REGISTERED COMPANY NUMBER: 06654115 (England and Wales)

REGISTERED CHARITY NUMBER: 1126473

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

MERTHYR TYDFIL CITIZENS ADVICE BUREAU

Page

Report of the Trustees

1

to

8

Report of the Independent Auditors

9

to

11

Statement of Financial Activities

12

Balance Sheet

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

to

32

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The Trustee Report includes the Report of the Directors' as required by company law.

Merthyr Tydfil Citizens Advice Bureau, also known as Citizens Advice Merthyr Tydfil (CAMT) is a charitable company limited by guarantee. It was incorporated under the Companies Act 1985 on 23 July 2008.

OBJECTIVES AND ACTIVITIES

Objectives and Activities: Charitable Purposes

Citizens Advice Merthyr Tydfil (CAMT) is governed by its Memorandum and Articles of Association. The charity's purposes are:

- To promote charitable purposes for the benefit of individuals in Merthyr Tydfil and the surrounding area, including the advancement of education, the protection and preservation of health, and the relief of those in need due to financial hardship or other disadvantage.

- To provide free, independent, confidential, and impartial advice to help people resolve their legal, financial, and other problems.

- To influence policies and practices that affect the lives of local people.

Aims and Issues CAMT Seeks to Tackle

Citizens Advice Merthyr Tydfil (CAMT) provides accessible, high-quality advice on welfare benefits, debt, housing, employment, consumer rights, family matters, and discrimination. The charity supports individuals and families experiencing poverty, financial instability, health inequalities, and social exclusion, helping to reduce the wider impact of these issues on local communities and public services.

Key challenges in Merthyr Tydfil and the surrounding areas include rising poverty and financial distress, increasing demand for welfare and debt advice, housing insecurity, health inequalities, and barriers to accessing justice and financial support.

Through early intervention and expert advice, CAMT aims to improve financial resilience, prevent crises such as eviction or loss of income, enhance health and well-being, reduce pressure on statutory services, and empower people to exercise their rights and navigate complex systems.

Public benefit

The Trustees confirm that they have complied with their duty under Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit.

Citizens Advice Merthyr Tydfil provides significant public benefit by delivering free, independent, confidential, high quality and impartial advice that improves financial stability, reduces poverty, prevents homelessness, and enhances health and well-being. Services are open to all, and support is prioritised according to need to ensure fairness, equality, and accessibility for all members of the community.

Volunteers

Volunteers play a critical role in administration, governance, and client-facing services, approximately 5 FTE's

STRATEGIC REPORT

Achievements and performance

Key funded services during 2024-25 include:

- Help 2 Claim - Supports first-time Universal Credit claims via phone, web chat, or email. Contract runs until December 2025.

- Welsh Government: SAF - Community Focus & Specialist - Provides generalist and specialist face-to-face advice across Merthyr Tydfil; secured three-year contract until 2028.

- Welsh Government: CWY's (Claim What's Yours) - Expands telephony capacity for income maximisation and benefit take-up through the Welsh Government campaign.

- Energy Advice Programme (EAP) - Offers one-to-one advice to clients in fuel poverty or at risk, delivered primarily via phone and web.

- Warmer Wales - Funded by the Moondance Foundation Supports energy debt advice and emergency crisis support; funding secured until March 2026.

- CAB 4 Carers & Carers Hub - Funded by CTMUHB Provides practical and hospital support for carers, with a dedicated hub for advice and information.

- Help Through Hardship -working in partnership with Citizens Advice Ynys Mon. Offers income maximisation advice and foodbank vouchers for clients in financial need.

- EOP Fund - Delivers proactive outreach in local communities, building partnerships to reach target groups.

- Multiply (MTCBC) - Enhances money management, debt support, and numeracy skills to empower clients financially.

- (MTCBC) UK Shared Prosperity Fund (UK SPF) - Strengthens community outreach, digital access, and regulated advice services while supporting local skills and businesses.

- Pension Credit - Funding from CTMUHB to promote update of pension credit in the community

Service Delivery 2024/25:

- Clients supported: 12,012

- Income gains for clients: £13.6 million

- Debts managed: £3.2 million

The charity continues to make a major contribution in relieving hardship among people in one of Wales's most deprived local authorities. Between 1st April 2024 and 31st March 2025 CAMT supported 12,012 clients - equivalent to one in five of the population of Merthyr Tydfil.

As a result of our work, we secured an additional £13.6 million income gains for clients, for example by supporting them with benefit claims or helping to resolve employment disputes. We also helped clients to manage over £3.2 million debts, for example by agreeing repayment plans or securing Debt Relief Orders.

The charity has had its year 2 Leadership Self Assessment (audit) in January 2025, which it passed successfully.

Fundraising activities

We do not carry out fundraising activities other than funding bids for projects. During this year we have both maintained current services and extended into new areas across the Borough.

All our work is dependent on core funding. Without this we are precluded from applying for further funding.

Financial review

Financial Review of the Year

The statement of financial activities (SOFA) together with relevant notes show the work that the charity has undertaken in the past year and how these activities are financed. Incoming resources, detailing the type and source of income, together with funds brought forward, constitute the resources available. The SOFA also shows the division of resources between restricted and unrestricted resources. Restricted resources are funds received by the charity that can only be spent in the proposition of a specific service. These types of funds typically stipulate how the funds should be spent., and will have clawback clauses for funds which are unspent.

Unrestricted funds are those funds provided to the charity that the management and trustees can spend as they wish, within the requirements of the objectives of the charity Often these resources will have been paid by the funder with the agreement that the charity provide a service with the decision being left to allocate the funds to the discretion of the management and trustees of the charity.

The charity continues to see an increase in incoming resources, rising from £1,246,127 last year to £1,512,773 this year. This growth is largely due to the increase in grants and contracts successfully secured by the organisation.

Citizens Advice Merthyr Tydfil owns its own premises. Between 2018 and 2021, the charity was successful in securing capital funding from Ffos y Fran, the Welsh Government's Community Facilities Grant, and the ICF Capital Grant. This allowed the organisation to purchase its premises and undertake a full refurbishment.

Owning the building helps reduce ongoing overheads, ensuring that our unit costs remain competitive when applying for grants and contracts. As a result, a greater proportion of funding can be directed towards frontline services, maximising the support we provide to our clients and community.

Citizens Advice Merthyr Tydfil remained financially stable at the year-end, despite external pressures. Income and expenditure reflect delivery of core services and project-funded activity.

Principal funding sources

Principal funding sources for the financial period 2024/25 is listed in the section 'Key funded services during 2024-25' under Achievements and Performance.

Financial Management Policies

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time, the financial position of the charity. The Trustees 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.

Reserves policy

Trustees aim to have sufficient reserves to bridge the funding gaps between spending and receiving funding, and in the event of the LCA closing, to cover redundancy payments and 4 months running costs.

At the end of the financial year, restricted reserves were £762,793 and unrestricted reserves were £494,414, so in excess of the target of £443,750.

Reserves are managed according to the charity's reserves policy while funds required for cashflow are managed in interest-bearing, accessible accounts.

The Trustees are satisfied that there are no material uncertainties affecting the charity's ability to continue as a going concern.

Funds in deficit

There are no funds in deficit.

Relationship between Expenditure and the Charity's Key Objectives

Our objectives are highlighted in each funding bid that is submitted and we have to notify our funders if there is any deviation in the applications.

Review of the Charity's Financial Position

Citizens Advice Merthyr Tydfil has secured over £1.5 million of funding for the period April 2024- March 25 from a variety of funders including: Welsh Government, MTCBC, CTMUHB, National Grid, DWP and WCVA.

Future plans

The charity has been able to plan its activities for the coming year with a secure funding programme, with most projects scheduled to operate until 31 March 2026 or beyond. CAMT will continue to explore innovative ways to deliver services and reach as many people as possible, as the demand for high-quality, independent, impartial, and free advice continues to grow, and continues to look for opportunities to increase its services for the community.

Following a successful national Citizens Advice audit in January 2025, which reported excellent results across all key service indicators, the charity has continued to review all core policies and risk management procedures in line with its vision:

"To be the go-to advice service within Merthyr Tydfil, improving the lives of our community members and empowering clients across every demographic by providing accessible, impartial, confidential, and high-quality advice through multiple channels."

Positive engagement with funders will continue, with endorsement of necessary service delivery changes and re-prioritisation of some services. CAMT will focus on driving service growth to meet demand, using evidence-based, flexible solutions and multichannel delivery. The charity will continue to work with local, regional, and national partners to maintain, secure, and diversify funding. Governance will continue to be strengthened, the senior management team was restructured during the year, and three new trustees with the necessary skills and ambition were recruited. Trustee induction, development, mentoring, and ongoing training will continue to be enhanced. The governance structure is regularly reviewed to ensure effective support and scrutiny of staff and volunteers.

The Trustees have reassessed CAMT's ability to continue for at least twelve months from the date the accounts are signed and have concluded that no material uncertainties exist that would cast doubt on the charity's ability to continue as a going concern.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

CAMT is a charitable company limited by guarantee, incorporated under the Companies Act on 23 July 2008. It is governed by its Memorandum and Articles of Association.

The Board sets strategy, approves budgets, and monitors performance. Day-to-day management is delegated to the CEO, supported by the Senior Management Team:

- Operations Manager

- Business & Finance Manager

- Advice & Partnership Manager

The Board retains responsibility for major decisions including remuneration of senior management, risk management, and strategic planning.

Recruitment and appointment of new trustees

Citizens Advice Merthyr Tydfil is committed to its aim of ensuring that the Board of Trustees contains a broad range of skills, knowledge and expertise and are representative of the local community, such as people from minority and ethnic communities and people with disabilities. Creating a diverse board will also help create accountability and public confidence.

It is important that all trustees understand and are committed to the two main aims of Citizens Advice:

- To provide the advice people need for the problems that they face.

- To improve the policies and practices that affect people's lives.

The responsibility of the recruitment of new trustees rests firmly with existing trustees. They use a variety of methods for recruitment including open advertisement, as well as personal recommendation.

Trustees undertake a comprehensive induction programme to familiarise themselves with the structure, key staff and frontline services, and fully briefed on their legal obligations under charity law, the committee, decision-making processes, Business Plan and recent financial performance of the Local Citizens Advice.

A skills audit is completed annually and an action plan developed.

Trustees are encouraged to attend appropriate Citizens Advice Cymru or external training events. Records of all Trustee Board members training are held in a central Bureau file, as are their qualifications, experience and on-going training.

Trustees Annual review: Funding and Service Overview

This review looks at our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to the people who we have assisted. The review also helps us ensure our aim, objectives and activities remain focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set."

The organisation had its year 2 Leadership Self Assessment (audit) in January 2025, which we passed successfully, and is part of an annual cycle.

Citizens Advice Merthyr Tydfil (CAMT) has continued to grow its funding portfolio, enabling the charity to expand and improve services for the local community. Since 2018, capital grants from Ffos y Fran, the Welsh Government's Community Facilities Grant, and the ICF Capital Grant have enabled CAMT to purchase and refurbish its premises. This investment has reduced overheads and allowed more resources to be directed toward frontline support. Although the funding appears as unspent in the accounts, this is solely because it is being depreciated over the life of the asset. The full amount of funding was spent in accordance with the terms of the agreed capital grants and has been fully applied to the building works.

Organisational structure

The Board of Trustees, which can have up to 15 members, administers the charity. The Board meets, at least four times per year. There is a sub-committee made up of officers which can meet more frequently when necessary to cover development, membership, finance and audit.

Key management remuneration

Remuneration of the CEO and senior management staff is set by the Board based on sector benchmarks and affordability.

Wider network

Our affiliation to National Citizens Advice and working in collaboration with National Citizens Advice means that we are strategically aligned to the national priorities in Citizens Advice and therefore work to achieve a sustainable network, for which we play a key role at national and local level.

Related parties

Merthyr Tydfil County Borough Council provide Core Funding and have an elected member on the Board of Trustees.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Trustees have a risk management strategy which comprises:-

- an annual review of the risks the charity may face

- the establishment of systems and procedures to mitigate those risks identified in the plan

- the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise

- A key element in the management of financial risk is the setting up of a reserve policy and its regular review by the Trustees.

Statement of Control

The local Citizens Advice Trustee Board oversees the management and safeguarding of all personal information relating to clients, staff, funders, and strategic partners. CAMT shares joint responsibility for client data held on our case management system with the national Citizens Advice Service.

An Information Assurance Management team is in place to ensure the confidentiality, integrity, and availability of all personal and sensitive data. All processes are designed to comply fully with the requirements of the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018, ensuring that personal data is securely managed and protected at all times.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

06654115 (England and Wales)

Registered Charity number

1126473

Registered office

1 Post Office Lane

Merthyr Tydfil

CF47 8BE

Trustees

K Williams

Dr S Ganesh

L Guard (resigned 19.7.24)

B Heggie

A Davies

C Thomas

B A Davies

L Cunningham (appointed 10.12.24)

M Harrison (appointed 10.12.24)

Dr V L Winckler (appointed 6.8.25)

Auditors

Baker Knoyle Audit Limited

Chartered Certified Accountants

Orbit Business Centre

Rhydycar Business Park

Merthyr Tydfil

CF48 1DL

Bankers

Barclays Bank

1 Churchill Place

London

E14 5HP

Legal Advisers

Worknest

HR20 Grosvenor Place

London

SW1X 7HN

Chairperson

Mr B Heggie - Chair

Alyson Davies - Vice Chair

Treasurer

Mr C Thomas

Secretary

Mrs Lisa Howell-Morgan

Chief Executive

Mrs Lisa Howell-Morgan

Senior Management Team:

Chief Executive: Mrs Lisa Howell-Morgan

Operations Manager: Elizabeth Lewis

Advice & Partnership Manager: Jack Bennett

Business & Finance Manager: Mary Hammond

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Merthyr Tydfil Citizens Advice Bureau for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Baker Knoyle Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 17 December 2025 and signed on the board's behalf by:

C Thomas - Trustee

Opinion

We have audited the financial statements of Merthyr Tydfil Citizens Advice Bureau (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

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

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

Our responsibilities for the audit of the financial statements

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

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

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards).

- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting (including related trade union legislation) and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers.

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Phillips FCCA (Senior Statutory Auditor)

for and on behalf of Baker Knoyle Audit Limited

Chartered Certified Accountants

Orbit Business Centre

Rhydycar Business Park

Merthyr Tydfil

CF48 1DL

19 December 2025

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

40,103

1,453,863

1,493,966

1,239,132

Other trading activities

3

6,625

-

6,625

-

Investment income

4

12,182

-

12,182

5,538

Other income

5

-

-

-

1,457

Total

58,910

1,453,863

1,512,773

1,246,127

EXPENDITURE ON

Raising funds

6

-

19,826

19,826

18,327

Charitable activities

7

Advice Services

2,210

1,315,980

1,318,190

1,196,970

Total

2,210

1,335,806

1,338,016

1,215,297

NET INCOME

56,700

118,057

174,757

30,830

RECONCILIATION OF FUNDS

Total funds brought forward

437,714

644,736

1,082,450

1,051,620

TOTAL FUNDS CARRIED FORWARD

494,414

762,793

1,257,207

1,082,450

2025

2024

Notes

£

£

FIXED ASSETS

Tangible assets

14

660,548

691,891

CURRENT ASSETS

Debtors

15

129,391

106,663

Cash at bank

541,704

364,605

671,095

471,268

CREDITORS

Amounts falling due within one year

16

(74,436

)

(80,709

)

NET CURRENT ASSETS

596,659

390,559

TOTAL ASSETS LESS CURRENT LIABILITIES

1,257,207

1,082,450

NET ASSETS

1,257,207

1,082,450

FUNDS

19

Unrestricted funds

494,414

437,714

Restricted funds

762,793

644,736

TOTAL FUNDS

1,257,207

1,082,450

The financial statements were approved by the Board of Trustees and authorised for issue on 17 December 2025 and were signed on its behalf by:

C Thomas - Trustee

Cash flows from operating activities

Cash generated from operations

1

164,917

54,995

Net cash provided by operating activities

164,917

54,995

Cash flows from investing activities

Purchase of tangible fixed assets

-

(13,182

)

Interest received

12,182

5,538

Net cash provided by/(used in) investing activities

12,182

(7,644

)

Change in cash and cash equivalents in the reporting period

177,099

47,351

Cash and cash equivalents at the beginning of the reporting period

364,605

317,254

Cash and cash equivalents at the end of the reporting period

541,704

364,605

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

2025

2024

£

£

Net income for the reporting period (as per the Statement of Financial Activities)

174,757

30,830

Adjustments for:

Depreciation charges

31,343

31,523

Interest received

(12,182

)

(5,538

)

Increase in debtors

(22,728

)

(23,153

)

(Decrease)/increase in creditors

(6,273

)

21,333

Net cash provided by operations

164,917

54,995

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

364,605

177,099

541,704

364,605

177,099

541,704

Total

364,605

177,099

541,704

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

The following specific policies are applied:

Voluntary Income

Voluntary income received by way of grants, gifts or donation is included in full on receipt unless it is subject to a condition when it is treated as deferred income.

Government Grant Income is included in full on receipt unless it is subject to a condition when it is treated as deferred income.

Deferred Income

Income or grants received in advance are held as deferred income and carried forward to future accounting periods to be released when the defined purposes of the work or project have been completed, approved or certified.

Gifts in Kind

Gifts in kind are included in the income and expenditure account where they are applied in carrying out charitable activities, where the company would otherwise have to purchase the donated facility and the benefit is both quantifiable and material. The quantifiable benefit is shown as both incoming and expended resources within the appropriate funds. Where the gift is an asset it is treated as income and taken to stock or fixed assets as appropriate.

The value of services provided by volunteers is not quantified.

Investment Income

Investment income is included when receivable.

Trading Income

Trading Income is recognised when earned.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Expenditure includes any VAT which cannot be fully recovered.

Costs of generating funds

Costs of generating funds include the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.

Charitable expenditure

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes the costs that can be attributed directly to those activities and those costs of an indirect nature necessary to support them.

All expenditure

All expenditure is allocated between the categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned between categories on a basis that fairly reflects their usage.

Pension costs

Contributions are made to the employees own personal pension schemes. The pension cost charge represents those contributions payable to individual schemes.

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs and overheads, finance, personnel, payroll and governance costs which support the charities Advice Service activities. The basis on which support costs have been allocated are set out in note 8.

Tangible fixed assets

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

Freehold property improvements

-

4% on cost

Freehold Property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Tangible fixed assets are included in the balance sheet at historic cost less accumulated depreciation. Grant receipts which fund fixed asset acquisitions are taken to restricted funds and the appropriate depreciation charge is made against those funds over the expected useful life of the asset.

Capital grants are recognised when the associated expenditure has been incurred.

Taxation

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

Fund accounting

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

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

Designated funds are those unrestricted funds set aside for a specific purpose by the Board.

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

Hire purchase and leasing commitments

Fixed assets acquired under finance leases are included in the balance sheet at historic cost less accumulated depreciation. The present value of future rentals is shown as a liability. Interest payable in each period is charged as an expended resource in proportion to the amount outstanding under the lease. Operating lease rental are charged as expended resources as incurred.

Organisational Status

The organisation is a company limited by guarantee and a registered charity. The directors are the trustees and are set out on page 3, they form a Board of Trustees which is the executive body of the charity. The aims and objectives and rules for governance are set out in the charitable company's Memorandum and Articles of Association.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.

Ex-Gratia Termination Payment

Termination benefits are payable when employment is terminated by the Charity before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Charity recognises termination benefits when it is demonstrably committed to either

(i) terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or (ii) providing termination benefits as a result of an offer made to encourage voluntary redundancy.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist.

2.	DONATIONS AND LEGACIES

2025

2024

£

£

Donations

875

2,043

Grants

1,458,709

1,202,707

Service Level Agreement

34,382

34,382

1,493,966

1,239,132

Grants received, included in the above, are as follows:

2025

2024

£

£

Merthyr Tydfil County Borough Council

235,246

92,390

National Citizens Advice

832,485

804,323

Supporting People (MTCBC)

280,097

205,000

Age Concern Morgannwg

11,294

-

Rhondda Cynon Taff

69,950

72,397

National Grid Electricity Distribution

4,845

-

Moondance Foundation

24,792

28,597

1,458,709

1,202,707

3.	OTHER TRADING ACTIVITIES

2025

2024

£

£

Rent Received

6,625

-

4.	INVESTMENT INCOME

2025

2024

£

£

Deposit account interest

12,182

5,538

5.	OTHER INCOME

2025

2024

£

£

Other income

-

1,457

6.	RAISING FUNDS

Raising donations and legacies

2025

2024

£

£

Staff costs

19,826

18,327

7.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 8)

Totals

£

£

£

Advice Services

1,302,786

15,404

1,318,190

8.	SUPPORT COSTS

Human

Governance

Management

Finance

resources

costs

Totals

£

£

£

£

£

Advice Services

539

405

270

14,190

15,404

9.	NET INCOME/(EXPENDITURE)

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

2025

2024

£

£

Depreciation - owned assets

31,343

31,523

Pension contributions

42,260

35,634