BEXLEY CITIZENS ADVICE BUREAUX
FINANCIAL STATEMENTS
of the TRUSTEES
for the year ended 31 March 2022
Charity registration number 275955
Company Registration number: 01368988
Bank: CAF Bank Ltd
Independent Examiner : SADLER FOGARTY SERVICES LTD T/AS Sadler Davies & Co Chartered Accountants 3 Enterprise House 8 Essex Road KENT DA1 2AU
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Bexley Citizens Advice Bureaux
Trustees' Annual Report for the period from 1st April 2021 to 31st March 2022
Company Limited by Guarantee number: 01368988 Charity number: 275955 Registered Office: 42 Pier Road, Erith, Kent DA8 1TA Bankers: CAF Bank Ltd
Accountants: Sadler Fogarty Services Ltd, T/AS Sadler Davies & Co, Chartered Accountants, 3 Enterprise House, 8 Essex Road, Dartford, Kent DA1 2AU
Directors and trustees:
The directors of the charitable company (the charity) are its trustees for the purpose of charity law. No trustees have received any financial remuneration during the financial year. The directors and trustees serve a 3 year term on the board. All trustees have served throughout the year except where indicated.
Mr Michael Zuke Director and Chair re-elected 01 December 2021 Mr Nigel Springhall Director and Treasurer re-elected 01 December 2021 Mr Abdul Ajayi Director Ms Deborah Beyioku Director Mr Jacob Fabowale-Makinde Director, resigned 01 December 2021 Mr Neil Walford Director from 8 December 2020
Mr Steve Armstrong Co-opted to the Board 12 January 2021 Mr Oliver Main Co-opted to the Board 23 February 2021 Ms Carole Pellicci Co-opted to the Board 11 May 2021 Alison Ross Green Co-opted to the Board 01 December 2021 and resigned 16 March 2022
The meetings of the trustees may be attended by observers from the London Borough of Bexley and the Royal British Legion.
Key management personnel:
Chief Executive Officer and Company Secretary – Mr Roland Haigh.
Governing Document
The organisation is a charitable company limited by guarantee, incorporated on 17th May 1978 and registered as a charity on 16th June 1978. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association and was last amended 22nd November 2015.
The Charity’s structure is as follows:
General day to day management of the centre at Erith and the hubs at Bexleyheath and Sidcup, is the responsibility of the Chief Executive Officer. All major decisions and expenditure must be presented to and agreed by the Trustees.
Inherent Risk: The charity is dependent on funding from Bexley Council (guaranteed until 2025) to sustain its activities, other than those funded directly through specific grants. The trustees recognise the risk that, should the grant not be awarded, the charity would be significantly affected, and it may lead to closure. The Bureaux would have to find different sources of funding to maintain the service.
Objectives and activities and public benefit
The Citizens Advice service is available to everyone, and provides free, independent, confidential, and impartial advice on rights and responsibilities. It values diversity, promotes equality and challenges discrimination.
The aim of the service are to provide the advice people need for the problems they face and to improve the policies and practices that affect people’s lives.
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Achievements and performance
In the past year we saw 9726 unique new clients, this is a constantly decreasing number as clients can only be new once. We have helped 1008 clients, new and existing in the period. This figure is unchanged from the last few years as we work to full capacity. Major grants have been awarded by Trust for London and Help to Claim in this year.
Financial Review
There are £226,992.09 in unrestricted reserves. The charity has a policy on reserves, to keep at least 3 months expenditure in the unrestricted reserve. This amount more than fulfils the obligation. The core funding from Bexley is three years into a five-year funding agreement. The levels of reserves are monitored by the administrator any significant changes in staff numbers or hours are reported to the trustees annually.
The restricted reserves of £33,895.76 is the unspent balance of grants awarded to the Bureaux for specific ongoing projects.
Staffing: The staffing levels for the bureaux for the year were 7.77 FTE paid staff and 2.3 FTE volunteers.
Investment Policy . Aside from retaining a prudent amount in reserves most of the charity’s funds are spent in the short term, consequently there are no long-term investments. The trustees invest any funds not immediately required in the Charities Official Investment Fund (COIF) Deposit Fund managed by CCLA Investment Management Ltd, a specialist investor for “not for profit” organisations. COIF deposit Fund provides a secure environment with an interest rate of 0.60%.
Trustees' responsibilities
The trustees are required under the Charities Act 2011 to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of it’s financial position at the end of the year. In preparing financial statements giving true and fair view, the trustees should follow best practice and:
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(a) Select suitable accounting policies and apply them consistently.
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(b) Make suitable judgements and estimates that are reasonable and prudent.
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(c) State whether applicable accounting standards of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements.
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(d) Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records, which enable them to disclose with reasonable accuracy the financial position of the charity, and for ensuring that they comply with applicable law and regulations. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity’s trustees:
Michael Zuke Chair of Trustees Date:
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BEXLEY CITIZENS ADVICE BUREAUX STATEMENT OF ASSETS & LIABILITIES AS AT 31ST MARCH 2022
| Note Tangible Fixed Assets 2 Current Assets Debtors 3 Cash at bank and in hand 4 Total current assets Liabilities: amounts falling due within 1 year 5 Current Assets less Current Liabilities Total Assets less Current Liabilities FUNDS Restricted 8 Unrestricted - Designated 8 Unrestricted - General 8 |
Unrestricted Restricted Total 2022 2022 2022 £ £ £ £16,606.06 £1,457.76 £18,063.82 (50,520.00) - (50,520.00) 294,671.72 32,438.00 327,109.72 £244,151.72 32,438.00 £276,589.72 17,765.69 - 17,765.69 £226,386.03 32,438.00 £258,824.03 £242,992.09 £33,895.76 £276,887.85 - 33,895.76 33,895.76 16,000.00 - 16,000.00 226,992.09 - 226,992.09 £242,992.09 33,895.76 £276,887.85 |
Total 2021 £ |
|---|---|---|
| £17,183.97 | ||
| (16,000.00) 285,104.32 |
||
| £269,104.32 | ||
| 16,400.00 | ||
| £252,704.32 | ||
| £269,888.29 | ||
| 11,076.17 6,000.00 252,812.12 |
||
| £269,888.29 |
Signed by :
Chair of Trustees: Michael Zuke Date:
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BEXLEY CITIZENS ADVICE BUREAUX STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note General £ INCOMING RESOURCES Donations and legacies 6a 2,300.83 Charitable Activities 6b 212,124.79 Investments 6c 103.41 TOTAL £214,529.03 RESOURCES EXPENDED Charitable Activities 7a 207,270.70 Other expenditure 7b 4,161.00 TOTAL £211,431.70 NET INCOMING / ( OUTGOING ) RESOURCES BEFORE TRANSFERS 3,097.33 ADDITIONS TO & RELEASES FROM FUNDS 8 (28,917.36) NET MOVEMENT IN FUNDS (25,820.03) BALANCES BROUGHT FWD AT 1 APRIL 2021 (2020) £252,812.12 BALANCES CARRIED FWD AT 31 MARCH 2022 (2021) £226,992.09 Unrestricted |
Unrestricted | Unrestricted | Designated £ - - - - - - - - 10,000.00 10,000.00 £6,000.00 £16,000.00 Funds |
Restricted Funds £ - 195,826.20 - £195,826.20 191,777.97 146.00 £191,923.97 3,902.23 18,917.36 £22,819.59 £11,076.17 33,895.76 |
2022 £ 2,300.83 407,950.99 103.41 TOTAL |
TOTAL | 2021 £ 553.27 418,768.07 202.13 FUNDS |
|
|---|---|---|---|---|---|---|---|---|
| £410,355.23 | £419,523.47 | |||||||
| 399,048.67 4,307.00 |
339,991.08 4,088.00 |
|||||||
| £403,355.67 | £344,079.08 | |||||||
| 6,999.56 - |
75,444.39 - |
|||||||
| £6,999.56 £269,888.29 |
£75,444.39 £194,443.90 |
|||||||
| £276,887.85 | £269,888.29 |
BEXLEY CITIZENS ADVICE BUREAUX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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1 Accounting Policies
1a Accounting Convention
The financial statements have been prepared under the historical cost convention and in accordance with Charities SORP (FRS102) 2015 and with regard to the Charities Act 2011. An independent examination is required under the Charities Act 2011.
Abridged financial statements have been filed with Companies House in accordance with the special provisions of the Companies Act 2006 relating to smaller companies. No audit is required under exemption S 477 of the Companies Act 2006.
1b Tangible Fixed Assets
Depreciation is calculated on fixed assets in order to write off each asset over its estimated useful life. Computers and office equipment 20% reducing balance Office Furniture 20% reducing balance
1c Pension costs
The charity pays into The Peoples Pension scheme for all qualifying employees.
1d Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Restricted funds are subject to restrictions on their expenditure imposed by the donor of each fund.
| 2 TANGIBLE FIXED ASSETS Cost at the beginning of the year Additions Disposals Cost at the end of the year Accumulated Depreciation 1st April 2021 Charge for year Depreciation eliminated on disposals NET BOOK VALUE 31st March 2022 3 DEBTORS AND ACCRUED INCOME Prepayments Travel Expenses Refund 4 MONETARY ASSETS Bank current Account: CAF Bank current Account: Barclays Bank deposit Account: COIF Cash in hand 5 LIABILITIES FALLING DUE WITHIN 1 YEAR Accrued expenses |
Office Equipment £ (Restricted) 3,751.55 - - 3,751.55 1,934.79 359.00 2,293.79 £1,457.76 |
Office Equipment £ 24,506.90 5,186.85 - 29,693.75 10,221.87 3,733.00 13,954.87 £15,738.88 2022 (52,500.00) 1,980.00 (£50,520.00) 2022 78,083.51 - 248,801.21 225.00 £327,109.72 2022 17,765.69 £17,765.69 |
Furniture £ 5,171.18 - - 5,171.18 4,089.00 215.00 4,304.00 £867.18 2021 (16,000.00) - (£16,000.00) 2021 55,447.62 733.90 228,697.80 225.00 £285,104.32 2021 16,400.00 £16,400.00 |
TOTAL £ 33,429.63 5,186.85 - |
||||
|---|---|---|---|---|---|---|---|---|
| 38,616.48 | ||||||||
| 16,245.66 4,307.00 - |
||||||||
| 20,552.66 | ||||||||
| £18,063.82 | ||||||||
BEXLEY CITIZENS ADVICE BUREAUX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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| 6 INCOMING RESOURCES 6a Voluntary Income Donations and legacies Other grants and income 6b Charitable Activities-Grants Bexley Council Bexley Council Debt Advice Fund Universal Credit Fund Trust for London Fund The National Lottery Community Fund Charitable Activities-fundraising 6c Income from investment Bank interest TOTAL INCOMING RESOURCES 7 RESOURCES EXPENDED 7a Expenditure on charitable activities Rent of offices Training Travel IT supplies & support Salaries & Wages Employers NI Pensions Volunteer Costs Telephone Printing postage stationery Office Supplies Membership Fees & Subscriptions Insurance Company accounts filing fees Bank charges Accountancy and book keeping Sundry 7b Other expenditure Depreciation Computer & Equipment Depreciation Furniture & Fittings TOTAL RESOURCES EXPENDED |
Unrestricted General £ 138.46 2,162.37 2,300.83 210,000.00 - - - - 2,124.79 212,124.79 103.41 103.41 £214,529.03 Unrestricted General £ 13,400.00 331.00 260.10 3,306.41 162,574.10 12,003.94 2,023.98 241.87 2,444.35 1,431.38 1,150.25 5,099.38 1,204.94 13.00 96.00 800.00 890.00 207,270.70 3,946.00 215.00 4,161.00 £211,431.70 |
Restricted Funds £ - - - - 50,000.00 113,826.20 32,000.00 - - 195,826.20 - - £195,826.20 Restricted Funds £ 4,644.00 - - 2,964.14 172,258.35 8,306.52 1,770.88 - - 488.16 - 130.00 - - - - 1,215.92 191,777.97 146.00 - 146.00 £191,923.97 |
TOTAL FUNDS 2022 2021 £ £ 138.46 - 2,162.37 553.27 2,300.83 553.27 210,000.00 195,000.00 50,000.00 54,000.00 113,826.20 123,426.72 32,000.00 16,000.00 - 18,750.00 2,124.79 11,591.35 407,950.99 418,768.07 103.41 202.13 103.41 202.13 £410,355.23 £419,523.47 TOTAL FUNDS 2022 2021 £ £ 18,044.00 16,978.91 331.00 187.85 260.10 1,247.92 6,270.55 10,660.59 334,832.45 267,299.81 20,310.46 17,325.67 3,794.86 2,959.97 241.87 480.27 2,444.35 3,675.04 1,919.54 1,948.45 1,150.25 1,262.41 5,229.38 7,141.94 1,204.94 1,114.61 13.00 13.00 96.00 69.00 800.00 1,210.35 2,105.92 6,415.29 399,048.67 339,991.08 4,092.00 3,819.00 215.00 269.00 4,307.00 4,088.00 £403,355.67 £344,079.08 |
TOTAL FUNDS 2022 2021 £ £ 138.46 - 2,162.37 553.27 2,300.83 553.27 210,000.00 195,000.00 50,000.00 54,000.00 113,826.20 123,426.72 32,000.00 16,000.00 - 18,750.00 2,124.79 11,591.35 407,950.99 418,768.07 103.41 202.13 103.41 202.13 £410,355.23 £419,523.47 TOTAL FUNDS 2022 2021 £ £ 18,044.00 16,978.91 331.00 187.85 260.10 1,247.92 6,270.55 10,660.59 334,832.45 267,299.81 20,310.46 17,325.67 3,794.86 2,959.97 241.87 480.27 2,444.35 3,675.04 1,919.54 1,948.45 1,150.25 1,262.41 5,229.38 7,141.94 1,204.94 1,114.61 13.00 13.00 96.00 69.00 800.00 1,210.35 2,105.92 6,415.29 399,048.67 339,991.08 4,092.00 3,819.00 215.00 269.00 4,307.00 4,088.00 £403,355.67 £344,079.08 |
||
|---|---|---|---|---|---|---|
| 339,991.08 | ||||||
| 3,819.00 269.00 |
||||||
| 4,088.00 | ||||||
| £344,079.08 |
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BEXLEY CITIZENS ADVICE BUREAUX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
8. Summary of Fund Movements
| Designated Funds Repairs Contingency Fund IT Contingency TOTAL DESIGNATED FUNDS Restricted Funds Debt Adviser Universal Credit Trust for London Fund TOTAL RESTRICTED FUNDS General TOTAL |
Balance 31 March 2021 6,000.00 - £6,000.00 Balance 31 March 2021 - 11,076.17 - £11,076.17 £252,812.12 £269,888.29 |
Income - - - Income 50,000.00 113,826.20 32,000.00 £195,826.20 £214,529.03 £410,355.23 |
Expenditure - - - Expenditure 55,468.49 98,955.48 37,500.00 £191,923.97 £211,431.70 £403,355.67 |
Net Movement - - - Net Movement (5,468.49) 14,870.72 (5,500.00) £3,902.23 £3,097.33 £6,999.56 |
Transfers | Balance 31 March 2022 |
|---|---|---|---|---|---|---|
| - 10,000.00 |
6,000.00 10,000.00 |
|||||
| 10,000.00 | £16,000.00 | |||||
| Transfers | Balance 31 March 2022 |
|||||
| 5,468.49 7948.87 5,500.00 |
- 33,895.76 - |
|||||
| £18,917.36 | £33,895.76 | |||||
| (£28,917.36) | £226,992.09 | |||||
| - | £276,887.85 |