advice UK
ANNUAL REPORT
&CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

"+3 advice UK
Reference and Administrative Details
Report of the TrUSt￿S
structure, Governance and
Management
18
20
Financial Review
Trustees, Responsibilities Statement
24
Independent Auditorfs ReF)Ort
26
Consolidated Statement of Financial
Activities
32
Balance Sh￿t
34
Consolidated Statement of Cashflows
36
Notes to the Financial Statements
37

Reference and Administrative Details
For the year ended 31 March 2024
Trustees
B Badesha
V Greenwood
J Ipyana
H Kendall
A Mandalia
A Quinn
N Sombu (appointed 18 May 2023)
C White (appointed 18 May 2023)
T Evans (appointed 28 September 2023)
Chair
B Badesha
Chief Executive
L Bayram
Company Secretary
L Bayram
Company Number
02023982 (England & Wales)
Charity Number
299342
Registered Office
Suite 610
150 Minories
London
EC3N ILS
Website
www.adviceuk.org.uk
Auditor
Sumer Auditco Limited
Fitzroy House
Crown Street
Ipswich
Suffolk
IPI 3LG

Report of the
Trustees
Introduction from the Chair
Welcome to our 2023124 annual report.
For our members, and indeed the wider
independent advice sector. it has been yet
another challenging year. i am proud of
how our diverse membership community
has continued to offer high quality. free,
independent
advice
that
so
many
individuals and communities desperately
need. Demand for their advice services
has increased significantly, as more
clients are struggling with the rising cost of
living; our complex welfare system as well
as growing concerns around housing,
immigration and more.
So, I want to start this annual report by recognising and celebrating the
resilience and determination of our members, as they respond to growing
demand for their advice. The vast majority are doing so against a backdrop of
reducing funding levels and the challenges this brings to delivering
sustainable services. In particular, this year, our members who rely on local
authority support have struggled, facing service restructure and sadly, for a
few, closure.
Against this backdrop AdviceUK has continued to offer support, advice and
guidance to our members. And, to advocate on their behalf with funders,
policymakers; regulators and others who influence the environment in which
our members provide their seniices.
This year has also been one of change for AdviceUK as we welcomed Liz
Bayram as our new Chief Executive in April 2023. We said a fond farewell to
Steve Johnson, her predecessor, who left after over 20 successful years at
AdviceUK.

Liz has taken time in her first year to work with members, staff and trustees to
reflect on how best to build on AdviceUK's success to date and ensure we are
delivering what matters most to our members and the communities they
serve.
As a result, the Board of Trustees now has a new three-year strategy that will
guide our work until 2027; we have backed that up with additional investment
to support us to further improve our support; our reach and our impact.
We are all excited for the future and what more AdviceUK can do to deliver its
mission. l am grateful to the staff team for all their hard work and support
through this period of change. I would also like to thank my fellow trustees who
have done so much more than is expected of most trustees; sharing their time,
expertise and support with the staff team. Most of all I want to thank our
members. Whether you have attended a forum; volunteered for a working
group or simply read our newsletter and sought our advice, I want to thank
you for your continued support of AdviceUK.
As we look forward to the coming financial year that will
no doubt - bring
with it challenges; I know that everyone at AdviceUK will do their best to
support our members and the wider independent advice sector so that every
individual, regardless of means, is able to access the advice they need in
order to exercise their rights and deal with any legal and social welfare
problems they may face.
Best wishes
Baljit Badesha
Chair of AdviceUK Board of Trustees

Why we exist
We exist to improve the lives of people in need of advice. We do this by
supporting our members, so it is easier for them to help their clients, and by
directly influencing policy-makers, decision-makers and funders who have
influence over the environment in which free, independent advice services
operate.
Our Vision
Our vision is a society wherein every individual, regardless of means, is able
to access the advice they need in order to exercise their rights and deal with
any legal and social welfare problems they may face.
Our Mission
Our mission is to support advice organisations, by helping them to be
efficient, competent and effective, and to campaign for a policy environment
that supports advice agencies and people needing advice.
Our Values
Our values, which underpin all that we do, are:
WE ARE FAIR
WEARE INDEPENDENT
We support people and
show empathy
We challenge where
change is needed
We are open, transparent
and responsible
We stand up for
what we believe in
We promote diversity
ond inclusion
We celebrate the uniqueness
of AdviceuK and our members
WE ARE COLLABORATIVE
WE ARE CREATIVE
We work together to achieve
shared goals
We are bold and dynamic
in our approach
We build trusted relationships
We reflect and
learn from experience
We develop solutions and
support based on evidence
We listen with an open mind,
adopt a flexible and
pragmatic approach

Our impact
We are a small charity that makes a big impact.
In 2023 we have, among many things:
Welcomed 47 new members who now benefit from
the support and expertise of our network.
Retained 93% of our members, with those who left
doing so because of closure or funding constraints.
Secured and directly delivered £1.3m ol funding to
advice services including some of our members.
Our members tell us our support has helped
them to reach over
1.7m clients in 2023;
providing free, independent advice and
support with debt and social welfare issues;
housing; immigration problems and much
more.
Most often their clients are dealing with complex issues and we encourage our
members to take a "whole person approach" In this way they can understand
all of a client's challenges and how best to support them. In doing so, advice
services can try to support the underlying causes of their client's problems so
they are less likely to need support in the future.

Our impact (continued)
Saffron Resource Centre is just one example of one of our member
organisations using the "whole person approach":
ron Resource Centre (SRC)- Leicester
Originally set up in 1976 by a group of mums who saw the need for a
community centre and independent local advice service; SRC has always been
dedicated to working in partnership with statutory and voluntary organisations
to improve the health, education, and well-being of the local community; by
improving the lives of disadvantaged residents.
SRC provides free, specialist, independent, quality assured advice, information
and advocacy on welfare benefits
including welfare and disability rights,
debt - including insolvency procedures, money advice and financial capability,
general advice regarding housing and access to other service providers. They
have a reputation for being friendly and non-judgemental, where everyone is
made welcome and feels valued. Their work changes the lives of individuals in
need.
One young woman (not a UK citizen) who had three children and had been
suffering from domestic abuse reached out to SRC. Her immigration status
made it difficult for her to access support. So SRC put her in touch with The
British Red Cross and helped her achieve a legal right to remain in the UK. They
also provided vital food parcels for her and her children whilst they worked to
ensure her access to Universal Credit; Child Benefit and secure a reduction in
Council Tax. As her rented home's tenancy was in her abusive husband's
name,. SRC also helped her to deal with this.

Our achievements and activities
Our new strategy sets out how we will deliver AdviceUK's vision and mission.
Working with our members, staff and the Board, we have agreed the following
key strategic objectives that will guide all of our work.
ADVOCATE
our members and, through them,
the communities they serve
for our members and through
them, the communities they serve
We do this by
Working with members and
stakeholders; understanding what's
important to them and, where
needed, championing change
Representing and raising awareness
of our members collectively: in ways
that value their diversity and
independence.
We do this by
Listening to and involving
members in how we shape the
support we provide for their
advice-giving needs
Providing benefits and services
that strengthen and sustain
community-based advice giving
INNOVATE
CONNECT
lead change that improves
people's lives and strengthens
community advice
We do this by
Developing and facilitating
better ways of giving and
resourcing advice that improve
the lives of people with legal
and social welfare problems.
Providing members with advice
and insight into new ideas and
emerging trends
members with each other and
key stakeholders
We do this by
Nurturing collaboration, peer
support and shared learning,
building long-term partnerships.
Developing and sustaining diverse
networks that benefit members
and stakeholders.

Support
This year we have supported our members and,
through them, the communities they serve in many ways.
We have advised new members on how best to set up their advice service.
Our membership team provide one-to-one advice that covers everything
from insurance and regulatory requirements to funding opportunities;
supervision support and required policies and procedures. Current members
have also sought advice and support on varied issues including pro-bono;
client journey mapping and, as funding pressures increases; how to source
new support and cope with reductions in income.
We have also run our popular
member forums for England,
Wales and Scotland. This year
they have covered a wide range
of issues including advice on
making funding applications;
how to manage safeguarding in
your service and the potential
opportunities and risks of using
Artificial Intelligence to support
your advice workers.
Member
forums
have
also
provided
opportunities
for
members to share experiences
with each other as well as to talk
to key stakeholders such as
Social Security Scotland.
Our forums along with our
regular member and funding
newsletters continue to be much
valued and relied upon by our
members.
10

Support (continued)
Last but by no means least, through our involvement in a number of different
grant funding programmes, we have supported some of our members as well
as other independent advice services to secure funding to support their work.
We want to thank all our funding partners who we have worked with this year in
support of our members. Together they have not only provided sustainable
funding but have also supported funded services to reach more people in need
of support and to innovate how they deliver that support.
The Scottish Government's Funding in Accessible Settings is just one such
example. This is the first year that the funding has been made available.
AdviceUK was asked to administer the programme on behalf of the Scottish
Government and we are proud of the 40 services who secured funding in the
first year of the programme. It has helped address some of the severe
pressure they are under as funding reduces whilst more people seek advice
each year.
Southside Housing Association- Glasgow
One service that has been funded is the Welfare Rights & Money
Advice Service, run collectively by a number of housing associations,
including Southside Housing Association. Through a programme of
home visits to Southside tenants who they were aware were in debt
with their heating, SHA staff have uncovered other debts and
unclaimed benefits. Their visits are also reaching clients who normally
do not ask for help until they are in crisis.
11

Support (continued)
Susan Lavelle, an SMA explains. "Once such family with four children,
who were in gas heating arrears of over £2,000, were visited. The visit
made clear they also had electricity arrears of over £3000, rent arrears
of over £2,500, consumer debt of over £7000, as well as Council Tax
Arrears. The father was self-employed, his earnings were
approximately £600 per month. The mother had just finished a
university course, but was struggling to find work. They were in receipt
of child tax credits of £58 pw, child benefit £55pw and had no other
income, their rent is over £500 per month. So we applied for Universal
Credit which now covers their rent and pays something towards their
arrears, so preventing any eviction action from the housing
association.
We assisted them to apply for Scottish Child Payment. The Energy
Goods project is providing some items to improve the energy
efficiency of their home, and we have referred them to the Energy
Advice Project for advice on behavioural changes that will help reduce
their bills. They are now being supported to apply for any available
grants and provide information on options available for their
remaining debt. We will assist them through the process and provide
advocacy with their creditors. We have also referred them to Jobs and
Business Glasgow for assistance to find employment. This whole
person approach has generated a significant amount of work, it is a
slow process, and is staff resource intensive but it generates excellent
outcomes and helps educate and promote future resilience."
12

Advocate
This year we have advocated for our members and, through them, the
communities they serve by building and maintaining positive relationships
with key grant funders. Most notably, this year we successfully secured three
years of funding from London Legal Support Trust to work with London's
minority ethnic and migrant communities, AdviceUK members, and those
resourcing them. Together we will co-design Workforce Pathways that
understand and improve the experiences of people as they start working or
volunteering in the advice sector and progressing their careers. The £600,000
funding for the Skilling Up for Justice programme will be used to develop
workforce pathways for different advice sector roles, including entry level
volunteering, adviser progression and people moving into management and
leadership.
We will also explore different models of
owning and delivering these pathways,
for example, achieving scale through
networks of place or communities
served. Vocational qualifications and
targeted training delivery will all help
ensure a healthy and robust advice
sector that improves people's lives.
Whilst the funding is for London-based
services, AdviceUK will ensure the
learning from this programme will be
shared across the sector.
3 YEARS OF
FUNDING
from London Legal Support Trust to
work with London's minority ethnic
and migrant communities
AdviceUK also successfully advocated that the next round of grant funding
from the National Lottery Community Fund should ensure its criteria is inclusive
of independent advices services. This support will be available in the second
year of the NLCF'S three-year programme.
Finally, we have worked with around 40 members who are part of our
Independent Reference Group to develop our plan for our new #Advicesaves
campaign. This will launch in 2024 and aims to increase the profile of the work
our members do, and raise awareness of their services. There will be a strong
focus on how advice service saves people from debt, homelessness etc. The
campaign will call for more to be done to value how advice workers provide
advice and support for people dealing with life-changing challenges and what
policy-makers, regulators, funders and others could do to recognise the vital
role that advice services play. A centrepiece of the campaign will be the first
ever Advice Week in October 2024. It will be an opportunity not only to raise the
profile of advice services but also for our members and the wider sector to
celebrate all that it does to support it's communities.
13

Connect
This year we have connected our members with each other and. as already
shared. with funders in so manyways. From simply encouraging members to
talk to each other about shared areas of interest (through our member forums
as well as through direct one-to-one connections) we have also commenced
a pilot of an online community. This Community of Practice has involved 14
members who regularly meet online to share ideas and experiences with each
other on a wide range of issues including supervision and, staff retention. Early
feedback has been positive and we plan to learn from this experience and use
it to develop more online member communities next year.
Kerryn Bell from Talking Money is
one of the participants:
"I have been coming to the Community of
Practice Reflective Practice gatherings
almost since they started. I have really
valued being part of a group that is
committed to helping the sector develop.
The subject of reflective practice is
particularly personal and important to me,
so having a space focusing on this is very
special. Without learning and acting on
that learning (the essence of practising
reflectively), the sector will not get better at
what it does. So this underpins everything
for me. l am also really enjoying being part
of a group that is facilitated using an
emergent approach, where divergent
thinking and co-production are prioritised
and experimented with. There are few
spaces in which l am involved that are
doing this
it feels cutting edge and
progressive
and being exposed to ways
to do this means I have more confidence
and tools to try this more with my own
team and in the spaces I lead."
14

Connect (continued)
Finally, we have also worked with groups of members to ensure they can
connect with each other. One area of success has been our work with one of
our members
The Trussell Trust. They support their network of over 420
foodbanks across the UK to develop financial inclusion and advice initiatives to
support people in crisis. We have been working with them to support a growing
number of their food banks to partner with members who are offering advice
services in their local area, helping them to join up their services and provide
improved support for their food bank users.
Jo Goodman, senior manager at in the financial
inclusion team at Trussell Trust explains why they
are AdviceUK members
"Most of our food banks partner with local advice services to
support the people who seek their help with emergency
food. They off er advice as part of their service because our
mission is to no longer need to provide emergency food.
Most people who use a food bank do so because they have
underlying reasons why - these could be related to being
unable to access the social welfare benefits they are
entitled to or unmanageable debt. Around 40 of our food
banks have decided to provide an advice service
themselves and Trussell Trust help them to so do so, in part
by being a member of AdviceUK. Our membership means
they can access tailored advice, support and guidance; can
share good practice e.g. in terms of policy and procedure
and, with AdviceUK's specialist support, continuously
improve their advice service."
15

Innovate
This year we have led change that improves people's lives and strengthens
community advice by developing new training and working with partners to
explore and develop new technology that enables our members to increase
their capacity; either to help more clients or to deepen the quality of support
they can provide. We have developed and trialled a new trauma-informed
training module which will be available for members in the coming year.
Working with our partners at Trustfolio
and AdvicePro, this year we have
launched their instant access to client
credit reports. This service enables
advisers to enhance the quality and
speed of service they are able to offer
clients, saving time and money by
removing the administrative burden
of
gathering
clients,
f inancial
information.
• advI￿pRO
•adviceuK
16

Our future plans
Looking ahead to the first year of our new strategy, we will be progressing our
strategic objectives in the following ways:
Support our memborsand. throughthem.
the¢ommunltles theyserve.Wewlll be:
Launching o new wellbeing ond health service benefit for our
members who tell us their work con be difficult ond stressful.
Growing our membership, with on initial focus on reoching more
advice services in the housing sector.
Improving our learning and skills support to members and the
wider advice sector.
Advocate forour members andthroughthem.
the communities they serve. Wewill be:
Influencing funders to secure more funds for members and other
advice services.
Launching a new #Advicesaves campaign, to raise awareness of
our members, vital services and to campaign for more support.
This will include the first ever Advice Week.
Supporting a number of grant programmes, working with
members, Scottish Government, London Funders and others.
Working with members and others to provide solutions to the
workforce challenges faced by the advice sector.
Connect our memberswith each otherand keystakeholders.
We will be:
Developing new peer-to-peer online communities for our
members, so they Con Connect, shore ond leorn together.
Growing the ronge of online forums ond face-to-face events we
provide for members.
Innovate lead changethat Improves people's Ilves and
strengthens communityadvice. Wewill be:
Growing our understanding and use of Artificial Intelligance (Al)
as a charity.
Developing Al guidance, support & services for members.
Continuing to improve and develop the quality of the data we
gather from membars and potential members.
Growing our use of personalisation within our communications
with members and stakeholders.
17

Structure, Governance
and Management
AdviceuK is a company limited by guarantee and a registered charity. It
operates under governing documents last revised in May 2017. We operate as
a co-ordination and support network for organisations providing independent
social welfare advice and membership is open to any organisation that
satisfies the membership criteria decided by the Trustees. We have two types
of members
subscriber members who receive information about our work
and primarily access of insurance provision and network members who are
the principal beneficiaries and users of the Charity. Network Membership is
separate from membership of the Charity itself. The members of the Charity
are the Trustees who are also directors of the company.
AdviceUK also has a number of subsidiaries and
associated companies. WCS Insurance Company
Limited" based in Guernsey, is a private company limited
by shares formed in 2006 as a specialist insurer for
organisations working in and with the voluntary and
community sector. AdviceUK owns IOO/. of the shares.
Since 2006 AdviceUK has been sourcing some of the
insurances it arranges for advice agencies from VCS
Insurance Company Ltd. "Advanced Case Management
Solutions Ltd", based in Glasgow, is a private company
limited by shares formed in 2011 to continue provision of
the AdvicePro case management software service to
Network Members and other advice organisations.
Advice UK owns 50/0 of the shares.
Connected
companies
The Trustees have regard to the Charity Commission's
public benefit guidance in all their decision-making. This
Annual Report contains details of how they have carried
out the Charity's purposes for the public benefit.
AdviceUK's charitable activities are focused on enabling
people, regardless of means, to access the advice they
need in order to exercise their rights and deal with any
legal and social welfare problems they may face.
Though this is done primarily through support to advice-
providing organisations, it is the general public who are
our ultimate beneficiaries.
Public Benefit
18

The Charity's Objects, as defined in its Articles, are to..
"promote...charitable purposes for the benefit of the
public......in particular by providing co-ordination and
support to independent advice services and by
assisting them to make better use of the resources
available to them".
Public Benefit
The Trustees review AdviceUK's vision and mission
periodically (every 3-4 years) in the context of updating
their strategy and plans. This year they undertook a full
review as part of setting a new three-year rolling
strategy to 2027. Each year the management team
review the three-year strategy, consider its impact, any
changes that may require change and then make
recommendations to the Board at its annual Strategy
Day. After this the management team develop an
annual plan and budget setting out how the strategy
will be delivered in the coming financial year for the
Board to approve.
The affairs of the Charity are governed by a Board of
Trustees who are the members and Directors of the
Company for the purposes of the Companies Act 2006
and the Trustees of the Charity for the purposes of
charity legislation. They are all volunteers and include
both independent and Network Member, ensuring a
balance of skills and perspectives. All new Trustees are
offered a personalised programme of induction before
joining the Board. Trustees normally serve for terms of
three years and may serve more than one term but
usually not more than three.
Strategy &
Plans
The Board usually meets 6 times per year; quarterly to
monitor financial and operational activity and 2 or 3
other occasions during the year to develop and
approve plans, review policies and services.
Resources Committee, comprising the Chair and two
Vice-chairs usually meets once or twice annually to
review staff terms and conditions and to make
recommendations to the Board.
19

The Chief Executive is responsible for the Charity's
operations through a scheme of delegated authority
from the Board. The scheme is reviewed annually. The
Chief Executive may delegate areas of operation to
senior managers and, through them, to the wider staff
group.
Key
management
and personnel
A Senior Leadership Team appointed by the Chief
Executive works together to support staff to deliver the
Board's approved strategy and annual plan. As at the 31
March 2024 there were 19 staff, comprising 16 employees
(13.2 full-time equivalents), I secondee and 2 regularly
engaged freelancers.
AdviceUK primarily receives volunteer support from its
Board of Trustees. A number of members will be involved
in aspects of our work, sharing their insight into the
development of our work.
Volunteers
The Trustees have a risk management strategy involving
an annual review of the major risks to which the charity is
exposed and the approval of systems and actions for
managing and mitigating them. A risk register is
produced, updated at least annually and reviewed at
Board meetings. In 2023, the Board reviewed its risk
register and identified no high-level risks affecting the
charity and agreed that mitigations were adequate to
maintain risks at a medium or low grade. The Board sets
annual budgets and requires reporting against them at
least quarterly. It monitors all aspects of financial
performance and financial management through its
quarterly
meetings.
reviews
internal f inancial
management and reporting arrangements at least
annually. In terms of day-to-day financial control, a
comprehensive and robust set of financial procedures is
in place.
Risks and
Financial
Control
20

Financial Review
The Group
Total Group income during the year was £4,681,133, an increase of £1,405,679
compared with £3,274,454 in the previous year. Total expenditure during the
year was £4,350,383 an increase of £1,002,842 compared with £3,347,541 in the
previous year. Overall, the Group had a surplus of £475,091 for the year (2023..
deficit of £83,400). At 31 March 2024 the Group had unrestricted funds of
£2,575,729 (2023: £2,221,579) and restricted funds of £293,459 (2023: £172,518).
The Trustees plan to apply most of any annual surpluses to investment in
staffing, equipment and product development in order to improve services to
members.
The Charity
Total income for the Charity during the year to 31 March 2024 was £4,362,078
an increase of £1,375,942, compared with £2,986,136 in the previous year.
Expenditure on governing the Charity increased slightly to £81,652 (2023..
£38,462) but remains below 1.8% of total expenditure. The Charity's total
unrestricted income during the year was £3,058,967 (2023: £2,700,186).
Associated expenditure was £2,787,457 (2023.. £2,713,621) Total restricted
income during the year was £1,303,111 (2023: £285,950)
most of which was for
distribution to members). Associated expenditure was £1,185,823 (2023:
£223,772) funded by income during the year. The balance of £293,459 is carried
forward for use in 2024-25.
Fundraising
Fundraising activity was restricted to project bids developed by employees.
The Charity does not use the services of professional fund-raisers,. neither does
it have fund-raisers on staff.
21

Trading
AdviceUK now raises most of its income from trading activity. All of this activity
is regarded as primary purpose trading i.e. provision of support services and
products (e.g. training, software and insurances) to the intended beneficiaries
of the Charity in accordance with the objects of the Charity set out in the
Articles.
Reserves Pollcy
The Board has classified tangible assets and investments within its designated
funds in order to show more clearly the amount of assets remaining as
uncommitted and therefore available as free reserves. In accordance with this
policy the Charity's free reserve at the close of the year, stood at £573,199
(2023.. £1,081,021). The Board considers the amounts in reserve adequate to
cover the levels of business risk inherent in its policies aimed at achieving
further growth in its income to enable investment in more capacity to
effectively pursue its objects.
Investments Policy
A portion of the charity's reserve has been placed on deposit with the CCLA
(Churches, Charities & Local Authorities) fund managers in order to achieve a
level of return. Having now substantially increased the funds on deposit with
CCLA, the Board has no current plans for further investment. The Board now
intends to place amounts not needed for immediate spending on short-term
deposit with its principal andlor other bankers in order to achieve at least
some level of return.
Trustees. Liability
In the event of the Charity being wound up the trustees are required to
contribute an amount not exceeding £10. Trustees, indemnity insurance was in
place during the year and the insurance provides cover up to £1,000,000 on any
one claim.
22

Appointment of Auditors
On 28 March 2024 our auditor, SB Audit LLP, merged with Sumer Auditco
Limited. Accordingly, SB Audit LLP resigned as the Companys auditor with the
Directors duly appointing Sumer Auditco Limited to fill the vacancy arising.
Auditors for 2024-25 will be appointed in accordance with section 495 of the
Companies Act 2006 at a Board meeting to be held in November 2024.
23

Trustees. Responsibilities
Statement
The Trustees (who are also Directors of AdviceUK for 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 which give a true and fair view of the state of affairs of the
Charity 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,.
make judgements and accounting estimates that are reasonable and
prudent; and
prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping proper and odequote accounting
records that disclose with reasonable accuracy at any time the financial
position of the Charity and enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for
safeguarding the assets of the charitable company and hence for taking
reasonable steps for the prevention and detection of fraud and other
irregularities.

statement as to disclosure of information to auditors
In so far as the Trustees are aware:
there is no relevant audit information of which the Charity's auditor is
unaware; and
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 Charity's website.
Legislation in the United Kingdom governing the preparation and dissemination
of the financial statements may differ from legislation in other jurisdictions.
Small Companies Regime
This report has been prepared in accordance with the special provisions
relating to small companies within Part15 of the Companies Act 2006.
This report was approved by the Board on 2610912024
and signed on its behalf by:
Baljit Badesha
Chair
25

Independent
Auditor's Report
to the Trustees and Members ot AdviceUK
Opinion
We have audited the financial statements of AdviceUK (the 'Charity') and its
subsidiaries (together the 'Group') for the year ended 31 March 2024 which
comprises of the Consolidated Statement of Financial Activities (incorporating
an Income & Expenditure Account), the Consolidated and Charity Balance
Sheet, the Consolidated Statement of Cash Flows and the related notes. The
financial reporting framework that has been applied in their preparation is
applicable law and United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practice), including FRS 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 Group's and the Charity's affairs
as at 31 March 2024 and of the Group's 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 and the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on
Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those
standards are further described in the Auditor's responsibilities for the audit of
the financial statements section of our report. We are independent of the
Charity and Group 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.
26

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 Group s or the Charity's ability to continue as
a going concern for o 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 Trustees are responsible for the other information. The other information
comprises the information included in the Annual Report, other than the
financial statements and our Auditor's Report thereon. Our opinion on the
financial statements does not cover the other information and, except to the
extent otherwise explicitly stated in our report, we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the
other information. If, based on the work 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.
27

Opinions on other matters prescribed bythe 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.
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 the knowledge and understanding of the Group and the Charity
and its environment obtained in the course of the audit, we have not identified
material misstatements in the Trustees, Report.
We have nothing to report in respect of the following matters in relation to
which the Companies Act 2006 requires us to report to you if, in our opinion..
the Charity has not kept adequate and sufficient accounting records, or
returns adequate for our audit have not been received from branches not
visited by us; or
the Charity's 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; 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 Trustees, report and from
the requirement to prepare a Group Strategic Report.
Responsibilities of Trustees
As explained more fully in the Trustees, Responsibilities Statement, the Trustees
(who are also the Directors of the Charity 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.
28

In preparing the financial statements, the trustees are responsible for
assessing the Group and the Charity 's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the trustees either intend to liquidate the
Group and the Charity or to cease operations, or have no realistic alternative
but to do so.
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 extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected
to have a material effect on the financial statements from our general
commercial experience and through discussions and enquiries of the Trustees
and management. During the engagement team briefing, the outcomes of
these discussions were shared with the team, as well as consideration as to
where and how fraud may occur in the Group.
The following laws and regulations were identified as being of significance to
the Group:
Those laws and regulations considered to have a direct effect on the
financial statements including UK financial reporting standards, HMRC
taxation regulations and the Charities Act 2011;
The Group is subject to many other laws and regulations where the
consequences of non-compliance could have a material effect on
amounts or disclosures in the financial statements, for instance through the
imposition of fines or litigation. We identified the following areas as those
most likely to have such an effect: health and safety, safeguarding, human
rights and employment law and GDPR compliance.
29

Audit procedures undertaken in response to the potential risks relating to
irregularities (which include fraud and non-compliance with laws and
regulations) comprised of: enquiries of management and those charged with
governance as to whether the Group complies with such regulations; enquiries
of management and those charged with governance concerning any actual or
potential litigation or claims, inspection of relevant legal documentation,
review of Board minutes, testing the appropriateness of entries in the nominal
ledger, including journal entries and the performance of analytical procedures
to identify any unexpected movements in account balances which may be
indicative of fraud.
The likelihood of detecting irregularities, including fraud, is limited by the
inherent difficulty in detecting irregularities, the effectiveness of the Group's
controls, and the nature, timing and extent of the audit procedures performed.
Irregularities that result from fraud might be inherently more difficult to detect
than irregularities that result from error. AS explained above, there is an
unavoidable risk that material misstatements may not be detected, even
though the audit has been planned and performed in accordance with ISA'S
(UK).
A further description of our responsibilities for the audit of the financial
statements is located on the Financial Reporting Council's website at..
https:Ilwww.frc.org.uklauditorsresponsibilities. This description forms part of
our Auditor's Report.
Use of our report
This report is made solely to the Charity's members, as a body, in accordance
with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been
undertaken so that we might state to the Charity's members those matters we
are required to state to them in an Auditor's Report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Parent Charitable Company and the
Charity's members as a body, for our audit work, for this report, or for the
opinions we have formed.
John Perry. Senlor Stututory Audltor
For and on behalf of
Sumer Audltco Llmlted. Statutory Audltor
Fitzroy House
Crown Street
Ipswich
Suffolk
IPI 3LG
Date: 2 October 2024
30

Consolidated Statement
of Financial Activities
(including and income and expenditure account)
For the year ended 31 March 2024
Notes
Unr•¥trl¢tsd Fund$
2024
R•$trl¢tod Fund8
2024
Tolal Fund$
2024
Total Funds 2023
INCOME FROM
Donations
414,206
414,206
326,049
Charitable activities
2,938.891
1,303,111
4,242,002
1941,847
Inv8Stm8nts
9,494
9,494
7.558
Share of profits of ass¢xiate
15,431
15,431
Total Incom•
3,378,022
,303,111
4,681,133
3,275,454
EXPENDITURE ON:
Raising funds
Choritoble activities
10,126
10,126
9,389
3,154,￿4
1,185,823
4,340,257
3,175,017
Share of loss6s ol associat8
163,135
Total Expenditure
3,164,560
1,185,823
4,350,383
3,347.541
Net gainsl(losses} on
investments
13
144,341
144,341
{11,3131
Not (•xp•ndituro)lin¢ome
Tran$for b•two•n fund$
357,803
117,288
475,091
(83,400)
19
(3,653)
3,653
Net movement In funds
19
354.150
120,941
475,091
(83,400)
RECONCIUATION OF FUNDS
Fund I￿lanCeS brought
lorward
1221,579
172,518
1394.097
1477,497
Fund balan¢e$ Carriod
forward
2,575,729
293.459
2,869,188
1394,097
The Consolidated Statement of Financial Activities includes all gains and losses
recognised in both the current and prior years. All income and expenditure
derive from continuing activities.
The notes on pages 33 to 55 form part of these financial statements.
31

Consolidated Statement
of Financial Activities
(including and income and expenditure account)
Comparitive information for the year ended 31 March 2023
Notes
Vnro$trl¢t•d Fund$
2023
Restricted Funds 2023
Total Funds 2023
INCOME FRO
Donations
326,049
326,049
Charitable activities
2,655,897
285,950
2,941,847
Investmerbts
7,558
7,558
Total Income
2,989,504
285,950
3,275,454
EXPENDITURE ON:
Raising funds
Charitable activities
9,389
9,389
2,951,245
223,772
3,175,017
Shora ol lossès of
associate
163,135
163,135
Total Exwiditur•
3,123,769
223,772
3,347,541
Net gains on
inv•$tmont$
13
(11,313)
(11,313)
Net income
(145,578}
62,178
(83,400)
Transler between
funds
19
Net movement in
funds
19
(145,5781
61178
(83,400)
RECONCIUATION
OFFUNDS
Fund bulun¢o8
brought lorward
2,367,157
110,340
2,477,497
Fund balances
carried forward
2,221,579
172,518
2,394,097
The Consolidated Statement of Financial Activities includes all gains and losses
recognised in both the current and prior years. All income and expenditure
derive from continuing activities. The notes on pages 33 to 55 form part of
these financial statements.
32

Consolidated and Charity
Balance Sheet
(including and income and expenditure account)
For the year ended 31 March 2024
Not•s
Group 2024
Group 2023
Charlty 2024
Charlty 2023
Flxed assels
Intangible assets
21,101
47,887
21,101
47,887
Tangible assets
12
8,587
5,122
8,587
5,122
Investments
13
1,781369
822,597
1,297,914
354,573
Total fixed as80ts
1,812,057
875,606
1,327,602
407,582
Current assets
Debtors
14
1,439,140
1,367,205
1,640,455
1,612,157
Cosh at bar)k and in
hond
1.860,004
2,444,762
1,304,527
1,923,075
Tolal ¢urronta$8•t$
3,299,144
3,811,967
2,944,982
3,535,232
Creditors.. omounts
falling due within one
year
15
(2,og4,388)
(2,243,776)
(2,078,324)
(2,268,026)
Not¢urront a$$￿ts
1,204,756
1,568,191
866,658
1.267,206
Tolal as80ts1088
¢urronl Ilabllltlas
3,016,813
2,443,797
2,194,260
1,674,788
Provisions lor
17
(147,625)
(49,700)
113,6671
Total n•t assels
2,869,188
2,394,097
2,194,260
1,661,121
Funds
Restricted funds
293,459
172,518
293,459
172,518
Unrestricted funds
Designoted fund5
General funds
19
638,382
831,090
240,793
263,066
19
1,937,347
1,390,489
1,660,008
1,225,537
Total unrestricted
funds
19
2,575,729
2,221,579
1,900,801
1,488,603
Total Charityfund$
19,20
2,869,188
2,394,097
2,194,260
1,661,121
33

These financial statements have been prepared in accordance with the special
provisions relating to small companies within Part 15 of the Companies Act
2006.
The surplus of the Charity for the year ended 31 March 2024 was £533,140 (2023..
£37,430).
Approved and authorised for issue by the Board of Trustees on 2610912024
and signed on its behalf.
Badosha - Dir•¢tor
The notes on pages 33 to 55 form part of these financial statements.
34

Consolidated Statement
of Cashflows
For the year ended 31 March 2024
Notes
2024
2023
Cash flows from
operating activities:
Net cash provided by
operating activities
21
213,415
352,530
Cash Ilows from
Inve$tlng o¢tlvltles:
Interest received
9,494
7,558
Purchase of investments
(800,000)
Purchase of property,
plant and equipment
(4,186)
Purchase ol computer
sofbNare
(7,666)
(16,940)
Change In cash and
cash equivalents inthe
year
(584,758)
338,962
Cash and cash
equivalents at the
beglnnlng oftheyear
2,444,762
2.105,800
Ca¥h and ea8h
equlvalents at the end ol
lh• yoar
22
1,860,004
2,444,762
The notes on pages 33 to 55 form part of these financial statements.
35

Notes to the
Financial Statements
For the year ended 31 March 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
l.l General information
AdviceUK (the "Charity" is a public benefit entity and a private company
limited by guarantee, company number 02023982 registered in England
and Wales. AdviceUK is also a Charity registered with the Charity
Commission (charity registration number 299342). The registered office
and its principal place of business is Suite 610, 150 Minories, London EC3N
ILS.
Advice UK operates as a co-ordination and support network for
organisations that provide independent social welfare advice to the public.
The Trustees have concluded that the activities of the Charity's subsidiary
are not significant in the context of the whole. The Trustees do not believe
the Group meets the definition of an insurance Group and therefore the
insurance formats and disclosures set out in Schedule 3 of the large and
medium size Companies and Groups.
The principal accounting policies applied in the preparation of these
financial statements are set out below. These policies have been applied
consistently, unless otherwise stated:
1.2 Basis of prepurution
The financial statements have been prepared under the historical cost
convention unless otherwise stated in the relevant accounting policy notes
and in accordance with Accounting and Reporting by Charities.. Statement
of Recommended Practice applicable to charities preparing their accounts
in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102),the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102),
Financial Reporting Standard 103 - 'Insurance Contracts, ('FRS103') and the
Companies Act 2006.
36

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The principal accounting policies that have been applied to all periods
presented in these financial statements are set out below.
The preparation of financial statements requires the use of certain critical
accounting estimates. It also requires Trustees to exercise their judgement
in the process of applying the accounting policies. Use of available
information and application of judgement are inherent in the formation of
estimates. Actual outcomes in the future could differ from such estimates.
The areas involving a higher degree of judgement or complexity, or areas
where assumptions and estimates are significant to the financial
statements are disclosed in Note 2.
The financial statements are prepared in round pounds, and the reporting
currency is pound sterling
(£).
1.3 Going concern
The financial statements have been prepared a going concern basis.
The Trustees confirm that at the time of approving the financial
statements, there are no material uncertainties regarding the Group's and
the Charity's ability to continue in operational existence for the foreseeable
future.
In arriving at this conclusion, the Trustees have taken account of current
and anticipated financial performance in the current economic conditions,
its Corporate Plan, and its reserves position. Based upon their assessment
the Trustees consider that the Charity will be able to continue to meets its
liabilities as they fall due and continue to trade for the foreseeable future,
being at least 12 months from the date of approval of these financial
statements. Accordingly, the financial statements have been prepared on
the going concern basis.
1.4 Consolidation
The consolidated financial statements incorporate the financial
statements of AdviceUK and its wholly owned subsidiaries, VCS Insurance
Company Limited and Independent Advice Services Limited on a line-by-
line basis using the Group's accounting policies. The subsidiary companies
have the same reporting date as Advice UK of 31 March.
37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
.4 Investments in associates have been accounted for under the equity
method and included within investments.
The Group has taken advantage of the exemptions allowed under section
408 of the Companies Act 2006 and has not presented its own statement
of financial activities in these financial statements.
1.5 Income
Income is recognised when the Group has entitlement to the funds, any
performance conditions attached to the item(s) of income have been met,
it is probable that the income will be received, and the amount can be
measured reliably.
Income from government and other grants, whether 'copital' grants or
'revenue' grants, is recognised when the Group has entitlement to the
funds, any performance conditions attached to the grants have been
met, it is probable that the income will be received, and the amount
can be measured reliably and is not deferred.
Training and membership subscription income is deferred when
received in advance of the training taking place or the subscription
being used. Training income is recognised when the training occurs.
Membership subscription income is recognised over the period of the
agreement.
Insurance premium income is recognised at the time that the policy is
commenced or renewed by the insured at the amount received from
the insured (the premium plus Insurance Premium Tax). In respect of
insurance premium, premiums are earned proportionately over the
period of cover. The proportion of premium recovered or receivable on
in force contracts that relates to unexpired risks at the balance sheet is
treated as unearned and reported as deferred income.
Voluntary income is recognised where there is entitlement, probability
of receipt and the amount can be measured with sufficient reliability.
Investment income and other incoming resources are recognised on a
receivable basis.
38

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
1.6 Deferred income
Deferred income comprises fees, subscriptions and premiums received in
advance. Grants received in advance for expenditure that will take place in
future accounting periods are recognised as deferred income.
1.7 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to
make a payment to a third party, it is probable that settlement will be
required, and the amount of the obligation can be measured reliably.
Contractual arrangements and performance related grants are
recognised as goods or services are supplied. Other grant payments are
recognised when a constructive obligation arises that results in the
payment being unavoidable. Grants received on behalf of delivery
partners are accrued to equate to the percentage of grant income to be
distributed.
Costs of raising funds are those costs incurred in attracting voluntary
income, and those incurred in trading activities that raise funds.
Charitable activities include both the direct and support costs relating
to these activities.
Governance costs include the cost of the preparation and audit of the
statutory accounts, the costs of Trustees, meetings and the cost of any
legal advice to Trustees on governance or constitutional matters.
Claims incurred represent claims and related expenses paid in the year
and changes in the provision for outstanding claims including change
in the provision for IBNER together with any other adjustments for
claims in prior years.
Support costs include central functions and have been allocated to
activity cost categories on the basis of staff involved in the activity.
Where any Value Added Input Tax is irrecoverable based on partial
exemption calculations, the amount irrecoverable is charged to
support costs.
39

ACCOUNTING POLICIES (CONTINUED)
1.8 Claims and technical reserves
Provisions are made at the year end for the estimated cost of claims
incurred but not settled at the balance sheet date. The estimated cost of
claims includes expenses to be incurred in settling claims. The subsidiary
compony takes all reasonable steps to ensure that it has appropriate
information regarding its claims exposure. However, given the uncertainty
in establishing claims provisions, it is likely that the final outcome may
prove to be different from the original estimated liability.
The claims arising are on policies which are written on a claims made
basis, i.e. within the defined period covered by the policy. Each time a
claim is notified, a reserve is established. However, outstanding claims
reserves may increase from the time a claim is made as decisions are
made regarding legal proceedings until the date the claim is settled. This
provision is the Directors, estimate of the additional costs that may be
incurred in order to settle all outstanding claims at the balance sheet date.
The methods used, and estimates made, by the Directors to assess the
subsidiary company's claims provisions are continually reviewed and any
resulting adjustments are reported in the underwriting account in the
financial year in which they are made. In addition, the subsidiary company
has a stop-loss policy to meet total claims in each policy year in excess of
£125,000.
The basis of estimation for the claims incurred but not reported ('IBNER') is
calculated based on net earned premium less claims paid, less specific
reserves by an agreed stepped reducing percentage for each year, 15/0 in
year one, IO/ in year two, 5/. in year three and O/ in year four. The
Directors believe four years to be sufficient as almost all claims are
finalised over this term. If there is negative IBNER this would not be
allowable and would be maintained at £Nil.
1.9 Investments in subsidiaries
Investments in subsidiaries are held at cost less provision for impairment.
1.10 Investments in associated entities
Investments in associates are initially recorded at cost and the carrying
amount is increased or decreased to recognise the Charity's share of the
profits or losses, other comprehensive income and equity of the associate
after acquisition.
40

ACCOUNTING POLICIES (CONTINUED)
1.11 Investments in sècurities
Investments are a form of basic financial instrument and are initially
recognised at their transaction value and subsequently measured at their
fair value as at the Balance Sheet date using the closing quoted market
price.
All gains and losses are taken to the Consolidated Statement of Financial
Activities as they arise.
Realised gains and losses on investments are calculated as the difference
between sales proceeds and their market value at the start of the year or
their subsequent cost, and are charged or credited to the Statement of
Financial Activities in the year of disposal.
Unrealised gains and losses represent the movement in market values
during the year and are credited or charged to the Consolidated
Statement of Financial Activities based on the market value at the year
end
1.12 Intangible Fixed Assets
Intangible assets costing £1,000 or more are capitalised and recognised
when future economic benefits are probable and the cost or value of the
asset can be measured reliably. Intangible assets are initially recognised
at cost and are subsequently measured at cost net of amortisation and
any provision for impairment. Amortisation is provided on intangible fixed
assets at rates calculated to write off the cost of each asset on a straight-
line basis over its expected useful life which is deemed to be 5 years.
1.13 Tangible Assets
Tangible fixed assets are stated at cost less depreciation. Fixed assets
costing more than £100 are capitalised. Depreciation is provided at rates
calculated to write off the cost of fixed assets, less their estimated residual
value, over their expected useful lives on the following bases:
Leasehold buildings improvements Over the lease term on a straight line
basis
Computer equipment 33/. to 100 /. Straight line basis
Furniture & equipment 20% straight line basis
41

ACCOUNTING POLICIES (CONTINUED)
1.14 Cash and cash equivalents
Cash at bank and in hand includes deposits which can be withdrawn
within 24 hours without penalty and short term deposits which have a
maturity period of 3 months or less and are not subject to significant risk of
changes in value.
1.15 Oporating leasos
Rentals applicable to operating leases where substantially all of the
benefits and risks of ownership remain with the lessor are charged to the
statement of Financial Activities as incurred.
1.16 Flnanclal Instruments
The only financial instruments held by Advice UK are debtors, creditors,
loans and investments. Investments are referred to in Note 1.9, 1.10 and 1.11
above and, the remaining are categorised as 'basic' in accordance with
Section 11 of FRS 102 and are initially recognised at transaction price. These
are subsequently measured at transaction price less any impairment.
1.17 pensions
The Group has arranged a defined contribution pension scheme for those
employees who wish to join it. The assets of this scheme are held
separately from those of the Group, being invested with insurance
companies. Pension costs charged in the Statement of Financial Activities
represent the contributions payable during the year.
42

ACCOUNTING POLICIES (CONTINUED)
1.18 Fund accounting
General funds are unrestricted funds which are available for use at the
discretion of the Trustees in furtherance of the general objectives of the
Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside
by the Trustees for particular purposes.
The aim and use of each designated fund is set out in the notes to the
financial statements.
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 cost of raising and administering such
funds are charged against the specific fund. The aim and use of each
restricted fund is set out in the notes to the financial statements.
43

SIGNIFICANT JUDGEMENTS AND ESTIMATES
Critical judgements in applying the Group's policies:
In preparing these financial statements, the Trustees have made the
following judgement and estimates..
Money and ponsions sorvice distribution
During the year and prior year, restricted income in the form of a grant was
received from the Money and Pensions Service (MaPS) in relation to the
administration of Debt Relief Orders (DRO). Under the agreement with
MaPS, Advice UK are required to distribute g0/. of the funding to recipients.
At the year end, the distribution had not occurred (2023
not occurred),
therefore the Trustees have made a judgement to recognise £36,327
(2023: £148,276) as an expense for the year to reflect the contractual
obligation to distribute the funds. These amounts are included in restricted
expenditure with the liability included as other creditors in the Balance
Sheet.
Technical provisions
Provision is made for the estimated cost of settling all known claims at the
balance sheet date of 31 March 2024 of the Charity's subsidiary.
Judgement is applied as outlined in the accounting policy, in determining
the appropriate level of provision because the actual outcome of the
claim can be uncertain until the case is determined and an agreement to
settle has been made.
Estimates are made for both the expected ultimate cost of claims reported
and claims incurred but not enough reported (IBNR) at the statement of
financial position date. The estimate of IBNER is generally subject to a
greater degree of uncertainty than that for reported claims. In calculating
the estimated liability, the subsidiary company uses estimation techniques
based upon statistical analyses of historical experience which assumes
past trends can be used to project future developments. Subsequent
information and events may result in the ultimate liability being greater or
less than the amount provided. The corrying amount for insurance
contract liabilities in the Balance Sheet is £147,625 (2023- £36,033).
Format of Financial Statements
The Trustees consider the primary activity of the Group to be that of a
charity because the majority of the groups transactions and balances
relate to this activity. Therefore the financial statements have not been
prepared in accordance with the provisions that relate to insurance
groups. The financial statements do include relevant additional disclosures
that relate to VCS Insurance Company Ltd including the claims
development triangle disclosed in note 17.
44

NOTES TO THE FINANCIAL STATEMENTS
For tho year ond•d 31 March 2024
INCOME FROM DONATIONSAND LEGACIES
Unrestricted Funds
2024
Restricted Funds 2024
Total Funds 2024
Total Funds 2023
Donations
414,206
414,206
326,049
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Funds
2024
Restricted Funds 2024
Total Funds 2024
Total Funds 2023
Member
services
2,927,616
2,927,616
1644,639
Policies and
campaigns
9,450
9,450
9.883
Projo¢t$ on
b•half of
members grant
income
1,303,111
1,303,111
285,950
other income
1,825
1,825
1,375
2,938,891
1,303,111
4,242,002
1941,847
INVESTMENT INCOME
Unrestricted Funds
2024
R•strl¢tsd Fund$ 2024
Total Fund$ 2024
Total Fund$ 2023
Bank intgrg$t
raealvablo
9,494
9,494
7,558
EXPENDITURE ON RAISING FUNDS
Unrestricted Funds
2024
Restricted Funds
2024
Tolal Fund$ 2024
Total Fund$ 2023
Stuff co8t8
9,893
9,893
9,196
oth•r ¢o$t¥
233
233
193
10,12S
10,126
9,389
45

NOTES TO THE FINANCIAL STATEMENTS
For tho year ond•d 31 March 2024
EXPENDITURE ON CHARITABLE ACTIVITIES
Year ended 31 March 2024
Project and activity
staff cosl
Project and activity
other costs
Support Costs £
Total Funds 2024
M•mbor$ wvl¢*$
263,333
2,199,008
209,054
2,6Th,395
Polley and
campaigns
185,515
4,419
106,106
296,040
Projects on behalf
ol members
74,844
1,067,024
43,955
1,185,823
Development
102,824
8,025
76,150
186,999
626,516
3,278,476
435,265
4,340,257
Year ended 31 March 2023
Project and aetivity
stall costs
Project and aetivity
other costs
Support costs É
Total Funds 2024
Re$trlctedfund eypendlture
Proj¢¢t on boholf
of m•mb•rs
74,844
1,067,024
43,955
1,185,823
626,516
3,278,476
435,265
4,340,257
Project and aetlvlty
staff costs
Project and aetlvlty
other costs
Support costs £
Total Funds 2024
•mbors sarvle•s
3.227
1.963,404
194,442
1381,073
Poli¢yond
¢ampalgn$
187,520
4,590
111,356
303,466
ProJoet$ on b•half
of members
24,247
183,895
15,630
223,772
D•v•lopmant
135,338
8,218
123,150
266,706
570,332
2,160,107
444,578
3,175,017
Re$tri¢ted fund expenditure
Proj¢¢i$ on bohulf
of m•mbars
24,247
183,895
15,630
223,772
46

EXPENDITURE ON CHARITABLE ACTIVITIES (CONTINUED)
Year ended 31 March 2024
stuff Costs
Premises
Governanee Costs
other
Total Funds 2024
Members services
85,068
12,893
81,652
29,441
209,054
Policyandcampaigns
Projo¢t¥ on bohalf of mambor$
D•v•lopm•nt
59,929
9,083
37,094
106,106
24,178
3,664
16,113
43,955
33,216
5,034
37,900
76,150
202,391
30,674
81,652
120,548
435,265
Year ended 31 March 2023
stufl eosts
Pr•mis•s
Go¥•rnune•eosts
othar
Total Funds 2024
Members services
65,790
43,070
38,462
47,120
194,442
Policy and campaigns
Projo¢t$ on b•hglf of morn￿r$
55,668
36,444
19,244
111,356
6,748
4,417
4,465
15,630
D•v•lopm•nt
40,486
26,505
56,159
123,150
168,692
110,436
38,462
126,988
444,578
8 NET INCOME FOR THE YEAR
Year ended 31 March 2024
2024
2023
This is stot8d aft8r¢harging:
Depreelatlon ol tunglbleflxed ass•ts:
Ownsd by tha Charity
4.201
4,768
Loss on disposal of tangible lixed assets
Amortisation of intangible assets
1,000
26,786
26,788
Audrtor's remuneration
Audlt fees
14,000
14,000
Accountancy faes
1,250
I,ioo
Tax Services
500
575
Subsidiary auditors lees
7,544
10.000
Operating leases:
Lands and buildings
29,125
27,863
47

TAXATION
The Company is a Charity and is exempt from tax on income and gains
falling within section 505 of the Taxes Act 1988 or section 256 of the
Taxation of Chargeable Gains Act 1992 to the extent that these are applied
to its charitable objects. No tax charges have arisen in the Charity.
10 STAFF COSTS
Staff costs were as follows:
Group and Charity
2024
2023
Wages and salaries
651,047
447,036
Social security costs
Employer's contribulion to defined contribution pension scheme
Olheremployee benefits
66,625
46,013
37,284
25,015
83,844
61,464
838,800
579,528
The number of employees whose emoluments exceeded £60,000 during
the year (including taxable benefits but excluding employers, pension
contributions) were..
Groupand Charity
2024
2023
£60,001- £70,000
£70,001- £80,000
É90,001- É100.000
Pension costs paid for employees earning above £60,000 amounted to
£9,996 (2022: £9,520). These employees participated in the defined
contribution pension scheme.
The average number of employees, during the year was as follows:
Group ond Charlty
2024
2023
Projects and activities
14
13
Core
All employees are employed by the Charity.
48

10 STAFF COSTS (CONTINUED)
Key management personnel
Advice UK considers the key management personnel of the organisation to
comprise the Trustees, together with the Chief Executive and the Executive
Director. The aggregate remuneration including employer pension
contributions of those personnel for services to the Charity and Group, in
the year amounted to £200,103 (2023: £165,637). Of these amounts £Nil
(2023: £Nil) related to the Trustees.
During the year, travelling and subsistence expenses amounting to £6,927
(2023: £5,878) were reimbursed to Trustees.
11 INTANGIBLE ASSETS
Group and Charity
Co$t
Computer Software
At l April 2023
133,699
Additions
At 31 March 2024
133,699
Amortisation
Computer S¢)ftware
At l April 2023
85,812
Amortisation charge
26.786
At 31 March 2024
112,598
NBV at 31 Mareh 2024
21,101
NBV at 31 March 2023
47,887
The intangible assets relate to capitalised software development costs.
They have been capitalised on the basis the software is used in the design
of the CRM system from which the Group generates its income.
49

12 TANGIBLE ASSETS
Group and Charity
Leasehold Building
Improvom•nt$
cost
Computer Software
Furnlture &
qulpmont
Tolal
At l April 2023
28,602
28,602
Additions
7,666
7.666
Disposals
(1,1431
(1,143)
At 31 March 2024
35,125
35,125
Depreclatlon
At l April 2023
23,480
23,480
Charge for the year
4,201
4,201
Disposals
(1,143)
11,143)
At 31 March 2024
26,538
26,538
N8V at 31 March 2024
8,587
8,587
NBV ot 31 Morch 2023
5,122
5,122
13 FIXED ASSET INVESTMENTS
Charlty
C¢)st
Subsldlarlos
Assoclul•s
Llst•d Inv•stm•nts
Total
At l Aprll 2023
Additions
101,000
40
253,533
354,573
800,000
800,000
Disposals
Net (losses)Igains on
change in lair value
(1,000)
(1,000)
(1,000)
144,341
144,341
At 31 Nlarch 2024
100,000
40
1,196,874
1,297,914
As at 31 March 2024 the Charity's subsidiaries were..
Country ol
Incorporation
Proportlon of Ordlnary Shams Hèld and
voting rights
Activity
VCS Insurance Company
Limited
(Registered number..
GG44303}
Guarnsay
Insuronca
loo%
50

13 FIXED ASSET INVESTMENTS (CONTINUED)
The Charity holds a 50/¢ shareholding in the Ordinary shares of Advanced
Case Management Solutions Limited (Company number: SC392229), a
software trading company registered in Scotland.
The Directors of Independent Advice Services Limited (Company number..
03583609) progressed voluntary dissolution of the limited company during
the year having settled all debts. The Company was dissolved on 30th
January 2024.
Group
Cost
Assoelates
Llstad Inv•stm•nts
Total
At l April 2023
569,064
253,533
822,597
Additions
800,000
800,000
Change in lair value
144,341
144,341
Share of profit of associate..
Operating profit
Taxation
529,495
529,495
164,064}
(450,000)
164,064)
(450,000)
Dividènd
At 31 March 2024
584,495
1,197,874
1,781369
The financial results of the subsidiaries were:
Incom•
Expondltur•
Surplusl(d•flelt) forth•yoar
N•t agsotsl (Ilabllltl•g)
VCS Insurance
Company Limited
421,086
473,732
(52,646)
213,841
51

13 FIXED ASSET INVESTMENTS (CONTINUED)
Advanced Case Management Solutions Limited
The aggregate of the share capital and reserves as at 31 March 2024 was
£268,989 (2023: £336,331)
Advice UK results excluding subsidiory companies
2024
2023
Totol Income
4,363,079
,986,136
Total expenditure
(3,974,280)
(2,937,393)
388,799
48,743
N•t galns on Invostmenl
Net income
144,341
(11,313)
533.140
37,430
Fund balances brought forward
at l April 2023
1,681,121
1,623,691
Fund bolon¢os ¢urri•d forword
ot 31 Mareh 2024
2.194.261
1.661.121
14 DEBTORS
Group
Chority
2024
2023
2024
2023
Tradè dabtors
524,593
547,225
524,593
546,728
Amounts owed by
subsidiary
undertakings
254,198
282,175
other debtors
77,205
60,252
24,322
23,526
Prepaym8nts and
accru8d incoma
837,342
759,728
837,342
759,728
1,439,140
1,367,205
1,640,455
1,612,157
Included within amounts owed by subsidiary undertakings is a £150,000 (2023:
£150,000) unsecured loan due from VCS Insurance Company Limited. On 31
July 2014 Independent Advice Services Limited transferred their shares and
this loan to AdviceUK. A new loan agreement dated the same date was
entered into on the same terms. The loan is unsecured and bears interest at
1/0 over base rate, which is payable annually in arrears. It is repayable only
when all liabilities of the borrower have been extinguished or by written
permission of the Guernsey Financial Services Commission ('GFSC') and in the
Trustees, view, the loan is unlikely to be repaid within one year.
52

15 CREDITORS
Group
Charity
2024
2023
2024
2023
Trode creditors
32,506
40,224
32,506
40,224
Amounts owed to
subsidiary
undertakings
100,000
114,000
Amounts owed to
participating intarest
316,963
425,221
316,963
425,221
other taxation and
social security
39,515
48,826
39,515
48,826
other creditors
160,550
246,677
44,486
156,927
Accruals
54,285
62,151
54,285
62,151
Deferred income
1,490,569
1,420,677
1,49D,569
1,420,677
2,094,388
1243,776
2,078,324
2,268,026
Included within other creditors is an amount of £Nil in respect of
outstanding pension contributions (2023.. £450).
Included within amounts owed to subsidiary undertakings is a £lOO,000
unsecured loan from VCS Insurance Company Limited (2023: £100,000). The
loan is repayable on demand and bears interest at 0.75/0 over the base
rate per annum payable in arrears and accrued on a daily basis.
16 DEFERRED INCOME
2024
2023
At l April 2023
1,420,677
1,245,410
Income deferred in the current year
Amounts released from previous
years
1,490,569
1,420,677
(1,420,677)
(1,245,410)
At 31 March 2024
1,490,569
1,420,677
Deferred income comprises fees, subscriptions and premiums received in
advance of £94,817 and grants received for the next year.
53

17 PROVISION FOR LIABILITIES
CHARITY
Dilapidations Provision
2024
2023
At l April 2023
13,667
Expansed in th8 yoar
(13,6671
13,667
At 31 March 2024
13,667
GROUP
2024
2023
Dllapldatlon$ Provl$lon
At l April 2023
13,667
Expensed in th9 yeor
(13,667)
13,687
At 31 March 2024
13,667
T￿hnICal ro¥orvo$
Outstanding claims r8sèrv8 ot l April
2016
8,000
44,302
Movement in prior years, claim
provisions
(8,000)
(44,3021
Provisions for new claims
117,009
8,000
Outstanding claims reserve at 31
arch 2017
117,009
8,000
IBNER roSorv•
30,616
28,033
Provision for liabilitias at 31 March 2024
147,625
49,700
The dilapidation provision is management's best estimate of the potential
costs that may be incurred at the end of the property lease to return the
property to is original state.
The Group has a reinsurance policy to cover claims arising in any one year
in excess of £125,000.
54

17 PROVISION FOR LIABILITIES (CONTINUED)
INSURANCE CLAIMS DEVELOPMENT TRIANGLE
2020
2021
2022
2023
2024
Cumulatlve
In year ol claim (or
brought forward)
One year later
24,930
14,946
9,070
24,298
90,867
463,925
202
16.275
25,820
(7,518)
(75,650)
(85,027)
175.686)
Two years later
{775)
19,0651
50,000
(13,273)
(4,594)
(3,878)
Three yeors later
Four yeors lotgr
50,000
Current estimate of
ultimate claims
65,292
13,354
31,012
16,780
90,667
268,962
Cumulative payments
(15,292)
(13,354) (25,300) (4,249) (11,285)
{121.337)
In l>alance sheet
50,000
5,712
12,531
56,013
147,625
18 FINANCIAL RISK MANAGEMENT
The Charity monitors and manages its financial risks relating to insurance
contracts. The Group's only assets held for insurance purpose consist of
cash held in pound sterling by the its subsidiary undertaking, vcs Insurance
Company Limited, therefore there is no currency or market price risk. The
Group considers the credit worthiness of the reinsurance underwriter before
renewing its policy. The liquidity of the subsidiary is overseen by Guernsey
regulators and capital or loan finance will be injected to meet specified
requirements.
The main form of financial risk faced by the Group is that of volatility in
equity markets and investment markets due to wider economic conditions,
the attitude of investors to investment risk and changes in sentiment
concerning equities and within particular sectors or sub-sectors.
55

19 STATEMENT OF FUNDS- GROUP
Oponlng
Balanco
Closlng
Balane•
Income
Expenditure
Nat loss•s on Invastm•nts
and transfers
RESTRICTED
FUNDS
Projects on behalf
of members
85,659
331,156
(210,225)
10
206,600
Scotland
activities
86,859
971,955
(975,598)
3,643
86,859
Total Restrleted
funds
172,518
1,303,111
(1,185,823)
3,653
293,459
UNRESTRICTED
FUNDS
General fund
1,490,489
3,378,022 (3,164,560)
146,568
1,850,519
DESIGNATED
FUNDS
Premises fund
Foundation fund
109,017
2,049
111,066
Fixed asset fund
622,073
(7,929)
814,144
Totul
Unr•strict•d
funds
1221,579
3,378,022 (3,283,143)
140,688
2,575,729
TOTAL FUNDS
2,394,097
4,681,133 (4,347,383)
144,341
2.869,188
56

19 STATEMENT OF FUNDS- CHARITY
Opfrnlng
Balan¢e
Not lo$$?$ on Invoslmont$
and tron$f¢r$
Clo$lng
Balon¢o
Income
Expenditure
RESTRICTED
FUNDS
Projects on
beholf ol
memb8rs
85,659
331,156
1210,2251
io
206,600
Scotland
activities
86,859
971,955
(975,5981
3,643
86,859
Total Restricted
funds
172.618
1.303.111
(1.186.823)
3.653
293.459
UNRESTRICTED
FUNDS
Gènarol fund
1,225,537
3,058,967 {2,787,457)
161961
1,660,008
DESIGNATED
FUNDS
Premises fund
Foundation fund
109,017
2,049
111,066
Fixed asset fund
154,049
(24,3221
129,727
Totol
Unrsstrl¢tgd
funds
1.488.603
3.058.967 (2.787,457)
140,688
1.900,801
TOTAL FUNDS
1.881,121
4,362,078 {3,973,281}
144,341
2,194,260
Designated funds
The premises fund was maintained to cover the future cost of moving
office premises at expiry or surrender of the operating lease. The Charity
has moved to a small serviced office at the end of March 2023 where no
commitment is required after adopting a hybrid working environment and
will continue to do so for a foreseeable future. There is no plan to move to a
leased property, therefore, no premises fund is required until further notice
and the fund has been transferred into unrestricted general funds.
The Foundation fund is an amount that was designated to make future
grants to members.
57

19 STATEMENT OF FUNDS- (CONTINUED)
The Fixed Asset fund is represented by the tangible fixed assets and
unlisted investments used by the Charity on an on-going basis to meet the
Charity's objects.
Restricted funds
Restricted funds were used on two categories of activity, Projects on beholf
of members and Scotland Activities.
Projects on behalf of members
A grant of £16,726 was received from Aviva for a project to improve the
financial wellbeing of households living in an area of high deprivation in
Bristol and the dissemination of learning from the project to other
independent providers of advice and social welfare support across the UK.
The project will work with individuals and households using a systems-
thinking approach to understand how current services operate and how
they can be redesigned for improved financial capability and inclusion.
A grant of £88,050 was received from the City Bridge Trust, the funding arm
of The City of London Corporation's charity. The grant supported AdviceUK
to build a partnership with 11 London based AdviceUK members using the
Whole Personlwhole Community approach to start to understand the
impact of monitoring and evaluation on their ability to do the right thing
for their clients.
A grant of £35,255 was received from Money and Pensions Service to
support the administration of Debt Relief Orders (DROS) by AdviceUK
members employing DRO intermediaries. The ultimate purpose of the
grant is to increase the accessibility of DROS as a debt solution for advice
centre clients. 90/0 of the funding is to be distributed to members with the
remainder being retained towards AdviceUK's costs.
A grant of £52,850 was received from Trust for London towards the costs of
a AQS programme for small groups.
A grant of £133,725 was received from London Legal Support Trust to build
Workforce Pathways that strengthens 70 member organisations that serve
minority ethnic communities and vulnerable migrants in London.
58

19 STATEMENT OF FUNDS- (CONTINUED)
Scotland Activities
Advice UK was appointed by the Scottish Government to distribute up to
£1,000,000 from the Tackling Child Poverty & Financial wellbeing fund in
connection with the provision of the advice in accessible settings
programme.
All transfers into restricted funds in the year represent amounts to prevent
funds being in deficit at the year end.
20 ANALYSIS OF NET ASSETS BETWEEN FUNDS
GROUP
Unr*$trf¢tod Funds
R¢$trl¢tod Fund$
Total Funds 2024
Fixed assets
1,812,057
1,812,057
Current assets
3299,144
293,459
3,591710
Current liabilities
(2,094,388)
(147,625)
(2,094,388)
(147,625)
Provision for liabilities
1869,188
293,566
3,162,754
Charity
Unrestricted Funds
Restricted Funds
Total Funds 2024
Fixed assets
1,327,602
1,327,602
Current assets
2,651,524
293,459
2,944,983
Current liobilities
12,078,324)
{1078,324)
Provision lor liobilities
1,900,802
293,459
1194.267
59

21 RECONCILIATION OF NET (EXPENDITURE)IINCOME TO NET CASH FLOW FROM
OPERATING ACTIVITIES
2024
2023
Nat In¢om•l(•xp•ndltur•) fortheyoar
AdJustm•nts for:
475,091
183Aoo)
Depreciation charges
Amortisation charges
4,201
4,768
26,786
26,788
Loss on disposal of tangible fixed assets
(Losses)IGains on investments
Shore of Iprolits)Iiosses of ossocioted undertoking
Intarèst from invéstmènts
(144,341)
(15,431)
(9,4941
(71,935)
(149,387)
163,135
{7,558)
D@cr@ose
i(
incr8ase) in d8btors
9.698
Increase in creditors
221388
Increase in provision
97,925
5,398
N•tcash provlded by op•ratlng actlvltl•s
213,415
352,530
22 ANALYSIS OF CASH ANDCASH EQUIVALENTS
2024
2023
Cash at bank and in hand
1,860,004
2,444,762
Total cash and eash oqulvalwhts
1,860,004
2,444,762
23 ANALYSIS OF NET FUNDS
At l April 2023
Cash flows
At 31 March 2024
Cash in hand
2,444,762
(584,758)
(584,758)
1,860,004
2,444,782
1,860.004
24 CAPITAL COMMITMENTS
At the end of the year there were no capital commitments (2023.. £Nil).
60

25 COMMITMENTS UNDER OPERATING LEASES
At 31 March 2024 the Group and the Charity had total future minimum
lease payments under non-cancellable operating leases was:
2024
2023
Amounts due within one year
29,348
27,863
Amounts due between l and 5 years
Total
29,348
27,863
26 RELATED PARTY TRANSACTIONS
At 31 March 2024 the Group and the Charity had total future minimum
lease payments under non-cancellable operating leases was:
Advanced Case Management Solutions Limited
The Charity was charged £1,721,949 (2023 - £1,612,758) for the provision of
AdvicePro software and consultancy services by Advanced Case
Management Solutions Limited. A balance of £316,963 (2023 - £425,227)
was due as at 31 March 2024. A balance of £Nil was owed
No amounts were outstanding (2023 - £Nil) as at 31 March 2024 and
included within amounts owed by participating interest.
The Charity received a gift aid donation from Advance Case Management
Solutions Limited of £400,000 during the year (2023 - £300,000).
In 2024 the following transactions took place between the Charity and its
wholly owned Subsidiaries..
VCS Insurance Company Llmlted
The Charity received an admin fee of £Nil (2023 - £38,000). In addition to
this, commissions were received of £104,198 (2023 - £94,175). The Charity
charged interest on loans of £9,064 (2023 - £4,955).
The Charity was charged interest on loans of £5,792 (2023 - £3,053).
At 31 March 2024, £254,198 was owed to the Charity (2022 - £282,175). In
addition to this, £IOO,000 was owed by the Charity (2023 - £114,000)
61

27 CONTINGENT LIABILITIES
There is an inherent uncertainty relating to the valuation of technical
provisions, arising from claims made against members under the
professional indemnity and trustees, officers and directors insurance
policies provided by a subsidiary company. The Trustees consider that
adequate provision has been made to meet any liability arising therefore
the possibility of material additional unprovided claims is considered to be
remote.
The Charity participates in a multi-employer defined benefit scheme. It is
not possible for the Charity to identify its share of the underlying assets
and liabilities of the scheme on a consistent and reasonable basis,
therefore the scheme is treated as a defined contribution scheme and the
contributions recognised as they are paid each year. The latest estimate of
the liability available is £8,806 for 30 September 2023.
28 POST BALANCE SHEET EVENTS
Since the year end, the Board has agreed additional spending of c£80,000
to support the cost of the organisational change programme being
implemented to support its new strategy.
It has also agreed in principle to invest £250,000 in Wyser Ventures Ltd. This
will support its members to access the benefit of artificial intelligence (Al)
products for their advice services at a discount and, over time, further
improve how Al can be used to support advice giving.
29 INSURANCE CAPITAL MANAGEMENT
The objective of the AdviceUK's subsidiary VCS Insurance Company
Limited ("the Company") in managing its capital is to ensure that it will be
able to continue as a going concern and comply with the regulatory
capital requirements of the Guernsey Financial Services Commission, while
maximising the return to shareholders. That is achieved through regular
monitoring of liquidity to ensure that the company has sufficient liquid
assets to meet its requirements and to withstand the risks to which the
business is subject.
There were no substantive changes made to the capital base nor the
objectives, policies or processes for managing capital from the prior year.
The capital requirement of the company is determined by its exposure to
risk and the solvency criteria established by management and statutory
regulations.
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29 INSURANCE CAPITAL MANAGEMENT (CONTINUED)
The company was in compliance with capital requirements imposed by
the Guernsey Financial Services Commission throughout the financial year.
The table below sets out the statutory minimum and prescribed capital
requirements and the company's available capital.
31-Murch-24
31-March-23
Minimum capital requirement
100,000
100,000
Regulatory available capitol resources
340,472
416,487
Solveney cover
3401.
417%
31-Mur¢h-24
31-Mur¢h-23
PrescrTbed capital requirement
100,000
100,000
Regulatory available capitol resources
340,472
416,487
Solvency cover
340/,
417/,
31-March-24
31-March-23
Shorehold8f8 lund8
190,472
266,487
Subordinated loan
150,000
150,000
Rogulatoryavallablo eapltol rasources
340,472
416,487
30 FINANCIAL RISK MANAGEMENT
The activities of VCS insurance Company Limited ("the Company") expose
it to a variety of financial instrument risks. The risk management policies
employed by the company to manage these risks are discussed below.
The primary objectives of the financial instrument risk management
function are to establish risk limits, and then to ensure that exposure to
risks stays within these limits.
Credit risk
The company has exposure to credit risk from its normal activities where
the risk is that a counterparty will be unable to pay in full amounts when
due. The company's maximum exposure to credit risk is represented by the
carrying value of its financial assets, principally being the company's cash
and cash equivalents and loan receivable.
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30 FINANCIAL RISK MANAGEMENT (CONTINUED)
The Company's cash and cash equivalents are invested with Lloyds Bank
International Limited in Guernsey, whose parent company, Lloyds Bank plc,
is a highly rated institution (rated A-I by Standard and Poors as at 31 March
2024). The loon receivable is with Advice UK, the parent company is not
rated. The directors are of the opinion that should the company request
the repayment of the loan the borrower will be able to meet its obligations
per the loan agreement. Comfort is given in the form of the borrower's
financial position.
The following table shows. For VCS Insurance Company Limited alone, the
aggregated credit risk exposure for assets with external credit ratings.
2024
Not rated 2024
Carrying amount 2024
Loan receivable
100,000
100,000
Loan interest
receivable
Insurance receivables
18,276
18,276
Short-term
investm@nts
250,000
250,000
Cash and cash
equivalents
305,477
305,477
555,477
118,276
673,753
2023
Not rated 2023
Carrylngamount2023
Loan receivabl8
100,000
100,000
Loan interest
receivable
Insurance receivables
13,759
13,759
Cash and cash
equlvalents
521,687
521,687
521,687
113,759
635,446
64

30 FINANCIAL RISK MANAGEMENT (CONTINUED)
Liquidity risk
Liquidity risk is the risk that the company cannot meet its obligations
associated with financial liabilities as they fall due. The company has
adopted an appropriate liquidity risk management framework for the
management of the company's liquidity requirements.
The company manages liquidity risk by maintaining banking facilities and
by continuously monitoring forecast and actual cash flows and matching
the maturity profiles of assets and liabilities. The company is exposed to
liquidity risk arising from its insurance contracts. Liquidity management
ensures that the company has sufficient access to funds necessary to
cover insurance claims and maturing liabilities. All current liabilities are
planned to be settled within the next financial year.
There were no substantive changes in the company's liquidity risk
exposure in the financial year nor to the objectives, policies or processes
for managing liquidity risk. The company expects to meet its other
obligations from operating cash flows and proceeds of maturing financial
assets.
Market risk
Market risk comprises interest rate risk, other price risk and currency risk. As
the company does not hold any investments, there is no other price risk
considered. As the company maintains all its assets and liabilities in
sterling, there is no direct currency risk considered.
Interest rate risk is the risk that the fair value or future cash flows of
financial instruments will fluctuate because of changes in market interest
rates.
The company's income and operating cash flows are substantially
independent of changes in market interest rates and consequently these
would not have a significant effect on the results or financial position of the
company.
65

adviceuK
Suite 610, 150 Minories,
London, EC3N ILS
adviceuk.org.uk
Registered Charity No. 299342
Company Limited by Guarantee No. 02023982