Company Registration Number: 03954988 Charity Registration Number: 1080581 Citizens Advice Copeland Financial Statements For the Year Ending 31 March 2024 JANE ASCROFT ACCOUNTANCY LIMITED Chartered accountants Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XT
Citizens Advice Copeland Financlal Statements Year Ended 31 March 2024 Page Trustees. Annual Report (Incorporating the Director's Report) Independent Examinerfs Report to the Trustees Statement of Financial Activities (Including Income and Expenditure Account) Statement of Financial Position 10 statement of Cash Flows 11 Notes to the Financial Statements The Following Pages Do Not Form Part of the Financial Statements Detailed Statement of Financial Activities 12 29
Citizens Advice Copeland Trustees. Annual Report (Incorporatlng the Dlrectorfs Report) Year Ended 31 March 2024 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. Ob ectives and Activitl8S The aims of the company are: To promote any charitable purpose for the benefit of the community in the Copeland area by the advancement of education. the protection of health and the relief of poverty, sickness and distress. Our activities principally relate to providing advice on money (debt) and welfare benefits, together with housing advice and specialist services for people with physical or mental ill health and others. We help people overcome their problems and we campaign on big issues when their voices need to be heard. We ensure that the purpose of our charity is beneficial and carried out so as to benefit the public beneficially. We identify risks of harm and minimise those risks. We seek to ensure that the advice we provide is available to all who need it. We do not charge for our service and people receive no unnecessary personal benefits. We are a volunteer led service which relies on a team of volunteers to undertake a number of roles within our organisation. Our volunteer roles include Trustees, Advisers, Administrators and Campaigners.
Citizens Advice Copeland Trustees. Annual Report (Incorporating the Directorfs Report} (continued) Year Ended 31 March 2024 Achievements and Performance This year Citizens Advice Copeland has continued to work to meet the needs of people living and working throughout Copeland. Our free, independent, confidential service remains in demand with more of our clients requiring longer term support with more complex issues. Our key stats for the period are: 2,116 clients supported 20,017 issues dealt with Our income gains for this period total (confirmed and expected)- £3,5 million income gain £971,912 debts written off £1.14 million debts rescheduled £1.87 million benefits maintained, debts repaid and debts under control In addition to this: 140 Food vouchers were issued 166 Fuel l Food vouchers totalling £8,968 were issued 6 applications to the Credit Union hardship fund were made totalling £1500 100 Hardship grants were issues totalling £5071 45 Clients were supported from our Hardship Relief Fund totalling £19,846.20 The most significant issues were- 29.780/0 relating to benefits and 26.38 % relating to debt This year we have delivered projects for the following funders:. Cumberland Council Copeland Community Fund Citizens Advice Energy Advice Programme Money and Pensions SeNice Cost of Living Project Sellafield Ltd Groundwork North East and Cumbria Macmillan Cancer Support The National Lottery Community Fund Phoenix Enterprise Centre Phyllis Harney Trust Cumbria Community Foundation All these projects have allowed us to meet the needs of some of our most vulnerable residents. We have continued to develop the provision of financial wellbeing support via our website which covers a range of topics such as how to plan a sustainable budget, saving and planning for the future and how to manage a change in income. Working in partnership with Citizens Advice Allerdale we have also delivered workshops to schools promoting the benefits of, and helping students to, plan and save for their future. We continue to have strong partnerships with a range of organisations including Cumberland Council, Time To Change West Cumbria, Phoenix Enterprise Centre and Whitehaven, Egremont and District Credit Union to provide services and support for those who continue to be affected by the cost of living crisis. We met the performance requirements of our funders (a requirement in order to receive the funding).
Citizens Advice Copeland Trustees. Annual Report (Incorporatlng the Director's Report) {¢ontinugdJ Year Ended 31 March 2024 We were successful with sufficient bids to provide services meeting our aims and values to almost cover our costs therefore achieving our funding objectives. Financial Review The charity showed a deficit for the year of £32,410 (2023 - £6,504). At 31 March 2024 general reserves totalled £127,738 and there was a further £77,332 in designated funds. Restricted funds totalled £2,786. 4.5 % of income is 'core funding, from Cumberland Council to deliver advice services throughout the Copeland Area. This is agreed via an annual seiCe Level Agreement. We deliver a county-wide welfare benefit contract (through Citizens Advice Cumbria) for Macmillan Cancer Support. Our remaining funding supports us to deliver energy, financial wellbeing, benefit and debt advice projects. We are increasingly working in partnership with other organisations (eg Whitehaven and Egremont District Credil Union and Citizens Advice Allerdale) for delivering these projects. Fundraising is typically less than 1 % of the total income received. Reserves Policy Our income is dominated by competitive contracts providing restricted funds which create minimal opportunity for building reserves. Our financial position is precarious due to the uncertainty both of receiving and the short term nature of these contracts. To achieve the aims of our charity we must seek to preserve our solvency requiring reserved funds to manage credible risks. The current view of the amount our charity needs to hold in reseNe is £118,000 (-11 weeks trading costs) but that is an aspirational target Our ability to increase the level of reserve is constrained not only by the difficult financial climate but also becaLrse most of our income is restricted to specific projects and so we are not at liberty to div8rt it to other uses such as reserves. Going Concern While we are confident that we remain a going concern in that our funders continue to value our service, changes to their financial stability could affect that confidence. The short tem nature of most of our funding is a vulnerability which we have limited scope to influence. Investment Policy We have insufficient funds to make social investments and therefore have no associated policy.
Citizens Advice Copeland Trustees, Annual Report {Incorporating the Dlrector's Report) (continuedj Year Ended 31 March 2024 Plans for Future Periods The key objectives for 2024125 are the development of our service to not only meet the need5 of our communities but also ensure that through partnership working and funding we remain a leading West Cumbrian charity supporting some of our mosl vulnerable clients through crisis. To do this we will focu5 on the following four areas: Partnerships We will develop relationships with the LCAS under Cumberland council control to maximise benefit for all. We will enhance our advice by working alongside key service providers whose organisations complement our service. We will look for new opportunities to promote our organisation and the services we provide in order to increase our reach across Copeland. Advice Deliver our service to ensure access to anyone who needs it, ensuring it advances equity, diversity, and inclusion. Sustalnabillty We will ensure that we secure our future as a service through a more collaborative, proactive and competitive approach to fundraising and funding whilst keeping true to our principles. People To attract and retain high-quality staff and volunteers (incl trustees) to help us be an effective and inclusive employer. We continue to build strong relationships with local agencies and support groups working with them to meet the needs of our community. Joint working with other local Citizens Advice offices in Cumbria continues and we continue to play an active role in this.
Citizens Advice Copeland Trustees, Annual Report (Incorporatlng the Director's Report) (condnued) Year Ended 31 March 2024 Structure Governance and Mana ement Governing Document The company was established under Memorandum of Association which established the objects and powers of the charitable company governed under its Articles of Association. Subsequently we adopted the National Citizens Advice model Articles of Association (which incorporate the relevant parls of the memorandum) to implement the requirements of the Companies Act 2006. We also altered our name to align to National Citizens Advice branding removing the term 'Bureau' so changing from 'Copeland Cilizens Advice Bureau, to 'Citizens Advice Copeland, on 15 January 2019, also approved by both bodies. The organisation is a charitable company limited by guarantee, incorporated in 03 March 2000 and registered as a charity on 05 May 2000. In the event of the company being wound up members are required to contribute an amount not exceeding £1. Recrultment and Appointment of Trustees The directors of the company are also charity trustees for the purposes of the Charity Law and under tha Company's Articles are known as members of the Management Council. Under the requirements of the Memorandum and Articles of Association in every subsequent year one-third of the members of the council for the time being or, if their number is not three or a multiple of three. then the number nearest one-third, shall retire from office. The members of the Council to retire in every year shall be those who have been longest in office since their last election, but as beeen persons who become members of the Council on the same day those to retire shall (unless they otherwise agree amongst themselves) be determined by lot. Trustee Induction and Tralnlng Trustees are given induction training by attending an initial meeting where the aims and objectives of the charily are clarified and explained. Packs explaining the roles, duties and responsibilities of Trustees are provided. All new trustees receive the Charity Commissions guide 'The Essential Trustee,. Trustees attend further appropriate training courses organised by Citizens Advice nationally. Organisational Struclur8 The charity has a Management Board of up to fifteen members with a minimum of three, who meet regularly and are responsible for the strategic direction and policy of Ihe charity. Al present, the Board has eight members from a variety of professional backgrounds relevant to the work of the charity. The Management Board has appointed a Finance and Risk Group which comprises of a representative from the Management Board. the Finance Officer and Chief Officer. They meet on a quarterly basis to discuss issues relating to funding, review finance reports, discuss our budget and ensure that accounts reports are presented to the Board on a quarterly basis for their approval. The Chief Officer has responsibility for securing all funding and the day to day operational management of the organisation ensuring that the team continues to develop their skills and working practices in line with best practice.
Citizens Advice Copeland Trustees. Annual Report (Incorporatlng the Dlrector's Report) (continued) Year Ended 31 March 2024 Risk Management The Board of Management reviews the major risks to the charity on an ongoing basis. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers and visitors to the bureau. We have adopted an information risk assurance policy and have developed our arrangements to meet the requirements of Ihe Data Protection Act legislation implemented in 2018. Related Parties The charity Co-operates with the National Association of Citizens Advice in the pursuit of its charitable objectives. The charity is a member of Citizens Advice Cumbria and deliver project work as a sub-contractor on county wide contracts secured by CAC {Macmillan project). The Chief Officer attends meetings of other voluntary organisations in the area to promote cohesive seNice delivery, to identify any gaps in the provision of seNices, particularly for'hard to reach, and vulnerable groups and to to seek out opportunities for collaborative delivery. Key management personnel remuneration The trustees consider the Board of Trustees and the chief executive as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 15 to the accounts. The pay of the charity's chief executive is reviewed annually and assessed in accordance with average earnings. The remuneration is also bench-marked with charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.
Citizens Advice Copeland Trustees, Annual Report (Incorporating the Dlrector's Report) (contlnued) Year Ended 31 March 2024 Reference and Administrative Details Registered charity name Citizens Advice Copeland Charity registration number 1080581 Company registration number 03954988 Principal office and registered Phoenix House office 3-5 Jacktrees Road Cleartor Moor Cumbria CA25 5BD The Trustees Mr P Hanratty Mr G P Smith Mrs J L Donaldson Mr D J Wallace (Chair) Mrs H M Conway Mr C Brown Ms S Graham Ms G Elliott Mr K Peel (Resigned 8 November 2023) (Resigned 19 February 2024) (Appointed 16 August 2023) (Appointed 16 August 2023) (Appointed 13 December 2023) (Appointed 13 December 2023) Company Secretary Mrs J L Donaldson Independent Examiner Jane Ascroft FCA MA (Cantab) Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XT Small Company Provislons This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on trustees by.. and signed on behalf of the board of Trustee LQ Lkn
Citizens Advice Copeland Independent Examinerfs Report to the Trustees of Cltlzens Advlce Copeland Year Ended 31 March 2024 I report to the trustees on my examination of the financial slatements of Citizens Advice Copeland ('the charity,) for the year ended 31 March 2024. Responsibilities and Basis of Report As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examlnerfs Statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies. I have completed my examination. I confirm thal no malters have come to my attention in connection with the examination giving me cause to believe- accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act,. or the financial statements do not accord with thos8 records. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination., or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Jane Ascroft FCA MA (Cantab) Independent Examiner Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XT
Citizens Advice Copeland Statement of Financial Activltles (including Income and expenditure account) Year Ended 31 March 2024 2024 Restricted funds Total funds Unrestricted funds 2023 Note Total funds Income and endowments Donalions and legacies Charitable activities Investment income Other income 2,241 62,000 2,579 642 2,241 690,603 2,579 643 2,509 704,713 501 1.201 628,603 Total income 67,462 628,604 696,066 708,924 Expenditure Expenditure on charitable activities Total expenditure 9,10 71,273 657,203 728,476 715.428 71,273 657,203 728,476 715,428 Net expenditure (3,811) (28,599) (32,4101 (6.504) Transfers between funds (2,118) 2,118 Other recognlsed gains and losses Revaluation loss {8,720) (14,649) {8.720) {41,130} Net movement in funds (26.481) (6.504) Reconciliatlon of funds Total funds brought forward Total funds carried forward 219,719 29,267 248,986 255,490 248,986 205,070 2,786 207,856 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 12 to 27 form part of these financial statements.
Citizens Advice Copeland Statement of Financial Position 31 March 2024 2024 2023 Note Fixed Assets Tangible fixed assets 16 75,934 83,720 Current Assets Debtors Cash at bank and in hand 17 75,730 154,358 230,088 66,695 203,986 270.681 Creditors: amounts falling due wlthin one year Net Current Assets Total Assets Less Current Liabllities Net Assets 18 98,166 131,922 105,415 165,266 207,856 248.986 207,856 248,986 Funds of the Charity Restricted funds Unrestricted funds Total charity funds 2,786 205,070 207.856 29,267 219,719 248,986 21 For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on and are signed on behalf of the board by.. trji c.A.8rfatrirJ Trustee The notes on pages 12 to 27 fomi part of these flnanclal statements. 10
Citizens Advice Copeland Statement of Cash Flows Year Ended 31 March 2024 2024 2023 Cash Flows from Operating Activities Net expenditure (32,410) (6,504) Adjustments for.. Depreciation of tangible fixed assets Other interest receivable and similar income Accrued income 3,591 {2.579) (48,523) 12.975 (501) (13,867) Changes in.. Trade and other debtors Trade and other creditors 52,174 (19,935) (47,682) (18,010) 155 Cash generated from operations (25,752) Interest received 2,579 501 Net cash used in operating activities (45,103) (25,251) Cash Flows from Investing Activities Purchase of tangible assets Net cash used in investing activities (4,525) {4,525) Net Decrease In Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year Cash and Cash Equivalents at End of Year (49,628) 203,986 (25,251) 229,237 154,358 203,986 The notes on pages 12 to 27 form part of these flnancial statements. 11
Citizens Advice Copeland Notes to the Financial Statements Year Ended 31 March 2024 General Informalion The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Phoenix House, 3-5 Jacktrees Road, Cleartor Moor, Cumbria, CA25 5BD. Statement of Compliance These financial statements have been prepared in compliance wilh FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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) (Charities SORP (FRS 1021) and the Companies Act 2006. Accounting Pollcies Basis of Preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going Concern While we are confident that we remain a going concern in that our funders continue to value our service, changes to their financial stability given the uncertain political and economic environment could affect that confidence. Judgements and Key Sources of Estimatlon Uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The trustees consider that there are no significant estimates or judgements affecting these financial statements. Fund Accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. 12
Citizens Advice Copeland Notes to the Financial Statements {¢ontinued) Year Ended 31 March 2024 Accounting Policies (contlnued) Income All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable Irading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitsble activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tanglble Assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 13
Citizens Advice Copeland Notes to the Flnanclal Statements {continuad) Year Ended 31 March 2024 Accounting Policies (continued) Tangible Assets (contlnuedj An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain. in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreclation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Straight line over 50 years Straight line over 20 years Straight line over 3 - 5 years Freehold property Long leasehold property Fixtures and fittings Impainnent of Fixed Assets A review for indicators of impairment is carried out at each reporting dale, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Flnancial Instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Defined Contribution Plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. 14
Citizens Advice Copeland Notes to the Flnancial Statements (continued) Year Ended 31 March 2024 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounls due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date. Cash at Bank and In Hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or eslimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. Taxation The company is considered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Limlted by Guarantee The company is limited by guarant8e. At 31st March 2024 there were 7 members each of whom had undertaken to contribute an amount not exceeding £1 in the event of a winding up. Donations and Legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations 2,241 2,241 2,509 2,509 15
Citizens Advice Copeland Notes to the Financlal Statements (continued) Year Ended 31 March 2024 Charitable Activities Unrestricted Funds Restricted Total Funds Funds 2024 Macmillan MaPS DAP CC Money Advice Cumberland Council National Citizens Advice Phyllis Harney Trust Groundwork North East & Cumbria Sellafield Cumbria Community Foundation Copeland Community Foundation Other grants 51,370 107,815 57,060 33,933 46,798 51,370 107,815 57,060 65,933 46,798 25,000 501 5.000 139,316 183,688 8,122 32,000 25,000 501 5,000 139,316 183,688 8,122 62.000 628,603 690.603 Unrestricled Funds Restricted Total Funds Funds 2023 Macmillan MaPS DAP CC Money Advice Copeland Borough Council Cumberland Council National Citizens Advice The National Lottery Community Fund Phyllis Harney Trust Groundwork North East & Cumbria Cumbria Community Foundation Copeland Community Foundation Other grants 28,920 111,598 57.060 5,000 80,036 23,244 50,833 28,920 111,598 57,060 37.000 87,036 23,750 50,833 30,000 39,452 125,577 90,774 22,713 32,000 7,000 506 30,000 39,452 125,577 90,774 21,301 1,412 70,918 633,795 704,713 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 2,579 2,579 501 501 Other Income Unrestricted Funds Restricted Total Funds Funds 2024 Other income 642 643 16
Citizens Advice Copeland Notes to the Financlal Statements (continued) Year Ended 31 March 2024 Other Income (continued) Unrestricted Funds Restricted Total Funds Funds 2023 Other income 919 282 1,201 Expenditure on Charitable Activlties by Fund Type Unrestricted Funds Restricted Total Funds Funds 2024 Direct charitable costs Support costs 44,769 26.504 558,798 98,405 603,567 124,909 71,273 657,203 728.476 Unrestricted Funds Restricted Total Funds Funds 2023 Direct charitable costs Support costs 43,453 31,927 567,152 72,896 610,605 104,823 715,428 75.380 640,048 10. Expenditure on Charltable Actlvities by Activlty Type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Direct charitable costs Governance costs 603,567 123,709 1,200 727,276 1,200 714,421 1,007 603,567 124,909 728,476 715,428 11. Net Expenditure Net expenditure is stated after chargingl(crediting)'. 2024 2023 Depreciation of tangible fixed assets 3,591 12,975 12. Independent Examination Fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements 1,200 1,200 17
Citizens Advice Copeland Notes to the Flnanclal Statements (contlnued) Year Ended 31 March 2024 13. Staff Costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 467,972 43,969 20,882 430,532 39,821 18,442 532,823 488,795 Citizens Advice Copeland payrolled costs include two employees who are contracted to a neighbouring independent charity. There is an arrangement between the charities that the employees are processed via Citizens Advice Copelands who are in lurn reimbursed the cost by the independent charity. The payrolled costs of the above employees and respective reimbursements are not included within the financial statements of the company. The average head count of employees during the year was 1712023.. 16). The average number of full-time equivalent employees during the year is analysed as follows: 2024 2023 No. Project staff Supervisory staff Administrative staff other staff 17 16 No employee received employee benefits of more than £60,000 during the year (2023: Nil). Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £52.413 {2023:£50,285). 14. Trustee Remuneratlon and Expenses Trustees have received nelther remuneration nor expenses during the current and previous period. 15. Transfers Between Funds Unrestricted funds have been used to cover small deficits on a number of restricted funds during the year. Restricted funds with small surpluses arising due to cost allocations have been moved to unrestricted reserves. 18
Citizens Advice Copeland Notes to the Financial Statements (continued) Year Ended 31 March 2024 16. Tangible Fixed Assets Freehold Fixtures and property fittings Total Cost At 1 April 2023 Additions Revaluations 133,399 60,368 4,525 193,767 4,525 (8,720) 189,572 (8,720) 124,679 At 31 March 2024 64,893 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 49,679 2,083 60,368 1,508 110,047 3.591 51,762 61,876 113,638 Carrying amount At 31 March 2024 72,917 3.017 75,934 At 31 March 2023 83,720 83.720 Tangible fixed assets held at valuation The freehold property at Millom was revalued in June 2024 by H & F Estate & Letting Agency at £75,000. 17. Debtors 2024 2023 Trade debtors Prepayments and accrued income 14,118 52.577 75,730 75,730 66,695 18. Creditors: amounts falling due withln one year 2024 2023 Trade creditors Accruals and deferred income 3,599 94,567 1.159 104,256 98,166 105,415 19. Deferred Income 2024 2023 At 1 April 2023 Amount released to income Amount deferred in year At 31 March 2024 101,323 100,231 (101,323) (100,231) 78,948 101,323 78,948 101,323 19
Citizens Advice Copeland Notes to the Financial Statements (Gontlnued) Year Ended 31 March 2024 19. Deferred Income (continued) The deferred income at the reporting date relates to a grants received during the year which relate to future accounting periods. The grants are in relalion to the TWC Financial Wellbeing Project, the TWC Core Costs, the TWC Mental Health and Wellbeing, the CC Form Filling Project, the Financial Inclusion project, the Waiting Well project and the Cumberland Council core grant. 20. Pensions and Other Post Retirement Benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £20,882 (2023: £18,442). 20
Citizens Advice Copeland Notes to the Flnancial Statements (contlnued) Year Ended 31 March 2024 20. Pensions and Other Post Retlrement Benefits (continued) TPT Retiremenl Solutions - The Growth Plan The company participates in the scheme, a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to oblain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject lo the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, togelher with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last-man standing arrangement,. Therefore the company is potentially liable for other participating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m. liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows: Deflclt contributlons From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly) Unless a concession has been agreed with the trustee the term to 31 January 2025 applies. Note that the scheme's previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows.. Deficit contributions From 1 April 2019 to 30 September 2025: £11,243,000 per annum (payable monthly and increasing by 3 % each on 1st April) The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. 21
Citizens Advice Copeland Notes to the Financial Statements (Continued) Year Ended 31 March 2024 21. Analysis of Charitable Funds Unrestricted funds At 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers General funds Capital Fund Phyllis Harney Trust 131,839 83,720 42,462 (43,398) (2,432) (3,165) 1,047 127,738 73,615 (8,720) 4.160 25,000 67,462 (25,4431 (71,273) 3,717 219,719 (2.118) (8,720) 205,070 At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expenditure Transfers General funds Capital Fund Phyllis Harney Trust 134,897 44,447 (32,010) (15,495} (12,975) 96,695 131,839 83,720 4,155 30,400 74,847 (30,3951 {75,380) 4,160 139,052 81,200 219,719 Restricted funds At 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers Equipment Financial Inclusion Project CCC Money Advice MASDAP Macmillan Groundwork Phoenix Enterprise Centre project TWC Financial Wellbeing TWC Core Costs TWC Bedrock Fund (1,159) 3,478 2.319 161,734 (161,322) (412) 1.123 2,215 382 57,060 107,815 51,371 501 (57,992) (108,487) (51.575) (3,116) (191) (1 ,543) (178) 2,615 7,656 (7.619) (37} 3,138 6,241 67,147 22,507 (70,172) (28,670) (113) (78) 2,949 42,500 (45.277) (172) 22
Citizens Advice Copeland Notes to the Financlal Statements {¢ontinued) Year Ended 31 March 2024 21. Analysis of Charitable Funds (continued) Energy Advice Project CCC First Contact CCC Mental Wellbeing Project Copeland Hardship Relief Fund TWC Mental Health & Wellbeing Waiting Well project Cost Of Living project CC Form Filling Project 9,799 31,798 22,408 (41,485) (22,311) {112) (97) 382 6,443 (6,480) (345) 3,038 21,953 (24,379) (612} 7,162 (7.145) (17) 467 467 15,000 (14,950) {50) 5,082 (5,064) (657,203) (18) 2,118 29,267 628,604 2,786 Al 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expenditure Transfers Equipment Financial Inclusion Project CCC Money Advice MASDAP Macmillan Groundwork Phoenix Enterprise Centre project TWC Financial Wellbeing TWC Core Costs CCC Hardship Fund 86,048 (86.048) 138,569 1140.641) 2,072 1,189 2.116 402 57.060 111,598 28,920 39,452 (57,126) (111,499) (28,940) (39,882) 1,123 2,215 382 430 7,656 (7,646) {10) 3,122 6,189 59,611 33,740 (59,595) (33,688) 3,138 6,241 24.000 (24,000) 23
Citizens Advice Copeland Notes to the Flnancial Statements (Gontlnued) Year Ended 31 March 2024 21. Analysis of Charitable Funds (continued) CCC Household Essentials Fund TWC Bedrock Fund Energy Advice Project CCC First Contact CCC Mental Wellbeing Project COMF Benefit Advice Copeland Hardship Relief Fund Employment Advice Foodbank Outreach Hospital Discharge Advice TWC Mental Health & Wellbeing Other restricted funds 4,214 5,000 (9,292) 78 2,949 7,545 (7.545) 2,949 9,789 23,244 7,592 {23,234} (9,708) 9,799 2,116 25.844 (25,821) 359 382 22,600 (22,595) (5) 3,038 3,038 10,000 {10,076) 76 3,645 {3,645) 15,282 (15,327) 45 9,681 {9,788) 107 420 (420) (640.048) (81,200) 116,438 634,077 29,267 24
Citizens Advice Copeland Notes to the Financial Statements (Gontinued) Year Ended 31 March 2024 21. Analysis of Charitable Funds (continued) The specific purpose for which funds are to be assigned follow below.. General Advice Unrestricted funds to support a general advice service for Copeland residents provided from our Whitehaven and Millom offices. Phyllis Harney Unrestricted funds to support a general advice service for clients in financial hardship, particularly younger people and families experiencing poverty. Cumberland Council (CC) Money Advice Restricted funds to provide money advice and financial capability services in Copeland. Money And Pension Servlce Debt Advice ProJect (MaPS DAP) Restricted funds to provide debt advice to clients in financial difficulty. Macmillan Restricted funds lo provide welfare benefits casework to cancer patients and their families. Groundwork Restricted funds to provide welfare benefits advice to long-term unemployed clients to enable a move into paid employment. Financial Inclusion Project Restricted funds to provide welfare benefits and debt advice to clients. Phoenix Enterprise Centre {PEC) Project Restricted funds to provide a telephone referrall advice system for those who access help via Phoenix Enterprise Centre. Transforming West Cumbria {TWC) Financial Wellbeing Financial Wellbeing Project Grant received from Cumbria Community Foundation through the Transforming West Cumbria programme. funded by Sellafield Ltd to improve the financial wellbeing of individuals in West Cumbria. Energy Advice Programme Reslricted funds provided by Citizens Advice (NACAB) to deliver advice on energy-related issues. Transforming West Cumbria {TWC) Core Costs Restricted funds towards the salary costs of core staff (management, training, finance, administration, cleaning). Cumbria County Councll (CCC) Hardship Fund Restricted funds Combined with an anonymous donation made via Cumbria Community Foundation. The funds were used to establish a hardship fund for clients and towards salary cost for making awards from the hardship fund. Cumbria County Council (CCC) Household Essentials Fund Restricted funds combined with grants from Copeland Borough Council to purchase essenlial household items that were made into kits and provided to clients in hardship who had moved into a new property, with a particular focus on those housed by Copeland Borough Council under homelessness legislation. Transforming West Cumbria {TWC) Bedrock Fund Restricted funds to help organisations plan for sustainability, development and growth via 25
Citizens Advice Copeland Notes to the Financial Statements (continued) Year Ended 31 March 2024 21. Analysis of Charitable Funds {contlnued) analysis of opportunities for improvement. Cumbria County Council (CCC) First Contact Restricted funds to provide a dedicated first tier advice service for the people of Copeland with the aim of delivering free poverty advice and increasing service capacity. Cumbria County Council (CCC) Mental Wellbing Project Restricted funds to provide expert advice on the problems that are negatively affecting individuals mental wellbeing. COMF Beneflt Advlce Restricted funds to provide specialist benefit advice with a view to maximising income and reducing levels of hardship in Copeland. Copeland Hardship Relief Fund Restricted funds to help service users in crisis: the fund allowed us to offer both discretionary financial support to relieve the immediate hardship situation and advice to provide greater financial stability in the longer term. Employment Advice Restricted funds to provide access to a county-wide specialist consultancy service for employment enquiries. Foodbank Outreach Restricted funds to provide telephone advice to service users of the Egremont centre of North Lakes Foodbank. The advice was aimed at assessing food voucher eligibility and identifying options that would provider longer term financial stability. Hospital Discharge Advice Restricted funds to provide an advice service to recent hospital patients to make the discharge process possible and more manageable. TWC Mental Health & Wellbeing Restricted funds to provide advice to the service users of the West Cumbria Mental Health Partnership. Cumberland Council ICC) Form Filling Project Restricted funds awarded by Cumberland Council to assist clients with the completion of welfare benefit fomis so that they can access entitlement and maximise their awards Cost Of Living Project Restricted funds awarded by the national Citizens Advice team to enable local offices to help clients through the cost-of-living crisis by supporting or increasing direct service delivery capacity Waiting Well Project Restricted funds to provide debt and benefit advice to clients waiting for surgery who are referred to our seNice by Together We and Fit 4 Life 26
Citizens Advice Copeland Notes to the Flnancial Statements (continued) Year Ended 31 March 2024 22. Analysis of Net Assets Between Funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 73,615 229,621 (98.166) 205,070 2,319 467 75,934 230,088 {98,166) 207,856 2,786 Unrestrrcted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 83,720 246.262 (105,415) 224,567 83,720 270,681 (105,415) 248,986 24,419 24.419 23. Analysls of Changes In Net Debt At At 1 Apr 2023 Cash flows 31 Mar 2024 203,986 Cash at bank and in hand (49,628) 154,358 27
Citizens Advice Copeland Management Information Year Ended 31 March 2024 The Following Pages Do Not Form Part of th8 Flnancial Statements. 28
Citizens Advice Copeland Detailed Statement of Flnanclal Actlvities Year Ended 31 March 2024 2024 2023 Income and endowments Donations and legacies Donalions 2,241 2,509 Charitable activities Macmillan MaPS DAP CC Money Advice Copeland Borough Council Cumberland Council National Citizens Advice The National Lottery Community Fund Phyllis Harney Trust Groundwork North East & Cumbria Sellafield Cumbria Community Foundation Copeland Community Foundation Other grants 51,370 107,815 57,060 28,920 111,598 57,060 37,000 87,036 23,750 50,833 30,000 39,452 65,933 46,798 25,000 501 5,000 139,316 183,688 8,122 690.603 125,577 90,774 22,713 704,713 Investment income Bank interest receivable 2,579 501 Other income Other income 643 1,201 Total income 696,066 708,924 29
Citizens Advice Copeland Notes to the Detailed Statement of Financial Activitles Year Ended 31 March 2024 2024 2023 Expenditure Activities undertaken directly Wages Employer's NIC Pension costs Premises costs Office costs Staff and volunteer costs Partner payments Other costs 402,107 43,969 20,882 680 1,222 12,066 120,320 2,321 603,567 396,064 39,821 18,442 4,257 10,667 129,604 11,750 610,605 Support costs Wages Premises costs Office costs Depreciation staff and volunteer costs Other costs 65,865 28,357 25,623 3.591 113 160 34,468 30.625 24,709 12,975 607 432 123,709 103,816 Governance costs Accountancy fees 1,200 1,007 715,428 Total expenditure 728,476 Net expenditure (32,410) (6,504) 30