REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Furniturelink |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Furniturelink |
Furniturelink |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Report of the Trustees | 1 | to | 4 |
Independent Examiner's Report | 5 |
Statement of Financial Activities | 6 |
Balance Sheet | 7 | to | 8 |
Notes to the Financial Statements | 9 | to | 13 |
Furniturelink (Registered number: 07252909) |
Report of the Trustees |
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 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). |
Furniturelink (Registered number: 07252909) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
OBJECTIVES AND ACTIVITIES |
We continue to strive to meet our corporate objectives to: |
=> Divert unwanted furniture from landfill. |
=> Provide affordable furniture. |
=> Enable furniture re-use for residents. |
ACHIEVEMENTS AND PERFORMANCE |
The year has seen the Charity face and successfully overcome a number of issues largely through the great work of Wendy our CEO and her team. |
- Our previous electricity supplier EON significantly over-charged us for lighting and heating at our Riverside accommodation for which we eventually obtained redress after much correspondence. We also had concerns about the charges from our new supplier Opus for the power used at Unit 2b which have yet to be resolved |
-We faced a pause on our access to unwanted furniture through the FRN contract at the John Lewis Brookwood site and the need to deal with the presence of POP (Persistent Organic Pollutants) in furniture which restricted the sale of affected items on for re-use |
-The take-back contract with John Lewis was terminated in November 2023. This agreement allowed us to repurpose old sofas returned by John Lewis customers through their take-back scheme. The contract was discontinued due to concerns about the potential presence of Persistent Organic Pollutants (POPs) on the sofas. |
- We continue to hold a debit stock contract with John Lewis, enabling us to re-use unclaimed debit stock items from the John Lewis distribution hub at Brooklands. |
-Transition from our use of the CTX system for selling and purchasing records to Micromarket, where existing CTX users were granted a reprieve. |
-Lift failure on one of our vans now repaired |
- We occupied space at a Guildford Riverside site June 2023 to Nov 23 |
-Having to increase prices ahead of competitors only seeing them having to do the same and us therefore retaining our customer base |
- Having to upgrade out IT systems to deal with obsolescence issues |
- Resignation of another Trustee as he relocated |
These reflect the complexity of running a small business in the current economic climate with increasing rates of inflation. Overall our deficit for the year was £10,300 and increase of £3,400 on the previous year though we have still managed to retain some £30k in cash reserves. I must also thank the Trustees for their contributions to keeping the business thriving with a special thanks to our Finance officer for keeping us on the rails |
The Trustee Board has met on the following dates: |
Weds 4th September 2023 |
Weds 8th November 2023 |
Weds 22 November 2023 (AGM) |
Furniturelink (Registered number: 07252909) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
Weds 17th January 2024 |
Weds 3rd April 2024 |
Weds 3rd July 2024 |
Our thanks to all involved with FLG and especially to Wendy, our CEO, who's determination and ingenuity have successfully managed Furniturelink through another challenging year. |
FINANCIAL REVIEW |
The annual finance report for the year end March 2024 is as set out in the attached Statement of Financial Activities. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
-The charity is controlled by The trustees. |
-The trustees consider that there are sufficient reserves. Any possible risks have been considered and taken into account in future budgets. |
- All trustees appointed when necessary and are given sufficient training on appointment. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
A J Bennewith |
FCA, FCPA, FFA, FFTA, FIPA, DChA, FRSA |
Upper Ground Floor |
18 Farnham Road |
Guildford |
Surrey |
GU1 4XA |
Approved by order of the board of trustees on |
Furniturelink (Registered number: 07252909) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
Independent Examiner's Report to the Trustees of |
Furniturelink |
Independent examiner's report to the trustees of Furniturelink ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts 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 accounts 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 accounts to be reached. |
....................................................... |
A J Bennewith |
FCA, FCPA, FFA, FFTA, FIPA, DChA, FRSA |
Upper Ground Floor |
18 Farnham Road |
Guildford |
Surrey |
GU1 4XA |
Date: ............................................. |
Furniturelink |
Statement of Financial Activities |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Total |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 50,803 |
Furniturelink (Registered number: 07252909) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 8 |
Unrestricted funds | 50,803 |
TOTAL FUNDS | 50,803 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
Furniturelink (Registered number: 07252909) |
Balance Sheet - continued |
31 March 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Furniturelink |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Motor vehicles: Straight line over 3 and 5 years |
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. |
Furniturelink |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
3. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Total |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 57,717 | - |
TOTAL FUNDS CARRIED FORWARD | 50,803 | - | 50,803 |
Furniturelink |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Motor |
vehicles |
£ |
COST |
At 1 April 2023 and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other debtors |
VAT |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
VAT | - | 24 |
Other creditors |
Accrued expenses |
8. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.23 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 50,803 | (10,182 | ) | 40,621 |
TOTAL FUNDS | (10,182 | ) | 40,621 |
Furniturelink |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 236,741 | (246,923 | ) | (10,182 | ) |
TOTAL FUNDS | ( |
) | (10,182 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 57,717 | (6,914 | ) | 50,803 |
TOTAL FUNDS | 57,717 | (6,914 | ) | 50,803 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 226,972 | (233,886 | ) | (6,914 | ) |
TOTAL FUNDS | 226,972 | (233,886 | ) | (6,914 | ) |
Furniturelink |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | RELATED PARTY DISCLOSURES |
There were no related party transactions for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
10. | INDEPENDENT EXAMINER'S REMUNERATION |
2024 | 2023 |
£ | £ |
Independent Examiner's remuneration | 1,000 | 1,000 |