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← Watford Citizens Advice Bureau

2025-03-31-accounts

Charity registration number 1109872 (England and Wales) Company registration number 05453262

WATFORD CITIZENS ADVICE BUREAU

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

WATFORD CITIZENS ADVICE BUREAU

LEGAL AND ADMINISTRATIVE INFORMATION

Trustee Mr Abayomi Akisanya (Resigned 20 September 2024)
Mr Laurence Blake
Mr Richard Boulton
Ms Leena Nagrecha
Mr Mohammed Farrukh Siddiqi (Resigned 4 March 2025)
Mr Keith Holmes
Ms Suzannah Trivedi
Mr Christopher Constant (Appointed 9 August 2024)
Mr Frank Neale (Appointed 4 February 2025)
Mrs Kirstie Caneparo (Appointed 6 May 2025)
Mrs Berkiye Ozturk (Appointed 6 May 2025)
Cllr Kennedy Rodrigues Representing Watford Borough Council
Cllr Jennifer Pattinson Representing Watford Borough Council
Honorary Officers
Chairman Mr Frank Neale (from 4 March 2025)
Mr Mohammed Farrukh Siddiqi (until 4 March 2025)
Treasurer Mr Laurence Blake
Company Secretary Ms Leena Nagrecha
Principal Staff
Chief Officer Ms Emma Burgham
Advice Service Manager Mr Duncan Burden
Projects Manager Ms Kalpna Budhdeo
Charity number 1109872
Company number 05453262
Principal address St Mary's Churchyard
High Street
Watford
Hertfordshire
WD17 2BE
Registered office St Mary's Churchyard
High Street
Watford
Hertfordshire
WD17 2BE
Independent examiner Gary Howard FCA
Howard Wilson Chartered Accountants
36 Crown Rise
Watford
Hertfordshire
WD25 0NE

WATFORD CITIZENS ADVICE BUREAU

LEGAL AND ADMINISTRATIVE INFORMATION

Bankers

CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4JQ Flagstone 1st Floor Clareville House 26-27 Oxenden Street London SW1Y 4EL

WATFORD CITIZENS ADVICE BUREAU

CONTENTS

Page
Trustees' report 1 - 6
Statement of trustees' responsibilities 7
Independent examiner's report 8
Statement of financial activities 9 - 10
Balance sheet 11 - 12
Statement of cash flows 13
Notes to the financial statements 14 - 28

WATFORD CITIZENS ADVICE BUREAU

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The Trustee Board of Watford Citizens Advice Bureau (“the Bureau” or “the Company”) presents its report and accounts for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

STRATEGIC REPORT

Objectives and activities

Watford Citizens Advice Bureau is a local charity funded by local grants and donations. Being a member of the National Citizens Advice we share its key missions:

We add value and relieve pressure on statutory providers by bringing benefits to the local Watford economy and reducing dependency on their services.

Public Benefit

The Trustees have given consideration to the guidance issued by the Charity Commission in respect of public benefit in respect of all its activities.

The Bureau’s Activities

The Bureau provides free, confidential, independent and impartial advice to everybody regardless of race, gender, disability, sexual orientation, religion, age or nationality. The Bureau recognises the positive value of diversity, promotes equality and challenges discrimination.

The Bureau helps people in the Watford community to resolve their problems. As part of the UK’s largest advice network, we are equipped to deal with many issues including debt, benefits, employment, housing, energy advice and many more. Our clients are at the heart of the service, and we are here to ensure that people who need help get the right support at the right time.

Expert, confidential and compassionate advice and advocacy is provided to help people move forward out of poverty or financial hardship, supporting at points of crisis, including preventing homelessness. Our intervention and advice contribute to breaking cycles of deprivation, relieving the pressure on statutory services and reducing the need for referral to other agencies. We help everyone when facing a significant challenge in their lives, reducing the need for further ‘downstream’ intensive and costly services as well as reducing the adverse impact on the individual and their family.

The main area of the charitable activity is providing advice. Generalist advice is offered by volunteers and paid staff. Paid caseworkers provide specialist advice on debt and benefits issues. Along with other Hertfordshire Citizens Advice offices, we have access to a British Sign Language (BSL) adviser funded via Hertfordshire County Council. The Bureau is a referral agency for the Free Representation Unit whereby solicitors represent clients at Tribunals and court hearings on a pro bono basis.

Face-to-face advice is provided to clients at the Bureau’s Watford office situated in the Advice Centre. Telephone advice is provided by advisors in partnership with nine other Hertfordshire Citizens Advice Services. Watford residents can access information on the Citizens Advice website or contact Watford Citizens Advice via email. There is free internet access for clients from computers in the reception area, providing access to the Citizens Advice website, other key advice sites, and local information.

WATFORD CITIZENS ADVICE BUREAU

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The Bureau is involved in the community, works with local or community partners, and attends local events. Advisers, assessors, administrative workers, receptionists, and project workers make up the bulk of the Bureau’s workforce. Our volunteers form the backbone of the service, and the Trustees are responsible for governing the organisation.

Major Risks

The Bureau maintains a risk register which is agreed by the Trustee Board. A comprehensive annual budgeting process is approved by the Board, during which a thorough assessment of our key external and internal risks is undertaken, together with how these risks are managed. In addition, the Board received regular reports from the Finance, Risk and Remuneration Committee, which reviews the risk register with the Chief Officer. Together, they assess the adequacy of internal control systems and risk management processes in place. The Board reviews the risk register quarterly including the key risks, the adequacy of the actions being taken to address them and the advent of any new risks.

The Bureau has a balanced approach to risk management and adopts an active process to the mitigation of risk. The most significant risks faced by the Bureau have been identified by the Trustee Board and relate to the following:

The Trustees remain satisfied that all insurable risks have been identified and adequately dealt with and that the Bureau’s exposure to other risks is kept at a minimum by good working practice by the management team, paid staff and volunteers.

Achievements and performance 2024-25

In 2024/25, we worked at operational capacity, optimising resources across advice channels to maximise support to the community.

We continued to prioritise our drop-in service 4 mornings a week to meet the needs of our most vulnerable clients, including those in crisis and those facing language and/or digital barriers. Advice is also provided by phone and email. Support and useful information is available on the website for clients who are more able to help themselves.

2024/25 Service Highlights

The demand for our service increased again in 2024/25 and we remain limited by the available resources. Client issues requiring detailed casework and more than one appointment is common as clients come to us with complex, inter-related problems and often have language difficulties or struggle with their mental health.

We continued to provide advice to a large number of people who are disabled or have a long-term health condition. In 2024/25 they accounted for 53% of clients.

WATFORD CITIZENS ADVICE BUREAU

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Four advice issue areas (debt, benefits, charitable support and housing) accounted for 75% of the issues we helped clients with during 2024/25.

There are marked changes in the client issues compared to the previous year, reflecting a community still struggling with the cost of living: year-on-year increases in food vouchers of 74%, benefits advice of 31%, debt advice of 30%, and housing advice of 25%. We report an increase of 63% with immigration enquiries much related to support with eVisas.

The impact of the Local Housing Allowance (LHA) and the Benefit Cap means the housing element of Universal Credit is insufficient to meet the high rent costs in Watford and affects many clients. This leaves residents short of money and dependent on charitable support.

We anticipate the high demand for crisis support and expert debt, benefits and housing advice to continue as:

The Trustees are pleased to report that the Bureau has continued its volunteer recruitment and training program and the total number of volunteers is being maintained around 33.

Specialist legal advice is available for family and immigration issues. Expert advice is available for Benefits, Debt, Employment and Housing issues.

Projects

Projects undertaken by the Bureau during 2024/25 included:

Hertfordshire County Council funded projects:

Foodbank Trussell Trust – provision of voucher phone line & dedicated Money and benefits advice for Foodbank clients

Watford Primary Care Network – provision of a social prescriber in three GP practices

Watford Community Housing - debt and benefits advice to residents

Disability Benefits - Additional support for Disability Benefits claimants

National Lottery - Support for Cost of Living advice

Housing Support – housing advisor supporting WBC housing team

Achievements of the volunteers

Volunteers are an essential part of the service provided by Watford Citizens Advice, providing advice and information to the clients. All the volunteers are very generous with their time either working in the office or remotely. During the 2024/25 period, volunteers contributed an average of 250 hours per week, which is estimated to be £309,448 in value.

The Bureau offers excellent training to staff and volunteers. Each volunteer adviser undergoes over 400 hours of training before becoming qualified to advise at a generalist level, and additional training is required for specialist advisers.

WATFORD CITIZENS ADVICE BUREAU

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2024/2025 Overall Impact

For every £1 invested in CA Watford in 2024/25, we generated:

Client Survey feedback

Plans for Future Periods

The strategic priorities of the two-year Business Development Plan 2024-26 are:

FINANCIAL REPORT

Financial review

The year ended 31 March 2025 saw income of £614,930 and expenditure of £591,687. Income is slightly down on last year, expenditure is higher than last year reflecting the new projects secured and additional associated resources.

The annual cost of the pension liabilities increased significantly from £2,649 to £6,802 based on the latest evaluation by the pension provider.

At the year end, £511,933 was held as cash at bank, of which £57,870 related to restricted funds.

Investment Policy

The Articles of Association gives the Trustees power to invest or deposit funds in any lawful manner. The WBC grant is paid quarterly, and the Bureau has placed any surplus funds on deposit mainly with the Flagstone platform. In order to mitigate any losses should there be another banking crisis, the Flagstone funds have been invested in a number of bank accounts, within the level of the financial compensation scheme.

Reserves policy

The Trustees believe that the Bureau should hold financial reserves in order to ensure that it can continue to operate and meet the needs of clients and creditors in the event of unforeseen circumstances.

Unrestricted reserves

The Trustees consider that it would be prudent to set aside at least 6 months of operating expenditure; during the year ending 31 March 2025 this equates to £295,844, compared to actual unrestricted reserves of £388,496.

WATFORD CITIZENS ADVICE BUREAU

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Bureau is a company limited by guarantee governed by its Articles of Association dated 9th December 2022. It is registered as a charity with the Charity Commission. All directors are members of the Company and cease to be a member when they cease to be a director. Membership is also open to other individuals or organisations provided the individuals are over 16 years of age and not paid workers, employees or unpaid volunteers of the charity. There are currently 12 members, each of whom have agreed to contribute £1 in the event of the charity winding up.

Appointment of Trustees

The Trustees who served during the year are listed on the Legal and Administrative Information Page.

The directors of the Company are also trustees of the Bureau for the purposes of Charity law and under the Company’s Articles are known as members of the Trustee Board. Under the requirements of the Articles of Association, elected Trustees serve for a period of three years after which they must be re-elected at the next Annual General Meeting. Trustees nominated by WBC are also subject to the appointment processes of that body and the guidelines on appointment to public office as they apply to local government nominees.

Trustee Induction and Training

New Trustees attend Induction Training, which gives them an outline of the Citizens Advice Services and its aims, principles and policies. Trustees are given introductory information, and the new Trustees also spend time in the Bureau and have meetings with the specialist advisers, the Chief Officer, the Treasurer and the Company Secretary. There are explanations of the role of a Trustee/Director, the Board, the development plan and issues including funding and client statistics. Trustees with interests in particular areas are encouraged to continue with further training. There are learning materials available for Trustees, and these range from recruitment & selection to health & safety. Trustees are able to attend regional training events and are updated on governance issues as necessary. Trustees are asked to complete on an annual basis online training in Information Assurance.

Organisation

The Trustee Board currently comprises eleven Trustees, including the Chair, Treasurer, Company Secretary, and two Trustees representing WBC. The Trustee Board meets at least four times a year and has collective responsibility for setting strategic objectives, ensuring sound governance and overall management of the Bureau, including risk management, direction and performance. The Trustee Board gives the Chief Officer duties and powers to represent and to manage the Bureau in accordance with the delegation of authorities and policies approved by the Trustee Board.

The Board has established two sub-committees, Governance and Finance, Risk and Remuneration, to assist the Trustee Board in the carrying out of its business by reviewing and analysing certain matters prior to being considered by the full Trustee Board. The scope of responsibilities for the Governance Committee includes governance and regulatory compliance matters as well as review of policies. The scope of responsibilities for the Finance, Risk and Remuneration Committee covers business, financial reporting and controls, risk and remuneration related matters.

Related Parties

The Bureau is a member of National Citizens Advice, which provides the Bureau with its Information System, Intranet and the case-recording system Casebook. Citizens Advice also provides specialist support and audits the Bureau for organisational performance and for quality of advice.

WBC provides the essential core funding for the Bureau and this includes premises costs. The Bureau also works closely with other Citizens Advice offices in Hertfordshire to make joint funding bids and delivery of associated services. The Bureau is a member of the local Voluntary Sector consortium Watford and Three Rivers Trust. The Bureau has links with local solicitors who offer pro-bono advice.

WATFORD CITIZENS ADVICE BUREAU

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Acknowledgements

We are very grateful to every funder who has made our work possible this year and would like to thank the following:

Watford Borough Council (WBC), Hertfordshire County Council, Watford Community Housing Trust, Watford Foodbank, Bugler Foundation, NHS England (via Primary Care Network), Watford & Three Rivers Trust and the National Lottery.

We would also like to pay special thanks to all of our volunteers who continue to give freely of their time as well of course to our staff who are highly dedicated to helping people in difficulties, whoever they are.

The Trustees Report was approved by the Board of Trustees.

Mr F. Neale Chairman Dated: 5 August 2025

WATFORD CITIZENS ADVICE BUREAU

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WATFORD CITIZENS ADVICE BUREAU

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF WATFORD CITIZENS ADVICE BUREAU

I report to the trustees on my examination of the financial statements of Watford Citizens Advice Bureau (the charity) for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the charity (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.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Gary Howard FCA

Howard Wilson Chartered Accountants 36 Crown Rise Watford Hertfordshire WD25 0NE 1 October 2025

WATFORD CITIZENS ADVICE BUREAU

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025

Current financial year
Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
3
269,640
-
Advisory services
4
550
325,844
Investments
5
18,888
-
Other income
6
-
8
Total income
289,078
325,852
Expenditure on:
Raising funds
7
8,550
-
Advisory services
8
237,700
345,437
Total expenditure
246,250
345,437
Net income/(expenditure) for the year/
Net incoming/(outgoing) resources
42,828
(19,585)
Other recognised gains and losses
Actuarial loss on defined benefit pension schemes
(6,742)
-
Net movement in funds
36,086
(19,585)
Fund balances at 1 April 2024
352,410
77,455
Fund balances at 31 March 2025
388,496
57,870		 Total
2025
£
269,640
326,394
18,888
8
614,930
8,550
583,137
591,687
23,243
(6,742)
16,501
429,865
446,366		 Total
2024
£
249,252
350,236
16,179
125
615,792
8,740
567,355
576,095
39,697
-
39,697
390,168
429,865

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

WATFORD CITIZENS ADVICE BUREAU

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025

Prior financial year
Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
249,252
-
Advisory services
4
948
349,288
Investments
5
16,179
-
Other income
6
-
125
Total income
266,379
349,413
Expenditure on:
Raising funds
7
8,740
-
Advisory services
8
235,988
331,367
Total expenditure
244,728
331,367
Net income/(expenditure) for the year/
Net incoming/(outgoing) resources
21,651
18,046
Other recognised gains and losses
Actuarial loss on defined benefit pension schemes
-
-
Net movement in funds
21,651
18,046
Fund balances at 1 April 2023
330,759
59,409
Fund balances at 31 March 2024
352,410
77,455		 Total
2024
£
249,252
350,236
16,179
125
615,792
8,740
567,355
576,095
39,697
-
39,697
390,168
429,865

WATFORD CITIZENS ADVICE BUREAU

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Provisions for liabilities
15
Net assets
Income funds
Restricted funds
19
Unrestricted funds
Designated funds
20
General unrestricted funds
Pension reserve		 2025
£
10,655
511,933
522,588
(69,420)
4,000
391,298
(6,802)		 £
453,168
(6,802)
446,366
57,870
388,496
446,366		 2024
£
6,887
521,743
528,630
(96,116)
-
355,059
(2,649)		 £
432,514
(2,649)
429,865
77,455
352,410
429,865

The Balance Sheet continues on the following page

WATFORD CITIZENS ADVICE BUREAU

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.

The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 5 August 2025

Mr F. Neale Mr L. Blake Chairman Treasurer

Company Registration No. 05453262

WATFORD CITIZENS ADVICE BUREAU

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
24
Investing activities
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
18,888		 £
(28,698)
18,888
-
(9,810)
521,743
511,933		 2024
£
16,179		 £
73,721
16,179
-
89,900
431,843
521,743

WATFORD CITIZENS ADVICE BUREAU

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Watford Citizens Advice Bureau is a private company limited by guarantee incorporated in England and Wales. The registered office is St Mary's Churchyard, High Street, Watford, Hertfordshire, WD17 2BE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 Expenditure

Expenditure is recognised when a liability is incurred. Contractual and performance related arrangements are recognised as goods or services are supplied. Expenditure includes any non-recoverable VAT.

Expenditure is allocated to activities as follows:

Charitable activities comprise costs which relate directly to delivering activities.

Governance comprises of costs which relate directly to governance arrangements and meeting statutory requirements.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

WATFORD CITIZENS ADVICE BUREAU

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery

straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the statement of financial activities.

It is the policy of the charity not to capitalise individual assets costing under £1,000.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

WATFORD CITIZENS ADVICE BUREAU

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminating the employment of an employee or to providing termination benefits.

1.10 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

There are some employees who are members of the Pensions Trust's Growth Plan which is a multiemployer pension Plan. The charitable company is unable to identify its share of the underlying assets and liabilities. It is therefore accounted for on a defined contribution basis. The annual contributions payable are charged to the Statement of Financial Activities. Further information concerning the Plan is given at note 15.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/(expenditure) for the year.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income/ (expenditure) in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities it is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.11 Creditors and provisions

Creditors and provisions 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 estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

WATFORD CITIZENS ADVICE BUREAU

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 24,927 962
Grants 244,713 248,290
269,640 249,252
Grants
Watford Council Direct Grant 204,190 204,190
Watford Council Premises 39,500 39,500
Hertfordshire Community Foundation - 600
Hertfordshire Citizens Advice Service - 4,000
Citizens Advice Bureau 1,023 -
244,713 248,290

WATFORD CITIZENS ADVICE BUREAU

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4 Advisory services

Advisory Advisory
services services
2025 2024
£ £
Income from services provided 550 4,448
Performance related grants 325,844 345,788
326,394 350,236
Analysis by fund
Unrestricted funds 550 948
Restricted funds 325,844 349,288
326,394 350,236
Performance related grants
Watford Foodbank 70,839 34,393
Hertfordshire Citizens Advice Service 23,544 20,850
Citizens Advice Bureau - National and Local 68,896 139,285
Watford Borough Council 37,764 28,323
Bugler Group Limited 5,000 3,000
The National Lottery Community Fund 19,972 19,693
Watford Community Housing Trust 30,815 30,815
Central Watford Primary Care Network 38,160 -
Hertfordshire Community Foundation 14,574 -
Watford Health Trust 5,095 6,063
Other 11,185 63,366
325,844 345,788

5 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 18,888 16,179

WATFORD CITIZENS ADVICE BUREAU

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

6 Other income

Restricted Restricted
funds funds
2025 2024
£ £
Other income 8 125
Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Costs of generating voluntary income
Seeking donations, grants and legacies 8,100 8,394
Advertising 450 346
8,550 8,740

7 Expenditure on raising funds

WATFORD CITIZENS ADVICE BUREAU

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8 Advisory services

Staff costs
Depreciation and impairment
Other staff costs
Training
Project costs
Premises costs
Insurance
Repairs and maintenance
Office costs
Computer costs
Travel expenses
General costs
Legal and professional costs
Bank charges and other finance costs
Governance costs
Analysis by fund
Unrestricted funds
Restricted funds		 2025
£
459,313
-
-
10,195
16,468
39,732
3,363
187
18,071
14,577
9,940
125
6,755
287
4,124
583,137
237,700
345,437
583,137		 2024
£
419,565
2,316
5,396
3,083
33,061
43,993
3,187
168
17,648
11,316
13,375
319
10,427
1,111
2,390
567,355
235,988
331,367
567,355

Governance costs comprise of independent examiner's fees £1,740 (2024: £1,620) and Team and Strategy Meetings and AGM costs £2,384 (2024: £770).

9 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 1,740 1,620
Depreciation of owned tangible fixed assets - 2,316

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or expenses during the year, but 1 of them was reimbursed a total of £95 for travel expenses incurred on behalf of Watford Citizens Advice Bureau in 2024.

WATFORD CITIZENS ADVICE BUREAU

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

11 Employees

Number of employees

The average monthly number of employees during the year was:

Advice services
Management and administration
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
17
2
19
2025
£
408,889
26,829
23,595
459,313		 2024
Number
17
2
19
2024
£
375,552
23,205
20,808
419,565

There were no employees whose annual remuneration was £60,000 or more.

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 Tangible fixed assets

Plant and machinery
£
Cost
At 1 April 2024 28,930
At 31 March 2025 28,930
Depreciation and impairment
At 1 April 2024 28,930
At 31 March 2025 28,930
Carrying amount
At 31 March 2025 -
At 31 March 2024 -

WATFORD CITIZENS ADVICE BUREAU

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
17
Trade creditors
Other creditors
Accruals
15
Provisions for liabilities
Notes
Retirement benefit obligations
18
17
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Deferred income at 1 April 2024
Released from previous periods

Resources deferred in the year
Deferred income at 31 March 2025		 2025
2024
£
£
6,477
-
2,642
5,708
1,536
1,179
10,655
6,887
2025
2024
£
£
6,022
6,281
50,729
75,957
1,148
1,230
5,311
5,333
6,210
7,315
69,420
96,116
2025
2024
£
£
6,802
2,649
6,802
2,649
2025
2024
£
£
50,729
75,957
2025
2024
£
£
50,729
75,957
75,957
31,700
(75,957)
(31,700)
50,729
75,957
50,729
75,957

WATFORD CITIZENS ADVICE BUREAU

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

18 Retirement benefit schemes

Defined contribution schemes

The company participates in the scheme, a multi-employer scheme which provides benefits to some 521 nonassociated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain 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 to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together 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 2023. This valuation showed assets of £514.9m, liabilities of £531.0m and a deficit of £16.1m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions From 1 April 2025 to 31 March 2028: £2,100,000 per annum (payable monthly)

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.

WATFORD CITIZENS ADVICE BUREAU

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

18 Retirement benefit schemes

Retirement benefit schemes (Continued)
31 March 2025
31 March 2024		 31 March 2023
(£s) (£s) £s)
Present value of provision 6,802 2,649 5,673
Reconciliation of opening and closing provisions Period Ended 31 Period Ended 31
March 2025 March 2024
(£s) (£s)
Provision at start of period 2,649 5,673
Unwinding of the discount factor (interest expense) 70 217
Deficit contribution paid (2,702) (3,242)
Remeasurements - impact of any change in assumptions 43 1
Remeasurements - amendments to the contribution schedule 6,742 .
Provision at end of period 6,802 2,649
Income and Expenditure Impact Period Ended 31 Period Ended 31
March 2025 March 2024
(£s) (£s)
Interest expense 70 217
Remeasurements – impact of any change in assumptions 43 1
Remeasurements – amendments to the contribution schedule 6,742 -
Assumptions 31 March 2025
31 March 2024		 31 March 2023
% per annum % per annum % per annum
Rate of discount 4.84 5.31 5.52

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The pension charge for the year was £23,595 (2024: £23,205).

WATFORD CITIZENS ADVICE BUREAU

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

19 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 April 2023 resources expended 1 April 2024 resources expended
31		 March 2025
£ £ £ £ £ £ £
Client Funds 1,132 6,188 (5,935) 1,385 5,435 (4,749) 2,071
Hertfordshire Welfare Assistance Scheme 30,000 76,429 (68,938) 37,491 31,540 (51,336) 17,695
Primary Care Network GP Outreach - - - - 38,160 (27,769) 10,391
Watford Community Housing Trust 4,442 30,815 (35,257) - 30,815 (27,351) 3,464
Disability Benefits Service 2,456 10,000 (4,477) 7,979 10,000 (14,783) 3,196
CitA Guardian- Cost of Living Grant - 15,000 (15,000) - - - -
Housing Partnership - 31,470 (26,689) 4,781 37,764 (40,456) 2,089
Client Emergency Fund 31 3,070 (2,626) 475 11,818 (11,719) 574
Cost of Living Project - 53,975 (53,975) - - - -
Hertfordshire Community Training Project 4,312 3,500 (7,812) - - - -
Energy Advice Programme 2,211 16,800 (19,011) - 18,949 (6,977) 11,972
Watford Foodbank 6,194 34,393 (33,742) 6,845 70,499 (76,140) 1,204
The HERT project 8,631 48,080 (38,212) 18,499 50,900 (65,447) 3,952
Community Fund Grant - 19,693 (19,693) - 19,972 (18,710) 1,262
59,409 349,413 (331,367) 77,455 325,852 (345,437) 57,870

WATFORD CITIZENS ADVICE BUREAU

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

19 Restricted funds

(Continued)

Client Funds is funding received to assist clients purchase items of household equipment.

Hertfordshire Welfare Assistance Scheme is funding to provide advice and guidance to clients in extreme hardship situations, to reduce debt and increase income.

Primary Care Network GP Outreach is funding from Central Watford Primary Care Network for link worker services.

Watford Community Housing Trust is funding to provide debt and benefits advice to Watford Community Housing tenants.

Disability Benefits Service is funding from Blandford Trust towards the cost of the service.

CitA Guardian is a Cost of Living Grant

The Housing Partnerships Grant is for the funding of a housing advisor

Client Emergency Funds is funding received from The Bugler Foundation to provide emergency funds for clients in financial crisis.

Cost of Living Project was funded by Hertfordshire County Council and Citizens Advice Stevenage.

Hertfordshire Community Training Project - We received funding from the National Lottery Fund to train staff and volunteers based across Hertfordshire Citizens Advice Services.

Energy Advice Programme is funding for energy advice

Watford Foodbank is funding to provide debt and benefits advice to clients in receipt of multiple food vouchers.

The HERT project is funded by Hertfordshire County Council to provide benefits and debt advice to Primary Care Network (PCN) Link Workers, Community Navigators and Social Prescribers in Hertfordshire. The project is run by The Money Advice Unit (MAU) and Citizens Advice Hertfordshire (Hertsmere and Watford). MAU provide benefit advice with Citizens Advice Hertsmere and Watford providing debt advice.

Community Fund grant is National Lottery funding for generalist advice and training.

Other represents other smaller or completed restricted funds.

WATFORD CITIZENS ADVICE BUREAU

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

20 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources Transfers Gains and At 31 March
2024 resources expended losses 2025
£ £ £ £ £ £
Building Maintenance Fund - - - 4,000 - 4,000
General Funds 355,059 289,078 (246,250) 153 (6,742) 391,298
355,059 289,078 (246,250) 4,153 (6,742) 395,298
Pension Fund (2,649) - - (4,153) - (6,802)
352,410 289,078 (246,250) - (6,742) 388,496
Previous year: At 1 April Incoming Resources Transfers Gains and At 31 March
2023 resources expended losses 2024
£ £ £ £ £ £
General Funds 336,431 266,379 (244,728) (3,023) - 355,059
Pension Fund (5,672) - - 3,023 - (2,649)
330,759 266,379 (244,728) - - 352,410

Building Maintenance Fund represents funds set aside to meet any maintenance costs.

WATFORD CITIZENS ADVICE BUREAU

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

21 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2025
2025
£
£
Fund balances at 31 March 2025 are
represented by:
Current assets/(liabilities)
395,298
57,870
Provisions and pensions
(6,802)
-
388,496
57,870		 Total
2025
£
453,168
(6,802)
446,366		 Total
2024
£
432,514
(2,649)
429,865

22 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

23 Analysis of changes in net funds

The charity had no material debt during the year.

24
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Difference between pension charge and cash contributions
Movements in working capital:
(Increase)/decrease in debtors
(Decrease)/increase in creditors
(Decrease)/increase in deferred income
Cash (absorbed by)/generated from operations		 2025
£
23,243
(18,888)
-
(2,589)
(3,768)
(1,468)
(25,228)
(28,698)		 2024
£
39,697
(16,179)
2,316
(3,023)
1,951
4,702
44,257
73,721