**Charity number: 1184482** ## **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 4 APRIL 2024** ## **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the Charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 5| |**Independent examiner's report**|6| |**Statement of financial activities**|7| |**Balance sheet**|8| |**Statement of cash flows**|9| |**Notes to the financial statements**|10 - 22| **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 4 APRIL 2024** **Trustees** John David Bishop, Chair of Trustees Andrew Thomas Tranter, Trustee Roger Thomas Murphy, Trustee Nicholas John Moorhouse, Trustee **Charity registered number** 1184482 **Principal office** Unit 5 Empire Centre Imperial Way Watford WD24 4YH **Accountants** Hillier Hopkins LLP Chartered Accountants Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP Page 1 ## **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 4 APRIL 2024** The Trustees present their annual report together with the financial statements of the Charity for the 5 April 2023 to 4 April 2024. ## **Objectives and activities** ## **a. Policies and objectives** The purposes of the charity as set out in its governing document is the relief of financial hardship amongst people living in and around the Watford area, by providing such persons with food and other assistance, in an effort to restore dignity and offer hope. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. ## **b. Activities undertaken to achieve objectives** Operation of a Foodbank to provide food and support to local people in crisis. Care professionals from over 150 local agencies assess possible clients and issue foodbank vouchers if needed. Clients exchange vouchers for food at one of five distribution points around Watford, and are offered further support as necessary. Donated non-perishable food is sorted and stored by volunteers at a warehouse and transported to distribution points as required. Community relief payments are made to clients in cases of hardship. Trustees follow Charity Commission guidance to operate the charity for the benefit of clients. ## **c. Social investment policies** Charity does not operate social investment. ## **d. Grant-making policies** Occasional hardship grants are made to clients where a relatively small sum (usually less than £500) can make a significant improvement in their circumstances. Trustee approval is required, the decision is recorded in writing, and a receipt is signed by the client. Occasional debt repayment grants to clients are made by referral from Citizens Advice Watford, with Trustee approval. ## **e. Volunteers** Charity relies on over 60 volunteers, and has one paid member of staff. Page 2 **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 4 APRIL 2024** ## **Achievements and performance** ## **a. Main achievements of the Charity** 7,660 foodbank vouchers were exchanged by clients (6,556 in 2022/23) giving food supplies to 11,445 adults (9,506 in 2022/23) and to 6,657 children (5,527 in 2022/23). 3,217 vouchers were exchanged at the Empire Centre distribution point (2,937 in 2022/23); 2,086 at South Oxhey Baptist Church (1,519 in 2022/23); 1,751 at Wellspring Church Centre (1,542 in 2022/23); 452 at St Michael and All Angels Church (399 in 2022/23); and 154 at Christ Church (159 in 2022/23). 134,152kg of food was given out (121,170kg in 2022/23) representing an average each month of 11,179kg (10,098kg in 2022/23). Most clients came from South Oxhey followed by the Central and Holywell Wards in Watford. Most adults were in the age range 35-44 followed by 45-54 and 25-34. Most children were in the age range 5-11 followed by 1216 and 0-4. The most common household structure was a Single adult (with or without dependents) followed by a Couple (with or without dependents) followed by Multi-adults (with or without dependents). 126,979kg of food was taken in (125,465kg in 2022/23), 69% was donated (91% in 2022/23) and 31% was purchased (9% in 2022/23). Fuel bank payments were made on about 150 occasions to clients suffering fuel poverty. In addition to the previous use of the ground floor of our Empire Centre warehouse, from Autumn 2023 we also acquired the use of the first floor of the warehouse. This was refurbished to provide additional storage capacity and office/meeting room space, and a dumb-waiter lift was installed to enable stock to be moved between floors. With Trussell Trust financial inclusion grants, partnership contracts continued to be let with Citizens Advice Watford (CAW) for a free phoneline for foodbank vouchers and advice, and debt and benefits casework, and with Hertfordshire Mind Network for mental health referrals. These projects are aimed at reducing the need for clients to access the foodbank in the first place. CAW estimate over the year that about 90 clients no longer need to use the foodbank. ## **Financial review** ## **a. Going concern** 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. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. ## **b. Reserves policy** Trustees have identified a reserves policy which addresses the availability of our warehouse premises and our running costs. The potential warehouse costs over three years at the current premises would be £56,000, but if these premises were unavailable the cost might rise to £100,000. Also, in order to set aside unrestricted funds at a level equivalent to between three and six months expenditure, trustees decided to set a total designated reserve fund of £100,000. Small restricted reserves from Trussell Trust grants are also maintained. Page 3 ## **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 4 APRIL 2024** ## **c. Principal risks and uncertainties** A risk register has been produced which identifies the major risks to which the charity is exposed and the systems to mitigate against them. Trustees identified a major potential risk as the loss of volunteer senior managers. A succession planning operation was put in place resulting in the recruitment of a full-time paid Manager. The risk of decreasing food donations from the general public due to the cost-of-living crisis has increased the need to purchase food to meet increasing client demand. This additional cost will be addressed by making specific grant applications for food purchase. Cash deposits are invested in more than one institution in line with the Financial Services Compensation scheme limit of £85,000 for each institution. ## **d. Principal funding** Donations of non-perishable food from churches, voluntary organisations, schools, supermarket collections, corporate donors and individuals. Financial donations from corporate donors, churches and individuals. Online donations can be made through our website or Facebook enabling supporters to give via the JustGiving or PayPal Giving Fund services. ## **Structure, governance and management** ## **a. Constitution** Watford Foodbank and Community Relief Trust is a registered charity, number 1184482, and is constituted as a Charitable Incorporated Organisation (CIO). ## **b. Methods of appointment or election of Trustees** The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Charitable Incorporated Organisation (CIO). New appropriate trustees approached by existing trustees. No bodies are entitled to appoint trustees. ## **c. Policies adopted for the induction and training of Trustees** Trustees are involved as volunteers in the day-to-day operation of the foodbank and in meeting with clients. New trustees are given trustee information produced by the Charity Commission, and undergo online training organised by The Trussell Trust. ## **d. Related party relationships** Watford Foodbank works closely with Citizens Advice Watford, the Hertfordshire Mind Network, and the local homeless charity New Hope. Page 4 WATFORD FOODBANK AND COIMAUNITY REUEF TRUST TRusfEES' REPORT (CONTINUED) FOR THE YEAR ENDED 4 APRIL 2024 StruGturo? gov•manc• and manag•ment {Mnllnu8d) e. Oryanlsatlonal structhre and any wlder nelw Following the retirement of our pre¥￿Us volunteer manager at ts end of 2023. Truslees apFf)inted a new ful lime paid Manager on 2 January 2024 to oversee day-tTrday IJFHations. The Manager reports to the Trusts8 Board. Watford Foodbank is part of the network of over4(X> foo(banks opernted by the nabonal Christsan chanty Tha Trussell Trust, atKI operai8s ￿t￿l￿d to its and guljeli￿s. Plans for futsr¢ perlods Follthmng the Signffj￿rrt appontrnent of a paid Manager ar¥J the eynsicm ofwarehouse Tradit￿ in tho (wrent year. trustee5 do not see any major devekwments a5 regards staff or premises the next year, but are thays open to respr￿￿ to (4)an￿ that may aff￿1 ororatKms. Statement of Trusts•s' resp¢*)siblllties The Trustees are responsible kn preparing the Trustees. report aTrJ the financial statemènts in accordance with applicable law and United lQngdom Acc#)unting Standards (Unitgj King(th Generaly Accepted Accounting Pracli(x). Th& law applicable lo charities in Er*nd & Wales requ￿eS the Trustees to prepare financial ststements for e8Gh finanGial whkth give a true and fair view of state of affairs of Ihe Charity aFKI of tts inconyng resources and applicats.on of resour￿. includiThJ rls Inix)me and ex[￿nditUre. for Ihat perio¢J. In preparing these financial statements. the Trustees are rgquir•J to: select suitaNe accounting Fdiaes and then appty Ihem cy)nsistenty. obseFve the methots and prinaples of the Charities SORP IFRS 102)" m8ke judgments and ac(yyJntiw 8sbmates that are reasonable and pwdent stsle whether applicable UK Act￿nting Standards {FRS 102} have been follo1￿d. sullect to any material departures disdosed and expla.ned li the financi* slaiements.. prepare the financial statements on Ihe w"rwJ (x)n¢em trmsis untess rt is inappropriate to presume thal the Chat1ty wlll continue in business. Th8 Trusle8s are resFthSitAe for keeprvJ adequate &CLwntiro refxrfds Ihat are suffifiènt to show and explain the Charity's tsansact¢ons aThJ disck>se wlh rea50naile acxJJrncy at any time the financial of the Chaflty and ena￿e them to ensure that the finanual statements comFty ￿1h the Ch8riUes Act 2011, the Charity (Accounts and Reports) Regulat￿$ 2LK)8 and the prO￿l(￿S of the temis of the Charitable Incorporated Organisatbon {CIO). They are aL80 respL¥Bib￿ for safeguarding the a￿lS of the Charriy and hence for taking reasonable steps for ts prevention and deteclion of fra￿fj and 0th8r irregularttses. Approved by order of the rwnbers oflhe board ofTnL*es a￿1 swed i)n Iheir behalf by: John David Bishop Dat&: 04.12. 1* Andrew Thomas Trantor ## **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 4 APRIL 2024** ## **Independent examiner's report to the Trustees of Watford Foodbank and Community Relief Trust ('the Charity')** I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 4 April 2024. ## **Responsibilities and basis of report** As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 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. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed: Dated: 5 December 2024 Gary Wong BFP FCA Chartered Accountant, Institute of Chartered Accountants in England & Wales ## **Hillier Hopkins LLP** Chartered Accountants Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP Page 6 ## **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 4 APRIL 2024** |**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
**Total income**
**Expenditure on:**
Charitable activities
6
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2024**
**£**
**65,353**
**-**
**65,353**
**70,610**
**70,610**
**(5,257)**
**12,886**
**(5,257)**
**7,629**|**Unrestricted**
**funds**
**2024**
**£**
**478,916**
**8,389**
**487,305**
**549,888**
**549,888**
**(62,583)**
**379,241**
**(62,583)**
**316,658**|**Total**
**funds**
**2024**
**£**
**544,269**
**8,389**
**552,658**
**620,498**
**620,498**
**(67,840)**
**392,127**
**(67,840)**
**324,287**|_Total_
_funds_
_2023_
_£_
_585,354_
_4,802_| |---|---|---|---|---| |||||_590,156_| |||||_493,220_| |||||_493,220_| |||||_96,936_| |||||_295,191_
_96,936_| |||||_392,127_| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 10 to 22 form part of these financial statements. Page 7 WATFORD FOODBANK AND COMMUNrrY REUEF TRUST BALANCE SHE AS AT 4 APRIL 2024 2023 F￿•d ass•ts Tangible assets Curr¢nt assets 6.304 71,608 Siocks Cash at bank and #i hand 12 45.7 338,819 293,558 322.157 384,519 Creditors: arrKJunts falliro ￿1ft one 13 (4,0(￿) Net cvrTent assets 317,983 380,519 Total nol assgts 392. 127 Charity funds Reslricte¢J funds Unrestricted lunds 14 7.629 316.658 12,886 379.24t 14 Total funds 392127 The finanoxal StateM￿ts were apwoved arml autr￿1$￿ for issue by Twstees and sh3n￿￿ on their behalf by.. John Davld Blshop Trnnter D*a: Ot.12.£+ The notes on pages 10 to 22 forni part ofthese stateff*nts. ## **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 4 APRIL 2024** |**Note**
**Cash flows from operating activities**
Net cash used in operating activities
17
**Cash flows from investing activities**
**Net cash provided by investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
18
The notes on pages 10 to 22 form part of these financial statements|**2024**
**£**
**(45,261)**
**-**
**-**
**(45,261)**
**338,819**
**293,558**|_2023_
_£_
_88,040_| |---|---|---| |||| |||**-**| |||| |||**-**| |||**88,040**
_250,779_| |||| |||_338,819_| |||| Page 9 **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024** ## **1. General information** Watford Foodbank Community Relief Trust Charitable Incorporate Organisation Incorporated in England & Wales. The registered address is Unit 5, Empire Centre, Imperial Way, Watford, WD24 4YH. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Watford Foodbank and Community Relief Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The accounts have been prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. ## **2.2 Going concern** At the time of approving the financial statements, the trustees have reasonable expectation that the charity will able to continue in operation through the continued receipt of donations and grants for the next 12 months. Additionally, the charity holds sufficient unrestricted free reserves to meet any unexpected unbudgeted costs. Therefore these accounts have been prepared on a going concern basis. ## **2.3 Income** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Allocation between unrestricted and restricted funds is subject to specific conditions by the donor or grant maker as to how they may be used, and in accordance with fundraising applications. Unrestricted income is recognised for general use where there is no other specified purpose Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount: Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. The value of donated goods is recognised within donations at fair value when received, with an equivalent amount recognised as charitable expenditure, after adjusting for the value of stock. Page 10 **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024** ## **2. Accounting policies (continued)** ## **2.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure is allocated to restricted funds by direct attribution to the specific conditions set by the donor or grant maker, including agreed proportions of specific costs, such as salaries. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. ## **2.5 Tangible fixed assets and depreciation** Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: Motor vehicles - 20% Straight line basis Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of financial activities. ## **2.6 Stocks** Stocks comprise food, toiletries and other donated goods, held for distribution by the food bank. Stocks are valued at fair value, after allowance for out of date items. Page 11 **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024** ## **2. Accounting policies (continued)** ## **2.7 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid deposits with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **2.8 Liabilities and provisions** Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost. ## **2.9 Financial instruments** The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2.10 Pensions** The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. ## **2.11 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. The general funds include cash donation and stock donation. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Page 12 ## **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024** ## **3. Income from donations and legacies** |Donations
Grants
Foodbank stock donations
_Total 2023_
**4.**
**Income from charitable activities**
HMRC Gift aid
_Total 2023_
**5.**
**Analysis of grants**
Grants payable|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
-
177,925
65,353
-
-
300,991
65,353
478,916
_38,543_
_546,811_
**Unrestricted**
**funds**
**2024**
**£**
8,389
_4,802_
**Grants to**
**Institutions**
**2024**
**£**
15,000|**Total**
**funds**
**2024**
**£**
**177,925**
**65,353**
**300,991**
**544,269**
_585,354_
**Total**
**funds**
**2024**
**£**
**8,389**
_4,802_
**Total**
**funds**
**2024**
**£**
**15,000**|_Total_
_funds_
_2023_
_£_
_233,984_
_44,324_
_307,046_| |---|---|---|---| ||||_585,354_| ||||_Total_
_funds_
_2023_
_£_
_4,802_| ||||_Total_
_funds_
_2023_
_£_
_-_| Page 13 **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024** ## **6. Analysis of expenditure on charitable activities** ## **Summary by fund type** |Expense in the furtherance of charity activities
Foodbank stock distribution
_Total 2023_|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
70,610
231,796
-
318,092
70,610
549,888
_25,657_
_467,563_|**Total**
**2024**
**£**
**302,406**
**318,092**
**620,498**
_493,220_|_Total_
_2023_
_£_
_204,374_
_288,846_| |---|---|---|---| ||||_493,220_| ||||| ## **7. Analysis of expenditure by activities** |Expense in the furtherance of
charity activities
Foodbank stock distribution
_Total 2023_|**Activities**
**undertaken**
**directly**
**2024**
**£**
211,946
318,092
530,038
_381,838_|**Grant**
**funding of**
**activities**
**2024**
**£**
15,000
-
15,000
_-_|**Support**
**costs**
**2024**
**£**
75,460
-
75,460
_111,382_|**Total**
**funds**
**2024**
**£**
**302,406**
**318,092**
**620,498**
_493,220_|_Total_
_funds_
_2023_
_£_
_204,374_
_288,846_| |---|---|---|---|---|---| ||||||_493,220_| ||||||| ## **Analysis of direct costs** Page 14 **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024** ## **7. Analysis of expenditure by activities (continued)** ## **Analysis of direct costs (continued)** |Additional food
Community Relief Payments
Foodbank distributions|**Total**
**funds**
**2024**
**£**
**89,516**
**122,430**
**318,092**
**530,038**|_Total_
_funds_
_2023_
_£_
_24,726_
_68,266_
_288,846_| |---|---|---| |||_381,838_| ## **Analysis of support costs** |Staff costs
Rent
Utilities
Motor vehicle expense
Maintenance of building
Insurance
Admin
Printing, Postage & Stationery
Accountancy
Wellspring Church Mullberry room
Motor vehicle depreciation
Bank fees
Telephone and internet
_Total 2023_|**Donations**
**2024**
**£**
7,679
35,554
2,059
4,463
3,462
6,460
1,766
150
4,970
-
5,304
63
3,530
75,460
_111,382_|**Total**
**funds**
**2024**
**£**
**7,679**
**35,554**
**2,059**
**4,463**
**3,462**
**6,460**
**1,766**
**150**
**4,970**
**-**
**5,304**
**63**
**3,530**
**75,460**
_111,382_|_Total_
_funds_
_2023_
_£_
_-_
_27,726_
_9,286_
_9,923_
_16,162_
_2,618_
_1,118_
_750_
_6,760_
_27,736_
_5,304_
_1,644_
_2,355_| |---|---|---|---| ||||_111,382_| ||||| Page 15 ## **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024** ## **8. Independent examiner's remuneration** The independent examiner's remuneration amounts to an independent examiner fee of £3,000 ( _2023_ - _£4,000_ ). ## **9. Staff costs** |**2024**
**£**
Wages and salaries
**7,500**
Contribution to defined contribution pension schemes
**178**
**7,678**
The average number of persons employed by the Charity during the year was as follows:
**2024**
**No.**
Employees
**1**|_2023_
_£_
_-_
_-_| |---|---| ||| ||_-_| ||_2023_
_No._
_-_| No employee received remuneration amounting to more than £60,000 in either year. ## **10. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ . During the year ended 4 April 2024, no Trustee expenses have been incurred _(2023 - £NIL)_ . Page 16 ## **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024** |**11.**
**Tangible fixed assets**
**Cost or valuation**
At 5 April 2023
At 4 April 2024
**Depreciation**
At 5 April 2023
Charge for the year
At 4 April 2024
**Net book value**
At 4 April 2024
_At 4 April 2023_
**12.**
**Stocks**
**2024**
**£**
Food stock
**28,599**|**Motor**
**vehicles**
**£**
**26,520**| |---|---| ||**26,520**| ||**14,912**
**5,304**| ||**20,216**| ||**6,304**| ||_11,608_| ||_2023_
_£_
_45,700_| The stock held at the year end has been valued at £2.37 per kilogram (2022: £2.37 per kg) using the Trussell Trust guidelines. This represents the cash valuation of goods donated to the Foodbank. ## **13. Creditors: Amounts falling due within one year** |Other taxation and social security
Pension fund loan payable
Accruals and deferred income|**2024**
**£**
**435**
**139**
**3,600**
**4,174**|_2023_
_£_
_-_
_-_
_4,000_
_4,000_| |---|---|---| Page 17 ## **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024** |**14.**
**Statement of funds**
**Statement of funds - current year**
**Balance at 5**
**April 2023**
**£**
**Unrestricted funds**
**Designated funds**
Designated Funds
**100,000**
**General funds**
General Funds
**279,241**
**Total Unrestricted funds**
**379,241**
**Restricted funds**
Restricted Fund
**12,886**
**Total of funds**
**392,127**
**Statement of funds - prior year**
_Balance at_
_1 April 2022_
_£_
_Income_
_£_
**Unrestricted funds**
**Designated funds**
Designated Funds
_-_
_-_
**General funds**
General Funds
_295,191_
_551,613_
**Total Unrestricted funds**
_295,191_
_551,613_
**Restricted funds**
Restricted Fund
_-_
_38,543_|**Income**
**£**
**-**
**487,305**
**487,305**
**65,353**
**552,658**
_Expenditure_
_£_
_-_
_(467,563)_
_(467,563)_
_(25,657)_|**Expenditure**
**£**
**Balance at 4**
**April 2024**
**£**
**-**
**100,000**
**(549,888)**
**216,658**
**(549,888)**
**316,658**
**(70,610)**
**7,629**
**(620,498)**
**324,287**
_Transfers_
_in/out_
_£_
_Balance at_
_4 April 2023_
_£_
_100,000_
_100,000_
_(100,000)_
_279,241_
_-_
_379,241_
_-_
_12,886_|**Expenditure**
**£**
**Balance at 4**
**April 2024**
**£**
**-**
**100,000**
**(549,888)**
**216,658**
**(549,888)**
**316,658**
**(70,610)**
**7,629**
**(620,498)**
**324,287**
_Transfers_
_in/out_
_£_
_Balance at_
_4 April 2023_
_£_
_100,000_
_100,000_
_(100,000)_
_279,241_
_-_
_379,241_
_-_
_12,886_| |---|---|---|---| ||||**216,658**| ||||**316,658**| ||||**7,629**| ||||**324,287**| ||||_Balance at_
_4 April 2023_
_£_
_100,000_| ||||_279,241_| ||||_379,241_| ||||_12,886_| Page 18 ## **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024** ## **14. Statement of funds (continued)** _-_ **Total of funds** _295,191 590,156 (493,220) 392,127_ Page 19 **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024** ## **15. Summary of funds** ## **Summary of funds - current year** |Designated funds
General funds
Restricted funds|**Balance at 5**
**April 2023**
**£**
**100,000**
**279,241**
**12,886**
**392,127**
_Balance at_
_1 April 2022_
_£_
_Income_
_£_
_-_
_-_
_295,191_
_551,613_
_-_
_38,543_
_295,191_
_590,156_|**Income**
**£**
**-**
**487,305**
**65,353**
**552,658**
_Expenditure_
_£_
_-_
_(467,563)_
_(25,657)_
_(493,220)_|**Expenditure**
**£**
**Balance at 4**
**April 2024**
**£**
**-**
**100,000**
**(549,888)**
**216,658**
**(70,610)**
**7,629**
**(620,498)**
**324,287**
_Transfers_
_in/out_
_£_
_Balance at_
_4 April 2023_
_£_
_100,000_
_100,000_
_(100,000)_
_279,241_
_-_
_12,886_
_-_
_392,127_|**Expenditure**
**£**
**Balance at 4**
**April 2024**
**£**
**-**
**100,000**
**(549,888)**
**216,658**
**(70,610)**
**7,629**
**(620,498)**
**324,287**
_Transfers_
_in/out_
_£_
_Balance at_
_4 April 2023_
_£_
_100,000_
_100,000_
_(100,000)_
_279,241_
_-_
_12,886_
_-_
_392,127_| |---|---|---|---|---| |||||**324,287**| |||||_Balance at_
_4 April 2023_
_£_
_100,000_
_279,241_
_12,886_| |**Summary of funds - prior year**||||| |Designated funds
General funds
Restricted funds||||| |||||_392,127_| ## **16. Analysis of net assets between funds** ## **Analysis of net assets between funds - current period** |Tangible fixed assets
Current assets
Creditors due within one year
**Total**|**Restricted**
**funds**
**2024**
**£**
-
7,629
-
7,629|**Unrestricte**
**d funds**
**2024**
**£**
6,304
314,528
(4,174)
316,658|**Total**
**funds**
**2024**
**£**
**6,304**
**322,157**
**(4,174)**| |---|---|---|---| ||||**324,287**| Page 20 **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024** ## **17. Reconciliation of net movement in funds to net cash flow from operating activities** |Net income/expenditure for the period (as per Statement of Financial
Activities)
Depreciation charges
Decrease/(increase) in stocks
Increase in creditors
**Net cash provided by/(used in) operating activities**|**2024**
**£**
**(67,840)**
**5,304**
**17,101**
**174**
**(45,261)**|_2023_
_£_
_96,936_| |---|---|---| |||_5,304_
_(18,200)_
_4,000_| |||| |||_88,040_| ## **18. Analysis of cash and cash equivalents** |Cash in hand
**Total cash and cash equivalents**|**2024**
**£**
**293,558**
**293,558**|_2023_
_£_
_338,819_| |---|---|---| |||| |||_338,819_| ## **19. Analysis of changes in net debt** |Cash at bank and in hand
Debt due within 1 year|**At 5 April**
**2023**
**£**
**338,819**
**-**
**338,819**|**Cash flows**
**£**
**(45,261)**
**(139)**
**(45,400)**|**At 4 April**
**2024**
**£**
**293,558**
**(139)**| |---|---|---|---| ||||**293,419**| ## **20. Pension commitments** The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £178 (2023 - £nil). Contributions totalling £139 (2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors. Page 21 ## **WATFORD FOODBANK AND COMMUNITY RELIEF TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024** ## **21. Related party transactions** The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 4 April 2024. Page 22