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← Waltham Forest Churches Night Shelter-Wfcns Limited

2025-03-31-accounts

Registered number: 03844727 Charity number: 1086888

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers
Trustees' Report 2 -12
Independent Auditors' Report on the Financial Statements 13 -15
Statement of Financial Activities 16
Balance Sheet 17
Statement of Cash Flows 18
Notes to the Financial Statements 19 - 35

WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees S Belgrave (appointed 3 October
2024) E J Hamilton
BJ P Lynch
T Markwell (appointed 4 April 2024)
A Mustafa
A Nesbitt (appointed 20 June 2025)
E Petersen (resigned 30 June 2025)
IS G Pogue (appointed 27 June 2024)
WReid
GA Stowe, Chair of Trustees
Company registered
number 03844727
Charity registered
number 1086888
Registered office 740 Forest
Road
Walthamstow
London
EC17 3HR
Chief executive officer J Saunders
Independent auditors FredericksLimited
Chartered Accountants
Statutory Auditors
106 Charter Avenue
llford
Essex
IG27AD
Bankers GAF Bank Ltd
25 Kings Mall Avenue
West Malling
Kent
ME19
4JQ

Page 1

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2024 to 31 March 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

The Charity also trades under the names Branches.

Objectives and activities

a. Policies and objectives

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:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives - 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.

c, Activities undertaken to achieve objectives -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:

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WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

d. Main activities undertaken to further the Charity's purposes for the public benefit

Our main activities and who we support 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.

Achievements and performance

a. Main achievements of the Charity

During 2024/25 we:

b. Review of activities

Premises:

We provide accommodation in our 27-bed purpose-built hostel known as 'Branches'. Each of the 27 rooms is self-contained, 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 residents living in Branches hostel. 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 is used regularly by people living in Branches.

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WALTHAM FOREST CHURCHES NIGHT SHELTER. WFCNS LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

We serve a freshly cooked meal most evenings prepared in 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 to 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 45 direct referrals to Branches hostel from the local authority in 2024/25, and 85+ enquiries about direct referrals to Branches hostel and other temporary accommodation from members of the public. In the year, 67% - 30 people referred to us via the local authority had a mental health support need; and 33% - 15 had varying levels of alcohol and/or drug dependency.

17 people moved into the hostel during 2024/25. The age groups of individuals referred to our hostel remained similar to the previous year. The average age was 36 years. 37% of referrals were in the 30-39-year age group and 20% were aged 20-29 years. There was a slight reduction in the number of people referred in the 50-59 age group at 17.5% compared with the previous year of 20% of total referrals. The percentages are similar to 2023/24, when most referrals were in the 30-39 age group (28.4%) and 20-29 age group (20%).

As in previous years, most people living in Branches hostel were male - 76% of occupants. Across the year we had an average of six female occupants each quarter.

c. What we provide

Our support services are accessible 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 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 that have moved on. A primary objective is to support individuals develop 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.

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WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

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 movingon. 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 have 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 2024/25 we provided resettlement and welfare advice for 40 people who had lived in Branches hostel, 23 of whom had left Branches two years previously. We supported 125 homeless people, rough sleepers or people threatened with homelessness, who had contacted us for information.

Social inclusion

We recruited a part-time Volunteer Coordinator in November 2024. The role is delivering additional benefits for residents, opening up additional opportunities, and also benefiting the charity with additional skills. 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 self-confidence, and pathways to education, learning and work prospects.

During 2024/25, 5 people volunteered with a weekly food delivery project; 3 gained retail experience volunteering every two weeks at a local branch of a national charity shop; 2 helped maintain local churchyard gardens and every two to four weeks at least 2 residents volunteered by preparing and cooking meals for hostel residents. On average, at least 10 individuals were taking part in a volunteering activity every month.

Training and education

Throughout the year, residents took up a range of opportunities for self-development and learning attending courses provided by our partners at local colleges, or through learning opportunities provided by other charities, and sessions provided by volunteers providing their professional services. 5 people attended ESOL courses; 3 improved their IT skills; 1person enrolled on a photography course; 4 people attended basic cooking skills courses; and 3 attended basic literacy courses.

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 ran quarterly 'budgeting for life' sessions during the year, with 18 people attending each session. On average, 16 people (89%) said they felt better able to manage their money as a result, and of those, 10 set up regular savings and all set up standing orders for paying their monthly service charge.

We supported people to develop other core life-skills so that they are better able to shop for, prepare and cook nutritious meals when they move on. We continued our monthly cooking sessions led by volunteers and weekly 1-1 sessions provided by the Support Team for individuals who needed to learn the basics (averaged two people each week). Residents and former residents continued to volunteer by preparing and cooking meals for up to 20 other residents in the hostel.

To support people prepare for the job market, a volunteer provided a CV and job application course, attended by 4 people.

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WALTHAM FOREST CHURCHES NIGHT SHELTER. WFCNS LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

Health and well-being

We are extremely fortunate to have our own in-house Cognitive Behavioural Therapy (CBT) Practitioner providing accessible and much-needed mental health support. A specialist CBT service is rare in a charity of our size. The CBT is long-term therapy, and the number of sessions for each individual varies significantly. This gives people sufficient time and space to address their particular issues.

During 2024/25 the CBT Practitioner worked with 30 individuals, including three who had moved on during the year, and two who had moved on in 2023/24. In addition to the pre-booked counselling sessions, we ran twiceweekly 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. 25 residents and former residents used the drop-in service throughout the year.

d. Volunteers

We could not provide the range of additional services, training and learning 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 three-monthly barber visits. For wellbeing, we were able to add a monthly hip-hop class followed by aromatherapy. A local health partnership provided flu jabs, chest X-rays, TB and liver screenings.

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 eight volunteers preparing and providing meals for residents.

e. Key performance indicators

In 2024/25, 17 people moved on. Of these, five people moved into private rented accommodation; three moved to sheltered accommodation; one person moved in with a partner; two moved into social housing; two people were moved to long-term hospitalisation; two people were evicted because of anti-social behaviour; and two people abandoned their room at the hostel.

A summary of key Outputs and Outcomes is shown in the following table:

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WALTHAM FOREST CHURCHES NIGHT SHELTER. WFCNS LIMITED

Page 6

WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

Support action Participan
ts		 Outcomes
People moved on 17 11(65%)had apositve move
Managingmoneyand budgetng 18 16(89%)said theyimproved their budgetngskills
Referral to a substance recovery
programme		 22 13 (59%) felt beter able to manage their addicton
Volunteering 15 14 (93%) felt volunteering helped with developing
confdence and social skills
Courses and employment
opportunites		 28 All partcipants said they felt they had improved
their skills following the sessions or courses
atended.
Three people secured part-tme jobs in the
catering sector.
Resetlement programme and
support for people who moved on
in 2023/24 and 2024/25		 27 26 of those who moved on between 6 and 12
months previously have maintained their
accommodaton. The one person who did not,
moved in with a partner temporarily and also
secured a full-tme job.
Housing and welfare enquiries,
visitors to Branches hostel or
email queries from people who
had not stayed at Branches.		 125 Provided advice on tenancy maters, supplied
accommodaton listngs, supported people
managing moves to new accommodaton, advised
on welfare and housing beneft maters, and wrote
leters to landlords on behalf of claimants.
Cognitve Behaviour Therapy (CBT) 30 Individuals atended, on average, 20 CBT sessions
throughout the year. Of those who felt that they
no longer needed CBT, more than 90% said they felt
that they benefted from therapy. Other benefts
individuals said they felt included long-term life
planning and goal setng, beter self-care
and maintenance.

f. Support for our work

We are very grateful to the individual volunteers and volunteering groups who supported us during 2024/2025. We had our regular, local cooking groups from a number of places of worship providing freshly cooked meals at weekends. Individual volunteers provided sessions and courses covering life-skills and well-being, general interests, and fun activities. Volunteers have provided befriending and mentoring sessions; therapy dog sessions; creative writing workshops; fitness and yoga sessions; and games nights.

Despite the challenging economic times, we continue to receive strong support from the local community. In 2024/25, we received donated goods with an approximate value of £21,000, an increase on the previous year's donations of £16,500. We gratefully acknowledge the strong and consistent support we had throughout the year from local schools and colleges, faith groups, other charities, local people and small and larger businesses who provided clothing, toiletries and food donations, and enthusiastically raised funds for Branches hostel.

Page 7

WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

g. 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. This contract is being retendered during the first quarter of 2025/26, for which we will submit our bid. This is of great importance to Waltham Forest Churches Night Shelter Ltd and will determine our important next steps during 2025/26 and beyond. 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 2024/25, we continued to realise the benefits from our fundraising efforts. We raised funds primarily from Trusts and Foundations, and they 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.

We are grateful to funders, and acknowledge those who supported us in 2024/25:

Financial review

a. Overview

As part of a long-term strategic objective, and with an ambitious fundraising plan successfully realised, staff and trustees were pleased to secure a freehold property in March 2023. Following the purchase, we have continued to ensure sound financial management and generated a positive financial outcome for 2025.

b. Principal funding

The Charity benefited from an increase in the rent received from housing benefit and tenant contributions, with income rising from £423,355 in 2024 to £473,952 in 2025. Income from service charges remained similar, at £35,740 (2024 £35,779).

The Charity received a grant of £162,000 from the London Borough of Waltham Forest under the provider contract for the provision of Supported Housing for Homeless Single Adults, and £146,425 of revenue grants from other charitable trusts to assist with the provision of services to residents, including £60,425 of restricted income from The City Bridge Trust for the purpose of employing the CBT practitioner.

In addition, the Charity received a £30,000 grant from Beatrice Laing Foundation towards the capital Stepping Stones project to purchase and refurbish freehold property to be used as move-on accommodation for some of the charity's most vulnerable residents.

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WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

c. Capital project for secondary move-on accommodation

The property purchased at Clarendon Road, Leytonstone 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 and 13.

d. Principal risks and uncertainties

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.

The trustees have given particular attention to the risks of being dependent on external grant funding in order to continue day-to-day activities, in addition to receiving income from residents for rent and service charges.

Trustees, the CEO and senior management have worked with the Charity's fundraisers to maintain direct contact with organisations who have provided funding to the Charity in the past, to demonstrate the value of the work undertaken and positive outcomes achieved for many individuals who have passed through the care of the Branches hostel. Representatives of significant donors to the Stepping Stones project have been invited to see the work undertaken on the property so they can see the real impact of their donation.

As noted above, the work on the new move-on accommodation has been closely monitored by trustees and senior management, alongside the engagement of appropriate professionals. The delays in completing the project have been outside the Charity's control and every effort is being made to bring the project to a successful conclusion. A number of residents who would benefit from the move-on accommodation have already been identified and are expected to move from the Branches hostel to Clarendon Road in the summer of 2025.

e. Reserves policy

The trustees reviewed the Charity's reserves policy during the year. The Charity's aim in previous years has been to maintain free reserves at around £405,000, which would equal approximately six months' running costs, based on unrestricted expenditure. The trustees felt this was appropriate to ensure a sufficient timescale for the transition of support and resettlement of clients, should that become necessary.

In 2023/24, the Charity started to use some of its General Funds to support the refurbishment work of 29 Clarendon Road, Leytonstone. The Charity had increased reserves in recent years and had always planned to use some of its own funds to support the project, alongside grants and donations raised through the 'Stepping Stones' fundraising project. However, at the start of the refurbishment and retrofitting works, we were immediately faced with having to address significant unforeseen structural issues in the property, and intensive remedial work was required. So that the project could continue to completion for the eventual benefit of our clients, trustees made the decision to invest additional reserves in the project. These unforeseen circumstances, which have resulted in delays to the completion of the project and additional costs, mean that at the reporting date, the level of General Funds had fallen to £17,605 (2024 £93,156).

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WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

That decision to invest additional funds was not made lightly. Trustees considered in detail the overall financial position of the charity and actions we would take towards rebuilding our reserves. One of the main actions the Board have agreed to is that the Charity's fundraisers would work with potential grant funders to seek additional core funding in order to help manage the day-to-day cashflow requirements, with a long-term intention of restoring the General Fund to the level set in the reserves policy.

f. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Structure, governance and management

a. Constitution

Waltham Forest Churches Night Shelter - WFCNS Limited is registered as a charitable company limited by guarantee and was set up by a Trust deed.

b. Methods of appointment or election of Trustees

The Charity is governed by a board of directors. The current board has a membership of nine 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 recruited three new trustees to our board, each bringing specific expertise covering local and central government, finance, housing. We continue strengthening our board and are looking for new trustees who will bring additional expertise in the areas of business and property development:

c. Organisational structure and decision-making policies

During 2024/25 we carried out a thorough review of our governance framework.

We refreshed our ways of working, adding a Finance and Audit Committee and an HR and People Committee, and Task and Finish Groups to oversee time-limited charity business.

The full 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.

d. Policies adopted for the induction and training of Trustees

The charity has adopted a formal appointment process for trustees: a CV/statement submission is made by a prospective trustee, which is followed by an initial interview with CEO, a second interview with at least 2 trustees and the CEO and, finally, a proposal by trustees and secondment of the appointment at a board meeting. Declaration of Interest and Disqualification checks are also undertaken before the appointment is confirmed to Charity Commission and Companies House.

New trustees receive a general induction to the role from existing board members and senior staff, and more detailed training is tailored to the needs of each individual.

e. Pay policy for key management personnel

The pay policy for key management personnel is determined by looking at other job profiles and comparing the pay and conditions offered by the charity to those available within other organisations that have the same or similar roles.

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WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

f. Related party relationships

A Declaration of Interest statement is requested from prospective trustees and is signed by each individual and reviewed annually in order to determine whether there are any potential conflicts of interest with related party organisations. Trustees are asked to consider and disclose any potential declarations at each board meeting.

g. Trustees' indemnities

In accordance with normal commercial practice, the charity purchases insurance to protect trustees from claims arising from negligent acts, errors or omissions occurring whilst on charity business. The cost of this insurance is included in the total insurance cost as shown in the financial statements. The limit of cover is currently limited to

£1,000,000 per claim.

Plans for future periods

We are delighted to be welcoming the first residents from Branches hostel into our 'stepping stones' move-on property from July 2025. After an intensive refurbishment and retrofitting programme to LETI standards we have a property that will give beneficiaries additional time to strengthen life skills developed while living at Branches, and further build confidence before a move to permanent accommodation.

Stepping Stones has been a long time developing from initial concept to delivery and trustees are taking time to appraise and learn from the challenges that were overcome to deliver the project.

In the next year, the board of trustees will be reviewing options for growth that will continue to strengthen and secure the future of the charity. The overarching aim of the charity is to support people off the streets and into sustainable accommodation. Trustees will continue to review alternative options for service provision, support and partnerships to ensure that this overarching aim is delivered.

Members' liability

The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

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WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Statement of Trustees' responsibilities (CONTINUED)

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and 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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Fredericks Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

G Stowe

G Stowe Chair of Trustees Date: 31 July 2025

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WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

Opinion

We have audited the financial statements of Waltham Forest Churches Night Shelter • WFCNS Limited (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 United Kingdom, including the Financial Reporting Council's Ethical Standard, 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 Trustees' 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 charitable 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 Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

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WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALTHAM FOREST CHURCHES NIGHT SHELTER-WFCNS LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our 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 Trustees' Report.

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

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, 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.

Auditors' 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 an Auditors' Report 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 material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Page 14

WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED (CONTINUED)

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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/audilorsresponsibililies. This description forms part of our Auditors' Report.

Use of our report

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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

S G Duker (Senior Statutory Auditor)

for and on behalf of

Fredericks Limited Chartered Accountants Statutory Auditors

Date:

Page 15

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Donations and legacies
4
Charitable activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income
Transfers between funds
17
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2025
2025
2025
2024
£
£
£
£
254,435
90,425
344,860
988,097
509,692
509,692
459,134
3,671
3,671
3,739
767,798
90,425
858,223
1,450,970
38,623
38,623
46,437
724,929
56,398
781,327
764,517
763,552
56,398
819,950
810,954
4,246
34,027
38,273
640,016
602,531
(602,531)
606,777
(568,504)
38,273
640,016
1,229,779
583,411
1,813,190
1,173,174
606,777
(568,504)
38,273
640,016
1,836,556
14,907
1,851,463
1,813,190

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 19 to 35 form part of these financial statements.

Page 16

WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

(A Company Limited by Guarantee) REGISTERED NUMBER: 03844727

BALANCE SHEET AS AT 31 MARCH 2025

Fixed assets
Note
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
16
Total net assets
Charity funds
Restricted funds
17
Unrestrictedfunds
17
Total funds		 167,794
276,125		 2025
£
1,818,951
311,497		 734,186
342,808		 2024
£
1,136,623
967,567
443,919
(132,422)		 1,076,994
(109,427)
2,130,448
(278,985)		 2,104,190
(291,000)
1,851,463 1,813,190
14,907
1,836,556		 583,411
1,229,779
1,851,463 1,813,190

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

G Stowe

G Stowe Chair of Trustees Date: 25 September 2025

A Mustafa

A Mustafa, Trustee

The notes on pages 19 to 35 form part of these financial statements.

Page 17

WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Cash flows from operating activities
Net cash used in operating activities - see note 20
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash usedininvesting activities
Cash flows from financing activities
Repayments of borrowing
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2025
£
626,080
3,671
(686,584)
(682,913)
(9,850)
(9,850)
(66,683)
342,808
276,125		 2024
£
88,151
3,739
(175,641)
(171,902)
(83,751)
426,559
342,808

The notes on pages 19 to 35 form part of these financial statements

Page 18

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General 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.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Waltham Forest Churches Night Shelter - WFCNS Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations of goods are estimated to be in the region of £21,000 (2024 £16,500) per annum and volunteer hours amounting to a cost of around £35,000 are not included in income due to the problems involved in quantification. Similarly, they are not included within expenditure.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Page 19

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.3 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Pensions

The Charity makes contributions to a defined contribution pension scheme, the assets of the scheme being held separately from the assets of the charity. The pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.5 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 20

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Freehold property - Freehold land - not depreciated Freehold property - not depreciated as the residual value is considered to be equal to, or exceed, the cost of the asset. Fixtures and fittings - 25% per annum straight line

2.7 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Critical accounting estimates and areas of judgment

Estimates and judgments 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 accounting estimates and assumptions:

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.

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.

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

There are no specific judgments apart from those involving estimates.

Page 21

WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. Income from donations and legacies

Grants
Revenue grants
Capital grants
Donations
Total 2024		 Unrestricted
funds
2025
£
Restricted
funds
2025
£
248,000
60,425
30,000		 Total
funds
2025
£
Total
funds
2024
£
308,425
341,875
30,000
628,090
248,000
90,425		 338,425
969,965
6,435
254,435
90,425		 6,435
18,132
344,860
988,097
360,007
628,090		 988,097

Full details of grants received are included in note 17.

5. Income from charitable activities

Rent receivable
Service charges receivable		 Unrestricted
funds
2025
£
Total
funds
2025
£
Total
funds
2024
£
473,952
473,952
423,355
35,740
35,740
35,779
509,692
509,692
459,134

6. Investment income

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Interest received 3,671 3,671 3,739

Page 22

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. Expenditure on raising funds

Costs of raising voluntary

income

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Fundraising consultancy fees 38,623 38,623 46,437

8. Analysis of expenditure on charitable activities

Summary by fund type

Accommodation for the homeless
CBT Practitioner
Total 2024		 Unrestricted
Restricted
funds
funds
Total
Total
2025
£
2025
£
2025
£
2024
£
724,929
724,929
708,535
56,398
56,398
55,982
724,929
56,398
781,327
764,517
764,517
_
764,517

Page 23

WALTHAM FOREST CHURCHES NIGHT SHELTER. WFCNS LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Analysis of expenditure by activities

Accommodation for the homeless
CBT Practitioner
Total 2024		 Activities
undertaken
Support
Total
Total
directly
costs
funds
funds
2025
£
2025
£
2025
£
2024
£
710,609
14,320
724,929
708,535
56,398
56,398
55,982
767,007
14,320
781,327
764,517
750,157
14,360
764,517

Total 2024

Page 24

WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Rent, rates and services
Travel, subsistence and
entertaining Repairs, renewals and
IT costs Printing, stationery and
postage Telephone, mobile and
internet Refreshments and food
Insurance
Sundry expenses
Consultancy and professional fees
Bank charges and interest
Equipmenl hire and purchases
Cleaning and laundry
Training costs
Recruitment expenses
Other expenditure on residents
Motor expenses
Subscriptions
Interest payable on loan
Agency staff costs
Staff welfare and entertaining
Bad debt provision
Total 2024		 5,768
2,494
5,768
2,494
2,661
2,568
11,220
11,220
Homeless
Accommod-
ation
CBT
Practitioner
Total
funds
Total
funds
2025
2025
2025
2024
£
£
£
£
412,202
45,118
457,320
477,767
4,256
4,256
3,557
151,460
11,280
162,740
158,068
927
927
1,292
40,204
40,204
28,573
3,459
3,459
3,472
1,182
1,182
314
4,052
4,052
3,168
13,222
13,222
4,231
147
147
767
27,390
27,390
22,914
103
103
194
4,388
4,388
6,712
8,547
8,547
9,026
2,782
2,782
6,732
483
483
203
581
581
1,286
140
140
140
3,765
3,765
5,512
11,837
11,837
11,000
710,609
56,398
767,007
750,157
750,157
55,982
750,157

Page 25

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Analysis of expenditure by activities

(continued) Analysis of support costs

Governance costs
Governance costs comprise:
- Staff costs £10,000 (2024 £10,000)
- Audit fees £4,320 (2024 £4,360)		 Total
Total
funds
funds
2025
2024
£
£
14,320
14,360

10. Auditors' remuneration

Fees payable to the Charity's auditor for the audit of the Charity's
annual
accounts
11.
Staff costs
Wages and salaries
Social security
costs
Contribution to defined contribution pension schemes		 2025
£
4,200
2025
£
425,836
37,684
3,800
467,320		 2024
£
4,320
2024
£
442,643
36,530
8,594
487,767

The average number of persons employed by the Charity during the year was as follows:

Community Projects
Management and Administration		 2025
No.
10
2
12		 2024
No.
10
2
12

Page 26

WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
No. No.
Inthe band £70,001 - £80,000 1 1

The charity's key management personnel comprise the trustees (who all give their time voluntarily), the CEO and the Facilities and Maintenance Manager, Service Manager, and CBT Practitioner.

The total amount of employee benefits (including employer's national insurance and pension contributions) received by the key management personnel for their services to the charity was £213,087 (2024 £209,068).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL).

Page 27

(A Company Limited by Guarantee)

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. Tangible fixed assets

Freehold
property
£
Cost or valuation
At 1 April 2024
1,129,227
Additions
681,715
At 31 March 2025
1,810,942
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
1,810,942
At 31 March 2024
1,129,227		 Fixturesand
fittings
Total
£
£
88,079
1,217,306
4,869
686,584
92,948
1,903,890
80,683
80,683
4,256
4,256
84,939
84,939
8,009
1,818,951
7,396
1,136,623

The charity's freehold property at 29 Clarendon Road, Leytonstone is subject to a legal charge, as security for the loan from Trust for London (see notes 15 and 16). In addition, the National Lottery maintains a secondary legal restriction over the property as security for the £394,531 grant they provided towards the refurbishment costs, and the terms of the £100,000 grant from The Albert Gubay Foundation also stated that written permission would need to be sought in the event that the charity wished to sell the property within 5 years.

14. Debtors

2025
£
Due within one year
Rent debtors
32,453
Grant income receivable
116,927
Prepayments and accrued income
18,414
167,794		 2024
£
46,781
668,111
19,294
734,186

Page 28

WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

  1. Creditors: Amounts falling due within one year
2025
£
Other loans
11,165
Trade creditors
18,798
Other taxation and social security
9,206
Other creditors
12,095
Accruals and deferred income
81,158
132,422		 2024
£
9,000
34,742
9,178
12,191
44,316
109,427

Other loans comprises the capital loan repayments due within one year which are secured on the charity's freehold property (see note 16).

16. Creditors: Amounts falling due after more than one year

other loans
Included within the above are amounts falling due as follows:
Between one and two years
Other loans
Between two and five years
Other loans
Over five years
other loans		 2025
£
2024
£
278,985
291,000
2025
£
2024
£
11,619
10,700
37,776
35,369
229,590
244,931

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

2025 2024
£ £
Payable or repayable by instalments 229,590 244,931

Page 29

WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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

Capital repayments commenced in May 2024 and interest is being charged at base rate plus 0.5%, but capped at a maximum of 4%. Monthly instalments of £1,888.61 are payable from May 2024.

17. Statement of funds

Statement of funds • current year

Unrestricted funds
General fund
Fixed asset reserve fund
The Henry Smith Charity
Garfield Weston Foundation
Other grants
Restricted funds
The City Bridge Foundation
National Lottery Community
Fund
CRASH
The Albert Gubay Charitable
Foundation
Beatrice Laing Foundation
Total of funds		 Balance at 1
April 2024
Income Expenditure
£
£
£
93,156
681,798
(673,296)
1,136,623
(4,256)
65,000
(65,000)
15,000
(15,000)
6,000
(6,000)		 Transfers
in/out
£
(84,053)
686,584		 Balance at
31 March
2025
£
17,605
1,818,951
1,229,779
767,798
(763,552)		 602,531 1,836,556
10,880
60,425
(56,398)
394,531
78,000
100,000
30,000		 (394,531)
(78,000)
(100,000)
(30,000)		 14,907
583,411
90,425
(56,398)		 (602,531) 14,907
1,813,190
858,223
(819,950)		 1,851,463

Page 30

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Statement of funds

(continued) Unrestricted

funds

General Fund - The charity receives income from the local authority, London Borough of Waltham Forest, housing benefit, rental income and service charges to cover the running costs of the Branches hostel for the homeless.

Fixed Asset Reserve - the charity maintains a separate reserve to represent the value of the tangible assets which are owned by the charity but not freely available as cash reserves.

Grants - the charity has received financial support from The Henry Smith Charity, Garfield Weston Foundation and other charitable trusts, to support the charity's work. These funds have been fully utilised in the year but recorded separately to acknowledge the contribution made.

Restricted funds

The City Bridge Foundation - The City Bridge Foundation have provided revenue based, restricted funds for the employment of a Cognitive Behaviour Therapist to work at the charity.

Other restricted funds - Other restricted funds have been provided by The National Lottery, CRASH, The Albert Gubay Charitable Foundation and the Beatrice Laing Foundation as capital grants in respect of a property renovation project. The grants received have been used in the year and have been reported as a transfer to general funds when spent.

The National Lottery maintains a formal, legal restriction over the charity's freehold property as security for the £394,531 grant they provided, and the terms of the £100,000 grant from The Albert Gubay Foundation also stated that written permission would need to be sought in the event that the charity wished to sell the property within 5 years, as disclosed in note 13.

The charity intends to use the property for charitable purposes and has no intention of selling it at the present time but recognises that any potential sale may require a full or partial repayment of the grants received from these organisations towards the refurbishment costs.

Page 31

WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Statement of funds (continued)

Statement of funds • prior year

Unrestricted funds
General fund
Fixed asset reserve fund
The Henry Smith Charity
The Lloyds Bank Foundation
The Drapers' Charitable Fund
Restricted funds
The City Bridge Foundation
National Lottery Community
Fund
CRASH
The Albert Gubay Charitable
Foundation
The Edward Gostling
Foundation
The City Bridge Trust
The Albert Hunt Trust
Quaker Housing Trust
Total of funds		 Balance at
1 April 2023
£
201,098
964,539		 Income
£
643,555
70,000
25,000
25,000		 Expenditure
£
(631,415)
(3,557)
(70,000)
(25,000)
(25,000)		 Transfers
in/out
£
(120,082)
175,641		 Balance at
31 March
2024
£
93,156
1,136,623
1,165,637
7,537		 763,555
59,325
394,531
78,000
100,000
25,000
3,560
7,000
19,999		 (754,972)
(55,982)		 55,559
(25,000)
(3,560)
(7,000)
(19,999)		 1,229,779
10,880
394,531
78,000
100,000
7,537
1,173,174		 687,415
1,450,970		 (55,982)
(810,954)		 (55,559) 583,411
1,813,190

Page 32

WALTHAM FOREST CHURCHES NIGHT SHELTER - WFCNS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Summary of funds

Summary of funds - current year

Balance at 1
Transfers
April 2024
£
Income
£
Expenditure
£
in/out
£
General funds
1,229,779
767,798
(763,552)
602,531
Restrictedfunds
583,411
90,425
(56,398)
(602,531)		 Balance at
31 March
2025
£
1,836,556
14,907
1,813,190
858,223
(819,950)		 1,851,463
Summary of funds• prior year
Balance at
Transfers
1 April 2023
£
Income
£
Expenditure
£
in/out
£
General funds
1,165,637
763,555
(754,972)
55,559
Restricted funds
7,537
687,415
(55,982)
(55,559)		 Balance at
31 March
2024
£
1,229,779
583,411
1,173,174
1,450,970
(810,954)		 1,813,190

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2025
£
1,818,951
429,012
(132,422)
(278,985)		 Restricted
Total
funds
funds
2025
2025
£
£
1,818,951
14,907
443,919
(132,422)
(278,985)
1,836,556 14,907
1,851,463

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WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2024
£
1,136,623
493,583
(109,427)
(291,000)
1,229,779		 Restricted
funds
2024
£
583,411
583,411		 Total
funds
2024
£
1,136,623
1,076,994
(109,427)
(291,000)
1,813,190

20. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year_(as_per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operating activities
21.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2025
£
38,273
4,256
(3,671)
566,392
20,830
626,080
2025
£
276,125
276,125		 2024
£
640,016
3,557
/3,739)
/596,731)
45,048
88,151
2024
£
342,808
342,808

Page 34

WALTHAM FOREST CHURCHES NIGHT SHELTER· WFCNS LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. Analysis of changes in net debt

At 1 April
2024
£
Cash at bank and in hand
342,808
Debt due within 1 year
(9,000)
Debt due after 1 year
(291,000)
42,808		 At 31 March
Cash flows
2025
£
£
(66,683)
276,125
(2,165)
(11,165)
12,015
(278,985)
(56,833)
(14,025)

23. Operating lease commitments

At 31 March 2025 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

2025
£
Not later than 1 year
109,148
Later than 1 year and not later than 5 years
9,096
Later than 5 years
118,244		 2024
£
104,248
104,248
8,687
217,183

24. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

25. Related party transactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2025.

Page 35