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2023-03-31-accounts

Page
Trustees'
report		 1 —9
Statement oftrustees' responsibilities
Independent
auditors'		 report 11-14
Consolidated
statement		 offinancial activities 15
Consolidated
balance sheet		 16
Charity balance sheet 17
Cash flow statement 18
Notes to the accounts 19-31

NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED BY GUARANTEED) INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 Aud￿0￿$ respon$lb115tle8 for the audlt of th8 flnanclal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are f￿e from material misstalemenl, whether due to fraLKI or error, and to issue an auditorfs reptsrt that includes our opinion. Reasonablo assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordan with ISAS (UK) will always dete¢l a material misstatement when it exists. Misstslements can arisè from fraud or error and are considered material if, individually or in the aggregate. they could Teasonably be expèeted lo Inffuence the economic decisions ol users taken on the basls ofthese finar￿la1 slatemenls. Afurth8r description of ourresponsibililies forlhe auditof tha financial statemerrts is located on the Flnancial Reporting Council's website https.'IlwM.frc.org.uklOur-WorklAudWAudil-and-assuran¢elStalldards-and-guidancelSlandards- and-guidance-for-audilorslAudilors-responsibilities.for4udiUDescription-of-auditors-r8$ponsibilities-for-audil.aspx. This description forms part of our auditorfs report. Extènt to which thg audltwas consldered capable of detocllng irregularltles. includlng fraud Thè objectives of our audit, in respect to fraud. are.. lo idenlty and assess the risks of material misstslement of the financial stslemenls due to fraud., lo obtain sufficient appropriate aLrdit evidence regarding the assessed Tisks of material misstalemenl due to fraud. through designing and implementing approprTale responses,. and lo respond appropri*ely lo fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rest$ Mlh both those charged wlth govemance of the entity and its management. Our approach was as fojlows.. We identified areas of laws and regulations Ihal Could reasonably be eXp￿ted lo have a material Èffect on the financial statements from our general sector experience, and through discussion with the trustees, directors and other management las required by auditing standards). 2nd discusse(I wlh the trustees, directors and other managemgntth& policies and proc8dure$ regarding compliancewith laws and regulations (see below},' We idenlifi8d the following areas as those most likely to have such an effe¢l', health and safety,. Ceneral Data Protection Regulalion {GDPRI.' fraud,. bribery and corruption,. and employm&nl law. Auditing standards limFt the required audit procedures to id8ntify non-compliance wth these laws and regulolions to enquiry of the Iruslees, diraciors and other management and inspèction of regulatory and legal correspondenee, if any. The identified actual or suspected non<ompliance was not suffi'ciently significant to our audit lo result in our response b8ing identified as a key audit matter. We eonsidered the leg81 and regulatory frgmeworks direcuy appllcable to the finaneial ststements reporting framework (FRS 102, the Compani8s Act 2006 and the Charit18s Act 2011) and the relevant tax compliance regulations in the UK.. Wè considered the nature of the charity and group's ¢perations, the control environmerkt and financial perfomiallce. We communicated identified laws and regulab'ons throughout our team and remained alert lo any indications of non-cornplianee througholrt the audit., 13

General Designated Restricted Total Total
Income from:
Donations
and legacies
Charitable
activities:		 Notes
3		 funds
F
2,401		 funds funds
f		 2023
6
2,401		 2022
2,750
Affiliation
&direct membership
Shows and assemblies
Other trading
activities:		 fees 152,285
75,170		 152,285
75,170		 173,645
4,579
Trading
income
Investment
income		 10 227,138 227,138 239,227
investment
income
Interest income
Other
Profit/(loss)
on sale oftangible
assets		 fixed 41,886
1,861
13,169
2,669,397		 3,218 41,886
1,861
16,387
2,669,397		 13
17,801
Total income 3,183,307 3,218 3,186,525 438,015
Expenditure
on:
Raising funds:
Costs oftrading
subsidiary
Charitable
activities:		 10 244,371 244,371 239,508
Operations 453,271 453,271 284,447
Total expenditure 697,642 697,642 523,955
Net losses on investments 13 (36,588) (36,588)
Net income/(expenditure) 2,449,077 3,218 2,452,295 (85,940)
Transfers
between
funds		 21
Net movement
in funds		 2,449,077 3,218 2,452,295 (85,940)
Fund balances at 1 April 2022 1,349,076 31,210 6,100 1,386,386 1,472,326
Fund balances at 31 March 2023 3,798,153 34,428 6„100 3,838,681 1,386,386

Notes f 2023 2022
Fixed assets
Tangible assets
Investments		 12
13		 10,589
3,231,516		 1,433,616
3,242,105 1,433,616
Current assets
Stocks
Debtors
Cash at bank and in		 hand 14
15		 20,258
54,103
700,918		 12,834
43,289
198,169
Creditors: amounts falling due within 775,279 254,292
one year 16 (178,703) (196,522)
Net current assets 596,576 57,770
Creditors: amounts falling due after 17
more than one year
(105,000)
Total assets less current liabilities 3,838,681 1,386,386
Income funds
Unrestricted
funds:
General funds
Designated
funds
Restricted funds		 20
20
20		 3„798,153
34,428
6,100		 1,349,076
31,210
6,100
3,838,681 1,386,386

2023 2022
Notes 5
Fixed assets
Tangible assets 12 10,586 1,433,616
Investments 13 3,231,520 4
3,242,106 1,433,620
Current assets
Debtors 15 58,091 34,439
Cash at bank and in hand 680,066 162,238
738,157 196,677
Creditors: amounts falling due within
one year (172,596) (187,160)
Net current assets 565,561 9,517
Creditors: amounts falling due after
more than one year 17 (105,000)
Total assets less current liabilities 3,807,667 1,338,137
Income funds
Unrestricted
funds:
General funds 20 3,767,139 1,300,827
Designated
funds		 20 34,428 31,210
Restricted funds 20 6,100 6,100
3,807,667 1,338,137

2023 2022
Notes
Cash flows from operating activities:
Net income/expenditure
for the year		 2,452,295 (85,940)
(Gain) / loss on investments 36,588
Profit on disposal
oftangible
assets		 fixed (2,669,397)
Depreciation
oftangible
fixed		 assets 12 1,871 7,465
Interest from investments (43,747) (13)
(Increase)/decrease
in stock		 14 (7,424) (3,362)
Increase/(decrease)
in creditors		 16 (119,564) (34,942)
(Increase)/decrease
in debtors		 15 10,814 (16,534)
Net cash provided
by/(used
operating
activities		 in) (338,564) (133,326)
Cash flows from investing activities:
Interest from investments 43,747 13
Proceeds from sale oftangible
fixed
assets		 2,669,397
Proceeds on sale ofinvestments 242,700
Purchase ofinvestments (2,105,083)
Purchase oftangible fixed assets 12 (9,448) (2,954)
Net cash provided
by/(used
investing
activities		 in) 841,313 (2,941)
Increase/(decrease)
in cash		 502,749 (136,267)
Cash and cash equivalents
beginning
ofthe year		 at the 198,169 334,436
Cash and cash equivalents
ofthe year		 at the end 700,818 198,169
1 April 2022
k		 Cashflowf 31 March
2023
5
Cash at bank and in hand 198,169 502,749 700,918

3 Donation s
and Legac		 ies
General Designated Restricted Total Total
funds funds funds 2023 2022
5 8 5 F
Other 2,401 2,401 2,750
2,401 2,401 2,750
4 Income from charitable activities
General Designated Restricted Total Total
funds funds funds 2023 2022
F F 8
Affiliation and direct membership 152,285 152,285 173,645
Shows and Assemblies 75,170 75,170 4,579
227,455 227,455 178,224

Analysis of group charit able activities
Total Total
2023 2022
E
Staff costs 98,214 75,959
WAFA 999 2,750
Westminster Abbey Flowers 9,296 3,863
Chelsea Flower Show 7,288
Committees:-
Photography Committee 100
Demonstrators Committee 25,685 2,452
Education Committee 4,050 7,487
Support and governance costs 254,306 182,602
Other activities 60,721 1,945
453„271 284,477
Analysis ofcos ts - 2023
Direct Support Governance Total Total
costs costs costs 2023 2022
F E E E
Charitable activities:-
Operations 198„965 239,625 14,681 453,271 284,447
198,965 239,625 14,681 453,271 284,447
Raising funds:-
Costs oftrading subsidiary 240,121 4,250 244,371 239,508
439,086 239,625 18,931 697,642 523,955
Analysis ofcosts - 2022
Direct Support Governance Total
costs costs costs 2022
E E E
Charitable activities:-
Operations 101,845 167,236 15,366 284,477
101,845 167,236 15,366 284,777
Raising funds:-
Costs oftrading subsidiary 235,242 4,266 239,508
Total 337,087 167,236 19,632 523,955

7 Governance costs
Total Total
2023 2022
E
Auditors'
remuneration
Audit
Other services
Legal and professional		 fees 8,426
4,250
6,255		 10,000
4,266
5,366
Total 18,931 19,632
8 Net income for the year 2023 2022
6 5
This is stated after charging:
Auditors
remuneration:
Audit
Other services
Expenses reimbursed
Depreciation		 to Trustees 8,426
4,250
2,751
1,871		 10,000
4,266
1,152
7,465

9
Comparative
Statement		 of Financial Activities —Year ended 31 March 2022
General Designated Restricted Total
Income from: Notes funds
6		 funds
6		 funds 2022
Donations
and legacies
Charitable
activities:		 3 2,750 2,750
Affiliation
8,direct membership
Shows and assemblies
Other trading
activities:		 fees 170,586
4,579		 3,059 173,645
4,579
Trading
income
Investment
income
Other		 10 239,227
13		 239,227
13
17,801 17,801
Total income 434,956 3,059 438,016
Expenditure
on:
Raising funds:
Costs oftrading
subsidiary
Charitable
activities:		 239,508 239,508
Operations 283,767 680 284,447
Total expenditure 523,275 680 523,955
Net Income I(expenditure) (88,319) 2,379 (85,940)
Transfers
between
funds
Net movement
in funds		 (88,319) 2,379 (85,940)
Fund balances at 1 April 2021
1,437,395 28,831 6,100 1,472,326
Fund balances at 31 March 2022
1,349,076 31,210 6,100 1,386,386

The summary
financi		 al
performa		 nce
ofthe		 subsidi ary
is as follows:
2023 2022
f
Turn oval
Cost ofsales and administration
Interest receivable		 costs 227,052
(244,371)		 239,223
(239,508)
86 4
Net profit/(Loss)
Amount
donated
to the charity		 (17,319) (281)
Retained
in subsidiary		 (17,319) (281)
The current assets and liabilities ofthe subsidiary were:
Current assets
Current
liabilities		 49,834
(18,815)		 66,487
(18,235)
Total net assets
31,019 48,252
Aggregate
share capital and reserves		 31,019 48,252
Staffcosts
Number ofemployees
The average
monthly		 number of employees during the year was:
2023 2022
Number Number
Charitable
activities
Employment
costs		 2023 2022
6
Wages and salaries
Social security costs
Other pension costs		 147,009
14,871
6,440		 139,516
14,371
6,699
168,320 160,586

Tangible fixed assets
Freehold Website Furniture and
property design equipment Total
Cost E
At 1 April 2022
Additions		 1,537,084 12,977 1,107 1,551,168
Disposals (1,537,084) 9,448 9,448
(1,537,084)
At 31 March 2023 12,977 10,555 23,532
Depreciation
At 1 April 2022
Charge for the year
Disposals		 106,481
(106,481)		 10,467
1,006		 604
866		 117,552
1,872
(106,481)
At 31 March 2023 11,473 1,470 12,943
Net book value
At 31 March 2023 'l,504 9,085 10,589
At 31 March 2022 1,430,603 2,510 503 1,433,616

Group Charity
F f 6 6
At beginning
ofthe year		 2023 2022 2023 2022
Additions
Disposals at opening
Unrealised
investment		 fair value
gains/(losses)		 3,513,774
(256,276)
(25,982)		 3,513,774
(256,276)
(25,982)
At 31 March 2023 3,231,516 3,231,516
Investments
(continued)
Quoted investments
Fixed interest
UK equities
Overseas equities
Alternatives		 846,092
808,725
974,320
602,379		 846,092
808,725
974,320
602,379
At 31 March 2023 3,231,516 3,231,516
Investment
in subsidiary		 undertaking
At 31 March 2023 3,231,520
Note 10provides
further		 information regarding the investment
in NAFAS		 Enterprises Limited.

15 Debtors 2023 2022
Group Charity Group Charity
6
Trade debtors
Prepayments
Amounts
owed
Other debtors		 from subsidiary company 10,281
15,790
28,032		 9,260
15,790
12,714
20,327		 20,304
21,635
1,349		 10,835
19,012
3,243
1,349
54,103 58,091 43,289 34,439
16 Creditors: amounts falling due within 2023 2022
one year Group Charity
6		 Group
5		 Charityf
'
Trade creditors
Taxes and social security costs
Accruals and deferred
income
Bank loan
Other creditors		 8,837
4,064
139,728
26,074		 7,333
4,064
135,103		 21,178
4,531
131,155
30,000
9,658		 18,297
10,098
119,045
30,000
9,720
178,703 172,596 196,522 187,160
Deferred income analysis: 2023 2022
Group
5		 Charity Group
5		 Charity
Deferred income
Released during
Deferred
in year		 at 1 April 2022
year		 109,763
(109,763)
124,605		 'I09,763
(109,763)
124,605		 135,557
(135,557)
109,763		 135,557
(135,557)
109,763
Deferred income at 31 March 2023 124,605 124,605 109,753 109,763
17 Creditors: amounts
More than one year		 falling due in 2023
Group		 Charity 2022
Group		 Charity
6 6
Bankloan 105,000 105,000
105,000 105,000

Bank loans
Bank loans are wholly repayable in instalments as follows:
Due in less than
1 year
Due in 1 —5years
Due in over 5years		 2023 2022f
30,000
105,000
135,000

At the year end, the following
commitm		 ents
were in place in respe		 ct ofoperating
le		 ases:
2023 2022
Groupf Charity Group
6		 Charity
f
Within
Within		 one
two		 year
to five years		 51,175
145729		 51,942
146687		 4,260
5236		 4,260
5236
~96
04		 ~18
8		 ~96 ~96

20 Analysis of net assets —2022
(consolidated)
(continued)
General
Designated		 Restricted Total
funds funds funds Funds
F 6 6
Fixed assets
Current assets
Current
liabilities
Long term liabilities		 1,433,616
216,982
(196,522)
(105,000)		 31,210 6,100 1,433,616
254,292
(196,522)
(105,000)
1,349,076 31,210 6,100 1,386,386
21 Analysis offunds
-2023
Balance at
1 April 2022		 Incoming
resources		 Resources
expended		 Net losses
on		 Balance at 31
March 2023
investments
Unrestricted
funds:
General funds
Designated
funds:		 1,349,076 3,183,307 (697,642) (36,588) 3,798,153
WAFA Special Fund
Overseas
Travel Reserve
Remembrance
Fund
Restricted funds:		 16,785
14,376
49		 3,218 'I8,785
14,376
49
Workshop
Calligraphy
&Engraving		 5,000
1,100		 5,000
1,100
1,386,386 3,186,525 (697,642) (36,588) 3,838,681
1 Analysis offunds —2022
Balance at 1 Incoming Resources Balance at 31
April 2021 resources expended March 2022
Unrestricted
funds:
General funds
Designated
funds:		 1,437,395 434,956 (523,275) 1,349,076
WAFA Special Fund
Overseas Travel Reserve
Heritage
Fund
Remembrance
fund
Restricted funds:		 16,785
11,317
680
49		 3,059 (680) 16,785
14,376
49
Workshop
Calligraphy
&Engraving		 5,000
1,100		 5,000
1,100
1,472,326 438,015 (523,955) 1,386,386
30