The Welwyn Hatfield Foyer Charitable Trust Report and Financial Statements For the year ended 31 March 2024 Registered Charity Number 1086217
WELWYN HATFIELD FOYER CHARITABLE TRUST REGISTERED CHARITY NUMBER 1086217 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEX Page number Trustees. Annual Report Report of the Independent Examiner Statement of Financial Activities Balance Sheet Notes to the Financial Statements 7-12
WELWYN HATFIELD FOYER CHARITABLE TRUST REGISTERED CHARITY NUMBER 1086217 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. ANNUAL REPORT The Trustees presenl their annual report and the finanaal statements forthe year ended 31 March 2024. Reference and administrative infonnation: Name of the Charity and principal address The Welwyn Haffield Foyer Charilable Trust is a registered charity no. 1086217. The principal address of the Charity is: 1 Glory Park Avenue. Wooburn Green. Buckinghamshire, HP10 ODF. Trustees Susan Jones Mark Richardson (Chair) Independent examiner, solicitors and bankers Independent examiner.. BDO LLP, 55 Baker Street. London, W1U 7EU Soliutors: Trowers and Hamlins, Sceptre CourL 40 Tower Hill, London, EC3N 4DX. Bankers= Barclays Bank PIC Structure, governance and management: Constitution The Charity is a Charitable Trust incorporated on 19 March 2001. The charity is registered with the Charity Commission under registration no. 1086217. Organisation The body of Trustees, which administers the Charity shall consist of three persons. including one Trustee nominated by Paradigm Homes Charitable Housing Association Limited I"PHCHA") and one nominated by Welwyn Hatfield District Council. As of September 2022 one of the Trustees resigned, leaving only two Trustees. The remaining Truslees are actively trying io ¢[ult a third Truslee in accordance wilh its goveming document. Recruilmenl and appointment of Trustees The Trustees are appoinled for a tem of four years at a meeting convened and held in accordance with the charities constitution. Trustees are drawn from a wde range of backgrounds to ensure an appropriate balance of skills are on the Board. Public benefit The Trustees have considered the Charity Commission's general guidance on public benefit and consider that the Trust provides a public beneffit. The application of funds is limited only by need, age and geographic location. Details of the charity's objectives and activities are set out below. Third party indemnity provision for trustees Qualifying third party indemnity provision was in place for the benefit of all trustees of the Charity.
WELWYN HATFIELD FOYER CHARITABLE TRUST REGISTERED CHARITY NUMBER 1086217 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. ANNUAL REPORT (CONTINUED) Objectives and activities- The Charity's objects are: To relieve povety by the provision of accommLNJation and any asscciated amenities for single homeless persons in necessitous circumslances between the ages of 16 and 25 years in the administrative area of Welwyn Hatfield and to fijrther help those so acmMOdated who are in need of advice, counselling and other fomis of aid to find employment, training education and other benefit lo prepare them for a settled way of life in thecommunity- To encourage, foster, assist and promote such of the activities of the Welwyn Halfield Foyer as are charitable and those of any similar organisations established for charitsble purposes as shall be approved by the Trustees from time to time. These objecls are achieved through the provision of grants mainly, though not exclusively, to the Welwyn Hatfield Foyer which is run by Paradigm Homes Charitable Housing Association. The Welwyn Hatfield Foyer is located on the ground lo sixth floor of Goldings House, Goldings Crescent, Haffield, Hertfordshire. This accommodation is used for the provision at an affordable rent. of high quality residential accommodation for young people aged between 16 and 25, in or seeking low paid employment. A wide range of support ServIS for job seeking, training and personal development are provided. Financial review In the year under review the Charity has continued to focus its activities on the provision of grants to the support of the Welwyn Haffield Foyer. Income for the year totalled £62,75012023'. £61,082). Grants made during the year totalled £45,90012023'. £51,400) and at the end ofthe year its total funds were £1,025,886 {2023- £1,020,501). Achievements The main achievement of the trust has been to assist in providing financial support for all staff and tenants at The Foyer. This has included working closely with staff to achieve Foyer Federation Accreditation which has given tenants and stsff access to a large support network across the country, pooling experien, learning programmes and knowledge for best praclices in a Foyer environment. Leaming and development opportunities have also been given to residents supported by the funding reiVed from the Trust, these have included employment in the aulomolive industry and some moving into higher education and their first university Student. Plans for future periods In 2024-25 the Charity will continue to provide support to The Foyer and to young people in the local area Reserves policy The Trustees have reviewed the Charity's resee$ and decided that to support its long-term commitment to the Welwyn Hatfield Foyer and develop other activities. the Charity should aim lo keep its unrestricted reserves above £700,000 in the coming year. This will ensure it can meet its objeclives. The Trustees will continue to monitor expenditure closely to ensure the reserves are maintained at an adequate level to continue to meel theirobjectives. The undertaking holds totsl reserves of £1,025,886 {2023= £1.020,5011, made up of restricted funds of £278,93012023.' £265,635) and £746.956 {2023-. £754.8661 of unrestricted funds. which is deemed sufficient for the year ahead. Investment policy Under the Charitable Trust. the Charity has the power to make any investment which the Trustees see fit. The Trustees have considered Ihe need to maximise the retum on their investments and minimise risk, as well as the need to have funds available at short noti for charitable purrK)ses. As the Trustees work closely with PHCHA and rely on PHCHA for management of Ihe Trust, they have loaned PHCHA surplus funds to invest on behalf of the Trust with financially secure organisations on short term depx)sits at variable interest rates to obtain a better rate than if the Trust invested the funds themselves.
WELWYN HATFIELD FOYER CHARITABLE TRUST REGISTERED CHARITY NUMBER 1086217 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment policy {continued) There were no gains or losses on investments during Ihe year. Inveslment income during the year was £51,28512023= £51,133). Risk management The Trustees have assessed the principal risks and uncertainties to which the Charity is exposed, in particular those relating to the operations and finances of the Charity and confirm that they have established systems to mitigate the significant risks the Charity faces. Going concern The trustees have reviewed the circumStanS of the charity and consider that it is a going concern and that they believe that sufficient resources are available to fund the aclivities for the foreseeable future. There are no material uncertainties about the charity's ability to continue as a going concem. please refer to note 1 of the accounting poliues. Trustees. responsibilities in relation to the financial statements The charity truslees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). Charity law requires the Trustees to prepare financial statements for each financial year in accordance wth United Kingdom Generally Accepted Accounkn'ng Prackn'ce (United Kingdom Accounkn'ng Standards and applicable lawl. Under charity law the Trustees must not approve the financial stalemenls unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure. of the charity for that period. he law applicable to charities in England and Wales requires the charity trustees to prepare financial ststements for each year which give a true and fair view of Ihe state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable charib.es SORP- make judgements and estimates Ihal are reasonable and prudent- state whether applicable accounting standards have been followed. subject to any material departures that must be disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that Ihe charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the Trust deed. They are also spOnsible for safeguarding ihe assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf on 31 January 2025. Mark Richardson Trustee
WELWYN HATFIELD FOYER CHARITABLE TRUST REGISTERED CHARITY NUMBER 1086217 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WELWYN HATFIELD FOYER CHARITABLE TRUST I report to the trustees on my examination of the accounts of The Welwyn Hatfield Foyer Charitable Trust I'the charity,) for the year ended 31 March 2024, which are set out on pages 5 to 12. This report is made solely to the charity's trustees, as a body, in accordance with Regulation 31 of the Charilies (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters l am required to slate lo them in an independent examinerfs report and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsibility to anyone other Ihan the charity's trustees as a body, for my work, for this report, or for the stalemenl I have made. Responsibilities and basis for report As Ihe trustees oflhe charity you are responsible forthe preparation ofthe accounts in accordance with the requirements of the Charities Act 2011 ("the Acr) I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examinalion I have followed all the applicable Directions given by the Chartty Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confiTh that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the charity as required by section 130 of the Act., or the financial ststements do not accord with those records., or the financial statements do nol comply with the accounting requirements concerning the fomi and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Slatemenl of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021). I have no concerns and have CAime across no other matters in connection with the examination to which attention should be drawn in this report in orderto enable a proper understsnding of the accounts to be reached. Signed= DoEuSvJned by.. DA1SAED7SD4S453 Name.. Heather Wheelhouse ACA BDO LLP 55 Baker Street London W1U 7EU Dale= 03 February 2025
WELWYN HATFIELD FOYER CHARITABLE TRUST REGISTERED CHARITY NUMBER 1086217 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES 2024 2023 Unrestri¢ted income funds Restricted Totsl charity Total charity income funds funds funds Notes Income from: Investments 37.990 13,295 51.285 51,133 9.949 Donations 11.465 11.465 Total 49.455 13,295 62.750 61.082 Expenditureryc Charitable activities 57,365 57,365 61,349 Total 57.365 57.365 61.349 Net (expendilureyincome & nel movement in funds (7,910> 13,295 5,385 12671 Total funds brought fOard Total funds Carried forward 754.866 265.635 1,020.501 1,020.768 746.956 278.930 1,025.886 1,020.501 The notes on pages 7 to 12 form part of these financial staternents.
WELWYN HATFIELD FOYER CHARITABLE TRUST REGISTERED CHARITY NUMBER 1086217 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 BALANCE SHEET As restated 2024 2023 Notes Current assets Debtors 1,030,686 1.023,381 Creditors Amounts falling due within one year {4.800} {2,880) Net current assets 1,025,886 1,020,501 Total net assets 1.025.886 1,020,501 The funds of the charity Reslricled income funds 10 278,930 265,635 Unrestricled income funds 746,956 754,866 Total charity funds 1.025.886 1.020.501 These financial slatemenls were approved by the Trustees on 31 January 2025. Signed on behalf of the Trustees Mark Richardson Trustee The notes on pages 7 to12 form of these financial statements.
WELWYN HATFIELD FOYER CHARITABLE TRUST REGISTERED CHARITY NUMBER 1086217 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES GENERAL INFORMATION The Welwyn Hatfield Foyer Charitable Trust ("the ChariV} is a registered charity regulated by the Charity Commission, regislered number 1086217. The address of the Charity's registered office is 1 Glory Park Avenue, Wooburn Green, Bucks. HP10 ODF. BASIS OF ACCOUNTING The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Slatemenl of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland - (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Charities Act 12011) The financial statements have been prepared in steding, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements are prepared under the historical cost convention and in accordance with the Charities Act 2011 and applicable accounling standards. In preparing the financial stalernents the Charity follows the recommendations of the Statement of Recommended practi 'Accounting and Reporting by Charities, (SORPI including FRS 102 issued in January 2019. The financial statements have been prepared to give a 'lrue and fair, view and have departed from the Charilies (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Welwyn Hatfield Foyer Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. Going concern After reviewing the charity's forecasts and projections. the Trustees have reasonable expectation that the undertaking will continue in operational existen for the foreseeable future, being a period of at least twelve months afler the date on which the report and financial ststemenls are signed. As part of the review. the trustees have evaluated the ability of PHCHA to continue to pay the interest and maintain the fund balances invested on behalf of the charity- The charity therefore ntinUeS to adopt the going cOnM basis in the financial statements. There are no material uncerlainties about the charity's ability to continue as a going concern. Income Income is recognised in the period to which it relates. Investment income is treated as unrestricted unless the income has been derived from the investment of restricted income funds. Donations are recognised in the statement of financial activities when the charity has been nolified in writing of both the amount and setUement date. In the event that a donation is subject to condikn'ons that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised unlil either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be met. Donated Goods and Services Donations in kind are for the accounting services provided pro-bono by Paradigm Homes Charitable Housing Association ("PHCHA"I thal the Charity would otherwise had to purchase on the open market are estimated al their open market value to the Charity-
WELWYN HATFIELD FOYER CHARITABLE TRUST REGISTERED CHARITY NUMBER 1086217 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES (CONTINUED) Expenditure Expenditure is recognised in the pericml to which it relates. Charitable expendilure comprises expenditure directly related to the objects of the Charity- Included within this amounl is an estimate of the servi$ provided pro-bono by PHCHA as noted above. There were no costs of raising funds. Fund accounting The Charily holds both unrestricted and restricted income funds. Unrestricted income funds are available for use in furthering the general objectives of the Charity at the discretion of the Trustees. Restricted income funds are funds which can only be used for parlicular restricted purposes within the objects of the Charity. Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Inslrumenls Issues. of FRS 102, in fvll, to all of its financial instrumenls. Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument, and are offset only when the Charity currently has a legally enforceable right lo set off the recognised amounts and intends either to setue on a net basis, or to realise the asset and settle the liability simultaneously. Creditors payable within one year that do nol constitute a financing transaction are initially measured al the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. Derecognition of financial assets and liabilities A financial asset is derecognised only when the contractual rights to &8sh flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained bul control of the asset has transferred to anolher party that is able to sell the asset in its entirety to an unrelated third paty- A financial liability (or part thereof) is derecognised when the obligalion specified in the contract is discharged, Canlled or expires. Significant judgements and estimates The preparation of financial stalements in compliance with FRS 102 requires management to exercise judgement in applying the Charity's accounting policies. Estimates and judgments are continually evaluated by the Trustees based on historical experience and other factors including expectations of future events that are believed to be reasonable under Ihe circumstances. There are not considered to be any key areas of judgement in these financial statements. PRIOR PERIOD ADJUSTMENT (PPA In the prior year, the independent examination fee was not recognised as an accrual. This cost is paid annually by Paradigm Housing Group Limited and had been recognised correctly in the SOFA as a donation and an expense. The balance sheet and the corresponding notes have been restated to reflect the independent examination fee as an accrual, and the associated donalion receivable of £2.880. The related party transactions note (note 13} has been updated to include the balance re1vable from Paradigm Housing Group Limited at the year end. The adjustment ensures the financial statements COectlY present the substance of the Iransaction.
WELWYN HATFIELD FOYER CHARITABLE TRUST REGISTERED CHARITY NUMBER 1086217 REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS INVESTMENT INCOME 2024 2024 2024 Unrestricted Restricted Total Interest receivable from PHCHA 37,990 13,295 51,285 2023 2023 2023 Unrestricted Restricted Total Interest receivable from PHCHA 38,473 12,660 51,133 DONATIONS 2024 2024 2024 Unrestricted Restricted Total Donation in kind from PHCHA 11,465 11,465 2023 2023 2023 Unrestricted Restricted Total Donation in kind from PHCHA 9.949 9,949 EXPENDITURE ON CHARITABLE ACTIVITIES 2024 2024 2024 Unrestricted Restricted Total Costs directly attributable to charitable activities: Donations to PHCHA: Welwyn Haffield Foyer Support & Govemance costs (see note 6) 45,900 45,900 11,465 11,465 Total Expenditure 57,365 57,365 2023 2023 2023 Unrestricted Restricted Total Costs directly attributable to charitable activities: Donations to PHCHA: Welwyn Hatfield Foyer Herts Young Homeless 45.900 45,900 5.500 5,500 Total 51,400 51,400 Support & Govemance costs (see note 6) 9,949 9,949 Total 61.349 61.349
WELWYN HATFIELD FOYER CHARITABLE TRUST REGISTERED CHARITY NUMBER 1086217 REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS STAFF COSTS AND TRUSTEES. REMUNERATION No stsff were employed during the current or prior year. None of the Trustees received remuneration during the current or prior year. No expenses were reimbursed to Trustees during the current or prior year. SUPPORT COSTS 2024 2023 Governance costs.. Independent Examiner fee Insurance 4,800 2,880 2,075 1,929 Accountancy & admin fees (donated service) Total support costs 4,590 5,140 11.465 9.949 DEBTORS As restated 2024 2023 Amounls owed by PHCHA Amounls owed by Related Parties 1,025,886 1,020,501 4,800 2,880 1,030,686 1,023,381 The above balance represents funds invested, via Paradigm Homes Charitable Housing Associalion I'PCHCA"), in the short temi with various financial institutions at variable interest rates. Average interest of 5.0 % 12023: 5.0% ) was charged on the amounts included within amounts owed by PHCHA during the year. The loan is repayable on demand. CREDITORS As restated 2024 2023 Accruals 4,800 2,880 10
WELWYN HATFIELD FOYER CHARITABLE TRUST REGISTERED CHARITY NUMBER 1086217 REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 10. RESTRICTED INCOME FUNDS 2024 2023 Training and employment fund: Opening balance Income 265,635 13,295 252,975 12,660 Expenditure Closing balance 278,930 265,635 These are funds which can only be used for particular restricted purposes within the objects ofthe Charity. The reslriclion was specified by the donor when the fvnds were given. The training and employment fund is to be used for the followng reslricted purposes: To provide small grants to local employers lo help them offer modem apprenticeships in areas of skill shortages to young people in the Welwyn Hatfield area. To provide general support for local employment and training schemes for young people in the Welwyn Hatfield area. linked to the Welwyn Haffield Foyer project. To provide community initiatives in the Welwyn Hale1d area which support activities such as anli-povety, community development, equality, economic regeneration and improving the environment. 11. FUNDS 2024 Opening balance 1 April 2023 Closing balance 31 March 2024 Income Expenditure Unrestricled funds 754.866 49.455 (57.365) 746.956 Reslricled funds 265.635 13.295 278.930 Total Funds 1.020.501 62.750 (57.365) 1.025.886 2023 Opening balance Closing balance Income Expenditure 1 April 2022 31 March 2023 Unrestricted funds 767,793 48.422 (61.349) 754,866 Reslricled funds 252.975 12.660 265.635 Total Funds 1.020.768 61.082 (61.349) 1.020.501
WELWYN HATFIELD FOYER CHARITABLE TRUST REGISTERED CHARITY NUMBER 1086217 REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Unrestricted Restricted Total Net current assets 746.956 278,930 1,025,886 2023 Unrestricted Restricted Totsl Net current assets 754,866 265.635 1,020,501 13. RELATED PARTY TRANSACTIONS The Charity and Paradigm Homes Charitable Housing Association (PHCHA) are related parties due to Mark Richardson being a Trustee and also a member of key management personnel of PHCHA. Paradigm Homes Charitable Housing Association IPHCHA) is a subsidiary of Paradigm Housing Group Limited (PHGLI. Any surplus funds held by the Charity are invested, via PHCHA, in short-tem investments with income generated from the investments returned to the Charity by PHCHA. Interest received in the year was £51,283 12023.. £51,133). PHCHA nominates one of the trustees of the Charity. Transactions between the entities during the year were asfollows.. The Charity provides support to the Welwyn Hatfield Foyer through the provision of grants to PHCHA. In the year the grants tolalled £45,900 {2023.' £49,500). PHGL has paid for Truslee Indemnity Insuran on behalf of The Welwyn Hatfield Foyer Charitable Trust. The approximate annual value of this is £2,075 {2023.' £1,9291- The independent examination fee for the charity is paid on an annual basis by PHGL. This is recognised as a donation in the year. At the year end the amount of £4,800 in respect of the independent examination fee is recognised as a debtor {2023= £2,880). PHGL has provided, free of charge, accountancy and administrative seNices, to The Welwyn Hatfield Foyer Charitable Trust. The approximate annual value of this is £4,590 (2023.. £5.140) and it has been recognised as a donation in kind and reciprocal expense. 12