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 Assoc￿tiOn. 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 g￿a$ 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)
tI￿Oi1g110ut 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¢m￿l¢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 pL￿dent.
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 £oLw￿d 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 f￿ed 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 r￿dIng 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 na￿re 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 furnI￿re
wliicli IvLre subsequently sold under the 'COt￿V01d 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]me￿ial 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 I￿geSt 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 'AChieven￿ntS 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 t￿stee¥ of the con)pany (and ils directors for the PU￿OSeS 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 ell￿ble 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
S￿ce 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 2￿6 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 rCCo￿lised 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 F￿ed 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 expendi￿re 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/(expendi￿te) is stated after cliawiig:_
Dep￿clAu0n of taijgble r￿ed 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-