|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|










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|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<br>Advisory services<br>Investments<br>Other income|6<br>5<br>4<br>3|52<br>825<br>-<br>258,487|154<br>-<br>185,328<br>1,700|206<br>825<br>185,328<br>260,187|
|Total income||259,364|187,182|446,546|
|Expenditure on:|||||
|Raising funds<br>Advisory services|8<br>7|258,948<br>41|182,832|441,780<br>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|





## 

## 

## 






## 


## 




## 

## 

## 

## 







|.1|CMO<br>CM<br>CM|W|CO*<br>CO<br>CO|CM<br>ID<br>CO<br>CM<br>CO|CM<br>CO<br>O*<br>00|3<br>CM<br>y o<br>r- ID<br>8|CM ID<br>CO<br>CO|T<br>CD<br>CM<br>CO<br>CM|
|---|---|---|---|---|---|---|---|---|
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|Advisory services|||
|---|---|---|
||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<br>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<br>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<br>Depreciation and impairment of tangible fixed assets|||(5,154)<br>2,316|(825)<br>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.|||||