Charity registration number 1109872 (England and Wales)
Company registration number 05453262
WATFORD CITIZENS ADVICE BUREAU
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
WATFORD CITIZENS ADVICE BUREAU
LEGAL AND ADMINISTRATIVE INFORMATION
Trustee
Mr Abayomi Akisanya
(Resigned 20 September 2024)
Mr Laurence Blake
Mr Richard Boulton
Ms Leena Nagrecha
Mr Mohammed Farrukh Siddiqi
(Resigned 4 March 2025)
Mr Keith Holmes
Ms Suzannah Trivedi
Mr Christopher Constant
(Appointed 9 August 2024)
Mr Frank Neale
(Appointed 4 February 2025)
Mrs Kirstie Caneparo
(Appointed 6 May 2025)
Mrs Berkiye Ozturk
(Appointed 6 May 2025)
Cllr Kennedy Rodrigues
Representing Watford Borough Council
Cllr Jennifer Pattinson
Representing Watford Borough Council
Honorary Officers
Chairman
Mr Frank Neale
(from 4 March 2025)
Mr Mohammed Farrukh Siddiqi
(until 4 March 2025)
Treasurer
Mr Laurence Blake
Company Secretary
Ms Leena Nagrecha
Principal Staff
Chief Officer
Ms Emma Burgham
Advice Service Manager
Mr Duncan Burden
Projects Manager
Ms Kalpna Budhdeo
Charity number
1109872
Company number
05453262
Principal address
St Mary's Churchyard
High Street
Watford
Hertfordshire
WD17 2BE
Registered office
St Mary's Churchyard
High Street
Watford
Hertfordshire
WD17 2BE
Independent examiner
Gary Howard FCA
Howard Wilson Chartered Accountants
36 Crown Rise
Watford
Hertfordshire
WD25 0NE
WATFORD CITIZENS ADVICE BUREAU
LEGAL AND ADMINISTRATIVE INFORMATION
Bankers
CAF Bank
25 Kings Hill Avenue
West Malling
Kent
ME19 4JQ
Flagstone
1st Floor
Clareville House
26-27 Oxenden Street
London
SW1Y 4EL
WATFORD CITIZENS ADVICE BUREAU
CONTENTS
Page
Trustees' report
1 - 6
Statement of trustees' responsibilities
7
Independent examiner's report
8
Statement of financial activities
9 - 10
Balance sheet
11 - 12
Statement of cash flows
13
Notes to the financial statements
14 - 28
WATFORD CITIZENS ADVICE BUREAU
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The Trustee Board of Watford Citizens Advice Bureau (“the Bureau” or “the Company”) presents its report and accounts for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

STRATEGIC REPORT
Objectives and activities
Watford Citizens Advice Bureau is a local charity funded by local grants and donations. Being a member of the National Citizens Advice we share its key missions:
-
Provide advice fit for the future - Be there for people when they need us in the ways that make the biggest impact
-
Close the gap - End the disparities in access and experience of marginalized people
-
Take early action - Prevent more people from reaching crisis by addressing problems earlier.
We add value and relieve pressure on statutory providers by bringing benefits to the local Watford economy and reducing dependency on their services.
Public Benefit
The Trustees have given consideration to the guidance issued by the Charity Commission in respect of public benefit in respect of all its activities.
The Bureau's Activities
The Bureau provides free, confidential, independent and impartial advice to everybody regardless of race, gender, disability, sexual orientation, religion, age or nationality. The Bureau recognises the positive value of diversity, promotes equality and challenges discrimination.
The Bureau helps people in the Watford community to resolve their problems. As part of the UK's largest advice network, we are equipped to deal with many issues including debt, benefits, employment, housing, energy advice and many more. Our clients are at the heart of the service, and we are here to ensure that people who need help get the right support at the right time.
Expert, confidential and compassionate advice and advocacy is provided to help people move forward out of poverty or financial hardship, supporting at points of crisis, including preventing homelessness. Our intervention and advice contribute to breaking cycles of deprivation, relieving the pressure on statutory services and reducing the need for referral to other agencies. We help everyone when facing a significant challenge in their lives, reducing the need for further ‘downstream' intensive and costly services as well as reducing the adverse impact on the individual and their family.
The main area of the charitable activity is providing advice. Generalist advice is offered by volunteers and paid staff. Paid caseworkers provide specialist advice on debt and benefits issues. Along with other Hertfordshire Citizens Advice offices, we have access to a British Sign Language (BSL) adviser funded via Hertfordshire County Council. The Bureau is a referral agency for the Free Representation Unit whereby solicitors represent clients at Tribunals and court hearings on a pro bono basis.
Face-to-face advice is provided to clients at the Bureau's Watford office situated in the Advice Centre. Telephone advice is provided by advisors in partnership with nine other Hertfordshire Citizens Advice Services. Watford residents can access information on the Citizens Advice website or contact Watford Citizens Advice via email. There is free internet access for clients from computers in the reception area, providing access to the Citizens Advice website, other key advice sites, and local information.
WATFORD CITIZENS ADVICE BUREAU
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
The Bureau is involved in the community, works with local or community partners, and attends local events. Advisers, assessors, administrative workers, receptionists, and project workers make up the bulk of the Bureau's workforce. Our volunteers form the backbone of the service, and the Trustees are responsible for governing the organisation.
Major Risks
The Bureau maintains a risk register which is agreed by the Trustee Board. A comprehensive annual budgeting process is approved by the Board, during which a thorough assessment of our key external and internal risks is undertaken, together with how these risks are managed. In addition, the Board received regular reports from the Finance, Risk and Remuneration Committee, which reviews the risk register with the Chief Officer. Together, they assess the adequacy of internal control systems and risk management processes in place. The Board reviews the risk register quarterly including the key risks, the adequacy of the actions being taken to address them and the advent of any new risks.
The Bureau has a balanced approach to risk management and adopts an active process to the mitigation of risk. The most significant risks faced by the Bureau have been identified by the Trustee Board and relate to the following:
-
Maintaining volunteer recruitment at a level that keeps pace with turnover and service requirements.
-
Sustaining income in a highly competitive environment with the ongoing pressures on public funding.
-
Servicing the anticipated increases to demand due to welfare reforms and ongoing cost of living crisis.
The Trustees remain satisfied that all insurable risks have been identified and adequately dealt with and that the Bureau's exposure to other risks is kept at a minimum by good working practice by the management team, paid staff and volunteers.
Achievements and performance 2024-25
In 2024/25, we worked at operational capacity, optimising resources across advice channels to maximise support to the community.
We continued to prioritise our drop-in service 4 mornings a week to meet the needs of our most vulnerable clients, including those in crisis and those facing language and/or digital barriers. Advice is also provided by phone and email. Support and useful information is available on the website for clients who are more able to help themselves.
2024/25 Service Highlights
-
We advised 826 people every month - an increase of 23% on 2023/24
-
Answered 239 phone calls every month
-
Helped 180 people at drop-in every month
-
Provided 167 follow-up advice appointments every month
-
Through our debt advice, we wrote off or stabilised clients debts worth £958,318
The demand for our service increased again in 2024/25 and we remain limited by the available resources. Client issues requiring detailed casework and more than one appointment is common as clients come to us with complex, inter-related problems and often have language difficulties or struggle with their mental health.
We continued to provide advice to a large number of people who are disabled or have a long-term health condition. In 2024/25 they accounted for 53% of clients.
WATFORD CITIZENS ADVICE BUREAU
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Four advice issue areas (debt, benefits, charitable support and housing) accounted for 75% of the issues we helped clients with during 2024/25.
There are marked changes in the client issues compared to the previous year, reflecting a community still struggling with the cost of living: year-on-year increases in food vouchers of 74%, benefits advice of 31%, debt advice of 30%, and housing advice of 25%. We report an increase of 63% with immigration enquiries much related to support with eVisas.
The impact of the Local Housing Allowance (LHA) and the Benefit Cap means the housing element of Universal Credit is insufficient to meet the high rent costs in Watford and affects many clients. This leaves residents short of money and dependent on charitable support.
We anticipate the high demand for crisis support and expert debt, benefits and housing advice to continue as:
-
The Local Housing Allowance and the Benefit Cap remain unchanged
-
Likely changes to disability benefits eligibility
-
The number of people struggling on negative budgets (essential outgoings greater than income) is rising
-
A lack of low-cost housing and high rent in Watford, plus the delay in banning no-fault evictions continue to create a high level of housing insecurity.
The Trustees are pleased to report that the Bureau has continued its volunteer recruitment and training program and the total number of volunteers is being maintained around 33.
Specialist legal advice is available for family and immigration issues. Expert advice is available for Benefits, Debt, Employment and Housing issues.
Projects

Projects undertaken by the Bureau during 2024/25 included:

Hertfordshire County Council funded projects:

- Crisis Intervention - support for Hertfordshire clients facing crisis, and

- HERT Debt - Specialist debt casework advice for Hertfordshire clients

Foodbank Trussell Trust – provision of voucher phone line & dedicated Money and benefits advice for Foodbank clients

Watford Primary Care Network – provision of a social prescriber in three GP practices

Watford Community Housing - debt and benefits advice to residents

Disability Benefits - Additional support for Disability Benefits claimants

National Lottery - Support for Cost of Living advice

Housing Support – housing advisor supporting WBC housing team

Achievements of the volunteers
Volunteers are an essential part of the service provided by Watford Citizens Advice, providing advice and information to the clients. All the volunteers are very generous with their time either working in the office or remotely. During the 2024/25 period, volunteers contributed an average of 250 hours per week, which is estimated to be £309,448 in value.
The Bureau offers excellent training to staff and volunteers. Each volunteer adviser undergoes over 400 hours of training before becoming qualified to advise at a generalist level, and additional training is required for specialist advisers.
WATFORD CITIZENS ADVICE BUREAU
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
2024/2025 Overall Impact
For every £1 invested in CA Watford in 2024/25, we generated:
£12.73 in financial value to the people we help
£20.63 in wider economic & economic benefits (public value)
Client Survey feedback
-
87% of clients said our advice service helped them to find a way forward
-
85% said they would recommend our service
-
66% said they felt less anxious and stressed after receiving our advice
Plans for Future Periods
The strategic priorities of the two-year Business Development Plan 2024-26 are:
-
Sustainability - secure our organisation through funding, people retention, flexible workforce and innovation
-
Culture - to be a collaborative, supportive and proactive service that promotes equality, diversity and inclusion
-
Advice - improve our advice process to maintain quality and optimise client pathway
-
Advocacy - to be a stronger voice on the issues that impact all those in need - particularly those in marginalised groups
FINANCIAL REPORT
Financial review
The year ended 31 March 2025 saw income of £614,930 and expenditure of £591,687. Income is slightly down on last year, expenditure is higher than last year reflecting the new projects secured and additional associated resources.
The annual cost of the pension liabilities increased significantly from £2,649 to £6,802 based on the latest evaluation by the pension provider.
At the year end, £511,933 was held as cash at bank, of which £57,870 related to restricted funds.
Investment Policy
The Articles of Association gives the Trustees power to invest or deposit funds in any lawful manner. The WBC grant is paid quarterly, and the Bureau has placed any surplus funds on deposit mainly with the Flagstone platform. In order to mitigate any losses should there be another banking crisis, the Flagstone funds have been invested in a number of bank accounts, within the level of the financial compensation scheme.
Reserves policy
The Trustees believe that the Bureau should hold financial reserves in order to ensure that it can continue to operate and meet the needs of clients and creditors in the event of unforeseen circumstances.
Unrestricted reserves
The Trustees consider that it would be prudent to set aside at least 6 months of operating expenditure; during the year ending 31 March 2025 this equates to £295,844, compared to actual unrestricted reserves of £388,496.
WATFORD CITIZENS ADVICE BUREAU
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Bureau is a company limited by guarantee governed by its Articles of Association dated 9th December 2022. It is registered as a charity with the Charity Commission. All directors are members of the Company and cease to be a member when they cease to be a director. Membership is also open to other individuals or organisations provided the individuals are over 16 years of age and not paid workers, employees or unpaid volunteers of the charity. There are currently 12 members, each of whom have agreed to contribute £1 in the event of the charity winding up.
Appointment of Trustees
The Trustees who served during the year are listed on the Legal and Administrative Information Page.
The directors of the Company are also trustees of the Bureau for the purposes of Charity law and under the Company's Articles are known as members of the Trustee Board. Under the requirements of the Articles of Association, elected Trustees serve for a period of three years after which they must be re-elected at the next Annual General Meeting. Trustees nominated by WBC are also subject to the appointment processes of that body and the guidelines on appointment to public office as they apply to local government nominees.
Trustee Induction and Training
New Trustees attend Induction Training, which gives them an outline of the Citizens Advice Services and its aims, principles and policies. Trustees are given introductory information, and the new Trustees also spend time in the Bureau and have meetings with the specialist advisers, the Chief Officer, the Treasurer and the Company Secretary. There are explanations of the role of a Trustee/Director, the Board, the development plan and issues including funding and client statistics. Trustees with interests in particular areas are encouraged to continue with further training. There are learning materials available for Trustees, and these range from recruitment & selection to health & safety. Trustees are able to attend regional training events and are updated on governance issues as necessary. Trustees are asked to complete on an annual basis online training in Information Assurance.
Organisation
The Trustee Board currently comprises eleven Trustees, including the Chair, Treasurer, Company Secretary, and two Trustees representing WBC. The Trustee Board meets at least four times a year and has collective responsibility for setting strategic objectives, ensuring sound governance and overall management of the Bureau, including risk management, direction and performance. The Trustee Board gives the Chief Officer duties and powers to represent and to manage the Bureau in accordance with the delegation of authorities and policies approved by the Trustee Board.
The Board has established two sub-committees, Governance and Finance, Risk and Remuneration, to assist the Trustee Board in the carrying out of its business by reviewing and analysing certain matters prior to being considered by the full Trustee Board. The scope of responsibilities for the Governance Committee includes governance and regulatory compliance matters as well as review of policies. The scope of responsibilities for the Finance, Risk and Remuneration Committee covers business, financial reporting and controls, risk and remuneration related matters.
Related Parties
The Bureau is a member of National Citizens Advice, which provides the Bureau with its Information System, Intranet and the case-recording system Casebook. Citizens Advice also provides specialist support and audits the Bureau for organisational performance and for quality of advice.
WBC provides the essential core funding for the Bureau and this includes premises costs. The Bureau also works closely with other Citizens Advice offices in Hertfordshire to make joint funding bids and delivery of associated services. The Bureau is a member of the local Voluntary Sector consortium Watford and Three Rivers Trust. The Bureau has links with local solicitors who offer pro-bono advice.
WATFORD CITIZENS ADVICE BUREAU
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Acknowledgements
We are very grateful to every funder who has made our work possible this year and would like to thank the following:
Watford Borough Council (WBC), Hertfordshire County Council, Watford Community Housing Trust, Watford Foodbank, Bugler Foundation, NHS England (via Primary Care Network), Watford & Three Rivers Trust and the National Lottery.
We would also like to pay special thanks to all of our volunteers who continue to give freely of their time as well of course to our staff who are highly dedicated to helping people in difficulties, whoever they are.
The Trustees Report was approved by the Board of Trustees.
Mr F. Neale
Chairman
Dated: 5 August 2025
WATFORD CITIZENS ADVICE BUREAU
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -

The T rustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the T rustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, the T rustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The T rustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WATFORD CITIZENS ADVICE BUREAU
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF WATFORD CITIZENS ADVICE BUREAU
- 8 -

I report to the trustees on my examination of the financial statements of Watford Citizens Advice Bureau (the charity) for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Gary Howard FCA
Howard Wilson Chartered Accountants
36 Crown Rise
Watford
Hertfordshire
WD25 0NE
1 October 2025
WATFORD CITIZENS ADVICE BUREAU
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Current financial year
Unrestricted
Restricted
Total
Total
funds
funds
2025
2025
2025
2024
Notes
£
£
£
£
Income and endowments from:

Donations and legacies

3
269,640
-
269,640
249,252

Advisory services

4
550
325,844
326,394
350,236

Investment s

5
18,888
-
18,888
16,179

Other income

6
-
8
8
125
Total income
289,078
325,852
614,930
615,792
Expenditure on:

R aising funds

7
8,550
-
8,550
8,740

Advisory services

8
237,700
345,437
583,137
567,355
Total expenditure
246,250
345,437
591,687
576,095
Net income/(expenditure) for the year/
Net incoming/(outgoing) resources
42,828
(19,585)
23,243
39,697
Other recognised gains and losses
Actuarial loss on defined benefit pension schemes
(6,742)
-
(6,742)
-
Net movement in funds
36,086
(19,585)
16,501
39,697
Fund balances at 1 April 2024
352,410
77,455
429,865
390,168
Fund balances at 31 March 2025
388,496
57,870
446,366
429,865

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
WATFORD CITIZENS ADVICE BUREAU
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Prior financial year
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
Notes
£
£
£
Income and endowments from:

Donations and legacies

3
249,252
-
249,252

Advisory services

4
948
349,288
350,236

Investment s

5
16,179
-
16,179

Other income

6
-
125
125
Total income
266,379
349,413
615,792
Expenditure on:

R aising funds

7
8,740
-
8,740

Advisory services

8
235,988
331,367
567,355
Total expenditure
244,728
331,367
576,095
Net income/(expenditure) for the year/
Net incoming/(outgoing) resources
21,651
18,046
39,697
Other recognised gains and losses
Actuarial loss on defined benefit pension schemes
-
-
-
Net movement in funds
21,651
18,046
39,697
Fund balances at 1 April 2023
330,759
59,409
390,168
Fund balances at 31 March 2024
352,410
77,455
429,865
WATFORD CITIZENS ADVICE BUREAU
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Current assets
Debtors
14
10,655
6,887
Cash at bank and in hand
511,933
521,743
522,588
528,630
Creditors: amounts falling due within one year
15
(69,420)
(96,116)
Net current assets
453,168
432,514
Provisions for liabilities
15
(6,802)
(2,649)
Net assets
446,366
429,865
Income funds
Restricted funds
19
57,870
77,455
Unrestricted funds
Designated funds
20
4,000
-
General unrestricted funds
391,298
355,059
Pension reserve
(6,802)
(2,649)
388,496
352,410
446,366
429,865
The Balance Sheet continues on the following page
WATFORD CITIZENS ADVICE BUREAU
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 12 -

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.

The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 5 August 2025
Mr F. Neale
Mr L. Blake
Chairman
Treasurer
Company Registration No. 05453262
WATFORD CITIZENS ADVICE BUREAU
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(28,698)
73,721
Investing activities
Investment income received
18,888
16,179
Net cash generated from investing activities
18,888
16,179
Net cash used in financing activities
-
-
Net (decrease)/increase in cash and cash equivalents
(9,810)
89,900
Cash and cash equivalents at beginning of year
521,743
431,843
Cash and cash equivalents at end of year
511,933
521,743
WATFORD CITIZENS ADVICE BUREAU
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
1
Accounting policies
Charity information

Watford Citizens Advice Bureau is a private company limited by guarantee incorporated in England and Wales. The registered office is St Mary's Churchyard, High Street, Watford, Hertfordshire, WD17 2BE.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5
Expenditure

Expenditure is recognised when a liability is incurred. Contractual and performance related arrangements are recognised as goods or services are supplied. Expenditure includes any non-recoverable VAT.

Expenditure is allocated to activities as follows:

Charitable activities comprise costs which relate directly to delivering activities.

Governance comprises of costs which relate directly to governance arrangements and meeting statutory requirements.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

WATFORD CITIZENS ADVICE BUREAU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the statement of financial activities.

It is the policy of the charity not to capitalise individual assets costing under £1,000.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

WATFORD CITIZENS ADVICE BUREAU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.9
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminat ing the employment of an employee or to provid ing termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

There are some employees who are members of the Pensions Trust's Growth Plan which is a multiemployer pension Plan. The charitable company is unable to identify its share of the underlying assets and liabilities. It is therefore accounted for on a defined contribution basis. The annual contributions payable are charged to the Statement of Financial Activities. Further information concerning the Plan is given at note 15.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/(expenditure) for the year.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income/(expenditure) in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities it is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.11

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

WATFORD CITIZENS ADVICE BUREAU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Donations and gifts
24,927
962
Grants
244,713
248,290
269,640
249,252
Grants
Watford Council Direct Grant
204,190
204,190
Watford Council Premises
39,500
39,500
Hertfordshire Community Foundation
-
600
Hertfordshire Citizens Advice Service
-
4,000
Citizens Advice Bureau
1,023
-
244,713
248,290
WATFORD CITIZENS ADVICE BUREAU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
4

Advisory services

Advisory services
Advisory services
2025
2024
£
£

Income from services provided

550
4,448
Performance related grants
325,844
345,788
326,394
350,236
Analysis by fund
Unrestricted funds
550
948
Restricted funds
325,844
349,288
326,394
350,236
Performance related grants
Watford Foodbank
70,839
34,393
Hertfordshire Citizens Advice Service
23,544
20,850
Citizens Advice Bureau - National and Local
68,896
139,285
Watford Borough Council
37,764
28,323
Bugler Group Limited
5,000
3,000
The National Lottery Community Fund
19,972
19,693
Watford Community Housing Trust
30,815
30,815
Central Watford Primary Care Network
38,160
-
Hertfordshire Community Foundation
14,574
-
Watford Health Trust
5,095
6,063
Other
11,185
63,366
325,844
345,788
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Interest receivable
18,888
16,179
WATFORD CITIZENS ADVICE BUREAU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
6
Other income
Restricted
Restricted
funds
funds
2025
2024
£
£
Other income
8
125
7
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£

Costs of generating voluntary income

Seeking donations, grants and legacies
8,100
8,394
Advertising
450
346
8,550
8,740
WATFORD CITIZENS ADVICE BUREAU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
8

Advisory services

2025
2024
£
£
Staff costs
459,313
419,565
Depreciation and impairment
-
2,316

Other staff costs

-
5,396

Training

10,195
3,083

Project costs

16,468
33,061

Premises costs

39,732
43,993

Insurance

3,363
3,187
Repairs and maintenance
187
168

Office costs

18,071
17,648

Computer costs

14,577
11,316

Travel expenses

9,940
13,375

General costs

125
319

Legal and professional costs

6,755
10,427

Bank charges and other finance costs

287
1,111

Governance costs

4,124
2,390
583,137
567,355
Analysis by fund
Unrestricted funds
237,700
235,988
Restricted funds
345,437
331,367
583,137
567,355

Governance costs comprise of independent examiner's fees £1,740 (2024: £1,620) and Team and Strategy Meetings and AGM costs £2,384 (2024: £770).

9
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
1,740
1,620
Depreciation of owned tangible fixed assets
-
2,316
10
Trustees

None of the trustees (or any persons connected with them) received any remuneration or expenses during the year, but 1 of them was reimbursed a total of £95 for travel expenses incurred on behalf of Watford Citizens Advice Bureau in 2024.

WATFORD CITIZENS ADVICE BUREAU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
11
Employees
Number of employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Advice services
17
17
Management and administration
2
2
19
19
Employment costs
2025
2024
£
£
Wages and salaries
408,889
375,552
Social security costs
26,829
23,205
Other pension costs
23,595
20,808
459,313
419,565
There were no employees whose annual remuneration was £60,000 or more.
12
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13
Tangible fixed assets
Plant and machinery
£
Cost
At 1 April 2024
28,930
At 31 March 2025
28,930
Depreciation and impairment
At 1 April 2024
28,930
At 31 March 2025
28,930
Carrying amount
At 31 March 2025
-
At 31 March 2024
-
WATFORD CITIZENS ADVICE BUREAU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
6,477
-
Other debtors
2,642
5,708
Prepayments and accrued income
1,536
1,179
10,655
6,887
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Other taxation and social security
6,022
6,281
Deferred income
17
50,729
75,957
Trade creditors
1,148
1,230
Other creditors
5,311
5,333
Accruals
6,210
7,315
69,420
96,116
15
Provisions for liabilities
2025
2024
Notes
£
£
Retirement benefit obligations
18
6,802
2,649
6,802
2,649
17
Deferred income
2025
2024
£
£
Other deferred income
50,729
75,957

Deferred income is included in the financial statements as follows:

2025
2024
£
£
Deferred income is included within:
Current liabilities
50,729
75,957
Deferred income at 1 April 2024
75,957
31,700
Released from previous periods
(75,957)
(31,700)
Resources deferred in the year
50,729
75,957
Deferred income at 31 March 2025
50,729
75,957
WATFORD CITIZENS ADVICE BUREAU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
18
Retirement benefit schemes
Defined contribution schemes
The company participates in the scheme, a multi-employer scheme which provides benefits to some 521 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.
The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.
The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.
A full actuarial valuation for the scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531.0m and a deficit of £16.1m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:
Deficit contributions
From 1 April 2025 to 31 March 2028:
£2,100,000 per annum
(payable monthly)
The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.
Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.
WATFORD CITIZENS ADVICE BUREAU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
18
Retirement benefit schemes
(Continued)
- 24 -
31 March 2025 (£s)
31 March 2024 (£s)
31 March 2023 £s)
Present value of provision
6,802
2,649
5,673
Reconciliation of opening and closing provisions
Period Ended 31 March 2025
Period Ended 31 March 2024
(£s)
(£s)
Provision at start of period
2,649
5,673
Unwinding of the discount factor (interest expense)
70
217
Deficit contribution paid
(2,702)
(3,242)
Remeasurements - impact of any change in assumptions
43
1
Remeasurements - amendments to the contribution schedule
6,742
.
Provision at end of period
6,802
2,649
Income and Expenditure Impact
Period Ended 31 March 2025
Period Ended 31 March 2024
(£s)
(£s)
Interest expense
70
217
Remeasurements – impact of any change in assumptions
43
1
Remeasurements – amendments to the contribution schedule
6,742
-
Assumptions
31 March 2025 % per annum
31 March 2024 % per annum
31 March 2023 % per annum
Rate of discount
4.84
5.31
5.52
The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.
The pension charge for the year was £23,595 (2024: £23,205).
WATFORD CITIZENS ADVICE BUREAU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
19
Restricted funds

The restricted funds of the charity compri se the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be use d.

Movement in funds
Movement in funds
Balance at
1 April 2023
Incoming resources
Resources expended
Balance at
1 April 2024
Incoming resources
Resources expended
Balance at
31 March 2025
£
£
£
£
£
£
£
Client Funds
1,132
6,188
(5,935)
1,385
5,435
(4,749)
2,071
Hertfordshire Welfare Assistance Scheme
30,000
76,429
(68,938)
37,491
31,540
(51,336)
17,695
Primary Care Network GP Outreach
-
-
-
-
38,160
(27,769)
10,391
Watford Community Housing Trust
4,442
30,815
(35,257)
-
30,815
(27,351)
3,464
Disability Benefits Service
2,456
10,000
(4,477)
7,979
10,000
(14,783)
3,196
CitA Guardian- Cost of Living Grant
-
15,000
(15,000)
-
-
-
-
Housing Partnership
-
31,470
(26,689)
4,781
37,764
(40,456)
2,089
Client Emergency Fund
31
3,070
(2,626)
475
11,818
(11,719)
574
Cost of Living Project
-
53,975
(53,975)
-
-
-
-
Hertfordshire Community Training Project
4,312
3,500
(7,812)
-
-
-
-
Energy Advice Programme
2,211
16,800
(19,011)
-
18,949
(6,977)
11,972
Watford Foodbank
6,194
34,393
(33,742)
6,845
70,499
(76,140)
1,204
The HERT project
8,631
48,080
(38,212)
18,499
50,900
(65,447)
3,952
Community Fund Grant
-
19,693
(19,693)
-
19,972
(18,710)
1,262
59,409
349,413
(331,367)
77,455
325,852
(345,437)
57,870
WATFORD CITIZENS ADVICE BUREAU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
19
Restricted funds
(Continued)
- 26 -

Client Funds is funding received to assist clients purchase items of household equipment.

Hertfordshire Welfare Assistance Scheme is funding to provide advice and guidance to clients in extreme hardship situations, to reduce debt and increase income.

Primary Care Network GP Outreach is funding from Central Watford Primary Care Network for link worker services.

Watford Community Housing Trust is funding to provide debt and benefits advice to Watford Community Housing tenants.

Disability Benefits Service is funding from Blandford Trust towards the cost of the service.

CitA Guardian is a Cost of Living Grant

The Housing Partnerships Grant is for the funding of a housing advisor

Client Emergency Funds is funding received from The Bugler Foundation to provide emergency funds for clients in financial crisis.

Cost of Living Project was funded by Hertfordshire County Council and Citizens Advice Stevenage.

Hertfordshire Community Training Project - We received funding from the National Lottery Fund to train staff and volunteers based across Hertfordshire Citizens Advice Services.

Energy Advice Programme is funding for energy advice

Watford Foodbank is funding to provide debt and benefits advice to clients in receipt of multiple food vouchers.

The HERT project is funded by Hertfordshire County Council to provide benefits and debt advice to Primary Care Network (PCN) Link Workers, Community Navigators and Social Prescribers in Hertfordshire. The project is run by The Money Advice Unit (MAU) and Citizens Advice Hertfordshire (Hertsmere and Watford). MAU provide benefit advice with Citizens Advice Hertsmere and Watford providing debt advice.

Community Fund grant is National Lottery funding for generalist advice and training.

Other represents other smaller or completed restricted funds.

WATFORD CITIZENS ADVICE BUREAU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
20
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2024
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 March 2025
£
£
£
£
£
£
Building Maintenance Fund
-
-
-
4,000
-
4,000
General Funds
355,059
289,078
(246,250)
153
(6,742)
391,298
355,059
289,078
(246,250)
4,153
(6,742)
395,298
Pension Fund
(2,649)
-
-
(4,153)
-
(6,802)
352,410
289,078
(246,250)
-
(6,742)
388,496
Previous year:
At 1 April 2023
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 March 2024
£
£
£
£
£
£
General Funds
336,431
266,379
(244,728)
(3,023)
-
355,059
Pension Fund
(5,672)
-
-
3,023
-
(2,649)
330,759
266,379
(244,728)
-
-
352,410

Building Maintenance Fund represents funds set aside to meet any maintenance costs.

WATFORD CITIZENS ADVICE BUREAU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
21
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Total
2025
2025
2025
2024
£
£
£
£
Fund balances at 31 March 2025 are represented by:
Current assets/(liabilities)
395,298
57,870
453,168
432,514
Provisions and pensions
(6,802)
-
(6,802)
(2,649)
388,496
57,870
446,366
429,865
22
Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

23
Analysis of changes in net funds

The charity had no material debt during the year.

24
Cash generated from operations
2025
2024
£
£
Surplus for the year
23,243
39,697
Adjustments for:
Investment income recognised in statement of financial activities
(18,888)
(16,179)
Depreciation and impairment of tangible fixed assets
-
2,316
Difference between pension charge and cash contributions
(2,589)
(3,023)
Movements in working capital:
(Increase)/decrease in debtors
(3,768)
1,951
(Decrease)/increase in creditors
(1,468)
4,702
(Decrease)/increase in deferred income
(25,228)
44,257
Cash (absorbed by)/generated from operations
(28,698)
73,721
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