Annual Report & Unaudited Financial Statements
For the year ending 31[st] December 2023
Registered Charity Number 1072029
Company Number 2435729
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |
|---|---|
| Chair and CEO Introduction | 1 |
| Report of the Trustees | 2 to 7 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 to 11 |
| Cash Flow Statement | 12 |
| Notes to the Cash Flow Statement | 13 |
| Notes to the Financial Statements | 14 to 22 |
| Detailed Statement of Financial Activities | 23 |
Chair and CEO Introduction
We would like to thank every single one of our members, sponsors and partners who support our ongoing and expanding activities at this important time.
The progress and challenges associated with resources, circularity, plastics and the environment continue in equal measure. There are constant reminders of how far we still have to go, and often a lack of consensus in so many areas as to what the aims really are, and how we get there.
The need to work together to achieve common goals is clear, and RECOUP will continue to play our part. Empowering others to work towards their aims around plastic resource efficiency and recycling is an ongoing priority. More action needs to be taken on identified barriers to safeguard and develop the plastic circular economy, and ensure it is both sustainable and effective in the short and long term.
Practical collaboration and understanding across the entire plastic value chain is fundamental to the successful future of plastics, both as a material, and as a sustainable and circular resource. The key question remains of whether we are individually and collectively acting quickly enough in the right areas, and on a scale that will make a real difference in the UK or globally.
Through our programmes and projects, RECOUP will continue to bring people and organisations together to share knowledge, implement and support activities to move the dial, and importantly deliver the long standing aims of the organisation.
The recognition of RECOUP across the various policy, business and environmental sectors is testament to our expertise and passion to deliver on plastic resource efficiency and recycling, whilst also protecting the environment. We are more relevant than ever and very aware of the ongoing challenges. The hard work is here and now, and there is an ever growing sense that time is running out, whilst delivering on the ambitions is also still within our collective grasp.
Jim Armstrong, RECOUP Chair
Stuart Foster, RECOUP CEO
Page 1
Report of the Trustees
The Trustees who are also Directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of 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 2019).
STRATEGIC REPORT
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Registered Company number
02435729 (England and Wales)
Registered Charity number
1072029
Registered office
1 Metro Centre Welbeck Way Woodston Peterborough Cambridgeshire PE2 7UH
Trustees
J E Armstrong - General Manager M Baxter - Director I A Burman - Solicitor D J Cheke - Material Sales Manager (appointed 31.5.23) A R Detta - Environmental Services & Recycling I L Ferguson - Environment Manager S J Foster - CEO S Hayward-Higham - Technical Development Director H C Lloyd House - Nestle Head Of Communications A L Sutton - Director Business Innovation S C Walsh - Sales Engineer A S C Whyle - Consultant (appointed 31.5.23)
Independent Examiner
George Hay Partnership LLP Chartered Accountants St George's House 14 George Street Huntingdon Cambridgeshire PE29 3GH
Page 2
Report of the Trustees for the Year Ended 31st December 2023
The Trustees, who are also Directors of the Charity, have pleasure in presenting the RECOUP Annual Report and Financial Statements for the year ended 31 December 2023. The Board would like to thank all members, associates and the PPS team who have supported and delivered the work of RECOUP over the past twelve months.
An Overview of 2023
Working across several programmes of activity as agreed by the Board, the output from RECOUP in 2023 was higher than ever before. This included the delivery and completion of various ongoing projects supported by members, project sponsors and charitable donations. This is also reflected in the highest ever membership income reported by the organisation which showed a modest increase from 2022.
Maintaining this level of activity is not only positive for RECOUP but also necessary to meet the continuing legislative, business and consumer demands placed on the plastic value chain. Furthering the understanding of the systems, gathering evidence, tracking new solutions and technologies, and continuing to address the barriers and challenges presented is key to unlocking the plastic circular economy, and playing our part in reducing environmental impacts.
There is an expectation that this level of activity needs to continue due to the requirement to continue progress in this space, and for RECOUP to make further progress against the agreed aims of the organisation. Standards and quality of work have been maintained, and RECOUP continue to work to ISO 9001 requirements.
The elevated level of support and extended team resources was maintained in 2023. There was some churn in membership during the year and also a number of potential impacts on the horizon which are being monitored closely including legislative changes and business positions.
RECOUP is very active across the whole of the value chain leading on plastic resource efficiency and recycling. The organisation collaborates with different stakeholders, trade bodies and groups on initiatives with related aims and ambitions. International engagement also remains strong with so many of the opportunities and challenges shared across Europe and beyond.
We are therefore pleased to report that RECOUP are in a positive position at the end of 2023 with an encouraging future outlook as set out in this report.
Legal and Administrative Information
Recycling Of Used Plastics Limited, otherwise known as RECOUP, is a Registered Charity, number 1072029, and a Company, registered in England and Wales, number 02435729. Its governing documents are its Memorandum and Articles of Association, originally approved by the members in January 1998 and by the Charity Commission in September 1998, and revised most recently in 2020. This is supplemented by bylaws which are regularly reviewed and approved by the Board.
The Registered Office address and the names of the Trustees and Advisers are set out in the administrative details. In accordance with the Articles of Association, Mr D Cheke and Mrs L Edwards retired by rotation. Mrs L Edwards was not seeking re-election, Mr D Cheke was re-elected and Mr A Detta was elected.
Page 3
Trustee Induction and Training
New Trustees are provided with information on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and the recent financial performance of the Charity.
The Aims and Objects of the Charity
We take great pride in our longstanding aims which have changed very little since the organisation was formed in 1990, and are very relevant today with a focus on the climate crisis, net zero, decarbonisation, resource efficiency and environmental protection.
Aims
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Lead and inform the continued development of plastics recycling and resource management.
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Be the UK’s plastic value chain co-ordinators and the independent voice of reason.
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Educate the public and businesses on the resource efficiency and recycling of plastics to protect the environment.
Objectives
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To advance the education of the public on the subject of recycling plastics so as to protect the environment.
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To preserve and protect the physical and natural environment for the public benefit through the promotion of waste reduction and recycling of plastics.
Governance
RECOUP is administered by its Trustees who are elected by the members of the company, in accordance with the Memorandum and Articles of Association. A number of Advisers are appointed on the Board to provide guidance and input alongside Trustees. The Board meet at least three times a year to formulate the policies of the company and to engage and instruct independent third parties to implement such policies on their behalf. The company itself does not directly employ people.
Reserves Policy
Reserves are that part of a charity’s unrestricted funds that are freely available to spend on any of the charity’s purposes. The Trustees have established the level of reserves the Charity should have and agreed the following policy:
“The reserves are to be maintained at a level which ensures that RECOUP’s basic core activity could continue in the short term during a period of unforeseen difficulty. On the basis of current expenditure, the Funds at a balance of £45,000 to £60,000 would ideally be required.”
The actual reserves at 31st December 2023 were unrestricted funds £(41,987) (2022 £60,001) and restricted funds £47,500 (2022 £225,649). It is the Trustees view that it is prudent to ensure that there are sufficient reserves to provide financial flexibility in order to meet future obligations, whilst also ensuring uncommitted funds are allocated in a timely way to the furtherment of RECOUP aims. Unrestricted funds up to £15,000 were allocated by the Board towards development of new websites in 2023. As anticipated the majority of restricted funds received in previous years were expended during the course of 2023 with planned draw down against delivered projects.
Page 4
Public Benefit
In setting our objectives and planning our activities our Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. RECOUP use the support and resources made available from the Charity Commission as required.
Since 1990, RECOUP have been involved in projects and activities that have direct or indirect interaction with the public, to educate and promote on plastics recycling and wider positive environmental responsibility. This is a critical component of our activities with a dedicated programme of work.
Pledge2recycle plastics is a key consumer facing initiative to deliver all RECOUP citizen engagement activities relating to plastics recycling. This is also being expanded to cover wider resource efficiency and re-use messages as well. This provides consistent, evidence-based plastic resource and recycling messages and branding to citizens whether at home, at school, at work or on the go. The key aims are to remove confusion, increase recycling and reduce contamination. In addition, partnerships have been developed with various community groups and education establishments during 2023 and a range of projects delivered.
Review of Principal Activities
RECOUP is a not-for-profit organisation and registered charity. We are built on a network of members and stakeholders who represent all sectors of the plastics supply and recovery chain – including polymer producers, convertors, packer fillers, brands, retailers, local authorities, waste management companies and plastics reprocessors. RECOUP also have affiliations with a number of corporate trade bodies, academic groups and NGOs. The depth and scope of our network gives us a valuable insight and access to the complete plastic supply and recycling chain.
RECOUP deliver a range of activities related to the sustainable development of plastic resource efficiency and recycling such as demonstration projects, research, consumer engagement and stakeholder advice. This includes working collaboratively with UK and international stakeholder groups; responding to government consultations; research and information sharing; bespoke member activities; attending and speaking at conferences and exhibitions; and many other activities.
We recognise the vital support from both long-standing and new members in 2023. With strong backing, RECOUP promote increased supply and recycling chain engagement, encourage impartial and practical debate, deliver unbiased reports and research, and advocate sensible evidence driven actions. We will continue to be the plastic resource efficiency and recycling value chain co-ordinators and the voice of reason. Outside of the politics and opinions, RECOUP ensure that all work undertaken is completed independently and with integrity. We remain focused on maintaining the impartiality and position of the organisation while delivering the aims and objectives of RECOUP.
To enable the workloads and priorities to be managed and delivered effectively, all RECOUP activities in 2023 contributed to delivering the aims of the organisation, and fall under three key areas : -
-
Education and Engagement
-
Projects and Research
-
Policy and Strategy
There are a number of member forums and advisory groups to cover detailed discussions on specific topics and provide recommendations back to the RECOUP team and Board where appropriate.
Page 5
Financial Position and Outlook
The figures for 2023 reflect prudent financial management during the year with careful monitoring of central costs and the successful generation of new income streams. Unrestricted income for the year was £582,789 (2022 £539,629) and net assets were £47,446 (2022 £285,626).
Cashflow during 2023 and into 2024 was as expected with significant drawdown of ringfenced funds to enable the completion of agreed projects. The final result reflects the ongoing challenge of delays in committed funds being received particularly in relation to membership. There is also a change in independent examiner and approach which was agreed by the Board to improve the clarity and transparency of the accounts. The agreed methodology has been adopted for 2024 and the Board will work towards a 2024 end of year positive financial position using this approach. The Trustees have a reasonable expectation that the Charity has adequate resources to meet its liabilities for the foreseeable future.
The Restricted Funds are detailed in Note 13. This has returned to pre-2022 levels, with the majority of upcoming work invoiced on completion. We are confident that the business is financially sound and able to sustain its progress during the forthcoming year and for this reason to have continued to adopt the going concern basis in preparing the financial statements. This will include continuation of the new accounting methodology in 2024 as part of that process, which will result in a small surplus at the end of Q1 2024 to offset the negative amount reported at the end of 2023.
The potential for evolution in all parts of the plastic recycling chain remains. There is a genuine confidence that we can and will collectively step up to this challenge. This includes the necessary increase in engagement and education activities to ensure that the plastic recycling and anti-litter messages are understood and actioned by all. The Board would like to thank all Members, Associates and Team who have supported and delivered the work of RECOUP over the past twelve months. As in previous years, the majority of funding received for our work has been from Membership Contributions and Conference sponsorship as listed in the Statement of Financial Activities on Page 10. This has been used to deliver the Programmes of Work agreed by the Trustees.
Internal Control and Risk Management
The Trustees continue to monitor the major risks to which the charitable company is exposed and to keep under review the adequacy of the systems, which they believe are acceptable and appropriate to the size of the Charity and the nature of its operations. The major risk to the Charity is loss of membership and sponsorship income, with resources and expenditure managed carefully in line with funds available. Delays in payment of agreed member and project invoices are also managed carefully to avoid cashflow issues. This would result in a review of workplans and resource allocation ensure financial stability. Finances, membership and projects are reviewed on an ongoing basis, and reported to the Board at regular intervals.
Investment Policies
Under the Memorandum and Articles of Association, the charity has the power to make any investment which the Trustees see fit.
Trustees’ Responsibilities
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure for that period.
Page 6
In preparing these financial statements the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS102) have been followed, subject to any material departures disclosed and explained in the financial statements.
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements 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 other irregularities.
Independent Examiners
George Hay Chartered Accountants are willing to provide Independent Examination services and a resolution to appoint them was passed at the Annual General Meeting.
Dated: 14[th] June 2024
Signed:
(Jim Armstrong) For and on behalf of the RECOUP Board
Page 7
Independent Examiners Report to the Trustees
Independent examiner's report to the Trustees of Recycling of Used Plastics Limited ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity's Trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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 accounts to be reached.
Barry Jefferd FCA George Hay Partnership LLP Chartered Accountants St George's House 14 George Street Huntingdon Cambridgeshire PE29 3GH
Date: 26 June 2024
Page 8
Statement Of Financial Activities
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 540,855 Investment income 3 2,484 Total 543,339 EXPENDITURE ON Charitable activities 4 Membership fundraising 629,700 Governance costs - Other 6 15,627 Total 645,327 NET INCOME/(EXPENDITURE) (101,988) RECONCILIATION OF FUNDS Total funds brought forward 60,001 TOTAL FUNDS CARRIED FORWARD (41,987) |
Restricted funds £ 106,313 - 106,313 284,461 - - 284,461 (178,148) 225,648 47,500 |
2023 Total funds £ 647,168 2,484 649,652 914,161 - 15,627 929,788 (280,136) 285,649 5,513 |
2022 Total funds £ 914,576 394 |
|---|---|---|---|
| 914,970 | |||
| 857,979 1,057 9,293 |
|||
| 868,329 | |||
| 46,641 239,008 |
|||
| 285,649 |
The notes form part of these financial statements
Page 9
Balance Sheet
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 9 - Investments 10 1 1 CURRENT ASSETS Debtors 11 83,920 Cash at bank 1,879 85,799 CREDITORS Amounts falling due within one year 12 (127,787) NET CURRENT ASSETS/(LIABILITIES) (41,988) TOTAL ASSETS LESS CURRENT LIABILITIES (41,987) NET ASSETS (41,987) FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - - - - 47,500 47,500 - 47,500 47,500 47,500 |
2023 Total funds £ - 1 1 83,920 49,379 133,299 (127,787) 5,512 5,513 5,513 (41,987) 47,500 5,513 |
2022 Total funds £ 22 1 23 119,986 329,102 449,088 (163,462) 285,626 285,649 825,649 60,001 225,648 285,649 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.
The notes form part of these financial statements
Page 10
The Trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Trustees and authorised for issue on 14[th] June 2024.
Signed on its behalf by:
.............................................
Jim Armstrong, Chair
The notes form part of these financial statements
Page 11
Cashflow Statement
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2023 £ (282,207) (282,207) 2,484 2,484 (279,723) 329,102 49,379 |
2022 £ 14,580 |
|---|---|---|
| 14,580 | ||
| 394 | ||
| 394 | ||
| 14,974 314,128 |
||
| 329,102 |
The notes form part of these financial statements
Page 12
Notes to the Cash Flow Statement
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Loss on disposal of fixed assets Interest received Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash (used in)/provided by operations |
2023 £ (280,136) 22 (2,484) 36,066 (35,675) (282,207) |
2022 £ 46,641 (394) (41,423) 9,756 14,580 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.1.23 | Cash flow | At 31.12.23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 329,102 | (279,723) | 49,379 |
| 329,102 | (279,723) | 49,379 | |
| Total | 329,102 | (279,723) | 49,379 |
The notes form part of these financial statements
Page 13
Notes to the Financial Statements
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Tangible fixed assets have been previously written down to the value of £1. As these no longer offer future economic benefit, they have been disposed from the accounts.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Page 14
Continued…
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| Membership contributions Project income Conference |
2023 £ 501,290 127,169 18,709 647,168 |
2022 £ 498,225 384,549 31,802 |
| 914,576 |
In the case of voluntary contributions, this is only when they are received. All other income is accounted for under the accruals concept. Gifts in kind are valued at their estimated value to the charity.
| 3. INVESTMENT INCOME Interest receivable - trading 4. CHARITABLE ACTIVITIES COSTS Membership fundraising 5. SUPPORT COSTS Membership fundraising 6. OTHER Bank charges Accountancy fees Advertising Insurance Loss on disposal of assets |
Direct Costs £ 909,466 |
2023 2022 £ £ 2,484 394 Support costs (see note 5) Totals £ £ 4,695 914,161 Management £ 4,695 2023 2022 £ £ 399 260 3,050 2,325 11,433 5,716 723 22 992 - 15,627 9,293 |
|---|---|---|
The charity undertakes direct charitable activities only and does not make grant payments.
Page 15
Continued…
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
The Chairman received £0 costs incurred (2022: £0) in relation to Board Meetings and representing RECOUP at various external events. All payments are made in accordance with agreed budgets and at an "arms-length" commercial value.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | Unrestricted | Restricted | |
|---|---|---|---|
| Total | |||
| fund | funds | funds | |
| £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 560,886 | 353,690 | 914,576 |
| Investment income | 394 | - | 394 |
| Total | 561,280 | 353,690 | 914,970 |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Membership fundraising | 511,173 | 346,806 | 857,979 |
| Governance costs | 1,057 | - | 1,057 |
| Other | 9,293 | - | 9,293 |
| Total | 521,523 | 346,806 | 868,329 |
| NET INCOME | 39,757 | 6,884 | 46,641 |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 20,244 | 218,764 | 239,008 |
| TOTAL FUNDS CARRIED FORWARD | 60,001 | 225,648 | 285,649 |
Page 16
Continued…
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
9. TANGIBLE FIXED ASSETS
| COST At 1 January 2023 Disposals At 31 December 2023 DEPRECIATION At 1 January 2023 Eliminated on disposal 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 10. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2023 and 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 There were no investment assets outside the UK. 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors VAT |
Plant and machinery £ 219,338 (219,338) - 219,316 (219,316) - - 22 Unlisted investments £ 1 1 1 2023 2022 £ £ 60,678 119,986 23,242 - 83,920 119,986 |
|---|---|
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Continued…
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
||
|---|---|---|
| Trade creditors VAT Accruals and deferred income 13. MOVEMENT IN FUNDS |
2023 £ 82,953 - 44,834 127,787 |
2022 £ 68,757 210 94,895 |
| 163,462 | ||
| Unrestricted funds General fund Restricted funds AGGP Pledge to Recycle Durham Litter Pathways UKRI Bring It Back TOTAL FUNDS |
At 1.1.23 £ 60,001 225,648 - - - - - 225,648 285,649 |
Net movement in funds £ (101,988) (218,298) (10,000) 20,000 30,000 (7,350) 7,500 (178,148) (280,136) |
Transfers between funds £ - (7,350) 20,000 (20,000) - 7,350 - - - |
At 31.12.23 £ (41,987) - 10,000 - 30,000 - 7,500 47,500 5,513 |
|---|---|---|---|---|
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Continued…
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds AGGP Pledge to Recycle Durham Growthworks Litter Pathways UKRI Bring It Back LCA Library TOTAL FUNDS |
Incoming resources £ 543,339 - - 40,000 8,813 40,000 - 7,500 10,000 106,313 649,652 |
Resources Movement expended in funds £ £ (645,327) (101,988) (218,298) (218,298) (10,000) (10,000) (20,000) 20,000 (8,813) - (10,000) 30,000 (7,350) (7,350) - 7,500 (10,000) - (284,461) (178,148) (929,788) (280,136) |
|---|---|---|
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Continued…
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds EPS Project AGGP Kent Up TOTAL FUNDS Comparative net movement in funds, included in the above Unrestricted funds General fund Restricted funds EPS Project AGGP Kent Up Pledge to Recycle TOTAL FUNDS |
At 1.1.22 £ 20,244 2,500 180,000 36,264 218,764 239,008 are as follows: Incoming resources £ 561,280 - 329,375 - 24,315 353,690 914,970 |
Net movement At in funds 31.12.22 £ £ 39,757 60,001 (2,500) - 45,648 225,648 (36,264) - 6,884 225,648 46,641 285,649 Resources Movement expended in funds £ £ (521,523) 39,757 (2,500) (2,500) (283,727) 45,648 (36,264) (36,264) (24,315) - (346,806) 6,884 (868,329) 46,641 |
|---|---|---|
Page 20
Continued…
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds EPS Project AGGP Kent Up Pledge to Recycle Durham Litter Pathways UKRI Bring It Back TOTAL FUNDS |
At 1.1.22 £ 20,244 2,500 180,000 36,264 - - - - - 218,764 239,008 |
Net movement in funds £ (62,231) (2,500) (172,650) (36,264) (10,000) 20,000 30,000 (7,350) 7,500 (171,264) (233,495) |
Transfers between funds £ - - (7,350) - 20,000 (20,000) - 7,350 - - - |
At 31.12.23 £ (41,987) - - - 10,000 - 30,000 - 7,500 47,500 5,513 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| above are as follows: | |||
|---|---|---|---|
| Incoming | Resources |
Movement | |
| resources | expended |
in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,104,619 | (1,166,850) | (62,231) |
| Restricted funds | |||
| EPS Project | - | (2,500) | (2,500) |
| AGGP | 329,375 | (502,025) | (172,650) |
| Kent Up | - | (36,264) | (36,264) |
| Pledge to Recycle | 24,315 | (34,315) | (10,000) |
| Durham | 40,000 | (20,000) | 20,000 |
| Growthworks | 8,813 | (8,813) | - |
| Litter Pathways | 40,000 | (10,000) | 30,000 |
| UKRI | - | (7,350) | (7,350) |
| Bring It Back | 7,500 | - | 7,500 |
| LCA Library | 10,000 | (10,000) | - |
| 460,003 | (631,267) | (171,264) | |
| TOTAL FUNDS | 1,564,622 | (1,798,117) | (233,495) |
Page 21
Continued…
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
14. RELATED PARTY DISCLOSURES
The company paid £848,360 (2022: £657,773) to PPS Recovery Systems Ltd, a company in which Stuart Foster (CEO) has an interest in.
The balance due to PPS Recovery Systems Ltd as at 31st December 2023 was £79,841 (2022: £65,063).
These payments were in accordance with agreed budgets, were agreed by the Board of Trustees and were at an arms-length rate.
Page 22
Detailed Statement of Financial Activities
| INCOME AND ENDOWMENTS Donations and legacies Membership contributions Project income Conference Investment income Interest receivable - trading Total incoming resources EXPENDITURE Charitable activities Subscriptions Management costs IT expenses Equipment & consumables Other Bank charges Accountancy fees Advertising Insurance Loss on disposal of tangible fixed assets Support costs Management Sundries Total resources expended Net (expenditure)/income |
2023 £ 501,290 127,169 18,709 647,168 2,484 649,652 3,029 887,832 16,519 2,086 909,466 399 3,050 11,433 723 22 15,627 4,695 929,788 (280,136) |
2022 £ 498,225 384,549 31,802 |
|---|---|---|
| 914,576 394 |
||
| 914,970 5,923 851,081 975 - |
||
| 857,979 260 2,325 5,716 992 - |
||
| 9,293 1,057 |
||
| 868,329 | ||
| 46,641 |
This page does not form part of the statutory financial statements
Page 23