Compan) Number: 00753764 Charity Number: 229947 WATFORD SHELTERED WORKSHOP LIMITED Report and Accounts for the year ended 31 March 2025 WATFORD SHELTERED WORKSHOP LIMITED Report and Accounts for the year ended 31 March 2025 1Tr4DEX PAge Number I to 3 Trust¢Cs' (Dir¢ctorsl Annual Rcport Independent Examiner's Report Statcmcnt of Financial Activitics Balance She£t Statement of Cash Flows 8 to 15 Notes fomiing part of the Accounts WATFORD SHELTERED WORKSHOP LIMITED Company Information Company Number: 00753764 Charit). Number: 229947 Registered Office Century Rctail Park Daltnn Way Watford IID172SF Trll5tees Ms G F Biitton M5 S Edwards MI R I JELcob M5 P Kari M5 N V Kreeuer Mr C Newmaii Mr J Solomons Mr P A Trdinur Mr M A Wa￿11) Mr T J Willianis Aeeountants Dickinsoiis Chartered Accountants Brandon House First Floor 90 Tl)e Broadway Chesham Bucks HP51EG WATFORD SHELTERED WORKSHOP LIMITED Trustees, (Directors,) Annual Report For the vear ended 31 March 2025 Trustees, Annual Report The truste¢s pres¢nt th¢ir report and the unaudited accounts for the y¢ar end¢d 31 Ma￿h 2025. The account5 have been prepared in accordance with the Companie5 Act 2006: the Charities Act 2011. a5 aTnended by ChaTlties Act 2022, the Meinorandum and Article5 of As50ciatiot] aiid Accounting and ReportingF by Charities.. Statement of Recommet]ded Practice applicable to charities preparing their accollnt5 in accordance M'ith the Finaiicial Reporting Standaid applicable in the UK and Republic of Ireland (FRS 102). Structure Governance and Mana¥em¥Dt Watford Sheltered Workshop Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 18 Marcl) 1963 (amended 2.3 September 20191. Tl)e company became a regibtered charity with the Charities Con)mission for Englaijd and Wales on 17 August 1966. Recruitmcnt and appointment of new trustces/dircctor5 The directors of the ¢ompany are also charity twstees for the purposes of charity law and under the company's Articles of Association are knoivn as members of the Lharitv. The board meets six limes a year and considers such matters as the appointment of Irusiees, the financial position of the Charity. the approval of Annual Reports and Accounts and the appointment of the independent examiner. The quorum necessary for the transaction of business of the trustees is a minimum of three at the A(iM and two at other times. As set out in the Anicles of Association, trustees are elected to serve for three years. Th¢rc arc I l Tru%tcc%, including onc nominat¢d by Hcrtfordshirc County Collncil and onc nominatcd by Warford Borough Council rc8pcctivcly. All mcmbcr% givc thcir timc voluntarily and rcccivc no bcncfits from thc charity. Governance Day to day management delegated to the Chief Executive Offjcer. Volunleers The Workshop has several volunteers who siipport the service users in different way5 and bring other skills to SUPPOTt OL￿ work, incllldin¥ IT systems, Risk analysis and control, fund raising, accounting, liealth and safety and providing training. The tn]5tees aTe grateful to them for all their assistance. ObJeetlves #nd Actlvltles of the Charlty The trustees LiJnsideT that the LhaTity exist5 for the pU￿Ose of the IoLal public benefit as defined in SeLtivn 4 of the Chatitie5 ALt 2011, as Iinitnded by Cliii% of Ihe Cthiipaiiies Acl 2006. Iliey are also rcspo1￿Ib1t for safeg11￿dIng the o1ssels of the coinpaTry atKi ljellce for takii)g r¢asotMblc 5tep5 for IhL prev￿lti￿1 ttt)d deleclioii oftraiid aiid olher ilTegulaiities. L¢g#l #nd Admlnlytf41tAY¢ Informthtlon T]ie ¢ompw)y i¥ litniied by guthi'antee Mild IM$ Sli)￿ ¢apilal. Ulld¢r Ilie piovisioiis of the conipany's Ji)Yixivr4Ddvm olwociAiion. each JnenibLr would bc rc4iLired lo contribiite a suni iiot exce¢ding £1 for lh¢ pll)qi)¢nÉ of the debts of Il)e conipany in the eveiit ora defsciejicy of assets oil a wiiiding up of (he wijipaiiy. The o)nii)aiiy is regisleted in England Wales wilh company regislialioii nil11￿er IK1753764 1$ a 1¢81sleEed cknTrrityund¢r Ili¢ ChaTilies Acl 2011, as ¢iiMended by Chaiilie5 A¢1 2022 with Tegi$1ralion Jiiijiiber 229947. Trustees and Dlrectors The Iwslees who served (hirllJ2 tlie year were.. M¥ M Aylivard-JoJ)cs (Resigti¢d 12 AugusE 2025) Ms G F Bu(ton Ms S Edwards Mr R I Jacob Ms P Liria Ms N V Kreeger Mr C Neivinan Mi J Soloi))oi?s Mr P A Tminor Mt M Waiki Mr I'J Williams {AppoiJtsed 25 Novenibei 2024) (Appoinied 11 Jiily 20241 S¢r￿CE User Rcpi'c5ent#tiv¢ to tbe bo#i' Mr J Sijiilole Key Man*gement PersDnMel Lillda Mclnty Gill Nighliog?I k MILssarllt Patvee Hassan Jovid Avinash Paiil Cbief Exetiitive Parlllers]Jip Manager Workshop Mallager D¢veiopmeJil Manoger Mltheling Matmger Tl* Directors l)avetsken Thdvantagt of seetloll 477{2) of the Compaiiies Act 2¢KI6 wlijcli exenipls Ihe Col￿panY fftr0￿ t1￿ requirenwnt to liav¢ tjie accoulils audited. The con1pa￿Y is Yeqiii￿1 to Kive IndepfflideJtt Iix8IniiMtion in accordRllCC wilh Ibe provisioDs in ihe Charities Act 2011. as ameiided by Charities Act 2022. Ath)Tdiiigly, Nalalte Sp(ilton FCA of Di¢kiiisotLS. Chai1Cted Accoiinfajits, was &ppoiiJled lThl¢pend¢nt Examiner. By Order f the Board.. Mi C N￿v￿lan Dire¢tor Date Pa8e.3 WATFORD SHELTERED WORKSHOP LifviiTED Indepeiident Examinei-'s Repoi't to tlie Trustees of W2tfoi'd Sheltered Woi'kshop Limited foi- tlie year ended 31 Mai-ch 2025 I rty'port ￿ th¢ ¢hai"ity ttw5*e5 on my examination of the a¢¢ounts of the Cliaritable Company foi. the y¢ai ended 31 Martli 2025. Rc5POtLsibilitics and ba515 of rcpoi't As the cliai'ity's trustets (who air also Ilie directors i>f tlie conipany for the PUTpose of conipany law). you al'e I'esponsible for tlie preparation of the &ccaiinl% in aecordattce witli the requirements of the Companies Act 21K>6 {thc 2006 Act.). Having sali%fied iny.%elf Iliat the actouiitg of the Comp2ny ait rtot requii'ed to be audited for this yeai undti. pait 16 of thc 2006 Act aiid ai"c cligiblc for indcpcndcnt cxamijiation, l i"cport in respect of my exyminativii vf yuur Lharity's #c¢uusits as caii"ie(J out undei. scLtioll 145 of Lh￿.1t1eS Act 2011, as ainellded by Chai"ities Act 2022.1"Ihe 2011 Act,). IJ eanying out my examination, I have followed the Directlons given by the Charity Cominis5ion (under sectioll 145(51{bl of the 2011 Acil. Indcpclld¢ttt exgmlnct's slatcmcnt Tlie cojiipany's gross incoine exceedcd £250,000 and l all) qualifi¢d to undertake Il)e exainination by being a qualified member of the ICA8W. I have t(Jmpleted my examinali()n. I cotJfJrni that no niatcrial matters have comc to my attention whicli gives me cause to believe that.. Accountillg iEcords were not kept in accordance with section 386 of the cO￿panIc￿ Act 2006. OT The accounts do llot aceoi'd with sucli i'ecords., oi. Thc accoU￿ts. do not co]nply with relevani a¢counting requirements linder se¢tion 396 of the Companies Act 2006 otiier than the accounts give a 'tiue at]d fair, view wliicli is not a Inattei" considcTcd as part of an iiidepcndent examination., or The accounts have not been prcparcd in accoi'dance with Ihe charities SORP IFRS1021. I have no conc¢iTr£ and liave coine across no othti" martti"s in cortneetion willi the exainination to which attention should be diawn in tliis report lll ord￿. to ellable a propel. unde131aiiding of the ateounts lo be reaclied. Natalie altott FCA Dickinsoiis Charlercd Accouiitants Brandoll House Firbt FIVVL" 90 Tlie Ilroadway Chc8ha BuckinEban￿hirC HP5 IEG Date.. Page.. 4 WATFORD SHKLTERKD WORILSHOP LIMITED Company Number: 00753764 ChArity Number: 229947 B#lgn¢e Sheet as at 31 March 2025 Note8 2025 24 Ftsed Assets Tangible fixed 8ssets 135,534 22,218 CurreDt Assets Debtors CU￿¢￿tA&S¢t1DV¢sI￿¢tt1S Cash at bank and in hottd 133,826 245.185 ,756,987 105,327 257,167 2,(K)6,422 Il35,998 2J68,916 Credlt(•rs; AJnouDts falling due withlnoneyear io (50,863) (28,376) N¢t C¥rr*nt Asaets 2,085,135 2.340,340 Total A55ets Less Current L5*bllltleg 2,220,669 2,362,558 FU￿d5 ofthe Charlty Unrestri¢ted In¢om¢ Funds R¢stricted Funds Endowment Funds li 12 13 1.869.081 151.588 200,IY)O 2,010,316 127,242 225,000 Total Ch#rlty 2,220,669 2,362,558 The company isentitlod too¥emptionfi¥Jm BuditunderSe¢tion 477of tkncompaniesA¢t2O(￿fo￿th6y￿r¢rtded 31 March 2025. The tnemben have not requiredthe W￿panY toobtsin an audit of its finaDCi415tatem¢nts for the yearendd 31 Marth 2025 ordBllCe with S¢ction 476 ofthe Companies Act 21HJ6. The (Jir¢¢tors a¥knowledg¢ their r¢sportsibili11¢5 for: (a) e￿￿rill8 th* the company keepq aceounting rewrds which wmply with Se¢tions 386 and 387 otth¢ Componi¢s A 2006 and (b} preparing firtancial sl&tem¢nts which giv¢ a true attd fair vlew of the state of aff4lrs of the company 8s at the end of each fU￿claI yearand of Its surplus ordefi¢it for each financial y¢w in ￿￿rdance wilh thereqviT¢m¢nts of Se¢tion8 394 and 395 and which otherwise comply wilh the requircme#ts of the Compatiies Act 20[￿ relating to finan¢iil statements, ￿ far ￿plICabl¢ to the Company. The financial statemelltshavebeen PTep4r¢dln8ecoTdallcewith theprovi85oDsofPart 1SoftheCompanlesAct2006Klating to small wmpante& The financial staf¢m¢nts w¢r¢ appTh)ved by the Board of DI￿lOr8 on ... . andwexe signed on ils behalf by: Mr C N¢wm4n The onpagej 8 10 15formparl oflhese aecouAItr. Pagtt 6 WATFORD SHELTERED WORKSHOP LIMITED Statement of Cash Floivs for the vear ended 31 March 2025 Notes 2025 2024 Cash flo)Trs from operating activities Casli absorbed by opcrations 18 226 948 Net eash outflow from operating attivities 1226,948) {249,544} Investlng #etlvltles Invebtment inLvme PurLhdSe ijf tstn¥iblt fixed assets- Purchase of investments 106.946 1129.4331 65.407 240,000 Net ch5h used in investing Activities 22,487 174,593 Net decrease in cash and cash equivalents 1249,435) 1424,137) Cash and ca8h cquivalcnt% at bcginning of ycar 19 1,009,422 1,433,559 Cash and cash equivaleDts at end of year 19 759 987 1.009 422 The notes on pages 8 10 15 forni part of thesc iIL'COUFttS. Pagc.. 7 WATFORD SHELTERED WORKSHOP LIMITED Notes forming part of the Accounts for the year ended 31 March 2025 Principal AccouDting Policies Watford Sheltered Worksliop Limited is a private cliaritable company limited by guarantee, incorporated in England & Wales. Tlie registered office and trading address is at Century Retail Park, Dalton Way, Watford, Herts, WDI 7 2SF. Accounling CoNvenlio The financial statements have been PTepared in accordance with the Statement of Recommended Practice-. Accounting and Reporting by Charitles PTeparinbF their accounts in accordance with; the Financial ReportinbF Standaid applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charitie5 Act 2022. The acLouiits include the re5uIt5 of the company'5 operations: which are described in the Trustees, Annual Report, all of which are continuing. The charity constitutes a public benefit entity a5 defined by FRS 102. The financial siatenients are prepared in sterling. Ivhich is the functional currency of the charity. Monetary amounts are rounded to the nearest pound. The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. IncoKiiAg Resources All incoming resources are recognised in the Statement of Financial Activities when the company is legally entitled to it after any perfom)ance Conditions have been met. the amounts can be measured reliably, and it is probable that income will be received. Incomc from grants and othcr donation.% which arc of a voluntary naturc arc rccogni%cd whcn thc charitablc company ha8 bccn notifi¢d in writing of both thc amollnt and scttlcmcnt dat¢ and rcccipt is probabl¢. Cjrants rcc¢iv¢d for futurc accounting pcriod% arc dcfcrrcd. Endowmcnt funds arc rccogni%cd on the Statemcnt of Finaneial Activitic% in thc pcriod the gift is made. Inconie froin grants, and siinilar incoine where conditions for payment aTe linked to perfonnance, are recognised to the extent that the charity has met the recognition criteria. Inconie from charitable trading activitie5 is recogni5ed ivhen the related goods and Services have been completed and dispatched. Income trom donated bervices dnd IdcilitieS recuyiiised when the charitiiblt CVTllpdny utilises the fiicilities with the fair Vkllue bein¥ i"eLo¥nibed ds ItILoinin¥ rebourLes and expended rebouiLes simultyanevusly, ds appropTiate. Re3ourceJ E¥pended Expenditure is accounted for on an accruals basis. recognised when a liability is incurred. and classilied under headings that aggregate all costs related to the caregory. Where costs cannoi be directly attributed to particular headings they have been allocaied 10 aciiviiies on a basis consistent wilh ihe use of resources. Support costs hai'e been allocared between governance cosis and oiher support. Governance costs comprise all costs involving public accountabiliiy ot ihe chariiy and its compliance with regulation and good praciice. Support costs include central functions and have been allocated to aLtii'ity Cost Laiegories on a basis consistenr wilh ihe use of resources. Cash Cash EqMiv4lents Cash and cash cquivalcnts arc basic financial asscts and in¢ludc cash in hand, dcposits h¢ld with banks and oth¢r short t¢m liquid inv¢stmcnts with Jnaturiti¢s of thr¢¢ months or l¢ss. Basic financial asset5, which include debtors and cash and bank balances, aTe initially measured at transaction price including tra￿￿CtiOn cost and are subsequently carried at amortised cost using the effective interest method unless the arrang¢ment Constitute￿ a finallcing tran%action, where the tran￿actIOn is measured at the pre%ent value of the future receipts di%counted at a market Tate of interest. Financial as%et8 classified a% receivable within one year are not ainortised. Pdge.. 8 WATFORD SHELTERED WORKSHOP LIMITED Notes forming part of the Accounts for the year ended 31 March 2025 Principal AccouDting Policies (Continued) Derecogmition of FiNanciulA.fSgls Finallcial assets are derecognised only when the contractual ri￿tS to the cash floivs from the asset expire or are settled. or when the company transfers tlie fjnancial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of tlie asset has transferred to another party tliat is able to sell the asset it] its entirety to an unrelated third party. Basic FinancialLiobililies BasiL finaiicial liabilities. including Lreditors, are initially recogni5ed at trans￿tion price unless the arrangement constitutes a financing transaction, where the debt It15truinent is measui'ed at the present value of the future receipt5 discounted at a rnarket rate of interest. Financial liabilitie5 Classified as payable within one year are not amortised. Derecvgmition uf Finonciol Liabililics Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. FundAc£'ounling Unrestricted tunds are those which are available for use at the discretion of the Trustees in the furtherance of the general objectives of the Lharity and which have noi been designated for other pun)oses. Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Rcstrictcd funiLs can only bc ￿￿cd for particlllar rcstrictcd pllrpo8CS Wjthin thc objccts of thc charity- RC%trictlon￿ ari8c whcn pccificd by thc donor or whcn fi￿d% arc rai%cd for particlllar rcstrictcd purpo8c%. Endowmcnt funds arc %ubjcct to 8pccific conditionq by donors that thc capital must bc maintained by thc charity and i% to bc pent in line with the conditions imposed. Further expla[￿tion of the nature at]d piitpose of each ￿nd is included in the notes to the accounts. Tangible FiY£dA5sets Tangible fixed a55ets are held at C05t less depreciation. Depreciation is recognised so as to WTite off the cost less estimated residual value of each asset over their useful live5 on the following basi5'. Pldllt and Miichinery Fixtures diid littings Motur vehiLles Mezzanine 20/0 un between 20% 25 /0 OII LUSt IO/oonLubt IO% uIiLobt Goverrttherti Grnnts Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance thai the grant condiiions will be mei. and the granis will be received. A grant thai specifies perfomTrance Conditions is recognised in incorne when the performance condiiions are met. Where a grant does noi specify performance uonditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. Taxalio Th¢ charity is cxcmpt from tax on incom¢ and gains falling within s¢ction 505 of thc Taxcs Act 198R or swtion 252 of th¢ Taxation of Charg¢abl¢ Gains Act 1992 to th¢ ¢xtcnt that thcs¢ arc applicd to its charitablc objwts. Pa¥e'. 9 WATFORD SHELTERED WORKSHOP LIMITED Notes forming part of the Accounts for the year ended 31 March 2025 DonatioDs legacies 2025 2024 Unrestricted donations and graDts Councillor's Locality Watford Borough Council The Roger & Jean Jefcodte T[￿st The NeibFhbourly- B&Q Foundation Ronnie Lubnei" FoUnd￿tion Weiizels the bakers HertfoTdshire Cominunity Foundation re'springboard" project Watller Brothers Oiher Organisations Oiher Indiiiduals 900 38,571 8.000 9,000 8,746 10,000 39,001 10,000 29,668 6,835 36,734 28,828 20,725 151,075 95.933 Restricted donations and grants Garfield Weston Foundation Michael Bishop Foundation Bally Thomas Charitable Trust The John Apthorp Chariry The Wolfson Foundation Watford Borougli Council Othcr organisation 20,000 10,o(K) 10,000 17,OUO 47.500 20,000 19,500 I,(100 10,000 31,053 I 1,000 HCF Bcrnard Sunlcy Foundation HCF Poliee and Crimc Commi%%ioner 4,300 125,000 76,353 lThtome from charitable #etivities 2025 2024 Chdlltdble tTdding Grdiits. reLeivtd for Ch£￿1t￿bIe tr&din¥ putposes.. Employment ServiLes Grant Training serviLe Pd)qiients' 273.475 344,933 149.964 165.891 133,964 132,763 589,330 611,660 Pdge.. 10 WATFORD SHELTERED WORKSHOP LIMITED Notes forming part of the Accounts for the year ended 31 March 2025 Resources Expended: Charitable Activitie5 2025 2024 Direct activity costs.. Wages Materials Support costs.. Staff salaries Rent Water rate5 Electricity and ga5 Printing, stationery and advertising PostabFe and telephone Motor kmd travelling expenses Repairs and maintenance General expenses Insurance Bank charges Protessional fees Training, health and safety Computer expenses Depreciation of tsngible fixed assets Guveriiuryce Tndependent examination 626,351 5,640 546,227 8,349 266,444 61,606 860 8,452 3,644 2.041 4,435 23.031 250,083 6,429 827 17,629 1,781 2,260 4.257 28.220 14.193 12.341 3.833 21,364 44.942 14,339 3,174 12,989 2,154 28,170 40,639 7,469 16,117 2,200 2,200 1,123,261 982,448 Net movement in fllnds: Net movement in fund% i.s %tated after charging.. 202S 2024 Independent Examiner's remuneration Depreciatiot] of tangFible fixed assets 2,200 2,200 3,174 Page.. I I WATFORD SHELTERED WORKSHOP LIMITED Notes forming part of the Accounts for the year ended 31 March 2025 Emplo>ees The average rnonthly number of persons employed by the company during the year was.. 202S Number 10 43 2024 Number Administrative staff Factory staff 53 53 The aggregate reinuneration comprised.. 2025 2024 Wages Salaries Social security costs Pension costs 599,569 232.285 46,•01 14,740 527.650 219.058 37,317 12,285 892,795 796,310 No individual cmplOycc'￿ total bcncfits cxcccdcd £60,0(Kl during thc ycar (2024.. Nonc). No trnstcc8' cxpcnsc% havc bccn incurrcd during thc ycar12(124.. Noncl. Total ernployee package8, including pension contributions, of the key mal￿geMent personnel were £148,942 (2024. £127,549). Tangible fixed assets Mezzanine Pl#nt und Fixtures and Illuehinerv Fittill¥lTr Motur Vehicles Total Cost At l April 2024 23.504 27.352 31,740 82,596 Additionb in the year 129.433 129.433 At 31 March 2025 129.433 23.504 27.352 31,740 212,029 Depreciation Ai l April 2024 23,504 27.352 9,522 60.378 Depreciation charged in the year 12,943 3,174 16.117 At 31 March 2025 12,943 23,504 27,352 12,696 76,495 Carrying amnunt At 31 March 2025 116.490 19,044 135,534 At 31 March 2024 22,218 22,218 Pii¥e.' 12 WATFORD SHELTERED WORKSHOP LIMITED Notes forming part of the Accounts for the vear ended 31 March 2025 Debtors 202S 2024 Trade debtors Other debtors and prepayments 94,135 39,691 82,517 22,810 133,826 105,327 Current Asset Investments 2025 2024 Listed investments 245.185 257,167 245.185 257.167 Current asset investments are initially measured at transaction price excluding transaction ¢LlSts and are subsequently measured at fair illalue at each reporting date. Transaction costs are expensed as incurred. Changes in fair value are recognised in investment income. io Creditors: falling due ￿'1th1￿ nne year 2025 2024 Tradc ercditor Other creditor Taxation and social security coqt8 Accruals aiid deferred incoine 2,389 833 17,973 29,668 1,570 18,829 8,166 50,863 28,576 U￿restrICted Funds Atl Net April Movement In 2024 Funds At31 Mareh 2025 Ui]restriLted Funds- Generdl Fund Uniestricted Funds- Designated Fund 778,063 1,232,253 129,933) (111,3021 748,130 1,120,951 2.010.316 1141.235} 1.869,081 The designated fund is to be spent on expanding the workshop and supw)fting service user costs. 12 Restricted Fund5 Transfer from Unrestricted Fund$ At31 March 2025 Restricted Use At l April 2024 Income Expenditure Training and work skills Wages Premises maintenance and repairs Other support costs 61,409 50,000 12,300) 15,500 (39,510) {50,(X)O} (12,944) (28,133) 35,099 29,933 2,300 99,500 i 0,000 116,489 15,833 127,242 29,933 125,000 (130.587) 151,588 Page.. 13 WATFORD SHELTERED WORKSHOP LIMITED Notes forming part of the Accounts for the vear ended 31 March 2025 13 Endowtnent Funds Atl April 2024 At31 March 2025 Restricted Use Expenditure Support Costs 225,000 (25,0001 200,(X)O 225.000 (25,0001 200,000 Endowment funds were receii'ed in 2023 fTOm The Edward Gostling Foundation. Incotne from the fund is to be spent on operatingF COSt5 10 5UPPOrt the charitable actii'ities. The capital inay be spent at a rate of £25,000 per year for a totsl of 10 years. Investsnent incoine earned each year can be spent in the follo￿.]n￿ year. 14 Funds received 49 agent During the year the charity received funds amounting to £5,34512024.. £4,856) ttom Access to Work on behalf of individual stall to purLhase specialised equipinent and ti"aining. Resources expend¢d in the year amounted to £10.120 (2024.. £4.856} and there were outstanding balances of £4,775 held as agent at the year end. This is represented in other debtois ab per note 8. All equipment purchased remains the property of the individuals concemed. Is Called up share capital The company is limited by guarantee and has no share capital. Under the provisions of the company's memlirandum of association, each member would be required to contribute a sum not exceeding £ I for the payment of debis of the company in the event of a deficiency of asqets on a windit)g up of the company. 16 Control Thc charity has b¢cn ¢ontroll¢d throughout th¢ ycar by th¢ trnst¢¢s, who id¢ntifJcd in th¢ Company information. 17 Transaetions M'ith Tru5tee5 #nd Related Parties None of the tnjstees have been paid any rernuneration or received any other benefits from employment with the Charity or any related ei)tity. There have been no related party tTansactions during the year that requiTe disclosure. 18 Cash Generated from Operations 2025 2024 Deficit for the year (141,8891 {90,645} Adjustments for: Deprecialion charges Inveslmeni income ILossllGain Investmenis 16,117 1106,9461 11,982 3,174 (65,407} 117.1671 Mnwements in working cApithl: Incrcasc in debtors In¢reasel{deLrease) in creditors 128,499) 22,287 16,474) {73,025) Cash absorbed by operations (226,948) (249.544) Page.. 14 WATFORD SHELTERED WORKSHOP LIMITED Notes forming part of the Accounts for the year ended 31 March 2025 19 Analvsis of Cash and Cash Equivalents 2025 2024 Cash at bank and in hand Endowment funds 1,556,987 200.000 1,781,422 225,000 1,756.987 2,006,422 Adjustments for. Long terni cash investtnent5 (997,0001 {997,000} Total easb and cash e4uivalents 759,987 1,099,422 Pdge.. 15