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 2022
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 2022
|
|
Page |
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Report of the Trustees |
1 |
to |
3 |
Statement of Trustees' Responsibilities |
|
4 |
|
Independent Examiner's Report |
|
5 |
|
Statement of Financial Activities |
|
6 |
|
Balance Sheet |
|
7 |
|
Notes to the Financial Statements |
8 |
to |
17 |
HASTINGS FURNITURE SERVICE LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreport with
thefinancialstatementsofthecharityfortheyearended31March2022.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.
How our Activities Deliver Public benefit
ThisyearcontinuedtobechallengingforHFSandthewidercharitysector;withtheCovid19pandemicandthe resulting
lockdownsmeaningourshopswereclosed.Wewereunabletorunworkshopsandeventsinthefirstquarter.Thanks to
the cost-of-living crisis our services are in greater need than ever.
Duringthefirstperiodwecontinuedtoworkwithlocalauthoritiestoprovideemergencyfurnitureandsupplies to
householdsinneed.Wereopenedour3shopsinHastingsandBexhillmidJuly2021enablingustosupplyquality used
furniture and household items to the communities we serve.
Lastyearwesuppliedover4,000locallow-incomehouseholdswithqualitysecondhandfurnitureandelectrical items,
resultinginatotalsavingof30%forourcustomerswhichenabledthemtousethemoneytheysavedtospendon other
essentials.
Wesupported35volunteers,includingrefugees,peoplewithlearningdisabilitiesandmentalhealthissues. Through
volunteeringwithustheywereabletolearnnewskills,buildtheirconfidenceandworkaspartofateam.We provided
themwithworkexperiencethathasenabled13togoontopaidemployment.79peopleattendedourcraftand DIY
courses.
Afteratough18monthsourChiefExecutiveresignedhisposition.Theboardoftrusteesagreedthatwewouldrecruit a
newCEOwhilstkeepingourformerCEOonwithinthecharity.TheBoardoftrusteescontinuedtoprovide support,
expertise, time and knowledge to the team throughout the year.
WehaverecruitedanexperiencedCEOfortheposition,commencingherroleinOctober2022.Thisprocesswas both
challenging and rewarding. We go into the new year with a knowledgeable, passionate and resilient team.
ThechallengesfacingHFS,thecharitysectorandlocaleconomieswiththecost-of-livingcrisis,andthechangesto the
highstreetandshoppinghabitshaveallimpactedonourservicesbutwelooktoadapt,tobefinanciallyresponsible, to
be resilient and to face both the challenges and opportunities that the coming year presents.
Thesupportwehavereceivedfromourcommunities,ourlocalauthorities,funders,partnersinthecharitysector and
supportershasbeeninvaluableandwecontinuetoseektoworktogethertoalleviatefurniturepoverty,reducewaste and
create opportunities.
Page 1
HASTINGS FURNITURE SERVICE LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
FINANCIAL REVIEW
Financial position
Thecharitysufferedadeficitthisyearinthesumof£52,525ofwhich£23,684wasDepreciation.Whilstourincome from
core activities was steady, inevitably costs have increased and fundraising was difficult during the year.
Duringthecurrentyearweareexperiencingasustainedincreaseinourincomefromcoreactivitieshoweverpressure on
overheadsisstillamajorfactor.Weareactivelypursuinggrantopportunitiesandwearebeginningtosee some
loosening up in this respect.
Currently,withmanyunknownsweareforecastingdeficitsforthenext24months,however,weareconfidentthat our
reserves are sufficient to absorb them, so long as we continue to receive some grant funding.
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.
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
Page 2
HASTINGS FURNITURE SERVICE LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
Trustees
Trustees |
|
|
B R McLean |
FSB Chairman |
|
J Everard |
Advice Centre Manager |
|
C Davies |
Programme Manager |
|
M Bushell |
Neighbourhood Manager |
Resigned 7 September 2022 |
K Sellens FCA |
Retired Chartered Accountant |
|
J Alexander |
Team Manager |
Appointed 1 November 2022 |
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
Approved by order of the board of trustees on 21 December 2022 and signed on its behalf by:
C Davies - Trustee
Page 3
HASTINGS FURNITURE SERVICE LTD
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2022
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 4
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 2022.
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
22 December 2022
Page 5
HASTINGS FURNITURE SERVICE LTD
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022
Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
346
Charitable activities
Furniture projects
259,799
Contract income
33,174
Training projects
8,741
Workspace hub
19,126
Investment income
3
53
Other income
4
15,640
Total
336,879
EXPENDITURE ON
Raising funds
16,943
Charitable activities
Furniture projects
309,888
Contract income
31,725
Training projects
7,511
Workspace hub
11,657
Other
66
Total
377,790
NET INCOME/(EXPENDITURE)
(40,911)
RECONCILIATION OF FUNDS
Total funds brought forward
513,938
TOTAL FUNDS CARRIED FORWARD
473,027 |
Restricted
funds
£
-
8,400
-
29,526
-
-
-
37,926
-
15,949
-
33,591
-
-
49,540
(11,614)
434,819
423,205 |
31.3.22
Total
funds
£
346
268,199
33,174
38,267
19,126
53
15,640
374,805
16,943
325,837
31,725
41,102
11,657
66
427,330
(52,525)
948,757
896,232 |
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 |
The notes form part of these financial statements
Page 6
HASTINGS FURNITURE SERVICE LTD
BALANCE SHEET 31 MARCH 2022
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
£
328,043
5,256
8,543
261,921
275,720
(40,002)
235,718
563,761
(90,734)
473,027 |
Restricted
funds
£
416,058
-
-
7,147
7,147
-
7,147
423,205
-
423,205 |
31.3.22
Total
funds
£
744,101
5,256
8,543
269,068
282,867
(40,002)
242,865
986,966
(90,734)
896,232
473,027
423,205
896,232 |
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 |
|
|
|
|
|
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006forthe year
ended 31 March 2022.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 March 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a)ensuringthatthecharitablecompanykeepsaccountingrecordsthatcomplywithSections386and387of 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.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon21December2022 and
were signed on its behalf by:
K Sellens FCA - Trustee
The notes form part of these financial statements
Page 7
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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 8
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
2. ACCOUNTING POLICIES - continued
Government grants
Inaccordancewiths24ofFRS102thesearetreatedusingtheaccrualsmodelandsoarerecognisedin income
onasystematicbasisovertheperiodsinwhichthecharityrecognisestherelatedcostsforwhichthegrants are
intended to compensate.
3. INVESTMENT INCOME
|
31.3.22 |
31.3.21 |
|
£ |
£ |
Deposit account interest |
53 |
141 |
OTHER INCOME |
|
|
|
31.3.22 |
31.3.21 |
|
£ |
£ |
Government COVID Support |
15,640 |
172,178 |
4. OTHER INCOME
The entity has received the following from the UK government in respect of COVID 19 grants and reliefs:
|
31.3.22 |
31.3.21 |
|
£ |
£ |
Coronavirus Job Retention Scheme (CJRS) |
5,640 |
88,785 |
Small Business Grant Fund |
10,000 |
83,393 |
|
|
|
|
15,640 |
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):
|
31.3.22 |
31.3.21 |
|
£ |
£ |
Depreciation - owned assets |
23,684 |
24,448 |
6. INDEPENDENT EXAMINERS' REMUNERATION
|
31.3.22 |
31.3.21 |
|
£ |
£ |
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'remunerationorotherbenefitsfortheyearended31March2022norfortheyear ended
31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
continued...
Page 9
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
8. STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Full time equivalents
No employees received emoluments in excess of £60,000.
The average number of employees during the year was 18 (2021 - 14) |
31.3.22
£
292,139
15,479
4,040
311,658
31.3.22
11 |
31.3.21
£
247,637
15,034
4,084 |
|
|
266,755 |
|
|
31.3.21
12 |
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (2020/21)
Unrestricted
funds
£
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
141
Other income
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 |
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 |
continued...
Page 10
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
10. TANGIBLE FIXED ASSETS
Freehold
property
£
COST
At 1 April 2021 and 31 March 2022
1,069,725
DEPRECIATION
At 1 April 2021
311,097
Charge for year
21,394
At 31 March 2022
332,491
NET BOOK VALUE
At 31 March 2022
737,234
At 31 March 2021
758,628
11.
STOCKS
New furniture stock
12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
VAT
Prepayments and accrued income
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
Other creditors
Accruals and deferred income |
Fixtures
and
fittings
£
18,065
18,065
-
18,065
-
- |
Motor
vehicles
£
127,469
118,312
2,290
120,602
6,867
9,157
31.3.22
£
5,256
31.3.22
£
5,363
-
449
2,731
8,543
31.3.22
£
-
18,978
4,631
2,593
13,800
40,002 |
Totals
£
1,215,259 |
Totals
£
1,215,259 |
|
|
|
447,474
23,684 |
|
|
|
|
471,158 |
|
|
|
|
744,101 |
|
|
|
|
767,785 |
|
|
|
|
31.3.21
£
5,443
31.3.21
£
9,116
12,138
270
2,497
24,021
31.3.21
£
3,445
18,532
4,140
2,840
3,800
32,757 |
|
|
|
|
|
32,757 |
continued...
Page 11
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
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 |
31.3.22
£
90,734 |
31.3.22
£
90,734 |
31.3.21
£
106,037 |
31.3.21
£
106,037 |
|
|
|
|
|
|
|
31.3.22 |
|
31.3.21 |
|
|
£ |
|
£ |
|
|
|
|
|
|
|
- |
|
3,445 |
|
|
18,978 |
|
18,532 |
|
|
|
|
|
|
|
18,978 |
|
21,977 |
|
|
|
|
|
|
|
|
|
|
|
|
71,355 |
|
69,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,379 |
|
36,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.3.22
£
109,712 |
|
31.3.21
£
124,569 |
|
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 12
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
17. MOVEMENT IN FUNDS
Unrestricted funds
General
Designated funds
Restricted funds
Ernest Kleinworth Charitable Trust
Tangible Assets
Sussex Community Foundation (SCF)
Didymus Foundation
Awards for All
Sussex Crisis Fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General
Restricted funds
Ernest Kleinworth Charitable Trust
Rother District Council
Tangible Assets
Sussex Community Foundation (SCF)
Didymus Foundation
Awards for All
Sussex Crisis Fund
Anton Jurgens
Blagrave
TOTAL FUNDS |
At 1.4.21
£
343,938
170,000
513,938
-
426,894
-
5,000
2,925
-
434,819
948,757
Incoming
resources
£
336,879
3,000
526
-
5,000
-
-
10,000
4,000
15,400
37,926
374,805 |
Net
movement
At
in funds
31.3.22
£
£
(40,911)
303,027
-
170,000
(40,911)
473,027
3,000
3,000
(10,836)
416,058
813
813
(5,000)
-
(2,925)
-
3,334
3,334
(11,614)
423,205
(52,525)
896,232
Resources
Movement
expended
in funds
£
£
(377,790)
(40,911)
-
3,000
(526)
-
(10,836)
(10,836)
(4,187)
813
(5,000)
(5,000)
(2,925)
(2,925)
(6,666)
3,334
(4,000)
-
(15,400)
-
(49,540)
(11,614)
(427,330)
(52,525) |
|
|
|
continued...
Page 13
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General
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
SCF - Volunteer Support
TOTAL FUNDS
Comparative net movement in funds, included in the
Unrestricted funds
General
Restricted funds
The Magdalen and Lasher Charity
Hastings Lions Club
Rother District Council
Tangible Assets
Sussex Community Foundation (SCF)
Didymus Foundation
Foreshore Trust
Masons Charitable Trust
Awards for All
Isobel Blackman Foundation
SCF - Volunteer Support
Sussex Crisis Fund
Homity Trust
National Lottery Community Fund
Edward Gostling
Social Enterprise Support Fund
TOTAL FUNDS |
Net
movement
At 1.4.20
in funds
£
£
237,569
46,369
230,000
-
467,569
46,369
650
(650)
1,300
(1,300)
438,224
(11,330)
-
5,000
2,400
(2,400)
2,500
(2,500)
8,000
(5,075)
500
(500)
1,000
(1,000)
454,574
(19,755)
922,143
26,614
above are as follows:
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 2022
17. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General
Designated funds
Restricted funds
The Magdalen and Lasher Charity
Hastings Lions Club
Ernest Kleinworth Charitable Trust
Tangible Assets
Sussex Community Foundation (SCF)
Foreshore Trust
Masons Charitable Trust
Awards for All
Isobel Blackman Foundation
SCF - Volunteer Support
Sussex Crisis 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 |
Net
movement
in funds
£
5,458
-
5,458
(650)
(1,300)
3,000
(22,166)
813
(2,400)
(2,500)
(8,000)
(500)
(1,000)
3,334
(31,369)
(25,911) |
Transfers
between
funds
£
60,000
(60,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
- |
At
31.3.22
£
303,027
170,000 |
|
|
|
|
473,027
-
-
3,000
416,058
813
-
-
-
-
-
3,334 |
|
|
|
|
423,205 |
|
|
|
|
896,232 |
continued...
Page 15
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
17. MOVEMENT IN FUNDS - continued
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedintheabove are
as follows:
Unrestricted funds
General
Restricted funds
The Magdalen and Lasher Charity
Hastings Lions Club
Ernest Kleinworth Charitable Trust
Rother District Council
Tangible Assets
Sussex Community Foundation (SCF)
Didymus Foundation
Foreshore Trust
Masons Charitable Trust
Awards for All
Isobel Blackman Foundation
SCF - Volunteer Support
Sussex Crisis Fund
Homity Trust
National Lottery Community Fund
Edward Gostling
Social Enterprise Support Fund
Anton Jurgens
Blagrave
TOTAL FUNDS |
Incoming
resources
£
685,011
-
-
3,000
2,851
-
8,482
5,000
5,800
-
-
-
-
12,540
650
5,350
2,500
20,106
4,000
15,400
85,679
770,690 |
Resources
Movement
expended
in funds
£
£
(679,553)
5,458
(650)
(650)
(1,300)
(1,300)
-
3,000
(2,851)
-
(22,166)
(22,166)
(7,669)
813
(5,000)
-
(8,200)
(2,400)
(2,500)
(2,500)
(8,000)
(8,000)
(500)
(500)
(1,000)
(1,000)
(9,206)
3,334
(650)
-
(5,350)
-
(2,500)
-
(20,106)
-
(4,000)
-
(15,400)
-
(117,048)
(31,369)
(796,601)
(25,911) |
|
|
|
Attheyearendthecharityheldreservesof£896,232,ofwhich£473,027areunrestricted.TheTrustees reviewed
the position and have had the following designations places upon them:-
£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.
continued...
Page 16
HASTINGS FURNITURE SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
17. MOVEMENT IN FUNDS - continued
Didymus-WoWvansessions.ToprovidecommunitylearningsessionswithinthecommunityusingtheWoW van,
running costs of van, materials and Tutor time.
Blagrave - Continuation of the Kickstarter scheme, allowing us to extend employment of trainees.
Blagrave - Christmas Hampers scheme.
SussexCommunityFoundation-ITSystems,toupgradeourcomputersystemsandpurchaseWi-Ficameras for
the stores to improve accessibility.
ErnestKleinwort-ITSystems,toupgradeourcomputersystemsandpurchaseWi-Ficamerasforthestores to
improve accessibility, also update our software and security.
Sussex Crisis Fund - Volunteer Programme, for the recruitment and support of volunteers.
Anton Jurgens - Volunteer Programme, for the recruitment and support of volunteers.
TangibleAssets-ThisrelatestotheacquisitionandredevelopmentofDorsetPlace;thepropertyfromwhich the
charityoperates.Motorvehiclesarealsoincludedinthisfund.Theseassetswerepurchasedusing restricted
funds and are depreciated as shown below.
|
Freehold
Property |
Motor
Vehicles |
Total |
|
£ |
£ |
£ |
COST |
|
|
|
At 1 April 2021 and 31 March 2022 |
467,746 |
25,000 |
492,746 |
|
|
|
|
DEPRECIATION |
|
|
|
At 1 April 2021 |
46,775 |
19,077 |
65,852 |
Charge for year |
9,355 |
1,481 |
10,836 |
|
|
|
|
At 31 March 2022 |
56,130 |
20,558 |
76,688 |
|
|
|
|
NET BOOK VALUE |
|
|
|
At 31 March 2022 |
411,616 |
4,442 |
416,058 |
|
|
|
|
At 31 March 2021 |
420,971 |
5,923 |
426,894 |
|
|
|
|
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
Page 17