2024-03-31-accounts

Greenwich Citizens Advice Bureaux Limited (a company limited by guarantee) Financial Statements For the year ended 31 March 2024 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 2024 Contents Reference and administrative details Report of the TnJ5tee Board Independent auditor'5 report 11 Statement of financial activities 14 Balance sheet 15 Statement of cash flows 16 Notes to the financial statements 17 Previous reporting period information 29

Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2024 REFERENCE AND ADMINIsfRATIVE DETAILS Trustees The following served as company directors and charity trustees during the year: Appointed Resigned Thomas Quinn Cindi Van Graan Marine Andre Sean Craddock Rachel Dabiri Craig Marsden Edward Walker Catherine Webster Chair Treasurer Chair as of 17.07.2024 14.03.2016 21.11.2022 17.05.2021 13.09.2023 08.11.2021 17.05.2021 28.03.2022 14.09.2020 17.07.2024 01.12.2023 13.06.2023 All members of the Trustee Board are members of the company and guarantee to contribute to its assets in the event of it being wound up such amounts as may be required not exceeding £1. The Trustees have no beneficial interest in the company and are not remunerated. Auditors Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG Goldwins were re-appointed as auditors at the AGM in November 2023. Bankers Unity Bank

Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2024 Report of the Trustee Board The Trustees present their Report and the Financial Statements for the year ended 31 March 2024. The legal and administrative information set out on page 11 forms 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. OBJEcfIvES AND AcfIviTIES 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 affett 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 effertive 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 2024 Artivities -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 work placements Community engagement and local partnerships Campaigning and influencing work STRucfuRE, 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 Association. The Trustee Board is responsible for its governance 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 suitsble candidate is interrfiewed by the Chair of the Board and the Chief Executive. If they are considered suitable, references will be taken 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 approximately 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 understanding of GC4B, going on any relevant courses, being shown the offices, meeting the staff and sitting in on advice sessions. There is a thorough induction prO￿sS in place. The Trust￿ Board currently meets six times a year. Meetings are attended by the Chief Executive, a minute-taker and a stsff representstive. 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 *tting 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 stsff 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.

Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2024 Statement on public benefit The section below covering the achievements and performance 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 Att 2011 to have due regard to public benefit guidance published by the Commission in determining the activities undertaken by the charity. In the interest of transparency, the Trust&s make the following observations 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 activities continue to be related to the aims. Benefits must be balanced against any detriment or harm 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 restrictions; or by the ability to pay any f￿S charged. People in poverty must not be excluded from the opportunity to benefit charity's serdices are provided free to beneficiaries. the Any private benefits must be incidentsl 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-produrt of carrying out the charity's aims.

Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2024 ACHIEVEMENTS AND PERFORMANCE IN THE YEAR 2023-24 In the year 2023-24 GCAB 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 debt, preventing homelessness, promoting equality and challenging discrimination. In 2023-24 GCAB delivered advice to 3,521 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 11,428 new issues. £3.2 million in financial outcomes was identified for our clients. This figure includes debt write-offs, benefit and tsx credit entitlement (calculated over one year) and lump sums, and charitable grants. 228 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 Survey, an annual "Leadership Survey" monitoring of client satisfaction and an audit every thr￿ years. GCAB has met all required standards and provides high quality advice services. The services delivered in The Royal Borough of Greenwich are generalist and debt advice services for people living in the Borough, funded by The Royal Borough of Greenwich. During 2023-24 services were provided remotely, primariliy by telephone, due to the relocation of the service from the Old Town Hall office to new premises we have yet to move into. However, in 2023-24 we increased the amount of face-to-face advice that we do at outreach venues across the borough. In this financial year the lease on the Old Town Hall has been surrended and The Royal Borough of Greenwich are renovating Cambridge Barracks for our use and we expect to occupy and deliver face to fa￿ services from there in 2024-25. We are looking forward to having new offices as a base for staff and volunteers and as a place to deliver face-to-face advice to local people. In 2023-24 GCAB was funded by The Royal Borough of Greenwich to provide a generalist advice service and an unrestricted debt service to people in the borough. GCAB was also funded by The Royal Borough of Greenwich to provide a debt advice service with the aim of preventing homelessness. GCAB has secured funding from The Royal Borough of Greenwich for four years from April 2023 to provide generalist and debt *rvices for people in the Royal Borough of Greenwich. GCAB are part of the Greenwich Outreach Advice Hubs project, funded by Greenwich Council. This is a partnership project which stsrted in April 2022 and has now completed its second year, providing advice and support at outreach venues across the Borough.

Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2024 GCAB has a contrart with We are Digital to provide debt and money management services to L&Q tenants through the "Pound Advice" project. GCAB also receives funding from Peabody for an advice service for their residents in Charlton. In September 2022, GCAB began delivering a Crisis Support Projert funded by the GLA. This is a pan-London service delivered by the informal partnership of Local Citizens Advice services in London and led by Royal Courts of Justice (RCJ) Citizens Advice. Funding continued thorughout the year 2023124 and GCAB will continue the project for another year into 2024125. GCAB runs the The Seafarers, Advice & Information 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 advice line, although letter and e-mail advice are also given. SAIL advisers provide an in-depth casework service 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, The Seafarers, Charity and Gr￿nWiCh Hospital and GCAB very much appreciates their support. All at GCAB greatly appreciate the continued financial support of the Royal Borough of Greenwich, the Seafarers Hospital Society, The Seafarers, Charity, Greenwich Hospitsl, Peabody, We Are Digital/L&Q, GLA, Citizens Advice 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 maintsin and develop our *rvice over the coming year. Plans for Future Periods The GCAB Business Plan for 2023 - 2026 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 Business Plan is reviewed annually. The GCAB Business Plan ststes our mission, objertives and attivities as set out above. In 2024-25 we will prioritise developing all advice serrfices to meet demand for advice, which we anticipate will be great due to the current cost of living situation. This will include delivering the highest quality advice services and meeting all targets; developing a wide base of volunteers through our Volunteer Development Project and setting up expanded face-to-face advice services once we occupy the newly refurbished Cambridge Barracks.

Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2024 FINANCIAL REVIEW Risk Assessment The Trustees keep all major risks to the organisation under review. We have a formal risk assessment process in place, the outcomes of which are reported 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 detsil: Finance Governance Management Service Delivery Social policy (Research and Campaigning) Stskeholder relationships Engagement with the wider service IT/systems Premises Information Assurance The risk assessment includes: Identification of risks in each of the categories listed above Assessment of gross risk A statement to show the controls in place to mitigate the risk Assessment of net risk after mitigation Action to be taken to decrease the risk. Reserves Policy Resenies are held to help the charity operate effectively. The GCAB Trustee Board keeps the reserves policy and the level of reserves 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 reserves policy the GCAB Trust￿ 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 reserve levels rise significantly above tsrget 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 tsrget, consider whether this is due to short-term circumstance or longer term reasons which might trigger a broader review of finances and reserves. regard the ongoing review of the reserves level, target and policy as part of managing the charity;

Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2024 ensure the reserves policy continues to be relevant as the charity develops or changes its strategy and activities. review the statement on reserves in the trustees, annual report where there have been significant changes in the reserves polic/ or level of reserves held. In this way the Trustees are aware of the build up of excess reserves or of resenies being unexpertedly or rapidly depleted. The GCAB Trustee Board has approved a reserves 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 reserves 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 months, operating expenditure or £IOO,000, whichever is the greater. This /eve/ of rese/ves is deemed to be an achievable target. Designated reserves In addition, unrestricted funds have been designated for the following purposes: Contrartual commitment reserve - a reserve to ensure that the organisation is able to cover contrattedpayments to staffsuch as redundancy, pmvision of/ocum maternity cover, and the costs of any disciplinary and/or gnevance procedures which may arise. At least £20,000 is agreed as a target. Developmentreserve - a reserve to allow the organisatson to undertake the development of new projetts and areas of work and to condutt fu// feasibility studies on the advisability of such proposa/s. At least £5, 000 recommended. Restricted 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.

Greenwich Citizens Advice Bureaux Limited For the year ended 31 March 2024 Financial Position and Available Funds The statement of financial artivities shows a total surplus for the year of £20,988 (2023: a deficit of £46,706). Reserves at 31 March 2024 were £141,577 (2023: £140,857) of unrestricted reser￿eS and £71,089 (2023: £50,821) of restricted funds required to finance ongoing restricted funded programmes and activities. Included in restricted funds are underspent grants which have b￿n agreed to carry forward for ongoing projects. TRUSTEES. RESPONSIBILrrIES 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 preparing those Financial Statements the Trustees are required to: select suitable accounting policies and then apply them consistently; 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 disclosed 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 detettion of fraud and other irregularities Approved by the Trustee Board on 18th September 2024 and signed on its behalf by Marine Andro (Sop 26, 2024 20..57 GMT+ll Marine Andre Chair 10

Independent auditors, report to the members of Greenwich Citizens Advice Bureaux Limited Opinion We have audited the financial statements of Greenwich Citizens Advice Bureaux Limited for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and the related notes. 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 Accounling Practice). Opinion on financial statements In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its income and expenditure for the year then ended: have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practi￿. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan￿ with Intemational Standards on Auditing (UK) (ISAS (UKI) 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. Conclusions relating to going concern In auditing the financial stalements. we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, 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 directors with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assuran conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infomiation. 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. 11

Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees. report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and the trustees, report (incorporating the directors, report) have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or retums 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 retums., or certain disclosures of trustees. remuneration specified by law are not made" or we have not re￿iVed all the information and explanations we require for our audit. Responsibilities of the trustees As explained more fully in the Trustees, Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and for such intemal control as they 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 concem basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran￿ 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 Influen￿ the economic decisions of users tsken on the basis of these financial statements. Irregularities. including fraud. are InStan￿S of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. 12

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. our prO￿dureS included the following= We enquired of management. which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with govemance. We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. In addressing the risk of fraud through management override of controls, we tested the appropriateness of joumal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the nomial course of business. Because of the inherent limitations of an audit. there is a risk that we will not delect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at- [Www.frc.org.u￿audit0rsreSponSibIlit1eSl. This descriplion forms part of our auditorfs 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 Companies Act 2006. Our audit work has been undertaken so that we might state to the charity'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 pennitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report. or for the opinions we have fomied. Date: 30 September 2024 Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG 13

Greenwich Citizens Advice Bureaux Limited Statement of Financial Activities (incorporating an income and expenditure account) For the year ended 31 March 2024 2024 Total Funds 2023 Total Funds Unrestricted Funds Restricted Funds Income from Donations Charitable activities Generalist and debt advi￿ services Outreach & specialist advice services Seafarers advice & information line Other 50 2,215 11,940 2,500 369,000 133.333 446,343 380,940 135,833 446,343 193,975 192,561 424,428 29,327 Total income 14.490 948,676 963,166 842,506 Expenditure on Charitable activities Generalist and debt advice services Outreach & specialist advice seryices Seafarers advi￿ & information line 9.475 2,739 8.056 327,448 136,678 457,782 336,923 139,417 465,838 287,885 181,464 419,863 Total expenditure 20.270 921,908 942,178 889,212 Net (expenditure)lincome for the year before transfers (5.780) 26,768 20,988 (46,706) Transfer Between Funds 15 6.500 (6,500) Net incomel(expenditure) before other recognised gainsl(losses) 720 20,268 20,988 (46,706) Net movements in funds 720 20,268 20,988 (46,706) Reconciliation of funds Total funds brought forward 140.857 50,821 191,678 238,384 Total funds carried forward 141.577 71,089 212,666 191,678 The Statement of Financial Activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities. 14

Greenwich Citizens Advice Bureaux Limited Balance Sheet As at 31 March 2024 2024 2023 Fixed assets Tangible assets 10 Current assets Debtors Cash at bank and in hand 6,727 332,045 44,349 284,958 17 338,TT2 329,307 Liabilities Creditors: amounts falling due Nmthin one year 12 9,106 11,629) Net current assets 329.666 317,678 Net assets excluding pension liability 329.666 317,678 Defined benefit pension scheme liability 117.000 126,000 Total net assets 212,666 191,678 The funds of the charity Restricted funds Unrestricted funds: Designated funds General funds Pension deficit fund 15 71.089 50,821 25,000 233,577 (117,000) 25,000 241,857 (126,000) Total unrestricted funds 141.577 140,857 Total funds 212,666 191,678 These financial statements have been prepared in accordan￿ with the provisions applicable to companies subject to the small companies. regime within Part 15 of the Companies Act 2006. In the opinion of the trustees, the Company is entitled to these exemptions as a small company. The financial statements were approved by the Board of Trustees on 18 September. 2024 and signed on their behalf by: Ciiidi Marine And re (Sep 26, 2024 20:57 GMT+ll Marine Andre Chair Cind i Va n Gr33 n Isep 26, 2024 14=21 GMT+ii Cindy Van Graan Treasurer Company Registration No.3346379 The attached notes form part of the financial statements. 15

Greenwich Citizens Advice Bureaux Limited Statement of cash flows For the year ended 31 March 2024 Note 2024 2023 Net cash provided by l (used in) operating activities 16 47,087 (86.303) Change in cash and cash equivalents in the year 47,087 (86.303) Cash and cash equivalents at the beginning of the year 284,958 371,261 Cash and cash equivalents at the end of the year 17 332,045 284,958 16

Greenwich Citizens Advice Bureaux Limited Notes to the Financial Statements For the year ended 31 March 2024 1 Accounting policies a Basis of preparation of financial statements The financial statements have been prepared in accordan￿ with 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 2015) - (Charities SORP FRS 102) and the Companies Act 2006. The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othe￿iSe stated in the relevant accounting policy or note. b Going concern The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concem. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. Income Income is recognised when the charity has entitlement lo the funds, any performan￿ conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants, whether'capital, grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performan￿ conditions attached to the grants have been met. it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met. d Donations of gifts, services and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees. annual report for more information about their contribution. On receipt, donated gifts. professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain ServI￿S or facilities of equivalent economic benefit on the open market. a corresponding amount is then recognised in expenditure in the period of receipt. e Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is normally upon notification of the interest paid or payable by the bank. 17

Greenwich Citizens Advice Bureaux Limited Notes to the Financial Statements For the year ended 31 March 2024 1 Accounting policies {continued) 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 the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. g Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings= Costs of raising funds comprise of trading costs and the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it. as well as the cost of any activities with a fundraising purpose. Expenditure on charitable activities includes the costs of delivering services and other activities undertaken to further the purposes of the charity and their associated support costs. Where costs cannot be directly attributed. they have been allocated to activities on a basis consistent with their use of resources. Premises costs by desk Spa￿ as follows: Generalist & debt advice services 63.8 % Outreach & specialist advice servicE Seafarers, advice & infomiation line Governance Support costs 5.3/ 0.4° Other costs of administration are allocated on a per capits basis as follows: Generalist & debt advi￿ services 34.9 % Outreach & specialist advice servicE 16.4% Seafarers, advice & infomiation line Governance Support costs 0.2/ Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. h Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs comprise the salary and overhead costs of the central function. Govemance costs are the costs associated with the govemance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity's activities. Support and g0Veman￿ costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity Generalist & debt advi￿ services Outreach & specialist advice ServI￿S Seafarers, advice & infomiation line 16.5% 18

Greenwich Citizens Advice Bureaux Limited Notes to the Financial Statements For the year ended 31 March 2024 1 Accounting policies {continued) i Operating leases Rental charges are charged on a straight line basis over the temi of the lease. j Tangible fixed assets Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: Computer and Offi￿ equipment Fixtures and fittings 330/0 Straight line basis 33 % straight line basis k Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid. I Cash at bank and in hand Cash at bank and cash in hand includes cash and short temi highly 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 provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. n Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Pension funds The charitable company operated a defined contribution scheme which was a funded scheme 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 previous scheme. Stakeholder pension arrangements were also in place for employees not in the NACAB scheme. From July 2016. the charitable company replaced these pension schemes with an auto enrolment pension scheme offered to all employees to which they make contributions unless they choose to opt out. The pension cost charge represents contributions payable by the charitable company to the scheme. The charitable company has no liability under the scheme other than for the payment of those contributions. 19

Greenwich Citizens Advice Bureaux Limited Notes to the Financial Statements For the year ended 31 March 2024 2 Income from donations 2024 Total 2023 Total Unrestricted Restricted Donations 50 50 2.215 Total income from donations 2024 50 50 2.215 Total income from donations 2023 2.215 3 Income from charitable activities 2024 Total 2023 Total Unrestricted Restricted Generalist & debt advice services Bureaux staff & running costs {RB Greenwich) Corporate volunteer (CitA) Advice delivery (CitA) Help to Claim {CitA) Fees 369,000 369,000 2,000 240,000 2.000 15.000 (73,135) 12.110 9.940 9.940 Total bureau services 2024 11.940 369,000 380,940 193,975 Total bureau ServI￿S 2023 12,110 181,865 Outreach & specialist advice services Advice outreach pilot (RB Greenwich) Cost of living advice (GLAIRCJ) Outreach money advice service (Peabody) Outreach money advice Servi￿ (RB Greenwich) Debt advice Servi￿ (University of Greenwich) 95.000 34.333 4.000 95,000 36.833 4,000 62,500 26,667 4.000 63,000 36,394 2,500 Total debt advice services 2024 2,500 133,333 135,833 192,561 Total debt advice services 2023 36,394 156,167 Seafarers. advice & infonnation line Seafarers Hospital Society The Seafarers, Charity Greenwich Hospital Royal NavylRoyal Marines PR {Greenwich Hospital 147,603 141,870 156,870 147,603 141,870 156,870 143,614 121,535 143,615 15,664 Total seafarers. advice & inforniation line 2024 446,343 446,343 424,428 Total seafarers, advice & infonnation line 2023 424,428 Total income from charitable activities 2024 14.440 948,676 963,116 810,964 Total income from charitable activities 2023 48,504 762,460 20

Greenwich Citizens Advice Bureaux Limited Notes to the Financial Statements For the year ended 31 March 2024 4 Other income 2024 Total 2023 Total Unrestricted Restricted Compensation 29,327 Total other income 2024 29,327 Total other income 2023 29,327 21

0￿0 mLn￿￿(N CD¢J)OO a)LnrCWirir 10 (4 r ¢y e4J sr In rD ¢0 fD 0￿(￿ OfD W)(3)￿r￿ Lr)o CN (F) CD U)rt ) o¢0 CD O￿a)Lr) ¢X) o ¢0 (D O)LncD Lr) o) C tn£ a> iiO>(iCÉOti(L_

Greenwich Citizens Advice Bureaux Limited Notes to the Financial Statements For the year ended 31 March 2024 Net (expenditure)lincome for the year before transfers This is stated after chargingl(crediting): 2024 2023 Operating lease rentals: Equipment Auditor's remuneration (excluding VAT) Audit fees Under accrual in prior year 240 3,562 270 3.230 83 7 Analysis of staff costs. trustee remuneration and expenses. and the cost of key management personnel staff costs were as follows: 2024 2023 Salaries and wages Social security costs Employer's contribution to defined contribution pension schemes 736,681 66,249 15,782 680,315 64,202 12.822 818,712 757,339 No employee eamed greater than £60,000 during the year (2023: nil). The total employee benefits including employer National Insurance and pension contributions of the key management personnel were £162.161 (2023.. £163.461). The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023= £nil) neither were they reimbursed expenses during the year {2023.. £nil). No charity trustee received payment for professional or other services supplied to the charity (2023= £nil). 8 Staff numbers The average number of employees (head count based on number of staff employed) during the year was 21.3 (2023: 21.2). The average number of employees (full time equivalent) during the year was as follows: 2024 No 2023 No Generalist and debt advice services Outreach & specialist advice ServI￿S Seafarers, Advice and Information Line Support and governance 10.0 20.7 20.2 23

Greenwich Citizens Advice Bureaux Limited Notes to the Financial Statements For the year ended 31 March 2024 9 Taxation Greenwich Citizens Advice Bureaux Ltd is exempt from corporation tax liability as all its income is charitable and is applied for charitable purposes. 10 Tangible fixed assets Computer & office equipment Fixtures & fittings Total Cost At 1 April 2023 Disposals 7,560 2,678 (2.678) 10,238 (2.678) At 31 March 2024 7,560 7.560 Depreciation At 1 April 2023 Disposals 7,560 2,678 (2.678) 10,238 (2.678) At 31 March 2024 7.560 7.560 Net book value At 31 March 2023 At 31 March 2024 All of the above assets are used for charitable purposes. 11 Debtors 2024 2023 Trade debtors Other debtors Prepayments 1,892 1,687 3,148 39,214 3,379 1.756 6,727 44,349 12 Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals Other creditors 4,580 4,274 252 4,491 3.876 3,262 9,106 11,629 24

Greenwich Citizens Advice Bureaux Limited Notes to the Financial Statements For the year ended 31 March 2024 13 Pension scheme Citizens Advice ('the Principal Employerf) operates a defined benefit scheme ('the Plan,) in the UK which provides both pensions in retirement and death benefits to members. Pension benefits are related to the members, final salaries at retirement and their length of service at the date they retired or left pensionable servi￿. The Plan closed to future accrual on 31 March 2008. The Plan also contains some money purchase AVCS and protected rights funds. which are not included in these disclosures. In accordance with the schedule of contributions agreed by the Employer and Trustee in August 2023, the contributions to the Plan for the year ending 31 March 2024 have been £5,218,000, which includes £4,918,000 towards the deficit and £300,000 as an allowance for administration expenses and all scheme levies. The Plan is a registered scheme under UK legislation. The Plan is subject to the scheme funding requirements outlined in UK legislation. The Plan is governed by the Plan's Trust Deed and Rules dated 4 April 2011. The Trustee is responsible for the operation and the govemance of the Plan. including making decisions regarding the Plan's funding investment strategy (although they are required to consult the Principal Employer). An actuarial valuation of the Plan was carried out as at 31 March 2024 by a qualified independent actuary, based upon membership data as at 31 March 2022, allowing for assumed membership movements over the period from this date, and any material membership movements significantly different from those assumed (e.g. transfers out). The most recent fomial actuarial valuation of the Plan was as at 31 March 2022 and revealed a funding deficit of £53,536,000. In the recovery plan agreed following the valuation, the Principal Employer and other participating employers agreed to pay deficit reduction contributions of £2,918,000 per annum with the view to eliminating the deficit by 30 September 2040. The liabilities of the Plan are based on the current value of expected benefit payment cashflows to members of the Plan over the next 60 or more years. The average duration of the liabilities is approximately 11 years. The Plan is exposed to actuarial risks such as market (investment) risk, interest rate risk, inflation risk. currency risk and longevity risk. 14 Analysis of net assets between funds Unrestricted funds Designated funds Restricted funds Total funds Fund balances at 31 March 2024 are represented by: Current assets Current liabilities Defined benefit pension liability 239.758 (6,181) (117.000) 25,000 74.014 (2,925) 338,772 (9,106) (117,000) Total net assets at 31 March 2024 116,577 25,000 71,089 212,666 25

Greenwich Citizens Advice Bureaux Limited Notes to the Financial Statements For the year ended 31 March 2024 15 Movements in funds At 1 April Income and Expenditure 2023 gains and losses At 31 March 2024 Transfers Restricted funds RB Greenwich: Bureaux services CitA Advi￿ delivery RB Greenwich: Outreach advice services GLAJRJC Crisis support Mosaic Family Homes: Charlton Triangle debt service Seafarers, Advice & Information Line -The Seafarers. Hospital Society -The Seafarers, Charity -Greenwich Hospital Greenwich Hospital Royal NavylRoyal Marines PR 369.000 (312,448) (15,000) (6,003) 50,549 15,000 95.000 34,333 (93,490) (39,188) (392) 2,466 1,118 (3,634) (1,245) 4.000 (4,000) 9,268 17,639 (4,494) 147.604 141.869 156.870 (150,126) (150,126) (150,126) (857) {857) (857) 5,889 8,525 1,393 14,653 (7,404) 7,249 Total restricted funds 50.821 948,676 (921.908) (6,500) 71,089 Unrestricted funds Designated Funds Contractual commitment Development 20,000 5,000 25.000 20,000 5,000 25,000 General funds Pension deficit fund 241,857 (126.000) 14.490 (20,270) (2,500) 9.000 233,577 (117,000) Total unrestricted funds 140,857 14,490 {20,270) 6,500 141,577 Total funds 191,678 963,166 (942,178) 212,666 Transfers between funds Transfers are made from restricted projects to the general fund to reflect their contribution to the defined benefit pension scheme liability.. Transfers are also made from unrestricted funds to restricted funds of unrestricted income generated by projects. Purposes of restricted funds RB Greenwich: Bureaux services and debt services The core services of Greenwich Citizens Advice Bureau. funded by the Royal Borough of Greenwich (£369,000). Citizens Advi￿. Advi￿ support A grant was awarded by the funder from funds raised by the Guardian Christmas Appeal. The funds have been fully spent on staffing in the year under review. 26

Greenwich Citizens Advice Bureaux Limited Notes to the Financial Statements For the year ended 31 March 2024 Purposes of restricted funds (continued) RB Greenwich: Outreach advice The Royal Borough of Greenwich has funded the roll-out of advice hubs across the borough to offer residents free advice at weekly drop in sessions. To run the scheme, Greenwich Citizens Advice Bureaux is partnered by Greenwich Housing Rights and Plumstead Community Law Centre. GLAIRCJ Citizens Advice: Crisis support The Greater London Authority has made funds available via the lead partner. the Royal Courts of Justice Citizens Advice, for the delivery of information, advice and other support to extend outreach. using a mix of channels (telephone. remote, face to face, outreach) as part of the of the cost of living crisis prevention project for vulnerable Londoners. The grant has been extended for another year. Seafarers, Hospital Societyl The three funders jointly provide funds for the provision of a Greenwich Hospital￿he Seafarers. telephone advice line for the relief of seafarers and their families Charity: Seafarers, Advice & who are in need. Tthe funders have agreed to the funds being Information Line carried forward to use in the year following the year under review. Seafarers, Hospital Society and the Seafarers Charity have recouped part of the underspend within the year under review.. Greenwich Hospital.. Royal NavylRoyal Marines publicity Greenwich Hospital has set aside part of the its contribution to the SAIL grant to undertake comms and publicity to raise awareness of SAIL. specifically to the Royal Navy and Royal Marine communities. Purposes of designated funds Contractual commitments A reserve to ensure that the organisation is able to cover contracted payments to stsff such as redundancy, provision of locum maternity cover, and the costs of any disciplinary andlor grievance procedures which may arise. Development Funds to allow the organisation to undertake the development of new projects and areas of work and to conduct full feasibility studies on the advisability of such proposals. 16 Reconciliation of net income l (expenditure) to net cash flow from operating activities 2024 2023 Net income for the reporting period (as per the statement of financial activities) Decrease in debtors (Decrease) in creditors 20,988 37,622 {11,523) (46,706) 38,929 (78,526) Net cash provided by l (used in) operating activities 47,087 (86,303) 27

Greenwich Citizens Advice Bureaux Limited Notes to the Financial Statements For the year ended 31 March 2024 17 Analysis of cash and cash equivalents 2024 2023 Cash at bank and in hand 332,045 284,958 332,045 284,958 18 Operating lease commitments Total future minimum lease payments under non-cancellable operating leases are as follows: Equipment 2024 2023 Less than 1 year 240 240 19 Legal status of the charity The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up. 20 Related party transactions There are no related party transactions to disclose for 2024 (2023.. none). There are no donations from related parties which are outside the nomial course of business and no restricted donations from related parties. 28

Greenwich Citizens Advice Bureaux Limited Notes to the Financial Statements For the year ended 31 March 2024 21 Previous reporting period inforniation 21a Analysis of net assets between funds of previous reporting period Unrestricted Designated funds funds Restricted funds Total funds Fund balances at 31 March 2023 are represented by: Current assets Current liabilities Defined benefit pension liability 251,189 (9.332) (126,000) 25,000 53,118 (2,297) 329.307 (11,629) (126.000) Total net assets at 31 March 2023 115,857 25,000 50,821 191,678 21 b Details of movements in funds during the previous reporting period At 1 April 2022 Income and gains Expenditure and losses At31 March 2023 Transfers Restricted funds RB Greenwich.. Bureaux services CitA Advi￿ delivery CitA Help to Claim RB Greenwich Outreach advice GLAJRJC CitA Crisis support RB Greenwich.. Debt advice seNices SeNi￿S Mosaic Family Homes: Chadton Triangle debt servi Seafarers, Advice & Infomialion Line -The Seafarers. Hospital Society -The Seafarers. Charity -Greenwich Hospital Fishing specialist -The Seafarers. Hospital Society -The Seafarers. Charity Greenwich Hospital Royal NavylRoyal Marines PR 200,000 15,000 {73,135) 62,500 26,667 40,000 63,000 (199,657) (343) 15.000 73.135 (73,926) (27,472) (46,565> (72,706) 11.426 (440) 6,565 9.706 (1,245) 4,000 (4,000) 2,870 11,241 11.241 143,614 143,615 121,535 (137,270) (137,271) (137,270) 54 54 9,268 17,639 {4,494) (54) (54) 15,664 (1,011) 14.653 Total restricted funds 98.595 762,460 (837,148) 26,914 50,821 Unrestricted funds Designated Funds Contractual commitment Development 20,000 5.000 25,000 249.789 (135.000) 20,000 5,000 25,000 241,857 {126,000) General funds Pension deficit fund 80,046 (52,064) (35,914) 9,000 Total unrestricted funds 139,789 80.046 {52.064) (26,914 140,857 Total funds 238,384 842,506 (889,212) 191,678 29

GCABX financial statements 2024 (2) Final Audit Report 2024-09-26 Created.. 2024-09-26 Cindi Van Graan l(indi.vangraan@(2rbonlawpartners.c(Mnl Stalus.. Signed Transaction ID.. CBJCHBCAABMry14FfqCxbnZDV&lGjeblxBZMtNWd1Uw "GCABX financial statements 2024 (2)" History Document created by Cindi Van Graan ([e-mail]) 2024-09-26- 13.'16.'24 GMT Document emailed to Cindi Van Graan {[e-mail]) for signature 2024-09-26- 13.'16.'30 GMT * Document emailed to Marine Andre {[e-mail]) for signature 2024-09-26- 13.'16.'30 GMT Email viewed by Cindi Van Graan {[e-mail]) 2024-09-26- 13.17.24 GMT Document e-signed by Cindi Van Graan ([e-mail]) Signature Date= 2024-09-26- 13..21=16 GMT- Time Source= server Email viewed by Marine Andre {[e-mail]) 2024-09-26- 19.'57..13 GMT Document e-signed by Marine Andre ([e-mail]) Signature Dale= 2024-09-26- 19.'57=42 GMT- Time Source.. server Agreement completed. 2024-09-26- 19.'57.'42 GMT Adobe Acrobat Sign