Company Registration Number - 03285971
The Charity Registration Number is :- 1061705
Leeds and Moortown Furniture Store Limited
## Report and Accounts
31 March 2024
## **Leeds and Moortown Furniture Store Limited**
## **Report and accounts for the year ended 31 March 2024**
## **Contents**
||**Page**||
|---|---|---|
|**Charity information**||1|
|**Trustees' Annual Report**||1|
|**Statement of directors' responsibilities**||11|
|**Independent Examiner's Report**||13|
|**_Funds Statements:-_**|||
|Statement of Financial Activities||15|
|Statement of Financial Activities - Prior Year statement||16|
|Movements in funds||17|
|Revenue Funds||17|
|Fixed Asset funds||17|
|Income and Expenditure account||18|
|Summary of funds||18|
|**Balance sheet**||19|
|**Notes to the accounts**||20|
## **Leeds and Moortown Furniture Store Limited**
Company Registration Number - 03285971
## **Trustees' Annual Report for the year ended 31 March 2024**
The Trustees present their Report and Accounts for the year ended 31 March 2024, which also comprises the Directors' Report required by the Companies Act 2006.
The directors of the charitable company, (‘the Charity’), are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the trustees. Their responsibilities include all the responsibilities of directors under the Companies Acts and of trustees under the Charities Act.
Despite being faced with innumerable challenges, throughout 2023/24 the Leeds and Moortown Furniture Store still managed to fulfil its core function: “helping socially and economically disadvantaged people by providing them with donated household furniture.” Whilst that in itself is something to be proud of, it would be foolish to deny that for L&MFS the year we now look back on was far more trying than many that had gone before. However, with the benefit of hindsight one cannot help but think that the many trials and tribulations the Store faced during that period were part and parcel of a much-needed wakeup call.
Amongst other nagging concerns were three quite specific issues. One being that our local authority grant had once again reduced. The second was that following a rigorous application process the charity’s trading company found itself licking its wounds having narrowly missed out on a lucrative procurement contract. And thirdly, owing to a number of employees refusing to engage with any notion of change the Leeds and Moortown Furniture Store found itself facing a near perfect storm.
Thus, with morale at an all-time low, in mid-summer 2023 the trustees began work on a plan aimed purely and simply at dispersing as many of those storm clouds as it possibly could.
Consequently, the Store’s part-time Operations and Development Manager resigned, the warehouse manager took voluntary redundancy and to maximize efficiency across L&MFS’s overall operation: its administration, collection, storage and delivery strategies all underwent a thorough review.
This resulted in what for the Store amounted to as a new way of working, which after full consultation was launched in December 2023. This took place under the direction of a newly appointed General Manager, Chris Hutt, and due to his vast experience and skill set one of the charity’s drivers who took on the new role of head of logistics.
As our first full-time, five-day week manager in almost fifteen years Chris now had the time that his two three-day week predecessors had been denied. This not only enabled him to give more time and thought to income generation through medium to long term planning, but also to get out and about and have meaningful face-to-face conversations with people that the charity either already did or were keen to do business with.
1
## **Leeds and Moortown Furniture Store Limited**
Company Registration Number - 03285971
## **Trustees' Annual Report for the year ended 31 March 2024**
A couple of examples. Firstly, and following a long overdue clear-out of the warehouse the manager took a strategic look into the possibility of converting a small part of it into a retail shop. This would mean that for the first time in its thirty-eight-year history L&MFS would be opening up part of the Store to the general public. Alongside a plan to sell goods online via eBay it was hoped that the shop would not only bring in some much-needed revenue but would do so in a manner which had the Store stuck to its traditional way of working would have seen items such as bikes, books and buggies taking up valuable space for ever and a day. The second, and by far the boldest initiative was to sell the Store’s current property (which it owns outright) and rent a smaller but more bespoke space. This, it was agreed, would not only give those who work and volunteer for the charity a more pleasant working environment but would also provide the organisation with a good deal of financial security by means of a healthy reserve.
I am pleased to report that at the end of the period under review both initiatives were being actively pursued, and in future years we look forward to reporting on the benefits they are providing both to the charity itself and to those we support.
## **Reference and administrative details**
## _**The charity name.**_
The legal name of the charity is:- Leeds and Moortown Furniture Store Limited.
The charity is also known by its operating name, Leeds and Moortown Furnuture Store and L&MFS.
## _**The charity's areas operation and UK charitable registration.**_
The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1061705.
The charity does not operate in any overseas jurisdictions.
## _**Legal structure of the charity**_
The charity is constituted as a company limited by guarantee, registered under the Companies Acts . The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation.
There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.
By operation of law all, trustees are directors under the Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation.
The trustees are all individuals.
2
## **Leeds and Moortown Furniture Store Limited**
Company Registration Number - 03285971
## **Trustees' Annual Report for the year ended 31 March 2024**
**The principal operating address, telephone number, email and web addresses of the charity are:-**
Unit D Seacroft Industrial & Trade Park, Coal Road Leeds, West Yorkshire, LS14 2AQ Telephone 0113 273 9727 Email: info@leedsandmoortown.org.uk Website: www.leedsandmoortown.org.uk
The registered office of the charity for Companies Act purposes is the same as the operating address shown above.
**The Trustees in office on the date the report was approved were:-**
G Davies S Wylde* N Taylor M Stoodley
All the trustees are also members of the charity.
- Please note S Wylde resigned as a trustee in late March 2024.
## **Objects and activities of the charity**
## _**The purposes of the charity as set out in its governing document.**_
The Charity’s Objects (“the Objects”) are:
i) The relief of poverty amongst individuals and families who are clients of statutory and voluntary bodies in Leeds and surrounding areas, the work of which is concerned with the relief of the poor, the aged, the disabled or the infirm, or of such other persons in need by the collection, storage, renovation and distribution of donated furniture to such persons or in such other ways as the trustees see fit.
ii) The promotion of a more efficient working of charities in Leeds, and to research, develop, educate and disseminate information to encourage the public to donate furniture to be used as per the Objects and thereby develop the use of more sustainable waste management practices.
3
## **Leeds and Moortown Furniture Store Limited**
Company Registration Number - 03285971
## **Trustees' Annual Report for the year ended 31 March 2024**
## _**The main activities undertaken in relation to those purposes during the year.**_
Although, for L&MFS, 2023/24 proved to be a difficult year it did, nevertheless, accomplish its prime objective. This was achieved partly by inviting those who donated furniture to make a voluntary financial donation to help cover the charity’s costs. Then, and solely in response to requests from bona fide support agencies (who took on responsibilities for making sure that L&MFS received a £10 delivery charge) items considered serviceable were delivered to individuals and/or families who they (the agencies) believe to have a genuine need.
## _**The main activities undertaken during the year to further the charity's purpose for the public benefit.**_
As stated above the charity’s primary objective is the provision of furniture to economically and/or socially disadvantaged people in and around the city of Leeds. The service provided by the charity is therefore directly related to both the particular and often the very urgent needs of its beneficiaries and to the charity’s aims. All beneficiaries are members of the public who have been assessed by either a statutory or a voluntary support agency before being referred to the Charity. In accordance with its mission statement the charity carries out its work in a totally non-discriminatory way.
The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.
## _**The short term and longer term aims and objectives.**_
The objectives of the Charity are:
i) To assist as many socially or economically disadvantaged people as possible by providing them with furniture. It is the trustees’ firm belief that this single act not only improves a client’s day-to-day living conditions but by increasing self-esteem also enables them to play a more positive role in society.
ii) To continue to pursue a vigorous recycling programme in order to see the amount of reusable furniture that might otherwise be incinerated or disposed of in land fill put to good use.
iii) To provide training and support to volunteers.
iv) To help promote mutually beneficial working practices between itself and other like-minded organisations in and around the Leeds area.
4
## **Leeds and Moortown Furniture Store Limited**
Company Registration Number - 03285971
## **Trustees' Annual Report for the year ended 31 March 2024**
## _**The charity's strategies for achieving its aims and objectives in the future.**_
Since its inception the charity’s strategy has remained to do everything possible to retain and strengthen funding from traditional/historical sources whilst at the same time to prudently steward and effectively manage all funds in such a way so as to support the staff, the premises and the transport necessary for the work to continue.
Although the support it receives from the charity’s retail subsidiary, LMFS Trading Ltd, is nowhere near what it has been in the past (LMFS Trading Ltd is part owned by the charity itself and part by Moortown Baptist Church), the management and trustees of the Leeds and Moortown Furniture Store continue to be grateful to the directors of LMFS Trading Ltd for allowing the previously agreed management charge holiday to continue.
## _**The contribution of volunteers during the year.**_
The Charity’s governing board are all volunteers. It also utilises the services of a small number of regular volunteers in its day to day running.
## **The main achievements and performance of the charity during the year.**
Theoretically, and one might add hopefully, with the changes introduced since the arrival of Chris Hutt the future is presently giving the board of trustees, the staff and the volunteers more cause for optimism than for quite some time. And that is why having battled through the hugely disruptive aftermath of Covid 19 and then an equally frustrating period of economic instability, throughout 2023/24 the charity is relieved, and indeed pleased to report that somehow it continued to provide a service for collecting and then distributing donated furniture to those less fortunate in and around the city of Leeds.
Regarding GDPR, the appropriate policies and procedure were introduced by May 25th, 2018.
## _**Fundraising activities during the year.**_
There were no specific fundraising activities in the period under review. However, grant aid from donors, a small amount raised by auction sales and likewise the proceeds from a local car boot sale are shown in detail in the schedule attached to the accounts.
5
## **Leeds and Moortown Furniture Store Limited**
Company Registration Number - 03285971
## **Trustees' Annual Report for the year ended 31 March 2024**
## _**The difference the charity's performance during the year has made to the beneficiaries of the charity and the degree to which the achievements and performance during the year have benefited wider society.**_
The main objective of the Leeds and Moortown Furniture Store Charity remains for it to be an independent body which through the provision of donated furniture to needy individuals and families in and around the city of Leeds makes life more tolerable. This is achieved by collecting as much donated furniture and domestic goods as possible. Where necessary these are repaired and then delivered to people identified to us as having a genuine need.
In numerical terms, during the year under review a total of 4,399 individual items were collected from donors (weighing 112.5 tons). Once sorted and where necessary repaired a total of 4,079 items were delivered (weighing 99.5 tons) to 865 individuals and/or families in and around Leeds.
## _**Investment performance against the investment objectives.**_
All income received by the Charity has been utilized in maintaining the aims of assisting those less fortunate by providing basic items of household furniture at little or no cost. *
*Before delivery each recipient is asked to pay a £10 delivery charge, this is always pointed out to the referral agency and is primarily to ensure someone is present at their client’s property when the L&MFS van arrives.
## **Structure, governance and management of the charity**
## _**The methods used to recruit and appoint new charity trustees.**_
When new or additional trustees are required then beneficiaries, client organisations and people with specialist skills are invited to submit nominations and subject to their compliance with the Memorandum and Articles of Association they are considered by the governing body of the trustees for election. * *In late March 2024 and following an appeal at a Moortown Baptist Church meeting (MBC is where L&MFS was founded in 1986) three people stepped forward – two to serve as trustees, the other to give guidance and advice when necessary.
## _**The policies and procedures for the induction and training of trustees.**_
Prior to being elected, nominees are invited to visit the Store to meet the staff and volunteers and to attend a trustees’ meeting.
Should they be considered suitable to be appointed they are provided with all relevant information from the Charity Commission and Companies House as well as further information from the Charity itself regarding the content of the work of a Trustee.
Following this, arrangements are made on a continual basis to attend any courses which are necessary or beneficial to the work of a trustee.
6
## **Leeds and Moortown Furniture Store Limited**
Company Registration Number - 03285971
## **Trustees' Annual Report for the year ended 31 March 2024**
## _**The charity's organisational structure.**_
All trustees are volunteers who meet approximately every six to eight weeks. The trustees have overall control and responsibility for policy and major decision making. All are directors and Trustees.
During the year under review the day-to-day management and responsibility for implementing policies has been in the hands of two different people: from the beginning of the term to December 21st 2023 by Hannah Metcalf, and then following on from a detailed handover process from December 11th 2023 by Chris Hutt. In addition, until February 2024 when one left there were also 2 part time administration assistants, 1 part time account’s technician, 3 full-time members of staff and a small but extremely reliable number of loyal volunteers.
## _**The person to whom day to day management is delegated**_
Chris Hutt who on December 11th 2023 officially took over from his predecessor, Hannah Metcalf, was appointed General Manager on the same day.
## _**How the subsidiary undertaking(s) is/are constituted and managed.**_
As mentioned above the Charity has a trading subsidiary, LMFS Trading Ltd, with which it has many transactions and over which a controlling interest. Details of transactions with related parties are shown in the notes to the accounts. The only other related parties are Trustees and there are no transactions with them.
Throughout 2023/24 LMFS Trading Ltd has continued as best it could to trade and to pay a management charge to the Charity. The level of this charge was calculated several years ago and in quarterly installments paid over to cover floor space and operating costs. The financial performance of the charity's subsidiary is fully set out in the notes to the accounts. The trading company’s accounts are lodged at Companies House.
## _**The charity as a part of a wider network.**_
The Charity has no responsibility for nor is it answerable to any other organisation. Besides the statutory and local voluntary agencies with which it works on a day-to-day basis the Leeds and Moortown Furniture Store also liaises regularly with other charities carrying out similar work, and with the local authority. L&MFS is an active member of Reuse Network (formally FRN, the Furniture Re-use Network).
Bankers Solicitors
Virgin Money plc, Waver Green, Pudsey, Leeds, LS28 7BG Gordons LLP, Riverside West, Whitehall Road, Leeds LS1 4AW
7
## **Leeds and Moortown Furniture Store Limited**
Company Registration Number - 03285971
## **Trustees' Annual Report for the year ended 31 March 2024**
## **Financial review**
## _**The charity's financial position at the end of the year ended 31 March 2024**_
The financial position of the charity at 31 March 2024 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-
|Restricted Fixed Asset Funds
**Total Funds**
Unrestricted Revenue Funds available for the
general purposes of the charity
**Net income**|**2024**
**£**
(81,760)
(11,475)
240,279
**228,804**|**2023**
**£**
(39,352)
65,798
247,466
**313,264**|
|---|---|---|
## _**Financial review of the position at the reporting date, 31 March 2024 .**_
In many ways 2023/24 was one of, if not the most demanding periods in the charity’s long history. However, throughout and despite times when staff relations could have been better everyone connected with the Leeds and Moortown Furniture Store were fully aware of the dangers that working under such stressful circumstances present.
That is why at the end of the term under review i.e. by the beginning of April 2024 everyone connected with the Store not only knew about but was actively engaged in one or more of the projects set in place to help secure its future.
Specific changes in fixed assets are detailed in the notes to the accounts.
As with many organisations operating in the charitable sector L&MFS has found it difficult to raise sufficient funds to cover costs without using its reserve. Nevertheless, the trustees are still confident that despite a decrease in both grant funding and financial support from the trading company the plans outlined above will ensure that it can continue to operate at least until and probably beyond the end of the year after the signing of these accounts.
8
## **Leeds and Moortown Furniture Store Limited**
Company Registration Number - 03285971
## **Trustees' Annual Report for the year ended 31 March 2024**
## _**Policies on reserves.**_
As always it remains the Charity’s policy to build and maintain sufficient capital reserves to provide cover for the inevitable fluctuations in revenue income, thus ensuring continuity in the provision of the Charity’s services. That aim, as stated elsewhere in this report, is why amongst other planned changes downsizing the charity’s base and investing a percentage of the revenue this generates will give L&MFS the level of financial stability it requires.
Inevitably, when complete, such a move will provide L&MFS with a reserve which far outstrips the minimum of six months’ spending it has previously tried to maintain. However, the charity’s free unrestricted reserves at 31st March 2024 were £18,178.44, while at March 2023 that figure was £83,775.52.
## _**Availability and adequacy of assets of each of the funds**_
Alongside the General Manager, the trustees are working to ensure that the charity's assets in each fund are both available and adequate to fulfil its obligations. In respect of each it is hoped that the fund plan for 2024 and 2025 (set out above) will see this reserve meet the desired value.
## _**Investment policy and investment objectives.**_
Sadly, until the charity’s financial situation improves (see plan outlined above) it has no money to invest. Hence, currently it has neither an active investment policy nor any hard and fast investment objectives.
## _**The major risks to which the Charity is exposed and reviews and systems to mitigate them.**_
I would imagine that like everyone else working in the charitable sector the feeling of vulnerability that the lack of regular funding streams present is LMFS’s biggest concern. However, as I have outlined above the plans which we are now working on are there for one reason only, and that is to mitigate this concern. That said, and until these plans become reality the single biggest threat to the stability of the charity will continue to be either further reductions or a total withdrawal of financial and/or contra support from Leeds City Council.
That of course is why, particularly now, the regular review of a Risk Register is why the trustees of L&MFS are constantly seeking to make provision for this eventuality plus all other major legal, operational, or financially risks to which the Charity could be exposed.
The sale of the charity's freehold property in December 2024 has provided the charity with cash and an investment vehicle to earn interest and hopefully capital growth on those funds going forward.
9
## **Leeds and Moortown Furniture Store Limited**
Company Registration Number - 03285971
## **Trustees' Annual Report for the year ended 31 March 2024**
## _**Principal funding sources in the year and how these support the key objectives of the charity.**_
Principal funding sources are detailed in the accounts but in brief they are Leeds City Council; LMFS Trading Ltd, Moortown Baptist Church, delivery charges, gift aid and ad-hoc donations from a small number of individuals.
## _**Plans For the Future**_
## **Summary of plans for the future and the trustees' perspective of the future direction of the charity.**
Following the departure in December 2023 of Hanah Metcalf (L&MFS’s former Operations and Development Manager) and the appointment as General Manager of Chris Hutt the Store, at long last, is experiencing what to those of us who have been associated with it for a long time see as something of a renaissance. Again, with the benefit of hindsight it is clear whilst all who have been involved with the Store have always had its best interests at heart, 2023/24 was the point in time when the realities of a tough world had to be faced and changes had to be made. Some of those changes I have outlined above e.g. for the first time in nearly four decades a plan to open part of the Store to the public thus, through retail sales, adding an even more community-centric element to our service. And the strong probability of a move to a new building, something that in the past we had never even considered but one which in the current economic climate makes so much sense on so many levels. To sum up our feelings on the future of L&MFS we, the trustees, are unanimous in saying; more of the same, but crucially with the continued support of our magnificent, staff and volunteers delivered in a very different way.
## **Employment of disabled persons**
The charity has an open recruitment policy for both staff and volunteers. The charity is also open to making reasonable adjustments for any member of staff or volunteer who may need additional measures to be able to carry out their duties.
## **Details of The Independent Examiner**
R J Woolley FCCA,CTA
Member of Chartered Certified Accountant
Crown House York Road Shiptonthorpe York YO43 3PF
10
## **Leeds and Moortown Furniture Store Limited**
Company Registration Number - 03285971
## **Trustees' Annual Report for the year ended 31 March 2024**
## **Statement of the Directors Trustees' Responsibilities**
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Companies Act 2006, the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019, (The SORP), .
In particular, the Companies Act 2006 and charity law require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-
- to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.
11
## **Leeds and Moortown Furniture Store Limited**
Company Registration Number - 03285971
## **Trustees' Annual Report for the year ended 31 March 2024**
## **Method of preparation of accounts - Small company provisions**
The financial statements are set out on pages 15 to 37. The financial statements have been prepared implementing the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019, (The SORP), and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) These financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.
This report was approved by the board of trustees on 11 December 2024.
G Davies Director and Trustee
12
## **Leeds and Moortown Furniture Store Limited**
## **Report of the Independent Examiner to the Trustees of the charitable company on the accounts for the year ended 31 March 2024**
I report to the Trustees on my examination of the financial statements of the charitable company on pages 15 to 37 for the year ended 31 March 2024 which have been prepared in accordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard 102, (effective 1st January 2016) as modified by FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019, (The SORP), published by the Charity Commission in England & Wales (CCEW) , and under the historical cost convention and the accounting policies set out on page 20.
## **Respective responsibilities of the Trustees and the Independent Examiner and the basis of the report**
As described on page 11, you, the charitable company's Trustees, who are also the Directors of the Company for the purposes of Company law, are responsible for the preparation of the financial statements in accordance with the Companies Act 2006, the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practice, applicable to smaller entities, and for being satisfied that the financial statements give a true and fair view.
The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the memorandum and articles of the charity for the conducting of an audit, and that the accounts do not require an audit in accordance with Part 16 of the Companies Act 2006 and that no member or members have requested an audit pursuant to Section 476 of the Companies Act 2006. As a consequence, the Trustees have elected that the financial statements be subject to independent examination.
Having satisfied myself that the financial statements are not required to be audited under any legal provision, or otherwise, and are eligible for independent examination, it is my responsibility to:-
a) examine the financial statements of the charity under Section 145 of the Act;
b) follow the applicable procedures in the Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Basis of Independent Examiner's Statement and scope of work undertaken**
Since the charitable company's gross income exceeded £250,000, the charitable company's examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am an authorised member of Chartered Certified Accountant, which is one of the listed bodies.
I report in respect of my examination of the charity's financial statements carried out under s145 of the Act. In carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act setting out the duties of an independent examiner in relation to the conducting of an independent examination. An independent examination includes a review of the accounting records kept by the charitable company and of the accounting systems employed by the charitable company and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you, as Trustees, concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of charity legislation and that, on a test basis of evidence relevant to the amounts and disclosures made, the financial statements comply with the SORP.
The procedures undertaken do not provide all the evidence that would be required in an audit, and information supplied by the Trustees in the course of the examination is not subjected to audit tests or enquiries and does not cover all the matters that an auditor would consider in arriving at an opinion. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide
13
## **Leeds and Moortown Furniture Store Limited**
Consequently, I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.
I planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report I obtained written assurances from the Trustees of all material matters.
## **Independent Examiner's Statement, Report and Opinion**
Subject to the limitations upon the scope of my work as detailed above, I have completed my examination: and can confirm that:-
The accounts of this charitable company are not required to be audited under Part 16 of the Companies Act 2006;
This is a report in respect of an examination carried out under 145 of the Act and in accordance with Directions given by the Charity Commission under section 145(5)(b) of the Act which may be applicable;
and that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:-
accounting records were not kept in respect of the charity as required by Section 386 of the Companies Act 2006 and Section 130 of The Charities Act 2011;
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in section 396 of the Companies Act 2006 other than any requirement that the accounts give a 'true and fair' view, which is not a matter considered as part of an independent examination;
have not been prepared in accordance with the methods and principles set out in the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019, (The SORP).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **Signed:-**
R J Woolley FCCA,CTA - Independent Examiner Chartered Certified Accountant Crown House York Road Shiptonthorpe York YO43 3PF
This report was signed on 11 December 2024
14
## **Leeds and Moortown Furniture Store Limited - Statement of Financial Activities for the year ended 31 March 2024**
## _**Statement of Financial Activities (including the Income and Expenditure Account for the year ended 31 March 2024, as required by the Companies Act 2006)**_
|**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
**Income & Endowments from:**
Donations & Legacies
A1
11,822
Charitable activities
A2
45,543
Other trading activities
A3
-
Investments
A4
2,346
**Total income**
**A**
**59,711**
**Expenditure on:**
Charitable activities
B2
144,171
**Total expenditure**
**B**
**144,171**
**Net income for the year**
**(84,460)**
**Transfers between funds**
**C**
7,187
**Net income after transfers**
**A-B-C**
**(77,273)**
**(77,273)**
**Reconciliation of funds:-**
**E**
**Total funds brought forward**
65,798
**Total funds carried forward**
**(11,475)**
**SORP**
**Ref**
**Net movement in funds**|**Current year**
**Restricted**
**Funds**
**2024**
**£**
110,682
-
-
-
**110,682**
107,982
**107,982**
**2,700**
(7,187)
**(4,487)**
**(4,487)**
247,466
**242,979**|**Current year**
**Total Funds**
**2024**
**£**
**122,504**
**45,543**
**-**
**2,346**
**170,393**
**252,153**
**252,153**
**(81,760)**
**-**
**(81,760)**
**(81,760)**
**313,264**
**231,504**|**Prior Year**
**Total Funds**
**2023**
**£**
131,444
62,843
-
1,378
**195,665**
235,017
**235,017**
**(39,352)**
-
**(39,352)**
**(39,352)**
352,616
**313,264**|
|---|---|---|---|
The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.
A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses.
All activities derive from continuing operations
**The notes attached on pages 20 to 37 form an integral part of these accounts.**
15
## **Leeds and Moortown Furniture Store Limited - Statement of Financial Activities for the year ended 31 March 2024**
## **Leeds and Moortown Furniture Store Limited - Analysis of prior year total funds, as required by paragraph 4.2 of the SORP**
|**Income & Endowments from:**
Donations & Legacies
A1
Charitable activities
A2
Investments
A4
**Total income**
**A**
**Expenditure on:**
Raising funds
B1
Charitable activities
B2
**Total expenditure**
**B**
B4
**Net income for the year**
**Transfers between funds**
**C**
**Net income after transfers**
**Reconciliation of funds:-**
**E**
**Total funds brought forward**
**Total funds carried forward**
**SORP**
**Ref**
**Net movement in funds**
Net gains on investments|**Prior Year**
**Unrestricted**
**Funds**
**2023**
**£**
15,464
62,843
1,378
79,685
-
119,037
**119,037**
-
(39,352)
7,187
(32,165)
**(32,165)**
97,963
**65,798**
|**Prior Year**
**Restricted**
**Funds**
**2023**
**£**
115,980
-
-
115,980
-
115,980
**115,980**
-
-
(7,187)
(7,187)
**(7,187)**
254,653
**247,466**|**Prior Year**
**Total Funds**
**2023**
**£**
**131,444**
**62,843**
**1,378**
**195,665**
**-**
**235,017**
**235,017**
-
(39,352)
**-**
(39,352)
**(39,352)**
**352,616**
**313,264**|
|---|---|---|---|
## **All activities derive from continuing operations**
A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses.'
## **The notes attached on pages 20 to 37 form an integral part of these accounts.**
16
## **Leeds and Moortown Furniture Store Limited - Statement of Financial Activities for the year ended 31 March 2024**
## **Leeds and Moortown Furniture Store Limited - Resources applied in the year ended 31 March 2024 towards fixed assets for Charity use:-**
|Funds generated in the year as detailed in the SOFA
Resources applied on functional fixed assets
Other applications of funds
**Net resources available to fund charitable activities**|**2024**
**£**
(81,760)
-
-
**(81,760)**|**2023**
**£**
(39,352)
-
-
**(39,352)**|
|---|---|---|
The resources applied on fixed assets for charity use represents the cost of additions less proceeds of any disposals.
## **Movements in revenue and capital funds for the year ended 31 March 2024**
## **Revenue accumulated funds**
|Accumulated funds brought forward
(From)/To unrestricted revenue funds
**Closing revenue funds**
**Fixed asset funds**
At 1 April
Transfer (to)/from revenue funds
**At 31 March**
Recognised gains and losses before
transfers|**Unrestricted**
**Funds**
**2024**
**£**
65,798
(84,460)
**(18,662)**
7,187
**(11,475)**
**Designated**
**Funds**
**2024**
**£**
-
-
**-**|**Restricted**
**Funds**
**2024**
**£**
-
2,700
**2,700**
-
**2,700**
**Restricted**
**Funds**
**2024**
**£**
247,466
(7,187)
**240,279**|**Total**
**Funds**
**2024**
**£**
65,798
(81,760)
**(15,962)**
7,187
**(8,775)**
**Total**
**Funds**
**2024**
**£**
247,466
(7,187)
**240,279**|**Last year**
**Total Funds**
**2023**
**£**
**116,488**
(39,352)
**77,136**
7,187
**84,323**
**Last year**
**Total Funds**
**2023**
**£**
257,103
(7,187)
**249,916**|
|---|---|---|---|---|
The purposes of the transfers to fixed asset funds are described in Note 22 to the accounts and under the accounting policy 'Accounting for capital grants and fixed asset funds'.
## **The notes attached on pages 20 to 37 form an integral part of these accounts.**
17
## **Leeds and Moortown Furniture Store Limited - Statement of Financial Activities for the year ended 31 March 2024**
|**Summary of funds**
**Unrestricted**
**and**
**Designated funds**
**2024**
**£**
Revenue accumulated funds
(11,475)
Fixed asset funds
-
**Total funds**
**(11,475)**|**Restricted**
**Funds**
**2024**
**£**
2,700
240,279
**242,979**|**Total**
**Funds**
**2024**
**£**
**(8,775)**
**240,279**
**231,504**|**Last Year**
**Total Funds**
**2023**
**£**
84,323
249,916
**334,239**|
|---|---|---|---|
**The notes attached on pages 20 to 37 form an integral part of these accounts.**
## **Leeds and Moortown Furniture Store Limited Income and Expenditure Account for the year ended 31 March 2024 as required by the Companies Act 2006**
|**_Income_**
Income from operations
Interest receivable
**Gross income in the year before exceptional items**
**Gross income in the year including exceptional items**
**_Expenditure_**
Charitable expenditure, excluding depreciation and amortisation
Depreciation and amortisation
Governance costs
**Total expenditure in the year**
Tax on surplus on ordinary activities
**Retained surplus for the financial year**
All activities derive from continuing operations
**Net income after tax in the financial year**
**Net income before tax in the financial year**
Investment income|**2024**
**£**
168,047
2,346
**170,393**
**170,393**
241,826
7,187
3,140
**252,153**
**(81,760)**
-
**(81,760)**
**(81,760)**|**2023**
**£**
194,287
1,378
**195,665**
**195,665**
224,880
7,187
2,950
**235,017**
**(39,352)**
-
**(39,352)**
**(39,352)**|
|---|---|---|
In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.
**The notes attached on pages 20 to 37 form an integral part of these accounts.**
18
## **Leeds and Moortown Furniture Store Limited - Balance Sheet as at 31 March 2024**
|||**SORP**|||||
|---|---|---|---|---|---|---|
||Note|**Ref**||**2024**||**2023**|
|||||**£**||**£**|
|**Fixed assets**||A|||||
|Tangible assets|11|A2||240,279||247,466|
|Investments held as fixed assets|12|A4||2||2|
|**Total fixed assets**||||240,281||247,468|
|**Current assets**||B|||||
|Debtors|14|B2|13,137||26,253||
|Cash at bank and in hand||B4|2,798||67,549||
|**Total current assets**|||15,935||93,802||
|**Creditors: amounts falling due within**|||||||
|**one year**|15|C1|(24,712)||(28,006)||
|**Net current assets**||||(8,777)||65,796|
|**The total net assets of the charity**||||**231,504**||**313,264**|
|**The total net assets of the charity are**|**funded**|**by the**|**funds of the**|**charity, as follows:-**|||
|**Restricted funds**|||||||
|Restricted Revenue Funds|20|D2||2,700||-|
|Restricted Fixed Asset Funds|20|D2||240,279||247,466|
|**Unrestricted Funds**|||||||
|Unrestricted Revenue Funds|20|D3||(11,475)||65,798|
|**Total charity funds**||||**231,504**||**313,264**|
The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 14.
The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.
N Taylor
Trustee
Approved by the board of trustees on 11 December 2024
**The notes attached on pages 20 to 37 form an integral part of these accounts.**
19
## **Leeds and Moortown Furniture Store Limited**
## **Notes to the Accounts for the year ended 31 March 2024**
## **1 Accounting policies**
## _**Policies relating to the production of the accounts.**_
## **Basis of preparation and accounting convention**
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019, (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2019, , and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019, (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.
## **Risks and future assumptions**
The charity is a public benefit entity.
## _**Policies relating to categories of income and income recognition.**_
## **Nature of income**
Gross income represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
## **Categories of Income**
Income is categorised as income from exchange transactions (contract income) and income from non-exchange transactions (gifts), investment income and other income.
**Income from exchange transactions** is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions. The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchaser.
**Income from a non-exchange transaction** is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.
## **Income recognition**
Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.
Dividends are accrued when the shareholder’s right to receive payment is established.
Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.
All income is accounted for gross, before deducting any related fees or costs.
20
## **Leeds and Moortown Furniture Store Limited**
## **Notes to the Accounts for the year ended 31 March 2024**
## **Donated goods, facilities and services**
Donated services and facilities are included in the accounts on the basis of the value of the gift to the charity.
All donated services and facilities are recognised as donation income when received,(provided the value of the gift can be measured reliably) and recognised as an expense with an equivalent value.
## _**Policies relating to expenditure on goods and services provided to the charity.**_
## **Recognition of liabilities and expenditure**
A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated..
Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.
## **Allocating costs to activities**
Direct costs that are specifically related to an activity are allocated to that activity. Shared direct costs and support costs are apportioned between activities.
The basis for apportionment, which is consistently applied, and proportionate to the circumstances, is :-
## **Volunteers**
In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity. However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note7.
## _**Tangible fixed assets**_
Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.
Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.
Freehold premises 2 % straight line Plant and machinery 25 % straight line
A regular annual review of the likelihood of asset impairment is undertaken.
21
## **Leeds and Moortown Furniture Store Limited**
## **Notes to the Accounts for the year ended 31 March 2024**
## **Accounting for capital grants and fixed asset funds.**
Gifts of tangible fixed assets or grants of a capital nature, given for the purposes of acquiring specific assets to be fully utilised in the furtherance of the objects of the charity, are credited to fixed asset funds after the donated asset has been received or sums have been properly expended on the restricted purpose.
Where the terms of the gift require the charity to hold the asset on an ongoing basis for a specific purpose, then the fixed asset fund so created is categorised as a restricted fixed asset fund, and the relevant restrictions are noted in the fixed asset note 11.
Where the terms of the gift are met once the asset is acquired, so allowing the charity to use the asset on an unrestricted basis, including the right to receive the proceeds of any future sale of the asset on an unrestricted basis, then the fixed asset fund so created is categorised as a designated fixed asset fund.
When assets are acquired for the furtherance of the charity's objects, utilising the charity's own unrestricted funds, a transfer is made from unrestricted funds to a designated fixed asset fund.
Whether acquired with unrestricted or restricted funds, the asset acquired is initially shown in the balance sheet at the full cost of acquisition or subsequent revaluation.
As the related assets are depreciated, in accordance with the depreciation policy,in order to reflect the dimunition in the asset,a transfer is made from the relevant fixed asset funds to either unrestricted or restricted revenue funds, as appropriate to the terms of the original gift, if any.
The effect of this policy is that the aggregate of all fixed asset funds shall equate to the net book value of fixed assets.
In the first year that this policy was adopted, a transfer to fixed asset funds was made equivalent to the net book value of the assets.
Any residual liability to the donor arising from, for example, the asset's future sale, is disclosed as a contingent liability unless the event that would trigger repayment of the grant becomes probable in which case a liability for repayment is recognised.
Insofar as this policy relates to Government grants and to the extent that it may be a departure from the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019, (The SORP), such departure is justified on the basis that it is in order to comply with the SORP.
## **Debtors**
Debtors are measured at their recoverable amounts at the balance sheet date.
## **Creditors and provisions**
Creditors and provision are measured and accounted for in accordance with usually accepted accruals principles.
## **Financial instruments including cash and bank balances**
Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.
## **Pensions - defined contribution schemes**
The charity operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
22
## **Leeds and Moortown Furniture Store Limited**
## **Notes to the Accounts for the year ended 31 March 2024**
## **Fund Accounting**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal or as implied by law.
There are no endowment funds.
## **2 Liability to taxation**
The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities.
## **3 Going Concern and Winding up or dissolution of the charity**
The charity's future was becoming doubtful due to a drop in funding and continued full support from its main donor, Leeds City Council. Following the year end the company sold its Freehold Property for £650,000 (net of costs £645,894). This has secured the future of the charity as it will invest these proceeds and the interest will contribute to the charities acitivities in future years to come.
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.
## **4 Significance of financial instruments to the charity's position**
There are no significant implications for the charity's position in relation to financial instruments.
## **5 Net surplus before tax in the financial year**
|The net deficit before tax in the financial year is stated after charging:-
Depreciation of owned fixed assets
Pension costs
**Donated goods, services and facilities**
**_Current year_**
**Current year**
**Current year**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**2024**
**2024**
**£**
**£**
**_Included in Legacies and Donations:-_**
Donated goods and services
-
36,000
**-**
**36,000**|**2024**
**£**
7,187
2,262
**Current year**
**Total Funds**
**2024**
**£**
36,000
**36,000**|**2023**
**£**
7,187
2,210
**Prior Year**
**Total Funds**
**2023**
**£**
36,000
**36,000**|
|---|---|---|
## **6 Donated goods, services and facilities**
23
## **Leeds and Moortown Furniture Store Limited**
## **Notes to the Accounts for the year ended 31 March 2024**
## **Donated goods, services and facilities (Continued)**
|**_Prior Year_**
**_Included in Legacies and Donations:-_**
Donated goods and services|**Prior Year**
**Prior Year**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**2023**
**2023**
**£**
**£**
-
36,000
**-**
**36,000**|**Prior Year**
**Total Funds**
**2023**
**£**
**36,000**
**36,000**|
|---|---|---|
The Gifts in Kind relate to motor vehicles supplied by Leeds City Council.
## **7 The contribution of volunteers**
The Charity currently has a governing board of three Trustees all of whom are volunteers. It utilises the services of a small number of regular volunteers who carry out collection and delivery of furniture and general warehouse duties.
## **8 Staff costs and emoluments**
|**_Salary costs_**
**2024**
**£**
Gross Salaries excluding trustees and key management personnel
131,096
Employer's National Insurance for all staff
5,258
Employer's operating costs of defined
contribution pension schemes
2,262
**Total salaries, wages and related costs**
**138,616**
**_Numbers of full time employees or full time equivalents_**
**2024**
The average number of total staff employed in the year was
6
The average number of part time staff employed in the year was
2
The average number of full time staff employed in the year was
5
The estimated full time equivalent number of all staff employed in the year was
6
**_The estimated equivalent number of full time staff deployed in different activities in the year was:-_**
Engaged on charitable activities
3
Engaged on management and administration
3
**_The estimated full time equivalent number of all staff employed as above_**
6|**2023**
**£**
127,068
5,709
2,210
**134,987**
**2023**
7
3
4
6
4
2
6|
|---|---|
Neither the trustees nor any persons connected with them have received any remuneration from the charity or any related entity, either in the current or prior year.
No employees received emoluments (excluding pension costs) in excess of £60,000 per annum.
24
## **Leeds and Moortown Furniture Store Limited**
## **Notes to the Accounts for the year ended 31 March 2024**
## **9 Defined contribution pension schemes**
The Pension scheme has been set up under the Autoenrolment provisions with NEST Pensions and offered to all employees, and contributions are paid on qualified earnings.
Employers contributions are due of 3% from April 2019 and thereafter.
Any liabilites and assets associated with the scheme are shown under debtors and creditors.
## **10 Trustees' expenses**
No trustee expenses were incurred, either in the current or prior year.
## **11 Tangible fixed assets**
|**_Current Year_**
**Cost**
At 1 April 2023
**At 31 March 2024**
**Depreciation**
At 1 April 2023
Charge for the year
**At 31 March 2024**
**Net book value**
**At 31 March 2024**
**At 31 March 2023**|**Land and**
**Buildings**
£
359,333
**359,333**
111,867
7,187
**119,054**
**240,279**
**247,466**|**Plant &**
**Machinery**
£
105,138
**105,138**
105,138
-
**105,138**
**-**
**-**|**Total**
£
464,471
**464,471**
217,005
7,187
**224,192**
**240,279**
**247,466**|
|---|---|---|---|
25
## **Leeds and Moortown Furniture Store Limited**
## **Notes to the Accounts for the year ended 31 March 2024**
## **12 Investments held as fixed assets**
|**Carrying values of investments**
At 1 April 2023
**At 31 March 2024**
**Analysis between fair value and historical cost**
Investments as above held at fair value
**Analysis of Investment in subsidiary**
**Summary of other classes of investments at 31 March 2024**
Cash or cash equivalents|**Included at**
**historical**
**cost, less**
**write down**
**£**
2|**£**
**2**
**2**
2
**Included at**
**fair value**
**£**
**-**
**Investment in**
**subsidiary**|**Total**
**£**
2
**2**
2
**Total**
**£**
**2**|
|---|---|---|---|
26
## **Leeds and Moortown Furniture Store Limited**
## **Notes to the Accounts for the year ended 31 March 2024 13 Subsidiary companies**
The name of the subsidiary undertaking is LMFS Trading Ltd, registered in England with company number 4068599.
The aggregate amount of the holding company's investment in its subsidiary is £2, which represents 100% of the issued ordinary share capital of the subsidiary. The subsidiary is controlled by the holding company by virtue of the power to appoint directors to the board of the subsidiary.
The subsidiary's activities relate to those of the holding company in that the subsidiary is a trading enterprise engaging in trades similar to the charitable activities of the holding company, and donates its entire taxable trading profit to the holding company by way of gift aid.
## **A summary of the unaudited financial statements of the subsidiary is :-**
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|£|£|
|Assets and Funds|
|Aggregate amount of assets|28,651|49,326|
|Aggregate amounts of liabilities|(11,020)|(31,303)|
|Aggregate amount of funds|17,631|18,023|
|Profit and Loss|
|Turnover net of VAT|120,639|155,402|
|Expenses net of VAT|(121,703)|(155,905)|
|Income from investments|836|1,492|
|Net profit for the year before tax|(228)|989|
|-|-|
|Gift Aid Payments made to holding company|
|Net profit for the year after tax and Gift Aid|(228)|989|
**----- End of picture text -----**
The net profit of the subsidiary is stated after including intergroup company income of £nil (2023 - £nil) and intergroup company expenditure of £32,250 (2023 - £50,000) which represents management charges received by this charity on a cost recover basis.
## **Funds retained within charitable**
## **subsidiaries**
The funds retained within the trading subsidiary and included within the restricted funds in the notes to these accounts are:-
**----- Start of picture text -----**
|||
|---|---|
|2024|2023|
|£|£|
|17,631|18,023|
**----- End of picture text -----**
Amounts owing to and from the subsidiary are shown in the notes relating to creditors and debtors.
27
## **Leeds and Moortown Furniture Store Limited**
## **Notes to the Accounts for the year ended 31 March 2024**
## **14 Debtors**
|Trade debtors
Prepayments and accrued income
**15 Creditors: amounts falling due within one year**
Trade creditors
Accruals
Other creditors
**16 Pension commitments**
Pension commitments under defined benefit/defined contribution schemes
within one year
within two to five years
in over five years
**17 Income and Expenditure account summary**
**At 1 April 2023**
Deficit after tax for the year
**At 31 March 2024**
Amounts owed to group undertakings and undertakings in which the charity has a
participating interest
Amounts owed by group undertakings and undertakings in which the charity has a
participating interest|**2024**
**£**
2,823
2,861
7,453
**13,137**
**2024**
**£**
128
21,915
6
427
**24,712**
**2024**
**£**
2,262
2,262
2,262
**6,786**
**2024**
**£**
313,264
(81,760)
**231,504**|**2023**
**£**
4
22,858
3,391
**26,253**
**2023**
**£**
4,239
21,380
6
400
**28,006**
**2023**
**£**
2,210
2,210
2,210
**6,630**
**2023**
**£**
352,616
(39,352)
**313,264**|
|---|---|---|
## **18 No related party transactions**
Except for the transactions with the trading subsidiary as detailed elsewhere, there were no transactions with any related party.
28
## **Leeds and Moortown Furniture Store Limited**
## **Notes to the Accounts for the year ended 31 March 2024**
## **19 Particulars of how particular funds are represented by assets and liabilities**
|**At 31 March 2024**
Tangible Fixed Assets
Investments at valuation:-
_Fixed asset investments_
Current Assets
Current Liabilities
**At 1 April 2023**
Tangible Fixed Assets
Investments at valuation:-
Fixed asset investments
Current Assets
Current Liabilities|**Unrestricted**
**Designated**
**funds**
**funds**
**£**
**£**
-
-
2
-
15,935
(24,712)
-
**(8,775)**
**-**
**Unrestricted**
**Designated**
**funds**
**funds**
**£**
**£**
-
2
-
93,802
-
(28,006)
-
**65,798**
**-**|**Restricted**
**funds**
**£**
240,279
-
-
-
**240,279**
**Restricted**
**funds**
**£**
247,466
-
-
-
**247,466**|**Total**
**Funds**
**£**
**240,279**
**2**
**15,935**
**(24,712)**
**231,504**
**Total**
**Funds**
**£**
**247,466**
**2**
**93,802**
**(28,006)**
**313,264**|
|---|---|---|---|
## **20 Change in total funds over the year as shown in Note 19 , analysed by individual funds**
|**_Unrestricted and designated funds:-_**
Unrestricted Revenue Funds
Designated Fixed Asset Funds
**Total unrestricted and designated funds**
**_Restricted funds:-_**
Restricted Fixed Asset Funds
**Total restricted funds**
**Total charity funds**|**Funds brought**
**forward from**
**2023**
**Movement in**
**funds in 2024**
**See Note 21**
**£**
**£**
65,798
(84,460)
-
-
**65,798**
**(84,460)**
247,466
-
**247,466**
**2,700**
**313,264**
**(81,760)**|**Transfers**
**between**
**funds in 2024**
**See Note 0**
**£**
7,187
**-**
**7,187**
(7,187)
**(7,187)**
**-**|**Funds carried**
**forward to**
**2025**
**£**
**(11,475)**
**-**
**(11,475)**
**240,279**
**242,979**
**231,504**|
|---|---|---|---|
The transfers between funds are made in accordance with the accounting policies relating to fixed asset funds.
## **21 Analysis of movements in funds over the year as shown in Note 20**
29
## **Leeds and Moortown Furniture Store Limited**
## **Notes to the Accounts for the year ended 31 March 2024**
|**_Unrestricted and designated funds:-_**
Unrestricted Revenue Funds
**_Restricted funds:-_**
Services Donated by Leeds City Council
Salaries Funds
Restricted Revenue Fund|**Income**
**Expenditure**
**2024**
**2024**
**£**
**£**
59,711
(144,171)
36,000
(36,000)
71,982
(71,982)
2,700
-
**170,393**
**(252,153)**|**Other**
**Gains &**
**Losses**
**2024**
**£**
-
-
-
-
**-**|**Movement**
**in funds**
**2024**
**£**
**(84,460)**
**-**
**-**
2,700
**(81,760)**|
|---|---|---|---|
## **22 The purposes for which the funds**
## _**Unrestricted and designated funds:-**_
Unrestricted Revenue Funds
Designated Fixed Asset Funds
These funds are held for the meeting the objectives of the charity, and to provide reserves for future activities, and , subject to charity legislation, are free from all restrictions on their use.
The purpose of these funds is described under the accounting policy 'Accounting for capital grants and fixed asset funds'.
## _**Restricted funds:-**_
LCC Donated Vehicles Fund
These are supplies in kind by Leeds City Council
Salaries funded byHM Government, Leeds City Council and Leeds City Council Housing and Social Services
Funds provided by HM Government and Leeds City Council for specific direct charitable purposes, including direct salaries, have been applied to those purposes.
-
## **23 Ultimate controlling party**
The charity is under the control of its legal members.
Every member of the charity is obliged to contribute such amount as may be required not exceeding £1 to the assets of the company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
30
## **Leeds and Moortown Furniture Store Limited**
**Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015**
## _**This analysis is classsified by conventional nominal descriptions and not by activity.**_
## **24 Donations, Grants and Legacies**
|**Current year**
**Current year**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**2024**
**2024**
**£**
**£**
**Donations and gifts from individuals**
2,094
-
1,167
-
660
-
-
2,700
**3,921**
**2,700**
All the donations and gifts in the prior year were unrestricted.
**Current year**
**Current year**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**2024**
**2024**
**£**
**£**
7,901
-
-
71,982
**7,901**
**71,982**
**Revenue grants from government and public bodies - Prior Year analysis**
**Prior Year**
**Prior Year**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**2023**
**2023**
**£**
**£**
**Prior Year**
9,495
79,980
All the donations and gifts in the prior year were unrestricted.
**Current year**
**Current year**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**2024**
**2024**
**£**
**£**
**Donated goods and services**
-
36,000
**-**
**36,000**
Leeds City Council Van Hire
**Total public sector revenue grants**
**Total donated goods and services**
Sir George Martin grant
Leeds City Council Waste Recycling Credits
**Total donations and gifts from**
**individuals**
**Revenue grants from government and**
**public bodies**
Small donations individually less than £1000
Furniture Donations
Moortown Baptist Church
Leeds City Council Housing and Social Services|**Current year**
**Total Funds**
**2024**
**£**
**2,094**
**1,167**
**660**
**2,700**
**6,621**
**Current year**
**Total Funds**
**2024**
**£**
**7,901**
**71,982**
**79,883**
**Prior Year**
**Total Funds**
**2023**
**£**
**87,401**
**Current year**
**Total Funds**
**2024**
**£**
**36,000**
**36,000**|**Prior Year**
**Total Funds**
**2023**
**£**
1,002
4,300
500
**-**
**5,802**
**Prior Year**
**Total Funds**
**2023**
**£**
7,421
79,980
**87,401**
**Prior Year**
**Total Funds**
**2023**
**£**
36,000
**36,000**|
|---|---|---|
31
## **Leeds and Moortown Furniture Store Limited**
**Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015**
## **Donated goods and services - Prior Year analysis**
|**Prior Year**
Gift Aid from Subsidary
**Total Gift Aid from Subsidary**
**Gift Aid from Subsidary**|**Prior Year**
**Unrestricted**
**Funds**
**2023**
**£**
-
**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
-
**-**|**Prior Year**
**Restricted**
**Funds**
**2023**
**£**
36,000
**Current year**
**Restricted**
**Funds**
**2024**
**£**
-
**-**|**Prior Year**
**Total Funds**
**2023**
**£**
**36,000**
**Current year**
**Total Funds**
**2024**
**£**
**-**
**-**|**Prior Year**
**Total Funds**
**2023**
**£**
2,241
**2,241**|
|---|---|---|---|---|
All the donations and gifts in the prior year were unrestricted.
**----- Start of picture text -----**
Total Donations, Grants and Legacies
Total Donations, Grants and
A1 11,822 110,682 122,504 131,444
**----- End of picture text -----**
|**Legacies**
**_Prior year_**
**Total Donations, Grants and**
**Legacies**
**A1**|**Unrestricted**
**Funds**
**2023**
**£**
**15,464**|**Restricted**
**Funds**
**2023**
**£**
**115,980**|**Prior Year**
**Total Funds**
**2023**
**£**
**131,444**||
|---|---|---|---|---|
32
## **Leeds and Moortown Furniture Store Limited**
**Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015**
## **25 Income from charitable activities - Trading Activities**
|**_Current year_**
**Primary purpose and ancillary trading**
All the income in the prior year wasunrestricted.
**_Current year_**
Total income from charitable trading
**Total from charitable activities**
**A2**
All the income in the prior year was unrestricted.
Ancillary trading in support of charitable
objects
**Total Primary purpose and ancillary**
**trading**
Sale of goods and services in
accordance with the charity's objects
Solar Generation
Management fees and charges received
**Total Income from charitable activities**|**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
8,891
202
4,200
32,250
**45,543**
**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
45,543
**45,543**|**Current year**
**Restricted**
**Funds**
**2024**
**£**
-
-
-
-
**-**
**Current year**
**Restricted**
**Funds**
**2024**
**£**
-
**-**|**Current year**
**Total Funds**
**2024**
**£**
**8,891**
**202**
**4,200**
**32,250**
**45,543**
**Current year**
**Total Funds**
**2024**
**£**
**45,543**
**45,543**|**Prior Year**
**Total funds**
**2023**
**£**
7,620
499
4,724
50,000
**62,843**
**Prior Year**
**Total Funds**
**2023**
**£**
62,843
**62,843**|
|---|---|---|---|---|
## **26 Total Income from charitable activities**
## **27 Investment income**
|Bank Interest Receivable
**Total investment income**
**A4**|**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
2,346
**2,346**|**Current year**
**Restricted**
**Funds**
**2024**
**£**
-
**-**|**Current year**
**Total Funds**
**2024**
**£**
**2,346**
**2,346**|**Prior Year**
**Total Funds**
**2023**
**£**
1,378
**1,378**|
|---|---|---|---|---|
All the investment income in the prior year was unrestricted
33
## **Leeds and Moortown Furniture Store Limited**
**Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015**
## **28 Expenditure on charitable activities - Direct spending**
|**_Current Year_**
**Total direct spending**
**B2a**
**_Prior Year_**
**Total direct spending**
**B2a**
Gifts in kind, donated services and
facilities (contra with income from the
same sources)
Defined contribution pension costs -
charitable activities
Defined contribution pension costs -
charitable activities
Gross wages and salaries -
charitable activities
Redundancy pay
Gross wages and salaries -
charitable activities
Gifts in kind, donated services and
facilities (contra with income from the
same sources)
Employers' NI - Charitable activities
Employers' NI - Charitable activities
Temporary Staff - Charitable|**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
52,697
5,258
2,262
6,417
19,672
-
**86,306**
**Prior Year**
**Unrestricted**
**Funds**
**2023**
**£**
57,282
5,709
2,210
-
**65,201**|**Current year**
**Restricted**
**Funds**
**2024**
**£**
71,982
-
-
-
-
36,000
**107,982**
**Prior Year**
**Restricted**
**Funds**
**2023**
**£**
71,982
-
-
36,000
**107,982**|**Current year**
**Total Funds**
**2024**
**£**
**124,679**
**5,258**
**2,262**
**6,417**
**19,672**
**36,000**
**194,288**
**Prior Year**
**Total Funds**
**2023**
**£**
**127,068**
**5,709**
**2,210**
**36,000**
**170,987**|**Prior Year**
**Total Funds**
**2023**
**£**
**127,068**
**5,709**
**2,210**
**-**
**-**
**36,000**
**170,987**|
|---|---|---|---|---|
## **29 Expenditure on charitable activities - Charitable trading**
|**_Current Year_**
**Total charitable trading costs**
**B2b**
Cost for primary purpose trading -
Vehicle costs|**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
**5,012**
**5,012**|**Current year**
**Restricted**
**Funds**
**2024**
**£**
**-**
**-**|**Current year**
**Total Funds**
**Total Funds**
**2024**
**2023**
**£**
**£**
**5,012**
**6,929**
**5,012**
**6,929**|
|---|---|---|---|
All the prior year expenditure was unrestricted
34
## **Leeds and Moortown Furniture Store Limited**
## **Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015**
|**30**|**Support costs for charitable activities**|||||
|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Total Funds**|**Total Funds**|
||**_Current Year_**|**Funds**|**Funds**|||
|||**2024**|**2024**|**2024**|**2023**|
|||**£**|**£**|**£**|**£**|
||**_Employee costs not included in direct costs_**|||||
||Training and welfare - staff|212|-|**212**|**867**|
||Travel and subsistence - staff|-|-|**-**|**-**|
||Protective clothing costs|-|-|**-**|**116**|
||**_Volunteer costs_**|||||
||Training and welfare - volunteers|9,344|-|**9,344**|**8,218**|
||**_Premises Expenses_**|||||
||Rates and water charges|4,759|-|**4,759**|**4,222**|
||Light heat and power|2,120|-|**2,120**|**2,399**|
||Cleaning and waste management|597|-|**597**|**1,327**|
||Premises repairs, renewals and
maintenance|4,637|-|**4,637**|**10,968**|
||Alarm and security costs|1,218|-|**1,218**|**1,454**|
||Property and Commercial insurance|6,637|-|**6,637**|**6,148**|
||Site charges|121|-|**121**|**110**|
||**_Administrative overheads_**|||||
||Telephone, fax and internet|1,339|-|**1,339**|**469**|
||Postage, Stationery and Printing|231|-|**231**|**539**|
||Membership subscriptions|100|-|**100**|**380**|
||Equipment expenses|-|-|**-**|**-**|
||Software licences and expenses|2,981|-|**2,981**|**3,157**|
||Advertising and marketing|-|-|**-**|**-**|
||Sundry expenses|52|-|**52**|**23**|
||**_Professional fees paid to the Auditor or Independent Examiner_**||**_in addition to audit and_**|||
||**_examination fees_**|||||
||As detailed in Note 31|1,183|_-_|**1,183**|**836**|
||**_Professional fees paid to advisors other than the auditor or examiner_**|||||
||Consultancy fees|-|-|**-**|**1,250**|
||Management fees|-|-|**-**|**-**|
||Other legal and professional|5,565|-|**5,565**|**4,298**|
||HR consultancy|-|-|**-**|**-**|
||**_Financial costs_**|||||
||Bank charges|121|-|**121**|**183**|
||Depreciation & Amortisation in total|7,187|-|**7,187**|**7,187**|
||**Support costs before reallocation**|**49,713**|**-**|**49,713**|**54,151**|
||**Total support costs - Current Year**|**49,713**|**-**|**49,713**|**54,151**|
||The basis of allocation of costs between activities is described under accounting policies. All the prior year|||||
||expenditure was unrestricted|||||
35
## **Leeds and Moortown Furniture Store Limited**
**Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015**
## **31 Other Expenditure - Governance costs**
|**Current year**
**Current year**
**_Current Year_**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**2024**
**2024**
**£**
**£**
Independent Examiner's fees
2,190
-
Trustees' indemnity insurance
950
-
**Total Governance costs**
**3,140**
**-**
**Current year**
**Current year**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**2024**
**2024**
**£**
**£**
Payroll fees
1,183
-
**Total additional fees included in**
**support costs at Note 30**
**1,183**
**-**
**_Professional fees paid to the Auditor or Independent Examiner in addition_**
**_examination fees_**|**Current year**
**Total Funds**
**2024**
**£**
**2,190**
**950**
**3,140**
**Current year**
**Total Funds**
**2024**
**£**
**1,183**
**1,183**
**_to audit and_**|**Prior Year**
**Total Funds**
**2023**
**£**
**2,000**
**950**
**2,950**
**Prior Year**
**Total Funds**
**2023**
**£**
**836**
**836**|
|---|---|---|
All the expenditure in the prior year was unrestricted.
## **32 Total Charitable expenditure**
|**_Current Year_**
Total direct spending
**B2a**
Total charitable trading costs
**B2b**
Total support costs
**B2d**
Total Governance costs
**B2e**
**Total charitable expenditure**
**B2**|**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
86,306
5,012
49,713
3,140
**144,171**|**Current year**
**Restricted**
**Funds**
**2024**
**£**
107,982
-
-
-
**107,982**|**Current year**
**Total Funds**
**2024**
**£**
**194,288**
**5,012**
**49,713**
**3,140**
**252,153**|**Prior Year**
**Total Funds**
**2023**
**£**
**170,987**
**6,929**
**54,151**
**2,950**
**235,017**|
|---|---|---|---|---|
36
## **Leeds and Moortown Furniture Store Limited**
**Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015**
**Total Charitable expenditure (continued)**
|**_Prior Year_**
Total direct spending
**B2a**
Total charitable trading costs
**B2b**
Total support costs
**B2d**
Total Governance costs
**B2e**
**Total charitable expenditure**
**B2**|**Prior Year**
**Unrestricted**
**Funds**
**2023**
**£**
55,007
6,929
54,151
2,950
**119,037**|**Prior Year**
**Prior Year**
**Restricted**
**Funds**
**Total Funds**
**2023**
**2023**
**£**
**£**
115,980
**170,987**
-
**6,929**
-
**42,645**
-
**2,950**
**115,980**
**235,017**|
|---|---|---|
37