Charity number. 1117552 Company number: 05982711 BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024 TRADING AS CITIZENS ADVICE BROMSGROVE AND REDDITCH
BROMSGROVE ANO DISTRICT CITIZENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 *Ih*A**tr**tr**rfr*l1*4 CONTENTS Page Reference and administrative details of the charity, its trustees and advisers Trustees, Report Independent Examinerfs report Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Financial Statements 10-17
BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS ***********fv5** Registered as Bromsgrove and Dlstrlct Citizens Advice Bureau (Also uslng the name Citizens Advice Bromsgrove and Redditch) Reglstered Company Number 05982711 Registered Charlty Number 1117552 Registsred Office 50152 Birmingham Road, Bromsgrove, Worcestershire B61 ODD Trustees Name S Green IChair} B Cooper (Vice Chair G Cooper {Tre8surer) S Webb MFOX M Fumess JAfill E Gray Bankers 25. Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Lloyds Bank 112, High Street Bromsgrove Worcs B618EZ Page I
BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 **4**hrfJ***h+**th*** The trustees, who are also director5 of the charity for the purposes ol the Companies Act 2006, psent their report with the financial statements of the charity for the year ended 31. March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORPI 'Accounting and Reporting by Charities, (FRS102}. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Bromsgrove and District Citizens Adviee Bureau are an incorporated charity and a Company limited by guarantee. The charty is govemed by its Memorandum and Articles ofAssoaation. Entitlement of External Bodies to Appoint Trustees As our prtncipal fttnders. Bromsgrove District Council is entitled to appoint Iruslees, and w0SterShIre County Council to appoint one. As a new principal funder Redditch Borough has been invited to appoint one. Recruitment of New Trustees and Training New trustees are recruited by advertising in the local press, internel sile5 and personal Contacts. New recruits are provided with a pack of Infomialion about the responsibilities of trustees and a150 a skills questionnaire lo be completed. They Ihen have a first interview with the Chair to leam about the organisation, if they then wsh to proed they are inleNiewed by the Chalr and CEO. Once appointed they are given induction training by the ChairlCEO. Organisational Structure The day to day running of the charity is dealt with by the Chief Executive. a5S15ted by a Service Manager. There are regular visits to the Centre by the Chair. who is also available at other limes to give advice and to take decisions on delegated matters. The Trustee Board meets every three months. A sub-committee, Finance and Governance, is used to review policies, financg, et¢., and report back to the main Board. Staff management is the responsibility of the Chief Executive. All matters requiring disciplinary action are dealt with in accordance with employment law, and contracts, wilh guidance from CA and ACAS. Staff salary grades and struclurgs are approved by the Board. Funding opportunities are sought by staff and approved by the Board. after considering whether they are within our objectives and Mable. Rlsk Management All major risks have been identified and have procedures in place. They a reviewed periodically, usually, on a quarterly basis. There is all annual review of the level of funding it is nece5$3ry to hold to cover potential finan¢ial risks. We will aim to have at least three months runniro costs. as a safety net. which would be £110,000 and the present safety net is £90,000. If any services, for which there is specific fvjnding, ceased then notice would be given. All necessary insurance coveTS. including professional indemnity are in place and reviewed regularly. DBS cheGk5 are Garried out for staff. volunteers and trustees if they are necessary. Good Governance The code for the voluntary sector was published In July 2017 and we have adopted IL We also discuss govemance issues at each Trustee Board Meeting. Publlc Benefit The trustees have given due regards lo the CharFty Commission's guidance on public benefit in deciding the aetivilies undertaken by the local Citizen5 Advits during the year. The trustees are satisfied that the information provided in the reiS0rt and accounts mee15 the public benefit reporting requirements. Page 2
BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 *il********lt***** OBJECTIVES AND ACTIVITIES Objectlves and aims They are as follows'.- Objects The Charity's objects are to promote any charitable purpose for the benefit of Ihe community in Brornsgrove and surrounrjing areas {°the area of benefiY'I by the advancemene of eduGalion, the protection and preservation of health and the relief of poverty, sickness and distress. Powets To promote its objec15 but not for any other purpose the Charity will have the following powers: Power to establish and provide Citizens Advice Bureau services and outlets supplying a free, independent. confidential and impartial service of adviGe, information and counsel for the publia Power to obtain, collect and receive money and funds by way of contribution. donations, legacies, grants and any other lawful method. It can also accept and receive gifts of propeTty of any description Iwhelher subject to any speGial trusts or not) provided that the Charity does not carry out any substsnlial and permanent trading activities for the purpose of raising funds and shall conforn to any relevant quireMentS of the law. Power to buy, take on lease or in exchange any propety necessary for the achievement of the objects and to maintain and equip it for use. Power to sell. lease or dispose of all or part ol the Charity's property but only in accordance with the restrictions imposed by the Charib'es Act 1993 {or any statutory re-enactrnent or modification of that Acll. Power to borrow money and to give security for loans but only in accordance with the restrictions imposed by the Charities Act 1993 (or any stabJlory re-enactment or modification of that Act). Power to employ such slaff (who shall not be mernbers of the Trustee Board} as are necessary for the proper pursuit of the objec15 and to make all reasonable and necessary provision for the payment of pensions and SUkErannualion for staff and their dependanls. Power to recruit such volunteer workers (who shall not be members of the Trustee Board) a$ are necessary for the proper pursuit of the objects. Power to work with other charitie5, voluntary bodies and statutory authorities that have the same or similar purposes as the Charity and exchange information and advice with them. Power to establish or 5UPPOrt any charitable trusts, associations or instilulions forned for all or any of the objects. 2.10 Power to appoint and constitute such advisory committees as the Trustee Board may think fil. 2.11 Power to procure to be written. and print, publish. issue and Girculate gratuitousiy or otherwise any reports or periodicals. books, Pamphlets. leaflets and other documents. audio and video tapes and dis¢s, computer disG5, films and any other instructional matter. 2.12 Power to arrange and provide orloin in arranging and providing lor the holding of exhibitions. meetings, lectures and classes. 2.13 Power to promote, encourage or undertake organised research and experimental work and make available Ihe results of such research. 2.14 Power to join any other charitable institution and to become responsible for the assets, liabilities and conlracts of any such institution or transfer th8 assets. liabilities and contracts of the Charity to such instilulion. 2.15 Power to invest or deposit fijnds in any lawful manner whi15t having regard to the suitability of investments and the need for diversification. Page 3
BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 ***•*****tha*** 2.16 Power lo Insure the property of the Charity against any foreseeable risk and to take out other insurance policies to protect the Charity as the Trustee Board thinks fil. 2.17 Power to provide indemnity insurance to cover the liability of the Trustees which by virtue of any rule of law would otherwise attach to them in respect of any negligen¢e, default, breach of trust or breach of duty of which they may be guilty in relation lo the Charity: provided that any such insuranrE shall not extend lo any claim arising from any act or omission which the Trustees knew to be a breach of trust or breaGh of duty or whlch was committed by the Trustees in reckless disregard to whether il was a breach of trust or breach of duty or not: provided a150 that any such insuranee shall not extend to the costs of any unsuccessful defence to a criminal prosecution brought against the Trustees in their capacity as Trustees of the Charity: and 2.18 Power to do all such other lawful things which promote or help to promote the objects. ACHIEVEMENT AND PERFORMANCE 202312024 has been a significant year for CABR. We faced a challenging defiGil on our core service fundlng bul through strong partnership and fundraising work were able to once again generate the funds to fill this gap. Whilst we cannot guarantee this outcome every year, and are in ongoing long term negotiations with our funders, il is reassuring that for a second year in a row we have managed lo rise to this challenge. Indeed. Ihe inability to appoint to certain posts. and some staff reduGing hours. has actU811y led lo a significant surplus which, whilst not truly representative of the ongoing financial situation. is welcome nonetheless. In project terms his year has seen us enjoy an exciting full time placement of a N8tional Grid member of staff a5 an adviser, which brought many benefits, and was a wonderful example of real corporate social responsibility in action. We have also delivered the Household Support Fund for another year. and our Homelessness Prevention project has gone from strength to strength. Our Advic8 First Aiders project. funded by the UK Shad Prosperily Fund has also really taken off, ant1 should prove a real asset lo the communities where those trained live and work. Internally a lot of focus this year has been of revamping our volunteer model, so we deliver more options in temis of challenge and commitment, and adjusting our training and recruitment work as a result. This is part of our long tem plans lo rneel the greatly increased demand the service is seeing. in the most cost effective way we can, and by making our service as flexible 85 11 can be. We supported 9,903 households during Ihls year. An increase from 8.314 last year and 6,822 the year before, a jump of 45'A in two years. Finally. we passed our external audit so have be reaccredited for the Advice Quality Standard and for FCA licence. FINANCIAL REVIEW At 31. March 2024 the lolal funds held were £585.075 of which £317.514 were restricled funds The budget set for the year. after revision. anticipated a sUlUS of £20,000 but the final oulturn was a surplus of £78,000. As result of the rost of living crisis support was made available from Central Government, and both Bromsgrove and Redditch Councils contracted us lo administer the Horne Support Scheme and the Advice First Aiders. There was also funding from Citizens Advice of £47,120 from their CSD Innovation Project. Some additional staff were engaged and esling stafl hours extended. but the additional dutie5 were mainly cairied out within existing staffing. in addition, the post of coordinator for the CSD Innovation was not able to b8 filled due to lack of suitable applicants and so this was covered by existing man8ggmonl staff. The Operations Manager left at Ihe end of December and the post was not filled until May this year. The financial position is sound we have adequate unrestricted funds 8s a cushion against the loss of funding. The surplus of £77,974 includes £48.555 restricted funds which will be transferred to unrestricted fund5. hang completed our contact obligation. whlch does not Include any surplus being returned. In th8 longer lerm we appreciate that if new contracts are not obtained then we will eventL5ally have to use our reserves, but for 202412025 there ate 8 number of new contracts under discussion FUTURE DEVELOPMENTS 202412025 we hope lo see a season of growth for CABR. We not only wish lo increase our capacity vAlhln our existing channels of advrGe delivery bul are actively exploring other ways of developlng contact points for people In the wider community, particularly those who may struggle to use the phone. We also remain comrnitted lo broadening the depth and range of serwces available for Redditch clients and look forward to being part ol the new ouncil Hub. when it reopens, hopefully in the autumn. Page 4
BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 *ltk*th*thk***th*•+è** STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees (who are also the d1ctOrS of Bromsgrove and District Citizens Advice Bureau for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice). Company law requires the trustees to prepare ffnancial slalemenls for each financial yoar which give a true and fair view of the slate of affairs of the charilable company and of Ihe incoming resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements. the trustees are required to.. select suilable accounting policie9 and apply them consistently-, observe the methods and principl8s in the Charity SORP: make judgements and estimates that are reasonable and prudent the applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slalements.- and prepare the financial statements on the going concern basis unless it Is inappropriate to presume the charitable company will continue in operation. The trustees are spOnSible for keeping proper a¢counting 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 assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO EXAMINER So far as the trustees are aware. there is no relevant infoThation las defined by Seciion 18131 of the Companies Act 20061 of which the charitable company's examiners are unaware. and each trustee has taken all steps that they ought to have taken a$ trustees in order to make them aware of any infomiation and to establish Ihal the charitable Company's examiners are aware of that infomiation. EXAMINATION OF THE ACCOUNTS Colm McGrory of Omierod Rutter Chartered Accountants, appointed in accordance with S8clion 485 of the Companies Act 2006. ON BEHALF OF THE BOARD Gordon Cooper Trustee Dated 19th July 2024 Page 5
BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU **J4aaLl********&*** I report to the trustees on my examination of the financial stslements of Bromsgrove and Dlstri¢t Citizens Advice Bureau (the charity) for the year ended 3151 March 2024. Responsibilities and basis of report As the trustees of the charty (and also its directors for the purposes of company law} you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2W6 Aot). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 201 I (the 2011 Act). In carying OLrt my examination I have followed all the applicable Direction5 given by the Charity Commission under section 145151 {bl of the 2011 Act. Independent examlnerfs statement Since the charity's gross income exceoded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act I confimi that l am qualified to undertake the examination because l am a member of ICAEW, which 15 one of the listed bodies. I have completed my examination. I confimi that no matters have Come to my attention in connection with the examination gimng me cause to believe that in any material re5peGI. 1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act.. or 2. the financial statements do not accord with those records., or 3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.. or 4. the financial 5talements have not been prepared in accordan with the methods and principles of the Statement of Recommended Practi for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. I have no concerns and have come across no other matters in Connection with the examination to which attention should be drawn in this Teport in order to enable a proper undeTslanding of the financial statements to be reached. Colm McGrory FCA Ormerod Rutter Limited. Chartered Accountants The Oakley. ifjddemiinster Road Droitwieh. Worcestershire WR9 9AY Date Page 6
BROfvISGROVE AND DISTRICT CITIZENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET" **(r**lnlrtrt***h*** Notes Unrestrlcted Funds 2024 Re5tri¢ted Fund$ 2024 Total Funds 2024 Total Fund$ 2023 Income frorn: Donation5 579 579 418 Activities for generating funds Investsnents 136 136 5.497 275.986 5.497 515,763 1,424 381.145 Charitable Activities 239,777 Totsl InGome 282.198 239,777 521,975 382,993 Expenditure on: Charitable Activitles Bromsgrove Bureau Services Bromsgrove Homelessness Debt 8romsgrove Home Support Reddilch Outreach Redditch Homelessness Debt Redditch Home Support Bimiingham University Outreach CSDF-Phase 2 -Pot 1-Innovation Advice First Aiders MaPS- Debt Advice Piemises Review Total expenditure Net incomlnglexpenditure Transfer between Funds 252,779 252,779 26,515 17,100 188.881 22.640 15,178 49,220 24.529 26,247 6.637 26.515 17,100 26.585 30,333 4,280 22.299 10,280 53,830 26.585 30.333 4.280 22,299 10.280 53.830 52,612 3.456 389.400 16.407) 252.779 29.419 48.649 191.222 48,555 48.649} 444,001 77.974 15 Net lexpendlture)Ilncome for the yearlnet movement in funds Reconciliation of Funds 78,068 (94) 77,974 16.407} Total Funds brought forward at I. Aprll 2023 Total Funds carried torward at 31. March 2024 189.253 267,321 317,848 317.754 507,101 585,075 513,508 507.101 The statement of financial activltles includes all gains and losse5 recognised in the year. All income and expenditure derive from continuing activities. Page 7
BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET. *******&*a****** Fixed Assets Notes 2024 2024 2023 Tangible Fixed Assets Current Assets 10 310,754 310,286 Debtors 12 28.860 256,211 285,071 28.580 209,453 238,033 Cash at Bank and In Hand Creditors Amounts falling due within one year 13 10.750 41,218 Net Current Assets 274.321 585 075 196.815 507.101 Total Assets less current Liabilities Income Funds Unrestricted Funds Revenue 150,921 73,853 Desi naled Funds Reserves Policy Provision for Redundancies 90,000 9.400 90.000 9.400 Buildings Fund Restricted 17.000 116,400 16,000 Redundancy Fund FIF Capital General Funds 7,000 310.754 7.000 310,286 562 317,754 Total Funds 20 585.075 507.101 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 2024. No member of the cnpanY has deposited a noti. pursuant to Section 476, requiring an audit of these accounts. It is the trustees, responsibility to ensure that the charity keeps accounb'ng records which comply with Section 386 of the Act and to prepar9 ac¢oun15 which give a true and fair view of the stale of affairs of the company as at the end of the financial year. The accounts must give a true and fair view of the charity's incoming resources and application of resource5. including its income and expenditure, for the financial year in accordance with the requirement5 of Sections 394 and 395 and which otheNise comply with the requirements of the Companies Act 2006 relating to accounts. so far as applicable to the Company. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companie5, regime. The financial statements were approved by the Board of Trustees on 19th July 2024 and were signed on its behalf by,. Gordon Cooper- Trustee Company Regisltation No 05982711 Pa8e 8
BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET. ***%*thth*•** 2024 2024 2023 Notes Cash Flow frorn operating activities Cash generated from operations 47,700 49.648 Investment actlvltles Purchase of langible fixed assets 942 Net cash used In Investlng activitleg {942) Net cash used in financing activities Net increase in cash and Cash equivalents 46,758 49,648 Cash and cash equivalents at beginning of year 209 453 159 805 Cash and cash equivalents at end of year Page 9
BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET. L•***th***lr*lr•*1•+&+** ACCOUNTING POLICIES Charity Information Bromsgrove and Dislrict Citizens Advice Bureau is a private company limited by guarantee incorpjrated in England and W81es. The registered office is 50152, Birmingham Road, Brom5grove, worsterShire. B61 ODD. a} Accounts Conventlon The accounts have been prepared in accordance wtlh the Charity's Memorandum and Article5 of Association. 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 {FRS102}' (effective 1 January 2019). The charity Is a Public Benefit Entity as defined by FRS102. The accounts are prepared in Sterling. which is the functional Currency of the Charity- Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prePad under the historical cost convention. Capitsl grants are recognised as designated incorne when receivable and this departure from financial reporting standards is necessary in order to show a true and fair wew, in accordan with SORP 2015. Three types of fund$ are held. restricted, general or designated safety net fund5 cannot be used without the approval of the DirectOrsrUstees. When possible, expenditure 15 charged to the charitable activity to which it relates. Costs that cannot be dealt with in this way are apportioned as a percentage overhead. Apportioned costs are premises and offi oosts. Golng Concern At the time of approving the accounts. the trustees had 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 concem basis of accounting in preparing the accounts. Governance Costs Any costs that can be identiffed are charged direct. Stsff time is allocated according to the percentage spent diredy on governance. together with a proportion of premises and office cost5. In accordance with the charities SORP IFRS 1021 g0Veman costs are now treated as overheads and allorated over the other servicgs. b) Incoming resource$ Gran15 reivable Grants made to finance the a¢lwties of the local Citizens Admce are credited to the income and expenditure account in the period to which they late. Bank interest Bank interest is Included in the income and expendire account on 1pt. Other income Sales of services are included in the income and expenditure account in the period to whlch they relate. Other incomg, including donations. gifts and ¢ovenants are included as they were reIVed. iv} Gifts and Intangible income In addition to the above. the charity also reiVeS help and support in the form ot voluntsry assistan in advising the public. General volunteer time 15 not recognised, in accordants with the Charilies SORP IFRS102). Deferred income Grants received in advance of the period in which the fijnder requiros the expenditure to be applied will be reflected in deferred income within the balance sheet l Resources expended All expenditure is accounted for on an accruals basi5. All expenditure direcUy relaled to the provision of advice services is include within charitable expenditure. Other costs incurred have been allocated been fundraising and publicity and managernent and Page 10
BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET. *******h*&4***** administratlon as appropriate. Where such costs relate lo MO than one functional cost category they have been split on an estimate of lime or floor Spa basis, as appropriate. dl Baslc flnanclal assets Basic financial assets. which include debtors and bank balances. are initially measured al transaction price including Costs and are subsequently carlled at amortised Cost Lrslng the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured al the present value of the fvlure re¢elpts discounted at a market rate of inleTesl. Financial assets classified as receivable within one year are not amortised. Impairment of financial assets Financial assets. other than those held at fair value through income and expenditure. are assessed for indicators of impairment at each reporting date. Financial assets ale impaired where there is objective evidence that, as o result of one or more events that occurred after the initial recognition of the financial asset. the eslimaled future cash flows have been affected. If an asset is impaired, the impairment loss is the differen been the carrying amount and the present value of the estimated rAsh flow discounted at the asset's original effective interest rate. The impairment loss is recognised in net incomel (expenditure) for the year. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been. had the impairment not pieviously been recognised. The impairment reversal is recognised in nel income lexpendilurel for the year. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed_ The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impaimient not previously been recognised. The impairment reversal is recognised in net income (expenditure) for the year. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the ¢a$h flows from the asset expires or are settled, or when the charity Iransfers the financial asset and substantially all the risks and reward of ownership lo another entity. or if some significant risk and rewards of ownership are retained but control of the asset has transferred to another paty that is able to sell the asset in its entirety to an unrelated third paty. gl 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 fvture payments discounted al market rate of interest. Fin8ncial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective rate method. h) Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual Obligations expire or are discharged. Fixed assets and depreclatlon Fixed assets are included at cost less depreciation. Items are capitalised if their value is over £500. Depreciation is charged on a straight line basis on the cosls of the assets over their estimated useful lives as follows.. Fixtures, fitttngs and equipment Furniture Freehold buildings 3 years 5 years No depCiatIon The depreciation policy has been reviewed in accordance with FRS 102 and no change has been made from the previous year. The promsion for depreciation of fixed assets is Shown 8s part of notes to the Statement of Financial Activities. Flxed asse15 are gith¢r financed from granls OT by using Reserves. When Reserves are used the cost is written as a charge to Revenue, but when financed from a grant then the income resour is shown in the Statement of Financial Activities and creditgd to a Designated Capital Reserve. Il Restricted funds Income received for the reslriGted purposes is included in a separate r85tricted fvnd against which appropriate expenditure is allocated. Restricted ftjnds can only be used for particular restricted purposes within the objects of the charity. Re51riclions arise when specified by the donor that any unused fijnds may have to be refunded. if the objective of the funding 15 met and there is no obligation to refund any surplus then those fvnds are treated as unrestricted. Page11
BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEEr *tt*********n*** kl Designated funds Designated funds are allocated out of unrestricted funds by the trustees for specific purposes. The use of such funds is at the Iwstees, discretion. 11 Fund Accountlng Unreslricled funds can be used in accordance with the charitable objects'ves 8t the discretion of the trustees. m) Cash Flow The charity has taken advantage of the provisions in the SORP for charities applying FRS102 Update Bsjlletin 1 not to prepa Stslement of Cash Flow. Further explanation of the nature and purpose of each fund is included in the notes to thè financial statements. n) Taxatlon Bromsgrove and District Citizens Advice Bureau are registered with the Charity Commission and under the provisions of the Income and Coiporation Taxes Act 1988 and exempt from liability to taxation. ol Capital Grants Capital grants ar& recognized as income in the designated fund when re1vable and a departure from Financial Reporting Siar¢dards necessary in order to show a true and fair view in accordance with the Statement of Recommended Practi¢e SORP IFRS1021. pl Pensions Employees have an amount equal to 50A of their salary paid into a pension fund. The provider is Standard Life bul employees can use a different provider if they wish. The only obligation. a5 an employer, is to deduct any agreed conlribulion from salary and pay over to the pension provider, together with the employels contribution. The provisions of automatic enrolment apply lo eligible staff who has not exercised their contractual rights. 2024 2023 DONATIONS & GIFT AID 579 418 3 ACTIVITIES FOR GENERATING FUNDS 2024 2023 Completing DRO Forms Gift Aid 130 136 4 INVESTMENT INCOME 2024 2023 Bank Interest INCOMING RESOURCES FROM CHARITABLE ACTIVITIES Restricted Grants and Contracts Bromsgrove District Council Bromsgrove District Council Bromsgrove District Council Citizens Advice Citizens Advice Reddilch Borough Council Reddilch Borough CounGil Birmin9ham University National Lottery Total Restricted 2024 2023 Home Support Homelessnes5 Debt Advice First Aiders Maps CSDF-Phase 2 -Pot 1-Innovation Home Support Homelessness Debt Outfeach for Staff Premises Review 15,000 24,500 22,382 57,365 47,120 39,750 24.500 9,160 15,026 23.000 49,923 25.965 23,000 9. 360 3.456 7 149 530 Page 12
BROMSGROVE AND DISTRICT crrizENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET" ***•**klr+*fr** 2024 2023 Unrestricted Grants and Contracts Bromsgrove & Redditch Nelwork Bromsgrove District Couneil Redditch Borough Council Redditch Borough Coun¢ll Woreester Advice Neork Alvechurch PC Barnl Green PC Belbroughton PC Bournheath Parish Council Catshill and North Marlbrook PC Clent pc Cofton Hackett PC Finstall PC Lickey and Blackwell PC Tutnall and Cobley PC Wythall PC Citizens Advice Citizens Advice Total Unrestritted Total Incoming Resources - Notes 2 to 6 General Purpose Grant Information and Advlce SeNi Financial & problem solvlng Housing Information and AdvirR Servi Information and Advice Servi Infomalion and Advice Service Information and Advice Service Information and Advice Service Information and Advice Service Information and Advice Service Information and Advice Service Infomialion and Advice Service Information and Advice Servi Infomiation and Advice Servi Informalion and Advice Servi GAG & COMF General Purpose Grant 1,000 118,498 50,000 113,500 54,114 9,816 79.656 150 500 300 52.448 150 500 300 100 1,000 250 500 250 500 100 1,000 5,019 1,000 300 500 150 1,000 15.000 275 986 S21975 231615 6. CHARITABLE ACTIVITIES COSTS Bureau Broms Redd Brom8 Redd Map5 Advise Po11 8'ham rot 2024 2023 Semees Homeless Hornde5S Hom DEbt First ders Innovaiion Uniy Debl Debt Support Support Outreach Exptrntllluro Salary Costs 209.292 22,191 2Z.191 14.422 25.583 43.783 8.249 16,514 3,609 365,834 iilliiiiiii 316,068 156 Slaff Travel Olherstaff Cosis 267 267 491 Consullancy Volunteers Travel Costs 3.542 J.S42 2.633 146 Interprelalion Semces Pholocopying Postages Premlses Suffty R?cNilment 85 251 35 3,456 728 72e Rent 2,719 2.711 450 Training Equlpmenl OfficE and Premi$88 OH'5 Total 203 273 405 499 1.380 992 394 3.067 670 38.B6S 4.121 4,121 2.678 4.751 8.130 1.532 67,935 64.307 252,779 26,515 26.585 17,10D 30,234 53,629 10.28U 22,300 4.279 444,001 389.401 Nolo.. There is also staff cost of £12.568 included in Office and Premises Overheads. Page 13
BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET. ***a******b*a*** 2024 2023 7. NET INCOMING I (EXPENDITURE) Independent Examiners Fee Depreciation owned assets 1,500 1,500 2024 2023 8. Cash Generated from operatlons Surpluslldeficit) for the year 77.974 16.4071 Adjusted for Depreciation and impaimient of tangible fixed assets 474 3,030 Movement in working capital {increase)Idecrease in debtors Increasel{decreasel in creditors {280) 23. 889 Cash generated from operations 9. TRUSTEE'S REMUNERATION AND BENEFITS No trustees received any remuneration nor benefits for the year ended 31. March 2024 {2023-. None) 10. STAFF COSTS 2024 2023 Wages and Salaries Social Security Cos15 Pension Costs 336,862 20.005 292.133 19.557 378 403 327 617 2024 2023 Full Time Staff at 31" March Part Tirne Staff at 31, March Average hours part lime staff 11 19 18 Contributions to 13 employees pension provision. There were no payments in kind There were no employees with emoluments above £60.000. The purpose of the Charity is to provide information, advice and assistance to the public and this is principally done by trained volunteers, supervised by paid staff. The administration support is also provided by volunteer5 under the superw5ion of a paid Admin Officer. 11. TANGIBLE FIXED ASSETS Freehold Buildlng Equipment Furnlture Total Cost 1st April 2023 Additions At 31st March 2024 324.180 e2,948 942 63.890 6,189 393.317 942 394,259 324,180 Depreciation 1st April 2023 Charges for year At 31st March 2024 14,180 62,662 474 63.136 6,189 83,031 474 83,505 14,180 6,189 Page 14
BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET. **hk*******k**fftI**+• Net Book Value 1st Aprll 2023 31st March 2024 310,000 310,000 286 754 310.286 310,754 Freehold Bullding Equipment Furniture Total Depreclation Charged Overheads 474 474 474 474 Depreciation is by the straight line method. There is no depreciation on buildings. Equipment is depreciated over 3 years and furniture over S years. Deprecation is charged in year of acquisition. 12. NET MOVEMENT OF FUNDS 2024 2023 As per Financial Slaternents Funds Applied to acquisition of Assets Net Movement of Funds 77.974 1 942) 16,407) 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Contract Payments 860 580 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 So¢ial Security and other taxes Pension Contributions Other Creditors Grants paid in advance Total 6.266 2,550 1.934 5,788 2,339 2.357 30.733 Page 15
BROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEEr ***th****a****** 15. MOVEMENT IN FUNDS Nel Movement Transfers bthen Funds At 1.4.2023 At 31.3.2024 in Funds Unrestricted Funds General Funds Designated Safety Net 73,853 29,418 47,650 150.921 90.000 90,000 Building Repairs Fund 16,000 1,000 17.000 Provision for Redundancy 9,400 9,400 Total 189,253 29,418 48,650 267.321 Restrlcted Funds General Funds 562 48.555 149.1171 Redundancy Fund FIF Capital Fund 7.000 310,286 7,000 310,753 Total 317,846 48.555 48.650 317,753 Total Both 507,101 77,973 585,074 16 RESTRICTED FUNDS General Funds that were given for a specified purpose and having fvlfilled that purpose and there being no requirement lo refvnd a surplus then any surplus is held to covei any deficit that may arise in the followng year. If the surplus is not required in Ihat year then it is transferred to unrestricted funds. The funding that is provided by MAS for the debt advice Servi has a requirement that an amount be set aside to cover redundancy costs should the contract be temiinated. The Capital Fund is the value of the building that was given for that purpose 17. SUPPORT COST Overhead5 are those costs which are comrnon lo all service5 and eannot be allocated directly to the fvnctions lo which they relate. These costs are premises, running costs. gas. electricity, elc., and office costs. telephone, stationery, elc. The use of premises is mullifunclional. Premises and office costs are allocated as a perontage on their e5timaled usage. Support Governance Costs Costs 2024 2023 Staff Costs Depreciation Independent Examiners Office Costs Other Costs Sundry Expenses Bank Charges Premises Cost 11,490 474 2,509 13,99g Direct 474 Direct 1.500 Voallocalion 19.154 Ch allocation 132 9/0 allocation 16,451 oh allocation 60 % allo¢alion 16.164 QA allocation 13,355 3.060 1.500 11.368 20 14.844 72 1.500 19.154 132 16,451 60 16,164 63,793 4,141 87,934 Page 16
8ROMSGROVE AND DISTRICT CITIZENS ADVICE BUREAU ST TRUSTEES ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEEr ******TI*Tl******* SHARE CAPITAL The company is limited by guarantee. In the event of a winding up, the liability of each member is limited. 19. LIABILITY OF MEMBERS Every member of the company undertakes to contribute to the assets of the company in the event of il being wound up during the lime that he or she is a member or within one year afterwards for the payment of debts and liabilities of the Company ¢onlracled before he or she ceased to be a member, and of the cosl, charges and expenses of winding up the same and for the cost, charges and expenses of winding up the same and for the adjustment of the rights of conlribulors amongst themselves. Such amounts as may be required not exceeding, in the case of any member. the sum of £1. 20. EXAMINERS FEE An amount of £1.500 has been provided for in the accounts. This is included in other creditors. 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS Fixed Assets Net Current Assets Total Funds Unrestricted Funds Restricted Funds 267,321 267.321 317 754 310754 310754 274 321 585 075 22. RELATED PARTY TRANSACTIONS There were no disclosable related party transactions during Ihe year. 12023 - Nil) Page 17