The Trustees present their annual report and financial statements 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).
Citizens Advice Central Nottinghamshire is established for the promotion of charitable purposes for the benefit of the community in the Borough of Broxtowe and the District of Ashfield and Newark & Sherwood and surrounding areas and in the County of Nottinghamshire for the advancement of education, the protection of health and the relief of poverty, sickness and distress.
The Charity provides free, impartial, confidential and independent advice for the benefit of the local community in Broxtowe, Ashfield and Newark & Sherwood and the wider Nottinghamshire community as appropriate. We also exercise a responsible influence on the development of social policies and services and to ensure individuals do not suffer through lack of knowledge or an inability to express their needs effectively.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
How these activities benefit the public:
Our staff and volunteers have risen to the challenge as always and their work contributes to the astonishing impact we make, helping clients access much needed additional income, worth nearly £8.4 million in total. Over £1.8 million of clients debt has been written off as a direct outcome of the assistance staff and volunteers have provided to clients seeking help.
Evaluation of client outcomes is important to us. We need to know that our work has a lasting impact and have developed advanced ways of measuring this. This year our client evaluation collected 227 responses to questions regarding the sustainability of advice outcomes, well-being and specific questions on how effective our work supporting people’s financial resilience is.
To summarise, people tell us that they have improved ability to resolve or get help with problems in the future, they feel more supported and less isolated and 63% of clients report a measure of improved financial resilience, an area of work that we are developing in the future due to its importance and relevance to the whole community in Broxtowe, Ashfield and Newark & Sherwood. Through the Financial Resilience project, we have a long-term plan to help more of our clients shift their position in the labour market and increase financial well-being.
We offer a range of projects alongside our core advice service and all of these benefit Broxtowe, Ashfield and Newark & Sherwood residents, these projects range from mediation services, mental health support, financial resilience work, money and housing advice, welfare benefits work, projects which work alongside health professionals and digital projects.
Citizens Advice Central Nottinghamshire is a local independent charity for the community that delivers a significant impact for the community. Last year it helped 15,113 individuals with almost 54,006 problems. The main enquiry areas are benefits, housing and debt. However, in 2024/25 we saw enquiries for help to access charitable support making the top five again following problems with utilities in fourth. Demand remains high at similar levels to last year. Overall, this data shows the impact of the cost-of-living continues to bite hard across Central Nottinghamshire.
Feedback from our partners is positive. They tell us that we help them with their objectives for the good of Broxtowe, Ashfield and Newark & Sherwood and we received a 100% approval rating for our partnership working. We know that together our collective impact for the community is greater.
This year we have taken the time to provide a summary of the additional projects we run thanks to funding additional to our core service. These projects increase our capacity to help more people and deliver casework on matters that are more complex or for clients that need structured support with multiple problems and disadvantages. It is also important to mention that the additional restricted funds we raise for projects represent new investment in Broxtowe, Ashfield and Newark & Sherwood services. This year the value of new investments brought in by our charity was £1 million.
Our volunteers give their time to the community freely. The work they carry out is valued at £907,007. They also gain the skills and experience to move into paid employment.
We offer location to locations advice from premises in Beeston (co-located with Broxtowe Borough Council), Eastwood (as part of the Library building), Newark (co located with Newark & Sherwood District Council), Ollerton (Freehold Premises), Ashfield (co located in Kirkby Health & Wellbeing Centre) and we have multiple outreach location across Central Nottinghamshire. Our staff and volunteers work from these five sites Monday to Friday with some staff operating a hybrid working week from home. Advice is also provided by telephone, email and webchat.
During the year our staff numbers ranged between 52 and 54 at any one time working alongside our volunteer workforce of approximately 97 including our Trustee Board.
CACN is reliant on income from Local Authority and project funding. Total income during the year was £1,486,815 (2024 - £1,609,431). Of this £959,671 (2024 - £662,737) related to project restricted activities. N.B. 2024 figures included the transfer of the net assets of two Local Citizens Advice who merged with another to form Citizens Advice Central Nottinghamshire. See note 3.
Net Income for the year ended 31st March 2025 was £162,779 (2024 - £790,391). This includes a re-measurement gain defined benefit pension scheme for the year ended 31st March 2025 of £248,000 (2024 - £14,000).
At 31st March 2025 total reserves were in surplus by £1,267,548 (2024 - £1,104,769) including a pension reserve surplus of £181,000 (2024 - deficit of £67,000).
Reserves Policy
The Trustees believe that Citizens Advice Central Nottinghamshire should hold financial reserves in order to ensure that the charity can continue to operate and meet the needs of clients in the event of unforeseen and potentially financially damaging circumstances arising.
When considering the right level of reserves, we will take into account the following:
forecasts of future income, the reliability and sustainability of each source of income and prospects for obtaining income from new sources
forecasts of future expenditure, based on planned activity
analysis of future requirements, opportunities, contingencies (e.g. redundancy and other contractual obligations such as maternity leave) or risks which are unlikely to be covered by income if and when they arise
analysis of the likelihood of such risks arising and the consequences to the charity if they cannot be dealt with.
Unrestricted reserves
Unrestricted reserves are available for spending on the objects of the charity as the Trustees wish. There are two types of unrestricted reserves; general reserves, that may be used generally to further the charity's objects and designated reserves, which are unrestricted funds set aside by the Trustees for a specific purpose.
Each year’s budget will include the budgeted reserves at the year end, calculated by taking the Unrestricted Reserves and subtracting Designated Reserves for specific purposes.
The Designated Reserves will include:
Redundancy costs should the charity close
Other closure costs should the charity close
Any other designated reserves agreed by the Trustee Board
The remaining Unrestricted Reserves will be considered against the budgeted monthly operating costs for the year.
The Trustees have excluded the Nottinghamshire County Council pension exit liability from the calculation of reserves on the basis that this is a long term liability that is being adequately managed and is not expected to crystallise in the foreseeable future. The Trustees keep the pension liability under regular review and understand the circumstances when it would become payable.
The Trustees believe that on this basis, six months Unrestricted Reserves, net of the Designated Reserves, is a prudent level. However, from time to time the Trustees may agree a budget which shows year end expected reserves to be lower than this.
Reserves will be reported each quarter with a forecast for the year end reserves compared to budget.
Major core funders include Newark & Sherwood District Council, Ashfield District Council, Broxtowe Borough Council and Nottinghamshire County Council along with those local parish and town councils which have supported the core operating capacity of CACN. The trustee board extend their gratitude to the ongoing financial support received from these partners.
In addition, Newark & Sherwood District Council and Broxtowe Borough council provides CACN with accommodation in Newark, Eastwood and Beeston at a concession to the market rent. Also, CACN qualifies for a full exemption for business rates from the local authority.
Additionally, project specific funding was received from:
Community Advice & Law Service in support of MAPS (Money Advice & Pensions Service) debt services,
Newark & Sherwood District Council in support of homelessness prevention, welfare benefits and outreach,
Broxtowe Borough Council for housing, financial resilience and mediation, and Wellbeing Hub,
National Association of Citizens Advice Bureaux in support of energy advice services, remote delivery and cost of living,
National Lottery Community Fund in support of remote supervision, outreach and early intervention,
Trussell Trust, support and advice,
Access to Justice Foundation (IOTLS - Improving Outcomes Through Legal Support) - for welfare benefits,
Henry Smith Charity, financial resilience advice,
Change Grow Live, supporting people with complex needs,
Nottinghamshire County Council, cost of living, financial resilience and support with the Household Support Fund,
NHS Nottingham & Nottinghamshire Integrated Care Board, advice on prescription
Collingham Rural Advice & Resource Centre (CRARC), outreach.
Boots Charitable Trust
Mid Notts Place Based Partnership - Investing in Communities, early intervention work
Nottingham West PCN, advice on prescription
The charity did not have any borrowings from any providers of funding or other sources at the balance sheet date.
The Trustees have a risk management strategy which reviews significant risks and uncertainties by the Charity and the relevance of its insurance policies,
Apart from key insurance policies, other measures, especially policies and procedures are reviewed which can mitigate risk. The earlier emphasis on maintaining positive relationships with funders, trying to develop reserves and alternative sources of income still remain both relevant and very much a priority.
The Trustees have agreed a budget for 2025/26 with a deficit of £229k, in the expectation that the organisation will secure additional funding during the year to significantly reduce this deficit. The Trustees are confident that the organisation will finish the year with reserves within the reserves policy. All the income from funders is guaranteed and we do not expect any of them to end agreements early. Our Chief Executive Officer, Operations Director and Impact & Evaluation Manager have a funding strategy agreed by the Board and continue to apply for grants and develop partnerships to generate future funds. The Chief Executive Officer maintains relationships with existing funders to ensure continuation.
The Charity will look to achieving balanced budgets rather than deficit ones over the next 2 to 3 years and protecting our reserves. We will continue to work in collaboration with partners locally including the other two Citizens Advice local offices to ensure sustainability and efficiency to stabilise and secure the Charity's financial position.
Additional funding streams are continually being sourced by the CEO, Senior Management Team and the Impact & Evaluation Manager whilst at the same time protecting our existing funding by offering a high quality, robust and effective service to the residents across Central Nottinghamshire
We have a robust business plan covering the period 2025 - 2027 which contains links to other plans such as fundraising strategy, research and campaign plan, community needs analysis and communication plans.
The Charity is a company limited by guarantee and registered charity. It is operated under the rules of its Articles of Association dated 2nd January 2024. The Charity has been in existence since September 1974.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Trustees are appointed by an open recruitment method with vacancies advertised through the Citizens Advice network and our local contacts. We also use CharityJob, NCVO and Reach websites. Interested people who apply will then be invited for an informal chat with the Chair before more formal proceedings begin including application forms, interview and references, due diligence to check fitness and propriety. The Trustees then follow an induction process with the Chief Executive and are offered training opportunities as appropriate.
The day to day management of the charity is delegated to the Chief Executive Officer and the Operations Director.
CA Central Nottinghamshire holds funds on behalf of Broxtowe Borough Council. By mutual agreement and a signed Service Level Agreement the Homelessness Prevention Funds are held in a separate Lloyds Bank account. Use of the fund can only be to resolve homelessness at the prevention stage, easing the demand on the Council’s housing options service:-
ensuring cases are resolved earlier, successfully preventing homelessness
to clients who would be deemed priority need by the Council resulting in a reduction in the demand and use of the Council’s temporary accommodation
to resolve cases of threatened homelessness within the private rented sector in conjunction with other schemes such as Call Before You Serve and referrals to other support and advice providers will encourage the sustainment of tenancies which the private rented sector which in turn will ease the burden on the Council’s Housing Register.
Referrals to the scheme are assessed by two managers and paid following the normal bank mandate.
In accordance with the company's articles, a resolution proposing that Rogers Spencer be reappointed as auditor of the company will be put at a General Meeting.
The Trustees' report was approved by the Board of Trustees.
The Trustees, who are also the directors of Citizens Advice Central Nottinghamshire for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the 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 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees 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 financial statements 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.
Opinion
We have audited the financial statements of Citizens Advice Central Nottinghamshire (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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.
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 charity’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the Trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.
We have nothing to report in respect of the following matters in relation to which 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; or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.
As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the charity for the purpose 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 charity’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 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 an auditor's report 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.
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the group through discussions with trustees and other management, and from our knowledge and experience of the charity sector and grant providers;
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Companies Act 2006, Charities Act 2011, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
Understanding the design of the charity’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
Performed analytical procedures to identify any unusual or unexpected relationships;
Tested journal entries to identify unusual transactions;
Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
Agreeing financial statement disclosures to underlying supporting documentation;
Reading the minutes of meetings of those charged with governance;
Enquiring of management as to actual and potential litigation and claims; and
Reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
The financial statements for the previous accounting period were not audited.
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 auditor’s 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.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Citizens Advice Central Nottinghamshire is a private company limited by guarantee incorporated in England and Wales. The registered office is The Library And Information Centre, Eastwood, Nottinghamshire, NG16 3GB.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 amounts 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.
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.
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.
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.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
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.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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.
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 of 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, 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, 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 payments 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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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 terminate the employment of an employee or to provide termination benefits.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred.
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 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.
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.
Citizens Advice Central Nottinghamshire has an agreement to rent offices within the Broxtowe Borough Council building for £10,000 per year (all costs included). This is a payment in kind as part of the three year rolling grant agreement due to be renewed in April 2027.
An agreement is also in place in respect of Castle House desk licences. The annual licence fee is £36,540. Concession of £29,040 is granted, resulting in £7,500 per annum payable by the charity.
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Deferred income is included in the financial statements as follows:
The charity participates in the Nottinghamshire County Council Pension Fund, a multi-employer defined benefit final salary scheme. The scheme is administered for the benefit of Local Authority employees and other bodies and is managed in accordance with the Local Government Pension Scheme Regulations. The administering authority for the Fund is Nottinghamshire County Council.
The most recent comprehensive rolled on actuarial valuation report was carried out on 31 March 2024 by Barnett Waddingham.
Amounts recognised in the profit and loss account:
Amounts taken to other comprehensive income:
The amounts included in the balance sheet arising from the charity's obligations in respect of defined benefit plans are as follows:
Movements in the present value of defined benefit obligations:
The defined benefit obligations arise from plans which are wholly or partly funded.
Movements in the fair value of plan assets:
The actual return on plan assets was £129,000 (2024 - £49,000).
The fair value of plan assets at the reporting period end was as follows:
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
There were no disclosable related party transactions during the year (2024 - none).
The prior period adjustment relates to a change in policy regarding the depreciation of the freehold land and buildings.