Charity registration number: 1118523 Waltham Forest Community Hub Ltd Annual report and financial statements For the year ended 31st March 2024
Waltham Forest Community Hub Ltd Table of contents Year ended 31st March 2024 Page Reference and administrative information Report of the trustees Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 10
Waltham Forest Community Hub Ltd Reference and administrative information Year ended 31st March 2023 Board of trustees Faiz Yunis Shahid Majid Khayyam Shahid Aslam Joga Kabra Rosemary Perrett Finn Grant Imran Iqbal Anita Sharma Shelly Louise Hopkinson Jessica Mercedes Taylor Goodwin Stephen Paul Hillman Fiona Jane Gilbert Stephen Tippell Address of principal office 18a Orford Road Walthamstow London E17 9LN Company number 05642169 Charity number 1118523 Independent examiner Young & Co Accountants Limited 160c Fencepiece Road London IG6 2LB Bankers The Co-operative Bank P.0. Box 250 Delf House Southway Skelmersdale WN8 6WT Page I
Waltham Forest Community Hub Ltd Report of the trustees Year ended 31st March 2024 Constitution Waltham Forest Community Hub (WFCH) is a company limited by guarantee and a registered charity. It is governed by its Memorandum and Articles of Association dated I December 2005. The organisation is central to the regeneration of the borough, and it's potential is recognised by all, as an engine for community cohesion and empowerment as the population grows and changes. Our role as a place-based charity is to understand and champion the needs of Waltham Foresvs communities and people, provide services and support that enable them to thrive and steward our assets to serve our charitable mission "to bring together and lead the community, providing opportunities and resources that value and empower all,. Recruitment and a olntment of mana ement commlttee The Directors of the Company are also Charity Trustees for the purpose of Charlty Law and are known as members of the Board of Trustees. Under the requirements of the Memorandum and Articles of Association the members of the Board of Trustees are elected for a period of three years, after which they must be re-elected at the Annual General Meeting, with the option to co-opt up to two new members at other times of the year. Trustee Inductlon and Trainln New Trustees are provided with relevant documentation and are given an induction that includes familiarisation of the Charity's mission statement, aims and objectives, organisational structure, policies, and Trustees, responsibilities. They meet the Chair of the Trustees and the Chief Executive to obtain more background information when elected and are expetted to attend training on the role of trustees. Our vision is for Waltham Forest to be 'a place where every individual and community is valued, supported and can thrive., Our values include: WELCOMING; COLLABORATIVE; EMPOWERING; INCLUSIVE; ADAPTABLE; AMBITIOUS and our team embrace these. We believe that everyone has skills and potential to grow and develop. As a united community, we trust we can take collective responsibility to create a positive future. Page 2
Waltham Forest Community Hub Ltd Report of the trustees Year ended 31st March 2024 Objectives and activities for public benefft Our organisation's aim has been to deliver projects and activities that meet the following four areas of need: Developing a sustainable organisation that can meet needs of the community Reducing isolation and improving wellbeing in disadvantaged residents Engaging and empowering young people to participate, grow and achieve Strengthening the community of Waltham Forest by sharing our space, voice and expertise. This has been a challenging year for much of our community. High food and energy prices have made it difficult for some to make ends meet. Our mission is to support people in Waltham Forest to improve their lives and make communities stronger, happier and healthier, and we are grateful for the new long-term partnerships with Cadent Gas and the National Lottery Community Fund that have enabled us to provide practical help, advice and support to our community, from providing heating advice to offering free slow cookers to enable healthy cooking on a budget. We are a150 grateful for the ongoing support of the London Borough of Waltham Forest, Mercers Company and Trust for London that enables us to remain fleet of foot, and responsive to the needs of a diverse and changing community. Financlal review Trustees recognised that in order to meet the needs of the local community better a slight shift in strategic focus was necessary. Historically we have been reliant on letting our building to raise unrestricted funds. Whilst this is still an activity we do, the emphasis this year has been more on raising restricted funds to host events, meetings and on using the building to provide much-needed services to the local community. We remain in a financially strong position with around six months of operating cost5 as free reserves. This is essential as it allows us to be responsive to local need and operate in a highly complex environment. We have also invested time and resources over this year in an evaluation and learning framework that enables better data capture, and we have used this to inform future planning. Trustees have recognised the value of the staff and volunteers of our organisation. Against the backdrop of the cost-of-living crisis, we remain a London Living Wage employer, and this year we conducted a salary benchmarking exercise to ensure that staff are being paid at a competitive rate for the local sector and area. Trustees also authorised the investment of a small proportion of our free reserves in a well-being programme for staff. Page 3
Waltham Forest Community Hub Ltd Report of the trustees Year ended 31st March 2024 Our role as a place-based charity is to understand and serve the needs of Waltham Forest's communities and people. We do this by providing a range of quality space, opportunities and support, principally through our multi-purpose community venue in the heart of Walthamstow Village. Built in 1866, the building presents a number of challenges in terms of maintenance and upkeep. It is, however, a highly valued community resource and remains a real community asset. The challenge for the future 15 to find the resources required to invest in the building and maximise its value to the community. We owe our success to the enthusiasm, commitment and great teamwork between trustees, staff and volunteers. We remain confident we can continue to attract growing support from sponsors, partners and grant funders who've made our success possible thus far. We're hugely grateful to every one of our funders and donors. Statement of trustees, responslbilitles Our board of trustees (the board) has collective responsibility for everything that we do, including the legal responsibility to ensure the charity is controlled and properly managed. In discharging their collettive responsibilities the trustees are responsible for preparing the trustees, annual report and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland). The law applicable to charities in England, Wales and Scotland requires the trustees to prepare financial statements for each financial year. These must give a true and fair view of the state of affairs of the charity, and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
selett suitable accounting policies and then apply them consistently observe the methods and principles in the Charities SORP (FRS 102) make judgments and estimates that are reasonable and prudent state whether applicable accounting standards have been followed prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. Page 4
Waltham Forest Community Hub Ltd Report of the trustees Year ended 31st March 2024 We would like to thank all our volunteers and supporters who dedicate their time, provide moral support and offer financial assistance in the smooth running of the organisation. We express our heartfelt gratitude to all those involved and we hope that the bonds that have been formed will continue. We have assessed projected future income, expenditure and cash flows over the period to 31 March 2024, and analysed the strength of the CharItS reserves, liquid assets and its ability to withstand a material fall in income. We have concluded that there is a reasonable expectation that the charity has adequate resources to continue their activities for the foreseeable future. Therefore we have continued to adopt the going concern basis in preparing the financial statements. Signed on behalf of the Board of Trustees on 10th October 2024 by: Joga Kabra Chair of Waltham Forest Community Hub Ltd Page 5
Independent examiner's report to the Trustees of Waltham Forest Community Hub Year ended 31st March 2024 I report to the trustees on my examination of the accounts of Waltham Forest Community Hub Ltd for the year ended 31st March 2024, which are set out on page5 5 Responsibilities and basis of report As the charity trustees of Waltham Forest Community Hub Ltd you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Trustee's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: (l) accounting records were not kept in respert of the Trust as required by section 130 of the Act. or (2) the accounts do not accord with those records; or {3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Name". M A Vankad Fellow of Chartered Certified Accountants Address". 160c Fencepiece Road London IG6 2LB Date: 4th October 2024 Page 7
Waltham Forest Community Hub Ltd Statement of financial activities Year ended 31st March 2024 Year Year Restricted & ended ended Unrestricted endowment Designated 31st March 315t March funds funds funds 2024 2023 lrniestment Income Interest Income from donatlons / charltable actlvftles: Inter-Generational Violence Reduction Unit Mercers Donations Community Hall Hire Trust for London LB Waltham Forest CCG Youth Activities Cadent Gas Total income 1,338 1.338 10.909 10,909 11,030 69,933 33.750 5,236 60,119 59.598 70.000 1,152 35,000 345,818 35,639 35.640 8,129 27,404 57,668 159,243 26,893 86,002 413,226 8.129 27.404 57,668 159,243 26.894 86,Ci12 338,552 74,674 Expendlture on: Adminlstration Salaries Sessional and volunteers Project management Training and con5ultancv Rent. rates and building insurance Utility charge and refuse collertion Bulldlng and equlpment maintenan Prlntlng. postage and stationery Advertlsing Subscriptions and membershlp fees Sundry expenses Deprec13tion Fundraising Bank charges Accountanry & Professional fees Miscellaneous Development I Staff Welfare Total expenditure 28.871 5.016 351 17,945 3,250 20.559 15,935 5,948 2.272 33,260 224.fA4 6,036 9.487 26,699 62,131 229,660 6,387 27,432 29,950 20.559 16,122 5,948 3,727 607 1,060 1.711 3,096 8,180 22,222 192,753 1,873 20,832 40,355 18.142 9,622 2,383 1,527 594 1,316 3,393 9,944 7,957 20 1,200 633 187 1.455 2S9 1.703 3,096 8.180 1.899 1.196 1,899 1,196 12,803 432,469 12,803 12,803 117,630 302.036 334,766 Net Income 42,956 36.516 12,803 19,243 11,052 Reconclllatlon of tunds: Total funds brought forward Net movement in funds Transfer of funds Total funds carried forward 74,091 42.956 36,697 67,832 19.686 36,516 33,601 22,601 96,116 12.803 3,096 80,217 189,893 19,243 178,840 11,052 170,650 189,892 Page 8
Waltham Forest Community Hub Ltd Balance sheet As at 31st March 2024 Note 2024 2023 Flxed assets Tangible assets Total fixed assets 63,019 63,019 66,115 66,115 Current assets Prepayments Community hall hire services Accrued income Other debtors Cash at bank and in hand Total current assets 704 10,602 461 4,460 81,335 18,345 244,854 256,621 151,631 255,771 Current Ilabilitles Social securitv Refundable deposits Other creditors and deferred income Pension contributions Credltors.. amounts falling due withln one year 1,496 7,248 139,114 1,132 148.990 3,907 6,648 120,629 810 131,994 Total assets less current Ilabllltles 170,650 189,892 Creditors: amount5 falling due after more than one year Total net assets 170,650 189,892 The funds of the charlty Unrestricted funds Restricted funds Designated-fixed assets Designated-repairs Designated- wellbeing Designated-Development Total funds 67,833 22.600 63,019 74,091 19,686 66,115 7,651 9,547 170,650 10,000 20,000 189,892 The accompanying notes form part of these accounts. Approved by the Board of Trustees on 20th October 2024 and signed on its behalf by: Joga Kabra Chair of Waltham Forest Community Hub Ltd Page 9
Waltham Forest Community Hub Ltd Notes to the financial statements For the year ended 31st March 2024 Note l- Basis of re aration 1.1 Basis of accounting Waltham Forest Community Hub Ltd Is a pvblic benefrt entity. The Presentation currenry of the financial statements 15 the Pound Sterling 1£). These accounts have been prepared under the historical cost convention with items recogni5ed at cost or transaction value unless othenvise stated in the relevant note5 to these accounts. The account5 have been prepared in accordance with the Statement of Recommended Practlce: Accounting and Reporting by Charities preparln8 their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and with the Charities Art 2011. 1.2 Going concern The accounts (financial statements) have been prepared to give a 'true and fairf view. After making enquiries, the trustees have a reasonable expectation that Waltham Forest Community Hub Ltd has adequate resources to continue It's activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparin8 the financial statements. N te 2 - Accountln ollcles 2.1 Income Recognition of income All income is accounted for In the SOFA when the Charity is legally entitled to the income, it 15 probable that the income will be recelved. and the amount can be quantified with reasonable accuracy. Offsettlng There has been no oftsettin8 of assets and Ilabilitles, or income and expenses, unless requlred or permltted by the Charltles SORP IFRS102} or FRSIO2. Volunteer help The value of any voluntary help received is not Included in the accounts. 2.2 Expenditure and Ilabllitie5 Llability recognition Llabilities a recognised Whe It Is more likely than not that there Is a legal or construrtlve obligation Commltting the charity to pay out resource5 and the amount of the obligation can be measured with reasonable certainty. Creditors The charity has creditors which are measured at settlement amounts less any trade discounts. Provlsions for liabilities A liability is measured on recognltlon at its historical cost and then subsequently measured at the best estlmate of the amount required to settle the obligation at the reporting date. 2.3 Assets Tangible fixed assets for use by charlty These are capitalised if they can be used for more than one year. The depreciation rates and methods used are disclosed in note 2.6. Page 10
Waltham Forest Community Hub Ltd Notes to the financial statements For the year ended 31st March 2024 Debtors Debtors (including trade debtors and loans receivable} are measured on initial recognition at settlement amount after anv trade discounts or amount advanced by the charity. Subsequently. they are measured at the cash or other consideratlorl expected to be received. 2.4 Tax Waltham Forest Community Hub Ltd. as a registered charity is exempt from tax under Chapter 3 of Part 11 to the Corporation Tax Art 2010 or Section 256 of the Taxation for Chargeable Gains Art 1992, to the extent Sufpluses are applied to its charitable purposes. 2.5 Cash flow The charity meets the definition of a qualifying entity under FRS 102 and has therefore tsken advantage of the dlsclosure exemption in relation to presentation of a cash flow statement in respect of its financial statements. 2.6 Tangible fixed assets Tangible flxed assets are stated at Cost. Depreciation is calculated to write off the cost of fixed assets by equal annual instalments over their expected useful lives as follows: Flxtures, flttin8s & equipment- IO% reducin8 balance Tangible and intangible fixed assets costing less than £2,000 are not capitalised. and are written off in the year of purchase. Note3-Em lo es The average number of employees, calculated on a full-time equivalent basls, during the year under review were 912023 - 91, The above numbers include staff responslble for the management and support of the volunteers. The trustees have not recelved any remuneratlon or expense5 in relatlon to thelr dutles as trustees. Note 4- Contrlb tion from the volunteers We are very grateful to our large and hugely supportive volunteer base. Some work tirelessly to raise funds for our work and help run the charity, whilst others work directly wlth the operatlonal side of the charity work. Given the absence of a reliable measurement basis. donated services from our volunteers are not included within the financial statements. This is in line with the requirements of Charities SORP IFRS 1021. Note5-Ca Ital commltments The charity had no capital commitments at 31 March 2024 or 31 March 2023. Note 6 - Contin ent liabilities There were no contingent liabilitie5 at either the beginning or at the end of the financial year. Page 11
Waltham Forest Communlty Hub Ltd Notes to the financial statements For the year ended 315t March 2024 Note 7- Trustee remuneration and benefits None of the trustees have been paid any remuneration or received any other benefits from an employment with thelr charity or a related entity. Note 8- Tan ible fixed asset Fixture5, fittings & equipment TotsS Cost or valuotlon At the beginning of the year Additions Revaluations Oi5posals At end of the year 125,231 85,367 39,864 125.231 125,231 Depreciotion ond impoirments At beginning of the year Disposals Depreciation Impalrment At end of the year 59.116 49,172 3,096 9,944 62.212 59.116 Net book value At the beginning of the year At the end of the year 66,115 63,019 36.195 66,115 Note 9- Total funds At the beginnln8 of Incoming the year Resources Outgoing Resources Transfer to U/R Designated At the end of Fund the year 8ig Lottery Development Fund CCG Cadent Gas Reaching Communities Mercers CBT Trust for London VRU Total 15.364 86,CX)2 159.243 35.640 79,218 140,105 29.978 5,229 19,138 6,325 16,919 2,823 2,160 1,500 2,021 57.668 52.735 2.912 19,687 338.553 302.036 33.603 22,601 Designated Fund-Tangible Assets Designated Fund- Repairs Designated Fund- Development Designated Fund - Wellbeing General Reserve Total Unrestricted Funds Total Funds 66,114 3.096 63.018 20.000 io,coJ 74.091 170.205 189.892 10,453 2.350 3,095 12,804 12,804 9,547 7.650 67,833 148,048 170,650 74.674 74.674 413.227 117.630 117.630 419,666 33,603 33.603 Page 12