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