REGisfERED COMPANY NUMBER: 03038147 (England and Wales) REGIsfERED CHARrrY NUMBEL. 1075040 REPORT OF THE TRusfEES AND FINANCIAL sfATEMEp¥rs FOR THE YEAR ENDED 31 MARCH 2024 FOR LEWISHAM CrnZENS ADVICE BUREAUX SERVICE UMttED Hartky Fowier LLP ststutory Auditors Chartered Accountants 4th Floor Tuitton House 27-37 St George's Road w1n￿)ledon L(Midon SW19 4EU LEWISHAM cmzENS ADVICE BUREAUX SERVICE LIMrrED CONTENTS OF THE FINANCIAL sfATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 Page I to 21 Report olthe Independent Audltors 22 to 24 StateM￿t ol Financlal Activltles Balan￿ Sheet 26 27 Not•1 to the Ca*h Flow Statement 28 Notss to the Flnandal Statements 29 to 43 Detamed Statement of Financial Athiues LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the kyovisions of Accounting and Reporting by Charitles: 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>. OBJECTIVES AND ACTIVITIES This section outlines the key obj6Ctives and aclivities of CAL, focusing on providing accessible, high- quality advice, advocating for soclal justice, ensuring organisational sustainability, and supporting staff and volunteers. It details CAL'S strategies for delivering these objectives through community partnerships, targeted fundraising, and continuous development of staff and volunteer skills. Additionally, it highlights CAL'S commitment to public benefit, volunteer contributions, and initiatives like Advice First Aid to strengthen local networks and support servlces. CAL provides free, independent, confidential and impartial advice and information to those who live and work in Lewisham. We work in partnershlp with other advice providers in Lewisham and use data collected through our work to highlight social injustice. We do this to build hollstic responses with our partners and stskeholders and effect change where It is most needed. The Citizens Advice network exists to provide free, impartlal advice to those who need it and to highlight and champion Issues and trends to those in power. As a member of the Citizens Advice network, we actively promote the principles underlying the network.. We are independent, impartial and non-judgemental. Our services are free and confidential. We value diversity, promote equality and challenge discrimination In our service, our workforce and our partnerships. We are a learning organisation, using evldence to Improve our effectiveness and efficiency. Our objectlves are: Advice Our advice will be accesslble across different channels and locations Our advice will support the most vulnerable We will cement our position as the lead for Advice L8wisham Our advice will be high quality and a trusted source of help and information Advocacy We will campaign on issues to inform social policies and to improve people's, lives We will speak out against discriminatlon and unfairness in our society We will demonstrate our impact so that we are providers of choice for funders, partners and stakeholders We will work to support our clients in accessing advice appropriate to th8ir language need • Sustainability We seek responsible fundlng that supports our objectives and provldes sustainable advice services Our work will be valued internally and extemally and this reputation will help us to secure funding and partnerships and attract stsff and volunteers We will control our finances to ensure we work within our means and get the best value for our clients through considered use of resources LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 • People Our culture will support our people to give of their best where their volces are heard and communication is open, honest and respectful of differing views We will provide our people with the right support, training, and skllls to help clients effectively with high quality advice We will look out for each other and support our well being at work. Our objectives are underpinned and pnabled through supporting frameworks and plans: Our client and community proflle analysls informs ourfuture service provlsion and strategic and business development plan priorities • Our Service Review looks at how best to meet client needs with available resources and outlines any new ways of working including use of all channels. It is under-pinned by an equty impact assessment to ensure our service remain as inclusive as possible Workforce D8velopment Plan outlln8S Staff and volunteer resources ne8ded to dellver our objectlves Our Training and Learning Plans show our commitment to learning and development for staff, volunteers and trustees to meet advSce standards and skllls required for business as usual and new services. • Our Communication Plan sets out how we will manage relationships with our intemal and external stakeholders Our R&C Plan details how we will develop social policy objectives, our campaigns and how we can meet the standards set for this aspect of our work Our Funding Plan sets out how we aim to reduce our funding gap to sustain our core service and secure funding to develop new services to support our strateglc priorities. Achiovlng our obJectlv88 and alms We achieve our aims by: Ensuring our training. feedback and accreditatlon deliver the right skills and knowledge Capturing our client data and ensuring it demonstrates our impact and address wider issues We leverage our relationships with stakeholders to argue for change We hold ourselves accountable to our board to review our performance against objectives quarterly We are also held to account annually by National Citizens Advice who assess us against nine areas. Our framework to dellver Our advice contributes to building a more inclusive and resilient society as well as improving general wellbeing. We want our seplice therefore to be accessible, supportive and inclusive to all clients that need our help. LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Cilizens Advice Lewisham supports vulnerable clients, and its policies set out the principles of how staff and volunteers should deal with situations relating to these groups. The aim is to improve the experience and outcome for vulnerable clients regardless of the channels they use to access our services: We campaign and advocate on behalf of clients who cannot do this for themselves. We encourage the reporting of abuse, discrimination and hate crimes. • We review the Impact on all communities (Communi Needs Anal services and when carrying out service reviews. • We ensure our staff and volunteers are trained to know how to support all types of clienls and adapt their communication styles to make the experience a positive one. sis) when designing new Public Beneflt The Trustees have paid due regard to the Charity Commission's guidance on public benefil in deciding the activities undertaken by CAL during the year. The Trust8es are satlsfied that the information provided in the report and accounts meets the public benefit reporting requirements. Contrlbutlon of Volunte6r8 The charity receives help and support In the form of voluntary asslstance in advlslng the publlc and admlnistering the charity. We would Ilke to take thls opportunlty to express our deop gratitude to Cosette Reczek, who will step down as Chalr at our AGM In November 2024. Cosette has led CAL with dedication through significant public crises, including Covid-19 and the Cost of Living crisis, as well as a period of internal transformation with interim leadershlp in 2021-2022. Her leadership has been Instrumental in guiding us through these challenges. A number of volunteers who were recruited and tralned In 2020-'23 have b8en retained In key roles of Volunteer Telephone Assessors, Information Assistants and Volunteer Advisers and research and campaigns support. Generalist Casework, provided by highly experienced and expert Volunteer Advisors is supervised by pald staff. Caseworkers secure additlonal or new beneflts In around 90 /0 of the appeals they conduct. CAL'S Benefits Casework Accreditalion attests to the standards achieved and plans are in place for paid Advisors to be tralned to work alongside volunteers to provide a more supportive and learning environment. Volunteer recrultment is improving and will run alongside other training and development opportunities including internship programmes through the local FE organisations. Our work with Lewisham and Southwark Law Centre will continue providing essential legal support in housing and employment. This is a seniice many local Citizens Advice offices do not have and It is invaluable to our clients. The above are some of the ways in which volunteers enrich our organisation and substantially contrlbute to our service offer and we are grateful for their dedication and exceptional contribution. LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Advlce First Ald In partnership with the pan-London Citizens Advice network and thanks to funding by the Greater London Authority, during the financial year 2023-2024, we were pleased to deliver four Advice First Aid sessions to frontline workers across the Voluntary and Community Sector (VCS) as well to key workers in libraries, doctor surgeries, family hubs and adult education organisations. More than thirty key Lewisham organisations have so far benefrted from our programme. Advice First Aid is a free introductory course which aims to increase th8 capacity of faith, community, voluntary and statutory partners to identify advice Issues, provide accurate and useful infonnatlon, and signposting and to learn how, and when, to refer to specialist advice providers, The sessions raise greater awareness across the sector, help us promote local nel)Norks, build stronger links with local groups and agencies and reduce the risk of residents falling between the cracks in services. Advice First Ald was Introduced and Is delivered alongside our established quarterly Advice Lewlsham Forums which have an attendance list spanning across the Lewisham VCS and support s8Nices sectors. ACHIEVEMENTS AND PERFORMANCE This section highlights the key achievements and perfonnance of CAL over the past year, focusing on Its charitable activities, partnerships, and service delivery. It covers the wide range of projecls CAL has implemented, including debt advice seNices, housing support, and outreach programs, emphasising their impact on vulnerable residents. This section also details the successful outcomes of these initlatives, such as the number of clients Served, financial benefits secured, and effective responses to complex cases. Furthermore, it discusses how CAL has adapted to changing demands, particularly in response to the cost of living crisis, and strengthened its digital and multi-channel support to ensure comprehensive access to advice and Information for all Lewlsham residents. Charltable Actlvitles CAL has continued to grow in response to demand while building up its financial resilience. We maintained and expanded all our contracls and partnerships. CAL'S projects CAL delivers a range of projects including Debt Free London which is funded by the Money and Pension Service through Toynbee Hall. CAL has one of the largest contracts in London, with the aim of serving 1,900 clients annually. For many years CAL has delivered Pound Advice for the London and Quadrant (L&Q) Housing Association. We have always been the most productive of the delivery partners and generated the highest outcomes for clients. The team continue lo do complex casework for nearly 400 residents addressing rent arrears, making benefit claims and helping people take back control of their lives. LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 At the Green Man in Bellingham, CAL offers outreach services to the tenants of Phoenix Housing Association. In a friendly and familiar environment, tenants can seek help about their housing, managing their money and looking for ways to optimise their income. Last year CAL served 393 clients. This is exceptional giv8n a large number of more complex cases requiring multiple sessions- a common trend in money advice as too many clients don't seek help until their situation becomes desperate. The team also delivers training workshops for the Phoenix communities on budgeting. Help to Clalm {HTC) is funded through Citizens Advice. Nationally, take-up was Inltially slow but CAL'S HTC team and manager worked hard to build local referral routes and consistently achieved demanding targets. During 2023-2024 CAL supported 4,863 clients in helping to make Universal Credit claims. Tho Royal Court of Justice - Cost of Llving Crlsls Crlsls Preventlon project funded by the GLA is a strategic partnership between the GLA, London Citizens Advice network, and the London Legal Support Trust (LLST), developed in response to the cost of living crisis. Our GLA advlser supports Lewisham rgsidents who are facing hardship and crisis. Between April 2023- March 2024. our GLA adviser provided 508 full advice appointments. The Partnershlp includes Age UK Lewisham and Southwark, Action for Refugees In Lewisham (AFRIL). Lewisham MultiLingual Advice Service (LMLAS), Community Action Works, and Lewisham Refugee and Migrant Network (LRMN). CAL leads the Partnership to deliver EnquiryLine, a multi-channel front door to quality information and advice. It provides access to appointm8nts to help complete on-line forms, home visits and drop-ins for the most vulnerable along with casework on welfare benefits, immigration and housing. Where necessary, referral is arranged with a variety of local agencies to provide wrap-around support for those that need it, especially those with poor mental health, disabilities and other healthlsocial care needs. Working in partnership with the Southwark Law Centre (SLC), CAL helped establlsh Lewlsham Law Centre service (registered with the Law Centre Ne￿Ork July 2020). This follows a gap of over 10 years when access to justice for local residents was limited. Work is focused through the Housing Unit. With support from the Legal Aid Agency, SLC appolnted a Solicitor and Caseworker. A generous grant from the Trust for London funds a paralegal for the service. The Housing Unit dealt with 112 cases, mostly possessions orders, challenging evictions and preventing homelessness. Three quarters of the clients who received advice and representation had a positive outcome by retaining the roof over their head. SLC also won a contract from Lewisham Council to support families with No Recourse to Public Funds. Pro bono support from Hogan Lovells and additional funding from the AB Charitable Trusl, Indigo, the Legal Education Foundatlon and the Allen & Overy Foundation has helped to secure this seNic&. LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Partnership responded to the equivalent of 25,000 contacts in this year. CAL was directly responsible for responding to almost 750/0 of the total contacts. Most clients came through the Freephone Advice Line which answered 17,324 calls. Advlce Lewisham Partnership Outputs CAL Partners TOTAL Total telephone contacts 15,759 1,565 17,324 Referrals to Advic81ine 412 412 Number of appointments offered 1.019 Generalist 1,370 Debt Free Advlce 378 Pound Advice 147 Phoenix Totsl: 2,914 130 (AGEUK 9IJO (LMLAS) 281 {LRMN) Total: 1,311 4,225 Number of home visits NIA 304 304 (AGEUK) Number of complex casework 96 75 171 (LRMN) Number of resldent queries responded to b email 631 631 Number of residents accessing services via drop in Div&rt8d drop-in resources to outreach (600 Outreach) 1032 46 (AGEUK 386 {LMLAS) Total: 432 Asslsted infomiation and signpostlng 444 hub (estlmate) * 41,875 self-help webpag 444 HUB + 41,875 sel help webpage LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Over the 2023-2024 financial year, we have also observed a marked incr8ase in visits to our website and to the Self- Help section we have created. Th& pandemic and then th8 Cost of living crisis changed the way we provide support moving to mostly digital channels. The cost of living crisis has genei'ated demand from more vulnerable clients and more broadly with clients with more complex problems. Research shows that 5.1 % of our clients are digitally vulnerable and it has become necessary to focus on developing other channels to deliver full support. We've worked collaboratively with our partners to develop and deliver support that works for people being impacted by the crisis. More self-reliant clients can self-help. freeing up Adviceline and full advice resources to support those who most need more targeted support. The CAL website is designed to provide a 24 hour self-help portal to provide onllne Informatlon, tools and signposting to users. Thls year we have had over 41,000 vlslts to the self-help sectlon but we are developing webchat and more targeted information and advice to increase our online offer. Most who vlsit our website stay on to access some form of infomiation and over 20 /• of all people vlsiting th8 webslte make use of the self-help portal. We continue to upgrade this fvnction to ensure it is relevant and userfriendly and it continues to be a valuable resource to residents. We know that the top clicked links for self-help information are related to Housing and Benefits. Working with our partners and stakeholders has enabled us to identify our clients and their needs but we will continue to update this information to inform our strategy and business planning and so that we know our service is guided by client need. Issues Our alm is to help people deal wlth difficult situations, identify and tackle the underlying cause of their problems and to empower them with the tools and infomation to deal with the problems they face. We are able to provide a holistic service through our work with stakeholders and partners and community organlsations that share our objectives. Besides our high volume of phone advice, 4,225 clients were assessed as In need of additional support and were offered advice and casework appointments. Our cllents One of Citizens Advice Lewisham's key advlce objectives Is to support everyone and particularly the most vulnerable in our community. The following chart which compares our client demographic data against the 2021 Census data for Lewisham illustrates that we meet this objective by supporting a significantly higher percentage of people who have a long term health condition. a higher percentag8 of women and higher percentage of residents. LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Clients compared to Census 2021 data Lewisham (member) Clen W820Z1 129% X44 Z41% 16 20*Y• 231% 4&54 168 5&B4 24.8% lJb-14 T6+ Cr4tK1 To￿1 42% 52 5% 1¢1% 15% 2516 10% 20% 25% ol￿b￿a Lthll.Te￿ 11.2% 144 a9.2% irAiJi% 60% 20% Fema 362 Pf•fwdff•tenttetmlOLlw) 03% 10% 40% 0% 10Y• 2ri 30% 40% e8.416 33.6% 616% 34 O•A 101¥ 20% 30•A 40% 60% eo% LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Outcomes Last year, our advice services secured a total of £9,611,817 of financial benefit for our clients. Demand for our Enquiryline ser￿iCe remained consistently high and th8 service responded to the highest volume of calls in October 2023. CAL- Answered calls per month 2023-2024 2000 1500 1000 500 Month Our debt projects performed above overall year targets as seen in the chart below.. 2023-2024 Quarterly Output vs Target for Debt Free Advice 500 400 300 200 100 OUTPUT Q1 OUTPUT Q2 OUTPUT Q3 OUTPUT Q4 TARGET Output LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The following stories give a flavour of our clients, varied experiences- and how we were able to help. Jane s sto challen arkin in An escalatin series of issues after a almost six months. arkin machine wasn t workin saw CAL hel with an a eal for Jane had visited a relative in hospital over two days and parked in the car park. The barrier was up when she entered the car park and the machines didn't appear to be working so she didn't pay. Jane received a parking notice which she appealed. She heard nothing back until she was contacted by a debt collector. The parking company told her this was because her appeal had been declined. They said her address was missing a house number which is why she hadn't received th8 rejection 18tter, and that they had emailed her the decision. They said she could have paid the fee using her phone even if the machines were not working. The demand for payment had by this point increased to £150. The client was willing to pay the orlglnal £40 but not the £150 as she hadn't recelved a response to her appeal so hadn't been able to respond in a timely way to the decision. Jane contacted our enquiry line in the summer of 2023 and the assessor identified she requirad practical support and booked her a telephone appointment for full advlce. We advised her to apply for a subj8Ct access request to see the evidence that they had actually sent her the decision. In the information provided there was no evidence that an email of the appeal decision had been sent to her. We wrote back to the parking company, referring them to the parking code of conduct and advising that the client would agree to pay the original £40 but not the £150 costs. No response was ever received to this correspondence so the cllent did not pay the penalty notice or the additional costs. en s" sto su ort for Garers CAL was able to advise on a dis ute relaled to care lor the elderf thanks to the hel of 8 artner a enc Duyen emalled for advice but we needed more detail so we made an appointment for her to talk to an adviser. Duyen was in h8r late 50s and disabled but also caring for her elderly mother. Duyen received the Carerfs Allowance, and her mother also received some care through social servlces which she was not happy with. Duyen wanted to know whether her mother could receive direct payments to organise her own care. We advised on the prO￿sS for applying for direct payments and of the full time care requirements to enable Duyen to make an informed choice on her eligibility to continue to receive the Carers Allowance. Duyen later reported that independent care was now in place for her mother. However. there vlas a dispute With the local authority over care costs and she wanted help with this. We referred the client to our Age UK partners to get help on this aspect of the case. .811 client names are changed LEWISHAM CITIZENSADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW 1. Financial Effect of Signlflcant Events: The 2023-2024 financial year has been positive, with a notable improvement in the charity's financial position compared to the previous year. There were no significant financial events, however, total incoming resources increased from £1,603,522 in 2022-2023 to £1,881,090 in 2023-2024. This increase primarily resulted from higher income from charitable activities, which rose to £1.867.969 from £1,600,197 in 2022-2023. On the expenditure side, the charity saw a slight increase in expenses related to charitable activities, from £1,614,824 to £1,686,913. The financial performance of the charity relies on various grants and contract income source5, especially from the London Borough of Lewisham. However, the charity made an overall surplus for the year of £181,839 after making a provision for the actuarial losses on defined benefit schemes amounted to £12,338. 2. Investment Pollcy and Objectives: The charity generated £4,499 in Investrnent income during the year, which represents an increase from £2,428 In 2023. The investments were primarily deposit-based, and no substantial changes in the investment strategy were made. The Investment policy aims to ensure funds not immediately required for operations are placed in secure, interest-earning accounts, balancing liquidity and risk. 3. Princlpal Rlsks and UncertaSnties: Trustees have identified a range of risks impacting the financial health of the charity, particularly the continued pension liabilities arising from the National Associatlon of Citizens Advlce Bureaux Pension and Assurance Plan. The total pension liability increased to £122,669 from £110,331 in 2023. The actuarial valuation carried out revealed that the deficlt for this multi-employer scheme stands as a signlficant long-term risk. In response, trustees have implemented financlal management strategies, including maintaining a stable reserve policy to man8g8 potential financial shortfalls. 4. Factors Llkely to Affect Futur6 Flnanclal Performance: In the coming year, financial performance may be influenced by changes in grant funding and the broad8r economlc conditions affecting both charitable donations and operational costs. The uncertaintie5 surrounding pension liabillties and inflationary pressures on service delivery could also weigh on financial outcomes. However, the charity's proactive reserve policy and commitment lo managing liabilities offer a level of resilience. Ex lanation of the Financial Review 1. Prlnclpal Funding Sources: The charity's principal funding sources during 2024 induded grants from the London Borough of Lewisham, which amounted to £650,000 in unrestricted funding. and significant contributions from funders like Debt Free London, which provided £238,642. Additionally. contracts with Phoenix Community Housing. London Borough of Lewisham (crisis funding), and others supported various advice and outreach projects. These funding streams directly support the charity's key objectives of providing free advice and advocacy for vulnerable populations. 11 LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 2. Penslon Liabllltles: The charty continues to carry a pension liability linked to its participation in the National Association of Citizens Advice Bureaux Pension and Assurance Plan. Although the scheme is closed to new accruals, the liability persists and has increased slightly from £110,331 in 2023 to £122,669 in 2024. This liability does pose a risk to the financial health of the organlsation but is being actively managed at the national level, limiting direct financial exposure for the charity. 3. Investment Policy: As required in its Memorandum, in furtherance of its objects, and for no other purposes, the charity has the power to invest the monies of the charity 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. Reserves Review 1. Total Funds and Restrfcte(VUnrestrlcted Funds: At the end of March 2024. total funds stood at £537,985, an increase from £356,146 in 2023. Unrestricted funds comprised £537,985, while restricted funds amounted to £0, no change from £0 in the previous year. 2. Designated or Commltted Funds: No specific funds have been designated or otherwise commFtted at the end of the reporting period. The unrestricted funds are readily available for general use, and there are no amounts tied up in tangible fixed assets. 3. Reserves Policy and Target: Trustees have a policy of maintaining three months of operating costs in unrestricted reserv&s. As of March 2024, unrestricted reserves reached £537,985, surpassing the target of £403,706. The achievement of our reserves target is significant in ensuring that our charity remains financially stable and capable of meeting its future obligations. In concluslon, the charity has had a financlally positive year, with substantial growth In both income and resenles. While challenges such as pension liabilities and the ongoing need for significant external funding remaln, the financial position has Improved, and th8 charity is well-prepared for the future. 12 LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 PLANS FOR THE FUTURE This section outlines CAL'S strategic plans for the future, emphasising both short-term and long-term goals to sustain and grow its S8Nices. In the first year, CAL aims to maintain and expand current contracts, diversify funding sources, and explore corporate and community support. Over the next two to three years, the focus will shift lo developing partnerships with educational providers, enhancing community fundraising, and leveraging pro-bono support. Additionally, CAL plans to target fundraising efforts on projects that address specific client needs and explore cost-saving opportunities through regional collaborations. These strategies will be incorporated into the updated Business Plan to ensure sustainable growth and continued impact. Forward plannlng Our client and community profile show the value and positive impact of CAL in meeting a hlgh degree of demand. The data shows that many clients receive the help they need and that our multi-channel advice is enabling access for a wide representative demographic of Lewisham residents. There continues to be a need for face to face advice and we need to ensure th8t our objectives reflect this. Looking at the increase of debt enquiries (p.16) and the challenge to afford ess&ntials evidenced in our local COL dashboard {p.18), we consider money advice to remain a priorlty for CAL and possibly there will be a need to expand CAL'S exlstlng money advice s8rvlc8. The nationwide spike on energy enquiries (p.18) suggests that an effort to secure energy advlce would be particularly timely. Finally, we recognise that th8 Steady nationwide increase in both demand volume and complexity of enquiries, renders any effort to single-handedly meet demand unrealistic. To this affect we need lo prioritise our partnership working, an effort we have started bywelcoming AFRIL to the ALP and by organising Advice First Aid training for local community and faith organisations to help orchestrate a shared response to the crisis. Our one year strategy is to: Maintain and expand the current contracts Diversify for additional contractslgrants in service areas where we have skillslexparlence (income maximisation, tenancy support, debt, social prescribing) Look at options to secure funding and support from corporate donors Create a Friends offer to secure smaller monthly contributions. Generate funding appllcations to trusts and foundations for activities that augment the core funding from the Council Focus on the Pan-London Cltlzens Advice consortium securing reglonalllarge fundlng bids Focus on the potential of cost saving, shared functionslsupplier contracts through the Pan- London Citizens Advice consortium. Fundraising plan to focus on unrestricted fundraising and funding locally to support expansion. In years 2 and 3 of the business plan, fundraising would develop to include: Partnership development with educationlskills providers Community fundraising Pro bono support programme Explore corporate Friends and donors We will also focus our fundraising on targeted projects based on identified client need such as: Outreach and co-location especially targeting groups (young people, employment, housing, food banks) Training and IAG network development Volunteeringlapprenticeship programmes LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming Document Lewisham Citizens Advlce Bureaux Ltd. is a registered charty and a company limited by guarantee. Lewisham Citizens Advice Bureaux Ltd. is known and referred to as Citizens Advice Lewisham (CAL). The maximum liability of each member is limited to £1. As of 31st March 2023, the company had 11 members. Citizens Advice Lewisham is governed by its Memorandum and Articles of Association as amended on 7th November 2013 and 1$1 June 2022 (CitA mass adoption). CAL was incorporated as a company limFtad by guarantee on 27th March 1985. The charity commenced operations on 2P March 1985 at whlch date the assets and liablllties of the unlncorporated CAL were acquired. The Trustees who served during the period and up to the date of slgning this report are: Steve Baynes Robert Antony Cope Ife Gidado Dominic Graham Gilchrist Jacqueline Graveney {Tregear} Susan Hutton (Treasurer) Alix Langley Christine Katharina Mosedale Sophi6 Park Edward Guy Pikett Senthooran Ramachandran Cosette Marie Reczek Aida Shoush (appointed on 91912024) (appointed on 911112023, reslgned 121812024) (appointed on 911112023) (resigned on 91512024) (resigned on 911112023) (reslgned on 91512024) (Chair of Trustee Board) Recrultsnènt, Appolntment of Truste6s Our Trustees, who are also directors of the charity, are elected at our Annual General Meeting (AGM). Trustees may co-opt up to six people onto the Trustee Board to ensure the Board is broadly representative of the community, and to fill any specific vacancy and skills needed to carry out our responsibilities effectlvely (e.g. Treasurer). Co-opted members must stand down at the Annual General Meeting following their co-option, but they are eligible to stand for election. One Ihird of the elected Trustees (the longest seNing since the previous election) stands down al each AGM, and is eligible to stand for re-election. We invite nominations for Trustees through our annual mailing to stakeholders and local community organisations. Co-opted Trustees are recruited through a variety of methods, including direct advertising in the relevant media {e.g. the intemet, local newspapers.) The Board regularly reviews its membership to ensure there is a broad range of relevant skills and experiences sufficient to carry out ils duties. A separate process agreed by the Trustee Board is followed for the election of the Chair. The reference and administrative details abov8 identify the constituencies that elected each of the current Trustees. where applicable. No other persons or bodies external to the charity were entitled to appoint persons to the Trustee Board. 14 LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 New Trustees At the AGM which took place on 9 November 2023 two new trustees were elected (Alix Langley and Ife Gidado). On 9 September 2024, Robert Anthony Cope was co-opted to join the board as incoming chair who. pending election at ourAGM, will assume chair duties once our current chair, Cosette Reczek, steps down. Trainlng of Trustees All new Trustees are invited to attend an induction training session at Citizens Advice London office, to learn more about the Citizens Advice service nationally and the role of Trustees. They participate in a planned induction which includes: Access to key governance documents such as the governance manual, financial procedures and annual report. Good governance guidance relevant Charity Commission guides and references to high performing boards including Harvard and ICSA reports. Service tour introducing the different aspects of the service and identifying key leam members. Introduction to stakeholders and cllent profile wlth tha CEO. Bl-annual review wlth the Chair to establish objectives and progress. Workshop wlth Cltizens Advlce nationally to understand the member relationship. All new Trustees receive a Citizens Advice Lewisham emall address, access to the Cltizens Advice intranet and training system (Skillbook) and complete their confidentiality and Declaration of Interests forms. DBS checks are carried out according to Citizens Advice guldance. All Trustees are invited to visit our office to meet our team, find out more about our work and to observe the service delivery and understand the nature of the enquiries presented by clients. Our annual away day brings together trustees, paid staff and volunteers to collectively discuss and feedback on the charity's strategic goals. Trustees are included in the Training and Development Plan for CAL which includes mandatory training in GDPR, Senior Managers and Certificallon Regime {SMCR) for the FCA, Equity and Diverslty and Health and Safety obllgations. Organisational Structure CAL is governed by its Trustee Board which is responsible for setting the strategic direction and policy of the charity. The Trustees carry the ultimate responsibility for the conduct of CAL 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. The Trustee Board delegates some of its duties to its two subcommittees.. Finance {FSC) and People (PSC) Subcommittees. The terms of board delegation can be seen here. 15 LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED REGISTERED COMPANY NUMBER: 03038147 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 - A*cthTff*nd rtomThnd FInInr￿*￿￿t*S AppolnlAudlltyslOJnlwS LI1￿￿3 wlth ch•ln re ii*nd•s prodw•sdnlt mlnut repDrt5IpapÈ151n a8reemeniwlth BoaTdlcornmlit¥ Chalr5 Manages Ilnancos In Ilne wlth a8reed budiÈts Manaies recruiiniènt, appolntment •ppra15alof #•ffhali Manaie5 and owlffl15e5sEFvlce dellvpry Prrmdes performance r•ports to bo•rdlComnffto Implements ind man4895 pollcl•s Escalates new OTlnten￿f1Ed rfsk6toODxd lev ports to the Chalr ofTrusthes ApthWFInand￿ PErfcrmlntE Hethur*f•JMIM A$se>5tyJ51r*ss¢un￿n￿ ApprfMI orrwrtefly*t Re (Chair of People Subcommittee, appointed 911112023> (resigned 0910512024) (former Chair of People Subcommittee, resigned 0911112023) (resigned 091512024) (Chalr of Trustee Board) Chlef Executlvelcompany Secretary: Fiona Derbyshire Reglstered Office and Buslness Address Leemore Community Hub, Bonfield Road London SE13 SEU Audltor Hartley Fowler LLP 4th Floor Tuition House 27137 St George's Road Wimbledon London SW19 4EU Bankers Co-operative Bank PIC 151 Lewisham High Street London SE13 6AA CAF Bank 25 Kings Hill Ave Kings Hill West Malling ME19 4JQ Sollcltors Your Employment Settlement Service (YESS) Law New Wing, Somerset House, Strand, London, WC2R 1 LA 20 LEWISHAM crrIzENS ADVICE BUREAUX SERVICE LIMrrED REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2024 srATEMENf OF TRUSTEES. RESPONSIBILrrIES The trustee5 (who are also the directors of Lewisharn Cltlzens Adv7￿ Bureaux serv7￿ Limited for the pUr[￿SeS of company law) are responsible for preparing the Report of the Trustees and the financial statements In accordan￿ wlth applicable law and Unlted Kingdom Accounting Standards (United ￿ngdoM Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for eath financial year which glve a true and falr view of the state of affair5 of the charitable company and of the incoming resources and appllcation of resour￿, including the income and expenditure, of the charitable company ft)r that period. In preparing those financial statements, the trustees are required to select suitable accounting policle5 and then apply them conslstentty; observe the methods and prinaples In the Charlty SORP; make judgements and estlmates that are reasonabte and prudent; prepare the financlal statements on the going con￿rn basls unless it is Inappropriate to presume that the charltsbie company will continue In buslness. The trustees are responslble for keeplng proper accountlng records whld) dlsclose wlth reasonable accuracy at any time the financlal position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Art 2006. They are also responsible for safeguarding the assets of the Charitsble company and hence for tsklng reasonable steps ft)r the prevention and detectton of fraud and other irregularities. In $0 far as the trustees are aware: there Is no relevant audlt Informallon of whlch the chadtable company's audltors are unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audlt Informatlon and to estsbllsh that the audltors are aware of that Information. AUDrroRS The audltors, Hartley Fowler LLP, will be propjsed for re-appointment at the forthcomlng Annual General Meetlng. Approved by order of the board of trustees on 31 October 2024 and signed on ts behalf by.. C M Reczek chair board of trustees - Trustee -21- REPORT OF THE INDEPENDEKf AUDrroRS TO THE MEMBERS OF LEWISHAM crrIzENS ADVICE BUREAUX SERVICE LIMrrED Opinion We have audited the financial ststements of Lewlsham c[ti￿nS Adv1￿ Bureaux Servlce Limited (the 'charitable company,) for the year erKJed 31 March 2024 which comprlse the Statement of finanaal Actlvities, the Balance Sheet, the Cash Flow Ststement and notes to the financial statements, includlng a summary of slgnificant accounting polldes. The financlal reporting framework that has been applied in thelr preparation Is applicable law and United Kingdom Accounting Sta￿lards (Unlted Kingdom Generally AC￿pted Acwnting Practlce). In our ¢)pinion the financial ststements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its Incomlng ￿SoUrceS and appfication of resources, includiro Its income and expenditure, for the year then ended; have been properly prepared In accordantr wlth United Klngdom Generalty Acopted Accountlng Practice; and have been prepared In accordance wlth the requirements of the Companies Act 2006. Basls lor oplnion We conducted our audit In accordance with Int￿natIonal Stsndard5 on Audltlng (UK) (ISAS (UK)) and applicable law. Our respon51bllltle5 under those standard5 are further described In the Audltors, respon5ibllitles for the audlt of the flnanclal statements sectlon of our report. We are Independent of the tharitable company In accordance wlth the ethlcal requlrements that are relevant to our audlt of the flnanclal ststements In the UK IrKludlng the FRC'S Ethlcal Stsndard, aTh1 we have fulfilled our other ethlcal responsiblllues in accordance with these requirements. We believe that the audlt evidence we have obtained Is sufficlent and approprSate to provlde a bas15 for our oplnion. Concluslong relatlng to golng concern In audltlng the financlal statements, we have concluded that the trustees, use of the golng con￿rn ba51s of accountlng In the preparatlon of the flnandal statements 15 approprlate. Based on the work we have perfomed, we have not Identlfied any materlal un￿rtaIntleS relatlng to events or condltlons thal IndSvldually or collectlvely, may cast stgnlficant doubt on the charltsble company's ablllty to contlnue as a golng concern for a period of at least twelve months from when the financial sktements are authorised for issue. Our responslblllts and the respon51bllltles of the trustees wlth respect to golng concern are descrfbed In the relevant sectbns of this report. Other Information The trustees are reswnslble for the other information. The other information comprlses the infomiatlon Included In the Annual Repor¢ Other than the flnandal statements and our Report of the Independent Audltors thereon. Our oplnlon on the flnanclal statements 1S)es not cover the other Infomiatlon and, except to the extent otherwlse expllcltty stated in our report we do not express any form of assuran￿ conduslon thereon. In connection wlth our audit of the flnancial statements, our responslbility is to read the other Information and, In doirKJ so, consider whether the other Informatlon is materially InconsFstent wlth the financial statements or our knowledge obtslned In the audit or otherwlse appears to be materlally mSsststed. If we Identlfy such rnaterlal Inconslstencles or apparent materlal misstatements, we are required to detemilne whether this gives rlse to a materlal misstatement In the finandal 5tstements themselves. If, based on the work we have perfornied, we conclude that there Is a materlal mlsstatement of this other Informatlon, we are requlred to report that facL We have nothing to report In thts regard. Oplnlons on other matters prescrlbed by the Companles Art 2006 In our opinlon, based on the work undertaken In the course of the audit: the Information glven In the Rewrt of the Trustees for the financlal year for whlch the financlal statements are prepared is consistent with the financial statements; and the Report of the Trustees has been prepared in accordan￿ wlth applicable legal requlrements. REPORT OF THE INDEPENDEtir AUDrroRS TO THE MEMBERS OF LE￿SHAm CITIZENS ADVICE BUREAUX SERVICE LIMrrED Matters on which we are required to report by exceptlon In the Ilght of the knowledge and understanding of the charitable company arml its environment obtslned in the course of the audlL we have not identified materfal misstatements In the Report of the Trustees. We have nothing to report in respect of the followlng matters where the Companies Act 2006 requlres us to report to you rf, in our opinion: adequate accounting records have not been kept or retums adequate for our audit have not ￿en welved from branches not vislted by us; or the financial statements are not In agreement wlth the accounting records and retums; or certain di%losures of trustees, remuneration specified by law are not made. or we have not received all the infomiation and explarkltions we require for our audit; or the trustees were not entitled to tske advantage of the small companies exemptv)n from the requlrement to wepare a Strateglc Report or In preparing the Report of the Truthes. Responsibilit1￿ of trustees As explalned more fully In the Statement of Trustees, Responslbllltles, the trustees (who are also the dlrectors of the charltabte company for the purp)ses of company law) are responslble for the preparation of the flnanclal statements and for belng satisfied that they glve a true and falr vlew, and for such Intemal control as the trustees iieterminels necessary to enable the preparatlon of financlal ststements that are free from material m155tatanen¢ whether due to fraud or error. In preparing the financial statements, the trustees are respon51ble for assessing the charltsble company's ablllty to contlnue a5 a going cor￿m, dlscloslngi as appllcable, matters related to going concern and using the golng concern basls of accounting unless the trustees either Intend to Ilquldate the charltable company or to cease operatlons, or have no rea115t6c atternative but to do so. Our responslbllltles for the audlt of the flnan¢l?13tatements Our obJectlve5 are to obtaln reasonable assurance atx)ut whether the financlal statements as a whole are free from materlal mlsstatement, whether due to fraud or error, and to issue a Report of the fndependent Auditors that Includes our opinlon. Reasonable assurance Is a hlgh level of assurance, but Is not a guarantee that an audlt conducted In accordance wlth ISAS (UK) will always detect a material misstatement when It exists. Mlsstatements can arlse from fraud or error and are considered materlal If, Indlvldually or In the aggregate, they could reasonably be expected to Influence the economlc declslons of users tsken cff) the basis of these flnancial ststements. The extent to whith our procedure5 are capable of detectlng irregularities, Indudlng fraud Is detalled below: We Identfy and assess rlsks of materlal misstatement of the flnanclal statements, whether due to fraud or error, and then deslgn and perform audit procedures responslve to those rlsks, Sncluding obtalnlng audlt evldence that Is suffldent and approprlate to provide a basls for our oplnion. In Identifylng and assesslng risks of materlal mlsststement In respect of Irregularltle5, includlng fraud and non REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LEWISHAM CITIZENS ADVICE BUREAUX SERVICE LIMITED As a result of these procedures, we considered the oppjrtunities and Incentives that may exist withln the organisation for fRud. In common with all aLKIIts we are also required to perform specific procedures to respond to the risk of ManageM￿t Ov￿de. We also obtained an understsnding of the legal and regulatory framework that the charitable company operates In. The key laws and regulations we considered In this context Included the Charltles Art 2011, UK Companies Act and tax legislatton. In addltion we consldered provlslons of other laws and regulatlons that do not have a direct effect on the financial ststements ljut compllance with which may be fundamental to the charltsble company's ability to operate or to avold a materlal penalty. A5 a result of performing the above, we did not Identify any key matters related to the kthntial risk of fraud or non-complian wlth laws and regulations. Our protrdures to respond to rfsks identlfied induded the foll¢Jwlng'. revlewlng the financlal ststement dlsclosures and testlng to supportlng documentstlon to asse$5 complIan￿ with provlston of levant laws and regulatlons described as havlng a direct effect on the financlal statements; enqulrlng of management concunlng actual and potentlal Iltlgatlon and clalms; -performlng analftlcal procedures to tdentlfy any unusual or unexpected relatlonships that may indlcate rlsks of materlal mlsstatement due to fraud; -revlewlng mlnutes of meetlThJs of those charged wlth governance, revlewing Internal report5, and 4n addressln9 the rlsk of fraud through management overrlde of controls, testing the appropriateness of Joumal entrtes and other adjustments, a55essing whether the judgements made In maklng accountlng estlmate5 are Indlcatlve of a potentlal blas and evaluatlr¥J the buslness ratlonale for any slgnlflcant transactlons that are unusual or outslde the nomial course of buslne55. We also communicated relevant Identified laws and regulatlons and potentlal fraud rfsks to all engagement tearn rnembers and remalned alert to any indication of fraud or notFcompliance with laws and regulatlons throughout the audlt. A further descrlptlon of our responsibllitles for the audit of the flnancial statements Is located on the Financial Rep)rting Council'5 webslte at www.frc.org.uklaudltorsresponsibilities. This descripUon forms part of our Report of the IndeperKtent Auditors. Use of our report Thls report Is made solely to the charitsble companvs members, as a body, In accordan￿ wlth Chapter 3 of Part 16 of the Companles Act 2006. Our audlt work has been undertaken so that we mlght state to the charStable company's members those matters we are requlred to state to them In an audltors, report and for M other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charltable company and the charitable company's members as a body, for our audlt work, for this report, or for the oplnions we have formed. Jonathan Askew C4 (Senlor for and on behalf of Hartley ststutory Audltors Chartered Accountsnts 4th Floor Tuition House 27-37 st George's Road Wimbledon London SW19 4EU tory Audltor) ler LLP Il -2+ LEWISHAM aTIZENS ADVICE BUREAUX SERVICE LIMrrED STATEMENT OF FINANCIAL AcrIvrrIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Totsl funds 2023 Total funds Unrestrlcted funds Restrlcted funds INCOME AND ENDOWMENTS FROM Donatlons and legacles 5,500 5,500 343 Charltable activitles Information and adv 1,059,831 808,138 1,867,969 1,600,197 Investment Income Other Income 4,499 4,499 2,428 554 Total 1072 952 808 138 1881090 1603 522 EXPENDrnIRE ON Charltsble actlvitles Infomatlon and advlce 871114 815 799 1686 913 1614 824 NEf INCOMEIIEXPENDrruRE) Transfers between funds Other recopnlsed gains1(l(￿se$) Actuarial galnsl(losse5) on deflned benefit schemes 201,838 (7,661) (7,661) 7,661 194,177 (11,302) 19 12 338) 12 338) Net movement In funds 181,839 181,839 9,109 RECONCILIATION OF FUNDS Total funds brought forward 356,146 356,146 347,037 TOTAL FUNDS CARRIED FORWARD 537 985 537 985 356 146 The notes fo￿ part of these financial ststements -25- LE￿SHAm CITIZENS ADVICE BUREAUX SERVICE LIMITED BALANCE SHEEr 31 MARCH 2024 2024 2023 as reststed Notes CURRENT ASSETS Debtors Cash at bank 15 31,178 834 355 174,187 630 855 865,533 805,042 CREDITORS Amounts falling due withln one year 16 (204,879) (338,565) NEf CURRENT ASSErs 660 654 466 477 TOTAL AS5Efs LESS CURRENT LIABILrrIES 660,654 466,477 PENSION LTABILrrY 20 (122,669) (110,331) NET ASSETS 537 985 356 146 FUNDS Unrestricted funds 19 537 985 TOTAL FUNDS 537 985 These finandal statements have been prepared In accordan￿ with the provisions applicable to charltsble companles subject to the small companies regime. The financlal statements We￿ approved by the Board of Trustees and authorlsed for Issue on 31 October 2024 and were slgned on Its bella￿ by.. C M Reczek chalr board of trustees - Trustee The notes form part of these finanaal s&itements -2 LEWISHAM cmzENS ADVICE BUREAUX SERVICE LIMrrED CASH FLOW sfATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash tlows from operntlng actlvities Cash generated from operations 199,001 70,255 Net cash provlded by Opera￿ng acuvities 199,001 70,255 Cash flows from Invesung actlvltles Interest recelved 4,499 2,428 Net cash provided by Investing actTvltles 4,499 2,428 thange In cash and cash equlvalents In the Yeportlng period Cash and cash tqulvalents at the beglnnlng of the reportlng perlod Gish and cash equlvalents at the end of the reportlng perfod 203,500 72,683 630,855 558,172 834,355 630,855 The note5 fom part of these fina￿al stateM￿ts -27- LE￿Am CrnZENS ADVICE BUREAUX SERVICE LIMrrED NOTES TO THE CASH FLOW sfATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCIUATION OF NEf INCOMEI(EXPENDrruRE) TO NEf CASH FLOW FROM OPERATING ACtivrTIES 2024 2023 as restated Net incomel(expendlture) for the reporting pvlod (as per the ststement of Financlal Artlvities) Adjustments for. Ir)terest r￿1Ved Decrease/(increase) In debtors (Decrease)lirKrease In ueditors 194,177 (11.302) (4,499) 143,009 (133,686) (2,428) {90,468) 174,453 Net Cash provlded by wations 199,001 70,255 ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash fbw At 3113124 Net cash Cash at bank 630,855 203,5(WJ 834,355 630,855 203,5C(I 834J55 Total 630,855 203,500 834,355 The rths fomi part of these flnancial Statements -28- LEWISHAM crrIzENS ADVICE BUREAUX SERVICE LIMrrED NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION The charitsble comFony Is Incorporated and domldled in England and Wales. The address of its registered Offi￿ Is Leemore Community Hub, Bonfield Road, Lonch)n SE13 5EU. The registered number of the company is 03038147. The registered number of the charity Is 1075040. The fmanclal Infonnabon presented Is for the year endd 31 March 2024 and 31 March 2023. The flnanclal infomiation is presented in sterllng and roundlng Is to the nearest £1. ACCOUNllNG POUCIES Basls of preparfng the financial statements The financial staten￿nts of the charitsble company, whkh 15 a publlc benefit entlty under FRS 102, have b*n prepared In aC£Ordan￿ wlth the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Ststement of Recommended Pract1￿ appllcable to charlties preparlng thelr accfjunts In accordance wlth the Financial Reportlng Stsndard appllcable In the UK and Republlc Of Ireland (FRS 102) (effectlve l January 2019),, Finanoal Reporlng Stsndard 102 The Flnandal Reportlng Stsndard applicable in the UK and Republlc of Irdand. and the Companles Art 2006. The flnancial ststements have been prepared under the h15torlcal cost c￿ven￿n. Preparatlon of the aca)unts on J going concern ￿1$ The financial statements have been prepared on the a55umpUon that the tharfty is able to conunue a5 a golng concern, tch the trustees con51der appropriate havlng reg￿ io the current levd of unrestricted reseNes, the financial w5ition, future plans and the expected level of Income and expendlture for 12 months from authorlslng these financlal ststements.There are no materlal uncertaintles about the chartty's ablllty to contlnue as a golng Can￿m. Slgnlficant Judgements and estlmateg The tfustees consider that there are no areas of Judgement or e5tlmation whlch materlalty affett the financial ststements. come All Income is recognised in the Ststement of Flnanaal Acuvlties On￿ the chanty ha5 enddemert to the funds, It is probable that the Income wlll be r￿e1Ved and the amount can be measured rellably. Income In respect of servI￿S provlded Ss recognlsed when, and to the extsit thaL performance occurs and Is measured at the falr value of the conslderatlon recelvable. The maln source of income the diarfty Is contracts for Serv1￿ and grants wlth the London Borough of Lewlsham. Voluntsry income is received by way of grants, donatlons and glfts and Is Included In full In the Ststement of Hnancial Acknvltles when recelvable. Grants, where entitlement Is not condltional on the dellvwy of a spedfic perfomiantr by the charity, are recognlsed when the charlty becomes unCo￿ltI0na1IY entltled to the granL Income from grants, where related to perfornian￿ and specific del1V￿abts, are accounted for as the Char￿ earns the right to the conslderauon by Its performance. Grant Income relating to a later pedod Is therefore deferr&J to that period and treated as deferred Income In the balan￿ sheet. Expendlture Llabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the d)arity to that expenditure, It Is probable that a transfer of economic benefits will be required In settiement and the amourt of the obligation Gin be measured reliably. Expenditure is accounted for on an accnJals ba515 and has been classified under headings that aggregate all cost ￿lated to the category. Where costs cannot be dlrertty attrlbuted to parttcular headings they have been allocated to activities on a basls consistent with the use of resources. Charitable actlvities Charltsbk expenditure comprises those costs incurred by the charity In the delivery of Its actlvities and serv1￿5 for its beneficiarie5. It Includes both a)5ts that can be allocated diDIARTfABLE ACTIvrrIES COSTS Direct Costs (see note 7) Supp)rt costs (see note 8) Totsls Infom)atlon and advi 1,497,028 189,885 1,686,913 DIRecf COSTS OF CHARrrABLE AcfIvmES 2024 2023 as restated Stsff costs P&trer payments ce costs Premlse5 costs costs 1,350,909 83,624 62,162 1,160,163 106,124 91,345 31,574 333 1,497,028 1,389,692 SUPPORT cosrs Governan costs Management Totals Informatlon and advl 167,931 21,954 189,885 Support Costs, Included In the aÈove, are as folbws: Managemont 2024 2023 as restated InfO￿natIon and advi Total activities Stsff and volunteer costs 81,894 82,817 607 2,613 147,343 68,610 499 1,667 Premlses costs 167,931 218,119 Governance costs 2024 2023 as restated Information and advi Totsl activitses Auditors, remuneration Legal, professional & flnan Trustee board Other gov￿nan￿ costs 6,300 12,992 264 2,398 1,113 437 103 21,954 7,013 -3> LE￿sHAm crrizENS ADVICE BUREAUX SERVICE LIMrrED NOTES TO THE FINANCXAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 NEf INCOMEI(EXPENDITURE) Net Incomel(expendthre) is statsd after charglngl(uediting): 2024 2023 as restated Auditors, remuneratlon offi￿ equipment lease 6,300 3,082 5,360 2,658 The audltor's fee conslsted of: 2024 2023 Audlt of the flnanclal ststements Preparatlon of statutory flnancial statememts, other seThices arxl VAT 6,300 3,660 5,360 1,640 9,662 7,000 io. TRusfEES' REMUNERATION AND BENEFrrs There were no trust￿5, remunerath)n or other benefits for the year ended 31 March 2024 nor for the year ￿ded 31 Marth 2023. Trustee5' expense¥ There were no trustees, expenses pald for the year ended 31 March 2024 nor for the year ended 31 March 2023. ii. 2024 2023 Salarles and wages Sodal securtty costs P￿S1On costs Temknation payments Exlratia payments 1,202,989 112,725 46,286 16,720 3,280 1,108,985 100,199 39,615 13,009 1,3B2,000 1,261,808 The avry monthty number of employees during the year was as follows: 2024 2023 as restsbj 5enlor Management Team Charitsble wcffk and advi50r5 41 46 The number of employees whose employee beneflts {exdLwJing anployer penston costs) ex￿eded £60,000 was: 2024 2023 as restated £60,￿1 - £70,000 The key management pe￿onnel of charity are the senior management team, whlth for the flnancial year were: -3 LEWISHAM crrIzENS ADVICE BUREAUX SERVICE LIMrrED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ii. srAFF cosrs - contlnued (l) Chief Executtve Offior (li) Head of Advice Ciil) Head of Buslness and Development Ov) Advi￿ se￿1￿ Manager The key management personnel T&elved ben￿ts durfng the year of £250,385 (2023: £203,870). srATEMENT OF FINANCIAL AcfIvrnES- FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted funds Iz Restricted funds Totsl funds as restated INCOME AND ENDOWMEKfs FROM Donations and legacies 343 343 Charltsblo actlvitles tnfoMiatl￿ and advi 7S8,365 841,832 1,600,197 Investmert Income Othw Income 2,428 554 2,428 554 Total 761,690 841,832 1,603,522 EXPENDrruRE ON Charftsble artlvltles Inforniatlon and advlce 746,529 868,295 1,614,824 NEf INCOMEI(EXPENDmiRE) Transfers between funds Other recognlsed galnsl(losses) Acttjarfal galn5 on deflned benefft scherrEs 15,161 (26,463) (26,463) 26,463 (11,302) 20,411 20,411 Net movement In funds 9,109 9,109 RECONCIUAllON OF FUNDS Totsl fvnds brought forward 347,037 347,037 TOTAL FUNDS CARIUED FORWARD 356,146 356,146 -3 LE￿SHAm CrnZENS ADVICE BUREAUX SERVICE LIMrrED NOTES TO THE FZNANCIAL sfATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 13. PRIOR YEAR ADJusfMENT The core grant from the London Borough of Lewlsham has b￿n redasslfEd from a restricted grant to an unrethcted grant.Th* was no ImpKict on the net assets of the charlty. 2023 2023 as previously Unrejtrfcted Funds 356,146 345,442 Regtrlrted Funds 10,704 356,146 356,146 TANGIBLE FIXED ASSErs Computer equipment cosr At l Aprll 2023 and 31 March 2024 4,878 DEPRECEAllON At l Aprll 2023 and 31 March 2024 4,878 NEf BOOK VALUE At 31 March 2024 At 31 March 2023 15. DEBTORS: AMOUNTS FALUNG DUE ￿1N ONE YEAR 2024 2023 as restated Trade debtors Accrued Income Prepayments 17,844 79,995 79,748 14,444 13,334 31,178 174,187 -3 LEWISHAM crrIzENS ADVICE BUREAUX SERVICE LIMrrED NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 16. CREDrroRS.' AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 as restated Trade ttedltors Social serurity and other taxe5 Othw credthrs Accruals and deferred Income 10,564 19,607 7,142 167,566 1,822 39,664 44,730 252,349 204,879 338,565 2024 2023 Deferred Income Balan￿ at i Aprll 2023 Amounts releasej to Incomlng resour Amount deferred in the year 65,875 (65,875) 99,731 7,500 (7,51)0) 65,875 Balance at 31 March 2024 99,731 65,875 Deferred Income comprfses income recelved durSrwJ the year which relates to the next flnancial year, LEASING AGREEMENTS 17. Mlnimum lease payments under nOn-Can￿lIable operaung leases fall due as follows.. 2D24 2023 as reststed Wlthln one year Btheen one and flve years 3,082 6,934 3,082 12,329 10,016 15,411 ANALYSIS OF NEf ASSEfs BrrwEEN FUNDS 2024 2023 as restated Total funds Unrestrlcted funds Restrlcted fund5 Totsl funds Current assets CunEnt Ilablllties Pension lial￿lIty 855,005 (194,351) (122,669) 10,528 (10,528) 865,533 (204,879) (122,669) 805,042 (338,565) (110,331) 537,985 537,985 356,146 2023 Comparat]ves for net assets between funds: Unrestrlcted funds as reststed Restricted funds as reststed 2023 Total funds as restated Current assets Current liabilitles P￿Slon liability 805,042 (338,565) (110,331) 805,042 (338,565) (110,331) 356,149 356,146 -37- LEWISHAM CrnZENS ADVICE BUREAUX SERVICE LIMrrED NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 19. MOVEMEKf IN FUNDS Net movement In furKIs Trnnsfers betW￿n fuThls At 3113124 At 114123 UnrestrfLted funds General fund Penslon re*rve 466,477 (110,331) 201,838 (12,338) (7,E61) 660,654 (122,669) 356,146 R*ttted funds Debt Free London Natlonal Cltlzens AdvI￿- Help To aalm Tn￿ For London - Legal Team Royal Courts of Justlce - Isllngton Crfsls Managemait Project 189,5CKI (7,661) 537,985 (303) (7,330) (2,895) 303 7,330 1895 1867 {2,867) (7,661) 7,661 TOTAL FUNDS 356,146 181,839 537,985 Net movement in furKls, Included in the atrthe are as follows.. Incoming resources Resources expended Gains arKI Movement in funds Unrestrfcted funds General fund Pension reser 1,072,952 (871,114) 201,838 {12,338) (12,338) 1,072,952 Rastrfrted funds Debt Free London Natjcfftal cr(Izens Advltr - Help To aalm Trust For London - Legal Team Royal Courts of Justio - Isllngton Crtsis Management Project (871,114) (12,338) 189,5LM) 238,642 488,782 35,714 (238,945) (496,112) (38,609) (303) {7,330) {2￿95) 45,000 (42,133) 2,867 808,138 (815,799) {7,661) TOTAL FUNDS 1,881,090 (1,686,913) (12,338) 181,839 LEWISHAM crrizENS ADYICE BUREAUX SERVICE LIMTfED NOTES TO ThE FINANCIAL STATEMENTS - continued FOR ThE YEAR ENDED 31 MARCH 2024 19. MOVEMEKf IN FUNDS - contlnued Comparatives for movement in funds Net movement in funds Transfers btheen funds At 3113123 At 114122 Unrestsicted funds General fund Pension reserve 477,779 (130,742) 15,161 20,411 (26,463) 466,477 (110,331) 347,037 35,572 (26,463) 356,146 Restrlrted funds London Borough of L￿$baM - Crbls Fundlng Debt Free London National Citizens Advlce - Help To Clalm Trust For London - Legal Team Royal Courts of just7￿ - Isllngton Oisls Mana9ement Projett Lewlsham and Southwark Age UK- Addltional Advth servI￿s Downham Project Food Bank Klclstsrt ZIAFf (Improvlng Acc855 to PsychologScal Therapie5) (879) 1,078 (25,002) (816) 879 (1,078) 25,002 816 (428) 428 (303) (7) (104) 303 104 (2) (26,463) 26,463 TOTAL FUNDS 347,037 9,109 356,146 Comparatlve net movement In funds, Induded In the ab)ve are as follow5: Incoming Resources expended Gains and losses Movement in funds Unr¢stricted funds General fund slon reserve 761,690 (746,529) 15,161 20,411 20,411 761,690 (746,529) 20,411 35,572 Restrlrted funds London Borough of Lewlsham - Crlsls Fundlng Debt Free London Natlonal Citizens Adv1￿ - Help To Clalm Trust For London - Legal Team Royal Courts of justi￿ - Isllngton Crfsls Management Projett Lewi5ham and Southwark Age UK - Additional Advi￿ Servl Downham Project Food Bank lQckStsrt ZIAFf (Improving Access to Psychologlcal Therapie5) 30,000 247,393 474,158 40,417 (30,879) (246,315) (499,160) (41,233) (879) 1,078 {25,002) (816> 16,000 {16,428) (428) 16,000 7,500 2,096 (16,303) (7,507) (2,200) (303) (7) (104) 8,268 (8,270) {2) 841,832 (868,295) (26,463) TOTAL FUNDS 1,603,522 (1,614,824) 20,411 9,109 -39- LE￿Am cmzENS ADVICE BUREAUX SERVICE LIMrrED NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 19. MOVEMENT IN FUNDS - continued Clu￿n5 Advice Lewlshèm treats all funds received specffically for a project as restricted dudng the per￿d to which the funding rekites. Unrestricted reseNes are used to SUFPOrt charitable athvlties. Where the cost of runnlng a project exceeds its income resultlng in a deficit, unless otherwlse agreed wih the funder these deftcits will be funded from unrestricted reserves. Rastrlcted Funds Debt Fr￿ London - pan-London parthership project ￿1¢h recdves fvndlng from the government's Flnandal IrKluslon Fund. Thls project enables an increased level of fa￿ to fa￿ debt servlce, Natlonal Citizens Advlce Help to Claim - Thls project offers erthl-to*nd support to help people make a new Un￿e[saI Credlt Clalm. Trust For London Legal Team - Trust for London project suppJrtlng Indlvlduals wlth legal Issues and provldlrrfj access to specla15t adv[￿ for d15advantsged resldents. Royal Court of Justlce Islingon Crfs15 Management Project - This prO￿tt Is bkn￿n RC] and Islin9ton attzens Advke Bureaux and CAL for the delivery of crlsis prevention and speclal55t casework work for vulnerable LOndor￿rS and engaging in the delivery of trainlng for communlty groups. Downham ProJect Food Bank - Funded by Lewlsham Local for provldlng ￿jtreach advlce on Food Banks. IckStart- Funding toward5 providln9 jobs for young people 16 - 24. ZIAFT - Funded by Cltizens Adv7￿ sub￿rant In relation to the dellvery element of a co11aL￿ra￿ve research project to test money advSce as part of mental health InteNentions In an LAPT (Improvlng Acce55 to Psychologlcal Therapies) Se￿6￿. Unrestrfrted Fundg UnreslrfLted funds Includes.. London Borough of Lewlsham - grant for core fundlng - L(￿dOn Borough of Lewisham - contract for crisis fundlrvJ - ￿￿don Borough of Lewlsham - adv1￿ outreach delivery - Lewisham and Southwark Age UK - contract for providing Wlnter Pressure advl - Phoenix Communlty Housing Association contract for services - We are Dlgltal Llmlted (Pound Adv1￿) contract for servltrs Penslon reserve - a designated reserve set aslde to cover the IlablNty for the obllgatton on the deflned benefft scheme. EMPLOYEE BENEFrr OBLIGAllONS Pen51on costs: The Natlonal Associatlon of Citlzens Advlce Bureaux Penslons and Assurnn(e Plan {1991) citlzens Advice ('the Principal Employe￿) operates a defined benefit scheme ('the Plan,) In the UK whlth provides both pension5 In retlrement and death benefits to members. Pension beneffts are relatsd to the members, final salarie5 at retirement and their length of service at date they retired or left pensionabk servi￿. The Plan cb)5ed to future acaual on 31 March 2008. The Plan also contains some money purchase AVC5 and protected rights funds, which are not Induded in these dlsclosures. In accordan￿ wlth the schedule of contribution5 agreed by the Employer and Trustee in August 2023, the contributions to the Plan for the year ending 31 March 2024 have been £5,218,000, which includes £4,918,000 towards the deficit and £300,000 as an allowan￿ for admlnlstration expenses and all scheme levles. LEWZSHAM CMZENS ADVICE BUREAUX SERVICE UMIfED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 20. EMPLOYEE BENEFrr OBLIGATIONS - continued The Plan is a reglstered scheme under UK legislation. The Plan is subject to the scheme funding requirements outlined In UK legislation. The Plan is govemed by the Plan's Trust Deed and Rules dated 4 April 2011. The Trustee Is responsible for the operation and the govemance of the Plan, induding rna￿ng decisons regarding the Plan's funding Investment strategy (although they are required to consult the Prinopal Empw). A full actuarlal valuauon of the Plan was carrled out as at 31 Mard) 2024 by a quallfied Independent artuaryi based upon membership data as at 31 March 2022, allowing for assumed membership movements over the perlod from thls date, and any materlal membershlp movements significantly dffferent from those assumed (e.g. transfers out). The Most re￿nt formal attuarial valuation of the Plan was as at 31 March 2022 and revealed a fvndlng deficit cl £53,536,000. In the recovery plan agreed following the valuation, the Prlncipal Employer and other participatlng employers agreed to pay deficlt reduction contiibution5 of £2,918,000 per annum wlth the view to ellminatlng the defiot by 30 September 2040. The liablllues 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. average duratlon of the Ilabllities Is approxlmatety 11 years. The Plan15 exposed to actuarlal rlsks such as market (Investment) r15k, ltsest rate rlsk, Infiation risK currency risk and longevity dsk. The major assumptlons used by the actuary w¢re (In nomlnal ternis) a$ follows: 31.3.2024 31.3.2023 Discount rate Inflation (RPI) Inflatlon (CPI) Revaluation of deferred penslons in excess of GMP p￿Slon in payment Increases of: CPI or 50/0 p.a. If le5S CPI infiatlon SIn￿ retirement or 5% p.a. compound If less CPI or p.a. If less 4.90% 3.200h 2.80% 2.80¥0 3.300/0 2.850/0 2.85% 2.80% 2.800/0 2.500/0 750/0 of HMRC maxlmum 2.85010 2.50Wo 75% of HMRC maxlmum Commutatlon of penslon for cash at retSrement 31.3.2024 31.3.2023 Assumed Ilfe expectancles on r•tlrwnent at age 65 are: Retiring today- Males Retlrlng today - Females Retlrfng in 20 years time - Males Retidng In 20 years tlme - Females 20.6 23.4 21.8 24,5 20.8 23.6 22.0 24.7 Value at 31.3.2024 £0005 Value at 31a.2023 £0005 The a55ets In the Pljn were: Multl asset fiJnd5 structured equty and LDI 26,047 33,448 I,ioo 24,903 35,116 726 Fair value of Plan assets 60,594 60,745 The actual rthm on assets over the Fwiod was: 307 (37,084) 41- LEWISHAM crrIzENS ADVICE BUREAUX SERVI LIMrrED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 EMPLOYEE BENEFrr OBLIGATIONS - contlnued 31.3.2024 £OOO$ 31.3.2023 Present value of fijnded obllgation5 Fair value of Plan assds 107,082 60,594 111,169 60,745 Surplusl(deflclt) In funded scheme (46,448) (50,424) P￿nt value of unfunded obllgations Unrecchjnlsed acbJarlal gainsl(losses) Adjustment In respect of asset ￿lI6ng Net Ilability In balan￿ sheet 50h24 Raconclllatlon ol openlng and doslng balances of the pr¢sent value of the defined benefit obllgatlon 31.3.2024 £OOO• 31.3.2023 £OOOs Benefft obllgation at beglnnlrKJ of year Current Serv￿ cost IntaE5t cost Contr1t￿ti¢JnS by Plan participants Actuarial (galns)Ik)sses Benefts paid and expense5 Past servlce c05t Settlements Buslness tomblnatlons EXCha￿e rate 111,169 693 5,250 148,768 832 4,074 (5,079) (5,676) 1,375 (35,041) (7,464) Benefft obllgatlon at end of year 107,082 IIL169 Recon¢lliatl(m of openlng and doslng balarK¢s of the falr value of Plan assets 31.3.2024 £OOOs 31J.2023 Fair value of Plan assets at beglnning of year Interest Income on Plan assets Retum on assets, exduding interest income Contrlbutions by ￿￿p￿yerS Contribjtlons by Plan participants Benefits paid and expenses Buslntss comblnatlons Settlements Exchange rdte 60,745 2,905 (2,598) 5,218 102,214 2,801 (39,885) 3,079 (5,676) (7.464) Falr value of Plan a55ds at end of year 60,594 60,745 42- LE￿SHAN CMZENS ADVICE BUREAUX SERVICE LIMITED NOTES TO THE FINANCIAL sfATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 20. EMPLOYEE BENEFrr OBLIGATIONS- continued The amounts recognised In profit or loss: 31.3.2024 £OOOs 313.2023 £OOOs Serv1￿ cost - Including current & past service costs, & settlements Setvice cost - admlnFstrative cost Net interest ¢)n the net defined tsenefit liablllty 1,375 693 2,345 771 1,285 Totsl expense 4.413 1105 RfAnoJwrements of the net dqflned benefit Iljblllty (asset) to be •hown in OCI: 31.3.2024 £OOOs 31.&2023 Acbjarial (gain5)11055es on the liabllltles Return a￿ets, excluding interest income Changes In the effect of thé asset celling excfuding interest income (5,729) 2,598 (35,041) 39,885 Total runeJ5ure of the net defined Ilablllty (asset) to be Jhown In OCI (3.131) 21. CONTINGENT LIABILMES Citlzens Advice Lewlsham has potentlal obllgatlons In ￿SpeCt of penslon entTtlements for past and present stsff arlslng under the Penslons Trust defined benefit penslon scheme. It has been conflrmed by the Penslon Trust that C￿1zenS Iv1￿ Lewisham's estimated debt on withdrawal at 30 September 2023 was £9,618. 22. RELATED PARTY DISCLOSURES There were no related party transadons for the year ended 31 Marth 2024. 23. LIMrrED BY GUARANTEE The tharity is a prlvate company limited by guarantee, without thare capital. The mernbers of the company guarantee the sum of £10 whllst they remaln mernbers of the company and for one year thereafter, in accordance wlth the prow5ions of the MemorarKlurn of Asqociatlon. The cornpany Is controlled by the members that Include all of the trustees.