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2024-03-31-accounts

Charity registration number 1085518

WATFORD AND THREE RIVERS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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WATFORD AND THREE RIVERS TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees HarjitGrewal
Steve McNicholas
Pam Parmar
Alec Ray
Syd Nadim
Khaleel Chowdhree
Visuwanathan Easwarakumar
Rachel Fowler
Simon Mitchell
Honorary Presidents MattTurmaineMP
PeterTaylor, elected MayorofWatford
Baroness Thornhill MBE
Chair Syd Nadim
Vice Chair Alec Ray
Chief Executive Officer Bob Jones
Charity number 1085518
Principal address and Holywell Community Centre
Registered Office Chaffinch Lane
Tolpits Lane
Watford
Hertfordshire
WD189QD
Auditor Gowers Limited
The Old School House
Bridge Road
Hunton Bridge
Kings Langley
Hertfordshire
WD4 8SZ
Bankers CAF Bank Ltd
25 Kings HillAvenue
Kings Hill
West Malling
Kent
ME194JQ

WATFORD AND THREE RIVERS TRUST

CONTENTS

Page
Trustees' report 1-7
Statement ofTrustees’ responsibilities 8
Independent auditor's report 9-11
Statement of financial activities 12-13
Balance sheet 14
Statement ofcash flows 15
Notestothefinancialstatements 16-29

WATFORD AND THREE RIVERS TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their report and accounts for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Watford and Three Rivers Trust

Ourmissionand purpose

The charitable aims and objectives of Watford and Three Rivers Trust (W3RT) as defined by our Articles of Association, are: The promotion of any charitable purposes for the benefit of the community in the Borough of Watford or the District of Three Rivers or their surrounding areas, and in particular the advancement of education, the protection of health and the relief of poverty, distress and sickness.

Whatwe believe

Volunteering and a good public spirit are at the heart of every successful community and every contented individual.

Our vision W3RT’s vision is of a community in which people are connected, informed and take responsibility for the wellbeing of themselves and others.

Qur purpose

Whatwe do

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WATFORD AND THREE RIVERS TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Statement on compliance with Charity Commission guidance on public benefit When deciding on activities and programmes, Trustees pay due regard to the Charity Commission's guidance on public benefit.

Review of the Year

Objectives for year WS3RT's objectives for 2023-24 were set out in a one-year business plan and a five-year strategic plan agreed by the Board of trustees in February 2023.

The Strategic Plan sets out W3RT’s:

- Distinctive role and values

We believe that people (despite or because of their differences) have immense power and capacity to work together purposefully for mutual benefit and the common good. We will always:

WS3RT works at the borders and margins — with individuals or communities that might feel marginalised, poorly connected or “under-served”. We aim to build services and connections so no-one is isolated or overlooked and everyone can playa part in their community, influence decisions and access services. We particularly help people navigate the borders that exist between individuals, their community and the state: « what relationship do individuals have to their neighbours and their community?

We know to remain flexible and not place too much reliance on forward planning. We want to ensure WSRT can:

The Business Plan set out specific targets and priorities for the year including:

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WATFORD AND THREE RIVERS TRUST TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Governance and management During 2023-24, W3RT completed the process to become a Charity Incorporated Organisation (CIO). We continue to be regulated by the Charity Commission and retain the same charity registration number, but following conversion to a CIO we are no longer required to report to Companies House.

Also during 2023-24, W3RT completed the process of “merging” with Watford and West Herts Chamber of Commerce. The Watford and West Herts Chamber of Commerce supported local businesses. The Chamber was a private limited company without charitable status, but actively supported a great number of community initiatives. After extensive discussions, the Chamber voted to dissolve and donate its net assets to W3RT. These monies will be used to support our ongoing charitable work including to:

We also began discussions with the ASCEND charity in South Oxhey to explore closer working and at 2023-24 year end reached agreement that W3RT would take on their remaining funded staff and activities.

Partnership first

WSRT holds a broad remit to develop activities that encourage constructive local engagement and strengthen the local community. In all circumstances, W3RT aims to work through partnerships to improve quality, learning, accessibility and impact. Through 2023-24, W3RT helped bring together different sectors, organisations, projects, systems and individuals and we worked with:

Achievements and performance

Governance and shared services

e Complete transition to ClO model constitution: completed ¢ Introduced new systems for accounts, payroll, HR, and training

Community Venues

« Provided 1,423 essential car journeys totalling 20,576 miles

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WATFORD AND THREE RIVERS TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |ASlice|of|Happiness| |e|12|eight week|programmes|delivered|attended|by|198|participants| |«|In|addition,|84|people|attended|one|or more|informal|weekly|support|sessions| |«|ASOH|has|now|been|set|up|as|an|independent|CIC| |Community|Help|Herts| |«|Complete|reconfiguration|of|HCLF:|completed| |«|Integrate W3RT|data|on|volunteering:|completed| |«|Volunteer|Befrienders|made|2,671|“keeping|connected”|calls| |«|Volunteer|Personal|Shoppers|completed|237 shops|and|15|prescription|deliveries| |CVS| |«|Provided|over 600|instances|of support|to|local|groups| |«|Hosted|seven|events| |«|Helped|set|up|fifteen|new|local|organisations| |+|Awarded|51|grants|totalling|£120,355| |«|100|users|pcm|access|the|Herts|Fundraising|database| |¢|Supported|organisations|through|the|Hertfordshire|Lord-Lieutenant’s|Charity|Hub| |e|Helped|74|other|local|groups|secure|external|funding| |Hospital|and|Community|Navigation|Service| |¢|Delivered|in|partnership|with|nine|other|local|charities| |«|Received|19,782|referrals|for|16,102|unique|individuals| |«|Addressed|26,267|specific|issues.| |«|Made|20,474|onward|referrals.| |«|Introduced|new|case|management|system| |«|Updated|partnership|agreements| |¢|Secured|long-term|delivery|contract| |Watford|and|West|Herts|Chamber|of Commerce| |«|Total|membership|of 370|-|a 41%|increase|on|the|previous|year| |«|Helped|members|develop|their|networks|and|businesses|and|enabled|them|to|bring|benefit|to|the| |wider|community| |«|Held|53|networking|events|with|a|total|of 2,623|attendances| |«|Lead|community|projects|including|the|Atria|Watford|Hub|on|Queens|Road,|free|Mental|Health|First| |Aid|training|for|the|community,|and|a|Food|Hub|at Watford|General|Hospital.|

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Investment performance

WS3RT funds are all invested through the “CAF Gold” account offered by our bankers CAF Bank. Interest rates and returns have remained very low. W3RT expects to maintain a cautious approach to investments.

Financial review and prospects

Financial review

Income fell by £77,434 (2%) to £3,530,711 while expenditure rose by £130,675 (4%) to £3,388,144. This produced a surplus on the year of £142,567 (representing a surplus of 4.04% of total income). Net assets rose to £1,038,796 (2023: £896,229 ).

Funds

At year end the amount of restricted funds not yet spent was £283,624 (2023: £56,750). The total unrestricted General Fund reserve was £764,172 (2023: £839,479).

Reserves policy

The Trustees have agreed that W3RT should hold General Fund Reserves between one third of annual running costs and that amount required to meet W3RT’s reasonable cash flow needs for the coming twelve months while holding at least £50,000 for contingency. For 2023-24 this sets a reserve of between £50,000 and £1,129,381. At the end of the year, we held an unrestricted and designated reserve of £755,172.

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WATFORD AND THREE RIVERS TRUST TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Principal sources of income and how expenditure meets our objects

W3RT has two main income streams; income from statutory contracts (HCC, HVCCG, NHS, WBC, TRDC) and income generated through the delivery of services.

Each service is designed and delivered for public benefit and each activity is funded differently and contributes to core costs such as management, marketing and telecoms.

Donations and legacies consists of the core grant for the CVS from Watford Borough Council plus fundraised and donated income.

Income from charitable activities totalled £3,175,302 (2023: £3,392,284) and the largest component of this is project grants of £2,846,274 (2023: £3,179,161 ).

Investment policy

W3RT's reserves policy is designed to maximise the resources that can be applied to charitable objectives. Consequently, W3RT has few surplus funds, and particularly in the current market, does not expect to generate a significant income from these funds. To date, W3RT has invested solely through accounts offered by our bankers CAF Bank, we are exploring options for the future but will maintain a cautious approach to investments.

Fundraising

W3RT has managed three community funds in Watford, now merged into a single fund. During 2023-24, we raised £38,236 and had total charges and grants of £30,648, leaving a year end balance of £26,652 for future grants. W3RT has also managed grant funds on behalf of TRDC and WBC.

Risk assessment

The Board of Trustees regularly carries out a risk assessment of W3RT activities and agrees on actions to manage and mitigate risks. The most recent risk assessment was carried out in May 2024.

Future plans

WS3RT Trustees meet each January to discuss plans for the coming year, and they review and refine these at each meeting. In the 2024-25 year, W3RT aims to:

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WATFORD AND THREE RIVERS TRUST TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Oe Structure, governance and management The charity was originally an unincorporated trust, then became a company limited by guarantee with charitable status, and in November 2023, W3RT converted to become a Charity Incorporated Organisation.

The Trustees who served during the year were: John Casstles (Deceased 1 May 2024) Harjit Grewal Steve McNicholas Pam Parmar Alec Ray Syd Nadim Khaleel Chowdhree (Appointed 15 January 2024) Visuwanathan Easwarakumar (Appointed 15 January 2024) Rachel Fowler (Appointed 15 January 2024) Simon Mitchell l (Appointed 15 January 2024)

New Trustees are co-opted to the Trustee board and the Trustees have adopted a recruitment policy to ensure that recruitment of new Trustees is based on the assessed needs of the charity. No external body is entitled to appoint any Trustees of W3RT. New Trustees are provided with key documentation, invited to spend a day meeting staff and service users, and encouraged to attend a course on Trustee roles and responsibilities.

Governance

The Trustees meet as required, but not less than four times a year. Throughout 2023-24, W3RT’'s board had a Chairman, a Vice Chairman and a Treasurer. Working groups are established as required, usually with a limited duration and always with delegated powers clearly defined.

Each Trustee meeting receives reports on W3RT'’s finances and activities.

Decisions about day-to-day operational matters, including staffing, work planning and finance are delegated to the Chief Executive Officer, who has regular meetings with the Board’s Chairman.

Affiliations

W3RT hosts many projects, activities, services and forums. This is part of our work to support and develop the local voluntary sector. Some of these activities may operate under particular brands or names different to W3RT, but none has any independent legal existence and all publicity materials, correspondence and publications quote W3RT's details and make clear that these activities are undertaken as part of W3RT.

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WATFORD AND THREE RIVERS TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the Auditors are unaware. They have further confirmed that they have taken appropriate steps to identif¥fsuch relevant information and to establish that the Auditors are aware of such information.

The Trygtees' report w approved by the Board of Trustees. Nadim Trustee

Dated: 21 January 2025

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WATFORD AND THREE RIVERS TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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WATFORD AND THREE RIVERS TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WATFORD AND THREE RIVERS TRUST

Opinion

We have audited the financial statements of Watford and Three Rivers Trust (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, inctuding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of lreland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

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WATFORD AND THREE RIVERS TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WATFORD AND THREE RIVERS TRUST

Responsibilities of Trustees

| As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such | internal control as the Trustees determine is necessary to enable the preparation of financial statements that are | free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

As a result of the above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in management override of controls. In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework in which the company operates, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements in this case, specifically in this context, Charities Act 2011 and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

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WATFORD AND THREE RIVERS TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WATFORD AND THREE RIVERS TRUST

Audit response to risks identified

Having performed the above, we did not identify any key audit matters related to the potential risk of fraud or noncompliance with laws and regulations. in addition to the above, our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. ret —~ Gowers o2D2N éput, yen\ bk faweg

Chartered Accountants Statutory Auditor

The Old School House Bridge Road Hunton Bridge Kings Langley Hertfordshire WD4 8SZ

Gowers Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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WATFORD AND THREE RIVERS TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

a

Current financial year
Unrestricted Restricted Total Total
funds funds
2024 2024 2024 2023
Notes £ £ £ £
Income from:
Donations and legacies 3 211,526 58,201 269,727 196,311
Charitable activities 5 2,723,012 452,290 3,175,302 3,392,284
Activities forgenerating funds 4 62,247 - 62,247 19,457
Investment income 6 23,435 - 23,435 93
Total income 3,020,220 510,491 3,530,711 3,608,145
Expenditure on:
Charitable activities 7 3,104,527 283,617 3,388,144 3,257,469
Net (expenditure)/income forthe year/
Netmovement in funds (84,307) 226,874 142,567 350,676
Fund balances at 1 April 2023 839,479 56,750 896,229 545,553
Fundbalancesat31March2024 755,172 283,624 1,038,796 896,229

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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WATFORD AND THREE RIVERS TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

Prior financial year

Prior financialfinancial year
Unrestricted Restricted Total
funds funds
2023 2023 2023
Notes £ £ £
Income from:
Donations and legacies 3 151,920 44,391 196,311
Charitable activities 5 3,251,076 141,208 3,392,284
Activities for generating funds 4 19,457 - 19,457
Investment income 6 93 - 93
Total income 3,422,546 185,599 3,608,145
Expenditure on:
Charitable activities 7 2,967,328 290,141 3,257,469
Gross transfers between funds (1,821) 1,821 -
Net (expenditure)/income forthe year/
Netmovement in funds 453,397 (102,721) 350,676
Fund balances at 1 April 2022 386,082 159,471 545,553
Fundbalancesat31March2023 839,479 56,750 896,229

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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WATFORD AND THREE RIVERS TRUST

BALANCE SHEET AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Current assets
Debtors 11 178,767 116,223
Cash at bank and in hand 1,152,861 1,134,353
1,331,628 1,250,576
Creditors: amounts falling due within
oneyear 12 (291,634) (351,782)
Netcurrentassets 1,039,994 898,794
Provisions for liabilities 13 (1,198) (2,565)
Net assets 1,038,796 896,229
Income funds
Restricted funds 16 283,624 56,750
Unrestricted funds
General unrestricted funds 756,370 842,044
Pension reserve (1,198) (2,565)
756,172 839,479
1,038,796 896,229
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WATFORD AND THREE RIVERS TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

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|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2023| |Notes|£|£|£|£| |Cash|flows|from|operating|activities| |Cash|absorbed|by operations|21|(4,927)|(172,786)| |Investing|activities| |Interest|received|23,435|93| |Net|cash|generated|from|investing| |activities|23,435|93| |Net|cash|used|in|financing|activities|-|-| |Net|increase/(decrease)|in|cash|and|cash| |equivalents|18,508|(172,693)| |Cash|and|cash|equivalents|at|beginning|of year|1,134,353|1,307,046| |Cash|and|cash|equivalents|at end|of year|1,152,861|1,134,353|

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WATFORD AND THREE RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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1 Accounting policies
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Charity information

Watford and Three Rivers Trust is a Charitable Incorporated Organisation.

1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value}. The principal accounting policies adopted are set out below.

1.2 Going concern At the time of approving the financial statements, despite the ongoing and potential effects of COVID-19, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The trustees continue to adopt the going concern basis of accounting in preparing the financial statements and no adjustments to the results or the carrying values declared in these financial statements are required, and none have been made.

1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are funds received which can only be used for the specific purpose as laid out by the donor. Expenditure which meets this criteria is identified to the fund, together with a fair allocation of overhead costs. The aim and use of each restricted fund is set out in the note to the financial statements.

1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. The value of services provided by the volunteers is not included in the Statement of Financial Activities.

Grants receivable are credited to the Statement of Financial Activities (SOFA) in the year for which they are received. Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received.

1.5 Expenditure Expenditure is included in the Statement of Financial Activities on an accruals basis inclusive of VAT. The Trustees have a policy of charging individual items with a negligible projected net residual value after one year from purchase directly to the Statement of Financial Activities in the year of purchase.

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WATFORD AND THREE RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7. Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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WATFORD AND THREE RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.9 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/(expenditure) for the year.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income/ (expenditure) in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.10 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2 Critical accounting estimates and judgements

.

In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

-18-

|

WATFORD AND THREE RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3 Donations and legacies

3 Donations andand legacies
Unrestricted Restricted Total Total
funds funds 2024 2023
£ £ £ £
Donations and othervoluntary income 84,353 58,201 142,554 65,278
Grants receivable for core activities 127,173 - 127,173 131,033
211,526 58,201 269,727 196,311
Forthe yearended 31 March 2023 151,920 44,391 496,311
Donations and gifts
Camelot UK Lotteries - 10,000 10,000 -
Watford Council - - - 4,300
Brick by Brick - - - 13,297
Watford Chamber ofCommerce 57,000 - 57,000 -
Chamber ofCommerceApprenticeships - 40,000 40,000 -
Bedfordshire & Luton Community Foundation 6,000 - 6,000 -
Jaspar Foundation - - - 5,000
Community Cup GolfDay - - - 8,515
Warner Bros 10,000 - 10,000 2,000
Other 11,353 8,201 19,554 32,166
84,353 58,201 142,554 65,278
Grants receivable for core activities
Watford Council -CVS Grant 87,173 - 87,173 79,173
Three Rivers District Council - CVS Grant 40,000 - 40,000 40,000
Watford Council - Community Funds Co-ordinator - - - 9,360
Watford Community Housing Trust - - - 2,500
127,173 - 127,173 131,033
4 Income from othertrading activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Membershipsubscriptionsandsponsorships 62,247 19,457

-19-

WATFORD AND THREE RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

5 Charitable activities

|

Room hireand
facilities		 Fees and
contracts		 Lunch clubs
and transport		 Total
2024		 Total
2023
£ £ £ £ £
Income from charitable activities 219,513 95,145 14,370 329,028 213,123
Projectgrants - 2,846,274 - 2,846,274 3,179,161
219,513 2,941,419 14,370 3,175,302 3,392,284
Analysis byfund
Unrestricted funds 219,513 2,489,129 14,370 2,723,012 3,251,076
Restricted funds - 452,290 - 452,290 141,208
219,513 2,941,419 14,370 3,175,302 3,392,284
Project grants
Watford Council - 157,680 - 157,680 214,319
Hertfordshire County Council - 2,172,282 - 2,172,282 2,103,299
Macmillan Cancer Support - 116,912 - 116,912 -
Communities 1st - Community Help
Hertfordshire - 76,210 - 76,210 52,928
Herts Valleys Clinical Commissioning
Group - - - - 76,468
Three Rivers District Council - 11,000 - 11,000 49,500
Dacorum Borough Council - 34,335 - 34,335 15,787
CommunityAction Dacorum : 5,982 - 5,982 5,841
PCN LinkWorkers - - - - 378,037
NHS - 262,845 - 262,845 280,583
Other - 9,028 - 9,028 2,399
- 2,846,274 - 2,846,274 3,179,161

6 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 23,435 93

-20-

WATFORD AND THREE RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

7 Expenditure on charitable activities

2024 2023
£ £
Direct costs
Staffcosts 1,062,919 1,034,285
Other staffcosts 4,714 43,165
Grants to partnerorganisations and direct delivery costs _ 1,765,650 1,543,965
Venue costs 254,082 382,262
Central delivery costs 64,616 65,783
ICT costs 180,134 128,412
Travel and subsistence 10,361 11,439
Volunteer costs 26,998 38,222
General costs 1,317 2,834
Otherfinance costs 3,476 2,998
Governance costs 4,877 4,104
Bad debts 9,000 -
3,388,144 3,257,469
Analysis by fund
Unrestricted funds 3,104,527 2,967,328
Restricted funds 283,617 290,141
3,388,144 3,257,469

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or expenses during the year.

-21-

WATFORD AND THREE RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

9 Employees

Number of employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Charitable and administrative 38 40
Employment costs 2024 2023
£ £
Wagesand salaries 956,109 928,542
Social security costs 80,334 80,150
Other pension costs 26,476 25,593
1,062,919 1,034,285

There were no employees whose annual remuneration was £60,000 or more.

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11 Debtors
2024 2023
Amounts falling due within one year: £ £
Trade debtors 115,632 108,444
Other debtors - 703
Prepayments and accrued income 63,135 7,076
178,767 116,223
12. Creditors: amounts falling due within oneyear
2024 2023
Notes £ £
Other taxation and social security 19,826 -
Deferred income 14 34,333 _
11,430
Trade creditors 74,576 326,687
Other creditors 12,195 8,765
Accruals 150,704 4,900
291,634 351,782

-22-

WATFORD AND THREE RIVERS TRUST

|

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

13 Provisions for liabilities 2024 2023
Notes £ £
Retirement benefit obligations 15 1,198 2,565
1,198 2,565
14 Deferred income
2024 2023
£ £
Other deferred income 34,333 11,430
Deferred income is included in the financial statements as follows:
2024 2023
£ £
Deferred income is included within:
Current liabilities 34,333 11,430
Movements in the year:
Deferred income at 1 April 2023 11,430 860,168
Released from previous periods (11,430) (860,168)
Resources deferred in the year 34,333 11,430
Deferredincomeat31March2024 34,333 11,430

-23-

WATFORD AND THREE RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15 Retirement benefit schemes

Defined contribution schemes

The company participates in the scheme, a multi-employer scheme which provides benefits to some 638 nonassociated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a ‘last-man standing arrangement’. Therefore the company is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognisesa liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present vaiue is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |31|March|2024|31|March|2023|31|March|2022| |(£s)|(£s)|(£s)| |Present|value|of|provision|1,198|2,565|4,024| |Reconciliation|of opening|and|closing|provisions|Period|Ended|31|Period|Ended|31| |March|2024|March|2023| |(£s)|(£s)| |Provision|at|start|of|period|2,565|4,024| |Unwinding|of the|discount|factor|(interest|expense)|98|76| |Deficit|contribution|paid|(1,466)|(1,466)| |Remeasurements|-|impact|of any|change|in|assumptions|1|(69)| |Remeasurements|-|amendments|to|the|contribution|schedule|-|-| |Provision|at end|of|period|1,198|2,565|

----- End of picture text -----

-24-

WATFORD AND THREE RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

7: |

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |15|Retirement|benefit schemes|(Continued)| |Income|and|Expenditure|Impact|Period|Ended|31|Period|Ended|31| |March|2024|March|2023| |(£s)|(£s)| |Interest|expense|98|76| |Remeasurements —|impact|of any|change|in|assumptions|1|(69)| |Remeasurements|—|amendments|to|the|contribution|schedule|-|-| |Contributions|paid|in|respect|of future|service|-|-| |Costs|recognised|in|income|and|expenditure|account|-|-| |Assumptions|31|March|2024|31|March|2023|31|March|2022| |%perannun|%perannum|%|per annum| |Rate|of discount|§.31|5.52|2.35|

----- End of picture text -----

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

-25-

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----- End of picture text -----

WATFORD AND THREE RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

  1. Analysis of net assets between funds Unrestricted Restricted Total : funds funds 2024 2024 2024 | At 31 March 2024: Current assets/(liabilities) 756,370 283,624 1,039,994 Provisions and pensions (1,198) - (1,198) 755,172 283,624 1,038,796 Unrestricted Restricted Total funds funds 2023 2023 2023 £ £ £ At 31 March 2023: Current assets/(liabilities) 842,044 56,750 898,794 Provisions and pensions (2,565) - (2,565) 839,479 56,750 896,229

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At1 April
2023		 Incoming
resources		 Resources
expended		 Transfers At 31 March
2024
£ £ £ £ £
General funds 842,044 3,020,220 (3,104,527) (1,367) 756,370
Pension fund (2,565) - - 1,367 (1,198)
839,479 3,020,220 (3,104,527) - 755,172

-28-

| ,

WATFORD AND THREE RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

18 Unrestricted funds (Continued)

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Previous|year:|At|1|April|Incoming|Resources|Transfers|At|31|March| |2022|resources|expended|2023| |£|£|£|£|£| |Premises|Maintenance|Fund|4,646|-|(4,646)|-|-| |Development|Fund|3,960|-|(3,960)|-|-| |General|funds|381,500|3,422,546|(2,958,722)|(3,280)|842,044| |390,106|3,422,546|(2,967,328)|(3,280)|842,044| |Pension|fund|(4,024)|-|-|1,459|(2,565)| |386,082|3,422,546|(2,967,328)|(1,821)|839,479|

----- End of picture text -----

The Premises Maintenance Fund is to provide for the costs of replacing the boiler and creating a new card entry system.

The Development Fund is to fund general developments in service delivery including an online booking platform and upgrading virtual platforms, our website and intranet.

19 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

20 =Analysis of changes in net funds

The charity had no material debt during the year.

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Cash|generated|from|operations|2024|2023| |£|£| |Surplus|for|the|year|142,567|350,676| |Adjustments|for:| |Investment|income|recognised|in|statement|of financial|activities|(23,435)|(93)| |Difference|between|pension|charge|and|cash|contributions|(1,367)|(1,459)| |Movements|in|working|capital:| |(Increase)/decrease|in|debtors|(62,544)|199,787| |(Decrease)/increase|in|creditors|(83,051)|127,041| |Increase/(decrease)|in|deferred|income|22,903|(848,738)| |Cash|absorbed|by operations|(4,927)|(172,786)|

----- End of picture text -----

-29-