REGISTERED COMPANY NUMBER: 06030995 REGISTERED CHARITY NUMBER: 1118855 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR NEWPORT CAB MHA Chartered Accountants and Statutory Auditor Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 8RS
NEWPORT CAB CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Report of the Independent Auditors Statsment of Financial Activities Balance Sheet 10 Cash Flow Ststsment Notes to the Cash Flow Statement 12 Notes to the Financial Statements 13 to 24
NEWPORT CA8 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Iruslees 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 Charities.. Stalement of Recommended Practice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objects The charity's objects are to promote any charitable purpose for the public benefit of the community by the advancement of education, the protedion and presetvalion of health and the relief of poverty, sickness and distress in particular, but without limitation for the benefit of the community in Wales and England. The service aims: to provide the advice people need for the problems they fa to improve the policies and practices that affect people's lives Public benefit The organisations trustees can confirm thal they have complied with the duty in Section 17 of the Charilies Act 2011 to have due regard to public benefit guidance published by the Commission. Significant activities that we undertook during Ihe year Ihal demonslrate public benefit are set out below. Significant activities, achievernents and perfomiance During 2023-24 the organisation achieved the following= Delivery of conlinued strong perfomiance across all the services of Ihe organisation. Obtained continuation of fundirig across most aspects of the organisation's service5 Annual income gains for clients of more than £6.5 million. Debts written off amounted to over £1.5m . During the year we saw nearty 9,000 clients and provided advice on over 35,000 issues. ost of Living Crisis We continue to experien high levels of demand due to the ongoing cost of living crisis. Large numbers of clients need emergency help with fuel costs, money and food. During the year we secured additional fijnding to provide a ftexible 'POP-UP' Outreach service to provide improved access to clients facing cost of living difficulties. Summary of main activities of the charity in relation to its objects.. Open Access The open door Servi is open to the public during part of the week for advice on all subjects_ 2,900 clients were seen Ihrough the open- doorlcore service, many of which will also have been provided specialist help. Single Advice Fund (Generalist Service) This service is funded by the Welsh Govemment to provide generalised advise on all subjects The Servi was delivered through, open door, telephone and oulreach seNices In the year 1.697 clients were seen by this service dealing with over 4.000 issues. Newport Support SeNice - Inforniation, Advice and Assistance {IAA) The seNice continues to provide advice to help prevent or delay the development of people's need for care and support. In 2023-24 the project provided service to 872 clients in Ihe year clients and this generated financial gains of £2.1 million. Aneurin Bevan University Health Board Project Newport Citizens Advice lead5 this service which provides advice for people in the care of secondary mental health seNices in Gwent. The advice work involves advice and casework across a range of subjects and is delivered in partnership with Citizens Advice Caerphilly Blaenau Gwent and Citizens Advice Torfaen. During the year Newport Citizens Advice helped 440 clients and secured financial gains of over £1.2 million via this service. Page 1
NEWPORT CAB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Significant activities, achievements and perfomiance Help to Claim (Universal Credit Support} This project is funded by the Department for Work and Pensions, contracted through national Citizens Advi. The purpose of the funding was to provide support lo clients wishing to make a claim for Universal Credit with support up to the first regular payment of Universal Credit. This service is provided by phone and webchal. Claim What's YourslAdvicelink This is Welsh Govemmenl funded service intended as a phone seNice to allow people across Wales to check that they are getting all the benefits and Tax CredÈts to which they may be enlilled. The service also operates as an ovefflow seNice for the Welsh telephone Advicelink setvice which offers a fuller general advice seNice. In the year 1,992 clients were setved by this setvice by Newport Citizens Advice stsff. Core Service Donation Funding - Innovation Grant This additional funding was provided via Citizens Advice to support delivery of a flexible outreach service across the city providing 42 pop-up sessions in 30 different venues from 1 sl July 2023 to 31 st March 2024. Debt Team Debt advice is funded by Welsh Government through the Single Advi Fund. During 2023-24 our specialist debt advisers provided services to 654 clients. Basic Income Pilot This is a pan Wales pilot initiative funded by the Welsh Govemment to provide on a standard basic income to care leavers as they leave Local Authority care. The work involves regular contact with participants as they enter the scheme. throughout the income period and then as they leave at the end of the 12 monlhs. The project has been assisting 33 young care leavers wilh intensive support. Employment and Discrimtnation Team Welsh Government through the Single Advice Fund provides fvnding for employment and discrimination advice and casework to Newport Cilizens advice to support clients from across mid. south and west Wales. In addition, Welsh Govemment also funds a telephone based advice service lo clienls across Wales which is delivered in partnership with Citizens Advice Flintshire. A total of 1,125 clients were provided specialist employment and discriminalion advi and casework during the year. Families First The Families First project. funded by Welsh Government via Newport City Council, provides specialisl support and income maximisation help to families with disabilities. Clients are referred from external organisalions and intemally. During the year 320 clients were assisted with over £0.8 million of additional income secured for clients. Wamier WaleslEnergy Advice Project This projecl is intended to provide a wide range of advice seNices relating to fuel poverty and energy use. This includes energy efficiency advi, budgeting support and income maximisalion. During the year it has helped 474 clients and is funded by the Moondance Foundation and National Grid. Single Advice Fund Test and Learn This Servi was funded by the Welsh Govemment and was established during Covid 19 and aimed to assist clients with Learning and cognitive issues with income maximisation. This was in wind down at the start of the year and 10 clients were assisted. Newport was a partner in a project funded across South East Wales. Perfomiance & Monltoring Perfomiance moniloring reports are prodUd and reported to the Performance Risk and Compliance Committee and to the Trustee Board on a quarterly basis and to funders as required. board and to relevant funders for each project. Outcomes are measured against KPIS where specified and performance during 2023124 had been generally very strong. Volunteers Volunteers team can make a significant and valued contribution to our seNices, but volunteer involvement has fallen significantly in recent years. We continue to make volunteering opportunities available. Fundraising activities The charity attracts limited donations from members of the public. However, the majorily of fvnding is via grants or contracts from slatulory and other bodies. Page 2
NEWPORT CAB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Employment of disabled persons The charity is an equal opportunities employer and encourages applications from all members of the community. The charsty follows the policies and principles of Citizens Advice. the nationwide umbrella organisation for all local Citizens Advice organisations in the England and Wales. FINANCIAL REVIEW Principal funding sources The principal funding sources of the charity.. Newport City Council Welsh Govemment via Citizens Advice Aneurin Bevan University Health Board DWP Ihrough National Cilizens Advi BFitish Gas Energy Trust. through Citizens Advice Cymru Moondance Foundation via Citizens Advi The Trussell Trust Reserrfes policy Newport Citizens Advice will seek to maintain sufficient reserves to ensure that the Servi can continue to meet all its statutory and other legal commilments for a minimum of three months. Reserves are held to ensure smooth running of the organisation following payments received in arrears from funders. Having reviewed the risks fad by the bureau, trustees believe thal this level of reserves would nomially be suffient to cover risks such as.. potential redundancy increase in premises costs reliabilily of income sources Underperforman on contracted funds other opportuntties, conlingencies or unforeseen costs The Board will consider the need for any revisions to the content of this policy at the same time as assessing the level of reserves required. A detailed cash flow forecast is used to ensure financial risks are monitored closely and kept to an absolute minimum. The aim is to set aside reserves amounting to three months operating Costs. including a contingency lo cash flow funded projects as and when required, which would equate to approximately £280,000. Current reserves position Unrestricted funds stand at £555,188. The Board have approved designated funds for redundancy costs of £90,OOOand a staff cost of living support fijnd for £41,410. The general fund stands at £423,778. Tangible fixed assets represent £23,871 leavin9 £399.907 as the charities free re5eNes. At 31 March 2024 the amount of restricted fund5 were £4.912. Trustees have agreed that reserves in excess of the stated policy amounts should only be held for specific and designated purposes. Any addttional reserves should be applied to support activities in keeping with the charity's objects. Going ¢on¢ern The Board have considered the charity's ability to continue as a going concem. Several factors have been considered by the Board when forming their conclusions as to whether the use of the going concem basis is appropriate when preparing these slatements including liquidity, cash resources, liabilities, future funding and support available from various government initiatives. The Iruslees have concluded that the cha17ty has a reasonable expectalion Ihat there will be adequate resources to continue lo operate for at least 12 months from the date of signing these financial statements. Page 3
NEWPORT CAB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FUTURE DEVELOPMENTS In 2024-2025 Newport Citizens Advice is committed lo.. Developing Newport Citizens advice as a place where people feel valued. want to work and stay working, where staff wellbeing is prioritised and where people can develop and enjoy a positive working culture and environmenl Continue to develop services that are responsive to need and are accessible for all our communities and further develop our market leading products in employment and discrimination, health and wellbeing Develop an organisalion that is seen as a highly valued and trusted partner both within Newport and beyond, whose achievemenls are recognised and celebrated Ensuring our organisation is robust in its govemance, structures and systems, forward thinking and sustainable Ensure we are located in suitable. accessible premises STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Newport Citizens Advi Bureau, also known as Newport Citizens Advice, is a registered charity and a company limited by guafanlee. The charity is govemed by its Memorandum and Articles of Association. Recruitment and appointment of new trustees The charity actively seeks new trustees from the general public, users of the seNice and appropriate organisations, via direcl contact and distribution of promotional materials. Trustees are selecled on the basis of the skills, knowledge and experience they are able to bring to the bureau. Organisational structure Overall responsibility for the management of the bureau resls with the Trustee Boatd which is responsible for setting the strategic direolion of the organisation and the policy of the charity. Board members are both charity Iruslees and company directors. The trustees carry the ultimate responsibility ft)r the conduct of the bureau and for ensuring that the charity satisfies its legal and contractual obligations. Trnslees meeling as a minimum quarterly. Day-to-day operational responsibility for the organisation is delegated to the Chief Executive Officer. Remuneration of all slaff. including key management personnel is set by Ihe Trustee Board in line with Local Authority pay scales and market rates within Citizens Advice and the local area. Induotion and training of new trustees Newly appointed trustees are provided with a cOMphen$1ve induction lo Ihe bureau through the provision of induction material, training courses and menloring by established trustees. The charity adopts the policies and procedures produced by Cilizens Advice. Wider network The charity is a member of Citizens Advice. a nationwide umbrella organisation for all local Citizens Advi in the UK, which provides a framework for standards of advice and casework managemenl as well as monitoring compliance with these standards. Risk management The principal risk lo the charity is a change in its current funding. Perfomance is scrutinised by the Board of Trustees lo ensure maintenan of current funding. The charity actively seeks to diversify its funding sources. Both internal and external risks have been evaluated and steps taken to mitigate these risks. Intemal risks have been redUd by the development and implemenlalion of sound financial and other procedures. External risk has been addressed by diversification of otjr funding base and promotion of the benefits of the service we offer at a local and regional level. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 06030995 (Nol specified/Other) Registered Charity number 1118855 Registered office 8 Corn Street NEVVPORT Newport NP20 1DJ Page 4
NEWPORT CAB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trustees A Blackmore J Hine D Reed J Harris D Jouvenat G Pankhurst C Suller Chair Treasurer Resigned 0811012024 Resigned 2610612023 Resigned 1610512024 Key Management Personnel CSLane Chief Officer S Collis ReSoUrS Manager R Hustler Specialist Services Manager D Miliken Generalist Services Manager Until 0411012024 Company Secretsry CSLane Auditors MHA Chartered Accountants and Ststulory Auditor Etfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS Bankers Untty Trust Bank PLC Nine Brindleyplace BIRMINGHAM B12HB STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of Newport CAB for the purposes of company law) are responsible for preparing Ihe Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements 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. induding Ihe income and expendilure, of the charitable company for Ihal period. In pparIng those financial slatemenls, the trustees are required to select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP.. make judgements and estimates that are reasonable and prudent., Prepare the financial stalements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that Ihe financial statements comply with the Companies Acl 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 olher irregularities. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's audilots are unaware- and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infomiation and to eslablish Ihat the auditors are aware of that informalion. AUDITORS The auditors, MHA, will be proposed for re-appointment al the forthcoming Annual General Meeting. Page 5
NEWPORT CAB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Approved by order of the Board of Trustees on ............................................. and signed on its behalf by: A Blackmore - Trustee Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NEWPORT CAB Opinion We have audited the financial statements of Newport CAB (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities. the Balan Sheet, the Cash Flow Statement and notes to the financial slatemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). In our opinion the finanaal slatements.. give a true and fair view of the state of Ihe charitable companls affairs as al 31 March 2024 and of its incoming resources and application of resources, including 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. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable18w. Our responsibilities under those standards are further described in the AuditOfS' responsibilities for the audit of the financial stalements section of our report. We are independent of the charitable company in accordance 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 fijlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audil eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going ¢on¢ern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of Ihe financial slatements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condilions that, individually or colleclively, may cast significant doubt on the charitable company's ability to continue as a going cOnM for a period of at leasl Iwelve months from when the financial statements are authorised for issue. Our responsibilities and Ihe responsibilities of the trustees with respect to going concern are described in Ihe relevant sections of this report. Other information The trustees are responsible for the olher infomalion. The other information comprises the infomation induded in the Annual Report, other than the financial statements and our Report of the Independent Au¢Jitors thereon. Our opinion on the financial stalements does nol cover Ihe other information and, except lo the extent othewise explicitly slated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomiation and. in doing so, consider whelher the other information is materially inconsistent with the financial slatemenls or our knowledge obtained in the audit or othemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether Ihis gives rise to a malerial misslatemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatemenl of Ihis other information, we are required to report that fact. We have nothing to report in this 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 the Report of the Trustees fof the financial year for which the financial statements are prepared is consislenl with the financial statements.. and Ihe Report of the Truslees has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of Ihe 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 returns adequate for our audit have nol been received from branches not visited by us., or the financial statements are not in agreement wtlh the accounting records and returns., or certain disclosures of tnJstees' remuneration specified by law are not made., or we have not received all the information and explanalions we require for our audit., or the Irustees were not entitied to take advantage of the small companies exemption from the requirement lo prepare a Strategic Report or in preparing the Report of the Trustees. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NEWPORT CAB Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the tTLtstees (who are also Ihe directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial stalements and for being satisfied that they give a true and fair view. and for such internal control as the trustees deteIne is necessary to enable the preparation of financial slatemenls that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going conrn and using the going concem basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease operations, or have no realislic alternative but to do so. Our responslbilitles for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl. whether due lo fraud or error, and to issue a Report of the Independent Auditors that indudes 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. Misslatements can arise from fraud or error and are considered material if, individually 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-compliance wtth laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, induding fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below- Enquiries of management. those charged with govemance around actual and potential liligalion and claims- Enquiry of entity staff to identify any InStanS of non-compliance with laws and regulations- Performing audit work over the risk of management override of controls, including lesting of journal entries and olher adjustments for approprialeness and evaluating the business rationale of significant transactions outside the normal course of business: Reviewing minutes of meetings of those charged with govemance; Evaluating the reasons for any large or unusual transactions,. Reviewing financial slatemenl disclosures and testing to supporting documentation lo assess complian with applicable laws and regulations. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading lo a material misslatemenl in the financial statements or non-compliance wtih regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of inslances of non-complian. The risk is also greater regarding irregularities occurring due lo fraud rather than error. as fraud involves intentional concealment. forgery. Gollusion, omission or misrepresenlation. A further description of our responsibilities for the audit of the financial statements 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 charitable 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 stale lo the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charFlable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Julia Mortimer (Senior Statutory Auditor) for and on behalf of MHA Chartered Aountants and Statutory Auditor CARDIFF CF23 8RS Dale: MHA is the trading name of Maclntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313) Page 8
NEWPORT CAB STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Total fvnds 2023 Total funds Unrestricted funds Reslricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 127,215 127.215 128,677 Charitsble activities Generalist Advice Specialist Advice 712.645 452,749 712,645 642,749 682.300 714,818 190.000 Other trading activities Investment income 800 526 800 526 1,600 385 Total 318,541 1,165.394 1.483.935 1,527,780 EXPENDITURE ON Charitable activities Generalist Advice Specialist Advi 95,856 246,986 737.476 454,110 833.332 701,096 717.907 778.843 Total 342.842 1.191.586 1.534.428 1,496.750 NET INCOMEIIEXPENDITURE) Transfers between funds (24.301) 9,743 (26,192) 9,743 (50,493) 31,030 18 Net movement in funds (34.044) (16,449) (50,493) 31,030 RECONCILIATION OF FUNDS Total funds brought forward 589,232 21,361 610,593 579.563 TOTAL FUNDS CARRIED FORWARD 555,188 4,912 560,100 610.593 The notes form part of these financial statements Page 9
NEWPORT CAB (REGISTERED NUMBER: 06030995) BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted fvnds Reslrieled fijnds Notes XED ASSETS Tangible assets 14 23,871 23,871 22,317 CURRENT ASSETS D9blor8 Cash at bank 15 87.001 528 374 87,001 533 286 140.432 615,375 4.912 620.287 684,476 CREDITORS Amounts falling due within on8 year 16 {84.058) {84,058) 196.200) NET CURRENT ASSETS 531,317 4,912 536.229 588 276 TOTAL ASSETS LESS CURRENT LIABILITIES 555,188 4.912 560.100 610,593 NET ASSETS 555.188 4.912 560.100 810.593 FUNDS Unrestrtcted funds Restricl8d funds 18 555,188 4.912 589,232 21,361 TOTAL FUNDS 560.ItXI 610,593 These financial statements have been prepared In acc4)rdan¢e with the pwslons applieab18 to Charitable compantes sublecl lo the small companies regime. The flnanaal statements were approved by the Boanl of Ttuste8s and authorised fLY iswe on .-I7.1..11..l..a%zX4.........,.. 8nd were signed on its behalf by: D F i¥eed-Twslee A Blackmore- Trustee The notes fonn part of these fin8n¢ial statemenis Page 10
NEWPORT CAB CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 2.635 30.736 Net cash provided by operating activilies 2,635 30,736 Cash flows from investing activities Purchase of langible fixed assets Interest recetved (13,919> 526 (2,017) 385 Net cash used in investing activities 13,393) Change In cash and cash equivalents In the reporting period Cash and cash equivalents at the beginning of the reporting period (10.7581 29.104 544,044 514,940 Cash and cash equivalents at the end of the reporting period 533.286 544.044 The notes form part of these financial slalemenls Page11
NEWPORT CAB NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET (EXPENI)ITURE}IINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net (expenditure}fincome for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation tharges Loss on disposal of fixed assets Interest recetved Decreasel(Increase) in debtors {Decrease)Iincrease in creditors (50,493) 31,030 12,364 20,955 131 (385) (54.623) 33,628 (526) 53,432 12.142 Net cash provided by operations 2.635 30,736 ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash flow At 3113124 Net cash Cash at bank 544.044 10,758 533,286 533.286 Total 544.044 10,758 533.286 The notes form part of these financial statements Pa9e 12
NEWPORT CAB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION Newport CAB 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 8 Corn Street, Newport, NP20 1 DJ. The nature of the company's operations and principal activities is disclosed within the Report of the Twstees. The financial statements are presented in Sterling (£1, the wmpany's functional currency, and rounded lo the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consislently applied to all years presented unless otherwise staled. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statemenls of the charitable company. which is a public benefit enlity under FRS 102, have been prepared in accordarice with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended PractiTr applicable lo charilies preparing Iheir accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convenlion. There have been no material departures from Financial Reporting Stsndard 102. Going concem The trustees have assessed the charity's ability to continue as a going COnrn. The charity has no extemal borrowings and manages its activtties with positive unreslricted bank balans. The trustees regularly review and manage short-term fluctuations in income streams and have established a minimum level of free reserves to allow for such fluctuations. The charity's forecasls and projections show that the charity should be able to conlinue to operate and is well placed lo manage its risks successfully in the coming 12 months. The Irustees, therefore, have a reasonable expectation that the charity has adequate resources to continue in operational existen for the foreseeable future. Accordingly, they continue to adopl the going concem basis of accounting in preparing these financial statements. Income All income is recognised in the Slatement of Financial Activities once the charily has entttlement to Ihe funds, it is probable Ihal the income will be received and the amount can be measured reliably. This indude5 capital grants. Donations and legacies income includes donations. gifts and grants that provide core funding or are of a general nature are recognised where there is entitlement. probability of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when the donor specifies il 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 includes income received under contract or where entitlement to grant funding is subject to specific performance conditions. This income is recognised where there is enlitlemenl, when the receipt is probable and the amounl can be measured reliably. Income is deferred when the amounts received are in advance of the performance of the service or event lo which they relate. Income from other trading activities is recognised as the related seNices are provided and there is entitlement, probability of receipt and the amount can be measured with suffirient reliability. Income is deferred when the amounts received are in advance of the delivery of the service or evenl to which it relates. Investment income is recognised on a recetvable basis. Page 13 continued...
NEWPORT CAB NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- continued Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity lo that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost relaled to the calegory. Where Costs cannot be directly attributèd to particular headings they have been allocated lo activities on a basis consistent with the use of reSoUrs. Expendtture on charitable activities comprises those costs incurred by the charity in the delivery of its activities and servi5 for its beneficiaries. It includes both costs that rAn be allocated directly to such activities and those costs of an indired nature to support them. Support costs are those costs that, whilst necessary io deliver an activity, do nol themselves produce or constitute the output of the charitable activity. This includes governance costs which are those costs associated with meeting the constitutional and statutory requirements of Ihe charity and include the accountancy fees and costs linked to the strategic management of the charFty as well as a proportion of salaries based on an approximation of time spent in this area. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. Allocation and apportionment of costs All costs are allocated between the expenditure categories on a basis designed to reflect the use of the resource. Costs relating to a particular activily are allocated directly- others are apportioned on an appropriate basis. Operating lease commibnents 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 inntiVeS are recognised in the profFt and loss account over the lease period. Taxation The charity is exempt from corporation tax on its charitable activities. Pension costs and other post-retirement benefits The charity contributes lo the personal pension schemes of some of its employees. Contributions payable to the schemes are charged to the stalemenl of financial activities in the period to which they relate. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useftjl life. Fixtures & Fittings Equipment 200/0 Straight line Straight line Fixed assets are initially recorded at cost. Financial instruments The charity only has financial assels and financial liabilities of a kind Ihat qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Debtors Trade and other debtors are recognised at the settlement amount due and prepaymenls are valued al the amount prepaid. Creditors Creditors are recognised where Ihe charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligalion can be measured or estimated reliably. Creditors and provisions are normally recognised at Iheir settlement amount after allowing for any trade discounts due. Page 14 continued.
NEWPORT CAB NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Funds structure Unrestri¢ted funds Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. Designated funds Designated funds are created at the discretion of the board. Restricted 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 governan costs. DONATIONS AND LEGACIES 2024 2023 Grants Other sundry income 126,046 125,700 2,977 127.215 128.677 Grants received. included in the above, are as follows.. 2024 2023 Newport City Council - core grant 126.046 125,700 OTHER TRADING ACTIVITIES 2024 2023 Shelter Cymru - service charge 800 7,600 INVESTMENT INCOME 2024 2023 Bank interest receivable 526 385 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Generalist Advice Grants Newport City Council- Information. Advice and Assislance Grants Aneurin Bevan University Health Board 612.371 582,300 Generalist Advi Specialist Advice 100,274 452,749 100,000 524,818 Specialist Advice 190,000 190.000 1.355.394 1,397.118 Page 15 continued...
NEWPORT CAB NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES - continued Grants received, included in the above, are as follows.. 2024 2023 Newport City Council Welsh Govefnmenl Citizens Advice Citizens Advicelmoondance Foundation NCN- East and West Cluster Citizens Advice - Energy Advice Programme Citizens Advice - Core SeNice Donation Funding Trussell Trust 59,574 884,269 144,424 885,772 21,922 41,500 13,500 41,479 13,500 20,650 39,656 5.992 1.065,120 1,107.118 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 8) Support costs (see note 9) Totals Generalist Advice Specialist Advi 754,567 644.110 78,765 56.986 833,332 701.096 1,398.677 135,751 1,534,428 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Staff costs Renl, rates and water Insurance Repairs and maintenance Premises- Outreach room hire Other staff and volunteer costs Telephone Printing, postage. stationery and general offi Sundry expenses Disbursements Training and conferences IT and computer expenses Subscriptions Publicity and promotion Restricted funding due to be repaid Partnership funding 1,147,568 36,687 4,566 7.390 270 11.935 17,559 31.177 612 1.201 1,652 18,275 6.485 15 1.126,665 37,564 3.965 3,685 413 9,850 6.547 19.227 568 3.448 2,967 20,025 4,025 208 6,922 113,285 113,285 1.398.677 1.359.362 Page 16 ontinued.
NEWPORT CAB NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS staff costs Other costs Governance costs Depreciation Totals Generalist Advice Specialist Advice 50,568 36.585 7,801 5.645 7,174 5,190 13,222 9,566 78,765 56,986 87,153 13.446 12.364 22,788 135.751 10. NET INCOMEI(EXPENDITURE) Net incomel{expendtture) is stsled after chargingl(crediting)'. 2024 2023 Auditors, remuneralion Audilors, remuneration for non-audit work Depreciation - owned assels Deficil on disposal of fixed assets Pension contributions Lease payments recognised as an expense 5,016 2,417 12,365 5.016 2,113 20,955 131 79,896 55.467 85.934 55,208 11. TRUSTEES. REMUNERATION AND BENEFITS There were no tnjstees, remuneration or other benefits for the year ended 31 March 2024 or for the year ended 31 March 2023. Trustees. expenses Expenses were paid by the charity on behalf of one trustee during the year of £184 (2023= £334 to one truslee). 12. STAFF COSTS 2024 2023 Wages and salaries Social securily costs Other pension costs 1,071,869 92.014 85,934 1,058.350 82,790 79.896 1.249.817 1,221.036 One employee received emoluments in excess of £60,000. The average number of full-time and part-time staff were as follows.. 2024 23 20 2023 24 24 Average number of full lime staff Average number of part time staff The total key management personnel remuneration benefits during the year was £224.385 (2023.. £205,281). Page 17 continued...
NEWPORT CAB 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 ENDOWMENTS FROM Donations and legacies 128,677 128,677 Charitable activities Generalist Advice Specialist Advice 13,200 190,000 669,100 524.818 682,300 714,818 Other trading activities Investment income 1.600 385 1,600 385 Totsl 333,862 1,193,918 1.527 780 EXPENDITURE ON Charitable activities Generalist Advice Specialist Advice 81.746 255.386 656.161 523,457 717,907 778.843 Total 317,132 1.179.618 1.496,750 NET INCOME Transfers between funds 16,730 3,422) 14.300 3,422 31,030 Net movement in funds 13.308 17.722 31,030 RECONCILIATION OF FUNDS Total funds brought fornard 575,924 3.639 579,563 TOTAL FUNDS CARRIED FORWARD 589,232 21,361 610,593 14. TANGIBLE FIXED ASSETS Fixtures & Fittings Equipment Totals COST At 1 April 2023 Additions Disposals 30,278 6,685 2.734} 88,073 7,234 2.137) 118,351 13.919 At 31 March 2024 34,229 93.170 127,399 DEPRECIATION At 1 April 2023 Charge for year Eliminated on disposal 26,936 2,640 69,098 9,725 2.137 96,034 12,365 At 31 March 2024 26,842 76.686 103,528 NET BOOK VALUE At 31 March 2024 7.387 16.484 23.871 At 31 March 2023 3.342 18,975 22.317 Page 18 continued...
NEWPORT CAB NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 15. DEBTORS." AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments and accrued income 19,000 68.001 19,480 120,952 87,001 140,432 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social securily and other laxes VAT Other creditors Accruals and defeffed income 21,917 18,488 5.715 12.420 25,518 21,205 20,195 6,567 3,871 44,362 84.058 96.200 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 In more than five years 37.738 150,000 70.313 39,360 150,238 107,813 258,051 297.411 18. MOVEMENT IN FUNDS Net movement in funds Transfers belween funds At 3113124 At 114123 Unrestricted funds General lund Designated fund - re(Jundancy costs Designated Fund - staff for cost of living support 457.822 90,000 (24.301) (9.743) 423,778 90,000 41,410 41.410 589,232 {24,301) {9,743) 555,188 Restricted funds Newport City Council - Information, advi and assistance Help to Claim EU Crtizens Rights Project- Generalist EU Cilizens Rights Project- Specialist Welsh Government - Advicelink Claim What's Yours Citizens Advicelmoondance Foundation - Wamer Wales Citizens Advice - Cosl of Living Welsh Government - Winter Capacity 3,639 (3,639) (730) (1,361) (1.361) 730 1,361 1,361 (5,900) 5,900 (3,113) (15.000} 4,912 3,113 15.000 4,912 21,361 26,192 9,743 4,912 TOTAL FUNDS 610.593 50.493 560.100 Page 19 ontinued...
NEWPORT CAB NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fvnd 318,541 (342,842) (24,301) Restricted funds Families First Newport City Council - Infomalion, advice and assistance Help lo Claim EU Citizens Rights Project - Generalist Welsh Governmenl - Advice Link Cymru (Generalist Fund) Welsh Government- Advi Link Cymru (Specialist Fund) Welsh Government- Advice Link Cymru (Other Regions Fund) Welsh Govemment - Advice Link Cymru (Remote Fund) EU Citizens Rights Project- Specialist Welsh Government- Advicelink Claim What's Yours Citizens Advi¢elMoondance Foundation- Warmer Wales Welsh Government - Basic Income Pilot Citizens Advice - Cost of Living NCN - East and Wesl Cluster Cilizens Advice - Energy Advice Programme Citizens Advice - Core Service Donation Funding Welsh Government - Wnter Capacity Trussell Trust 59,574 (59,574) 100,274 145,539 16.532 (103.913) (148,269) {17.893) (3,639) (730) {1.361) 164.862 (164.862) 179.000 (179.000) 85,994 (85,994) 90.999 16,532 {90,999) (17,893) (1,361) 113,400 {119,300) (5,900) 41,479 61,411 (44.592) (61.411) {15,000) {13.500J (3.113) {15.000) 13,500 20.650 (20,650) 39,656 10,000 5,992 (39,656) (5,088) 5,992) 4,912 1,165,394 1,191,586) 26.192) TOTAL FUNDS 1,483,935 1,534,428 50,493 Page 20 continued...
NEWPORT CAB NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS- continued Comparatlves for movement In funds Nel movement in funds Transfers between funds At 3113123 At 114122 Unrestricted funds General fund Designated fund - redundancy costs Designated Fund - Business Development Manager Designated Fund - staff for cost of living support 355,924 90,000 35,320 66.578 457,822 90,000 70.000 (70.000) 60.000 18.590) 41,410 575.924 16.730 (3,422) 589,232 Restricted funds Newport City Council - Infomiation, advice and assistance Help to Claim EU Citizens Rights Projecl - Generalist EU Citizens Righls Project - Specialist Citizens Advice - Cost of Living 3,639 3.639 (3.422) 1,361 1,361 15,000 3.422 1.361 1,361 15.000 3.639 14.300 3.422 21,361 TOTAL FUNDS 579,563 31,030 610.593 Page 21 continued...
NEWPORT CAB NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows.. Incoming resoLsrces Resources expended Movement in funds Unrestricted funds General lund Designated Fund - staff for cost of living support 333,862 {298,542) 35,320 333,862 (317,132) 16,730 Restricted funds Families First Newport City Council - Information, advice and assistan Help to Claim EU Citizens Rights Project- Generalist Welsh Government- Advice Link Cymru (Generalist Fund) Welsh Govemment- Advice Link Cymru (Specialist Fund) Welsh Govemment - Advi Link Cymru (Other Regions Fund) Welsh Government- Advice Link Cymru {Remole Fund) EU Citizens Rights Project- Specialist Welsh Govemment - Advice Link Employment Capacily Taskforce Welsh Government- Advicelink Claim What's Yours Citizens Advicelmoondance Foundation - Warmer Wales Newport City Council - Early Help Welsh Govemment - Basic Income Pilot Citizens Advi - Cost of Living NCN - East and Wesl Cluster 70,174 (70,174) 100,000 143,663 32,768 (100,000) (147,085) (31,407) (3.422) 1,361 157,004 (157,004) 170,478 (170,478) 81.899 (81.899) 86,666 32,768 (86.666) (31.407) 1,361 8,583 (8,583) 135,000 (135,000) 28,300 74,250 43.865 15,000 13,500 (28,300) (74,250) (43,865) 15,000 13,500) 1.193.918 1.179,618 14.300 TOTAL FUNDS 1,527,780 1,496.750) 31,030 Designated funds Redundancy costs - the Board sel aside an amount to be used in the event of redundancy costs being incurred. Staff for cosl of living support - the Board set aside funds in anticipation of the extra staff needed lo support the additional service levels during the cost of living crisis. Restri¢tsd funds Newport City Council - Famllies First The aim of this service is to maximise the income of children and families with disabilities, so that they don't become disadvantaged by povety. Newport City Councll - Infomiation, Advice & Assistance This is a service to provide an Advocacy and Preventative Social Care SeNice in Newport. IAA services are defined under Ihe project as services which offer infomiation and advice relating lo accessing care and support. Citizens Advice - Help to Claim An agreement between The National Association of Citizens Advice Bureaux and the Local Citizens Advice on receipl of funding from The Department for Work and Pensions (DVVP) to assist in helping to claim universal support. Page 22 continued...
NEWPORT CAB NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS - continued EU Citizens Rights Project Cilizens Advice has been awarded funding by the Welsh Governmenl for the provision of information and advi services for EU Citizens from April 2019 to March 2024. Advice Link Cymru - Generalist Fund Citizens Advice has been awarded funding by the Welsh Govemment to provide advice SeiceS across Wales from January 2020 until March 2024. Newport Citizens Advice Bureau have received a proportion of the fvnding allocation relating to the Gwent Region of Wales. Part of the grant relates to an underspend on Front Line Advice Services that has been reallocated to the Advice Link project with the funders permission to cover the costs of a generalisvbenefits welfare worker. Advice Link Cymru - Specialist Fund Citizens Advice has been awarded funding by the Welsh Government to provide advi setvices across Wales from January 2020 until March 2024. Newport Citizens Advice Bureau have received a proportion of the funding allocation relating to the Gwent Region of Wales. Advice Link Cymru - Other Regions Citizens Advice has been awarded funding by the Welsh Government to provide advice services across Wales from January 2020 unlil March 2024. Newport Citizens Advice Bureau have received a proportion of the funding allocation relating to the Gwenl Region of Wales. Advice Link Cymru - Remote Citizens Advice has been awarded funding by the Welsh Govemment to provide advice services across Wales from January 2020 until March 2024. Newport Cilixens Advice Bureau have received a proportion of the funding allocation relating to the Gwent Region of Wales. Advice Link Employment Capacity Taskforce Funding received from Citizens Advice towards a new advisor from January 2021. Claim What's Yours Funding reiVed from Citizens Advice to support the 'claim what's yours, income maximisation and benefit take up campaign. Newport City Council- Early Help Funding received in support of the delivery of the Welsh Govemment's Support for Early Help Programme which focuses on easing the pressure on and reducing watting times for vital early help and support services in support of children and young people and parents in response to the pandemic. Welsh Government- SAF Basic Income Pilot Funding received in support of the delivery of the Basic Income for Care Leavers in Wales pilot which is available for those leaving care who are turning 18 years of age between 1 July 2022 and 30 June 2025. The programme will provide a monthly payment of £1,600 {£1,280, after-tax) to all eligible reupients choosing to participate in the pilot. Citizens Advice - Cost of Living Funding received to support the cost of living work which was previously funded from reserves. Citizens Advicelmoondance Foundation - Warmer Wales Funding received to ensure people in Wales get the crucial advice they need to manage their energy more efficiently and avoid fuel povety. NCN - East and West Cluster Funding for 1 x 0.6wte link worker support for a 6 month period, the individual will offer social welfare advice support for patients referred by GP praCtIS in the Newport East Cluster. Citizens Advlce - Energy Outreach Programme The outreach programme provided additional help for people across Wales with energy advice and income maximisation. Page 23 continued...
NEWPORT CAB NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS - continued Citizens Advice - Core Service Donation Funding Funding received lo provide telephone advice, website and email advi in general topics across the England and Wales. Trussell Trust Funding provided general welfare benefit advice from foodbank locations. Welsh Government - Winter Capacity Funding provided additional support enabling our debt advisers to increase capacity for a short period. Prior Advice Link Employment Capacity Partners Funding reiVed from Citizens Advice towards 1.5 FTE trainer SUpeIS0rS for Caerphilly Citizens Advice and olher costs to be apportioned between Torfaen and Caerphilly. Newport Citizens Advi acted as lead on Ihe project but none of the funding was for their use. British Gas Eneryy Trust An agreement between National Association of Citizens Advice Bureaux and the local Citizens Advice on receipt of funding from the British Gas Energy Trust. To provide advice and assistance to beneficiaries aimed al enabling them to manage their debts and budget going forward, maximise their income and ability to afford their bills. enabling people to have warm homes through improving energy efficiency and improving their health and wellbeing. Transfers between funds A transfer of £730 was made from the general fund to the Help to Claim fund due lo overspend this year. A transfer of £5,900 was made from the general fiJnd to the Claim 81.$ Yours fund due to overspend this year. A transfer of £3.113 was made from the general fund to the Wamier Wales fund due lo overspend this year. 19. EMPLOYEE BENEFIT OBLIGATIONS The charily operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in independenlly administered funds. The pension cost charge represents conlribulions paid by the charity to the fund and amounted to £85,934 (2023.. £79.896). At the year end there were outstanding contributions of £9.431 (2023= £299). 20. RELATED PARTY DISCLOSURES There were no further related party transactions for year ended 31 March 2024 {2023: £nil) that require disdosure. Page 24