Charity Registration No. 1192660
Company Registration No. 03523786 (England and Wales)
BRIGHTON & HOVE WOOD RECYCLING PROJECT
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
One Bell Lane
Lewes
East Sussex
BN7 1JU
BRIGHTON & HOVE WOOD RECYCLING PROJECT
CONTENTS
Page
Company information
1
Trustees' report
2 - 5
Independent examiner's report
6
Statement of financial activities
7 - 8
Balance sheet
9
Notes to the financial statements
10 - 22
BRIGHTON & HOVE WOOD RECYCLING PROJECT
COMPANY INFORMATION
- 1 -
Trustees
Mr D C V Nobbs
Mr J P McNulty
Mr I Westwood
(Appointed 25 January 2024)
Ms M S Wrigley
(Appointed 19 April 2024)
Mr N J Duffy
(Appointed 19 April 2024)
Mr R Gilbert
(Appointed 19 April 2024)
Charity number
1192660
Company number
03523786
Registered office
Ground Floor Oakley House
Edward Street
Brighton
BN2 0BA
Independent examiner
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
BRIGHTON & HOVE WOOD RECYCLING PROJECT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The Directors have the pleasure of presenting the trustees report for Brighton & Hove Wood Recycling Project (“BHWRP” or “the project”), a charity (as registered in England and Wales) for the year ended 31 March 2024.

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 charitable company's governing document, 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

BHWRP operates under the following objects:

 

To promote for the benefit of the public the conservation protection and improvement of the physical and natural environment by:

 

 

Achievements and performance

Company activities

During 2023/2024 BHWRP continued to operate from its main premises on the Ground floor of Oakley House in Edward St Brighton BN2 0BA and has been doing so since May 2021. This is now known as "The Wood Store Brighton".

 

BHWRP has a second site at Ringmer which operates non-retail storage and yard, as well as retail, known as “The Wood Store Lewes”.

 

Public Benefit Reporting

The directors of the company are trustees of the charitable company they confirm they have given due regard to the Charity Commission guidance on public benefits while setting objectives and activities of the projects and these are in line with both existing and future objects of the company the latter of which has been deemed charitable by the Charity Commission.

Environmental Benefit Reporting

BHWRP has diverted 805.3 (2022/23: 720.0) tonnes of timber from the waste stream during the accounting year, a small increase on the 2022/23. Of this 521.9 (2022/23: 320.8) tonnes has been re-used in DIY projects and manufactured furniture products and a further 283.4 (2022/23: 399.2) tonnes has been sent for recycling as particle board, animal bedding and carbon neutral fuels. This has saved 401 tonnes of carbon dioxide from entering the atmosphere. This should continue to grow in 2024/25 should trading increase across both Brighton and Lewes premises.

 

Social Benefit Reporting

The project continues to raise public awareness of re-use and recycling. During the accounting year, the project has created or sustained 16 (2022/23: 15) full time equivalent paid jobs, and has worked with 98 (2022/23 90) volunteers/trainees. These numbers are expected to continue to grow in 2024/25.

BRIGHTON & HOVE WOOD RECYCLING PROJECT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The project provides social benefit by making timber available at excellent prices both to the trade (a maximum of thee quarters of the cost of virgin timber) and to the public for DIY and other projects. Most notable, however, is the work undertaken with volunteers and trainees, most of whom are both socially and financially exclude before starting work at the project.

Financial review

During 2023/24, income was £459,054 (2022/23: £444,743)

Expenditure was £474,011 (2022/23: £443,886)

This generated a loss of £14,957


Current Assets

As a charity the amount of funds held as stock decreased to £22,250 (2022/23: £45,228)

 

Fixed Assets

Fixed assets decreased to £46,164 (2022/23: £54,112)

 

Cash and bank and in hand

The charity held cash of £86,065 (2022/23 £48,344) which is sufficient to cashflow the charitable company but not sufficient to make strategic investments, therefore continued funding will be sought from charitable trusts and other grant making bodies. The charity will continue to work to improve the situation during 2024/25.

Financial policy and financial outlook

It is the policy of the directors to cover all operational expenses with a combination of sales grants fees investments and fund-raising income to this end a budget for operating during 2023-2024 has been published which is undergone significant scrutiny both managerial and board level.

 

Financial reserves remain significantly depleted as of March 2024 and trustees will be seeking to grow unrestricted reserves to ensure the ongoing viability of the project and ultimately to buy a premises or mortgage where BHW RP and other projects can operate present this remains an aspiration.

 

Going Concern Statement

The director trustees have assessed the company’s ability to continue as a going concern, taking into account the company’s financial position, cash flows, and the current business environment. Based on this assessment, the directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. As a result, the financial statements have been prepared on a going concern basis. However, the ongoing economic conditions and any unforeseen financial difficulties may affect the company's ability to continue as a going concern in the future.

 

Reserves policy

Director's understanding their obligations to the health of the business their statutory duty to staff in the case of redundancies have continued with a policy established in 2022/23 accounting year, relating to reserves and agreed to continue to make the following designation of funds:

 

A redundancy fund against the need to close the business

Business wind up costs

Replacement vehicle funds

 

In total these designations total £87,452. There is enough liquidity to ensure cashflow for ongoing activities for a minimum period of three months.

 

BRIGHTON & HOVE WOOD RECYCLING PROJECT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Structure, governance and management

The company is controlled by its governing document and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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 D C V Nobbs
Mr P M Smithson
(Resigned 19 April 2024)
Mr J P McNulty
Mr I Westwood
(Appointed 25 January 2024)
Ms M S Wrigley
(Appointed 19 April 2024)
Mr N J Duffy
(Appointed 19 April 2024)
Mr R Gilbert
(Appointed 19 April 2024)
P R W West
(Resigned 24 October 2024)

Organisational Structure

Brighton and Hove Wood Recycling Project is operated by the board of trustees who employ a managing director who is also a trustee.

 

How decisions are made by the board of trustees

The board make decisions in line with the memorandum and articles of association through regular board meetings with a simple majority of votes deciding outcomes. This is based on attendees at each board meeting (subject to a Quorum being present) or via written board resolution.

Risk Assessment and Management

The director's or aware of their responsibility to ensure that significant risks to which the company is exposed on a regular basis and to establish systems to manage those risks. The director's review the major risk to the charity is exposed on a regular basis and systems are implemented wherever possible to mitigate these risks. The trustees believe that there is a satisfactory system of internal controls which are also reviewed on a regular basis the highest risk at present is the need to continue to address the ongoing financial situation.

 

Due Diligence

The director's regularly review the terms and conditions of external service providers during the next accounts. The directors will ensure that significant fund raising is undertaken to allow the project to grow.

 

Recruitment and Appointment of Directors

BHWRP is administered by a board of directors, directors are appointed by the board there is a set period of three years as tenure of office. New board members are provided with a pack of information containing details of the constitution of the company budgets minutes of recent board meetings and papers dealing with key current issues which can then be discussed in detail with other board members. Directors meet at least three times per year. It was agreed during the accounting year 23/24 the projects would seek to recruit several trustees and expand the board considerably ensuring that trustees are drawn from diverse backgrounds and bring skills and competences needed to be a successful local charity. These new board members are due to join the Board throughout 2024/25 accounting year.

Trustee induction and training

As reported in 2022/23 accounts, the induction programme for new directors has been developed and newly recruited director/trustees will be provided with this upon joining.

BRIGHTON & HOVE WOOD RECYCLING PROJECT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

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

Mr D C V Nobbs
Trustee
3 March 2025
BRIGHTON & HOVE WOOD RECYCLING PROJECT
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF BRIGHTON & HOVE WOOD RECYCLING PROJECT
- 6 -

I report to the trustees on my examination of the financial statements of Brighton & Hove Wood Recycling Project (the charitable company) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charitable company (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 charitable 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 charitable company’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 charitable 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 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 charitable company 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.

N Rawson FCA, on behalf of
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
Dated: 5 March 2025
BRIGHTON & HOVE WOOD RECYCLING PROJECT
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Current financial year
Unrestricted
Unrestricted
Restricted
Total
Total
funds
funds
funds
general
designated
2024
2024
2024
2024
2023
Notes
£
£
£
£
£
Income and endowments from:
Donations and legacies
2
2,430
-
19,983
22,413
12,487
Charitable activities
3
436,483
-
-
436,483
423,648

Investments

4
158
-
-
158
1
Other income
5
-
-
-
-
8,607
Total income
439,071
-
19,983
459,054
444,743
Expenditure on:

Raising funds

6
2,125
-
-
2,125
2,000
Charitable activities
7
466,213
-
4,356
470,569
441,886
Other
12
1,317
-
-
1,317
-
Total expenditure
469,655
-
4,356
474,011
443,886
Net (outgoing)/incoming resources before transfers
(30,584)
-
15,627
(14,957)
857
Gross transfers between funds
2,637
-
(2,637)
-
-
Net (expenditure)/income for the year/
Net movement in funds
(27,947)
-
12,990
(14,957)
857
Fund balances at 1 April 2023
74,698
84,752
5,000
164,450
163,593
Fund balances at 31 March 2024
46,751
84,752
17,990
149,493
164,450
BRIGHTON & HOVE WOOD RECYCLING PROJECT
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Prior financial year
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
general
designated
2023
2023
2023
2023
Notes
£
£
£
£
Income and endowments from:
Donations and legacies
2
7,487
-
5,000
12,487
Charitable activities
3
423,648
-
-
423,648

Investments

4
1
-
-
1
Other income
5
8,607
-
-
8,607
Total income
439,743
-
5,000
444,743
Expenditure on:

Raising funds

6
2,000
-
-
2,000
Charitable activities
7
441,058
-
828
441,886
Total expenditure
443,058
-
828
443,886
Net (outgoing)/incoming resources before transfers
(3,315)
-
4,172
857
Gross transfers between funds
(19,118)
19,118
-
-
Net (expenditure)/income for the year/
Net movement in funds
(22,433)
19,118
4,172
857
Fund balances at 1 April 2022
97,131
65,634
828
163,593
Fund balances at 31 March 2023
74,698
84,752
5,000
164,450
BRIGHTON & HOVE WOOD RECYCLING PROJECT
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
46,164
54,112
Current assets
Stocks
15
22,250
45,228
Debtors
16
23,052
42,694
Cash at bank and in hand
86,065
48,344
131,367
136,266
Creditors: amounts falling due within one year
17
(28,038)
(25,928)
Net current assets
103,329
110,338
Total assets less current liabilities
149,493
164,450
The funds of the charitable company
Restricted income funds
19
17,990
5,000
Unrestricted funds - general
21
46,751
74,698
Unrestricted funds - designated
84,752
84,752
149,493
164,450

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 2024.

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 3 March 2025
Mr D C V Nobbs
Trustee
Company registration number 03523786 (England and Wales)
BRIGHTON & HOVE WOOD RECYCLING PROJECT
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
1
Accounting policies
Charity information

Brighton & Hove Wood Recycling Project is a private company limited by guarantee incorporated in England and Wales. The registered office is Ground Floor Oakley House, Edward Street, Brighton, BN2 0BA.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charitable company'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 charitable company is a Public Benefit Entity as defined by FRS 102.

 

The charitable company 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 charitable company. 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
Charitable funds

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

Material funds are income funds of the charity which have been set aside out of general unrestricted funds by the trustees for specific purposes.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.3
Income
Income is recognised when the charitable company 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 charitable company 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.

Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
BRIGHTON & HOVE WOOD RECYCLING PROJECT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
1.4
Expenditure

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.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them, including allocated governance costs.

 

Governance costs includes those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on estimated usage as a proportion of directly attributable expenditure.

1.5
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:

Leasehold improvements
10% straight line basis
Plant and equipment
15% reducing balance basis
Computers
20% straight line basis
Motor vehicles
25% reducing balance basis

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.

1.6
Impairment of fixed assets

At each reporting end date, the charitable company 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).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

BRIGHTON & HOVE WOOD RECYCLING PROJECT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
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 charitable company 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 charitable company's balance sheet when the charitable company 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.

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 charitable company’s contractual obligations expire or are discharged or cancelled.

1.10
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 charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

BRIGHTON & HOVE WOOD RECYCLING PROJECT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.11
Retirement benefits

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

2
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations and gifts
2,430
7,991
10,421
1,479
-
1,479
Grants
-
11,992
11,992
6,008
5,000
11,008
2,430
19,983
22,413
7,487
5,000
12,487
3
Charitable activities

Waste wood

Workshop and education

Total
2024

Waste wood

Workshop and education

Total
2023
2024
2024
2023
2023
£
£
£
£
£
£

Income from charitable activities

112,781
279,971
392,752
155,378
152,184
307,562
Ancillary trading income
43,731
-
43,731
116,086
-
116,086
156,512
279,971
436,483
271,464
152,184
423,648
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
158
1
BRIGHTON & HOVE WOOD RECYCLING PROJECT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
5
Other income
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Other income
-
8,607
6

Raising funds

Unrestricted
Unrestricted
funds
funds
general
general
2024
2023
£
£
Fundraising and publicity
Staging fundraising events
2,125
2,000
2,125
2,000
BRIGHTON & HOVE WOOD RECYCLING PROJECT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
7
Charitable activities

Waste wood & ancillary trading

Workshop and education

Total
2024

Waste wood & ancillary trading

Workshop and education

Total
2023
2024
2024
2023
2023
£
£
£
£
£
£
Staff costs
211,264
42,584
253,848
212,155
44,422
256,577
Depreciation and impairment
9,887
-
9,887
11,563
-
11,563

Wood purchase

52,128
22,339
74,467
21,416
9,180
30,596

Firewood

3,140
1,346
4,486
7,606
3,260
10,866

Chipping & disposal

14,817
6,350
21,167
16,937
7,723
24,660

Other direct costs

4,133
1,703
5,836
828
-
828

Couriers

-
-
-
759
325
1,084

Workshop expenses

167
21,343
21,510
350
17,832
18,182
295,536
95,665
391,201
271,614
82,742
354,356
Share of support costs (see note 8)
49,881
20,165
70,046
56,544
24,586
81,130
Share of governance costs (see note 8)
6,525
2,797
9,322
5,880
520
6,400
351,942
118,627
470,569
334,038
107,848
441,886
Analysis by fund
Unrestricted funds - general
348,152
118,061
466,213
333,210
107,848
441,058
Restricted funds
3,790
566
4,356
828
-
828
351,942
118,627
470,569
334,038
107,848
441,886
BRIGHTON & HOVE WOOD RECYCLING PROJECT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
8
Support costs
Support costs
Governance costs
2024
Support costs
Governance costs
2023
£
£
£
£
£
£

Rates

2,516
-
2,516
-
-
-

Rent

11,613
-
11,613
11,213
-
11,213

Travel

1,335
-
1,335
1,331
-
1,331

Motor expenses

18,549
-
18,549
22,474
-
22,474

Staff training and welfare

1,228
-
1,228
1,803
-
1,803

Telephone and IT

4,358
-
4,358
3,303
-
3,303

Light and heat

6,086
-
6,086
9,399
-
9,399

Insurance

10,323
-
10,323
9,260
-
9,260

Repairs and maintenance

1,711
-
1,711
1,736
-
1,736
Marketing
4,318
-
4,318
9,040
-
9,040
Printing, postage & stationery
497
-
497
664
-
664
Subscriptions
1,400
-
1,400
1,391
-
1,391
Bank Charges
5,558
-
5,558
6,695
-
6,695
Sundry Expenses
554
-
554
2,821
-
2,821
Accountancy fees
-
2,805
2,805
-
2,625
2,625
Legal and professional
-
6,071
6,071
-
3,195
3,195

Bookkeeping fees

-
446
446
-
580
580
70,046
9,322
79,368
81,130
6,400
87,530
Analysed to
Charitable activities
70,046
9,322
79,368
81,130
6,400
87,530

Governance costs includes payments to the independent examiner of £2,805 (2023 - £2,625) for examination fees.

9
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
2,805
2,625
Depreciation of owned tangible fixed assets
9,887
11,563
Loss on disposal of tangible fixed assets
1,317
-
BRIGHTON & HOVE WOOD RECYCLING PROJECT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
10
Trustees

One of the trustees received remuneration of £20,453 (2023 - £36,245) from the charitable company during the year for the role of Chief Executive Officer.

11
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Employees under contract
16
15
Employment costs
2024
2023
£
£
Wages and salaries
240,816
241,249
Social security costs
8,787
10,901
Other pension costs
4,245
4,427
253,848
256,577
There were no employees whose annual remuneration was £60,000 or more.
12
Other expenditure
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Net loss on disposal of tangible fixed assets
1,317
-
13
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

BRIGHTON & HOVE WOOD RECYCLING PROJECT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
14
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
37,218
4,778
6,106
48,655
96,757
Additions
-
1,719
1,538
-
3,257
Disposals
-
-
-
(13,160)
(13,160)
At 31 March 2024
37,218
6,497
7,644
35,495
86,854
Depreciation and impairment
At 1 April 2023
7,444
1,461
3,622
30,119
42,646
Depreciation charged in the year
3,722
755
1,105
4,305
9,887
Eliminated in respect of disposals
-
-
-
(11,843)
(11,843)
At 31 March 2024
11,166
2,216
4,727
22,581
40,690
Carrying amount
At 31 March 2024
26,052
4,281
2,917
12,914
46,164
At 31 March 2023
29,774
3,317
2,485
18,536
54,112
15
Stocks
2024
2023
£
£
Finished goods and goods for resale
22,250
45,228
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
16,344
37,803
Prepayments and accrued income
6,708
4,891
23,052
42,694
BRIGHTON & HOVE WOOD RECYCLING PROJECT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank overdrafts
16,808
-
Other taxation and social security
7,297
8,607
Trade creditors
1,513
12,335
Other creditors
-
2,746
Accruals and deferred income
2,420
2,240
28,038
25,928
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
4,245
4,427

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

BRIGHTON & HOVE WOOD RECYCLING PROJECT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
19
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds
Movement in funds
Balance at
1 April 2022
Incoming resources
Resources expended
Balance at
1 April 2023
Incoming resources
Resources expended
Transfers
Balance at
31 March 2024
£
£
£
£
£
£
£
£
Sussex Community Foundation
828
-
(828)
-
7,992
(2,270)
(918)
4,804
Chalk Cliff Trust
-
5,000
-
5,000
-
(565)
(1,719)
2,716
Van fund
-
-
-
-
9,991
-
-
9,991
Lewes premises fund
-
-
-
-
2,000
(1,521)
-
479
828
5,000
(828)
5,000
19,983
(4,356)
(2,637)
17,990

 

Chalk Cliff Trust fund was for tooling for the Lewes premises.

 

The Sussex Community Foundation fund was provided to support the charity expanding into Lewes.

 

The van fund relates to crowd fund donations and a grant received from Lewes Town Council for the purchase of a new van.

 

The Lewes premises fund relates to a grant from the Allington Trust to be spent on Lewes premises costs.

BRIGHTON & HOVE WOOD RECYCLING PROJECT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
20
Analysis of net assets between funds
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
general
designated
2024
2024
2024
2024
£
£
£
£
At 31 March 2024:
Tangible assets
43,968
-
2,196
46,164
Current assets/(liabilities)
2,783
84,752
15,794
103,329
46,751
84,752
17,990
149,493
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
general
designated
2023
2023
2023
2023
£
£
£
£
At 31 March 2023:
Tangible assets
54,112
-
-
54,112
Current assets/(liabilities)
20,586
84,752
5,000
110,338
74,698
84,752
5,000
164,450
21
Designated funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Movement in funds
Balance at
1 April 2022
Transfers
Balance at
1 April 2023
Incoming resources
Balance at
31 March 2024
£
£
£
£
£
Business wind-up fund
45,634
9,118
54,752
-
54,752
Replacement vehicle fund
15,000
10,000
25,000
-
25,000
Wind-up redundancy fund
5,000
-
5,000
-
5,000
65,634
19,118
84,752
-
84,752

Designated funds are held for redundancy fund (business closure), replacement vehicle fund and business wind up costs.

BRIGHTON & HOVE WOOD RECYCLING PROJECT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
22
Related party transactions

Apart from those detailed in note 10, there were no additional disclosable related party transactions during the year (2023 - none).

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