REGISTERED COMPANY NUMBER: 02304489 (England and Wales)
REGISTERED CHARITY NUMBER: 1003257
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
FOR
HASTINGS FURNITURE SERVICE LTD
Ashdown Hurrey Auditors Limited
Statutory Auditors
20 Havelock Road
Hastings
East Sussex
TN34 1BP
HASTINGS FURNITURE SERVICE LTD
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
|
|
Page |
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Report of the Trustees |
1 |
to |
4 |
Statement of Trustees' Responsibilities |
|
5 |
|
Independent Examiner's Report |
|
6 |
|
Statement of Financial Activities |
|
7 |
|
Balance Sheet |
|
8 |
|
Notes to the Financial Statements |
9 |
to |
17 |
HASTINGS FURNITURE SERVICE LTD (REGISTERED NUMBER: 02304489)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreport with
thefinancialstatementsofthecharityfortheyearended31March2021.Thetrusteeshaveadoptedtheprovisions of
AccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
ThecharityisconstitutedasacompanylimitedbyguaranteeandisthereforegovernedbyaMemorandumand Articles
of Association. The Trustees meet regularly to manage the affairs of the organisation.
The aims of the organisation are:
-Alleviatingpovertybyprovidingaffordablegoodsandservicesforhouseholdswithlowincomes; collecting
unwantedreusablefurnitureandelectricalgoods;providingthosegoodsatdiscountedpricesforlow-incomefamilies. We
also work with local a uthorities to provide essential items for people in crisis setting up home.
-ReducingwasteHFSreuses300tonsoffurnitureayear-reducinglandfillandcontributingto environmental
sustainability.
-Creatingopportunitiesforpeoplewhoareoutofwork,togainskills,confidence,experienceand qualifications;
including therapeutic cre ative activities, accredited courses and employment-based training.
-Encouragingotherorganisationstocreateopportunitiesbyprovidingaffordableworkspaceforenterprises that
create jobs and training at our Bexhill centre.
Ensuring our work delivers our aims
HFStrusteeshavereferredtotheguidancepublishedbytheCharityCommissionregardingpublicbenefitwhen reviewing
ouraimsandobjectivesorplanningourfuturedevelopment(section17oftheCharitiesAct2011).Weregularly review
our development plan.
Page 1
HASTINGS FURNITURE SERVICE LTD (REGISTERED NUMBER: 02304489)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
OBJECTIVES AND ACTIVITIES
How our Activities Deliver Public benefit
Thisyearhasbeenverychallenging;duetotheCovid19Pandemicourshopswereclosedfor31weeksoutof52, this
obviously hit hard the services we usually provide and the income we normally generate from sales in our shops.
Duringthefirstlockdownwhilstthestoreswereclosedandthemajorityofstaffwherefurloughed,wewereableto work
withotherlocalorganisationsandcharitiestoprovidemuchneededservices-suchashelpinglocalfoodbanks collect
anddeliverfood.Weusedthevantopickupfoodfromthelocalsupermarketsthatwerethendistributedto vulnerable
families,someofwhomareourcustomers.Usingourvans,wealsocollected2loadsoffoodfromCrowboroughfor The
Pantryanotherlocalfoodbank.AsourthreeshopswereclosedweopenedsomestoragetoSurvivingtheStreetsas their
demandforspacehadincreasedduetotherisingneedfortheirservices.TheCEOandDevelopmentand Projects
managerworkedthroughoutthelockdownandwereabletodelivernewbedsforvulnerablefamilieswho received
emergency grants.
Throughouttheyearweworkedwithlocalauthoritiestofurnish21homesacrossHastings,StLeonardsandRother that
will be used for Syrian refugees and temporary housing for homeless families.
HFS continued to raise funds to offer "starter packs" of essential items for households to cook, wash and clean.
ThestoresweremadeCovidsafewithPerspexscreensatthereceptiondesks,sanitisingstationsthroughoutthe stores
andclearroutesmarkedoutthroughoutthestoresforsocialdistancing.Eachvanwasfittedwithcleaningstations so
that drivers and crew could wash their hands before and after each delivery or collection.
Whenweopenedafterthefirstlockdownalldonatedfurniturehadtobequarantinedfor72hoursbeforegoingonto the
shopfloor,thismeantthatdeliveryandcollectionscrewsweredoubleorsometimestriplehandlingfurniture.All HFS
staffpulledtogetherduringthistimeandworkedextremelyhardtosuccessfullydeliverourservicesinthis challenging
environment.
Althoughwewerenotabletorunourtrainingcoursesasnormalduetolockdownsandsocialdistancing,thisgaveus the
opportunitytore-vamptheBexhillworkshopinpreparationforourcommunityshedproject.Theworkshopwasgiven a
lickofpaint,anewsinkwasinstalledsowecouldhaverunningwaterandcleaningfacilitiesaswellaspegboardsput up
to store tools.
HFScontinuestoprovideenvironmentalbenefits;inthelastyearwereused120tonsoffurnitureandelectrical goods,
savingitemsfromgoingtowasteinlandfill.Thisfigureismuchlowerincomparisontopreviousyears,butwewill be
looking at ways to increase the re-use of furniture and reduce waste in the coming financial year.
Wecontinuedtoprovideopportunitiesforunemployedpeopletojoinusasvolunteersandwillberunning the
GovernmentKickStarterschemeinthenextyear.Thiswillallowustogiverealworkexperienceandtrainingfor young
people which increase their employability.
FINANCIAL REVIEW
Financial position
Thecharityachievedasurplusduringtheyear.WithloweractivityresultingfromtheCovid-19pandemic,we were
fortunate to receive significant Government assistance which enabled us to maintain financial security.
Wehavecontinuedtoapplyforgrants,andweregularlyreviewourexpenditure.Ouraimofoptimisingourshop space
so as to reach its full potential and to make sure we are reaching as many of our clients as possible continues.
ThecontinuingCovid-19pandemicmakesfutureplanningverydifficult.Ouraimfortheforeseeablefutureis the
maintenance of financial security.
Fixed Assets
HFSownsfunctionalfixedassets,suchaspremisesandvehicles,inordertoprovideitsservicesinthecommunity. Full
detailsofthefunctionalfixedassetsnecessarytotheprovisionofthecharity'sservicesaresetoutinNote10to the
accounts.
Reserves policy
Itisthepolicyofthecharitythatunrestrictedfundswhichhavenotbeendesignatedforaspecificuseshould be
maintainedatalevelequivalenttosixmonth'sexpenditure,inaccordancewithCharityCommission recommendations.
Wehavesetout£170,000madeupofemploymentcosts,runningcostsandmortgage/loanliabilities.The Trustees
considerthatreservesatthislevelwillensurethat,intheeventofasignificantreductioninincome,HFSwouldbe able
to continue to provide a service for local low-income households while alternative sources of income were sought.
Page 2
HASTINGS FURNITURE SERVICE LTD (REGISTERED NUMBER: 02304489)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
FUTURE PLANS
-
Opening our shops and trying to get back to full capacity
-
Opening the ground floor of Dorset Place as well as still having Priory Meadow
-
Provide work placements for the Kick Starter Scheme
-
Open more display space in Bexhill
-
Create more opportunities for volunteers and support them back in to work
-
We will open our Bexhill workshop to the public as a "Community Shed" and offer opportunities for people to learn new
-
skills and enjoy company while they undertake their own projects or community projects in the workshop.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimitedcompany,limited by
guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
HastingsFurnitureService(HFS)undertakesaskillsauditofourtrusteestoidentifyanygapsintherequiredskills. We
recruitusingvariousmeansi.e.identifyingspecificagencies/organisations,advertisingthroughthelocalCVS(Council for
Voluntary Service) and via Reachvolunteering.org.uk.
TheManagementCommitteemayatanytimeco-optanypersontotheManagementCommitteewhetherornots/heis a
memberoftheAssociation,providedthatthemaximumnumberprescribedinthearticlesisnotexceeded. The
appointment will be subject to fulfilling the criteria set out in the HFS Memorandum & Articles of Association.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
02304489 (England and Wales)
Registered Charity number
1003257
Registered office
6-10 Dorset Place
Hastings
East Sussex
TN34 1LG
Trustees
M C Selley Advice Worker (resigned 28.2.21)
B R McLean
J Everard Advice Centre Manager
M Denning Retired Teacher (resigned 28.2.21)
C Davies Programme Manager
M Bushell Neighbourhood Manager
K Sellens FCA Retired Chartered Accountant (appointed 26.8.20)
Nominated Representatives
The following organisations provide nominated representatives:
- Hastings Borough Council
- Rother District Council
Company Secretary
A S Burnett
Independent Examiner
Mr S R Sampson BFP FCA FCIE DChA
Institute of Chartered Accountants in England and Wales
Ashdown Hurrey Auditors Limited
Statutory Auditors
20 Havelock Road
Hastings
East Sussex
TN34 1BP
Page 3
HASTINGS FURNITURE SERVICE LTD (REGISTERED NUMBER: 02304489)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
Approved by order of the board of trustees on 20 December 2021 and signed on its behalf by:
C Davies - Trustee
Page 4
HASTINGS FURNITURE SERVICE LTD
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2021
Thetrustees(whoarealsothedirectorsofHastingsFurnitureServiceLtdforthepurposesofcompanylaw) are
responsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordancewithapplicablelaw and
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgiveatrueandfair view
ofthestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplicationofresources,including the
incomeandexpenditure,ofthecharitablecompanyforthatperiod.Inpreparingthosefinancialstatements,the trustees
are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyatany time
thefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthefinancialstatementscomply with
theCompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassetsofthecharitablecompanyandhence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
HASTINGS FURNITURE SERVICE LTD
Independent examiner's report to the trustees of Hastings Furniture Service Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and basis of report
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)youareresponsible for
the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16ofthe2006 Act
andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccountsas carried
outundersection145oftheCharitiesAct2011('the2011Act').IncarryingoutmyexaminationIhavefollowed the
Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Sinceyourcharity'sgrossincomeexceeded£250,000yourexaminermustbeamemberofalistedbody.Ican confirm
thatIamqualifiedtoundertaketheexaminationbecauseIamaregisteredmemberofInstituteof Chartered
Accountants in England and Wales which is one of the listed bodies.
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith 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)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhichattention should
be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr S R Sampson BFP FCA FCIE DChA
Institute of Chartered Accountants in England and Wales
Ashdown Hurrey Auditors Limited
Statutory Auditors
20 Havelock Road
Hastings
East Sussex
TN34 1BP
23 December 2021
Page 6
HASTINGS FURNITURE SERVICE LTD
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
763
Charitable activities
Furniture projects
115,299
Contract income
36,679
Training projects
8,137
Workspace hub
14,935
Investment income
3
141
Other income
4
172,178
Total
348,132
EXPENDITURE ON
Raising funds
17,275
Charitable activities
Furniture projects
222,327
Contract income
30,992
Training projects
13,342
Workspace hub
6,574
Other
11,253
Total
301,763
NET INCOME/(EXPENDITURE)
46,369
RECONCILIATION OF FUNDS
Total funds brought forward
467,569
TOTAL FUNDS CARRIED FORWARD
513,938 |
Restricted
funds
£
-
32,812
1,506
11,930
1,505
-
-
47,753
-
49,133
-
18,375
-
-
67,508
(19,755)
454,574
434,819 |
31.3.21
Total
funds
£
763
148,111
38,185
20,067
16,440
141
172,178
395,885
17,275
271,460
30,992
31,717
6,574
11,253
369,271
26,614
922,143
948,757 |
31.3.20
Total
funds
£
2,723
278,585
40,933
36,400
15,217
534
-
374,392
17,039
293,029
43,410
59,235
17,549
-
430,262
(55,870)
978,013
922,143 |
|
|
|
|
The notes form part of these financial statements
Page 7
HASTINGS FURNITURE SERVICE LTD (REGISTERED NUMBER: 02304489)
BALANCE SHEET 31 MARCH 2021
Notes
FIXED ASSETS
Tangible assets
10
CURRENT ASSETS
Stocks
11
Debtors
12
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
14
NET ASSETS
FUNDS
17
Unrestricted funds
Restricted funds
TOTAL FUNDS |
Unrestricted
funds
£
340,891
5,443
20,576
282,377
308,396
(29,312)
279,084
619,975
(106,037)
513,938 |
Restricted
funds
£
426,894
-
3,445
7,925
11,370
(3,445)
7,925
434,819
-
434,819 |
31.3.21
Total
funds
£
767,785
5,443
24,021
290,302
319,766
(32,757)
287,009
1,054,794
(106,037)
948,757
513,938
434,819
948,757 |
31.3.20
Total
funds
£
792,233
3,639
24,406
279,823
307,868
(56,926)
250,942
1,043,175
(121,032)
922,143
467,569
454,574
922,143 |
|
|
|
|
|
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006forthe year
ended 31 March 2021.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 March 2021 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.
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon20December2021 and
were signed on its behalf by:
K Sellens FCA - Trustee
The notes form part of these financial statements
Page 8
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1. STATUTORY INFORMATION
HastingsFurnitureServiceisanincorporatedcharity,limitedbyguarantee,registeredinEngland&Wales. The
charity's registered number and registered office address can be found in the Report of the Trustees.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
StandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',Financial Reporting
Standard102'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andthe Companies
Act 2006. The financial statements have been prepared under the historical cost convention.
Inpreparingthefinancialstatements,thetrusteesarerequiredtomakeanassessmentoftheabilityof the
charitytocontinueasagoingconcern.Thetrusteeshavepreparedacashflowforecastandbudgetsfor the
charityandagainstthebackdropoftheCOVID-19Pandemica"reversestress"testhasbeenappliedto the
forecasts,seekingtoestablishthelevelofliquidityheadroomthecharityisexpectedtohaveduringthe12 month
going concern period.
Onthebasisoftheseforecastsandthefactthatthecharityhassubstantialnetcurrentassetsandnetassets, the
trusteesareconfidentthatthecharityhasadequateresourcestocontinueinoperationalexistenceandto meet
itsliabilitiesastheyfallduefortheforeseeablefuture.Asaresultoftheabove,thetrusteeshaveconcluded that
it remains appropriate to adopt a going concern basis of preparation in these financial statements.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,it is
probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlement and
theamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisand has
beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetoveritsestimated useful
life.
Freehold property- 2% on cost
Fixtures and fittings- 33% on cost
Motor vehicles- 25% on reducing balance
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowanceforobsoleteand slow
moving items.
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.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity. 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.
Pension costs and other post-retirement benefits
Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayabletothe charitable
company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 9
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
2. ACCOUNTING POLICIES - continued
Government grants
Inaccordancewiths24ofFRS102thesearetreatedusingtheaccrualsmodelandsoarerecognisedin income
onasystematicbasisovertheperiodsinwhichthecharityrecognisestherelatedcostsforwhichthegrants are
intended to compensate.
3. INVESTMENT INCOME
INVESTMENT INCOME |
|
|
|
31.3.21 |
31.3.20 |
|
£ |
£ |
Deposit account interest |
141 |
534 |
OTHER INCOME |
|
|
|
31.3.21 |
31.3.20 |
|
£ |
£ |
Government COVID Support |
172,178 |
- |
4. OTHER INCOME
The entity has received the following from the UK government in respect of COVID 19 grants and reliefs:
|
£ |
Coronavirus Job Retention Scheme (CJRS) |
88,785 |
Small Business Grant Fund |
83,393 |
|
|
|
172,178 |
|
|
There are no unfulfilled conditions or other contingencies attaching to any of the above amounts.
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
|
31.3.21 |
31.3.20 |
|
£ |
£ |
Depreciation - owned assets |
24,448 |
25,465 |
6. INDEPENDENT EXAMINERS' REMUNERATION
|
31.3.21 |
31.3.20 |
|
£ |
£ |
|
|
|
Fees payable to the charity's independent examiners for the independent
examination of the charity's financial statements |
1,000 |
1,000 |
|
|
|
7. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2021norfortheyear ended
31 March 2020.
continued...
Page 10
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
7. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
8. STAFF COSTS
Wages and salaries
Social security costs
Other pension costs |
31.3.21
£
247,637
15,034
4,084
266,755 |
31.3.20
£
246,477
17,105
4,572 |
|
|
268,154 |
The average monthly number of employees during the year was as follows: |
|
|
|
31.3.21 |
31.3.20 |
Full time equivalents |
12 |
10 |
No employees received emoluments in excess of £60,000. |
|
|
The average number of employees during the year was 14 (2020 - 13)
9.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (2019/20)
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2,723
Charitable activities
Furniture projects
275,135
Contract income
40,933
Training projects
9,940
Workspace hub
15,217
Investment income
534
Total
344,482
EXPENDITURE ON
Raising funds
17,039
Charitable activities
Furniture projects
282,674
Contract income
43,410
Training projects
29,042
Workspace hub
17,549
Total
389,714
NET INCOME/(EXPENDITURE)
(45,232)
RECONCILIATION OF FUNDS
Total funds brought forward
512,801 |
Restricted
funds
£
-
3,450
-
26,460
-
-
29,910
-
10,355
-
30,193
-
40,548
(10,638)
465,212 |
Total
funds
£
2,723
278,585
40,933
36,400
15,217
534
374,392
17,039
293,029
43,410
59,235
17,549
430,262
(55,870)
978,013 |
|
|
|
continued...
Page 11
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
9. |
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (2019/20) - continued |
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (2019/20) - continued |
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (2019/20) - continued |
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (2019/20) - continued |
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (2019/20) - continued |
|
|
|
|
Unrestricted |
|
Restricted |
Total |
|
|
|
funds |
|
funds |
funds |
|
|
|
£ |
|
£ |
£ |
|
TOTAL FUNDS CARRIED FORWARD |
|
467,569 |
|
454,574 |
922,143 |
10. |
TANGIBLE FIXED ASSETS |
|
|
|
|
|
|
|
|
Fixtures |
|
|
|
|
|
Freehold |
and |
|
Motor |
|
|
|
property |
fittings |
|
vehicles |
Totals |
|
|
£ |
£ |
|
£ |
£ |
|
COST |
|
|
|
|
|
|
At 1 April 2020 and 31 March 2021 |
1,069,725 |
18,065 |
|
127,469 |
1,215,259 |
|
DEPRECIATION |
|
|
|
|
|
|
At 1 April 2020 |
289,702 |
18,065 |
|
115,259 |
423,026 |
|
Charge for year |
21,395 |
|
- |
3,053 |
24,448 |
|
At 31 March 2021 |
311,097 |
18,065 |
|
118,312 |
447,474 |
|
NET BOOK VALUE |
|
|
|
|
|
|
At 31 March 2021 |
758,628 |
|
- |
9,157 |
767,785 |
|
At 31 March 2020 |
780,023 |
|
- |
12,210 |
792,233 |
11. |
STOCKS |
|
|
|
|
|
|
|
|
|
|
31.3.21 |
31.3.20 |
|
|
|
|
|
£ |
£ |
|
New furniture stock |
|
|
|
5,443 |
3,639 |
12. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
|
|
|
|
|
|
31.3.21 |
31.3.20 |
|
|
|
|
|
£ |
£ |
|
Trade debtors |
|
|
|
9,116 |
19,747 |
|
Other debtors |
|
|
|
12,138 |
- |
|
VAT |
|
|
|
270 |
- |
|
Prepayments and accrued income |
|
|
|
2,497 |
4,659 |
|
|
|
|
|
24,021 |
24,406 |
continued...
Page 12
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 15)
Other loans (see note 15)
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
14.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Other loans (see note 15)
15.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts
Other loans
Amounts falling due between two and five years:
Other loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Other loans more than 5 years by instalments
16.
SECURED DEBTS
The following secured debts are included within creditors:
Other loans |
31.3.21
£
3,445
18,532
4,140
-
2,840
3,800
32,757
31.3.21
£
106,037
31.3.21
£
3,445
18,532
21,977
69,591
36,446
31.3.21
£
124,569 |
31.3.20
£
-
18,251
4,225
2,301
3,349
28,800
56,926
31.3.20
£
121,032 |
|
|
31.3.20
£
-
18,251
18,251
68,167
52,865
31.3.20
£
139,283 |
LloydsTSBBankPLCholdadebenturewithafixedandfloatingchargeovertheundertakingandallproperty and
assetspresentandfuture,includinggoodwill,bookdebts,uncalledcapital,building,fixtures,fixedplant &
machinery.
LloydsTSBBankPLCholdamortgageoverthefreeholdof47LondonRoad,BexhillonSea,EastSussex, together
withallbuildings&fixtures(includingtradefixtures).Fixedplant&machinerybywayoffixedcharge,all present
&futurebook&otherdebts,floatingchargeoverallmoveableplant&machinery,implements,utensils, furniture
&equipmentbywayofassignment.Thegoodwillofthebusiness(ifany),thefullbenefitofalllicences &
guarantees.
Rother District Council hold a charge over 47 London Road, Bexhill for £80,000.
continued...
Page 13
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
17. MOVEMENT IN FUNDS
Unrestricted funds
General fund
Designated funds
Restricted funds
The Magdalen and Lasher Charity
Hastings Lions Club
Tangible Assets
Didymus Foundation
Foreshore Trust
Masons Charitable Trust
Awards for All
Isobel Blackman Foundation
Sussex Community Foundation - Volunteer
Support
TOTAL FUNDS
Net movement in funds, included in the above are as
Unrestricted funds
General fund
Restricted funds
The Magdalen and Lasher Charity
Hastings Lions Club
Rother District Council
Tangible Assets
Sussex Community Foundation
Didymus Foundation
Foreshore Trust
Masons Charitable Trust
Awards for All
Isobel Blackman Foundation
Sussex Community Foundation - Volunteer
Support
Sussex Crisis Fund
Homity Trust
National Lottery Community Fund
Edward Gostling
Social Enterprise Support Fund
TOTAL FUNDS |
At 1.4.20
£
237,569
230,000
467,569
650
1,300
438,224
-
2,400
2,500
8,000
500
1,000
454,574
922,143
follows: |
Net
movement
in funds
£
46,369
-
46,369
(650)
(1,300)
(11,330)
5,000
(2,400)
(2,500)
(5,075)
(500)
(1,000)
(19,755)
26,614
Incoming
resources
£
348,132
-
-
2,325
-
3,482
5,000
5,800
-
-
-
-
2,540
650
5,350
2,500
20,106
47,753
395,885 |
Transfers
between
At
funds
31.3.21
£
£
60,000
343,938
(60,000)
170,000
-
513,938
-
-
-
-
-
426,894
-
5,000
-
-
-
-
-
2,925
-
-
-
-
-
434,819
-
948,757
Resources
Movement
expended
in funds
£
£
(301,763)
46,369
(650)
(650)
(1,300)
(1,300)
(2,325)
-
(11,330)
(11,330)
(3,482)
-
-
5,000
(8,200)
(2,400)
(2,500)
(2,500)
(5,075)
(5,075)
(500)
(500)
(1,000)
(1,000)
(2,540)
-
(650)
-
(5,350)
-
(2,500)
-
(20,106)
-
(67,508)
(19,755)
(369,271)
26,614 |
|
|
|
|
continued...
Page 14
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
Designated funds
Restricted funds
The Magdalen and Lasher Charity
Hastings Lions Club
Tangible Assets
John Paul Getty Charitable Trust
Foreshore Trust
Masons Charitable Trust
Chalk Cliffs Trust
Awards for All
Isobel Blackman Foundation
Sussex Community Foundation - Volunteer
Support
TOTAL FUNDS
Comparative net movement in funds, included in the
Unrestricted funds
General fund
Restricted funds
The Magdalen and Lasher Charity
Hastings Lions Club
Tangible Assets
John Paul Getty Charitable Trust
Foreshore Trust
Masons Charitable Trust
Chalk Cliffs Trust
Awards for All
Isobel Blackman Foundation
Sussex Community Foundation - Volunteer
Support
Big Local (NE Hastings)
TOTAL FUNDS |
Net
movement
At 1.4.19
in funds
£
£
241,131
(45,232)
271,670
-
512,801
(45,232)
-
650
-
1,300
450,212
(11,988)
10,000
(10,000)
-
2,400
2,500
-
2,500
(2,500)
-
8,000
-
500
-
1,000
465,212
(10,638)
978,013
(55,870)
above are as follows:
Incoming
resources
£
344,482
650
1,300
-
-
5,400
5,000
-
10,000
1,500
5,000
1,060
29,910
374,392 |
Transfers
between
At
funds
31.3.20
£
£
41,670
237,569
(41,670)
230,000
-
467,569
-
650
-
1,300
-
438,224
-
-
-
2,400
-
2,500
-
-
-
8,000
-
500
-
1,000
-
454,574
-
922,143
Resources
Movement
expended
in funds
£
£
(389,714)
(45,232)
-
650
-
1,300
(11,988)
(11,988)
(10,000)
(10,000)
(3,000)
2,400
(5,000)
-
(2,500)
(2,500)
(2,000)
8,000
(1,000)
500
(4,000)
1,000
(1,060)
-
(40,548)
(10,638)
(430,262)
(55,870) |
|
|
|
continued...
Page 15
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
17. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
Designated funds
Restricted funds
Tangible Assets
John Paul Getty Charitable Trust
Didymus Foundation
Masons Charitable Trust
Chalk Cliffs Trust
Awards for All
TOTAL FUNDS |
At 1.4.19
£
241,131
271,670
512,801
450,212
10,000
-
2,500
2,500
-
465,212
978,013 |
Net
movement
in funds
£
1,137
-
1,137
(23,318)
(10,000)
5,000
(2,500)
(2,500)
2,925
(30,393)
(29,256) |
Transfers
between
funds
£
101,670
(101,670)
-
-
-
-
-
-
-
-
- |
At
31.3.21
£
343,938
170,000 |
|
|
|
|
513,938
426,894
-
5,000
-
-
2,925 |
|
|
|
|
434,819 |
|
|
|
|
948,757 |
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedintheabove are
as follows:
Unrestricted funds
General fund
Restricted funds
The Magdalen and Lasher Charity
Hastings Lions Club
Rother District Council
Tangible Assets
Sussex Community Foundation
John Paul Getty Charitable Trust
Didymus Foundation
Foreshore Trust
Masons Charitable Trust
Chalk Cliffs Trust
Awards for All
Isobel Blackman Foundation
Sussex Community Foundation - Volunteer
Support
Big Local (NE Hastings)
Sussex Crisis Fund
Homity Trust
National Lottery Community Fund
Edward Gostling
Social Enterprise Support Fund
TOTAL FUNDS |
Incoming
resources
£
692,614
650
1,300
2,325
-
3,482
-
5,000
11,200
5,000
-
10,000
1,500
5,000
1,060
2,540
650
5,350
2,500
20,106
77,663
770,277 |
Resources
Movement
expended
in funds
£
£
(691,477)
1,137
(650)
-
(1,300)
-
(2,325)
-
(23,318)
(23,318)
(3,482)
-
(10,000)
(10,000)
-
5,000
(11,200)
-
(7,500)
(2,500)
(2,500)
(2,500)
(7,075)
2,925
(1,500)
-
(5,000)
-
(1,060)
-
(2,540)
-
(650)
-
(5,350)
-
(2,500)
-
(20,106)
-
(108,056)
(30,393)
(799,533)
(29,256) |
Resources
Movement
expended
in funds
£
£
(691,477)
1,137
(650)
-
(1,300)
-
(2,325)
-
(23,318)
(23,318)
(3,482)
-
(10,000)
(10,000)
-
5,000
(11,200)
-
(7,500)
(2,500)
(2,500)
(2,500)
(7,075)
2,925
(1,500)
-
(5,000)
-
(1,060)
-
(2,540)
-
(650)
-
(5,350)
-
(2,500)
-
(20,106)
-
(108,056)
(30,393)
(799,533)
(29,256) |
|
|
|
(30,393) |
|
|
|
(29,256) |
Attheyearendthecharityheldreservesof£948,758,ofwhich£513,939areunrestricted.TheTrustees reviewed
the position and have had the following designations places upon them:-
continued...
Page 16
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
17. MOVEMENT IN FUNDS - continued
£170,000 Continuation Reserve
Description of Restricted Funds
RotherDistrictCouncil-Communityshed,revampofBexhillworkshoptoincludematerialsandlabour. Materials
to run the community shed (tools, drills, waxes, varnishes etc)
Sussex Crisis Fund - Laptops for 3 senior staff to be able to work from home during lockdown
Foreshore Trust - Starter packs, to purchase items for starter packs for vulnerable families.
Homity Trust - Starter packs, to purchase items for starter packs for vulnerable families.
NationalLotteryCommunityFund-Tomakethestorescovidsecurewithscreens,floormarkingsocial distancing,
PPE for staff. Sanitizer and cleaning materials.
Edward Gostling - Volunteer project, pay towards volunteer support worker and travel expenses for volunteers.
SussexCommunityFoundation-Traininginfirstaidandfiresafetytrainingforstaff.HiVizforstaff and
volunteers, heated jackets for shop staff.
SocialEnterpriseSupportFund-Tocoverlossesfromtradingduringlockdown.2staffwagesfor6months and
Project and Development Manager wage.
Didymus-WoWvansessions.ToprovidecommunitylearningsessionswithinthecommunityusingtheWoW van,
running costs of van, materials and Tutor time.
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
Page 17