Charity iegistration number 1088651 (England and Wales) Cornpany reg15tratlon number 04259550 KIRKLEES CITIZENS ADVICE & LAW CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 KIRKLEES CITIZENS ADVICE & LAW CENTRE LEGAL AND ADMINISTRATIVE INFORMATION Trusto0s Urnar Shafal (Chairl M Maqsood (Treasurerl Anne Hinton Carol MikEnna Lesley Reilly Alison Weslwopd Tayyib Abrar (Appointed 10 March 20251 (Appointed 2 June 20251 Secretary Nlck Whlttlngham Senlor management Nlck Whittingham Lesley Kay8 Olivla O'Hanlon Lynne Howarth Chief Executive Operats'cKs Manager Communications Managèr HFi Manager Charlly number (England and Wales) 1088651 Company number 04259550 Auditor BK Plus Audlt Llmited 52 St Johns Lane Halilax We51 Yorkshire England HX12BW KIRKLEES CITIZENS ADVICE & LAW CENTRE CONTENTS Page Trustees. Ipport Statemènt or Irusl8gs' responslbllllles Indèpandent 8udllor's report 8- 11 Statement ol financial activities 12 Ba18nce sheol 13 Ststemenl of cash flows 14 Not8s lo thè financial stat•m8nls KIRKLEES CITIZENS ADVICE & LAW CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Th8 Irust88s who ar8 a50 dir8Ctor5 of the charily for lh8 purposes of th8 Cornpani8s Acl 2006, presant Ih8ir report with th8 financial stalernenls of the ¢h8rity for the year ended 31 March 2025. The Iruslees have adopted the provisions of the Slatement of Recommènded Piaclice ISORPI'Accounling and R¢p)rtin9 by Chari¢i*s' i$su¢d in March 2005. REFERENCE AND ADMINISTRATIVE OETAILS R¢glstgrgd Company numb9r 04259550 (England and Wales) Registered Charity number 1088651 Raglstorod otHc• Units 11-12 Empire House Wakefield Old Road Dewsbury Wesl Yorkshire WF12 8DJ Tru$teg$ Utnar Shafat Chair Mohammed Maqsood Judith Priestley Linda Survrllers Lesley Reilly Nolhgn James Woodhead (Rtrsigntrd 02106120251 Tayyib Abrar IAppoinlgd 02106120251 Carol May McKenna Treasurer (Resigned 08107120241 (Resigned 08107120241 Alison Westwwd (Appointed 10103120251 Company Secretary Nick Whrttinuh8m Audltors BK Plus Audit Limited Statutory Auditor Chartered Accountants 52 Sl Johns Lane Halifsx West Yorkshire HX12BW Bgnk•rs CAF Bank Lld 25 Kings Hill Avenue Kings Hill We51 Malling Kent ME194JQ Lloyds TSB 75 Commèrcial Strèèl Batley West Yorkshire WF17 SEQ KIRKLEES CITIZENS ADVICE & LAW CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Th8 financial 5tatetn8n15 have b8en pr8par8d in accordanc8 With th8 accounts'ng policies sel out in nole 1 to th8 financial slaternents 8nd comply with the charity's governing document, the Cornpanies Act 2006, FRS 102 The Financi81 Reporting Slandard applicabla in th8 UK and Republic of Ireland. th8 Charitiès SORP"Accounling 8nd R8POrting by Charities". Slaternent al Recommended Practic8 applicable to chariti85 preparing their accounis in accordance wilh the Financial R£porting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021.. Oblectlves and acllvbtles REFERENCE AND ADMINISTRATIVE DETAILS Senior Management Team Nick Vvhittinyham -chief Executive Lesl8y Kay6 P8ration5 Manager Olivid O'Hanlon .Communic41tions Manager Lynn¢ How3r1h .HR Man8￿r STRUCTURE, GOVERNANCE AND MANAGEMENT Govemlng document Kirklees Citizens Advice & Law Centre is a charitable company limited by guarantee. incoiporaled on 26 July 2001 and rggislered as a ¢harily on 28 Sgplember 2001. The goveming do¢umenl$ arg the Mgrvorandurn and Artides ol A$socialion The organisation was previously called Soulh Kirklees Citizens Advi￿ Bureau, then Kirklees Citizens Advice and was orfginally gslabllshgd In 1936. R•crultm•nt and appolntm•nt of new trusl••$ Trustee Board M8mbeis are recruited and appointed by an open procedure. Newly appointed trustees are provided with comprehenslve Inductlon to Klrklees Cltlzens Advlce & Law Centre Ihrough prov151on ol Iralnlng courses and mentorlng Oy 8slablish•d truslees. Ongolng training is off8r8d lo luifil th8ir rol•s. Organi8ational 8tru¢turo Kirklees Citizens Advice & Law Centre is governed by its Iru51ee board which is responsik4e for selling the strategic direction of the organisation and lh¢ policy of the Charity. The Iruslees carry the ultirnate responsibility for the conduct of the organis81ion and lor ensuring Ilial il sats'sfieg lis legal and conlraclual obligations. Full Iruslee board meètings are held quarterly each year as well as an annual strategy day. Separate finance, risk, staffing and campaigns subcommittee meetings are held during the year. Day lo day operation of the org3nisalion is delegaled lo the senior m8n8gemenl team. The truGtg9 board 18 indopondent from the Bgnior mana9gmont tearn. A ragiBter of trustaa board mernborfs intgrosts is h&ld at tho registered office ancl is availaLle lo Ihe publi¢. Kirklees Law Centre became a w￿l11Y owned subsidiary of Kirklees Citizens Advice & Law Centre on 1 st April 2014 and merged fully wilhln Klrklees C￿zenS Advlcg & Law Cenlrg on 31st f¥larch 2019. Th18 merpr pul Into effect the pra¢tlcal operation olthe organisalion in recent years and is in line Wlth our rnediurn lerrn slralegy. Related parties Kirklees Citizens Advice & Law Centre is a rnember of Citizens Adv￿￿, the operating narne of the National Association ol Citizens Advic$ Buraaux, which providès a Iramawork for standards of advicè and cagawork managemant as well as monitoring progress against these standards. Kirklees Citizens Advice & Law Centr8 is a rnèmb8r of lh8 Law Centres Nglwork tLCNI, th8 operating nstne of the Law Centre5 Federation, which is the ￿llbrella orqani58tion for Law Centres in England and Wales. Operating polia8s are independ8ntly d8tetmined by the Irusle8 board of Kirkl88s Cthz8ns Advic8 In tyder lo fulfil its charitabl¥ objeclives and comply'Nith the national rnembership requirernents of Citizens Advice and LCN. Th8 organisation also co-operates wilh a nutnb8r of oth8r advic8 seMc6s, local charities and stalutory organisats'tsns on behaw of its clients. wtr￿Te a trustee 15 3150 3 rnember of another organisation. they may be involved In discussion5 involving that organisation, but not in the ultimate decision making process. KIRKLEES CITIZENS ADVICE & LAW CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Rlsk rnanag¢mgnt The Irusl&8s hav& a duly to idents'fy and review the risks lo which the charity is èxposed and lo ensura 8ppropriaie controls ar8 in place lo provid8 r&asonab18 assuranc8 against fraud and error. The organisation has a Risk Assessment and Contingency Planning policy. All risk8 are assessed on a quarterly basis. Nevi or increased risks are assessed as they are idenlrfied. Actions are taken to mitl9aie any significanl risks. This includes policies lo ens(Jre the treaiih and safely ol staff. volunteers and dienls. OBJECTIVES AND ACTIVITIES Obl•¢tlvgs and •lms The objectives of th¢ organisation were amend¢d wlth thè permlssl¢n of the Charlty Cornmlssion on 21 Janu8ry 2009. Thege are,, lo promote any charitab16 purpose lor the PLknlic ben6fil by the advancement of education. th8 protection and pr8servalion ol h8alth and the rèli81 of poverty, slcknèss and distr&ss in ?artlcular, but wlthoul limitation, lor the b8nelil ol thè community in Kirklees and surrounding areas. Charitable activitie¥ The principal aclivilies carried out by the or9enisalion durin9 year were.. As the L8ad Body.. Manag8m8nt ol subcontracts with Fusion HousSng Monltorlng own and $ubcontraclors' p•rfomiancè and r•portn9 to Klrkl8os Councll Maintaining and developing the Advice Kirklees PBrtnership As a provlder ol seNlces: Provision ol a fac• to fac* gèn•ralisl advic8 sèrvicè at EmpS1• House, O•wsbury Operating contact centre'5 al the above location as part ol our rnodel ol advice seryice delivery in KIr￿ee$ Provision of a telephone advi￿ service lor Kirklees Provision ol face to lace sp8cialist d8bt advic8 at tha abtsv8 kxation Provision of face to face 5￿CIaliSt adwice service5 acros5 Kirklee5 coverlng the lolbwng areas of law.. Asylum, Dlsciln)inatlon. Employment, HousSng and Welfare Beneflls Provision ol an Ernploymgnl l8lephone advic? sorvicg lor Kithlegs Provision of face to face refugee and asylurn support service across Kirklees Provision of a Pgnslon Wisg s6rvicg In Partnèrshlp wSth Clllzèns Advice Manch•st8r and CltSz•ns Advic8 Wigan Ilune8d by HM Treasury) Provision of a face to face and telephone Service to support applicants to the EU S?ttlernenl Scheme Provision of a ranga of cornmunity proJ$cls. Including oulraach advicg at community vanuès auoss Kirkless. Provision of training and supervision for discriminats.on and asylum casework 58rvices in North Yorkshire Referral and signposb'ng of clients lo other advice providers and suppori agencies Volunle#rs play a role in the dèliv•ry ol 8dvlc& servlctrs and also contribtho to thè adminisiralion of the organlsalan. Tha orgarnisation has producad an Annual Report for thè yaar to March 2025 which provi￿$ further dètail on the charitabl8 activitie5 carried out. KIRKLEES CITIZENS ADVICE & LAW CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Public bgnaflt Wè havè referied to the guidan¢& contained in ihe Charity Commission's gener81 guidan¢8 on public benefit when raviewing our aims and obj8cliv&s and in planning our futur8 activities. In particular, th8 Irusi888 cOr￿lder how planned aclivili8s will contribute lo the airns and objectives they have set. Our main beneficiaries are people living in Kirklees who are experien¢in9 poverty, deprivation. social exclusi)n. disabilily and ill-health. The services we deliver online, by lelerthone and face lo face are designed to provide information and advice lo enable beneficiaries to undersiand their rights and enliuements and to provide prathcal support lo enable them to access and enforce those rights and enlillements. The Majority of our Wf>rk relates to social w8llai8 law and, in particul8r. weffarg benefi'ts. debt and housing. Our services also provide direct connaclions to other advice and support Se￿iceS delivered by our partner statLJtory and voluntary sector agencies where Ihese provide more 8ppropriale 8ssisian¢e Sucoess is measured by.. Overall, the organisation has assisted 35,993 people during 2024-25. The number of p80ple assisted compares very favourably lo similar organisations in the sector, allhou9h it is falling as core fundin9 has reduced in recent periods. We can conli(J8nl ihal our servlcts 18 accèsslblè, effaclbve and good valu6 for money and has b&6n re85116nl In the face ol an unpreced8nted crisis. Face to face services available in key locations across Kirf(lees. For the year lo March 2025 we have operated a drop-ln servl¢e In our ¢on18el ¢8nlr8 Sn Dawsbury bul capaelly Is Ilmllèd, We also opèrate drop-bn 88rvlc88 in l¢e8llons in Oewsbury and Hudders1￿ld. We have expanded more complex face lo lace work by appointrnenl. A telephone advice service ovailable to people c811ing from Kirf¢lees available Monday to Friday during normal offi¢e hours. In addition. 8 Specialist employment advice $8rvice is available by telaphon&, We have maintained our telephon& services and have added additional remote accessibility using email. chal and lexling options. An oiiline infortm8lioii servi¢e 8v8ilgblo. For Iliis rxriod Ihero wore 22,220 unique us¥is of Iliis soNice. 8rouiid 1118 Same as the previous year. Data calculating outcomes of our main sÈr4ices in relation to welfare benefits and debt. For the year to March 2025 we managed iolal debt lo 4 value of £8.8 million, and supported new benefit entitlement tts a value of £8.5 million. D818 lor client salisfaetion ivhich dgmonslrales that, lor the sear io March 2025. 980A ol dien1$ were happy or very happy with the service they rec8ived. Exlefn81 Independenl quality audit by a ranue of resp8¢led i)odies has v81id8led Ihe quality ol our systems and procedures and ol the advice we provide. We have rnaintained all accreditations. Assessrnent by Cilizens Advice ratee us at the highest levd across all areas. Peer review Dtour Legal ￿'d asylum work gave a rare rating 011 IOu191andlngl for the qLJallly of speclalisl advico. Flnanclal rovI•w R•serveJ F>tsli¢y Reserves are defined 0$ assets less liabilities. For the purposes ol the reserves policy, fixed assets, non-cash assets such as vioik in progress, arid ptriisioii liability are e)xclud¥d on Iliéj basis Iliai Ihey do not irnpaci short-term liquidity. Restricted reserves are also exc1￿led as they are ring1ÈnC￿d for spetiilic purpuses. Reserves rnay be required In futur& lo cover costs in the following scenarios.. some funding is paid late some ￿nding 1$ di$¢onUnued • lo manage an unforeseen omergency to provide funds lo explore new beneficial opportunibes lo address longer-lerm Ilabililie8 The org8ni39tion policy is to retain 2- 4 months operating COSt8 Ibas¢d Dn budgeted lore¢95t for th¢ ye8r aheadl os rg8erv8s. Reserves will ba monitored by Ihts Trustee Board on a quarterly basis. The reseN8S policy will be forrnally review9d by the Trustee Board on an annua basis. Stralegic objectives Bre sel lo ensure Ihe required reserves are maintained. KIRKLEES CITIZENS ADVICE & LAW CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Al 31st March 2025, Ihe 18vel ol unreslricted reserves was £786,296, which 15 equwalenl to 5.5 months budg8t8d expenditur8 1£1,693,1591 based on the fore￿$t5 for 2025126. The trustees have reviewed the level of re5erve5 and have established that thay are compliant with the above policy. The trustoes fegl that thoy would be ablo to carry on the Charitable cornpany's activities in the evenl of a signifiG3nt drop in income. Tha organisation's principal lundiro sourc8s durfng 2024125 ara shown in nots 3 and Raslriclèd Funds ar8 idèntifièd in Note 16. Al expenditure was incurred in the furtherance of the charitable cornpany s objectiV85. R8s8rv8s and incom8 r$ceiv8d in advanc8 are held in inl8r85t-b8aring savings accounts with our bankers. The Iruste8s consider it prudent to ensure that all reserves are available at short notice. This therefore precludes the use of tnedium and long term in'¢eslrnenls. Charity: The income for the yew lo 31 Mgrch 2025 totals £1,6SS,04312024.. £1,752,9741. Expendilure lor Ihè year totals £1,764,5 12024. £1,760,329). The unrestrleled lunds show a surpluslldefielll for the year, aftèr transfers, ol £1109,553112024. £17,35511 wilh Linrestrlctad r9s8ni8s al th8 year lotalling £786,29612024.' £895,849). Th8 r8strict8d fund balanc8s wor8 £NILI2024'. £NILI. Adju5tment5 lor acluark41 losses on defined benefit pensDn schernÉs are a nel gain of £Nil for the year, in relation lo the scheme for Kirklees Cilizens Advice & Law C8nlre. The Iru51ees have followed the guidawe of FRS17 in Ihes8 financial slatem&nts and have obtained a professional valuation ol the defined b8n81it scheme. Th@ FRS17 vaualion ShO￿S a surplus. as il h85 for the previous 2 years, prior lo Ihal there were large liebililie5, and the trustee5 have taken a prudent approach in racording a nil ass•1 valu8 as at 31 sl March 2025. Futur• plans and dgv•lopm9nls Following a significant contreclion of services during years of austerity. core funding slabilised and was a period of consolidallon alon9sldg gxplorellon of n9W QPPQrtunlll&s as Ihoy arlsg. Unfortunaloly, wg hoVO Sggn fJrth&r cuts to Cor funding in 2Q24125 Wp b88n sur￿.8%51u1 In r81Aining inpr&a8ino cnn1rHc.t￿ Inr Lfttal Aid wnrk whirh havp Allaw8d fnr evelopmenl ol a spec￿lISt Housin9 advice Servi￿ initially in Kirklees Bnd, more recently. the Leeds Court Duly scherne from August 2023. We 8r¥ gncouiaged by propos815 lo increase 8ignili¢anlly th$ hourly r81e8 for Housing and Asylum Legal Aid viork which Ne hope wll support expansion ol bolh teams in corning year5. We have prOV￿ed a5SlStance lo people needing trj apply to the EU sett￿Ment Scheme through a project now funded lo March 2026. We have a150 established a successful bi-lingual inloimation and advicè sarvicè for BNO visa holdèrs from Hong Kong who hav6 sèltlad in Yorkshirè and this will run lo March 2026. We have maintained skills and proli18 in the area ol discriminatK)n law and obtained a Legal Aid contract lor this work in 2019. The L4ller allows for dis¢rimin8tion relaled Employment work and we aim lo expand the team in 2025126 viilh a locus on employmonl mallws and service issues rolaled lo cliants expolioncing discrimination in th$ benefits sysiem. We identified a gap in provi5ior) relating lo complex general Ca5ew￿k, particularly where Glients have rnultiple interconnected issues, and we obtained lunding in 2023 to address that. We are rnindful of developrnent in digital technology and are progressing expansion ol digital $9Tvice$. including lurthgr enhancements io our web sile, advice using w8b¢h81. and polenlial development of apps to qupport advice provision. Wg ar9 a¢ulgly aware knal Ihgrg is a $horlage of $peGi4list social wgll¥rg lawyers and that Ihg low level of Lggal Aid fvnding means that it is increasingly ditficdt to maintain salary levels attractwe to qualified legal staff. We remain committed to tralnlng n9w solidiors, legal gxe¢utlv9s and 8dvl¢e staff who Can support Ihe Imponani aréas of soc181 wglfaro18w w8 cover and we wll Gonlinue to Sgek funding to support training of advice staff at all levgls. Vve have put in place a long-18rtn plan for rolling training and development of advice staff and are starting to see positive irnpacts frcm thal. KIRKLEES CITIZENS ADVICE & LAW CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 PRINCIPAL RISKS AND UNCERTAINTIES Th8 Trust88s rnaintain a slrat89ic bLJsin&ss plan which 18 revi8w8d annually and updated regularly. This contains an analysis of the various associated risks and a surnmary sel out in an organi581ion risk assessment matrix. The organisationgl risk assessment malrix assesses polenlial consequences. likelihood. and impact. 11 also sets out policies, procedures and systems to mitigate Ihose risks or manage any potential impact on the organisation should those risks materialise. The principal risks and uncertainties facing the organisation include.. Loss ol key funding or lailLJre ol income streams Inconsislenl cash-flow for Leg81 Aid work which is paid in arre8rs when cases are clos¢d Low rales ol pay loi legal Aid work which increasingly make il diffi'cult lo sustsin Failure to meet quality standards or regu12tion required by regulatory bodies Brgach of syslgms rglallng lo securSly ol dal8 Loss or failure of IT systems Unplanned loss of key staff Lack ol Iraine(J advicts work8r8, pardcularly 81 a 8p8d81I811ovel. Recruilmenl and appointmonl ortruslees Trustee Bo8rd Membe1$ are recruited and apwinted by an open procedure. Newly appointed trustees 8re provided with 8 comprahensive induction lo Kiiklees Cilizeiis Advico & Law Centra Ihrtsugh provision ol training courses and mentoring by e8lablished tnjslees. Ongoing training is offerpd lo lullil their roles. Nviie uf tlie Iru&l¥e¥ lidb driy beTiefiLlf tangible fixed assets 12,423 11 Taxatlon The charfty Is axémpt from taxaiion on its advltlés beeaus8 all Its Sncornè Is appll8d for charftaDlè purposes. 12 Tangible fixed assets L•asehold lrnprov•rngnl¥ Flxturos and Computerg Totsl Cost Al 1 Aprll 2024 201,953 23,286 28,089 253,328 At 31 March 2025 201.953 23,286 28,089 253.328 Depreciation and impairment At 1 April 2024 Depreciation charged in the year 186,601 2,558 23,286 28.089 237,982 2,558 Al 31 March 202S 189,165 23,286 28,089 240,540 Carrylng amount At 31 March 2025 12.788 12,788 At 31 M8rch 2024 15.345 15.345 13 D•btors 2025 2024 Amount$ lalling due within one year.. Trado debtors Other debtors Prepayments and accrued income 115,917 353,854 38.050 66.947 273.383 81.535 507,821 421,865 -22- KIRKLEES CITIZENS ADVICE & LAW CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Credllors.. amounts falllng due wlthSn one year 2025 2024 Other taxation 8nd social 8ecurily Trade creditors Other creditors Accruals and deferred Incon)e 33,320 14,086 17,521 41.431 31.825 10,597 106.358 106,715 15 Retirement benefv"t Schernes 2025 2024 D•llned ¢ontrlbutlon $¢h9mOS Charge to profit or loss in resped ol defined ¢ontribulion schemes 79.410 79.518 -23- KIRKLEES CITIZENS ADVICE & LAW CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Relir•m•nt benefit s¢hèm•8 Icontinutdl Employee B•nefrt Obligation8 Th& W981 Yorkshlre Pension Fund S¢home Is funded and Is contracted out of the stale schem•. Th& la81 irl-annual valuation of the scheme IoL>k place al 21 March 2022 and was undertaken by professionally qualified actuaries, Aon Solutions UK Ltd, using the projected unil method. The Charity has paid for a valualion of the scheme al 31 March 202 5 and thè flguros b&low ar• basod on th81 valLialon. The wlional value of Ihe assets of the Charity's share of the scheme a131 March 2025 was £1.236.000,' the present V81vo 01 liabilities was £843,0001è8ving a n&1 pansion ass&1 of £393,000 al 31 March 2025, This 18 not recognised in these accounts, in line with FRS 102. on the basis the asset is not r8coverable by reduced contributions or refunds ta the plan. The valuation as al 31 March 2025 includes comparative year information for the Scheme as al 31 March 2024. Contrlbullons The employer ccffllribulions made to the scheme during the year were £2,00012024 '. £5,0001. £Nil was unpaid al the year end. Th8 employ8rs regular contributions lo Ihg Fund for the ac¢ounling p8riod ending 31 MI￿￿ 2025 8rg ests'matgd lo bg £ Kfry assumptions The late81 aGluari81 valuation ol the Charity'5 Iiabililie5 took place as al 31 March 2025. Liabili1I96 have begn eslirnaled by the independent qualified actuary on an actuarial basi5 using the projected unil cTrdil rnethod. Th8 prlnclpal assumptlons us8d by th& actuary In updating th8 lalast valuation ol th8 Fund for FRS 17 purpos8s w8re'. 31 March 2025 31 March 2024 Discount rale 5.80 Inflation CPI 2.50 Penslon Increases 2.50 Pension accounts revalualion r81e Rale of ggn8ial incr8asg in salari8S 4.80 2.60 2.60 2.50 3.75 2.60 3.85 ected ieturn on assets Thè 2pproximate gplit of assets for the Fund as a whole (based on data supplied by the Fund Adrninistering Aiithorityl Is shown In the tabl8 below. Also shown are thè assumed ralos ol return adopted by th8 Empltyar for the purposes ol FRS 102. Th& ¢h8rlly &mploy8 a buildhg block approach In delerminlng the rale of return on Fund assets. Hlslorlcal markets ara studied and assets wilh hiAher volats'lily are assum8d to oenerate hioher returns consi51ent with widely accepted capital market principles. The assumed rate ol return on each asset class is sei out within this note. The overall rate of return on assets is knen darived by 8ggreg81ing the tsxpecled retum lor &8¢h 8$8tst dass ovar tre actual asset allocation lor the Fund al 31 Marth 2024. 31 March 2025 31 March 2024 Er4Uities Property Government b0￿S Corporate bonds Cash Other 79.3 79 4 -24- KIRKLEES CITIZENS ADVICE & LAW CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Relir•m•nt benefit s¢hèm•8 Icontinutdl Reconciliation of funded status to Balance Sheet Value as al 31 March 2025 £OOO's 1,236 -843 Value as ot 31 March 2024 £OOO's 1.206 -988 218 -218 Fair value of asseis Prgsgnt valua of fund9d Ilabilitlgs Pension a$5etllliabilityl Uniocognisod asset dua lo uncertainly ol r8cov8ry N•t pen81on assetll15abllltyl 393 -393 Anal sl8 of rolll and loss char Psriod Endln Perlod Endin 31 Marah 2024 £OOO's 31 Maith 2025 £OOO's 15 Gurrenl service c051 Past sgNlc8 cosl Inleresl wst Exp¢¢ted ￿turn on aJ¥ets Curt￿lMent cost Sattlemènl cost Expense reexJgnis8d chan as to the ro$gnt valua of IlabSlltlès durln th8 accountln 8rfod Period Endin 31 March 2025 £O(IO's 988 OV•￿1)￿ pr¥s•iil valuts tsl Il¥blllll•s CLJrr8nt sérvlce cost Inleresl cost Contributions by participants Aetu3rial Igainsl I losses on liabilitie Net bènefits pald out Past service cosl Nel increase In l￿bilItIeS from disposals and a¢qui%itions Curtailments Settlements C105ing present value of liabilities 4T -184 -27 843 Chan as to th• falr value of 8ss8ts durln thè accountln rSod Period Endin 31 March 2025 £ODO's Opering fair value of assets Inlerest income on assets ActU3rial gains I11055e51 on assets Contributions by the employer 1.210 58 Nel benefits paid out Nel in