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2024-03-31-accounts

WALTHAM FOREST CHURCHES NIGHT SHELTER -

WFCNS LIMITED

Company Limited by Guarantee No 03844727

Registered Charity No 1086888

ACCOUNTS FOR THE YEAR ENDED

31 MARCH 2024

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

INDEX TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

C O N T E N T S

Page
Legal and administrative information 3
Report of the trustees and directors 4 – 9
Report of the independent auditors 10 - 12
Statement of Financial Activities 13
Balance Sheet 14
Cash flow statement 15
Notes forming part of the financial statements 16 – 23
Statement of comparatives 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 W Reid
B J P Lynch
G A Stowe
A Mustafa
E Petersen
E J Hamilton
T. Markwell (appointed 04/04/2024)
I.S.G. Pogue (appointed 27/06/2024)
Bankers CAF Bank Ltd
25 Kings Hill Avenue
West Malling
Kent
ME19 4JQ
Chief Executive J Saunders
Registered Office 740 Forest Road
Walthamstow
London
E17 3HR
Company Registration No 03844727
Charity Registration No 1086888
Auditors Fredericks Limited
Chartered Accountants & Registered Auditors
106 Charter Avenue
Ilford, Essex
IG2 7AD

Page 3

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2024

Purposes and Aims

Our charity’s purposes as set out in the objects contained in the company’s memorandum of association 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 person-centred services, including:

Ensuring our work delivers our aims

We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those people who use our services. The review also helps us ensure our aims, objectives and activities remained focused on our stated purposes. In particular, trustees consider how planned activities will contribute to the aims and objectives they have set.

The focus of our work

Our main objectives continued to be reducing homelessness and preventing repeat homelessness. The strategies we used to meet these objectives included:

During 2023/24 we:

Page 4 WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

REPORT OF THE TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

How our activities deliver public benefit

Our main activities and who we try to help are described below and are provided to further our charitable purposes for the public benefit. Our charitable activities focus on supporting people to re-build lives to end the cycle of homelessness and move-on 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.

Premises

We provide accommodation in our 27-bed purpose-built hostel known as ‘Branches’. Each of the 27 rooms is selfcontained, with en suite bathrooms, 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 houses IT facilities for residents, serves as a quiet space, and is used for training and meetings. This space is available 24/7 for clients’ personal use. Our garden is cared for by green-fingered, enthusiastic residents and volunteers!

We are fortunate to have an on-site gym equipped with rowing and running machines, and cycles, which are used regularly by people living in Branches.

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

How our services are accessed

We are an agency-referrals only project. The provider contract we have with the London Borough of Waltham Forest limits referrals we can receive from the local authority and its designated agencies. We also have reciprocal referral arrangements with organisations within Waltham Forest and neighbouring boroughs that provide temporary housing.

People can stay for up to 18 months, and exceptionally for up to 24 months. From the first day that a person moves into Branches we work towards a move-on plan within 24 months. The reason for this time frame is because we know that a stay of longer than 24 months is detrimental to a person’s longer-term well-being and a successful move to independent living.

Who used and benefited from our services?

Our objects limit the services we provide to single, homeless adults in the London Borough of Waltham Forest and neighbouring London boroughs. Demand for our counselling and therapy services is limited to current and former residents of Branches hostel. All our services are provided free to residents, former residents and people seeking advice. 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 50 direct referrals to Branches hostel in 2023/24, and 80 enquiries about hostel accommodation from members of the public. In the year, 80% (40 out of 50) of people referred to us via the local authority had a mental health support need; and 25 of the people referred had varying levels of alcohol and/or drug dependency.

28 people moved into the hostel during 2023/24. There was a slight decrease in the age group referred to our hostel from 40+ in the previous year to 36 years of age. Most referrals were in the 30-39-year age group and 20-29 year age group with both at 28.4%; with 20% aged 50-59.

As in previous years, most people living in Branches hostel were male - 75% of occupants. Across the year we had an average of 7 female occupants each quarter.

What we provide

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

Page 5 WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

REPORT OF THE TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

What we provide

We have accessible support services seven days a week for residents in Branches and for those who have moved-on to more permanent accommodation. The Waking Night Team ensures the safety of residents, visitors, and the premises during outof-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 that have moved on. A primary objective is to support individuals re-learn much needed life-skills, 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 2023/24 we provided resettlement and welfare advice for 38 people who had lived in Branches hostel, 20 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. Volunteering is one way of opening up social activity that can lead to inclusion, while also helping to develop selfconfidence. During 2023/24 we increased opportunities for volunteering including gardening at a workers’ co-operative growing food (six people), retail experiences in local branches of national charity shops (four people), hospitality opportunities at a local self-sufficient café (two volunteering), and weekly volunteering with food donations (four people). Throughout the year, between eight and 10 individuals were taking part in a volunteering activity every month.

Training and education

People could access a range of opportunities for self-development and learning through courses provided by our partners at local colleges. 13 people took up the opportunity following courses covering ESOL (four people); digital skills (four people); CSCS (Construction Skills Certification) – two people; and security (three people).

In-house sessions

Being able to manage on a limited budget is a necessary core skill that people need when living at Branches and for when they move-on. Through a partner organisation, we provided four ‘managing money on a budget’ sessions during the year, with 25 people attending. Of these, 18 (72%) said they felt better able to manage their money while staying at Branches hostel.

Being able to shop for, prepare and cook nutritious meals are also core life-skills. We ran monthly cooking sessions led by volunteers and added weekly 1-1 sessions provided by the Support Team for individuals who needed to learn the basics (two people each week). Residents and former residents continued to help with preparing and cooking meals for up to 20 other residents in the hostel

Page 6

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

REPORT OF THE TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Health and well-being

Therapy

We are extremely fortunate to have our own in-house Cognitive Behavioural Therapy (CBT) Practitioner providing accessible and much-needed mental health support. During 2023/24 the CBT Practitioner worked with 30 individuals, including three who had moved on during the year, and two who had moved on in 2021/22. In addition to the pre-booked counselling sessions, we ran twice-weekly 30-minute drop-in sessions for people who felt that they did not need regular therapy but needed this specialist service. The drop-in sessions were also available to former residents. 15 individuals used the drop-in service throughout the year.

Volunteers

We could not provide the range of additional services and opportunities for service users without the support of volunteers. The enthusiasm and commitment of volunteers, both professionals and independents, who enable us to provide activities that contribute to improving the health and well-being of residents is invaluable. Throughout the year, volunteers continued to provide six-monthly dental checks at Branches, a foot clinic every two months, a weekly fitness instructor, and threemonthly barber visits. For well-being, we were able to add a monthly hip-hop class followed by aromatherapy, and monthly befriending services. Through a partnership with a local adult learning college we provided weekly yoga sessions, attended by five-seven people. A local health partnership provided health flu jabs and TB screening, and liver screening.

Volunteer cooks, individuals and groups, provided freshly cooked evening at least three evenings a week and at the weekends. Over the Christmas and New Year periods we had a fantastic team of four volunteers provide meals for residents.

Clients who moved on

In 2023/24, 28 people moved on. Of these, 16 people moved into private rented accommodation; four moved to sheltered accommodation; two returned to family; three moved into social housing; one person was moved to long-term hospitalisation; and two people were evicted because of anti-social behaviour.

Summary of Outputs and Outcomes

ummary of Outputs and Outcomes
Support action Participants Outcomes
People moved on 28 21(89%)had apositve move
Managing
money
and
budgetng		 25 18 (72%) said they improved their budgetng
skills
Referral
to
a
substance
recovery programme		 17 8 (47%) felt beter able to manage their
addicton
Volunteering 16 14 (87.57%) felt volunteering helped with
developingconfdence and social skills
Courses
and
employment
opportunites		 19 All partcipants said they had improved their
skills.
Two people help with ‘cooking sessions’ for
residents at Branches hostel.
One person moved on from Branches and is
now a teachingassistant.
Resetlement
programme
and support for people who
moved on in 2022/23 and
2023/24		 45 All have maintained their accommodaton.
Housing
and
welfare
enquiries and visitors to
Branches hostel		 85 Provided support on landlord and tenancy
maters, changing accommodaton, setng up
direct debits and budget planning, and advising
on welfare and housingbeneft claims.
Cognitve Behaviour Therapy
(CBT)		 30 Averaged 15 sessions for each individual.
18 of 30 (60%) who had completed their therapy
reported they felt they had benefted from the
sessions.
Page 7

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

REPORT OF THE TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Support for our work

We are grateful to the volunteers who continued to support us with an estimated 1,400 volunteer hours of their time. Despite the challenging economic times, we continue to be supported well through local and other donations. In 2023/24, we received donated goods with an approximate value of £16,500. 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.

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 schools through targeted activity, and from local faith groups and business sector supporters.

During 2023/24, 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 and 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.

We are grateful to funders, and acknowledge those who supported us in 2023/24:

Financial Review

Against the backdrop of the challenges of financing the refurbishment and retrofitting of the property purchased in late 2023, we have continued to ensure sound financial management and generated a positive financial outcome for 2024.

Principal Income

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 £459,134 during the year, a 2.13% increase from £449,484 the previous year. The Charity recorded a surplus of £640,016 during the year, an increase on the previous year’s surplus of £362,374. This increase was due in part to the additional capital and revenue grants received, and improved collection rates for service charge.

Reserves and Investment Policy

The Charity aims to maintain free reserves at approximately £405,000. 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.

Page 8

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

REPORT OF THE TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Capital project for secondary move-on accommodation

The property purchased in March 2023 is being refurbished and retrofitted to LETI (London Energy Transformation Initiative) standards. The Charity looked 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 WFCNS Property Sub-committee comprising two WFCNS Board trustees, the Chief Executive and Facilities Manager has had oversight of the construction phase of this significant project. The Charity retained the services of Fundraising Consultants to secure the broadest possible range of capital and revenue funding for this stage of the project.

The purchase of the property is now on the balance sheet and has been capitalised, please refer to notes 2,8 and 16 .

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:

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.

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.

……………………………………………

Gilbert Stowe

Date:

Page 9

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS

FOR THE YEAR ENDED 31 MARCH 2024

Opinion

We have audited the financial statements of Waltham Forest Churches Night Shelter – WFCNS Limited (the 'charitable company') for the year ended 31 March 2024 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.

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 14 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:

Page 10

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

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:

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 true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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: -

Page 11

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

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

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.

Material misstatements that arise due to fraud can be harder to detect then those that arise from error as they may involve deliberate concealment or collusion.

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.

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:

Page 12

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2024

Total Total
Unrestricted Restricted 2024 2023
INCOME AND EXPENDITURE Notes £ £ £ £
INCOMING RESOURCES
Rental income 459,134 - 459,134 449,484
Grants - Revenue 2 282,550 59,325 341,875 313,189
Grants – Capital 2a - 628,090 628,090 332,400
Donations and miscellaneous income 18,132 - 18,132 23,856
Interest received 3,739 - 3,739 3,761
---------- --------- ------------ ------------
Total Income £763,555 £687,415 £1,450,970 £1,122,690
---------- --------- ------------ -----------
RESOURCES EXPENDED
Cost of generating funds
Cost of generating income (46,437) - (46,437) (47,435)
Charitable expenditure
Community projects 3 (708,535) (55,982) (764,517) (712,881)
---------- --------- ---------- ----------
Total Expenditure £(754,972) £(55,982) £(810,954) £(760,316)
---------- --------- ---------- ----------
Net surplus for the year
before transfers 8,583
 631,433 640,016 362,374
Transfer between funds 55,559 (55,559) - -
Balance brought forward 1,165,637 7,537 1,173,174 810,800
------------ -------- ------------ ----------
Balance carried forward
at 31 March 2024 £1,229,779 £583,411 £1,813,190 £1,173,174
======= ====== ======= =======

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

Page 13

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED Co No 03844727

BALANCE SHEET

AS AT 31 MARCH 2024

2024
 2023
Note £ £ £ £
Fixed assets 8 1,136,623 964,539
Current assets
Debtors 9 734,186 137,455
Cash at bank and in hand 342,808 426,559
--------- ----------
Net current assets 1,076,994 564,014
------------ ------------
Total assets 2,213,617 1,528,553
Creditors: amounts falling due
within one year 10 (109,427) (55,379)
Creditors: amounts falling due
after more than one year 11 (291,000) (300,000)
------------ ------------
Total assets less current liabilities £1,813,190 £1,173,174
======= =======
Funds:
Unrestricted funds 16 1,229,779 1,165,637
Restricted funds 17 583,411 7,537
------------ ------------
Total Funds £1,813,190 £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:

…………………………………….

Alan Mustafa - Trustee

……………………………………

Gilbert Stowe - Trustee

Date:

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

Page 14

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED Co No 03844727 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
£ £
Cash flows from operating activities
Cash generated from operations 88,151 320,271
--------- ---------
Net cash from operating activities 88,151 320,271
--------- ---------
Cash flows from investing activities
Purchase of tangible fixed assets (175,641) (958,717)
Interest received 3,739 3,761
---------- ----------
Net expenditure from investing activities (171,902) (954,956)
---------- ----------
Cash flows from financing activities
New loans in year - 300,000
---------- ----------
Net cash from financing activities £ - £300,000
====== ======
Decrease in cash and cash equivalents (83,751) (334,685)
Cash and cash equivalents at beginning of year 426,559 761,244
----------- ----------
Cash and cash equivalents at end of year £342,808 £426,559
====== ======

RECONCILIATION OF NET INCOMING RESOURCES TO CASH GENERATED FROM OPERATIONS

2024 2023
£ £
Net incoming resources 640,016 362,374
Depreciation charges 3,557 7,120
Interest charges 11,000 -
Interest received (3,739) (3,761)
------------ ------------
650,834 365,733
Increase in trade and other debtors (596,731) (47,852)
Increase in trade and other creditors 34,048 2,390
----------- ----------
Cash generated from operations £ 88,151 £320,271
======= ======

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 2024

Year ended 31 March 2024
31.03.24 31.03.23
£ £
Cash and Cash equivalents 342,808 £426,559
====== ======
Year ended 31 March 2023
31.03.23 31.03.22
£ £
Cash and Cash equivalents £426,559 £761,244
====== ======

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

Page 15

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

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.

1a. 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 102) ‘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.

(iv) 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.

(v) Donations in kind

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 funds – 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.

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WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1. 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

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.

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WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)

2. Grants (Revenue)

2. Grants (Revenue)
2024
Unrestricted Restricted Total 2023
£ £ £ £
Supporting People 162,000 - 162,000 162,000
The Drapers Charitable Foundation 25,000 - 25,000 25,000
The Lloyds Bank Foundation 25,000 - 25,000 27,250
The Garfield Weston Foundation - - - 20,000
The Mount Fund - - - 5,000
The Henry Smith Charity 70,000 - 70,000 -
The Albert Hunt Trust - - - 7,000
The 29thMay 1961 Charitable Trust - - - 3,000
The City Bridge Trust - 59,325 59,325 58,800
The City Bridge Foundation – Cost of Living - - - 5,139
Other 550 - 550 -
---------- --------- ---------- ----------
£282,550 £59,325 £341,875 £313,189
====== ===== ====== ======
2(a) Grants – Capital
The City Bridge Foundation - 3,560 3,560 19,150
The Monday Charitable Trust - - - 15,000
The Charles S French Charitable Trust - - - 7,500
The Edward Gostling Foundation - 25,000 25,000 100,000
The Albert Hunt Trust - 7,000 7,000 25,000
The 29thMay 1961 Charitable Trust - - - 15,000
The Clothworkers Foundation - - - 150,000
Other - - - 750
The National Lottery Community Fund
- Reaching Communities/Partnerships 394,531 394,531
The Quaker Housing Trust - 19,999 19,999 -
CRASH - 78,000 78,000 -
The Albert Gubay Charitable Foundation - 100,000 100,000 -
----- ---------- ---------- ----------
£ - £628,090 £628,090 £332,400
=== ====== ====== ======

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WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)

3. Direct charitable expenses

2024
Unrestricted Restricted Total 2023
£ £ £ £
Salaries
427,048		 44,786
471,834		 461,978
Pensions 8,594 - 8,594 6,451
Rent, rates and services 146,872 11,196 158,068 139,553
Travel, subsistence and entertaining 1,292 - 1,292 398
Repairs, renewals & IT costs 28,573
-		 28,573 22,203
Printing, stationery and postage 3,472 - 3,472 4,282
Telephone, mobile and internet 314 - 314 3,880
Refreshments and food 3,168 - 3,168 2,923
Insurance 4,231 - 4,231 3,493
Sundry expenses 767 - 767 339
Consultancy & professional fees 22,914
-		 22,914 11,754
Bank charges and interest 194 - 194 180
Equipment hire and purchase 6,712 - 6,712 2,517
Cleaning and laundry 9,026 - 9,026 6,322
Training costs 7,307 - 7,307 3,824
Recruitment expenses 203 - 203 824
Other expenditure on residents 3,279
-		 3,279 1,650
Amortisation costs 3,557 - 3,557 7,120
Motor expenses 140 - 140 387
Subscriptions 5,512 - 5,512 2,396
Events & publicity costs - - - 3,410
Property acquisition costs - - - 12,387
Support costs (note 5) 14,360 - 14,360 14,560
Interest payable on loan 11,000 - 11,000 -
---------- -------- ---------- ----------
Total charitable expenses £708,535 £55,982 £764,517 £712,831
====== ===== ====== ======

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WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)

4. Operating surplus is stated after charging

2024 2023
£ £
Auditor’s remuneration 4,360 4,560
==== ====
5. Support Costs
(Governance Costs)
2024
Unrestricted Restricted Total 2023
£ £ £ £
Staff costs 10,000 - 10,000 10,000
Audit fee 4,360 - 4,360 4,560
-------- --- --------- --------
£14,360 £ - £14,360 £14,560
===== == ===== =====

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:

2024 2023
£ £
Community projects 10 10
Management and administration 2 2
--- ---
12 12
== ==
2024 2023
£ £
Wages and salaries 442,643 427,467
Social security costs 36,530 34,467
Other pension costs 8,594 6,451
---------- ----------
£487,767 £468,385
====== ======

One member of staff earned more than £60,000 per annum, falling into the band between £70,000 and £80,000 (2023 One).

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WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)

8. Tangible Fixed Assets

Cost
Freehold Equipment
Total
property £ £
At 1 April 2023
 953,961 87,704 1,041,665
Additions in year 175,265 376 175,641
Eliminated on disposal
----------- -------- -----------
At 31 March 2024
 £1,129,226 £88,080 £1,217,306
====== ===== =======
Depreciation
At 1 April 2023 - 77,126 77,126
Charge for the year - 3,557 3,557
Eliminated on disposal - - -
---------- -------- --------
At 31 March 2024 £ - £80,683 £80,683
====== ===== =====
Net Book Value
31 March 2024 £1,129,226 £ 7,397 £1,136,623
======= ===== =======
31 March 2023 £953,961 £10,578 £964,539
======= ===== ======
9. Debtors
2024 2023
£ £
Rent debtors 46,782 29,669
Grant income 668,111 96,816
Prepayments and accrued income 19,293 10,970
---------- ----------
£734,186 £137,455
====== ======
10. Creditors: Amounts falling due within one year
2024 2023
£ £
Funding loan 9,000 -
Trade creditors 34,742 15,345
Accruals and deferred income 44,316 7,845
Other creditors 12,191 22,349
Tax and Social Security 9,178 9,840
--------- --------
£109,427 £55,379
===== =====
11. Creditors:Amounts falling due after more than one year
2024 2023
£ £
Funding loan £291,000 £300,000
====== ======
Due 2 – 5 years £ 48,312 £ 45,600
====== ======
Due 2 – 5 years £242,688 £254,400
====== ======

The loan is repayable over 20 years and secured by fixed charge on the freehold property. 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. This is a social impact investment loan from Trust for London to purchase the freehold property which will provide move on accommodation.

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. Taxation

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WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)

13. Pension cost

Waltham Forest Churches Night Shelter – WFCNS Limited operates a defined contribution pension scheme. The contributions for the year were £8,594 (2023 - £6,451).

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

16. Unrestricted Funds
Brought
Incoming		 Carried
forward
Resources		 Expenditure Transfers forward
£ £
 £ £ £
General fund 201,098 643,555 (631,415) (120,082) 93,156
Fixed asset reserve 964,539 - (3,557) 175,641 1,136,623
The Henry Smith Charity - 70,000 (70,000) - -
The Lloyds Bank Foundation - 25,000 (25,000) - -
The Drapers’ Charitable Fund - 25,000 (25,000) - -
------------ ---------- ---------- ---------- -----------
£1,165,637 £763,555 £(754,972) £ 55,559 £1,229,779
======= ====== ====== ====== =======
17. Restricted Funds
Brought
Incoming		 Transfer on Carried
Forward
resources		 Expenditure
property		 forward
expenditure
£ £ £ £ £
Revenue Grants
The City Bridge Foundation
- Clinician, Project & Core 7,537 59,325 (55,982) - 10,880
Capital Grants
National Lottery Community
Fund - 394,531 - - 394,531
The City Bridge Trust - 3,560 - (3,560) -
The Edward Gostling Foundation - 25,000 - (25,000) -
The Albert Hunt Trust - 7,000 - (7,000) -
The Quaker Housing Trust - 19,999 - (19,999) -
CRASH - 78,000 - - 78,000
The Albert Gubay Charitable
Foundation - 100,000 - - 100,000
-------- --------- ---------- --------- ----------
£ 7,537 £687,415 £(55,982) £(55,559) £583,411
===== ====== ====== ===== ======

The revenue based restricted funds are essentially to cover general running costs and specific staff costs. Capital grants in respect of a property renovation project are treated as a transfer to general funds when spent. This is since no formal restriction applies to the future of the property once the various funds have been spent. Some specific capital grants have long term restrictions and therefore will be carried forward for the period of the restriction.

18. Related Party Transactions

There were no related party transactions during the year.

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WALTHAM FOREST CHURCHES NIGHT SHELTER – WFCNS LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)

19. Analysis of Net Assets Between Funds

Fixed Current Total Total
Assets Assets 31.03.2024 31.03.2023
£ £ £ £
Unrestricted Funds 1,136,623 93,156 1,229,779 1,165,637
======= ======= ======= ======
Restricted Funds - 583,411 583,411 7,537
======= ====== ====== ======
Total Funds 1,136,623 676,567 1,813,190 1,173,174
======= ======= ======= ======

20. Operating Lease Commitments

At 31 March 2024 the charity had the following commitments:-

2024 2023
£ £
Expiring Expiring
after 5 years after 5 years
Land and Buildings £94,001 £94,001
===== =====

Page 23

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Total
funds funds funds
£ £ £
INCOME AND EXPENDITURE
Rental Income 449,484 - 449,484
Grants (revenue) 254,389 58,800 313,189
Grants – Capital - 332,400 332,400
Donations and Miscellaneous Income- 23,856 - 23,856
Interest received 3,761 - 3,761
--------- --------- ------------
Total 731,490 391,200 1,122,690
RESOURCES EXPENDED
Cost of generating income (47,435) - (47,435)
Charitable activities (653,969) (58,912) (712,881)
----------- ---------- ----------
Total (701,404) (58,912) (760,316)
----------- ---------- ----------
Net surplus for the year before transfers 30,086 332,288 362,374
Transfer between funds 351,550 (351,550) -
Total funds brought forward 784,001 26,799 810,800
------------ -------- ------------
Total funds carried forward £1,165,637 £ 7,537 £1,173,174
======= ===== =======

Page 24

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

INCOME & EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
£ £
INCOMING RESOURCES
Voluntary Income
Grants–(Capital) 628,090 332,400
Grants – other (Revenue) 179,875 151,189
Housing benefits 423,355 422,870
Supporting People grant 162,000 162,000
Bank interest received 3,739 3,761
Sundry donations 18,132 23,856
Service charges 35,779 26,614
------------ ------------
£1,450,970 £1,122,690
RESOURCES EXPENDED
Salaries and pension costs 490,428 478,429
Rent, rates and services 158,068 139,553
Travel, subsistence and entertaining 1,292 398
Repairs, renewals and I T costs 28,573 22,203
Printing, stationery and postage 3,472 4,282
Telephone, mobile and internet 314 3,880
Refreshments and food 3,168 2,923
Insurance 4,231 3,493
Sundry expenses 767 339
Audit fees 4,360 4,560
Professional and consultancy 22,914 11,754
Bank charges and interest 194 180
Equipment purchase and hire 6,712 2,517
Cleaning and laundry 9,026 6,372
Training and development costs 7,307 3,824
Recruitment expenditure 203 824
Other expenditure on residents 3,279 1,650
Amortisation costs 3,557 7,120
Motor expenses 140 387
Subscriptions 5,512 2,396
Events and publicity - 3,410
Fund raising consultancy fees 46,437 47,435
Property acquisition costs - 12,387
Mortgage interest 11,000 -
---------- ----------
Total expenditure £810,954 £760,316
---------- ----------
Surplus for the financial year £640,016 £362,374
====== ======

Page 25