**Charity Registration No. 1090034**
**Company Registration No. 03731516 (England and Wales)**
## **FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2023**
**FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Rev B Howell Mrs Eileen McMaster Mr L O'Hallerton Martin Poulter (Appointed 13 September 2022) **Charity number** 1090034 **Company number** 03731516 **Registered office** Units 1 & 2 Teams Craft Workshops Askew Road West Gateshead Tyne & Wear United Kingdom NE8 2PB **Independent examiner** Stephen Lamb, FCA 12 Bessemer Court Hownsgill Industrial Park Knitsley Lane Consett Co Durham DH8 7BL
**FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Statement of trustees' responsibilities|4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7 - 8|
|Notes to the financial statements|9 - 17|
## **FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
The trustees present their report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set 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 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)".
## **Objectives and activities**
The objects are to provide furniture to new tenants and families on low income.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
## **Achievements and performance**
Over the last 12 months we have continued to provide free and low cost furniture to Gateshead residents, with an increasing amount of beneficiaries seeking support who are experiencing in-work poverty. Demand for furniture is growing, while donations of furniture are slightly reducing as the cost of living increases. This small decline in donations has not affected our ability to provide essential furniture so far, but has slowly depleted the surplus of furniture we usually have available.
We have supported 643 households in Gateshead, who collectively visited our charity to access support.
1667 people in total lived in the 643 households we helped, of which 710 (43%) were children.
We made 835 collections from households from across Tyne and Wear, and collectively they donated 63,485kgs of furniture to our charity.
We were approached by the Community Foundation in January about the need for beds for children. After sending our evidence of need, coupled with the uncertainty of consistent donations, we have received 3 grants allowing us to purchase 73 new beds and mattresses to give free of charge to children. The monitoring for this project has highlighted a far reaching impact for children and their parent(s)/carer(s).
In the last 12 months we have received £4,500 in grant funding to provide free, pre-loved furniture to the most vulnerable households in Gateshead. We are often approached by funders to offer grants for this work due to the recognised impact it creates. Households who benefit are identified by our team when people visit the charity for help and disclose their circumstances, and we receive referrals from various Gateshead Council departments, NHS professionals and voluntary sector organisations.
This year we have been supporting tenants of Wrekenton and Leam Lane Housing Offices with free, pre-loved furniture. The Housing Officers have their own ring-fenced funds within Foundations and send referrals to us when they identify a tenant who needs support. After a successful pilot earlier in the year, the project has continued and the tenants who have benefited so far have experienced positive outcomes as a result.
As more households in Gateshead struggle with the increasing cost of living, our focus for the next 12 months is to continue to raise awareness of our free collection service to encourage as many donations of furniture and appliances as possible.
We anticipate that demand for household items could outweigh the supply of furniture donations, therefore we are also focusing our efforts on securing funds to ensure we continue to have a supply of free new beds and mattresses for the most vulnerable children in Gateshead.
- 1 -
**FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
Alongside our core activities, Foundations also provides free support for unemployed Gateshead residents to access a job readiness programme lasting up to 12 weeks. With funding from the Henry Smith Charity until Summer 2024, participants are given personalised support with work experience in retail, warehousing and collection/delivery, goal setting, online job searching, writing CV's, writing and submitting application form, preparing for interviews.
The programme provides free work boots and PPE for participants to keep, travel expenses to and from our charity and an employment readiness toolkit with everything needed to continue their journey independently after their time with us.
In the past 12 months, participants have gone on to paid employment, further training or continued to gain work experience to add to their CV by volunteering with our charity, or elsewhere.
People have told us that they have experienced the following changes as a result of accessing support from our charity
- Improved confidence
- Greater feeling of independence
- Feeling more included within the community
- Learnt new life skills such as DIY, budgeting or maintaining a home
- Children attending school regularly, experiencing improved sleep, and/or benefitting from good routines
- Improved physical and/or mental health
- Improved communication skills, friendships and social life due to feeling able to welcome people into their homes
- Feeling supported and safe
- Moving closer to, or gaining employment
There have been many funders and organisations who have given us their time, assistance, reassurance and understanding. We would like to say a heartfelt thank you to:-
- Gateshead Council
- The Henry Smith Charity
- Gateshead Parochial Charities
- Greggs Foundation
- Community Foundation Tyne and Wear and Northumberland
- Reeds Grassroots Fund
- Pattinson Estate Agents
- Willan Charitable Trust
- 2 -
## **FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **Financial review**
The financial statements show a surplus of £33,490 (2022: £5,971). The charity retains a cash balance of £158,873 (2022: £120,077) which will assist running costs in these difficult financial times.
The trustees consider that the ideal level of reserves as at 31 March 2023 would be £100,000. At this level of unrestricted reserves the charity could maintain operation for six months.
Current unrestricted reserves amount to £152,394 (2022: £119,229). The charity enjoys good liquidity and has no issue on meeting it’s liabilities when they are due. The trustees are confident for the next twelve months. Grant applications are being submitted and everyone is optimistic for their success in gaining funding.
The trustees has assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
The organisation is a charitable company limited by guarantee, incorporated on 11 March 1999 and registered as a charity on 10 January 2002. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Rev B Howell Mrs Eileen McMaster Mr L O'Hallerton Martin Poulter (Appointed 13 September 2022)
The directors of the company are also charity trustees for the purpose of charity law. The trustees continually audit the available skills of the board and look to acquire new trustees with different skills and experiences which can assist in the growth of the organisation. Recruitment is by approach and word of mouth.
The charity has a management committee of up to 6 members who meet monthly. Face to face meetings were not possible during 2020/21 however regular trustee and management updates were delivered by telephone and virtually. A scheme of delegation is in place and day to day responsibility for the provision of services rests with Linda Wild and Eric Hall who are managers.
The trustees and management have carried out an assessment of the major risks facing the charity.
The trustees' report was approved by the Board of Trustees.
## **Rev B Howell**
Trustee Dated: 21 November 2023
- 3 -
## **FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
The trustees, who are also the directors of Foundations Furniture and Gardening Project Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to 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 resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that 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.
- 4 -
**FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
I report to the trustees on my examination of the financial statements of Foundations Furniture and Gardening Project Limited (the Charity) for the year ended 31 March 2023.
## **Responsibilities and basis of report**
As the trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charity 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 the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
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 that in any material respect:
- 1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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
- 4 the financial statements 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 financial statements to be reached.
Stephen Lamb, FCA
12 Bessemer Court Hownsgill Industrial Park Knitsley Lane Consett Co Durham DH8 7BL
Dated: 21 November 2023
- 5 -
## **FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income and endowments from:**
Grants
**2**
48,494
48,700
Charitable activities
**3**
99,287
-
Other income
**4**
5,000
-
**Total income**
152,781
48,700
**Expenditure on:**
Charitable activities
**5**
119,616
48,375
**Net income for the year/**
**Net movement in funds**
33,165
325
Fund balances at 1 April
2022
119,229
6,800
**Fund balances at 31**
**March 2023**
152,394
7,125|**Total** Unrestricted
Restricted
funds
funds
**2023**
2022
2022
**£**
**£**
**£**
97,194
-
108,685
99,287
83,126
-
5,000
4,000
-
201,481
87,126
108,685
167,991
71,573
118,267
33,490
15,553
(9,582)
126,029
103,676
16,382
159,519
119,229
6,800|Total
2022
**£**
108,685
83,126
4,000|
|---|---|---|
|||195,811|
|||189,840|
|||5,971
120,058|
|||126,029|
The statement of financial activities includes all gains and losses recognised 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.
- 6 -
## **FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2023**_
|**Notes**
**Fixed assets**
Tangible assets
**9**
**Current assets**
Debtors
**10**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**11**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
Unrestricted funds|**2023**
**£**
16,750
142,861
159,611
(1,323)|**£**
1,231
158,288
159,519
7,125
152,394
159,519|**2022**
**£**
6,978
120,077
127,055
(1,332)|**£**
306
125,723|
|---|---|---|---|---|
|||||126,029|
|||||6,800
119,229|
|||||126,029|
- 7 -
## **FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **BALANCE SHEET (CONTINUED)**
## _**AS AT 31 MARCH 2023**_
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.
The director acknowledges his responsibilities for ensuring that the charity 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 the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.
The members have not required the company to obtain an audit of its financial statements 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 to the small companies regime.
The financial statements were approved by the Trustees on 21 November 2023
Rev B Howell
## **Trustee**
## **Company Registration No. 03731516**
- 8 -
**FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **1 Accounting policies**
## **Charity information**
Foundations Furniture and Gardening Project Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Units 1 & 2, Teams Craft Workshops, Askew Road West, Gateshead, Tyne & Wear, NE8 2PB, United Kingdom.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 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)". The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
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 nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
## **1.4 Income**
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
- 9 -
**FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **1 Accounting policies**
**(Continued)**
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Gifts in kind and donated services are included as income and expenditure if a value can be reliably measured at the estimated value to the Charity. No amounts are included in the financial statements for services donated by volunteers.
## **1.5 Expenditure**
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
## 33% - straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
## **1.7 Impairment of fixed assets**
At each reporting end date, the Charity 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 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.9 Financial instruments**
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 10 -
**FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
_**FOR THE YEAR ENDED 31 MARCH 2023**_
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **1 Accounting policies**
## **(Continued)**
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at 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 interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
## **1.10 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.11 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Grants**
||**Unrestricted**|**Restricted**|**Total**|Restricted|
|---|---|---|---|---|
||**funds**|**funds**||funds|
||**2023**|**2023**|**2023**|2022|
||**£**|**£**|**£**|£|
|Grants|48,494|48,700|97,194|108,685|
- 11 -
## **FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**Grants**
**Grants receivable for core activities**
Community Foundation
Gateshead MBC
Greggs Foundation
Hadrian Trust
Parochial Charity
J & B Sadler
Reeds Grassroots Funding
Henry Smith Fund|5,000
34,119
9,000
-
375
-
-
-
48,494|9,500
3,000
1,000
-
-
-
-
35,200
48,700|**(Continued)**
14,500
15,000
37,119
46,510
10,000
-
-
10,000
375
375
-
1,000
-
2,000
35,200
33,800
97,194
108,685|**(Continued)**
14,500
15,000
37,119
46,510
10,000
-
-
10,000
375
375
-
1,000
-
2,000
35,200
33,800
97,194
108,685|
|---|---|---|---|---|
|||||108,685|
## **2 Grants**
## **3 Charitable activities**
||**Showroom**|**Showroom**|
|---|---|---|
||**sales and**|**sales and**|
||**other**|**other**|
||**income**|**income**|
||**2023**|**2022**|
||**£**|**£**|
|Furniture and white goods|87,798|71,450|
|Delivery charges|8,665|7,602|
|Other income|2,824|4,074|
||99,287|83,126|
## **4 Other income**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2023**|2022|
||**£**|£|
|Employment allowance|5,000|4,000|
- 12 -
**FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **5 Charitable activities**
|**Charitable activities**|||
|---|---|---|
|**Operating**
**costs**
**People costs Project costs**
**2023**
**2023**
**2023**
**£**
**£**
**£**
Staff costs
-
110,432
7,644
Direct costs
12,115
-
-
Establishment
8,758
-
-
Motor and travel
177
-
-
Office costs
1,039
-
-
Telephone
962
-
-
Accountancy
990
-
-
Software and IT
2,210
-
2,200
Cleaning and disposal costs
280
-
-
Repairs and renewals
1,068
-
-
Bank and credit card
2,846
-
-
Depreciation
515
-
-
Subscriptions
-
-
-
Insurances
2,084
-
-
Training
655
-
-
Contribution to core
-
14,016
-
33,699
124,448
9,844
Unrestricted funds
22,484
89,488
7,644
Restricted funds
11,215
34,960
2,200
33,699
124,448
9,844|**Total**
**2023**
**Operating**
**costs**
**People costs Project costs**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**£**
118,076
-
104,614
7,248
12,115
30,141
-
-
8,758
18,716
-
-
177
160
-
-
1,039
1,024
-
-
962
905
-
-
990
900
-
-
4,410
2,740
-
2,308
280
397
-
-
1,068
1,448
-
-
2,846
2,440
-
-
515
102
-
-
-
461
-
-
2,084
2,628
-
-
655
-
-
-
14,016
-
13,608
-
167,991
62,062
118,222
9,556
119,616
35,883
28,442
7,248
48,375
26,179
89,780
2,308
167,991
62,062
118,222
9,556|**Total**
**2022**
**£**
111,862
30,141
18,716
160
1,024
905
900
5,048
397
1,448
2,440
102
461
2,628
-
13,608|
|||189,840|
|||71,573
118,267|
|||189,840|
- 13 -
## **FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
- **5 Charitable activities**
**(Continued)**
- 14 -
**FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
_**FOR THE YEAR ENDED 31 MARCH 2023**_
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **6 Description of charitable activities**
## Operating costs
Operating costs are the costs incurred in running the organisation including premises, office and other associated costs.
## People costs
People costs are the costs related with employing the staff. They include salaries and contributions to pension schemes and HM Government.
## Project costs
Project costs are direct costs relating to meeting funders requirements. The trustees allocate funds to development costs which are included within this heading.
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
## **8 Employees**
The average monthly number of employees during the year was:
|**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2023**
**Number**
8
**2023**
**£**
112,256
5,041
779
118,076|**2022**
**Number**
8|
|---|---|---|
|||**2022**
**£**
106,500
4,292
1,070|
|||111,862|
There were no employees whose annual remuneration was £60,000 or more.
- 15 -
**FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **9 Tangible fixed assets**
|**Cost**
At 1 April 2022
Additions
Disposals
At 31 March 2023
**Depreciation and impairment**
At 1 April 2022
Depreciation charged in the year
Eliminated in respect of disposals
At 31 March 2023
**Carrying amount**
At 31 March 2023
At 31 March 2022
**10**
**Debtors**
**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income
**11**
**Creditors: amounts falling due within one year**
Trade creditors
Accruals and deferred income|**Computers**
**£**
2,324
1,440
(1,339)
2,425
2,018
515
(1,339)
1,194
1,231
306
**2023**
**2022**
**£**
**£**
16,012
6,286
738
692
16,750
6,978
**2023**
**2022**
**£**
**£**
333
432
990
900
1,323
1,332|
|---|---|
- 16 -
**FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**12**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2023**
**£**
**£**
Fund balances at 31
March 2023 are
represented by:
Tangible assets
1,231
-
Current
assets/(liabilities)
151,163
7,125
152,394
7,125|**Total** Unrestricted
funds
Restricted
funds
**2023**
2022
2022
**£**
£
£
1,231
306
-
158,288
118,923
6,800
159,519
119,229
6,800|Total
2022
£
306
125,723|
|---|---|---|
|||126,029|
## **13 Related party transactions**
Mr B Howell and Mrs E McMaster are unpaid directors of Teamwork Development Trust CIC. Teamwork Development Trust CIC provides management services to the company. During the year the cost of these services amounted to £14,016 (2022: £13,608). Certain expenses are recharged from Teamwork Development Trust CIC for software, legal support and staff time. The recharged amount was £10,368 (2022: £10,200).
- 17 -
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## **Document Sent**
Thu, 14 Dec 2023 13:46:36 GMT
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