Company Regi8ltation Number: 3236897 Registered Charity Number: 1057619 FURNITURE RECYCLtNG PROJEcr (a comp8ny liinited by guaraniee) REPORT OF THE TRUSTEES AND UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 BK Pliis Limited 6 Manor Park Biisiness Centre Mackenzie Way Cheltenham Glos GL51 tyrx
-IRNITURE RECYCLING PROJECT REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page List of officcis, Board member8 and advisers "rrugtees Report Repoit uf the Independent Examiners Consolidated Stateinent of Financial Activities ConsoltdAted Statement of Financial Position Statement of Financi%1 Position Consolidfited Statemeiit of Casli Flows io Note5 to tlie Financigl Statements
FURNITURE RECYCLING PROJEcr OFFICERS, BOARD MEMBERS AND ADVISERS DIRECTORS/TRUSTEES Dawn Melvin (Chair) Douglas John Rugg (Vice chair) James Mclvin Jan Tappin CHIEF EXECUTtVE OFFICER Dereck Eley ADDRESS & REGISTERED OFFICE Wareliouse 5 West Qu2y Tlic Docks Glouces(er CYLI 2EH INDEPENDENT EXAMINERS BK Plus timited 6 Manor Park Business Centre MackenLie Wa}, Cl)eltenham Glos GL519TX BANKERS Lloyds Banking Group 19 Easlgalc Street Gloucesicr GL1 INU
FURNITURE RECYCLING PROJEcr TRUSTEESI REPORT FOR THE YEAR ENDED 31 MARCH 2024 We present our report #nd consolidated fAnancial statements fot the year ended .11 Marcli 2024. Wc li*ve adoptcd die provision5 OF Accounting and Reporting by Charities: Statemcnt of Rccommended Practice applicable to cliarities preparing theii Accouiit3 in accordance with tlie Financial Reporting St2ndard lpph'cable in tli¢ UK And Republic of Ireland (FRS 102 effecttve l January 2019) - (Chalities SORP (FIL$102)), and the Compantes Act 2006. (I) STRUCTURE, GOVERNANCE and MANAGEMENT 111is is tlie tsventy-seventh annual report since the Fumirure Recycling Project ("FRP'? Ivas cstiblished in August 1996 as fl coinpany limited by guaianree and a cliarity Iegistered in EnglAnd ivith thc Lliarity Commission. OLii govuning document i% OUI Mcmorandum and Aruclc5 of AssoctiOn. In the event of FRP being ivound up oui h'Ability as Tru8tevb 1% lunitea lo a sum no)t excccding £1. As existing Trustees, Ive ekct neiv trustees in ficcoidance witli Ilie Articles OF Associaunn. On appointmenL Ill nuv Tnistees receive a copy of die Metnorandum and Articles of AssociAtion' An induction PAck, whicli includes infom)ation on tlieir rolc, disclosurc, find declaifition of iiiterest lomi, togethei ivith tlie Cli21ity Commissions booklet 'Essential Tru%iee'. Trnining is mide available to all Trusteeb AS reqiiircd. As Tiustecs we mcet as a Boaid on 8 regulor basis to Set suategy and monlior pcrfoi'mance. Ive delegate to die mAfiAgement teAm the task of da)'.to.d2y minagement of FRI) vlucli tliey carry out 10 a Iiigh standard, Clouceqtersliirc Counry Coiincil is invited to send 2 represeniAtsve to Board meetings. I,'IU) lias a wliolly oivned trading subsidi2ry called NPI) TIAding Limited ("NFP') 2nd the profits of tlu5 company are translerred lo FRP undei covenant to suppoit our key objecuves. 'riie pay and benefits of die managemeiil team are benclimarkcd against the annual s21firy 8urvey conducted by tlie Fiurniture Re-use Network. Tlie man2gement team's sxlary is beloiv tlie median sAIAry rares for their reqpecuve toles, (2) OBJECTIVES AND ACTIVITIES FRP'S cole objective As 'Yo telieve eithet generally or individuauy person5 wlio are in conditsorjs of need, liatd8liip or distress by the provlsion of Iiirniture and otlier household accessories, calcul8tcd to reduce the need, l)ardsliip oi distress of such pcrson8" Oui mtssion is to improve thc hvcs of people most in need in Gloucestersl]ire by offering for Sale affordible furniture and elects'ical Alemy. To assANt us in our missivn ive piovide ttaining and personal development opportunitics to the young Rnd the unemployed. During the year under revieiv FRP continued witli lib inain activities a5 follows: We collected secoxid-haiid furniture and electrical goods donated by households ii) Glouc¢st¢rsliirc and sold these items at low cosi from our sliop in Glouccster. We repaired and tested donated electrical goi)ds, and diis en2blcd many electrical ga$ to be madc re- usable and avAilable at loiv cost to customers tlirough our shops. NFI) tlie 5ubsidi3ry of FRP, offered for sale new bed5, mattresses, and elccttical appliances (incliiding the installation of cookers) at competitive piices to statutory bodies and cliarities. 'll]is supported die clieiits referred througli dieir offices 2tid others ivho wislied to benefit from this sctvicc, ptoviding complement2ry %ervice to FRP 2nd lielping to impiovc tlie lives of man),. Wc loarjcd riscr/teclincr chait5 to individua15 in nccd (c5pccially those requiring pRlh'auve carc suppoit) tIOi1g110ut Gloiicc4tersl)itt at loiv cost, offering an aflordablc altcmauve to the purclia$e of thesL expensive itein5. We provided .gtn]ctutcd work experience and training programmcs in oui. Ivorkshop 2nd retail outlet5 to people looking to gain expetience and ivork-re]ated qualifications, t]ius building diett confidetice and employAbslity.
FURNITURE RECYCLING PROJEcr TRUSTEES) REPORT - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 (2) OBJECTIVES AND ACTIVITIES- CONTINUED RP lias i small numbcr of liaTd-worktsig and enthusiastic st2ff and sevcral willing volunteers. The volunteers comprise vide range of people v]g their time and expertence to FIiP. Tlic3' include d105e ivhn are actively looking tor employmciit, rcfugccs scckiiig 25ylum, and retkicd people. The total numbei of volunieer houts was l 0,642. If we had to employ staff, Instead, Il)e payIoll costs would be £124.197 higher. (3) TRUSTEES> RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS -I'lie purpose of this stgtemeiit is to distingliisli our rcspoiisibiliues li) relation to Financial stacements and accountiiig rccoid8 from tliose of tlie independent examiners as stated iii their repott. Lli%rity and company laiv rcquircs us As 'frustees ro prepare [anCIal stat¢ml¢S for cach financial peiiod, wliicli give a tiue and fail viciv of the statc of affairs and of tlie incoming resourc&s and application of re50Utces of tlie compai)y for ihat period. In piep%ring thosc fmancial 5tAtcmcn15 wc arc rcquired to: select suitible iccountlng poEicics and then apply them con*ist¢nd) obseive tlic mctliods and piinciples in tlie Cliarity Commission'5 StAtcment of Recommended Pr2cuce (SORP)" make judgcmcats and estimates that are reasonable and pLdent. prepaie finAncixl statenients on a going concem basis, unless it is inappropriate to assume di2t tlic company will continue to operate. AS Tru8tee8 we ale rvsponsible for keepiiig proper accounting records, wkn'cli disclosc ivitl) reasonable accuracy at any time the financial P051ti011 uf thc compAI)y, 2nd for cn5uring tl)2t Ihe fmancial st2ieinent5 comply ivitli relevant legislAtion. We Are reqponsible foi sAfeguarding tEie Asgeis ()f rlie coinpxn5J And hence for tiking reasoiiable steps for the prevention and detection of fraud and ()tlier Irregularities. (4) FINANCIAL RESULT AND RESERVES Thc con501idatcd statcment of fmAncial Activities on page 7 slioivs thc incoining resouLces attd tlie applic%tioii of tliose resources for tile l=uinitute Recycling Pioject ("FRP'? and it% subsidIary coinpany NFP I'radiiig Lunited ("Nrp"). a) During die year elided 31 NIarch 2024 FRP had Nvo principal sources ol unrestrictcd fiinding. 'fhe inain $ource ivlls Fruin silcs of donatcd sccond-l)and futnitutc And household goods, whicl) AE £415,921 Is 15010 Iiigliei tlian Ilie totlll of £3C)0,414 acl]ieved m t])e year to 31 Nf2rcli 2023. Tlic othcr main income stream ivas frojn tlic covenanted profits from tlie sale of neiv household goods duougl) the subsith'ary compan),> NPI) Tiading I.td. In tlie year lo 31 MsLtcli 2024 sales of neiv goods were £102,129 wliicl) 1$ 9 23,/0 increase on the £83,037 acliieved in the year to Matcli 2023. b) Aftei taktiig itito account che relev2n¢ expenditure of £470.114 the nct movcmcnt in tlie unrestiicted fund as at 31 Matcl) 2024 iwas incrcase of £80.268, Icavmg the Amount of unresuictcd rc5civcs carried £oLwd to 2024/25 At £249,157. c) Restricted fuiids. wluch tclate to funding Ieceived for c8Pltal expenditurc and odier spccific piirp05cs, decreased by 13,048, whicl) includes a traiisfer of £2,948 to unrestricted re%erves lolloiving tlie sAle of 2 van pArt Purchascd ftom grant incomc. The restricted rcscrvc bsLlance of £550 will be c2rried fornvard into 2024/25. 1'1)e cl)arity did tiot iippI}' Fot any grant funding during the finAncial ycar. It is the polLCy of FRI) to Lnairttain unde51gnated, unrestrLCted fund5 excluding fed assets. which are free ieseives, at a level thfit equates to bethveen tlllee 2nd ttvelve monilis of tl)e unrestricted tesourcc> expcndcd. This ivould provide A cushion ilgainst fluctuatsons in income 2nd ivould enable FRP to continue with its current activitics. At 31 M2rch 2024 tlie fiec rc5ervcs were £230,006, Ivhicli is witliin the reserves polj-cy of FRP.
FURNITURE RECYCLING PROJEcr TRUSTEES) REPORT - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 (5) RISK MANAGEMENT As Trustees we review tlie major risks that FRP fAces on a regular basis And carly out periodic reviews of tlic conTrol8 over key financial sy5tcm%. We 21bO consider other financial, operatton81. and business risks faced by FRP. especially tlie m%intenance of adequ*te reserves, and have ensured tb2t insurancc cover has bccn rcvicwed 2nd updatcd. As Trnstees we confllin tli%t y5tenis have been estAbhshed to mitgate, AS far as possiblc, any sigmficAnt risks. RP is facing iiicreasing competitioIi froin odier charities and commerciil operators in die ptovi4ion of our core ptoduct on tlie l)igh street. We monitoi tlie soles pIices in oiit sl)op5 and aim to keep our pric¢s, on avcrage, beloiv tlie market rate. Our potential cu51omc15 arc rdIng it incrcasingly easy to purcliase items via social media platfoim8. We Are embracing die challenges Illls presenis aiid noiv have 2 strong online presence. Plctuies of V Stock at our shop5 are posted iegulArly oil our sIIop'5 Faccbook pa8e% Rs ivell a4 in local buy/sell facebook groups. Re-use office fumitui'c is offered for sale onh'ne via 'click and collcct,. We are revieiving the option tr) expand this service to our corc products. howcvci, we recogni5C tlie addition21 oper2tionAI costs would almost certalldy ouThvcigh the inueascd revcnue. We are aware that tisk is not fLxed and tliat everyone sliould be aivare of dieir envirui)ment for chAiiges as and wl)en tliey may occui. lior dus reason, FRP contiiiues to invc5t and involve staff in developing plans, eosuring risks oFany nare are formerly expkined and undex5tood by au. Training of staff continues to be a priority as does i'ecwiting statF ivitli the skills to cover roles aiid initi8ate any risk to themselve5, volunt¢eis and customers/visitoIs to any FIU) site. We recogni5e the risk of operatitig from only one shop And we are lookmg at suitAble lai'ge pieiTEiSCS Wltliin Ilie rcgioii for 2 second sliop. (6) INVESTMENT POLICY As tliere is a relatively low level of funds available for investh]enr. Ive coi)sidet that bank deposirs provide % SAtisfACtotJJ return la TrRI) In tlie year to 31 Maich 2024 cliese liave been short temi deposits witli FRP'S banker and oilier Ul< regulated banks and Bullding Societies for pcllods not exceeding 12 months. (7) ACHIEVEMENTS AND PERFORMANCE Duiing tlie year to 31 Marcli 2024 we used our flcct of vcl]iclcs to collcct donated 5ccond-liand furni}re and clcctrical items From 1,850 local liouseliolds and. as 2 result, we weie able ro deliver 14,733 items at loiv cost thi'ougli oui sliop in Glouce%tLr to 2.394 households. I'l]i5 ie-u5e of domcstsc item5 lielped many pvople in need, liai'dship, oi di¥uesb. li also a8818ted local counckl service8 by reductng die iv2Ste going to landfjll and, tlicicfure, hclped t(} reducc di¢ Cost associated witli dieir bulk), itein collection seivice. It improvcd thc cnvironmenc lor tlie benefit of All. 11]c workshop in Gloucester 1$ Set lip for die repair and testing of donated electrical iteins. In die yelli to 31 Marcli 2024, 1,425 ¥lecttical items 8upplied to our customers thiougli our shops. The wuikshop managei up-cycled 112 iteins of furnIre wliicli IvLre subsequently sold under the 'COtV01d Collection. brand in 51iops. During tlie year 57 new cu5tomus u5cd out Iow-c05t Iiire OF riser-rec]ts]er chAirs. Miis service 15 considerably cl)eaper than purchasing A brand-iiew chair or hiring from a Con]meial opetator. As Trustccs wc very gtatefiil to All those ivho madc donations and grants diiring the year, as wichout tliat lielp it would n()t have bccn possiblc for FRP to matntain and develop its opcrating Activities And its training %nd voluntctr programmc5.
FURNITURE RECYCLING PROJECT TRUSTEES) REPORT - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 {8) FtrruRE PLANS Ow sliop on Tr.Astem Avenuc, Gloucester is tlic IgeSt 51iop die cliariry has op¢rated from, %End the hrgc increase in floof space enabled us to display a gteatei variety DE re-iise and Jiew furnittir¢ dian in previous location5. Sales volumes continue to excccd expectauons. We are Looking to open a second shop in rhe re. Adcally witli a shop floor spxce of siintlar siLe to out cvrrent Gloucester shop. We ivill cootinue to explore neiv ievenue streams induding nionitoring our suppliers to ensuie they offer best value. We will ensure that our range of new fvrnitwe iem2ins current and compcutive. (9) PUBLIC BENEFIT As Trustccs ive have kcpt in mind the Chaiity Commission's guidance on publtc benefii. Tl)c locus of our cliaritable activitics during the )Tear is set out above in our st%tement% on "Objecuvc5 2nd Activities" and 'AChievenntS and l)etfomiance" xnd these explain lioiv As a cl)aiity we hfiv¢ dclivcred publj'c bcnefit. (10) INDEPENDENT EXAMINERS BK I)lus Limited112ve indicated ilieir wiUingne8.8 to continue in office and WAll be proposed for r¢appointinent. Tili8 ieport IJa8 beeii prepared in accord2nce witli tlie special provisions of Part 15 uf the Companies Act 2006 relaung to sn)all compAnies. for at]d on behalf of die Ti D Melvin- Cliair tces Date.,
REPORT OF THE INDEPENDENT EXAMINERS TO THE TRUSTEES OF FURNITURE RECYCLING PROJECT I ieport to the charity tnistee5 ofL ffty ex3ll1É112tion of the Lunsolidated financial stalements of FurJiitt)re RecyLltI)g Project (FRP) for the ycai eIided 31 hlatch 2024 on pages 7 to 18. Responsibilities and basis of teport ils the cliaiit)e5 tstee¥ of the con)pany (and ils directors for the PUOSeS olcompans, laiv) you are responsible for the preparation of the accounts in accordance the tequirements of the Companies Act 2006 ('the 2006 Act?. HAving satisficd rnyself that the financial statements of the company arc not reqwred to be audited undei Part 16 of the 20O(i J¥ct and are ellble for Èndepcndent exatninauon, I report in respect of m}1 examination of }iour charity's fjnanual statements as cariied out undei Section 145 of the Charities Act 2011 ('the 2011 ilct,). In CarL)g out my exaininauon I liave folloived the Directions ven by the ChArity Commission under section 145(5)(b) of the 2011 Act. Independent Examiner'8 tepott Sce the compan) gross iiicomc exLceded £250,IK)O your examiner must be a member of a body iisied in sectson of the 2011 Act. I confirm that l om quxlifjed to undertake tlie examination because l am a member ol the In$titute of Chartered A¢cowitAnls of England And Wales, Ivhich is one of the lisTed bodies. I have completed niy examinatton. I confim) that no m#tt¢r$ hive come lo my 9tlentson iii coiinection with the exominats'oi) ving me cause lo belieire.. (l) accounttng records ivere not kept in respect of the company as iequired by section 386 of the 2006 Act. ot (2) the f#11¢)1 srfilenienls do not Accord ivith those Accountsiig records- or (3) tile fiiiAiicial slalemenl$ do not compl)? with the accouiiting requirements of section 396 of the 26 Act utliei than Any requircment diat the aLcount8 give a 'irne and fair, vithv ivhich 18 not 2 mailer considered as Paff of an independent examirtfiuoi),. or (4) rlie fts)Aiicial btateInenls l)ave not been prepared in ?ccordaihcc ivith the methods and principles ol tlic Statement OE Recommended practice for Accountiiig and reporUI)g by chariiies {appiJ'cable to chaiities preparijig their acLount$ iii accord211ce ivith the f4iiiancig1 Reporting St2nd2rd applJ'Lable in ihe UK and Republic of Ireland (FRS 102>). I Iiave no cortcerns Hrtd have come 9¢108s no otlier mgtlers in connection with ihe ex2mination to ivhich allentioii sliould be draivn itk t]ii5 rcpotl in order io enable a proper undetstanding of the fthancial statements to be reached. ROGER DOIVNES FCA For and ott behalf of BK Plus Limited 6 Manoi Park Bu8ine88 Centrc MackenxAe Wa>. Cheltetsham Glo
FURNITURE RECYCLING PROJEcr CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE Accouwr) FOR THE YEAR ENDED 31 MARCH 2024 31 MARCH 2024 2023 Unresiricted ResttACted Funds Funds Total Fuiid8 To1741 Fund8 INCOME IncomL Erom cliatitable aCUViUes (note 2) 42C),919 426,919 367,702 Othet actlvities Donlluoiis and legacies (note 3) Otlier tradllig acuvities (note 3) Iticome from investnients Other Income (note 4) 19.384 102,129 1,565 385 19,384 102,129 23,156 83,037 178 385 123,463 123,463 108,924 Total liicome 5.50,382 550,382 476,626 EXPENDITURE Rai5&ng Eulld5 (Iiotc 6) Charit2ble activities (note 7) 76,542 39.1,-572 76,542 393,672 59,376 370,958 Total Expenditure 470,114 loo 470.214 430,334 Nei In¢ome/(Expenditute) Balances ttan8ferred between funds 80,268 2,948 (ioo) (2,948) 80,168 46,292 Futtds btouglit fonvard at l April 2023 165,941 3,598 169,539 123,247 Funds catried forward #t 31 Marcli 2024 249,157 550 249,707 169,539 F-IIP l)a4 iio rCColised gAii)s or losses other than those included in the Statement of Financial Activities. The Jioles oAPageJ I 110 18fonwPhil o[IhtJefiiiaii¢7a/slaleTrknli.
FURNITURE RECYCLING PROJECT CONSOLIDATED STATEMEwf OF FINANCIAL POSITION 31 MARCH 2024 2024 Total Funds 2023 Total Funds Unrestricted Restricted Funds Funds FIXED ASSETS l angible assets (note 10) 19,151 550 19.701 18.982 CURREwf ASSETS Stock DebtOL'S (note 12) BAnk and cash in hand 11,984 20,211 2111,1197 11,984 20,211 218,897 9,613 18,813 137,604 251.092 251,092 166,030 CREDITORS: amounis falling diie witliin one yeat Creditors (notc 14) 21,086 21.086 15,473 NET CURRENT ASSETS 230,006 230,00() 150,557 TOTAL ASSETS LESS CURRENT LIABILITIES 249,157 550 249,707 169,539 FUNDS OF THE CHARITY Unte8tticted fund8: (note 8) Geneial fiinds 249,157 249,157 165,941 Re6trlcted funds (iiore 8) 550 550 3,598 249,157 -550 249,707 169,539 Tlie cliai'&table company 18 entitIed to exemption From audit undei Sectxon 477 OF tlie CoirJp8nies Act 200() for tlie yeAr ended 31 N(8iclI 2024. 7'lie members have not iequired the company to obtiiin 2n audit of its fmAncial statements Foi tlic yeai ended 31 Marcli 2024 in accordaiice with S¥ctson 476 ul tlie compa¥$ Acl 2006. Tlic tmstccs acknowlcdgc tlicir responsibdities for (%} cn511ring tliat thc chArit2ble company keeps accoiinting records that comply ivitli Sections 386 V4nd 387 of tlie Lotnpanies Act 2006 And (b) pr¢piringT Fmancial statenients ivhich give A truc and flir view of tlie state of affairs of the cliAritable coinpaiiy as At tlie end of each fu)ancio1 year and of it5 SUTpIu5 or deficit for eacli fJi)ancial year in accordance witli the requireincnt of Scctions 394 2nd 39.% 2nd ivhich odienvise comply witli the icqiiircmcnts Df tlic CoinpAnic Act 2006 rclating to FinancA218¢atements, so Ear as applicable t() tlie charitable company. Tl)ese fin2ncial statements liave been pieparcd in accordance ivitli the ptovisions applicAble to cliaritable companies subject tv tlie Small colnponies regime. Ylie fthanciRI statements wcte Apptovcd by the Board of Tn]stces And iuthorised For i55ue oi) si]ed oli its behalf by.. vere DAwii Melviii 'l/ii Dovglas John Rugg .. Ibt iioleJ 017 1110 18J0171APart oftlxsefiiia ¢7alslateJiieiils.
FURNITURE RECYCLING PROJECT STATEMENT OF FINANCIAL POSITION 31 MARCH 2024 2024 Total Funds 2023 Total Fund8 Utttestricted Restticted Funds Funds FIXED ASSETS 550 19,701 18,982 InvestmetLts (note I l) IC),153 19,703 18,984 CURRENT ASSETS Debioxs (note 13) Bank 9nd ¢#sli in liand 45.624 202,330 45,624 202,330 36,772 124,839 247,9.54 247,954 161,611 CREDITORS: amounts falling due witliin one year Creditor5 (nolc 15) 17,950 11,056 NET CURRENT ASSETS 230,004 230,004 150,555 TOTAL ASSETS LESS CURRENT LIABILITIES 249,1.57 550 249,707 169,5.39 FUNDS OF THE CHARITY Untesiticted funds (notc 8) General Fund5 249,157 249,157 165,941 Restric¢ed fund8 (note 8) 550 -550 3,598 249,157 550 249,707 169,539 The iio/fS oil Puges I l 10 18Jop7NPail ofibrsefilldiiadlstdt¢illeii/s.
FURNITURE RECYCLING PROJECT CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net movement in funds (As pet the Statement of fittaftcial acllvities) 80,168 46,292 Adjustments Eor.. Depr¢ciRUon cliaxges Los81(Profit) on salt of Fed assets (Increas¢)/d¢creAsL in stock (Increase)/decrease in debtoi8 Increase /(decreftse) in creditors 5,313 (385) (2,371) (1.398) 5,504 (2,553} (2,148) 15,047 (7,206) Net casli umed in opetating activiiie8 86,940 54,936 CASH FLOWS FROM JNVESTING AcfiviTIES Proceed.4 from s%le of plant and equipment Purcliases of plant 9nd equipment 3,.133 5,333 (8,980) (10,869) Nei ¢a8h used in inve8ting activities <5,647) (5,53(1) IncreA4e /(decrease) in cash in the yeaz 81,293 49,4UO Cash balance at l April 2023 137,604 88,204 Cash balance at 31 March 2024 218,897 137,604 10_
FURNITURE RECYCLING PROJECT NOTES TO THE FINANCIAL STATEMEFrrs FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (a) B%sis of Accountitig The fts)ancial statemenls'Are prepsred ITh accordance with Accounting and Repoitin£ by Chatities,. Statcmcnt OE Recommended Practice (SORP) api)licable to charities preparing iheLT accouiits in accoidance ivitli tl)e Finincial Reporting Standard #ppiicable (n th¢ UK and Republic of Ireland (FRS 102) (effective l January 2019) (Charities SORP (FRS102)). the Finaiicial Reporring Standard ?pphcable in the UK and RepubliL of lielgnd (FRSI 02) atid the Companie$ Aci 2006. Fumiture R¢gTcling Project (FIiP) mee15 the definition of 2 pubhc benefit entity under niS102. i¥$sets and tiabdiues ate iniuaU)l Teco8rnsed at historical cost or itansaction value unless oilieThvise stared sn ihe relevant ccounting policy notes. (b) Going Concem In thc Lurrent ftsiiiicial y¢ar to 31 MxTch 2025. sales of botli re-use and neiv items liave exceeded tlie tNslee's forecasts. c.ash balances and reseiTries are comfoitably ivithin ihe charit) s reserv¢s pojx'cy. Ilie m211Agemeiit account¥ ro September 2024 shoiv a surplus And c2shfloiv Eorecgsis #re PO8itive thtough lo Dccembci 2025. Oil tllis bk515 the Trustees l)eheve the chariry remains a going concern and the f1112t)¢ial staiements hive been prepared on diAt basis. (c) Income Income is ie(ognised in tlie period io ivhich il r¢latcs, once FRP has entitlemeni io the income and oiice the diLecior8 are certain thai the income ivill received and ivhen the Inonetary value can be meAsured ivith sufficieiit relxabiiity. Iiicome from gThnt$, wheilier '¢apitAI' or'reveniie, gtattis, is recog))ised ivlieii the charity, lias entidemexit to the fuiid$, Any pet(ormanLe coiiditioiis atlached hAvc been met. it is probxble that thc income ivill be reLeived, and the amouiit can bc measiired rclJ2bly and is not deferred. Ivhcrc l.'RTr benefjts frvm ivork catried out by voluiiieer$, Ivithoui chRrge, 110 valLie is placed on this ivork for 2ccoulltiiig purposes. No valuc is plficcd on a doiiated Item until it is sold. Tlie revenue for borh dottated good¥ And iieiv siock is recognised on the dates the goods are purcliascd in stoir. oi for credit sales, Ivheji they are physicall}, dehveied to the Lustomer. (d) Expenditute F.xpei)diture is included in ilie St9tcmciil of Financial Activities on An gccn1218 basis, iticlusive of IIA'I. Ivhich canIiot be recovered. as soon a5 there is 8 legal or con$tructivc obhwAtson coinmitting FRP to the expcnditiiie. Costs of raising funds #re those costs incurted ill providing servffices for ivlu'ch FRJ) received a direct incume. Exi)eiiditure on charitable activities repre5ent¥ the cost of supporting FRP'8 objectives. Siiiii)otl costs'aie thosc costs incurred direcdy in support of expendire on the objects of FRP. (e) Stock8 Stock% are valued al Ilie loiver of cost and net realisable vftlue. Cost is coinputcd oil a first iii. first out b2518. Net rea]isAble valu< is based on estiIn#tcd Selling price less the estimated cost of disposal.
FURNITURE RECYCLING PROJECT NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 I. ACCOUNTING POLICIES (CONTINUED) (o Tangible Fixed Asscls Itidiiriduxl fixed 2ssets costing more than £l.000 2re capitali5ed at cost. WThete fixed asset5 are donated to the Charity, they ate ir¥diided at the I n)stee's valuatton. Impairment revieivs 2re carrted out only ivhen theie is an indication that the iecoverAble amount of afj asset is beloiv its iict book valuc. Deprcciauoii L5 provtded on all tsiigible fixed asseis at rates calculAted to ivtite off tlie cost of each Asset ovel its expected economic useful life to its esiimxted reabsable value, as folloivs'.- FiKtures, fittings And equipment ,lotor veliicles - at varying rAtes 2/0 Straight line (g) Taxation As a recogmsed charity, the Charity is exempt from CorporAtion Tax so lar it rclatC5 to its chaiiiable objects. It Ib not, lioivever, exempt from ITAT, itkd irrccoverablc IIAI. Is uicluded u) tlie cost ol Iliose items lo ivhi¢l) il telates (h) Ba8is of Coft80lidatioft Thc consokndated fuianciAI stalements comprise I'urniiure Recyclthg PIDject 211d ils tr8diiig ¥ubsidJRry, Nl,'P Txading l.imited. INCOME FROM CHARITABLE AcfiviTIES 2024 Tot81 Funds 2023 Total Fund8 Unre8tri¢ted Restricted Funds Fiinds Income from sales of Donated Futnimre Hitc of Riser Recb'n¢r Chairs Otlier gtajits artd donati0ft5 415,921 10.472 526 415,921 10,472 .$26 360,414 6,208 1,080 426,919 426,919 367,702 INCOME FROM OTHER ACTIVITIES 2024 Total Funds 2023 Total Fund5 Ufttestticted Restricted Fiinds Funds GIFI lid Income fiom sales of new thmitLtre 19.384 102.129 19,384 102,129 23.156 83,037 12
FURNITURE RECYCLING PROJEcr NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 OTHER INCOME 2024 2023 Profit on disposal of plant & macliinery .385 2,553 385 2,553 NET INCOME/(EXPENDITURE) 2024 2023 Net incoMe/(expendite) is stated after cliawiig:_ DepclAu0n of taijgble red assets oivncd a55Cts Lossl(Profit) on di.4po.sal of plant & macl]inery Ilent (operating lea4e Independent Examiners, remurteration chality group (38.5) 4,479 12,553) 17,818 1,750 2,200 1,625 2,035 As pertnittcd by Section 404 of tlie Coinpanies Act 2006, tlie p8rent compan)I's statetnetit of flnancial activitie5 11%5 not been AIicluded irt these financial stAiements. The net niovement in funds in the parent compiny for tlie ycar to 31 MArch 2024 Iw4s a net surplus in Eunds of £85,168 (2023.. £46.292 surplus). Staff co$t8: No reinunerauon was paid to the 'l'rusrecs and no expenses ivere re-imbursed lo tliem in eidier the year to 31 MAiclI 2024 or 2023. The staff cost5 IveTe'.- 2024 Total Funds 2023 Total Fiinds Unte8tricted Restricted Funds Funds Salarics and ivage5 Social security costs Pension costs 243,83C) 14,91K) 5,805 243,839 14,900 5,805 224.475 12,180 5,432 264.544 264,544 242,087 rRP employed the following fuu time equivalent staff duriiig the year Administiauon and management Voluntecr support aiid workshops Shops and distribution 10 10.5 No cmployec reccivcd temuner2ti01i of more than £60,000. All staff arc entitled to a Death in SeLvice benelit of twice thcit Fii)al salary. The cost to FRP 15 £1,654 (2023 _ £1,148)- 13-
FURNITURE RECYCLING PROJEcr NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 RAISING FUNDS 2024 Total Funds 2023 Total Funds Untestricted R¢sttiCted Funds Funds Trsding expenses.. Purchase5 Eoi resale Accountancy BRnk chaiges 75,996 450 96 75,996 450 96 58,872 410 C)4 76,542 76,542 59,376 CHARITABLE AcfwiTIES Dtsposal ofivaste Sqi18rics Voluntcers, expenses TIRitiing & travel Sundry staff costs Retit Rates & water ])remises in.suiance Ligl)t, heat & power l)Letiiises, maintenAiice & cleanLfAg Depiccixtion Van iunning Costs Riset-lcclincr lillc expenditure Worksliop & oEfLce 1,187 264.544 10,464 2,008 2,204 9,479 2,()75 2,704 33.319 2.948 5,213 17,211 387 13,181 1,187 264,544 10,464 2,008 2,204 9,479 2,67.5 2.704 33,319 2,948 5,313 17,211 387 13,181 485 242,087 lQ,676 2,398 17,818 3,185 4,809 24,856 4,335 100 8.30 11,122 ort l)rinting, post2ge & 5tationcry Teleplione Legal, 8ccounting & otlier piofessional fees Gcneril insurance BAnk c112Lges SubscLipLion5 Accoiintancy - Indcpendcnt cxamination 2,502 5,065 7,687 7,115 645 1,284 1,750 2,502 5,065 7,687 7,115 645 1,284 1,750 2,684 5,979 6,378 C),.345 617 1,470 1,625 393,572 loo 393,672 370,9.58 14
FURNITURE RECYCLING PROJEcr NOTES TO THE FINANCIAL STATEMENTS- cowfiNUED FOR THE YEAR ENDED 31 MARCH 2024 CONSOLIDATED FUNDS MOVEMENT Brnught foThvard Ttransfers & Cartied Income Expendinite Capital costs fotwatd Untestricted funds: General Fund 165,941 165,941 165,941 1 C)5,941 The Mnds of the chArity include all restricted fvndi comprising ihc following unexp¢nd¢d balancc5 of grants to bc Apph'ed to specific purposes, summatised by dcpartmcnt.. Btought fotwthrd Carried fonvard Income Expenditure Transfer6 Restricted funds by Department: Operations Electrical 3,498 i(x) loo (2.848) (i 00) 550 3,.598 loo (2,948) 550 In June 2023, the bot)k value (£2,948) c)f a van WAS trAnsferred froln restricted tv unre5tiictcd reserves. priot t its disposal. 15
FURNITURE RECYCLING PROJECT NOTES TO THE FINANCIAL STATEMENfs- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfIviTIES Untestricted Restricted Funds Funds Total Funds Total Funds INCOME Income fiom chaiit%ble activities (note 2) 367,702 367,702 219.724 Oiher activi¢ie6 Donauons and Icgacies (note 3) Otl)eI trath'ng activitic5 (notc 3) Ii)coinc from iovcstmcnts Otlier income (note 4) 23,156 83,037 178 2,-553 23,156 83,037 178 2.553 12,442 38,686 11 37,547 108,924 108,924 88,686 Total Ineoine 476,626 476.(126 308,410 EXPENDITURE Raising funds (note (?) Charitablc activities (note 7) 59,376 369.389 59,376 370,958 31,247 320,148 1,569 To¢al Expenditute 428,765 J,569 430,334 351,395 Net Income/(Expenditure) Balances tran8feried between fund8 47,861 (1,569) 46,292 (42,985) Funds btougljt fotwArd at l April 2022 118,080 5,167 123,247 166,232 Fuiid8 carried fonvard at 31 March 2023 165,941 3.598 169,539 123,247 FRP lias no recognised AinS or1058es other than tliose incliided iii die StateLnent of Financial Activities. 16
FURNITURE RECYCLING PROJECT NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 10. TANGIBLE FIXED ASSETS- PARENT COMPANY AND GROUP Plant and Equipment Motot Vehicles Total Cost As at l April 2023 Addiiions in ye2t Digposals in year 114,256 30,866 8,980 (23,665) 14.5,122 (23,C)65) Bllxnce at 31 MArch 2024 114,256 l (),181 130,437 Depreciation A% at l April 2023 Cliarge for year Lliminated on disp05als 10.3,984 2,077 22,156 3,236 (20,717) 126.140 5,313 (20,717) Balance at 31 March 2024 106,0()J 4,675 110,7.3(? Net Book Value At 3l Marcli 2024 8,195 11,506 19,701 At 31 Marcli 2023 10,272 8,710 18,982 ii. FIXED ASSET INVESTMENTS Invcstment iii subsidiiry Share8 Toial At l AprAI 2023 and 31 March 2024 2024 2023 12. DEBTORS- GROUP Trade debtors Otlier debtors & prepgyments VAT recovcrable 9,362 9,911 938 7,904 10,331 578 20,211 18,813 17
FURNITURE RECYCLING PROJEcr NOTES TO THE FINANCIAL STATEMENfs- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 13. DEBTORS- PARENT COMPANY Trade debtors Other debtors & prepayments VJlT tccovcrablc 7,419 -15.460 2,745 6,922 27,629 2,221 45.624 36,772 14. CREDITORS- GROUP TTadc cteditois Ilccruals and deferred income OtlieL creditors Tax and social svairity 5,093 9,496 503 5,994 5.732 3,609 1,08. 5,049 21.086 15,473 15. CREDITORS- PARENf COMPANY 'I'rade creditors AccniR15 and defeired incomc Otljex cIeditors Tax and soci#1 3¢curity 2,381 9,072 503 1,690 3,234 1,083 5,049 17,950 11,0.56 16. OTHER FINANCIAL COMMITMENTS FRP had Il)e folloiving commitments under operating lease$, falling due as follows Land and building8 Withiii onc yeAr Within ttvo to five yeats 15,012 15,000 10,012 30.012 17. STATUS The compAny is limitcd by guarantec and thcrcfoIe Iyds no sliare capital. In the event OF tlie company being vouad lip and the liAbilLties and winding up expenses being mole than Asset5, thc liabilttji of a metnber 15 limtted to £,1. 18. RELATED PARTY TRANSACTIONS There ivcre no related paity transactions in the yeat. 18-