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← Southwark Citizens Advice Bureaux Service

2025-03-31-accounts

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Company registration number: 03507093 Charity number: 1070263

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 MARCH 2025

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report (incorporating the director's report) 2 - 11
Independent auditors' report on the financial statements 12 - 15
Statement of financial activities 16
Balance sheet 17
Statement of cash flows 18
Notes to the financial statements 19 - 33

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SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees Patricia Boyer Catherine Colebrook (resigned 13 December 2024) Abeer Sharma Thomas Smith Kerrie Haria Adams Melissa Davey Rowena Boddington Helen Fanthorpe (resigned 1 May 2025) Company registered number 03507093 Charity registered number 1070263 Registered office 6-8 Westmoreland Road London SE17 2AY Company secretary Christopher Green Independent auditors Menzies LLP Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP Bankers Lloyds Bank PLC CAF Bank Limited

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SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management

Governing Document

Southwark Citizens Advice Bureaux Service is a registered charity and a company limited by guarantee. Southwark Citizens Advice Bureaux Service is also known and referred to as Citizens Advice Southwark and Bermondsey Citizens Advice Bureau and Peckham Citizens Advice Bureau. The maximum liability of each member is limited to one pound. At 31 March 2022 the company had 7 members. Southwark Citizens Advice Bureaux Service is governed by its Memorandum and Articles of Association as amended on 18 May 2010.

Southwark Citizens Advice Bureaux Service was incorporated as a company limited by guarantee on 9 February 1998. The charity commenced operations on 1 April 1998 at which date the assets and liabilities of the unincorporated Southwark Citizens Advice Bureau Service were acquired.

Recruitment, Appointment of Trustees

An Elections Committee, chaired by the Chair, is established to oversee the elections process for Board appointments. A separate process agreed by the Trustee Board is followed for the election of the Chair. No other persons or bodies external to the charity were entitled to appoint persons to the Trustee Board.

Induction of Trustees

Newly appointed Trustees are provided with a comprehensive induction to Southwark Citizens Advice Bureaux Service through the provision of training courses and mentoring by established trustees.

Organisational Structure

Southwark Citizens Advice Bureaux Service is governed by its Trustee Board which is responsible for setting the strategic direction of the organisation and the policy of the charity. The Trustees carry the ultimate responsibility for the conduct of Southwark Citizen Advice Bureaux Service and for ensuring that the charity satisfies its legal and contractual obligations. Trustees meet as a minimum quarterly and delegate the day to day operation of the organisation to senior management. The Trustee Board is independent from management. A register of members' interests is maintained at the registered office and is available to the public.

Connected Parties

Southwark Citizen Advice Bureaux Service is a member of Citizens Advice, the operating name of the National Association of Citizens Advice Bureaux, which provides a framework for standards of advice and casework management as well as monitoring progress against these standards. Operating policies are independently determined by the Trustee Board of Southwark Citizen Advice Bureaux Service in order to fulfil its charitable objects and comply with the national membership requirements.

The charity also co operates and liaises with a number of other advisory services, local charities and social services departments on behalf of clients. Where one of the trustees holds the position of trustee/director of another charity they may be involved in discussions regarding that other charity but not in the ultimate decision making process.

Contribution of Volunteers

The charity receives help and support in the form of voluntary assistance in advising the public and administering the charity.

79 volunteers, including 15 pro bono solicitors, contributed approximately 37,968 hours of work to the bureau during the year. We estimate the value of this help at £761,151 in respect of the current year.

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SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Appointment and remuneration of key management personnel

The Board is responsible for the appointment, including setting and reviewing remuneration, of key management personnel. A pay framework has been adopted which broadly takes into account market rates and charity benchmarking as per the Harris Hill Salary Report methodology. The framework, along with salary rates are reviewed annually by trustees in line with the organisation's pay and grading framework that applies to all other staff roles.

Objectives and activities

Objects, Vision and Mission

Our charity's objects as contained in the company's memorandum of association are: "to promote any charitable purpose for the public benefit by the advancement of education, the protection and preservation of health and the relief of poverty, sickness and distress in particular, but without limitation, for the benefit of the community in the London Borough of Southwark and surrounding areas".

Our vision is of a society where everyone can express and realise their rights, where responsibilities are understood and acted on by individuals and organisations, where decisions are taken with the needs of the most vulnerable in our society in mind, and where services are accessible and responsive to those who need them.

We recognise that we need to identify concrete steps to take in achieving our vision, so are working towards the mission statement that: we sort out problems together for good. We do this by:

Ensuring our work delivers our aims

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

The focus of our work

The Citizens Advice service provides free, independent, confidential and impartial advice to everyone on their rights and responsibilities. It values diversity, promotes equality and challenges discrimination.

Who used and benefited from our services

The Citizens Advice Southwark team records profile information provided by clients on our dedicated case management system. This includes data on gender, age/date of birth, ethnic group and disability.

In addition, the Service conducts an annual survey of clients designed to provide more information about the users of our Service.

The client profile and community data (see later in this document) has also been used to inform the business planning process in assessing service provision in relation to the usage and needs of the local community for advice. The report is also used to assess that the profile of the community and service clients is reflected in the composition of the staff, volunteers and Trustee Board.

A far higher proportion of our clients are from Black, Asian and Minority Ethnic (BAME) communities (at 78% compared to the borough profile of 64%), which demonstrates our reach into all the communities of the borough, but also the higher prevalence of problems amongst BAME communities (who are statistically more likely to be negatively impacted by recession or wider economic uncertainty).

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SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Similarly, 47% of our clients indicated they have a long term health condition or are disabled (compared with 14% in the local population) and 54% live in social housing. (compared with 40% in the local population).

A client satisfaction survey was undertaken throughout the year to March 2025 and key findings from the report are:

The Service also undertakes an annual review of client complaints and feedback received from clients. Whilst the number of complaints is very low (consistently around ten each year, against a backdrop of many thousands of people accessing the services), the Service is committed to improving clients experience of using our services and to this end produces a summary of complaints and actions taken which is reviewed at least annually by the Trustee Board.

The Trustees confirm they have complied with section 17 of the Charities Act 2011 and referred to the guidance contained in the Charity Commission's general guidance on public benefit, specifically when reviewing the Trust's aims and objectives and in planning future activities.

Charitable Activities

Citizens Advice Southwark is a successful organisation delivering high quality services which respond to, and anticipate, the needs of the local community.

For a third consecutive year, the Cost of Living Crisis remained the single biggest issue facing people in the borough, and is continuing. Rising energy, food, transport, and housing costs has continued to enhance pre-existing inequalities and lead to increased demand for advice.

An important achievement, therefore, has been to maintain a range of access channels for local people needing advice and information, including face to face drop at our two offices.

Key achievements include:

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SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Activities

In 2024-25 Citizens Advice Southwark dealt with 60,920 new issues (49,279 in 2023-24), which came from 32,184 clients seen across the service in 2024-25 (29,987 in 2023-24).

Of the new issues welfare benefits, housing and debt remained the top three categories of issues in the borough, at 33%, 16% and 15% of the total enquiries respectively. Through this activity were able to achieve financial gains for our clients of £14,728,231 in 2024-25 across all services (an increase of 19% from the 2023-24 financial gain of £12,369,166).

The high levels of activity seen in 2023-24 have continued in 2024-25, and the cost of living crisis continues to have a huge impact on vulnerable local people and how we seek to meet their need for advice Southwark is a diverse borough with residents from a wide range of ethnicities and backgrounds. Census 2021 shows that 51% of Southwark’s population are from a White ethnic background, 25% are from Black, Black British, Caribbean or African ethnic background; 7% from a Mixed or multiple ethnic background and 10% from an Asian or Asian British ethnic background.

A GLA survey of Londoners saw that Asian (25%) and Black (23%) Londoners were more likely to report that they were financially struggling in November 2022 than average Londoners (19%).

Although gas and electricity prices are now starting to fall, a drop in inflation does not necessarily equal a drop in prices, but a slowing rate of price increases, and costs for households are still very high. For example, the July to September 2024 energy price cap will see unit prices for gas falling by 19% and electricity by 14%. However, despite these lower prices, typical bills under the April to June 2024 price cap will still be almost 30% higher than in winter 2021/22.

In addition, private rental prices in London increased by 6.9% in the 12 months to January 2024. This was up from 6.8% in the 12 months to December 2023, and represents the joint-highest annual percentage change since this London data series began in January 2006.

While prices have risen for everyone, those on lower incomes are more affected, as a greater proportion of their expenditure is spent on essentials such as household bills and food. Furthermore, fuel and food have also seen some of the highest price rises, above the average inflation rate. Those on low incomes are less likely to have room to cut back, as many will have already been limiting their spending before the cost of living crisis.

With surging levels of demand, and increased costs, both of which have been exacerbated by the ongoing cost of living crisis, it was very important for us to pay attention to our Fundraising Strategy to ensure our service remains properly resourced and is able to provide excellent access to everyone who needs it.

It is therefore pleasing to note that our income increased again in 2024-25, and is at record levels in 2025-26. This represents a real achievement given the extremely challenging funding environment, and is enabling us to more effectively target those in greatest need of help, whilst maintaining an appropriate balance between face to face, telephone, email and online methods of access.

We also remain absolutely committed to delivering an accessible face to face drop in service – one of the few London Citizens Advice offices to continue to do so – and our Peckham and Walworth offices are open for drop in 5 days per week. We also continue to successfully develop new projects and partnerships that target some of the most affected groups and communities in the borough.

Our updated Service Delivery Plan includes this information and sets out how we have developed our service to best meet the advice needs and inequalities that have been exacerbated by the pandemic and cost of living crisis.

The section below describes the service that Citizens Advice Southwark is currently providing:

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SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial review

Our financial position is shown in detail on the pages following of these financial statements however some salient figures are as follows:

Incoming resources in the year were £2,072,811 (2024 £1,934,080) of this £1,283,549 related to restricted activities.

Expenditure for the year was £1,990,370 (2024 £1,744,957) of which £1,525,272 (2024 £1,341,935) related to salaries, national insurance & pensions. This continues to represent the most significant cost to the Bureaux at 77% (2024 77%) of total expenditure.

There was a net surplus for the year of £82,441 (2024 £189,123) of which none were restricted (2024 £Nil). At 31 March 2025 total reserves were £1,356,417 (2024 £1,273,976) all of which all represented unrestricted funds.

Reserves Policy

Southwark Citizens Advice Bureaux Service ensures that free monies are available in each financial year to meet any reasonably foreseeable contingency. In these uncertain times the trustee board consider it desirable to maintain unrestricted funds not committed or invested in tangible fixed assets ("the free reserves") at a level of approximately six months working capital expenditure. This is to ensure that in the event of unexpected financial or service problems activities can be managed effectively so as to minimise disruption to service users and to enable Southwark Citizens Advice Bureaux Service to meet its employment obligations to staff. The unrestricted reserves at the end of the year, all which are free, of £1,356,417 are in line with this policy.

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SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Principal Funding Sources

We have diverse funding streams as detailed in note 6 of the accounts.

Investment Policy

As required in its Memorandum, paragraph (k), in furtherance of its objects, and for no other purposes, the Charity has the power to invest the monies of the Company not immediately required for its purposes in or upon such investments, securities or property as may be thought fit, subject nevertheless to such conditions and such consents as may for the time being be imposed or required by law.

The charity did not have any borrowings from either providers of funding or other sources at the balance sheet date. The charity does not currently hold material investments.

Financial Factors Affecting the Achievement of Objectives

The charity is very aware of the financial pressures experienced by its major funders, and in view of this has taken active measures to seek additional sources of funding for its services and is timely in taking corrective action to deal with any individual activity performance problems.

Major risks and management of those risks

CAS has a Corporate Risk Management Strategy integrated with a Business Continuity Plan. The Directors recognise that any major risks to which the Charity is exposed need to be reviewed and systems put in place to mitigate those risks. To that end CAS is continually monitoring and managing its risk, reviewing the corporate risk register and ensuring action plans are in place to mitigate its key risks.

Included in external risks is that of the loss of funding, premises and pension liability. The Company/Charity works hard to minimise these three principal risks by continuing to seek to diversify its funding sources, a clearly defined accommodation strategy and provision in the accounts for potential pension liabilities (see note 21 to the accounts). Other internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and for ensuring consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they still meet the needs of the Charity.

Plans for future periods

To achieve our vision for the Service we have identified six Strategic Priorities for the period 2025-28. These are to:

Citizens Advice Southwark is assessed as being in a strong position to move forward in achieving its aims and objectives for the future and is committed to a dynamic and entrepreneurial approach in maximising the available opportunities to develop and enhance the services we provide.

Our strategic priorities have been designed to meet the needs of our diverse local community, including advising and supporting local people with different experiences and backgrounds, as well as supporting the achievement of the national Citizens Advice Transforming Together Living Strategy.

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SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The Citizens Advice Living Strategy contains 3 missions:

Mission 1 Provide advice fit for the future

We’ll be there for people when they need us in the ways that help make the biggest impact

This mission affirms our strong commitment to keeping our advice offer relevant, far reaching and effective in an ever changing world. It means paying constant attention to securing the funding which provides much needed advice capacity, and evolving our service offer – how we provide advice and the channels we use – to keep pace with people’s developing needs and evolving technologies.

Mission 2 Close the gap

We’ll end the disparities in access and experience for marginalised people

We know that marginalised communities face greater difficulty accessing our advice and they sometimes have a poorer experience when they do. Given the pressures on our service, we need to work hard to ensure that we really are reaching those who need us most, and this mission puts a real focus on people and communities we want to do better for.

We’ll prioritise the needs of marginalised people and actively challenge disparities and inequalities both in how we provide our services, but also in how we advocate for change. We will build on recent work supporting more inclusive access for people of colour and disabled people, as well as centring lived experience in the work we do. We will also continually review data and insights to keep our focus on new and emerging issues as well as entrenched ones, such as how we might better support young people.

Mission 3 Take early action

We’ll prevent more people reaching crisis by addressing problems earlier

This mission focuses our ambition on reducing the number of people reaching the point of crisis by providing early support when issues first come up, and by tackling issues at their root cause, making the case for change that stops them happening in the future.

We’ll create ways to help people earlier, looking at new forms of support, new partnerships and new ways of reaching people.

Equality principles

We continue to align ourselves to the national Citizens Advice approach of mainstreaming equality, diversity and inclusion in everything we do.

In particular, we aim to deliver services that meet these goals through the following approaches:

1. Analysing and responding to local advice needs

We monitor updates from Stat Xplore and JSNAs (and other publicly available sources), as well as our own Casebook data, to keep up to date with local demographic trends, and identify emerging advice need.

We chair and coordinate local networks and fora (for example, Forum for Equalities and Human Rights in Southwark, Equalities and Human Rights Panel, Southwark Legal Advice Network, Cost of Living Advice Network, Financial Inclusion Forum, DWP Liaison Group).

Working with these different groups allows us to reach out and target vulnerable communities and individuals, and all those sharing protected characteristics in our borough.

For example, the Forum for Equalities and Human Rights in Southwark comprises a wide range of local voluntary and community sector partners and seeks to champion a fair and equal society in Southwark by promoting diversity, tolerance and understanding with the aim of working towards the elimination of discrimination.

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SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The Equalities and Human Rights Panel acts as a critical friend to the council in relation to the Public Sector Equality Duty, including providing feedback and challenge when appropriate. It also reviews Equality Analyses undertaken by the council, and provides constructive feedback and challenge. The panel is made up of 11 members from a variety of VCSOs representing many of the protected characteristics strands.

The Southwark Legal Advice Network aims to provide a strategic overview of all advice provision in the borough; facilitate the development of referral systems between providers; identify gaps in provision; encourage new initiatives and partnerships to enhance advice provision; and identify common problems that lead to a need for advice and develop working partnerships with statutory authorities to reduce advice need.

2. Embedding equality throughout our work

We do this by:

The Service has well developed Equality and Diversity polices and can demonstrate how these have been implemented in terms of employment practices and service delivery. We aim to make equality and diversity part of all we do.

Trustees' responsibilities statement

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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.

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SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Auditor

Each of the persons who is a trustee at the date of approval of this report confirms that:

Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Small company provisions

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Approved by order of the members of the board of Trustees and signed on their behalf by:

(i ................................................ EBBF13E8BBC2437... by: Thomas Smith

Date: 22-Oct-2025

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SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE

Opinion

We have audited the financial statements of Southwark Citizens Advice Bureaux Service (the 'charity') for the year ended 31 March 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

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SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of 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 the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (CONTINUED)

Auditors' 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 Auditors' 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 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The charitable company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including FRS 102, Charities SORP, Companies Act 2006, Charities Act 2011, UK employment legislation, Health and Safety legislation and General Data Protection Regulations. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the charitable company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas; management override of controls to manipulate results, or to cause the charitable company to enter into transactions not in its best interests.

Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

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Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (CONTINUED)

Use of our report

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

Janice Matthews FCA (Senior Statutory Auditor) For and on behalf of Menzies LLP Chartered Accountants & Statutory Auditor Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP Date: 31-Oct-2025

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Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Donations and legacies
5
Charitable activities
Investments
7
Total income
Expenditure on:
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
3,839
752,596
32,827
789,262
706,821
706,821
82,441
1,273,976
82,441
1,356,417		 Restricted
funds
2025
£
-
1,283,549
-
1,283,549
1,283,549
1,283,549
-
-
-
-		 Total
funds
2025
£
3,839
2,036,145
32,827
2,072,811
1,990,370
1,990,370
82,441
1,273,976
82,441
1,356,417		 Total
funds
2024
£
2,733
1,903,991
27,356
1,934,080
1,744,957
1,744,957
189,123
1,084,853
189,123
1,273,976

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 19 to 33 form part of these financial statements.

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Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee) REGISTERED NUMBER: 03507093

BALANCE SHEET AS AT 31 MARCH 2025

2025 2024
Note £ £
Fixed assets
Tangible assets 12 225 765
225 765
Current assets
Debtors 13 333,260 437,602
Cash at bank and in hand 1,380,306 1,260,431
1,713,566 1,698,033
Current liabilities
Creditors: amounts falling due within one year 14 (261,742) (319,677)
Net current assets 1,451,824 1,378,356
Total assets less current liabilities 1,452,049 1,379,121
Defined benefit pension scheme liability 21 (95,632) (105,145)
Total net assets 1,356,417 1,273,976
Charity funds
Restricted funds 16 - -
Unrestricted funds 16 1,356,417 1,273,976
Total funds 1,356,417 1,273,976

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ ................................................ EBBF13E8BBC2437... DA62A454EC1B493... Thomas Smith Melissa Davey (Trustee) 22-Oct-2025 Date 30-Oct-2025

The notes on pages 19 to 33 form part of these financial statements.

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Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Interest received
Net cash provided by investing activities
Cash flows from financing activities
Net cash provided by financing 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
The notes on pages 19 to 33 form part of these financial statements		 2025
£
87,048
32,827
32,827
-
119,875
1,260,431
1,380,306		 2024
£
230,004
27,356
27,356
-
257,360
1,003,071
1,260,431

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Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

The charity is a public a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 6-8 Westmoreland Road, London, SW17 2AY.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Southwark Citizens Advice Bureaux Service meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

2.2 Going concern

We do not anticipate any difficulties to meet our working capital commitments over the next 12 months due to healthy level of Free Reserves and Cash in Bank. The financial statements are accordingly prepared on the Going Concern basis.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

2.4 Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

Page 19

Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.4 Expenditure (continued)

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £1000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computers & electronic equipment - 33% straight line

2.6 Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, currently all our tangible fixed assets have been written off and whilst the resale value of the assets is negligible the cost to replace from new would be in line with the gross value shown in our tangible fixed asset note.

2.7 Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in income or expenditure unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in the statement of financial activities in the period it arises, and is allocated to the appropriate expenditure heading.

2.8 Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

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Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.9 Pensions

The company operates a defined contribution scheme. It is a funded scheme and the assets are held externally of the company. The company contributes 5% of gross pay to the scheme for anyone who transferred from the previous scheme and for any employee who has joined since the closure of the previous scheme the company contributes up to 10% of gross pay. Pension contribution percentage was increased as at 1st June 2019. Previously the company operated a defined benefit pension scheme. It was closed at 31 March 2008. The company is making annual contributions to the closed scheme, see note 21.

2.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds are restricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are income received for restricted purposes and projects. These funds are subjected to restrictions on their expenditure declared by the funder.

3. Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In the opinion of the Trustees the main estimate and assumption that may have a significant risk of causing material adjustment to the assets and liabilities is the valuation of the pension scheme assets and liabilities. A valuation is carried out by the scheme actuary based on various assumptions and estimates. Details are given in Note 21.

With the exception of the pension scheme there are no material judgements or estimates applied in the preparation of the accounts.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

4. Limited by guarantee

Southwark Citizens Advice Service is a company limited by guarantee and accordingly does not have a share capital.

Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member.

Page 21

Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. Income from donations and legacies

General donations
Total 2024		 Unrestricted
funds
2025
£
3,839
2,733		 Total
funds
2025
£
3,839
2,733		 Total
funds
2024
£
2,733

6. Income from charitable activities

Southwark Council
Toynbee Hall – Debt Free Advise
Centre for Responsible Credit
Macmillan Cancer Support
Dimbleby Cancer Care & Palliative Care
Cardinal Management Ltd - Major Trauma Centre
National Citizens Advice
Thames Water
London & Quadrant Housing Trust
Kings College Hospital - Limb Reconstruction
United St Saviour’s Charity - UC Migration
Legal Aid Contract
Red23 & SE1
Greater London Authority
London Citizens Advice
City Bridge Foundation
London Citizens Advice - Energy
Impact on Urban Health
Pecan
Other Income
Total 2024		 Unrestricted
funds
2025
£
702,400
-
-
-
-
-
7
-
1,817
-
-
24,317
24,056
-
-
-
-
-
-
33,666
786,263
849,011		 Restricted
funds
2025
£
181,703
171,180
129,514
145,918
127,487
33,433
133,269
-
-
5,500
41,566
-
-
104,850
49,780
52,196
3,144
58,334
45,675
-
1,283,549
1,065,045		 Total
funds
2025
£
884,103
171,180
129,514
145,918
127,487
33,433
133,276
-
1,817
5,500
41,566
24,317
24,056
104,850
49,780
52,196
3,144
58,334
45,675
33,666
2,069,812
1,914,056		 Total
funds
2024
£
966,610
140,167
63,750
158,236
113,997
32,267
141,053
30,000
3,794
5,500
49,801
63,942
10,675
29,940
41,000
-
20,500
-
22,500
20,324
1,914,056

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Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. Investment income

Bank interest receivable
Total 2024		 Unrestricted
funds
2025
£
32,827
27,356		 Total
funds
2025
£
32,827
27,356		 Total
funds
2024
£
27,356

8. Analysis of expenditure by activities

Charitable activities
Total 2024		 Activities
undertaken
directly
2025
£
1,245,616
1,230,767		 Support
costs
2025
£
744,754
514,190		 Total
funds
2025
£
1,990,370
1,744,957		 Total
funds
2024
£
1,744,957

Analysis of direct costs

Activities
2025
£
Staff costs
1,062,669
Office costs
103,143
Fees to partner organisations
79,804
Training
-
1,245,616
Total 2024
1,230,767		 Total
funds
2025
£
1,062,669
103,143
79,804
-
1,245,616
1,230,767		 Total
funds
2024
£
1,131,530
94,212
3,720
1,305
1,230,767

Page 23

Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Activities
2025
£
Staff costs
462,603
Depreciation
540
Premises
151,874
Legal & Professional
34,999
Office costs
81,323
Governance
13,415
744,754
Total 2024
514,190
9.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual accounts
10.
Staff costs
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
The average number of persons employed by the Charity during the year was as follows:
Employees		 Total
funds
2025
£
462,603
540
151,874
34,999
81,323
13,415
744,754
514,190
2025
£
9,775
2025
£
1,308,104
129,565
87,603
1,525,272

2025
No.
38		 Total
funds
2024
£
210,405
540
186,608
56,406
49,381
10,850
514,190
2024
£
8,500
2024
£
1,145,862
114,032
82,041
1,341,935
2024
No.
35

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Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025
No.
In the band £60,001 - £70,000
-
Key management personnel remuneration for the year was £89,737 (2024: £81,606).
11.
Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits_(2024 - £NIL).
During the year ended 31 March 2025, no Trustee expenses have been incurred(2024 - £NIL).
12.
Tangible fixed assets
Cost or valuation
At 1 April 2024
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
_At 31 March 2024		 2024
No.
1
Equipment
£
38,393
38,393
37,628
540
38,168
225
765

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Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13.
Debtors
Due within one year
Grants in arrears
Other debtors
Prepayments and accrued income
14.
Creditors: Amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2024
Resources deferred during the year
Amounts released from previous periods		 2025
£
171,386
137,172
24,702
333,260
2025
£
31,227
92,228
43,630
94,657
261,742
2025
£
71,365
33,334
(71,365)
33,334		 2024
£
281,960
138,356
17,286
437,602
2024
£
35,268
92,874
630
190,905
319,677
2024
£
46,896
71,365
(46,896)
71,365
15.
Provisions - Defined Contribution Pension Plans
At 1 April 2024
Credit to provision		 2025
£
105,145
(9,513)
95,632

The provision relates to the charity's share of the liability to the National Association of Citizens Advice Bureaux Pension and assurance Plan. Further details are set out in Note 21.

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Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Statement of funds

Statement of funds - current year
Unrestricted funds
Reserves
Restricted funds
Southwark Council
Toynbee Hall
Macmillan Cancer Support
Dimbleby Cancer Care & Palliative Care
Cardinal Management Ltd
National Citizens Advice
London Citizens Advice - Energy
Kings College Hospital
United St Saviour’s Charity
Centre for Responsible Credit
London Citizens Advice
City Bridge Foundation
Pecan
Greater London Authority
Impact on Urban Health
Total of funds		 Balance at 1
April 2024
£
1,273,976
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,273,976		 Income
£
789,262
181,703
171,180
145,918
127,487
33,433
133,269
3,144
5,500
41,566
129,514
49,780
52,196
45,675
104,850
58,334
1,283,549
2,072,811		 Expenditure
Balance at 31
March 2025
£
£
(706,821)
1,356,417
(181,703)
-
(171,180)
-
(145,918)
-
(127,487)
-
(33,433)
-
(133,269)
-
(3,144)
-
(5,500)
-
(41,566)
-
(129,514)
-
(49,780)
-
(52,196)
-
(45,675)
-
(104,850)
-
(58,334)
-
(1,283,549)
-
(1,990,370)
1,356,417

Page 27

Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Reserves
Restricted funds
Southwark Council
Toynbee Hall
Macmillan Cancer Support
Dimbleby Cancer Care & Palliative Care
Cardinal Management Ltd
National Citizens Advice
London Citizens Advice - Energy
Kings College Hospital
United St Saviour’s Charity
Centre for Responsible Credit
London Citizens Advice
Guys & St Thomas' Trust
City Bridge Foundation
Pecan
Greater London Authority
Impact on Urban Health
Total of funds		 Balance at
1 April 2023
£
1,084,853
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,084,853		 Income
£
884,005
196,010
140,167
158,236
113,997
32,267
141,053
30,000
5,500
49,801
63,750
41,000
20,500
8,658
22,500
14,970
11,666
1,050,075
1,934,080		 Expenditure
£
(694,882)
(196,010)
(140,167)
(158,236)
(113,997)
(32,267)
(141,053)
(30,000)
(5,500)
(49,801)
(63,750)
(41,000)
(20,500)
(8,658)
(22,500)
(14,970)
(11,666)
(1,050,075)
(1,744,957)		 Balance at
31 March
2024
£
1,273,976
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,273,976

Page 28

Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Statement of funds (continued)

Southwark Council - Restricted fund from Southwark Council

Toynbee Hall - Restricted fund provided by Toynbee Hall through the Money Advice Service for the provision of face to face money advice.

Macmillan & Dimbleby Welfare Benefits Advice Project - Restricted fund provided by Macmillan Cancer Support and Dimbleby Cancer Care to provide welfare benefits advice for people affected by cancer at hospitals across South East London. With additional funding from Guys & St Thomas', Lewisham Hospital and Kings College Hospital Trusts.

National Citizens Advice – Restricted funding received from National Citizens Advice to tackle fuel poverty.

Cardinal Management Ltd - Funding from Cardinal Management Ltd to provide a generalist advice service for patients on the Major Trauma unit at Kings Hospital.

United St Saviour’s Charity - Funding from United St Saviours to increase our advice capacity linked to help Universal Credit claimants in the North of the borough.

Legal Aid Contract - Income from Legal Aid agency for providing legal assistance for Housing and Immigration cases.

Kings College Hospital - Restricted fund project from Kings College University to provide the Limb Reconstruction Unit with an adviser who will give patients advice and information on benefits, debt, housing and employment.

Centre for Responsible Credit - Restricted fund project

London Citizens Advice - Delivery of crisis prevention advice work for vulnerable Londoners and engaging in the delivery of training for community groups (“Advice First Aid”).

City Bridge Foundation - to provide specialist casework and improve financial outcomes for low income and Disabled people.

Pecan - This project is designed to enable food banks to improve the support available to people in crisis in their communities. The project is funded by the Trussell Trust Financial Inclusion Grants Team.

Greater London Authority - Promotion of Healthy Start to eligible families and pregnant people through training and awareness raising workshops with Food Roots agencies, community partners and health stakeholders.

Impact on Urban Health - Citizen Advice Southwark’s participation in the MaPS influencing project, through collaborating with the delivery partner Rooted by Design.

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Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Unrestricted
funds
2025
£
225
1,713,566
(261,742)
(95,632)
1,356,417		 Total
funds
2025
£
225
1,713,566
(261,742)
(95,632)
1,356,417

Analysis of net assets between funds - prior year

Unrestricted Total
funds funds
2024 2024
£ £
Tangible fixed assets 765 765
Current assets 1,698,033 1,698,033
Creditors due within one year (319,677) (319,677)
Provisions for liabilities and charges (105,145) (105,145)
Total 1,273,976 1,273,976

18. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Other interest receivable and similar income
Increase/(decrease) in creditors
Increase/(decrease) in provisions and employee benefits
Decrease/(increase) in debtors
Net cash provided by operating activities		 2025
£
82,441
540
(32,827)
(57,935)
(9,513)
104,342
87,048		 2024
£
189,123
540
(27,356)
114,669
10,576
(67,613)
219,939

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Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2025
£
1,380,306
1,380,306		 2024
£
1,260,431
1,260,431

20. Analysis of changes in net debt

Cash at bank and in hand At 1 April
2024
£
1,260,431
1,260,431		 Cash flows
£
119,875
119,875		 At 31 March
2025
£
1,380,306
1,380,306

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Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

21. Pension commitments

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £87,603 (2024: £82,041).

Southwark Citizens Advice Bureau Service participated in the National Association of Citizens Advice Bureaux Pension and Assurance Plan (1991) which was a defined benefit scheme. It operated in the UK and provided 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.

More than one employer participated in the scheme and Southwark Citizens Advice Bureau Service is unable to identify its share of the underlying assets and liabilities in the scheme. This defined benefit scheme being accounted for as a defined contribution scheme as the assets of the defined benefit scheme are not clearly identifiable and cannot be accounted for separately.

In accordance with the schedule of contributions in force over the 2023/24 accounting year, the contributions to the Plan for the year ending 31 March 2024 are expected to be £2,579,000, which includes £2,279,000 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 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 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 11 years.

The Plan is exposed to actuarial risks such as market (investment) risk, interest rate risk, inflation risk, currency risk and longevity risk.

The closed scheme has current and future pensioners. The employers will continue to make contributions to the scheme in future periods. The best estimate of contributions to be paid by Southwark Citizens Advice Bureau Service to the scheme for the period beginning on or after 1 April 2021 is £9,000 per annum.

In the year ended 31 March 2021 as recommended by FRS102 the trustees decide to bring the Southwark Citizens Advise provision in line with the suggested provision calculation provided by National, reducing the time taken to repay their proportion of the deficit from 50 years to 16 years. As at the year end, £10,576 was taken from the accounts increasing the provision from £94,569 to £105,145.

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Docusign Envelope ID: B524F870-36AC-49EB-B302-62F353B83B1ADocusign Envelope ID: 57E20F20-4E38-484F-87B8-23C5029AE901

SOUTHWARK CITIZENS ADVICE BUREAUX SERVICE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. Operating lease commitments

At 31 March 2025 the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2025
£
64,300
178,974
255,000
498,274		 2022
£
27,000
108,000
282,000
417,000

The following lease payments have been recognised as an expense in the Statement of financial activities:

Operating lease rentals

2025 2024
£ £
71,646 58,728

23. Related party transactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2025.

Page 33