REGISTERED NUMBER: |
FURNITURE INDUSTRY RESEARCH |
ASSOCIATION(THE) |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
FURNITURE INDUSTRY RESEARCH |
ASSOCIATION(THE) |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FURNITURE INDUSTRY RESEARCH |
ASSOCIATION(THE) (REGISTERED NUMBER: 00688288) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Chairman's Report | 2 | to | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 | to | 6 |
FURNITURE INDUSTRY RESEARCH |
ASSOCIATION(THE) |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
22-24 Harborough Road |
Kingsthorpe |
Northampton |
NN2 7AZ |
FURNITURE INDUSTRY RESEARCH |
ASSOCIATION(THE) (REGISTERED NUMBER: 00688288) |
CHAIRMAN'S REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
It is my pleasure to present the 2023 report and financial statements for the Furniture Industry Research Association. |
In 2023 I completed my third year as Chair of the Furniture Industry Research Association. I am pleased to report that our membership base has grown steadily and in 2023 we welcomed 28 new members, an 18% increase year on year. Space constrains me from mentioning them all so I would refer you to our website membership directory, https://www.fira.co.uk/directory. |
June 2023 saw the launch of our new online Bookshop www.fira.co.uk/bookshop which provides members with an alternative means of access to our increasing library of technical reports, guides, and templates developed over many years to support the furniture industry. Members can access the majority of these materials freely as part of their membership benefits. In addition, companies that are not currently members can now purchase these resources from the new online bookshop. |
Commercial partner to the Association, FIRA International Limited delivered a broad range of projects that continued to reflect conditions facing the furniture sector continuing our role as the knowledge hub for our members and the industry at large. |
Projects delivered in 2023 included: |
- | Facility Space Planning Template - guidance and space planning tools to help manufacturers with a need to re-design their facility |
- | Flammability Checklist for Products Guidance - to help companies determine if their products have the correct test certification and comply with the Furniture & Furnishings (Fire) (Safety) Regulations 1988 (as amended) |
- | Insight into Standards - guiding members on the importance of standards, how they are made, and how they can get involved in the standards-making process |
- | Lean Manufacturing Training Toolkit - Part 1 - 5c workplace organisation - Part 2 - '7 Wastes' - Part 3 - Visual Management |
- | Mattress Specification Template - support for mattress manufacturers in creating detailed specification sheets that include construction details, and performance and testing requirements |
- | Social and Ethical Audit Guidance and Checklist - detailing how to conduct an audit including key questions and evidence needed |
- | Upholstered Furniture Design Brief Template - to support furniture buyers, retailers and upholstery manufacturers in developing detailed design briefs or helping them improve on existing ones |
- | Sustainability Challenges and Opportunities in the Furniture Industry - providing an overview of modern sustainability thinking applicable to the furniture supply chain for product and organisational improvements |
- | Statistical Digest for the Furniture Industry - Furniture industry statistics, including facts, figures and commentary covering furniture industry structure, production, size of the furniture industry and international trade |
- | Standards and Regulatory Update' - In June, September and December, we published our 'Standards and Regulatory Update' which is an essential resource for many members, giving valuable updates on furniture standards, new standards in development, and the latest on furniture industry-related regulations and consultation |
Our Member only Technical Forums, have continued to be popular across all industry sectors. Designed to address key changes facing the industry, they are a great opportunity for everyone to come together and engage. In 2023 the forums centred around two critical themes. The first topic was "Communicating Carbon in the Furniture Industry". The agenda delved into carbon measurement, ecolabelling, and provided a platform to discuss challenges. As a result, The Research Association issued a statement based on key points raised by forum members. This document served as a starting point for industry-wide debate and collaboration, emphasizing the furniture sector's commitment to meaningful action on the path toward carbon neutrality. The forum's outcome called for collective efforts within the furniture supply chain to achieve Carbon Zero. |
FURNITURE INDUSTRY RESEARCH |
ASSOCIATION(THE) (REGISTERED NUMBER: 00688288) |
CHAIRMAN'S REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The second topic was the much-anticipated changes to the UK flammability regulations for upholstered furniture and facilitate discussions regarding the questions raised in the Government consultation. Three 'Flammability Regulations Consultation Forums' were held to enhance members understanding of potential impacts of the proposed changes, and to create a unified response to the Government consultation. Following the forums, members' comments and feedback were collated and a cohesive industry response was presented to Government. |
It was my pleasure to host our 25th Annual Reception, held at the Museum of the Home in London. It was an excellent opportunity for our members to network and celebrate the industry's economic contributions. The 25th reception marks the conclusion of our annual evening receptions in this format, as we will focus on developing and delivering alternative ways to engage with our members. |
The Research Association Council plays an important role in overseeing the work of the Association and their insights are key in driving us forward. I would like to take this opportunity to thank them all for their support in 2023. I would also encourage our members to consider nominating themselves, or a colleague to join the Council and help steer the Association and shape its work for the benefit of not only our members, but the wider furniture Industry. For further details you can email info@fira.co.uk. |
In 2024 the Association will continue to be involved in high level discussions concerning the Furniture & Furnishings (Fire Safety) Regulations. |
We will also be continuing to ensure that sustainability remains in the foreground, looking to produce best practice guidance for measuring and assessing environmental impact. Emphasizing the furniture sector's commitment to meaningful action on the path toward carbon neutrality. |
We will work to ensure that the Furniture Industry Research Association remains as the centre of knowledge for the furniture industry, and that this knowledge benefits our members' businesses. |
In closing, I would like to thank you, the members, for your continued support of the Furniture Industry Research Association. |
The Council wishes all members continued success in what may be challenging times. We sincerely thank you for your membership and look forward to another year of providing you with the best possible information and support and guidance. |
Brian Ahern |
Chairman - Furniture Industry Research Association |
4 September 2024 |
FURNITURE INDUSTRY RESEARCH |
ASSOCIATION(THE) (REGISTERED NUMBER: 00688288) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FURNITURE INDUSTRY RESEARCH |
ASSOCIATION(THE) (REGISTERED NUMBER: 00688288) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Furniture Industry Research Association(The) is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention |
The councillors believe that the company has adequate resources to continue operations for the foreseeable future being a period of not less than 12 months from the date of signing these financial statements. Accordingly, the councillors continue to adopt the going concern basis in preparing the financial statements. |
Significant judgements and estimates |
No significant judgements or estimates have had to be made by the directors in preparing these financial statements |
Revenue |
Revenue represents the total invoice value, excluding value added tax, trade discounts and all other taxes of membership income received during the year. |
Revenue recognition |
Annual subscriptions are receivable from customers in advance. The terms of the subscriptions provide that upon receipt this is non refundable. Revenue from any subscriptions invoiced but not paid at the year end is fully deferred and recognised in future periods when payment is received. |
Debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
FURNITURE INDUSTRY RESEARCH |
ASSOCIATION(THE) (REGISTERED NUMBER: 00688288) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
Amounts owed to Connected |
Undertakings |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
7. | LIMITED BY GUARANTEE |
The liability of the members is limited by guarantee and no shares are authorised or issued by the Association. Every member of the Association undertakes to contribute to the assets of the Association in the event of the same being wound up while he is a member or within one year after he ceases to be a member, for payment of the debts and liabilities of the Association contracted before he ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors amongst themselves, such amount as may be required not exceeding £5. |