Charlty Registration No. 1101348 Company Reglstratlon No. 04934904 (England and Wales) NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (A COMPANY LIMITED BY GUARANTEE> TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 •AOECRUF6' 2311012024 COMPANIES HOUSE #73 BUSINESS ADVISORS &A¢C•UIIYAII NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 ILIMITED BY GUARANTEE) CONTENTS Page Trustees. report 2-10 Statement of Trustees, responsibilities 11 Independent auditors, report 12-15 Consolidalèd statement of financial activities 16 Consolidated balance sheet 17 Charlty balance sheet 18 Cash flow statement 19 Notes to the accounts 20-31 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION STATUS The Association is a charitable company limited by guarantee incorporated on 16 October 2003 and registered as a charity on 5 January 2004. GOVERNING DOCUMENT The company was established under Memorandum and Articles which established the objects and powers of Ihe charitable company. TheArticles were amended by General Meeting on 20 January 2021. COMPANY NUMBER 4934904 CHARITY NUMBER 1101348 REGISTERED OFFICEIOPERATING OFFICE 111 Floor 4244 Bishopsgate London EC2N 4AH TRUSTEES: Mrs Nicky Wylie, Vice Chaiman Mrs Mala Williams Mrs Ann Harding Mrs Ellen Meaking Mrs Philida Irving (retired 14, June 2024) Mrs Linda Wales (retired 3rd May 2024> Mrs Elizabeth Gordon (appointed 15 September 2023> Mrs Joan Magee {appointed 15 September 20231 Mrs Katherine Kear MDPF (retired 4 October 2023) Mr Peter Mathers (retired 4 October 2023) NATIONAL PRESIDENT: Lilias Hoskins CHIEF EXECUTIVE OFFICER." Mr Steven Lane FINANCE MANAGER: Mr Michael Osman AUDITORS: TC Group The Courtyard Shoreham Road Upper Beeding West Sussex BN44 3TN BANKERS: National Westminster Bank PO Box 282 216 Bishopsgate London EC2M 4QB NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED BY GUARANTEE) TRUSTEES, REPORT REPORT FROM THE CHAIR OF TRUSTEES As your new National Chairman since October 2023. it is my privilege to present this report for our annual audlt. Flrstly. I V￿uld like to acknowledge those Board members who make everythlng happen at NAFAS. My thanks go to former Chairman, Katherine Kear who played an enormous role in turning the fortunes of the Association around, taking over at a difficult time and ending up organising the hugely successful 2023 National Show. Peter Mathers for 6 dedicated years on the Board, and also to Philida Irving and Lynn Wales who, for personal reasons retired from the Board earlier than planned. While it is tempting to reflect on the accomplishments of the past year, detailed extensively in the reports ofour Board meetings, I believe our energy is best spent looking forward.we are an educational charity, and it is crucial to keep this at the forefront of our efforts. Our Mission, Vision & Values Stalement encapsulates our purpose. Sharing the creative use of flowers through education, to bring joy and inspiration to all., This guiding principle is the heart of our organisation. and it directs everything we do.To fulfil this mission, we must continuously seek ways to promote our lelsure classes and module courses. These programmes are not just about teaching the technical skills of flower arranging,. they are about inspiring creativity, fostering a sense of community, and bringing happiness to people's lives. By expanding and enhancing these educational opportunities, we can reach more individuals and spread the joy of flower arranging even further. A significant goal for us is to achieve national recognition for our qualifications. Our pursuit of an accredilalion remains a top priority. Achieving this wlll not only valldale the quality and rigor of our educational programmes but also elevate the status of flower arranging as a respected and valued art form. This recognition will open new doors for our students, providing them with credentials that are acknowledged and respected natlonwide. As we move fon4vard, let's focus on the following key initiatives.. Expanding Educational Outreach.. We need to broaden our reach to ensure more people have access to our leisure classes and module courses. This involves not only increasing the number of classes but also exploring new delivery methods, such as online courses, to make our programmes more accessible. 2. Strengthening Community Engagement.. Building slronger connections within our 21 Areas is e5sentlal. By fostering collaboration and sharing best practices, we can create a more cohesive and supportive network that enhances the impact of our educational efforts. 3. Pursuing Accreditation.. This involves meeting stringent standards and demonstrating the quality and effectiveness of our educational programmes. 4. Promoting Mental Health and Well-8eing: We vrill actively promote the benefits of flower arranging for mental health and well-being. By aligning our efforts with national movements towards mindfulness and mental health awareness, we can position our progfammes as valuable tools for personal and communal well-being. Effective communicatlon with our grassroots members is a top priorlty for me. I want every member to feel valued, infomied, and connected to our organisation. Our members are the heart and soul of this charity, and without them, we would not be the vibrant, thriving community we are today. We are commltted to continuously prioritising ommunication efforts to ensure everyone stays updated on our activities. To enhance communication, the Board is actively exploring new and improved ways to keep everyone in the loop. We've recently updated our website to make it more user-friendly and informative. Additionally, we now offer a monthly newsletter, which you can easily subscribe to for the latest updates and news. The Board members will continue to reach out by attending Area Council meetings. Please continue to invite us. Together, we can build an even stronger, more connected community, united by our shared passion for flower arranging. Our organisation is poised for a bright and impactful future, standing on solid ground and ready to advance our shared passion for flower a￿anging. Now. rn0￿ than ever, must unite our 21 Areas, working together to promote the joy and beauty that flower arranging brlngs to people's lives. Together, wth passion and determination, we can elevate our organisation to new heights. Let's embrace the future with enthusiasm. knowing that our work brings joy, creativity, and inspiration to countless individuals. The art of flower arranging has the power to transfom lives, and as a united organisation. we will make a lasting, positive impact. Nicky Wylie National Chairman NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED BY GUARANTEE) TRUSTEES, REPORT USTEES, REPORT CORPORATING DIRECTORS, REPO The Trustees present their report together with the audited financial statements for the year ended 31 March 2024. The financial slatements have been prepared in accordance with the Companies Act 2006, the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP FRS 102), applicable law and the Charity's governing document. The Charity prefers to be known by the acronym "NAFAS. and is a UK registered trademark no. 2109171. structure. Governance and Managom•nt. The Trustees are also the Directors of the Company for the purpose of company law. The Charity 1$ a charitable company limited by guarantee and without share capital. In the event of the Company being wound up the liability of each member is limited to £10. It was incorporated on 16th October 2003. The purpose of its formation was to acquire the assets and undertaklng of National Association of Flower Arrangement Societies, an unincorporated charitable association first formed in 1959. It is governed by Articles of Association and its objectives are to advance public education in the art of flower arranging and related subjects. The membership of the Company is comprised of 21 unincorporated Area Associations providing geographical representation throughout the United Kingdom and represented at meetings through a single elected representalive for each Area. A nebNork of more than 800 flower clubs are affiliated to the Area Associations and their members form the affiliated membership of the Charity. The Voting Members of the Charity are made up of the 21 current Area Representatives and Ihe current Trustees. The National Officers are appointed by the Board and comprise the Chair of Trustees and the Vice.Chairman. There shall be a minimum of 7 Trustees and a maximum of 10 Trustees. A minimum of 5 Trustees to be elected by the Voting Members, additional Trustees can be appointed by the Board. The National President is a non-executlV8 appointment selected by a panel. The day-to-day management of the Charity is the responsibility of the Chief Executive Officer. Salaries of all staff are reviewed annually by the 8oard of Trustees. The Trustees, as stated on the legal and admlnistratlve infomiation page, are eligible to serve two terms of three years. The Board meets monthly (virtually) and receives quarterly reports from the Charlty's Standing Committee8, who administer the operation of each facet of the Charity's objectives. One Trustee attends each meeting of the Standing Committees to ensure continuity within Ihe reporting process. The Board of Trustees take direct responsibility for the management of the assets and liabilities. Financial managemgnt including control and monitoring of budgets, is overseen by the Flnance Team. The National Advisory Council meets 4 times a year and comprises a single representative from each of the 21 Area Associations. They represent the affiliated members and act as an advi50ry body and as a forum for the exchange of views and information be￿een the Board of Trustees and the affiliated members. Trustees Induction and Trainin New Trustees are invited and encouraged to attend training courses and seminars to brief them on their legal obligations. They are also introduced lo the Charity Commission's own booklets and information bulletins. Funds are available to facilitate Trustee training in undertaking their role. Subsidia Com an The Charity's wholly owned subsidiary, NAFAS Enterprises Limited (company No. 1829011), undertakes fundraising through the publishing and sale of books, leaflets and booklets relating to flower arranging and the publication of The Flower Arranger magazine. Profits are transferred to the Charity through Gift Aid. The Board of Directors comprises the National Chairman and two other Trustees of the Charity. NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED BY GUARANTEE) TRUSTEES, REPORT Charitable Ob'edives and Adivith'es The Charlty is established to.. Advance public educats'on in Ihe art of flower arranging and related subjects Further any other charitable wrpose or purposes The Charity's Activities are.. Administration of NAFAS Courses in Floral Art & Design Attending and exhibiting at major shows and floral events A National Show where affiliated members may enter competitions and vthere both member8 and the general public may enjoy the floral arrangements exhibited Training and assessments of judges, demonstrators and speakers Encouragement to affiliated clubs to develop their memberships NAFAS Vision Mi ion Valu The new Vision. Mission and Values were adopted in 2021 by the Board. NAFAS Vision Statement To improve the lives of everyone through flowers, NAFAS Mission Statemen Sharing the creative use of flowers through education, to bring joy and inspiration to all. We achieve this through: Welcoming everyone to our Association, events and shows by removing barriers to access Sharing our artistry, creativity. skills, experience and innovation Encouraging creative use of flowers to aid mental health, well-being and social interaction Developing imaginative and accessible promotional programmes and publications Providing the highest quality educational and training schemes and upholding their quality Supporting opportunilies to develop skills through competitions and exhibitions at all levels Ensuring excellent organisalional and commercial support for affiliated clubs and societies Eslablishlng a culture where collaboratlon and sharing best practice Is the norm Working closely with horticultural, trade and educational bodies with similar goals Conlinuous improvement to everything we do by embracing incremental change Regular renewal of our representation and plans lo capture new trends and voices Minimising our impact on the environment Our Values Ensure a friendly welcome for all, that embraces equality and diversity Ensure open and positive behaviours at all times in delivering our goals Make lull use of the knowledge, energy and commitment of all of our Association's members Seek posillve envlronmental sustainability in all our activities In establishing the annual objectives and activities which fulfil NAFAS overall aims, the Truslees always have regard to the principles of public benefit. The Trustees are aware of and have received copies of the Charity Commission's guidance regarding Public Benefit and have taken it into account, where relevant, in their planning and decision making. NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED BY GUARANTEE TRUSTEES, REPORT The Objectives set out cleady that the Charity is established to advance public education in the art of flower arranging and lo further any other ¢haritsble purpose. It operates throughout Ihe whole of the United Kingdom and strives to attract members from all age groups and ethnic backgrounds. The Association's exhibits at major Iloral and horticultural shows, including its own National Show, are seen and enjoyed by large numbers of the general public. The Trustees are conscious that many of its affiliated members are elderfy with some on low or fixed incomes. Although each club is autonomous with the ability to set its own membership fees, the Affiliation Fee to the Charity was increased In 2023 to £7.50 per member per annum. The Trustees agreed not to Increase the Fee in 2024. The Association also provides direct membership at a cost of £45 per annum whi¢h includes 8 subscription to its quarterly magazine, The Flower Arranger. The cost of direct membership remains the same until such time as it is deemed appropriate to increase. The Trustees take its commitment to public benefit extremely seriously, exemplified by the fact that the Affiliation Fee remalns very low not wishing to exclude any member on economic grounds. The Trustees believe that entry fees to shows and events and Affiliation Fees to members are set at such a low level as to ensure that all members of the public can afford them and therefore benefit from full enjoyment of the Charity's services. The affiliated flower clubs play an important role in raising money for other charities. The Charity's members and the Area Associations, provide services to the general public too numerous to mentlon fully but include workshops where the public are Invlted to try their own skills at flower arranging, slmilar workshops for school parties and children with special needs, assistance to local churches to hold flower festivals to encourage the public to support their local communities and floral demonstrations at Ilower shows and events throughout the year. Rlsk Mana ement The Trustees acknowledge their responsibility to consider the rlsks faced by the Charity and to ensure that adequate controls are in place to idenlify, assess and mitigate such risks. Through the risk management processes established by the Charity, the Trustees are satisfied that the major risks have been idents'fied and mitigated where necessary, and that systems and procedures have been put in place to provide reasonable assurance that major risks have been adequately managed. The Trustees have identified the following key areas of risk.. 1. Changes in extemal environment which result in there being an increase in costs of: a. Transport costs b. Flowers Hall Hire, which diredy affects clubs d. Postage and Printing 2. Club closures affected by some of the issues listed above, and also.. a. Difficulty attracting members to sit on the club committee b. Ageing membership Difficulty in attracting new younger members These risks and all other risks identified for the organisation are managed within a comprehensive risk register that identifies the likelihood of a risk and the consequences should that risk come to fruition. This gives both the management and the Trustees the overview of the risk occurring. These mitigating management actions are kept under constant review. NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED BY GUARANTEE) TRUSTEES. REPORT Achievements and Performance The 2023 National Show, held at Gloucester Cathedral recorded a profit of £54K. This is a huge turnaround from the previous 2019 London show that recorded a substantial loss. Nearly 4,000 visitors attended the Gloucester show over fv40 days, and the level of competition was extremely high. We are currently organising the 2025 National Show which will once again be at Gloucester Cathedral. The show team is once again being led by fomer National Chaimian, Katherine Kear and fomier Trustee, Katharine Lee. A new database has been implemented at head office. Salesforce vRnt1Sve in July 2024 and full training has been provided by support company Hyphen8. NAFAS had a trade stand at the Interfiora World Cup in Manchester in September 2023. This was to promote The Flower Arranger magazine and Ihe Association. Following on from thls successful event, we repeated the exerclse by attending the Harrogate Spring Show. Southport Flower Show and Malvem Autumn Show in 2024. To Increase the retention levels of subscribers to Tha Flower Arranger magazine, we have moved to paperless direct debits. The Board egreed to increase affiliation fees, due in December 2025 from £7.50 to £7.75. This represents a 3Q/o increase. The same increase has been applied to The Flower Arranger magazine. starting from the Spring 2025 edition. The inaugural NAFAS Webinar was held in May 2024, over 100 members were able to ask questions directly to the Tru51ees and the CEO. This will become an annual event, with an additional webinar to be held after the October AGM. din National Jud es Committee Alan Beatty, Chairman The many hours of work by the committee culminated in the launch Of the Competitions Manual 41h Editlon at the National Show in May 2023. It has been very well received. Havlng prepared the schedule, dealt with entries etc. the National Judges Committee were fully 'handS￿n, during the week of the National Show in Gloucester - from setting up and marking out staging, to overseeing the judging, to break down. A busy but successful week. The Judges Conference in Northern Ireland in Augustwas very well supported. The sessions were rélevant, engaging and informative, with lots of lively discussion. Training and planning for a National Judges Test is now well underway. There has been a high level of interest, generated in part from the interactive activities on the Judge5 Stand al the National Show and from encouragement given to Area Judges at the Conference. A tW￿daY test is planned for June 2025. Training. both in-person and via Zoom has taken place and 15 continuing. In January 2024 the National Judges Committee were invited to contribute to the upcoming National Show in September 2025. Work on titles commenced almost immediately. Obviously much of our focus will continue to be on this event over the next year. National Demonst￿tOrS Commiltee Beryl Cotton, Chairman The National Demonstrators Committee. Beryl Cotton Chaimian, Margaret Rumens Vice Chaimian, Lucy Ellis, Vanessa Wellock, Delyth Price and Cherie Nummy, meet regularly via Zoom, and I thank all of them for their hard work and dedicalion. NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED BY GUARANTEE) TRUSTEES, REPORT At the National Show in 2023, held at Gloucesler Cathedral, the National Demonstrators Committee members manned 8 stand outslde the Chapter House In the Clolsters. whlle 8 National Demonstrators undertook mini demonslrations in the Chapter House and all their designs were sold to visitors at the show. National Demonstrators Alison Penno and De1￿h Price demonstrated at the Gloucester Guildhall to a sold out audience of over 200 people. An Adjudicator and Instructor meeting was held in Spring 2023 and a Christmas bulletin was issued to all demonstrators providing important updates on the Committees plans for the coming year. A meeting to provide guidance for pre-national candidates was undertaken taken by the committee members and Chairman of the National Judges Committee. Alan Beatty. Alan and National President Elect. James Bumside, both DemonstratorAdjudicators, qualified as Demonstrator Instructors. At Area level. l am delighted to say that several Areas are holding Area Tests with Instruction Days and Demonstrator Refresher Days. In 2024, we will be holding a face-ti>face day of advice and guidance for Pre-National Assessment candidates and National Demonstrator Test candidates and plans are in place for Pre-National Assessments and National Tests to be held at Frodsham, Cheshire on 30, and 31st October 2024. A Zoom meeting will be held for Area Demonslrator Reps in September 2024. Planning is taking place for the Demonstrators Symposium to be held at the Telford Gold & Spa Hotel, Telford in Spring 2025. mmi Brenda Eyers, Chairman During the past year, the National Speakers Committee have reviewed and updated a large portion of their guidelines. We have also concentrated on increasing the following on our Facebook page and thls has proved to be very worthwhile particularly when it comes to promoting events and training opportunities. A three-year plan has been submitted for the Business Plan, outlining our aims and objectives for improving and developing our particular discipline. We conts'nue to promote the use of qualified NAFAS Speakers as well as Adjudicators and Instructors at events and the training opportunities and CPD which are available lo all our members. We are delighted that hvo Areas are now launching speaker training with tests scheduled for 2025. National Education Commi Jane Rickard, Chairman The Education Committee have now changed the regularity of the committee meetings to bi-monthly. Committee job descriptions have all been updated and circulated to the committee. this will help wlth recrultment. The Area and National Quality Assurers have also now got new job descriptions. All the documents relaled to the NAFAS individual short courses have been finalised after some amendments were made The NAFAS Quality Assurance and Guideline policy has been brought in line with other relevant documents and replaced on the website. The"Leisure Classes For All. document will be revised and updated in 2024. The Teachers Conference in July 2024 was successful and attracted over 50 attendees. The Standing Committee Chairmen met with the National Chairman in March 2024. This is a good way to keep each other up to date with what each committee is doing and sharing of future plans. The Copyright Agreement for the short courses has been split into three documents - Tutor, Area Quality Assurer and National Quality Assurer. Tutors are asked to sign the agreement before they can have sight of course contents. This protects the property of NAFAS. Qualifications to become a National Tutor have been revised as there was not much difference previously betrween an Area and a National Tutor. A Tutors and Assurers meeting was held in March 2024. The Committee acted on queries and organized an extra training date. NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED BY GUARANTEE) TRUSTEES, REPORT NAFAS SHORT COURSES UPDATE October 2023 -1 online course and 1 face to face course were started. As a result, 22 students received certificates and 1 received a certificate ol attendance. January 2024 - 1 online course. 8 leamers received certificates and one received a certificate of attendance. February 2024 - 1 face to face Coufse. 7 learners. NQA still to take place. March 2024 - 1 online course and one face to face. 23 students. FUTURE PLANS Encourage Areas to run leisure classes and hold workshops laught by qualified tutors. Encourage unqualified members who teach leisure classes to download the Basic Teaching Manual. This might encourage them to take a teachers qualification. Encourage Area to run trwo day courses uslng ihe Baslc Teaching Manual. Encourage Tutors to use the Tutors Forum online. AGM We will continue to present our AGM virtually as this attracts a larger audience compared to a physical meeting and allows access lo the proceedings to all our, membership. The 2023 AGM attracted 1,139 views. To ensure that all members have the opportunity to ask questions to the Board, the 2024 AGM will be followed by an online webinar where questions can be submitted to the Board through the chat facility. Volunteer Involvemen The Charity relies on the support of its members who give many thousands of hours voluntarily to assist in the provision of services and activities. It is impossible to put a value on this support for which the Charity is very grateful and wlthout whlch much of the work undertaken could not be achieved. The Trustees appoint lunctional and advlsory committees. composed of experienced volunteers to assist in carrying out the work of the Charity. in The Charily does not actively undertake any fundraising directly from the general public. Membershi Affiliation Fees and the annual returns forms. which are completed by the 21 Area Executives, re￿rded the following details in December 2023.. Individual Members.. 30,358 (32,179 in 2022) Number of flower clubs.. 799 {845 in 2022) Future Plannin We have restructured our financial activities and put in place a rolling 3-year Business Plan. The plan will enable the Charity to build on its current position and budget more accurately. er f Inv slment The Articles of Association aulhorise the investment of the Company's funds or any part thereof in the purchase of such stocks, shares, securities or other investment or propety of whatsoever nature as the Trustees, may in their absolute discretion decide. All investments are held in accordance with these powers. The Trustees do not have specific target retums on investment income although generally they expect investment performance to reflect movement in the London Stock Exchange indices. Financial Revlew £3.5M (proceeds from the sale of the London office) was invested in July 2022. The Association has strict internal financial controls, which are overseen by the CEO, Finance Team, Investment Team and the Board of Trustees. All events are budgeted and closely monitored. and for this financial period have included.. NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED BY GUARANTEE) TRUSTEES, REPORT IEV National Show (Education) National Judges Conference (Education) National Speakers Tests (Education) RHS Hampton Court (Marketing & Promotion) Interfora World Cup (Marketing & Promotion) Harrogate Spring Flower Show (Marketing & Promotion) The Charity provides funding for its Standing Cornmittees, Judges, Demonstrators, Speakers, and Education. 11 also commits funding to educational events as charitable activities. The National Show recorded a profit of £53,560 which exceeded the budget target of £21.679. Fin ial Revi At the end of the financial year, the Association recorded a surplus of £68,922 and leaves the Charity with adequate resep4es. It is noted that without the net gain on investments, £142,276 the charity would have recorded an operating deficit of £76,392. Group Income Consolidated income increased by 18% from £517,128 (excluding surplus on sale of property) to £636,935 (largely due to income from the National Show) Group Expenditure Consolidated expenditure increased by 20/0 to £710,289. Enter rise Tradin Subsidia Tumover increased by 80A Irom £227,138 to £247,812 Cost of sales and administrative expenses increased by 47.5% to £20,535 Loss for the year was £7,329 versus £17,233 loss in 2022. The results for the year ended 31 March 2024 are shown in this summary of income and expenditure.. 2024 2023 Net movement in funds Unreslricted funds Designated funds Restricted funds 65,884 3.038 2,449,077 3,218 68,922 2,452,295 Reserrf An analysis of funds is given under note 20. The maintenance of adequate reserves underpins the Trustees, Risk Management Policy as a counter against risks identified in the regular Risk Review. In view of the general historical reliability of the Charity's income streams, the Trustees consider that the Charity's general reserve, excluding fixed assets but including the value of marketable investments, should be maintained at a level sufficient to cover six months charitable operations expenditure and governance costs. At 3111 March 2024 the level of free reserves stands at £3,855,828 (2023: £3,787,564). NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED BY GUARANTEE) TRUSTEES, REPORT Subsidia Undertakin NAFAS Enterprises Limited is a wholly owned subsidiary. It undertakes all trading activities and transfers the whole of its profit to the Charity by gift aid. Due to a change in accounting rules, the gift aid payable is not recorded as a liability in these accounts. Acco Accounting policies are disclosed on pages 19 to 21 of the financial statements. Audi A resolution proposing the appointment of Auditors to the Charity will be put to the Annual General Meeting. The Trustees, Report was approved by the Trustees on 11° October 2024 BY ORDER OF THE BOARD Nicky Wylie National Chaiman io NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees, who are also the directors of National Association of Flower Arrangement Societies 2003 for the purpose of company law, are responsible for preparing the Twstees, Report and the accounts in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing thgse accounts, the Trust999 are required to.. select suitable accounting policies and then apply them consistently., - observe the methods and princlples in the Charities SORP., make judgements and estlmates that are reasonable and pwdent; and - prepare the accounts on the going concem basis unless it is inappropriate to presume that the charity will continue in operats'on. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply wilh 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. The Trustees are responsible for the maintenance and integrity of the group and financlal Infomiation included on the charity's website in accordance with legislation In the United Kingdom governing the preparation and dlssemination of financial statèments. NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED BY GUARANTEEI INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 Oplnlon We have audited the financial statements of National Association of Flower Arrangement Societies 2003 (the parent 'charltable company'> and ils Subsidiary (the 'group') lor the year ended 31 March 2024 on pages 16 to 31. 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 Slandard applicable in the UK and Republic of ire18nd (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expendituré, for the year then ended,. have been properfy prepared in accordance Y￿th United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with Intemalional Standards on Auditing (UK) (ISAS (UK)) and appllcable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and 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. Concluslons relatlng to golng concern We have nothing to report In respect of the follovAng matters In rèlation to which the ISAS {UK> require us to report to you where.. the Trustees. use of the going concem basis of accounting in the preparation of the financial statements Is not appropriate. or the Trustees have not disclosed In the financial slatements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least bNelve months from the date when the financial stalernents are authorised for issue. Other Inforniation The Trustees are responsible for the other information. The other information comprises the information included in the Trustees, annual report, other than the financial statements and our auditor's report thereon. 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. 12 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED 8Y GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 In connection with our audit of the financial statements. our responsibility is to read the other infomiation and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othepwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters pr•scrlb•d by th8 Companla$ Act 2006 In our oplnion, based on the work undertaken In the course of the audit; the information given in the Trustees, report (incorporating the directors, report) forthe financial year for vthich the financial slatements are prepared is consistent with the financial statements,. and the Trustees. report (incorporating the directors, report) has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the group and charitable company and its environment obtained in the course of the audit, we have not identified material misstatements In the directors, report. We have nothlng to report in respect of the following matters in relation to which the Companies Act 2008 requires us to report to you if, in our opinion= adequate accounting records have not baen kept. or returns adequate for our audit have not been received from branches not visited by us: or the financial statements are not in agreement with the accounting records and retums; or certain disclosures of directors, remuneratlon specified by law are not made., or we have not received all the infomiation and explanations we require for our audit. Rasponslbllltles ol Tru$t•è$ As explained more fully in the Trustees, responsibilities statement set out on page 4, 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 Ihat 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 concem and using the going concem 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. 13 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED 8Y GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 Auditoes responslbllltles for the audlt of the financlal ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance bwth 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 financlal statements. A further description of our responsibillties for the audit of the financial statements is located on the Financial Reporting Council's website https'.IlwMN.frc.org.uklOur.WorklAudiVAudil-and-assurancelSlandards-and-guidancelStandards- and-guidance-for-auditorslAuditors-responsibilities-for-audiVDescription-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditorfs report. Extent to whlch the audlt was consldered capable of detectlng Irregularltle8, Includlng fraud The objectlves ol our audit, in respect to fraud, are.. to Identify and assess the rlsks of material mlsstatement of the financial statements due to fraud- to obtain SLrfficient appropriate audit evidence regarding the assessed risks of material misstalement due to fraud, through designing and implementlng appropriate responses,. and to respond appropriately to fraud or suspected fraud identified during the audit However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management. Our approach was as follows.. We Identified a￿aS of laws and regulatlons that could reasonably be expected to have a material effect on the financial statements from our general sector experience, and through discussion with the Trustees, directors and other management (as required by auditing standards), and discussed with the Trustees, directors and other management the policies and procedures regarding compliance with laws and regulations (see below)., We identified the following areas as those most likely to have such an effect.. health and safety: General Data Protection Regulalion {GDPR)- fraud., bribery and corruption., and employment law. Auditing standards limit the required audit procedurès to identify non-compliance with these laws and regulations to enquiry of the Truslees, directors and other management and inspection of regulatory and legal correspondence, if any. The identified actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit matter. We considered the legal and regulatory frameworks directly applicable to the financial slalements ￿porting framework (FRS 102, the Companies Act 2006 and the Charities Act 2011) and the relevant tax compliance regulations in the UK.. We considered the nature of the charity and group's operations. the control environment and financial performance. We communicated identified laws and regulations throughoul our team and remained alert to any indications of non-compliance throughout the audit: 14 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 (LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 We considered the procedures and controls that the charity and group has established to address risks identified, or that othepwise prevent. deter and detect fraud; and how senior management monitors those programmes and controls. Based on this understanding we designed our audit procedures to identify non-compliance wlh such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identrfied fraud risk. These procedures Included.. testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation,. performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error. Owlng to the Inherent limltations of an audit. there is an unavoidable risk that we may not have detected some material misstatements in the financlal statements, even though we have properly planned and perfomied our audit In accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud Involves intentional concealment, forgery, collusion, omission or mlsrepresentalion. We are not responsible for preventing non 10,814 14 16 15 Net cash provlded byl{u80d In) operatlng actlvltles 1140,139) (338,584) Cash flows from Investlng actlvltles: Interest from investments Proceeds from sale of tangible fixed assets 71,496 43,747 2,669,397 Proceeds on sale of investments Purchase of Inveslmenls 506,732 (S68,761) 242,700 (2,105,083) Purchase of tangible fixed assets 12 (9,448) Not cash provlded byl(used In Investlng actlvltles 8,274 841,313 Increasel(decrease) In cash (131,865 502.749 Cash and cash equlvalents at the beginnlng of the year 700,818 198,169 Cash and cash equlvalents at the end of tho year 568,953 700.818 1 April 2023 Cashflow 31 March 2024 Cash at bank and In hand 700,818 1131,865) 568,953 19 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Statutory information National Association of Fl(Iwer Arrangement Societies 2003 (NAFAS) is 8 charitable company, limited by guarantee, registered in England and Wales. The charitable company's registered number and registered office address can be found on the Legal and Administrative Information page. Accountlng pollcle8 2.1 Basis of preparation The financial statement have been prepared in accordance with 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 (FRS102) (effective 1 January 2019) Charities SORP {FRS102) and the Companies Act 2006. NAFAS meets the definition of a public benefit entity under FRS102. Assets and Liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). 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. There are no material uncertainties about the group's ability to continue as a going concern. The financial statements are prepared in sterling, which is the functional currency ol the charity. Monetary amounts in these financial statements are rounded to the nearest £1. 2.2 Group flnanclal statements The financial statements consolldate the results of the charity, ils wholly owned subsidiary, NAFAS Enterprises Limited on a line by line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented as the group has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. 2.3 Income All income is recognised in the Statement of Financial Activities once the group has gained entitlement to them and the amounts can be quanlified with sufficient reliability. Donations and gifts are included in full in the Statement of Financial Acllvities when there Is entitlement, probablllty of receipt and the amount of Income receivable can be measured reliably. Gifts in kind represent assets donated for distribution or use by the charity. Assets given for distribution are recognised as income only when distributed. Assets given for use by the charity are recognised when receivable. Gifts in kind are valued at the amount actually realised from the di5P05al of the assets or at the price the charity would otherwise have paid for the assets. Income from charitable activities is recognised as earned as the related services are provided. Income from other trading activities is recognised as eamed as the related goods are provided. Investment income is recognised in the financial statements when receivable. 2.4 Expendlturn Expenditure is recognised on an accruals basis when a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is included within the item of expenditure to which it relates. Charitable expenditure comprises those costs incurred by the charity in pursuit of its charitable objectives. It includes both direct costs and support costs relating to such activities. Support costs, including salaries, are apportioned on the basis of the time involved on the activity. Governan￿ costs include those costs associated wilh meeting the statutory requirements of the group and include the audit fees and costs linked to strategic management of the group. 20 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles (cgnllnu•dJ 2.6 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided al rates calculated to write off the cost less ests'maled residual value of each asset over its expected useful life, as follows.. Computer equipment Straight line - over four years Fumiture and fittings Straight line- over four years Freehold land is not dep￿CIated. The freehold building is depreciated over 100 years from the year after purchase and is subject to an annual impairment review. The building carries a Grade 2 listing and its useful life is expected to exceed 100 years. 2.6 Investments Investments are a form of basic financial instruments and are initially shown In the financial statements at market value. Movemenls in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities. Gains and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. 2.7 Stock Stocks are valued at the lower of cost and net realisable value. 2.8 Debtors Trade and other debtors are ￿cogniSed at the settlement amounl due after any trade discount. 2.9 Cash at bank and In hand Cash al bank and in hand includes cash and short term highly Ilquid Inveslments. The Trustees seek to use short and medium term deposits where possible to maximise the return on monies held at the bank and to manage cash flow. 2.10 Creditors and provlslons Creditors and provisions are recognised where the group has a present obligation resulting from a past event thal will probably result In the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliable. 2.11 Leasing and hire pu￿hase commltments Rentals payable under operating leases are charged against income on a straight line basis over the period of the lease. 2.12 Employee beneflts Short term benefits including holiday pay are recognised as an expense in the period in which the service is received. Termination benefits are accounted for on an accrual basis and in line with FRS 102. The charity contributes to employees, personal pension schemes. The pension costs charged in the financial statements represent the contributions payable during the year. 21 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (continued) 2.13 Funds Unrestricted funds are donations and other income receivable or generated for the objects of the charity. Designated fundg are unrestricted funds earmarked by the Trustee5 for particular purposes. Restricted funds are lunds provided for a specific purpose that must be spent in line with funderfs requirements. 2.14 Crltlcal accountlng estlmates and ludgements In the applicats'on of the group's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparenl from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results mav differ from these estimates. The eslimates and underlying assumptions are reviewed on an ongolng basls. Revlslons to accounting estimates are recognised in the period in which the estimate is revised. The Trustees do not consider that there are any critical estimates or areas ofludgement that need to be brought to the attention ol the readers of the financial statements. Donatlons and LegaGle$ G•neral De81gnatsd funds funds Restrlctod funds Total 2024 Total 2023 Other 6,049 6,049 6,049 6,049 2,401 2,401 Income from charltable actlvltles General Doslgnated funds funds Restrlcled funds Total 2024 Total 2023 Affiliation and direct mèmbership Shows and Assemblies 174,390 118,280 292,670 174,390 118,280 292,670 152,285 75,170 227,455 22 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024_ 6 Analysls of group charltable actlvltlas Total 2024 Total 2023 Stsff costs WAFA Westminster Abbey Flowers National Show National Flower Arranging Day Interflora Wortd Cup Committees'.- Judges Commlttee Demonstrators Committee Education Committee Speakers Committee Support and govemance costs Other activities 110,388 98,214 999 9,298 6,132 41,901 303 10,800 3,165 2.141 6,191 734 262,806 10,504 25,685 4,050 254,308 60,721 455 148 453 271 Total staff costs of £193,911 as per note 11 are split as £110,388 charitable activities (2023- £98,214) and £83,523 support and governance (2023: £70.106). 6 Analysls of costs - 2024 Dlrect CO8ts Support Governance costs co8t8 Total 2024 Total 2023 Charitable actlvltles:. Operations 162,893 1 52.893 284,550 284.550 17,705 17,705 455,148 453,271 453,271 465,148 Ralslng funds:. Costs of trading subsidiary 263,788 1,353 255,141 244,371 406,681 284.550 19,058 710,289 697,642 Analysls of costs - 2023 Dlrect costs Support Govemance costs costs Total 2023 Charltable actlvltles:. Operations 198,965 239,625 14,681 453,271 198,965 239,625 14,681 453,271 Raising funds:. Costs of trading subsidiary Total 240,121 4,250 244,371 439,086 239,625 18,931 697,642 23 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Governanc• costs Total 2024 Total 2023 Auditors, remuneration Audit Other ser¥i¢e$ Legal and professlonal fees 8,600 7,802 2,656 8,426 4,250 6.255 Total 19,058 18,931 Net Income for the year 2024 2023 This is staled after charging.. Auditors remuneration.. Audit Other services Expenses reimbursed to Trustees Depreciation 10,600 5,902 896 3,674 10,000 4,266 1,152 7.465 24 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 9 Comparative Statement of Financlal Activities - Year ended 31 March 2023 General funds Designated funds Restricted funds Total 2023 Income from: Donations and legacies Charitsble activities: Affiliation & direct membership fees Shows and assemblies Other trading activiti&$'. Trading income Investment income Interest income Other ProfiU(loss) on sale of tangible fixed assets Notès 2,401 2.401 162,286 76.170 162,285 76,170 10 227,138 41,888 1,861 13,169 227,138 41,886 1,861 16,387 3.218 2 669 397 2,669 397 Total Income 3 183,307 3 186 626 Expenditure on: Raising funds.. Costs of trading subsidiary Charilable activities.. Operations 244,371 244.371 453,271 453,271 Total expendlture 697,642 697,642 Net losses on investments 136,588) 136,588) Nel Income l (exp•ndltur•} 2,449,077 3,218 2,452,295 Net movement in funds 2.449.077 3,218 2,452,295 Fund balances at 1 April 2022 1.349,076 31,210 6.100 1,386,386 Fund balances at 31 March 2023 3.798,153 34.428 6,100 3,838,681 25 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Subsldiaries The wholly owned subsidiary NAFAS Enterprises Limited 18 incorporated in England and Wales (company number.. 1829011). The subsidiary donates all of its profits to NAFAS. The summary financial performance of the subsidiary is as follows.. 2024 2023 Turnover Cost of sales and administration costs Interest receivable Other operating income 247.365 1255,141) 390 57 226,930 (244,371) 122 Net profiU(Loss) Amount donated to the charity Retained in subsidiary (7,329) (17,233) (7,329) (17,233} The current assets and liabilities of the subsidiary were.. Current assets Current liabilities 78,814 166,124) 49,834 {18,815) Total nel assets 23,690 31.019 Aggregate share capital and reserves 23,690 31,019 11 Staff costs Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Charitable activities Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 168,026 16,807 9,078 147,009 14.871 6.440 193,911 168.320 26 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Staff costs Icontinued) One employee received total employee benefits of £60,000 or more in 2024 (2023.. One). 2024 2023 No. No. £60,000- £69,999 The key management personnel of the charity comprise the Chief Executive Officer and the Administrative Secretary. The lotal employee benefits of key management personnel of the charity were £116,108 (2023.. £127,816). This Includes Employer's National Insurance and pension contribulion8. None of the Trustees received any remuneration during the year. There are no employees in the subsidiary company. 12 Tanglble flxed assets Webslte Furnlture and deslgn equlpment Totsl Cost At 1 Aprfl 2023 Addltlons 12,977 10,555 1,193 23.532 1.193 At 31 March 2024 12.977 11,748 24,725 Depreclatlon At 1 April 2023 Charge for the year 11,472 976 1,470 2,598 12.942 3,574 At 31 March 2024 12,448 4,088 16,516 Net book value At 31 March 2024 529 7,680 8.209 At 31 March 2023 1,504 9,085 10,589 27 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Investmènts Group Charlty 2024 3.231,516 568,761 (512,9251 148.667 2023 2024 3,231,516 568.761 (512,9251 148,567 2023 At beginning of the year Additions Disposals at opening fair value Unrealised investment gainsl(losses) 3,513,774 (256,276) (25,982) 3,513,774 {256,278) (25,982) At 31 March 2024 3,436,919 3,231,516 3,435,919 3,231,516 Quoted Investments Flxed interest UK equities Overseas equities Altematives 978,846 686,036 1,207,003 664,034 846,092 808,725 974,320 602,379 978,846 686,036 1,207,003 664,034 846,092 808,725 974,320 602,379 At 31 March 2024 3,435.919 3,231,516 3,435,919 3,231,516 Investment in subsldlary underLiklng At 31 March 2024 3,43S,919 3,231,516 3,435,923 3,231,S20 Note 10 provides further infomation regarding the investment in NAFAS Enterprises Limited. Investment losses shown on the Statement of Financial Activities of £142,276 (2023.. losses of £36,588) include unrealised gains on investments of £148,567 (2023., losses of £25,982) and realised losses of £6,291 {2023', £10,608) 14 Stock 2024 2023 Group Group Charity Charity Goods for resale 19,679 20,258 28 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Dobtors 2024 Group 2023 Group Charfty Charity Trade debtors Prepayments Amounts owed from subsidiary company Other debtors 23,818 42,888 17,486 39,771 48,136 43,525 10,281 15,790 9.260 15.790 12,714 20.327 49,622 28,032 116.228 148,918 54,103 58.091 16 Credltors.. amounts falllng due wlthln one year 2024 Group 2023 Charlty Group Charity Trade creditors Taxes and social security costs Accruals and deferred income Other creditors 60,670 4,541 175,823 351 68,732 4,641 170,773 361 8.837 4,064 139,728 26,074 7,333 4,064 135,103 26,096 241,385 234,397 178,703 172,596 Deferred Income analysls: 2024 Group 2023 Charity Group Charity Deferred income at 1 April 2023 Released during year Deferred in year 124,606 1124,605} 160,564 124,606 (124,605) 160,564 109,763 (109,763) 124,605 109,763 {109.763) 124,605 Deferred income at 31 March 2024 160,$64 160,664 124,605 124,605 Deferred income is in relats'on to affiliation fees received in advance. 17 Operatlng lease commltments At the year end, the following commitments were in place in respect of operatlng leases.. 2024 Group 2023 Charity Group Charity Wilhin one year Within bNO to five years 48,021 48,021 51,175 145 729 51,942 146 687 Lease payments recognised as an expense in the year totalled £51.923 (2023.. £29,381). 29 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Analysls of net assets- 2024 (consolldated) General funds Designated funds Restricted funds Totsl Funds Fixed assets Current assets Current liabilities 3,444,128 661,294 (241,385 3.444,128 704,860 1241,3851 37,466 6,100 3,864,037 37,466 6,100 3,907,603 Analysis of net assets - 2023 (consolldated) General funds Deslgnated funds Restrlcted funds Total Funds Fixed assets Current assets Current liabilities 3,242,105 734,751 {178,703) 3,242,105 775,279 (178,703) 34,428 8,100 3,798,153 34,428 6,100 3,838,681 19 Analysls of funds - 2024 Balance at 1 Aprll 2023 Incomlng Resources Net galns on Balance at 31 resources expended Investments March 2024 Unrestrlcted funds: General funds Deslgnated funds: WAFA Special Fund Overseas Travel Reserve Remembrance Fund Restricted funds: Workshop Calligraphy & Engraving 3,798.153 633,897 (710,289) 142,276 3,864,037 16.785 17.594 49 16,785 20,632 49 3,038 5.000 1.100 5,000 1,100 3,838,681 636,935 {710,289) 142,276 3,907,603 30 NATIONAL ASSOCIATION OF FLOWER ARRANGEMENT SOCIETIES 2003 NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Analysis of funds- 2023 Balance at I April 2022 Incomlng Regources resources expended Net Ios8e8 Balance at 31 on March 2023 Investments Unrestricted funds: General funds Deslgnated lunds: WAFA Special Fund Overseas Travel Resenle Remembrance fund Restricted funds: Workshop Calligraphy & Engraving 1,349.078 3,183,307 (897.642} (36,588) 3.798,153 16,785 14,376 49 16,785 17,594 49 3,218 5,000 1,100 5,000 1.100 1386386 3186525 697 642 3,838 681 Deslgnatod funds The WAFA Speclal Fund was opened to enable 'Best in Show" prlze winners at future NAFAS National Shows to represent the charity al forthcoming WAFA World Shows. The Overseag Travel Reserve provides for officials, travel Costs to the World Association of Flower Arrangers (WAFA) World Show, held every three years and for the charity's annual subscription to WAFA. It is funded by an annual transfer from Ihe General Reserve at the rate of 1 Op lor each affillated member. The Remembrance Fund consists of donations received in memory of members to be recorded in the book of remembrance. Restrlcted funds The Workshop Fund con818ts of a donatlon recelved for the refurbishment of a room at Head Office for floral workshops to members and the general public. The Calllgraphy & Engravlng Fund has arisen as a result of donations received toward Ihe engraving of the Association5 trophies, showing winners of various competitions, and the calligraphy of framed pictures listing the Associations Nalional Officers and Presidents. 20 Taxation The charitable company is registered as a charity and all of its income falls within the exemplions under Part 1 of the Corporation Tax Act 2010. 21 Related party transactions The charity has taken advantage of Paragraph 33.1A of FRS 102 not to disclose transactions with wholly owned subsidiaries. During the year the charity paid expenses of £896 to six Trustees (2023: £2,751 to seven Trustees).