**REGISTERED COMPANY NUMBER: 2235286 (England and Wales) REGISTERED CHARITY NUMBER: 800350**
**Financial Statements for the Year Ended 31 March 2024**
**Waltham Forest Disability Resource Centre**
**(A Company Limited By Guarantee)**
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**Waltham Forest Disability Resource Centre (A Company Limited By Guarantee)**
## **Contents of the Financial Statements for the Year Ended 31 March 2024**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 2235286 (England and Wales)
## **Registered Charity number**
800350
## **Registered office**
90 Crownfield Road London E15 2BG
## **Trustees**
Mrs B Streader Mr M Gower (resigned November 2023) Mrs K Butt Mr J. Malik Miss D Best
## **Company Secretary**
Ms P A Stanley
## **Bankers**
The Co-operative Bank Plc 195 High Road Wood Green London N22 6DP
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**Waltham Forest Disability Resource Centre (A Company Limited By Guarantee)**
## **Report of the Trustees for the Year Ended 31 March 2024**
The year continued to be a difficult time for the Centre. Following Covid, many individuals and organizations have still been unable to utilize our services at the same level as before the pandemic.
The Centre continued providing services to an albeit smaller number of service users - including needlecrafts, crafts, Fine Art, Table Tennis, Dance, Exercise classes and Ceramics, etc.
Reduced service user numbers and a further reduction in community venue hires during this period had a significant financial impact on our charity. Our reserves are now very small and the future is uncertain.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
Waltham Forest Disability Resource Centre was originally established in 1988 to relieve persons with physical and/or sensory impairments resident in Waltham Forest. Since 2015 the Centre has been open to residents from neighbouring boroughs as well as Waltham Forest. It offers services to people with a range of needs, including people with learning disabilities, physical and sensory impairments and long-term health conditions.
## **Governing document**
The organisation is a charitable company limited by guarantee, incorporated on 24 March 1988 and was also registered as a charity on 24 March 1988. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up each trustee is required to contribute an amount not exceeding £1.00.
Elected Trustees, who are also directors for the purpose of company law, serve for a period of two years after which they must be re-elected at the next Annual General Meeting. All trustees give up their time freely and no trustee remuneration was paid in the year.
## **Organisational structure**
Waltham Forest Disability Resource Centre has a Management Committee which is responsible for the strategic direction and policy of the Charity. The Company Secretary and a staff representative also sit on the Committee but have no voting rights.
The Committee normally involves service users, volunteers and staff in regular DRC planning meetings, but this was very difficult in 2023-24, due to the demise and ill health of several Committee members, staff and volunteers.
A scheme of delegation is in place and the day-to-day responsibility for the provision of the services rests with the Centre Manager, who obtains agreement from the Chair by telephone or email for any significant actions.
## **Risk management**
The Management Committee continues to review regularly the major risks to which the charity is exposed and has identified that the key risks currently facing the charity are:
- The aftermath of the Covid pandemic continues to have a major impact on our charity’s finances and how we provide services to our vulnerable users.
- Our organisation has a contract to provide some building management and building closing services at 90 Crownfield Road. Planned developments at the building and the way it is run could mean the loss/reduction of this income.
- The Centre needs to attract new funding in order to continue providing services to a wide range of disabled people
- Attracting new funding may continue to be very difficult with a small staff team and a competitive fundraising
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**Waltham Forest Disability Resource Centre (A Company Limited By Guarantee)**
environment.
Insurance cover is in place, appropriate Disclosure and Barring Service (DBS) checks are made on all staff and volunteers and are being updated on a three-yearly basis. Internal control risks are minimised by implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, users and visitors to the Centre.
## **Use of volunteers**
The Centre has always been grateful to work with local people who provide support and befriending as volunteers, help with fundraising and as Course/Activity tutors.
## **FINANCIAL REVIEW**
A small deficit of £4,307 was experienced, from income of £110,025. Reserves are now very small, at £4,789. Unless ways are found to grow activities and earn surpluses to re-build reserves, the Centre may be forced to close.
The main potential creditor of the charity is the Landlord, London Borough of Waltham Forest. The Committee continues its attempts to clarify matters with the Council.
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
The trustees (who are also the directors of Waltham Forest Disability Resource Centre (A Company Limited By Guarantee) for the purposes of company law, are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.
In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **On behalf of the board of Trustees:**
**24[th] March 2025**
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## **Waltham Forest Disability Resource**
## **Centre**
|**(A**
**Company**
**Limited**
**By**
**Guarantee)**
**Statement**
**of**
**Financial**
**Activities**
**Unrestricted**
**Restricted**
**fund**
**funds**
Notes
**£**
**£**
**INCOMINGRESOURCES**
Grants & donations
14,802
9,107
**Charitableactivities**
86,116
**Totalincomingresources**
100,91
8
9,107
**RESOURCESEXPENDED**
**Costs ofgeneratingfunds**
9,147
**Charitableactivities**
93,906
9,107
**Governancecosts incl. redundancy payments**
2,172
**Totalresourcesexpended**
105,225
9,107
**NET INCOMING/(OUTGOING)**
**RESOURCES**
(4,307)0
Fund balances at 1 April 2023
**Fund balance at 31 March 2024**|**Total**
**funds**
**2024**
**£**
**23,909**
**86,116**|**Total**
**fund**
**2023**
**£**
15,995
69,649|
|---|---|---|
||**110,025**
9,147
103,013
2,172
114,332
**(4,307)**
**9,096**
**4,789**|100,034|
|||8,340
94,641
2,016|
|||104,997|
|||(4,963)
14,05
9
9,096|
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**Waltham Forest Disability Resource Centre (A Company Limited By Guarantee)**
## **BALANCE SHEET At 31 March 2024**
|**BALANCE SHEET At**
**31**
**March**
**2024**|||
|---|---|---|
|**Unrestricted**
**Restricted**
**fund**
**funds**
Notes
**£**
**£**
**FIXEDASSETS**
Tangibleassets
-
-
**CURRENTASSETS**
Debtors
-
Cash at bank and in hand
4,789
Creditors
NET CURRENT ASSETS
4,789
**FUNDS**
Unrestrictedfunds:
Restricted funds
**TOTAL FUNDS**|**31.3.24**
**Total**
**funds**
**£**
-
4789
4,789
4,789
4,789|**31.3.23**
**Total**
**fund**
**£**
-
14,059|
|||4,963|
|||9,096|
||||
||||
|||9,096|
||||
|||9,096|
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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**Waltham Forest Disability Resource Centre (A Company Limited By Guarantee)**
## **Notes to the Financial Statements for the Year Ended 31 March 2024**
**1. ACCOUNTING POLICIES**
## **Accounting convention**
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006 and the Statement of Recommended Practice, Accounting and Reporting by Charities.
## **Incoming resources**
Income has been recognised gross on the basis of entitlement, certainty and measurement.
Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement.
Grants are recognised in full in the Statement of Financial Activities in the year in which they are receivable or any requirement imposed on the grant is fulfilled.
Investment income is recognised on a receivable basis.
## **Resources expended**
Expenditure is recognised on an accruals basis, inclusive of value added tax.
Costs of generating funds are those costs incurred in attracting voluntary income, in particular grant funding and the costs of maintaining the charity's profile within the sector.
Expenditure relating to Disability Resource Centre are those elements of expenditure directly incurred in performing these activities.
Governance costs include those costs incurred in the governance of the charity's assets and are primarily associated with constitutional and statutory requirements.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Tangible fixed assets**
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery 3 years Fixtures, fittings & equipment 5 years
## Capitalisation thresholds
The company establishes £75 as the threshold amount for minimum capitalisation of tangible property. Any items costing below this amount will be expensed in the company’s annual financial statements.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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**Waltham Forest Disability Resource Centre (A Company Limited By Guarantee)**
## **Notes to the Financial Statements - continued**
|1.|**DONATIONS AND LEGACIES**||||||
|---|---|---|---|---|---|---|
|||||**£**||£|
||Donations and grants|||23,909|15,995||
|**3.**|**ACTIVITIESFORGENERATINGFUNDS**||||||
|||||**2024**|**2023**||
|||||**£**||£|
||Services to other organisations, fundraising events and room hire||||||
|||||15,244|14,390||
||Customers fees and charges|||86,116|69,649||
|**4.**|**INVESTMENTINCOME**||||||
|||||**2024**||**2023**|
|||||**£**||**£**|
||Bank interest|||-||-|
|5.|**INCOMING RESOURCES FROM ACTIVITIES FOR GENERATING FUNDS**||||||
||Unrestricted funds|Restricted funds|Total 2024|**Total**|**2023**||
||2024|2024|||||
||£|£|£||**£**||
||Grants
14,802|9,107|23,909|||9,000|
||Miscellaneous
15,244||15,244||21,385||
||income||||||
||30,046|9,107|39,153||**30,385**||
|6.|**TOTAL RESOURCES EXPENDED**||||||
||Costs of activities generating funds|||**9,147**||**8,340**|
||Governance costs including redundancy payments|||**2,172**||**2,016**|
||Charitable activities|||**103,013**||**94,641**|
|||||**114,332**|104,997||
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
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**Waltham Forest Disability Resource Centre (A Company Limited By Guarantee)**
## **Notes to the Financial Statements - continued**
None of the Trustees (or any persons connected with them) received any renumeration or benefits from the Charity during the year.
|8. Employees
Wages and salaries
**Redundancy payments**
**HMRC and Pensions**
Noemployees received renumeration of£60,000 or more.|**2024**
64,626
**8,507**
73,133|**2023**
**53,366**
**4,994**
58,360|
|---|---|---|
## **12. TANGIBLE FIXED ASSETS**
Existing plant, machinery, fixtures and machinery had no book value in year ending 31 March 2024 due to age.
## **13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
||||**2024**|**2023**||
|---|---|---|---|---|---|
||||**£**||£|
|Trade debtors||||||
|Prepayments and accrued income||||||
|Trade creditors||||||
|Taxationandsocialsecurity||||||
|Other creditors||||||
|**Analysis of net assets between funds**|Unrestricted|Restricted funds TOTAL||||
||funds|||||
||£||£|£||
|nd balances at 31 March 2024 are represented by:||||||
|angible fixed assets||||||
|urrent assets||||||
|reditors||||||
||4,789||0||4,789|
Trade debtors Prepayments and accrued income Trade creditors Taxation and social security Other creditors
## **14.**
Fund balances at 31 March 2024 are represented by: Tangible fixed assets Current assets Creditors
## 15. **MATERIAL UNCERTAINTY**
In the light of price inflation and a difficult funding environment, trustees have concluded that a material uncertainty remains concerning the charity’s ability to continue as a going concern and that, therefore, the charity may possibly be unable to realise its assets and discharge its liabilities in the normal course of operations. However, given the continuing efforts to continue providing services and to additional funding, the trustees continue to adopt the going concern basis of accounting at present.
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