Registered number: 03936956 Charity number: 1085074
PHOENIX COMMUNITY FURNITURE SCHEME LIMITED
UNAUDITED TRUSTEES’ REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2024
PHOENIX COMMUNITY FURNITURE SCHEME LIMITED
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details ofthe charity, its trustees and advisers | 1 |
| Trustees’ report | 2-5 |
| Independent examiner’s report | 6 |
| Statement offinancial activities | 7 |
| Balance sheet | 8 |
| Notestothefinancialstatements | 9-17 |
PHOENIX COMMUNITY FURNITURE SCHEME LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS for the year ended 31 March 2024
Reference and administrative details of the charity, its trustees and advisers
Charity name
Phoenix Community Furniture Scheme Limited
Trustees
J Jones (Chair) DA Rees S Ward (resigned 21 September 2023) J A Clewer (resigned 22 September 2023)
K Davies
E Vaughan J R Jones (appointed 6 April 2023) V Howard (appointed 26 June 2023)
Company registered number
03936956
Charity registered number
1085074
Registered office
Old Kerry Road Newtown Powys SY16 1BH
Independent Examiners
WR Partners Chartered Accountants Hafren House 5 St Giles Business Park Newtown Powys SY16 3AJ
Bankers
HSBC
Middleton Street Llandrindod Wells Powys LD1 SEU
Page 1
PHOENIX COMMUNITY FURNITURE SCHEME LIMITED
(A company limited by guarantee)
TRUSTEES’ REPORT for the year ended 31 March 2024
The Trustees (who are also directors of the charity for the purposes of the Companies Act) submit their annual report and the financial statements of Phoenix Community Furniture Limited (the company) for the year ended 31 March 2024.
The Trustees confirm that the annual report and financial statements of the company meet the requirements for a directors’ report and accounts for Companies Act purposes and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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).
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. CONSTITUTION
The company is a charitable company limited by guarantee and was set up bya Trust deed. Phoenix Community Furniture Scheme is registered in England and Wales, registration number 03936956.
The company is constituted under the Trust deed and is registered charity number 1085074.
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed Articles of Association.
c. ORGANISATIONAL STRUCTURE AND DECISION MAKING
The management of the organisation is led by a scheme manager.
Management decisions are taken after considering all possibilities and support, where appropriate, by the Trustees.
d. RISK MANAGEMENT
The trustees have a risk management strategy which comprises:
-
anannual review of the principal risks and uncertainties that the charity faces;
-
the establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and
-
- the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.
This work has identified that financial sustainability is the major financial risk for both the charity and its subsidiary. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due, regular liaison with the bank, and active management of trade debtors and creditors balances to ensure sufficient working capital.
Non-financial risks are managed by ensuring accreditation is up to date, having robust policies and procedures in place, and regular training for staff.
OBJECTIVES AND ACTIVITIES
a. POLICIES AND OBJECTIVIES
The principal objects of the charity are the relief of persons resident in the areas of Powys and the general adjoining area who are in conditions of need, hardship and distress, by the provision of furniture and other household items calculated to relieve the needs, hardship and distress of such persons.
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———- — —There-have been-no-changesin-the objectives-since-the last annual-report———— es ————— =—_ ==
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Page 2
PHOENIX COMMUNITY FURNITURE SCHEME LIMITED
(A company limited by guarantee)
TRUSTEES REPORT (continued) for the year ended 31 March 2024
The Trustees have taken into account the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. The Trustees consider the principles of public benefit are met by;
-
e relieving the hardship of persons resident in Powys and the surrounding area by the provision of furniture and other household items which they would otherwise not afford through lack on means;
-
e@ — promoting the concept of recycling and reuse of furniture and other household items;
-
e providing worthwhile volunteering opportunities, offering training and work experience to young people, the long-term unemployed, those lacking in confidence and self-esteem, the disabled and members of the general public.
ACHIEVEMENTS AND PERFORMANCE
a. REVIEW OF ACTIVITES
Phoenix is a charity which accepts donations of furniture and electrical items, Bric a Brac and household items from members of the public within Powys. This is cleaned and repaired where necessary, and then passed on to those in need (on state benefits, or equivalent low income), together with voluntary organisations within the area for a small handling charge per item.
Phoenix also provides unique volunteer opportunities, offering training and work experience to young people, the longterm unemployed, those lacking in confidence and self-esteem, the disabled and members of the public who have an interest in recycling. This year our ten volunteers have alternated between sales in the showroom and the collection and delivery of furniture. Their time is vital to the work of the charity and helps us extend the service we offer to people in need. Our volunteers have also benefitted by gaining confidence and extending their social circle through the workplace.
Phoenix operates a refrigeration re-use scheme where redundant fridges are collected from households and amenity sites within the catchment area. They are PAT and function tested on Phoenix’s premises. Units that pass are made available to people on low income and state benefits for a small handling charge. The County Council gives Phoenix a set sum for every fridge or freezer diverted from landfill.
Phoenix is also engaged in an agreement with the Council and receives a set sum per tonne from all household effects that Phoenix are able to re-use, thus diverting from landfill.
Since September 2011, Phoenix has supplied furniture, white goods and where possible, bedding, curtains and clothes etc freely to people referred to Phoenix by organisations working to rehouse homeless families and individuals. This is the “Peace of Mind” project. Funding was initially received from Powys County Council however it has been necessary to fund this project from core funds in recent years.
Phoenix remains conscious, however, that to remain self-sustainable, we need to explore further activities which will generate additional income streams. To this end, we are collaborating with Powys County Council and the local housing associations to undertake house clearances for properties that have been vacated.
Phoenix has begun to collaborate more closely with other recycling and re-use enterprises with Powys with a view to cross fertilisation of ideas and operations.
b. INVESTMENT POLICY AND PERFORMANCE
The Trustees adopt a risk adverse policy in considering investment opportunities and performance thereof.
Page 3
PHOENIX COMMUNITY FURNITURE SCHEME LIMITED
(A company limited by guarantee)
TRUSTEES REPORT (continued) for the year ended 31 March 2024
FINANCIAL REVIEW AND POLICIES
a. ANNUAL REVIEW
The last financial year proved to be another challenging one for the Charity, with net assets decreasing from £126k to £103k during 2023/2024.
Funding continues to be difficult to source. The Charity continues to be reliant on our core income — that being from the showroom and the income streams from Powys County Council via recycling credits and clearances. During the year the Charity worked closely with the Council helping to collect unwanted furniture from households in the County.
The Trustees have assessed the potential impact of future operations to the financial standing of the charity, taking into account its underlying strengths and financial resources. We have taken proactive steps to manage the financial consequences to help ease the impact of the current economic climate by continuing to review key expenditure of the operation (staffing, transport and premises costs). We consider the Charity to be well positioned to secure operations into the future.
b. RESERVES POLICY
Every member of the Charity has undertaken to contribute such amount as may be required (not exceeding £10) to the Charity’s assets should it be wound up while he or she is a member or within one year after ceasing to be a member. If the Charity is wound up or dissolved, its surplus assets will be given or transferred to a charity with objects similarto those of this Charity.
The trustees and directors have established a policy whereby the unrestricted funds not committed or invested in tangible or intangible fixed assets (i.e. free reserves) held by the charity should be sufficient to maintain its operations for a sufficient period to allow the Trustees to seek alternative sources should their current funding cease. As a minimum the Charity attempts to maintain sufficient reserves to cater for any potential redundancies and clawback of funds from funders. At 315t March 2024 free reserves totalled £89,937.
c. GOING CONCERN
After making appropriate enquires, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The charity trustees (who are also the directors of Phoenix Community Furniture Scheme for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the trustees are required to:
-
e select suitable accounting policies and then apply them consistently; e — observe the methods and principles in the Charities SORP;
-
e make judgements and estimates that are reasonable and prudent; e state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Page 4
PHOENIX COMMUNITY FURNITURE SCHEME LIMITED
(A company limited by guarantee)
TRUSTEES REPORT (continued) for the year ended 31 March 2024
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to 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 the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report was approved by the Trustees on 20" 4 May 2oO2s and signed on their behalf by:
Kevin Davies - Trustee
Page S
21 May 2025
PHOENIX COMMUNITY FURNITURE LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
(incorporating income and expenditure account) for the year ended 31 March 2024
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|Restricted|Unrestricted|Total|Total|
|funds|funds|funds|funds|
|2024|2024|2024|2023|
|Note|£|£|£|£|
|INCOME|FROM:|
|Donations|and|legacies|2|-|2,000|2,000|-|
|Investment|income|3|-|561|561|120|
|Income from|charitable|activities|4|-|88,787|88,787|89,897|
|Other|income|5|-|163|163|213|
|TOTAL INCOME|-|91,511|91,511|90,230|
|EXPENDITURE|ON:|
|Expenditure|on|charitable|activities|6|:|114,015|114,015|114,053|
|TOTAL|EXPENDITURE|-|114,015|114,015|114,053|
|NET INCOME/(EXPENDITURE)|FOR THE YEAR|-|(22,504)|(22,504)|(23,823)|
|NET MOVEMENT|IN FUNDS|:|(22,504)|(22,504)|(23,823)|
|RECONCILIATION|OF|FUNDS:|
|Total|funds|brought|forward|-|125,601|125,601|149,424|
|TOTAL FUNDS|CARRIED|FORWARD|-|103,097|103,097|125,601|
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The notes on pages 9 to 17 form part of these financial statements.
Page 7
PHOENIX COMMUNITY FURNITURE LIMITED (A company limited by guarantee)
BALANCE SHEET
for the year ended 31 March 2024
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |||
| FIXED ASSETS | |||||||
| Tangible assets | 13 | 13,160 | 2,547 | ||||
| CURRENT ASSETS | |||||||
| Debtors due within oneyear | 14 | 16,460 | 23,266 | ||||
| Cash at bank and in hand | 89,433 | 100,244 | |||||
| 105,893 | 123,510 | ||||||
| CREDITORS: amounts falling | |||||||
| due within oneyear | 15 | (15,956) | (12,955) | ||||
| NETCURRENTASSETS | 89,937 | 110,555 | |||||
| OTHER ASSETS | |||||||
| Debtors due afterone year | 16 | - | 12,500 | ||||
| NETASSETS | 103,097 | 125,601 | |||||
| CHARITY FUNDS | |||||||
| Unrestricted funds | 17 | 103,097 | 125,601 | ||||
| TOTALFUNDS | 103,097 | 125,601 |
Registered in England and Wales. Registered Number: 03936956
The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of the section 477 of the Companies Act 2006 ("the act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The Trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2024 and of its results of the year then ended in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the companies Act 2006 relating to the financial statements so far as applicable to the company.
The financials statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements were approved by the Trustees on ZolwAh, yay 2OZ5 and signed on their behalf, by:
|}[_—______Keyin-Bavies-—Frughet] aa ee = a ae ee aa
The notes on pages 9 to 17 form part of these financial statements.
Page 8
PHOENIX COMMUNITY FURNITURE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS for year ended 31 March 2024
1. ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS102)), and the Companies Act 2006.
Phoenix Community Furniture Scheme Limited constitutes a public benefit entity as defined by FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
1.2, COMPANY STATUS
The company is a company limited by guarantee. The Members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.
1.3. BASIC FINANCIAL INSTRUMENTS
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.4 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.
Restricted funds are funds which are used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
1.5 INCOME
All incoming resources are included in the statement of financial activities when the company is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
As the value of donated items (furniture, white goods etc) cannot be reliably measured at the point of receipt, no value is recognised on these items until repaired and exchanged for a cash donation through our showroom or sold. The value of goods which can not be repaired is recognised when claimed by weight through recycling credits.
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under gift aid or deeds of covenant is recognised at the time of the donation.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
Page 9
PHOENIX COMMUNITY FURNITURE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS for year ended 31 March 2024
1.6 EXPENDITURE
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfuilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
1.7. TANGIBLE FIXED ASSETS AND DEPRECIATION
Individual fixed assets costing £100 or more are capitalised at cost and are depreciated over their estimated useful economic lives as follows:
Leasehold improvements - 25% reducing balance
Motor vehicles — 25% reducing balance Office equipment — 33% straight line Other fixed assets — 25% reducing balance
1.8 DEBTORS
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 CREDITORS AND PROVISIONS
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
- DONATIONS AND LEGACIES
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Restricted Unrestricted Total Total
funds funds funds funds
2024 2024 2024 2023
£ £ £ £
Donations - 2,000 2,000 -
Voluntary Income - 2,000 2,000 -
COMPARATIVES FOR DONATIONS AND LEGACIES
Restricted Unrestricted Total
funds funds funds
2023 2023 2023
£ £ £
Donations - E 4
Voluntary Income - - -
----- End of picture text -----
Page 10
PHOENIX COMMUNITY FURNITURE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS for year ended 31 March 2024
| 3. | INVESTMENTINCOME | ||||||
|---|---|---|---|---|---|---|---|
| Restricted | Unrestricted | Total | Total | ||||
| funds | funds | funds | funds | ||||
| 2024 | 2024 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Investment Income - Bank interest | - | 561 | 561 | 120 | |||
| 4. | INCOME FROM CHARITABLE ACTIVITIES | ||||||
| Restricted | Unrestricted | Total | Total | ||||
| funds | funds | funds | funds | ||||
| 2024 | 2024 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Showroom | - | 83,967 | 83,967 | 82,932 | |||
| Furniture removals and house clearances | . | 2,328 | 2,328 | 3,153 | |||
| Recycling credits | - | 2,492 | 2,492 | 3,812 | |||
| Total | - | 88,787 | 88,787 | 89,897 | |||
| 5. | OTHER INCOME | ||||||
| Restricted | Unrestricted | Total | Total | ||||
| funds | funds | funds | funds | ||||
| 2024 | 2024 | 2024 | 2023 | ||||
| £ | £ | £ | E | ||||
| Miscellaneous income | - | 163 | 163 | 213 | |||
| Total | - | 163 | 163 | 213 |
Page 11
PHOENIX COMMUNITY FURNITURE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
for year ended 31 March 2024
6. EXPENDITURE BY CHARITABLE ACTIVITY
SUMMARY BY FUND TYPE
| SUMMARY BY FUND TYPE | ||||||
|---|---|---|---|---|---|---|
| Restricted | Unrestricted | Total | Total | |||
| funds | funds | funds | funds | |||
| 2024 | 2024 | 2024 | 2023 | |||
| £ | £ | £ | £ | |||
| Charitable activities | - | 114,015 | 114,015 | 114,053 | ||
| - | 114,015 | 114,015 | 114,053 | |||
| COMPARATIVES FOR SUMMARY BY FUND TYPE | ||||||
| Restricted | Unrestricted | Total | ||||
| funds | funds | funds | ||||
| 2023 | 2023 | 2023 | ||||
| £ | £ | £ | ||||
| Charitable activities | - | 114,053 | 114,053 | |||
| : | 114,053 | 114,053 | ||||
| SUMMARY BY EXPENDITURE TYPE | ||||||
| Staffcosts | Depreciation | Othercosts | Total | Total | ||
| 2024 | 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | £ | ||
| Charitable activities | 65,838 | 1,387 | 46,790 | 114,015 | 114,053 | |
| 65,838 | 1,387 | 46,790 | 114,015 | 114,053 | ||
| COMPARATIVES FOR SUMMARY BY EXPENDITURE TYPE | ||||||
| Staffcosts | Depreciation | Othercosts | Total | |||
| 2023 | 2023 | 2023 | 2023 | |||
| £ | £ | £ | £ | |||
| Charitable activities | 62,045 | 849 | 51,160 | 114,053 | ||
| 62,045 | 849 | 51,160 | 114,053 | |||
| GOVERNANCE COSTS | ||||||
| Restricted | Unrestricted | Total | Total | |||
| funds | funds | funds | funds | |||
| 2024 | 2024 | 2024 | 2023 | |||
| £ | £ | £ | £ | |||
| AccountancySupport Costs - current year | - | 750 | 750 | 750 | ||
| Accountancy- prioryear | - | - | - | 850 | ||
| Accountancy - currentyear | - | 1,650 | 1,650 | 1,650 | ||
| Trustee expenses - current year | - | 488 | 488 | 432 | ||
| - | 2,888 | 2,888 | 3,682 |
7. GOVERNANCE COSTS
Page 12
PHOENIX COMMUNITY FURNITURE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS for year ended 31 March 2024
8. INDEPENDENT EXAMINATION REMUNERATION
The Independent Examiner's remuneration amounts to an Independent Examination fee of £1,650 (2023: £1,650).
- DIRECT COSTS
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||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|2024|2023|
|£|£|
|Rent and|rates|20,000|20,000|
|Insurance|2,872|2,577|
|Light and|heat|1,846|1,141|
|Motor expenses|9,612|11,706|
|Telephone|1,829|1,668|
|Printing,|postage,|stationery and|advertising|404|410|
|Sundry|expenses|2,071|4,910|
|Repairs|and|renewals|128|48|
|Canteen|and|cleaning|expenses|396|390|
|Volunteer|expenses|3,405|2,335|
|Bad|debts|-|858|
|Bank|charges|1,338|1,435|
|Wages|and|salaries|64,354|60, 783|
|National|insurance|115|-|
|Pension|costs|1,369|1,262|
|Depreciation|1,387|849|
|Loss|on|sale|of|asset|-|-|
|Governance|costs|2,888|3,682|
|114,015|114,053|
|10.|NET EXPENDITURE|
|This|is|stated|after charging:|
|2023|2023|
|£|i|
|Depreciation|of tangible|fixed|assets:|
|- owned|by|the|charity|1,387|849|
|Examination|and|accountancy|fees|-|prior year|underprovision|:|850|
|Examination|and|accountancy|fees|- current|year|1,650|1,650|
|During|the|year,|no|trustees|received|any|remuneration|(2023|-|£NIL).|
|During|the|year,|no|trustees|received|any|benefits|in|kind|(2023|-|£NIL).|
|During|the year,|trustees|received|reimbursement|of expenses|of £488|(2023|-|£432).|
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Page 13
PHOENIX COMMUNITY FURNITURE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
for year ended 31 March 2024
11. STAFF COSTS
Staff costs were as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Wagesand salaries | 64,354 | 60,783 | |
| Socialsecurity costs | 115 | - | |
| Pension costs | 1,369 | 1,262 | |
| 65,838 | 62,045 | ||
| The average monthly numberofemployees during the yearwas as follows: | |||
| 2024 | 2023 | ||
| No. | No. | ||
| 3 | 3 |
No employee received remuneration amounting to more than £60,000 in either year.
12. PENSION CONTRIBUTIONS
The Charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £1,369 (2023: £1,262). Contributions totalling £266 (2023: £246) were payable to the fund at the balance sheet date.
- TANGIBLE FIXED ASSETS
| Leasehold | Motor | Office | Otherfixed | |||
|---|---|---|---|---|---|---|
| Improvements | vehicles | equipment | assets | Total | ||
| £ | £ | £ | £ | £ | ||
| cost | ||||||
| At 1 April 2023 | 6,487 | 28,921 | 10,734 | 6,924 | 53,066 | |
| Additions | - | 12,000 | - | - | 12,000 | |
| Disposals | - | - | - | - | - | |
| At31 March 2024 | 6,487 | 40,921 | 10,734 | 6,924 | 65,066 | |
| DEPRECIATION | ||||||
| At 1 April 2023 | 5,311 | 28,009 | 10,734 | 6,466 | 50,519 | |
| Charge fortheyear | 294 | 978 | - | 115 | 1,386 | |
| Elimination on disposal | - | - | - | - | ||
| At 31 March 2024 | 5,605 | 28,986 | 10,734 | 6,580 | 51,906 | |
| NET BOOK VALUE | ||||||
| At 31 March 2024 | 882 | 11,935 | 0 | 343 | 13,160 | |
| At 31March2023 | 1,176 | 912 | 0 | 458 | 2,546 |
Page 14
PHOENIX COMMUNITY FURNITURE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS for year ended 31 March 2024
14, DEBTORS: AMOUNTS DUE WITHIN ONE YEAR
| AMOUNTS DUE WITHIN ONE YEAR | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Trade debtors | 2,874 | 2,751 | ||
| Prepayments andaccrued income | 13,488 | 20,508 | ||
| Other debtors | 98 | 7 | ||
| 16,460 | 23,266 | |||
| 15. | CREDITORS: | |||
| AMOUNTS FALLING DUE WITHIN ONEYEAR | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Trade creditors | 601 | 1,057 | ||
| Social securityand othertaxes | 444 | 450 | ||
| Accruals and deferred income | 14,644 | 11,202 | ||
| Other creditors | 266 | 246 | ||
| 15,956 | 12,955 | |||
| 16. | DEBTORS: | |||
| AMOUNTS DUEAFTERONE YEAR | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Prepayments and accrued income | : | 12,500 | ||
| - | 12,500 |
Page 15
PHOENIX COMMUNITY FURNITURE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
for year ended 31 March 2024
17. STATEMENT OF FUNDS
| Brought | Incoming | Resources | Carried | |
|---|---|---|---|---|
| Forward | Resources | Expended | Forward | |
| 2024 | 2024 | 2024 | 2024 | |
| £ | £ | £ | £ | |
| UNRESTRICTED FUNDS | ||||
| General funds- allfunds | 125,601 | 91,511 | (114,015) | 103,097 |
| RESTRICTED FUNDS | ||||
| Restricted funds - all funds | - | - | - | - |
| Total offunds | 125,601 | 91,511 | (114,015) | 103,097 |
| SUMMARYOF FUNDS | Brought | Incoming | Resources | Carried |
| Forward | Resources | Expended | Forward | |
| £ | £ | £ | £ | |
| Unrestricted funds | 125,601 | 91,511 | (114,015) | 103,097 |
| Restricted funds | - | - | - | - |
| 125,601 | 91,511 | (114,015) | 103,097 | |
| COMPARATIVES FOR STATEMENT OF FUNDS | ||||
| Brought | Incoming | Resources | Carried | |
| Forward | Resources | Expended | Forward | |
| 2023 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | |
| UNRESTRICTED FUNDS | ||||
| General funds- allfunds | 149,424 | 90,230 | (114,053) | 125,601 |
| RESTRICTED FUNDS | ||||
| Restricted funds - all funds | - | - | - | - |
| Total offunds | 149,424 | 90,230 | (114,053) | 125,601 |
| SUMMARYOFFUNDS | Brought | Incoming | Resources | Carried |
| Forward | Resources | Expended | Forward | |
| £ | £ | £ | £ | |
| Unrestricted funds | 149,424 | 90,230 | (114,053) | 125,601 |
| Restricted funds | - | - | - | - |
| 149,424 | 90,230 | (114,053) | 125,601 |
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PHOENIX COMMUNITY FURNITURE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
for year ended 31 March 2024
18. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2024 | 2024 | 2023 | ||
| £ | £ | £ | ||
| Tangible fixed assets | 13,160 | 13,160 | 2,547 | |
| Current assets | 105,893 | 105,893 | 123,510 | |
| Creditors duewithin oneyear | (15,956) | (15,956) | (12,955) | |
| Debtors due afteroneyear | - | : | 12,500 | |
| 103,097 | 103,097 | 125,601 | ||
| COMPARATIVES FORANALYSIS OF NETASSETS BETWEEN FUNDS | ||||
| Unrestricted | Total | |||
| funds | funds | |||
| 2023 | 2023 | |||
| £ | £ | |||
| Tangible fixed assets | 2,547 | 2,547 | ||
| Current assets | 123,510 | 123,510 | ||
| Creditors duewithin one year | (12,955) | (12,955) | ||
| Debtors due afterone year | 12,500 | 12,500 | ||
| 125,601 | 125,601 |
19, RELATED PARTY TRANSACTIONS
Included in Accruals and deferred income, an amount of £9,100 (2023: £8,350) has been accrued for Accounting support costs relating to services provided by K Davies, Trustee.
During the year £750 (2023: £750) has been charged to Accounting support costs relating to service provided by K Davies, Trustee.
During the year £Nil (2023: £432) has been charged to sundry expenses relating to expenses incurred by K Davies, Trustee
During the year £488 (2023: £Nil) has been charged to sundry expenses relating to expenses incurred by J Jones, Trustee
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