Registered Number: 03249335 Charity number: 1059015
## **HERTS ABILITY LIMITED**
(A Company limited by guarantee)
TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
## HERTS ABILITY LIMITED
## CONTENTS
||Page|
|---|---|
|Legal and administrative information|1 - 2|
|Trustees’ Annual Report|3 - 8|
|Independent Examiners' Report|9|
|Statement of financial activities|10|
|Balance sheet|11|
|Cash flow statement|12|
|Notes to the Financial Statements|13 - 19|
HERTS ABILITY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION
Herts Ability Limited is registered as a charity and is a company limited by guarantee governed by its Articles of Association.
Company No. 03249335 Charity No. 1059015
Directors/Trustees
The directors of the Charitable company (the Charity) are its trustees for the purposes of charitable law and, throughout this report, are collectively referred to as the trustees.
The trustees serving during the year and since the year end were as follows:
Trustees Mr N Dotchin (Chair) Mrs P Read Mr K Parker Mr A Picken Mrs B McNeil Mrs A Mehmet-Garrison V Arey Registered and Principal Office Unit 2 Weltech Business Centre Ridgeway Welwyn Garden City England AL7 2AA
Page 1
HERTS ABILITY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION (CONT'D)
**Independent examiners** Moore Kingston Smith LLP 4 Victoria Square Victoria Street St Albans Hertfordshire AL1 3TF **Bankers** The Co-Operative Bank plc 1 Balloon Street Manchester M60 4EP **Fund managers** CCLA Fund Managers Limited Senator House 85 Queen Victoria Street London EC4V 4ET **Solicitors** Ewart Price 16-18 Church Road Welwyn Garden City Herts AL8 6PS
Page 2
**HERTS ABILITY**
**23**
By the end of the year 2022/23, Herts Ability was once again a thriving organisation, which could look forward to a positive future. Operations had been restarted the previous year, following the pandemic. The Board of Trustees would like to thank all members of staff for their dedication and commitment in ensuring we are now once again offering a full range of services in Hertfordshire and surrounding areas, to meet the needs of those with a disability or reduced mobility.
The focus for growing the Driving Centre was on undertaking assessments and expanding the services of the driving school. A full programme of assessments was provided during the year from the Weltech Centre in Welwyn Garden City, and the outreach centres in 2022-23 thanks to continued funding from DfT. We conducted 900 out of 958 assessments which, while slightly below target, was considered highly satisfactory in the post-pandemic circumstances. We helped 706 people to return to driving. It was with the Driving Centre in mind that we began to look for alternative premises to the Weltech Centre, because of the need for more space. Nothing suitable has so far been found, and we will continue the search in 2023/24. The East London Driving Centre, which was launched in September 2022, has attracted a considerable number of referrals.
We also delivered 10 hi-tech driving assessments, which has been a great success and has allowed us to assess clients with higher levels of disability whom we would have previously been unable to help. The hi-tech vehicle is shared with another mobility centre.
initiative, which was a great success, and 23 sessions of our Theory Test Support Workshop were delivered in Welwyn Garden City and 6 small group sessions at a school in Stevenage. The driving lesson service was also expanded during the year and, by the end of the year, we had completed 523.25 hours of lessons, with an income of £19.9k
During the year, one member of staff was trained to conduct Bugzi wheelchair assessments, and two trained to conduct child car seat assessments for disabled children. In 2022, Herts Ability was donated a wheelchair-accessible vehicle, which enabled us to collect clients who had difficulties getting to the Weltech Centre for an assessment or a lesson.
With funding from DfT, we also set up a Transport Hub at the East London Driving Centre, to provide Mobility Advice services. A second Hub was approved for the Weltech Centre, to cover North London, Bedfordshire, Buckinghamshire as well as Hertfordshire. A new full-time Hubs lead has been appointed for these projects.
All of these initiatives were supported by an agreed marketing and communications plan, including a rebuilt website.
We can now look forward to the year ahead and plan for further growth, whilst being mindful of the need to be flexible in dealing with the challenges the Charity might face, including financial uncertainties. The emphasis of our strategy for 2023/24 will be on growth and stability. Projects have been discussed and agreed with staff and the Board, and will focus on continuing growth, staff and service development, and marketing. In addition to increasing our driver assessment targets, projects will include: increasing external referrals, building on our older and younger drivers initiatives, developing the driving school, providing powered wheelchair and mobility scooter assessments, and running disability awareness courses for instructors. All of these projects will be underpinned by providing the necessary staff and IT support, marketing and working in partnership with other agencies in our area.
against targets, as part of the budgeting and monitoring process. The position for 2022/23 is summarised in Annex 1. In managing the activities of Herts Ability, the Trustees confirm that they have complied with their duty to have due regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.
Page | 3
**23**
## **HERTS ABILITY**
A list of the Trustees who served during the year is on page 1. Details of their responsibilities etc are set out in Annex 2. All of the Trustees are volunteers, and spent on average 2/3 days per month attending Board and other meetings, either in person or on-line, s operations, including fundraising and marketing. None of the Trustees were paid any remuneration or received any other benefits. There was the opportunity to participate in external (online) training on improving the performance of Boards and good governance, as recommended by the Charity Commission.
This report has been prepared in accordance with the special provisions of part 15 of The Companies Act 2016 relating to small companies.
The report was approved by the Trustees on 02 October 2023, and signed on their behalf by:
## **Nigel Dotchin, Chair, Board of Trustees**
Page | 4
**HERTS ABILITY**
**23**
## **ANNEX 1**
## **Financial Review 2022/23**
against targets, as part of the budgeting and monitoring process.
By the end of the 2022/23 financial year, Herts Ability was in a far better financial position than it had been, even before the onset of the Covid-19 pandemic. The surplus of £112.4k in 2022/23 had increased from £34.8k in 2021/22, so the charity is clearly continuing to grow.
## **Other financial considerations**
## **Reserves**
It is the policy of the charity to maintain sufficient free reserves to support any shortfall in funding, replacement of capital items, unforeseen expenditure, and deficits. Historically, the charity has taken the view that this should ideally be around 6 months of expenditure. In 2022/23, reserves were at the level of 7 - 8 months (compared with 6 months in 2021/22).
The reserves movement of 112.4k relates to charitable activities surplus and gains or losses on revaluations of investments.
The Board is of the view that, with the planning and budgeting that is now in place, the reserves will continue to be at a manageable level.
## **Investment policy**
The assets of Herts Ability at 31 March 2023 included tangible fixed assets of £6.0k current assets to the value of £343.3k and a fixed asset investment of £97.5k (compared with £101.3k in 2021/22), held in COIF Charities investment fund ~~i~~ ncome units. These investments are readily realisable in normal market conditions, and a buffer to cover any further deficits or outflows.
The Investment policy, applied to the fixed asset investments, has historically been based on a policy of low risk with a reasonable capital growth in the medium to longer term and income. Consideration is also given to the ethical nature of the investment.
## **Defined Benefit Pension Scheme Commitment**
The Charity participates in the Local Government Pension Scheme, which is a multiple employer scheme, in relation to certain employees. The most recent FRS 102 valuation provided by Hymans Robertson LLP in 2022/23 shows a pensions surplus of £813k compared with a surplus of £715k in 2021/22. This surplus is not reflected in the c
Following changes in government rules, we were advised that there would be nothing more to pay into the local government pension scheme for at least the next 3 years.
## **Donations and Fundraising**
During 2022/23, the Driving Centre generated its own income, but the charity also continued to partly finance its activities by donations. These totalled £3.5k in 2022/23, there were no legacy receipts.
As for our fundraising programme, opportunities for holding events during the year remained minimal, and so brought in an insignificant amount of money. As a result. It was decided that the focus of the fundraising strategy, developed by the Board and CEO the previous year, should continue to be on corporate fundraising.
Page | 5
**HERTS ABILITY**
**23**
## **ANNEX 2**
## **Constitution**
Herts Ability is registered as a company limited by guarantee and was set up, under the previous name of Hertfordshire Action on Disability, by a Memorandum of Association on 13 September 1996. The Memorandum and Articles were revised in September 2018 and February 2022.
The Trustees (who are also directors of Herts Ability for the purposes of company law) are law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Where turnover does not reach over £1m (for which a full audit is needed), 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 charitable company and of its income and expenditure for that period. In preparing these statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the C (SORP);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
- state whether a SORP applies and the methods and principles in the SORP have been observed, subject to any material departures which are explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
None of the Trustees had any beneficial interest in any contract to which the organisation was party during the year.
## **Method of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected for a period of three years and co-opted under the terms of the Articles of Association. At the end of the three-year term, the retiring Trustees have the option to stand for re-election. Recruitment of new Trustees is based on an identified skills gap.
Page | 6
**HERTS ABILITY**
## **23**
The Board has adopted the Good Governance Code for Voluntary and Community Organisations, and new Trustees are duly inducted into the work of the organisation.
## **Remuneration Policy**
- to attract and retain a motivated workforce with the skills and expertise necessary for organisational effectiveness;
- to ensure that remuneration is equitable and coherent across the organisation;
- to take account of the purposes, aims and values of the Charity;
- to ensure that pay levels and pay increases are appropriate in the context of the interests of our beneficiaries.
potential impact of remuneration levels and structures of senior executives on the wider Charity workforce, and took account of the following additional principles:
- to ensure that the Charity can access the types of skills, experiences and competencies needed in its senior staff, and that the specific scope of these roles in the Charity and the link to pay should be recognised;
- the wider employment offer made to senior employees should recognise that pay is one part of a package that includes personal development, personal fulfilment and association with the public benefit delivered. The Charity recognises that it is, on occasion, possible to attract senior executives at a discount to public sector or private sector market rates.
Staff remuneration for the year ended 31 March 2023 comprised salary and pension contributions. The total remuneration of the senior management team was £107,580 (2022: £107,360)
Page | 7
**HERTS ABILITY**
**23**
## **Aims and Objectives of Herts Ability**
The principal aim of Herts Ability continues to be the provision of services to meet the needs of disabled people in the County of Hertfordshire and surrounding area that currently includes parts of Bedfordshire, Buckinghamshire, Cambridgeshire and North London.
innovative, affordable and practical help to keep mobile and independent, and the charity has an important role to play here as well.
During 2017-18 it was agr Trustees in May 2018. The objectives were further revised in light of the pandemic in 2020/21, and the financial circumstances of Hearts Ability identified at the end of that reporting year. These were agreed with the Charity Commission and approved by the Board of Trustees in February 2022. They are now:
To relieve and assist people with physical and cognitive difficulties, as well as those people with reduced mobility, or those who may be vulnerable to such conditions by reason of age or illness, in any way which shall, for the time being, be charitable in law. We will do this by:
(a) promoting the improvement of standards of driving, and the advancement of road safety and travel;
(b) the provision and assessment of equipment;
(c) providing advice and signposting to clients, which could provide a springboard to other activities; and
(d) promoting and organising co-operation with other authorities and voluntary organisations in the achievement of the above objectives.
published guidance on the operation of the Public Benefit requirement.
Page | 8
## Independent Examiner's Report to the Members of Herts Ability Limited
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 March 2023
## **Responsibilities and basis of report**
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's Statement**
The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of Association of Certified Accountants.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
- 1) the accounting records were not kept in accordance with section 130 of the Charities Act; or
- 2) the accounts did not accord with the accounting records; or
- 3) the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **Silvia Vitiello FCCA**
## **For and on behalf of Moore Kingston Smith LLP**
Chartered Accountants
4 Victoria Square St. Albans Hertfordshire AL1 3TF
Date 02 October 2023
Page 9
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## HERTS ABILITY LIMITED BALANCE SHEET AT 31 MARCH 2023
|Note
**Fixed Assets**
Tangible fixed assets
8
Investments
9
**Current Assets**
Debtors
10
Cash at bank and in hand
**Creditors: Amounts falling due within one year** 11
**Net Current Assets**
**Total Assets less Current Liabilities**
**Defined Benefit Pension Scheme Surplus**
14
**Net Assets**
**Funds**
Restricted funds
12
Unrestricted funds
- General funds
12
Defined Benefits Pension Scheme
14
**Total Funds**|**2023**
**£**
**6,019**
**97,539**
**103,558**
**23,681**
**319,679**
**343,360**
**(88,548)**
**254,812**
**358,370**
**-**
**358,370**
**-**
**358,370**
**-**
**358,370**|2022
£
9,116
101,338|
|---|---|---|
|||110,454
31,543
273,655|
|||305,198
(169,752)|
|||135,446|
|||245,900
-|
|||245,900
-
245,900
-|
|||245,900|
For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements on pages 10 to 19 were approved by the Executive Committee and signed on its behalf by :
…………………………………. **N Dotchin** Chairman Date: 02/10/2023
…………………………………. **A Picken** Trustee Date: 02/10/2023
**Company number - 03249335**
Page 11
## HERTS ABILITY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023
|**Cash flows from operating activities**
Net (Expenditure)/ income for the year
Adjustments for:
Depreciation of tangible fixed assets
(Gains)/losses on investments
(Gains)/losses on fixed assets
Dividends, interest and rents from investments
Decrease/ (increase) in stocks
Decrease/ (increase) in debtors
(Decrease)/ increase in creditors
Defined Benefits Pension Scheme movement
**Net cash (used in) / generated by operating activities**
**Cash flows from investing activities**
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Proceeds from the sale of fixed assets
Purchase of investments
**Net cash from investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**
**Analysis of changes in net debt**
**At start**
**of year**
Cash
273,655
Cash equivalents
101,338
Total
374,993|**Cash flows from operating activities**
Net (Expenditure)/ income for the year
Adjustments for:
Depreciation of tangible fixed assets
(Gains)/losses on investments
(Gains)/losses on fixed assets
Dividends, interest and rents from investments
Decrease/ (increase) in stocks
Decrease/ (increase) in debtors
(Decrease)/ increase in creditors
Defined Benefits Pension Scheme movement
**Net cash (used in) / generated by operating activities**
**Cash flows from investing activities**
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Proceeds from the sale of fixed assets
Purchase of investments
**Net cash from investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**
**Analysis of changes in net debt**
**At start**
**of year**
Cash
273,655
Cash equivalents
101,338
Total
374,993|**2023**
**2022**
**£**
**_£_**
112,470
(577,516)
3,097
5,337
3,799
(4,262)
-
(8,701)
(5,016)
(2,343)
-
365
7,862
(17,898)
(81,204)
(134,737)
-
623,000
41,008
(116,755)
5,016
2,343
-
(3,760)
-
10,000
-
(40,000)
5,016
(31,417)
46,024
(148,172)
273,655
421,827
319,679
273,655
**Cash**
**flows**
**Fair value**
**movements**
**At end of**
**year**
46,024
-
319,679
-
(3,799)
97,539|**2022**
**_£_**
(577,516)
5,337
(4,262)
(8,701)
(2,343)
365
(17,898)
(134,737)
623,000|
|---|---|---|---|
||||(116,755)|
||||2,343
(3,760)
10,000
(40,000)|
||||(31,417)|
||||(148,172)
421,827|
||374,993|46,024
(3,799)
417,218||
Page 12
HERTS ABILITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
## **1. Accounting Policies**
## **1.1. Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The company is a public benefit entity for the purposes of FRS102 and a registered charity established as a company limited by guarantee and therefore has also prepared its financial statements in accordance with the Charities SORP FRS 102 (second edition - October 2019) - 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 and the Companies Act 2006 and Charities Act 2011.
## **1.2. Going Concern**
The trustees have assessed whether the use of going concern is appropriate and have considered financial information for the current year to date, projections and possible events, including any on-going impact of cost of living crisis, or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern and concluded that going concern is an appropriate basis on which to draw up the accounts.
## **1.3. Incoming resources**
All income is recognised when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably. Donations and grants, including grants in respect of major items of refurbishment, improvements or the purchase of fixed assets are recognised in the Statement of Financial Activities when receivable. Where income is received in advance of meeting any performance-related conditions, there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executors to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity or the charity is aware of the granting of probate, and the criteria for income recognition have not been
## **1.4. Resources expended**
Expenditure is included in the Statement of Financial Activities on accruals basis. Expenditure is recognised once there is a legal or constructive obligation which can be measured reliably.
## **1.5. Fund Accounting**
General unrestricted funds are those 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 are also unrestricted funds, but have been designated by the trustees for a particular purpose.
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 surplus of the defined benefit pension scheme is only available to the charity to offset against the schemes' future obligations and recognised as restricted funds.
Page 13
## HERTS ABILITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)
## **1.6. Tangible fixed assets and depreciation**
Depreciation of tangible fixed assets is calculated to write off their cost or valuation less any residual value over their estimated useful life.
|Leasehold Improvements|-|10%|straight line|
|---|---|---|---|
|Motor Vehicles|-|25%|straight line|
|Fixtures & Fittings|-|20%|straight line|
|Computer Equipment|-|33.3%|straight line|
At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment.
## **1.7. Fixed Assets Investments**
Investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price (inclusive of accrued income) at the balance sheet date without deduction of the estimated future selling costs.
Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the Statement of Financial Activities as ‘gains or losses on revaluation of investment assets’ and are allocated to the appropriate fund holding or disposing of the relevant investment.
## **1.8. Stocks**
Stocks of goods for resale are stated at the lower of cost and net realisable value.
## **1.9. Pension costs and other post-retirement benefits**
The charity operates a defined benefit pension scheme and two defined contribution pension schemes. Contributions payable are charged to the Statement of Financial Activities in the period to which they relate.
The reporting requirements of FRS102 have been applied.
## **1.10 Significant judgements and estimates**
Preparation of the financial statements requires management to make significant judgements and estimates. No items in these financial statements include significant judgements and estimates that management has made in the process of applying these accounting policies or that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year.
## **1.11 Financial assets**
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured as the present value of the future receipts discounted at a market rate of interest.
## **1.12 Financial Liabilities**
Basic financial liabilities are initially measured at transaction price
Page 14
## HERTS ABILITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
(CONTINUED)
## **2 DONATIONS AND LEGACIES**
|**2 DONATIONS AND LEGACIES**|||||||
|---|---|---|---|---|---|---|
|**£**
**Equipment**
**Services**
Other donations & gifts in kind
-
Legacies
-
**Total**
**-**
**3 INCOME FROM INVESTMENTS**
Income from investments
Interest received
Commission
**Total**
**4**
Driving Centre
OT Services
Other
**Total**
**INCOME FROM CHARITABLE ACTIVITIES**|**£**
**Equipment**
**Services**
-
-|**£**
**Transport**
**Services**
-
-|**£**
**Driving**
**Centre**
-
-|**£**
**Other**
3,553|**2023**
**£**
**Total**
**3,553**
**-**|2022
£
Total
4,166
20,000|
|||**-**|**-**|**3,553**|**3,553**
**2023**
**£**
2,840
2,176
-|**24,166**
**2022**
£
2,250
48
45|
||||||**5,016**
**2023**
**£**
640,739
233
20,107|**2,343**
**2022**
£
407,925
22,470
60,014|
||||||**661,079**|**490,409**|
The charity received government grants totalling £354K (2022: £297k) from the Department of Transport to fund the provision and development of its Driving Centre Welwyn Garden City plus an additional £110k in repect of the new Driving Centre in East London and the set up of 2 hubs.
Page 15
## HERTS ABILITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)
|**2023**
2022
**£**
£
**5 EXPENDITURE ON CHARITABLE ACTIVITIES**
Direct Service Costs
100,309
96,872
Direct Staff Costs
288,295
221,966
Support Costs (see below, including indirect staff costs)
167,338
167,703
**Total**
**555,942**
**486,541**
Support costs are those shared costs which relate to the operation of the organisation and include:
Management
57,612
56,149
Finance
12,422
11,739
Office Services (including Reception)
66,974
65,491
Human Resources
1,445
1,445
Health & Safety
2,330
2,112
IT
12,869
11,512
Audit Fees
4,900
3,750
PR & Marketing
8,596
14,873
Other
190
632
**Total**
**167,338**
**167,703**
**6 NET EXPENDITURE**
**2023**
2022
Net (expenditure)/income is stated after charging:
**£**
£
Depreciation
3,097
5,337
Independent examiner's fees
4,900
3,750
**7 STAFF COSTS AND NUMBERS**
**2023**
2022
£
£
Wages and salaries
335,775
279,788
Social security costs
29,500
22,553
Pension costs - FRS102 charge
-
(2,000)
Pension costs - Defined contribution scheme
6,150
4,896
**371,425**
**305,237**
no.
no.
The average monthly number of staff during the year was as follows:
Employees (full time equivalent)
**20**
**17**|**2023**
**£**
100,309
288,295
167,338|2022
£
96,872
221,966
167,703|
|---|---|---|
||**167,338**
**2023**
**£**
3,097
4,900
**2023**
£
335,775
29,500
-
6,150|**167,703**
2022
£
5,337
3,750
2022
£
279,788
22,553
(2,000)
4,896|
||**371,425**
no.
**20**|**305,237**
no.
**17**|
No employees received employee benefits (excluding employer pension costs) of more than £60,000 in the current or preceding financial period. There are no key personnel, non-executive trustees were used in conjunction with other senior personnel of the organisation
The total employee benefits of the Charity's key management personnel were £107,580 (2022: £107,360)
Page 16
## HERTS ABILITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)
## **8 TANGIBLE FIXED ASSETS**
|**TANGIBLE FIXED ASSETS**|||
|---|---|---|
|**Cost**
At 1 April 2021
Additions
Disposals
At 31 March 2022
**Depreciation**
At 1 April 2021
Charge for year
Disposals
At 31 March 2022
**Net book value**
At 31 March 2022
At 1 April 2021
**FIXED ASSET INVESTMENTS**
**Cost**
At 1 April 2021
Additions
At 31 March 2022
**Revaluation**
At 1 April 2021
Revaluation for the year
At 31 March 2022
**Net book value**
At 31 March 2022
At 1 April 2021|**Furniture and**
**Equipment**
**£**
15,920
**15,920**
6,804
3,097
-
**9,901**
**6,019**
9,116|**Total**
**£**
15,920|
|||**15,920**
6,804
3,097|
|||**9,901**
**6,019**
9,116
**Investments**
**£**
62,561|
|||**62,561**
38,777
(3,799)|
|||**34,978**
**97,539**
101,338|
## **9 FIXED ASSET INVESTMENTS**
All of the Fixed Asset Investments are held in the UK. The investments are held in the COIF Charities Investment Fund, managed by CCLA Fund Managers Limited.
Page 17
## HERTS ABILITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)
|**10 DEBTORS**
**Due within one year**
Trade Debtors
Prepayments and accrued income
Other debtors
**11 CREDITORS**
**Amounts falling due within one year**
Trade creditors
Accruals and deferred income
Social security and other taxes
Other creditors
Deferred income brought forward
Deferred income released
Deferred income charged
Deferred income carried forward
**12**
**STATEMENT OF FUNDS**
**Brought**
**Forward**
**£**
**UNRESTRICTED FUNDS**
General funds
245,900
Unrestricted funds total
**245,900**
**RESTRICTED FUNDS**
OT Services
-
Transport and Driving Centre
-
Relocation
-
Restricted funds total
**-**
**Total of Funds before DBPS**
**245,900**
**Total of Funds**
**245,900**|**10 DEBTORS**
**Due within one year**
Trade Debtors
Prepayments and accrued income
Other debtors
**11 CREDITORS**
**Amounts falling due within one year**
Trade creditors
Accruals and deferred income
Social security and other taxes
Other creditors
Deferred income brought forward
Deferred income released
Deferred income charged
Deferred income carried forward
**12**
**STATEMENT OF FUNDS**
**Brought**
**Forward**
**£**
**UNRESTRICTED FUNDS**
General funds
245,900
Unrestricted funds total
**245,900**
**RESTRICTED FUNDS**
OT Services
-
Transport and Driving Centre
-
Relocation
-
Restricted funds total
**-**
**Total of Funds before DBPS**
**245,900**
**Total of Funds**
**245,900**|**Incoming**
**Resources**
**£**
127,047|**2023**
**£**
7,620
15,789
272|2022
£
5,760
25,219
564|**Derecognition of Transfers**
**pension fund**
**surplus**
**£**
**£**
-
**-**
**-**
-
-
-
-
-
**-**
**-**
**-**
**-**
**-**
**-**|**Derecognition of Transfers**
**pension fund**
**surplus**
**£**
**£**
-
**-**
**-**
-
-
-
-
-
**-**
**-**
**-**
**-**
**-**
**-**|**Carried**
**Forward**
**2023**
**£**
358,370|
|---|---|---|---|---|---|---|---|
||||**23,681**
**2023**
**£**
5,013
69,265
11,407
2,863|**31,543**
2022
£
20,136
143,082
5,285
1,249||||
||||**88,548**
132,842
(132,842)
59,258|**169,752**
222,346
(222,346)
132,842||||
||||**59,258**
**(Resources**
**Expended)**
**£**
(10,778)|**132,842**
**Gains/**
**(Losses)**
**£**
(3,799)||||
||**245,900**|**127,047**|**(10,778)**|**(3,799)**|**-**|**-**|**358,370**|
||-
-
-|545,164|(537,357)
(7,807)|-
-
-|-
-
-|-
-|-
7,807
(7,807)|
||**-**|**545,164**|**(545,164)**|**-**|**-**|**-**|**-**|
||**245,900**|**672,211**|**(555,942)**|**(3,799)**|**-**|**-**|**358,370**|
||**245,900**|**672,211**|**(555,942)**|**(3,799)**|**-**|**-**|**358,370**|
## **13 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Sub total
Defined Benefits Pension Scheme surplus - see note 14
**Total**|**Unrestricted**
**Funds**
**2023**
**£**
6,019
97,539
343,360
88,548
-|**Designated**
**Funds**
**2023**
**£**
-
-
-
-|**Restricted**
**Funds**
**2023**
**£**
-
-
-
-|**Total**
**Funds**
**2023**
**£**
**6,019**
**97,539**
**343,360**
**88,548**
**-**|Total
Funds
2022
£
9,116
101,338
305,198
(169,752)|
|---|---|---|---|---|---|
||**358,370**
**-**|**-**
**-**|**-**
**-**|**358,370**
**-**|245,900|
||**358,370**|**-**|**-**|**358,370**|**245,900**|
Page 18
HERTS ABILITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)
## **14 PENSION COMMITMENTS**
The Charity is party to a defined benefit scheme in relation to some employees, operates a Stakeholder Pension Scheme for certain employees and participates in the people’s pension for relevant employees. From 1 April 2003 the Charity closed the Defined Benefit Scheme to new entrants. The Charity's contribution to the Stakeholder Pension Scheme is 4% of the employee pensionable salary on a matching basis.
Regarding the defined benefit scheme, the Charity participates in a Local Government Pension Scheme, which is a multiple employer scheme, in relation to certain employees. The most recent FRS 102 valuation provided by Hymans Robertson LLP in July 2023 shows a pensions surplus of £813k compared with a surplus of £715k in 2021/22. The Charity continues to fund the pension commitment by payment of contributions as determined by the actuaries.
|**Amounts recognised in the balance sheet**
Fair value of plan assets
Present value of funded liabilities
**Amounts recognised in the SOFA**
Net Service cost
Net Interest
Employer contributions paid
Actuarial gain/(loss) of Defined Benefit Schemes
**Fair Value of Plan Assets**
Opening Fair value of Plan Assets
Contributions paid
Benefits paid
Return on assets
Actuarial gains/(losses)
**Closing Fair value of Plan Assets**
**Defined Benefit Obligation**
Opening defined benefit obligation
Service cost
Interest
Contributions
Actuarial losses/(gains)
Benefits paid
**Closing defined benefit obligation**|**2023**
**2022**
**£**
**£**
-
-
-
-
**-**
**-**
(9,000)
(14,000)
19,000
12,000
-
-
88,000
94,000
1,757,000
1,722,000
1,000
2,000
(37,000)
(37,000)
47,000
33,000
176,000
-
37,000
**1,592,000**
**1,757,000**
1,042,000
1,099,000
9,000
14,000
28,000
21,000
1,000
2,000
(264,000)
(57,000)
(37,000)
(37,000)
**779,000**
**1,042,000**|
|---|---|
Pension costs are allocated based on the staff costs of the employees engaged in the relevant activities.
The surplus (asset) indicated by the difference between the value of the scheme assets and the DBO has not been recognised on the Balance Sheet in accordance with FRS102 Section 28.22, adjustments for this are shown in the comparative year. The employer does not have a right to a refund of the surplus and no movements in the surplus are shown in the financial statements.
## **15 RELATED PARTIES**
During the year £Nil (2022: £Nil) travel expenses were reimbursed to trustees. There are no other related party transactions that require disclosure.
## **16 SHARE CAPITAL**
The Charity is a company limited by guarantee.
Page 19