## WALTHAM FOREST CHURCHES NIGHT SHELTER- 

## WFCNS LIMITED 

Company Limited by Guarantee No 03844727 Registered Charity No 1086888 

ACCOUNTSFORTHEYEARENDED 

31 MARCH 2023 



**WALTHAM FOREST CHURCHES NIGHT SHELTER** - **WFCNS LIMITED** 

**INDEX TO THE FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 MARCH 2023** 

## **CONTENTS** 

||**Page**|
|---|---|
|Legal and administrative information|3|
|Report of the trustees and directors|4- 10|
|Report of the independent auditors|11 -13|
|Statement of Financial Activities|14|
|BalanceSheet|15|
|Cash flow statement|16|
|Notes forming part of the fmancial statements|17-24|
|**The following page does not form part of the audited financial statements**||
|Detailed income and expenditure account|25|



Page 2 



WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED 

LEGAL AND ADMINISTRATIVE INFORMATION 

> Directors and Trustees WReid BJPLynch GA Stowe A Mustafa E Petersen E J Hamilton 

> Bankers CAFBankLtd 25 Kings Hill Avenue West Malling Kent ME19 4JQ **Chief Executive** J Saunders 

> **Registered Office** 740 Forest Road Walthamstow London El73HR 

> **Company Registration No** 03844727 

> **Charity Registration No** 1086888 **Auditors** Fredericks Limited Chartered Accountants & Registered Auditors 106 Charter Avenue Ilford, Essex IG2 7AD 

Page 3 



**WALTI(AMFOREST CHURCHES NIGHT SHELTER-WFCNC LIMITED** 

## **REPORT OF THE TRUSTEES** 

## **FOR THE YEAR ENDED 31 MARCH 2023** 

## **Purposes and Aims** 

Waltham Forest Churches Night Shelter is registered in England and Wales under company number 3844727 and charity registration number 1086888. 

The Charity is governed by its Memorandum and Articles of Association. Our charity's purposes, the charity's 'objects' are to relieve the poverty of single persons in the London Borough of Waltham Forest and the surrounding areas who are homeless by the provision of a hostel, information and advice services, and other appropriate support services: 

- To develop the capacity and skills of homeless people in such a way that they are better able to identify and 

- meet their needs, enabling individuals to participate more fully in society, 

- To provide counselling for single homeless people who have alcohol or substance misuse support needs. 

- To provide advocacy, housing advice and housing support to relieve poverty among single homeless people 

- living in Waltham Forest and the surrounding areas. 

- ,  To promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those who are socially excluded and assisting individuals to re-integrate into society. 

## _**Ensuring our work delivers our aims**_ 

Each year, we keep our activities and services under review to decide whether they effectively support our short- to longer-term aims, looking at what we achieved against the outcomes set for the previous year. Conforming to the objectives of our governing document, our activities remained focused towards facilitating the development of greater self-sufficiency and independence in all people we supported, and increasing access to suitable longer-term, housing options. 

## _**The focus of our work**_ 

Throughout 2022/23, a major focus for trustees was to achieve a key strategic aim, the purchase of a second stage move-on property. We purchased a property in Waltham Forest in March 2023, and are now set on refurbishing and retro-fitting the property to LETI (London Energy Transformation Initiative) standards. 

## **During 2022/23 we:** 

- Provided a range of support services including therapy/counselling sessions, welfare and benefits advice, budgeting courses, access to volunteering opportunities and referrals to specialist drug and alcohol services. Our services are targeted to individuals' needs and help support people to better cope with the challenges they face including isolation, mental health, substance misuse, loss of confidence and employable skills, and estrangement from family and friends. 

- Provided advice and advocated on behalf of more than 100 current and former residents of Branches hostel as well as visits to our hostel or telephone enquiries from homeless people who had not been resident in Branches 

- hostel. 

- Continued our focus on reducing the cycle of homelessness and its effects through our resettlement programme 

- so that people who moved on from Branches hostel were better prepared for independent living. We supported 20 people through the resettlement programme and provided longer-term floating support for 18 former residents who had moved on in the previous year, and for 15 of the 22 people who had moved on in 2020/21. 

- Continued to increase our partnerships with private sector landlords, widening the geographical range of options 

- for move-on accommodation, developed social housing partnerships, and secured additional move-on pathways to sheltered accommodation for people aged 50+ years. 

## _**How our activities deliver public benefit**_ 

All our charitable activities focus on supporting people to re-build lives to end the cycle of homelessness and moveon successfully to suitable permanent accommodation. In shaping our objectives for the year and planning our activities the trustees have considered the Charity Commission's guidance on public benefit. 

Page4 



**WALTHAN.I FOREST CHURCHES NIGHT SHELTER** - **WFCNC LIMITED** 

## **REPORT OF THE TRUSTEES** 

## **FOR THE YEAR ENDED 31 MARCH 2023** 

## _**How we are financed**_ 

The major income stream is through rental payments for each unit of accommodation in Branches hostel. We also have a provider contract with Waltham Forest council for Supported Housing for Homeless Single Adults. Throughout the year, we received various financial donations ranging from monthly Gift Aid donations from individuals to funds raised by local schools as a result of targeted activities and from local faith groups and business sector supporters. 

During 2022/23, we continued to realise the benefits from our fundraising efforts. We raised funds primarily from Trusts and Foundations, and they have provided one-off grants and longer-term grants for up to five years. With their generous support we have been able to purchase equipment for the hostel and residents, pay towards running costs, and recruit to jobs needed to provide a person-centred approach to support in Branches hostel. 

We are very grateful to funders, and acknowledge those who supported us in 2022/23: 

- ❖ The Clothworkers' Foundation 

- ❖ The Edward Gostling Foundation 

- ❖ The Henry Smith Charity 

- ❖ The City Bridge Trust 

- ❖ Lloyds Bank Foundation 

- ❖ The Albert Hunt Trust 

- ❖ The Drapers' Charitable Fund 

- ❖ Garfield Weston Foundation 

- ❖ The 29th May 1961 Charitable Trust 

- ❖ The Monday Charitable Trust 

- ❖ Mount Fund 

## _**Premises**_ 

We provide short-term accommodation in our 27-bed purpose-built hostel known as 'Branches'. Each of the 27 rooms is self-contained, with an en suite wet-room, and we have one disabled-accessible room. Each set of third floor rooms has its own kitchen and laundry facilities, shared by five or six rooms. The spacious ground floor communal area is used for socialising and has dining and entertainment facilities. 

The hostel is WiFi enabled. Our well-stocked library includes PCs for residents' use, serves as a quiet space, and is also used for training and meetings. This space is available 24/7 for residents' personal use. Our garden is maintained by volunteers supported by green-fingered, enthusiastic residents! 

We are fortunate to have an on-site mini gym equipped with rowing and running machines, and cycles, which are used regularly by residents. We are very fortunate to have a volunteer fitness instructor who provides weekly training sessions. 

We serve a free, freshly cooked meal most evenings from our professional-grade kitchen, for which we have a fivestar hygiene rating. Individual volunteers and church groups prepare a broad range of culinary and ethnic delights, • reflecting the diverse resident community within Branches hostel. 

## _**How our services are accessed**_ 

We are an agency-referrals only project. Within the terms of the provider contract the primary referrer is Waltham Forest Housing and its designated referring agencies. We also have reciprocal referral arrangements with organisations in Waltham Forest and neighbouring boroughs that provide temporary or other short-term housing. 

People can stay for up to 18 months in Branches hostel, and exceptionally for up to 24 months. For anyone living in a support hostel for homeless people, we know that a stay of longer than 24 months is detrimental to well-being and a successful move to independent living. 

Page 5 



**WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNC LIMITED** 

## **REPORT OF THE TRUSTEES** 

## **FOR THE YEAR ENDED 31 MARCH 2023** 

## _**Demographics**_ 

We support single, homeless men and women aged 18 to 65+ years. A majority of the individuals we work with have some level of mental health support need requiring clinical interventions, ranging from depression through to Schizophrenia. We received 74 referrals to Branches hostel in 2022/23, In the year, 71.6% (53 out of 74) of people referred to us had a mental health support need; and two-thirds (49) of those referred had varying levels of alcohol and/or drug dependency. 

26 people moved into the hostel during 2022/23. We saw an increase in the average age of people referred to our hostel from 35 years of age in the previous year to 40+ in 2022/23. A majority of referrals were in the 40--49-year age group (27%); with 24% aged 50-59; and 20% each in the age groups 30-39 and 25-29. 

As in previous years, most people living in Branches hostel were male - 76% of occupants. However, in the last two quarters of 2022123, we saw an increase in the number of female occupants at 8 and 6 respectively, compared to the previous six months, when we had three female occupants. 

## _**What we provide**_ 

We have accessible support services seven days a week for residents in Branches and for people who have movedon to permanent accommodation. The Waking Night Team ensures the safety of residents, visitors, and the premises during out-of-office hours. 

## ➢ _**Support and advice**_ 

The Support and Resettlement Team provides welfare and benefits advice and advocacy on all housing matters, and facilitates access to training, education, volunteering and employment opportunities for people living in the hostel, as well as for those who have moved on. A primary objective is to support individuals re-learn much-needed lifeskills, which are vital to ensuring people move-on feeling more confident in their abilities and that they have better control of their lives. 

## ➢ _**Resettlement**_ 

The Resettlement Programme is a key component of the services we provide. Resettlement support is available for all who are preparing to move-on and includes floating support for at least six months after moving-on. Our Resettlement Programme supports people to develop confidence in their ability to manage daily life on their own. The programme includes a tenancy management course covering essential living skills from how to set up utilities and rent payments via a bank, to buying food for weekly meal planning, and making medical and other appointments. 

Although the Resettlement Programme is time-limited, we operate an 'open door' policy for accessing our support services so that former residents can make use of our services for as long as needed. Many who continue to contact us or visit Branches do so usually for welfare advice or for the social company that Branches hostel provides. During 2022/23 we provided resettlement and welfare advice for 35 people who had lived in Branches hostel, 15 of whom had left Branches two years previously. We supported 80+ homeless people, rough sleepers or people threatened with homelessness, who had contacted us for information. 

## ➢ _**Social inclusion**_ 

## _Volunteering_ 

While staying at Branches hostel, all who can are encouraged to volunteer or take part in some kind of meaningful activity. These are ways of opening up social activity leading to inclusion, while helping to develop self-confidence. During 2022/23 we were able to increase opportunities for volunteering including gardening at a workers' cooperative growing food, helping to maintain churchyard gardens, and local retail experience at one of the larger, national charity shops. We averaged 10 placements each quarter with between three and five people taking part in a volunteering activity for at least two hours a week. 

Page 6 



**WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNC LIMITED** 

## **REPORT OF THE TRUSTEES** 

## **FOR THE YEAR ENDED 31 MARCH 2023** 

## _Training and education_ 

We also provided opportunities for people to follow training or education courses, develop or relearn practical skills. The laptops we had purchased in the previous year meant that people who were not ready to attend an external course could still benefit through e-leaming. 16 people developed skills through the National Careers Service portal and accessed courses including beauty therapy (one person); teaching assistant (two people); digital skills (five people); English language (three people); and budgeting (five people). Three people attended the local college for part-time courses in music, catering and hospitality, and ESOL. 

## _In-house sessions_ 

We provided four 'managing money on a budget' sessions during the year, with 22 people attending. Of these, 13 (59%) said they felt better able to manage their money while staying at Branches hostel. 

We had monthly cooking sessions ranging from learning the basics (attended by three to five people each session), through to having three or four residents and former residents helping with preparing and cooking meals for up to 20 other residents in the hostel. 

## ➢ _**Health and well-being**_ 

## _Therapy_ 

We are extremely fortunate to have the services of our own in-house Cognitive Behavioural Therapy (CBT) Practitioner providing immediate and much-needed mental health support, During 2022/23 the CBT Practitioner worked with 25 individuals, including four who had moved on during the year, and two from the previous year. 

## _Volunteers_ 

We are dependent on the enthusiasm and commitment of volunteers, both professionals and independents, who enable us to provide a broad range of activities that contribute to improving the health and well-being of residents. Volunteers provided six-monthly dental checks at Branches, a foot clinic every two months, a weekly fitness instructor, and three-monthly barber visits. Volunteer cooks also provided freshly cooked evening meals every week. 

## _Clients who moved on_ 

In 2022/23, we moved on 26 people. Of these, 12 people moved into private rented accommodation; three moved to sheltered accommodation; one returned to family; five moved into social housing; one person was moved to longterm hospitalisation; two people were evicted because of anti-social behaviour; and two people abandoned their accommodation. 

Page 7 



**WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNC LIMITED** 

## **REPORT OF THE TRUSTEES** 

## **FOR THE YEAR ENDED 31 MARCH 2023** 

## _**Summary of Outputs and Outcomes**_ 

|**_Supportaction_**|**_Participants_**|**_Outcomes_**|
|---|---|---|
|People moved on|26|21 (80.7%) had a positive move|
|Managing<br>money<br>and<br>budgeting|22|13 (59%) said they improved their<br>budgeting<br>skills|
|Referral<br>to<br>a<br>substance<br>recovery programme|10|6 (60%) felt better able to manage their<br>addiction|
|Volunteering|16|15 (93.7%) felt volunteering<br>helped<br>withdeveloping confidence and socialskills|
|Courses and employment<br>opportunities|19|All pai1icipants said they had improved<br>their skills.<br>One person helps with 'cooking sessions'<br>for<br>residents at Branches hostel.<br>One person moved on from Branches and is<br>now a teachingassistant.|
|Resettlement programme and<br>support for people who moved<br>on in 2021/22 and<br>2022/23|38|All have maintained their accommodation.|
|Housing and welfare<br>Enquiries and visitors to<br>Branches hostel|85|Provided support on landlord and tenancy<br>matters, changing accommodation, setting up<br>direct debits and budget planning, and advising<br>onwelfare andhousing benefit claims.|
|Cognitive Behaviour Therapy<br>(CBT)|25|Averaged 12 sessions for each individual.<br>15 of 20 (75%) who had completed their therapy<br>reported they felt they had benefited from the<br>sessions.|



## _**Support for our work**_ 

We are grateful to the volunteers who continued to support us with an estimated 1,250 volunteer hours of their time. Despite the challenging economic times, we continue to be supported well through local and other donations. In 2022/23, we received donated goods with an approximate value of £15,000. We gratefully acknowledge the strong and consistent support we had throughout the year from local schools, faith groups, other charities, local people and local businesses who provided clothing and food donations, and enthusiastically raised funds for Branches hostel. 

## _**Financial Review**_ 

During the period, the Charity received a payment of £162,000 from the London Borough of Waltham Forest under the provider contract for the provision of Supported Housing for Homeless Single Adults. 

The Charity continued to receive housing benefits, amounting to £449,484 during the year, an 18% increase from £379,519 the previous year. The Charity recorded a surplus of £362,374 during the year, an increase on the previous year's surplus of £167,838. This increase was clue in part to the additional rental income secured and capital grants received. 

Strategic planning, which began in 2018/19 with the aim of purchasing a secondary move-on property by 2025, was achieved in 2023. Through a social investment loan, funding from key grant providers and designated reserves of £350,000, the charity purchased a property in Waltham Forest in March 2023. 

## _**Reserves and Investment Policy**_ 

The Charity aims to maintain free reserves at approximately £270,000. This would equal approximately six-months' running costs. The trustees set this to ensure an appropriate timescale for the transition of support and resettlement of clients, should that become necessary. 

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**WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNC LIMITED** 

## **REPORT OF THE TRUSTEES** 

## **FOR THE YEAR ENDED 31 MARCH 2023** 

## _**Capital project for secondary move-on accommodation**_ 

The property purchased in March 2023 will be refurbished and retrofitted to LETI (London Energy Transformation Initiative) standards. The Charity is looking to raise capital funding of £500,000+ towards the refurbishment and retrofit of the premises, which will accommodate six former residents of Branches. The secondary move on property will provide step-down accommodation for people who are not fully ready to live independently, yet do not require the level of support provided in Branches hostel. They will be accommodated for up to 12 months as they build on the learning and life-skills developed while living in Branches hostel. 

Following the purchase of the property, the trustees formed a Property Sub-committee comprising two WFCNS Board trustees, the Chief Executive, Property Project Manager and Facilities Manager to have appropriate oversight of the next stages of this significant project. The Charity has retained the services of a Fundraising Consultant to secure the broadest possible range of capital and revenue funding for this next stage of the project's development. 

## _**Risk Management**_ 

The trustees have established a detailed Risk Register and actively review the major risks, which the Charity faces on a regular basis and have established systems to mitigate them as far as possible. 

## _**Appointment of Trustees**_ 

The Charity is governed by a board of directors. The current board has a membership of six people. Each trustee brings specific skills and expertise to our board, to ensure we maintain the optimum level of knowledge required to govern effectively. We continue strengthening our board and are looking for new trustees who will bring additional expertise in the areas of housing, business and property development. The board meets every two months to agree key policy decisions, set and review strategy, and oversee the performance of the organisation. The day to day running of the Charity is undertaken by the Chief Executive with the support of the Management Team. 

## _**Statement of Trustees' Responsibilities**_ 

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the net incoming resources of the charity for that period. In preparing those financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis and in accordance with applicable accounting standards. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## _Statement as to disclosure of information to auditors_ 

So far as the trustees are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. A resolution proposing the re-appointment of Fredericks Limited as auditor will be submitted at the Annual General Meeting. 

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**WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNC LIMITED** 

## **REPORT OF THE TRUSTEES** 

## **FOR THE YEAR ENDED 31 MARCH 2023** 

## **Small Company Rules** 

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. 

W Reid **Winston Reid** 

**Date:** 23/11/2023 

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**WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED** 

## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS** 

## **FOR THE YEAR ENDED 31 MARCH 2023** 

## **Opinion** 

We have audited the financial statements of Waltham Forest Churches Night Shelter- WFCNS Limited (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose, To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 

- In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006, 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 15 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

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

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

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

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees, but does not include the financial statements and our Report of the Independent Auditors thereon. 

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 

## **Opinion on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Report of the Trustees has been prepared in accordance with applicable legal requirements. 

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WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED 

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS (CONTINUED) 

FOR THE YEAR ENDED 31 MARCH 2023 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees’ Responsibilities set out on page eight, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a trne and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Our responsibilities for the audit of the financial statements** 

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 

Our approach was as follows: 

We reviewed meeting of minutes of those charged with governance. 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- we identified the laws and regulations applicable to the Company through discussions with management, 

and from our commercial knowledge and experience of the sector in which the Charity operates; Page 12 



WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED 

## REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS (CONTINUED) 

## FOR THE YEAR ENDED 31 MARCH 2023 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

To address the risk of fraud through management bias and override of controls, we: 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; 

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 1 were indicative of potential bias; and 

- investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation; 

- enquiring of management as to actual and potential litigation and claims: and 

- reviewing correspondence with HMRC and any other relevant regulators as required. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Directors and other management and the inspection of regulatory and legal correspondence, if any. 

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

## SG Duker 

S.G. Duker (Senior Statutory Auditor) for and on behalf of Fredericks Limited Chartered Accountants Statutory Auditors 106 Charter Avenue Ilford, Essex IG2 7AD 

**Date:** 29/11/23 

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WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED 

## REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS (CONTINUED) 

FOR THE YEAR ENDED 31 MARCH 2023 

|**Unrestricted**<br>**Restricted**<br>**INCOME AND EXPENDITURE**<br>**Notes**<br>£<br>£<br>**INCOMING RESOURCES**<br>Rental income<br>449,484<br>Grants - Revenue<br>2<br>254,389<br>58,800<br>Grants - Capital<br>332,400<br>Donations and miscellaneous income<br>23,856<br>Interest received<br>3,761<br>**Total Income**<br>£731,490<br>£391,200<br>**RESOURCES EXPENDED**<br>**Cost of generating funds**<br>Cost of generating income<br>(47,435)<br>**Charitable expenditure**<br>Community projects<br>3<br>(653,969)<br>(58,912)<br>**Total Expenditure**<br>£(701,404)<br>£(58,912)<br>**Net surplus for the year**<br>**before transfers**<br>30,086<br>332,288<br>Transfer between funds<br>351,550<br>(351,550)<br>Balance brought forward<br>784,001<br>26,799<br>**Balance carried forward**<br>**at 31 March 2023**<br>£1,165,637<br>£7,537|**Total**<br>**2023**<br>£<br>449,484<br>313,189<br>332,400<br>23,856<br>3,761|**Total**<br>**2022**<br>£<br>379,519<br>429,537<br>19,150<br>28,657<br>92|
|---|---|---|
||£1,122,690<br>--------------<br>(47,435)<br>(712,881)<br>£(760,316)<br>362,374<br>810,800|£856,955<br>------·<br>(43,068)<br>(646,049)|
|||£(689,117)|
|||167,838<br>642,962|
||£1,173,174|£810,800|



Page 14 



**WALTHAM FOREST CHURCHES NIGHT SHELTER** - **WFCNS LIMITED Co No** 03844727 WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED 

## STATEMENT OF FINANCIAL ACTIVITIES 

FOR THE YEAR ENDED 31 MARCH 2023 

## **BALANCE SHEET** 

## **AS AT 31 MARCH 2023** 

|**Fixed assets**<br>**Current assets**<br>Debtors<br>Cash at bank and in hand<br>Net current assets<br>Total assets<br>**Creditors: amounts falling due**<br>**within one year**<br>**Creditors: amounts falling due**<br>**Note**<br>8<br>9<br> <br>10<br>**after more than one year**<br>11<br>**Total assets less current liabilities**<br>**Funds:**<br>Unrestricted funds<br>16<br>Unrestricted funds (designated)<br>17<br>Restricted funds<br>18<br>**Total Funds**|£<br>137,455<br>426,559|**2023**<br>£<br>£<br>964,539<br>89,603<br>761,244|**2023**<br>£<br>£<br>964,539<br>89,603<br>761,244|**2022**<br>£<br>12,942<br>850,847<br>863,789<br>(52,989)<br>£810,800<br>**=====**<br>434,001<br>350,000<br>26,799<br>£810,800|
|---|---|---|---|---|
||<br>||564,014<br>1,528,553<br>(55,379)<br>(300,000)<br>£1,173,174<br> **========**<br> <br>1,165,637<br>7,537<br>£1,173,174||
||||||



These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies. 

## **ON BEHALF OF THE BOARD:** 

W Reid **Winston Reid** - **Trustee** 


The notes on pages 16 to 23 form part of these financial statements. Page 15 



## **WALTHAM FOREST CHURCHES NIGHT SHELTER** - **WFCNS LIMITED Co No** 03844727 **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023** 

||**2023**|**2022**|
|---|---|---|
||£|£|
|**Cash flows from operating activities**|||
|Cash generated from operations|324,032|171,907|
|Net cash from operating activities|324,032|171,907|
|**Cash flows from investing activities**|||
|Purchase of tangible fixed assets|(958,717)|(10,081)|
|Net expenditure from investing activities|(958,717)|(10,081)|
||====||
|**Cash flows from financing activities**|||
|Now loans in year|300,000||
||-----------||
|Net cash from financing activities|£300,000|£ -|
||=======|======|
|(Decrease)/Increase in cash and cash equivalents|(334,685)|161,826|
|Cash and cash equivalents at beginning of year|761,244|599,418|
|Cash and cash equivalents at end of year|£426,559|£761,244|
||=========|===========|
|**RECONCILIATION OF NET INCOMING RESOURCES TO CASH GENERATED FROM**||**OPERATIONS**|
||**2023**|**2022**|
||£|£|
|Net incoming resources|362,374|167,838|
|Depreciation charges|7,120|9,268|
||369,494|177,106|
|Increase in trade and other debtors|(47,852)|(17,852)|
|Increase in trade and other creditors|2,390|12,653|
|Cash generated from operations|£324,032|£171,907|
||========|====|



## **CASH AND CASH EQUIVALENTS** 

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: 

## **Year ended 31 March 2023** 

|**Year ended 31 March 2023**|||
|---|---|---|
||**31.03.23**|**31.03.22**|
||£|£|
|Cash and Cash equivalents|£426,559|£761,244|
|||=======|
||~~==========~~||
|**Year ended 31 March 2022**|||
||**31.03.22**|**31.03.21**|
||£|£|
|Cash and Cash equivalents|£761,244|£599,418|
||======|======|



The notes on pages 16 - 23 form part of the accounts 

Page 16 



WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 

## **1. Statutory information** 

Waltham Forest Churches Night Shelter is a private company and charity limited by guarantee registered in England and Wales. The companies registered number and registered address can be found on the company information page. The presentation currency is £ sterling. 

## **la. Accounting policies** 

## **Basis of preparing the financial statements** 

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS I02) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006,The financial Statements have been prepared under the Historical Cost Convention. 

## **Incoming Resources** 

Grant income is accounted for on an accruals basis when the funding is considered definite. Otherwise, it is accounted for when received. Donations and legacies income is accounted for on a received basis. 

## **Fixed assets** 

Fixed assets are written off in the year of acquisition unless considered to be significant in amount. The equipment is depreciated on a 25% straight line basis. 

## **Allocation of Expenditure** 

Expenditure is accounted for on an accruals basis and is directly allocated within the Statement of Financial Activities to one of the following headings: 

**(i) Fundraising and publicity** 

The direct cost of fundraising activities and the direct overheads required to support these activities. 

**(ii) Charitable expenditure** 

The direct costs of providing services to clients. 

**(iii)  Governance costs** 

The cost of those activities necessary to the running of the company as an organisation not directly attributable to activities in furtherance of the charity's objects nor the costs of generating funds. 

**(iii) Cost allocation** 

All costs are allocated between the expenditure categories of the Statement of Financial Activities On the basis designed to effect the use of the resource. Costs relating to staff are apportioned on a time spent basis, property costs are allocated by floor space, other costs are allocated with reference to an estimate of the resource usage. 

**(iv) Donations in kind** 

Volunteer time or donated goods are not accounted for in the financial statements due to the difficulty in quantification. 

## **Pension Costs** 

The charity makes contributions to a defined contribution scheme, the assets of the scheme being held separately from the assets of the charity. The pension cost charge represents contributions payable to the scheme. 

## **Fund Accounting** 

Funds held by the Charity are either: 

_Unrestricted funds_ - these are funds which can be used in accordance with the charitable objectives at the discretion of the trustees. 

_Restricted finds_ - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Page 17 



**WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** 

## **l.b ACCOUNTING POLICIES (continued)** 

## **Significant judgements and estimates** 

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the **circumstances.** 

## **Critical judgements in applying the entities accounting policies:** 

There are no specific judgements apart from those involving estimates as detailed below that management has made in the process of applying the entities' accounting policies that have a significant effect on the amounts recognised in the financial statements. 

## **Critical accounting estimates and assumptions:** 

The company makes estimates and assumptions concerning the future. The resulting accounting estimates can differ from the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below: 

- (i) **Useful economic lives of tangible assets** 

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets these are re-assessed annually. They are amended when necessary to reflect any estimated changes. 

## (ii) **Impairment of debtors** 

The company makes an estimate of the recoverable amount of trade and other debtors. When assessing their impairment, the management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. 

## **1.c Donations** 

Donations of goods estimated to be in the region of £15,000 per annum and volunteer staff hours amounting to a cost of approximately £35,000 are not included in income due to the problems involved in quantification. Similarly, they are not included within expenditure. 

Page 18 



## **WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** 

## **2. Grants (Revenue)** 

|SupportingPeople<br>The Drapers' Charitable Fund<br>LloydsBank<br>GarfieldWeston<br>MountFund<br>HenrySmith<br>Albert Hunt Trust<br>The 29thMay 1961 Charitable Trust<br>The City Bridge Trust<br>The City Bridge - Cost of Living<br>Other<br> <br>**2(a)**<br>**Grants - Capital**<br>The City Bridge Trust<br>The Monday Charitable Trust<br>The Charles **S **French Charitable Trust<br>The Edward Gostling Foundation<br>The Albert Hunt Trust<br>The 29thMay 1961 Charitable Trust<br>The Clothworkers' Foundation<br>Other<br> <br> <br>**3.**<br>**Direct charitable expenses**<br>Salaries<br>**Pensions**<br>**Rent, rates and services**<br>Travel, subsistence and entertaining<br>Repairs, renewals & IT costs<br>Printing, stationery and postage<br>Telephone, mobile and internet<br>Refreshments and food<br>**Insurance**<br>Sundry expenses<br>Consultancy & professional fees<br>Bank charges and interest<br>Equipment hire and purchase<br>Cleaning and laundry<br>Trainingcosts<br>**Recruitment expenses**<br>Other expenditure on residents<br>Amortisationcosts<br>**Motor expenses**<br>Subscriptions<br>Staff entertaining<br>Events & publicity costs<br>Property acquisition costs<br>Support costs (note 5)<br>**Total charitable expenses**|**2023**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**2022**<br>£<br>£<br>£<br>£<br>162,000<br>162,000<br>218,947<br>25,000<br>25,000<br>15,000<br>27,250<br>27,250<br>30,000<br>20,000<br>20,000<br>30,000<br>5,000<br>5,000<br>40,000<br>7,000<br>7,000<br>5,000<br>3,000<br>3,000<br>3,000<br>58,800<br>58,800<br>87,450<br>5,139<br>5,139<br>140<br>---------           ----------          ---------                 ---------<br>£254,389   £58,800      £313,689<br>£429,537<br>=======    ======      =======          =======<br>19,150<br>19,150<br>19,150<br>15,000<br>15,000<br>7,500<br>7,500<br>100,000<br>100,000<br>25,000<br>25,000<br>15,000<br>15,000<br>150,000<br>150,000<br>750<br>750<br>------               ----------          ----------               ----------<br>£<br>£332,400<br>£332,400<br>£19,150<br>=====          =======     =======               =======<br>**2023**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**2022**<br>£<br>£<br>£<br>£<br>417,728<br>44,250<br>461,978<br>394,177<br>6,451<br>6,451<br>6,865<br>125,641<br>13,912<br>139,553<br>134,350<br>398<br>398<br>1,049<br>22,203<br>22,203<br>22,616<br>4,282<br>4,282<br>674<br>3,880<br>3,880<br>5,622<br>2,923<br>2,923<br>5,000<br>3,493<br>3,493<br>3,095<br>339<br>339<br>659<br>11,754<br>11,754<br>12,451<br>180<br>180<br>125<br>2,517<br>2,517<br>7,145<br>6,322<br>6,322<br>7,900<br>3,824<br>3,824<br>779<br>824<br>824<br>16,642<br>1,650<br>1,650<br>1,003<br>6,370<br>750<br>7,120<br>9,268<br>387<br>387<br>245<br>2,396<br>2,396<br>2,702<br>525<br>3,410<br>3,410<br>537<br>12,387<br>12,387<br>14,560<br>14,560<br>12,620<br>£653,919<br>£58,912<br>£712,831<br>£646,049|
|---|---|



Page 19 



WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 

## 4. Operating surplus is stated after charging 

## Auditor's remuneration 

|**`2023`**|**`2022`**|
|---|---|
|£|£|
|4,560|2,620|



|**5.**|**Support Costs**||||||
|---|---|---|---|---|---|---|
||**(Governance Costs)**||||||
||||**`2023`**||||
|||**Unrestricted**||**Restricted**|**Total**|**`2022`**|
|||£||£|£|£|
||Staff costs|10,000|||10,000|10,000|
||Audit fee|4,560|||4,560|2,620|
|||£14,560||£ -|£14,560|£12,620|
|||======||===|======|======|



## **6. Trustees' remuneration** 

The trustees did not receive any emoluments and no out of pocket expenses were paid during the year. 

**7. Staff costs** 

During the year, the average monthly number of employees of the company and staff costs were as follows: 

||**`2023`**|**`2022`**|
|---|---|---|
||£|£|
|Communityprojects|10|10|
|Management and administration|2|2|
||**----**|<br>-----|
||12|12|
||==|==|
||**`2023`**|**`2022`**|
||£|£|
|Wages and salaries|427,467|362,929|
|Social security costs|34,467|26,315|
|Other pension costs|6,451|6,865|
||----------|---------|
||£468,385|£396,109|
||========|========|
|Onememberofstaff earned more than £60,000 per annum,falling intothe band between £70,000 and £80,000|||
|(2022Nil).|||



Page 20 



## **WALTHAM FOREST CHURCHES NIGHT SHELTER** - **WFCNS LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED** 31 **MARCH 2023** 

## **8.** 

## **Tangible Fixed Assets** 

## **Cost** 

||**Cost**|||||||
|---|---|---|---|---|---|---|---|
|||**Freehold Equipment**|||<br>**Total**|||
|||**property**||£|£|||
||At 1 April 2022|||83,979|83,979|||
||Additions in year||953,961|4,756|958,717|||
||Eliminated on disposal|||(1,031)|(1,031)|||
||At 31 March 2023|£953,961||£87,704|£1,041,665|||
|||======<br>||=====|======|||
||**Depreciation**|||||||
||At 1 April 2022|||71,037|71,037|||
||Charge for the year|||7,120|7,120|||
||Eliminated on disposal|||(1,031)|(1,031)|||
||||**------**||----------|||
||At 31 March 2023|£||£77,126|£77,126|||
|||=====||==========|===========|||
||**Net Book Value**|||||||
||31 March 2023|£953,961||£10,578|£964,539|||
|||=====||||||
||31March 2022|£||£12,942|£12,942|||
||||======|======|======|||
|**9.**|**Debtors**|||||||
|||||||**2023**|**2022**|
|||||||£|£|
||Rent debtors|||||29,669|18,375|
||Grant income|||||96,816|62,464|
||Prepayments and accrued income|||||10,970|8,764|
|||||||£137,455|£89,603|
|||||||======|=======|
|**10.**|**Creditors: Amounts falling due within one year**|||||||
|||||||**2023**|**2022**|
|||||||£|£|
||Trade creditors|||||15,345|13,493|
||Accruals and deferred income|||||7,845|5,426|
||Other creditors|||||22,349|23,281|
||Tax and Social Security|||||9,84C|10,789|
|||||||£55,379|£52,989|
|**11.**|**Creditors: Amounts falling due after more than one year**|||||||
|||||||**2023**|**2022**|
|||||||£|£|
||Funding loan|||||300,000|300,000|
|||||||======|======|
||Due 2 - 5 years|||||45,600||
|||||||======||
||Due 2 - 5 years|||||254,400||
|||||||=====|==========|



======                 ======= 

The loan is repayable over 20 years and secured by fixed charged Capital repayments commence in May 2024. Interest is charged at base rate plus 0.5% and is capped at 4%. Monthly instalments of £1,888.61 are payable from May 2024. 

## **Taxation** 

Waltham Forest Churches Night Shelter - WFCNS Limited is a registered charity and is thus exempt from taxation of its income and gains. No tax charge has arisen in the year. 

**12.** 

Page 21 



WALTHAM FOREST CHURCHES NIGHT SHELTER- WFCNS LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 

## **13. Pension cost** 

Waltham Forest Churches Night Shelter - WFCNS Limited operates a defined contribution pension scheme, The contributions for the year were £6,451 (2022 - £6,865). 

## **14,** 

## **Limited liability** 

The charity is limited by guarantee. The Memorandum and Articles of Association of the company restrict the liability of members on winding-up to £1. In the case of winding-up, none of the accumulated funds are distributable to members, but shall be given, or transferred, to some other charitable institution having similar objectives, 

## **15. APB Ethical Standard- Provisions available for smaller entities** 

In common with many other charities of our size and nature, we use our auditors to assist with the preparation of the financial statements. 

## 16. Unrestricted Funds 

|Unrestricted Funds||||||
|---|---|---|---|---|---|
||**Brought**|**Incoming**|||**Carried**|
||**forward**|**Resources**|**Expenditure**|**Transfers**|**forward**|
||£|£|£|£|£|
|General ftmd|434,001|477,101|(447,015)|701,550|1,165,637|
|Designated fund (note 17)|350,000|||(350,000)||
|The City Bridge- Cost Of Living||5,139|(5,139)|||
|Suppo1iing People||162,000|(162,000)|||
|Lloyds Bank||27,250|(27,250)|||
|Albert Hunt Trust||7,000|(7,000)|||
|Mount Fund||5,000|(5,000)|||
|29 May 1961 Charitable Trust||3,000|(3,000)|||
|The Drapers' Charitable Fund||25,000|(25,000)|||
|Garfield Weston||20,000|(20,000)|||
||||||------|
||£784,001|£731,490|£(701,404)|£351,550|£1,165,637|



=======         ======                   =======                =======         ======== 

## **17. Designated Funds** 

The Trustees had decided to designate £350,000 in a separate unrestricted fund in prior years to be used towards the acquisition of other premises. This was transferred during the year when the property was acquired. 

## **18. Restricted Funds** 

||**Brought**|**Incoming**||**Transfer on**|**Carried**|
|---|---|---|---|---|---|
||**Forward**|**resources**|**Expenditure**|<br>**property**|**forward**|
|||||**purchase**||
||£|£|£|£|£|
|**Revenue Grants**||||||
|The Charles S French C T|750||(750)|||
|The City Bridge Trust||||||
|- Clinician, Project & Core|6,899|58,800|(58,162)||7,537|
|**Capital Grants**||||||
|- Capital Development|19,150|19,150||(38,300)||
|The Monday Charitable Trust||15,000||(15,000)||
|The Charlse S French C T||||||
|Charitable Trust||7,500||(7,500)||
|The Edward Gostling Foundation||100,000||(100,000)||
|Tbe Albert Hunt Trust||25,000||(25,000)||
|The 29thMay 1961 CT||15,000||(15,000)||
|The Clothworkers' Foundation||150,000||(150,000)||
|Other||750||(750)||
|||||---------|---------|
||**£26,799**|**£391,200**|**£(58,912)**|**£(351,550)**|**£7,537**|
||**======**|**=======**|**=======**|**========**|**======**|



The restricted funds are essentially to cover general running costs and specific staff costs. The grant from Charles S French relates to capital costs. Capital grants in respect of the property purchase were transferred to general funds upon purchase. 

## **19. Related Party Transactions** 

There were no related party transactions during the year. 

Page22 



WALTHAM FOREST CHURCHES NIGHT SHELTER- WFCNS LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 

20, Analysis of Net Assets Between Funds 

||Net|Total|Total|
|---|---|---|---|
||**Assets**|31.03.2023|31.03.202|
||£|£|2|
|**Unrestricted Funds**|1,165,637|1,165,637|£|
||||784,0|
||||01|
||=======|=======|======|
|Restricted Funds|7,537|7,537|26,799|
||||=====|
|Total Funds|1,173,174|l,173,174|810,800|
||======|=======|============|



## 21. Operating Lease Commitments 

At 31 March 2023 the charity had the following commitments: - 

||2023|2022|
|---|---|---|
||£|£|
||Expiring|Expiring|
||after 5 years|after 5 years|
|Land and Buildings|£69,600|£69,600|
||========|=======|



Page 23 



WALTHAM FOR.EST CHURCHES NIGHT SHELTER - WFCNS LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 

## **COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** 

|**Unrestricted**<br>**Restricted**<br>**funds**<br>£<br>**funds**<br>£<br>**INCOME AND EXPENDITURE**<br>Rental Income<br>379,519<br>Grants<br>342,087<br>106,600<br>Donations and Miscellaneous Income-<br>28,657<br>Interestreceived<br>92<br>-----------<br>----------<br>**Total**<br>750,355<br>106,600<br>**RESOURCES EXPENDED**<br>Cost of generating income<br>(43,068)<br>Charitableactivities<br>(533,623)<br>------------<br>(112,426)<br>------------<br>**Total**<br>(576,691)<br>=======<br>(112,426)<br>=======<br>**Net surplus/(deficit) for the year**<br>173,664<br>(5,826)<br>**RECONCILIATION OF FUNDS**<br>**Total funds brought forward**<br>610,337<br>----------<br>32,625<br>----------<br>**Total funds carried forward**<br>£784,001<br>=======<br>£26,799<br>======|**Total**<br>**funds**<br>£<br>379,519<br>448,687<br>28,657<br>92<br>----------<br>856,955<br>(43,068)<br> <br>(646,049)<br>(689,117)<br>167,838<br>642,962<br>----------<br>£810,800<br>=======|
|---|---|



Page 24 



WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED 

INCOME & EXPENDITURE ACCOUNT 

FOR THE YEAR ENDED 31 MARCH 2023 

||**2023**|**20**|
|---|---|---|
||£|**22**|
|||£|
|**INCOMING RESOURCES**|||
|**Voluntary Income**|||
|**Grants**- (Capital)|332,400||
|Grants - other (Revenue)|151,189|229,740|
|Housing benefits|422,870|379,519|
|Supporting People grant|162,000|218,947|
|Bank interest received|3,761|92|
|Sundry donations|23,856|9,058|
|Service charges|26,614|19,599|
||-------------|<br>------------|
||£1,122,690|£856,955|
|**RESOURCES EXPENDED**|||
|Salaries and pension costs|478,429|411,042|
|Rent, rates and services|139,553|134,350|
|Travel, subsistence and entertaining|398|1,049|
|Repairs, renewals and IT costs|22,203|22,616|
|Printing, stationery and postage|4,282|674|
|Telephone, mobile and internet|3,880|5,622|
|Refreshments and food|2,923|5,000|
|Insurance|3,493|3,095|
|Sundry expenses|339|659|
|Auditfees|4,560|2,620|
|Professional and consultancy|11,754|12,451|
|Bank charges and interest|!SC|125|
|Equipment purchase and hire|2,517|7,145|
|Cleaning and laundry|6,372|7,900|
|Training costs|3,824|779|
|Recmitmentexpenditure|824|16,642|
|Other expenditure on residents|1,650|1,003|
|Amortisation costs|7,120|9,268|
|Motorexpenses|387|245|
|Subscriptions|2,396|2,702|
|Events and publicity|3,410|537|
|Staff entertaining||525|
|Fund raising consultancy fees|47,435|43,068|
|Property acquisition costs|12,387||
||----------||
|**Total expenditure**|£760,316|£689,117|
||------------|<br>------------|
|Surplus for the financial year|£362,374|£167,838|
||=======|=======|



Page 25