2022-03-31-accounts

Document C Company registration number.. 04409017 Charity registration number.. 1096193 C.A.B. Cornwall known as Citizens Advi￿ Comwall IA company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2022

C.A.B. Cornwall known as Citizens Advice Cornwall Contents Reference and Adminislralive Details 1 to2 Trustees, Report 3to16 Statement of Trustees, Responsibilities 17 Independent Auditor's Report 18to21 Statement of Financial Activities 22to23 Balance Sheet 24 Statement of Cash Flows 25 Notes to the Financial Statements 26to45

C.A.B. Cornwall known as Citizens Advice Cornwall Referen￿ and Administrative Details Chair F A Keene, Chair Chief Executive Officer G F Pipkin Trustees F A Keene, Chair N R Arnold J S Baker M R Dean {resigned 5 February 20221 S Finlay S Hobbs lappoinled 6 December 20211 H Meacock, Treasurer J Paget lappointed 6 December 20211 J M Williams (resigned 3 February 2022) G F Pipkin Secretary Principal Office Duchy House 21 Dean Street Liskeard Comwall PL14 4AB Registered Office Duchy House 21 Dean Street Liskeard Comwall PL14 4AB The Charity is incorporated in England and Wales. Pag8 1

C.A.B. Cornwall known as Citizens Advice Cornwall Reference and Administrative Details Company Registration Number 04409017 Charity Registration Number 1096193 Sollcltors Earf and Crocker 6 West Street Liskeard PL14 68W Bankors Unity Trust Bank PLC Nine Brindley Place Birmingham B12JB Audltor PKF Francis Clark Stslutory Auditor North Quay House Sullon Hart)our Plymouth Devon PL4 ORA Pag8 2

C.A.B. Cornwall known as Citizens Advice Cornwall Trustees, Report Chair's Foreword l am pleased to present the Citizens Advice Comwall ICACI annual report for 2021122 on behalf of the Trustee Board. 2021122 has been a year of transition for CAC as we moved into a new mode following the easing of Covid-19 restrictions. Demand for face-lo-face advice increased with advisers reporting that people were presenting with complex issues, often that had built up over the lockdown periods. As other services returned to a new normality such as universal credit, the cessation of the moratorium on evictions and the resumption of debt collection, this also prompted more people lo seek our advice. Our volunteers, many of whom had dedicated heroic amounts of time during lockdown, also eased into a new normality for their daily lives. Towards the latter half of the year a new multivarianl crisis began to rapidly amplify as inflation rose alongside food and energy prices and a delerioralion in mental health for many. This has pushed many more people into highly precarious situations resulting in a rapid increase in demand for our services. We anticipate this trend continuing into 2022123 and beyond, as the energy price cap increases, inflation forecasts remain high for al least the next two years and the impact of the war on Ukraine endures. Our capacity lo respond lo rising demand is severely constrained by the availability of resour￿8. So, we are very pleased lo have attracted many new volunteers this year. But as life has resumed and demands on individuals. time has increased, the number of volunteer hours has inevitably dropped. We outperformed on income generation against budget, being able lo lake advantage of on-going Covid-19 related funding, which in turn has had a healthy impact on our free reserves. We continued to diversify our income streams, although some project funding provided by both local and national government will come to an end earlier than anlicipaled, due lo extreme pressure on their own budgets. Funding will undoubtedly become increasingly competitive in the medium-lemi and we urgently need to bolster our core advice service to respond to rising demand. The Board made a positive decision lo invest in building capacity to raise income by fundraising from individuals and the community. This means engaging with people more clearly about the fact that we are a charity and are reliant on donations. We recognise that it will lake lime lo make this shift and a priority for this coming year is lo engage with stakeholders and National Citizens Advice to develop a clarity of purpose against spiralling levels of demand, identifw'ng where and how our expertise and intervention can have most impact. We have continued lo build alliances and partnerships with other voluntary and statutory agencies in Cornwall. It is our firm belief that as the number of people in crisis intensifies and given the intedinking nature of problems they face, we can only provide the most effective support by collaborating with others. We are investing in developing much stronger relationships with colleagues operating in the health and social care sector, as we know there is a positive link between high quality advice and improving mentsl health. To help lead the organisation through these challenges our Senior Management Team has been strengthened by the addition of a Head of Operations and an HR Manager. We also welcomed two new Trustees who bring expertise in the health system and digital and brand marketing. Pag8 3

C.A.B. Cornwall known as Citizens Advice Cornwall Trustees, Report Trustees are deeply appreciative of the ongoing commitment, talent, energy and passion that all our staff and volunteers bring every single day. The personal and emotional toll of the work we do can be huge and we are making significant investments in wellbeing support, alongside a review of rewards. We are also grateful to all our funders and supporters for enabling us lo continue lo help people find a way forward with the problems they face. Fran Keene Chair Pag8 4

C.A.B. Cornwall known as Citizens Advice Cornwall Trustees, Report The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditor's report of the charitable company for the year ended 31 March 2022. The financial statements comply wth the Charities Act 2011 (England and Wales), the Companies Act 2006, the Articles of Association, and Accounting and Reporting by Charities.. Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Isecond edition October 20191 marked "SORP" C.A.B Comwall is the name fom)ally registered at Companies House. Operationally it is referred lo as Citizens Advice Comwall ICAC}. Objectives and Activities Our Purpose and Mission We are here lo give people the confidence they need to find a way forward, whoever they are, and whatever their problem by. providing the advice people need for the problems they face., improving the policies and practices that impact on people's lives, by becoming a voice for our clients and consumers on the issues that matter most to them, to tackle injustice, and reduce povety and social exclLJsion', and promoting any charitable purpose for the public benefit by the advancement of education, the protection and preservation of health and the relief of poverty, sickness and distress in parbcular, but without limitation, for the benefit of the community of Cornwall and surrounding areas. We value diversity, champion equality, and challenge discrimination, harassment, violence and abuse. We are here for everyone and are dedicated lo being an employer and service provider that is inclusive and welcoming. Pag8 5

C.A.B. Cornwall known as Citizens Advice Cornwall Trustees, Report Our Activities The key objective of our activities remains the provision of free, independent, confidential and impartial advice lo everyone on their rights and responsibilities. This advice should be accessible in a place and by a means that meets the needs of our clients and helps them be beller able lo manage their lives. Our 84 staff and 67 volunteers help people with advice on a range of topics.. Welfare benefits and tax credits Universal Credit Debt and money Employment Housing Relationships and family . Consumer goods and services Health and community care Legal Travel and Transport utilities and Communication Immigration Discrimination, hate crime, gender Violen￿ and abuse Over the past year we have provided the following services.. Advice through a range of channels including phone, face lo face, webchal, email, video appointment and lexl al eight offices and 15 digital help hubs across Cornwall. Some of our staff and volunteers continue lo wort( in a hybrid way from home and our offices. Research and Campaigns identifying the trends and issues impacting the community and providing valuable information lo local and national bodies lo influence change. Specific services that support people lo manage their income, effectively address their debt and build Confiden￿ in money mallers through Help to Claim, Money Advi￿ Service, Pension Wise and energy and money management projects. Services that are targeted at specific groups of people such as low-income families, young people leaving care, young people not in education, employment or training, people with cancer and their carers, and people from an EU country applwng lo slay in the UK, through our Money Matters, Money Wise-upl Powerhouse and the Macmillan and EU Settled Status activities. Services aimed to help people undertake new tenancies or stay in their homes. As the housing crisis has escalated, this work has become more important, so this year we obtained funding to distribute grants to individuals to cover rent arrears, thereby helping people maintain tenancies. Public Benefit The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission for England and Wales. Pag8 6

C.A.B. Cornwall known as Citizens Advice Cornwall Trustees, Report Achievements and Perforniance This year we saw an increase in demand for our services and the complexity of presenting issues as the impact of Covid-19 and the cost of living, housing and energy crises was fell throughout the communities we serve. We continued lo support people mainly through phone, webchal and online appoinlmenls. As Covid-19 reslriclions lifted and people built up confidence in face lo face activity we started lo re-open offices lo the public, initially for appointments and later for limited drop in sessions. These allowed us to support people who had struggled lo use the digital service or whose issues were so complex, they needed to see an adviser face to fa￿. The Trustee Board, committees and working groups continued lo operate primarily via MS Teams but also moved lo in-person sessions where more generative strategic conversations were required. We continued to work effectively with funders to ensure continued delivery of services with target adjustments negolialed where necessary. In 2021122 we helped 9,013 clients with 36,900 issues, an increase in the number of clients on the previous year. Although clients presented on average with less issues, the complexity of individual issues increased, requiring more time lo research and then provide the best targeted advice. The main topics that clients needed support with related to initial claims for Universal Credit, Personal Independence Payments, Debt Relief Orders and council tax arrears. 67 volunteers contributed 14,081 hours of their lime this year across all services and locations. We continued lo explore new ways of working as Covid-19 restrictions eased. Both staff and volunteers were supported to work either mainly al home or mainly in the office or a hybrid mixture. Management were careful to balance the needs of the organisalion and clients with the preferences and needs of our people. We undertook a review of our estsle to ensure il was fil for purpose in a Covid-19 world. As a result, we look the decision lo close our Newquay office as the space did not allow us lo operate in a Covid safe way. A ralionalisalion of Cornwall Council property also meant that our Offi￿ tenancies in PenZan￿ and Sl Auslell were no longer secure. We have obtained new premises in Penzance and are exploring options in Newquay and St Austell, to be secured in the coming year. We will be making a further investment in our Falmouth office in 2022123 to ensure it remains in good condition and fit for purpose. During Quarter 4, we prepared for the end of our Money Matters and Help to Claim projects which have closed. Most of the staff on these projects have transferred to new projects or filled vacancies in existing ones. As a result of the loss of Help lo Claim, we have sel up a new Welfare Benefits team lo support other advisers and undertake the most complex cases including appeals and tribunals. This ensures that we retain some in house specialist services - Universal Credit claimants can continue lo contact Help to Claim teams in other areas. Clients of the Money Matters team are now being supported by the Generalist Adviser team bul we expect our new Building Futures programme lo offer similar services in future. Although there will be a financial impact on the organisation, we hope lo mitigate this with increased efficiencies and attracting new funding into the organisation. Pag8 7

C.A.B. Cornwall known as Citizens Advice Cornwall Trustees, Report Our key achievements this year were.. Achieving income gains for clients worth £8,130,069, rescheduling £157,150 worth of repayments and writing off £1,061,934 of debt - all of which contributed lo improving lives for clients., Providing advi￿ and guidance to 9,013 people in challenging circumstances, many of whom presented with increasingly complex issues,. Answering 17,724 Adviceline calls and undertaking 1,986 webchats (the sixth highest in the country}; Delivering emergency support through a £30,000 Household Support Grant and Tenancy Sustsinmenl Grant., Delivering specialist advice for energy, debt, benefits, housing, domestic abuse and employment., Reaching people in migrant, ethnic and Iraveller communities, who had previously not accessed our services, with energy, immigration and budgeting advice which was well received; Quickly responding to changing guidance on fa￿-tO-fa￿ meetings and consequently opening up services lo provide advi￿ lo clients with the most complex cases., Deepening collaborative working with partners to provide more effective support lo our communities., Maintaining ¢onsistenlly high standards of advice throughout the year., Bringing in an additional £770,324 in funding which Contributed £148,738 in contribution lo overheads in the year., Achieving a surplus of £158,958, mainly as a result of emergency funding including Contain Outbreak Management Funding ICOMFI which has enabled us to bolster reserves and ensure we are more resilient in the coming months. Fundraising Our performance in raising income through Irusls, foundations and grants was strong in 2021122, following the recruitment of the Business Development Officer in the previous year. Following a review of our fundraising strategy, the Board decided lo diversify income generation further by setting a new goal for increasing unreslricled income from individual and community-based fundraising. A Community Fundraiser has been employed as part of the Business Development team lo develop this income stream over the next two years. As this is a new area of activity for CAC which carries significant risk, il is being supported and overseen by the Fundraising Working Group. We received no complaints this year about our fundraising practice. We will continue to ensure that our fundraising privacy and complaints practices ensure the protection of the public, including vulnerable people, from unreasonably intrusive or persislenl fundraising approaches or pressure lo donate. We make sure that our fundraising activity conforms lo The Code of Fundraising Practice published by the Fundraising Regulator and recognised by the Charity Commission. Pag8 8

C.A.B. Cornwall known as Citizens Advice Cornwall Trustees, Report Financial Review Financial Results During this year our income from grants, projects and other funding lotslled £1,867,773 (2021.. £1,570,541). Total resources expended were £1,725,232 12021= £1,395,436) resulting in a surplus of £158,95812021.. £192,197). This outcome is largely due lo the receipt of Covid-19 emergency funding which allowed some staff to lake on additional responsibilities in the short tem) and combined with tight cost control resulted in more efficient expenditure. As a result of the ending of the Money Mallers and Help lo Claim projects, the financial impact on the organisation will be in the region of £385,500. In response we have moved some staff to other vacant posts within the organisation, some staff have left and we are expanding our Building Futures project through additional funding from Cornwall Council. We continue lo search for other sources of income, both project related and unreslricled lo bridge the funding gap. Res8rves Policy The Board has examined the Charills requirements for reserves in the light of the main financial risks to the organisation. It has established a policy whereby the free reserves {unreslricted funds less the value of fixed assets) held by the Charity should be maintained at a level equivalent to three months, expenditure. Free reserves al the end of the year 2021122 are £419,93612021.. £326,309) which equates lo at least months of organisational expenditure budgeted for 2022123. This has been achieved through out-performing our income generation targets, tight cost control and improved efficiency. This level of reserves is significantly above policy. However, the Board is mindful of a challenging medium term funding horizon, an ambitious fundraising target for 2022123, uncertainty of existing funding streams, increasing demand for our ServI￿S and the need lo invest in our people to further strengthen management and reduce risk. It is anticipated that reserves will need to be drawn on to smooth this volalilily over the next one lo two years. Pag8 9

C.A.B. Cornwall known as Citizens Advice Cornwall Trustees, Report Investment Policy CAC maintains funds in instant access funds lo meet the day lo day needs for working capital. Any funds beyond this, and not required for the development of the business in the short term, are invested in medium risk investment funds which are reviewed quarterly by the Board and approved in March annually. The Charity's funds are held by Churches, Charities and Local Authorities ICCLAI Fund Manager which was formed in 1958 to manage the Church of England pool of funds. In 1961 it expanded lo allow Local Authorities to access the services and this was followed in 1963 by the Charity Commission for the broader charity m8rkel. The ffitionale for CCLA is to provide the church, local authorities and the charity sector with a soci81 and ethical organisation in which lo invest its surplus funds. The decision lo use CCLA as the Charity s Fund Manager was based on past performance and the ethical approach sel by the Board of CCLA. In March 2022, CAC'S Board reviewed ils approach to investing, and in the absence of an investment specialist among the Trustees, opted lo simplify the investment portfolio and move deposited funds into a single, mixed, actively managed investment fund. It was agreed lo remain with CCLA using the COIF Charities Ethical Investment Fund. This transfer was completed in May 2022. The 2021122 year ended with a £16,417 Gain on Investments, with £5,515 Dividends received. CAC invested in the following CCLA funds in 2021122.. Fund Fund No. No. of units Fund value at 31.03.2022 Investment Fund 118810001T 3,420 26,794 33,232 £66,597 £71,375 £43,108 £3,116 Global Equity Fund Property Fund Deposit Fund 118810001U 118810001V 118810001C When the Trustees decided lo invest surplus cash with CCLA, the prime considerations for the portfolio were diversification, growth and weld. The objectives set by the Trustees for 2021122 were both yield and growth, with the primary objective being weld. To this end, the portfolio was heavily weighted during 2021122 to the Property Fund, which had a higher yield than the other available funds. Page 10

C.A.B. Cornwall known as Citizens Advice Cornwall Trustees, Report Going Concem After reviewing the organisalion's budgets and business plan and taking account of the economic climate, reserves position and strategic priorities for the next three years, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. In 2021122 the Charity maintained a strong performance in income generation obtaining Covid-19 response funding alongside a mix of immediate and longer-term income. We continued lo diversify income streams this year which has strengthened our financial resilience. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial slatemenls. Further details regarding the adoption of the going concem basis can be found in the Accounting Policies. Prlnclpal Rlsk and Uncertalnty The Trustee Board has ultimate responsibility for risk management and ensuring the charity has effective internal controls that operate as designed. CAC has a business and budget planning process, which includes making an assessment of the key risks posed by our operating environment. The Board approves the annual business plan, budget and key risks each year. The Board assesses the principal risks facing CAC, and the miligaling actions, on a quarterly basis as part of the fomial review of the Charity's financial and organisalional performance. 11 also wnsiders the effectiveness of the mitigating actions identified for each risk. We continue to review our approach lo risk management lo ensure it is fil for purpose. The Board considers the following lo be the principal risks and Un￿rtaIntieS for CAC and the actions required lo mitigate and manage those risks.. Inability to secure financial stsbility. Our financial strategy is to generate increased revenue by diversifying our income streams with particular focus on developing an effective approach to individual and community fundraising,. reviewing our rented and owned estate,. improving our value for money by finding new ways of meeting our business objectives,. maintaining tight financial control and oversight of financial performan￿., improving our liquidity,. maintaining our free reserves to remain within poliry. Inability to meet demand and reach people who need our service. We regulady analyse customer satisfaction and channel usage across key groups of clients and potential clients lo detemiine Whe￿ we need lo improve. We are focusing on beller meeting demand for support by telephone., developing projects that meet the specific needs of particular groups who are under-represented in our client profile., exploring more innovative use of digital technologies lo improve rural access,. and developing partnerships with other agencies to improve our reach. Page11

C.A.B. Cornwall known as Citizens Advice Cornwall Trustees, Report Damage to the reputation of our brand and service. This could arise from breaches of confidentiality, loss of sensitive data, inaccurate or inappropriate use of data, provision of poor-quality advice, poor client experience, or ineffective stakeholder relations. We train all our staff and volunteers on confidentiality, information risk and GDPR, and safeguarding. We have Cyber Essentials Certification and work with Devon and Cornwall Police to raise awareness of online security. We monitor and respond lo client complaints. We communicate regulady with key stakeholders, including funders, about our impact and achievements. We actively seek out partnership working with other agencies, where this will enable us to better deliver effective services to the communities we serve. Inability to attract and retain people with the skills we need for the future. We aim to be an employer of choice offering a positive and inclusive working environment, good pay, quality training and support, and attractive development opportunities. We monitor staff and volunteer satisfaction through annual surveys and update and deliver our workforce development plan accordingly. We monitor staff and volunteer wellbeing, offering access lo psychological support. We actively recruit new volunteers and have revised our training offer so that il works in a hybrid way, with some delivered face lo face and some remotely. We employ a third-party IT support contract to provide emergency support. We reviewed our pay and reward policy, including annual leave entitlements lo ensure our offer lo employees remains allraclive. Lack of Capability to lead and manage the organisation. We have increased resilien￿ at senior management level by recruiting a permanent HR Manager and Head of Operations. The development of the workforce strategy identifies the skills we require and helps identify how lo secure them through training, recruitment, pay and reward. We are undertaking a review of our management structure lo ensure risk is adequately controlled and our people are given clear direction and are well supported, with opportunities to develop. Plans for the Future 2022123 will be the third and final year of our Current strategic business plan. This year we will develop a new three year strategic business plan, based on everything we have learned through the delivery of the current plan and which robusuy responds to our ongoing volatile operating environment. The current strategy has four priorities and the 2022123 business plan sets out how these will continue to be delivered. The aim is to enable CAC to respond effectively to demand and build a sustainable organisation able to navigate the cost of living crisis and continue to adapt to the post Covid-19 environment. The four strategic priorities are set out in detail below. Page 12

C.A.B. Cornwall known as Citizens Advice Cornwall Trustees, Report SustainabiTlity and Resilience We aim lo create a stable income and control expenditure whilst providing a quality servi￿. We plan to do this by continuing to focus on ensuring our reserves remain within our policy and maintaining strong control of expenditure and finances. Fundraising lo bring in unreslricled income is identified as an essential requirement with a focus on shifting the extemal perception of Citizens Advice Cornwall so that it is recognised as a local charity requiring donations. The work to build stronger relationships with partners and funders continues. Support is in pla￿ to ensure that the quality of advice remains high and that staff and volunteers are equipped and supported to carry out their role. Through effective and sustainable use of data, Citizens Advice Cornwall continues lo play a key role in contributing lo a wider understanding of the issues facing Cornwall. Access and Reach Our aim is lo reach more people in a lime and manner that fits their need including the communities that we do not currently reach. Setvice delivery will continue lo be primarily digital for most services, with face-lo-face appointments and drop ins available for those who cannot be supported in other ways. Building on our learning so far, we will continue lo explore making the advice and advocacy available in more local areas through our digital outreaches and partner organisations, so that people do not have long and expensive joumeys to get help. We will continue lo explore how we can best meet clients, needs in a¢￿SSing justice, debt prevention, supporting mental health through effective and well-timed advi￿ and better connecting with disengaged communities. People and Culture We aim lo develop a motivated and well-trained team able to take advantage of opportunities. We will work collaboratively to focus on the needs of clients and workforce to create an inclusive environment where everyone is valued. We will develop a workforce strategy that identifies the skills we need lo deliver goals and we will secure those skills through pay, reward, training and development. This will be key lo creating an effective team and ensuring that Citizens Advice Cornwall will be the first choice for people looking to work or volunteer in the sector. We continue lo review our oryanisational values to ensure that they are fil for purpose and relevant and we will continue to embed our equality, diversity and inclusion plans into the organisation. Governance and Compllance We want lo ensure that the organisalion is well led, accountsble, effective, responsive and transparent. We continue lo review our approach to risk management and understanding of risk appetite lo ensure it is fit for purpose and embedded in everyday aclivily. Vve undertook a county wide suNey lo understand how our communities view us, and are working with partner organisations lo build on this intelligence and feed into our strategy and development. We continue lo review the effectiveness of the Trustee Board through a regular annual review and lo develop the quality of information on which decisions on organisalional perfomiance are based. We will recruit additional Trustees lo bring the total lo nine. Page 13

C.A.B. Cornwall known as Citizens Advice Cornwall Trustees, Report Structure, Governance and Management Constitution Citizens Advice Comwall is a charitable company limited by guarantee, registered as a charity on 25 March 2002 and incorporated on 4 April 2002. The name was amended on 3 July 2008 by special resolution and certificate of incorporation upon change of name on 21 July 2008. The company was established under a Memorandum and Articles of Association, which were amended on 4 February 2020. Members. LITability The liability of Members of the charitable company is limited. Each Member undertakes to Contribute SLJch amoLJnt as may be required, not ex￿edIng £1, to the Charity's assets if it should be wound up while they are a Member or within one year after they cease to be a Member. Organisational Structure and Decision Making The goveming body is the Board of Trustees, which currently has seven Trustee members. This year two new Trustees were recruited to strengthen the Board by bringing a wder diversity of experien￿, particularly in health, and digital marketing. Our Trustees are the directors of the company and are responsible for strategic direction, oversight of organisational and financial performance, and management of risk. The Board meets formally four times a year lo consider fiduciary and strategic business. 11 receives reports, including policies, from ils executive officers for information, approval or action. In addition, the Board meets for two slffitegy half days, allowing deeper consideration of the principal issues and risks facing the organisalion and to develop strategic direction. The Board obtains additional assurance and scrutiny through formal Committees. Finance and Audit IFACI and new in 2021122, People and Culture IPCCI. Membership of the former consists of the Treasurer, Chief Executive and Finan￿ Manager and two Trustees. The PCC membership consists of a Trustee with strategic HR expertise if there is such a Trustee on the Board and two additional Trustees, the Chief Executive and HR Manager. The Chair is an ex-officio member of both Committees. Neither committee has decision-making powers., they are focused on providing scrutiny and assurance in relation to the Financial and People elements of the Business Plan respectively, as areas of significant risk lo the achievement of CAC'S charitable objectives. In addition, the Fundraising Working Group conlinLJes to provide close scrutiny and support lo management in developing the new approach to individual and community fundraising. 11 also scrulinises income generation performance, providing additional assurance to the Board. Membership consists of two Trustees, the CEO and the Income Generation and Communications teams. Page 14

C.A.B. Cornwall known as Citizens Advice Cornwall Trustees, Report Key Management Personnel The CEO is responsible for the strategic and operational management of CAC and is aulhorised lo use resour￿8 towards the achievement of the business objectives set out in the Business and Development Plan Ithe Plan). Each year the Board reviews and approves an updated Plan along with the annual budget. The CEO leads a management team comprising.. Head of Operations Finance Manager HR Manager Rlsk Management The Trustees have assessed the major risks lo which the Charity is exposed, in particular those related lo the operations and finances of the Charity. They are satisfied that systems and procedures are in place lo miligale exposure to the major risks. Citizens Advice Cornwall is a member of Citizens Advice, the National Association of Citizens Advi Bureaux. Citizens Advi￿ regulates CAC through the requirements of the Local Performance Quality Framework. The Charity is regulated by the Financial Conduct Authority for debt and credit services {FRN= 6175311. Method of Appointment or Election of Trustees The Board carries out an annual appraisal of its performance each year. This includes a skills audit which identifies any gaps in skills and knowledge to inform training and Trustee recruitment for the year. Trustees are recruited via open advertisement. A comprehensive candidate pack is prepared for each recruitment round and this includes the role profile. Applicants apply by submitting a CV and covering letter. A recruitment panel of at least 2 Trustees and the CEO shortlisl, interview and make a recommendation lo the Board, subject to all due diligence checks being satisfactory. Trustees are formally elected by the Members al an AGM, bul can be co-opted or appointed to a casual vacancy by the Trustee Board for the period until the next AGM. Prospective Trustees are invited to observe a fom)al Board meeting, if they would like, before confirming their acceptance of an invitation lo join the Board and prior lo their formal appointment. As set out in the Articles of Association, the Board elects one of their number as Chair and one as Treasurer. 11 may also elect a Vice-chair. All these appointments are based on nominations made by Trustees. These officers are elected annually and may serve a maximum of six years. Page 15

C.A.B. Cornwall known as Citizens Advice Cornwall Trustees, Report Poll¢les Adopted for the Inductlon and Tralnlng of Trustees All Trustees undergo 8 comprehensive induction. This includes meetings with key personnel and the provision of documents that set out the structure, governance, policies, history and operations of CAC and the responsibilities of Trustees. All Trustees are required lo undertake annual training in GDPR, the Senior Management Certification Regime Parts 1 and 2, and safeguarding. This is in addition lo any other training individual Trustees undertake as part of their Continuous Professional Development. Pay policy ft)r senior staff Key management personnel are remunerated by annual salary. There are no additional payments or benefits in kind. The CEO'S salary is sel by the Board and reviewed annually. Related Parties None of our Trustees receive remuneration or other benefit from their work with the Charity. Any related party transactions are disclosed in the notes lo the accounts. The Charity operates within the standards framewort( for advice and casework defined by Citizens Advice and is regularly monitored against these standards as part of the membership agreement between the two parties. CAC operating policies are independently determined by the CAC Trustee Board in order to fulfil its charitable objects and comply with the national membership requirements. Disclosure of information to auditor Each Trustee has taken steps that they ought to have taken as a Trustee in order lo make themselves aware of any relevant audit infomialion and lo estsblish that the Charity's auditor is aware of that information. The Trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware. Small companies provision statement This report has been prepared in accordance with the small companies regime under the Companies Act 2006. The annual report was approved by the Trustees of the Charity on 13 September 2022 and signed on ils behalf by- F A Keene, Chair Chair and Trustee Page 16

C.A.B. Cornwall known as Citizens Advice Cornwall Statement of Trustees, Responsibilities The Trustees Iwho are also the directors of C.A.B. Cornwall for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the Trustees lo 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 stale of affairs of the charitable company and of ils incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial slatemenls, the Trustees are required lo.. select suitable accounting policies and apply them consislenlly., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent-, stale whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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 irregLJlarities. Approved by the Trustees of the Charity on 13 September 2022 and signed on ils behalf by.. F A Keene, Chair Chair and Trustee Page 17

C.A.B. Cornwall known as Citizens Advice Cornwall Independent Auditor's Report to the Members of C.A.B. Cornwall Opinion We have audited the financial statements of C.A.B. Cornwall {Ihe 'Charity'l for the year ended 31 March 2022, which comprise the Stslemenl of Financial Activities, Balance Sheet, Slalement of Cash Flows, and Notes lo the Financial Slatemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Stsndards, comprising Charities SORP - FRS 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland. and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the Charity's affairs as al 31 March 2022 and of its incoming resources and application of resources, including ils income and expenditure, for the year then ended., have been properfy 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 Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsihililies under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo 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 cOn￿M basis of accounting in the preparation of the financial stslemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the original finanaal statements were aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 18

C.A.B. Cornwall known as Citizens Advice Cornwall Independent Auditor's Report to the Members of C.A.B. Cornwall Other infomiation The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial slalements does not cover the other information and, except lo the exlenl olhetwise explicitly slated in our report, we do not express any fomi of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misslatemenl of the other information. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements. and 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate awounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Statement of Trustees, Responsibilities (set out on page 17}, the Trustees are responsible for the preparation of the financial stslements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees delemiine is necessary lo enable the preparation of financial stslemenls that are free from material misstslement, whether due to fraud or error. In preparing the financial stalemenls, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Charity or lo cease operations, or have no realistic alternative bul to do so. Page 19

C.A.B. Cornwall known as Citizens Advice Cornwall Independent Auditor's Report to the Members of C.A.B. Cornwall 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 misslatemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misslalements Can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, OLJtlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below.. We considered those laws and regulations that have a direct impact on the preparation of the financial slalemenls, including, bul not limited lo FRS 102 leffeclive 1 January 20191- (Charities SORPI, the Companies Act 2006 and the Charities Act 2011. In addition, we wnsidered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which may be fundamental to the charity's ability to operate or lo avoid a material penalty. We evaluated management's in￿ntiveS and opportunities for fraudulent manipulation of the financial statements lincluding the risk of override of ¢onlrolsl and determined that the principal risks related lo fraudulent financial reporting, in particular lo grant funding re￿ived. Audit procedures performed by the engagement team include, but were not limited lo, discussions and inquiries with management of Compliance with laws and regulations, reviewing grant funding agreements, and reviewing board minutes and significant legal costs incurred in the year. We also addressed the risk of management override of internal controls, including lesling of joumals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial slatemenls, the less likely we would become aware of it. Also, the risk of not detecting a material misstalemenl due lo fraud is higher than the risk of not delecling one resulting from etror, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misslatemenl in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely lo become aware of instances of non-compliance. The risk of not detecting a material misstatement due lo fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website al.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Page 20

C.A.B. Cornwall known as Citizens Advice Cornwall Independent Auditor's Report to the Members of C.A.B. Cornwall Use of our report This report is made solely lo the charitable company's Trustees, 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 slate lo the Charity's Trustees those mallers we are required lo slate to them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed. Duncan Leslie (Senior Statutory Audilorl For and on behalf of PKF Francis Clark, Statutory Auditor North Quay House Sutton Harbour Plymouth Devon PL4 ORA Date.. 1510912022 Page 21

C.A.B. Cornwall known as Citizens Advice Cornwall Statement of Financial Activities for the Year Ended 31 March 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 2022 Unrestricted Restricted Note Income from.. Donations and legacies Charitable artivities Investment income Other income 4,363 316,051 5,515 7,830 4,363 1,850,065 5,515 7,830 1,534.014 Total income 333,759 1,534,014 1,867,773 Expenditure on: Charitable activities {246,6771 11,478,555) 11,725,232) Total expenditure Gainsllosses on investment assets {246,6771 16,417 11,478,555) 11,725,232) 16,417 Net income 103,499 9,098 55,459 9,098 158,958 Transfers bel￿een funds Net movement in funds 94,401 64,557 158,958 Reconciliation of funds Total funds brought forward 343,465 370,628 714,093 Total funds carried forward 21 437,866 435,185 873,051 The notes on pages 26 to 45 fomi an integral part of these financial statements. Page 22

C.A.B. Cornwall known as Citizens Advice Cornwall Statement of Financial Activities for the Year Ended 31 March 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 2021 Unrestricted Restricted Note Income from.. Donations and legacies Charitable activities Investment income Other income 15,325 342,566 4,346 7,657 15,325 1,542,597 4,346 8,273 1,200,031 616 Total income 369,894 1,200,647 1,570,541 Expenditure on: Charitable activities 262,891 1,132,545 1,395,436 Total expenditure Gainsllosses on investment assets {262,8911 11,132,545) 11,395,436) 17,092 17,092 Net income Transfers between funds 124,095 30,266 68,102 30,266 192,197 Net movement in funds 93,829 98,368 192,197 Reconciliation of funds Total funds brought forward 249,636 272,260 521,896 Total funds carried forward 21 343,465 370,628 714,093 All of the Charity's activities derive from continuing operations during the above two periods. The statement of financial activities includes all gains and losses recognised in the year. The notes on pages 26 to 45 fomi an integral part of these financial statements. Page 23

C.A.B. Cornwall known as Citizens Advice Cornwall (Registration number: 04409017) Balance Sheet as at 31 March 2022 2022 2021 Note Flxed assets Tangible assets Investments 14 15 250,919 184,196 261,926 167,780 435,115 429,706 Current assets Debtors Cash at bank and in hand 16 259,399 617,202 162,941 209,559 876,601 372,500 Credltors: Amounts falllng due wlthln one year 18 1438,6651 188,1131 Net current assets 437,936 284,387 Net assets 873,051 714,093 Funds ofthe Charity: R9Stri¢tgd 435,185 370,628 Unrestricted income funds Unreslricled 437,866 343,465 Total funds 21 873,051 714,093 The financial statements on pages 22 to 45 were approved by the Trustees, and authorised for issue on 13 September 2022 and signed on their behalf by.. F A Keene, Chair Chair and Trustee The notes on pages 26 to 45 fomi an integral part of these financial statements. Page 24

C.A.B. Cornwall known as Citizens Advice Cornwall Statement of Cash Flows for the Year Ended 31 March 2022 2022 2021 Note Cash flows from operating activities Net income 158,958 192,197 Adjustments to cash flows from non<ash items Depreciation Investment income Revaluation of investments 16,673 15,5151 16,415 12,873 14,3461 12,908 153,701 213,632 Working capital adjustments Increase in debtors Increase in creditors Increase in deferred income 16 196,4581 178,138 172,413 177,1971 43,635 12,970 Net cash flows from operating activities 407,794 193,040 Cash flows from investing activities Purchase of tangible fixed assets Purchase of investments Sale of investments Income from dividends 14 15 15,6661 133,2381 136,9111 36,911 4,346 5,515 Net cash flows from investing activities 11511 128,8921 Net increase in cash and cash equivalents 407,643 164,148 Cash and cash equivalents at 1 April 209,559 45,411 Cash and cash equivalents at 31 March 617,202 209,559 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 26 to 45 fomi an integral part of these financial statements. Page 25

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 1 Charity status The Charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the Members are liable to contribute an amount not exceeding £1 towards the assets of the Charity in the event of liquidation. The address of ils registered office and principal place of business is.. Duchy House 21 Dean Street Liskeard Cornwall PL14 4AB 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consistently applied to all the years presented, unless otherwise slated. Statement of compliance 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 IFRS 1021 leffeclive 1 January 20191 {Charilies SORP {FRS 102}l. They also comply with the Companies Act 2006 and Charities Act 2011. Basis of preparation C.A.B. Cornwall meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy notes. Going concern The Trustees assess whether the use of going cOn￿M is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the dale of approval of the financial stalemenls. After reviewing the organisalion's budgets and business plan and taking account of the economic climate, reserves position and strategic priorities for the next three years, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concem basis in preparing the financial statements. Page 26

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 Incoming resources All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. L)onations and legacies Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject lo conditions that require a level of perfomian¢e by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully mel, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period. Grants receivable Grants, Whe￿ entitlement is not conditional on the delivery of a specific performance by the Charity. are recognised when the Charity becomes unconditionally entitled lo the grant. Income from grants, where related to performance and specific deliveffibles, are accounted for as the Charity eams the right lo consideration by its performance. Deferred income Deferred income represents amounts received for future periods and is released to incoming reSoUr￿S in the period for which il has been received. Such income is only deferred when.. The donor specifies that the grant or donation must only be used in future accounting periods., or The donor has imposed conditions which must be mel before the Charity has unconditional entitlement. Investment income Interest on funds held on deposit is included when re￿1vable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been re￿iVed of the dividend due. Other income All other income is accounted for on an accruals basis. Expgnditur All expenditure is recognised once there is a legal or conslruclive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs lo that category. Where costs cannot be directly attributed lo particular headings they have been allocated on a basis consislenl with the use of resources, with central staff costs allocated on the basis of time spent. Other costs are allocated based on the proportion of income basis. Page 27

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 Charitable activities Charitable expenditure comprises those costs incurred by the Charity in the delivery of ils activities and services for ils beneficiaries. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary to SLJPPOrt them. Support costs Support costs are those costs incurred which are not directly attributable lo a particular principal activity and include such costs as premises, ￿ntral administration, IT support and human resource costs. Governance costs These include the Costs attributable to the Charity's compliance with constitutional and statutory requirements, including audit, strategic management and Trustees, meetings and reimbursed expenses. Taxation The Charity is considered lo pass the lesls set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tsx purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or Capital gains re￿iVed within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively lo charitable PLJrposes. Tangible fixed assets Individual fixed assets costing £500 or more are initially recorded al cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as lo write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows.. Page 28

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 Asset class Freehold buildings Computer equipment Plant and machinery Depreciation method and rate 2Q/o Straight line 25,/0 reducing balance 25D/o reducing balance Fixed asset investments Fixed asset investments, other than programme related investments, are included at market value at the b81ance sheet date. Re81ised gains and losses on investments are calculated as the difference between sales proceeds and their market value al the start of the year, or their subsequent cost, and are charged or credited lo the Stslemenl of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged lo the Statement of Financial Activities based on the market value al the year end. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tem) highly liquid investments that are readily convertible to a known amount of cash and are subject lo an insignificant risk of change in value. Fund structurg Unrestricted income funds are general funds that are available for use at the Trustees, discretion in furtherance of the objectives of the Charity. Designated funds are unreslricled funds set aside for specific purposes at the discretion of the Trustees. Restricted income funds are those donated for use in a particular area or for specific purposes. the use of which is restricted to that area or purpose. Leasing commitments Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term. Pensions and other post retirement obligations The Charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the Charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets lo pay all employees the benefits relating to employee service in the current and prior periods. Contributions lo defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. Page 29

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 Financial instruments Classification The charitable company only has the financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their selllemenl value, except for those financial assets classified as at fair value through profit or loss, which are initially measured at the transaction value and then subsequently measured al their fair value. The Charity holds the following basic financial instruments- Fixed asset investments- Short lemi trade and other debtors and creditors., and Cash and bank balances. All financial instruments are classified as basic. Recognition and measurement The company has chosen lo apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantlally all the risks and rewards of ownership are transferred lo another party, or in the case of liabilities, when the company s obligations are discharged, expire or are cancelled. Except for fixed asset investments, such instruments are initially measured al transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected lo be paid or received, after taking account of impaimienl adjustments. Fixed asset investments are initially measured al transaction price, and are subsequently carried at their fair value as al the balance sheet dale using the quoted market price. The Slalement of Financial Activities includes the net gains and losses arising on revalutstion and disposals throughout the year. 3 Income from donations and legacies Unrestrlcted funds General Total 2022 Total 2021 Donations and legacies- Donations from individuals 4,363 4,363 15,325 4,363 4,363 15,325 Page 30

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 4 Income from charitable activities Unrestrlcted Funds 1£) 315,239 Restrlcted Funds 1£) Total 2022 (£) 315,239 8,333 24,900 4,722 181,908 2,638 Total 2021 1£) 342,566 39,967 General Advice BEIS 8,333 24,900 Building FutLJres Caledonia 4,722 181,908 2,638 COMF - Icorel I (Public Health) Community Justice Fund Cornwall Community Foundation Devon and Comwall Police 48,652 18,810 40,694 47,150 12,000 20,001 111,310 24,000 19,887 6,455 64,605 20,001 111,310 24,000 19,887 6,455 64,605 812 Debt & Mental Health disAbilily Cornwall & Isle of Scilly EmPower Energy Advi￿ Programme EU Settlement Scheme 6,000 32,556 Financial Capability Help lo Claim l Universal Support Legal Liligant in Person Macmillan 812 213,813 4,664 56,809 199,154 15,181 100,000 182,187 116,728 51,471 45,348 29,000 7,824 11,095 20,470 213,813 4,664 56,809 199,154 15,181 100,000 182,187 116,728 51,471 45,348 29,000 7,824 11,095 20,470 233,153 2,000 66,967 219,583 15,591 MaPSDAP MaPSDAP Trainee Money Matters COMF Money Matters National Lollery Pension Wise 174,238 92,500 67,226 19,798 Powerhouse Project Tenancy Sustainment Volant Weslem Power 13,812 49,334 Money Wise-up. Money Wise-upl West 11,511 1,534,014 11,511 1,850,065 316,051 1,542,597 Page 31

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 S Investment income Unrestricted funds General Total 2022 Total 2021 Income from dividends Dividends receivable from other listed investments 5,515 5,515 4,346 6 Other income Unrestricted funds General Total 2022 Total 2021 Other income 7,830 7,830 8,273 7 Expenditure on charitable activities Actlvlty undertaken dlrectly Grant fundlng of actlvlty 2022 2021 Wages and salaries Other costs Depreciation 1,235,639 58,408 242,518 171,994 16,673 1,478,157 230,402 16,673 1,194,215 188,348 12,873 1,294,047 431,185 1,725,232 1,395,436 £240,044 {2021 £262,891) of the above expenditure was attributable to general unrestricted funds, £6,633 {2021 £nill lo designated unrestricted funds, and £1,478,555 12021 £1,132,545110 restricted funds. Page 32

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 8 Analysis of govemance and support costs Support activities expenditure Unrestricted funds Total 2022 Total 2021 Basis of allocation Wages and salaries Time spent Social security costs Time spent Employerfs pension Time spent Staff and volunteer costs General Restricted 3,821 302 68 217,303 17,166 3,859 221,124 17,468 3,927 273,959 21,286 4,918 Time spent Time spent Time spent Time spent Time spent Time spent 3,699 3,795 9,972 9,008 2,099 2,803 6,771 14,711 13,671 12,803 2,983 3,984 9,624 21,499 4,730 18,337 4,505 1,574 8,701 17,428 Rent Rates and water Insurance Light and heat Telephone Postage and stationery Travel expenditure Office and IT equipment Time spent Repairs and renewalsTime spent Bank charges Time spent Sundry expenses Time spent Asset per project Time spent 1,181 2,853 6,788 Time spent Time spent 5,962 1,086 12,921 2,929 18,883 4,015 6,939 1,811 17,728 1,478 135 3,065 38,428 3,509 285 6,470 56,156 4,987 420 9,535 49,272 7,905 332 16,337 Depreciation Governance costs 4,870 4,097 11,803 9,336 16,673 13,433 12,873 8,399 61,812 369,373 431,185 459,306 Page 33

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 Governance costs Unrestricted funds Total 2022 Total 2021 General Restricted Audit fees Audit of the financi81 statements Trustees, expenses Legal fees Other govemance costs 3,096 21 197 783 7,056 47 449 1,784 10,152 68 646 2,567 7,680 441 278 4,097 9,336 13,433 8,399 9 Net Ineomlngloutgolng resources Net incoming resources for the year include.. 2022 2021 Operating leases - other assets Audit fees Depreciation of fixed assets 6,821 10,152 16,673 11,821 7,680 12,873 10 Trustees. remuneration and expenses No Trustees, nor any persons connected with them, have rec8lV8d any remuneration from the Charity during the year. The amount of expenses paid lo the Trustees during the year related lo travel expenses totalled £68 12021- £4411. Page 34

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 11 Staff costs The aggregate payroll costs were as follows.. 2022 2021 Staff costs durlng the year were: Wages and salaries Social security costs Pension costs 1,357,780 97,509 22,868 1,104,081 74,025 16,109 1,478,157 1,194,215 The monthly average number of persons {including senior management team) employed by the Charity during the year was as follows= 2022 No 73 2021 No 61 Delivery of Charitable Activities Governance and Finance Cleaners 81 70 No employee received emoluments of more than £60,000 during the year. A list of key management personnel positions are provided in the Trustees, Report. The total employee remuneration of the key management personnel of the Charity was £111,172 {2021 £166,037). 12 Audltorfs remuneratlon 2022 2021 Audit of the financial statements 10,152 7,680 13 Taxation The Charity is a registered charity and is therefore exempt from taxation. Page 35

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 14 Tangible fixed assets Land and buildings Computer equipment Plant and machinery Total Cost Al 1 April 2021 Additions 289,826 94,989 5,666 17,532 402,347 5,666 Al 31 March 2022 289,826 100,655 17,532 408,013 Depreciation Al 1 April 2021 Charge for the year 69,564 5,797 54,676 10,520 16,181 356 140,421 16,673 Al 31 March 2022 75,361 65,196 16,537 157,094 Net book value Al 31 March 2022 214,465 35,459 995 250,919 Al 31 March 2021 220,262 40,313 1,351 261,926 Page 36

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 15 Fixed asset investments Other invostmgnts Listed invgstments Cost or Valuation Al 1 April 2021 Revaluation 167,781 16,415 Al 31 March 2022 184,196 Net book value Al 31 March 2022 184,196 Al 31 March 2021 167,781 There were no investment assets outside the UK. 16 Debtors 2022 2021 Trade debtors Prepayments Accrued income Other debtors 141,498 11,414 106,487 53,079 3,645 105,240 977 259,399 162,941 17 Cash and cash equivalents 2022 2021 Cash at bank Short-term deposits Other cash and cash equivalents 607,580 9,230 392 196,515 12,419 625 617,202 209,559 Page 37

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 18 Creditors- amounts falling due within one year 2022 2021 Trade creditors Other taxation and social security Other Creditors Accruals Deferred income 15,426 22,049 191,504 24,303 185,383 24,733 22,832 207 27,371 12,970 438,665 88,113 19 Pension and other schemes Deflned contrlbutlon penslon scheme The Charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Charity lo the scheme and amounted lo £22,868 12021 £16,109). 20 Commitmgnts other financial commitments Other financial commitments relate to operating leases for office space. The total amount of other financial commitments not provided in the financial sl8temenls was £17,621 12021 - £24,442). Page 38

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 21 Funds Other Balance recognised at31 gainsl March (losses) 2022 Balance at 1 April Incoming Resources 2021 resources expended Transfers Unrestricted General General Advice 343,465 332,947 {240.0441 114,9191 16,417 437,866 DesiTgnated Financial Capability 812 16,6331 5,821 Total Unrestricted 343,465 333,759 {246,6771 19,0981 16,417 437,866 Restricted Money Matters Energy Advice Programme Devon & Cornwall Police Help to Claim MaPSDAP Pension Wise Macmillan BEIS Community Justice Fund Debt and Mental Health disAbility Cornwall & l.o.S. EU Selllemenl Scheme Legal Liliganl in Person MaPSDAP Trainee National Lollery Powerhouse Project Western Power Money Wise-up. Comwall Community Foundation Land and Buildings Fund Building Futures Caledonia COMF - (Corel I (Public Health) 35,449 182,187 {153,9471 1,475 6,455 17,6861 15,415 20,001 118,0251 213,813 {210,3321 28,348 199,154 {196,5061 26,470 51,471 153,7081 56,809 157,8091 8,333 19,5191 2,638 16,8891 2,099 111,310 {111,8811 2,248 24,000 120,3941 1,413 64,605 164,2831 2,000 4,664 1651 5,339 15,181 113,8061 2,860 116,728 199,4591 140 45,348 143,5811 213 11,095 15,6121 10,685 20,470 125,0481 63,689 244 17,391 3,481 30,996 24,233 1.000 757 5,749 5,320 4,362 1,528 5,854 1,735 6,599 6,714 20,129 1,907 5,696 6,107 10,574 220,262 12,4681 15,7971 124,3531 13,8241 8,106 214,465 547 24,900 4,722 898 181,908 {179,5011 2,407 Page 39

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 other Balance recognised at31 gainsl March (losses) 2022 Balance at 1 April Incoming Resources 2021 resources expended Transfers EmPower Money Matters ICOMF) Tenancy Sustainment Volanl Money Wise-up! West 19,887 100,000 29,000 7,824 11,511 122,8661 195,7911 126,7861 17,2001 111,419 2,979 4,209 2,214 624 92 Total restricted 370,628 1,534,014 11,478,555 9,098 435,185 Total funds 714,093 1,867,773 11,725,232) 16,417 873,051 Page 40

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 Balance at1 Other April IncomingResources recognised 2020 resources expended Transfers gainsl(lossesl Balance at31 March 2021 Unrestrlcted General General Advice 249,260 369,894 1262,891) 129,8901 17,092 343,465 DesiTgnated Financial Capability 376 {3761 Total unrestricted 249,636 369,894 1262,891) 130,2661 17,092 343,465 Restricted Money Mallers Energy Advice Programme Devon & Cornwall Police Help to Claim MaPSDAP Pension Wise Macmillan BEIS Community Justi￿ Fund Debt and Mental Health disAbility Cornwall & l.o.S. EU Settlement Scheme Legal Liliganl in Person MaPSDAP Trainee National Lollery Powerhouse Project Western Power Money Wise-up. Comwall Community Foundation Land and Buildings Fund 24,157 174,238 1162,946) 1,147 6,000 {5,6721 14,336 40,694 139,615) {20,827} 233,153 1223,383) 34,310 219,583 1225,545) 16,260 67,842 157,632) 123,182} 66,967 162,994) 39,967 134,218) 48,652 148,763) 47,150 145,051) 12,000 {9,7521 32,556 131,1431 2,000 15,591 92,500 19,798 13,812 49,334 35,449 1,475 15,415 11,057 28,348 26,470 19,209 5,749 2,099 2,248 1,413 2,000 5,339 2,860 140 213 10,685 110,252) 189,640) 119,658) 113,599) 138,649) 18,810 {8,2361 5,797 10,574 220,262 226,059 Total restricted 272,260 1,200,647 {1,132,545 30,266 370,628 Total funds 521,896 1,570,541 {1,395,4361 17,092 714,093 Page 41

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 The specific purposes for which the funds are to be applied are as follows.. Money Matters This is a 5 year project funded by Cornwall Council aimed al promoting the resilience of families and young people through improving financial Capacity and capability- Energy Advi￿ Programme This is funded by Warm Homes Discount Initiative aimed at those in fuel poverty enabling them to feel more confident lo manage energy use, understand bills, switch suppliers and implement any energy saving measures. Devon & Cornwall Police This is funding received from the Victims of Crime Network for support given lo victims of crime referred into Citizens Advice Cornwall. Help lo Claim (Universal Support) This is a nationally funded programme, Help lo Claim, that provides help with new Universal Credit claimants from the initial process of application through lo receipt of the first payment. The team are all Citizens Advice trained advisers who have received additional training on Universal Credit and the Help lo Claim process. They are based throughout the Citizens Advi￿ offices in Cornwall as well as Job Centre Plus offices. Advice is available face lo face, on the phones, via email and webchal. Money and Pension Service.. Debt Advice Seryice IMaPSDAPI This is a nationally funded programme that provides in depth advice and support for clients with serious debt issues. The project is based in Camborne but has a presence in all of our offices. The team members are all qualified debt advisers and DRO intermediaries. Pension Wise This is a national programme sponsored by the Department for Work and Pensions. 11 provides pension gLJidance to anyone over 50. Since 2018119 we have delivered the programme as part of a wider partnership with Plymouth, Bournemouth and Taunton Citizens Advi￿. Macmillan This is a partnership project providing welfare advice to people suffering from cancer. It is based in the Macmillan Cove at Treliske Hospital and our Truro office. The team has 3 workers. BEIS This funding from the Department for Business, Energy and Industrial Strategy was used for remote working equipment in the wake of lockdown restrictions caused by the Covid-19 outbreak. 11 was also used lo improve access to advice by selling up Help Hubs in rural communities. Community Justice Fund This funding was used for a project designed to provide legal advice on family matters to clients not eligible for legal aid. Page 42

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 Debt and Mental Health This funding was used lo implement an early public health intervention, providing high risk populations laffecled by Covid-191 wth generalist support around housing, debt, and universal credits, as well as physical and mental health. disAbilily Cornwall and Isles of Scilly This funding was used to engage the services of a generalist adviser to help disAbility Cornwall deliver an Advice and Wellbeing Café. EU Settlement Scheme This funding was used for the EUSS Project. This project was designed lo deliver practical support lo vulnerable, at risk or hard lo reach EU, EEA & Swiss Cits'zens and their family members lo help them make their EUSS applications. Legal Liligant in Person This funding was used lo host a legal litigant in person lo provide support lo clients in Cornwall. Money and Pensions servi￿.. Debt Advice Project IMaPSDAPI Trainee This is a nationally funded programme that has enabled us lo lake on a Trainee advisor, who provides debt advi￿ and support for clients with serious debt issues. National Lollery This funding was used to create a Covid-19 Advice Response Team. Gateway Advisers were employed to filter advice line calls at first contact. Powerhouse Project Powerhouse works with young people aged 16-24 who are not in employment, education or training and young people leaving care in Cornwall. The project's objective is to raise awareness about the importance of energy saving, both for financial benefits and for a sustainable future. Weslem Power This funding was used to undertake affordable warmth andlor Priority Service Register recruitment activities in winter 2020-21. Money Wise-up. The funding is used to deliver financial capability training and awareness to people in deprived areas of Cornwall lo help them obtain the skills they need to progress into work, education or volunteering. reduce debt and increase quality of life chances. Cornwall Community Foundation This funding was used for remote working equipment in the wake of lockdown restrictions caused by the Covid-19 outbreak. Land and Buildings fund This fund is the donated property that the Charity operates from. Page 43

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 Building Futures This progamme is an ESF (European Social Fund) project, partnered with Cornwall Council to improve prospects for some of the most disadvantaged communities. We provide workshops for people about lo take out first time tenancies in either social or private housing, covering both their and the landlord's responsibilities, budgeting and providing information on where they can access financial help. Caledonia The purpose of this programme is to prevent financial distress by delivering workshopslcourses on budgeting, income maximisation and financial capability to vulnerable people on low incomes. COMF (Core} This funding was used lo employ additional dedicated advisers to meet demand for advice from people struggling following the Covid-19 pandemic. COMF (Public Health) This funding was used to employ a Human Resources Manager and a Head of Operations in response lo the Covid-19 pandemic. EmPower EmPower is designed lo help alleviate fuel povety in Devon & Comwall. The project aims to empower people lo take control of their own energy usage by providing them with the knowledge, skills & reSoUr￿S to make this possible. Money Matters COMF This funding was used lo deliver "Money Mallers" advice lo vulnerable young people and their families with debt and financial advice following the Covid-19 pandemic. Tenancy Sustainment This programme aims to help tenants threatened with eviction to stay in their homes with money available to pay outstanding rent arrears. Volant This programme, funded t)y the Volant Trust, aims to provide targeted and sensitive advice and support lo those living with or escaping from domestic and sexual abuse. Money Wise-upl West This programme aims to provide help for people in Wesl Cornwall who are not in education, employment or training. by helping them develop their money skills and saving habits to improve their life chances. Page 44

C.A.B. Cornwall known as Citizens Advice Cornwall Notes to the Financial Statements for the Year Ended 31 March 2022 22 Analysis of net assets between funds As al the year ended 31 March 2021.. Unrestricted funds General Total funds at 31 March 2022 Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 17,930 181,080 598,511 1359,6551 437,866 232,989 3,116 278,090 179,0101 435,185 250,919 184,196 876,601 1438,6651 873,051 Total nel assets As al the year ended 31 March 2020.. Unrestricted funds General Total funds at 31 March 2021 Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 17,156 164,665 244,958 83,314 244,770 3,115 127,542 4,799 261,926 167,780 372,500 88,113 Total nel assets 343,465 370,628 714,093 23 Analysls of net funds At 1 April 2021 Financing cash flows At 31 March 2022 Cash at bank and in hand 209,559 407,643 617,202 Net debt 209,559 407,643 617,202 At 1 April 2020 Financing At 31 March ash flows 2021 Cash at bank and in hand 45,411 164,148 209,559 Net debt 45,411 164,148 209,559 Page 45