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2023-03-31-accounts

Honorary Officers
Chairman Mr Mohammed Farrukh Siddiqi
Treasurer Dr Pui Wah Carter
Company Secretary Ms Leena Nagrecha
Principal Staff
Chief Officer Ms Emma Burgham
Advice Service Manager Ms Catherine Markowski
Projects Manager Ms Kalpna Budhdeo
Charity number 1109872
Company number 05453262
Principal address St Mary's Churchyard
High Street
Watford
Hertfordshire
WD17 2BE

Current financial year
Unrestricted Restricted Total Total
fundsfunds
2023 2023 2023 2022
>tes
Income and endowments from:
Donations and legacies 3 268,675 435 269,110 260,187
Advisory services 4 1,471 237,708 239,179 185,328
Investments 5 5,154 5,154 825
Other income 6 372 372 206
Total income 275,672 238,143 513,815 446,546
Expenditure on:
Raising funds 7 642 642 41
Advisory services 8 268,546 214,213 482,759 441,780
Total expenditure 269,188 214,213 483,401 441,821
Net income for the year/
Net incoming resources 6,484 23,930 30,414 4,725
Other recognised gains and losses
Actuarial gain on defined benefit pension schemes 152 152 28,251
Net movement in funds 6,636 23,930 30,566 32,976
Fund balances at 1 April 2022 324,123 35,479 359,602 326,626
Fund balances at 31 March 2023 330,759 59,409 390,168 359,602
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Unrestricted Restricted Total
funds funds
2022 2022 2022
Notes
Income and endowments from:
Donations and legacies
Advisory services
Investments
Other income		 6
5
4
3		 52
825
-
258,487		 154
-
185,328
1,700		 206
825
185,328
260,187
Total income 259,364 187,182 446,546
Expenditure on:
Raising funds
Advisory services		 8
7		 258,948
41		 182,832 441,780
41
Total expenditure 258,989 182,832 441,821
Net incoming resources before transfers 375 4,350 4,725
Gross transfers between funds 860 (860) -
Net income for the year/
Net incoming resources 1,235 3,490 4,725
Other recognised gains and losses
Actuarial gain on defined benefit pension schemes 28,251 28,251
Net movement in funds 29,486 3,490 32,976
Fund balances at 1 April 2021 294,637 31,989 326,626
Fund balances at 31 March 2022 324,123 35,479 359,602

2023 2022
Notes
Fixed assets
Tangible assets 12 2,316 4,632
Current assets
Debtors 13 8,838 9,261
Cash at bank and in hand 431,843 407,544
440,681 416,805
Creditors: amounts falling due within
one year 14 (47,157) (52,936)
Net current assets 393,524 363,869
Total assets less current liabilities 395,840 368,501
Provisions for liabilities 13 (5,672) (8,899)
Net assets 390,168 359,602
Income funds
Restricted funds 18 59,409 35,479
Unrestricted funds
General unrestricted funds 336,431 333,022
Pension reserve (5,672) (8,899)
330,759 324,123
390,168 359,602

2023 2022
Notes
Cash flows from operating activities
Cash generated from/(absorbed by)21
operations 19,145 (8,482)
Investing activities
Purchase of tangible fixed assets (6,948)
Investment income received 5,154 825
Net cash generated from/(used in)
investing activities 5,154 (6,123)
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents 24,299 (14,605)
Cash and cash equivalents at beginning of year 407,544 422,149
Cash and cash equivalents at end of year 431,843 407,544

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Advisory Advisory
services services
2023 2022
Income from services provided 5,971 _
Performance related grants 233,208 185,328
239,179 185,328
Analysis by fund
Unrestricted funds 1,471
Restricted funds 237,708 185,328
239,179 185,328
Performance related grants
Watford Foodbank 20,657
Hertfordshire Citizens Advice Service 135,782 46,866
Citizens Advice Bureau - National and Local 16,841 128,416
St Albans District Council 2,500 -
Bugler Group Limited 3,000 _
Community Fund 1,400 -
Watford Community Housing Trust 29,348 -
Access to Justice - Community Justice Fund 14,672 -
Watford Health Trust 5,212 2,432
Other 3,796 7,614
233,208 185,328
Investments
Unrestricted Unrestricted
fundsfunds
2023 2022
Interest receivable 5,154 825
Unrestricted Unrestricted Restricted Total
fundsfundsfunds
2023 2022 2022 2022
Other income 372 52 154 206
Raising funds
Unrestricted Unrestricted
funds funds
2023 2022
Costs of generating voluntary income
Advertising 642 41
642 41
2023 2022
Staff costs 357,367 324,141
Depreciation and impairment 2,316 2,316
Other staff costs 785 228
Training 15,684 10,344
Project costs 12,857 -
Premises costs 19,629 59,543
Insurance 1,357 1,819
Repairs 456 704
Office costs 30,861 20,723
Computer costs 23,093 9,342
Travel expenses 8,036 4,027
General costs 1,017 3,457
Legal and professional costs 6,661 2,806
Bank charges and other finance costs 384 382
Governance costs 2,256 1,948
482,759 441,780
Analysis by fund
Unrestricted funds 268,546 258,948
Restricted funds 214,213 182,832
482,759 441,780
Governance costs comprise of independent examiner's fees 1,620 (2022: 1,320) and AGM costs 636
(2022: 628).

Number of employees
The average monthly number of employees during the year was:
2023 2022
Number Number
Advice services 13 CO CM
Management and administration 2
15 15
Employment costs 2023 2022
Wages and salaries 317,480 287,235
Social security costs 21,545 19,593
Other pension costs 18,342 17,313
357,367 324,141
There were no employees whose annual remuneration was 60,000 or more.
11 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section
252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
12 Tangible fixed assets
Plant and machinery
Cost
At 1 April 2022 28,930
At 31 March 2023 28,930
Depreciation and impairment
At 1 April 2022 24,298
Depreciation charged in the year 2,316
At 31 March 2023 26,614
Carrying amount
At 31 March 2023 2,316
At 31 March 2022 4,632

13 Debtors
2023 2022
Amounts falling due within one year:
Other debtors 4,477 7,119
Prepayments and accrued income 4,361 2,142
8,838 9,261
14 Creditors: amounts falling due within one year
2023 2022
Notes
Other taxation and social security 5,097
Deferred income16 31,700 25,376
Trade creditors 3,160 399
Other creditors 5,148 4,009
Accruals and deferred income 2,052 23,152
47,157 52,936
15 Provisions for liabilities 2023 2022
Notes
Retirement benefit obligations17 5,672 8,899
5,672 8,899
16 Deferred income
20232022
Other deferred income 31,70025,376
Deferred income is included in the financial statements as follows:
20232022
Deferred income is included within:
Current liabilities 31,70025,376

31 March 2023 31 March 2022 31 March 2021
(s) (s) (s)
Present value of provision 5,673 8,899 49,354
Reconciliation of opening and closing provisions Period Ended 31 Period Ended 31
March 2023 March 2022
(s) (s)
Provision at start of period 8,899 49,354
Unwinding of the discount factor (interest expense) 168 285
Deficit contribution paid (3,242) (12,489)
Remeasurements - impact of any change in assumptions (152) (205)
e
Remeasurements - amendments to the contribution schedule		 - (28,046)
Provision at end of period 5,673 8,899
Income and Expenditure ImpactPeriod Ended 31 Period Ended 31
March 2023 March 2022
(s) (s)
Interest expense 168 285
Remeasurements - impact of any change in assumptions (152) (205)
le
Remeasurements - amendments to the contribution schedule		 - (28,046)
Assumptions 31 March 2023 31 March 2022 31 March 2021
% per annum % per annum % per annum
Rate of discount 5.52 2.35 0.66
The discount rates shown above are the equivalent single discount rates which, when used to discount the
future recovery plan contributions due, would give the same results as using a full AA corporate bond yield
curve to discount the same recovery plan contributions.
The pension charge for the year was 18,342 (2022: 17,313).
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19 Analysis of net assets between funds
Unrestricted Restricted Total Total
funds funds
2023 2023 2023 2022
Fund balances at 31 March 2023 are
represented by:
Tangible assets 2,316 - 2,316 4,632
Current assets/(liabilities) 335,865 57,659 393,524 363,869
Provisions and pensions (5,672) - (5,672) (8,899)
332,509 57,659 390,168 359,602
20Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
21Cash generated from operations 2023 2022
Surplus for the year 30,414 4,725
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets		 (5,154)
2,316		 (825)
2,316
Difference between pension charge and cash contributions (3,075) (12,204)
Movements in working capital:
Decrease in debtors 423 8,222
(Decrease)/increase in creditors (12,103) 14,956
lncrease/(decrease) in deferred income 6,324 (25,672)
Cash generated from/(absorbed by) operations 19,145 (8,482)
22Analysis of changes in net funds
The charity had no debt during the year.