| REGISTERED NUMBER: |
| FURNITURE INDUSTRY RESEARCH |
| ASSOCIATION(THE) |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| FURNITURE INDUSTRY RESEARCH |
| ASSOCIATION(THE) |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FURNITURE INDUSTRY RESEARCH |
| ASSOCIATION(THE) (REGISTERED NUMBER: 00688288) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Chairman's Report | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 4 | to | 5 |
| FURNITURE INDUSTRY RESEARCH |
| ASSOCIATION(THE) |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| 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 2024 |
| it is with great pleasure that I present the 2024 Annual Report and Financial Statements for the Furniture Industry Research Association. |
| This year marked my fourth as Chair of the Association - an honour and privilege I continue to value deeply. I'm especially pleased to report that we welcomed 29 new members in 2024. Many of them cited access to our extensive knowledge base, expert guidance, and industry insights as key reasons for joining. While space prevents me from listing each new member here, I warmly invite you to explore our full membership directory at https://www.fira.co.uk/directory |
| As in previous years, 2024 saw the successful delivery of a diverse range of impactful projects, guided by the Research Association Council and delivered by our commercial partner, FIRA International. These initiatives reflect our continued role as the central knowledge hub for our members and the wider furniture industry. |
| Projects released in 2024 included production of the Statistics Digest for the Furniture Industry 2023 offering valuable insights into the size, scope, and dynamics of the market. |
| To support our members in navigating regulatory changes, we introduced two new guides on the General Product Safety Regulations - one tailored to Great Britain and the other to the European Union. |
| In addition, to help support operational efficiency across the sector, two new Lean Manufacturing Training toolkits were released which are proving to be a valuable resource for members. |
| We also commissioned a pilot research project, An Exploration of Educational Furniture Procurement. Scheduled for release in 2025, this study marks the first phase of a broader initiative aimed at understanding the factors influencing procurement decisions in educational settings. It highlights systemic barriers that prevent schools from accessing high-quality, ergonomic furniture and identifies opportunities for improvement. |
| The research advocates for industry-wide collaboration to develop better procurement policies, ensure compliance with British and European standards, and raise awareness of the critical role furniture plays in student health and engagement. |
| The Research Association Council continues to play a vital role in overseeing our work, and their insights are instrumental in shaping our direction. I would like to extend my sincere thanks to all Council members for their dedication and support throughout 2024. I also encourage our members to consider nominating themselves (or a colleague) to join the Council and help guide the Association's future. For more information, please contact us at info@fira.co.uk. |
| Looking ahead to 2025, the Association will remain actively involved in high-level discussions surrounding the Furniture & Furnishings (Fire Safety) Regulations. Sustainability will also remain a key focus, with plans to develop best practice guidance for measuring and assessing environmental impact, reinforcing the sector's commitment to meaningful progress toward carbon neutrality. |
| We will continue to ensure that the Furniture Industry Research Association stands as the leading source of knowledge for the industry, delivering insights that directly benefit our members' businesses. |
| In closing, I would like to thank you, our members, for your continued support. On behalf of the Council, I wish you every success in the year ahead. We are sincerely grateful for your membership and look forward to another year of providing you with the highest standard of information, support, and guidance. |
| Brian Ahern |
| Chairman - Furniture Industry Research Association |
| 18 August 2025 |
| FURNITURE INDUSTRY RESEARCH |
| ASSOCIATION(THE) (REGISTERED NUMBER: 00688288) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| 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 |
| 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 2024 |
| 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 |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| FURNITURE INDUSTRY RESEARCH |
| ASSOCIATION(THE) (REGISTERED NUMBER: 00688288) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| 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. |