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← Bridgend County Borough Citizens Advice Bureau

2024-03-31-accounts

REGISTERED COMPANY NUMBER: 07448288 (England and Wales) REGISTERED CHARITY NUMBER: 1139926

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2024

for Bridgend County Borough Citizens Advice Bureau

Ashmole & Co First Floor 1 St John's Court Upper Fforest Way Enterprise Park Swansea SA6 8QQ

Bridgend County Borough Citizens Advice Bureau

Contents of the Financial Statements for the Year Ended 31 March 2024

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 to 10
Statement of Financial Activities 11
Balance Sheet 12 to 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 28
Detailed Statement of Financial Activities 29 to 30

Bridgend County Borough Citizens Advice Bureau

Report of the Trustees for the Year Ended 31 March 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Public benefit, objectives & activities

The constitutional objectives of the charity are to promote any charitable purpose for the benefit of the community in Bridgend and surrounding areas. This is mainly achieved by the provision of centres within the Bridgend County Borough to enable the community to receive advice. The trustees have had due regard to the Charity Commission's general guidance on public benefit when reviewing their aims and objectives and in planning their future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Page 1

Bridgend County Borough Citizens Advice Bureau

Report of the Trustees for the Year Ended 31 March 2024

STRATEGIC REPORT Achievement and performance

Charitable activities

Although challenging, a positive year continuing our recovery from the after-effects of the global pandemic. The inflationary effects of international and national disruption carrying over from the previous year having led to extremely high inflationary pressures. This has resulted in Cost of Living pressures not just on our client base but also on our staff members, necessitating a salary increase of 5% as well as a lump sum payment of 5% to all staff. Despite these adverse circumstances we have expanded our operations in line with our strategic Business Plan increasing our Financial Return by close to 25% compared to last year.

Despite indications of a more stable inflationary outlook the forward view is showing signs of a difficult financial environment for any new government, which will inevitably have deleterious effects on the circumstances our client base and put pressure on their advice needs over the coming year

As the year progressed the proportion of clients seen on a face to face basis has increased slowly but, while on target, as yet far short of pre-pandemic levels. In response to increasing demand, nominal staffing levels have increased. Although staff turnover has remained high the impact of this has been reduced because of improved recruitment and training regimes and pooling of potential replacement staff, allowing accelerated recruitment thereby increasing flexibility of staff numbers.

Our main funders have continued to support us through this period but timing of Funding payment issues occasionally raising the possibility of cash flow issues. Through several periods of staff shortages due to high turnover of staff the higher activity levels were maintained, with consequent increased income, resulting in a very healthy financial outcome, and end of year reserves

We continued to receive funding from Bridgend County Borough Council towards the charity's core charitable services. This accounted for around a fifth of grant funding received in the year, for which we are extremely grateful. This has enabled the continuation and extension of our core information and advice services.

Specific projects in the year included:

From 1 January 2020, we were successful in gaining grant funding from the Welsh Government's Single Advice Fund as part of a regional Cwm Taf package in collaboration with our brand partners in Rhondda Cynon Taf and Merthyr Tydfil. This funding replaced a variety of funding streams, and although initially for twelve month was extended for a further two years, ie until the end of calendar 2023, subsequently extended to late 2025.This has enabled advice services under specialist debt and other services, and more generalist community-focused advice, to be established and consolidated. This project is to be recommissioned during 2025 and will be the subject of a rebid process in Q3 of 2024-25.This rebid will be facilitated by the structures of the newly formed CASEW Consortium which incorporates the Cwm Taff Regional partners , RCT and Merthyr Tydfil.

Funding from Bridgend CBC from the Communities First legacy fund for provision of a Financial Advice & Support Service [FASS] commenced on 1 October 2018 initially for 18 months, but its success has led to further annual extensions. The scheme assists local service users, primarily those who reside within the former Communities First delivery areas of the Borough, who are in poverty or at risk of poverty. Funding has been continued through this year and is due to be recommissioned in November 2024

Page 2

Bridgend County Borough Citizens Advice Bureau

Report of the Trustees for the Year Ended 31 March 2024

Funding via the British Gas Energy Trust has provided advice and assistance to beneficiaries aimed at enabling them to manage their debts and budgets, maximise their income and ability to afford to pay their bills, enabling people to have warm homes through improving energy efficiency and improving their health and wellbeing. This project drew to its close during the year and was replaced by a similar scheme in 2022-2023 supported by Moondance, subsequently entitled Warmer Wales II,which has continued through this year.

Funding for a Help to Claim service has been allocated, via national funding for Citizens Advice, to assist in people's initial claims for universal credit from application through to first payment. This was won in a competitive bid in 2021-22 and has become a significant project for the LCA, funding being significantly further increased in 2022-23 and maintained through 2023-24.

A new project associated with Trussell Trust Foodbanks commenced in October 2022, running through 202324 under the auspices of a Foodbank Partnership and will continue into 24-25.

A new innovative project, Multiply has also been commissioned during the year in partnership with the local Council and Further Education College. This is expected to deliver £100k over the second half of this year and the whole of next.

Financial review

Reserves policy

The charity's financial reserves increased by £14,499 in the year, giving total reserves at the year-end of £568,507.

It continues to be the policy of the charity to maintain general unrestricted funds, which are the free reserves of the charity, at a minimum level equivalent to approximately three months', but ideally six months', expenditure, to provide sufficient funds to cover operating costs including management and administrative support costs, particularly as grant funding is often received in arrears. At the balance sheet date, free reserves for cash-flow purposes [i.e. unrestricted net current assets less designated reserves] had increased to £423,817.

The trustees regularly review their ability to meet obligations with the current level of reserves. The trustees also reviewed the levels of designated reserves which they have decided should be put aside for specific purposes, and have agreed to designate £106,021 to mitigate potential specific risks and to enable the further development of the service within financial constraints.

Page 3

Bridgend County Borough Citizens Advice Bureau

Report of the Trustees for the Year Ended 31 March 2024

STRATEGIC REPORT

Future plans

The charity has been able to plan the coming year's activities with a firm funding programme, as set out above, with all projects due to operate until 31 March 2024 or beyond. We will continue to seek to deliver services in innovative ways and to reach out to as many people as possible, as the demand for quality independent, impartial, free advice is still growing.

Following another successful audit of our services by national Citizens Advice in April 2024 which gave excellent results on all key service indicators, we have continued to review all key policies and risks, and followed our vision : "To be the go-to advice service within Bridgend County Borough, improving the lives of those within our community and empowering clients across every demographic by providing accessible, impartial, confidential and high-quality advice through multiple channels." We will continue to drive service growth to meet demand with evidence-based flexible solutions for multichannel delivery, targeting hardto-reach sectors of our community and meeting client need. We will work with local, regional and national partners to maintain, secure and diversify our funding services.

We are continuing to modernise and develop all aspects of governance. A further drive to recruit additional trustees with the skills and ambition required to take the organisation forward will take place, and trustee induction, development, mentoring and training will be developed further. We regularly review our governance structure in order to maintain effective support for and scrutiny of our staff and volunteers.

We continue to have positive discussions with all of our funders, who have endorsed necessary changes in the way we have had to deliver some services, and the re-designation of some service priorities.

Consequently, the trustees have reassessed the charity's ability to continue for at least twelve months from the date that the accounts are signed, and have concluded that no material uncertainties exist which cast doubt upon the charity's ability to continue as a going concern.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is constituted as a charitable company limited by guarantee incorporated on 23 November 2010, and is governed by its Memorandum and Articles of Association.

Recruitment and appointment of new trustees

The trustees are required to stand down upon 3 years of service, but may stand for re-election.

Structure, governance and management

Day to day management of the charity is delegated to the Chief Officer. Prior to the Pandemic much of the work of the charity has been undertaken by valued volunteers, a situation which is gradually being resumed. Appropriate induction & training is provided for staff, volunteers and trustees.

Risk management

The trustees regularly examine the major strategic, financial and operational risks faced by the charity, and have established procedures to mitigate those risks. Financial risks will be managed by seeking to agree funding for both core functions and specific projects for periods longer than twelve months and by seeking to build up free reserves as indicated above. Operational procedures for project and financial management are regularly examined at trustee meetings.

Page 4

Bridgend County Borough Citizens Advice Bureau

Report of the Trustees for the Year Ended 31 March 2024

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

07448288 (England and Wales)

Registered Charity number

1139926

Registered office

Ground Floor 26 Dunraven Place Bridgend CF31 1JD

Trustees

Mr. P R Crocombe Ms. R M Biggs - Chair Councilor D Patel (resigned 7/11/23) Mr. S D Hodgson (resigned 5/12/23) Mr. A J Rees -Treasurer Dr I Gray S M Jones (appointed 7/11/23) (resigned 3/9/24)

Auditors

Ashmole & Co First Floor 1 St John's Court Upper Fforest Way Enterprise Park Swansea SA6 8QQ

Chief Officer

The charity's chief officer is K Henson.

Bankers

Co-operative Bank, Business Direct, PO Box 250, Skelmersdale. WN8 6WT. Julian Hodge Bank, 29 Windsor Place, Cardiff. CF10 3BZ. Coventry Building Society, Economic House, PO Box 9, High Street, Coventry.CV15 5QN. Monmouthshire Building Society, John Frost Square, Newport. NP20 1PX.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Bridgend County Borough Citizens Advice Bureau for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 5

Bridgend County Borough Citizens Advice Bureau

Report of the Trustees for the Year Ended 31 March 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

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

In so far as the trustees are aware:

AUDITORS

The auditors, Ashmole & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 05/12/2024 and signed on the board's behalf by:

................................................................. Ms R M Biggs - Trustee

Page 6

Report of the Independent Auditors to the Trustees of Bridgend County Borough Citizens Advice Bureau

Opinion

We have audited the financial statements of Bridgend County Borough Citizens Advice Bureau (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements 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 fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated 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 information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 7

Report of the Independent Auditors to the Trustees of Bridgend County Borough Citizens Advice Bureau

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

Report of the Independent Auditors to the Trustees of Bridgend County Borough Citizens Advice Bureau

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statement, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, and the Companies Act 2006. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures.

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business.

Page 9

Report of the Independent Auditors to the Trustees of Bridgend County Borough Citizens Advice Bureau

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.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Other matters which we are required to address

The corresponding figures for the 2023 financial year were not audited as the client was outside the scope of audit.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Ashmole & Co Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 First Floor 1 St John's Court Upper Fforest Way Enterprise Park Swansea SA6 8QQ

Date: ......05/12/2024.......................................

Page 10

Bridgend County Borough Citizens Advice Bureau

Statement of Financial Activities for the Year Ended 31 March 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
Charitable projects
4
Investment income
3
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
Charitable projects
6
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
17
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
Restricted
funds
£
440
-
223,049
813,019
17,884
-
241,373
813,019
5,203
-
202,543
832,147
207,746
832,147
33,627
(19,128)
(41,650)
41,650
(8,023)
22,522
539,994
14,014
531,971
36,536		 2024
Total
funds
£
2023
Total
funds
£
440
-
1,036,068
868,998
17,884
3,366
1,054,392
872,364
5,203
4,981
1,034,690
811,945
1,039,893
816,926
14,499
55,438
-
-
14,499
55,438
554,008
498,570
568,507
554,008

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 11

Bridgend County Borough Citizens Advice Bureau (Registered number: 07448288)

Balance Sheet

31 March 2024

Notes
FIXED ASSETS
Tangible assets
13
CURRENT ASSETS
Debtors
14
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds
17
Restricted funds
TOTAL FUNDS		 2024
£
2,133
66,167
537,595
603,762
(37,388)
566,374
568,507
568,507
531,971
36,536
568,507		 2023
£
4,528
24,868
572,139
597,007
(47,527)
549,480
554,008
554,008
539,994
14,014
554,008

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes form part of these financial statements

continued...

Page 12

Bridgend County Borough Citizens Advice Bureau (Registered number: 07448288)

Balance Sheet - continued

31 March 2024

The financial statements were approved by the Board of Trustees and authorised for issue on 05/12/2024 and were signed on its behalf by:

............................................. Ms.R M Biggs - Trustee

............................................. Mr A J Rees - Trustee

The notes form part of these financial statements

Page 13

Bridgend County Borough Citizens Advice Bureau

Cash Flow Statement
for the Year Ended 31 March 2024
2024
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(52,428)
Net cash (used in)/provided by operating activities
(52,428)
Cash flows from investing activities
Purchase of tangible fixed assets
-
Interest received
17,884
Net cash provided by/(used in) investing activities
17,884
Change in cash and cash equivalents
in the reporting period
(34,544)
Cash and cash equivalents at the
beginning of the reporting period
572,139
Cash and cash equivalents at the end
of the reporting period
537,595		 2023
£
79,455
79,455
(4,460)
3,366
(1,094)
78,361
493,778
572,139

The notes form part of these financial statements

Page 14

Bridgend County Borough Citizens Advice Bureau

Notes to the Cash Flow Statement for the Year Ended 31 March 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Increase in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations		 2024
£
14,499
2,395
(17,884)
(41,299)
(10,139)
~~(52,428)~~		 2023
£
55,438
5,449
(3,366)
(8,247)
30,181
~~79,455~~

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/23 Cash flow At 31/3/24
£ £ £
Net cash
Cash at bank and in hand 572,139 (34,544) 537,595
572,139 (34,544) 537,595
Total ~~572,139~~ ~~(34,544~~) ~~537,595~~

The notes form part of these financial statements

Page 15

Bridgend County Borough Citizens Advice Bureau

Notes to the Financial Statements for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', 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 convention.

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Charities Act 2011 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, any performance conditions attached to the item of income have been met or are fully within the control of the charity, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to 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 related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Support costs relate to functions that assist the work of the charity but which do not directly relate to undertaking charitable activities. These costs are allocated between costs of raising funds and expenditure on charitable activities, on the basis of staff time devoted to those activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on cost Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation. Only assets costing more than £700 are capitalised, unless specifically required by grant funders.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Page 16

continued...

Bridgend County Borough Citizens Advice Bureau

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside for specific purposes.

Restricted funds can only be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. DONATIONS AND LEGACIES

Donations
3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants
Charitable projects
Grants received, included in the above, are as follows:
Bridgend CBC - Core funding (unrestricted income)
British Gas - Warmer Wales
Financial Advice Support Service
Help to Claim
Advice Link Community Focus
Advice Link Specialist Debt & Other
Claim What's Yours
Department for Work & Pensions
National Citizens Advice
RCT Basic Income Pilot
Carried forward		 2024
£
440
2024
£
17,884
2024
£
1,036,068
2024
£
215,680
41,479
100,000
169,050
190,092
109,239
37,800
7,369
48,900
36,971
956,580		 2023
£
-
2023
£
3,366
2023
£
868,998
2023
£
201,851
-
100,000
166,741
171,516
104,063
36,000
3,119
-
26,408
809,698

continued...

Page 17

Bridgend County Borough Citizens Advice Bureau

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

4. INCOME FROM CHARITABLE ACTIVITIES - continued

Brought forward
Energy Advice Programme
Moondance Foundation Warmer Wales II
Food Bank Partnership
Multiply
5.
RAISING FUNDS
Other trading activities
Staff costs
6.
CHARITABLE ACTIVITIES COSTS
Charitable projects
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Rent, water and premises levy
Insurance
Light and heat
Telephone & communications
Printing, postage & stationery
Staff travel
Staff and volunteer training
Staff recruitment
Subsistence and refreshments
Other staff expenses
Grant funding returned
Premises cleaning, repairs and maintenance
Reference materials etc.
Office IT and consultancy
Office equipment
Carried forward		 Direct
Costs (see
note 7)
£
822,344		 2024
£
956,580
1,155
-
45,000
33,333
1,036,068
2024
£
5,203
Support
costs (see
note 8)
£
212,346
2024
£
666,703
24,597
5,757
17,912
13,546
5,167
1,607
9,231
1,677
4,436
58
2,779
6,964
7,872
22,975
28,654
819,935		 2023
£
809,698
5,200
31,600
22,500
-
868,998
2023
£
4,981
Totals
£
1,034,690
2023
£
507,895
24,249
4,240
13,810
10,692
4,117
393
8,392
1,712
3,850
58
-
4,273
11,750
17,402
21,950
634,783

continued...

Page 18

Bridgend County Borough Citizens Advice Bureau

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

7.
DIRECT COSTS OF CHARITABLE ACTIVITIES - continued
2024
£
Brought forward
819,935
Translation services
14
Depreciation
2,395
822,344
8.
SUPPORT COSTS
Human
resources
£
Governance
costs
£
Charitable projects
202,813
9,533
Support costs, included in the above, are as follows:
Human resources
2024
Staff costs
Charitable
projects
£
202,813
Governance costs
2024
Independent examiner fee
Charitable
projects
£
5,600
Professional fees
2,523
Bank charges
884
Trustees expenses
13
Sundry
55
Trustee development costs
458
Trustee subscriptions
-
9,533		 2023
£
634,783
1,174
5,447
641,404
Totals
£
212,346
2023
Total
activities
£
163,963
2023
Total
activities
£
3,630
2,740
28
-
45
80
55
6,578

continued...

Page 19

Bridgend County Borough Citizens Advice Bureau

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£ £
Depreciation - owned assets 2,395 5,449

10. TRUSTEES' REMUNERATION AND BENEFITS

No expenses were paid to the Trustees during the year.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

11. STAFF COSTS

Wages and salaries
Social security costs
Other costs
Pension costs
Key management personnel
Salaries and benefits
Key management personnel comprises the Chief Officer.
The average monthly number of employees during the year was as follows:
Management and support staff
Advisers		 2024
£
791,311
56,047
-
27,361
874,719
52,027
2024
7
31
38		 2023
£
616,819
36,321
-
23,699
676,839
48,907
2023
8
26
34

No employees received emoluments in excess of £60,000.

continued...

Page 20

Bridgend County Borough Citizens Advice Bureau

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£ £ £
INCOME AND ENDOWMENTS FROM
Charitable activities
Charitable projects 204,970 664,028 868,998
Investment income 3,366 - 3,366
Total 208,336 664,028 872,364
EXPENDITURE ON
Raising funds 4,981 - 4,981
Charitable activities
Charitable projects 141,119 670,826 811,945
Total 146,100 670,826 816,926
NET INCOME/(EXPENDITURE) 62,236 (6,798) 55,438
Transfers between funds (6,798) 6,798 -
Net movement in funds 55,438 - 55,438
RECONCILIATION OF FUNDS
Total funds brought forward 484,556 14,014 498,570
TOTAL FUNDS CARRIED
FORWARD 539,994 14,014 554,008

continued...

Page 21

Bridgend County Borough Citizens Advice Bureau

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

13. TANGIBLE FIXED ASSETS

COST
At 1 April 2023 and 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for year
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Fixtures
and
Computer
fittings
equipment
£
£
9,651
39,576
9,651
35,048
-
2,395
9,651
37,443
-
2,133
-
4,528		 Totals
£
49,227
44,699
2,395
47,094
2,133
4,528
Only assets costing more than £700 are capitalised, unless specifically required by grant funders.
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other debtors 58,064 16,346
Prepayments 8,103 8,522
66,167 24,868
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Social security and other taxes 10,714 10,485
Other creditors 11,480 8,874
Deferred income - 15,000
Accrued expenses 15,194 13,168
37,388 47,527

continued...

Page 22

Bridgend County Borough Citizens Advice Bureau

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Unrestricted
funds
£
2,133
Current assets
567,226
Current liabilities
(37,388)
531,971
MOVEMENT IN FUNDS
At 1/4/23
£
Unrestricted funds
General fund
433,973
Staffing Contingency
43,995
Premises Reserve
24,000
Capital Equipment
Service sustainability & development
fund
9,000
29,026
539,994
Restricted funds
Financial Advice Support Service
-
Help to Claim
Money Advice Service Debt Advice
Project Redundancy
-
5,042
Advice Link Community Focus
-
Advice Link Specialist Debt and Other
-
BEIS Helping More People
15
Domestic Violence
8,957
Claim What's Yours
-
Warmer Wales II
-
Food Bank Partnership
-
Basic Income Pilot
-
Energy Advice Program
-
Innovation
-
Multiply
-
Surplus Debt
-
14,014
TOTAL FUNDS
554,008		 Restricted
funds
£
-
36,536
-
36,536
Net
movement
in funds
£
33,627
-
-
-
-
33,627
(2,175)
(3,852)
-
5,956
(6,016)
-
-
(250)
(4,223)
(986)
1,445
1,155
(16,799)
13,966
(7,349)
(19,128)
14,499		 2024
Total
funds
£
2,133
603,762
(37,388)
568,507
Transfers
between
funds
£
(41,650)
-
-
-
-
(41,650)
2,175
3,852
-
-
6,016
-
-
250
4,223
986
-
-
16,799
-
7,349
41,650
-		 2023
Total
funds
£
4,528
597,007
(47,527)
554,008
At
31/3/24
£
425,950
43,995
24,000
9,000
29,026
531,971
-
-
5,042
5,956
-
15
8,957
-
-
-
1,445
1,155
-
13,966
-
36,536
568,507

17. MOVEMENT IN FUNDS

continued...

Page 23

Bridgend County Borough Citizens Advice Bureau

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Financial Advice Support Service
Help to Claim
Advice Link Community Focus
Advice Link Specialist Debt and Other
Claim What's Yours
Warmer Wales II
Food Bank Partnership
Basic Income Pilot
Energy Advice Program
Innovation
Multiply
Surplus Debt
TOTAL FUNDS		 Incoming
resources
£
241,373
100,000
169,050
190,092
109,239
37,800
41,479
45,000
36,971
1,155
48,900
33,333
-
813,019
1,054,392		 Resources
expended
£
(207,746)
(102,175)
(172,902)
(184,136)
(115,255)
(38,050)
(45,702)
(45,986)
(35,526)
-
(65,699)
(19,367)
(7,349)
(832,147)
(1,039,893 )		 Movement
in funds
£
33,627
(2,175)
(3,852)
5,956
(6,016)
(250)
(4,223)
(986)
1,445
1,155
(16,799)
13,966
(7,349)
(19,128)
14,499

continued...

Page 24

Bridgend County Borough Citizens Advice Bureau

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Staffing Contingency
Premises Reserve
Capital Equipment
Service sustainability & development
fund
Restricted funds
Financial Advice Support Service
Help to Claim
Money Advice Service Debt Advice
Project Redundancy
Advice Link Community Focus
Advice Link Specialist Debt and Other
BEIS Helping More People
Domestic Violence
Claim What's Yours
Warmer Wales II
Food Bank Partnership
Basic Income Pilot
TOTAL FUNDS		 At 1/4/22
£
385,867
36,663
24,000
9,000
29,026
484,556
-
-
5,042
-
-
15
8,957
-
-
-
-
14,014
498,570		 Net
movement
in funds
£
62,236
-
-
-
-
62,236
(593)
(1,725)
-
(833)
(2,679)
-
-
(437)
(153)
(196)
(182)
(6,798)
55,438		 Transfers
between
At
funds
£
31/3/23
£
(14,130)
433,973
7,332
43,995
-
24,000
-
-
9,000
29,026
(6,798)
539,994
593
-
1,725
-
-
5,042
833
-
2,679
-
-
15
-
8,957
437
-
153
-
196
-
182
-
6,798
14,014
-
554,008

Page 25

continued...

Bridgend County Borough Citizens Advice Bureau

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

17. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Financial Advice Support Service
Help to Claim
Advice Link Community Focus
Advice Link Specialist Debt and Other
Claim What's Yours
Warmer Wales II
Food Bank Partnership
Basic Income Pilot
Energy Advice Program
TOTAL FUNDS		 Incoming
resources
£
208,336
100,000
166,741
171,516
104,063
36,000
31,600
22,500
26,408
5,200
664,028
872,364		 Resources
expended
£
Movement
in funds
£
(146,100)
62,236
(100,593)
(593)
(168,466)
(1,725)
(172,349)
(833)
(106,742)
(2,679)
(36,437)
(437)
(31,753)
(153)
(22,696)
(196)
(26,590)
(182)
(5,200)
-
(670,826)
(6,798)
(816,926)
55,438

Page 26

continued...

Bridgend County Borough Citizens Advice Bureau

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

17. MOVEMENT IN FUNDS - continued

Purposes of Restricted Funds:

Money Advice Service Debt Advice Project Redundancy - funding provided to finance redundancy cost following withdrawal of MADCAP funding.

Financial Advice and Support Service [FASH] - funding from October 2018 to March 2023 from Bridgend County Borough Council, predominantly from the Communities First legacy fund, together with some housing benefit funding, in order to assist service users who are in poverty or at risk of poverty due to any number of reasons, which may include debt problems, financial difficulty, unemployment (claiming benefits, including Universal Credit), inability to budget or manage finances effectively and those experiencing 'in work poverty' or requiring information and support to undertake employment.

Help to Claim - funding for 2022-2023 from national Citizens Advice via the Department of Work & Pensions [DWI] in order to assist claimants to access support via telephone, web chat, online or face-to-face when making an initial claim for Universal Credit, up to time of the first payment.

Claim What's Yours - funding for 2022-2023 from the Welsh Assembly Government via the National Citizens advice to support the Welsh Governments income maximaisation and benefit take up campaign.

Advice Link Cymru -Community Focus & Specialist Debt & Other - funding for two projects from the Welsh Assembly Government via the National Citizens advice to support clients in a targeted way across several advice areas, covering a regional footprint and targeting specific client needs/groups/ demographics.

BEIS (Department for Business, Energy and Industrial Strategy)

Funding awarded via Citizens Advice to support local offices to respond to Covid at the outset of the pandemic to build general capacity to help more people.

Pot 2 for IT support and equipment

Pot 3 Helping more people - this grant, to be spent by March 2023, is to be spent on building capacity to help more people (e.g. equipment, desks, Covid compliance, safety, staffing to answer more calls, and training).

Warmer Wales II (Moondance Foundation) - advising clients in or at risk of fuel poverty on income maximization, debt management and budgeting. We also assist with benefit and grant applications as well as providing practical energy advice on tariff switching and supporting on dealing with suppliers.

Basic Income Pilot - advice and support for Care Leavers taking part in the Basic income Pilot scheme in Bridgend County Borough .

Food Bank Partnership - advising clients who access support from Bridgend Foldable on budgeting and income maximization needs (in partnership with Bridgend Foldable) .

Energy Advice Programme - funding from Citizens Advice for the provision of one to one appointments to clients wh o are in or at risk of fuel poverty.

continued...

Page 27

Bridgend County Borough Citizens Advice Bureau

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

17. MOVEMENT IN FUNDS - continued

Purposes of Designated Funds:

Staffing contingency - redundancy provision in the event of loss of funding.

Premises reserve - based on the unexpired lease terms of office premises.

Capital equipment - primarily to allow for continued renewal of IT equipment and software.

Service sustainability and development - to provide funding for the development of core service provision and support.

18. EMPLOYEE BENEFIT OBLIGATIONS

The pension costs charged in the financial statements represent the contributions payable by the charity during the year.

19. OTHER FINANCIAL COMMITMENTS

At 31 March 2024 the company had commitments under non-cancellable operating leases as follows:

2024 2023
£ £
Amounts due within 12 months 24,000 24,000

20. RELATED PARTY DISCLOSURES

Apart from Trustee expenses (Note 10) and remuneration & benefits paid to key management personnel (note 11), there were no further related party transactions for the year ended 31 March 2024.

Page 28

Bridgend County Borough Citizens Advice Bureau

Detailed Statement of Financial Activities
for the Year Ended 31 March 2024
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Deposit account interest
Charitable activities
Grants
Total incoming resources
EXPENDITURE
Other trading activities
Fund raising wages
Charitable activities
Staff costs
Rent, water and premises levy
Insurance
Light and heat
Telephone & communications
Printing, postage & stationery
Staff travel
Staff and volunteer training
Staff recruitment
Subsistence and refreshments
Other staff expenses
Grant funding returned
Premises cleaning,repairs and maintenance
Reference materials etc.
Office IT and consultancy
Office equipment
Translation services
Depreciation of tangible fixed assets		 2024
£
440
17,884
1,036,068
1,054,392
5,203
666,703
24,597
5,757
17,912
13,546
5,167
1,607
9,231
1,677
4,436
58
2,779
6,964
7,872
22,975
28,654
14
2,395
822,344		 2023
£
-
3,366
868,998
872,364
4,981
507,895
24,249
4,240
13,810
10,692
4,117
393
8,392
1,712
3,850
58
-
4,273
11,750
17,402
21,950
1,174
5,447
641,404

Support costs

This page does not form part of the statutory financial statements

Page 29

Bridgend County Borough Citizens Advice Bureau

Support costs
Human resources
Staff costs
Governance costs
Independent examiner fee
Professional fees
Bank charges
Trustees expenses
Sundry
Trustee development costs
Trustee subscriptions
Total resources expended
Net income		 Detailed Statement of Financial Activities
for the Year Ended 31 March 2024		 2024
£
202,813
5,600
2,523
884
13
55
458
-
9,533
1,039,893
14,499		 2023
£
163,963
3,630
2,740
28
-
45
80
55
6,578
816,926
55,438

This page does not form part of the statutory financial statements

Page 30