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 Servi￿5.
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 be￿een 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. P￿vIded 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 r￿Uired to meet W3RT's reasonablp ￿￿_sh flnw np.p.ds fnr thp. r￿MIng ￿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 i￿auti(￿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 rnem￿r 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 finan￿S 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 recrui￿rie[lI vf iigw Trust￿e￿ is based on the a55e55ed needs of Ihe Cha￿ty. 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 p￿paring 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 s￿le 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 ￿spOnSIbl1￿11eS 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 respons￿bilItieS and the re8pon?ibilities of the Trustees with ro8PQCt to going concem are described in the
relevani se￿lonS 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 the￿on. 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
p￿ParatIon 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 ￿ent￿icatIOn 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 In￿ntIveS that may exist within the orqanisation for
fraud and identified the greatest polenlial for fraud in management ove￿Ide 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 procedu￿5 10 idenlfy any unusual or unexpected rp.lationships that may indicato risks
of malenal misslalemenl due lo fraud.. and
in add￿Ssing 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 be￿en 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
PenS￿n 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 re￿iVed
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 Incfjr￿raled 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 refe￿ed 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 MeasU￿d reliably, and it is probable that In￿rne 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 in￿rne 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 conmb￿10n 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 ￿5￿11 of contribution
and benefii paymenis. The riel interest is recogni￿d 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 P￿sent 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 diS￿untS 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 affe￿5 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 r￿e1vable 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 tr￿nected 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
S￿131 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 In￿Me
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..
Defe￿e￿ 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 mUlt￿eMploYer 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 d0￿ments 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 fUndra￿Ar￿j
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#r￿d Suprth Ft¥Jsehdd Supwt wefvnts to￿￿￿10 of suppyt arwj CwruTrJnity Na￿￿1￿)￿ SetvKe IHCNSI.
Cro¥l8y Club furKts receNed to sustain of [knkyWd￿r￿e Cbjb *ilhin Watfcyd R￿e￿ Trust.
ASCEND arvJASCEND Lrf￿1ntr we Wfq8¢ts lry*nASCEND Herts LAI*LI. 8 %PWatdyrewtw&l that in 2024.
A sI￿e of Hapwness isa pw lowjwt thrDLwJh lif8.sdwy It ts tvXfe￿aUthJ a$8 sek*taie Ct*nmunity ￿)1￿8$1 Cts)warry.
Inree ￿VerS runos weNeo imee a55tst Three Tr¢Thers on (*wnge ano
suslaiTTabilty.
MacmilL3n *tial Prescribiry FuThJ is fvThYiry tr￿n Carw t0f￿d a we￿lM￿j seTh￿ IwirKJ with can￿.
Ukran1￿ Refugee s(Ki￿ PtBwtxr¥J FUFWJ is furxjing fr(%n Cour)ty ￿131 rKÉsuI￿ng sal￿for18[￿9S*S Ukrain$.
UK Vetsrans Soug1 P￿¢riblng Fund i8furKYing frw Herdtyd$hI￿ Cwnty Cixrril to Survyt a sotsa r*e5critrang service br UK Servi￿ veteran
External luntral￿r￿) 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:
c￿￿ent 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-