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← Crest Waltham Forest

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 04137315 (England and Wales) REGISTERED CHARITY NUMBER: 1103333

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

CREST WALTHAM FOREST (A COMPANY LIMITED BY GUARANTEE)

Prestons & Jacksons Partnership LLP Statutory Auditors 364 - 368 Cranbrook Road Ilford Essex IG2 6HY

CREST WALTHAM FOREST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page
Report of the Trustees 1 to 9
Report of the Independent Auditors 10 to 13
Statement of Financial Activities 14
Statement of Financial Position 15 to 16
Statement of Cash Flows 17
Notes to the Statement of Cash Flows 18
Notes to the Financial Statements 19 to 28
Detailed Statement of Financial Activities 29 to 30

CREST WALTHAM FOREST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objective is to act as an independent charity seeking to respond to the needs of local people by providing services commensurate with the needs of groups and individuals. In pursuance of those objects, social and pastoral work continues to serve the more vulnerable sections of the community, particularly older people with disabilities and dementia, and those experiencing mental health problems. CREST's objectives are set by its Trustees, each of whom offer their time and skill on a voluntary basis for the betterment of the community. The objectives are delivered by paid workers and volunteers, led by the Operations Director Chris O'Sullivan who took on the role in January, having been an employee of CREST mental health services for several years.

Public benefit

The objectives and activities, and achievement and performance sections of this report clearly set out that the activities which the charity undertakes are for the public benefit.

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission in determining the activities undertaken by the Charity.

Page 1

CREST WALTHAM FOREST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENTS AND PERFORMANCE

Fundraising activities

CREST Day Services - Older people experiencing disability and/or dementia are served by a Disability and Dementia Day Opportunities Service for fifty weeks in the year. This provision was restricted due to the Project Manager going on two periods of long term sick. Following extensive discussion at Management Committee level, the decision was taken that with the low number of clients attending and poor referrals, a thorough review of the service was undertaken. Still operating from Colby Lodge, the sole venue in operation, the high reliance on agency staff, inappropriate and poor levels of referral the decision to redesign the project was taken. The Service Manager was made redundant and the remaining staff redeployed to other projects.

Ageing Well - A new and innovative project was designed and following a successful bid to the lottery's Community Fund, "Ageing Well" replaced the old day service. Several clients from the previous service transitioned to the new one and referrals come from all previous contacts including NELFT, LBWF, and Alzheimer's Waltham Forest. Two new staff members were recruited and along with a staff member from Day Care, all undertook a thorough training programme that included Understanding Dementia; First Aid at Work, Health and Safety, and Safeguarding. A working relationship is established with the W F Dementia Hub.

Harmony Hall - CREST manages Harmony Hall as a community resource for the people of Waltham Forest. Space is used by the borough's Adult Education Service in addition to a broad range of community groups, organisations and faith communities. Local families hire space for events, activities, meetings and significant occasions. The long-term status of Harmony Hall as a community entity continues to be uncertain, with the outcome of the review led by The Charity Commission not having reported as expected. However, the hall continues to attract interest and support from across the community, particularly amongst marginalized and disenfranchised groups.

Therapeutic Care for carers - With no funding for this project, and attendance being for only 2/3 carers the decision to close the service was agreed by the Management Committee

Time To Change - The initiative evolved into the Time to Talk scheme which has established CREST as a provider of innovative mental health support schemes. With limited funding focus was given to key Mental Health calendar dates including World Mental Health Day; Suicide Prevention Day and Time to Talk Day. Events were designed and delivered to the public that challenged stigma and discrimination in mental health. A collaboration continued with the Big Creative Academy an educational establishment in the borough that offers students studies across a broad range of subjects within the arts.

The Snug is a community venue in central Walthamstow dedicated to supporting social connectedness and improved wellbeing for the mental health of adult residents across Waltham Forest. The Snug Community is a creative environment where there is a positive and supportive atmosphere for the people who volunteer and participate there. Its Members develop relationships, undertake activities which enable them to grow and to feel connected with the overall objective of full participation in the community through work, volunteering, learning, and peer-support becoming the goal for many. The Snug service model has become the template for CREST's future mental health service initiatives and activities.

E4 Well-Being Café - In July 2024 CREST was awarded funding from Social Prescribing in LBWF to deliver weekly sessions in 10 week cohorts, 4 times a year, where residents meet to gain support that uses the 5 Ways to Well-Being as the focus. A Well-Being Co-Ordinator and Support Worker offer a programme to adults experiencing mental ill-health that has resulted from social isolation/loneliness. Referrals come from Social Prescribers, Adult Social Care teams and Community Mental Health Teams along with self referral.

Page 2

CREST WALTHAM FOREST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Work with the Big Locals:

St James' Street Big Local - CREST has been the local trusted organisation for this National Lottery community development programme in central Walthamstow since July 2013. Geographically, this is closest to Harmony Hall in particular, with several proposals having a direct impact on the community where CREST is located. As such, CREST has pledged its continued support to this Big Local with administrative, employment and organisational assistance as it prepares for the final year of community impact initiatives.

North Meets South Big Local - From January 2018, CREST became the local trusted organisation for this National Lottery community development programme located in Barking and Dagenham and continued through to its conclusion.

William Morris Big Local - CREST has been the local trusted organisation for this National Lottery community development programme located in Walthamstow since 2015 and actively works to facilitate the community development work of this resident-led organisation through to its conclusion in September.

William Morris Community Threads - A MoU was agreed in November 2024 between W M Big Local, WMC Threads and CREST to continue as the Locally Trusted Organisation for the legacy partnership following the closure of W M Big Local. CREST provides employment support; financial transactions and governance along with support for the community development programme.

Hackney Wick Big Local - CREST began working with this particular community development programme in August 2018 and continues to provide support with governance and financial transactions.

Somerstown Big Local - CREST has provided this project with human resource and financial transaction capacity as well as organisational assistance to build a strong team of community development workers who are having a positive impact in their local community.

W F Transition Board for new CVS - CREST was made the LTO for this board providing financial transaction, employment and development support throughout the process of establishing a new W F Community Voluntary Sector Organisation.

FINANCIAL REVIEW

Principal funding sources

CREST's usual principal funding comes from paying customers at both Harmony Hall and our Disability and Dementia Day Service. A detailed breakdown of funding is given in the notes to the accounts. Funding applications continue to be submitted through statutory and non-statutory bodies.

Investment policy and objectives

The trustees have considered the most appropriate policy for investing surplus funds and, because these surpluses are only short-term comprising the duration of the project, they have found that bank deposit accounts are the most suitable for the charity's requirements.

Page 3

CREST WALTHAM FOREST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW

Reserves policy

The trustees have examined the charity's requirements for reserves in light of the main risks to the organisation. At the balance sheet date, restricted funds were £364,747 (2024: £135,982) and unrestricted funds were £31,253 (2024: £23,739).

The trustees recommend a policy of holding three months' running costs as a reserve but this has not yet proved possible to achieve in the current economic climate. Funding is, therefore, also being developed to provide the charity with some financial security.

The Charity's financial position is monitored continuously by the Manager and Book-keeper who produce monthly accounts which are reviewed by the trustees during their monthly meetings.

Funds

The total funding received in the year amounted to £1,247,657 (2024: £951,017), an increase of £296,640 from the previous year. This included £928,427 (2024: £648,628) of restricted funds.

The primary sources of funding for the year were fees generated from Day Services, rental income received from Harmony Hall and income from the Big Locals.

The total resources expended were £1,011,288 (2024: £1,062,151), a decrease of £50,863 on the previous year.

Reserves at the beginning of the financial year were £159,631 of which £135,892 was restricted and £23,739 was unrestricted. At the end of the financial year ended 31st March 2025, total reserves increased to £396,000 of which unrestricted reserves were £31,253 and restricted reserves were £364,747.

Staffing - during the year to 31 March 2025 CREST staff, Adjustments to this arrangement were made as the situation demanded.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The organisation is a charitable company limited by guarantee, as defined by the Companies Act 1985, which was incorporated on 8th January 2001 and into which a charitable trust, registered as a charity in 1985, was transferred on 1st April 2006. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by its Articles of Association. In the event of a winding up members are required to contribute an amount not exceeding £10.

Recruitment and appointment of new trustees

The directors of the company are also charity Trustees for the purposes of charity law. Under the requirements of the The directors of the company are also charity Trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association the trustees are elected at the Annual General Meeting. Business and management skills are well represented within the trustee body. The mix of trustee skills, if lost due to retirement, are maintained by active recruitment. Resigning trustees can choose to maintain active contact with the charity and provide their valuable skills and experience. Like other organisations, CREST endeavours to engage Trustees representing the diversity of the community in which it is located. It is an ongoing challenge and one which is never overlooked as we encourage service users and all stakeholders to participate.

Page 4

CREST WALTHAM FOREST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

CREST Waltham Forest has a board of trustees who meet regularly and are responsible for the strategic direction and policy of the charity. Members are from a variety of professional and business backgrounds that add value to the work of the charity. Documents, management accounts and reports are distributed to trustees by the Manager to support the strategic decision- making process. A scheme of delegation is in place and day-to-day responsibility for the provision of services rests with the Manager with support from service managers. The Manager is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met.

Induction and training of new trustees

Trustees are familiar with the work of the charity as they are provided with regular reports from the charity's management and project team. Publications from the Charity Commission are regularly distributed to all trustees.

Potential trustees are informed of the following:

Page 5

CREST WALTHAM FOREST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Risks to funding and income streams have led to an active approach by CREST to seek income generation and funding opportunities. Partnerships with groups and organisations experienced in recognising and generating new and appropriate, streams of funding are actively built and developed. Internal control risks are minimised by the use of policies and implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with the health and safety of staff, volunteers, clients and visitors to the various projects.

To support improved governance CREST has occasional themed Management Committee sub-groups in order to improve information and awareness about the issues facing the individual projects. Risk registers are held for individual CREST services.

WHO/WHAT LIKELIHOO
WILLBE D/MEASURE RECOMMENDATI
FACILITY RISKS AFFECTED S ONS
Harmony Hall base Awaiting Administration of Strong Actively looking for
and activity hub. decision from the charity & the likelihood that premises across the
landlords as to community groups the landlord Borough which can
the future of the that operate from will increase host at least some of
building where Harmony Hall. rent the groups thar pay
Crest has been Contributes to significantly rent
based for many Crest's unrestricted which will be
years funds.Moreover, unaffordable
the loss od its and unviable
operational base base for
would end long operations
standing relations
with the
communities Crest
represents
The Snug Funding only in Mental Health Current Campaign/ Press
place for the 2 Service users & Funding release to alert the
Day Week members who use stream community and to
service until the well-regarded unavailable in actively seek
year end, with service weekly the future, alternative funding to
no possibility (90-100) with no maintain the service
for extension obvious
successor
identified

Page 6

CREST WALTHAM FOREST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Ageing Well Service Although strong As a new and Ambitious Set out operational financially with developing Roll Out plan plans over a longer the aim to grow service, in place for period giving time to the service, reputationally, development attract users & Staff Crest may not Crest would be may need to be able to reach affected through be scaledthe target od 3 being unable to back or Borough wide reach the potential extended locations users of the through service. 2025/26. CREST Failure to The overall Current small Continue to target ManagementCommitt attract sufficient operations of the but deicated locally; reach out to ee/ Trustees additional Commitee committee church groups, user trustees to the becoming non committed to groups, particularly Board after representative of the charity and service user vounteers. retirement/ the Community its future. resignations and scope

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 04137315 (England and Wales)

Registered Charity number

1103333

Registered office

Harmony Hall 10 Truoro Road Walthamstow London E17 7BY

Trustees

John O'Connor - Chair Maureen Dods Neil Yeomans - Appointed 16th January 25 Oliver Welch - Appointed 1st August 24 Daniel Baker - Appointed 19th October 24 Robert Hayward - Resigned 26th February 25 Sally Johnson - Resigned 26th February 25 Linda Sansum - Resigned 26th February 25

Company Secretary

John O'Connor

Manager

Kay Watmough, BA, MA

Page 7

CREST WALTHAM FOREST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Auditors

Prestons & Jacksons Partnership LLP Statutory Auditors 364 - 368 Cranbrook Road Ilford Essex IG2 6HY

Bankers

The Co-operative Bank Team 605, Olympic House Business Customer Service Centre PO Box 250, Delf House Skelmersdale WN8 6WT

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Crest Waltham Forest for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Page 8

CREST WALTHAM FOREST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

AUDITORS

The auditors, Prestons & Jacksons Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

................................................................. Trustee

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CREST WALTHAM FOREST

Opinion

We have audited the financial statements of Crest Waltham Forest (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CREST WALTHAM FOREST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CREST WALTHAM FOREST

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory framework within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered were General Data Protection Regulation (GDPR), employment legistations, taxation legislations and anti-fraud, bribery and corruption legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, internal audit and the Trustees about their own identification and assessment of the risks and irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with Charity Commission, review of donor audit reports, and reading of minutes of meetings of those charged with governance.

Page 12

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CREST WALTHAM FOREST

Owing to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed 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. In addition, as with any audit, there remained a higher risk of non detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Prestons & Jacksons Partnership LLP Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 364 - 368 Cranbrook Road

Ilford Essex IG2 6HY Date: .............................................

Page 13

CREST WALTHAM FOREST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Notes
INCOME FROM
Donations and Grants
2
Charitable activities
5
Charitable
Activities Generating Funds
3
Investment income
4
Total
EXPENDITURE ON
Charitable activities
6
Charitable
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
1,147
152,691
163,898
1,494
319,230
311,716
7,514
23,739
31,253		 Restricted
funds
£
-
928,427
-
-
928,427
699,572
228,855
135,892
364,747		 31.3.25
Total
funds
£
1,147
1,081,118
163,898
1,494
1,247,657
1,011,288
236,369
159,631
396,000		 31.3.24
Total
funds
£
3,222
789,453
157,263
1,079
951,017
1,062,151
(111,134)
270,765
159,631

The notes form part of these financial statements

Page 14

CREST WALTHAM FOREST

STATEMENT OF FINANCIAL POSITION 31 MARCH 2025

Notes
FIXED ASSETS
Tangible assets
13
CURRENT ASSETS
Debtors
14
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds:
General fund
Restricted funds:
Restricted Funds
TOTAL FUNDS		 31.3.25
£
6,998
20,667
410,589
431,256
(42,254)
389,002
396,000
396,000
31,253
364,747
396,000		 31.3.24
£
8,748
26,325
181,402
207,727
(56,844)
150,883
159,631
159,631
23,739
135,892
159,631

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes form part of these financial statements

continued...

Page 15

CREST WALTHAM FOREST

STATEMENT OF FINANCIAL POSITION - continued 31 MARCH 2025

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

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. Trustee

The notes form part of these financial statements

Page 16

CREST WALTHAM FOREST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 31.3.25
£
227,693
227,693
1,494
1,494
229,187
181,402
410,589		 31.3.24
£
(104,727)
(104,727)
1,079
1,079
(103,648)
285,050
181,402

The notes form part of these financial statements

Page 17

CREST WALTHAM FOREST

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Decrease in debtors
(Decrease)/increase in creditors
Net cash provided by/(used in) operations		 31.3.25
£
236,369
1,750
(1,494)
5,658
(14,590)
227,693		 31.3.24
£
(111,134)
2,187
(1,079)
1,623
3,676
(104,727)

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash At 1/4/24
Cash flow
£
£		 At 31/3/25
£
Cash at bank and in hand 181,402
229,187		 410,589
181,402
229,187		 410,589
Total 181,402
229,187		 410,589

The notes form part of these financial statements

Page 18

CREST WALTHAM FOREST

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

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Income from government and other grants, whether "capital" grants or "revenue" grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.

Rental income is recognised on a receivable basis.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Fixed assets and depreciation

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Items of less than £500 or an estimated life of two years or less are not capitalised. Assets are reviewed annually, those of limited or no further use to the charity being written off.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful economic lives.

continued...

Page 19

CREST WALTHAM FOREST

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

1. ACCOUNTING POLICIES - continued

Fixed assets and depreciation

Office and computer equipment 20% on reducing balance

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Operating Leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

continued...

Page 20

CREST WALTHAM FOREST

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

2.
DONATIONS AND GRANTS
Donations
3.
ACTIVITIES GENERATING FUNDS
Income from Hall Hire
4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Fee Income
Charitable		 31.3.25
£
1,147
31.3.25
£
163,898
31.3.25
£
1,494
31.3.25
£
1,081,118		 31.3.24
£
3,222
31.3.24
£
157,263
31.3.24
£
1,079
31.3.24
£
789,453

continued...

Page 21

CREST WALTHAM FOREST

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

5. INCOME FROM CHARITABLE ACTIVITIES - continued

Income from Charitable Activities

Restricted Funds:
St James's Street Big Local
William Morris Big Local
North Meets South Big Local
Noel Park Big Local
Somers Town Big Local
WalthamForest Big Local
Hackney Wick Big Local
Restricted Funds: Crest Projects
Waltham Forest Conscious Care
Time to Change
Buddying and Befriending - LB of Waltham Forest
Digital Inclusion Project
Enhanced VCS Social
National Lottery
Unrestricted Funds:
Big Local Fees
Attendance at day care centre
Wellbeing Cafe
Other Income
Total Income from Charitable Activities		 31.3.2025
£
91,472
144,017
43,436
-
369,010
113,158
81,539
-
(1,081)
-
(1,384)
10,750
77,510
928,427
34,292
97,696
17,010
3,693
152,691
1,081,118		 31.3.2024
£
94,798
124,898
116,128
(6,275)
231,596
-
117,046
100
5,960
(41,956)
6,333
-
-
648,628
32,234
105,498
-
3,091
140,823
789,452

continued...

Page 22

CREST WALTHAM FOREST

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

6. CHARITABLE ACTIVITIES COSTS

Direct
Costs
£
Charitable
807,695
SUPPORT COSTS
Management
Finance
Other
£
£
£
Charitable
138,385
55,504
1,750
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation - owned assets
Independent Examiner's Fees		 Support
costs (see
note 7)
£
203,593
Governance
costs
£
7,954
31.3.25
£
7,920
1,750
-		 Totals
£
1,011,288
Totals
£
203,593
31.3.24
£
-
2,187
5,940

7. SUPPORT COSTS

8. NET INCOME/(EXPENDITURE)

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

10. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 31.3.25
£
300,364
15,983
12,349
328,696		 31.3.24
£
246,598
13,169
15,711
275,478

continued...

Page 23

CREST WALTHAM FOREST

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

10. STAFF COSTS - continued

The average monthly number of employees during the year was as follows:

Charitable Activities
Administration		 31.3.25
14
2
16		 31.3.24
13
2
15

No employees received emoluments in excess of £60,000.

11.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 31.3.2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 31.3.2024
INCOME FROM Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
Donations and Grants 3,222
-
3,222
Charitable activities
Charitable 140,825
648,628
789,453
Activities Generating Funds 157,263
-
157,263
Investment income 1,079
-
1,079
Total 302,389
648,628
951,017
EXPENDITURE ON
Charitable activities
Charitable 303,825
758,326
1,062,151
NET INCOME/(EXPENDITURE) (1,436)
(109,698)
(111,134)
RECONCILIATION OF FUNDS
Total funds brought forward 25,175
245,590
270,765
TOTAL FUNDS CARRIED
FORWARD 23,739
135,892
159,631

continued...

Page 24

CREST WALTHAM FOREST

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

12. KEY MANAGEMENT PERSONNEL

Key Management Personnel comprises of the Board of Trustees.

13. TANGIBLE FIXED ASSETS

COST
At 1 April 2024 and 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors		 31.3.25
£
20,667
31.3.25
£
33,674
8,580
42,254		 Computer
equipment
£
113,172
104,424
1,750
106,174
6,998
8,748
31.3.24
£
26,325
31.3.24
£
50,455
6,389
56,844

continued...

Page 25

CREST WALTHAM FOREST

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

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
funds
£
Fixed assets
6,998
Current assets
43,514
Current liabilities
(19,259)
31,253		 Restricted
funds
£
-
387,742
(22,995)
364,747		 31.3.25
Total
funds
£
6,998
431,256
(42,254)
396,000		 31.3.24
Total
funds
£
8,748
207,727
(56,844)
159,631

continued...

Page 26

CREST WALTHAM FOREST

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

17. MOVEMENT IN FUNDS

Funds as at
1.4.24		 Incoming
Resources		 Outgoing
Resources		 Funds as
at
Transfers
31.3.25
£ £ £ £
£
Unrestricted Funds 23,739 319,230 (311,716) -
31,253
Restricted Funds 135,892 928,427 (699,572) -
364,747
TOTAL 159,631 1,247,657 (1,011,288) -
396,000
Restricted Funds
Big Locals:
St James Big Local 8,336 91,472 (65,291) -
34,518
William Morris Big Local 7,230 144,017 (123,934) -
27,313
North Meets South Big Local 3,530 43,436 (44,277) -
2,689
Noel Park Big Local (200) - - -
(200)
Hackney Wick Big Local 29,357 81,539 (111,098) -
(202)
Somers Town Big Local 22,830 369,010 (312,203) 79,637
Waltham Forest Big Local - 113,158 (9,378) 103,780
Designated Fixed asset 28,877 - - -
28,877
Crest Projects:
National Lottery - 77,510 (18,960) -
58,550
Time to Change 1,081 (1,081) - -
-
Waltham Forest Conscious Care 32,765 10,750 (13,730) -
29,785
Digital Inclusion Project 2,086 (1,384) (702) -
-
Total Restricted Funds 135,892 928,427 (699,572) -
364,747
Unrestricted Funds 23,739 319,230 (311,716) -
31,253

CREST is a locally trusted organisation for the "Big Local Partnership". We administer the Restricted Funds marked a "Big Local" for various local partnership organisations.

continued...

Page 27

CREST WALTHAM FOREST

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

18. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025.

Page 28

CREST WALTHAM FOREST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

INCOME
Donations and Grants
Donations
Activities Generating Funds
Income from Hall Hire
Investment income
Deposit account interest
Charitable activities
Fee Income
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Transport and Travel
Staff Recruitment
Telephone
Postage and stationery
Volunteer and Speakers Expense
Sundries
Consultant & Professional fees
Advertising
Local projects
Grants payable
Human Resources Costs
Support costs
Management
Rent and Rates
Insurance
Light and heat
Carried forward		 31.3.25
£
1,147
163,898
1,494
1,081,118
1,247,657
270,975
15,983
4,674
21,975
26,067
1,466
3,586
1,095
-
25,172
16,957
316,320
9,376
94,049
807,695
50,472
7,352
11,190
69,014		 31.3.24
£
3,222
157,263
1,079
789,453
951,017
221,413
13,169
4,026
23,561
30,487
3,215
6,923
1,061
5,445
943
9,898
429,272
17,884
78,849
846,146
48,375
8,303
8,633
65,311

This page does not form part of the statutory financial statements

Page 29

CREST WALTHAM FOREST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Management
Brought forward
Telephone
Postage and stationery
Sundries
Canteen and Cleaning
Subscriptions
Repairs and Renewals
Training and Welfare
Finance
Wages
Pensions
Meeting Expenses
Bank charges
Big Local Admin Fees
Other
Computer Equip- Depreciation
Governance costs
Auditors' remuneration
Independent Examiner's fees
Legal fees
Total resources expended
Net income/(expenditure)		 31.3.25
£
69,014
18,225
3,806
3,880
26,568
4,950
11,408
534
138,385
29,389
7,675
625
461
17,354
55,504
1,750
7,920
-
34
7,954
1,011,288
236,369		 31.3.24
£
65,311
14,564
1,916
1,208
29,117
5,209
10,113
3,711
131,149
25,185
11,685
1,768
409
32,815
71,862
2,187
-
5,940
4,867
10,807
1,062,151
(111,134)

This page does not form part of the statutory financial statements

Page 30