Charity registration number 1064588 Company registration number 3286173 (England and Wales) TOOGOODTOWASTE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
TOOGOODTOWASTE LIMITED CONTENTS Page Truslees report Stalement of trustees responsibilities 12 Independent auditorfs report 13- 15 Statement of financial activities 16 Balance sheet 17-18 Statement of cash flow5 19 Notes to the financial statements 20-34
TOOGOODTOWASTE LIMITED TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The financial statements have been prepared in accordance with Ihe accounting policies sel out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charilies pEparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objects principal activities of the charity The company is registered to assist with the relief of poverty.. Prowding access to affordable household items. To advance the development and education of people by providing opportunities to volunteer and to train, to develop work skills, social skills, gain work expeiiences and encourage social inlegration. Recycling of furniture which would otherwise be thrown away and by advancing more sustainable waste management praclices. Providing access to affordable household items Wilhin all showrooms. donaled goods are offered for sale at secondhand market value after they have been quality controlled. sorted. cleaned and safety checked. We also operate an eleclrical & gas domestic appliances re-use facility that complies with all WEEE & Gas Safe regulations. We offer free or discounted furniture packages lo individuals ieferred lo us for help and al times of crisis and support. Providing opportunities volunteer & train We aim to increase social skills and employment opporlunities by providing volunteers with work-based leaming and training. to Volunteers assist us with a range of activities throughout the organisation a5 well as management through our Board of Truslees. Placement opportunities are offered to enhance employability advancement and rehabilitation of ex-offenders via the Probation Service. Recycling and waste management We provide residents of Rhondda Cynon Taf wilh a reliable free collection service for household iterns that are tOOgoodtowa51e. People can a150 drop items off for re-use. Items received are sorted. cleaned, and tested before being offered for sale within our charity showrooms. During the year we updaled our webstte and incoo)orated a new collection form to make it easier and more convenient for customers wishing to donate. We also offer a colleclion service for re-useable household goods, to commercial organisations {end-of_line or returned goods}. We operate a Property Clearance Senrice to the public. solicitor5. landloids and housing associations. This professional. income generating service aims to recycle or re-use the products cleared by working with partner organisations. We hold a waste carriers. linSe. and we are an Approved and Authorised Transfer Facility (AATF) and an Approved Re-use Centre (ARC).
TOOGOODTOWASTE LIMITED TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees have referred to the guidance contained in the Charity Commissions, general guidance on public benefit. The Trustees will continue to consider how planned activities will contribute to the aims and objectives they have set. Significant activitie5 undertaken to further its charitable purposes for public benefit All services, including buying from the charity showrooms. are open to everyone in order to maximise the volume of items re-used and income generated lo support our charilable aims and objectives. We have also created our own hardship budget to cover the cosl of stock provided free of charge to individuals who have no other means of financial support to cover the essential items they need. We work in parlnership with other organisations that provide emotional or housing support {e.g. Social Semces Departments, Housing Associations, Women's Aid. Drug & Alcohol Support Services, Churches, Mental Health Groups, elc.) The practical help we provide enhances the work of our partners, Iherefore increasing the overall impact of the assistance provided. Mariy of the people referred to us for help are in crisis situation5 Wlthout any financial support. We help immedialely or a5 soon as p055ible to people affected by domestic violence and other life affeclir) crisis situations. We value the contribution received from our volunteers and strive to provide services Ihal help customers and beneficiaries feel positive about the help received. th high levels of unemployment in the area and few opportunities for people to gain work experience. we are committed lo developing our ability to deliver WOTk-based learning. The training room and use of ICT equipment and sofiware, gives us the opportunity lo provide volunleers and placements with trar15ferable 5ki115 to enhance Iheir employment opportunities. Extemal rants are sou ht to provide match funding for our activities.
TOOGOODTOWASTE LIMITED TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE Below is some of the great work we have done. the difference made to the local community and some ol the achievements of our staff and volunteer5. Maintaining increasing quality quantity goods available The partnership working with DHL I Dixon Carphone Group has continued lo provide access to re-usable domestic appliances WEEE. We received commercial donations from IKEA, John Lewis, Airsprung, Relyon, Merthyr Valley Homes. BBI, Harrods and TheAppliance Recycling Group. We also worked with Parc Prison workshops where they provided mattress cleaning, electrical PAT Testing. upcycling of fufniture as well as building flat pack furniture. Local communit y support Commercial office clearances completed during Ihe year meant that we had large quantities of office furniture available for our local community al affordable prices whilst also diverting from landfill. Ihis happened on nine different occasions through the yeaf. Our Treorchy Community space was used during the year by Rhondda Radio as their second reLX)rding studio and Pen-y-cymoedd Wind Farm Community Fund. A nLJmber of free events were held during the year across all our showrooms including free toys for childien at half term holidays. DuTing the summer holidays we provided free children'5 books for all children visiling our showrooms. but we then made this a permanent offer {stock dependent}. Al Chrislmas, our showrooms in Ynyshir & Aberdare set up a Sant3 Sleigh around our 12ft Christmas Trees so Children could visit and have a lovely Christmas picture taken for free. We donated furniture and other itetns to local groups and causes, including washing machines to Coedpenmaen Primary School and Mothers Matter lo support the parents who were struggling io keep their children's clothes clean. We also provided various uockery & cutlery to a Flying Start in Cwmbach to kil out their kitchen area and a new men's Menlal Health Group that was establishing in Penygraig. In total, over 148 requests for assistance from our refetral partners were received during the year identifying local individua15 and families in need. This included people leaving temporary accommodation following homelessness. individuals entering their first tenancy with no financial means or families requiring assistance with essential living furniture due to a change in circumstances. This year, we also started to work in partnership with Trivallis, Ihe largesl local housing associalion within RCT providing homes for thousands of people in the communities we See, it is a great opportunity for us to try and as515t more people.
TOOGOODTOWASTE LIMITED TRUSTEES REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE CONTINUED- Providing opportunities to volunteer & train Volunteer numbers are still reduced since the Covid_19 pandemic, however, we greatly appreciate the time and support our volunteers give us. 123 Volunteers completed over 26,000 hours in the year wilh at least 8 of them finishing their volunteering placement with us lo start paid employment. We also welcomed corporate volunteers trom British Gas who volunteered with us to assist in Customer Services, House Clearances and they carried out some gardening work in our volunteer aiea. We thanked all our volunteers throughout the year with regular 'Fish & Chip, Fridays and thank you gifts during National Volunteers Week and we had a further lebratiOn at Christmas where we went for a festive 3 course meal. Recycling waste management 916 Tonnes of waste (123.000 re-useable electrical and household ilems) was diverted from landfill in 2023. Durin9 the year our van teams collected over 143.000 items from local residents and commercial donators and also completed 211 commercial I household clearance services.
TOOGOODTOWASTE LIMITED TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW The Cost-of-Living crisis continued to affect the organisalion duting the year with donations of fijrniture being less Ihan the previous year. Our Treorchy branch closed to the public in November 2023 to undergo some remedial slrucluial & building works and is anticipated to reopen in Spring 2024 with a complete new look to become our Winlage & Retro showroom. Income from donations and legacies General donations and membership subscriptions in the year lotaled £1.442 and Ihis included an amount from Neighbourly under the'warm Communities Fund, lo continue to supply warm drinks to our volunteers. Income generated from GiftAid Retail Scheme was £9,176. Income Charitable Activities from The Setvice level agreement with RCT Environmental ServIS was maintained al £20,000 for the year. Income generated through our charity showroom5 fiom the sale5 of electrical, furniture and other household items increased by 2 /0 to £982.464. Income from Social Enterprise projects decreased to £170,119 12022.. £225,659) in the year, the previou5 year included some larger commercial clearances outside of the local area. The value of performance related grants was £4.849 which was from Pen Y Cymoedd to sUPPOrt the refil of Treorchy. (2022= £88.380}. Expenditure for Charitable A¢tivities We conlinued lo VIeW our operalional costs and made savings wherever possible. The total cost of providing Charitable activities in the year was £1,298,315 {2022. £1.377,4771. We increased our salary rate for all our employees in line with the National Living Wage. Only a small amount of new items were purchased in order to supply essential furniture and electrical items to our local council's Housing Advice Centre and other referral partners. Loan repayments continued during the year for the Govemment Bounce Back Loan Scheme. Included in the above costs for Charitable aclivities are depreciation costs of £63,003 (2022: £63.130). Net movement in funds We show a deficit on unrestricted funds for the year of £64.083. this includes depreciation of assets of £14:250. This had been anlicipaled wilh the increase in the hourly rate of pay for all employees and the closure of Treorchy. A deficit of £44.622 in restricted funds thi5 year 15 due to depreciation of capilal assets_
TOOGOODTOWASTE LIMITED TRUSTEES REPORT (CONTINUED>(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW (continued) Reserves Policy We aim to retain adequate reserves to fund both fixed assets, working capital and closure costs. Workin Ca ital It 15 the Trustees view that a working caprtal reserve amounting to three months. expenditure is adequate. £300,000 (excluding deprecialion>. This fijnd in the previous year had been £50,000 however this has been released back into free reserves to cover the deficit in 2023. It is the intention to increase this to the desired level as soon as is feasible. Clos reco A designated reserve has been created to cover the costs thal would arise rf we were lo see a significant reduction in income that would cause us to close. The anticipated costs for this is £100,000 and il is now being held in a Designated Reserve Fund. Free Reserves The free reserve5 i.e. those not lied up in fixed asset5 and designated funds held on 310ecember 2023 amounted lo £20.384. Thè Trustees are aware of the risks of not having sufficient reserves and Ihe reserves policy will be reviewed as part of our future strategy planning. Pay Policy for senior staff The pay of senior staff is reviewed annually by the board of Truslees. The organisation. guided by the board of Tru5tee5, have adopted a set of principles when setting charity slaff remuneration so as to achieve a balan befvleen fair pay to attracl new staff and lo keep appropriately qualified staff to lead. manage and support or deliver our charitable aims.
TOOGOODTOWASTE LIMITED TRUSTEES REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 RISK MANAGEMENT Risk Review The board of Trustees have a risk managernenl strategy which compri5e5'. An annual review of the principal risk5 and uncertainties that the charity faces The establishment of new policies. system5, and prOdureS to mitigate those risks identified in the annual review.. and The implemenlalion of ProdureS designed to minimise or manage any potential impact on the charity should those risks malerialise. Attention is also focused on non-financial risks by having a proactive approach to Health & Safety which is managed by a NEBOSH qualified member of the organisation. As part of trie induclion process all new personnel (paid and unpaid) receive health & safety awareness and manual handling training. FUTURE PLANS- POST BALANCE SHEEf EVENTS The Trustees recognise that there is an ongoing cost-of_living crisis that affects the disposable income of our customers and as such. retail sales and donations of stock may be impacted in future years. The Treorchy showroom will re-open in spring 2024 with a new re-branded look of'vintage & Retro,. Budgels and plans for 2024 will be regularfy reviewed by Ihe senior management team and the board of Trustees.
TOOGOODTOWASTE LIMITED TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE & MANAGEMENT By special resolution, on 30 May 2017 we changed our name to toogoodtowaste Lirnited. (Previous name Valleys Furniture Recycling Limiled). We registered as a charity in September 1994 and incorporated on 2 December 1996. On 19 June 2000 we registered as a company limited by guarantee and adopted our Memorandum and Articles of Association. It was resolved that a new set of Memorandum and Articles of Association were adopted in subslilution for all existing Articies of Association on 10 November 2022. The Trustees as charity Trustees have control of the charity and Fls property and funds. The numb of Trustees shall be not less than three and not more than fifteen individuals. The Trustees hold 21 least 4 Board MeetiTl95 each year. Committee meetings including Finance, Employment and Marketing are held quarterfy. on alternate months (where possible). Trustee Recruitment and Appointment A third of Trustees must retire by rotation (longest in office) at each AGM but may put themselves forward for re-election provided that no Truslee may serve more than 9 consecutive year5 in office unless Otherwise deterniined by a resolution of the Truslees. The Trustees may al any lime COuopI a further three individuals to fill specialist roles. Such Trustees would only hold Offi until Ihe next election of Trustees or until removed by the Trustees {whichever is earlier). The Chair of the Trustees is elected by the Board at the first full board meeting following the AGM. Polenlial new Trustees are provided wilh an information pack and asked to complete an application torm lo the Trustees. They will then be invited lo attend an informal meeting with representatives from existing Board members to discuss our Value5. Aims and Objective5 and their obligations under Charity and Company Law. Official checks are undertaken to ensure applicants meet the legal requirements of acting as a charity Trustee. New Trustees undergo an induction process which includes familiarisalion with key documents including.. Memorandum and Arlides of Association, Business Plans and Financial Budgels. During the induction process, new Trustees are encouraged to spend some lime within the organisation. meeting current paid and unpaid personnel. customers and stakeholders. Specific training on governance is also provided. Company Members Membership is open to any individual or Organisation inlerested in promoting the objects. As of December 2023, we had 43 members. The liability of the Members is limited to £1 each. Every member undertakes lo contribute £1 to the Charity assets in the event of it being wound up.
TOOGOODTOWASTE LIMITED TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE & MANAGEMENT (continued) Vision Statement Maxirni5e Potential- Minimise Waste Mission Statement toogoodtowaste is committed to changing peoples. lives every day, through developing and implementing sustainable Social Enterprises that meet the changing needs of the communities we serve. Organisational Structure The Chief Executive Officer (CEO) is responsible foi the strategic growth and vision of the organisalion, reporting lo the Board of Trustees. The Finance Manager is responsible for financial accountability and financial analysis, reporting to the CEO. Treasurer and Finance Commtttee. The Retail Manager and Operations Manager are responsible for the day-to-day sales activities and operational processes in all the branches. and they are assisted by an Assistant Retail Manager and an Assistant Warehouse Manager. The management team is supported by a Finance Officer, Marketing Officer. Workshop Supervisor. 4 Domestic Appliance Engineers, 6 Van Driver supeis015, 5 Customer Service Supervisors. Logistics Clerk, 2 Bric a Brac Supervisors. Electrical Cleaning Supervisor, Call Centre Supervisor and a Cleaner. In addition to these 30 paid positions. we rely on volunteer support from around 20 individuals each day. Related parties To identify and assist those people in greatest need we work with other Chatities. Housing A550uations. Community Groups and Local Authority Social Services Departments. to accept referrals for free or discounted fumilure packages. There is a Memorandum of Understanding with the Local Authority Environrnental Services Deparlment. As part of the Reuse Network, agreements have been established via commercial contracts with DHL and Dixon Group, Airsprung, IKEA and John Lewis. There is a legal charge on the pioperty (Ynyshir Road. Yny5hir CF39 OAT) as part of Ihe Big LotterylWG Community Asset Transfer Grant. Dated 9 March 2012. There is a legal charge on the property (Horeb Street, Treorchy, CF42 6RUI as part of the Big Lottery People & Places Grant. Daled 1 February 2018.
TOOGOODTOWASTE LIMITED TRUSTEES REPORT {CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 LEGAL AND ADMINISTRATIVE DETAILS Charity name toogoodtowaste Limited Registered numbers Company Number.. 03286173 Charity Number. 1064588 Registered office Ynyshir Road, Porth. CF39 OAT. Other operating premises Showroom" Unil 3 Aberaman Industrial Park. Aberaman. Aberdare, Rhondda Cynon Taf. CF44 6DA Showroom.. Horeb Street. Treorchy. Rhondda Cynon Tat, CF42 6RU Warehouse Ynyshir Road, Porth. Rhondda Cynon Taff. CF39 OAT Board of Directors and Trustees Dave Henderson Malcolm Gay Kelvin Jones David Lewis Dr. Dafydd Trystan Davies Michael Bryan Philip Moss Nalasha Lewis Rowenna Williams Martyn Birch Elizabeth Nicholas Jeffrey Matthews Chairman Vice- Chairman Treasurei Appointed 1510812023 Appointed 1510812023 Appointed 0511212023 Advisors Auditors Azets Audit servi5. Chartered Acmunlants & Statutory Auditors, Ty Derw, Lime Tree Court. Cardiff Gale Business Park, Caidrft CF23 8AB Bankers Barclays Bank Plc. Ponlypridd. Rhondda Cynon Taf. CF37 4YA Solicitors Geldards LLP. 4 Capital Quarter. Tyndall Street. Cardiff. CF10 4BZ Key Management Shaun England Rhian Edwards Miranda Way Gerainl Davies Chief Executive Officer Finance Manager & Company Secretary Retail Manager Operations Manager 10-
TOOGOODTOWASTE LIMITED TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees report was approved by the Board of Trustees. Dave Henderson (Chairma Dated.. Kelvin Jones ITreasu Dated. 11
TOOGOODTOWASTE LIMITED STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees, who are also the directors of toogoodtowaste Limited for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Apted Accounting Practice). Company Law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resour$, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the twstees are required to.. select suitable accounting policies and then apply Ihem consistenily.. observe the methods and principles in the Charities SORP., make judgements and estimates thal are reasonable and prudent.. and prepare Ihe financial statements on the going Conrn basis unless it is inappropriate to presume that the charity will continue in operation. The Iruslees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charily and enable them to ensure thal the financial statemen ts comply with the Companies Act 2006. 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 olher irregularities. 12-
TOOGOODTOWASTE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TOOGOODTOWASTE LIMITED Opinion We have audiled the finanaal statements of toogoodtowaste Limited {the 'charity I for the year ended 31 December 2023 which comprise the statemenl of financial activities. the balance sheet, the statemenl of cash flows and notes to the financial slalemenls, including significant accounting policies. The fin2nci31 reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepled Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 Decembei 2023 and of ils incoming resources and application of reSoUrs. for the year then ended", have been properly prepared in accordance with United lfjngdom Generalty Accepted Accounling Practi,. and have been prepared in accordance with the requiiements of Ihe Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Slandards on Auditing (UK) {ISAs IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit ol Ihe financial slatements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethic31 responsibilities in accordance with these iequirements. We believe that the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to going concem In audiling the financial slalements. we have concluded that the trustees use of the going concern basis ol accounting in the preparation of the financial statements is approptiate. Based on the work we have performed, we have nol identified any material uncertainties relating lo events or conditions Ihat, individually or collectively, may cast significant doubt on the charity s ability to continue as a going concern for a period of at least twelve rnonths from when the financial slalemenls are authorised for issue. Our responsibilities and the responsibilities of the trustees with respecl to going concem are described in the relevant sections of this report. Other infomiation The other information comprises the information induded in the annual report oiher than the finala1 stalements and our audilorfs report Ihereon. The Iruslees are responsible for Ihe other informalion contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibilty is to read the other information and, in doing so, consider whether the other information is malerially inconsistenl with the financial statements or our knowledge oblained in the course of the audit. or othewise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise lo a material misslalemenl in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this olher information. we are required to report thal fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in relation lo which Ihe Charities (Accounts and Reports) Regulations 2008 require us lo report to you rf, in our opinion-. the information given in the financial slatements is inconsistent in any material respect with the trustees report., or sufficient accounting records have not been kept." or the financial statements are not in agreement with the accounting record5. or we have not received all the information and explanations we require for oui audil. 13-
TOOGOODTOWASTE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TOOGOODTOWASTE LIMITED Responsibilities of trustees As explained more fully in the statement of Irustees responsibilities. the trustees, who are also Ihe directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intem21 control as the trustees determine is necessary to enable the preparalion of financial slalemenl5 Ihat are free from material mi551alemenl, whelher due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative bul lo do so. Auditor's responsibilities lor the audit of the financial ststements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Acl and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are Iree from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISA5 (UK) will always detect a material rnisslatemenl when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of user5 taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website al.. hllps'.11 www.frc.org.uklauditorsresponsibiliti.es. This description forms part of our auditorfs reporl. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularitie5, including fraud. are instances of non-compliance wilh laws and regulalions. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's web51te. to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity. its activitie5. Its control environment. and likely future developments, including in relation to the legal and regulalory framework applicable and how the entity is complying with that framework. Based on this understanding. we idenlify and assess the risks of material misstatement of the rinancial slatemenls, whether due to fraud or error. design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis foi our opinion. This includes consideralion of the risk of acts by the entity that were conlrary to applicable laws and regulations, including fraud. In response to the risk of irregularits.es and nOnmpliance with laws and regulations. including fraud, we designed procedures which included.. Enquiry of management and those charged with govemance around actual and potential litigation and claims as well as actual. suspected and alleged fraud- Reviewing minutes of meetings of those charged with governance". Assessing the exient of compliance with Ihe laws and regulation5 considered lo have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; Reviewing financial statement disc105ures and testing to supporting documenlalion to a55e55 compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, including testing ol journal entries and other adjuslment5 for appropriatene55. evaluating the business rationale of significant transactions outside the nomial course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all IegUlar1ties, including those leading to a material misstatement in the financial 5tatemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulalion is removed from the events and transactions reflected in the financial statements, as we will be les5 likely to become aware of instances of noTrcompliance. The risk ol not detecting a material misstalemenl resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions: misrepresentations. or the override of internal control. 14-
TOOGOODTOWASTE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TOOGOODTOWASTE LIMITED Use of our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we rr)ight state to the charity's trustees those matters we are required lo state lo them in an audito¢s report and for no other purpose. To Ihe fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charily and the charity's trustees as a body, for our audit work. for this report, or for Ihe opinions we have formed. Azets Audit Services 14 October 2024 Chartered Accountants Statutory Auditor Ty De, Lime Tree Court Cardiff Gale Business Park Cardiff United Kingdom CF23 8AB Azets Audit Setvices is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the CompaniesAct 2006. 15-
TOOGOODTOWASTE LIMITED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted funds funds 2023 2023 Tolal Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Notes Incom from.. Donations and legacies Charitable activities Other Iradir7g activities 10,618 1,173,083 10.618 1,177,432 13,158 1.206.105 13,158 1,294,485 4,349 88,380 1,560 1.560 1,550 1,550 Total income 1,185,261 4.349 1.189.610 1.220,813 88.380 1.309,193 Ex enditure on: Charitable activities 1.249.344 48.971 1.298.315 1.240,344 137,133 1,377,477 Net expenditure for the yearl Net movement in funds (64,083) (44.622) (108.705) (19,531) (48,753) 168,284} Fund balances at 1 January 2023 504,637 667.452 1.172.089 524.168 716,205 1,240,373 Fund balances at 31 December 2023 440,554 622.830 1,063.384 504,637 667.452 1,172,089 The Statement of financial activities includes all gains and losses reo)gnised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 16-
TOOGOODTOWASTE LIMITED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tanyible assets 11 943.000 986,841 Current assets Stocks Debtors Cash at bank and in hand 12 13 980 38,759 200,401 2,942 45,539 278,123 240,140 326,604 Creditors: amounts falling due within one year 14 {105,589) 1117,189) Net current as5et5 134.551 209,415 Totsl assets less current liabilities 1.077,551 1,196.256 Creditors: amounts falling due after more than one year 16 {14.167) 124,1671 Net assets 1,063,384 1,172,089 Income funds Restricted funds nreslricted fund5 Designated funds General unrestricted funds 19 622,830 667,452 18 100.000 340,554 150,000 354,637 440.554 504.637 1.063,384 1.172,089 17-
TOOGOODTOWASTE LIMITED BALANCE SHEET (CONTINUED) AS A T 31 DECEMBER 2023 The company is entitled to the exemption from the avdil requirement contained in section 477 of the Companies Act 2006. for the year ended 31 December 2023. although an audit has been carried out under section 144 of the Charities Act 2011. The director5 acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respecl to accounting records and the preparation of financial statements. The members have not required the company to obtsin an audit of ils financial statements under the requirernents of the Companies Acl 2006. for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The financial statements were approved by the Trustees on Dave Henderson (Chariman) Kelvin Jones (Trea5urer} Company registration number 3286173
TOOGOODTOWASTE LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash lab50rbed byllgenerated from operations 25 148.560) 1 ,533 Investing activities Purchase ol tangible fixed assets {19,162) {2.450) Net cash used in investing activities {19,162) 12,4501 Financtng activities Repayment of borrowing (10,OCrfJ) {10.000) Net cash used in financing activities (10.000} {10,0001 Net decrease in cash and ¢ash equivalents {77,722) {10,9171 Cash and cash equivalents at beginning of year 278,123 289,040 Cash and cash equivalents at end of year 200,401 278,123 19-
TOOGOODTOWASTE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity inforniation loogoodtowaste Limited is a privale company limited by guarantee incorporated in England and Vvales. The registered office is Ynyshir Road, Porth: Mid Glamorgan. CF39 OAT. United Kingdom. 1.1 Accounting convention The financial statements have been prepared in accordan viith the charity's governing document. the Companies Act 2006, FRS 102 "The Financial Reporling Standard applicable in the UK and Republic of Ireland. ("FRS 102.) and the Charities SORP "Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 20191. The charity is a Public Benerrt Entity as defined by FRS 102. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the neast £. The financial statements have been prepared under the historical cost convention and lo include certain financial inslrumenls al fair value. The principal accounting policies adopted are sel out below. 1.2 Going Concem At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequale resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going conrn basis of accounting in preparing the accounts. 1.3 Charitable funds General funds are vnTestricted funds which are available for use at the discretion of the Board in furtherance of the general objectives of the Society and which have not been designated for other purposes. Designated funds are unieslricted funds of the charity which the trustees have decided at their discretion lo set aside lo use for a specific purpose the aim and use of each designaled fund is sel out in Ihe notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the Society for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricled fund is set oul in the notes lo the financial slalemenls. 1.4 Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to Ihe ilemlsl of income have been rnet. it is probable that the incorne will be received and the amount can be measured reliably_ Income consists of the invoiced value (excludir)g VAT) of goods sold15upplied to third parties and member5. No amounts are included in the financial statement for setvices donated by volunteers_ Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant 15 recognised al Ihe time of the donation. Interest on funds held on deposit is included when receivable and the amounl can be measured ieliably by Ihe charity", this is normally upon notification of the interest paid or payable by the Bank. -20-
TOOGOODTOWASTE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) Membership and Subscriptions income is credited to the Statement of Financial Aclivilies in the year in which they are due. Income received in advance is deferred to the appropriate financial year. Sponsorship income is credited to the Statement of Financial Activities in the year in which Ihey are due. Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement lo the funds, any performance conditions attached to the grants have been met, il is probable thal the income will be received and the and the amount can be measured reliably and is not deferred. Capilal grants are released lo the SOFA in the year of receipt. Fixed assets relating io capital grants are capitalised, and depreciats'on charged is offset against the grant income. in a restricted fund. Income from furniture supplied A minimum fixed price is required for each stem of furniture supplied and is accounted for on a receipts basis. Furniture auction income and other donations These sources of income are accounted for on a receipts b351S_ Income from donated goods is recogni5ed when Ihe donated goo(Is are sold. Assets for distribution are recognised only when distributed. Assels given for use by the charity are recognised when receivable. 1.5 Expenditure Expenditure is recognised once there is a legal or conslructive obligation to make a payment to a third party, il is probable that settlement wll be required and the amount of the obligation can be measured reliably. Expenditure is classified under Ihe following activity headings.. Costs of raising funds comprise the costs in relation lo generating income such as fundraising activities. By helping lo meet the furniture and household items needs of people on a low income, by, bul not limited lo, recycling household items which would othemise be thrown away and by advancing more sustainable waste managemenl practices. By advancing the education and development of peo[e, through providing opportunities to volunteer, train, develop work and social skills, gain work experience and encourage social integration. Irrecoverable VAT is charged as a cost against the adivily for which Ihe expenditure was incurred. Allocation of costs Expendilure by the charity, in the year, has been split behveen unrestricted and restricted funds and analysed beleen charitable activities, governance costs and the cost of generating fijnds. Expendilure was allocated on the basis of staff time spent on the various activities. Liabilities Policy Liabilities are recognised in the Statement of Financial Activities as they become payable. 21
TOOGOODTOWASTE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continuedl 1.6 Tangible fixed assets Fixed assets purchased are included al cost. Assels donated lo the company are included at market value. All fixed assets are held for the company's own use. Depreciation or amortisation of fixed assets is calculated to wrile off their Cost or valuatio.n les5 any residual value over their estimated useful lives on an annual basis as follows.. Freehold property Leasehold improvements Office equipment Tools and equipment 5-20°A per annum 20 /0 on cost 25% on cost 33.30/0 on cost Freèhold land is nol deprecialed. The gain or loss arising on the disposal of an assel is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. Community a55et transfer." Land CAT construction costs Entrust Rank Welsh Church Act Professionallolher fees not depreciated 5°A on cost 20°/o on cosl 20% on cost 20 /0 on cost 100% oncost Any tools or equipment costing less than £500 are immediately written off against revenue. 1.7 Impaimient of fixed assets Al each reporting end date, the tharity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.8 stocks stocks are stated at the lower of cost and estimated selling price le55 Costs lo complele and sell. Cost comprise5 direct materials and, where applicable. direct labour costs and those overheads that have been incurred in bringing the stocks lo their pie5eni location and condition. Unsold donated items are not included in ck)sing stock since their c05t is nil and their value is uncertain until sold. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks. other short-leim liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowing5 in current liabilitie5. -22-
TOOGOODTOWASTE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.10 Financial instruments The charity ha5 elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues of FRS 102 to all of ils finanaal instrumen15. Financial inslruments are recognised in the GharlIS balance sheet when the charity becomes paty to the conlraclual provisions of the instrument. Financial assets and liabilities are offsel, with the net amounts presented in the financial statements, when there is a legally enforable right lo set off Ihe recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interesl. Financial a55et5 classified as receivable within one year a nol amortised. Impairmenf of financial assets Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting dale. Financial assets are impaired where theie is objecb've evidence Ihal. as a result of one or more evenls that occurred afier the initial recognilion of the financial asset, the estimated future cash flows have been affected_ If an asset is impaired. the impairment loss is the difference belween Ihe caitying amount and the present value of the estimated cash flow5 discounted at the asset's original effective interest rate. The impairment loss is recognised in nel incomel(expenditure) for the year. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised. Ihe impairment is reversed. The ieversal is such that the currenl carrying amount does not exceed what the carrying amounl would have been. had the impairment not previously been recognised. The impairment reversal is recognised in nel incomel{expendilure) for the year. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement constitutes a financing transaction. where the debl instrument is measured al the present value of the fulure payfflents discounted al a markel rate of interest. Financial liabilities classified as payable wilhin one year are nol amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or servi$ that have been acquired in the ordinary course ol operations fiom suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presenled as non-current liabililies. Trade credilors are recognised initially at Iransaclion price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the chaTity'5 contractual obligalions expire or are discharged or cancelled. 1.11 Taxation As a registered charity, loogoodlowaste is enlilled to Ihe exemption from taxation in respect of income and capital gains received with sections 478-489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Acl 1992 lo the extent that these are applied to its charitable objects purposes only. -23-
TOOGOODTOWASTE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting poli¢ies {Continued} 1.12 Employee benefits The costs of short-temi employee benefrts are recognised as a liability and an expense. unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement 15 recognised in the period in which the employee's services are received. Termination benefft5 are iecognised immediately as an expense when the chanty 15 demonslrably committed to terminate the employment of an employee or to provide termination benefits. 1.13 Retirement benefits Payments to defined contribution retr'rement benefit schemes are tharged a5 an expense a5 they fall due. Critical accounting estimates and judgements In the application of the charity's accounting policies. the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestricted Unrestricted funds funds 2023 2022 Donations and gifts Members contributions 10,581 37 13,119 39 -24-
TOOGOODTOWASTE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities 2023 2022 Service level agreement Performance related grants Household items supplied Social enterprise projects 20,000 4,849 982.464 170,119 20.000 88,380 960.446 225.659 1,177.432 1,294.485 Analysis by fund Unrestricted funds Restricted funds 1,173,083 1,206,105 4.349 88.380 1.177.432 1,294,485 Performance related grants RCT Rates Grants t)WP - Kickslart Neighbourly Foundation Pen Y Cymoedd Wind Fami 12,000 76,380 500 4.349 4,849 88,380 Other trading activities Unrestricted Unrestricted funds funds 2023 2022 Rental income 1,560 1,550 -25-
TOOGOODTOWASTE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitsble activities 2023 2022 Staff cos15 Volunteer costs Transport cosls Cost of goods 841.606 36.679 121,828 82.627 871,616 42,287 149,024 101,190 1.082,940 1,164.117 Share of support costs {see note 7} Share of governance costs (see note 7) 206.875 8,500 206,960 6,400 1.298.315 1.377,477 Analysis by fund Unreslricled funds Restricted funds 1,249.344 1,240.344 48.971 137.133 1.298.315 1,377,477 Support costs Support Govemance costs costs 2023 Support Governance Costs costs 2022 Depreciation Advertising and meetings Premises costs Telephone and administration Legal and professional fees Insurances Bank charges 63,003 11,420 53,932 63,003 11.420 53,932 63,130 3,645 64.863 63,130 3,645 64,863 45,919 45.919 44,489 44,489 10.568 12,716 9,317 10.568 12,716 9.317 9.710 11.553 9,570 9,710 11,553 9,570 Audit fees 8.500 8,500 6,400 6,400 206.875 8.500 215,375 206.960 6,400 213,360 Analysed betsmeen Charitable activities 206,875 8.500 215.375 206.960 6,400 213,360 Governance costs indudes payments to the auditors of £8.500 of which £1,500 relates to accountancy fees 12022.. £6,400 of which £1.200 relales lo accountancy fees) for audit & accountancy services. -26-
TOOGOODTOWASTE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. Employees Number of employees The average number of employees. analysed by function was.. 2Q23 Number 2022 Number Charitable activities Governance 30 37 32 39 Employment Costs 2Q23 2022 Wages and salaries Social security costs Other pension costs Staff training and expenses 762,622 57,667 14,836 6,481 797,274 55,322 14,268 4,752 841.606 871,616 There were no employees whose annual remuneration was £60.000 or more. 10 Related party transactions Remuneration of key management personnel The remuneration of key managefflent personnel is as follows. 2023 2022 Aggregate compensation 149,940 143,763 The key management personnel of the charity comprise of the Chief Executive Officer, Retail Manager, Operations Manager and Finance Manager. -27-
TOOGOODTOWASTE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Tangible fixed assets Freehold Leasehold propety improvwnents Office oquipment Tools and èquipment Total Cost Al 1 January 2023 Additions 1.664,320 19.162 14.339 49,607 9,657 1,737,923 19.162 At 31 December 2023 1.683.482 14.339 49,607 9,657 1,757.085 Depreciation and irnpaimient Al 1 January 2023 Depreciation charged in the yeaf 698.671 47.849 10,087 1.275 35,346 12.475 6,978 1,404 751.082 63.003 Al 31 December 2023 746.520 11,362 47,821 8,382 814.085 Carying amounl Al 31 December 2023 936.962 2.977 1.786 1,275 943.000 At 31 December 2022 965.649 4.253 14.260 2,679 986.841 The Big Lottery Fund has a legal charge dated 15 March 2012 over the charty's property Unit 1. Ynyshir and a legal charge dated 1 February 2018 over the charity's property previously known as Treorchy Youth Centre, Horeb Street. Treorchy. 12 Stocks 2023 2022 Finished goods and goods for resale 980 2,942 13 Debtors 2023 2022 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 3,490 4,705 30.564 17,515 2,809 25,215 38,759 45,539 -28-
TOOGOODTOWASTE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Creditors: amounts falling due within one year 2023 2022 Notes Bank loans Deferred income Trade creditors Other creditors Accruals 15 17 10.000 35.719 22.464 23.534 13,872 10,000 19,841 24,073 26,721 36,554 105.589 117,189 15 Loans and overdrafts 2023 2022 Bank loans 24.167 34,167 Payable wilhin one year Payable after one year 10,000 14,167 10,000 24,167 The loan is repayable over 5 years with an intere51 rale of 2.5 /0 pa. 16 Creditors: amounts falling due after more than one year 2023 2022 Notes Bank loans 15 14,167 24,167 17 Deferred income 2023 2022 Other deferred income 35,719 19,841 Deferred income is included in the financial statements as follows: 2023 2022 Deferred income is induded within- Current liabilities 35,719 19,841 Movements in the year.. -29-
TOOGOODTOWASTE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Deferred income (Continued} Deferred income al 1 January 2023 Released from previous periods Resources deferred in Ihe year 19.841 119.841> 35.719 17.144 (17,1441 19,841 Deferred income at 31 December 2023 35,719 19,841 18 Designated funds The income funds of the charity include Ihe following designated funds whic, have been set aside out of unrestricted funds by the trustees for specific purposes.. Movement in funds In¢oming Balance at resources1 January 2023 Balance at 1 January 2022 Transfers Balance at 31 December 2023 Project closure costs Working capital 100,000 50.000 100,000 50,000 100,000 (50,0001 150.000 150.000 (50,0001 100.000 Project closure The board recognise the need to maintain a reserve to cover the closure costs arising from a significant reduction in income. Working capital - The board have set aside funds to cover future working capital needs. -30-
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TOOGOODTOWASTE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Analysis of net assets between funds Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Totsl 2023 2022 Fund balances at 31 December 2023 are represented by.. Tangible assets Current assetsllliabilFties) Long lerm liabilities 320.170 134,551 (14.167) 622,830 943.000 134,551 (14.167) 319,389 209,415 124,167) 667,452 986,841 209,415 {24,167} 440.554 622.830 1.063.384 504,637 667,452 1,172,089 21 Members. Contributions Contributions for membership for individuals were set at £1 for waged and £1 for unwaged. Organisations contributed £1 for membership. Each member's liability is limited to £1. At 31 Decernber 2023. there weie 43 members of the company (2022.. 39}. 22 Operating lease commitments Al the reporting end date the charity had outstsnding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows". 2023 2022 Within one year Between two and five years 86.953 152.927 51,082 33,666 239,880 84,748 23 Capital commitments As at 31 December 2023, the charity did not have any capital commilmenls12022: £nil). 24 Indemnity Insurance The charity has purchased insurance to protect it from loss arising from Ihe neglect or defaults of its trustees and employees, and to indemnify the Irustees againsl the consequences of any neglect or default on their part. The cost of this insurance is included within the overall cost of a specialist charity policy which includes property insurance and employer's liability Insuran and cannol therefore be separately identified. 33-
TOOGOODTOWASTE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 25 Cash generated from operations 2023 2022 Deficit for the year {108,705) {68,284) Adjustments for.. Deprecialion and impaimient of tangible fixed assets 63.003 63,130 Movements in working capital= Decrease in stocks Decrease in debtors (Decrease) in creditors Increase in deferred income 1,962 6,780 127,478) 15,878 4,837 7,733 {8,580) 2,697 Cash labsorbed by)Igenerated from operations (48,560) 1,533 26 Analysis of changes in net funds At 1 January 2023 Cash flows At 31 December 2023 Cash at bank and in hand 278.123 (77,722) 200,401 Loans falling due within one year Loans falling due after more than one year 110.000) 124.167) 110,0001 (14,1671 10,000 243.956 (67,7221 176,234