Charity registration number 1085518 (England and Wales) WATFORD AND THREE RIVERS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
WATFORD AND THREE RIVERS TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Hariil Grewal Sieve M¢Nichol8S Alec Ray Syd Nadim Khaw Lhowdhree Visuwanathan Easwarakumar Rachel Fowler Simon Mitchell Honorary Presidents Matt Tumiaine MP Peter Taylor. elected Mayor of Wattord Baroness Thomhill MBE Gagan Mohindra MP Chair Syd Nadim Vice Choir Aec Ray Chlef ExècutivÈ Offlt•r Bob Jonos Charity number 1085518 Prln¢ipal addross and Registerod Offi¢e Holywell Community Centre Chaffincli LaiTrv Tolpils Lan8 Wafford Hertfordshire WD18 9QD Auditor Gowers Limited The Old School House Bridge Road Hunton Bridge Kings Langlèy Hertfordshire WD4 8SZ Bankers CAF Bank Ltd 25 Kings Hill Aveiiue Kings Hill West Malling Kent ME19 4JQ Metro Bank One Soulhampion Row London WC1B SHA
WATFORD AND THREE RIVERS TRUST CONTENTS Page Trustees. rep¢Yt Sialement of Twslees. responsibilities Independent auditorfs report 8-10 Stalement of financial activities Balance sheet 13 Statement of cash flows 14 Notes to the financial ststements 15-28
WATFORD AND THREE RIVERS TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustee5 present their report and accounts for the year ended 31 Marth 2025. The financial statements have been prepared in accor(lance wilh the accounting policies sel out in note 1 to the financial slalemenls and comply with the charity's Memorandum and Arb"cles ol Association, the Lhanlies Act 2011 and "Aecounling and Reporbng by Charities.. SlalÈment of Rer.nmmp.ndprl Prar.lir.p. Applir2hlp. In r.h2rilies preparing their accounts in accordan with the Finaneial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffectlve 1 January 2019)-. Wattord and Three River5 Trust Our mission and ur The charitable aims and objectives of Watford and Three Rivers Trust {W3RTI as defined by our Articles of Association, ar8.. The promotion of any charitable purposes for the benefrt of the community in the Borough of Walford or th8 District of Three Rivers or their surrounding areas. and in particular the advancement of education, Ihg protection of hgaifh and the relief of poverty, distress and sickness. What we believe Volunteering and a good public spiril are al the heart of every successful community and every conlenled individual. Our vision W3RT's vision is of a community in which people are connected. informed and take responsibility for the wellbeing of themselve5 arKI others. Our In particular, we work to.. ensure that our community benefits from voluntary organisations that are welcoming, effective, sustainable and accountsble", help older and vulnerable people to build social nelworKs and design and secure services appropriate to their noeds., encourage and support poople to be aclive in their communities for tha wallbaing of thomsolvos and others. What we do W3RT hag inttiat@d or supportpd many rJ)mmunity initiatives in Wattord. Three Rivers and across Hertfordshire and we.. host the Herrfordshire Community Leader5 Forum providing connections, support and a voice to charities across the county- njns CVS services for Watford and Three Riverg, representing around 800 local charities and supporting them on all aspec15 of govemance, management and operations., host the Watford Community Puno an¢J tne connecu.ng Three Rivers Funa io ralse monles for local rharilies.. host up lo 11 dubs or activities each week for older people; provide additional support for vulnerable people living at home- host the Wattord and Wesl Herts Chamber of Commerce.. run a communty car service providing joumeys fr)r people to attend mediegl And nlhp.r appointments.. fflana9e two Gommunity centres., host Hertfordshire's social prescribing partnership aimed al supporting 14.000 people a year to relieve pressures on the NHS and adult care services.
WATFORD AND THREE RIVERS TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ststemenl on com li8nce with Ch8ri Commission uidance on ublic benefit When deciding on activities and programmes, Trustees pay due regard to the Charity Commission's guidance on public benefit. Review of the Year ecb'ves for 2024-25 W3RT's objectives for 2024-25 were set out in a one-year business plan and a five-year strategic plan agrèèd by tliv Buard of Truslees in February 2024. The Strat•glc Plan set t W3RTs'. Dislinclive role and values We believe that people Idespile or because of their differences) have immense power and capacity to work 109elher purpos8fully for mutual bgn8fit and the common good. We will 8tWgyS-. seek effective partnership5 with organisalions sharing similar values and aims. work for organisalions to be accountable to the communities they serve., support a strong and diverse voluntary sector as a necessary feature of a successful community.. encourage people to be engaged in the planning, design and delivery of cornmunity Servi5. Focus for develo ment W3RT works 81 the borders and m8rgins - with individilalq nr rmmmLJnilip.q that mighl fp.p.I mArginali£p.d. pnody connected or "under-served" We aim to build services and connections so no-one is isolated or overtooked and everyone can play a part in their community. influence decisions and access services. We particularty help people navigate the borders that exist beeen individuals. their community and the slale.. what relationship do individuals hav9 to Ihoir noighbours and their community? how do individuals navigate their way through the slate'5 manifold institutions and services? how can we ensure thai vduntary organisaiions work io sirengthen their communiiie57 Plans for the future We know to remain lexible and not place loo much reliance on forward planning. We want lo ensure W3RT can.. be attenbve. responsive and innovative-. have scalablg systems to underpin successful project delivery- • make a di51inGlive contribution lo policy di5GU55ion3.' be an exemplar of good govemance. develop a lon9-lerm financial slralegy.. be an effective ehempion for our mcrnbcrs and communities" be recognised for our acnlevements. Th8 Business Plan sel out specific largels and priorilies for the year including: complete the integration of the Chamber of Commerce; conclude the merger with South Oxhey charityASCEND- iTrlroduGe online booking for our community venues and turn aclFvity al venues to P-PandemiC levels., increase the number of acts.ve volunteer driver5- improve and increase support for local voluntary organisations: increase the number of Getting Together dub5 and members.. create a new website and focus for the Herts Community Leaders FOTUM," introduce new partnerghip arr8noem8nts to HCN
WATFORD AND THREE RIVERS TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Perfornance Charnt)er of Comrner We h051ed 53 events. attracting s.623 attendances from the Chamber's membership of 390 local businesses. Work continues to complete the integration of the Chamber of Commerce through 8 shared membership stralegy with our CVS. ASCEND We have successfully completed our merger wf(h ASCEND continuing their legacy of community work in South Oxhcy. and retaining their LifeLine and DigDeep projects and staff. CuiTiiiiuiiiI Veiiues Our venues hosted 1,460 community events attracting 42,000 participants. Activity al Holywell Cornrnunity Centre has retumed to pre-pandemic levels. The Lord-Lieulenanl's Charity Hub has become established at W8mer Brothers with 32 desk spaces shared by local charities. We continue to work with partners lo restore activities at The Barn which has struggled to find anchor organisations since reopening. Our new booking system has been introduced. Communi Cars We provided 1.423 essential joumeys to people unable lo use public transport. We have secured small increase in driver numbers, and we are working wilh key partners Induding Watford General Hospital to secure sustained increases. Cornrnuni 8nd Volunta Scrvicos We helpe(t sel up fifteen neY4 organisation5. PvIded ovlti 600 in141dnCtts vl suppurt Iv vvluiitrdry orqanisations and hoste(I seven local events including on tundraising ano volunleenng. Over l UU users a month accessed our directory of 800+ local voluntary organisations. Gettin To ether and Wellbein We hosted 600 meets.ngs and events during the year wilh a loial aiiendance of 12,768. Our 26 vnliJntpp.r bp.frienders made 2.671 'keeping connected" calls. Herts Communi Leaders Fo Tliis IiElwuik li<ab <1 ii¢w Y¥¥bsitè aiid has grown to over 140 metnbers, of whiGh 40 are CEOS. Hos ital and Communi Navi ation Service New partnership arrangements have been introdueAd and with ils partners, HCNS continues to achieve its targets for swal prescribing. Financial review and prospKts Financial review Incomo ros• by £940,426126.6%1 to £4,471.137 while gxpendrÉure rose by £1.136,613133.501•} to £4.524.757. This produced a deficit on the year of £53.620. of which £27.473 lated lo restricted funds and £26,147 related to general unrestricted funds. Net assets lell to £985.17612024.' £1.038,7961. Funds Al tho ygar ond tho amount of restrictèd fundg not yel spent was £256.151 {2024.. f283.6241. Thè lolal unrestricted General Fund reserve was £729,02512024.. £755,172). Reserves olic The Trustees have agreed that W3RT should hold General Fund ReseNes betsveen one third Df annual running costs and that amount rUired to meet W3RT's reasonablp _sh flnw np.p.ds fnr thp. rMIng P1ve rnonths whilè holding al least £50,000 for contingency. For 2024-25 this t5 a reserve of between £SO.000 and £1,508,252. At the end of the year, we held an unrestricted and designated reserve of £729.025.
WATFORD AND THREE RIVERS TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Princi al sources of income and how ex enditrjre meets our ob'ecls W3RT has two main income streams; income from statutory contracts IHCC, HVCCG. NHS. WBC. TRDCI and income generated through the delivery of 8p.rvires. Eech service is designed and deliveieij lor putrllc benefit and each activity is funded differently and contributes lo ore costs such as management. marketing and telecoms. Donations and legacies consists of the CO grant for the CVS from Watford Borough Council and Three Rivers District Council plus fundraised and donated income. Income from charitable actiVFties totslled £4,054,820 (2024: £3.183.302) and the largest component ol this is project grants of £3,753,661 {2024. £2,854,274). Investment W3RT's reserves policy Is desiqned to maximise the resourceg that tan be applied to charitable objcctives. Consequendy. W3RT has few siirpliJ8 funds. and particulady in the current mafkel, does not expect lo yeiieiale 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 bul will maintain a cautious approach lo inveslmenls. Investment erforiiicivILe W3RT funds are all invested thrrtriigh IhÈ "CAF Gold. account offered by our b8nkers CAF Bank. In(erebl r(Ites and relums have remained very low. W3RT expects to maintain a iauti(J5 approach 10 invesimenls. Fundraisin W3RT carrie5 Out fundraising fomj businesses. individuals and the (x)mmunity to support its own work, and lo raise money lo support CVS rnemr charities. Risk assessment The Board of Trustees regulady earrtes out a risk assessment of W3RT activilies and agrees on actions lo manage and mitigate risks. The mosl recenl nsk assessment was carried out in May ?n?5 Future plans W3RT Trustees meet each January to discuss plans for the coming year, and they review and refine these al each meeting. There are major challenges ahead for W3RT". W3Rfs CEO is leaving al the end 012025 after enty years. Public finanS are also under immense prp%qiirÈ - and especiglly funding for NHS and adult care seNices. The Hertfordshire and West Essex Inlegrdted Care Board is currenuy seeking lo lose 50D/o of ils stsff - while also being reorganised into a new ICB area covering Hertfordshire, Carnbridgeshire, Peterborough, Bedfordshire. Luton and Milton Keynes. The Govemrnent is also accelerating the abolition of two tier local authorities.. within Hertfordshire all exisliiiy wuncils will tse replaced by Nvo, three or four new Unitary Aulhonlies (the decision will be known at the end of 2025 and chanoes implementp_d by 20281. Changes lo W3RT funding, increases lo Nats"onal Insurance, sidual cosls of the rnerger with Watford Chamber. and onwff costs ft)r some accommodabon mean that W3RTfaces a significant deficit in 202&26. In response lo Ilies changes, W3RT is.. recruib.ng a new CEO olheThvise seeking lo redu ils payroll costs by £200k- £250k pa considering all opportunities for closer working with other chariiies reviewing all systems and processes to reduce costs and elirninAtp. Any friction or wa$te reviewing all servicÈ8 and projects lo ènsure we have sustainablc mode13 of delivery in pace
WATFORD AND THREE RIVERS TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management The charity was originally an unincorporated trust. then became a company limited by guarantee with charitable status, ana In November 2U23. W3K I converted to become a Charity Incorporated Orqanisation. The Trustees who served during the year We.. Haryil GrÈwal Steve McNicholas Pgm Pamar Alec Ray Syd Nadim Khaleel Chowdhree Visuwanathan Easwarakumar Rachel Fowler Simon Mitchell John Casstles (Resigned 17 Jun• 2025) {Deceased 1 May 20241 New Trustees are co-opted lo the Trustee board and the Trustees have adopted a recruilmenl policy to ensure Ilial recruirie[lI vf iigw Truste is based on the a55e55ed needs of Ihe Chaty. No exiemal body is eniiiied 10 appoint any Trustees of W3RT. New Trustees are provided with key documentation, inv¢ted to spend a day meeting staff and service userg, and encouraged to attend a course on Trustee roles and responsibilities. One trustee lakes a particular interest in data govemance. We are also seeking lo appoint trustees lo tske particular responsibility for safe9uarding, ringne8. gnd staffing. New Tnjslees are provided with key documentation, invited lo spend a day meeting staff and service users, and encouraged lo attend a course on Trustee roles and responsibilities. Gov9mance Vve have creare(J new Boar(J pages within Mlcfosoft Teams. "The Yoara used lo meet rive times a year for two hours. but is now in rneeting monthly for one hour. with quarterly face-t(kface meetings. Each Trustee mg.9.ling r&c&iv88 reports on W3RT's finances and activities. Working groups a estsblished as reqired, vAth a limited duration and with any delegated r)owers clearly defined. Decisions about day-trpday operational matters, including slaffing, work planning and finance are delegated lo the Chiel Executive Officer. who has regular meetings with the Board's Chairman. Affiliations Ounng 2024-25. W3RT heia affiliaiions wilh.. Community Transport Association.. Harts Care Providers Associalion.. COA Herts: Institute of Corporate RestK)nsibility and Sustainability {through the CEO)., Institute of Fundraising (through the CEOI- Living Wage Foundation- National Association for Voluntary and Community Action.. National Voices.. National Council of Voluntary Organisations. W3RT Ilublb ITldrTry yiujeGib-, dLlivilies, 5etvice5 and foTUrn5. Thi5 is part of our work to suppon and Oevelop ihe local voluntary sector. Some of these activities may operate under particular brands or names different to W3RT. bul none has any ind8pendenl legal existence and all publicity materials. correspondence and publications quote W3RT's details and make dear that these adivilies are undertaken as part of W3RT.
WATFORD AND THREE RIVERS TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Disclosure of infomialion to auditor Each of the Trustees has confirmed that the is no infomation of which they a aware which is relevant to the audil, bul of which Ihe Au¢Jitors are unaware. They have further ciirifiriTie(J Ili(Il Iliey liave taken appropriate steps In idpntify SLJch relevant infomalion and to establish that the Auditors are aware of such Infomialion. The Tru es, port was app ed by the Board of Trustees. Syd Dated: 16 September 2025
WATFORD AND THREE RIVERS TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are spOnSible for pparing the Trustees, Report and the financial statements in accorLlance with applicabl8 law and United Kingdom A¢untIng Standards (United Kingdom Generally Accepted Accounting Praclico). The law appli¢able to charities in England and Wales requires the Trustees lo prepare financial slalements 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 prepaNng these financlal statements. the Trustees are required lo.. select Suitable accounting policies and then apply them consislenlly.. observe the methods and principles in the Charities SORP.. make judgements and estimates that are reasonable and Prudent.. slate whether applicable accountsng 5taniJards have been followed. subject to any material departures disclosed and explained in the financial statements.. and prepare the financial slalements on the going concem b8616 unle8S It is inappropriate lo presume Ihal the charily will coiitinue in operation. 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 lo ensure that the financial slalemenls comply with the Chgrities Arl ?011 Ihp. c.harity (Arrnijntq and Rp.tJnrtsl Rpgulalinn8 20n8 and Ihp. prnviqinns nf thp. tru41 dppd. Thpy are also responsible for safeguarding the assols of tho charity and hence for taking reasonable slep8 for the preventioFI clrid d¥[lIvI7 ul Iraud arid ull)er irre9ulariltes.
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 Ithe 'chanly I for the year ended 31 March 2025 which comprise the slalemenl of financial activities, the balance sheet, the slalemenl of cash flows and the notes lo lh8 fiiidiiuial slalements. induding a summary of significant accounting policics. Thc financial reporting framework that has been applied in Iheir preparaiion is applicable law and Uniieij Klnguom AcGDuriliiiy Slciiidiirds, including Financial Reporting Slandard 102 The Financi81 Reporting Standard applicable in the UK and Republic ol Ireland {Uniled Kingdom Generally Accepted Accounting Pracb"ce}. In our opinion. the financial slalemenls.. give a true an(i tair view of Ihe sle of the charlty's affalrs a5 at 31 March 2025 (Inii uf ils inGoming soUrces and application of resources. for the year then ended- have been propedy prepared in accordance wtth United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the Charitses Act 2011. Basis for opinion We conducted our audit in accordance with Inlemational Standards on Auditing IUKI IISAs IUKI} and applicable law. Our responsibilities under those standards are further descnbed in the Auditors spOnSIbl111eS for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical re4uireiiients that are relevant lo our audit of the financial -tatcmcnts in the UK. including th8 FRC'S Ethical Standard. and we have fulfilled our omer eihlcal responslL)ililies in accorddnce willi Ihese requirements. We believe IhAI thp audit evidence we have obtsined is sufficient and appropnale lo provide a basis lor our opinion. Conclusion5 relating to going concern In audibng the financial ststements, we have wnduded that the Trustees. use of the going concem basis of accountsng In Ihe preparation ol the ftnancial 5talernerils is appropriale. Based on the Wofk we have perfomied, we have not identrfied any material uncertainties relating lo events or condition5 that, individually Of collecuvely, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve monlhs from when the financsal slalemenls are aulhorised for issue. Our responsbilItieS and the re8pon?ibilities of the Trustees with ro8PQCt to going concem are described in the relevani selonS of thls report. Other Inforniation The other information mmpri8p.q the infornation induded in the annual rewrt other than the financial slalements and our auditoes report theon. Thc Trustees are rgsponsiblo for the other infomialion contained within Ihp. Anniial report. Our opinion on the financial slalements does not cover the other infomiation and we do not express any form of assurance conclusion thereon. Our responsibility Is to read the olher Information and. in doing 50, consider whether the other infomiation is malerially Inconsistent with the financial statements or our knowledge obtained in Ihe wurse of the audit, or otherwise appears lo be materially rnisslaled. If we identify such material inconsistencies or apparent malerial misstalemenls, we are required to ¢Jetemiine whether this gives rise to a material mi35ts1emenl in the financial statements themselves. If. based the work we have performe¢J, we conclude Ihat Ihere is a malcrial misstatement of this othBr inlomi8tion. we are required to rep(Jrt that fact. We have nothing to report in this regard. Matters on whlch we are required to repofl by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities IAccounts and Rewr1è4I R¥yulations 2008 requires u3 to report to you if. in our opinion.. the infomiation given in Ihe financial statements is ino)nsistent in any material respect with the Trustees. report". or sufficient accounting records have not Deen Kepl.. or the financial slalernents are not in agreement with Ihe accounting records; or we have not received all the infortnation and explanatsons we require for our audit.
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 respM)nsible for the pParatIon of the financial statements and for being satisfied that they give a true and fair view, and for such Iniemal control as ihe Trustees detemine is necessary to enable me preparaiion ol flnanclal siatemenls that are frp.p. fmm mAtP.riAI mi.8.statement, whether due lo fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, 3s applicable, mallers related lo going concem and using the going concem basis of a(xountsng unless the Trustees either intend lo cease operations, or have no realistic altemab.ve but to do so. Auditors responsibilities for the audit ot 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 effecl Ihereunder. Our of)jeaives are to obialn reasonaf)le assurance aboul whether the finan¢ial 5t3lements as a whole ate free froTn material misslalemenl. whelher due to fraud or error, and to issue an auditols report that includes our opinion. Reasonable assurance is a high level of assurance bul 15 not a guarantee that an 8udit conducted in accordance with ISAS IUKI will always delect a material mi55tstement when il exists. Misstatements can arise from fraud or error and are considered material rf, Individually or In the aggregate, they could reasonably be expected lo influence th8 economic decisions ol userq takp.n nn thp. basis of IhesÈ financial statÈmÈnts_ The extent to which our procedures are capable of detecting irregularib'es. including fraud, is detailed below. In identifying and assessing risks of material misstatement in respect of irregularitses, induding fraud and non- compliance with laws and gulations, our procedures included the following". the nature of the charitable sector, the chanty's control environment and performance, results of our enquiries of management about their own enticatIOn and assessment of irregulanlies., any matters we identified having reviewed the charity's procedures relating lo identifying, evaluating and complying wtlh laws and regulations and whelhef they were aware of any instances of non-compliance", detecting and responding to the risks of fraud and whether they have knowledqe of any actual, SLtspected or allg91)d fraud., and the inlemal systems ostablishod to mrtoate risks related to fraud or non-compliance with laws and regulation3. me matters discussed among the engagement team an¢J involving relevant inlemal speGiali515, including tax. regarding where fraud might occur in the financial slalements and any potential indicators of fraud. As a result of the above. we Considered the opportunilies and InntIveS that may exist within the orqanisation for fraud and identified the greatest polenlial for fraud in management oveIde of controls. In common with all audits under ISAS IUK}, we are required to perform speciffic procedures to respond lo 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 detemiinalion of material amounts and disclosures in the financial slalemenls in this case. specifically In this context, Charities Act 2011 and tax legislation. In ad(Jits"on, we conslOere(J provlslons of olher13w5 and regulation5 thÉ4t rjy iivl hdve <1 diTvuI vlfvil uii IF1¥ fiii(IIICi491 statements bul compliance with which may be fundamental lo the company's ability to operate or to avoid a material penalty.
WATFORD AND THREE RIVERS TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WATFORD AND THREE RIVERS TRUST Audit response to risk5 identified Having performed the above, we did not identify any key audit matters related to the potential risk of fraud or non- compliance with laws and regulations. In addition to Ihp. 2Ey)ve. our procedures lo rèspond lo risks identified incJudÈd Ihp. following.. reviewing the financial statement disclosures and lesb'ng to supporting documentation lo assess compliance with relevant laws and regulations discussed above.. enquiring of management, concerning actual and potential litigation and claims", review of minutes of trustees meetings., performing analytscal procedu5 10 idenlfy any unusual or unexpected rp.lationships that may indicato risks of malenal misslalemenl due lo fraud.. and in addSsing the risk of fraud through management override of wnlrols. VIewIng Ihe appropriateness of joumal entries and other adjuslmenis., and evaluating the business rationale of any significant transactions that are Ltnusual or outside the nomial course of business. Wc Blso communicated relevant idenlifieLI IcfWS and regulaiions ana poienlial traud risks lo all enqagemenl team rnernber5, and remalned alen io any In¢Jications of fraud or non<ompliance with laws and regulations throughout the audit. A further description of our respDn8ihi1tli for the audit of the financial statemcnts is located on the FinanGial Reporting Council's website at-. http.'IlwYM.fr¢.onJ.ukJaudilorsresponsibililieb. This de5CriPilon roms pan of our audilols report. Othar matters Use of our rgport This rcport is made solely lo the Gharity's trustees, (Ib d body. in accor¢Jance wilh Pan 4 ot the Charitie5 (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to thp. r.harity's trustees those matters we are required to stsle lo 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 lo anyone other Ihan the chartty and the charity's trustees as a b()dy, for our audit work. for this report. or for the opinions we have formed. Gowe Chartored Accountants Ststutory Auditor The Old School House Bridge Road Hunton Bridge Kings Langley Hertfordshire WD4 8SZ Gower3 Limited is eligible (vi cippointrnenl as auoitor ol Ihe Chanty t*y virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 10-
WATFORD AND THREE RIVERS TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Curront financial yÈar UnrÈstrictèd funds Rèstrictèd funds Total Total 2025 2025 2025 2024 Noles Income from: Donations and legaaes Charitable activities Other trading activities Inveslmgnts 153,908 3,274,459 99,638 23,253 139,518 780,361 293,426 4,054,820 99,638 23.253 261,727 3,183,302 62,247 23,435 Totsl incom• 3,551,258 919.879 4.471.137 3.530,711 Exponditure on: Raising funds Charitable activities 8.235 3.441.281 8.235 4.516.522 1.075.241 3.388.144 Total expenditure 3.449.516 1.075.241 4.524,757 3,388.144 Nat in¢omel(expenditure) 101,742 1155.362} 153,6201 142,567 Transfers been tun¢Js 112 1,1389) 12K,1515Y Net movemenl in funds 126.147) 127.4731 (53,6201 142,567 Reconclllatlon of funds: Fund balancès al 1 April 2024 755.172 283.624 1.038.7q6 Fund balances at 31 March 2025 729.025 256.151 985.176 1.038.796 The slalement of financAal activitie5 indudes all gains and losses recognised in the year. All income and expenditure derive from continuing aaiwties. 11
WATFORD AND THREE RIVERS TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Prior financial year Unrèstricted funds Rostricted funds 2024 Total 2024 2024 Notes Income from: Donations and le9acie3 Chariiatrle aclivrties Other trading activities Investmenis 203,526 2.731.012 62.247 23.435 58,201 452.290 261.727 3,183,302 62.247 23,435 Tgtal inGome .q.O?0.220 510,491 3,530,711 Exponditure on: Charitable acts'vilies 3,104,527 283,617 3,388,144 Total expenditure 3.1 ¢M,527 283,617 3.388,144 Nel incomellexpenditure) and movement in funds {84,3071 226,874 142,567 Reconciliatlon of funds: Fund balances at 1 Apnl 2023 839,41Y 56,750 896.229 Fund balances at 31 March 2024 755.172 283,624 1,038,796 12-
WATFORD AND THREE RIVERS TRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Current assets Debtors Cash at bank and in hand 13 198.515 1.135,489 178.767 1,152,861 1,334.0(H 1,331.628 Creditors: amounts falling due within one year 14 1345.781) 1291.6341 Net ¢urrent a888t8 988.??2 1.039.994 Provislons for liabilltles 15 (3.0471 11,1981 Net assets 985,176 1.038,796 InGome funds Restricted funds 18 256.151 283,624 lricted funds General unrestricted funds PenSn reserve 732.072 13.047) 756,370 11,1981 729,025 755.172 98J,176 1,038,796 Thefi cial stalemenls we pproved by the Trustees on 16 September 2025 Khaleel Chowdhree Trustee Trustee 13-
WATFORD AND THREE RIVERS TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from opgrating activitios Cash ab?iurbed by operations 23 (40.625) (4,9271 Investlng activitie5 Interest reiVed 23.253 23,435 Net cash generated from Investing activities 23.253 23,435 Net cash used in financlng actlvilies Net Idecrease)lincrease in cash and cash oquivalents 117.372) 18.508 Cash and cash equivalents al beginning of year 1,152.861 1,134.253 Cash and eash •quival•nts at end ol yoar 1,135.489 1,152.861 14-
WATFORD AND THREE RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information Watfnrd and Thr99. Rivp.rs Tnlsl is a e.hAriI¥Ahle Incfjrraled Organisation_ 1.1 Accounting convention The financial statements have been prepared in accordance wth the thaThtV5 Memorandum and Articles of Association, the Charities Act 2011 and -Accounb"ng and Reporting by Charitios.. Statement of Recommended Praclice applicable lo charities preparing their accounts in accordance with the Financial Reporting SIAnd2rd applicabl8 in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 20191-. The charity is a Publi¢ Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exteni required To provide a irue and fair view. This ijepanure has Involved following the Statement ol Recommended Practice for charities applwng FRS 102 rather than the version of the Slalemenl of Recommended Practice which is refeed to in the Regulations bul which has since been withdrawn. The financial slalements are prepared in sterling. which is the functional cuffency of the charity. Monetary amounts in Ihese ffinanGial staternenls are tounded lo the nearest £. The financial statements have been prepared under the hFsloric81 cost convention. Imodified to include the revaluation of freehold properties and to include invesimeni properties and certain ftnancial instruments at fair valuel. The principal accounts.ng poliaes adopted are sel out below. 1.2 Going concern At thc timc of approving thc financial slatcments, despite the on90ing and potential effects of COVID-19, the tnjstees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The tDJslees continue lo adopt the going concern basis of ac¢ounling in preparing the financial statements and no adjustments to the results or the carying values declared in these financial statements are required, and none have been made. 1.3 Charitable funds Unreslricled funds are available for use at the discretion of the Tnjstees in furtherance of their charitable objectives. Restricted funds 8re funds received which can only be used for the specific purpose as laid out by the donor. Expenditure which meets this criteria is identsfied 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 lo the financial statements. 1.4 Income Income is re(x)gnised when the chanty is legally entitled to il after any performance conditions have been mel, the amounts c4n be MeasUd reliably, and it is probable that Inrne will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation. unless perfomiance con¢Jilions require defeffal of the arnount. Incorne lax recoverable in relation to donats'ons received under Gift or deeds of covenant is recognised at the lime of the donation. The value of services provided by the volunteers is not included in the Statement of Financial Aclivilies. Grants receivable are credited to the Statement of Financial Activities ISOFAI in the year for which they are reeeived. Deferred inrne represents amounts received for futu periThJs and is leaSed to incoming resources in the period for which it has been received. 15-
WATFORD AND THREE RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollclos {Continupdl 1.5 Expenditure Expenditure is Fncluded in thc Statement of Financial Activities on an accruals basis inGlusive of VAT. The Trustees have a policy of charging individual items with a negligible projected net residual value after one year frorn purchase directly lo the Statement of Financial Activities in the year of purchase. 1.6 Cash and Gash equlvalentS Cash and cash equivalents indude cash in hand, deposits held at CAII with banks, other short-term liquid investments wlh original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowing5 in cuThenl liabililies. 1.7 Financial instruments The charity has elected lo apply the provisions of Sects'on 11 'Basic Financial Instruments, and Sectinn 1? 'Other Financial Instruments Issues of FRS 102 to all of its financial instruments. Financial instrument5 are recognised in the chanty's balan sheel when the charity becomes party to the contractu21 provisions nf Ihp. inqlnlmenl Financial assets and liabililivs ¢iie vffbet, with Ihe nel amounis presenied in Ihe financial siaiemenis, wmen there is a legally enforceable right lo sel off the recognised amounts and there is an inientson lo sellle on a nel basis or to realise the asset and setue the liability simultaneously. 8aslc financial assets Basic finarTrcial assets. which indude debtors and cash and bank balances, are initially measured al iransaciion price including Iransaclion costs and are subsequently carried at amoib'sed cost using the effective interest method unless the arrangemènt conslilules a financing transaction. where the transaction is measured at the present value of the future receipts discounted al a market rate of interest. Financial assets classffied as receivable within one year are not amortised. Ba51G finanGial liabilities Basic financial liabilrties. including creditors and bank loans are initially CogniSed at transaction price unless the arrangement constitutes a financing Iransaclion. where the debt instrument is measured at the present value of the future payments discounted at a markel rate of Inleresi. Financial liabilib'es classified as payable within one year are not amortised. Debt instruments are subsequentty carried al amortised cost, usin9 the effective intere51 rale method. Trade creditors are obligations to pay for goods or serwices 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 yedf Uf les5. If nol, Ihey are presented as norrfurrent Ilabilities. Trade cre0110rs are recognised Initially at transaction price and subsequenuy measured at amortt'sed cost using Ihe effective interest method. Dere¢ognition of financial liabilities Financial liabilibes are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.8 Employ¢¢ b¢nefit8 The cost of any unused holiday entitlement is recognised in the perK)d in which the employee's services are received. Temiination benefits are recognised immediately as an expense when the charity is demonstrably committed to lemiinate the employment of an èmployee or to provide terminab'on benef11s. 16-
WATFORD AND THREE RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policles Icontlnuedl 1.9 Retirernent bènefits Payments lo defined conmb10n retlrefflent benefit scheme3 are chorged as an expense as thp.y fall due. The cost of providing benefits undef defined benefit plans is detemiined separately for each plan using the projected unit uedit methcKI. and is based on actuarial advice. The change in Ine net defiiied benefit liability arising from employee sènrice during the year is recognised as an employee cost. The cost of plan inlrThJuibons, benefft changc-, seW8m9nts and rtAIlmen1S are recognised as incurred. The nel interest element is detemiined by multiplying the nel defined benefit liability by the discount rate, Iclkiiig into account any ¢hang8s in the net definpd benefit liability durinq the period as a 511 of contribution and benefii paymenis. The riel interest is recognid in incomel{expendilurp.I for the year. Rerneasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the relum o the net defined benefit liability excluding amounts induded in net interest. These are recognised immediately in other recoqnised gains and losses in the period in which they occur and are not reclassified lo incomel {gxpenditurej in siibseouent periods. The net defined benefit pension assei or liability iwj the balance sheet compris88 the total for eaph p12n of the present value of the defined benefit obligation lusing a ijiscount rate based on high quality corporate bonds), le5S the fair value of plan assets out of which the obligations are to be settled directly. Fair value Is based on market price inforniation. and in the case of quoted securities is the published bid price. The value of a nel pension benefit asset is limited lo the amount that may De rewveied either through reduced contributions or agreed refunds from the scheme. 1.10 Creditors and Provisions Creditors and Pfovisions are recognised where the charity has a Psent obligation resulting frorn a past event that will probably rpsult in the transfer of funos to a Ihiro party <iiid ihe amount due to octtle the obligation can be measured or estimated reliably Creditors and provisions are normally recognised ¢*1 Iheir settlement amouni after alluwing for any trade diSuntS duo. Cfltlcal accountlng eslimales and judg&ments In the applicatson of the charitys accounting policies, the Trustees are required make judgeiiients, esbmales and assumptions about the Garrying amount of asset5 and liabilities that are not Teadily apparent from other sources. The estimates and assoualed assurnplions are based on hisloriGal experience and other factors that are considered to be relevant. Actual results may differ from these eslimales. The ests'mates and undertying assumptiL711S are revieY4ed on an ongoing b2sis. Reviginns to accounting eÈtimatès are rer.rJgnised in the period in which Ihe eslimale is revised where the revision affects only that periix5, or in the period of Ihe revision and future periods where the revision affe5 tAiih Lurienl and future periods. 17-
WATFORD AND THREE RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Donations and legacies Unrestricted Resiricted funds funds Total 2025 Total 2D24 Donation8 and other voluntary inco Granis recelvable for wre activitie5 1 q9.518 179.003 114,423 142.554 119,173 114,423 153,908 139.518 293,426 261,727 For the year ended 31 March 2024 203,526 58,201 261,727 Donations and gifts Camelot UK Lotteries ASCEND- transfer of funds Warford Cornrnunity Fund donations Wattor(J Chamtser of Commerce Chamber of Commerce Apprenticeships Bedfordshire & Lulon Communty Foundation Aramark Nuserve Lld Wamer Bros Other 10,000 102,250 33,2BA 102,250 33,268 57,000 40.000 6.000 4.000 4,000 5.000 12,5cMJ 18,341 12,500 18,341 10,UUO 19,554 39,48S 139.518 179,003 142,554 Grants re1vable for core activilies Watford Council - CVS Grant Three Rivers Oistrict Gounul- LVS Grani 74,423 40,000 74,423 40,CK)O 79.173 40,000 114,423 114,423 119,173 In¢•m• from othgr trading activities Unrestricted Unrestrlcted funds lunds 2025 2024 Membef8hip ?ubs¢riptions and sponsorships 99.638 62.247 18-
WATFORD AND THREE RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charitable activities Room hiw and faciliti•s Fws and Lunch clubs contra¢ts and transport Total ztIZ5 Total Z024 Income from charitsble activities Project grants 197,855 86,029 3.753,661 17.275 301.159 3,753,661 329.028 2,854,274 197.855 3,839,690 17,27J 4,054.820 3,183,302 Analysis by fvnd Unrestricieo fun(JS Rostncted funds 178,574 19.281 3.078,610 761.080 17,275 3,274,459 780,361 2,731,012 452,2YU 197.855 3.839.690 17.275 4,054,820 3.183,302 ProjÈct grants Warford Council Hertfordshire County Counctl MaGmillan Cancer Support Communities 1 st- Community Help Hertfordshire Hertfordshire Community Foundation Three Rivers District Council Dacorum Borougli Council Cnrnmunity Action Dacorum Cheshire Comrnunity Foundation NHS Other 146,894 2.830,356 162,643 146,894 2.830.356 165,680 2,172,282 116,912 34,350 271.589 31,000 34,JbU 271,589 31.000 76,210 11,000 34.335 5.982 7.648 15,790 242,586 10,805 7.648 15.790 242,586 10,805 262.845 9,028 3.753.661 3.753.661 2,854.274 Incomo from investments Unrestricted Unrestricted tunds funds 2025 2024 Interest receivable 23,253 23,435 19-
WATFORD AND THREE RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on raising funds Unrestrictèd Unrestricted funds funds 2025 2024 Fundraising costs Other fundraising c051s 8,235 Expenditure on ¢harltable activities 2025 2024 Dlrect costs Staff costs Olher staff costs Gr3nts to partner organisations and direct delive.ry (YJst.q venue costs Central dplivpry costs ICT Gosts Travel and subsistence Volunteer ¢0515 Legal and Professional General w313 Other finance costs Govemance costs Bad debts 1,247.131 7,377 2.745.487 209.450 103,551 151,122 12,393 22,634 4,1t)O 6.444 2.345 4,459 29 1,062,919 4,714 1.765.650 254,082 64.616 180,134 10,361 26,998 1.317 3,476 4.877 9,000 4,516,522 3,388,144 Analysis by fund Unrestricted funds Restricteij funijs 3.441.281 1,075,241 3.104.527 283,617 4,516,522 3.388.144 Not movement In funds 2025 2024 The net movement in funds is stated after chargiWlcreditingl'. Fees payable for the audil of the chanty's financial statements 3,234 10 Trustee$ Nonè of the Trustees (or gny pp.rsnnq trnected with them) received any Temuneration or expenses durina the year.
WATFORD AND THREE RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Employees Number of employees The gv8rgge monthly number of omployogs durin9 the year was: 2025 Number 2024 Number Charitable and administrative 41 38 Employment costs 2025 2024 Wages and salanes S131 security costs Other pension costs 1.119.623 95,807 31.701 956.109 80,334 26.476 1.247,131 1.062.919 There were no employees whose annual remuneration was £60.000 or more. 12 Taxalion The charity is exempt from tax on income and gains falling within section 505 of the Taxes Ael 1988 or qprti(Jn 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo ils charitable objects. 13 Debtors 20Z5 2024 Amounts falling due withln one year: Trade debtors Other debtors Prepayments and accfued InMe 138,341 51,699 8,47.fj 115,632 198.515 178,767 14 Creditors: amounts falling du• within ono yèar 2025 2024 Notes Other taxation 2nd wial security Deferred income Trade creditors Other creditors Accruals 23,852 251,881 43.828 6,232 19,988 19,826 34.333 74,576 12,195 150.704 10 345.781 21
WATFORD AND THREE RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Provisions for liabilllies 2025 2024 Notes Re.lirp.mpnt hp.np.fit nhligalinn 17 3,047 1.198 3.047 1,198 16 Deferred income 2025 2024 Other deferred income 251,881 34,333 Deferred income is induded in the financial sl2t&m8nts as follows" 2025 2024 Deferred income is induded within: Current liabilities 251,881 34,333 Movements in the year.. Defee Income ai 1 April 2024 Released from prewous periods Resources (Jeferred in rhe year J4,J33 134.333) 251.881 11,43U 111,4301 34,333 Deferred income at 31 March 2025 251,661 34.333 -22-
WATFORD AND THREE RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Retirement benefit schemes Defined contribution schemes The company participates in the schemè. a mUlteMploYer scheme whirh rtrrrtrvide£ benefits to some 521 non- associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company lo obtain sufficient information 10 enable il to account foi the 5theme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject lo the funding legislation outlined in the Pensions Act 2004 whictt came Into force on 30 December 2005. This. together with d0ments issued by the Pensions Regulator and Technical Actuarial Standards issue(I by the Financial Reporting Council. set out the framework for fLJnding defined benefit occupational pension schemes in the UK. The sGheme Is classifie¢ as a 'last-man stsnaing arrangement.. Therefore the Wmpdny is yulviilially liable for olhp.r 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 01 Ihe scheme Ueficit on an annuity purthase basis on withdrawal from the scheme. A lull aclucifidl V<ilualion for the scheme was carried out at 30 Seplernber 2023. This valuation ghowed assets of £514.9m, liabilities 01 £531.Um and a deficii of £16. 1 m. To ellmlnaie ihls funding shorlfall. Ilie Truble¥ Iiilb aske.fl thg. participating employers to pay additional contribulions to the scheme as follows". Deficit contributions From 1 April 2025 to 31 March 2028.. (payable monthly) £2.100.000 per annum The recovery plan contributi$ a allocated lo each participaling employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. Where the scheme 1% in dpfirit and where the company has agreed to a deficit fundinq arranqement the company recogniscs a liability for this obligation. The amount recognised is the nel prespnl vglijp. nf Ihg deficit reauciion contn'bvtsvns V<ly<ible under the agreement that relate8 to the deficit. The Pfescnt value i" calculated using the discount rale detailed in these disdosures. The unwinding of the discount rale is recognised as a finance cost. 31 March 2025 31 March 2024 31 Marth 2023 l£s) l£sl l£sl 3.046 1,198 2.565 Present value of provision Reconciliation of opening and closing provisions Pericd Ended 31 Period Ended 31 March 2025 March 2024 l£sl 1,198 32 11.2221 l£sl 2,565 98 11,d66) Provision at stsrt of period Unwnding of the discount factor linterest expense) Deficit Gontn'bution paid Remeasurements - impact of any change in assumptions Remeasurements - amendments to the contribution schedule 3.019 Provision at end of period 1.198 -23-
WATFORD AND THREE RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Retlrement benefft schemes Icontlnued) Income and Expenditure Impact Penod Ended 31 Period Ended 31 March 2025 March 2024 (£51 1£51 32 98 19 3.019 Interest expense Remeasurements- impa¢t of any change in assumption$ Remeasurements- amendments lo the contribution schedule Contributions paFd in rtspe¢t of ftslure service Losls recogniseo In Income arjd expenditure accounl Assumptions 31 March 2025 31 March 2024 31 March 2023 °/0 per aflnum Yo per annum /0 per annum 5.31 Rale of discount The discount rates shown above are the Èquivalenl single discount rates which. whers 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. 24-
WATFORD AND THREE RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 18 Restriciod fund$ be used. IlovernTht irtltsnds Transfors BulanGE 31 IA4rch 2025 l 2023 Watford Conynunity Fund HCNS Enhall Suprymt HCNS Househ(Ad SuppL¥t Chorley*wd Fund Croxley Welcome Club Veteran Researth Game¢hangw5 ASCENO ASCEND Lifdine ASIKe of Hapwess Thret Rivers Sustainabthty Fund App¢$$hIp$ Fund Macrnillan Social Pre5uI)iry Furvj Ukranran Refuope Srfial Presubiry FuThl UK Veterans Sowl Pre8¢nbng Fund Extemal fUndraArj Other 19. 38. lJ),6481 26.652 52.0 255.519 1.() 171,6751 1360.2181 133.5721 13.5(X)I 11.2WI I2.) 15,3331 111,4661 135.5561 143,5791 18.9601 139.0421 1192.4771 1135.1541 1130.2691 16fA)} 10.440 63.69 66.428 321 737 S7.K1 1821 2.017 3.821 2.017 14.723 12.ff251 12.lJg8 16,7651 105.817 35.707 94.351 34.$79 14.132 17.( 113.0251 131.2851 I91.1) I87.) 127.5331 12.107 8.715 25.911 53.638 75.672 2.736 257 11,CO) 14.147 29.327 3.923 116.912 162.643 91.516 54.597 10.0 103.205 2.07fj 257 12571 56.79) 51Q.491 Q83.6171 283.624 919.879 11.075.241) 127.889 256,151 -25-
WATFORD AND THREE RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 18 R¥stri¢t¢d funds Icontfjnuedl Watford Cottwnunty Fund is Ihe Wadtyd to 0 to endrAwnenl to sutwt Bnd 3afeguard kjral vduttsry ivity kry itdD t1Efu[s. HCNS Enh#rd Suprth Ft¥Jsehdd Supwt wefvnts to10 of suppyt arwj CwruTrJnity Na1) SetvKe IHCNSI. Cro¥l8y Club furKts receNed to sustain of [knkyWdre Cbjb ilhin Watfcyd Re Trust. ASCEND arvJASCEND Lrf1ntr we Wfq8¢ts lrynASCEND Herts LAILI. 8 %PWatdyrewtw&l that in 2024. A sIe of Hapwness isa pw lowjwt thrDLwJh lif8.sdwy It ts tvXfeaUthJ a$8 sektaie Ctnmunity )18$1 Cts)warry. Inree VerS runos weNeo imee a55tst Three Tr¢Thers on (wnge ano suslaiTTabilty. MacmilL3n tial Prescribiry FuThJ is fvThYiry trn Carw t0fd a welMj seTh IwirKJ with can. Ukran1 Refugee s(Ki PtBwtxr¥J FUFWJ is furxjing fr(%n Cour)ty 131 rKÉsuIng salfor18[9SS Ukrain$. UK Vetsrans Soug1 P¢riblng Fund i8furKYing frw Herdtyd$hI Cwnty Cixrril to Survyt a sotsa r*e5critrang service br UK Servi veteran External luntralr) wasfundraiwn9 in abd of HOM&S Watkxd arKI aKI Uklaw.
WATFORD AND THREE RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Analysls of net assets between funds Unrestrlcted funds Restricted funds 2025 Total 2025 2025 Al 31 March 2025: cent asselsjlliabilitieg) rovisions ana pensions 732.072 13,047} 256,151 988,223 13,0471 729.025 256.151 985,176 Unrestricted funds 2024 Restrlcted funds 2024 Total 2024 At 31 March 2024: Current asselsllliabilitiesl Provisions and pensions 756.370 (1,198) 283.624 1.039.994 11,1981 755,172 283.624 1.038,796 20 Unrestri¢t•d funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific ¢ond¢tion by donors and grantors as lo how thèy MAY hp. used. These include designated funds wnich have been Sel iibide out of unresth.cted fvnds by the trustecs for specific purposas. At 1 April 2024 Incoming Resources resources expended Translers At 31 March 2025 General funds Pension fund 756.370 {1.198) 3.551,258 13.449,516) {126,0401 11,8491 732,072 {3.0471 755.172 3.551,258 {3.449.5161 1127,889) 729,025 Previous year: At 1 April 2023 Incoming resources Resources expended Transfers Al 31 March 2024 Generel fund. Pension fund 842.044 {2,565} 3.020.?.20 {3.104.5271 (1.3671 1,367 756,370 11,198) 839.479 3,020,220 13,104.527) 755,172 21 Rolated party transactions There were no disdosable related party transactions dunng the year (2024 - none). -27-
WATFORD AND THREE RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Analysis of changes in net funds The charity had no material debl during the year. 23 Cash generated trorn operations 2UZ5 Z024 (Deficitysurpus for the year {53,6201 142,567 Adjustments for. Investment income reccgnised in statement of financial activities Difference between pension charge and cash contributions (23,2531 1.848 {23,4351 {1,3671 Movements in working capital: Ilncrcascl in dcblors (Decrease) in creditors Increase in defefred income 119,7471 1163,4011 217,548 {62,5441 183,0511 22,903 Cash absorb•d by oporations 140,6251 14.9271 -28-