Company Registration Number. 3236897 Regi6tered Charity Number: 1057619 FURNrruiLE RECYCLtNG PROJECT (a company limited by guaraniee) REPORT OF THE TRusfEES AND LfNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 BK Plus Limited 6 Manor Park Business Cetttre Macketizie Way Cheltenhaxn Glos GLS19TX
FURNrruRE RECYCIJNG PROJECT REPORTS AND FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2015 CONTENrs Page list of officers. Board membtts and advisers Trustees Report Report of the Independent Exarniners Con501idated Statement of Financial Acuvitses Consohdated Statement of Financial Position Statement of Financ1 Position Consojidated Statement of Cash Flows io Notes to the Financial Ststemenrs
OFFICERS, BOARD MEMBERS AND ADVISERS DIRECfORS/TRUSTEES Dawn MehTin (Chair) Doug]as John Rugg (l'ice chair) Jan Tappin CHIEF EXECUTIVE OFFICER ADDRESS & REGISTERED OFFICE W2rehouse 5 West Quay Thc DocLs Gloucesier GLI 2EH INDEPENDENT EXAMINERS BK Plus Limited 6 Manor Park Busine55 Cenue Mackcnzie iXIAy Chdtenham Glos GL519TX Uoyds Bankmg Group 19 Eastgatr Strttt Gloucester GLI INU
FURNITURE RECYCIJNG PROJECT TRUSTEES) REPORT FOR THE YEAR ENDED 31 MARCH 2025 We presenr our report and consohdated financial statements foi the Near ended 31 March 2025. We have adopted the proiisions of Accounting and Reporting b!. Charities.. Statement of Recommcnded Practice Apphcable to chltieS prepanng their accounts iccordance 7th the Financial Reporting Srandard apphcable m the LTK and Rcpublic OE Irel2nd (FRS 102 effective l January 2019) - (Cknities SORP (FRS102)), and the Companies Act 2006. (I) STRUCTURE, GOVERNANCE and MANAGEMENr This is the twenty-cighth annual report since the Fumirure Reci'cjjng Project ("FRP') was established in August 1996 as 2 companTr luM"ted b! guarantee and a charit! restered m England with the Charit). Conunission. Our governing documenr is our Nlemorandum 2nd Article of Associarion. In the event ol FRJ) being wound up our lixbdity as T$re¢S is Ilted to a sum not exceedmg £1. .Is existing Trustees, we elect ne1 tmstees in accordancc with the Articles of Associauon. On appomment. all new Trustees recei1"¢ a copy of the Memorandum and Anicles of Association; an induction pacK which include5 infomiation on their rok, thsclosure. and declarAtson of mterest forn together the Chanrj, Commissions booklct 'Essential Trustee,. Training is made ai'ad2ble to all Trustees as required. As Trustees we meet as a Board on a regular basis to set stsaregv and monitor perf0rn12nce. We deltte to the management team the task of da}'_tO-da)' managemcnt of FRP, which thev carfj, out to a hh standard. Gloucestershtre County Council As invited to send a representative to Board meetings. FRP has a wholl}. owned trading subsidiariy called NFP Trading Limited ("NFP'? and the profirs of thi's company are transferred to FRP under covenant to support our ke! objecuves. The pa}. and benefits of the management team are benchmarked agamst the annual salary conducted by the Furniture Re-use Network. The management team's salary is below the median sala4, r3tes for their respective roles. (2) OBJECTIVES AND ACTIVITIES FRP'S core objectiire 1% 'To reIiei'e either generilli. or indiirydu2ll!' persons who are in conditions of need, Iiardship or "stress bi" the provision of fwnitute and othu household accessories, calculared to reduce the need, hardship OI distsess of such peIsons" Our mission is to improi'e the jives of people most in need in Gloucestershire bi offeting for sale Affordgble fillniture and electrical items. To assisr us irt our mission we prode ¢rall]ll and personal devek)pment opportunities to the young and the unemployed. Dwing the Ye under review FRP continued with its main activities as follows: Ve couected second-hand fiille and e1cclcl go(Kls donated by households in Gloucesteishc and sold these items at low cost from ow shop in Gloucestei. Xle reped and tested donated electtical goods, and thi's enabled many electrical goods to be made re- Usable ind 2vadable at low cost to Customers through our shops. NFP, thc sub%idiaTh' of FRP, offcicd for sale new beds, mattresses, and elecuical appliances (including the m5tallatiOn of cookers) at competitive prices to statuton, both'es and charities. This supported the chents rclerred through thur olfices and others who wished to benefit from rkn's service, ptoviding a complementary serFiCC to FRJ) and helping to improve the ]ives of manv. Ve loaned riser/Tccliner cballs to indiiryduals in nccd (cspcciallv th05c rcquiring pa.ative care support) throughout Gloucestetshc at low cosi offering an affordable alternative to the purchase of these expensive items. X'e provided stNctured work expienCe and traIng pIogrammes in our workshop and Ietajl outlets to people looking to gain experience and woik_related qualifications. thus building thur confidence and employability.
FURNITURE RECYCLING PROJEcr TRUSTEES, REPORT - CONfiNUED FOR THE YEAR ENDED 31 NIARCH 2025 (2) OBJECTIVES AND AcfIvrriES- CONfiNUED FRP has 2 st¥)3ll number of hard-working and enthusAaStic staff and scveKal wiuing volunteers. The volunteers compLise a vJide range of people giving rhar lime 2nd expie0ce to FIiP. They mdude those who arc actively looking for empbyment, refugees seekffjg asJ"lum, and rcrited peoplc. Thc total nurnbu of volunteer hows vias 7,520. Ilwe had to employ st2f( insteal thc PilToll cosis would be £95,492 higl)er. (3) TRUSTEES? RESPONSIBILITIES IN REIATION TO THE FINANCIAL STATEMENTS The pUoSe of this statcmcot is to distinguish our responsibilities in reIatton ro flliancial statements and accountiog records trom thos¢ of Ehe independent examtners as ststed in their ieporL Clwiry and company law Iequtres us 2$ TLuscees ro prepatt fjnancial statements for each fmanci21 period. whtch give a true and fatr view of the state olaffairs and of the iticoming resowccs and appjicatioa of Iesources of the company for th2t period. In prepanng those financi ststemenrs we are iequired to.. select suitable accounting po]icies and thcn appty them consistently: observe the methods and pxinciples in thc Chatiry Cornmission's Statement of Rccommended Practice (SORP). mak-e judgements and estimates that ieasonabk and pnidenr, prepare fmancial ststements on a going concern basis. unless it AS inappiopiiate to assume that the cornp2ny will continue to opergte. As Trustees we are Iesponsible for keeptng pIope1 accounting records, which disclose vrith reasonablc accuracy at anv time the financial posiuon of the compan},, and foi enswing that the financ1 staternenrs comply with relevant legis]2tton. We are responsible foI safegu2rding the assets of the company and hence for taking reasonable steps foi the preveThtton and detection of fraud and other irregularities. (4) FINANCIAL RESULT AND RESERVES The cott$olidated statement of financial acrivities on pagc 7 sho the incoming Iesources and the applicauon of those resources for the FuMitU Recyclxng ProFct ("FRP'? 2nd its subSlAry company Trading Limited fWFP'?. a) DurirAg the year ended 31 Mah 2025 FRP had Thvo prtnupal sources of unrestsicted funding. The main source wa5 Erom sales of donited second-hand furniture and household goods, which at £435,121 is 5 /0 hjgher than the total OE £415,921 achieved in the Y to 31 March 2024. The other main income stream was fIom the covertirtted piofits from the sale of new household goods through the subsidtary ¢ompaft)'. NFP Tradjng Ltd. In the year to 31 MaI¢h 2025 sales of new gi)ods were £69.714. 3 3?O/o decrease on the £1 0? 1 ?9 achiei'ed in the ve to blarch 2024. The gross profit margm on sales of new goods w25 36.7Q/i, a sigKuficant increase on 260/0 profit maigin achieved ia the prior year. b) After considenng the Televant expcndlture of £519,430, the net movement in the unrestsicted fijnd a5 at 31 Mch 2025 was an iauease of £13,024 in the unrestticted reserves which stood It £26? 181 by the year end. c) The Iestsicted reserve balance of £5(M) be cgrtied foThwArd into 2025/26. The charity did not 2pply fot any grant £unding during the fll)2ncial year. It is the policy of FRP ro maint2in uudesignate4 unrestticted fimd5 cxdudiag 6xed a55ets, which arc ficc reserves, at a level that equ2tes to between thtee and ttvdi"e months of the unre5trtcted resoutces expeaded. Thi5 would provide a cusl]ton against tluctuations in incom¢ And would cnablc FRP to conrinue WAth its current activiries. Ar 31 Mch 2025 the free reseryes were £247,748, which is within the reserves policy of FRP.
FURNITURE RECYCLING PROJECT TRUSTEES, REPORT - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 (5) RISK MANAGEMENr As Ttustees ive review the major risks that FRP faces on a regular basis and carry our petiothc IWS of the controls over ke}, finanaal s}'srems. We also consider other financlal. oper3rionaL and business iisks faced b}, FRP, especially the maintenancc of adequate reqerves, and httve ensured that insurance coitr h35 been relWed and updated. As Trustees we confimi that s}'stems have been est3bhshed to miugate. as lar a5 possible. any $Jgfi¢allt Iisks. FRP 15 facing increasing competition other charities and commercial operators in the provision of our cote product on the high street. Ive mi)nitor the sales prices in our shops and aim to keep our prices. on average. below the market rate. Our potential customers are finding it incieasinglv e8SV to purchase items via social media platfornjs. We are embracing the challenges dus presents and now have a strong online presence. PIctte$ of new stock at our shops are posted regularly on ouz shop's Facebook pages a5 well as in local buy/sell Facebook group5. Re-use office furniture is offered for sale online 'c]ick and collcct,. We are reVIlng the option io expand this senrice to our core products. however, we tecognise the adth'tional operauonai costs would almost certainly outwegh the e3$ed revenue. Ve are aware thar risk is not fL¥ed and that everyone should be aware of their environment for changes as and when they mxy occur. For this reason, FRJ) continues ro invest and Anvolve staff in developjng plans. ensuring risks of an). nature are formerly explained and understood by . Training of staff continues ro be a prioriry as does recrtg staff with the sk8 to cover roles 2nd miugate any risk to themselves, volunteers and customers/iisitoIs ro any FRP site. Ve recogmse the risk of operatin8 from onlip one shop and we are k)okts¥ at suitable large piemises within the region for second shop. (6) INVESTMENT POLICY As rhere is a relativel!. low lei.el of fimds Avad2ble for investment, we consAder that bank deposits proNryde a satisfactory reNrn to FRP. Tn che year to 31 March 2025 these have been shorr tern] deposits with FRP'S banket and other UK regulated banks and Building Socieues for periods not e¥ceeding 12 months. (7) ACHIEVEMETrrrs AND PERFORMANCE During the year to 31 March 2025 we used our fleet of vekn'cles to coIkct donated second-hand fim11te and electttcal items from 3,456 local households and, as a result, we were able to dejwer 12.974 irems at low cost through out shops to 2,66() household5. This re-use of domestic items helped many people in nee4 hatdship, or disttess. It also assisted local council seThTices by reducing the waste going to landf and. theIefoIe. helped to reduce the costs associated with their bulky item collecuon Service. It improved the enVonment £01 the benefit of alL The workshop in Gloucester is set up for the repair and tesring of donated elearical items. In the vear to 31 March 2025, 1,470 electrical items supplied to our customers through our shops. The workshop managu up-c5Tcled 95 items of fumiture which were subsequcndy sold under the 'Co(swold Collecuon. brand shops. Durmg the year 42 new custom5 used our low-cost hire of riset-Ieclmcr chair5. Thi5 5errice is considerably cheaper than pwchasing 2 brand-new chair or hiring from a commercial oPetOr. As Ttustees we are verv gratefid to all those who made donAtion5 2nd grants during the iyear, as without that help it would not have becn possible foi FRP to maintaln and develop its operating actiiryties and its training and volunteer programmes.
FURNITURE RECYCIJNG PROJEcr TRUSTEES) REPORT _ CONTINUED FOR THE TrEAR ENDED 31 NIARCH 2025 (8) PERFORMANCE AND FufuRE PLANS Our Shop on Eastern Avertu4 Gloucester is the biggest shop the chatxty h25 operated &om. and the knge floox space has en2bled us ro display a greater v2riery of Ie-use and nei fiunirLLre than previous locations. Sales volume5 cOntuC to exceed expectations. In June 2024 we swied a short-terni 'CenCe to occupy part of the iloor space of C2vendi5h House on the P£omenadc. Cheltenhatn. Sales have nor been as sttong as initJa]ty hoped, however. after moviog to 2 more promintht ground flooi location, ttiding perforn)2nce has improved. We wijl continue to explore new VenUe streaDlS includuJ8 monitoring our suppliers to ensure thcy offer best value. We will ensure that our range of new filitre rcm27ns current and competitive. We continue to secL. large retail premeS as potential locations for new shops (9) PUBLIC BENEFIT As Trusttts we have kept in mind the Charity Commission'8 guidance on pub]ic benefit. The focus of our charitable activities during the Ye is set out above in our statements on "Objectives and Actsvities" 2nd "Achievements and Perfornunce" and these explain how a5 a charity we have deh'vered pub]ic beaefit. (10) INDEPENDENT EXAMINERS BK Plus Limited have indkcated their WlgneSS ro continue in office 2nd will be proposed for Ieappointment This report has be smJJl comparjies. d in accordance with the special piovision$ of Patt 15 of the Companies Act 2006 relating to For And on behalf OE the Trustecs D MelNryn- Chair Date..
REPORT OF THE INDEPENDENf EXAMINERS TO THE TRUSTEES OF FURNITURE RECYCIING PROJECT I report to the chanti" trustees on tnsy examatiOn of the consohdated financial ststements of Furnimre Recyding Project (FRP) fot the }Tear ended 31 hlarch 2025 on page5 7 to 18. Responsibilities and basis of teport .Is the chanrE"'s ttustccs of the cotnpan} (and its dtyectors for the Pu05e$ of company law) }ou are Tesponsible for the preparation of the accounts in accordance with the requirernenrs of the companies.lcr 2006 ('the 2006 .Icr). Having satisfied mvsclf that rhe fjnxncial statements of the company are not required to be audited under Part 16 of the 2(K)6 Act and ire e"ble for indepeThdent examination. I report respect of mr eXaMatiOn of )'our charity s financial statements #s c2nied out under section 145 of the Ch9nties ,Ict 2011 Cthe 2011 .4ct). In cary out m). examition I haire followed the Directions ven b} the Chariry Commison under section 145(5)0)) of ihe 2011 .4ct. Independent Examinee8 report Since rhe compan}'s gross income exceeded £250,(K)O vour examiner musi be a mernber ol a bod), bsted in section of the 2011 .4ct. I confinn that l am quah"fi¢d to undenake the examination because I a member OE the Instttute of Chartered .4ccountants of England and iX,'31¢s. wknch 15 one of the bsted both"es. I have completed m}? examination. I confirm that no matters have come to mv attentioo in connection th the examination giving me cause to betseve= (l) accounting record5 were not kept irl respect of the companv as required b), $ection 386 of the 2IYJ6 .Ictr. or (2) the fin2ncial statements do not accord with those accounting recOS. OI (31 the financial statements do not compl). with the atcouniing requirements of section 396 of the 21)06 .Ict other than an}, reqlurement that the Accounts ve a 'trne and fair, view wlll'ch ts not a matter considered as part of an independent examination. or (4) the Gnancial statements have not been prepared in accordance with the meihods and principles of the Statement of Recommended practsce for Accountlng and reporting b!, charities (appljcable to charitte5 preparing iheir accounts in a¢cordanc¢ 1th the FancIal Reporting Stad#[d 2pplicable in the UK and Rcpubhc of Ireland (FRS 102)). I h2ve no cnncems and have corne across no orher matters in connection the examination to which attentton should be dtawn in thi's report in order to enable g proper understanding of the financial stsiemeThrs to be leached. ROGER DOWNES FCA For and on behalf of BK Plus Limited 6 Manot Patk Bu$ines8 Centrc Mackenzie Wa) Cheltenham Glo
FURNITURE RECYCLING PROJECT CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCOIIPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAIi ENDED 31 MARCH 2025 31 MARCH 2015 2024 Unrestricted Restrieted Funds Funds Total Funds Total Funds ll¥COME Income from charitable acrrvitie5 (note 2) 445.626 445,626 426,919 Other actrvities Don2uons and lecleS (note 3) Other tridts]g artiNitics (note 3) Income from investment5 OtheI income (note 4) 1?,6?0 69.714 4.494 12,620 69,714 4,494 19,384 102,129 1,565 385 86,828 86.828 123,403 Total Income 532.454 532,454 550,382 EXPENDJTURE Raising ttd$ (note 6) Ch&ritable acttvities (note 7) 44.816 474,614 44.816 474.664 76.542 393.672 Total Expenditure i19.430 519,480 470,214 Net Income/(Expendi¢ure) Balances ttansfexred berwttn fund$ 13,024 (50) 12,974 80,168 Funds brought forward at l April 2024 249,157 550 249.707 169.539 Funds cazried forward at 31 March 2025 262,181 500 262,681 249,707 FRP has no recognised 83ins or k)sse5 other thon those included in the Sratement of Financi9J Aeiivitie5. Tbe noleJ oThPagew I l ts 18ftrniPart oftlxsefipnnaJJlu1trnenttr.
FURNITURE RECYCLING PROJECT CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 MARCH 2025 2025 Total Funds 2024 Total Funds Untestricted Restricted Funds Funds FIXED ASSETS Tangble asseis (note 10) 14,703 500 15.203 19.701 CURRENT ASSETS Stock Debtois (note 12) Bank and cash in h2nd 15,015 20,111 246.081 15,015 20,111 246.081 11,984 20.211 218.897 281,207 281,207 251,092 CREDITORS: amounts falling due within one year Cre(htors (note 14) 33.729 33,729 21.086 NET CURRENT ASSETS 247.478 247.478 230,006 TOTALASSETS LESS CURRENT LIABILITIES 262,181 500 262,681 249,707 FUNDS OF THE CHARITY Unrestricted funds: (note 8) GerteI#l funds 262,181 262,181 249,157 Restricted funds (note 8) 5()J 500 550 262,181 51Xi 262,681 249.707 Tlie chatitable compally is entided to exemption from auth't under Section 477 of the Companies Act 2006 for the year ended 31 MaIch 20?5. The members have not required the company to Obta an au<h't of its fancI statements for the year ended 31 March 2025 in accordance Section 476 of the Companie5 Act 21KI6. The trustees acknowledge their responsibth'iies for (a) ensuring that the charitablc company kttps accounting records thgt comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing fancIal statements which give 2 true and fair Nryew of the state of affa5 of the charitable company as at the end of each financial vear and of its surplus or deficii for each fm2ncul year in accordance with the requirements of Sections 394 and 395 and which otherwise compli, with the requirements of the CompaLlles Act 2006 re]2ting to financial 5(atcmcnts. $0 lar as appkncablc to the charitable company. These fts]ancial statements h2ve been pIepared in accordance WAth the proNusions applicable to chlt2b1e companies subject to the SEnall companies regune. The financ statements weIe approved by the Board of Trustees 2nd auth0ri5ed for tssue on s]gned on its behalf br. were DawnMelNin,... ....... Douglas John Rugg ....... Tbe Note onPdgeJ I l 10 18forniPart of¢lxsefvaffi7alJtalements.
FURNITURE RECYCLING PROJECT sTATEME1T OF FINANCIAL POSTTION 31 MARCH 2025 2025 Total Fuods 2024 Total Funds Unrestricted Restsicted Funds Funds FIXED ASSETS TIllble assets (note 10) Investsnents (note I l) 14.703 500 15,203 19.701 14,705 51)0 15,205 19,703 CURREwf ASSETS Debtors (note 13) Bank and cish in hand 55.739 224.941 55,739 L?4.941 45,624 202,330 CREDITORS: amounts falling due ithin one yeat CIeditors (note 15) 280,680 280.680 247,954 33,204 33,204 17,950 NET CURRENT ASSETS 247.476 247,476 230.004 TOTAL ASSETS LESS CURRENT UABILITIES 262,181 500 261681 249,707 FUNDS OF THE CHARITY Untestricted funds (note 8) General Funds ?61181 262,181 249,157 Restticred funds (note 8) 5(K) 500 550 262,181 500 262.681 249,707 The iioles onPageJ I I to 18fG7mP4rf ofthsefinaNa4/slo¢eMentJ.
FURNITURE RECYCLING PROJECT CONSOIJDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 CASH FLOWS FROM OPERATING AcfIvITIES Net movement in funds (a8 per the 8tatement of financial activities) 12,974 80,168 Adjusttnents for.. Depreciation charges Losb/(Profit) on sak of fLxed assets ncre25e)/decrease in srock Uncrease)/deuease in debtors Increase /(decrease) in creditors 8.498 5.313 (385) (2.371) (1,398) 5,613 (3.031) loo 12.643 Net ca8h used iti operating activitie8 31.184 86.940 CASH FLOWS FROM INVESTING ACTMTIES Proceeds from sale of p]2nt and equipment Purchases of plant and equipment 3,333 (8,980) (4,000) Net ¢a8h used in investing activities (4,000) (5,647) Increase /(decrease) in cash in the year 27,184 81,293 Cash balance at l Aptil 202A 218,897 137,604 Ca8h balance at 31 March 202S 246,081 218,897 io-
FURTr4fruRE RECYCLING PROJEcr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (a) Basis of Accounting The finxnctsl statetnents arc prq)ared in accordance th..cC0ItU and Repottitig by Charities: Statement of Recommertdcd Ptactice (SORP) apph"cable to a[lueS preping their accounts in accordance with the Finanaal Reporting Standd app]icable xn the Uk and Repubh'c of Ireland (FRS 102) (effecttve l January 2019) - (Charities SORP (FRS102)), thc Finaticial Reporting Standard aPpLable in the UK and Republic of Ireland (FRSIO4 and the Cothpanies Act 2006. FTllniture Recyclmg Project (FRP) Jneets the defioition of a pubIic benefit entity under FILS102. Asscts and liabi]ities azc iniiially recogntsed gt htstoric21 cost or transactton value unless otherwis¢ srgted ia the teievant accounting pojicy notes. (b) Going Concern In eaIl} surnmer 2025 the kndloTd of the Gloucester shop urkexTrectedly itivoked the break clause ift the IvAse agreement which Iesulred in a significant fall An sales revenue over the summer whilst the chAriry found rtew premises nearby. Since the re-openio& 5aks in tbe ttew $hop are nxnfji at a similar level to the old onc. Despite Undertaku cost curring measutts, the Chdtenham shop rern2ined lo$$ making, so rhe tnjstees tr)ok the decision ro close the shop in Septernber 2025. Further measures to ttduce the operating costs of the charity are due to take place in the first half of 2026 and once these Implemented the cashflow is Foi¢ca$¢ to to a Positive Positiort. Ort this basis the Tntstees believe the chariry remains a going conccm and the financial sr2rements have been prepared oft that basis. (e) Income Income is recognised in the pcriod to which it reIates, once FRP hz5 entidement to the incojne and oncc the (brectors ate Certai that dLe income will be received and when the monetary value can be rneasured ryth sufficient reb2bJJiry. Income from grants, wherher'c2Pit21' or'reNenue' grants. is recognised when the chatity ha5 entidement to the fMid4 an} perlonnance condJ"tions attached hape been met, li is probable that the income ryll be ieceived. and the amount tan be measured reliably and ts not deferred. lThere FRP benefits from work callied out by volunteers, wAthout charge. no 3.alue ts p]aced on dus work foz %¢countsng PUqK)ses. No value Is placed on a donated item until it is sold. The xevenue foi borh donated goods and new stock is tecognised on the dates the goods are purchased in Store, or for czedit Sales, when they gff physicall} dehvered to th¢ customer. (d) Expenditure ExpenditUTe is induded in the Ststemeftt of Finanaal Activitics on an ACcnS basis, inclusive of I'.IT which cannot be recov¢Ted, as soon as there is a legal or constructtve obh82tion con]mittillg FRP to the expendtture. Costs of raisthg funds ate those costs iticurred io Pro7dg Se1¢¢$ Fot .hICh FRP ieceivcd a thcct income. E.¥penditure on charitable actitte5 represents the cost olsupporting FRP'S objectsves. Support costs Xte those costs incurred dxrccdy An SUPP)rt of cxpenditure on the obiec(s of FR. (c) Stocks Stocks are va]ued At the lower of cost and net realisgble value. Cost is computed on a first in. fjrst out basis. Net reglisablc value 1$ based on estimated sellitig ptice less the estimated cost of dispos li
FURNITURE RECYCLING PROJEcr NOTES TO THE FINANCIAL STATEMENfs - CONfINUED FOR THE YEAR ENDED 31 MARCH 2014 I. ACCOUNTING POLICIES {CONTINUED) Tangible Fixed Assets 1Thth"54dual fixed assets costing rnore than £l,(X)O are c3pit2b.sed at cost. Where fixed assets 2re donsred ro the Charits", the). are included 3t the TEUStee's valuatson. Imp2irment reiryews are carned out only when thete 1$ an in(hc3tson that the recovcrable amount of an asset is below its net book value. Depreciation is proiided on all taftbIt fixed assets 21 fdtes calculated to lte off the cost of egch 3sset over Its expected econottllc usefijl hfe to its esiimated reah'sable va]ue. as follows: FixNres. fittmgs eqwpment otor vekncles ar v2t)Ing rates - 20'/o strht Ime (g) Tax8tion As a xecogrnsed chltiry. the Charitr is exempt from Corporation Tax so far as it relates to its charitablc objects. It is not. however. exernpt from ir.IT. and irrecoverable I'.IT is induded in the cosi of those items to whj'ch it relates (h) Basis of Con801idatiOn The consohdated financlal statemenis comprise Furninlle Recyc]ing Project and its trading yubsidiA4'? NFP Tiading LAmired. INCOME FROM CHARITABLE A1VITIEs 2025 Total Funds 2024 Total Funds UnTe8¢ricied Restricted Fund8 Fundo Incorne from s21es of Donated Fumimre Hire of 'Ser Reclmer ChaiEs Other grant5 and donations 435,121 IOJ55 150 435.121 10,355 150 415.921 10.472 526 445.626 445.626 426,919 INCOME FROM OTHER ACTIVITIES 2025 Total Funds 2024 Total Funds Unrestricted Restsicted Funds Fund¥ Gift 2id Incorne from sales of new filtUre 12,620 69.714 12.620 69.714 19.384 102,129 12
FURNITURE RECYCLING PROJEcr NOTES TO THE FINANCIAL STATEMENfs- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 OTHER INCOME 2025 2024 Profit on disposAI of p]ant & machincry 385 385 NET INCOME/(EXPENDITURE) 2025 2024 Net incotne/(eYpendiDJre) is stated after dww.- Depreciauon of tnble fixed assets owned assets Loss/(Pro&t) on disposal of plant & machinery Reni (opet2ting lease) Independent ExninerS, iemunerarion - charity - group 8.498 5.313 (385) 9,479 34,493 1,900 1500 1,750 2,200 As pennitted by Section 404 of the Companies Act 2006. the pxrent company's statement 0£ fmanc1 activities has not been included in thcse fth2acial statements. The nct moN"ement in fijnds in the parent company for the year to 31 March 2025 was a net surplus in fidS OE £12,974 (20?4: £85,168 sutplus). Staff costs: No remuneiition was paid to the Tn]5rees and no expenses were re-imbursed to them in either the year to 31 March 2025 or 2024. The srafl costs were: 2025 Total Funds 2024 Total Funds Untestiicttd Restricted Funds FuDds Salaries 2nd wages Socd securtiy Costs PensLon costs 299,321 20.643 6,997 299321 20,643 6,997 243,839 14,900 5,805 326,961 326.961 264,544 FRP cmployed the Eollowing tulI time equivalent staff during the year Administration md manageDMt Volunteer support and worLshops Shops disttibution io 12 io No employee received remuneration of Dre than £60,000. All stafFe entitled to a Death In Suvice benefit of tice their 6n9J salary. The cost to FRP is £1.742 (20?4- D,654). 13
FURNITURE RECYCLING PROJECT NOTES TO THE FINANCIAL STATEMENfs - CONfINUED FOR THE YEAR ENDED 31 MARCH 2025 RAISING FUNDS 2025 Total Funds 2024 Total Funds Untestticted Restricted Funds Fund$ Trading expenses.. Purchases for Iesile Accountancy Bank charges 44,112 6(M) 44.112 600 104 75.996 4iO 96 44,816 44.816 76.542 CHARITABLE ACTIVITIES Disposal olwaste alaries VolunteeIs' expenses Training & uavel Sundry. sraff costs Rent Rites & water Prcmises insurdnce Ljght. heat & poweI Premises, maintenthce & cleaning Deprecixtion Van running c05tS "seI-recliner hire expenditure Workshop & office 1,430 326,961 9,815 2.741 2,304 34,493 2,360 2,634 25.582 4,476 1,430 326.961 9,815 2,741 2,304 34,493 2,360 2.634 25.582 4,476 8,498 16,093 362 9.650 1,187 264,544 10,464 2,008 2.204 9,479 2,675 2,704 33.319 2,948 5.313 17,211 387 13.181 50 16,093 362 9.650 Printing. postage & stationery Telephone Legal, accounting & other professional fees Gencral insurance Bank charges Subscriptions Accountanci - Independent examination 3,136 5.712 7.361 7,070 320 1,766 3,136 5.712 7,361 7.070 320 1,766 1.900 2,502 5.065 7,687 7.115 645 1,284 1.750 474.614 50 474,664 393,672 14-
FURNITURE RECYCLtNG PROJECT NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 CONSOLIDATED FUNDS MOVEMENr Brought forward Transfe & CartAed Income Expendirute Capital costs forward Untestiicted funds: General bund 249,707 53? 454 519.480 262,681 249.707 531454 519.480 262,681 The fidS of the chatity include all restsicted fid$ Complists thc following unexpended bgjances of grants to be app]ied io specific putposes, SUmmtd by departmeor Brought forwa Carried fonvatd Income Expenditure Transfers Restticted funds by DepartmenL' Operarions Electtic21 550 50 500 550 50 500
FURNITURE RECYCLtNG PROJEcr NOTES TO THE FINANCIAL STATEMENTS- CONfINUED FOR THE YEAR ENDED 31 MARCH 2015 COMPARATIVES FOR THE STATEMENf OF FINANCIAL ACTIVITIES Unrestricted Restricted Funds Funds Total Funds Total Funds INCOME Income from chatit2ble acrivities (note 2) 426,919 426.919 367,702 Other aciivitie8 Donauons and legacies (note 3) Other ttading activitses (note 3) Income from ini"estments Other income (note 4) 19,384 102.129 1,565 385 19.384 102,129 1,565 385 23.156 83,037 178 2,553 123,463 123,463 108.924 Total Income 550.382 550.382 476.626 EXPENDITURE Raising funds (note 6) chit2b1e activities (note 7) 76,542 393.672 76,542 393.672 59,376 370.958 loo Total Expenditure 470,114 100 470.214 430.334 Net Income/(Expendimre) Balance8 ItaftBfetred betwttn fund8 80,268 (1) 80,168 46.292 Fund8 btought forward at l AprRI 2011 165.941 3,598 169,539 123,247 Fund8 carried fornrard at 31 Match 2024 249.157 550 249.707 169,539 FRP h25 no recognlsed gains or105ses other than those included in the Sr2remenr of Financial Acttvities. 16-
FURNITURE RECYCLING PROJEcr NOTES TO THE FINANCIAL STATEMENfs- CONfINUED FOR THE YEAR ENDED 31 MARCH 2025 10. TANGIBLE FtXED ASSETS- PARENf COMPANY AND GROUP Plant and Equipment Motor Vehide5 Total Cost As at l April 2024 Additions in vear Disposals kLI year 114?56 16.181 4,000 130,437 Balance at 31 March ?025 114256 20,181 134,437 Depreciatioll As ar l Apiil 2024 Charge £or year Eliminatcd on disposals 106,061 4,462 4,675 4.036 110,736 8.498 Balance at 31 Marh 2025 110,5?3 8,711 119234 Net Bookvalue At 31 Match 2025 3,733 11.470 15,203 At 31 Nfarch 2024 8,195 11,506 19,701 ii. FIXED ASSET INVESTMENrs Investment in subsi Shares TotaI At l Apiil 2024 and 31 March ?025 2025 2024 DEBTORS- GROUP Trade debtors Other debtors & prepa)rynents VAT tecovetabk 3225 15,985 901 9.362 9,911 938 20,111 20,211 17-
FURNITURE RECYCLING PROJECT NOTES TO THE FINANCIAL STATEMEwfs- CONfINUED FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 DEBTORS- PARENT COMPANY Trade debtors Other debtors & prepapnents VAT recoverabk 1,974 51.261 2.504 7,419 35,460 2,745 55.739 45.624 14. CREDITORS- GROUP Trfiae creditors Accruals and deferred mcome OtheI creditors Tax 2nd Social security 5.948 20,792 1.402 5.587 5,093 9,496 503 5,994 33,729 21,086 15. CREDITORS- PARENf COMPANY TIade creditors ACenlS and defeued income Orher crethtors 'rax and svcial secutity 5,948 20.267 1,402 5,587 2,381 9,072 503 5,994 33,204 17,950 16. OTHER FINANCIAL COMMITMENTS FRP had the following commitments under operatsng leases, fajlmg due as follows land and buildings X'ithin one year x11th to five years 16,600 15,012 15,000 17. STATUS The compani is lllnited b¥ guar2nttt and therefore has no Sha capital. In the event of the company being wound up and the liabilities 2nd windmg up expenses bclng more th2n assets. the lubilitr of a member Ls Imitcd to £1. 18. RELATED PARTY TRANSAcfIoNS Theie were no rejated party transactions In the vear. 18-