``` 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`**|| |---|---|---|---| |**`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 ```