Caseware UK (AP4) 2023.0.135 2023.0.135 Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-314796044796044761662023-06-017falseNo description of principal activity72024-05-31 07461323 2023-06-01 2024-05-31 07461323 2022-06-01 2023-05-31 07461323 2024-05-31 07461323 2023-05-31 07461323 2023-06-01 07461323 2022-06-01 07461323 c:CompanySecretary1 2023-06-01 2024-05-31 07461323 c:RegisteredOffice 2023-06-01 2024-05-31 07461323 d:MotorVehicles 2023-06-01 2024-05-31 07461323 d:MotorVehicles 2024-05-31 07461323 d:MotorVehicles 2023-05-31 07461323 d:FurnitureFittings 2023-06-01 2024-05-31 07461323 d:FurnitureFittings 2024-05-31 07461323 d:FurnitureFittings 2023-05-31 07461323 d:ComputerEquipment 2023-06-01 2024-05-31 07461323 d:ComputerEquipment 2024-05-31 07461323 d:ComputerEquipment 2023-05-31 07461323 d:CurrentFinancialInstruments 2024-05-31 07461323 d:CurrentFinancialInstruments 2023-05-31 07461323 c:FRS102 2023-06-01 2024-05-31 07461323 c:IndependentExaminationCharity 2023-06-01 2024-05-31 07461323 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07461323 b:Trustee1 2023-06-01 2024-05-31 07461323 b:Trustee2 2023-06-01 2024-05-31 07461323 b:Trustee3 2023-06-01 2024-05-31 07461323 b:Trustee4 2023-06-01 2024-05-31 07461323 b:Trustee5 2023-06-01 2024-05-31 07461323 b:Trustee6 2023-06-01 2024-05-31 07461323 b:TotalEndowmentFunds 2023-06-01 2024-05-31 07461323 b:TotalEndowmentFunds 2022-06-01 2023-05-31 07461323 b:TotalEndowmentFunds 2024-05-31 07461323 b:TotalEndowmentFunds 2023-05-31 07461323 d:WithinOneYear 2024-05-31 07461323 d:WithinOneYear 2023-05-31 07461323 d:BetweenOneFiveYears 2024-05-31 07461323 d:BetweenOneFiveYears 2023-05-31 07461323 b:TotalUnrestrictedFunds 2024-05-31 07461323 b:TotalUnrestrictedFunds 2023-05-31 07461323 b:TotalRestrictedIncomeFunds 2024-05-31 07461323 b:TotalRestrictedIncomeFunds 2023-05-31 07461323 c:FullAccounts 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 07461323
Charity number: 1140541










BARNET REUSE CENTRE LIMITED
(A company limited by guarantee)







UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
BARNET REUSE CENTRE LIMITED
 
(A company limited by guarantee)
 

CONTENTS



Page
Reference and administrative details of the Company, its Trustees and advisers
1
Trustees' report
2 - 7
Trustees' responsibilities statement
8
Independent examiner's report
9
Statement of financial activities
10
Balance sheet
11
Statement of cash flows
12
Notes to the financial statements
13 - 26

 
BARNET REUSE CENTRE LIMITED
 
(A company limited by guarantee)
 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MAY 2024


Trustees
R Thakker (appointed 9 December 2024)
T D Renouf (resigned 28 January 2025)
O Alabi (resigned 30 September 2023)
M L Dulling (resigned 17 September 2023)
F M Oliffe (appointed 13 June 2024)
Trustees
M B Sault (appointed 13 June 2024)

Company registered number
07461323

Charity registered number
1140541

Registered office
4 Queens Parade Close
Friern Barnet
London
N11 3FY

Company secretary
B Casey

Accountants
Clay Ratnage Daffin & Co Limited
Chartered Accountants
Suite D, The Business Centre
Faringdon Avenue
Romford
Essex
RM3 8EN

Bankers
The Co-operative Bank Plc
1 Balloon Street
Manchester
M4 4BE

Santander UK Plc
2 Triton Square
Regent's Place
London
NW1 3AN

Page 1

 
BARNET REUSE CENTRE LIMITED
 
(A company limited by guarantee)
 
  
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The Trustees present their annual report together with the financial statements of the Company for the  1 June 2023 to 31 May 2024The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 
 

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
 

The charity trades under the names Barnet Furniture Centre and Barnet Reuse Centre Limited.
 

Page 2

 
BARNET REUSE CENTRE LIMITED
 
(A company limited by guarantee)
 
Objectives and activities
 

a. Policies and objectives
 

The objects of the charity are:
• The relief, either generally or individually, of persons who are in need, hardship or distress.
• The advancement of education, vocational training or retraining and the provision of work experience particularly among unemployed people or people with special needs in order to enhance their prospects of employment, independence and quality of life.
• The protection and preservation of the environment for the public benefit by: 
(a) The promotion of waste reduction, re-use, reclamation, recycling, use of recycled products,
(b) Partaking in community and national schemes and projects for recycling and reusing materials, components and resources.
The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
The Trustees have reviewed the application of the Charity Governance Code, which was introduced in July 2017 in so far as it is applicable to the charity. The trustees already apply areas of the code within the governance arrangements of the charity and are reviewing how other elements of the code can be applied successfully.
 


b. Activities for Achieving Objectives
 

The charity provides our volunteers with work experience in a real business environment.  They are encouraged to learn sales skills dealing with customers face to face and on the telephone. Trainees learn back-office administration skills, sales and DIY.
The charity receives furniture from a variety of sources. The general public donate all of the furniture the charity receives. A high proportion of this furniture would normally end up in landfill, but instead the charity enables it to be reused. 
 
 

c. Volunteers
 

The charity is very grateful to all the volunteers who are involved in all aspects of the service provision.
Volunteers have played a key role in enabling the charity to operate cost effectively and deliver a high quality service to customers. In return, volunteers receive good quality work experience and training. During the year, 7 volunteers benefited from training and work experience.
 

Page 3

 
BARNET REUSE CENTRE LIMITED
 
(A company limited by guarantee)
 
Financial review
 

a. Review of the year
 

Donations of furniture have provided the charity with a steady stream of trading stock. Donations of high quality second hand furniture have enabled the charity to attract members of the public to the warehouse who are not in financial need and who can afford to pay the higher market price on furniture items. All proceeds generated from furniture sales are ploughed back into the Centre to enable the charity to help more of those in need.
Total income for the year was £456,124 (2023: £522,094). The charity's trading activities and government grant funding we received generated £240,888 (2023: £271,017) of income of which £222,065 (2023: £243,350) was donated stock.
The charity incurred expenditure of £457,843 (2023: £496,341) leading to a deficit for the year of £1,719 (2023: surplus £25,753).
The charity raises funds from the sale of furniture and donations of furniture from the general public. It does not run general fundraising programmes and so the Trustees do not believe that the Fundraising Code is applicable.

 

b. Review of activities
 

Now in its thirteenth year, the charity has continued to successfully operate from its Centre in Friern Barnet. The trustees are very pleased with the impact Barnet Furniture Centre has made in the community, especially in environmental terms and in helping people in need.
 
A significant proportion of Barnet Furniture Centre’s business is with organisations and private residents in Barnet and neighbouring boroughs.  Over the past year we have continued to support families who have been referred to us by local authorities and other agencies across local boroughs such as Haringey, Enfield, Camden, Islington and Hertfordshire boroughs.
Barnet Furniture Centre’s doors are open to everyone.  However, we do offer substantial discounts on essential household items to families and individuals who are in receipt of benefits.  
Additionally, through the sales of higher-end donated stock means we can offer free furniture packages to those most in need. These customers are generally referred to us by local authorities and other agencies.
During the past year (2023-2024) 1680 members of the public in financial need have benefited from our discounted furniture scheme, and we have provided over 28 families with free furniture packages from the Centre to the value of £7625.

During the past year 2023/2024 92 tonnes of reusable furniture and appliances were collected and 89 tonnes of reusable furniture were delivered.
We currently have a small, dedicated team of volunteers who bring different skill sets to the business from DIY and admin to IT.  Volunteers are a very valuable resource and play a vital role in enabling the charity to continue its great work.  Barnet Furniture Centre’s long standing skilled Volunteers offers training and work experience to individuals to prepare them for the workplace. This also helps build their confidence by being a part of a team. In the past year 7 volunteers have benefitted from their time at Centre and most have gone on to paid employment. 
 

Page 4

 
BARNET REUSE CENTRE LIMITED
 
(A company limited by guarantee)
 
Financial review (continued)

c. Reserve policy and plans for future
 

The Trustees consider that it is appropriate to maintain free reserves of approximately six months of overheads. Free reserves at 31 May 2024 were £238,083.
The charity has cash at the bank of £211,457 at 31 May 2024 and free reserves of £238,083 covering 12 months of expenditure based on an average overhead cost of £20,000 (2023: £19,000) per month. This is higher than the target set by the trustees as a more prudent approach is being adopted in light of the current economic climate.
 

 

Page 5

 
BARNET REUSE CENTRE LIMITED
 
(A company limited by guarantee)
 
Structure, governance and management
 

a. Constitution
 

The charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 6 December 2010.
The charity is constituted under a Memorandum of Association dated 6 December 2010 and is a registered charity number 1140541.
 
 

b. The Directors and Trustees
 

The Directors/Trustees of the company are also charity trustees for the purposes of charity law and under the company's Articles of Association are known as Members of the Management Committee.
The Directors and Trustees who served during the year and/or up to the date of the report were:
Trevor Renouf – resigned 28/01/2025
Melissa Dulling – resigned 17/09/2023
Bidemi Alabi – resigned 30/09/2023
New Trustees 
Franca Oliffe - appointed June 2024
Mike Sault – appointed June 2024
Rachit Thakker - appointed December 2024
 

c. Appointment and induction of Trustees
 

Under the requirements of the Memorandum and Articles of Association one third of the trustees must retire each year. A retiring trustee may be reappointed. 
Trustees are selected on the basis of their relevant skills, experience and knowledge and the active contribution they can make to the organisation. 
Potential new trustees are invited to tour the premises during a working day to see the charity in operation. They are also invited to attend a board meeting and familiarise themselves with the organisation through reading relevant documentation and talking with the General Manager or the Chair of the Trustees.

 

d. Organisational Structure
 

The charity is organised so that the trustees meet at least four times a year to manage its affairs. 
A general manager is employed to manage the day to day workings with the aid of other employees responsible for the warehouse, administration and transport.
 
 

Page 6

 
BARNET REUSE CENTRE LIMITED
 
(A company limited by guarantee)
 
Structure, governance and management (continued)

e. Risk management
 

The Trustees have examined the major strategic, business, and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen those risks. Significant external risks to funding have led to the development of a strategic plan which will allow for the diversification of funding and activities. Procedures are in place to ensure compliance with the health and safety of staff, volunteers and visitors to the charity's premises.
The Trustees are aware of their responsibilities to ensure that the vulnerable people that the charity works with are safe. The charity has a formal safeguarding policy and training is undertaken to ensure the policy is adhered to.
 
 

f. Liability insurance
 

The charity purchases trustee liability insurance on behalf of the trustees to protect them against claims that may arise from the performance of their charitable duties.
 
 
 
 

Approved by order of the members of the board of Trustees and signed on their behalf by:





R Thakker
(Trustee)
Date: 19 February 2025

Page 7

 
BARNET REUSE CENTRE LIMITED
 
(A company limited by guarantee)
 

STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MAY 2024

The Trustees (who are also the directors of the Company for the purposes 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.


The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Approved by order of the members of the board of Trustees and signed on its behalf by:





R Thakker
(Trustee)
Date: 19 February 2025

Page 8

 
BARNET REUSE CENTRE LIMITED

(A company limited by guarantee)
 
 
 
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 MAY 2024

Independent examiner's report to the Trustees of Barnet Reuse Centre Limited ('the Company')
 
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 May 2024.

Responsibilities and basis of report

As the Trustees of the Company (and 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 the Company's accounts 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

Since the Company'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 Association of Chartered Certified Accountants, 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:

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.

This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.




Signed:      Dated: 19 February 2025

Lorraine Catherine Purdy FCCA     

Clay Ratnage Daffin & Co Limited
Chartered Accountants
Suite D, The Business Centre
Faringdon Avenue
Romford
Essex
RM3 8EN
Page 9

 
BARNET REUSE CENTRE LIMITED
 
(A company limited by guarantee)

 
 
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MAY 2024


Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
Note
        £
        £
        £

Income from:






Donations and legacies

4

240,888

240,888

271,017
 
Other trading activities

5

215,236

215,236

250,877
 
Other income

6

-

-

200
 
Total income
456,124
456,124
522,094
Expenditure on:






Raising funds

7

208,905

208,905

243,616
 
Charitable activities

8

248,938

248,938

252,725
 
Total expenditure
457,843
457,843
496,341

Net movement in funds
  
(1,719)
(1,719)
25,753

Reconciliation of funds:

  




Total funds brought forward

  

239,802

239,802

214,049
 
Net movement in funds

  

(1,719)

(1,719)

25,753
 
Total funds carried forward
  
238,083
238,083
239,802

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

The notes on pages 13 to 26 form part of these financial statements.

Page 10

 
BARNET REUSE CENTRE LIMITED
 
(A company limited by guarantee)
REGISTERED NUMBER: 07461323

 
 
BALANCE SHEET
AS AT 31 MAY 2024


2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
302
627

Current assets
  

Stocks
 14 
32,520
19,410

Debtors
 15 
10,628
15,637

Cash at bank and in hand
  
211,457
222,571

  
254,605
257,618

Creditors: amounts falling due within one year
 16 
(16,824)
(18,443)

Net current assets 
  
 
 
237,781
 
 
239,175

Total net assets 
  
238,083
239,802


Charity funds
  

Restricted funds
 17 
-
-

Unrestricted funds
 17 
238,083
239,802

Total funds
  
238,083
239,802

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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

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

The financial statements were approved and authorised for issue by the Trustees on 19 February 2025 and signed on their behalf by:




R Thakker
(Trustee)

The notes on pages 13 to 26 form part of these financial statements.

Page 11

 
BARNET REUSE CENTRE LIMITED
 
(A company limited by guarantee)

 
 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

Cash flows from operating activities

Net cash used in operating activities - Note 19
(10,764)
18,232

Cash flows from investing activities

Purchase of tangible fixed assets
(350)
-

Change in cash and cash equivalents in the year
 
(11,114)
 
18,232

Cash and cash equivalents at the beginning of the year
222,571
204,339

Cash and cash equivalents at the end of the year
211,457
222,571

The notes on pages 13 to 26 form part of these financial statements

Page 12

 
BARNET REUSE CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

The charity is a company limited by guarantee and is incorporated in England and Wales. The address of the registered office is 4 Queens Parade Close, Friern Barnet, London, N11 3FY.


2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Barnet Reuse Centre Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are presented in Sterling (£).
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charity's accounting policies (see note 3).
The following principal accounting policies have been applied:
 

Barnet Reuse Centre Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

  
2.2

Going concern

After making enquiries, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

  
2.3

Company status

The charity is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member.

In the case of a Gift Aid payment made within the Group, income is accrued when the payment is payable to the Parent Company under a legal obligation. Measurement is at the fair value receivable, which will normally be the transaction value.

Where the right to receive Gift Aid has been established, the amount receivable is recognised as investment income in the Statement of financial activities.

Page 13

 
BARNET REUSE CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

  
2.4

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

  
2.5

Income

All incoming resources are included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Gifts donated for resale are included at valuation and recognised as income when they are sold. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.
Donated services or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable.
Where income is received in advance of a specified service, it is deferred until the charity is entitled to that income.
Investment income is included on an accruals basis.
Incoming resources from charitable trading activities are accounted for when earned, and are stated net of VAT.

Page 14

 
BARNET REUSE CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

  
2.6

Expenditure

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

 
2.7

Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Motor vehicles
-
4 years straight line
Fixtures and fittings
-
5 years straight line
Computer equipment
-
3 years straight line

Page 15

 
BARNET REUSE CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

  
2.8

Stocks

An estimated sales value is attached to donated furniture when it is received, less any provision for damaged or unsaleable items.

  
2.9

Operating leases

Rentals under operating leases are charged to the statement of financial activities incorporating income and expenditure account on a straight line basis over the lease term.
 

  
2.10

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

  
2.11

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

  
2.12

Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

  
2.13

Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
 


3.

Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:
In the application of the charity's accounting policies, which are described in note 2, the only key estimate made by the trustees is
The valuation of donated stock:
Donated stock is categorised into furniture types and then valued at management's best estimate of the estimated sales price. See note 14 for the carrying amount of donated stock.
 

Page 16

 
BARNET REUSE CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.

Income from donations and legacies




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £
 


 
Donations received

18,823

18,823

27,667
 
Donated stock

222,065

222,065

243,350
 


240,888
240,888
271,017
Total 2023


271,017
271,017


5.

Income from other trading activities

Income from non charitable trading activities




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Trading income

215,236

215,236

250,877
 
Total 2023


250,877
250,877

Page 17

 
BARNET REUSE CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.

Other incoming resources




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Bank compenstation

-

-

200
 
Total 2023


200
200


7.

Expenditure on raising funds

Costs of raising voluntary income




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Expenditure on raising voluntary income

208,905

208,905

243,616
 
Total 2023


243,616
243,616








8.

Analysis of expenditure on charitable activities


Summary by fund type




Unrestricted funds
2024
Total
2024
Total
2023
        £
        £
        £




Direct costs

248,938

248,938

252,725
 
Total 2023


252,725
252,725

Page 18

 
BARNET REUSE CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.

Analysis of expenditure by activities




Activities undertaken directly
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Sale of second hand furniture

248,938

248,938

252,725
 
Total 2023


252,725
252,725


Page 19

 
BARNET REUSE CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.Analysis of expenditure by activities (continued)

Analysis of direct costs



Total
funds
2024
Total
funds
2023
        £
        £



Staff costs

170,213

163,293
 
Depreciation

675

707
 
Marketing

(67)

449
 
Motor costs

7,603

5,856
 
Utilities

1,832

3,793
 
Rent and rates

47,456

47,017
 
Repairs and maintenance

763

752
 
Casual labour

220

830
 
Sundries

2,678

3,566
 
Training

493

-
 
Travel and entertainment

447

170
 
Insurance

5,948

6,567
 
Bank charges

2,742

3,989
 
Office costs

6,242

4,097
 
Legal and professional fees

7,216

9,758
 
Telephone

1,252

1,266
 
Equipment hire

225

500
 
Gifts

-

115
 
Profit on disposal of fixed assets

(7,000)

-
 


248,938
252,725


10.

Independent examiner's remuneration

2024
2023
£
£

Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts
1,995
1,900

Page 20

 
BARNET REUSE CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.



Staff costs


2024
2023
£
£


Wages and salaries
157,878
145,831

Social security costs
8,062
8,291

Contribution to defined contribution pension schemes
4,273
9,171

170,213
163,293

The average number of persons employed by the Company during the year was as follows:


2024
2023

No.
No.


Employees
7
7

No employee received remuneration amounting to more than £60,000 in either year.

The remuneration of key management personnel in total was £52,972 (2023: £73,252)



12.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 May 2024, no Trustee expenses have been incurred (2023 - £NIL).

Page 21

 
BARNET REUSE CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Tangible fixed assets




Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£


Cost or valuation

At 1 June 2023
32,905
1,911
5,539
40,355

Additions
-
-
350
350

Disposals
(6,615)
-
-
(6,615)


At 31 May 2024

26,290
1,911
5,889
34,090


Depreciation

At 1 June 2023
32,905
1,911
4,912
39,728

Charge for the year
-
-
675
675

On disposals
(6,615)
-
-
(6,615)


At 31 May 2024

26,290
1,911
5,587
33,788


Net book value


At 31 May 2024
-
-
302
302


At 31 May 2023
-
-
627
627


14.



Stocks


2024
2023
£
£

Finished goods and goods for resale
32,520
19,410

Page 22

 
BARNET REUSE CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.



Debtors


2024
2023
£
£


Due within one year

Trade debtors
1,825
3,879

Other debtors
1,559
3,025

Prepayments and accrued income
7,244
8,733

10,628
15,637


16.



Creditors: Amounts falling due within one year


2024
2023
£
£


Trade creditors
4,553
4,278

Other taxation and social security
2,033
1,842

Other creditors
1,364
1,364

Accruals and deferred income
8,874
10,959

16,824
18,443

Page 23

 
BARNET REUSE CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

17.

Statement of funds


Statement of funds - current year

Balance at 1 June 2023
£
Income
£
Expenditure
£
Balance at 31 May 2024
£

Unrestricted funds





General Funds - all funds

239,802

456,124

(457,843)

238,083
 



Statement of funds - prior year

Balance at
1 June 2022
£
Income
£
Expenditure
£
Balance at
31 May 2023
£

Unrestricted funds





General Funds - all funds

214,049

522,094

(496,341)

239,802
 





18.

Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted funds
2024
Total
funds
2024
        £
        £


Tangible fixed assets

302

302

Current assets

254,605

254,605

Creditors due within one year

(16,824)

(16,824)

Total 


238,083
238,083


Page 24

 
BARNET REUSE CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

18.Analysis of net assets between funds (continued)


Analysis of net assets between funds - prior period

Unrestricted funds
2023
Total
funds
2023
        £
        £


Tangible fixed assets

627

627

Current assets

257,618

257,618

Creditors due within one year

(18,443)

(18,443)

Total 

239,802
239,802


19.



Reconciliation of net movement in funds to net cash flow from operating activities


2024
2023
£
£

Net expenditure/income for the year (as per Statement of Financial Activities)



(1,719)

25,753

Adjustments for:

Depreciation charges
675
707

Increase in stocks
(13,110)
(70)

Decrease/(increase) in debtors
5,009
(5,151)

Decrease in creditors
(1,619)
(3,007)

Net cash (used in)/provided by operating activities
(10,764)
18,232



20.



Analysis of cash and cash equivalents


2024
2023
£
£

Cash in hand
211,457
222,571

Page 25

 
BARNET REUSE CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

21.



Analysis of changes in net debt





At 1 June 2023
Cash flows
At 31 May 2024
£
£

£

Cash at bank and in hand

222,571

(11,114)

211,457


222,571
(11,114)
211,457


22.


Pension commitments

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £4,273 (2023: £9,171).


23.


Operating lease commitments

At 31 May 2024 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

2024
2023
£
£


Not later than 1 year
42,000
42,000

Later than 1 year and not later than 5 years
24,510
66,510

66,510
108,510

The Trustees believe the premises have been repaired and maintained in sufficient decorative order to meet the requirements of the lease.
 




24.


Related party transactions

Total remuneration in respect of these individuals is given in note 11 and 12.


25.


Controlling party

The Trustees are the immediate and ultimate controlling party.

Page 26