricted funds funds general pension 2025 2025 € 24,860 1,032,463 - 1,057,323 181000 181,000 Unrestricted Unrestricted funds funds general pension 2024 € 2024 34,777 979,531 1,014,308 : (67,000) (67,000) Restricted funds 2025 29,225 - 29,225 Restricted funds 2024 135,061 135,061 Total 2025 24,860 1,061,688 181,000 1,267,548 Total 2024 34,777 1,114,592 (67,000) 1,082,369 19 Related party transactions There were no disclosable related party transactions during the year (2024 - none). 20 Prior Period Adjustment The prior period adjustment relates to a change in policy regarding the depreciation of the freehold land and buildings. - 29 -
CITIZENS ADVICE CENTRAL NOTTINGHAMSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Cash (absorbed by)/generated from operations (Deficit)/surplus for the year Adjustments for: Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets Difference between pension charge and cash contributions Movements in working capital: (Increase) in debtors Increase in creditors Increase in deferred income Cash (absorbed by)/generated from operations 2025 (97,821) (27,682) 9,918 35,000 (110,196) 18,312 125,064 (47,405) - 30 - 2024 597,391 (5,006) 6,445 207,000 (100,545) 25,852 9,000 740,137