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 pu￿Os¢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 GOVerni￿entS 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