Citizens Advice Greenwich Ltd (a company limited by guarantee) Financial Statements For the year ended 31 March 2025 Company No. 03346379 (England and Wales) Charity No. 1064404
Citizens Advice Greenwich Ltd Index to the Financial Statements For the year ended 31 March 2025 Contents Reference and administrative details Report of the Trustee Board Independent auditor's report Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements Previous reporting period information 2 3 11 14 15 16 17 28 1
Citizens Advice Greenwich Ltd For the year ended 31 March 2025 REFERENCE AND ADMINISTRATIVE DETAILS Trustees The following served as company directors and charity trustees during the year: Appointed Resigned Sean Craddock Andriy Voshchevskyy Cindi Van Graan Marine Andre Rachel Dabiri Alex Jones Amanda Stone Edward Walker Chair Vice Chair Treasurer 13.09.2023 25.01.2023 21.11.2022 17.05.2021 06.01.2025 08.11.2021 27.01.2025 27.01.2025 28.03.2022 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 2024. Bankers Unity Bank 2
Citizens Advice Greenwich Ltd For the year ended 31 March 2025 Report of the Trustee Board The Trustees present their Report and the Financial Statements for the year ended 31 March 2025. 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. 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 [1] 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 dependants in the UK. Objective [2] To create Social Value for the community of local people and for seafarers and their dependants 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. 3
Citizens Advice Greenwich Ltd For the year ended 31 March 2025 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 work placements - Community engagement and local partnerships - Campaigning and influencing work STRUCTURE, GOVERNANCE AND MANAGEMENT Citizens Advice Greenwich Ltd (CAG) is a registered charity and a company limited by guarantee, governed by its Memorandum and Articles of Association. At the AGM on 27th January 2025 the Trustee Board agreed to change the organisation's name from Greenwich Citizens Advice Bureaux Ltd to Citizens Advice Greenwich Ltd (CAG). 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 suitable candidate is interviewed 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 CAG, 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 five 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. 4
Citizens Advice Greenwich Ltd For the year ended 31 March 2025 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 Act 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 Trustees make the following observations on the two key principles of public benefit: Principle 1: 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 - no specific issues of detriment or harm have been identified. 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 fees charged. - People in poverty must not be excluded from the opportunity to benefit - the charity's services are provided free to beneficiaries. - 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. 5
Citizens Advice Greenwich Ltd For the year ended 31 March 2025 ACHIEVEMENTS AND PERFORMANCE IN THE YEAR 2024-25 In the year 2024-25 CAG provided high quality advice services to people in the Royal Borough of Greenwich and to seafarers and their families across the United Kingdom. CAG advice services benefit the local community and seafarers and their dependants in many ways including tackling poverty, reducing debt, preventing homelessness, promoting equality and challenging discrimination. In 2024-25 CAG delivered advice to 2,518 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 10,000 issues. £1.9 million in financial outcomes was identified for our clients. This figure includes debt write-offs, benefit and tax credit entitlement (calculated over one year) and lump sums and charitable grants. 359 cases of homelessness were prevented. As a member of the National Citizens Advice Service for England and Wales, CAG 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 three years. CAG 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. There is also a volunteer adviser training programme. The core generalist and debt advice service is funded by The Royal Borough of Greenwich (RBG). RBG also fund the volunteer training and development programme. RBG and The Big Lottery/Clockhouse provide funding for the Hubs outreach advice service. The Advising London Partnership is funded by the GLA and is run by the Citizens Advice London consortium. CAG has an adviser providing outreach advice as part of this collaboration. In 2024, CAG received funding from SE London MIND to deliver housing advice as part of a partnership project in Greenwich for people with mental health issues. The project is working well and we have funding for another year. CAG has a contract with We are Digital to provide debt and money management services to L&Q tenants through the Pound Advice project. In addition, Peabody provides funding for a debt advice outreach session in Charlton. CAG 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 is 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. 6
Citizens Advice Greenwich Ltd For the year ended 31 March 2025 SAIL is funded by Seafarers Hospital Society, The Seafarers' Charity and Greenwich Hospital and CAG very much appreciates their support. All at CAG greatly appreciate the continued financial support of the Royal Borough of Greenwich, the Seafarers Hospital Society, The Seafarers' Charity, Greenwich Hospital, Peabody, We are Digital/L&Q, The Big Lottery, Clockhouse, GLA, SE London MIND, Citizens Advice and all of our other funders and supporters. CAG continues to progress positively and we shall try to meet the needs of seafarers and their dependants 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 CAG Strategic Plan for 2025-28 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 CAG Strategic Plan is reviewed annually. The CAG Strategic Plan states our mission, objectives and activities as set out above. In 2025-28 we will prioritise developing all advice services to meet demand for advice, which we anticate will be great due to the continuing cost of living situation and housing issues across the country. We will aim to secure funding to increase advice capacity at SAIL and for the Greenwich Services. 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 detail: - Finance - Governance Management - Service Delivery - Social policy (Research and Campaigning) - Stakeholder relationships - Engagement with the wider service IT/systems Premises - Information Assurance 7
Citizens Advice Greenwich Ltd For the year ended 31 March 2025 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. The risk assessment is reviewed at each Board meeting under confidential business. The Chair, Board and CEO are currently working to improve the Risk Assessment process to make it as user-friendly and effective as possible. Reserves Policy Reserves are held to help the charity operate effectively. The CAG 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 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 reserve 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 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; - 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 policy or level of reserves held. In this way the Trustees are aware of the build up of excess reserves or of reserves being unexpectedly or rapidly depleted. The CAG 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 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. 8
Citizens Advice Greenwich Ltd For the year ended 31 March 2025 There are now no designated reserves, but minimum unrestricted funds have been set as follows: - Continuation of operation - The trustees consider that it would be prudent to aim to set aside an amount equivalent to one month's operating expenditure or £100,000, whichever is the greater. This level of reserves is deemed to be an achievable target. - Contractual commitment reserve - a reserve to ensure that the organisation is able to cover contracted payments to staff such as redundancy, provision of locum maternity cover, and the costs of any disciplinary and/or grievance procedures which may arise. At least £20,000 is agreed as a target. - Development reserve - a reserve 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. At least E5,000 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. Financial Position and Available Funds The statement of financial activities shows a total deficit for the year of £17,052 (2024: a surplus of E20,988). Reserves at 31 March 2025 were £113,316 (2024: £141,577) of unrestricted reserves and E81,848 (2024: E71,089) of restricted funds required to finance ongoing restricted funded programmes and activities. Included in restricted funds are underspent grants which have been agreed to carry forward for ongoing projects 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 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. 9
Citizens Advice Greenwich Ltd For the year ended 31 March 2025 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 Approved by the Trustee Board on 8 September 2025 and signed on its behalf by paR Sean Craddock Chair 10
Independent Auditor's Report To the members of Citizens Advice Greenwich Ltd Opinion We have audited the financial statements of Citizens Advice Greenwich Ltd for the year ended 31 March 2025 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 Accounting 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 2025 and of its income and expenditure for the year then ended: • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the 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 assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work 11
Independent Auditor's Report To the members of Citizens Advice Greenwich Ltd 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. 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) has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the 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 returns adequate for our audit have not been received from branches not visited by us; or • the financial statements are not in agreement with the accounting records and returns; or • certain disclosures of trustees' remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit. Responsibilities of 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 internal 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 concern 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 assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material 12
Independent Auditor's Report To the members of Citizens Advice Greenwich Ltd misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: • We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to: • identifying, evaluating, and complying with laws and regulations and whether • Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; • 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 governance. • We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. • We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. • We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. • In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal 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 normal course of business. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor's 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 permitted 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 formed. Anthony Epton Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG Date: 16 September 2025 13
Citizens Advice Greenwich Limited Statement of Financial Activities (incorporating an income and expenditure account) For the year ended 31 March 2025 Income from Donations Charitable activities Generalist and debt advice services Outreach & specialist advice services Seafarers advice & information line Total income Expenditure on Charitable activities Generalist and debt advice services Outreach & specialist advice services Seafarers advice & information line Total expenditure Net (expenditure)/income for the year before transfers Transfer Between Funds Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward Unrestricted Funds Notes 2 3 20 4,694 600 - - 5,314 5 - 15,606 4,476 10,896 30,978 15 (25,664) (2,597) (28,261) - 141,577 113,316 Restricted Funds - 369,000 167,107 448,908 985,015 340,045 177,935 458,873 976,853 8,162 2,597 10,759 71,089 81,848 2025 Total Funds € 20 373,694 167,707 448,908 990,329 355,651 182,411 469,769 1,007,831 (17,502) (17,502) 212,666 195,164 2024 Total Funds 50 380,940 135,833 446,343 963,166 336,923 139,417 465,838 942,178 20,988 20,988 191,678 212,666 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
Citizens Advice Greenwich Ltd Balance Sheet As at 31 March 2025 2025 2024 Notes Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 10 11 17 37,821 522,644 560,465 Liabilities Creditors: amounts falling due within one year 12 (257,301) Net current assets Net assets excluding pension liability Defined benefit pension scheme liability Total net assets The funds of the charity Restricted funds Unrestricted funds: Designated funds General funds Pension deficit fund 15 221,316 (108,000) Total unrestricted funds Total funds - 303,164 303,164 (108,000) 195,164 81,848 113,316 195,164 6,727 332,045 338,772 (9,106) 25,000 233,577 (117,000) - 329,666 329,666 (117,000) 212,666 71,089 141,577 212,666 These financial statements have been prepared in accordance 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 8 September, 2025 and signed on their behalf by: Sean Craddock fue s Chair 15 Sep 2025 Company Registration No.3346379 The attached notes form part of the financial statements. 15 Andriy Voshchevskyy Ale Acting Treasurer 15 Sep 2025
Citizens Advice Greenwich Ltd Statement of cash flows For the year ended 31 March 2025 Note 16 Net cash provided by / (used in) operating activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 17 2025 190,599 190,599 332,045 522,644 2024 47,087 47,087 284,958 332,045 16
Citizens Advice Greenwich Ltd Notes to the Financial Statements For the year ended 31 March 2025 1 Accounting policies a Basis of preparation of financial statements The financial statements have been prepared in accordance 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 otherwise 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 concern. 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. c Income Income is recognised when the charity has entitlement to the funds, any performance 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 performance 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 services 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
Citizens Advice Greenwich Ltd Notes to the Financial Statements For the year ended 31 March 2025 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 space as follows: Generalist & debt advice services Outreach & specialist advice service Governance Support costs 61.2% 35.8% 0.5% 2.5% Other costs of administration are allocated on a per capita basis as follows: Generalist & debt advice services 32.7% Outreach & specialist advice service 19.1% Seafarers' advice & information line 46.6% Governance 0.3% Support costs 1.3% • 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. Governance costs are the costs associated with the governance 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 governance 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 advice services Outreach & specialist advice services Seafarers' advice & information line 33.2% 19.4% 47.4% 18
Citizens Advice Greenwich Ltd Notes to the Financial Statements For the year ended 31 March 2025 1 Accounting policies (continued) i Operating leases Rental charges are charged on a straight line basis over the term 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 office equipment 33% straight line basis Fixtures and fittings 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 term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar m 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
Citizens Advice Greenwich Ltd Notes to the Financial Statements For the year ended 31 March 2025 2 Income from donations Restricted € - - Donations Total income from donations 2025 Total income from donations 2024 3 Income from charitable activities Unrestricted 20 20 50 Generalist & debt advice services Bureaux staff & running costs (RB Greenwich) Corporate volunteer (CitA) Fees Total bureau services 2025 Total bureau services 2024 Outreach & specialist advice services Advice outreach (RB Greenwich) --RB Greenwich --Clockhouse Cost of living advice (GLA/RCJ) Outreach money advice service (Peabody) Housing and mental health advice (MIND) Total debt advice services 2025 Total debt advice services 2024 Seafarers' advice & information line Seafarers Hospital Society The Seafarers' Charity Greenwich Hospital Total seafarers' advice & information line 2025 Total seafarers' advice & information line 2024 Total income from charitable activities 2025 Total income from charitable activities 2024 Unrestricted € : 4,694 4,694 11,940 : 600 2,500 : 5,294 14,440 Restricted 369,000 369,000 369,000 61,401 13,000 42,630 4,000 46,076 167,107 133,333 148,647 147,119 153,142 448,908 446,343 985,015 948,676 20 2025 Total 20 20 2025 Total 369,000 4,604 373,694 61,401 13,000 43,230 4,000 46,076 167,707 148,647 147,119 153,142 448,908 990,309 2024 Total 50 50 2024 Total 369,000 2,000 9,940 380,940 95,000 36,833 4,000 135,833 147,603 141,870 156,870 446,343 963,116
Citizens Advice Greenwich Ltd Notes to the Financial Statements For the year ended 31 March 2025 5 Analysis of expenditure Salaries Recruitment Finance service Other staff costs Volunteer expenses and training Premises and equipment Relocation Office overheads Project costs Partnerships Indemnity insurance Marketing and website Audit and compliance Support costs Governance costs Total expenditure 2025 Charitable activities Generalist & debt advice services Outreach & specialist services Seafarers' advice & information line 290,045 355 5,639 2,417 192 20,804 12,707 8,540 3,985 812 177 345,673 7,126 2,852 355,651 145,362 355 3,358 1,171 12,190 7,445 4,510 1,597 476 103 - 176,567 1.672- 182,411 Governance 361,325 9,042 8,441 27,753 16,704 15,189 3,990 1,157 11,943 455,544 10,156 4,069 469,769 13 158 96 59 17 7,144 8,593 (8.593) Prior year Unrestricted direct expenditure Restricted direct expenditure Unrestricted support & governance costs allocatec Restricted support & governance costs allocated Total expenditure 2024 3,635 325,594 135,794 5,840 2,739 1,854 884 336,923 139,417 455,181 8,056 2,601 465,838 1,016 5,339 (1,016) (5,339) Of the total expenditure in 2025, £30,978 was unrestricted (2024: £20,270) and £976,853 was restricted (2024: £921,908). Support costs 20,236 85 (1,065) 22 (192) 89 2,009 33 - 21,454 (21,454) 15,619 (15,619) 2025 Total 818,024 710 18,312 12,127 192 59,840 36,974 28,106 9,678 2,009 2,484 12,231 7,144 1,007,831 1,007,831 2024 Total 818,712 18,904 11,305 117 34,696 3,673 21,906 9,928 496 2,394 14,661 5,386 942,178 942,178
Citizens Advice Greenwich Ltd Notes to the Financial Statements For the year ended 31 March 2025 6 Net (expenditure)/income for the year before transfers This is stated after charging/(crediting): 2025 2024 Auditor's remuneration (excluding VAT) Audit fees Under accrual in prior year 3,867 238 3,230 83 7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows: Salaries and wages Social security costs Employer's contribution to defined contribution pension schemes 2025 732,906 66,904 18,214 818,024 2024 736,681 66,249 15,782 818,712 No employee earned greater than £60,000 during the year (2024: nil). The total employee benefits including employer National Insurance and pension contributions of the key management personnel were £150,031 (2024: £162, 161). The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: Enil) neither were they reimbursed expenses during the year (2024: Enil). No charity trustee received payment for professional or other services supplied to the charity (2024: Enil). 8 Staff numbers The average number of employees (head count based on number of staff employed) during the year was 23.8 (2024: 21.3). The average number of employees (full time equivalent) during the year was as follows: Generalist and debt advice services Outreach & specialist advice services Seafarers' Advice and Information Line Support and governance 6.6 3.9 9.4 0.3 20.2 2024 No 7.2 3.4 10.0 0.1 20.7 22
Citizens Advice Greenwich Ltd Notes to the Financial Statements For the year ended 31 March 2025 9 Taxation Citizens Advice Greenwich is exempt from corporation tax liability as all its income is charitable and is applied for charitable purposes. 10 Tangible fixed assets Cost At 1 April 2024 Additions in year Disposals At 31 March 2025 Depreciation At 1 April 2024 Charge for year Disposals At 31 March 2025 Net book value At 31 March 2024 At 31 March 2025 All of the above assets are used for charitable purposes. 11 Debtors Computer & office equipment € 7,560 (5,040) 2,520 7,560 (5,040) 2,520 : Total 7,560 (5.040) 2,520 7,560 (5,040) 2,520 Trade debtors Other debtors Prepayments 2025 27,439 4,678 5,704 37,821 2024 1,892 1,687 3,148 6,727 12 Creditors: amounts falling due within one year Trade creditors Accruals Other creditors Deferred income 2025 47,683 16,307 1,265 192,046 257,301 2024 4,580 4,274 252 9,106 23
Citizens Advice Greenwich Ltd Notes to the Financial Statements For the year ended 31 March 2025 13 Pension scheme Citizens Advice ('the Principal Employer") 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 service. 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 2025 have been £3,218,000, which includes £2,918,000 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 governance 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 2025 by a qualitied 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 formal 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 10 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 Restricted funds funds € Total funds € Fund balances at 31 March 2025 are represented by: Current assets Current liabilities Defined benefit pension liability Total net assets at 31 March 2025 251,328 (30,012) (108,000) 113,316 309,137 (227,289) 81,848 560,465 (257,301) (108,000) 195,164 24
Citizens Advice Greenwich Ltd Notes to the Financial Statements For the year ended 31 March 2025 15 Movements in funds At 1 April Income and Expenditure 2024 gains and losses At 31 March 2025 Restricted funds RB Greenwich: Bureaux services Outreach advice services -Royal Borough of Greenwich -Clockhouse GLA/RJC Crisis support MIND: Housing & mental health advice Mosaic Family Homes: Charlton Triangle debt service Seafarers' Advice & Information Line -The Seafarers' Hospital Society -The Seafarers' Charity --Greenwich Hospital Greenwich Hospital Royal Navy/Royal Marines PR 50,549 1,118 (3,634) Total restricted funds 5,889 8,525 1,393 7,249 71,089 Unrestricted funds Designated Funds Contractual commitment Development General funds Pension deficit fund Total unrestricted funds 20,000 5,000 25,000 233,577 (117,000) 141,577 Total funds 212,666 Transfers 369,000 61,401 13,000 42,630 46,076 4,000 148,647 147,119 153,142 985,015 (340,044) (62,198) (12,605) (48,020) (51,112) (4,000) (151,230) (151,230) (151,230) (5,184) (976,853) 5,314 ... (30,978) 5,314 (30,978) 990,329 (1,007,831) (5,658) (321) 6,472 4,679 - (858) (858) (858) (1) 2,597 (20,000) (5,000) (25,000) 13,403 9,000 (2,597) Transfers between funds Transfers are made from the general fund to cover deficits on restricted projects. 73,847 - 395 (2,552) (357) - 2,448 3,556 2,447 2,064 81,848 : . 221,316 (108,000) 113,316 195,164 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 Citizens Advice Greenwich, funded by the Royal Borough of Greenwich (£369,000). 25
Citizens Advice Greenwich Ltd Notes to the Financial Statements For the year ended 31 March 2025 Purposes of restricted funds (continued) RB Greenwich & Clockhouse: Outreach advice GLA/RCJ Citizens Advice: Crisis support MIND Housing and mental health 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, Citizens Advice Greenwich is partnered by Greenwich Housing Rights and Plumstead Community Law Centre. Clockhouse has also contributed some funding to this project. 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. Funding has been provided for The Greenwich Mental Health Hub service to increase the level of support for people with moderate to severe mental health needs to enable them to maintain a good level of mental health. Within this, CAG will provide advice, support or guidance on housing and other generalist advice needs to prevent homelessness secure stable and appropriate long-term accommodation. Seafarers' Hospital Society/ The three funders jointly provide funds for the provision of a Greenwich Hospital/The Seafarers' telephone advice line for the relief of seafarers and their families Charity: Seafarers' Advice & who are in need. The 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 Navy/Royal 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. 16 Reconciliation of net income / (expenditure) to net cash flow from operating activities Net income for the reporting period (as per the statement of financial activities) (Increase)/decrease in debtors Increase/(Decrease) in creditors Net cash provided by / (used in) operating activities 2025 € (17,502) (31,094) 239,195 190,599 2024 20,988 37,622 (11,523) 47,087 26
Citizens Advice Greenwich Ltd Notes to the Financial Statements For the year ended 31 March 2025 17 Analysis of cash and cash equivalents Cash at bank and in hand 2025 € 522,644 522,644 2024 332,045 332,045 18 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. 19 Related party transactions There are no related party transactions to disclose for 2025 (2024: none). There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. 27
Citizens Advice Greenwich Ltd Notes to the Financial Statements For the year ended 31 March 2025 20 Previous reporting period information 20a Analysis of net assets between funds of previous reporting period Unrestricted funds Designated Restricted funds funds € Fund balances at 31 March 2024 are represented by: Tangible fixed assets Current assets Current liabilities Defined benefit pension liability Total net assets at 31 March 2024 239,758 (6,181) (117,000) 116,577 25,000 : 74,014 (2,925) 25,000 71,089 20b Details of movements in funds during the previous reporting period At 1 April 2023 Income Expenditure and gains and losses Restricted funds RB Greenwich: Bureaux services CitA Advice delivery RB Greenwich: Outreach advice services GLA/RJC 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 Navy/Royal Marines PR 15,000 369,000 (1,245) - 9,268 17,639 (4,494) 14,653 50,821 95,000 34,333 4,000 147,604 141,869 156,870 - Total restricted funds Unrestricted funds Designated Funds Contractual commitment Development 948,676 (312,448) (15,000) (93,490) (39,188) (4,000) (150,126) (150,126) (150,126) (7,404) (921,908) General funds Pension deficit fund Total unrestricted funds Total funds 20,000 5,000 25,000 241,857 (126,000) 140,857 191,678 - - 14,490 (20,270) 14,490 963,166 (20,270) (942,178) 28 Total funds 338,772 (9,106) (117,000) 212,666 At 31 Transfers March 2024 (6,003) - (392) 2,466 - (857) (857) (857) - (6,500) 50,549 - 1,118 (3,634) - 5,889 8,525 1,393 7.249 71,089 - (2,500) 9,000 6,500 20,000 5,000 • - 25,000 233,577 (117,000) 141,577 212,666