CAG accounts show "disappointing" losses

Thursday 23 May 2024

Having predicted that 2023 would be a "financially challenging year", Citizens Advice Guernsey has reported a loss of £92,794 for the year - an increase from the £63,520 loss experienced in 2022.

The charity has published its annual report which details its accounts, saying it is disappointed to report this level of losses.

As well as facing a decreased income, the charity experienced cost increases in office expenses, salary and States Insurance costs, and other costs.

These combined made up the overall loss of £92,794 which has reduced the charity's reserves to £118,026. Its year end cash and bank balances amounted to £164,174.

The charity's accounts included plenty to be positive about too with future funding coming from the States of Guernsey, grant providers, local businesses, and individuals.

This includes a one-off additional grant of £10k for 2023 and an increase in the charity's annual grant to £100k for 2024, from the Committee for Employment and Social Security.

The Social Investment Fund has approved an additional £30k grant for 2023/4 to supplement the £55,334 it has already committed to CAG.

The Fundraising Member’s report showed totals of £32,470 from other donations. 

The Treasurer thanked staff and volunteers at the Friends of CAG "who worked tirelessly during the first full year of trading and generated sufficient income to contribute £41,524 to support CAG’s operations. They are committed to build on this success and improve CAG’s self-sustainability."