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





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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

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||||General|Designated|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
|Income from:<br>Donations<br>and legacies<br>Charitable<br>activities:||Notes<br>3|funds<br>F<br>2,401|funds|funds<br>f|2023<br>6<br>2,401|2022<br>2,750|
|Affiliation<br>&direct membership<br>Shows and assemblies<br>Other trading<br>activities:|fees||152,285<br>75,170|||152,285<br>75,170|173,645<br>4,579|
|Trading<br>income<br>Investment<br>income||10|227,138|||227,138|239,227|
|investment<br>income<br>Interest income<br>Other<br>Profit/(loss)<br>on sale oftangible<br>assets|fixed||41,886<br>1,861<br>13,169<br>2,669,397|3,218||41,886<br>1,861<br>16,387<br>2,669,397|13<br>17,801|
|Total income|||3,183,307|3,218||3,186,525|438,015|
|Expenditure<br>on:||||||||
|Raising funds:||||||||
|Costs oftrading<br>subsidiary<br>Charitable<br>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<br>between<br>funds||21||||||
|Net movement<br>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|





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||||Notes|f|2023||2022|
|---|---|---|---|---|---|---|---|
|Fixed assets||||||||
|Tangible assets<br>Investments|||12<br>13||10,589<br>3,231,516||1,433,616|
||||||3,242,105||1,433,616|
|Current assets||||||||
|Stocks<br>Debtors<br>Cash at bank and in|hand||14<br>15|20,258<br>54,103<br>700,918||12,834<br>43,289<br>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<br>funds:||||||||
|General funds<br>Designated<br>funds<br>Restricted funds|||20<br>20<br>20||3„798,153<br>34,428<br>6,100||1,349,076<br>31,210<br>6,100|
||||||3,838,681||1,386,386|





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||||||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<br>funds:|||||||||
|General funds|||20|||3,767,139||1,300,827|
|Designated<br>funds|||20|||34,428||31,210|
|Restricted funds|||20|||6,100||6,100|
|||||||3,807,667||1,338,137|





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





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|3|Donation|s<br>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|





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||||||||
|---|---|---|---|---|---|---|
|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|





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





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|9<br>Comparative<br>Statement|of Financial Activities|—Year ended|31 March 2022|||
|---|---|---|---|---|---|
|||General|Designated|Restricted|Total|
|Income from:|Notes|funds<br>6|funds<br>6|funds|2022|
|Donations<br>and legacies<br>Charitable<br>activities:|3|2,750|||2,750|
|Affiliation<br>8,direct membership<br>Shows and assemblies<br>Other trading<br>activities:|fees|170,586<br>4,579|3,059||173,645<br>4,579|
|Trading<br>income<br>Investment<br>income<br>Other|10|239,227<br>13|||239,227<br>13|
|||17,801|||17,801|
|Total income||434,956|3,059||438,016|
|Expenditure<br>on:||||||
|Raising funds:||||||
|Costs oftrading<br>subsidiary<br>Charitable<br>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<br>between<br>funds||||||
|Net movement<br>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|





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



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|Tangible fixed assets||||||
|---|---|---|---|---|---|
||Freehold|Website|Furniture|and||
||property|design|equipment||Total|
|Cost||||E||
|At 1 April 2022<br>Additions|1,537,084|12,977||1,107|1,551,168|
|Disposals|(1,537,084)|||9,448|9,448<br>(1,537,084)|
|At 31 March 2023||12,977|10,555||23,532|
|Depreciation||||||
|At 1 April 2022<br>Charge for the year<br>Disposals|106,481<br>(106,481)|10,467<br>1,006||604<br>866|117,552<br>1,872<br>(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|





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



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



|17|Creditors: amounts<br>More than one year|falling due in|2023<br>Group|Charity|2022<br>Group|Charity|
|---|---|---|---|---|---|---|
||||||6|6|
||Bankloan||||105,000|105,000|
||||||105,000|105,000|





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



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






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





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