ISLAND ADVICE CENTRE A company limited by guarantee Registered No.: 03375266 (Charity No.: 1076857) TRUSTEES' ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Kingston Burrowes Audit Ltd Statutory Auditors 308 Ewell Roac Surbiton Surrey KT6 7AL
ISLAND ADVICE CENTRE (A company limited by guarantee) CONTENTS FOR THE YEAR ENDED 31 MARCH 2025 Trustees' Annual Report Independent Auditor's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements Page 1-9 10 - 13 14 15 16 - 23
ISLAND ADVICE CENTRE (A company limited by guarantee) TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and audited financial statements for the year ended 31 March 2025. REFERENCE AND ADMINISTRATIVE DETAILS Charity name and registration numbers Name: Island Advice Centre Company No: 03375266 Charity No: 1076857 Board of Trustees Katherine Wilson Shabnam Sharmin Steve Lake Chris Parsons Thomas Siggers Godline Singh Stephanie Dickinson Hasan Chowdhury Cathy Weir Chair Treasurer Appointed on 23/8/24 Centre Manager Sarah Sauvat Registered Office and Principal Address Island House Roserton Street London E14 3PG Auditor Kingston Burrowes Audit Ltd Statutory Auditors 308 Ewell Road Surbiton Surrey KT6 7AL
ISLAND ADVICE CENTRE (A company limited by guarantee) TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 /contd.... OBJECTIVES AND ACTIVITIES Main objective and mission The objective of the Island Advice Centre (Island Advice or IAC) is to relieve poverty in the area known as the Isle of Dogs and nearby areas by the advancement of education of the general public in the field of welfare and individual rights. Main activities Island Advice Centre offers free, confidential accessible advice services across the borough of Tower Hamlets. Help is provided for a range of problems including benetits, debt, and housing. Advice l given by paid advisers and by volunteers attending our Volunteer Training Project Our services include: • Weekly advice drop-in sessions Weekly digital drop-in sessions in partnership with Island House Weekly telephone advice service Debt & financial capability clinics by appointment • Disability form filling clinics by appointment • Specialist advice and casework in welfare rights, housing & debt Disability benefits end-to-end casework from application to tribunal representation Outreach advice sessions at GP surgeries in Primary Care Networks (PCNs) 8, 7 and 1 • Advice work training and accreditation course • Administration and advice volunteer opportunities NVQ Assessment in Advice & Guidance Level 3 & 4 Development of capacity building, networking and information sharing, a network led referral (THCAN) THE DEMAND In the year 2024/2025 we dealt with 3,121 enquiries from 1,891 local residents across a range of The demand for our services and the number of enquiries which need to be addressed continues to increase. We have increased our provision of advice by 35% over the last 5 years. 2024/25 2023/24 2022/23 2021/22 2020/21 0 500 1000 1500 2000 2500 3000 3500
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ISLAND ADVICE CENTRE (A company limited by guarantee) TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Iconto….. OUR ADVICE AND CASEWORK Our activities can be broadly divided into four categories: Specialist casework debt and money management advice welfare benefits casework and appeals funded by Lottery Community Fund funded by London Legal Support team under Greater London Authority (GLA) Advising Londoner Project funded by Trust for London Generalist advice provision housing advice and casework delivered through drop-in sessions, telephone advice and appointments Advice volunteer training Peer support and coordination work volunteer training project NVQ assessments carried out by qualified staff training sessions and workshops delivered to other agencies This work consists of support for Tower Hamlets Community Advice Network and coordination of referrals subsequently Mayor Grant Programme as well as Wakefield & Tetley funded by Advice UK & East End Community fund funded by a mix of grants from Advice UK and fee payments by candidates/their employers funded by Citizen Advice under GLA Advising Londoner Project funded by North East London (NEL) NHS The advisers at Island Advice aim to take a holistic approach to client issues and will make referrals to specialist advisers within Island Advice or to other agencies, where appropriate, to help the client fully resolve their problems. This may include digital inclusion, money management, English for Speakers of Other Languages (ESOL) classes, health related groups, solicitors, and / or other support. OUR WORK We continue to deliver end-to-end casework in our 3 areas of specialism: welfare benefits, housing, and debt. Nearly 50% of the issues coming to us must be addressed at casework level to potentially reach a remedy. Welfare benefits continues to be the main area of social welfare requiring casework support, which is often up to independent tribunal appeal level. This is closely followed by an ever- increasing demand for support with housing matters falling outside the legal aid scope. The demand for debt advice continues especially in light of the cost of living crisis. However, housing and welfare benefit issues are all too often associated with debt problems and cost of living concerns, and clients often require a holistic support across different social welfare areas of specialism at casework level. 3
Our work 600 500 400 300 200 100 - Welfare benefit Housing Debt • casework one off advice El triage FinCap Other Welfare Benefits Our advisers deal with hundreds of enquiries a year including advice about entitlement to benefits, "better off calculations", incorrect decisions, reviews, mandatory reconsiderations, appeals and tribunal hearings. Our work mainly consists of increasing peoples' income through advice and support, by helping them to access their legal rights relating to their entitlements) and local support provision often involving disputing incorrect decisions, requiring complex casework and representation at tribunal hearings. Housing The housing crisis in London is becoming more and more evident each year and the demand for housing advice continues to grow. Shortage of social housing, poor housing conditions and rising homelessness have led to ever greater social welfare advice demands. As housing shortages worsen and homelessness rises, the courts are increasingly holding local authorities accountable for their legal obligations. From homelessness assessments to the enforcement of housing standards, recent significant legal developments that are reshaping tenants' rights and clarifying the responsibilities of landlords and local authorities have come to the forefront. Therefore, the need for specialists housing casework is even more essential to ensure people access their legal rights when it comes to housing. It is also essential that the experience of residents is addressed with local authorities to improve good practice and the correct application of the law. (Even those who are aware of their rights find it difficult to have them enforced - local authorities will often choose to ignore residents and will only take action once there has been an intervention by an organisation such as ours). Debt and Financial Capability Island Advice Centre is a licensed and regulated debt advice provider which provides specialist debt casework. Our experienced caseworker is Certificate in Money Advice Practice (CertAP) qualified and an approved intermediary for debt relief order (DRO) applications. Over the last year, we have continued to offer advice in debt matters including rent arrears, council tax arrears, utility debts, benefits overpayment, and debts such as credit cards and loan. Our debt advice approach is holistic and our casework is extensive; we ensure we go beyond the presenting point and address all underlying issues including ensuring income maximization is considered and liability issues are We also set up a weekly Friday financial capability clinic offering appointments to local residents for financial assessment followed up by in house debt support with our qualified debt caseworker when a need is identified. 4
ISLAND ADVICE CENTRE (A company limited by guarantee) TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 /contd.... OUR OUTREACH SERVICES Tower Hamlets Connect A consortium led by Age UK successfully extended advice service in all GP surgeries in Tower Hamlets. As partners of this consortium, we deliver 28 hours of advice sessions per week across 10 GP surgeries. This service helps relieve pressures on GPs and other health professionals in busy Tower Hamlets Community Advice Network (THCAN) Island Advice Centre leads Tower Hamlets Community Advice Network (THCAN). THCAN is a partnership of local advice centres that work together to ensure Tower Hamlets residents have access to free, high-quality advice and representation in social welfare law (welfare benefits, debt, housing, employment, immigration, etc.). Through THCAN, Island Advice provides: www.thcan.org.uk • A cross-organisation referral system and referrals portal Welfare rights forums • Volunteer placements • Trainings and workshops • City & Guilds NVQ's Level 3 & 4 in Advice & Guidance Steering group meetings Newsletters OUR TRAINING AND EDUCATION OFFER Volunteer Training Project and Learning to Advise Certificate Volunteers are one of Island Advice's most valuable assets; they help to deliver the much-needed advice services we provide. Through our Volunteer Training Project, training and development opportunities are provided for volunteers and front-line workers in view of developing their skills and knowledge and completing the Learning to Advise Course alongside relevant work experience. This enables many of our volunteers to move into employment. During the 2024/2025 year, there were 16 volunteer placements across 9 organisations. Advice Work Training Workshops issues, benefits overview, immigration, and employment and tackling pensioner poverty. City and Guilds NVQ in Advice & Guidance Twenty individuals also completed City & Guilds NVQ in Advice & Guidance level 3 or 4 during the year 2024/2025. In collaboration with Bromley Insights, Island Advice Centre continued to deliver training courses to cohorts of specialist/hybrid Advice-Social Prescribing Link Workers in the UK. 5
ISLAND ADVICE CENTRE (A company limited by guarantee) TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Icontd.... HOW OUR ACTIVITIES DELIVER PUBLIC BENEFIT The trustees, when exercising any powers or duties relating to how the organisation undertakes its work and spends the resources it raises always have due regard to the Charity Commission's public benefit guidance. Our charitable activities focus on the provision of free advice and advocacy to residents of Tower Hamlets and surrounding areas. We incorporate the help of local volunteers both in our management committee and service delivery. Therefore, the public benefit is twofold: Firstly, by helping those in need to secure their statutory rights and entitlements and empowering them through awareness and support. Without this support many of our clients would suffer or continue to suffer various issues which are detrimental to their well-being and the well-being of those under their care. • Secondly, through our volunteering opportunities, we up-skill residents and give them the experience and skills needed to enter the job market and participate in the local and wider economy. Many of our volunteers move on to paid employment both in the advice sector and ACHIEVEMENTS AND PERFORMANCE During the year, Island Advice assisted over 2,300 clients and achieved over £4,000,000 in positive outcome. Welfare rights Number of clients assisted 701 Appeals success rate 84.6% Confirmed financial gains £873,948 Housing Number of clients assisted Financial outcome (benefits gain and compensation) 481 €148,235 Debt Number of clients assisted Number of DRO carried out for clients Amount of debts written off Amount of debt managed Financial outcome (benefits gain and grants through FinCap support) 282 36 £541,138 €1,347,195 £68,234 6
ISLAND ADVICE CENTRE (A company limited by guarantee) TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 /contd.... Generalist Advice Number of clients helped Potential financial gains identified Advice in Health Setting Outreach Services Number of clients helped Potential financial gains identified Total 339 £295,743 582 £765,143 £4,039,636 FINANCIAL REVIEW Principal Funding Sources Island Advice relies on charitable grants and statutory funding for its income. The organisation has an ongoing strategy of applying for any available grants targeted for the provision of social welfare law advice from large statutory funders as well as smaller trusts and foundations. The principal funding sources in this year were the National Lottery Community Fund, East End Citizens Advice, Age UK the National Health Service (NHS), Trust for London, and London Legal Support Trust; other funders included Advice UK, Wakefield and Tetley, East End Community Foundation, Citizens Advice Bureau Wandsworth, and London Borough of Tower Hamlets. At the end of the reporting period the organisation was operating at a deficit. Reserves policy Trustees have established that in order to fulfil their responsibilities to staff and to minimise the risk of any breach of statute or organisational duty the organisation should hold sufficient funds in reserve to meet the core costs for three months, equivalent to £37,467. Reserves will be built up from unrestricted funds, and the level of reserves will be reviewed annually by the Board. The total unrestricted funds at the year-end were £110,898 (2024: E102,261). Certain restricted funds show a deficit at the year-end. This arises because expenditure has been incurred on ongoing projects for which funding has been secured for the subsequent financial year but cannot yet be recognized under the Charities SORP income recognition criteria. The trustees are satisfied that sufficient funding is in place to cover these deficits and that the projects will continue as planned. Investment policy Any surplus funds will be held in low risk, secure investments such as the charities deposit fund run by CCLA Investment Management Ltd. Additionally the organisation uses an interest-bearing current account in order to maximise the value of any cash held. STRUCTURE, GOVERNANCE AND MANAGEMENT The Directors of the company are also the Trustees of the charity. The charity's governing document is a memorandum and articles of association dated 23rd May 1997 and updated on 29th June 1999. Island Advice Centre is a registered charity and a company limited by guarantee. 7
ISLAND ADVICE CENTRE (A company limited by guarantee) TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 /contd.... Trustee appointment and training Trustees are elected at the organisation's AGM. In addition, the board may, at its discretion, make appointments to the Board between AGMs. The Board endeavours to ensure that its membership covers a wide range of experience and skills and that the backgrounds of the members of the Board reflect a balance that is appropriate to the charity's mission and activities. New trustees are provided with appropriate information and access to relevant training. Organisational structure Operational management of the organisation is delegated to the Centre Manager who takes overall responsibility for the day to day running of the organisation, planning and strategy, and implementing the directions of the Board. The Centre Manager is part of a senior management team that includes the Advice Manager, the Volunteer Coordinator, and Housing, Debt and Welfare Benefits Advice Supervisors. Involvement of volunteers The board of trustees are volunteers drawn from the local community, the business sector, other voluntary sector organisations and ex- advice staff and volunteers. The organisation also uses local community volunteers and law students to assist in the delivery of advice services and to carry out administrative support. STATEMENT OF TRUSTEES' RESPONSIBILITIES The trustees (who are also directors of Island Advice Centre for the purposes of company law) are responsible for preparing the Trustees' Annual 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 trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: • select suitable accounting policies and then apply them consistently; • observe the methods and principles in the Charities SORP 2019 (FRS 102); make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 8
ISLAND ADVICE CENTRE (A company limited by guarantee) TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 /contd.... In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditor is unaware; the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. AUDITOR A resolution proposing the re-appointment of Kingston Burrowes as auditor to the company will be put to the Annual General Meeting This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by the Board of Trustees on 29 December 2025 and signed on its behalf, by Katherine Wilson Chair 9
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF: ISLAND ADVICE CENTRE (A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2025 Opinion We have audited the financial statements of Island Advice Centre (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, 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: • give a true and fair view of the state of the charitable company's affairs as at 31 March 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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. Other information The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. 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. 10
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF: ISLAND ADVICE CENTRE (A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2025 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: • the information given in the trustees' report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements. 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 directors' report included within the trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies' regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees' responsibilities statement (set out on pages 8 and 9), 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. 11
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF: ISLAND ADVICE CENTRE (A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2025 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: • Enquiry of management and those charged with governance about actual and potential litigation or claims and the identification of non-compliance with laws and regulations. • Reviewing minutes of meetings of those charged with governance. • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. • Auditing the risk of management override of controls, including testing journal entries and other adjustments for appropriateness; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias. • Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. • Professional scepticism in course of the audit and with audit sampling in material audit areas. 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 auditor's report. 12
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF: ISLAND ADVICE CENTRE (A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2025 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. KC. Fisher Kevin Fisher BA FCA CTA (Senior Statutory Auditor) For and on behalf of Kingston Burrowes Audit Ltd Statutory Auditors 308 Ewell Road Surbiton Surrey KT6 7AL Date: 29 December 2025 13
ISLAND ADVICE CENTRE (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2025 Notes Unrestricted Restricted Funds Funds 25,275 2,289 27,564 439,901 439,901 Income from: Donations and legacies Charitable activities Investments Total Expenditure on: Charitable activities Total Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 5 8 14 14 18,927 18,927 8,637 8,637 14 102,261 £110,898 463,496 463,496 (23,595) (23,595) .22,015 € (1,580) All income and expenditure derive from continuing activities. The Statement of Financial Activities includes all recognised gains and losses. The notes form part of the financial statements. 14 Total 2025 465,176 2,289 467,465 482,423 482,423 (14,958) (14,958) 124,276 E109,318 Total 2024 429,176 2,141 431,317 445,986 445,986 (14,669) (14,669) 138,945 £124,276
ISLAND ADVICE CENTRE (A company limited by guarantee) (Company No: 03375266) BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 FIXED ASSETS Tangible assets CURRENT ASSETS Debtors Cash at bank and in hand Notes 11 12 - 52,737 196,180 248,917 26,074 132,002 158,076 LIABILITIES Creditors Amounts falling due within one year 13 139,599 33,800 NET CURRENT ASSETS NET ASSETS 15 109,318 € 109,318 124,276 £124,276 FUNDS Restricted Unrestricted TOTAL FUNDS 14 14 14 (1,580) 110,898 £109,318 22,015 102,261 £124,276 The financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. The financial statements were approved by the Board of Trustees on 29 December 2025 and signed on its behalf by: Katherine Wilson Chair The notes form part of the financial statements. 15
ISLAND ADVICE CENTRE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1. ACCOUNTING POLICIES General information and basis of accounting Island Advice Centre is a registered charity (no. 1076857) and a private company (no. 03375266) limited by guarantee, registered in England and Wales. Each member is liable to contribute an amount not exceeding £1 in the event of the charitable company being wound up. The registered office is given in the Trustees' Annual Report on page 1. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and United Kingdom Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis and under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 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. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. Incoming resources Items of income are recognised in the financial statements when all of the following criteria are met: • The charity has entitlement to the funds; • any performance conditions have been met or are fully within the control of the charity; • there is sufficient certainty that receipt of the income is considered probable; and • the amount can be measured reliably. Where grants are awarded over a specified or implied timeframe, the income is recognised evenly over the grant period. A contingent asset is disclosed for the unrecognised amount of multi-year grants. Resources expended Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount can be measured reliably. Expenditure is allocated to each activity where the costs relate directly to that activity. Support costs, including governance costs, that do not relate directly to any activity are apportioned to each activity on the basis of staff time.
1. ISLAND ADVICE CENTRE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 /contd... ACCOUNTING POLICIES/contd... Fixed assets All assets costing more than £1,000 are capitalised. The costs of assets less than £1,000 are charged to the Statement of Financial Activities in the year of purchase. Depreciation is charged so as to write off the cost over the estimated useful life at the following rates: Computer Equipment 33% straight line Operating leases leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Pensions The charity operates a defined contribution pension scheme. Contributions payable to the scheme are charged to the Statement of Financial Activities in the period to which they relate. Debtors and Creditors Debtors and creditors with no stated interest rate and receivable or payable within one year are recededra transaction price. Any losses arising from impairment are recognised in 2. INCOME FROM DONATIONS AND Unrestricted Restricted Total Total LEGACIES Funds Funds 2025 2024 Donations ENil - ENil - ENil - ENil 3. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds Total 2025 Total 2024 Grants and contracts: Specialist casework Advice volunteer training Generalist advice provision 10,435 10,840 4,000 £25,275 179,254 104,468 156,179 £439,901 189,689 115,308 160,179 £465,176 132,509 62,086 234,581 £429,176 Or restricted 1t recognised in 2024, E75,861 related to unrestricted funds and E353,315 related 17
ISLAND ADVICE CENTRE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Icontd... 4. INVESTMENT INCOME Bank interest Unrestricted Restricted Funds Funds £2,289 ENil All of the £2, 141 recognised in 2024 was unrestricted funds. 5. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Direct Costs Support Costs Staff costs Direct project costs NVQ assessment and materials Premises costs Payroll services Volunteers' expenses Professional fees Subscriptions, licences and insurance Training and recruitment Stationery, postage, and copier Telephone and internet Refreshment and hospitality Bookkeeping and finance Computer and equipment expenses Sundry expenses Travel costs Publications Governance cost (note 7) 301,579 23,904 2,280 2,957 1,395 440 74,163 - - - £332,555 26,538 355 198 6,038 12,272 5,004 4,486 4,196 1,967 1,830 990 864 673 211 10,083 £149,868 Total 2025 £2,289 Total 2025 375,742 23,904 2,280 29,495 1,750 638 6,038 12,272 5,004 4,486 4,196 1,967 1,830 990 864 673 211 10,083 £482,423 Total 2024 £2,141 Total 2024 € 335,627 36,198 8,697 25,844 635 656 10,603 6,416 1,209 5,354 4,804 3,000 1.202 380 250 5,111 £445,986 Of the £445,986 expenditure recognised in 2024, E92,722 was charged to unrestricted funds and £353,264 was charged to restricted funds. 6. EXPENDITURE ON CHARITABLE ACTIVITIES Direct Costs Support Costs Total 2025 Specialist casework Advice volunteer training Generalist advice provision 122,195 87,063 123,297 £332,555 55,068 39,235 55,565 £149,868 177,263 126,298 178,862 £482,423 Total 2024 E 135,348 61,383 249,255 £445,986 18
ISLAND ADVICE CENTRE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 /contd... 7. GOVERNANCE COSTS Staff costs Auditor's remuneration 2025 2,637 7,446 £10,083 2024 2,611 2,500 £5,111 8. NET INCOME/(EXPENDITURE) The net income/(expenditure) for the year is stated after charging: Auditor's remuneration Operating lease rentals 9. STAFF COSTS Wages and salaries Social security Pension costs 2025 £10,083 £18,170 2025 332,760 21,453 24,166 £378,379 2024 £2,500 217,564 2024 E 292,676 22,667 22,895 £338,238 Average number of full-time equivalent employees Average monthly number of employees 2025 No. 9 2025 No. = 2024 No. 9 2024 No. 10 = No employee received total employee benefits (excluding employer pension costs) amounting to more than £60,000 in either year. Total employee benefits received by Key Management amounted to £52,745 (2024: £52,223). Under FRS 102, employee benefits incudes gross salary, employer's NIC and employer's pension contributions. 19
ISLAND ADVICE CENTRE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 /conta... 10. TRUSTEES' REMUNERATION AND EXPENSES The Trustees received no remuneration during the financial year 2025 or 2024. There were no related party transactions in either year other than those disclosed in Note 9. 11. TANGIBLE FIXED ASSETS Cost As at 1 April 2024 and at 31 March 2025 Disposals Computer equipment 7,612 (7,612) Depreciation As at 1 April 2024 and at 31 March 2025 Disposals 7,612 (7,612) Net book value As at 31 March 2025 As at 31 March 2024 12. DEBTORS Trade debtors Prepayments Accrued income 13. CREDITORS - Amounts falling due within one year Trade creditors Accruals Social security and other taxes Other creditors Deferred income 2025 39,769 12,968 - £52,737 2025 17,950 7,029 10,442 2,298 101,880 €139,599 ENil ENil 2024 £ € 3,030 23,044 E26,074 2024 16,660 5,690 5,700 750 5,000 £33,800 20
14. ISLAND ADVICE CENTRE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 /contd... 2025 2024 DEFERRED INCOME ANALYSIS Balance brought forward Additions during the financial year 5,000 101,880 Amounts released to income from previous year (5,000) Balance carried forward £101,880 35,389 5,000 (35,389) £5,000 Deferred income of £101,880 (2024: £5,000) included above relates to grant income received during the financial year but relating to future accounting periods. MOVEMENT IN FUNDS 2025 Income Expenditure Transfers between funds Carried forward € Restricted Funds Specialist Casework LCF - D&MM LCF - Welfare Rights Lottery Funding Trust for London London Legal Support Trust Advice / Volunteer Training NHS THCAN Advice UK East End Community Foundation Citizens Advice Bureau - Wandsworth London Borough of Tower Hamlets / Other Generalist Advice Provision East End Citizens Advice Age UK - TH Connect Wakefield and Tetley stard House - Digital Social Action for Health Total Restricted Funds 621 831 889 730 - 10,000 8,352 - : 100,330 42,000 36,924 57,858 19,250 13,900 13,000 : (70,371) (50,300) (51,143) (40,758) (23,929) (29,583) (27,668) : - - - 621 831 30,848 (7,570) (14,219) 17,100 5,321 (7,331) (14,668) - 592 - - 22,015 460 72,488 64,752 8,694 9,645 600 439,901 - (78,945) (70,521) (9,120) (10,504) (654) (463,496) : 460 (6,457) (5,177) (426) (859) (54) (1,580) Unrestricted Funds General 102,261 27,564 (18,927) 110,898 TOTAL FUNDS £124,276 £467,465 € (482,423) The above funds are described in Trustees' Annual Report. ENil £109,318 21
ISLAND ADVICE CENTRE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 /contd... 14. MOVEMENT IN FUNDS/contd... Comparative information for the net movement in funds in the previous year is as follows: 2024 Restricted Funds Specialist Casework LCF - D&MM LCF - WR Specialist City Bridge Trust - Welfare Trust for London - Housing Thames Water Trust Fund - Water Debt East End Community Foundation Lottery Funding Advice Volunteer Training The Church of England Children's Society London Borough of Tower Hamlets Generalist Advice Provision LCF Wakefield and Tetley London Legal Support Trust Advice UK Total Restricted Funds Unrestricted Funds General Brought tongard 621 831 680 2,008 1,770 7,030 - 130 - 8,817 77 : 21,964 116,981 £138,945 Income Expenditure Transfers between funds : - 41,500 25,000 91,009 20,419 29,167 85,239 14,970 31,011 15,000 353,315 78,002 - (43,458) - (23,678) (91,890) (20,549) (29,167) (93,464) (15,047) (31,011) (5,000) (353,264) (92,722) TOTAL FUNDS £431,317 £ (445,986) : (680) 680 (1,770) 1,770 - - : ENil Carried forward - 730 - 8,352 889 - - 592 - 10,000 22,015 102,261 £124,276 22
15. 16. 17. 18. ISLAND ADVICE CENTRE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 /contd... ANALYSIS OF NET ASSETS BETWEEN FUNDS 2025 Current assets Current liabilities As at 31 March 2025 Unrestricted Funds 2025 Restricted Funds 2025 Total Funds 2025 148,617 (37,719) £110,898 100,300 (101,880) € (1,580) 248,917 (139,599) £109,318 Comparative information for the analysis of net assets between funds in the previous year is as follows: Unrestricted Restricted Funds Funds 2024 2024 E Total Funds 2024 114,052 (11,791) E102,261 44,024 (22,009) £22,015 158,076 (33,800) £124,276 2024 Current assets Current liabilities As at 31 March 2024 TAXATION As a registered charity, Island Advice Centre is exempt from taxation under Part 11 of the Corporation Tax Act 2010 and Section 256 of the Taxation of Chargeable Gains Act 1992. COMMITMENTS The total minimum lease payments due under non-cancellable operating leases are as follows: 2025 2024 Within one year Within two and five years 5,808 4,373 E10,181 7,970 £7,970 CONTINGENT ASSETS The charity has been awarded several multi-year grants with performance-related conditions or specified/implied timeframes which preclude recognition of the full amount. As at 31 March 2025 the charity had contingent assets of £276,303 (2024: £546,571). 23