Company Registration Number. 3969063 Charity Number. 1080784 WATFORD NEW HOPE TRUST (TRADING AS NEW HOPE) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 P*£lfENTING'.. WATFORD NEW HOPE TRUST (fRADING AS NEW HOPE) CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 CONTENTS TnJstees' Annual ReP￿- Chalyman and CEO'S Welcome....-..-_-.--._..--...-........_.._._......._.._.......... Oblectfves and OPERATIONS.........--..-......-.-............---...._...........-........................................... AchSevemersts and Performance...-.--......-....-................-.-.....................................-........................ Financlal Revlew..-......-.......---........-..-.....-......-..........-....-..._.-._.....-................................................ 21 Govern&nce............................................._........... .22 Reference and Admlnlstratlve Infomiatlon... ..24 Independent Audltors. Report......................... St8tement of Flnanclal ActhAtles............ .26 .31 B81ance Sheets... .32 Note5 to the Flnanckl Ststements.....--.- .34 WATFORD NEW HOPE TRUST {TRADtNG AS NEW HOPE) CONSOLIDATED FtNANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 CHAiRMAN AND CEOS WELCOME Although the penods of Itxkdown are now fading memories. the ImpKi of the pandemic continues to reverberate around the wortd. While the pandemic is no longer headline news, new challenges have come thick and fast wrth wai in Ukraine. the impacts of climate change and rapidly escalating inflation. Despite this far from encouraging environmenL the number of people rough sleeping in Watford has remained mercifulty small. Before the pandernic there were Ltpwards of 80 verified rough sleepers in Watford with at leasi another 20 hidden homeless. Now we are In slngle flgures whlch is wonderful! How has this happened? Huge credfrt rnust go to the stsff of New Hope as well as to Watford Borough Council and the other organlsations providing semces for those faclng homelessness in our town. The Pandemic helped focus govemment attention on the scourge of homelessnes5 and significant funding was channelled into provKJing new accommodation. Watford's accommodatlon for those vulnerably-hou5ed has risen by over 100 beds. Given the changlng 18nd5cape in Walford. we undertook a perlod of consultatlon wlth staff. serwce users. volunteers and partners to ensure th8t we could best meet the needs of those f8¢lng homelessness while adjusting to the post-pandemic landscape. The JoLsrney from rough sleeping to pemianent housing can be a long and tortuous one. Some people facing homelessness can bounce back quickly while others struggle wtth mentsl health. addlctlon an substsnce abuse. In thelr case. providing accomrnodation is only a part of the solution. After our consul18t￿n, Identified the most p￿sIng needs to be at the beginnlng and end of the journey from homelessness. Al the beglnning of the joumey. we integrated our street outreach service more closely wlth the emergency accomm(￿atIon serwce. With furKling from government secured by W8tford Borough Council, we have been ableto form what we call our Outreach Plus Se￿Ce where our team engage wth those on the streets at all hours of day and night and can also offer a bed for the night on the spoL This has been an important element in keeplng the numbers rough 51eeplng to a miniTnum. Secondly. we see a slgnrficant number of service users who want to address mental health. addiction and substance abuse issues but are unable to access mental health or rehab services. To address these needs we have expanded our recovery services to encompass not only our five-bedroom Community Home bLtt also ourter¢-bedroom New Hope House and four-bedroom Manse. During lockdown when semce user5 were unable to access our Community Market Garden. our team took their expertise into the indNidual services prO￿dIng workshops. helping start small garden projects on srte. The imp￿1 on the mental heath and general wellbeing of servÉce users encouraged u5 to fomi a new servKe called 'Cultivate'. which continues this excellent work in the servi￿. WATFORD NEW HOPE TRUST (fRADfNG AS NEW HOPE) CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 Our f¢XUS on helplng semce users wrth what our strategy describes as 'My Hope, was fijrther sharpened by the very welcome addition of our new chaplain. Her work has been appreciated by both service users and staff as she provides both pastoral and spiritual supporL Another area of our work that has been developed is our service supporting those who are vulnerably housed to ensure that they maintain their tenancies. With the uncertain economic environment and the pent-up pressures from the pandemic, this are8 has been in particular demand. Reflecting the strong reputstion buitt up by our team. our work has continued to expand especially in Three Rivers. While we have reviewed the various changes that have taken place 8t New Hope overthe past twelve months. our staff team have continued to apply themselves in 811 our services with dlllgence. passlon. commitment and that speclal 'New Hoptriness, that t)uts indiwduals first arld never gives up on anyone. We are so appreciative of all their work as well as the enormous contribution of our army of volunteers and all those who support us in so many ways whether in prayer or financially. M8ny of you support us In multlple wtys. We can only Mransforrn Ilves and prevent homelessness, wlth your help. Thank you. This year we are $8wng goodbye to Melanie &lls who has been a pillar of New Hope for over 20 years working both as a volunteer in the Haven for many years as well as on the board. For a number of years she was our Treasurer. Her deep faith. keen eye for detall and pr8yerful contrSbutions wlll be much mlssed. After such a challenging few years, we woukj love to close by looking forward to calmer times. Sadly. the environment appears equally challenglng In the months and yeats ahead. However, we are encouraged by your supporL the strength of our team and partners and 85s0 our knowledge that through all life's challenges our lovlng God Is the same yesterday. today and forever. John Ford(Cholr) and Motthew Heasmon (CEO) WATFORD NEW HOPE TRUST (TRAD￿G AS NEW HOPE) CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 OBJECTIVES AND OPERATIONS OUR MISSION New Hope exists to seNe people wlth current or ￿ent experience of homelessness by providing accommodation and opportunities to rebuild damaged lives. Founded upon Christian values, bthich are at the core of our operation. we support people regardless of faith. New Hope is a Chrlstlan charity. This means we value everybody 8nd work to SUPPOrt people regardless of far(h, class. disability. ethnicity. gender and Sexual orientation. It also doesn't mean that our staff and volunteers have to be Christian, to pray or to share all of our molivatlons. We do however ask that all staff and volunteers are 5yrnpathetic lo our mlsslon. ethos and values. Our mlsslon Is encepsulated In our strapline. preventing homelessness, transforming lives,. OUR PRIMARY OBJECTIVES We asplre lo help the people we worf( wmh access ple8sanL pemianent accommodation that they can call 'home'. We will support them in developing meaning and purpose to their day. We will do everything possible- despite the dearth of affordable housing - to help people put down their roots in the local community and become of. and contribute to. that cornmunlty. OUR VALUES 8e professional- staff vlll be trained to enable them to operate In accordance with best practice. 8e responsive- V￿ wlll assess and respond to the needs and asplratlons of servlce users as Indlvldually and constructively as possible. Be fair- we will give equal conslderatlon to service users of all creeds or none, and all lifestyles and abiliti.es. Be 8ccountable- we wll monitor our perfomance aryl communlcate wf(h our funders and supporters in or¢ler to Improve the quèlty and efficiency of our services. Be honourable- we will manage our activities wtih integrty, In accordance with our mission. Be prayerful we will seek God's guidance and enabling through prayer. WATFORD NEW HOPE TRUST CtRADtNG AS NEW HOPE) CONSOLIDATED FINANCIAL STATEMENrs YEAR ENDED 31 MARCH 2022 OUR SERVICES To achieve our aims and objectives. New Hope provides the following serV￿e5. INTERVENTION RECOVERY PREVENTION 2Q7 ernergency homelessness helpline Only dedicated homelessness phone service in the Wafford area. Sanctuary Ernergency Accommodation 25-bed emergency accommodation. Tenanry Sustalnment Team ITST) Support for those ￿nts'ng after a perlod of homelessness to enable them to keep thelr tenanry. Recovery SeNices Accommodation Three homes prov￿Ing HopeHomes accommodation for up to 18 Long-term affordable Indlviduals who are In rentsl homes for recovery from alcohol and people who have been substance misuse. homeless and are now ready to live independently. Outreach Plus Thls serylce finds 8nd engages wlth individuals who are rough sleeping in Watford and provides immediate emergency accommodatlon. Cultlvate Horticsjltural therapy. creatlve arts, wellbelng sessions, practlcal projects and prtrvocational opportunitles. The Haven Provides food, clothes, showe￿. laundry facilities. sleeplng bags and support to people who are sleeplng rough. Hopecollege Enables seNice users to 8ccess local training opportunitles and galn skllls and qualifications. In the provision ofthese semces the trustees have considered the Charity Commission guidance on public benefiL The trustees consider the semces New Hope provides are within the definibon of public beneftL WATFORD NEW HOPE TRUST (fRADtNG AS NEW HOPE) CONSOLIDATED FtNANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 OUR STRATEGY In ju￿ 2021, we launched 'Roots', our strategic plan for 2021-2026. Roots is divided into tsyo strands. tt is important to note that the second Strand feeds into the flrst i.e. as the organisalion continualty improves so do the outcomes for seNice users. Strand A" Serv1￿ User Priorfties My Home We wlll work with service users to help them access pleasanL permanent homes and then support them in malntaining and. where necessary, keeping possesslon of their tenancy, developing their indeperKJence and helping them to become intergrated. contributing members of their local communty. We recognise that this will be an enomKJUS challenge because ofthe lack of affoidable housing. My Health We wlll work wlth speciallst ttealth seNices to assist seThice users in accesslng the best posslble support for their physlcal and mental health. including thelr recovery from addlctlon. We wlll continue to develop an exemplary approach to ensure Trauma Infomied Care and Psychologically Infomied Environments are embedded wlthln all of our setvices. My Hope We wlll prloritsse support for those who fall through the crncks. including those who are rough sleeplng, those who have f8lled to engage with other services or have No Recourse to Public Funds. We wlll strengthen existing service$ and introduce new ones to help setvlce usets to experience increasIng￿ fuffilled and meaningful lTrves and enjoy the prospect of better. brighter futures. Strnnd B: Oiganlsatlonal irnprovement Strengthening the team We wlll seek to improve and strengthen the way in which we manage our team of staff and volunteers. Resourcing the vrsK)n We will develop a new fundraising and communlcations strategy in respotse to the Roots strategy. Investing in partnerships We will continue to build on strong existing foundations and further strengthen New Hope's good standing with other local and less kxal partners. WATFORD NEW HOPE TRUST {TI14D￿G AS NEW HOPE) CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 Being faithful to our mission New Hope will be recogni5able as having the same mission that inspired its founders to form the charty in 1990. Our work will be marked by our caring. kind. and compassionate relationships wlth seNlce users. partlcularty those who are destrtute. In broad tenns. our overarching strategy can be described as folkjws.. We wlll focus on developing a Strong framework to help senrice users access plea5anL permanent homes, lead Increasing￿ healthy Ilves and create meaning for today and hope for tomorrow. The fvll Roots strategy ¢8n be viewed at newhope.org.uklroots-str8tegy We have already achleved the followlng. We have: My Home ConsLtrlidated our short-tefm contract to promde tenancy sustainment seNlces 10 Three Rivets District Council Appointed an assistsnt manager at TST DelNered children's and young person's safeguardlng trninlng to relevant siaff at TST Contlnued Project Home as a slgnlflcant new Initiative to attract funding that enab5es the costs attsched to moving into a new home to be meL including rent deposits Tralned 811 stsff and frontline volunteers in Psychologically Informed Environments and Tr8uma Informed Care My Health DeveEoped closer Ilnks wlth Gambllng Anonymous Cocalne Anonymous and Alcoholics Anonymous Launched the new Cultfwdte serrflce whlch focuses on horticurtural therapy to ald service user recovery My Hope Appolnted a part-tlme chaplain Strengthening the team Convened a W0￿1ng group to consider ways to make New Hope develop a repLrtatlon as an empkjyer of chobce c￿er the year 2022123. we will be focusing on: Buying and building The Hub- a proposed new site incorporating interagency SUPPOrt and ernergency accommodation Creating 8 ne•4 F)OSitOon of Home Flnder to develop Ilnks with the prlvate rental sector. lettings agencies and housing asSOCiations WATFORD NEW HOPE TRUST (TRADING AS NEW HOPE) CONSOLIDATED FtNANCIAL STA TEMENTS YEAR ENDED 31 MARCH 2022 Strenthening relationships with local health partners to ensure service uers recerve timely. good quality support Replacing support workers with coaches {using the strength-based approach) Aclivety recruit former seNlce users to roles wlthin New Hope while Improwng the support we offer them Developing a fivevyear fundraising sirategy WATFORD NEW HOPE TRUST ITRADtNG AS NEW HOPE) CONSOLIDATED FINANCIAL STATEMENrs YEAR ENDED 31 MARCH 2022 ACHIEVEMENTS AND PERFORMANCE OVERALL This year. we have supported 523 individuals. In 8ddltlon. there werè 909 calls to our 24n emergency helpline. The 523 beneficlaries included: builders. chefs, drwers. IT professionals. and people who had worked In pubs. retail. social care and warehouses. 73% were from the UK. The average age was 41. 76% were male. 56% had a statutory loc31 connection to Warford Borough Council and 7.9% had a statutory local connection to Three Rbvers Dlstrlct Councll. 22% We￿ homeless because thelr frlends or f8mily asked them to leave, 16% because their landlord asked them to leave, 15% because of a relatlonship breakdown. 6% because they had been released from pri50n, and 6% because of domestlc vlolence. 17% misLsed alcohol. 23% misused sUbStan￿s. 43% had a dl8gnosed Mental health dlfflculty and 4% had no recourse to public funds. 10 WATFORD NEW HOPE TRUST (TRADtNG AS NEW HOPE) CONSOLIDATED FtNANCIAL STA TEMENTS YEAR ENDED 31 MARCH 2022 INTERVENTION INTERVENTION RECOVERY PREVENTION The emergency helpline receNed 909 calls over the course of ihe year. The new Outreach Plus servlce began in the summer of 2021. Outreach Pjus is a new model of outreach services.. street outreach plus Immediate emergency accommodation (three beds In our Sanctuary accommodatlonl. The team are based at the Sanctuary where our Emergency Accommod8tion service Is based. The team of stsff and volunteers work early mornlngs and late nighls going out around Watford looking for people who are sleeping rough. A highlight was supporting two entrenched fough sleepers in accommodation foT four months over the wlnter. The Haven, our droTrin service, continued to provide humanltarian support for people who were without accommodation i.e. rough sleeping. sofa surfing. sleeping in their cars, staying In B&Bs. One*tO-one support was provided to help people access housing, beneflts, ID docurnents, and GP appointrnents. The team also signptssted people to other organisations. both statutory and charitable when appropriale. The Haven also operated the Severe Weather Emergency Protocol on behalf of Watford Borough Council. 202V2022 Outreach Plus targets: Take an actlve part in ensuring that the Watford Slngle Homeless Pathway is a smooth and traum8 free environment for service users. Coordinate bi-month￿ street counts and the annual Department of Levelling Up, Communities and Housing counL Provide empirical data to Watford Borough CounciliTrlerts County CouncillDepartment of Levelling Up. Communities and Housing These were all achieved. WATFORD NEW HOPE TRUST (TRADING AS NEW HOPE) CONSOLIDATED FINANCIAI. STATEMENTS YEAR ENDED 31 MARCH 2022 202112022 Haven Targets: To work with 40 unique individuals, promding humanitanan support. advlce, S￿n- Posting and advocacy. per quarter To support 15 unique individuals who are in danger of or facing eviction. per quarter For all Haven Stsff to complete PIE 2.0 Psychologicalty Infomied Enwronments) training. The Haven worked wlth on average 242 unique indlvlduals per quarter. provldlng humanitsrien supporL advice. signposting and advocacy. 56 Indivlduals with 8 new case of homelessness y￿re helped per quarter. The staff team were trained in PIE 2.0 and transfonned The Haven (with the help of volunteers from local companlesl Into a PIE envlronment offering a variety of person-centred servlces. Targets for 2022r23 Outreach Plus Take an active part in ensurlng that the Watford Slngle Homeless Pathway is a smooth and trauma free envlronment for se￿ce users. Coordinate b￿monthty street counts and the annual Department of Levelling Up. Cornmunities and Housing count. Provide weekly and monthty empirical dats to Watford Borough CounclVHerts County CounciVDepartment of Levelllng Up. CommunI￿e5 and Houslng on the numbers of verified rough sleepers tmd seK-deflned rough sleepers. The Haven Promoting he8￿h and wellbelry education through CuftlvatÈ and healthcare semces {l.e. Covld vacclnation programme. Change Grow Lfve addictbn service5. mental health service5. sexual health clin￿& signposting to W GA, CA. counselling or other relevant SUPPOrt groups) as bvell as support around bookinglattendlng GP and hospital appointments. H8ven team to ensure that 95% of new service users who are eligible. have a relevant housing application completed within 7 da￿ of accessing the service. Haven team to work with 25 unique individuals to help them access Cultfv8te *Nices over the next year. 12 WATFORD NEW HOPE TRUST (TRADtNG AS NEW HOPE) CONSOLIDATED FINANCIAL STA TEMENTS YEAR ENDED 31 MARCH 2022 RECOVERY INTERVENTION RECOVERY PREVEKfioN Our Recovery SeNlces are.. Emergency Accommodatlon and the Recovery SeNtces Accommodation plus Culllvate and Hopecollege. All rooms in the Sanctuary became Emergency Accommodalion I wlth the exceptlon of the short-term Outreach Plus beds). There is now dedicated accommodatlon for people wlth no recourse to public funds as well as new specialist workets in no recourse. mental health. and acldlctlon recovery. Emergency Accommodatlon Targèts A)r 2C21.'22 70% positive planned movewon- 62% of people had a posltlve movewon 80% mov&on within 28 days of arriving In the Sanctuary- this was much lower than we aimed for as It took longer than anticipated to help a small number of indlvlduals who had been placed In the Sanctuary during Cowd to move on to suitable accommodation Rent arrears < 5%- this was below target due to a higher number of residents with no recourse to public funds Wt￿ stayed for an extended perlod due to no move on options Cultivate had a very successful first year and is continulng to go from strength to Strength. 20 one•tOthone horticultural therapy programmes were run throughout the year which resulted in all participants reporting increase in mo(Kl. Other support sessions ran by Cultivate included a women's group. a repair café. wisits to places in the community. and spontaneous wellbeing sessions. such as music jams, gardening sessions, advocacy. fixing bikes. karaoke, and Interpersonal support, such as accompanying people to buy items for their new homes. 13 WATFORD NEW HOPE TRUST (fRADfNG AS NEW HOPE) CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 As the year progressed. Cuttivate focLtsed on the Recovery Semces accommodauon garden In order to make it suitable for people entering recovery. In the last quarter of the year. a collaboration be￿een the Haven and Cultivate began with a volunteer-run programme of wot*shops. Cultivate Targets for 202V22 To provide holistic support for 60 people through sessions offering outdoor experiences. creativity. heath liwng or wellbeing- 44 people were supported through Culllvate sesslons To see a self-reported increase in wellbeing in 60% of those we support. Measured through self scoring fomis and obseNations from non Cultivate stsff. We saw 8 self-reported Increase In wellbelng In 47% of people we supported through Culiivate To embed Cultivate into New Hope staff culture so that at least 15 front Ilne stsff run or support Cultivate sessions- 15 frontline staff ran or supported Culilvate sesslons The Rec¢)very ser￿Ces accommodallon off￿la1￿18unChed on 1 Aprll 2022. Throughout 2021122, the Recovery Services accommodats'on was in a period of transition as the three homes changed purpose and new staff weie recrulted. Due to the p8ndemlc, there were some people who had been resident in the Recovery Services for a long time and needed intense support In order to move on to their own accommodatlon so that the Recovery Services could effects"vely18unch with its new vision. We are pleased that 14 people moved on to independent accommod8ts'on, some for the fi￿t time ever. Hopecollege Hopecollege is more of a signp05ting resource rather than a service. It is a gvide and gateway to local education and Job preparation opportunltie5. One 5ervl¢e user has taken advantage of the fur￿ed coaching opts'on (using an external practionerl. He has made slgnlficant progress in hls recovery and personal development. Targets for 2022r23 Devek)p the effidency of the sng￿ Homekn Pathway throwh forging closer relationships with other partner organisation5 Improve and strengthen the move on experi￿￿e through worfang closelywith the Tenancy Sustainment Tearn arKI creating a stock of essential items for people movin9 irrto their own homes Recovery Seryices Accommodation Occupancy Trte of 90% 14 WATFORD NEW HOPE TRUST ITRADING AS NEW HOPE) CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 Positive planned move-on of 75% Rent arrears to be less than 2.5% 100% service user engagement in extemal recovery services i.e. Meadowell Surgery. Cultivate & CGL 10% irnprovement in wellbeing after six months and 20% improvement In wellbeing after 12 months (measured uslng Edinburgh Warwick wellbeing scale) Cultlvate To see 100% clear beneffts from a professional horticultural therapy programme over 8 period of slx weeks. with appropriate follow up sUPPOrt To provide holistic support for 45 people through sessions offerfng outdoor experiences, CreatI￿ty. he8fthy Imng or wellbeing To see a 5elf-reported increase In wellbeing in 60% of those we supporL Measured through self scoring forms ènd observations from non cultivate staff. To run 300 sessions acros5 New Hope and One YMCA comprising a mix of outdoor experiences. creativity. healthy living and wellbeing sessions. 15 WATFORD NEW HOPE TRUST (TRADING AS NEW HOPE) CONSOLIDATED FfNANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 PREVENTION INTERVEKnoN RECOVERY PREVENTION Prevenlon services ore the Iwo HopeHomes and the Tenancy Sustainment Te8m. 150 people were supported by TST and 10 people lived in our HopeHomes. TST nd Ho for 202112022 Due to the success of Everyone In, there has been an Increase in people wlth complex needs living in accommodation. We have therefore expanded TST. From April 2021. TST 81$0 began to support famllles lfving in the Three Rlvers District Councll area. HopeHomes". Occupancy 94% and rent arrears under < 2.5%- The HopeHomes occupancy was 100% and there were no rent arrears. Instead, there was a net surplus of £12.500. Prowde quarterty stats which include fNe case studies evldenclng partnershlp worklng with Herts Young Homeless- The team provided quarterty stats. including case studies. to Herts Young Homeless. TST to tske on another scheme with Three Rivers Distrd Council supporting five individuals with complex needs and to 8150 extend contract for 20 units of temporary accommodation - TST was funded by Three Rivers District Council to SUPPOrt five IndNiduals with complex need5 and also suptK)rted 55 individuals in temporary accommodation in Three Rivers. Targets for 2022r23 Hop&Homes: Occupancy 94% and rent arrears under < 2.5% Create a base in South Oxhey to strengthen the support offered for residents in Three Rivers Ensure seFMce users are able to access funds. vouchers. rebates and discounts offered from energy suppliers and the govemment due to the cost-of-living cnsis 16 WATFORD NEW HOPE TRUST (TRADING AS NEW HOPE) CONSOLIDATED FINANCIAL STA TEMENTS YEAR ENDED 31 MARCH 2022 FUNDRAISING AND COMMUNICATIONS This year. the Fundraising and Communlcations Team raised £628.820 for the work of New Hope wf(h costs of £144.677. The team generoted £48.OT/ worth of gifts in kind. Includlng many regulay food donations whKh keep our food bills low. We said goodbye to our full-tlme fundraising and communications officer (events and community) and recruited a part-time administrator. The team then consisied of a part-time manager. full-time fundrnising and communlcations officer (grants and tru5ts1. a part-time graphlc deslgner. a part-tlme adminlstrator. and a regular weekly volunteer. Fundr8islng appeal We ran tsvo fundr8islng appeals.. Every Step of the Way in June and then A Bed for a Night at Chrlstmas. A Bed for a Night was our most successful Christmas appeal to date raising £40,000 for Emergency Accommodatlon. We aimed to communicate the appeal in as many Ways possible: social media, direct mall. digrtal posters on the High StreeL Posters In the local underpass. improved Search Engine Optimisation and Google Ad grants (thanks to the pro bono services of a loc81 d￿1th1 marketing agencyk and doordrop postcards IdistAbuted by a large team of volunteers). Grants.. We paid for a fundraising consultant to undertake a review of our trust fundralslng. It was clear that this was an area where much improvement could be made. A new strategy was developed by the Fundraising and Communications Manager and the Fundralslng and Communications Officer whlch was put Into place in January 2022. Donations included.. £30,000 from Garfield Weston for the work of the Emergency Accommodation. £7.500 from Mauilce and Hilda Laing to help launch Cultivate. and £5,000 from the Julian Hodge Foundation for food for residents in our Emergency Accommodation. Fundralsers: We are gratefijl to everyone took part In a fvndraising event to raise money for New Hope. particularly Loans Warehouse. who once again took part in a marathon fundraising event raising £8,000 for New Hope and CommuniTEE Golf, who organised a golf day. with over £5.000 given to New Hope. Many people aL80 ran, cycled and $8ng to ralse money for New Hope. Events: For the first time since 2019, we were able to hold our annual ￿lebratiOn Se￿Ice. 'Roots' took place in September at Wellspring Church. Ft was wonderful to have staff, volunteers, and supporters all In one room land some online. local people choosing to watch from home and friends watching in from as far away as Comwall and the SheUand5 Isles}. We gave thanks for all that happened during the pandemic and looked ahead to the Roots strategy. Sing for Hopel took place in early December in the Atria shopping centre wrth local musicians busking and volunteers collecting donations. Sadty. just nine days later. we cancelled the Christmas wrapplng event due to the prevelance of the Omicron variant of Covid-19. Corporate volunteering: 17 WATFORD NEW HOPE TRUST (fRADfNG AS NEW HOPE) CONSOLIDA TED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 Covid restrictions meant that corporate volunteering was minimal but we need to mention BAM Constructlon who redecorated the Haven. The group's enthusiasm, hard-work, and donation of paints and materials gave the Haven a fabulou5 fresh feel in line with our person- centred approach. Gtfts In klnd.. We asked many schools to donate to the Watford Foodbank for their Harvest Festivals instead of New Hope our focus has changed. We received enough donations of non- perishable items from local churches to fill our containter. We also regularly receive fresh food throughout the year from local 5upeTmarkets and bakerles. These are 811 logged on our system and thanked as appropriate. Internal communlcadons. The Fundraislng and Communications Team is resp)n￿'ble for 811 intemal communlcatlons which are vital in a charity based In rnultlple locations and with staff working different shlfts. Regular internal emalls are sent out which Include infomation on p8y. wellbelng. and he81th and safety. and posters are deslgned and distributed. VOLUNTEERS r 100 people Volunteer eilher regulaty or as ad hoc volunteeys. Volunteers help wlth administration. retail. cooking meals, DIY, collecting and sorting donations. befriending seNlce users. gardenlng. hostlng workshops. and helping iesldents move Into thelr new homes. 18 WATFORD NEW HOPE TRUST (IRADING AS NEW HOPE) CONSOLIDATED FINANCIAL STA TEMENTS YEAR ENDED 31 MARCH 2022 THANK YOU We slmply would not exist without the generosty of our fundÈts. and we are so grateful to everyone who has supported us financlally. either by making a donation or fundraising for us. A few have given us an exCePt￿)nal level of support (typicalty £1,000 or morel and. unless they have asked to remain anonymous, we would like to say a special thank you to the following: Trusts and Foundations Albert Hunt Trust Arnold Clark Bugler Foundation Fine and Country Foundation Garfield Weston Herts Community Foundation Jandsford Charitable Trust Julian Hodge Foundation Maurice and Hilda Laing Charitable Trust Mayor's Fund Pat Newman Memorial Trust Rutherford Charftable Trust The February Foundatlon The Souler Charitable Trusl Thrive Homes Communty Grants Warford and Three Rivers Trusts Falth group& communty groups and schools Ark Community Church 8ograts Explorer Scouts Cathedral and Abbey Church ofst Alban Christ Church, Chorleywood Derby Road Baptlst Church Easlbury Church Goods for Good Grace Altar Mission Intemational Merchant Taylors, School Northwood Lions Club Parmiters School St Andrew's Church. Chorle St George's Day Charty Club St James Road Baptist Church St Luke's Church. Bricketwood St Luke's Church. Watford St Mary's Pafish Church. Watford Trinty St Alban United Refom) Church Watford Lions Wellspring Church Companies Arco 19 WATFORD NEW HOPE TRUST (TRADtNG AS NEW HOPE) CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 Authentlc Calering BAM Construction Costco Distinct Greggs J B Structures J P Hildreth Ltd Lidl Loans Warehouse Marks and Spencers Ocado Prlme Secure Tesco Top Golf Treat Republic Wamer Bros Studlos 20 WATFORD NEW HOPE TRUST (TRADtNG AS NEW HOPE) CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 FINANCIAL REVIEW Thls year remained a challenging year following the impact of the pandemic and the difficulties surrounding lockdowns and the need for stsff to isolate. The fundraising team rose to the challenge. however there wa5 some reduction in other income streams as we adapted to the new normal. The final deficit for the year was £185.838. ofwhlch £138,574 was restricted and unrestricted funds had a deficit of £47.264. We saw a fall In income during the year to £1,976.349 (2021: £2.437,583). We had been fortunate in 2021 to receive an increase fin grants and donatlons as the local community. rallied to help during the pandemic. These fell slightly in 2022. Our Intervention Team funding, Pfevlously from DLUHC through Watford Brough council. came to an end reducing the gran￿ We also received the Street Outreach funding in advance at the end of 2021 which Was carried forward as a restricted grnnt and contribuled to the restricted fund deficit During the year we moved our Outreach team to the Sanctuary buildlng and converted some exlsiting room5 to expand the emergency accommodation. This resulted in some rooms remaining void for w￿rkS to be carried out and reduced the overall houslng benefit for the year. Expendlture also decreased by 8 small amount to £2,162.18712021'. £2375,730}. The partnership costs had previously been higher as we partnered wlth other organisations to provide the InteNentlon Team whlch came to an end during the year. Oiher costs remained slmllar thls yeer. ReseNes pollry New Hope's Reserves policy is designed to cornply with the guidelines set out by the Ch8rty Commissioner's guidance on reserves ICC19401 whSch states.. "To justify their holdlng of resenies. trustees should have a resejves policy based on a realistic assessment of Iheir reserves, needs." Thls policy has been estsblished so thal the tnjstees can be confldent that reserves levels match New Hope's needs. primari￿. to protect the organisation and its charit3ble activity by providing time to adjust to changing financlal orcumstances. New Hope maintains three types of reseNes: restricted reseNes are glven for speclflc purposes and cannot be spent on the general costs ofthe charty. At the 31 March 2022 New Hope had restricted reserves of £480,81712021.. £619,391). Designated reserves are funds set aside by the twstees from the unrestricted funds for specific future purposes or project. At the 31 March 2022 New Hope had designated funds of £1,353.50712021.. £1.377.6551. General reseTves are available for the trustees to spend on the charitable activltles. At 31 March 2022 New Hope had general funds of £531,92212020: £555.0381. The free reserves available from this are £428.59712021= £429.273). The trustees have agreed to maintain a free reseNes level of approximately three months of budgeted annual expend¢ture. This decision has been made giving consideration to the current sources of income and the likelihood of a decrease in any one funding stream. The trustees have taken into account current trends and the reliance on any single funding 21 WATFORD NEW HOPE TRUST (TRADfNG AS NEW HOPE) CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 stream. When setting this policythe trustees have taken into consideration the length oftime the charty will need to adjust to a change in funding. At 31 March 2022 the required level of free ￿erVeS under thls policy Is £550,000. As above New Hope currentty has free reserves of £428.597. The current free reserves held are £121.403 below the target reserves level. This difference relates malnly to the net book value of fixtures and fittings. As the assets are depreciated the difference be￿een the targel free reserves and current reseffts will reduce. The trustees have earmarked designated funds specifically for the development of the HopeHomes service. however if current general funds are not sufficlent for the ongoing operation of the Charty these funds can be used to support the free reserves. On this basis the trustees find the current reserves held acceptable and no further actlon Is necessary. Rlsks New Hope hos complled a risk register identifying the actions nece55ary to eliminate control and reduce or accept the rlsk. An annual review of the register is carried out by the trustees, although the leadership team keep the risks under reivew on 8 regular basls. The trustees are satisfled that the sufficlent pollcies and procedures are In ptace and applied for all the maln areas of rfsk. The register addresses the risk in nine key categories". operntional risk. ret811 rlsk. financlal rlks, fundralslng and communlcatlons. personnel, propety, IT, external environment and govemance. All rlsks are assessed due to thelr Ilkelihood and Impact. Where approprlate mltlgatlng controls are put into place. During thelr last revlew the trustees Identtfied the folbwlng as the three hlghest areas of rlsk for the charty. Incldents or accidents arislng from worklng wlth challenging service usets. All staff are trained to 8 high slandard and provlded with adequate supe￿$lon. The le8dershlp also implements a full portfolio of policies and procedures. Lone woiking within services resulting in a risk ofvlolence towards a staff member. Full risk assessments are carried out when a staff member is required to carry out lone working. This is embedded within the policies and procedures. Service user loss of beneffts. This can impact the financial resources of New Hope. There Is a clear rent policy in place and all rent debtors are monitored regularty. GOVERNANCE Struclure Watford New Hope Trust IS 8 charttable company limited by guarantee. e5tabli5hed under a Memorandurn of Association whsch sets out the objects and powers of the charitable company. It is governed under rls Articles of Association. On l April 2014 the charity Introduced a trading name, New Hope. and now operates under that name. The charity set up wholly owned trading company, New Hope Retail Limtied. in June 2011. New Hope Retall Is a company limried by guarantee. registered company nuTnber 7667185. Organlsatlonal Structure 22 WATFORD NEW HOPE TRUST {TRADtNG AS NEW HOPE) CONSOLIDATED FtNANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 The Trustees govem the business of New Hope and decide matters of policy, govemance and strategy at regular meetings. The Tnjstees delegate the day-to-day running of New Hope to the Chief Executive. Mr M Heasman. The Chief Executive works with a leadership team and service managers to implement the strategy and the charity's policies and procedures. The Trustees The Trustees are direciots for the purposes of company law and trustees for the purpose of charity law. The TrustÈes act on advice and information from regular meetings with the Chief Executive and with regard to the Charrty COMM￿s1on'S guidance on public benefit. Other decisions made wtthln the organisatoon are reported to the 808rd. The Trustees who seNed durlng the perlod and up to the date of signlng were: Mr J R Ford (Chalrl Dr T W Robson OBE Mr D Evans (Treasure Mrs M J Sills Iresigned July 20221 Mr K R Stevens {￿sIgned July 2021) Mrs A Johnson Mi A Robertson Third paty indemnty insurance was In place for Trustees during the year. Gu8r8ntees Truslees, whilst serving. and for a period oftwelve months after ceaslng to be Trustees, guarantee to contribute an arnount not exceedlng £10 each to the assets of New Hope In the event of winding up. The total number of Trustee guarantees at 31 March 2020 was seven 12019.. nine). Appolntment and Trainlng New Trustees are recommended by the existing Trustees and are chosen for thelr abS11ty to contrlbute to the needs and ethos of New Hope. Al new Trustees are fully inducted on 8pI)ointment. Trustees are also regularly advised of relevant tralnlng opportunltles. Sub Commlttees The Trustees operate three subcommitt￿. The Flnance and Audll Comrnlttee consists of three Board members. The committee meets before each trustee meeting to consider financial reports Sn more detsll. The committee also reviews the annual budget and financial staternents and makes recommendations prior to approval by the full Board of Trustees. The Remuneration Cornmittee consisting of three board members and one staff member meets annually to review the CEO'S remuneration and to review management's recommendations regarding overall remuneration Structure and make recommendations to the board. The Board Development Commlttee consists of three trustees and meets on an ad hoc bas15 to seek and review new candidates for the board. 23 WATFORD NEW HOPE TRUST ffRADING AS NEW HOPE) CONSOLIDATED FtNANCIAL STATEMENrs YEAR ENDED 31 MARCH 2022 REFERENCE AND ADMINISTRATIVE INFORMATION Charity registratlon number. 1080784 Company reglstratlon number. 03969063 Registered office- 67 Queens Road Watford Hertfordshi WD17 2QN The Trustees (Dlrectors): MrJRFord {Ch8irl Mr K R Stevens {resigned Juty 20211 Mts M J Sills liesigned Juty 2022) Mr T Robson OBE Mrs A Johnson Mr D Evans ffreasurer) Mr A Robertson Leadership Team: Mr M Hea5man Mrs S Homord Mrs A Bowyer Mr R Edmonds Chief Executive Head ofFinance Head of Resources Head of SeNlces Bankers and other Flnandal Advlsets: Royal 8ank of Scotland Cafcash Llmned 1￿21 Clarendon Road Klngs Hlll Watford West Malllng Hertfordshire Kent WD17 1HD ME19 4TA Audltors: Cansdales. Chartered Accour)tants. Business Adwsers & Registered Audltors Bourbon Court Nightingales Comer Little Chalfont Bucklnghamshlre HP7 9QS 24 WATFORD NEW HOPE TRUST (TRADtNG AS NEW HOPE) CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 RESPONSIBILITIES OF THE TRUSTEES The trustees (who are also dlrectors of New Hope for the purposes of company18wI 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 Accounts"ng Practice). Company law require5 the tnjstees to prepare financial statements fof each financial year. whlch give a true and fair view of the state of affairs of the charitable company and of the incoming resources and applicatlon of resources includlng the income and expendlture. of Ihe charitable company for that period. In preparing these financlal ststement the trustees are required to.. Select suitable accounting pollcles and then apply them consistenty. Observe the methods and principles in the Charities SORP 2015 IFRS 1021: Make the judgements and estimates that are reasonable and prudent., State whether applicable UK Accounting Standards have been followed, subject to any material departures disc105ed and explained in the financi81 statements: Prepare the financial statement on the going concern basis unless it is Inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accountlng records that disclose wlth reasonable accuracy at any time the financial pos¢tion of the charitable company and enable them to ensure that the financial statements comply ￿th the Companles Act 2006. The are also responsible for safeguar(Jing ihe assets of the charitable company and hence for taking reasonable steps for the prevention and detecllon of fraud and other Irregularltoes. In so far as the trustees are aware: There is no relevant audit informatlon of which the charitsble company's audrtor Is unaware: and The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit informatlon and to establlsh that the audltof Is aware of thet Informatlon. Approved by the Trustees on 24 November 2022 and signed on behalf of thÈ Trustees MrJ Ford 25 WATFORD NEW HOPE TRUST (niADING AS NEW HOPE) CONSOLIDATED FtNANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 INDEPENDENT AUDITORS. REPORT Oplnion We have audited the consolidated financial ststements of Watford New Hope Trust (the charitable companyl for the year ended 31 March 2022 which comprise the Ststement of Financial Activtties. Balance SheeL cash flow statement and notes to the financlal ststements, including a summary of significant accounting policies. The financial reporting framework that has been applied In thelr preparation Is applic8ble law and United Kingdom Accounting Standards. including FinanC￿lReportlng Standard 102 The Finonciol Reporting Stondard applicable in the UK and Republic of Ireland {United Klngdom Generally Accepted Accounting Practice). In our opinlon the consolidated fmancial sLgtements'. give a true and fbir wew of the state of the charitsble comp8nVs affairs as at 31 March 2022. and of the group's Incomlng resources and appllc8tlon of resources, Includlng hs Income and expenditure. for the year then ended. have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. 8nd have been prepared in accordance wth the requirements of the Companies Act 2006. Basis foi opinlon We conducted our audlt In accordance wlth Intematlonal Standards on Audlting IUKI IISAS IUKII and appllcable law. Our respon51bllitles under those standards are further described In the Auditofs responsibilities for the audit of the fln8ncial statements section of our report. We are independent ofthè group and parent chaTltable company In accordance whh the ethlcal requlrements that are relevant to our audlt of the flnanclal statements In the UK. including the FRC'S Elhtcal Standard. and we have fulfilled our other ethlcal responsibiir(ies in eccordance with these requirements. We believe that the audlt evidence v4e have obtained is sufficient and appropriate to provide a basls for our opinion. Concluslons relatlng to going concern In auditing the consolidated financial statements. ¥￿ have concluded that the trustees, use of the going concem basis ofattounts'ng ID the preparation of the financial ststemen ts is appropriate. Based on the Work we have performed, we have not identified any materi81 uncertainties relating to events or condtbons that, indwfidLÈalty or collectNely. may cast slgnificant doubt on the charltable company5 ability to continue as a going concern for period ofat least twelve months from when the financial statements are authorised for Issue. Our responsibilities and the responsibilities of the trustees wtlh respect to going concefn are described in the relevant sections of this report. 26 WATFORD NEW HOPE TRUST (TRADING AS NEW HOPE) CONSOLIDA TED FtNANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 Other informatli)n The other information comprises the Informat￿)n included In the trustees, annual report, other than the consolidated financial sL*ements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report Our opinion on the consolidated financial sLrytements does not cover the other information and. except to the extent othetwlse explicty stated in our report we do not express any form of assurance conclusion thereon. Our responsibillty is to read the other Infomation and. in dolng so. consider whether the other informalion is materlally Inconsistent with the financial sLgtements or our knowledge obtained in the audit or otherwise appears to be materialty misststed. If we iderrtlfy such material Inconslstencles or 8PP8rent material mlsstatements. we are required to determlne whether there is a material misstatement in the financial ststements or a material misstatement of the other information. If. based on the work we have perfomied. we conclude that there is a material mi5Statement ofthis other infomiation. we are required to report that facL We have nothing to report In this regard. Oplnlons on other m8ttets prescrlbed by the Companles Act 2006 In our oynlon. based on the work undertaken In the Course of the audit: the Infomation given In the trustees. report ffrustees Annual Report for the year endlng 31 March 20221 for the financial year for which the consolidated flnanclal statements are prepared is consistent wlth the consolidated financial ststements; and the Trustees. Annual Report for the year ending 31 March 2022 has been prepared In accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of our knowledge and understanding of the charitable company and envlronment obtained in the course of the audrL we have not identified materlal mlsstatements In the financial statements as on 31 March 2022 and the trustees. reporL We have nothlng to report in respect of the following matters in relation to whlch the Companles Act 2006 requlres us to report to you rf. in our opinlon: adequate accounting records have not been kepL retums pjjequate for our audit have not l)een received frorn branches not visited by us" or the parent consolidated financièl sL*ements are not in agreement with the accounting records and retums.. or certaln disclosures of directors. remuneration specified by law are rK)t rnade,. or we have not recetved all the infomiation and explanations we require far our audiL or the tnjstees were not entitled to prepare the consolidated financial statements in accordance with the small companies. regime and take advantage of the small companies. exemption from the requirement to prepare a strategic reporL 27 WATFORD NEW HOPE TRUST (TRADING AS NEW HOPE) CONSOLIDATED FtNANCIAL STATEfv￿Nrs YEAR ENDED 31 MARCH 2022 Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement set out on page 25. the trustees (who are also thè directors of the charitable company for the purposes of company law) are responsible for the preparation of the consolidated financial statements and for being satisfied that they give 8 true and fail vlew, and for such intemal control as the trustees detennine Is necessary to enabbe the preparation of consolidated financial ststements that are free from material misstatement.whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assesslng the charitable company's abilty to continue as a golng concern. di5c105ing. 85 applicable. matters related to golng concern and uslng the golng concern basls of accounting unless the trustees either intend to Ilquidate the charitable company or to cease operations, or have rK• realistic atiernative but to do so. Audttor's responslbllltles for the audft of the flnanclal ststements Our obJectNes are to obtain reasonable assurance abotst whether the consolldated financial statements as a whole are free from materlol mlsstatement. whether due to fr8ud or error. and to Issue an audttor's report th8t Includes our opinion. Reasonable ssur8nte is a high level of assurance. but is not a guarantee that an audit conducted In accordance wtth ISAS IUK) will always detect 8 material misstatement when it exlsts. Misstatements can arlse from fraud or error and are considered material ￿, Indtvldually or in the aggregale. they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. Irregularities. including fraud. 8Te instances of norFcompllance with laws and regulations. We design procedures in line with our responsibilities. ouUined above. to detect matertal misstatements in respect of irregularities. inlcjuding fraud. The extent to which our procedures are capable of detectlng Irregularitie5. IDcluding fraudls detalled below: Our approach was as follows: We obtained an understandlng of the legal and regulatory frameworks that are applicable to the entity. We communicaled tdentified lav￿ and regulatlons and potentlal fraud nsks to all engagement team members and remained alert to any indications of fraud or non- compliance with saws and regulations throughout the audti. We examined and discussed wrth management any known or suspected instances of fraud or non- compliance vAth laws and regul￿On5. We 855e55ed the risks of material mi55t8tement in respect of fraud as follows: The audit team discussed whether there were any areas that were susceptlble to misststement as part of their fraud discussion. In addressin the risk of Tnanagement overrlde ofcontrols. we tested the approprialeness of joumal entries with 8 focus on large or unusual transactions based 28 WATFORD NEW HOPE TRUST (lliADING AS NEW HOPE) CONSOLIDATED FtNANCIAL STA TEMENTS YEAR ENDED 31 MARCH 2022 on criteria determined using our knowledge ofthe organisation and industy. We also challenged assumptlons and judgements made. We Incorpor8ted an element of unpredictabilty in the selection of the nature. timing and extenl of our audst procedure Based on the results of our risk assessment we designed our audit procedures to Identify and to address materbal misstatements in relation to fraud. including bribery nd norFcompllance. Because of the Inherent limitations of an audit. there is a risk that we will not detect all iyregularitles. including those leading ot a material misstatement in the consolidated financlal statements or nonoup Charlty Group Note Fixed ￿se¢S Tangible assets 1.330.822 1.330.822 1,383,102 1,383.102 Current Assets Debtors Cash at bank and in hand 303.484 835.205 1.138 689 231.714 906.975 1.138.689 236.184 1.165.836 1.402.020 164.414 1.237.606 1.402,020 Creditcrfs.. Amcyjnts falling due wthin one year Net Current Assets 103,265 1.035.424 103.265 1.035.424 233.038 1.168,982 233.038 1,168.982 Total Assers Less Current LK8bil1t￿S 2.366.246 2.366.246 2.552.084 2,552.084 Toral Assets Less Total Liabllrties 2.366,246 2,366,246 2,552.084 2.552.084 Funds Unresiricted.. Designated General funds 8.10 8.10 1.353.507 531.922 1.885.429 480.817 1,353.507 531.922 1,885.429 480.817 1,377.655 555.038 1,932.693 619.391 1,377.6S5 555,038 1,932.693 619.391 Restricred 9.10 2,366.246 2,366.246 2.552.084 2.552,084 These financial ststernents have been prepared in &cordance with section 398 of the Companies Act 2008 and section 138 of ihe Charr(ies Act 2011. These accounts are Fyepweo In accordance wrth the special wovision5 of Part IS of the CcYnpanie5 Act relating to small companie5 and constitute tre annual accounts required by the Companies Act 2C¥)6. These financial were aFFwved by rhe Trustees on xxxxxxxx and are signed on their behalf by.. or Company numt*r 03969063 The notes nufflbered I to17 fcrfm part ￿ these financial statements 32 WATFORD NEW HOPE TRUST (tRADING AS NEW HOPE) CASHFLOW STATEMENT AT 31 MARCH 2022 2022 2021 Cashflow5 from 0￿ratIfig activities Net incomellexpendiluiel Ihe Adjustments f(K' DeFKeciation Investmeni income OB5.8381 61,853 52.280 1927) 57.594 11.6501 Ilncreasevdecrease in debtcxs Increa5elldecreasel in creditor5 167.3(X)I 029.7731 64.544 70,840 N8t cash ￿0vided by I lused inl 0￿ratIng activitie5 1331.5581 253,181 Cathflows frorn InvestiThJ acrivits.es Purchase offixed assets Invesrment income Net cash provided by I (used Inl operating actMfJ"es 00,4741 1,650 927 927 18.8241 Net Increase in cash arKI cash equivalen 1330,6311 244.357 Cash and cash eqLsNalents at l Aprll 1.237.606 993.249 Cash and cosh aqufvalerts at 31 March 906,975 1,237,606 Analysjs of cath and cash equivalents.. Cash in hand 906.975 1.237,606 Totsi cash and cash equlvalents 906,975 1,237,606 33 WATFORD NEW HOPE TRUST ttRADING AS NEW HOPE) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 I ACCOUNMNG POLICIES Company Informauon Wailord New Hope Trust is a Fwivate charitable conyny limiied by guaranree. Incofporared In England & Wales. Detsils of the regisiered offio and wincipal address can be f(xJnd on rhe reference and administratwe inf￿mOtIon pages. Basis of accountlng The financi81 statements have been Fwep8red In accordance with Ihe chariiable companys governing document, the Companies Act 2(X)6 and -Accountlng and Repcrting by Charities." Statement of Recommended Practice ap￿ICable to charitie5 preparing their aCC￿jnts in acccKdance with the Financial Reporting Standard applicable In the UK ancj Rewblt ¢Y Ireland IFRS 1021. 18S amended for accouniing periots commencing from l January 20191. tharilab￿ CLNnPany ts a Public Benefii Entity as defined by FRS 102 The trustees consider that suificient irKorre has been secured to cover all anticipated liabilifies. The (rLJStees are not aware of any material uncerrainties V4h￿h will restr1Ct New Hope's ability to continue 85 a going concern and the finarKial ststernerts have. Ihereferfe. been wepared on a going concern basis. Income Income Is re¢tynised In (he wkmy in vthith New Hope is ￿gallY entitled to the income wovided that.. any perfornkgnce c￿(lIt￿)n5 have been mel li IS Kxobable thai the income will be recewed 8nd the amouni can be quantifjed Wih reasonoble accuracy. Legacies are reeognised in the Statement of FInar￿la1 AthV￿"es when Thxification of the legacy has been ceived and o reasonable estimate of the v81ue of the legacy can be made. Donations and grants are recognised when Ihe charity has been n¢xified in wriiing of lh8 arnouni. In the event thai a grant or ¢Yonation s subjecc io conditions. Ihat requlre 8 level cl F*rfom8nce bef¢xe the charity is entitled to ihe funds, the income 15 deferred and ncrt recognised unDI eirher those coThJr(ions are fully rnei. Of the lulfilment of those conditions Is wholly wr(hin rhe control d the charrty and it is Fyobable that those condition5 will be fulfilled in the reporting peric*J. Expendliurè Expenditure is accourted r(* on an accruals basis. inclusive of VAT. which cannot be recov8r8d. Certain expenditure is ijwectly attribu￿ble to specific acriviDes an(J has been all￿ted to those c05t caiegories. Where these Costs are attributable to m(Ke than one aciiviiy. they h8ve been apponioned 10 the Inijlvldual aaivities on the basis of the time Spent by mallers rd811ng io Ih05e 8CllVlties. Head Office costs have t)een allocated on the basis of Inccmning resources and direct Costs and have been apportioneL1 to the cost centr8s of fundraising arKJ pUbl￿11Y and individual wlthin charrtable axpendkure in acccKcJance w￿￿ rhe requlrements of the Statemeni of Recommended Practice Glfts In klnd Dcmated gifts and service5 are rwnised a5 incorre when the charty has control over the item and the economic benefit can be measured ￿l￿bly. Suth gcKxJs and services are recconised the basis of the value Ihai rhe charity woukj have been williry 10 pay 10 obta1n such services or facilities on ihe open market. In acC[￿dance with the Charr(ies SORP IFRS 1021 the lime and commitment donaied by the volunteers has not been recognised in the Statement of Financial ActNrties. Gifts donated for resale are included as incorne when they are sold due 10 the administrative diffKulty in eaimaiing the fair value of the goods. WATFORD NEW HOPE TRUST (TRADING AS NEW HOPE) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 1. ACCOUNTING POLICIES {continuedl Operndng lease agreements Rentals applicable to opeiaiing leases wh8re substantialty all of the I￿nefits 8niJ risks of ownership remain with the 1@s￿ are charged against I￿orne on a straight line basis over the period of the lease. Tanglble fixed assets Individual assets costing £l.CK() ¢x rrore are capiialised ai cost and are depreciated over their estimated useful economic lives a straighl line basis as follows Depreciation 15 calculated so as to write off the cost of an assei. les5 Its esiimaied residual value. over the useful economK life of thai asset as follows.. Freehold building5 Leasehold buildings Equipment FixtLJres and rrttings - 2% per annum srraight line . over the len￿h of the lease 25% per annum straight line - IO% to 25% per annum straighf line Depreciation Is ¢al¢ulated ￿￿thly and Is I￿luded from Ihe first full month after purchase. Freehold land Is nor depreciated. Oihw wopeny interests are depreciaied over tt)e term of the lease of rhe fxoperty concerned or rhe relevant management agreemeni. Tax status New How Is a registered charrty 8rKJ the1dc￿e r( is r*)t assessable ro corporation tsx on any surplus CharIrab￿ lund5. Penslons New HoFe operates both a Yakeh￿der pension scheme for ernploy8es, to which the ernployer ¢Joes not make contributions and 8 group person81 Fen510n. The group pErsonal pensth Is a defined conrritrjuiion scheme and N8w Hope make5 a 3% conrrlbLrtic￿ where empkJyee5 are 81s0 ¢ontributing to the qroup personal pensKJn scheme. This schert￿ is managed ty Source Pensions and the plan Invests the contributions made by the emplo￿ and employer in an investment fund to build up over the term ol the plan New HO￿ has no liability t)eyond makiThJ rts ¢￿ibut￿￿$ and paying 8cross the deductions for the employee s cor)tribub'ons. Funds Funds held by New Hope are.. Unrestricted general funds - these are funds whth can te used in a¢￿dance with the ct)aritable obJe¢rs 8t the discretion cl the trL￿eeS. Designaied furKls . tfw a￿ funds set asKle ty the trust￿ cxrt c4 unrestricted genaral funds lor specific future purr)oses CY [r￿ectS. R￿triCted funds.these are funds wh￿h can ￿lY be used lor particular purposes within the objects of rhe charity. Restrictions arise Wh￿ specifie(J by rhe dcw or when funds are raised for particular restricte purFK)ses The nature aTh1 purp)se of each fund is explained furthw in Ihe n￿S to the financial sratements. 35 WATFORD NEW HOPE TRUST ff RADING AS NEW HOPE) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 1, ACCOUNTING POLICIES [Wn￿nuedl Group flnandal statemerrt5 The consolicjaied accwnis Inc(KFuate those Watr(*d New Hope Trust (trading a5 New Hopel and itg subsidiary undertaking. New Hope Retail. for the year ended 31 Mar¢h 2022. As permirted by section 408 of rhe Companies Act 2006. the Ststement of Financsal Acuvities of the parent company is not presented as part of these fin8ncial statemenrs. The resurt ol Ihe Char￿able company alone for the year was a deficit ol £185,83812021 '. surplus £61.8531. New Hope Retail has not carried 0￿ any trading during the year 2. DONATIONS AND LEGACIES 2022 2021 Unrestrlcxed Restrlcbj Totsl Unrestrlcted Restricted Total Grants Leg8cles Individual donations Tax reclairned Other donailons 8.746 42.971 157,144 23.383 129,700 2C().845 209,591 42.971 49.099 206.243 23.383 146.632 78,852 5,578 206.332 13,890 110.226 313.357 392.209 5,578 239,784 13.890 160,812 33.452 16.932 50,586 361,944 266.876 628.820 414 878 397.395 812,273 Gffts In klnd New Hope recelves significart donaisons of food durlng the harvest period from schools and churches. In addition New Hope r￿1Ve5 regular food don8tions from Ioc81 companies 1nclucling Cosico. Ocado and Pret Manger. All rood donations are Include(1 In the financial staremenis ai the estimated value the chanty would have paid for them. From rime ro time New Hope also recewed other gifts to assisi in the operation of New Hope's activities The total amwni of gifts in kind Included in the financ181 statemenis is £48.07712021.. 23,48 3. CHARITABLE ACMVITIES 2022 2021 Unresrrfcted Rewlcted Totsl Unr8strl¢tod R95tr1cted Total 3a In￿entIon Contracts 98.025 98.025 95.447 312.230 407,677 Total Intervenuon 98,025 98,025 95.447 312.230 407,677 36 WATFORD NEW HOPE TRUST (TRADING AS NEW HOPE) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 2022 2021 Unre5trf¢X&J Restr1r￿1 Totsi Unrewlthd Restrlctad Total 3b Reeovery Housing 8enefrt Ineligible charges Contracts Sales Income her Income 478.891 26,983 242.318 32 478.891 26,983 242.318 32 38.100 643.482 44.460 300.035 643.482 44.460 3CK).035 38.1 30.567 30,567 Total Recovery 786,324 786,324 1,018,544 1,018.544 3c S¥evantlon Housing Benelii Ineligible charges Contracts 63.550 6.213 149.349 63.550 6.213 149.349 68,072 6.327 47.723 68.072 6.327 47.723 Totsl Prgventlon 219.112 219.112 122.122 122,122 Total charltsblo Inccrfne 1.103.461 1,103,461 1.236.113 312.230 1,548,343 37 Lr> Iw (o ) m Lr> Lri ts) (O CO ¢Li¢7>Wilri* Oryim_ mcwiD 10 J 4rJ(wrt 0) oo>* Ln (O (YJ (o 0> rry o) Ln r-- Lri tJ)m J co * < LnO(tciO￿Ln CQcLOtLI WATFORD NEW HOPE TRUST CtRADING AS NEW HOPQ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 4. EXPENDITURE Iconvnued) Stsff costs 2022 2021 Wages and salaries Social security cost5 Pension costs Agency costs Redund8ncy costs 1.198.166 97,351 24.801 64 262 1.321.642 98.817 26.241 8.485 10.880 1.466,065 1.384,580 One employee was paid at a rate or £60.CX)O ¢J more12021'. one employee). In addltion to around 2Th) volunteers during the year ihe full time equivalent number of staff employe(J by New Hope during the year. excluding tyusiee5. are ser bèlow. Employ98 numbers 2022 2021 Direct charitable work FundraisiThJ and communutic Head offic9 Reiail 326 358 8.0 43.9 47.5 Koy Management No trustee was remunerated duriro the year12021." nio ond Itw8 wtre no tru*ee expenses during year 12021. nill. The leadership team are con%dered the only key managemeni of the cfjganisaiion. Total remuneration paid to le8dership team during rhe year was 161,394 12021. £154.5341 The leadership team consists of three employees. CEO. Head Services and Head of Resources. In addltion (he charlty engages the 5erMces ol a financial congJiiani to carry out the role of Head of Finance. A￿d￿or5. remuneraiion.. 2022 2021 ALJdil Orhw service5 10.470 10.050 534 10.470 10,584 39 WATFORD NEW HOPE TRUST (TRADING AS NEW HOPE) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 5. FIXED ASSErs Irrterests In Plant and propffj machIn￿Y etc CHARITY & GROUP Cost Total At l April 2021 Addiiions Disposals At 31 March 2022 1.834.198 363,829 2.198.027 1,834.198 363.829 2.198,027 Depwlallon At l April 2021 Charge for the pwiod On disposals Ar 31 March 2022 576.861 29.840 238.064 22.440 814,925 52,280 606 701 260.504 867.205 Net Book Value AT 31 March 2022 1.227,497 103.325 1,330,822 Ai 31 March 2021 1,2S7.337 125.765 1,383,102 The cost of plant ano Machin￿ inckK18s (lonated 8ssets valued ty tha trustees at £13,94012021.. E13.9401 All of the assets held by the chafrty are us8d for charltable purposes. New Hope owns the freehold inieresr in the TIE Manse ano the Haven SupFMJt Cenire 8Th1 has 8 leasehold Interest in ihe building accomm(J1ating the shop 8nd office. The charity's interest in New Hope House represenrs costs cl E171.768 which are fully detKeciaied. The title to the txoperty is held by Salvarion ￿rny Housing Associaricn (SAHA) and Iheie 15 8 charge registered on the trtle deeds ai the L8nd Registry norirKJ New HOFE'S interest Is a management agreernent between Nèw Hope and SAHA under which Ihe chdrrty wdertakes t￿ day to day managernent of the property If thg property Is sokl the charity ts enbued IO a 50% share in the sale prcKeeds. In the opinion of rho trustees the amounr ro whth the charty would be entitled is 8t least equal to the value 81 ￿1¢h the arily s in(erest $5 Included sn these financial staiements Interest5 In Fxoperty includes.. 2022 2021 The Manse Haven Support Centre Sanctuary Cluster conversN)n costs Purchase of S￿p and offKes HcpeHomes 63.618 232.295 96 518,681 412.807 65.092 243.579 1,132 526.994 420.540 1.257.337 1.227.497 40 WATFORD NEW HOPE TRUST ITRADING AS NEW HOPE} NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 6. DEBTORS 2022 2021 Ch8rty Char Group Group Housing benefii debiors Prepaymenrs and accrued Incom8 Other debiors Tax recoverable Iniercompany accounr 8,081 6,843 202.549 14.241 71.770 8.081 18.160 6,843 10.317 202 549 123,664 14.241 12,273 18.160 10.317 123,664 12.273 303.484 231.714 236.184 164.414 7. CREDITORS 2022 2021 Charity Char Group Wlthln one year Accruals and deferred irKorn Paymenis on account Orher Credirors Group 95.010 95,010 174.052 31.032 27.954 174,052 31.032 8,255 27.954 103.265 233,038 233.038 8,255 103.265 41 WATFORD NEW HOPE TRUST ITRADING AS NEW HOPE) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 8. DESIGNATED FUNDS {CHARITY AND GROUP) 31 k18rch 2021 31 March 2022 Incorne Expendlture Transfers Deslgn8ted funds Property HopeHome5 Building repairs fund Women s hosiel 1.157,186 202.348 15,302 2.819 124.1481 1,133,038 202.348 15,302 2.819 1.377.655 124.1481 1.353,507 General unrèsrricted funds 555.038 1.709.473 11,732.5891 531.922 Total unresrricred funds 1.932.693 1709.473 ,756.7371 1,885.429 Purposes of deslgnatod funds Property Fund - This ¢omprises a gJm ser aside by the uuslees io reflecr the investment in property held by New Hope. The amount represents the nei t)cok value of yoperty Interests less any amounts held In restricted funds for specific properties. HopeHomes These funds We￿ received by a legacy and have been ser aside to assist in the costs of purchasing yeperty fcK the HoFeHrynes servi￿. Buildlng Repairs Fund . This represern5 reswves set aside by the trusrees ioward5 the c05t of major repalrs to the propenies in which New H¢we has an in￿reSt. Women's Hostel - The fund rewesents donations given in 2CX)8.9 In memory ol Janet Hosier. These funds ale being held to funo the cost of a women's hostel. 42 WATFORD NEW HOPE TRUST CtRADING AS NEW HOPE) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 9. RESTRICTED FUNDS (CHARITY AND GROUP) 31 March 2021 31 March 2022 Income Expendltura Transfer¥ The Haven - capital fvnd Haven - running costs Rough Sleeper insights S8nciuary Nighr Shelter Intervention Team and Streei Outreach Severe Weather funding Cultivaie Donations for resioents Hopecollege Tenancy Sustainment Team Project Horne Rough sleeper support Covi¢Y supp Chaplain HopeHomes Orher restricted funds 100.151 1.396 15.6921 03.5501 94.459 1.396 13.550 87.833 187.8331 71.444 83.773 3,412 15,732 055.2171 13,4121 116.3121 580 1,378 267 41.430 26,050 7.557 7.097 48.5CM) 310.543 2.998 1.378 12671 149.5601 123.7421 11941 23.130 115.0001 15.000 17.308 7,363 34.044 2,500 .552 1.350 15.6281 11.5521 11.3501 1405.4501 45.372 310,543 2,998 619.391 266,876 480,817 Purposes of Restrlcted fijnds The Hav8n capital fund - This re￿esents funding Fxovi¢Jed T￿ the buil¢ing housing the Rough Sleepers Prevenrion Service. rhe Street outreach team and the In￿rVen￿on team. The provision lor depreciation of th8 building is being charged io ihis fund Haven running costs. VaricMJs (1cffiations towards gerEral running costs for the service. Interventi(n Team and Styeei Outreach- Funds wovided by Warf(￿0 Bcxough Council to provide a service in partnership with OUH ￿0vIderS io Ihose comF4ex neeos c¥ rwgh sleeping in wa￿ord. Sanctuary Nightshelw. D￿att￿5 ￿ cover the costs of running the emergency accommodaiion within our Sanctuary builiding Severe Weather funding - Funds tyovided by Warf￿￿ B(￿(￿h Council and Three Rivers distict council to support accomrrK)daiion wovided during severe weather conditions. Cultwaie- Grants and d￿at1(￿lS to supwt the coys of providing the cultivate servlce. Donations f[￿ resioents - A number of donati(xs wovided to finance capital items and oiher irems for rhe benefit o15pecific residents ai New H(pe House. the Cc¥nmunity H¢Jme arKJ the Sanctuary. Hopecollege. Funds rxovided to sutwt the wc*k carried Ixrt by H(peCollege. 43 WATFORD NEW HOPE TRUST ￿ RADING AS NEW HOPE) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 Purposes of Restricted funds (Con￿nUe01 Tenancy Sustainment Team - D(￿atIonS recewed towards the cost of staffing for the team. Funds received during the year include a grant from Nationwide to suppyJt those transitioning tr￿n the street to their own accommcKJaiion. Project Home . ￿C￿allOnS F*ovideO to run Ihe k*oJect H¢yne scheme, supplying those moving from rough sleeping homelessness to Indipendent accL¥nmod8tson. This includes dep)sits, fumiture and white goods. Rough sleeFef gJPPCXt -Financial a5si*ance given to help the entre￿hed rough sleepers wlh. individual supp¢Y(. Covld suppcf( and furlough granrs - Funds pwowdea by Henfu¢Jshire County Councll, Homeless Link and er funders to support additional costs I￿urre