Company registration number.. 4361560 Charity registration number.. 1092539 Citizens Advice West Oxfordshire (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 Just Audit & Assurance Ltd 37 Market Square Witney Oxfordshire OX28 6RE
Citizens Advice West Oxfordshire Contents Reference and Administrative Details Trustees, Report 2to5 Independent Examiner's Report Slalemenl of Financial Activities 7108 Balance Sheet Notes lo the Financial Slatemenls 10t018
Citizens Advice West Oxfordshire Reference and Administrative Details Trustees . Suzi Coul, Chair Mike King, Chair (resigned 28 February 2024) Mike Alexander Mark Beer Jim Bradshaw (appointed 24 May 2023 and resigned 27 October 20231 Lucy Mae Burnet {resigned 11 October 2023) Paul Currah Gordon Graylish Graham Matthews (resigned 11 October 2023) Charlie Maynard Christine Murphy, Treasurer Gary Nicholls (appointed 28 February 2024) David Whalley (appointed 28 February 20241 Monica Wilson Secretary Mike Alexander Charity Registratlon Number 1092539 Company Registratlon Number 4361560 Reglstered Offlce The Old Print House Marlborough Lane Witney Oxon OX28 6DY Citizens Advice Wesl Oxfordshire operates from two premises in Witney and a number of outreach locations across Wesl Oxfordshire. The Old Print House, Marlborough Lane, Witney is the main administrative office and from which the Chief Officer, Teresa Archer, takes responsibility for the day lo day running of the organisation. Independent Examiner Just Audit & Assurance Ltd 37 Market Square Witney Oxfordshire OX28 6RE Bankers Barclays Bank 30 Market Square Witney Oxon OX28 68J Page 1
Citizens Advice West Oxfordshire Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024. Objectives and activities Objects and aims The company is a charity and exists to promote any charitable purpose for the benefit of the community in Wesl Oxfordshire by the advancement of education, the protection and preservation of health and the relief of poverty, sickness and distress. The Citizens Advice service provides free, independent, confidential and impartial advice to everyone on their rights and responsibilities. It values diversity, promotes equality and challenges discrimination. The service aims-. To provide the advice people need for the problems they face To improve the policies and practices that affect people's lives. The charity's aims are lo.. deliver an efficient service within the funds deemed by the Board lo be available for the year and which meets the perceived needs of Wesl Oxfordshire seek a very high client satisfaction rating and a strong performance in the Citizens Advice audits, which take place every three years, and cover compliance with Citizens Advice procedures and quality of advice extend the core service to provide specialist advice and case work in areas which address perceived local needs e.g.: pensions, rural problems, debt, etc. and whose funding contributes lo CAWO'S overheads devote particular attenlion to the learning and development of staff and volunteers structure the Trustee Board so that its members provide a range of skills which assist in the charity's efficient performance and development. These skills comprise.. human resource management, finance, law, business. information technology, publicity and media. planning, health & safety and fund raising. develop an effective fund-raising ability within the charity so that essential capital projects may be undertaken which ensure that the charity can have adequate accommodation and modern office equipment. Identify, research and act upon local issues and contribute towards Citizens Advice national research and campaigns Page 2
Citizens Advice West Oxfordshire Trustees. Report Public benefit The Iruslees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Our objective is to provide free advice for all and lo help improve social policies. This report, particularly the 'Achievements and performance, section below, amply demonstrates the very real difference we make to the lives of the people of West Oxfordshire, We believe that our activities help toward achieving the following public benefits: the prevention or relief of poverty the advancement of citizenship or community development Ihe advancement of human rights, conflict resolution or reconciliation. the promotion of racial harmony and equality and diversity the relief of those in need by reason of financial or social hardship. age, gender, sexuality, ethnicity, religion, ill-health, disability, or other disadvantage. Structure, governance and management Nature of governlng document Citizens Advice West Oxfordshire {"CAWO"} is a company limited by guarantee and a registered charity governed by ils memorandum and articles of association. It also aims lo comply with the principles laid down by the National Association of Citizens Advice Bureaux. The directors of the charity, who are appointed by the members in general meeting, nominated by member organisalions or co-opted by the Trustee Board, are its trustees for the purposes of charity law and throughout this report are collectively referred lo as the Iruslees. Recrultment and appointment of trustees The directors of the company are also charity trustees for the purposes of charity law. They are elected al an annual general meeting and serve for a Ihree-year period after which they may be re-elected. New Trustees are recruited mainly from applicants volunteering through REACH or other more local connections and personal recommendations. Candidates are interviewed by the Chair and one other trustee following an information meeting with the Chief Officer. If acceptable, the candidate then attends a Trustee Board Meeting as an observer and is encouraged to speak on the issues under examination. Al the end of the meeting the trustees vote on whether or not lo appoint the candidate. CAWO'S articles provide for West Oxfordshire District Council lo appoint a member lo the Board with voting right in recognition of their key role as one of CAWO'S major funders. The WODC member is not required to be a Trustee. Induction and training of trustees New Trustees receive localised induction in-house from the Chair, the Chief Officer and the Learning and Development Officer. Trustees are given electronic access to all policies and procedures, including information detailing their responsibilities which includes all important governance documents. After Ihis, new trustees are encouraged lo attend structured training provided by the national organisation Citizens Advice around Citizens Advice policies and procedures and the responsibilities of trustees, as well as a range of online courses relating to trustees. Page 3
Citizens Advice West Oxfordshire Trustees, Report Organisational structure The Trustee Board meets a minimum of four limes a year and is supported by sub committees for.. People and Finance Governance Building, Systems and Infraslruclure Communications. Marketing and Fundraising which also aim to meet quarterly. Between meetings the Chief Officer, who is responsible for ensuring that CAWO delivers the services specified and that the key performance indicators and the requirements of funders are mel, consults with the Chair and Trustee Board members responsible for finance, information lechnology, health and safely, publicity and media, legal and social policy as appropriate to ensure the continued smooth running of the organisalion. Whilst this organisation is independent and self-managed many policies and procedures are laid down by Citizens Advice nationally, particularly lo ensure that advice given is of the highest possible quality. Audits are carried out by them to ensure that relevant standards are being met. Relationships with related partles Christine Murphy Christine Murphy is a trustee board member of Citizens Advice Oxfordshire Major risks and management of those risks Risk Managemenl Trustees have worked on a Corporate Risk Management exercise. A risk management strategy and risk register were agreed by the Trustee Board. The Trustees recognise that any major risks lo which lo which Ihe charity is exposed need lo be reviewed and systems pul in place lo mitigate those risks. To that end we are continually monitoring and managing our risk. reviewing the corporale risk register and ensuring action plans are in place lo mitigate the key risks. Included in external risks is that of the loss of funding. The effects of this have been minimised by the procedures in place, which have resulted in lunding being secured from a variety of sources. The charity continues lo seek to diversify its funding sources. Internal risks are minimised by the implemenlalion of procedures for authorisation of all transactions and projects and lo ensure consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they still meet the needs of the charity. Statement of trustees. responsibilities The trustees (who are also the directors of Citizens Advice Wesl Oxfordshire for the purposes of company lawl are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Praclicel, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees lo prepare financial statements for each financial year. Under company law Ihe trustees must not approve the financial statements unless they are satisfied thal they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including ils income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. Page 4
Citizens Advice West Oxfordshire Trustees. Report select suitable accounting policies and apply them consistently., observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudenl., state whether applicable accounting standards, comprising FRS 102 have been followed, subject lo any malerial 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 charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy al any lime the financial posilion of the charitable company and enable them lo ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Iruslees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Reappointment of Independent Examiner A resolution will be proposed lo the Annual General Meeting that Just Audit & Assurance Lld be appointed as Independent Examiner for the ensuing year. The annL¢al report was approved by the Irustees of the charity on 24 September 2024 and signed on its behalf by.. Christine Murphy Trustee Page 5
Citizens Advice West Oxfordshire Independent Examiner's Report to the trustees of Citizens Advice West Oxfordshire {'the Company,) I report lo the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company {and also its directors for the purposes of company law} you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('Ihe 2006 Act'i. Having satisfied myself that the accounts of the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charilies Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{51(b) of the 2011 Act. Independent examiner's statement Since the Company's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake Ihe examination because l am a member of , which is one of the listed bodies. I have completed my examination. I confirm that no matters have come lo my allenlion in connection with the examination giving me cause to believe.. 1. accounting records were not kept in respect of Citizens Advice West Oxfordshire as required by section 386 of the 2006 Act., or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounls give a 'lrue and fair view, which is not a matter considered as parl of an independent examination., or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable lo 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. Just Audit & Assurance Ltd 37 Market Square Wilney Oxfordshire OX28 6RE 25 September 2024 Page 6
Citizens Advice West Oxfordshire Statement of Financial Activities for the Year Ended 31 March 2024 {Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Note Income from: Donations and Charitable Activities Investment income Other income 247,059 1.526 3,551 519.586 766,645 1,526 3,551 Total income 252,136 519,586 771,722 Expenditure on: Charitable aclivilies Support Costs Total expenditure 370,974 139,123 380,900 139,123 751.874 231,851 520,023 751,874 Nel incomel(expenditure) Transfers between funds 20,285 (437) (437) 437 19,848 Net movement in funds 19,848 19,848 Reconciliation of funds Total funds broughl foward 281,134 281,134 Total funds carried forward 14 300,982 300.982 The notes on pages 10 10 18 form an integral part of these financial stalements. Page 7
Citizens Advice West Oxfordshire Statement of Financial Activities for the Year Ended 31 March 2024 {Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) r_lor_y1r_lnQQ1P. and_Exwenditure Account Unrestricted funds Restricted funds Total 2023 Note Income from.. Donations and Charitable Activities Investment income Other income 217,177 64 11,135 507.591 724,768 64 11,135 Total income 228,376 507,591 735,967 Expenditure on.. Charitable activities Support Costs 366,214 127,0481 380,S43 127,048 746,757 Total expenditure 239,166 507,591 746,757 Nel expenditure 110,790) 10.790 Nel movement in funds (10,7901 110,790) Reconciliation of funds Total funds brought foNard 291,924 291,924 Total funds carried forward 14 281.134 281,134 All of the charity's activities derive from continuing operations during the above two periods. The notes on pages 10 to 18 form an integral part of these financial slalements. Page 8
Citizens Advice West Oxfordshire (Registration number: 4361560) Balance Sheet as at 31 March 2024 2024 2023 Note Current assets Debtors Cash at bank and in hand 53,181 342,635 39,051 379.524 395,816 418,575 Credltors: Amounts falling due wlthin one year 10 (94,834) (137.4411 Net assets 300,982 281.134 Funds of the charity: Unrestricted income funds Unrestricted funds Other reserves 173,982 127,000 281,134 Total unrestricted funds 300,982 281,134 Total funds 300,982 281,134 For the financial year ending 31 March 2024 the charity was enlilled to exemption from audit under sectior1477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the charity to obtain an audit of ils accounts for the year in queslion in accordance with section 476., and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and the preparation of accounts. The financial statements on pages 7 10 18 were approved by the Iruslees, and authorised for issue on 24 September 2024 and signed on their behalf by.. Christine Murphy Trustee The notes on pages 10 to 18 form an integral part of these financial statements. Page 9
Citizens Advice West Oxfordshire Notes to the Financial Statements for the Year Ended 31 March 2024 1 Charity status The charity is limited by guarantee. incorporated in , and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in Ihe event of liquidation. The address of its registered office is.. The Old Print House Marlborough Lane Wilney Oxon OX28 6DY These financial statements were authorised for issue by the Iruslees on 24 September 2024. 2 Accounting policles Summary of slgniflcant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all the years presented, unless otherwise staled. Statement of compliance The financial statements have been prepared in accordance with 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}I (issued in October 20191 (Charities SORP IFRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. 8asls of preparatlon Citizens Advice West Oxfordshire meets the definition of a public benefit entity under FRS 102. Assets and liabilities afe initially recognised al historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainly that affect the carrying value of assets held by Ihe charity. Page 10
Citizens Advice West Oxfordshire Notes to the Financial Statements for the Year Ended 31 March 2024 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Grants receivable Grants are recognised when the charity has an entitlement to the fvnds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yel lo be mel, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Charltable activities Donations Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled lo the funds, the income is deferred and not recognised until either those condilions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and il is probable that these conditions will be fulfilled in the reporting period. Conlracls Contracts are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Contracts are classified as relating either to revenue or to assets. Contracts relating lo revenue are recognised in income over the period in which the related costs are recognised. Contracts relating lo assets are recognised over the expected useful life of the asset. Where parl of a contract relating to an asset is deferred, il is recognised as deferred income. Expendlture All expenditure is recognised once there is a legal or constructive obligation to that expenditure. it is probable settlement is required and the amount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs lo that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consislenl with the use of resources, with central staff costs allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activities and services for ils beneficiaries. It includes both costs that can be allocated directly to such activities and Ih05e costs of an indirect nature necessary lo support them. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating properly costs by floor areas, or per capila, staff costs by the time spent and other costs by their usage. Page11
Citizens Advice West Oxfordshire Notes to the Financial Statements for the Year Ended 31 March 2024 Governance costs These inc5ude the costs attributable lo the charills compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. Taxation The charity is considered to pass the lesls sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the Charity is potentially exempl 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 exlenl that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets With effect from 1 April 2020 smaller items of computer and office equipment with a recommended useful life of less than 3 14 years have been wrillen off when acquired. Tangible fixed assets are stated al cosl, net of deprecialion. Depreciation and amortisatlon Depreciation is provided on tangible fixed assets so as to Wfile off the cost or valuation, less any estimated residual value, over their expected useful econom ic life as follows.. Asset class Office equipment and furniture Computer equipment Improvements and adaplalions to leasehold properly Depreciation method and rate Straight line 4 years Straight line 3 years period of the lease Research and development Research and development expenditure is written off as incurred. Debtors Debtors are amounts due from contract providers and donors for services performed in the ordinary course of business. Debtors are recognised initially al the transaction price. They are subsequently measured at amortised cost using the effective interesl method, less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the charity will not be able lo collect all amounts due according to the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other shorl-term highly liquid investments that are readily convertible lo a known amount of cash and are subject to an insignificant risk of change in va5ue. Page 12
Citizens Advice West Oxfordshire Notes to the Financial Statements for the Year Ended 31 March 2024 Creditors Creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified a5 current liabilitie5 if the charity does not have an unconditional right, al the end of the reporting period. to defer settlement of the creditor for al least twelve months after the reporting date. If there is an uncondilional right to defer selllemenl for al least twelve months after the reporting date, they are presented as non-currenl liabilities. Creditors are recognised initially at the transaction price and subsequently measured at amorlised cost using the effective interest method. Fund structure Unreslricled income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Designated funds are unreslricled funds set aside for specific purposes at the discretion of the trustees, Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted lo that area or purpose. 3 Income from donations and charltable activities Unrestricted funds General Restricted funds Total funds Donations., Donations Grants, including capital grants,. Government contracts and grants Contracts and grants from other agencies 37,578 37,578 70,000 139,483 410,595 108,991 480,595 248,472 Total for 2024 247,059 519,586 766,645 Total for 2023 217,177 507,591 724,768 Page 13
Citizens Advice West Oxfordshire Notes to the Financial Statements for the Year Ended 31 March 2024 4 Expenditure on charitable activities Vnrestricted funds General Restricted funds Total 2024 Note Staff costs Travel and subsistence External training Rent Insurance Repairs and renewals Utilities and rales Telephone Printing, postage and stationery Subscriptions (inc CA membership feel Compuler support Miscellaneous Governance costs 259,166 1,345 726 19,031 5,137 17,656 6,669 9,342 5,050 373,372 2.444 632,538 3,789 726 21,631 5,137 17,721 6,669 9,342 5,114 2,600 65 64 7,899 30.883 5,627 2,443 1,169 1,161 25 9,068 32,044 5,652 2,443 370,974 380,900 751,874 Unrestricted funds General Restricted funds Total 2023 Note Slaff costs Recruitment Travel and subsistence External training Rent Insurance Repairs and renewals Ulililies and rates Telephone Printing, postage and slalionery Subscriptions (inc CA membership fee) Computer support Miscellaneous Governance costs 238,439 973 1,060 2,471 17,223 5,294 16,963 5,594 12,213 7,194 370,860 609,299 973 1.370 3.246 18.698 5,294 16,963 5,594 12,213 7,288 310 775 1,475 94 8,132 43,959 4,411 2,288 1.182 2,601 3,246 9,314 46,560 7,657 2,288 366.214 380,543 746,757 Page 14
Citizens Advice West Oxfordshire Notes to the Financial Statements for the Year Ended 31 March 2024 5 Trustees remuneration and expenses No truslees, nor any persons connected with Ihem, have received any remuneralion from the charity during the year. A total of £120 in expenses was reimbursed lo one trustee during the year for meeting room hire 12023 - two trustees reimbursed £1751 6 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Wages and Salaries Social security costs Pension contributions 568,872 41,882 21,784 632,538 550,624 37,399 21,276 609.299 Total employer costs The monthly average number of persons (including senior management I leadership team) employed by the charity during the year expressed as full time equivalents was as follows: 2024 2023 No Managers Advice coordinators, training officers and project workers Administration 26 23 31 29 No employee received emoluments of more than £60,000 during the year. 7 Taxation The charity is a registered charity and is therefore exempl from taxation. Page 15
Citizens Advice West Oxfordshire Notes to the Financial Statements for the Year Ended 31 March 2024 8 Tangible fixed assets Office Leasehold equipment Improvements and furniture Computer equipment Total Cost Al 1 April 2023 73,784 492 24,030 98,306 At 31 March 2024 73,784 492 24,030 98,306 Depreciation At 1 April 2023 73,784 492 24.030 98,306 At 31 March 2024 73,784 492 24,030 98,306 Net book value At 31 March 2024 At 31 March 2023 Included within the nel book value of land and buildings above is £Nil 12023 £Nil} in respect of freehold land and buildings and £Nil12023 - £Nil l in respect of leaseholds. 9 Debtors 2024 2023 Debtors Accrued income 50.393 2,788 34,051 5,000 53,181 39,051 10 Creditors: arnount8 falling due within one year 2024 2023 Creditors Other taxation and social security Other creditors Accruals Deferred income 5,779 9,365 8,918 5,765 65,007 2,122 5,821 8,942 2,071 118,485 94,834 137,441 Page 16
Citizens Advice West Oxfordshire Notes to the Financial Statements for the Year Ended 31 March 2024 11 Pension and other schemes Defined beneflt pension schemes Oxfordshire Pension Fund The charity participated as an admitted body in the Oxfordshire Pension Fund {"OPF") which is administered by Oxfordshire County Council. An actuarial report has been obtained of the financial position of the charity's portion of the assets and liabilities of the scheme on 29 February 2024 and is the most up lo dale information lo hand. The actuaries concluded that on the basis of a cessation of the charity's activities there would be an excess of assets over pension liabilities for the charity s part of the scheme amounting to £60,000. Previously 3 deficit of £243,000 had been calculated based on an actuarial valuation in 2017. As a result, in 2018 £243,000 was transferred from Unrestricted Funds to a designated Pension Reserve fund (shown in note 121. In these 2023124 accounts £243,000 has been transferred from Pension Reserve back to the Unrestricted Fund (also shown in note 12). The Pension Reserve is no longer required. The trustees made a formal request lo cease participation in the OPF in June 24. We await the formal acceptance. 12 Commitments Capltal commitments The total amount contracted for but not provided in the financial statements was £Nil (2023 £Nill. Other financial commitments Operating lease payments amounting to £17,000 {2023'. £17,000) are due in the next twelve months, all of which is in respect of a lease for land and buildings which expires in less than three years. The total amount of other financial commitments not provided in the financial statements was £Nil {2023 £Nil l. 13 Trustee Indemnity Insurance The charity holds a trustee indemnity insurance policy. The cost cannot be determined as it is parl of a larger combined insurance policy. Page 17
Citizens Advice West Oxfordshire Notes to the Financial Statements for the Year Ended 31 March 2024 14 Funds Balance at 1 April 2023 Balance at 31 March 2024 Incoming resources Resources expended Transfers Unrestricted funds General 38,134 252,136 {231,851) 115,563 173,982 Designated 243,000 116,000 127,000 Total unrestricted funds 281,134 252,136 {231,851) 520,023 (4371 437 300,982 Restricted funds 519,586 Total funds 281,134 771,722 751,874) 300,982 Balance at 1 April 2022 Incornlng resources Resources expended Balance at 31 March 2023 Vnrestricted funds General 48,924 228,376 (239,166) 38,134 Designated 243,000 243,000 Total unrestricted funds 291,924 228,376 (239,1661 507,591 281,134 Restricted funds 507,591 Total funds 291,924 735,967 746,757 281,134 The trustees believe that the charity should hold financial reserves in order lo ensure that the charity can continue lo operate and meet the needs of clients in the event of unforeseen and potentially financially damaging circumstances. It has considered the reliability and continuance of future funding, liming of cash flows and working capital requirements, cover for unplanned emergency repairs and potential liabilities relating to staff should there be closure of a particular activity. Designated reserve5 Designated reserves are the portion of the unrestricted reserves set aside under the reserves policy. A key reslricled reserve relating lo the Local Government Pension Scheme has been eliminated in 2024. General reserve The trustees consider that il is prudent to set aside an amount equivalent lo four months, operating expenditure to meet unexpected events such as a significant loss of funding. Page 18