Charity registration number 1001330
Company registration number 02543708 (England and Wales)
THE WATERSIDE CENTRE, KINGS LANGLEY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
THE WATERSIDE CENTRE, KINGS LANGLEY
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr. A. Donovan
Mr I Passey
Mr R McLean
Mrs. S Kidd
Mrs T Moloney
Ms. H Fletcher
Mrs. S Abbott
Chair
Mr R McLean
Secretary
Ms. D. Bowman
Centre Manager
Ms. D. Bowman
Charity number
1001330
Company number
02543708
Principal address
63 Waterside
Kings Langley
Hertfordshire
WD4 8HE
Registered office
63 Waterside
Kings Langley
Hertfordshire
WD4 8HE
Independent examiner
John Wilson FCA ATII
Howard Wilson Chartered Accountants
36 Crown Rise
Watford
Hertfordshire
WD25 0NE
THE WATERSIDE CENTRE, KINGS LANGLEY
CONTENTS
Page
Trustees' report
1 - 3
Statement of Trustees' responsibilities
4
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7
Notes to the financial statements
8 - 16
THE WATERSIDE CENTRE, KINGS LANGLEY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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)".

Objectives and activities

The principal objects of the charity are to enhance the life experiences of persons with learning disabilities and to offer opportunities to develop the intellectual capacity and abilities of such persons that they may achieve their full potential both as individuals and members of society.

 

To meet the aims people with learning disabilities are sponsored by Hertfordshire County Council Adult Care Service, Charities, and individuals to attend the Centre on specified days each week.

 

Waterside continued to follow all guidance regarding COVID throughout the year. There are currently no restrictions in place.

 

The variety of activities offered includes needlework, cookery, arts and crafts, woodwork, singing and dancing, basic numeracy, literacy and computer skills, discussion and group work and a Magic Table for group and individual stimulation.

 

Outside in the community we offer regular walks and some gardening. We also offer Swimming, gym, badminton and trips to places of interest.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The Trustees also wish to record their heartfelt thanks to the volunteers without whom the charity would be unable to maintain the quality of service at the level of expenditure that is currently enjoyed. Again this was subject to covid protocols and at present we have 4 volunteers.

Achievements and performance

Following an extensive Framework Tender process in 2021, Hertfordshire County Council Commissioning awarded a three year contract to The Waterside Centre. This allows us to retain existing service users who will passport to the new system and choose new referrals. HCC will monitor the centre to ensure the development of individuals over the period of the contract with demonstrable and measurable outcomes.

 

The second annual Contract Monitoring visit took place in June 2023. Their final report rated the Centre as GOOD.

 

The Trustees recognise that the award of the contract is a significant outcome for the Centre.We give thanks to the management and staff in completing the framework application and continuing to operate the Centre to the highest standards in compliance with covid and other protocols.

 

Following discussions with the Trustees, Dacorum Borough Council have renewed the lease for the Waterside building for a period of 15 years. DBC also awarded discretionary rates relief to the centre for a period of 3 years.

Financial review

The Trustees report that there was a small deficit for the year of £807 compared to a surplus in the previous period of £10,871. The main reason for the reduced performance was due to increases in staffing costs, against income that remained static over the periods.

 

The charity aims to maintain staffing ratios and skills at the existing level to ensure that a positive and enhancing service is provided to all Service Users who attend the Centre.

THE WATERSIDE CENTRE, KINGS LANGLEY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to three month's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a material change to its major funding source, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been increased during the year. The Trustees have agreed that the level of reserves held should be subject to review on an annual basis.

The Trustees, during the year, evaluated the Reserves Policy of the Centre. In doing so, they identified that its major funding source of income was from its Service Users under the control of Hertfordshire County Council Commissioning. The Trustees agreed that any reserves policy set by the Centre would need to be such that it addressed the risks of unplanned closure on the Service Users, staff and volunteers.

The Trustees have designated funds to provide for the cost of maintenance that is required to the fabric of the charity's building. The provision exists in order to recognise that the building must be maintained to a "fit for purpose" standard. Provisions will be made to the Fund in future to ensure that the level of the Fund meets the Centre's needs.

 

In summary the Trustees have agreed that the level of reserves should be set at:

 

Risks of Unplanned Closure - £100,000

Building External/Internal Repairs- £50,000 (held as a designated fund)

Under the Memorandum and Articles of Association, the charity has the power to make any investment that the Trustees see fit.
Structure, governance and management

The charitable company is governed by a Memorandum and Articles of Association and was incorporated on 27 September 1990. The Memorandum and Articles of Association was amended by a resolution dated 22 November 1990. The charitable company ("the charity") was registered as a charity by the Charity Commission on 18 December 1990.

 

The charity is constituted as a company limited by guarantee with a board of Trustees, who are also Directors of the charity for Companies Act purposes. There is no maximum number of Trustees that can be appointed but the minimum number is six. The Trustees meet a minimum of six times per annum to oversee the running of the organisation. Their responsibilities are defined in the Articles of Association. No remuneration is payable to the members of the Management Committee. Suitable candidates are identified and invited to join the Trustee body. Prospective Trustees are invited to attend the Centre and Trustees meetings to acquaint themselves with all aspects of the charity before they are formally invited to become Trustees.

 

Day to day activities are delegated to the manager and staff team. The Trustees regularly attend the centre and monitor activities.

THE WATERSIDE CENTRE, KINGS LANGLEY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

Mr. J. Biggs
(Resigned 19 August 2023)
Mr. A. Donovan
Mr I Passey
Mr R McLean
Mrs. S Kidd
Mrs T Moloney
Ms. H Fletcher
Mrs. S Abbott

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The directors of the charitable company ('the charity') are its Trustees for the purpose of charity law and throughout this report are referred to as the Trustees. A list of the Trustees are given on the Legal and Administration page to the financial statements. All of the Trustees named on that page served during the year. The board of Trustees has the power to appoint additional Trustees as it sees fit. Those Trustees appointed during the period plus one third of the existing Trustees must retire by rotation at the next Annual General Meeting. All retiring Trustees are eligible for re-election.

The Trustees' report was approved by the Board of Trustees.

Mr R McLean
Trustee
Dated: 30 October 2023
THE WATERSIDE CENTRE, KINGS LANGLEY
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -

The Trustees, who are also the directors of The Waterside Centre, Kings Langley for the purpose of company law, are responsible for preparing the Trustees' Report 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the Trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE WATERSIDE CENTRE, KINGS LANGLEY
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE WATERSIDE CENTRE, KINGS LANGLEY
- 5 -

I report to the Trustees on my examination of the financial statements of The Waterside Centre, Kings Langley (the charity) for the year ended 31 March 2023.

Responsibilities and basis of report

As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). 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

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 ICAEW, 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 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 financial statements to be reached.

John Wilson FCA ATII
Howard Wilson Chartered Accountants
36 Crown Rise
Watford
Hertfordshire
WD25 0NE
Dated: 30 October 2023
THE WATERSIDE CENTRE, KINGS LANGLEY
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income and endowments from:

Voluntary income including donations and legacies

3
9,054
12,951

Provision of activities for people with learning disabilities

4
288,321
271,071

Community fundraising, events and sponsorship

5
477
1,027
Investments
6
23
324
Other income
7
1,614
180
Total income
299,489
285,553
Expenditure on:
Raising funds
8
370
70
Charitable activities
9
299,926
274,612
Total expenditure
300,296
274,682
Net (expenditure)/income for the year/
Net movement in funds
(807)
10,871
Fund balances at 1 April 2022
162,047
151,176
Fund balances at 31 March 2023
161,240
162,047

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE WATERSIDE CENTRE, KINGS LANGLEY
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,743
3,486
Current assets
Debtors
14
26,618
40,966
Cash at bank and in hand
135,736
119,869
162,354
160,835
Creditors: amounts falling due within one year
15
(2,857)
(2,274)
Net current assets
159,497
158,561
Total assets less current liabilities
161,240
162,047
Income funds
Unrestricted funds
Designated funds
17
50,000
50,000
General unrestricted funds
111,240
112,047
161,240
162,047
161,240
162,047

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 30 October 2023
Mr I Passey
Mr R McLean
Trustee
Trustee
Company Registration No. 02543708
THE WATERSIDE CENTRE, KINGS LANGLEY
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
1
Accounting policies
Charity information

The Waterside Centre, Kings Langley is a private company limited by guarantee incorporated in England and Wales. The registered office is 63 Waterside, Kings Langley, Hertfordshire, WD4 8HE.

 

The company is a private company limited by guarantee and not having any share capital. The extent of the liability of the members of the company on a winding up is limited to a maximum of one pound each. The company is also a registered charity and accordingly no liability to corporation tax arises on the financial statements.

 

The charitable company has an exemption under section 30(5) of the Companies Act 1985 from using 'Limited' in the title.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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 charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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.

1.5
Expenditure

Resources expended are included in the Statement of Financial Activities on an accruals basis inclusive of VAT.

THE WATERSIDE CENTRE, KINGS LANGLEY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 9 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Assets costing under £1,500 are charged directly to the Statement of Financial Activities in the year of purchase.

 

Where capital items are acquired through donations received, those assets are written off in the year of purchase.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE WATERSIDE CENTRE, KINGS LANGLEY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 10 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10
Taxation

The activities of the charity are exempt from Corporation Tax under Section 505 of the Income and Corporation Taxes Act 1988 to the extent that they are applied to the organisation's charitable objects.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE WATERSIDE CENTRE, KINGS LANGLEY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
3

Voluntary income including donations and legacies

Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Donations and gifts
8,384
9,238

Government grants received

670
3,713
9,054
12,951
Grants receivable for core activities
Coronovirus Job Retention Scheme Grant
-
1,610
Hertfordshire County Council
-
2,103
Rozenn Solutions
670
-
670
3,713
4

Provision of activities for people with learning disabilities

Unrestricted funds

Unrestricted funds

2023
2022
£
£

Sponsorship income

266,550
249,709

Activities and outings

3,228
193

Lunch receipts

18,543
21,169
288,321
271,071
5

Community fundraising, events and sponsorship

Unrestricted
Unrestricted
funds
funds
2023
2022
£
£

Trading income

477
1,027
THE WATERSIDE CENTRE, KINGS LANGLEY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
6
Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
23
324
7
Other income
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Other income
1,614
180
8
Raising funds
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£

Community fundraising, events and sponsorship

Other fundraising costs
370
70
370
70
THE WATERSIDE CENTRE, KINGS LANGLEY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
9
Charitable activities
2023
2022
£
£
Staff costs
241,139
218,772
Depreciation and impairment
1,743
2,343

Material costs

9,635
9,214

Lunches

8,461
9,210

Rent & rates

9,000
10,331

Light, heat and water

6,421
7,041

Repairs and renewals

4,831
4,045

Office costs

3,375
3,100

Staff expenses

2,223
1,196

Insurance

2,425
2,877

Equipment hire

1,371
665

Legal and professional

3,766
3,353

Staff training

86
246

Activities and outings

3,977
280

Sundry expenses

320
739

Governance costs

1,153
1,200
299,926
274,612
299,926
274,612
Analysis by fund
Unrestricted funds
299,926
299,926
For the year ended 31 March 2022
Unrestricted funds
274,612
274,612
Governance costs comprise independent examiner's fees of £1,153 (2022 - £1,200).
10
Trustees
None of the Trustees (or any persons connected with them) received any remuneration during the year.
THE WATERSIDE CENTRE, KINGS LANGLEY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
11
Employees
Number of employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Direct charitable work
11
10
Management
2
2
Administrative
1
1
14
13
Employment costs
2023
2022
£
£
Wages and salaries
224,665
206,885
Social security costs
12,089
8,640
Other pension costs
4,385
3,247
241,139
218,772
There were no employees whose annual remuneration was £60,000 or more.
12
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13
Tangible fixed assets
Plant and machinery
£
Cost
At 1 April 2022
9,372
At 31 March 2023
9,372
Depreciation and impairment
At 1 April 2022
5,886
Depreciation charged in the year
1,743
At 31 March 2023
7,629
Carrying amount
At 31 March 2023
1,743
At 31 March 2022
3,486
THE WATERSIDE CENTRE, KINGS LANGLEY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
23,260
38,306
Prepayments and accrued income
3,358
2,660
26,618
40,966
15
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
856
1,074
Other creditors
801
-
Accruals and deferred income
1,200
1,200
2,857
2,274
16
Retirement benefit schemes
Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £4,385 (2022 - £3,247).

THE WATERSIDE CENTRE, KINGS LANGLEY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
17
Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
Movement in funds
Balance at
1 April 2021
Transfers
Balance at
1 April 2022
Incoming resources
Balance at
31 March 2023
£
£
£
£
£
Contingency Fund
50,000
-
50,000
-
50,000
Magic Table
6,796
(6,796)
-
-
-
56,796
(6,796)
50,000
-
50,000

The contingency fund has been established to provide for the cost of maintenance that is required to the fabric of the charity's building. The provision exists in order to recognise that the building must be maintained to a "fit for purpose" level for the period of the lease which was renewed for a period of 15 years during the year. Provisions will be made to the Fund in future to ensure that the level of the Fund meets the Centre's needs.

 

Magic Table represents events held where the Trustees have agreed to designated the funds towards the purchase of specific equipment. Equipment was purchased and the fund closed.

18
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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