Greenwich Citizens Advice BUauX Lirnited (a company limited by guarantee) Financial Statements For the year ended 31 March 2021 Company No. 3346379 (England and Wales) Charity No. 1064404
Greenwich Citizens Advice Bureaux Limited Index to the Financial Statements For the year ended 31 March 2021 Contents Report of the Trustee Board Refentt arKJ administrative details li Independent auditorfs report 12 Statement of financial attivities 15 Balance sheet 16 Statement of cash flows 17 Notes to the financial ststemenis 18 Previous reportiry wiod information
Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2021 Report of the Trustee Board The Trustees present their Report and the Financial Statements for the year ended 31 March 2021. The legal and administrative infomiation set out on page 11 fomis part of this Report. The Financial Statements comply with statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice Accounting and Reporting by Charities. OBJECTIVES AND ACTIVITIES Our vision Everyone will be able to access free advice to find a way forward. Our mission To provide the advice people need for the problems they face To improve the policies and practices that affect people's lives Our values Valuing diversity Independent and impartial advice Confidentiality Free advice Working with integrity Challenging discrimination Promoting equality Collaboration and partnership work Accessible high quality advice Our objectives Objective [l]To improve people's quality of life by providing effective high quality information, advice and casework services to people in the Borough of Greenwich, and seafarers and their dependents in the UK. Objective [2] To create Social Value for the community of local people and for seafarers and their dependents in the UK. This includes working with volunteers, training and support, partnership working, campaigning and influencing work and through our role as part of the national Citizens Advice Service.
Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2021 Activities -Advice Services Provide high quality advice services which make a real difference to our clients. Welfare benefits and tax credits advice Debt advice and financial capability training other advice areas -social Value Training and support for volunteers and people on wort placements Cornmunity engagement and local partnerships Campaigning and influencing work STRUCTURE, GOVERNANCE AND MANAGEMENT Greenwich Citizens Advice Bureaux Ltd (GCAB) is a registered charity and a company limited by guarantee, governed by its Memorandum and Articles of AocIation. The Trustee Board is responsible for its govemance and the Chief Executive for its management. The Trustee Board may comprise up to twelve members. A quorum is three members. Trustees are normally recruited through advertising or following a recommendation. Any suitable candidate is interviewed by the Chair of the Board and the Chief Executive. If they are considered suitable, references will be tsken up. After that they will attend a Board meeting, after which the Board decide whether to appoint them. Once appointed, a Trustee will be trained over a period of approxirnately six months. This will include spending time with the Chair, the Treasurer and the Chief Executive, reading a number of documents that are fundamental to an undersLinding of GCAB, going on any relevant courses, being shown the offices, meeting the staff and sitting in on advice sessions. There is a thorough induction process in place. The Trustee Board currently meets six times a year. Meetings are attended by the Chief Executive, a minute-taker and a staff representative. Various reports and papers are discussed. These are principally prepared by the Chief Executive, but may be prepared by others, including the Chair and the Treasurer. Decisions on any relevant issue are made by the Board. Ad hoc Board meetings may be convened as required. The AGM takes place before the November Trustee Board meeting annually. The Trustee Board are responsible for setting pay for key management personnel. Pay for key management personnel will always be discussed and agreed during the confidential section of Trustee Board meetings without any staff present. The Board take into account a range of benchmarks and criteria when setting pay, including the Job Description and role, NJC payscales and salaries for equivalent posts in London. statement on public benefit The section below covering the achievements and performare of the charity sets out the activities carried out for public benefit. The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit
Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2021 guidance published by the Commission in determining the activities undertaken by the charity. In the interest of transparency the Trustees make the following obseNations on the two key principles of public benefit. Principle I: there must be an identifiable benefit or benefits It must be clear what the benefits are - these are set out below. The benefits must be related to the aims - the Trustees review the activities of the charity against its aims on an ongoing basis and are satisfied that all attivities continue to be related to the aims. Benefits must be balanced against any detiiment or harni detriment or harm have been identified. no specific issues of Principle 2: benefit must be to the public or a section of the public The beneficiaries must be appropriate to the aims the beneficiaries are people from the Royal Borough of Greenwich and surrounding areas and seafarers and their dependants in the UK. Where the benefit is to a section of the public, the opportunity to benefit must not be unreasonably restricted by geographical or other restrirtions; or by the ability to pay any fees charged. People in poverty must not be excluded from the opportunity to benefit charity's services are provided free to beneficiaries. the Any private benefits must be incidental a number of private benefits do necessarily arise from the activities of the charity. In particular, the charity finds it essential to employ and remunerate staff. These private benefits are, however, incidental as they are a necessary by-product of carrying out the charity's aims. ACHIEVEMENTS AND PERFORMANCE IN THE YEAR 2020-21 In the year 2020-21 GCA8 provided high quality advice services to people in the Royal Borough of Greenwich and to seafarers and their families across the United Kingdom. GCAB advice services benefit the local community and seafarers and their dependents in many ways including tackling poverty, reducing debti preventing homelessness, promoting equality and challenging discrimination. In 2020-21 GCAB delivered advice to 5,000 unique clients {this is individual people who are counted once only during the year no matter how many times they came for advice) and dealt with 18,400 issues. £11 million in financial outcomes was identified for our clients. This figure includes debt write-offs, benefit and tax credit entitiement (calculated
Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2021 over one year) and lump sums, and charitable grants. 400 cases of homelessness were prevented. As a member of the National Citizens Advice Service for England and Wales, GCAB must comply with the Citizens Advice Performance Quality Framework which includes continuous checking of quality of advice, a 'People SuNey", an annual "Leadership Survey" monitoring of client satisfaction and an audit every three years. GCAB has met all required standards and provides high quality advice services. The services delivered in The Royal Borough of Greenwich include generalist and debt advice services for people living in the Borough and the Citizens Advice Universal Credit Help to Claim service. During 2020-21 all seNices were provided remotely, primariliy by telephone, due to the pandemic. GCAB is funded by the Royal Borough of Greenwich to provide an unrestricted debt service to people in the borough. This seNice was delivered in partnership with Meridian Money Advice until l March 2021, when due to the closure of Meridian Money Advice, GCAB took over the full delivery of the seNice. GCAB is also funded by the Royal Borough of Greenwich to provide a debt advice service with the aim of preventing homelessness. GCAB has a contract with We are Digital to provide debt and money management services to L&Q tenants through the "Pound Advice" projett. Debt advice is also delivered to University of Greenwich Students, through a projert funded by the University which is now in its third year. GCAB also received funding from The Mercers. Company to provide advice as part of The Clockhouse Hub, a collaborative project which provides food, advice and support to people in the Woolwich Dockyard area. In 2020, GCAB received funding from the Big Lottery for a six month generalist advice service to SUPPOrt people during the pandemic. GCAB also received funding from Citizens Advice for equipment to help us work from home, as well as two Government support grants. GCAB is part of the national Citizens Advice's Universal Credit Help to aaim project. This 15 funded by the DWP via a contract with Citizens Admce. GCAB receTves funding to provide support to new Universal Credit claimants to help them with the process of claiming Universal Credit up to the point of first payment. The service is nomially delivered face-to- face, mainly at the Woolwich Job Centre, as well as by phone and webchat, however during the Covid-19 pandemic, all seNices have been deivered by phone and webchat only. GCAB runs the The Seafarers, Advice & Infomiation Line {SAIL). This service was Set up specifically with the needs of seafarers in mind and is accessible from anywhere in the UK and by people who are at sea. It is principally a telephone advi line, although letter and e-mail advice are also given.
Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2021 SAIL advisers provide an in-depth casework seNice for active and retired merchant seafarers, fishers, Royal Navy, Royal Marines and their families. SAIL also provides second tier support on advice issues to other maritime agencies. SAIL is funded by Seafarers Hospital Society, Seafarers UK and Greenwich Hospital and GCAB very much appreciates their support. Additional funding for a new adviser was agreed in summer of 2020 and the Fishing Specialist Caseworker has been made permanent. All at GCAB greatly appreciate the continued financial support of the Royal Borough of Greenwich, the Seafarers Hospital Society, Seafarers UK, Greenwich Hospital, Peabodyi We are Digital/L&Q, University of Greenwich, The Mercers, Companyi Citizens Advice, DWP, Big Lottery and all of our other funders and supporters. GCAB continues to progress positively and we shall try to meet the needs of seafarers and their dependents and all those in Greenwich who require advice from us. Our aim is to seek appropriate funding to maintain and develop our service over the coming year. Plans for Future Periods The GCAB Strategic Plan for 2021 2024 sets out in full the charity's plans for the future including our aims and key objectives for the period, together with activities planned to achieve them. The GCAB Strategic Plan is reviewed annually. The GCAB Strategic Plan states our mission, objertives and artimlies as set out above. In 2021-22 we will prioritise developing all advice services to meet demand for advice, which we anticpate will be great in the wake of the Covid-19 crisis. This will include developing the University of Greenwich advice service with the aim of securing continuation funding. seeking additional funding to expand SAIL and services in Greenwich; as well as developing the Help to Claim service. The implications of Covid-19 for the charity When preparing the GCAB trustees. annual report, trustees have considered the following: The virus control measures have affected the charity's activities in the following ways: th All staff have been working from home since 19 March 2020. GCAB has continued to provide advice services by telephone, email and webchat but face to face advice has been suspended (a limited number of SAIL staff have returned to the office as of April 2021). Telephone advice seNices within Greenwich have been expanded during the pandemic and we have helped the same number of beneficiaries as in 2019- 20. We are preparing to recommence outreach services from July 2021, but a retum to the Woolwich office is unlikely Ltntil eady 2022 due to renovation works on the building.
Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2021 SAIL is primarily a telephone advice service and so there has been minimal disruption due to working from home GCAB has been able to provide advice on critical Covid-19 related issues, including employment, debt, relation5hipi housing and benefitsluniversal Credit advice Volunteer training has continued as we are able to access online trainingi and support is provided by the Volunteer Development Co-ordinator. The first cohort of volunteer trainee advisers are now starting on the advice rota. The Trustees have considered the impact on the charity's ability to fijndraise. We have been successful in securing some additional funding as a result of the crisis, and the CEO will work to identify and secure any new funding that is available. Citizens Advice and Royal Borough of Greenwich are providing useful funding updates. The trustees have considered how the outbreak of the virus has affected staff, volunteers and beneficiaries and the implications for the charity's operations and activities for the coming year. In particular, the trustees anticipate that demand for advice is likely to increase significantly in the wake of the Covid-19 crisis, particularly in the areas of debt, benefits and employment advice. The trustees have considered how the financial and operational effects of the virus and the control measures relating to the virus affected the principal risks and uncertainties facing the charity during the reporting period and concluded that it is especially important to monitor finances careftjlly and be ready to make any changes necessary as the situation develops. FINANCIAL REVIEW Risk Assessment The Trustees keep all major risks to the organisation under vIeW. We have a formal risk assessment process in place, the outcomes of which are ported to the Trustees and appropriate action taken. A risk assessment is undertaken annually using the national Citizens Advice service template. This covers the following categories in detail: Finance Governance Management Service Delivery Social policy (Research and Campaigning) Stakeholder relationships Engagement with the wider service tr/systems
Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2021 Premises Information Assurance The risk assessment includes: Identification of risks in each of the categories listed above Assessment of gross risk A ststement to show the controls in place to mitigate the risk Assessment of net risk after mitigation Action to be taken to decrease the risk. The risk assessment agreed at the Trustee Board meeting of 17 May 2021 showed a red rating for Covid-19 and other areas of concern which were rdted yellow and amber. The risk a55essment will be reviewed at each Board meeting under confidential business, until we return to greenllow ratings in all areas. Reserves Policy Reserves are held to help the charity operate effectively. The GCAB Trustee Board keep5 the reserves policy and the level of reseNes held under review. The Trustee Board monitors the level of reserves held throughout the year as part of the normal monitoring and budgetary reporting processes. There is also an annual review of the reserves policy. When reviewing and monitoring the reseNes policy the GCAB Trustee Board ensure that they.. identify when reserves are drawn on so that they understand the reasons and can consider the corrective action, if any, that needs to be taken,. identify when reseNe levels rise significantly above target so that they understand the reasons and can consider corrective action, if any, that needs to be taken; identify where the reserves level is below target, consider whether this is due to short-term circumstance or longer temi reasons which might trigger a broader review of finances and reserves; regard the ongoing review of the reseNes level, target and policy as part of managing the charity; ensure the reserves policy continues to be relevant as the charity develops or changes its strategy and activities; review the statement on reseryes in the twstees. annual report where there have been significant changes in the reseryes policy or level of reseNes held.
Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2021 In this way the Trustees are aware of the build up of excess reserves or of reserves being unexpectedly or rapidly depleted. The GCAB Trustee Board has approved a reseNes policy which is based on the findings of the organisational risk assessment, as set out below. Unrestricted reserves The trustees believe that the organisation should hold financial reseNes 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. The trustees consider that it would be prudent to aim to set aside an amount equivalent to two n70nths' operatsng expenditure or £IOO,000, whichever is the greater. This /eve/ of reserves is deemed to be an achievable target. Designated reserves In addition, unrestricted funds have been designated for the following purposes: Contrartual commitment reserve - a resewe to ensure that the organisation is able to cover contracted payments to staff such as redundanry, provision of locum matemity cover and the costs of any disciplinary and/or gnevance pmcedures which may anse. At least£20 000 is agreedas a target. Development reserve a reserye to allow the organisafyon to undertake the developtnent of new pmjects and areas of and to conduct full feasibility studies on the adyisability ofsuch prop0&71s. At least £5,000 recommended, Re5trirted reserves These funds are restricted by the donor or funder and cannot be used for the general purposes of the organisation. Their existence, and the sums of money therein, do not imply that there has been an underspend but may result from a variety of circumstances including timing differences between the bureau's financial year and the funding year of the project concerned. Financial Position and Available Funds The statement of financial activities shows a total deficit for the year of £88,660 (2020: a surplus of £222,642), which is largely the result of the spending down of restricted funds received in advance as well as an increase in the pension deficit liability of £50,400. Reserves at 31 March 2021 were £161,066 (2020: £161,373) of unrestricted reserves and £105,360 (2020: £195,713) of restricted funds required to finance ongoing restricted funded programmes and activities. Included in restricted funds are grants paid in advance for ongoing projects.
Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2021 TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees are required by company law 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 its financial position at the end of that year. In prepartng those Financial Ststements the Trustees are required to: select suitable accounting policies and then apply thern consistentlyi make judgements and estimates that are reasonable and prudent. State whether the policies adopted are in accordance with the Companies Act 2006 and with applicable accounting standards and statements of recommended practice, subject to any material departures disdosed and explained in the Financial Statements. prepare the Financial Statements on the going concern basis unless it is inappropriate to assume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records which 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 10
Greenwich Citizens Advlce Bureaux LEmlted For the year ended 31 Martli 2021 REFERENCE AND ADMXNXSTRATXVE DETAILS TYu5tees The lollowiny served as company dlrectors aThJ charity trustees durir¥J Ihe year: AppolAted Reslgned Marla Parpou Tliomas Qulnn andi Van Graa Robert Craig Mlnaxl Desa Rachel Dunn Mlcliele Howe Kathor5Tro Websier Olivor StcctAe Kemi Madumere Marine Afidre Cralg Marsden Chair Vice Chair Treasurer 19.03.2014 14.03.2016 14.01.2008 09.07.2018 I5.01.27 12.03.2018 27.01.2014 14.09.2020 14.09.2020 14.09.2020 17.05.2021 17.05.2021 22.03.2021 22.03.2021 25.01.2021 All members of Ihe Trustee 8oanJ are mernbews of the company and guaranlee to contrlbute to its assets In the ev•tt of It i*lng M)und up such &Mnts as may be required rK)l exOIn9 £1. The Tfustees have Ietla1 Interest In the company ar are not remuneiated. Auditors Goldwins were appolnted as auditoJs al the AGM in Novemter 2020. Bankers Unity Oank Approval Thls rewirt ha5 en prepared In accordan wlh the &trateMt ol Recommended Pr3dlce - Accwnting and ReJ70rting by tharit5 and In accorthnce wth the spedal provlslons ol Part 15 of the Companles Act ielaUThJ to small enle& ee Board on 12 ju 2021 aThl gned on Its td)all Approved by Marla Parpou Chalr
Indèplndent audlttsrs, rèport to the mèmbers of Greenwich Citlzens Advicè Bureaux Limited Opinion Vve have audited the financial slalements of Greenwich Citizens Advre Bureaux Limited lor the year ended 31 March 2021 which comprise Ihe Statement of Financial Activities. the Balance Sheet, slatement of cash flows and Ihe relaled notes. The finanual reptrling Iiamework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. Induding Financial Reporting Slandaril 102.. The Finanual Reporting Standard applicable in the UK and Republic of Ireland Iunrted Kingdom Geneially Accepled Accounling Practice). Opinion on financial $tstements In our opinion the financial statements.. give a true and lair wew of the stale of Ihe chaiilable company's affairs as at 31 March 2021 and ol 115 Inwme and expenditure foi the year then ended". have been property prepared in a(xordance with United KiThJdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of It Companies Act 2006. Basis for opinion We conducted our audEI in accordance with 1nlemab.onal Standards Audits"ng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are furfher described in the Audiloi's re5ponsibililies for the audit of the finan¢ial statements section of our report. We are independent of the Charity in accordan wilh the ethical requirements Ihal ale relevar¢t lo our audit ol the financial statements in the UK. induding the FRC'S Elhul Standard and we have fulfilled our other ethical responsibilities in accoidance with these requiremenls. We believe that the audit evidènce we havè oblained is sufficient an(1 appropriale lo provide a basis IOT our opinion. Conclusions relating to going concem In auditing the financial statements. we have conduded thal the trustees, use of thè going ¢on¢ern basis ol accountin9 in the preparalitsn ol the finanual statemen15 is apwopriate. Based on the work we have performed. we have not identrfied any malwial unrtainlieS relating lo events or conditions that, indiwdually or collectively. may cast significant doubl on the charity's ability lo continue as a going concein lot a period of al least Iwelve monlhs Iiom when the financial statetnenls are aulhorised for issue. Our responsibilities and the responsibilities of the directors with respe(I to going concem are described in the relevanl sections of this pOrt. Other information The trustees are responsible for the other infomialion. The other information comprises the information included in the annual report other than the financial stalements and our auditor's report Ihereon. Our opinion on the finanual statements does not cover the othei information and. except to the extent otherwise eXplilIY sialed tn our report. we do not expre55 any form of assuran conclusion thereon. In conneclion with our audil of the finanual statements, our resFx)nsibility is lo lead the othei information and. in doing so. consider whether the other infoimalton 15 materially in¢onsi51enl with the financial statements or our knowledge obtained in Ihe audit or otheise appears lo be materially misstated. If we idenlify such maleiial inconsistencies or appaient matwial misstalemenls, we are required to deleimine whether the¥e is a malerial misstatement in the finanual slatemenls or a maleiial misslalemenl of the other information. 11. based on the work we h3ve performed. we conclude that there is a material misstatement of this other hnformaliorh. we are wuHed lo report thal fact. We have nothing to report in this regard. 12
Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work underlaken in the course of the audrt.. the inforrn8lion given in the tsustÈes' report lincorporaling the directors, report) foi the finan31 year for which the Iirhancial slalemenls ale prepared is consistènt with the financial statemenls., and the trusteès, report lincorporaling the directors. report) have been prepared in accordance with applicable legal iequiiemenl5. Matt¢rs on whlch we are required to report by exception In Ihe light of the knowledge arhd undeislanding ol the Charity and its enwronmenl obtained in the course of the audit. we have not idenlilied material misstalemenls in the Trustees, Annual Report. We have nothing lo report in respecl of the following mallers where the Companies Act 2006 requires us lo report to you il. in oui tspinion". adequate accoiunling records have not been kept or returns Jlequale foi our audit have not been received from branches not visited by us.. or the ffinancial slalements ale not in agreement with the accounts.ng records and retums,. or rtain disclosures ol trustees. remuneration speThfied by law afe not made.. or we have not received all the infoimatron and explanations we require lor our audrt. Responsibilitiès of th8 trnstèès As explained more lully in the Tiuslees. Responsibilities Slatement, the Iruslees {who are also the directors of the charitable company foi the purpose5 01 company lawl ale iesptsnsible for the preparation ol the financial statements and for being satisfied that they gwe a true and faTr view and for such internal control as they delefmine is r)ecessary to enable the pieparalion of financial slalÈments that are free from material misslalemenl. whether due lo Ifaud oi error. In preparing the financial slalemenls. the Iluslees are rè5pon5ible loi assessing the Charity's ability lo continue as a going concern. disclosing. as applscable. rnatlers related lo going concern and using the going concern basis ol accounling unless the Irustees either intend lo IKiuhlale the Charity or lo cease opeTalions. or have no realistic tenatiVe but to do so. Our r•sptsnsibllitiès for th• audlt of the financial statements Our obje¢lives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material rnisslalemenl. whelhei due lo fraud or eTtor. and to Issue an audiloT'S report that indudes our opinion. Reasonable assurance is a high level of assurance, bul 15 not a guarantee Ihal an audit conducted in accordance wilh ISAS IUKI will aayS detect a material misslatemeiil when it exists. Mis51atement5 can arise IFOtn Iiaud 01 error and are considered material if, individually or in the aggregate, they could reasonably be expected to inlluencè the economi¢ decisions ol useis taken on the basis of these financial statements. Irregularities. including IFaud, are instances ol non-compliance with IS and regulations. We design procedures in line with our responsibilities. outlined above. to delecl material misslatemenls in respe¢t of irregularities, induding fraud. The extent to which our procedures are capable ol delecling irregularities, including fraud are sel out bebw. 13
In identifying and assessing risks of malefial missialemenl in resped of itregularilies. including fraud 8nd non-compliance with laws and regulations. our prowluies inclvde¢J the following.. We enquiied ol management. which induded obtaining and reviewirhg 5UPPOrting documentation. concerning Ihe charity's poliaes and prOdreS relating to the internal controls established lo miligale risks related lo Iiaud or non-compliance with laws and regulations. We inspected the minutes of meelings of those charged with governan¢e. We reviewed Ihe financial stalemenl disclosures and lested these to supporting documentation lo assess compliance with applThble laws and regulations. In addressing the risk of fraud through managernent override of conlrols. we lesled Ihe appropriateness ol jouinal entries and olhei adjustments, assessed whether the judgements made in making accounting eslimales are indicative ol a potential bias and tested significant transactions that are unusual 01 Ihose outside the normal coutse ol busitbess. Because of the inherent limitations of an audit. there is a risk Ihal we will nol delecl all irregularities, including those leading lo a material misstalemenl in the financial slalements or non-compliance with regulalion. The risk is also greater iegardin9 iriegularilies occurring due lo fraud rather Ihan eiror. as fraud involve5 intentional wncealment. forgery. collusion. omission or mispreSentation. A further description of our responsibilities for Ihe audit of Ihe finanrial statements is located on the Financial Reporting Counal's website at." Iwww.frc.org.uklaudilorsresponsibilitiesl. This description forms part ol our auiSitorfs report. 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 Companres Act 21HJ6. Our audil woth has been undertaken so that we might slatè lo the tharily's mernbers those mallers we afe required lo slate to Ihern in an audilorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than Ihe charity and the tharily's members as a body, for our audit work, for this report. or lor the opinions we have formed. 10 August 2021 Anthony Epton ISer7ior Ststutory Auditor) for and on behalf of Goldwins Limited Stalulory Auditor Charteied AGcounlanls 75 Maygrove Road West Hampslead London NW6 2EG 14
Greenwlch Citlzens Advice Bureaux Limited Statement of Financial Activities (incorporating an income and expendilure accounl} For thè yèar èndèd 31 March 2021 2021 Total Funds 2020 Total Funds Unrestricted Funds Restricted Funds Income from Oonalioris Charitable activities Bureaux services Debt advice serVIS Seafarers advice & information line Service development Other 6,985 5,000 66.640 508,888 107,000 321.560 S13,888 173,640 321,S60 8,182 11,334 475.903 285.718 536,194 8,182 11.334 Total in¢orn 91.156 937.448 1,028,604 1.304.800 ExpendStura on Charitable aclivilies ureaux services Debt advice servicès Seafarers advice & infomiation line 7.479 32.396 6.385 479.462 114.797 426.345 486,941 147,193 432,730 448.131 240.873 393.154 Total expenditure 46,260 1,020,604 1,066.864 1.082.158 Net lexpenditur8}lincome for the year before transfers 44.896 183.1561 138,2601 222.642 Transfer Between Funds 15 7.197 17.197) Net {gxpenditurellincome b8for8 olhgr recognised gainslllossesl 52.093 190.3531 138,2601 222.642 Aciuaiial 98ins I Ilosses} on defined benefit pension schemes 50.400 50.400 Net movements in funds 1,693 {90.3531 188,6601 222,642 Réconclllatlon of funds Total funds brought forward 161.373 195.713 357.086 134.444 Total funds carried fotward 163,066 105,360 268,426 357.086 The Statement of FinanrAal Activities includes all gains and losses T09n1$ed in the year. All incoming resources and resources expended derive from continuing ath"irities. 15
Greenwlch Cilizvns Advice Bureaux Liiiiileil Balaiice She8t As at 31 March 2021 2021 2020 Note5 Fixed a55ets Tangible assets 10 1,680 Cur¥ent a55ets Debtors Cash 81 bank •nd in hand 63.878 390.410 53.980 496.733 454.26$ 550.713 Credilors.. amounts lalling due wlhin Or year 12 P4,507 Net currant assets 412.426 456.2 Net a55ets ex¢luding pension liablllty 412N26 457,886 Defined benefit pension scheme liability 144,OLIOI 100,eOO Total iiet a550ts 268.426 357.086 The funds ol the charity Restricted lund5 Unreslricled funds.. Designated funds General funds Pension defiut fund 15 195.713 25,000 282.066 1144,000 26,680 235.493 100,8001 Total funds 268,426 357,086 These finanual statements have been wepare(l in a(£ordance wlh the provisitns applitAble to companies subject to the small ¢¢)mpanies' regime vrill4n Part 15 of the Companie5 Act 20(b. In the opinion of the trustees, the Company is entitled lo these exen4Jtsons as a sman conwany. The finanaal slatwnents were approved by Ihe Board of Trusleesott 12 J. 2021 and &gned on Iheir behalf by.. Cindi Van Graan Treasur C4mpany Registration No.3346379 The aitached ncies form part of the finanual slal¥l)ents. 16
Greenwich Cit12ens Advice Bureaux Limited Statement of cash flows For thè yaar •ndèd 31 March 2021 Note 2021 2020 Net cash provided by I lused inl operating activities 16 106,323 268,356 Change in cash and cash aqulvalents in the year {106.3231 268,356 Cash and cash equivalents at Ihe beginning of Ihe year 496,733 228.377 Cash and cash èquivalènts at thg end of the year 17 390,410 49S,733 17
Greenwich Citizens Advice Bureaux Limiled Notes to the Financial Statements For the year gnded 31 March 2021 l Accounting policie$ a Basis of Preparation of financial statements The financial statements have been prepared in accordance with Accountin9 and Reporting by Charilies". Statement of Recommended Practice applicable to charities preparing their acctsunts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102- effective 1 January 20151- Ichariiies SORP FRS 1021 and the Companies Aci 2006. The charitable company meets the defIn"9n of a publi¢ benefit entity under FRS 102. Asse15 and liabilitses are initially rectsgnised at historical cost 01 transacbon value unless otherwise statèd in the relevant accounting policy or note. b Gorng concern The Iruslees consider that there a no material uncertainlies abt the Charitable company's ability to continue as a going concern. In reaching U)at condusion, the trustees have considered the impact of the COVID -19 pandemic on future aclivities and cash Ilows. There has been a significant change to service delivery in the rnove from face lo face work with dienls lo other methods of provision of advi service5. bul any additional expenditufe as a ie5uIt ol thi5 has been covered by funders. Funding is secured and the trustees are confident that it wll not be affected by the pandemic. c Income Income is recognised when the charty has entitlemenl to the funds, any performance conditions attached to the income have been met. it is probable that the noyne will be received and that the amount can be measured ieliably. Income from government and other grants. whether'capilal. grants or 'revenue' grants, is recognised when the charity has enlillement to the fvnds. any performance o)ndrtions attached to the grants have been mel, it is probable that the income will be received and the amount can be measured reliably nd is not deferred. Income TeceivÈd in advance for the prowsion ol speafied Sèmee Trs deferred unb"I the criteria lor income recognition a met. d Donations of gifts, s•rvlces and facllltles Donated professional services and donaled faulities are recognised as income when the d)arity has control over the item or received the service. any conditions assoaaled with the donation have been met, the receipt ol economic benefit from the use by the thanty of the ilem is probable and that economic benefit can be measured reliabty. In accordance Vth the Charities SQRP IFRS 1021. volunteer lime is not recognised so rèfer to the Irustees, annual report for mofe inlomiation about their contribution. On receipt, donaled gifts, professional services and donated tsdities are recognised on the basis of the value of the gift to the charity vthich is the amount the thaity would have been wlling to pay to obtain services or farylilies of equivalent econornic benefit on the open market." a corresponding amount is then recognised in expendituie in the period ol receipt e Interest receivable Interest on funds held on dep05il 15 induded wher7 re¢eivakAe and the amount can be measured reliably by the charity. this is normally upon notification of the intefÈSt paid or payable by the bank. 18
Gr6ènwich Cit12ens Advice Bureaux Limited Notes to the Financial Statements For the year ended 31 March 2021 1 Accounting policies Icontinuedl f Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of ihe charily which the tfustees have deaded at their disGrelion to sel aside lo use for a speryfic purpose. Restricted funds are donations which the donor has speufied are to be solely used for partiGular areas of the charity's work or for speafic projects being undertaken by the chartty. g Expenditure and irrecovorablè VAT Expenditurè is recognised once there is a legal or conslruclive obligation to make a payment to a third party, it is probable that seltlement will be required and the amount of the oNigalion can be measured reliably. Expenditure is classified undei Ihe following activity headings". Cost5 of raising funds comprise of trading costs and the costs incurred by the charitable company in inducing third parties to make voluntary contfibLrtion5 10 rt. as wdl as the cost of any activities with a fundraising purpose. Expenditure on charitable aciivities InL$ the costs of delivering services and other activities undertaken lo further the purposes ol the charity and theii assoaated support costs. W)eie costs cannot be diredly attributed. they have l)een allocated to athities on a basis consislent with their use of resources. Premise5 costs by desk space as follows.. Bureaux services 78.8% Money advice services 20.6% Governance 0.3% Support cosls 0.5% Other costs of administralion are allocated on a per capita basis as follows". Bureaux services 47.0% Money advice services 10.0% Seafarers, advice & infom)ation line 42.5% Governance 0.2% SuptKTrrt costs 0.4% Other expendrture represents those items not falling intts any other heading_ h Allocation of support costs Support costs are those functions that asSlSt the WO of the charity bul do not directly undertake charitable activities. Support costs comprise the salary and ovÈrt*ad costs tsf the central function. Governance costs are the costs associaled wilh the govemance arrangements of the charity. These costs are asso(yated with conslitulional and slaiutory iequirements and include any costs associated with the strategic management ol the charity's ath"vib"es. Support and governance costs are re-allocated to eath of the aixivib.es on the following basis whith is an estimate, based on staff time, ol the amount attributable to èath activty Bureaux services Money advice services Seafarers. advice & inlofmation14ne Service development 47.3% 11.8Q 40.9Q 0.0% 19
Greenwich Citizens Advice BUaUX Limited Notes to thè Financial Statements For the year ended 31 March 2021 1 Accounting policies Icontinuedl l Operatlng lèasès Rental charges 8re charged orh a slraighl line basis over the letm of the lease. Tanglbla fixed assèts Items of equipment are capitali5ed where the purthase price eXed5 £1.000. Depreaation 15 provided at rates calculated to write down the cost of each asset to rts estimated residual value over ils expected useful life. The depreaation rates in use are as follows.. Computer and Offi equipment Fixtures and fittin9S 33% straighl line basis 33% straight line basis k Dobtors Trade and other debtors are recognised at Ihe setuemenl amount due after any trade discount offered. Prepayments a valued at the amount prepaid. I Cash at bank and In hand Cash at bank and cash in hand indudes cash and short twm highty liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provisions Creditors and prowsions are recognrsed where the tharty has a prèsent obligation resulting from a past event that will probably result in the transfer ol funds to 3 ihird party and the amtsunl due tts sellle the obligation can be measured or estimaled reliably. Creditofs and provisions are normally recognised at their settlement amount aftei allowing for any trade discounts due. n Financial instruments The charity only has financial assels and finaKial liabilities ol 3 knnd that qualify as basic financial instrumenls. Basic financial inslrumenls are initially recognised at tlansaction value and subsequently measured al their settlement value with the exceplion of bank IS vthith ale subsequently measured at amortssed cost using the effective interest method. o Pension funds The tharitable company operated a defined contribution schen *thich wass a funded schemè and the assets were held externally of the charity. The company contributed 5.1 % of gross pay to the scheme for anyone who transferred from the prewous stheme. Stakeholder pension arrangements were also in place for employees not in the NACAB sthèmè. From July 2016. the charitable company replaced these pension schemes wth an auto enrolment pension scheme offered to all employees to which Ihey make CntribU.0nS unless they choose lo opt out. The pension cost charge represents contributions payable by the charitable company lo the scheme. The charitable company has no liability under the stheme other than for the payment of those Conlribulions. 20
Greenwich Citizens Advice Bureaux Limited Notes to the Financial Statements For th& year ènded 31 March 2021 2 Incom• from donation¥ 2021 Total 2020 Total Unie8tri¢ted Restricted Interrnediale labour market IRB Greenwlch) Donations 8,960 25 Totsl income from donations 2021 6,985 Total income from donations 2020 6.985 3 Income from charitable activities 2021 Total 2020 Total UnrÈstri¢t¢ Restricted Bureaux seryices Bureaux staff & running 51$ IRB Greenwth) Help lo Claim IcitAI Covid-19 support (Big Lottery) Outieach work (Clockhousel Fees 200,000 283.875 25,013 200,000 283,875 25,013 5,000 200.000 270,708 5,000 5,000 195 Total bureau services 2021 5.000 S08,888 513,888 475.903 Total bureau services 2020 5,195 470,708 Debt advice services Greenwich money advice service IRB Greenwich) OUt&Ch money admce senfice IRB Greenwich) Outreach Money advice service (Mosaic Homes) Debt advice seNice (University of Greenwthl Capitalise (Toynbee Hall) Fees 40,000 63,000 4.000 40,000 63.000 4,000 48,525 40,000 63,000 3,000 48.525 117,874 13,319 48.525 18.115 18,115 Total debt advice services 2021 66,640 107,000 173,640 285.718 Total debt advice services 2020 61,844 223.874 Seafarers. advice & information linè Seafarers Hospital Society Greenwich Hospital Seafarers UK Fishrnongers Company 135,520 40.683 145,357 135,520 40,683 145.357 299.156 119,025 107.513 10,500 Total seafaTers' advice & information line 2021 321,S60 321.560 536,194 Total seafarers. adw¢e & informalion line 2020 536,194 21
Greenwich Citizens Advice Bureaux Limited Notes to the Financial Statements For the yaar ended 31 March 2021 3 Income from charitable activities Icontinuedl 2021 Total 2020 Total Unrestricted R¢$tii¢t¢d Service development Equipment grant ICitAI 8.182 8,182 Total service development 2021 8,182 8.182 Totsl service development 2020 Total income from charitabl• activltl•s 2021 79.822 937.448 1.017.270 1.297,815 Total income from charrtable activities 2020 67.039 1.230.776 4 Other income 2021 Total 2020 Total Unrestricted Restricted Additonal Restrictions Grant supporting Greenwich businesses through Covid-19 IRB 11,334 11.334 Total other income 2021 11.334 11.334 Total other income 2020 22
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Gr6ènwich Citizens Advice Bureaux Limited Note5 to the Financial Statements For the year ended 31 March 2021 6 Net {expenditurellincome for the y•ar beforè transfers This is stated after chargingllcrediling}'. 2021 2020 Depreciation Operating leasè rentals- Equipment Auditorfs remuneration lexduding VATI Audit lees Under awrual in PTior year 1.680 1,680 1,200 1.680 3,083 25 2.975 Analysis of staff costs, trustee remuneration and expenses, aThl thè cost of kèy mana9èment pelsonnel Staff costs weie as follows.. 2021 2020 Salaries and wage Social security costs Employerfs contribution to defined contribution pension scheme5 814,332 61.414 16.853 823,222 70,301 17,059 892,599 910.582 No employee eaTned grealer Ihan £60,000 during the yeai {2020". ill). The total employee benefits including employer National Insurance and pension contributions ol the key management personnel We £150,94412020". £142.2641. The charity trustees were not paid or reeeivèd any other benefits from employment with ihe charity in the year12020.' £nill neither were they reimbursed expenses during the year12020". £nill. No charity trustee ieceived payment for professional or othei services supplied to the th8rity12020." £nill. 8 Staff numbers The average number of employees (head count based on number of slafl employed} dLJrirTrg the year was 28.312020 30.51. The average number of employees Ifull b.me equivalentl during the yearwas as follows.. 2021 No 2020 BUauX services Money advi services Seafarers, Advi and Information Line Support and govemance 12.3 11.5 10.5 26.2 26.8 24
Greenwich Citizens Advice Bureaux Limited Notes to tho Financial Stat8m8nt5 For the year gnded 31 March 2021 9 faxation GenWiCh Citizens Advice Bureaux Ltd is exempt from trx)rp(xatiM tax liability as all its income is charitable and is applied for chariiable purposes. 10 Tangible fixed assets Compuler & offite equipment Fixtu¥ & fittings Total Cost At 1 April 2020 Additions in yeaf 10,407 2,678 13.085 At 31 Marth 2021 10,407 2,678 13.085 Depreciation Al 1 April 2020 Charge for year 8,727 1.680 2,878 11.405 1,660 At 31 March 2021 10.407 2.678 13,085 Net book value At 31 March 2021 Al 31 March 2020 1.680 1.680 All of the above assets are used for charitable purposes. 11 Debtors 2021 2020 Trade debttrrs Other debtors Prepaymenls 50,906 6,940 6,032 50,350 36 3,594 63.878 53,980 12 Creditors= amounts falling due wiihin on8 year 2021 2020 Trade creditors Taxation & soryal security Accruals Other ¢redilors 15.010 18,308 7,376 1,168 84,319 5,206 4,982 41,862 94,507 25
Grèènwich Citizen5 Advi¢e Bureaux Limited Notes to the Financial Statements For the year ended 31 March 2021 13 Pension scheme Greenwich Citizens Advice Bureaux Limited participated in the National Asswalion ol Citizens Advicè Bureaux Pension and Assurance Plan {1991} which wa5 a defined benefit scheme. It operated in the UK and was closed on 31 March 2008. mts than one empk)ye¥ pa[h.pated in the scheme and Greenwich Citizens Advice Bureaux Linled is unable lo identify its share ol the underlying assets and liabilits'es in the Scheme. In accordance with the sd)edule of contributions in forre over the 2021122 accounting year, the contributions lo the Plan lor the year ending 31 March 2022 are expected lo be £2,579.000. which includes £2,279,000 lowards the defiat and £300,000 as an allowance for administration expenses and all scheme levie5. The Plan is a registered scheme un¢Jei UK legislation. The Plan is subject to the scheme funding requirements outlined in UK legislation. The Plan is govemed by the Plan's Trust Deed and Rules dated 4 Ap1 2011. The Trustee 15 responsible for the operation and the govemance of the Plan, induding making deasions regarding the Plan's funding investment strategy (although they a reqUId lo consult the Principal Employer). A full actuarial valuation ol the Plan was carried out as at 31 March 2021 by a qualified independent aetuary. based upon membership data as at 31 March 2019. alk)wing lor assumed membership movements over the period fiom this date. as well as any actual transfers cut or trivial commuiations over the period. The most recent lormal actuarial valuation of ihe Plan was as at 31 March 2019 and ievealed a funding deficit of É68.501,000. In the recovery plan agreed following Ihe valuation. the Piinapal Employer and other partiapating employers agreed tts pay defial reduth.on conlnbulior7s of £2.279,000 per annum with Ihe view to eliminating the defiat by 31 March 2037. The liabilities Of thè Plan are based on the current value of expeded benefit payment cashflows to members of the Plan over the next 60 or more yeaTS. The average duration of the liabilities is apwoximalely 16 years. 14 Analysis of net assets been lunds Unr¢$tricted funds De$ignatsd Restricted funds funds Total funds Fund balanees al 31 Mar¢h 2021 are represenled by Cuent assets Current liabilities Defined benefit pension asset I Ili3bilrtyl 311.668 129,6021 144.000 25.000 117,620 112.2601 454.288 141.8621 144,000 Total net assets at 31 March 2Q21 138,066 25.000 105.360 268.426 26
Grè$nwich Citizens Advt¢e 8ur¢aux Limited Notes to the Financial Statements For the year ended 31 March 2021 15 Movements in funds At 1 April Income and Expondilur8 2020 gains and losses At 31 March 2021 Tran$fer5 Restrict8d funds R8 Greenwich. Bureaux services CitA Help to Claim Big Lollery. COV 5UPPOrt RB Greenvrtch. Debt adviee seMce$ RB Greenwch oulreach debt advic8 services Mosaic Family Homes.. Charfton Tr13ngle debt Service 19,607 200,000 283.875 25.013 40.000 {182.7171 {282,1411 114,6051 147.6541 15.4631 11.7341 31,427 10,408 1,701 9.355 10.703 63,000 163,1431 10.560 4.000 14.0001 Seafarers, Hospilal SocietylGreenvAth HospilallSeal8rets UK.. Seafarers. A¢Jvi¢e & Information Line 135.382 304.851 {388.162) (6,2951 4S.776 Sealarers. Hospital SOcty1SeèfarerS UK.. Fishing speeialist easeworker 20,666 16,709 38,182} 6.295 5.488 Total restrictèd funds 195.713 937.448 1,020.604 7,1971 105,360 Unrèstrictèd funds Designated Funds Contractual commitment Development Depreoalion Fund 20.0(10 5.000 1,680 26.680 20.000 5,000 1.680 11.6801 25,000 General funds Pension defiot fund 235,493 1100.8001 91,156 144.5801 50.400 131 7,200 282,066 144,000 Total unrestricted funds 161.373 91,156 96.660 7,197 163,066 Total funds 357.086 1.028,604 1.117.264} 268,426 Transfers between funds Transfers are made from the general fund to cover deficiis on restrKled projects. Transfers are also made from restricted proJe¢ts to the general fvnd to reflecl their contribution to the defined benefit pension scheme liability.. A transfer has been made befvleen SAIL and the Fishing specialist funds. It was agreed by the funders to use sorne of SAIL'S underspend to enable the Fishing speal$t proJeGI lo be extended for 3 monihs. Purposès of rtstrictèd fund$ L8 Greenwich.. BureaLtx servi$ and debt servi5 The core services of Greenwth Citizens Advice Bureau, fvnded by the Royal Borough of GreenwKth 1£303.000). Citizens Advice.. Help to Claim The grant was for the runniry and staffing costs of the Univèrsal Cieilit Help lo Claim servicè. 27
GT9enwich Citizens Advice Bureaux Limited Notes to the Financial Statements For tho year ended 31 March 2021 Purpos•s of restricted funds lcontinuedl Big Lotlery.. Covid support A giant was awarded via the Coronavirvs Community Support Fund to enable the organisation to IncAease the capacity to provide advice to local people during the paNJemic. The carried forward ftlnds will be useil in ihe monlhs ofthe new finanaal year. Seafarers, Hospital Stscietyl The three funders joinlly wovide funds for the provi510n of a Greenwich Hospilall Seafarers UK.. telephone advice line for the relief ol seafarers and their families Seafarers, Advice & Information who are in need. The funds carned forward represent 3 months ol Line their share of the 2021 grant paid in advance by Seafarers UK plus an underspend of the whole granl, which will be used in the year followng the year under rewew. Seafarers, Hospital Societylseafarers UK". Fishing spec4alist caseworker Funds have been provided to cover the cost of a specialist fishing casewotker to to provide extra sUPPOrt for fishers and to raise awareness of the service am¢)rvJst the fishing industry. Purposes of designated funds Contractual commitments A SerVe lo ensuie that the organisation is able to covei wnlracted payments to staff suth a5 redundanry. provision of locum matemity cover, and the costs of any discilary andlor grievance procedures which may arise. Development Funds to allow the organisatn to undertake the development of new projects and areas ol work and to conduct full feasibility studies on the advisability of such prcyosals. Depreciation fund For the depatron of capilaI5ed assets. The balance ol the fund is equal lo the nel book value ol tangible fixed assets. 28
Greenwich Citizens Advlce Burèaux Limlttrd Notes to the Financial Statem8nts For the year ended 31 March 2021 16 Reconciliation of net income I (expenditure) to net cash flow ffom operating activities 2021 2020 Net in¢ome for the reporting period las per the statement of financial actlvltlès) Depreciation Ilncreasel in debtors IDecreaseifincrease in ueilitors 188.6601 1,680 19,8981 9,445 222.642 1,680 130.8901 74,924 Nel cash provided by I (used inl operating activities 106,3231 268.356 17 Analysis of cash and cash equivalents 2021 2020 Cash al bank and in hand 390,410 498.733 390,410 496,733 18 Operating lease commltments Total future minimum lease paymenls under non-cancellable operating leases are as follows.. Equipment 2021 2020 Less than 1 year 1 5 years 480 720 480 1,200 1,200 1.680 19 Legal Status of the charity The charity is a company limited by guarantee and has no share ¢xpilal. Each Member is liable lo conlribule a sum not exceeding £1 in the evenl of the charity being wound up. 20 Related party transactlons There are no related paty transactions lo disdose for 2021 12020.. ne1. 29
Groenwich Citiz•ns Advice Bureaux Limited Notes to the Financial Ststements For the year ended 31 March 2021 21 Previous reporting period information 21 a Analysis of net assets befvleen funds of previous reporting p•riod Unrestricted Designated Restricted funds fund5 Total fuiids Fund balances al 31 March 2020 are represented by Tangible fixed assets Current assets Current liabilities Defined benefit pension asset / IliatlitY) 1,680 25.000 1.680 550,713 194,5071 100.800 252.434 116.9411 100,800 273.279 177,5661 Total not assets at 31 March 2020 134.693 26,680 195,713 357,086 21 b Details of movements in funds during the previous reporting ptriod Incoming Outgoing Tosources resources & & gains Fosses At 1 April 2019 At31 Mar¢h 2020 Transfers Restricted funds RB Greenwith." BuauX servi¢e$ CitA Help to Cla RB Greenwch.. Debt ad¥i( seNi(s RB GreeTrwch oulrea¢h debt advi seryices 200.000 270.708 40,000 1178,0651 1267,9111 130.5371 12,3281 12,7971 11081 19,607 9.355 63,000 {51.837) 14601 10.703 Peabody Tw5t." Charfton Ttiangk debt service Toyllbee Hall. Capilalise Sealarer$' Hospitsl Sotyetyl GreenTrMch Hospilall SeafaTer5 UK." Seafaters, Advi & Information Lin8 3.000 117,874 13,0001 {116,6511 11,2231 11.254 477,694 {353,5661 135,382 SÈafarers VK." FL8hing spetsali51 ¢asewotker Fishmongers Company." Fishing reseatch ¥ilern 48,000 {27.3341 20,666 10.500 10.500 Totsl restrlcted funds 11,254 1,230.776 1,039,401 6,916 19S.713 Unrestricted funds De&gnèt6d Funds Contractual comrnilment Development Oeprecialion Fund 20,000 5.000 3.360 28,360 20.000 5,000 1,680 26,680 1,680 11.680} General funds Pension deficit fund 94.830 74,024 (41.077) 107.716 100,800 235,493 100,800 Total unrèstrictad funds 123,190 74,024 42,757 6,916 161,373 Total funds 134,444 1.304,800 1,082,158 3S7.086