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 Financ￿1 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 ch￿ltieS 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! re￿stered 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 I￿lted to a sum not exceedmg £1. .Is existing Trustees, we elect ne￿1 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 delt￿te to the management team the task of da}'_tO-da)' managemcnt of FRP, which thev carfj, out to a h￿h 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 pro￿￿de ¢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 fi￿ill￿e and e1cc￿lc￿l go(Kls donated by households in Gloucesteish￿c and sold these items at low cost from ow shop in Gloucestei. Xle rep￿ed 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 Gloucestetsh￿c at low cosi offering an affordable alternative to the purchase of these expensive items. X'e provided stNctured work exp￿ienCe and traIn￿g 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 exp￿ie0ce 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 pU￿oSe 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 financ￿1 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 subS￿lAry company Trading Limited fWFP'?. a) DurirAg the year ended 31 Ma￿h 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 M￿ch 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 M￿ch 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 I￿￿WS 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 rel￿Wed and updated. As Trustees we confimi that s}'stems have been est3bhshed to miugate. as lar a5 possible. any $Jg￿fi¢allt Iisks. FRP 15 facing increasing competition other charities and commercial operators in the provision of our cote product on the high street. Ive mi)nitor the sales prices in our shops and aim to keep our prices. on average. below the market rate. Our potential customers are finding it incieasinglv e8SV to purchase items via social media platfornjs. We are embracing the challenges dus presents and now have a strong online presence. PIctt￿e$ 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 reVI￿￿lng 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 recr￿t￿g staff with the sk￿8 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 fim11t￿e 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 enV￿onment £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 custom￿5 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 oPe￿tOr. 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 ne￿i fiunirLLre than previous locations. Sales volume5 cOnt￿uC 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 fi￿lit￿re rcm27ns current and competitive. We continue to secL. large retail prem￿eS 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 W￿l￿gneSS 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 exam￿atiOn 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 Pu￿05e$ 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 eXaM￿atiOn of )'our charity s financial statements #s c2nied out under section 145 of the Ch9nties ,Ict 2011 Cthe 2011 .4ct). In cary out m). exami￿tion I haire followed the Directions ven b} the Chariry Commis￿on 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), $ection 386 of the 2IYJ6 .Ictr. or (2) the fin2ncial statements do not accord with those accounting recO￿S. OI (31 the financial statements do not compl). with the atcouniing requirements of section 396 of the 21)06 .Ict other than an}, reqlurement that the Accounts ￿ve a 'trne and fair, view wlll'ch ts not a matter considered as part of an independent examination. or (4) the Gnancial statements have not been prepared in accordance with the meihods and principles of the Statement of Recommended practsce for Accountlng and reporting b!, charities (appljcable to charitte5 preparing iheir accounts in a¢cordanc¢ ￿1th the F￿ancIal Reporting Sta￿d#[d 2pplicable in the UK and Rcpubhc of Ireland (FRS 102)). I h2ve no cnncems and have corne across no orher matters in connection the examination to which attentton should be dtawn in thi's report in order to enable g proper understanding of the financial stsiemeThrs to be leached. ROGER DOWNES FCA For and on behalf of BK Plus Limited 6 Manot Patk Bu$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 le￿cleS (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 oftlxsefip￿nnaJJlu1trnenttr. 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