REGISTERED COMPANY NUMBER: 5083197 (England and Wales) REGISTERED CHARITY NUMBER: 1113724 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR TORFAEN CITIZENS ADVICE BUREAU MHA Chartered Accountants and Ststutory Auditor Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS
TORFAEN CITIZENS ADVICE BUREAU CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Report of the Independent Auditors 9 to 10 Statement of Financial Activities 11 Balance Sheet 12 Cash Flow Statement 13 Notes to the Cash Flow Statement 14 Notes to the Financial Statements 15 to 27
TORFAEN CITIZENS ADVICE BUREAU REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by ChaTities= Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) {effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims A summary ofthe objects ofthe charity as set out Fn its goveming document The aims and objectives of Torfaen Citizens Advice Bureau are to help people get fair Irealment and help them resolve their legal, money and other problems by providing infomiation, advice and representation and by influencing policy makers. We are committed to: Ensuring Ihat individuals do not suffer through lack of knowledge of their rights and responsibilities and the services available to them or through an inabilily to express their needs effectively. and equally. To exercise a responsible inffuence on the development of social policies and services, both locally and nationally. The Charity's aims including the changes or differences it seeks to make through its activities. Torfaen Citizens Advice Bureau has tsken full account of the Charity Commission's public benefit requirements. For example. an inherent part of its day-to-day activities includes: Tackling poverty - for example, advising and representing individuals and WOTking with key agencies to encourage the take-up of welfare benefits. Improving education skills and training - for example. extending opportunities for access to training throughout the borough. Improving communty development and citizenship- for example, developing volunleer schemes to encourage community action. Public benefit The organisations trustees can confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by Ihe Commission. Significant activities that we undertook during the year that demonstrate public benefft are set out below. Significant activities The Bureau ran the following projects and contracts throughout the year. Welsh Govemment Single Advice Fund Advicelink Cyrnru Specialist Advice Project funds specialist casework in debt and benefits. Welsh Government Single Advice Fund Advicelink Cymru Community Focus Advice Project funds information, advice and specialist casework in debt. benefits, employment and other generalist advi areas predominantly delivered from communty locations. Torfaen CBC Disabilities Appeals Project.. provides advi and casework for people experiencing difficulty in securing their righls to disabilities benefits including representation at tribunals. Benefits Check Project= this is a TCBC funded project whi¢h provides benefits checks delNered primarily aGross the County Borough's Food Banks. Integrated Digital Money Advice.. provides speGialist debt advi using webchat to clients from across England and Wales. Torfaen Young Peoples Support servi.. provides benefits advice for caseworkers and clients of this service. Warmer Wales offers energy advice to consumers across Wales but focussed on Torfaen. Warmer Torfaen offers energy advice and energy saving equipment for people in Torfaen. National Consumer Helpline.. this project funded by the Department of Business Energy and Industrial Strategy provides dienls with telephone advice on consumer issues. Aneurin Bevan University Health Board Weffare Rights SeNice: This 'in reach, seNice provides advice and casework for patients of Ihe Health Board's mental Health services in wards, clinics and in the communily. Scams Action is an additional component of the consumer helpline. Funded by Faceb¢)ok as part of an out of court settlement with Martin Lewis. This seryice supports people who have been the victim of online scams. Energy Saving Trusl.. this service provides additional support for energy saving, focussing on grants, equipment, better energy use and equipment. New Start is a project funded by Torfaen County Borough Council from their Housing Support grant and supports people at risk of homelessness. Citizens Advice Basic Income Pilot.. funded by Welsh Govemment this seNice provides monthly financial coaching for young care leavers enrolled on the Basic Income Pilot. Page 1
TORFAEN CITIZENS ADVICE BUREAU REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Significant activities Torfaen Voluntary Alliance- provided furKling to support energy advice and energy saving materials in the lo¢al community. Citizens Advice Cost of Living.. provided additional funds to increase advice seNices during the cost of Itving crisis. TCBC Drop In Advice.. provided addltional funds to increase advice serviS during the cost of living crisis including the provision of fuel vouchers. Welsh Government Claim Vvhavs Yours assists dienls to claim their full benefit entitlements. The Cwmbran Trust provided a fvnd for the distribution of crisis support for fuel costs that is administered by Citizens Advice Torfaen. Projects are monitored and managed in accordance with the key performance indicators for each project. These differ in detail but the core key perfOMan indicators that are gathered for each project are the number of clients helped and the financial gain achieved for each client. These gains are usually the value of new welfare benefits assessed over a 12 month period andlor the value of debt written off or repayments managed. The factors which impact against achieving project key performance indicators are the availability of trained volunteers and paid advisers. lIst employee chum is low. sickness can be higher than average in what is a high stress profession. Similarly the tumover of volunteers is high due lo the enhand employability Citizens Advice experience provides for those in the job market. Recruitment and training of volunteers is therefore a continuous activity. Bureau locations and outreach Services Our main office in Portland Buildings, Commercial Street, Pontypool is supported by our adVTr cenlres within Cwmbran Library and Blaenavon Resource Centre. Alongside we operale from eight other community locations. These included local food banks Job Cenlres and community centres. Ourtelephone advice channel is now better used by our local communities and typically our advice process will utilise a blend of face to face and telephone advice. Volunteers Led by our initial Advice team leader we have increased the number of volunteer advisers who fofm part of our servi. Voluntser roles vary from assessors. advisers, reptIon1$ts, Casewo support offIr$. social policy work and trustees. Many are successful in using their experiences and skills volunteering for Citizens Advice Torfaen to help Ihem get paid work. Of those that are looking for work around thirds of our volunteers find it in this way. Employment of disabled persons All appointments, whether lo voluntary or paid positions. are made in full compliance with our Equal Opportunities procedures. Equaliiy of opportunity is a core aim of the organisation. It is an integral part of our induction and training. All appointees are therefore made and kept aware of the Importan of equal opportunity issues. We offer flexible working and pay appropriate expenses to maximise access to employmentfvolunteering opportunities. Physical accessibility to the Bureau is possible lo the ground floor. accessible loilets are provided in the building adjacent. The organisatson has 95 members of staff and volunteers of whom 3 have dedared disabilities. Page 2
TORFAEN CITIZENS ADVICE BUREAU REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charitsble activities Summary of main activities of the charity Provision of a broad based generalist information and advi service on a wide range of subjects including social security benefits, consumer rights, tsxation, debt and credit, housing and eviction, employment rights. family and other relationships. energy, immigration and education. Provision of a specialist advice on debt, housing and eviction, and Welfa rights including representation al Tribunals and County Court. Raising public awareness of rights. entitlements and the effects of recent or proposed changes in the law by means of Citizens Advice infomialion leaflets. talks, presentations. the website, the newsletter and through the local media. Influencing developments in social policy as a result of information provided from our work with local people about how laws and policies affect our communities. Building Community Cohesion through the provision of volunteering opportunities. Providing part of the National Advi Structure for Consumei and Debt issues. A review of charitable activities The provision of a free. confidential. impartial and independent generalist and specialist advice and problem solving servi that assists local people lo get fair treatrnent and helps them resolve their financial, legal and other problems by providing infomation. advice and representation and by influencing policy makers. Providing volunteer schemes to encourage community action and provide local opportunities lo improve education, skills and Iraining. Client and enquiry statistics 2020-21 11,411 20.144 2,568 2.571 £3,278,038 £30.334 2021-22 2022-23 2023-24 9,770 12.571 11.129 20.721 22,315 26,764 1,797 2.742 3.476 3,045 3.676 4,625 £5,412.748 £7,306,342 £10,144.691 £41,452 £258.528 £681,332 Unique clients Issues recorded Clients from Torfaen area helped by us Clients from Torfaen helped by whole service Financial gains (Torfaen Residents) Debt written off (Torfaen Residents) Again this year saw advice demand increase very significantly as the cost of living rose, peaking in quarter 4 as the height of winter and the peak in energy costs impads our local communities. The start increase in issues recorded shows the increasing complexily of the problems people are facing. There has been a very marked increase in advice demand sin the lull caused by pandemic lockdowns. The majoTily of the delivery to clients from outside Torfaen is through our national our Claim What's Yours servIs. The demand for debt advice fell considerably during the pandemic. We believe this is because the covid lockdown led to repayment holidays. eviction moratoriums, and lack of bailiff and court aclivity. Demand rose at the beginning of 2023 and has now surpassed pre-covid demand levels. We can see that household debt is rising sharply in our local communities with the return of illegal money lending in some areas. In addition our Consumer and Energy Call Centre took 54.307 individual contacts in the year. Fundralslng a¢vItIeS The charity relies on grant aid from the donors identified in the accounts. whose support is mosl valued. The charity also has a service level agreement with Torfaen County Borough Council. Grants are received from Welsh Government. the Money And Pensions Service, Citizens Advice, The Moondance Foundation, Aneurin Bevan Universily Health Board, and Local Community Councils. Factors relevant to the achlevement of the charlty's objectives Analysis of and responses to dient feedback Recruitment of trustees with relevanl skills and local knowledge Adequate staff resources Continuity of funding Robust business planning Pursuing relevant funding opportunities to ensure the continued development of the organisation in line with business plan Priorities Quality assurance measu$ Neorking. partnership development and media activity Page 3
TORFAEN CITIZENS ADVICE BUREAU REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Financial position Total income for the year was £1,827,048 {2023: £1,560,985) and total expenditure was £1,857,477 (2023.. £1,473.295) resulted in a deficit of £30,429 {2023= £87.690 surplus). UnrestriGted funds carried forward are £331.449 and restricted funds carried forward are £227,514. Principal funding sources Torfaen County Borough Council Welsh Government Citizens Advice Money and Pensions SeNice Dept of Business Energy & Industrial Strategy British Gas Energy Trust Energy Redress Fund Cwmbran Community Council Pontypool Community Council Croesyceiliog and Llanyrafon Community Council Henllys Community Council The funding from Torfaen County Borough Council supports the core bureau generalisl and specialist advice and representation service. recruilment and training of volunteers, the bureau's service development work and managemenl and contributes towards associated running costs. Other funding has increased the organisation's capacity to tespond to the demand for appropriate and accessible advice Servi$. to increase the range of bureau outreaches and to support and undertake more co-ordinated volunteer development and campaign work. Achievements during the year The Bureau is now audited for the quality of its advi each quarter and has maintained good or excellent slandards throughout. The Bureau had its annual leadership and Management audst from Citizens forwhich it achieved an overall excellent rating. During the year the Bureau commenced delivery of several new projects. Reserves policy It is recognised that the level of reserves needs lo be addressed to achieve the level required to cover future planned expenditure and various eventualities such as- Three months continuation of service should a Fund Provider withdraw funds. Redundancy payments for staff should Ihe Association ase to provide an individual service or ceases to continue to provide any seiCe$. A contingency fund to at least offset any potential Ittigation costs. A contingency fvnd for new initiatives to cover initial expenditures pending reIpt of new funding. The Board has therefore calculated and set a minimum reserves level at £120.000. The thar11$ free reserves al 31 March 2024 are £279,044 (2023.. £264,683). The Board have no concems over the level of reserves. This is after taking into account the following designated funds= Designated fund - Employer pension scheme £15,000. This fund has been created in response to notification by the Pensions Trust of the estimated employér debt on withdrawal from the pension s¢heme based on the financial posilion as at 30 September 2015. Designated fund - Fixed assel fund £37,405. This fund has been created equal lo the net book value of the fixed assets held by the charity. The Board are satisfied with the level of reserves. Page 4
TORFAEN CITIZENS ADVICE BUREAU REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FUTURE PLANS Our plans are based on the promise to clients by the national Citizens Advice Service. We have translated those into what this means for our organisalion and our clients. This is summarised in the figure below. Transforming together: citlzens 'advi¢e Our mlsslons trusted advice in times of change 1 Provlde aavlcefft for the future . .'Bethereforp¢oplevthiyitheynedusln . thewaysthathelpmaketheRJl8 Impac¢ .' 2:Close tile gap .'Erydthedlsparftieslri accessand.-: , ew"IwJ¢e' foYmar8th,alIs¢dpeopI&" '.3 Take earlyaction .' Prevent more peoplereathkngt'rt'.::"" :"'" by addrt5sIA8probloinstarll¢r." Our Identlty ITusi¢& expÈi Rogied Ihe corniTruniiy OnÈ sei'èitlswilh many leadtrs engthe4ed b-Ilunteer . Giy)Il p4itner5 . Ih.e whole per$4A Purpose We exigt to Shape a societywlier2 pÈopl. fa£tt far fevrfer problems. Who we support Ou,- InlortTlatiofj and a(1[e is èV3113lJle ro everyone. StrtJttur31 inequalitie5 lead ro certain people lècing disèdvantasps. Inakiiig then) mDfe likely ro need our helt), .2nd we priontise th?Ir needs. How we deliver . Pithfjde frtre, inrjèpondenr, C4Jnlident&HI 3ncl iinPaFTi31 se prmprof ¢Trurdat&to a6vthcsie3iid 13r¥et %0110S to Enablersforchanp,.., nanda15usra1bllty :. Pe'opleand culwTe': ' Workln8Wth others. "', ". DsgraladVaeme[ , Leom. Dnd in0are Our priority objectives are= Rebuild our services in local communities= re-establish our sel¢e$ following our office move and Covid pandemic to become a strong presence on our high streets so that people can access local advice delivered by local staff and volunteer advisers. Regional Collaboration in the Welsh Context.. support and develop the SE Wales LCA consortium CASE Wales. Advi need and funding it.. identifying post covid advice need and securing the fvnding to deliver it against a backdrop of shrinking public sector funding. Our organisation enters the new financial yearon a sound financial footing, delivering advice services from locations across the communtty il serves and in facililies convenient and accessible to the general public. Our organisalion is now part of a consortium of citizens advice offi$ registered as Citizens Advice SoLrth East Wales. The consortium comprises ourselves alongside the local citizens advi offices of Caerphilly Blaenau Gwent, Cardiff and Vale, Newport. Bridgend. Merthyr Tydfil, Rhondda Cynon Taf, and Monmouthshire. The consortium will work logether to improve advi setvices across this wider region. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document Torfaen Citizens Advice Bureau is a registered charity and a company limited by guarantee. The maximum liability of each member is limited to one pound. Torfaen Citizens Advice Bureau is governed by its Memorandum and Articles of Association. Page 5
TORFAEN CITIZENS ADVICE BUREAU REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees Trustees are selected on the basis of the skills, knowledge and experien they are able to bring to the bureau. We aim to attract volunteers from the local community, who.. live or work in the Torfaen area, support the bureau aims, bring relevant skills or experience to contribute to the effeL#ive governance of the Charity. Positions are advertised - principally with local and national volunteer recruitment agencies and Citizens Advice and nomination fomis are sent out with the papers for each AGM. Members may be co-opted during the opeptional year in order to fill identified gaps in the skills or knowledge of the Trustee Board. The policies and procedures adopted for the induction and training of trustees The bureau or9anises annual induction training for trustees which is organised to meet the needs of new and returning Trustees. Trustees are also encouraged to undertake extemal training io enhance their knowledge and build on their skills and are provided with regular publications containing updates regarding their resFX)nsibilities and obligations. Organisational structure The bureau is managed by its Trustee Board which is drawn from the local community- The members have legal responsibility for the general control and management of the bureau, including financial management and control. The bureau's financial posilion is reviewed bi-monthly by the full Board. The Trustees Board members are collectively responsible for the governan of the bureau, including selling an overall vision and making strategic decisions. The Board holds staff accountable while carrying ultimate responsibility for the aclivilies of the bureau and for ensuring the Citizens Advice Membership Scheme, charty legislation and company law is complied with and service agreements are met. The trustees delegate day-to-day management to the Chief Executive. Remuneration The remuneration arrangements for all staff including senior management are sel by the Trustee Board taking into account the resources available, public sector pay awards and regional citizens advice and wider third sector benchmarking. Ider network As a member of Citizens Advice (the trading name of the National Association of Citizens Advice Bureau - NACAB), the services provided by Torfaen Citizens Advice Bureau are governed by the Citizens Advice Bureaux seN1 Membership Scheme, which sets out the quality assurance standards to which Local Citizens Advice are required to operate and is fully convergent with the Advice Quality Slandard. Membership is maintsined by complying with these requirements, which in tum means Ihe organisation remains a part of an infrasttucture of support and information - including for IT, legal matters, training. insurances. and consultancy ServIS for governan. personnel and strategic management. It also gains the organisation access lo Parliamenl. the Assembly and the media on a national level to help influence local and national policy decisions. The Bureau holds the Advi Quality Marf( with casework in Debt. WéBeneffts. Housing, and Ihe Telephone Advi Standard. Citizens Advi Torfaen is a member of Wales Council for Voluntary Action. Torfaen Voluntary Alliance, the Advice Setvices Alliance, the Child Poverty Action Group and Disability Wales. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company nurnber 5083197 {England and Wales) Registered Charlty number 1113724 Registered office Portland Buildings Commercial Street Ponlypool Torfaen NP4 6JS Page 6
TORFAEN CITIZENS ADVICE BUREAU REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trustees Name J Killick P Davy D Jones OBE D Henson P Hindley C Jones L Forman Dr J Boume R Dorrian Y James Posltlon Appointed 22106117 16103117 11111115 13106112 12109116 18102121 14109121 16110123 07110124 07110124 Resigned Chair Wice Chair Treasurer Trustee Trustee Trustee Trustee Trustee Trustee 25103124 11103124 04111124 The name of the Chief Officer to whom the day to day management of the bureau is delegated by the charity trustees.. M Edgson Auditors MHA Chartered Accountants and Statutory Auditor Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 8RS Bankers HSBC 56 Queen Street Cardiff CF10 2PX Bankers Unity Tmst Bank PIC Four Brindleyplace Bimiingham B12JB Solicitors Rubin Lewis O'Brien Gwenl House Gwent Square CWMBRAN Torfaen STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of Torfaen Citizens Advice Bureau for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statemenls in accordan with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepled Accounting Practice). Company law requires Ihe trustees to prepare financial statemenls for each financial year which 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 the income and expenditure, of the charitable company for that period. In preparing those financial 51atements. the trustees are required to sele¢t suitable accounting policies and then apply them consistenlly; obseNe the methods and prÉnciples in the Charity SORP., make judgements and eslimates that are reasonable and PFudent', prepare the financial stalements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. Page 7
TORFAEN CITIZENS ADVICE BUREAU REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES- continued The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assels of the charitable company and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit infomation of which the charitable company's auditors are unaware.. and the trustees have taken all steps thal they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of Ihat infomiation. Approved by order of the Board of Trustees on 19 December 2024 and signed on its behalf by-. P Davy (Chair) - Trustee Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TORFAEN CITIZENS ADVICE BUREAU Opinion We have audited the financial statements of Torfaen Citizens Advice Bureau {Ihe'charitable company) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial stalemenls, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charitsble company's affairs as at 31 March 2024 and of its incoming resources and applicalion of resources, induding its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Slandards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audtt of the financial slatements seclion of our report. We are independent of the charitable company in accordan with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit eviden we have obtained is SLrfficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on Ihe work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable company's abilily to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to going conrn are described in the relevant sections of this report. Other infomiation The trustees are responsible for the other infomiation. The other infomiation Cofnprises the infomiation induded in the Annual Report. olher than the finanal statements and our Report of the Independent Audilors Ihereon. Our opinion on the financial statements does not cover the other information and. excepl lo the extent olherwise explicitly stated in our report, we do nol express any fomi of assurance condusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomiation and, in doing 50, consider whether the olher infomialion is materially inconsistent with the financial statements or our knowledge obtained in the audil or othemise appears to be materially misstated. If we identify such malerial inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other infomiation, we are required to report thal fact. We have nothing to report in Ihis regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in Ihe Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Report of the Trustees has been prepared in accordance wrth applicable legal requirements. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of Ihe audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or relurns adequate for our audit have not been reoived from branches not visited by us- or the financial statemenls are not in agreement with the accounting records and retums,. or certain disclosures of Iruslees, remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audil., or the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Truslees. Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TORFAEN CITIZENS ADVICE BUREAU Responslbllitles of trustees As explained more fully in the Statement of Trustees, Responsibilities. the trustees {who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Irustees determine is necessary to enable the preparation of financial ststements that are free from malerial misstalement, whelher due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing Ihe charitable company's ability to continue as a going concem, disclosing. as applicable, matters related to going concem and using the going concem basis of accounting unless Ihe trustees either intend to liquidate the tharitable company or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from matsrial misstatement, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are onsidered material if, individualty or in the aggregale. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-complian with laws and regulations. We design prOdureS in line wilh our responsibilFties. outlined above, to detect material misstalements in respect of irregularities, induding fraud. The specific prOdureS for this engagement and the extent lo which these are capable of detecting irregularities, including fraud is detailed below-. Enquiry of management and those charged with governance around actual and polenlial litigation and claims- Enquiry of management and those charged with g0Veman to identify any instances of non-compliance wilh laws and gUlatIonS. Perfonning audit work over the risk of management override of controls. including testing ofjournal entries and other adjustments for appropriateness. evaluating the business ralionale of significant transactions outside the nomial course of business and reviewing accounting estimates for bias,. Reviewing minutes of meetings of those charged with govemance; Reviewing financial ststemenl disclosures and testing to supporting documentation to assess compliance wilh applicable laws and regulations. Because of the inherent limitations of an audtt, there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-complian with regulation. This risk increases the more that compliance with a law or regulation is removed from the evenls and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial slatements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charttable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companys members Ihose matters we are required to stale to them in an auditors, report and for no other purpose. To the fullest extent pemiitted by law, we do not accepl or assume responsibility to anyone other than the charitable company and the charitable company's fflembers as a body, for our audit work, for Ihis report, or for the opinions we have formed. Julia Mortimer FCCA {Senior Statutory Auditor) for and on behalf of MHA Chartered Accountants and Statutory Auditor CARDIFF CF23 8RS Date.. MHA 15 the trading name of Maclntyre Hudson LLP, a limited liabilFly partnership in England and Wales (registered number OC312313}. Page 10
TORFAEN CITIZENS ADVICE BUREAU STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Tolal funds 2023 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 95,759 95,759 106,158 Charitsble activities Provision of advice 77,000 1,580.493 1,657,493 1,419,819 Investment income Other income 2.400 71.396 2.400 71.396 631 34,377 Total 246,555 1.580,493 1827.048 1.560,985 EXPENDITURE ON Charitsble activities Provision of advice 274.418 1,583.059 1,857,477 1.473.295 NET INCOMEI(EXPENDITURE) Transfers between funds {27,863} 30,126 (2.566) 30.126 {30,429) 87.690 18 Net movement in funds 2,263 (32,692) (30,429) 87,690 RECONCILIATION OF FUNDS Total funds brought fotward 329,186 260,206 589.392 501.702 TOTAL FUNDS CARRIED FORWARD 331,449 227.514 558,963 589.392 The notes fomi part of these financial statements Page 11
TORFAEN CITIZENS ADVICE BUREAU BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets 14 37,405 37,405 49,503 CURRENT ASSETS Deblors Cash at bank 15 15,541 343,786 15,759 233,187 31,3¢JO 576 973 61,586 705,576 359,327 248,946 608,273 767,162 CREDITORS Amounts falling due within one year 16 {65.283) (21,432) (86,715) (227,273) NET CURRENT ASSETS 294,044 227.514 521.558 539 889 TOTAL ASSETS LESS CURRENT LIABILITIES 331.449 227.514 558.963 589,392 NET ASSETS 331.449 227,514 558,963 589.392 FUNDS Unrestricted fvnds Restricted funds 18 331,449 227.514 329.186 260,206 TOTAL FUNDS 558,963 589.392 These financial ststements have been prepared in accordance wilh the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved for issue by the Board of Trustees and aulhorise(J for issue on 19 Dember 2024 and were signed on its behalf by.. P Davy (Chairj- T D Henson- Trustee The notes fomi part of these financial statements Page 12
TORFAEN CITIZENS ADVICE BUREAU CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flov4E from operating activities Cash generated from operations 119,736) 231,084 Net cash (used in)Iprovided by operating activities 119,736) 231,084 Cash flows from investing activities Purchase of tangible fixed assets Interest received (11.267) 2,400 (9,940) 631 Net cash used in investing activities 8.867) Change In cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (128.603) 221,775 705,576 483.801 Cash and cash equivalents at the end of the reporting period 576.973 705,576 The notes form part of these financial statements Page 13
TORFAEN CITIZENS ADVICE BUREAU NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET (EXPENDITURE)IINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net (expenditureifincome for the reporting period (as per the ststement of Financial Activities) Adjustments for: Depreciation charges Interest received Decreasel{increase) in deblors (Decrease)fincrease in creditors (30,429) 87,690 23.365 (2,400) 30.286 140,558 22,304 (631) {48.146) 169,867 Net cash {used in)Iprovided by operations 119736) 231.084 ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash fiow At 3113124 Net cash Cash at bank 705,576 128,603 576,973 705,576 128.603 576.973 Total 705,576 128.603 576,973 The notes fonn part of these financial statements Page 14
TORFAEN CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION Torfaen Citizens Advice Bureau is a registered charity and private company limited by guarantee having no share capital. Members have agreed to contribute £1 in the event of a winding up. The company is incorporated in Wales in the United Kingdom. The registered office is Portland Buildings. CommercÈal Streel, Pontypool, NP4 6JS. The nature of the company's operations and princÈpal activities is disclosed within the Report of the Trustees. The financial statements are presented in Steding (£), Ihe company's functional currency, and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all years presented unless otherwise stated. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of Ihe charitable company. which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended practi 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)., Finanaal Reporting Standard 102 'The Financial Reporling Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. There have been no material departures from Financial Reporting Standard 102. Going concern The financial statements have been prepared on a going concern basis, with the company having confirmation in place from many of its fvnders up to 31 March 2025 and adequate free reserves to support the organisation. Incorne All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. This includes capital grants. Donations and legacies income includes donations, gifts and grants that provide core funding or are of a general nature are recogni5ed where there is entitlemenl, probability of receipt and the amount can be measured with sufficienl reliability. Such income is only deferred when the donor specifies it must be used in future accounling periods or the donor has imposed conditions which must be met before the charity has unconditional entitlement. Income from charitable activities indudes income received under Contract or where entitlement to grant fvnding is subjecl to specific performance conditions. This income is recognised where there is enttllement, when the receipt is probable and the amount can be measured reliably. Income is deferred when the amounts received afe in advance of Ihe perfOnan of the service or event to which they relate. Income from other trading acltvities is recognised as the related ServIS are provided and there is entitlement, probability of reipt and the amounl can be measufed with sufficient reliability- Income is deferred when the amounts received are in advance of the delivery of the seNice or event to which it relates. Investment income is regnised on a receivable basis. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligalion committing the charity to thal expenditure, it is probable that a transfer of economic benefrts will be required in settlement and Ihe amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all cost related lo the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure on charitable expenditure comprises Ihose costs incurred by the charty in the delivery of ils activities and services for its beneficiaries. It includes both costs that can be allocated diredly to such activities and those costs of an indirect nature to support them. Page 15 continued...
TORFAEN CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS - ¢ontlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Expenditure Support costs are those costs that, whilst necessary to deliver an activity. do not Ihemselves produce or constitute the output of the charilable activity. This includes govemance costs which are those cosls associated with meeting the constitulional and statutory requirements of the charity and include the accountancy fees and costs linked to the strategic management ofthe charity as well as a proportion of salaries based on an approximalion oftime spent in this area. Expenditure includes VAT as the charity is not able to recover input VAT. Grants offered subject to conditions which have not been met at the year end dale are noled as a commitment but not accrued as expenditure. Allocation and apportionment of costs All costs are allocated between the expenditure categories on a basis designaled to reflect the use of the resource. Costs relating to a particular activity are allocated directly- others are apportioned on an appropriate basis. Tangible fixed assets Depreciation is provided at the following annual rates in ordef to write off each asset (less expected residual value) over its eslimated useful life. Improvements lo propety Office equipment. fixtures & fittings - Over the term of the lease 25¥0 straight line Fixed assels are initially recorded at cost. Only assets which cost £500 or more are capitalised. Taxation The charity is exempt from corporation tax on its cha17table activities. Pension costs and other pOSt-retirnent benefits The charity provides contributions lo the employees personal pension schemes. The annual contribulions payable are charged to the statement of financial activities incorporating the income and expenditure account. Termination payments The charily recognises termination payments as an expense and a liability only when the entity is demonstrably committed to either to terminate the employment of an employee or a group of employees before Ihe nomal retirement date or to provide terminalion benefils as a SuIt of an offer made in order to encourage voluntary redundancy. Operating leases Rentals applicable to operating leases where substantially all of the benefits and risks of the ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. The benefits of lease incentives are recognised in the proffl and loss account over the lease period. Financial instruments The charrty only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inttially recognised at transa10 value and subsequently rneasured at their settlement value. Trade and other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probabty result in the transfer of funds to a third party and Ihe amount due to settle the obligation can be measured or eslimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Unrestricted funds Unrestricted funds are donations and other incoming resources receivable or generated forthe objects of the charity without further specified purpose and are available as general funds. Page 16 continued...
TORFAEN CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contlnued Designatsd funds Designated funds arè eated at the discretion of the board and earmarked for particular purposes. Restrictsd funds Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure. which meets these criteria, is charged to the fund, together with a fair allocation of support and govemance costs. DONATIONS AND LEGACIES 2024 2023 Donations Torfaen County Borough Council - core funding Cwmbran Community Council Pontypool Community Council HenlEys Community Council Croesyceiliog and Llanyrafon Community Council National Lottery - Website work Torfaen County Borough Council - Advisor Training Torfaen Voluntary Allian 28 70,630 14.500 3,000 500 69,449 4.600 3,000 500 1,000 9,920 7,290 17,5cNJ 95,759 106,158 INVESTMENT INCOME 2024 2023 Bank interest receivable 2,400 631 INCOME FROM CHARITABLE ACTIVITIES Grants and other funding 2024 2023 Torfaen County Borough Council - TYPSS Torfaen County Borough Council - Disability Appeals project Torfaen County Borough Council - Benefits check outreach Torfaen County Borough Council - Drop in Advi Cardiff & Vale Citizens Advice Bureau - Integrated Digital Money Advice Pilot Citizens Advice - Citizens Advice Consumer Setvice Citizens Advice - Basic Income Pilot Citizens Advice - Cost of Living Warmer Wales 2 Welsh Govemment - Single Advice Fund.. Specialist Welsh Government - Single Advice Fund.. Community Focussed Scams Aneurin Bevan University Health Board - Welfare Rights SeNice Energy Saving Trust- Ofgem Torfaen Council - New Start DWP - Claim What's Yours The Cwmbran TFUSt- Relief of Fuel Poverty CSDF Remote Delivery Torfaen County Borough Council - Smart About Money DEAP Winter Capacity Eastem Valley Foodbank 12.550 35,0(Y) 42.000 169.(7 12.550 34,458 41.350 169,067 42.143 437,126 40,123 15,000 34.900 144,546 116,146 15,772 43.560 7,098 40.000 216,000 10,000 543.087 56,171 41,479 151,787 121.946 43.570 27,932 88,000 226.800 10,0 31.125 13,000 7,875 10.485 25,618 1,657,492 1,419,819 Page 17 continued...
TORFAEN CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2024 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 8) Direct Costs (see note 7) Support costs (see note 9) Tolals Provision of advice 1,697,654 100,973 58.850 1.857,477 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Staff costs Rates Light and heat Telephone Printing and stationery Rent and service charge Travel and subsisten Subscriptions Direct recruitment cosls Training and conferences Insuran Computer costs Repairs and newa1$ Sundry expenses Legal and professional fees Postage and carriage Project management fee Depreciation 1,527,564 71 1,031 14,017 11.350 19,255 8,659 1.285 533 8,789 1.340 35,018 7,271 10,882 1.067 15,699 11.159 22.664 1.227,788 153 4,030 15,442 9,848 11.494 8,104 588 712 7.697 2,245 23.156 12.250 5,554 322 7,711 15.942 21,554 1,697,654 1,374.590 GRANTS PAYABLE 2024 2023 Provision of advice 100.973 45.805 During the year grants were paid out to several individuals across a number of projeds as follows:_ Torfaen County Borough Council - Drop in Advice Grants were paid out to 1,593 individuals based within the Torfaen area. The grants ranged between £15 and £100. The Cwmbran Trust - Relief of Fuel Poverty Grants were paid oul to 90 individuals based within the Torfaen area. The grants ranged between £8 and £100. Cwmbran Community Councll Grants were paid out to 177 individuals based within the Torfaen area. The grants ranged behveen £15 and £100. Warmer Torfaen Grants were paid out to 76 individuals based withing the Torfaen area. The grants ranged between £15 and £100. Page 18 continued..
TORFAEN CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS Staff costs Other costs Governance costs Depreciation Totals Provision of advice 47,244 701 5.505 5.400 58,850 10. NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(crediting): 2024 2023 Auditors, remuneration Depreciation - owned assets Lease payments recognised as an expense 5,400 23.365 12,692 5.148 22.304 12.924 11. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 March 2024 or for the year ended 31 March 2023. Trustees, expenses There were no trustees. expenses paid for the year ended 31 March 2024 or for the year ended 31 March 2023. 12. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension cosls 1,388.894 115.739 70,175 1,126,080 91,386 53.027 1.574.808 1.270,493 The average monthly number of employees during the year was as follows: 2024 62 2023 55 Average monthly employees No employees received emoluments in excess of £60.000. The average number of full-lime and part-time staff were as follows.. 2024 47 15 2023 53 12 Average number of full time staff Average number of part time staff Equivalent number of fvll time staff 55 59 The total key management personnel remuneralion benefits during the year was £66,210 (2023.. £59.210). Page 19 continued...
TORFAEN CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted funds Total funds INCOME AND ENDOVdMENTS FROM Donalions and legacies 106.158 106,158 Charitable activities Provision of advice 117,931 1,301.888 1,419,819 Investment income Other income 631 34.377 631 34.377 Total 259,097 1,301,888 1,560,985 EXPENDITURE ON Charitable activities Provision of advice 271.243 1.202.052 1.473,295 NET INCOMEI(EXPENDITURE) (12,146) 99,836 87,690 RECONCILIATION OF FUNDS Total funds brought forward 341,332 160,370 501,702 TOTAL FUNDS CARRIED FORWARD 329,186 260,206 589,392 14. TANGIBLE FIXED ASSETS Office equipment. fixtures & fittings Improvements to property Totals COST At 1 April 2023 Additions 33,598 100,605 11,267 134,203 11.267 At 31 March 2024 33.598 111.872 145.470 DEPRECIATION At 1 April 2023 Charge for year 13,440 6,720 71,260 16.645 84,700 23,365 At 31 March 2024 20,160 87,905 108.065 NET BOOK VALUE Al 31 March 2024 13.438 23.967 At 31 March 2023 20.158 29.345 49.503 Page 20 continued...
TORFAEN CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accrued income Other deblors Prepaymenls 17,120 7,340 6.840 11,703 40,704 9,179 31,3(N) 61,586 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors Accruals and deferred income 20.000 66,715 20,000 207.273 227.273 Included within accruals and deferred income above is the following deferred income= 2024 2023 Torfaen County Borough Council ~ Drop in Advi Torfaen County Borough Council 169.067 21,432 21,432 169.(7 17. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows= 2024 2023 Within one year Between one and five years 12,228 12,228 12.228 12,228 24,456 Page 21 continued...
TORFAEN CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS Net movemenl in funds Transfers between funds Al 3113124 At 114123 Unrestrlcted funds General fund Designated fLtnd - Employer pension scheme Designated fund - Fixed asset fund 264.683 (4,498) 18,859 279,044 15,000 49,503 15.000 23,365 11.267 329,186 (27,863> 30,126 331,449 Restrictsd funds Warmer Wales Help to Claim Welsh Govemment- Single advice fund.. Specialist Welsh Government- Single advi fund: Community focussed Welsh Govemment - Regeneration 2020 ABUHB - Welfare Rights Service Newport CAB - Test and Leam Torfaen Council - New Start DWP- Claim What's Yours Torfaen Council - Drop in Advice Basic Income Pilot The Cwmbran Trust Citizens Advi - Cost Of Living Torfaen CBC - Smart AboLrt Money WHD EAP Wamier Torfaen CSDF- Remote Delivery Winter Capacity 15.115 6.799 888 16,003 6,799 38,226 (11,310) 26.916 24.204 788 19,734 30.126 (996) 23,208 788 21,821 2,087 (30.126) 10,093 740 (47.180) 6,574 352 (2.182) 1.764 7,875 2.316 15,928 10.485 10,093 740 30,453 33.046 6,461 12,818 1.764 7,875 2,316 15,928 10.485 77.633 26.472 6,109 15,OCK) 260.206 2,566 30,126 227,514 TOTAL FUNDS 589.392 30.429) 558.963 Page 22 continued...
TORFAEN CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS- contlnued Nel movement in funds, induded in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund Designated fund - Fixed asset fund 246,555 (251,053) (4,498> 246,555 (274,418) (27,863) Restricted funds Torfaen Young People's Support Service (rypss) project Citizens Advice consumer service Warmer Wales Welsh Govemmenl - Single advice fund: Specialist Welsh Government- Single advice fund.. Community focussed ABUHB - Welfare Rights Servi Torfaen Council - New Start DWP - Claim Whavs Yours Torfaen Council - Drop in Advice Basic Income Pilot The Cwmbran Trust Crtizens Advice - Cost Of Living Torfaen CBC - Smart About Money WHD EAP Warmer Torfaen Eastem Valley Foodbank CSDF- Remote Delivery Winter CapacÉty 12,550 543.088 41.479 (12.550) (543,088) {40,591) 888 151.787 (163,097) (11,310) 121.946 43.570 88,000 226.800 169,067 56,171 10,000 (122.942) {41.483) {77,907) (226,060) (216,247) (49,597) (9,648) (2,182) (11,236) (996) 2.087 10.093 740 (47,180) 6.574 352 (2.182) 1,764 7.875 2,316 13,000 7.875 27,932 25.618 31,125 (25.616) (25,618) (15.197) 15,928 10.485 1,580,493 1.583.059 TOTAL FUNDS 1.827,048 1,857,477) 30,429) Page 23 continued...
TORFAEN CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS - continued Comparatlves for movement in funds Net movement in funds Transfers between funds At 3113123 At 114122 Unrestricted funds General fund Designated fund - Employer pension scheFne Designated fund - Fixed asset fund 264,465 10,158 (9,940) 264.683 15,000 61,867 15,000 22,304) 9,940 341,332 (12.146) 329,186 Restricted funds Warmer Wales Help to Claim Welsh Government- Single advice fund: Specialist Welsh Govemment- Single advi fund: Cornmunity focussed Welsh Govemment- Regeneration 2020 ABUHB - Welfare Rights Setvi Newport CAB - Test and Leam Torfaen Council - New Start DWP - Claim What's Yours Torfaen Council - Drop in Advice Basic Income Pilot The Cwmbran Trust Citizens Advice - Cost Of Living 16,736 6,799 (1,621) 15.115 6,799 38,271 (45) 38.226 23.965 788 15,656 30,126 558 27,471 239 24,204 788 19.734 30,126 4,078 (558) (27,471) 77.633 26.472 6,109 15.000 77.633 26,472 6,109 15,000 160.370 99.836 260,206 TOTAL FUNDS 501.702 87,690 589.392 Page 24 continued...
TORFAEN CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS . continued Comparalive net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fvnd Designated fund - Fixed asset fund 259,097 (248,939) 22.304 10.158 259,097 (271,2431 (12,146) Restricted funds Torfaen Young People's Support Service ITYPSS) project Citizens Advice consumer servi Warmer Wales Welsh Government - Single advi fvnd.. Specialist Welsh Government- Single advice fund: Community focussed Scams ABUHB - Welfare Rights Service Energy Saving Trust- Ofgem Torfaen Council - New Stsrt DWP - Claim Vvhat's Yours Torfaen Council - Drop in Advi Basic Income Pilot The Cwmbran TTUSt Citizens Advice - Cost Of Living 12.550 437,126 34,900 {12,550J (437,126) (36,521) (1,621) 144,546 (144.591) (45) 116,146 15.772 43,560 7,098 40,000 216,000 169.067 40.123 10,000 15,000 (115.907) (15,772) (39,482) {7.098) (40,558) {243.471) (91.434) (13,651) (3,891) 239 4,078 (558) (27.471) 77.633 26,472 6,109 1,301.888 1,202,052 99.836 TOTAL FUNDS 1,560,985 1.473,295) 87,690 Restricted funds The Torfaen Young People's Support Service (rypss) project is fijnded by Torfaen County Borough Council to work in partnership with agencies and professionals working with Children and Vulnerable AduRs to provide an advi, inft)rmation and support seNice wtlhin Ihe aims of the multi-agency model for support and the ethos of the Young People's Support SeNice. Citizens Advice Consumer Setwice is funded via Citizens Advice by the Department for Business. Energy and Industrial Strategy (BEIS). The Citizens Advice consumer service provides free, confidential and impartial advi on consumer issues. Funding reiVed in respect of the Wamer Wales project during the year to provide advice and assistan lo beneficiaries aimed at enabling them lo manage their debts and budgels going fornard. maximise their income and ability to afford to pay their bills and to enable people to have warm homes through improving energy efficiency and improving their health and wellbeing. SAF-CF - Funded by Welsh Government this project provides general welfare advice in community locations including welfare benefits, debt, employment. discrimination and housing SAF-SP- Funded by Welsh Government this proje¢t provides specialist welf8re benefits and debt casework across Torfaen. Newport and Monmouthshire Aneurin Bevan University Health Board Welfare Rights Service= This 'in reach, service provides advice and casework for patients of the Health Board's mental health services in wards, clinics and in the community. DWP - Claim at'S Yours is a Welsh Govemment campaign aimed at getting people to check whether they are in receipt of all the benefit income they are entiued to. Torfaen CBC - Drop in Advice.. the project will support two additional benefits maximisation officers and two financial inclusion officers for a 12 month period as well as support add¢lional energy vouchers. Page 25 continued...
TORFAEN CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS - continued Basic Income Pilot- funding received during the year to support the delivery of the Basic Income for Care Leavers in Wales pilol which is available for those leaving care who are turning 18 years of age beeen 1 July 2022 and 30 June 2023. The programme will provide a monthly payment of £1.600 {£1,280, after-tax) to all eligible recipients choosing to partÈcipate in the pilot. The Cwmbran Ttust - Relief of Fuel Povety: this project will enab16 Torfaen Citizens Advi to support residents in the NP44 postal district by distributing funds quickly and responsNely, targeted in a way that complements other sources of help and fills gaps in the available local crisis support. Citizens Advice - Cost of LNing'. this projed is to enable lo¢al offices lo support or increase direct service delivery capacity, to help our clients through Ihe cost-of-living crisis. Funding received in respect of the Wanner Torfaen projecl during the year lo provide advice and assistance to beneficiaries aimed al enabling them to manage their debts and budgets going forward, maximise their income and abilily io afford to pay their bills and lo enable people to have warm homes through improving energy efficiency and improving their health and wellbeing. Torfaen County Borough Council Smart amount Money - funded by the Multiply programme provides budget and money advice to residents in Torfaen 4D EAP - Warm Home discount Energy Advi programme provided additional help for people across Wales with energy advi and income maximisation Easlem Valley F¢)odbank- tunding provided general welfare benefit advi from foodbank locations CSDF Remote Delivery- provided telephone advice, website and email advice in generalm topics across England and Wales Winter Capacity - provided additional support enabling our debt advisers to increase caparity for a short period Prior ear onl Funding reIVed in respect of the Help to Claim project in the previous year to set up and mobilise the Universal= Help to Claim seNice for the local Citizens Advice and to enable them lo be ready to deliver the setvice design project. Scams- Funded by Facebooklmartin Lewis. this project provides telephone advice on digital scams as an additional service to the Consumer Advice helpline Welsh Govemment - Regeneration 2020. The purpose of this project is to create a new advice hub in Pontypool and relocate the advice hub in Cwmbran to Ihe library. Energy Saving Trust.. Ihis sejvice provides additional support for energy saving, focusing on grants, equipment. better energy use and equipment. Newport CAB- Test and Leam= this project targeted referrals from clients with leaming disabilities induding autism through links built with representative organisations such as MENCAP. Torfaen Council - New Start - funded through the Torfaen Housing Support grant and supports people at risk of losing their homes through the provision of debt benefits and housing law advice. It's principal aim is lo reduce evictions. Designated fund - Employer penslon scheme The Board have set up a designated fund of £15,000 in response to notFfication by the Pensions Trust of the estimated employer debt on withdrawal from the pension scheme. The fund balance includes anticipated costs of executing planned costs associated with the scheme. Designated fund - Flxed asset fund The Board have set up a designaled fund equal to the net book value of the fixed assets held by the charity. The fflovement in the year reflects fixed asset purchases and the annual depreciation charge. Page 26 continued...
TORFAEN CITIZENS ADVICE BUREAU NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS- continued Transfers between funds A transfer of £11,267 was made to the designated fixed asset fund, which represents the net book value of the fixed assets at the balance sheet dale. A further transfer of £30,126 was made from the Newport CAB- Test and Learn restricted fund to general funds as the deliverables were achieved and the restriction met. 19. EMPLOYEE BENEFIT OBLIGATIONS Torfaen Citizens Advice Bureau participates in The Pensions Trust's Grovrth Plan (the Plan). The plan is funded and is nol conlracled-out of the Stste Scheme. It is not possible in the nomal course of events to identify on a reasonable and consistent basis the share of underfying assets and liabilities belonging to individual participating employers. The Plan is a multi-employer scheme, where the assets are co-mingled for investment purposes, and benefits are paid out of Ihe Plan's total assets. Accordingly. due to the nature of the Plan, the accounting charge for the period represents the employer conlributions payable. The pension cost charge represents contributions paid by the charity to the fund and amounted to £70,175 {2023: £53,027). There ale no contributions outstanding at the year end (2023: £Nil). 20. CONTINGENT LIABILITIES The bureau has been notified by the Pensions Trust ofthe eslimated employer debt on withdrawal from the pension scheme based on the financial position of the scheme as at 30 September 2023. As at this date the estimated employef debt for the bureau was £2,455. This debt liability will not crystallise as long as Ihe bureau continues to employ an active member of the scheme. 21. RELATED PARTY DISCLOSURES There were no related party transactions for Ihe year ended 31 March 2024 (2023.. £Nil) that required disdosure. Page 27