Charity registTltion number 701556 Company regSslratlon numljer 02363690 (England and Wale51 CITIZENS ADVICE SANDWELL & WALSALL LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CITIZENS ADVICE SANDWELL & WALSALL LTD LEGAL AND ADMINISTRATIVE INFORMATION Trusto0s K Dowman (Chair ol Trustees until Oec 20231 J Lilley C 8ower {Vice Chair From Dec 2023,. Interirn Chair from Aug 20241 D Wright A Green D Loon Charity number 701J56 Company numbor 02363690 Prln¢lpal addr•88 Municipal Buildlngs Halesowen sireei Oldbury B69 2AB R•gl8t•r•d offl Municipal Buildings Halesowen Street Oldbury B69 2AB Audllor CK Audit No 4 C8511e Court 2 Casllegalg Way Dudl•y Wesl Midland8 DY14FIH
CITIZENS ADVICE SANDWELL & WALSALL LTD CONTENTS Page Trustees. Ipport Statemènt or Irusl8gs' responslbllllles Indèpandent 8udllor's report Statement ol financial activities 1( Ba18nce sheol Notes to the financial statements 12-25
CITIZENS ADVICE SANDWELL & WALSALL LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Th8 Irust88s pr8sent Ih8ir report and audited accounts lor th8 y8ar end8d 31 March 2024. The fin8nei81 ststemeni$ have been prepared in 8c¢ord8n¢e with the 8¢¢0unb"ng poli¢ies set out in note I to the fin8nci81 slatetnenls and cotnply wilh the charity's governing document. the Cornpanies Acl 2006 and-Accounling and Reporting by Charilies. Slatetnent of Recomfflended Practi applicable to chaiitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable the UK and R8public ol Ireland IFRS 1021. las amended for accounting periods commencing from 1 January 20161 Objectives and activitie The CharSly's obje¢llve8. 88 $181ed In 118 g0mIng documont, arg lo promote any char118ble purposo for the b&n&fil$ of Iho community in the area of Sandwell & Walsall Melropolilan boroughs and adjacent areas by the advancement of education, the protection and preservation ol health and Ihe relief ol povety sickness and distress supplying a free, independenl, confld9ntlal and Impartkal s$rvl¢o ol advS¢tr, Information and wuns$l. The Charity is a member of ils N8b'on81 Associa.On now known as "Citizens Advice,, whlch provides a framework Icsr slandards ol gov8mane8 advic8 and cas8work management and rnonitors th8 Charily s complianc8 wilh Ihase standards. In pursuin9 Ihesg objg¢lives the Chgrily has the following aims.. 1. Delivery an effective frontline advice s8rvice through networkgd leams of dedicated management, specialist staff, and outreach workers. ensuring comprehensive service delivery lo the residents we setve .' 2. Enh8n¢em¥nl of our sgrvl¢gs through the d$ploym9nl ol a dlv9rs&ly rl¢h and hlghly Iralnod and commlitod volunteers.. 3. The adoplh)n ol strong financial management acr05S Gharily, ensuring our re50urce5 are used efficiently.. and 4. Comp1I8nce with ourlggal and regulatory oblig81Ions and al all Ilrnes eiisurlng w¥ are acting In the b&sl Inl$rasls ol the Charity. A¢hlgVgm•nts and pgrformoncg Thè Board ol Tru$lo8$ agrèed th8 following obj8cliv8$ for th• y8*r', 1, Supporting rilizgns Ihrough Ihg Cosl of Living Cfisis. We have provided ¢Dmprehensive SLJppori to citizens affected by the ongoing Cost of Living Brisis. This included offering financial advice,access to benafils, debt managemeni, and practical assistance to help households manage rising expenses, suth as energy bills, food costs, and essential seNices. W• s8cur#d funding to continuè thè Thriva and British Gas Eneryy Trust iniliativ•s dalivering anargy proi•ct$ to Combat the rising issue of luel povety. 2. Maintain existing and develop new Income streams. We 5ucc8ssfully obtained an additional Iwo.y8ar a88MnI wrth Sandw811 Melropolilan Borough Council. Our contract with Walsall Metropolitan Borough Cotjncil was redwed and shortened to 8 duration of 12 months, concluding in March 2025. Ttro nalur8 ol tre servic&s in Walsall underwent sub51anlial chang85. with the exclusion ol financial support fo. a general advice $8rvice and delivering a service lor welfare btrnefits casework. Addilionally, we secured £380.000 in new business from Multiply, SMART Energy, CADENT. CitA Energy, and British Gas Energy Trust - Energy Outreach Projecl, and £5,700 from Mornsons Grant, enabling us lo provKle warm hDme pack5 to hous8hokJs struggling with risirKJ fuèl costs
CITIZENS ADVICE SANDWELL & WALSALL LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The addilional incoffle secured allow8d us lo maintain crGaI Services across Ihe organisation and pr8vent compulsory job losses. As a result, the organis8tion has been able to retain knowledgeable 8nd eXperIend Staff. CDntributing to record-low lev8ls of sickness and 8bove-averag8 slaff r81enticn whilsl inerèasing th8 number of voluntgors auoss lh• 5orvic8. This stability has crucial in delivering consislent. high-qualily support to th8 cornmuryly. 3. Inv881 in new iniliai've8 lo support young people. The Trustees approved the use of re5erv8s lo iniliats a pilot program aimed al assisting young people IransiliDning from rare. This pilot initiative will be delivered throuoh the Sandwell Children's Trust Leavino Car8 SeNce in Sandwell. An evaluation of the pilol'5 effectiveness will te conducted throLJghout the upcoming financial year, with the intention ol s8curing additional funding lo sustain its conlinuation. In addlllon. our Trolnlng Contra$ prole¢l Is making gx¢frllont progress, rn9 thon 80°h of adv1¢¥ staff from our trainlng prograrn. In the second half ol he year, we hav8 a 'CATCH' project funded by Sandwell Gouncil lo provide Iraining for 9cncral adviscr5 wilh 83% securing paid work or volunlccring opporlunilics with Ihc orgonisation. Dur cfforts havc roi$cd awareness 8nd increased rgforwls lo both our debt and ¥nergy produ¢t8, providing vil818ssislan¢g 10 Sorno of our m¢sl Vulnerab Citizens. Finan¢ial review The Trus1805 approved an operational deliGil of £ 219,941 al the beginning ol Ihp y?er, which rppresenled lh8 Use ol reserves as investment in the Care Leavers Project la5 mentioned above), Our incorne for year wa5 £1,960,167 (£2,135,825 in 20221231 against which wg expond9d £2,017,717 j£2,079,429 in 2022123lrosulllng In a d9fl¢il of £57,5501 Surplus of £56.396 in 20221231. A cornbinatitsn ol the rwlY tUr9d ineorne $tr8am$ together wlh robust financial management resulted in & 9rn811gr d8fieit than planned. No n8w flxed ass8ls w8r8 purchas8d in tha year,. Ilx8d assèts ara us8d only for chadtablè purpDs8s to provid8 Ihè n8c8ssary environment and resources lo delIer th8 $ervl¢&s lo our ¢lienl$. Our balance sheet remains very strong, and the Charity has a nel worth of £1,094.958, We have been able lo maintain he811hy cash balances, wllh prudent Investmen19 of in year surpluses that havg gon&r81gd 8ddlllonal In¢ome lor the Charity. R•8•tv•• Pollcy The organlsaiion's reserves pollcy allgns wlli best practlce recommendgtlons trorn Cl1n$ Advlce's natlonal guldellnes IDr FiM8n¢lal H&allh Monllorlng. Unr6s1rS¢ltrd and deslgnaled r68erve$ aro n)8inlained al thi66 months, operallng eosls, Thes$ reserve6 are intended lo cover both short-18mi emergencies and long-term contingencies. such as a significant r8duction in funding or a complete loss of income, and mits'gale the cost of any consequent slatutory and contractual obligations. Rlsk managtmant.. Stratègie and optrrational rlsks are managèd In aceordanc# wllh th8 rlsk managemont policy. which includes the risk appetite and assessmtnl criteria. The Risk Managernent Sub.Commillee reviews the risk register and makes r*commandalions to the Board ol Trusto8s which has overall responsibility lor lh• d¥l•rmination of risks and SSOC13ted nrtigation plan5. The Iru8tees ackn{)edge their responsibilities for Risk fdanagement as set out in SORP IFRS1021 They have identified and assessed major risks to which the charity is exposed, and following on from this have established systems to rnitigate those risks.
CITIZENS ADVICE SANDWELL & WALSALL LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Th8 Board of Tru5te85 has d8tertnined the following bu51n8S5 priorilies for the forthcoming year.. 1. Improve our long terrn sustainability and resilience We will look to expand our reach and IMpt within thè cornmunilies we serve, including exploring new funding opportunities and dev8loping strategic parfrierships. By id8ntilying gaps in 8XlSting services. w8 would aim lo introduce innovative programs that address the signilrant challenges faced by residents across Sandwell and Walsall. W¢ v4ill ¢nhonc¢ our r¢silioncc to cnabl¢ us to rospond moro cff¢¢tiv¢ly to ¢holl¢n9cs and ohonging ¢ireurn8lancès. This includes anhaneing boih our gov&manc& and management systèms and pro¢e8888, and 1hg agility and flexibility ol our service delivery models. 2. Improva th8 support and d•v8lopm8nt ol our Staff We re¢ognlse that investing in our people Ks essèntlal lor the 9rewth and improvemènt ol our seril¢es. We wlll improv• our ongoing training and profèssional dèvèlopmant opportunili8s. This commitm8nl to staff davelopmgnl wlll not only 8nhanc8 58rvice d8livery bul also losler a positlV8 work environment, leading lo higher job satisfaction and re19nlion rates. 3. Research, Campaigns and Cornmunity Development We will engage In comprehensive research lo better understand the needs and ¢hellenges of our commLJnity. This data will inform our advocacy efforts, enabling u8 to campaign lor poliLy ¢hangg8 and baller undersl8nd Ihg naeds ol our communitie5.
CITIZENS ADVICE SANDWELL & WALSALL LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure. 9ovemanc• and management Nature of governlng document The charity Is ¢onstrluted as a eornpany limited by 9uarantee and is govemed by its MemL)randum 8nd Ariicles ol Assoaalion. The Trust&es. who are also the directors for th8 purpose of company law, who served during the year are showing on the legal and adminislration page. None of the trustees has any beneficial interesl in the cornpany. All ol the iruslees are membèrs of th6 company and uuaranlee to conlrfbults £1 In the &v8nl of 8 wlndlng up, The Iru3tee¥. who are al30 the direGtors lor tha purpa3e i)f Gompany law, ond h0 aerved during kne year up lo the dote of signature ol the financial statemen15 were.. Dowman (Chair of Tnjstees until Dec 20231 l Lorimer (Vice Chair until Dec 2023,. Chair from Dec 2Q231 (Resigned 20 August 20241 C Bower (Vlog Chalr From ooc 2023,. Intgrfm Chair from Aug 20241 D Wright A Green D Loon Tli¥ 8u&r¢J i¥vitrws ils skills Èiiid div¥isily r¥yulaily. Ali ell)i)ual apyiaisal ul Ili¥ board iak¥b pl¢lL¥ Èlljd 11)¥ 8oard id¥riliti¥s skllls gaps and altarnpts to r8crult to 1111 th•se. The Board also looks at th8 mak8.up ol th8 Board in 18ms ol dlvèrslty ol ag•, oender, r8¢e and ¢Yisabillly and also in tems ol thè demography ol the ltsc81 populalitsn, having don• this an an8lysls ol Ihe gap is undertaken and r8cruilrnenl takes plac• in an altompt lo fill gaps. Trus19e posltlons are avèrtlsèd locally and on tho nalional wèbsit£ and arg rfjcrullgd Ihrough applicatlon and Inlervlgw. New Trustees can be co-OPt8d onlo the 8oard until the AGM wh8r8 they are voted on to join th8 Board fully. Structure Th8 Trust88s, coll8cliv81y as th8 Board ol Trustèas retaln overall r8sponslbllty for thè affairs ol th8 Charfly. The Board ol Tru51ees meet regularly either in person. o. as provided by ils consiilulion via rernole nwans. Th8 TrustOé8 have 851abllsh8d the following Sub cornmilt88s'. Flnanc8, P8opl8, Rlsk, and Rosearch & Campaign, Each Is lèd by a Trust8è and atlend#d by th• Chl¥f Exèculvtr Officèr or olh8r r#lvant sènior manager. Non8 ol lh8 sub<ommilt8s h8v& delggalèd declslon rnaking powers. The Trustees have delegated certain day to day responsibilities to the Chief Executive Officer and through Ihern to other senior managers, Restrlctlong and Investrnent powerj The Memorandum 8nd ArtScles of Asso¢lallon 8ulhoris85 the ¢h8rSly to r8eolve Income by way of donallons, glfts and grants, provided Ihal il does not undertake any permanent trading aclivits'es in raising funds for its primary obieclives. Tha Mèmorandum also pèrmits tha inv•strn•nt of surplus funds not immèdialsly n¥•d8d, subjad to l•gal crJnditions and consents. Related partles As with all other Citizens Advi¢¢ organisotions, the oharity is nnected wilh ts Nalionel Association who ar¢ themselves a charity regist8r8d under Nurnb8r 279057 OPFJrating frorn 3r(J Floor 1 Easton Straet. London. VVC1X ODW . Payments have been made throughout the year to the National Association amounting lo £11,159.00 in respect of insurance. 5ub8uiptions, tralning sgrvlcos. AGM and Sundry stsllonory. The charity has no subsidiary undertakin9S. Audltor
CITIZENS ADVICE SANDWELL & WALSALL LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 In accordanc8 wth th8 Cotnpany's ariicl85, a r8501ulion proposing Ihat CK Audit Litnited iNith r8gistered office locat8d Castle Court 2, Casllegate way, Dudley, Ilvest Midlands DY1 4RH be reappointed as yuditor of the ojmpany will be pul al a General M6ètin9. Disclosure of information to auditor Each of the truslees has confirmed Iliat there is no inlormation of which they are aware which is relevant to the audit. but of ihich the audilor is unaware. They have further confimed that they have taken appropriate steps to klenlfy such relevant infom)alion and to establish that the auditor is aware tsf such Inlorm81ion. Th8 Iruslee8' raport Was approved by th8 Board of Tru818es. C Bower IVi¢e Chair From D•¢ 2023., Intorim Chair from Aug 2024} Dated,. 8 October 2024
CITIZENS ADVICE SANDWELL & WALSALL LTD STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 Th8 Irust88s, who are also th8 directors ol clzenS Adwce Sandwell & Walsall Ltd lor th8 purpose (rf company law. are responsible for preparing the Trustees, Report and the financial statement5 in accordance with applirable18w 8nd United Kingdom Ac¢ounlin9 Standards (Unitod Kin9dom Generally Accepted Accounting Pra¢li¢el. Company Law requires the trustees lo prepare financial 51atements fr)r each finanrial yÈar which give a true and fair view of thè slatè of affairs ol tha charity and ol th incoming rèsources and application ol rasourcos, including th income and expenditure, of the charitable company for that year. In pipparing these financial statetn8nts, the trustees are 18quir8d lo select suitable accounkn'ng pc)licies and Ihen apply them consistently.. observ& th8 m8thods and princlplès In th• Charltlès SORP", maké iudgarnants and astimal8s that aro r&asonabl8 and prud•nl', and prepare tho Ilnanclal slat8m8nts on the going conc8rn basis unles8 5115 inapproprlal8 lo pr8sum8 Ihat Ihe charity wlll continu8 In operation. Th8 Iru5188s are r8sponslbl8 lor ko8pSng ad8quate accountlng records that dlsclos8 wlth reasonablè accuracy al any Ilme the financlal posilion ol th8 charily and enable Ihein lo énsurè thal the fin<lllCldl slal¥rnents comply with th8 Cornpanl8s Act 200fS. They are 8150 responsible for safe Juarding Ihe assets of the charity and hence for t8king reasonable steps for the prevanlion and d8t8clion of fraud and other irregulariti•s
CITIZENS ADVICE SANDWELL & WALSALL LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CITIZENS ADVICE SANDWELL & WALSALL LTD Oplnlon Wts h8V& 8udited the finan¢ial stslamènls ol Citizens Advic& Sandwell & Walsall Ltd Ilhe 'charity'l forthe year ended 31 March 2024 which comprise th8 Stat&M8nt of financial activiti&s, th8 balance sh88t and notes to th8 fnancial slalernents. including significant a¢¢ounting pdi¢ies. The linana81 reporting framework that has been applied in their preparation is applicablg18w and Uniled Kingdom AoU'D9 Standards, including Finane481 Reporting Standard 102 Th8 Financial Rgporting Standard applicable in UK and Republic o,'Ireland Iunited KingdDm Generally Accepl&J Aocounling Practicei. In our opinion, the financial staternenls.. give a true and lair view ol the slate ol the charitable company's affairs as at 31 March 2024 and of ils incoming r¢sour¢8s and application ol resour¢e$, including rts income and expènditure, for the year then endéd,. havé b88n property prèpar8d In accordanc8 wlth Unit8d Klngdom G8n8rally Acc8ptèd Accountlng Practlce.. and have been prepared in acc(rdance wrth the requirements of the copaNieS Act 2006. Basi8 for opinion We conducted our audrt in accordan wilh International Standards on Auditing IUKI IISAS IUKII and applicable law. Our r&8ponsibili1168 undor those Standards arts lurthar d8s¢rib$d in the Aiidilors 1&8ponsibilili&s forth& audil of the fin&n¢i&l stal&ments section ol our report. We are independent of the charity in accordanca with the ethical requirements that are relevant to our gudit of Ihe lin8nc481 Slgtempnls in the UK, including the FRC'S Ethic81 Slandaid. and we have f(Jllilled our other elhi¢al responsibilities in accordancg wilh these rgquiremenls. We bgli$ve that the audit eviden¢s wg hgve obtained 1$ sufficient arKI appropriate io provide a basi5 lor our opinion. Conclusions Telating to going roncern In audlllng th8 Ilnanelal slatam8nt$, we have eon¢luded that thè tru$lts86' use ¢1 thé golng con¢6m basls of a¢countlng In thè preparation ol Ihe linawial slal8m8nls is appropriate. Basèd on Ilw work n8va p8rforn. w4 h8vè not Idèntlflèd any m8lèrlal uncèrt8lntl8a rèlatlnu to èV8nls or eondltlong that, individually or collec'Vely. may cast significant doubl on the charity's ability lo continue as a going concern for a period of ai 108sI Iwelve months Ircm wh8n thè finan¢ial $tatementS 8ro 8ulherlsed lor Issua. Our responsibilities and the responsibililiÈs ol the trustees wilh respect lo going concern we de6crib&J in the relevant se¢lions DI this report. Othgr Infomiatlon Th8 other information comprls8s thè Infom)ation Includ8d in the annual rèport other than th8 financlal stal8m8nts and our auditor's report Ihereon. The trustees are responsible for the other information contained within the annual reporl. Our opinion on the financial slaternents does ml cov8r the oth8r information and. except lo the 6xlent otherwise ¥xplicitly 51aled in our report, wtr do not expreay any form ol asyiJrMn¢e conGILJsion th#r#on. Our re5ptsnsibillty is to rtrad the othtrr information and, in ning so. consider whether the other inforrnalion is materially inconslstenl wilh the financial statement5 or our knrjwledgp obtaingd in th• coursa of tha audil, or othèrwisa app$ars to bè materially misstat$d. If wè idèntify such material Incon515tencies or apparent malerial rni5Statements, we are required to deterine Nvhether thi5 gives rise to a matertal misstatement in the fin8nGial stalemenls themselves. If, based on tre work we have perforrned, we conclude that there is mat¥rial misstatttm¥nt of this othèr information, w¥ are rèquirdd to raport thal fact. We have nothing to report in this regard. Oplnlons on other mattgrs proscrSbed by tho Companl8s Act 2006 Iii our opinion, based on the work underiaken in the course of oui audit.. th8 Inlomalon Ven In the IrLJsl89s' roport lor the Ilnand81 ye8r for which the fin8n¢lal stsloments are prepared, whl¢h indudes the directors, report prepared for the purpK)ses ol company law, is consistent wlh the linanoal stslemenls., Iha dirèctors, rèport includad within the trust, r6POrt has an praparod in accordanc8 with applicablè lègal requirements.
CITIZENS ADVICE SANDWELL & WALSALL LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CITIZENS ADVICE SANDWELL & WALSALL LTD Matters on whlch we are requSred to report by excepllon In ihe light ol tha knowbdge and understanding ol tho charity and ils environment obtained in the cour8e of the audit. w¥ hav8 not idenlffi8d mat8rial misstal8m8nts in the diractor8' r8POrt included within th8 tru8t8es' report. We have nothing to report in respect of thè Idlowlng mattèrs in r8lalSon to which tha Companlgs Act 2006 rgquir•s us to r8port lo you rf, in our opinion.. adaquat& accounling records hava not baen k8pt, or rgturns adequate lor our audll have nol bg8n recèived from branches nol visit8d by u5.. or Ihe linanaal s18lemenls are not in agreement with the a¢counling records and returns., or ¢ert8in dlsclosures of trusiees. rtsmuneiallon specffied by law ara not made., or we have not received all the information and explanations we require forour audit., or the trustees were not enlilled lo prepare the financial slalemenls in accordance with the small companies regime and lakp. 2dv2ntxop. nl thp smxll r.nmDAnip.s' pxp.mptinn8 in prp.p2ring thp. tnJslpp..s' rp.pnrr And fmm thp rp.qiJirp.mp.nl In prapare a slraleglc raport. Re$ponslbllltlos of trusi•¢8 As expl¥in¢d morg fully in thg slatemgnl of Iru$l¢¢$' r¥sponsibililies, the truste¢s, who org also Ihtr dir$¢lors ol the ¢harily for the purpose of comp8ny 13w, are r95PQll8ible for the preparation ol the financial 51alemenls and for beinA sakn'sfied that they give a true ond lair view, and for such inlerngl ¢ontrol as the trustees determine is no¢¢ssary lo enable Ihp prepargtion of finan¢ial slal?mgnls that ale Ireg fro rnalerial Misstate91, whether dug lo Iraud 01 error, In prgparing the financial stalernents, the trustee5 are re5pcnsible lor assessing the charity's ability lo continue a5 a going Goncem. clisclosing. a5 gpplicable, matters related lo going concern and using the going concern basis ol accounling unless the trustees either intend lo liquidat9 Ihtr charitable company or lo ¢ga$g c)pgr4tions, or havg no rg01islic allginalivg bul lo do $0. Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the ffi'nancial statements as a whole are free from material missl¢lemenl, whelh¢r due lo fraud or error, and lo issue an ou¢Jilorfs report that includes our opinion. Reasonable assuranwe is a high levgl ol QBBurance bul is not a guarantee Ih3t L4udil wnducted in L4ccordance with ISA5 IUKI will aayS detect material misslatemenl when il exists. Misstatements can arise trom fraud or error and are considered material il. individually or In the aggrogale, they could r9880nably be expected to Influgnce th& economlc de¢l8lon$ of usgrs18kan on the basls ol these financial slalemenls. The extent to which our procedures are capable ol detecting irregulgrities, in¢ludin9 fraud, is detoiled below. Extent to which the audit was conoidered capable of detecting irregulariti88, including fraud We idenlilied and assessed the risks of material rnisstalem8nl ol the financial slalements. in r8speci ol irregularities whether ue lo fraud or error, or non compliBnce with laws and regulations and then designed and performed audit prooeduies rgsponsiv& lo Ihoso risk8, including obtainin9 audit evidence thai is sufficient and appropriat8 lo provide a basi8 for our opinion. In identifying and assessing risks ol rnaterial misslaternent in respecl of irregularities, including fraud and non.compliance with laws and regulations, our procodures Included thè following.. W¢ obtained an und¢rslanding of tho legal and regulatcY framew& that ar¢ applicable to th¢ Company by discussion and enquiry with th& dirèctors and m8nag&ment team and our genèral knoedge and èxperience of th& charity sector. We focused on specific laws and regLJ13tions which ,Ne considered May have a direct material emect on the financial statomonts or the operatSons of the company, IncludSng the Companies Act 2006, taxation Iggislation, data protectlon, ernployrn8nl, and h8allh and 5af8ly18gi51ation-, We assessed the extent ol cornplian¢e V4ith the 18WS 8nd regulalions identiffied above throu9h making enquiries of management, reviewing correspondence with relevant regulators.
CITIZENS ADVICE SANDWELL & WALSALL LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CITIZENS ADVICE SANDWELL & WALSALL LTD Audlt response to rlsks Identlfi We asses8eLI the susceptibility ol thè Company's financial stal&mBnts to maltsrial mi8ststemgnl. including how fraud might occur. Audit proc8dur88 P8rtormed iNclud8d but were n<)t limit8d to.. Dlscussions with directors and management as to wh8ra they consldar•d thera was susc8ptitdirty to fraud, thèlr knowledge ol actual, 5uspec18d and alleged fraud", Confirming our understanding of contruls by performing a walk through lest or observation and onqulry., Performing anatytical procedures lo identify any unusual or unexp8ct8d relationships.. • Id8nlifying and iesting journal 8ntrie5', Agreeing funding to underlying service agreernent5 8nd ensuring income is recognised in the correct period., Agre8ing classification of funding b8tW88n rgslricL8d and unr8slrict8d funds and ensuring amounts ar8 sp8nl loi th8 piJrpu5es inl¥rid&d', Reviewing the allocalitsn of direct and sUPPOrt Costs 8nd ensLJrino comparabla lo pffjvious perDds', R8vl¥wlng uriusui41 ur un8XPtILt8d IransÉlLllons', and Agreping the financial statetnent di5dosures to underfying supporting docurnentallon. Owing to the inherent limitations ol an audrt. Ihere is an Ljnavoidable risk that we may not have detected some material misstalernenls In the finan¢ial s18lemenls, even though we have properly planned and perfomed our audit in a¢¢ord8nce viith auditing standard8. The more removed that laws and regulations are from financial transactions, Ihe less likely il is that we would becorne aware ol non-compliance. Auditing standards also limit the aLidii procedures required to identify non-compliance wilh laws and regulaiions lo enquiry ol the directors and other managernenl and the inspection of regulatory and legal corrg8pondence. il any. Matgri01 misstatgrn¥nt$ th4t ari$8 du¢ to frgud ¢on b hardor t¢ dtod thon th060 thèt ori$è Irom wor •$ Ih$y mèy invtslv* ¢elib9ralg ¢c)n¢galtnenl 01 collusion. A further erIptIon ol our responsibilities 18 available on the Financial Reporting Council'5 web81te at.. hltP5'.IIMw frc.org.uklaudilor5responsibilities. This description forms parl of ow audil0rf5 ieport. Use of our report Thls raport Ss made solaly to tha company's rnèmbèrs. as a body, In accordance wllh sèctlon 39101 tho Companlas Act 2014. Our audit work has been undertak?n so Ihal wg might 51alg lo the company's tngmbers those rnatters we arg rgquirgd lo slate lo them in an Buditor'5 report and lor no other purpose. To the fullest ext1 permilled by law, w? do not ac-epl or assurn8 r8sponslbllity ID anyon8 olh8r than th• company and tho company's rn8mb8rs as a body, for our audit work. for Ihls report, or lor the opinion5 we have lorrned. Mark Nicholls Isenior Statutory Audltorl for and on behalf of CK Audit 9 October 2024 Chartered Accountant$ Statutory Audltor No 4 Ca511e Court 2 Casllegale Way Dudl&y Wesl Midkqnds DY14RH
CITIZENS ADVICE SANDWELL & WALSALL LTD STATEMENT OF FINANCIAL ACTtVlTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unr•stri¢tsd Restri¢t•d funds funds 2024 2024 Total Unro8tri¢tsd Re8tri¢l*d fund8 funds 2023 2023 Total 2024 2023 Notes Incom• and •ndowmènt8 from.. Donations and legacies Chari18blè 8clivth$s Inveslménts Other incom8 1.121 862.188 13.276 13.389 1,121 1,899,321 13,276 46,449 1,956 816,110 1,483 1.165 1,037,133 1,288,053 2,104.163 1,483 28.223 33,060 27,058 Total income 889.974 1,070,193 1,960,167 820,714 1,315,111 2,135,825 Exp•ndllur8 on: Charilable aGlivrties 1,054.914 962,803 2,017,717 779,545 1,299,884 2,079,429 Total expenditure 1,054914 962,803 2,017,717 779,545 1,299.884 2.079,429 N•t IncomleXP0nd5tur9> 1164,9401 107,390 157,5501 41,169 15,227 Trdribferts belweeri fuiid 39.415 139.4151 14.4261 4,426 N•t mov•mont In funds 1125,5251 67,975 157,5501 36,743 19,653 56,396 Reconclllallon of funds.. Fund balances al 1 April 2023 1,090.302 62,206 1,1S2,508 1,053,559 42,553 1,096,112 Fund balanc•s at 31 March 2024 964,777 130,181 1.094,958 1,090.302 62,206 1,152.508 Tho ¥tat8mtrnl of ffinan¢ial activili¥y includes all galns and losses recognisod In the year. All Incomo axpenditure derfve frorn continuing activities. 10-
CITIZENS ADVICE SANDWELL & WALSALL LTD BALANCE SHEET AS A T 31 AIARCH 2024 2024 2023 Notes Flx•d ass•ls Tangible as(5 12 29.194 51.971 Currènt assèts Debtors C8sh al bank and in hand 13 138,158 1,080,944 1,113,672 1,167.195 1,219,102 Creditor8: amounts hlling duo within ono y•ar 14 199,8471 111J,1741 Net current assets 1,067,348 1,103.928 Total assets less current IlabllltleB 1,096,542 1,155.899 Provl$lon¥ for IlabSlltlgs 11,5841 13,3911 Net a88els 1,094,9S8 1.152,508 Incorno funds Réslrfct8d funds Unrestricted lunds 17 130,181 964,777 62,206 1.090.302 1,094,958 1,152.508 The financial $1gtements were approved by the Trustees on 8 October 2024 C 3ow#r IVlc¥ Chalr From D¥c 2023.. Int8rfm ChaSr from Aug 20241 Company r•glstrall?n numb•r 02363690 11
CITIZENS ADVICE SANDWELL & WALSALL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ountSng pollcle8 Ch8rity infowmation Citizens Advice Sandw811 & Walsall Lld is a private company limlled by guarant88 Incorporated in Englan¢ and Wal8S, Th8 régisl8r8d offic8 Is Munlcipal Buildings, Hal8SDW8n Strè81, Oldbury, 869 2A8. 1.1 Accounting conventlon Th& financial stalem&nts hav8 b88n pr8parèd in aceordanc& ivith lh8 d)arity's Articlès ol AÉsoeialion, th8 Compani&8 Act 2006 and Accounting and Reporiing by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Slancjard applicat)le in Ihe UK and RepuLilic of Ireland IFRS 1021" las amended for aecounting p8riods comrnènelng from 1 January 20161. Th8 charity is a Public B&n8fil Enllly as defin8d by FRS 102. Thè charlly has taken advantage of Ihè provisions in thè SORP for charlliès applylng FRS 102 Update Bulletin 1 not lo prepare a Slalem8nt ol Cash Flows. Th8 Ilnancial slalements ar6 prepared In 51erllng, which15 tho luncllonal currency ol th8 charlty. Mon8lary amounts th8sa linanclal stAlem8ntS 8 round8d to thè n8ar8st £. The linan¢i81 stalements have been prepared under the histori¢al ¢ost Conven'0n. The principol acoounting policies adopl&d are s&1 out below, 1.2 Going conc•m At the Iirne ol approving the financial slalernenls, the tru5te85 have a r8Bsonabl8 expeclatson that the chanty has adequate resources to continLJe in operational existence for the foreseeable future. Thus the trustees conbnue to adopt th8 golng concern basls ol accounllng In preparlng the flnan¢lal st4lamenl8. 1.3 Chril•ble fund• Uiii¥slil¥l¥d lurids ai¥ 4vailabl¥ Ivi u¥¥ ¥1 Ili¥ di¥¥i¥liuii vl Ili¥ Irus1¥¥8 iii luilti¥r41i1¥ ul Ili¥lr L414ril4bl¥ utsl¥¥llv¥¥. Restrlclad lunds arè subl8el lo spe¢ffie ¢ondillon8 by d¢nor$ ¢r gr&niors as to how they may be used. Th• purptrses and uses ol tha restricted funds are sel out in th8 notes lo the linanual slalernenls. 1.4 Incorne Incomo 1$ recognised when the charity is legally entitled lo il after any performance conditions have b88n m81. the amounts can be measured reliably, and il is probable that income will be received. Cash donotlOn3 iJTe reGogni8ed on reGeipt. other donation3 are reGogni8?d onGe the Ghqrity ha3 been notified of the donation, unless perforrnance condilions require deferral ol tre amount. Income tax recoverable in relation to donations r¢¢gi¥ed undgr Gift Aid or d¢ed$ of covgnan1 1$ re¢o9ni$gd al Ihg lim¥ of Ihg donation. 1.5 Expéndltur Expenditure is recognised once there 15 3 legal orcon5trLJCtive obligation to transfereconomic benefit to 3 third party, It 15 probable that a transfer of economic beneth'ts will be reqUId in Settlement. and the arnounl of the obligaiion can be m*asur8d rtrllably. Exp8ndllur8 is classillod by activity. Th• costs of each activKy are rnado up of thè tolal of dSract costs and shared costs, induding 5UPPOrt C05t5 involved in undertaking each aclivity. Dir8Ct C0515 altribuiable to a singla activily are alloca18d directly to that activity. Shared msts which cDntribiJte to more tr8n one Ectivity and 5upprirt Costs which are not altribulable lo a single activity are apportioned beeen those activities on a basi5 consistent with the use ol resources. Central slaff cosis are alltscaled on the basis of time spent. and depreciation charges are allocated on the r>urtion of the asset's use. 12-
CITIZENS ADVICE SANDWELL & WALSALL LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting policies Icontinutdl E%penditure on ¢h8nt8ble activities includes the dire¢t ¢o$t$ undert8ken lo further the purptrse$ of the ¢h8rity ond their associated support costs. Support costs are those functions that assist Ihe Ork of the charity bul do not directly relate to charilable activities. These cosls include back offico ¢OSts, finan¢8. pgrsonn$l, payroll and govtsrnancg ¢0s18. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured al cost and subsequenly measured at GOSt or valuation, n81 ol depreciation and any impairment10sses. Dcpr¢¢iotion i¥ ro¢g9ni¥¢d 0$ to writ¢ off th¢ c1 or voluotign of a$¥cts 1¢¥8 th¢ir rc8iduo1 volu¢¥ ?r Ih¢ir u?¢fvl livgs on Ihe following baseg.. Leaséhold land and building5 Fixlur8s and filliDgs Motor vehlcles OV8r the tgrn ol Ih818asg 250A p8r annum slravJhl line 200h per annum slra(9ht Ilne Th8 gain or loss arSsing on th• disposal ol an asset Is det8rmin8d as Ihe differonco b8lw88n th8 sal8 proc88ds and the carrying value of the asset, and Is reco9nlsed In Ihe statement ol Ilnancial aclvllies. 1.7 Impolrment of Ilxed u¥sets Al each reporting end date, the charity review5 he carrying amounls of its tsngible asse15 to determine whether there is any indScallon Ihal thos8 ass8ls havé suff8r8d an irnpairm8nl loss. 11 any such Indication 8xI8ts. the r8coverablo amoLJnl ol th8 assat Is 8silmalad in ord8r to d818miine the 8xtent ol thè Impalrment loss Ilf any!. 1.8 Cash and cash •qulval•nts Cash and cash equivalents Includ8 cash in hand, deposits héld at call wth banks, other short-lerm liquid investments with ¢rigin81 maturities tsf three months or less, and bank overdrafts. 88nk overdrafts are shown within btrrrowings Srn 1.9 Financial instruments The charity has elected to apply the provi8ion8 ol s110 11 '8asic Financial In8lrumenls' and Section 12'0ther Financial Instrurnenls Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity'5 balance sheet when the charity becomes party lo the conlraclual provisions of the instrument. Financial assets and liabilities are offset, with th8 net arnounts presented in the financial slaternents, when there is a legallv enforceable right to sel off the recognised amounls and there 15 an intention to settle on a net bBsis or to realise Ihg 8ssel and settle lh8 li8blily ¥imullanoously. 88slc fln8ncl41 assots Basic finanei&l assets, whi¢h Include debtors and cash and bank balences, are Initially measured at transactlon prf¢e induding Irans8Ction costs and are subsequently carried al amorts'se¢J cost using the effeciiwe interest rnelhod unl888 the arrangemenl conslitules a financing transaction, where the Iransaction is measured al the present value ol the future reIP1S discounted al g mad¢el rate of interest Financvl gssels tlgssifiÈd as re¢eiv•ble within onè year are not amortised. 13-
CITIZENS ADVICE SANDWELL & WALSALL LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting policies Icontinutdl Basie financial lithbiliti&$ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pri unless the arrangen)enl constitut$s a financing transaction, whro the dobl instrumonl is measurgd al Ihe prèsènt value ol the future payments discounted at a market rate ol interest. Financial liat)ilities classified as payable within one year are amortised. Debt instruments are subsequently rarried al arnortised cost, using the effective interest rate methixj. Trade creditor$ ar8 obligations lo pay for goods or services Ihal have been acquired in the ordinary coursg ol operations from supplier5. Amounts payable are cbssified as current liabilities if payment Is due within one year or less. If not. they are piosonted as nonacurrcnl liabilitios. Trade creditors aro recognised initially at transaction piicc and subsequgnlly rveasured al amortisgd using tbg effgclive inlerest rnelhod. DwKognltlon of IlnanGlal Ilabllltles Financial li<ibilikn'es are derecognised when the ch8rSty's contractual obligation5 expire or 3re discharged or cancelled. 1.10 Employee beneflts Th8 CL)St ol any unusad holiday èntitl8menl Is r•cognis8d in th8 Parlod In which th8 amploy8•'s s8tvic8s aré raceived. Temln8llon benefits are COgnISe¢l immediately 8S an expense when the charity is demonstrably commilled lo t•rrninat8 tha 8mploym•nt of an amployg• or to provide t8rminalion b•n•fit$, 1.11 Rotlr•m•nt b•n•llt$ Payffnls lo defned contri1110 rtsliremenl benefit schemas are ch8rgtsd as an expgnse 88 Ihoy fall due, The cost of providing ben¢fils under defined benelit plans is determined separately lor each plon using the proje¢led unil credit method, and is besed on actuarial advicg. The Change in IIE net defined benofit ligbilily orising from employee service during Ihe yeer is rewgnised os on omploye$ cost. The cost of plan inlroduclions, b$nefil ¢hanq99, sslllemenls and ¢urt8ilments arg cOqnIsd as incurred. The n81 interest e1em8nl is determined by multiplying the nel d&fined benefit liability by Ihe discount rale, taking into account any changes in the nel defined benefit liability during the period as a r85ull of contribution and benefit Poyments. Tho rEI interest is recognised in incomellexpenditurel lor the yeor, Remeasurement changes comprise acluarial gain5 and losses, the effect of the asset ceiling and the retum on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other rgcognised gains and losses in Ihg perKxl in which Ih$y occur and are not rp¢la$sified lo In[1/(exp9nd1Iu[e) in subsequent periods. The t1 defined benefit pension asset or liability in the balance sheet cornprises the total lor each plan ol the present Value of the defined benefit ?bligats'on lusin9 8 discount role based on high qualily ¢orporale bonds), less the fair value ol plan assets out of which Ihe obligalions are to be Sellled directly. Fair value 18 based on rnar*el pnce information. and in the case ol quoted securities is the published bid price The value ol a net pension benefit asset is limited to the amounl that may bg recovergd glther through rgduc9d contrlbulions or agrggd rgfunds from the scheme. 14-
CITIZENS ADVICE SANDWELL & WALSALL LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Crltlcal accounung estlmates and Sudgements In the 8pplie8bon of the ch8rity'$ 8e¢ounting polioes, the trustees are required tts make judgennts. e$b"mgte$ and assumptions about carrying atnounl of assets and liabilities that ale not readily apparenl from other sources. Th8 estirnates and associated assumption5 are based on hi5torlcal expèrfence and other lactors that are consldered to be relevant. Actual iesulls may differ from these esllmates. Thp p.limAIp And ijndprfying A88iJmptinnq Arg. rp.vipwpd nn An nnonino hAqi¢ Rp.viinn* In Aernijnlino p.8lim2ip.8 Arp recogn159d in the perlod in which the estimate is rev158d where the revlsvjn affects only that perlod, or In the period ol the revision and Tutur8 periths where the revision aff8cls both current and future periods. Crltlcal Judg•m•nl$ AlloEJtlon of ¥upport costs Delèrmina the basis ol allocèlion of support costs b8iween reslrictad and unrestricted lund8. Ktry $our¢•8 of estimation un¢ertainly Useful economic life of tangible fixed assets Tangible tixed a5set5 dre depreci£iled over thèir uselLJI Ilves taking into account r8sldLJal valuès whèrè appmprlal8. Th8 actual lives ol these as5els are a5se5sed annually and may vary depending on 8 number of laclors. In 8s5es5ing asset livas. factors such as life cycles and maintenance programmes ar6 taken into account. Resldual valu8 assessm8nts conslder155ue5 such a5 the remalnlng IKe ol the asset and projected d15posal value5. Trade deblorg Al each reporting date. trade debtors are assessed lor recoverability. If there is any evidence irnpaim)enl, the carrying gmount of the dgbtor is red(J¢ed to rts ro¢overablg amount. The irnp8imignl106s 1$ re¢ognisod immediately in the income statement. Incom• from don•tlons and 1gua¢l•$ Urtr••triet•d nds 2024 Unrn#triet•d funds 2023 Donolions ond grfl$ 1,121 Incomo from charltabl• actlvltlgs VnrgstrlGtgd fund$ 2024 R85trlGtgd fund$ 2024 Total Unr85trlGt9d lund$ 2023 R95trlGtgtl fund$ 2023 Total 2024 2023 Sgle of goods 862,188 1,037,133 1,899,321 616,110 1.288,053 2,104,163 15-
CITIZENS ADVICE SANDWELL & WALSALL LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from Investments VnrÈgtricted Unr•9trictèd funds lunds 2024 2023 Inte1 receivable 13.27G 1,483 Othgv In¢omg Unr08tri¢tsd RoJtri¢t•d funds funds 21124 2024 Totsi Unrg8tri¢tèd R08tri¢ted funds funds 2023 2023 Total 2024 2023 Other income 13,389 33,080 46,449 1,165 27,058 28.223 16-
CITIZENS ADVICE SANDWELL & WALSALL LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltable actotIes 2024 2023 Siaff eoste Prerrises costs Staff & volunteer cost5 Offlc8 costs Prolesslonal f88s and consultancy Other costs 1,447.600 42,285 24,813 80,850 1.512.865 52,885 23,164 48.973 1,739 22,288 23,470 1,619,108 1.661,914 Share ol support $1$ Isoe note 81 Share of governance costs Isee nole 61 383,180 15,429 404,fj43 12,872 2,017,717 2.079,429 Anatysls by fund Unre51ricled funds Réstrfctad funds 1,054,914 962,803 779.545 1,299,884 2,017,717 2,079,429 For tho y•ar endod 31 March 2023 Unreslricled funds Restricled fund5 779,545 1,299,884 2.079,429 17-
CITIZENS ADVICE SANDWELL & WALSALL LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support co¥ts Governance Ists 2024Support costs Govefflan¢e osts 2023 Staff costs Prernises costs Staff & voluntè&rcosts Office costs 252,714 52,180 9,350 68,936 252,714 52,18D .350 68,936 20QI,991 59.581 24.581 119,490 200,991 59,&81 24,581 119,490 Governance cosls Oth8r costs 15,136 293 15,136 293 13,265 13931 13,265 13931 383,180 15.429 398,609 404,643 12,872 417,515 Analysed between Charllable activ18$ 383,180 15,429 398,609 404,643 12,872 417,515 Gov8rnance cosls Includes payments to Ihe audllors of £9,00012023- £8,0001 for audit lees. None ol Ihe trustees lor any p8rsons connected with Iheml recgived any remuneration or benefits frorn Ihe charity during the y8ar. 10 Employees The average monthly nurnber ol employees during tre year w85.. 2024 Nurnb•r 2023 Numb•r Advi¢e workers Adrninislralors lincl. Appr6nii¢8shipsl Managers Clèan8rs 49 43 12 10 Total 68 Employment c1$ 2024 2023 Wagas and salariès Social security costs Other pension costs 1.535,877 126.190 38,337 1,533.980 134.193 45,683 1.700,404 1,713,&fjfj Radundancy and tèmiination paymants totalling £7,747 wèrè madè in thè rèporting pèriod. 18-
CITIZENS ADVICE SANDWELL & WALSALL LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employ•¢$ Icontinutdl The number ol employee8 whose 8nnu81 remuner8tion wag more than £60,000 is as follows.. 2024 NrnbOr 2023 Numbor £60,000- £70,000 R•mun•ratlon of k•y rnanagorn•nt porsonn•l The remuneration ol key rnanagement personnel wa5 as follcws.. 2024 2023 Aggregala comp8nsatlon 186.181 192,515 11 Taxation The charity 18 exgmpt from tsx on incoffle and g8ins falling within section 505 of the Taxes Act 1988 or 8eclion 252 01 the Taxation of Chargeable Gains Act 1992 to the extent that these are 8pplied to its charitable objects. 12 Tangible lixed Loa8ohold lind nd bulldlng• Flxture8 and Motorvehlcle¥ T•t81 Cost Al 1 April 2023 3,112 137,044 65,196 205.352 At 31 March 2024 3.112 137,044 6S,1 205,352 Depreciation and impairment At 1 2023 Depreciation charged in the year 3,112 114,210 9,737 36,060 13,039 153.382 22.776 At 31 Mar¢li 2024 3,112 123,947 49,099 170,158 Carrylng amount Al 31 March 2024 13,097 16,097 29,194 Al 31 March 2023 22,834 29,131 51,971 19-
CITIZENS ADVICE SANDWELL & WALSALL LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Debtors 2024 2023 Amount8 f8lllng due wlthln one year.. Trade debtors Other debtors Prepayments and accrued income 18,758 16,259 18,506 77.332 50,345 10,481 53,523 138,158 14 Crèdilor&'. amounts falling duè within one yèar Z1124 2D23 Notès Other taxalion and 50clal Security Deleried in¢Dme Tra¢Ye Creditors Other créditors Accrua15 29,081 23.082 8,874 8,764 30,046 26.801 25.627 19,149 29.734 13,863 99,847 115.174 15 D•forr•d Incomè 2024 2023 Arising from Inmnè re¢6ived in advanc 23.082 25,627 -20-
CITIZENS ADVICE SANDWELL & WALSALL LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Retlr•ment beneflt schernes Dèfined contribution schemes Th8 charity operates a defined contribution pension sch8rn8 for all qualifying omployees, The ass8ts of lh• schome aro held Separately Irotn those ol the chanty in an independently admin15t8red Group P8rsonal Pènsion Plan. Al the year-end there were no unpaid contributions. Thè company palicip8tes in the scheme. a mulli-employer scheme which provides benefits to some 950 non-associated participating employers. The 8¢hème is a definad benèlil schèrlle in the UK.11 is nol po8sibl& for the company to obtain sufficient information to enable il to account for the scheme as a defined benefit scherne. Therefore il o¢counls lor Ihe scheme as 8 defined contribution scheme. The scheme is subject to the lundina leoislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with docvrnents issued by Ihe Pensions Reoiilalor 8nd Te¢hnic81 Acluarial Slandards issued by the Financial R8Ptsrting Council. 881 out the Irarneork loi funding delin8d b8n8fit occupational p8nsion schemes in the UK. The scheme is cbssifigd ay a'l8St-rnan $18nding arrangemgnl,. There1018 the cornp8ny is polenlially liable for other participating ernployers, obli9aiions if those Èmployers are unable lo rneel their share of the scheme deficit following withdraw81 from Ihe scheme. Parti¢ip8ling employers are leg811y required lo rneel their share ol the scherne deficit on an annuity purchase basis on withdrawal from the scheme. A full acluadal v81ualion lor the Scheme was carried out a130 September 2017. This valLJallon showgd ass818 of £TY4.Ym. Iiabililies ol £Y21i.4rn and a delicil ol £1 J1.Sm. l o eliminate this funding shortfall, the I rustee has asked the participating employers to poy addilional c0ntribLJtnS to the scheme as follows.. Deficit contributions From 1 April 2019 to 31 Januory 2025.. £11,243,000 per gnnum Ipoyable monthly and increasing by 31/0 each on 1st April). Unless a ¢onoession has been agreed with the Truslee the tem lo 31 Jenuary 202S applies. Note that the eme,$ previous valualion was carried oul with an eff&¢liv& dale 0130 September 2014, This v81ualion showed ass$lg of £793.4m. liabiliti85 01 £969.9rn and a deficit of £176.5m. To eliminate this funding shortfall, the Trustee has asked the Porticipaling ornployers to p8y additional ¢ontributKin$ to tho $chomg 9$ follows.. Deficit contributions From l April 2016 to 30 September 2025., £12,945.440 per onnum Ipay8ble monthly ond increasing by 3Q/o ea¢h on 1st April} From 1 April 2016 to 30 September 2028.. £54.560 per annum (payable nonthly and increasing by 3 /9 each on 1st The recovery pl contributions are allocaled to each participaling employer in line with their estirnated share of the S8rlg$ 1 and Sert8s 2 schemg Ilabllllles. Where the scheme is in deficit and where the company has agreed lo a deficit funding arrangement the cornpany recognlsos a liablllly for this obllgallon. The amoLJnl recognised Is the nei pre8enl value ol the dgficll redudon contributions payable under the agreetnenl that relates to the delicil. The present value is calculated using the discount tpJftk&ipkl¥tI¥th1hKl0Sures. The unwinding ol tre discount rale is CogniSed as a finance cost. Key assuniptions 2024 2023 Discount rate 5.31 5.52 21
CITIZENS ADVICE SANDWELL & WALSALL LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Relir•m•nt benefit s¢hèm•8 Icontinutdl Amounts wogni9ed In the prolit 8nd Ios$ 8c¢ount 2024 2023 Net intere51 on d8fr'n8d ben8fil liabililyllas5811 Other costs and inconie 130 101 1911 Tol81 eosls 151 10 I he amounts included In the balance sheet arising frotn Ihg charity's obligaknons in respect ol defined benefit plans are as lollow5'. 2024 2023 Present value ol defined benefit obligatsons 1,584 3.391 Dellcil in Schemfj 1.584 3.391 Movamonls In th8 pr8s8nl valu8 ol d8fin•d b•no1St obligatlons.. 2024 Li8bilili8s 811 April 2023 Bgnglits paid Interest cost Other 3,391 11,9381 130 Al 31 March 2024 1,584 -22-
CITIZENS ADVICE SANDWELL & WALSALL LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 R•strlcted funds The restrieted funds of the therity eornprise the unexpended bal8nces ol donotion$ and 9r8nts held on trust Subjeet to specific conditions by donori as to how Ihey rnay be used. At 1 April 2023 Incoming rosourcog R•8our¢os •xpènded Transfèrn At 31 March 2024 CATCH MAPS CITA Municipal BuildiThJs WMBC- Core Grant BBO- Family Matters WATCH Project- community coronavlrus relia. fund Brltish Gas Enefgy Trust NEA Srnarl Power Cli&nl Grants Barclays MLJlliply Thrive CATS Cadgnl 68,560 460.859 78,709 24,217 125,440 170.6401 1423,5881 171.6931 115,2041 1122.4061 2.080 137,2711 7.016 11,571 2.558 13,0341 14,5691 4,569 2.476 32.588 2,476 49.747 2.262 5.361 137,446 23,326 9,762 3.100 12,2501 52,797 26,400 9,000 52,827 1120,2871 121,0641 14.4011 13,1001 11,0181 150,B811 16.9591 3,268 19,546 469 21,482 19.910 142,4511 10,376 62,206 1,QTO,193 1962,8031 139,4151 130.181 Provlous yèar: At 1 Aprll 2022 Incomlng resource R8sourc•s expended Transfor8 At 31 Mareh 2023 BBO Click Start MAPS Muniripal BuildirvJs WM3C- Core Giant BBO- Family Malter$ WATCH Project- community coronavirus relie- fund British Gas Energy Trust CASSIEICASPER- Communlly oronaviru8 relie, fund Client Grants Barclay5 Communlty Renewal Fund Multiply Thrive 7,401 255,357 445,651 20,061 208,000 88.241 1323,0931 1408,0151 121,6171 1188,6781 193,7711 60.335 137.6361 4,114 119,3221 10,099 4,569 2,476 18,4e3 2,476 32,588 137,925 1123,BOOI 92,228 6.563 4,500 16.332 31,329 8,924 192,3301 16,6301 14,6881 117,0241 111,7831 18,4551 102 67 188 692 19,546 469 42,553 1,i15.111 1,299,884 4,426 62,206 -23-
CITIZENS ADVICE SANDWELL & WALSALL LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 R•$tri¢t&d funds Icontinutdl The key restricted funds thei 8re received by the eh8rity are $umm8rised 88 follows,. MaPS- A debt seivice to 5UPPOrt clients to rnanage and reS0e thèir financial dlfflcultles by providing guldanee on d8bl repayment opllons, budgeting, and 1Snancial plannlng. C.ilA A .rle. dpiGnpd Irj p.nhAnr.è dplivp.ry p.%pap.ity, iirJportino eJi?.nlq hy pr(>Idin0 p.n8t rtf living And en8r9y advlce lo those al rlsk of fu81 poverty and struggllng vllh bill payrnents. NEA Srnarl - To help ¢lienls in the tsr9èt group understand advantages ol smart maters and to enwura9e them to consider obtaining or accepting onè. Cadfjnt- To hèlp housoholds irnprove their flnanclal wèllbeing and b6th)mè more èneroy efficient. Brbtish Gas En8fgy Trust IBGETI. This servic8 offars advlc8 10 support cliants to maximlse thr Incom8 by provlding energy saving lips and budgeb'ng advice. CATCH Funded by the organisatlon to opèn up opportunltlès for Indlvlduals to mc8lv8 trainlng, d8v8lop skllls, and gain experience In varlous rttles a¢rtrss the org8nis8tion. 18 Anaty$ls of nat assèts betwè&n fund$ UnroStrl¢t• funds 2024 R•$trl¢tsd funds 2024 Total 2024 At 31 March 2024: Tangible as15 Currenl assetsllliDbllltlasl Provisions and pensions 29,194 937, 167 11,5841 29.194 1,067,348 11,5641 130.181 964.777 130.181 1,094,958 Unro$trlrf¢d funds 2023 R•¥trl¢tod funds 2023 Tot81 2023 At 31 March 2023: Tangible assets Currenl assetsllliabilitièsl Provlslon8 8nd p8nslons 51,971 1,041,722 13.3911 51,971 1,103.928 62,206 1,090.302 62,206 1,152,508 -24-
CITIZENS ADVICE SANDWELL & WALSALL LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Operatlng leg49e commltments Al th$ reporting &ntl dale the charity had outstanding Commilwents for fulura minimum lease paymanls under non-cancellable operating16a8&s, which fall du8 a8 follows= 2024 2023 Within one yèar Bgtw8en two and five years 13.200 3,300 13.200 16,500 16.500 29,700 20 Relatsd party tran8a¢tions There were no disclosable related party transactions during the year12023- none). Tran8a¢tlon$ wlth rolatod partl•$ During the year. Ihe Ghorily made payments lo Ihe followin9 relalod parti?$. £012023 £1,277> wos poid for ¢asual 18bour Its Ihg rnolher ol a rvpmber ol the fflan8gernenl (gam. £012023 £7851 in cagual labour fees Wag paid to Ihg daughter of a rnember of the managernenl learn. Th8r8 ar• no balanc88 outslandSng at th8 year 8nd. All Iransaclion5 were considered to be al rnarket rates. -25-
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