REGISTERED COMPANY NUMBER: 03077894 (England and Wales) REGISTERED CHARITY NUMBER.. 1048093 REPORT OF THE TR STEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 FOR NOW! CHARITY CROUP LTD A COMPANY LIMITED B Y G ARANTEE Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
NOW! CHARITY GROUP LTD CONTENTS OF THF. FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 Page Report of the Trustee5 Independent Examiner's Report St8tement of Financial Activities io to 11 Balance Sheet 12 Cash Flow Statement Notes to the Cash Flow Statement 13 Notes to the Flnancial Statements Delalled Statement of Financial Activitles 14 to 23 24 to 25
NOW! CHARITY GROUP LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 The trustees who are also directors of the charity for the puOs¢S of the Companies Act 2006. present their report with the f]nancial statements of the charity t.or the year ended 3 1st December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OWECTIVES AND ACTIVITIES Objectives and aim5 Now! Charity Group Ltd is a registered charity and a company limited by guarantee. The Charity's objects are- l ) To relieve cases of need, hardship and distress by providing such persons. who are resident in South-East England, with furniture and household necessities. and to transport these necessities between accommodation and sites. 2) To further the education and skills of people resident in the above area, in ( l) the arts and techniques of refurbishment of furniture and household goods,. or that will enable individuals to recover confidence, gain new skills or become better socialised, to enable them to progress towards volunteering, further education. or paid work. 3) The protection and preservation of the environment for the public benefit through.. i) the promotion of sustainable waste management practices and the provision of recycling and reuse facilities. li) advancing public education about environmental matters related to sustainable management practices with regard to household and commerciallindu5trial waste. iv) promoting and increasing reuse of all furniture, electrics and other household materialslilems through the fuifIlment of the objectives above, In this clause sustainable waste management practice includes waste minimisation, minimisation of pollution and harn] from waste, re-use of land. recycling and composting of waste, waste recovery activities and the clearing of pollutants from contaminated land. It is the policy of Nowl Charity Group Ltd to provide Services and activities that do not discriminaie on the grounds of race gender, belief, ability or sexual orientation. In order lo achieve thi5, the charity has in place relevant policies and procedures, and ils services are planned and delivered in consultation with other agencies and service users. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Publie benefit We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. The Trustees Consider that our activities reflect our aims and objectives, and that they are designed to provide acc¢ssible servic¢s and activities that benefit the public in accordance wilh our charitable objectiv¢s. Objective l is achieved through the presence of our Furniture Stor¢s in Eastbourne, Hailsham and Lewes, and our fleet of delivery vans. Objective 2 is achieved via our community acttvities delivered across East Sussex. Objective 3 is achieved through our expanding range of reuse services and our use of media to raise public awarenes5 of circular economy opportunities. Page I
NOWI CHARKTY GROUP LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 STRATEGIC REPORT Achievement and performance Charitable activities Highlights from 2023 Furniture Now! In 2023, Furniture Now supported over 14,800 beneficiaries, providing household Savings of over £1,800,000. Our commitment to reusing furnittire and electricals piompted 785,000 KG of C02 emissions being saved. Education & Training In 2023 we reviewed our skills training provision and will be trialling a Community Shed and Repair café in our Hailsham store in 2024 to provide a model for the future provision provided by the organisation. Refugee and Vulnerable Resettlement Projeets In 2023 we continued to support multiple Ukranian Refugee and vulnerable people Res¢ttlement projects. Working in partnership with several local authority areas, our services seek to fully fumish properties identified to assist vulnerable people with immediate housing needs. Sustainable Communities Fund In 2023 we continued to support our new Sustainable Communities Fund. This was created to redistribute annual profits generated by our Furniture Now! retail sites and support local projects in East Sussex that reflect our eth05 and aims, specifically promoting community activities which encourage the circular economy, reuse, recycling and repair. £15,000 of grants have been given in liaison with Sussex Community Foundation to support Sew Fabulous CIC and Brighton Bike Hub. In addition I micro-grant of £500 has been given to Baby Bank and Beyond. The board has committed to continuing this Fund in 2024. Partnerships and Stskeholders Reuse and Recycling European Social Enterprise Network For a fourth consecutive year we maintained our membership as a UK representativ¢ of RREUSE. Throughout 2023 we have contributed to RREUSE working group meetings.. Reuse Network UK In 2023 we have continued our m¢mb¢rship with the Reuse Network. The Reuse Network supports reuse charities and social enterprises across the UK to help them alleviat¢ poverty, reduce waste and tackle clitnate change. We have contributed to group meetings and attended their annual conference. Chwrity Retail Association In 2023, we have become a member of the Charity Retail Association. The Charity Retail Association helps charities access useful inforn]ation with th¢ir reports and brings the charities together to support earh other. The Charity Retails Association also provides us with essential e-learning such as safeguarding and H&S. Page 2
NOW! CHARITY GROUP LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 STRATEGIC REPORT Financial review Financial position A deficit of £50K is reported for the year. The lack of grant receipis. which are £70k {-79/.) down on 2022 was a major factor in the deficit. This was partly due lo the disruption of the change in CEO over the period. It is being addressed for the 2024 year. The establishment of the new Hailsham sl()re, opened in ?022, onto a profitable basis has taken longer than anticipated. and we have continued to grant out £15k under the Sustainable Communities F'und, both of which have also contributed to the deficit. Despite the deficil in 2023 we maintain strong rescrves of £348K. including liquid reserves of £257K. Reserves policy The Trltslees determined thal Ihe Charity should maintain a minimum unrestricted reserve total equal to 3 months of operating expenditure. Currently, this tolal staiids al 6 months. Major risks The board of Trustees review major risks which the chai'ity is exposed lo on a regular basis, wilh our tull risk reg?ister updated on an annual basis and systems impleiiiented regiilarly to Iniligate idL'ntified risks. The Trustees are appraised of any major risks, both internal and external, by the Chief Executive who is aided by inpLII from our sub-commillees. Staffing Our overall number of employed staff was lower in 2023 than in the previous year (19 vs 25). This was largely due to the UK GOVernientS Kickstart employment scheme Ihat stopped ai the end of the year 2022. Future plan5 The charity has now found a new retail site for OLEr Lewe5 store, and will be relocating in 2024. A cominunily shed and repair cafe will open in our Hailsham shop in April 2024, and a new pro&?ram aiming 10 reducc local poverty will 81an in March 2024. Although we maintain strong reserves, the current cost of living crisis causes significani uncertainly for the future and means that we continue to remain prudent and careful over leve15 of expcnditure tlial we inLUr. Overall, it remains our intention to priorilise growth of our Furniture Now! services, thi5 eleinent of the charity providing a financially sustainable operating model and the ability lo redislribule more money into Community Now! and our grant giving activities. Page 3
NOW! CHARITY GROUP LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 STRUCTURE, COVERNANCE AND MANAGEMEiYT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarante¢, as detined by the Companies Aci 2006, and is a registered charity. The charity formally changed its name from Fumilure Nowl on 2 June 2015. Its objectives and powers are set out in its Memoranduin and Articles of Association, dated l O July 1995 and since updated in ?1101 ?007 11nd 2017. These were updated to inLlude provision to deliver training to those with enduring menlal health problems or who were otherwise socially excluded. io provide transport facilities for fumiture items to the most vulnerdble in 50ciety,' the promotion of 5UStainablc i¥aste manageinenl pra¢lices' the provision of recycling lacililies: and to advance education iii household and coinmercial iiidustri<il W£lSte. Recruitment and #ppointment of new trustees Trustees are reLruiled in response to trustee skills audits which identify the areas the Board would like to strengthen its knowledge or experienc¢ base. Potential Trustees are invited to meel the Board and attend a Trustee meeting as an observer prior to the board deciding whether to iiivite Ihiii individual to be a 'l"rustee. A Ti-uslee Handbook is issued to new Trustees to provide them with 5Utficient infomation aboul the Lliarily to carry out their dulles. The Board of Trustees meet four liines a year, one ImeLling bcing thc Annual General Meeting and Strategy Day. In addition there are 2 Sub-Comn)iltees - FiiiancL' & Human Resources, aiid Markelin¥ & Coinmunity - which meet on a quarterly basis iii advance of ihe main Board Meeting. l-hc Board develops policy and strategy in conjunction with the senior management tcain. 10 Lnsure the Lharilies complidnce with regulation and it moniiors performance against the strategy and business pl(In. At every Annual General Meeting one third of the members of the Board are subject to retirement by rotation. Those who have held office the longest retire and are eli¥ibl¢ for re-election by the consent of the remaining trustees. Day 10 day management of the orgyanisation is delegai¢d by the Board to the CFO. The Truste¢s look to management for hi¥h qualiLy, well inforined adviL¢ on M,hi¢h t() base decisi()ns about the (Irganisalion's objectives, slral¢gy and perforniance. Key management remuneration The charity's trustees are consider¥d as the Board of directors, and the CEO and senior management learn Comprise the key Inanaoement ol- the cliarity in charge of direcling and conirolling, running and operating the Charity on a day to day basis. The new CEO, Manon Brun, joiiied the company in May 2023 and ihe Operations Manager, Faustine Ghislain, joined in October 2023. All directors give of their free time freely and no director received remuneralion in the year. Details of directors, expenses and related party transactions are disclosed in the notes to the aG¢ounts. The pay of all staff i5 reviewed annually. Page 4
NOW! CHAIUTY GROUP LTD REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAII Registered Company number 03077894 (England and Wales) Registered Charity num ber 1048093 Registered orrice Unit I Phoenix Works North Street Lewes East Sussex BN7 2PE Trustee$ MrGVSims Mr N Gossedge Miss S Hinks Mr N Whines Mrs C Cuttress Mr D Carter Mr P Powici (appointed 41412023) Independent Examiner Dr Shona Wardrop CA Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA Page 5
NOWI CHARITY GROUP LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS B8nkers Natwest 96 I'erminus Road Eastbourne BN213LX Metrobank One Southampton Row London WCIB SHA Virgin Money 170 North Street Brighton BNI IEA Aldennore Bank PLC, Apex Plaza, Forbury Road, Reading RGI IAX Redwood Bank, The Nexus Building, Broadway, Letchworth Garden City, Hertfordshire SG6 3TA Uniied Trust Bank One Ropemaker Street London EC2Y 9AW Page 6
NOW! CHARITY GROUP LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Nowl Charity Group Ltd for the purposes of company law) are responsible for preparing the Report of th¢ Trustees and the financial statements in accordanc¢ with applicable law and United Kingdoin Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements. 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 ar¢ reasonable and prudent- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are a150 responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Report of t on e trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, and signed on the board's behalf by: Mr G V Sims - Trustee Page 7
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NOWI CHARITY GROUP LTD Independent examiner's report to the trustees of Now! Charity Group Ltd ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 3 1st December 2023. Responsibililies and basis of report As the charity'5 trustees of the Company (and also its directors for the purposes of Company law) you are responsible for the preparation of the accounts in accordance M'ith the requirements of the Companies Act 2006 (Ihe 2006 Act,). Having satisfied myself that th¢ accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('th¢ 2011 Act,). In carying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confimi that I am qualified to und¢rtake the examination because l am a member of the Institute of Chartered Accountants of Scotland, which is one of the listed bodies. I have completed my examination. I confim that no matters have come to my attention in connection with the examination giving me cause to b¢lieve'. accounting records w¢re not kept in respect of the Company as required by Section 386 of the 2006 Act. or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of S¢ction 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matt¢r considered as part of an independent exarnination. or the accounts have not been prepared in accordance with the methods and principles of the Stateineni of Recommended Praclice 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 Ir¢land (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in thi5 report in order to enable a proper understanding of the accounts to b¢ reached. Dr Shona Wardrop CA The Institute of Chartered Accountants of Scotland Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA l*- Date: Page 8
NOW! CHARITY GROUP LTD STATEMENT OF FINANCIAL ACTIVITIES NCORPORA TING AN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2023 2023 Total funds Unrestricted funds 2022 Total funds Restricted funds INCOME AND ENDOWMENTS FROM Donations and legacies Not¢s 373 18,952 19.325 90,765 Charitable activities Charitable Activities 669,213 669,213 639.339 Other trading activities Investment income 15,598 15,598 8,468 12,921 Total 693,652 712 604 745 478 EXPENDITURE ON Raising funds 300 Charitable activRties Charitable Activities 743 289 18,952 762.241 755,102 Total 743 289 762 241 755 402 NET INCOME/(EXPENDITURE) (49,637) (49.637) (9,924) RECONCILIATION OF FUNDS Total funds brought forward 397,216 397,216 407,140 TOTAL FUNDS CARRIED FORWARD 347 579 347 579 397216 The notes forni part of these financial statements Page 9
NOWT CHARITY GROUP LTD REGISTERED NUMBER: 03077894 BALANCE SHEET 31ST DECEMBER 2023 2023 Total funds 2022 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible asset5 15 90,183 90,183 97,198 CURRENT ASSETS Stocks Debtors Cash at bank 16 17 12,665 18,169 249 806 12,665 18,169 249,806 17,473 16,312 305 968 280,640 280,640 339,753 CREDITORS Amounts falling due within one year 18 (23,244) (23,244) (39,735) 300018 NET CURRENT ASSETS 257 396 257 396 TOTAL ASSETS LESS CURRENT LIABILITIES 397,216 347,579 347,579 347 579 397216 NET ASSETS 347 579 FUNDS Unrestricted funds 20 347 579 397 216 347 579 397,216 TOTAL FUNDS The charitable company is entitled to exeinption from audit under Section 477 of the Companies Act 2006 for the year ended 31 st December 2023. The members have noi required the company to obtain an audit of its financial statements for the year ended 31 st December 2023 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 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 Companie5 Act 2006 relating to financial staternents, so far as applicable to the charitable Gornpany. (b) The notes forn] part of these financial statements Page 10 continucd..
NOW! CHARITY GROUP LTD REGISTERED NUMBER: 03077894 BALANCE SHEET- continued 31ST DECEMBER 2023 The financial statemcnts were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by: Mr G V Sims- Trustee The notes fom part of these financial statements Page 11
NOW! CHARITY GROUP LTD CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2023 2023 2022 Notes Cash flows from operating activitbes Cash generat¢d from operations 58 452) Net cash (used in)Iprovided by operating activities 58 452) 2,135 Cash llows from investing activities Purchase of tangible fixed assets Interest received (96,263) 2,453 (6,178) 8.468 Net cash provided byl(used in) investing activities 93 810) Change ID eash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and eash equivalenls at the end of the reporting period (91.675) (56,162) 397 643 305 968 305 968 249 806 The notes forni part of th¢se financial statements Page l2
NOW! CHARITY GROUP LTD NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2023 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERA TING ACTIVITIES 2023 2022 Net expenditure for the reporting period (as per the Statement of Finaneial Activities) Adjustments (or.. Depreciation charges Interest received Decreasel(increase) in stocks {Increase)Idecrease in debtors (D¢cr¢ase)lincrease in creditors (49,637) (9,924) 13.193 (8,468) 4,808 (1,857) 16.491) 12,346 (2,453) (5,844) 1,428 Net cash (used in)Iprovided by operations 58.452) 2.135 ANALYSIS OF CHANGES IN NET FUNDS At 111123 Cash flow At 31112123 Net cash Cash at bank 305 968 56 162) 249 806 305 968 56 162) 249 806 Total 305 968 56 162) 249,806 The notes forni part of these financial statements Page 13
NOWT CHARtTY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing the finaneial statements The financial statem¢nts of the charitable cornpany, which is a public ben¢fit entity under FRS 102, have been prepared in accordance with ihe Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of R¢commend¢d Practice applicable to charities pr¢paring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The ffftancial statements have been prepared under the historical cost convention. At the time of approving the financial statements. the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and on that basis the charity is Lonsidered to be a going concern. The financial statements are prepared in sterling which is the functional currency of the entity, and are rounded to the nearest £ l. Ilbcome All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Cash donations ar¢ recognised on receipt. Other donalions are recognised once the charity has been notified of the donation, unless performanc¢ conditions require deterral of the amount. Income tax recoverable in r¢lation to Gift Aid received or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been advised of an impending distribution, the amount is known and receipl is expected. If the amount is not known, the legacy is treated as a contingent asset. Grants ar¢ recognised on an accruals basis, accounted for in relation to the period that they relate. WheTe grants have be¢n received for capital items, the total grant has been disclosed in the SOFA and dcpreciation, in accordance with th¢ accounting policies, has been charged against that income over the estimated useful economic life of the asset. Where grants are received during the year under review but relate to a latter period the amount is deferred under Grants in Advance in the Balance Sheet. Expendlture Liabilities are recognised as expendire as soon as there is a legal or constructive obligation committing the charity to thai expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all Cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. The grant giving scheme is managed in partnership with another local charity and distributes to charities and community projects that fit our objectives of championing circular economy and re-cycling. Page 14 continued...
NOW! CHARITY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS - continue FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCOUNTING POLICIES - continued Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property Fixtures and fittings Strdight line over 10 years 33 % on cost and 250/0 and 500/0 on cost Tangible fixed &ssets costing more than £500 are initially measured at cost and sub5¢quently measured at cost or valuation. net of d¢preciation and any impairmenl loss¢s. Recognition and measurement Fixed assets are measured at cost less accumulated depreciation and any accumulated impaiment losses. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxation The Charity is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I I Corporation Tax Act 201 O or Section 256 of ihe Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Designated funds are funds which have been set aside by the Trustees for a specific purpose. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and pUoSe of each fund is included in the note5 to the financial statements. Pension costs and other p05t-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Judgements and key sources of estimation uncertainty In the application of the charity's accounting policies, the charity is required to make judgments, estimates and assumptions about the carrying value of assets and l labilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period. or in the period of the revision and future periods if the revision affects both the current and future periods. There are no estimates and assumptions that are considered to have a significant risk of causing a material adjustments to the financial statements in a future period. Page 15 continued...
NOW! CHARITY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCOUNTIIYG POLICIES- continued Financial instruments The charity has only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and are subsequently measured at their settlement valu¢ with the exception of bank loans which are measured at amortised Cost using the effective interest method. Financial Assets Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amouni pr¢paid net of any discounts due. Financial Liabilities Creditors and provisions are recognised where the charity has a present obligation resuliing from a past event that will probably result in the transfer of funds to a third party and the arnount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nornially recognised at their settlement amount after allowing for any discounts due. DONATIONS AND LEGACIES 2023 2022 373 1.618 89,147 Donations Grants 90,765 Grants received, included in the above, are as follows.. 2023 2022 Sussex Community Foundation Chalk Cliff Kickstart Su55ex Chamber University of East London 12,613 5,000 i 0,000 64,147 15,000 Page 16 continued...
NOW! CHARITY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2023 OTHER TRADING ACTIVITIES 2023 2022 Other income 15,598 12,921 INVESTMENT INCOME 2023 2022 Deposit account interest 8,468 2,453 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Shop sales and training revenues Activity Charitable Activities 669,213 639 339 RAISIIYG FUNDS Ralsing donations and legacies 2023 2022 Oth¢r fundraising costs 300 CHARITABLE ACTIVITIES COSTS lirant funding of activities (see note Direct Costs {see note 8) Support costs (see note l O) 9) Totals Charitable Activities 555 809 189.265 762,241 Page 17 continued...
NOW! CHARITY GROUP LTD NOTES TO THE FINANCJAL STATEMENTS- eontinued FOR THE YEAR ENDED 31ST DECEMBER 2023 DIRECT COSTS OF CHARITABLE ACTIVITIES 2023 2022 377.610 165,008 383,706 151,774 Staff costs Stock purchased Depreciation 555,809 547,826 GRANTS PAYABLE 2023 2022 Charitable Activities 17,167 io. SUPPORT COSTS Management 189265 Charitabl¢ Activities NET INCOMEI(EXPENDITURE) Net income/(expenditure) is stated after chargingl(crediting): 2023 2022 Depreciation owned assets Independent Examination 13,193 1,935 12,345 1.795 12. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 3 1st December 2023 nor for the year ended 31 st December 2022. Trustees, expenses Expenses amounting to £27 were paid to l trustee (2022 £82) in the year. Page 18 continued...
NOW! CHARITY GROUP LTD NOTES TO THE FINANCIAL STATEMF.NTS_ continued FOR THE YEAR ENDED 31ST DECEMBER 2023 13. STAFF COSTS 2023 2022 Wages and salaries Social security costs Other pension costs 352.197 19,162 361,276 16,876 5,554 377 610 383 706 Key Management Personnel (comprising the CEO and Trustees) remuneration amounted to £40,303 (2022- £42,328), being gross pay. employers, National Insurance and employers, pension contributions. The averag¢ monthly number of employees during the year was as follows: Total staff 2023 19 2022 25 No employees received emoluments in excess of £60,000. 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricled funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 90,765 90,765 Charitable activities Charitable Activities 639,339 639,339 Other trading activities Investment income 12,921 12,921 Total 745 478 745,478 EXPENDITURE ON Raising funds 300 300 Charitable activities Charitable Activities 755,102 755 102 Total 755,402 755 402 NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total fund5 brought torward (9,924) (9,924) 407,140 407.140 TOTAL FUNDS CARRIED FORWARD J97,216 397,216 Page 19 continued...
NOW! CHARITY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2023 15. TANGIBLE FIXED ASSETS Improvements to Leasehold property Fixtures fittings Tota15 COST At 1st January 2023 Additions 182,023 5,357 9,298 821 191,321 6,178 At 31 st December 2023 187 380 197,499 DEPRECIATION At 1st January 2023 Charge for year 85,957 8,166 795 94,123 At 31 st Dec¢mber 2023 107 316 NET BOOK VALUE Ai 31 st December 2023 89,025 At 31 st December 2022 96,066 1,132 97,198 16. STOCKS 2023 2022 Stocks 17,473 The charity received donated good% during the year. The Trustees have considered the rnateriality of the donations received and consider the cost involved in undertaking a valuation of the donated goods for the purpos¢ of inclusion as a stock item is not justified. Consequently, donated goods are not included within the stock above. Page 20 continu¢d..
NOW! CHARITY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2023 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade debtors VAT Prepayments and accrued income 7,962 ,214 6,960 18.169 16,312 18. CREDITORS: AMOUNTS FALLJNG DUE WITHIN ONE YEAR 2023 2022 Trade creditors Other creditors Accrued expenses 12.191 7,948 3,105 2,853 32,787 4.095 23,244 19. LEASING AGREEMENTS Minimum lease payment5 under non-cancellable operating leases fall due as follows.. 2023 2022 Within one year Between one and five years 22,442 22,442 80,494 102,936 20. MOVEMENT IN FUNDS Net movement in funds At 31112123 At 111123 Unrestricted funds General fund 397,216 (49,637) 347,579 TOTAL FUNDS 397216 49 637) 347,579 Page21 continued...
NOWI CHARITY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2023 20. MOVEMENT IN FUNDS- eontillued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 693,652 (743.289) (49,637) Restrict¢d funds Sussex Community Foundation University of East London Chalk Cliff 12,613 1.339 5.000 (12.613) (1,339) TOTAL FUNDS 712 604 762241) 49 637) Comparatives for movement in funds Net movement in funds At 31112122 At 111122 Unrestrieted funds General fund 407.140 {9,924) 397,216 TOTAL FUNDS 407 140 397 216 Comparative net movem¢nt in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 745,478 (755.402) (9,924) TOTAL FUNDS 745,478 755,402) Sussex Community Foundation - Funds to assist our community activity and work to engage young people. University of East London: A grant given to support the changing of lights to LED in the Eastboum¢ unit. Chalk Cliff: A grant given to re-start our programm¢s. Page 22 continu¢d...
IYOW! CHARITY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2023 21. EMPLOYEE BENEFIT OBLIGATIONS The charitable company operates a defined contribution pension scheme with contributions being made by both employer ar]d employees at variable rates. Total pension costs in the current year amounted to £6.25] (2022.. £5.554). At the year end £nil was due to the provider (2022.. £nil). RELATED PARTY DISCLOSURES 22. There were no related party transactions for the y¢ar ended 31 st December 2023. Page 23
NOW! CHARITY GROUP LTD DETAILED STATEMEIYT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023 2023 2022 INCOME AND ENDOWMENTS Donations and legacies Donations Grants 373 1.618 89.147 19,325 90,765 Other trading activities Oth¢r income 15,598 12,921 Investment incotDe Deposit account interest 8,468 2.453 CharitAble activities Shop sales and training revenues 669213 639,339 Total ineoming resources 712,604 745,478 EXPENDITURE Raising dongtions and legacies Other fundraising costs 300 Charitable activities Wages Social security Pensions Stock purchased Freehold property Depreciation fixtures & fittings Grants to individuals 352,197 19,162 6.251 165,008 12,397 794 361.276 16,876 5,554 151,774 11,430 916 17,668 572,976 565,494 Support costs Management Postage and station¢ry Sundries Establishmenl costs Motor and travel CatTied forward 1,817 2,451 95,111 2,925 1,559 99,090 130,741 142,147 This page do¢s not fortn part of the statutory financial statements Page 24
NOW! CHARITY GROUP LTD DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023 2023 2022 mnageMent Brought forward Voluntcer expenses Recruitment and training Office costs Repair5 and maintenance Marketing Legal and professional 130,741 687 469 44,294 1,051 7,920 4.103 142,147 324 160 36,398 1,564 5,893 3,122 189,265 189,608 Total resources expended 762.241 755 402 N¢t expenditure 49,637) This page does not forni part of the statutory financial statements Page 25