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2022-03-31-accounts

Company registration number: 04326401 Charity registration number: 1090229

Turntable Furniture

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2022

Wortham Jaques Limited Chartered Accountants and Charity Advisors 130a High Street Crediton Devon EX17 3LQ

Turntable Furniture

Contents

Chair of Trustees Report 1
Trustees' Report 2 to 9
Independent Examiner's Report 10
Statement of Financial Activities 11 to 12
Balance Sheet 13
Notes to the Financial Statements 14 to 26

Turntable Furniture

Chair of Trustees Report for the Year Ended 31 March 2022

The year 2021-22 saw a return to relative normality, after a year of lockdowns due to the pandemic. We did not recover to our 2019-20 levels of turnover, as is shown in the statistics, but we still provided nearly 3,800 items to 404 households, comprising 697 adults, 167 children under 5, and 250 children over 5. Our new provision to Torbay Council is going well.

Negotiations proceeded over the renewal of our lease with Exeter City Council, with ECC no longer willing to be responsible for external repairs. We had an extensive survey of the property done by Arcadis, to whom we owe our enormous gratitude.

On a happy note, we were involved with Theatre Alibi’s project about St Thomas, and featured in their exhibition in July.

Two of our volunteers, one a very long-term one, left us to go into full-time employment. We always owe our thanks to all our volunteers, without whom Turntable could not function.

Thanks also to our trustees: John Bunting, Judy Mead and Alex Flanders. Many thanks to Paul Lewis, who stood down as a trustee after many years in August, and a very warm welcome to Tom Houlden, who has joined us on the Board.

Vanessa Newcombe

Chair

Page 1

Turntable Furniture

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2022.

Objectives and activities

Objects and aims

The company’s objects as defined by the memorandum and articles of association are to relive persons resident within twenty five miles of Exeter Cathedral who are in conditions of need, hardship and distress, who are setting up home.

Objectives, strategies and activities

The main activities we undertake to fulfil the charity’s objectives are:

• We collect donated furniture, carpets and domestic appliances and supply them to people on low incomes who are referred to the charity by social workers and other support workers; and

• We refurbish and repair items where possible.

Additional activities we undertake are:

• We promote and contribute to Exeter’s recycling strategy by keeping a large quantity of household items out of local landfill sites; and

• We provide practical work experience in a wide range of skills for long-term unemployed volunteers staffing the charity.

Public benefit

The trustees believe that the above objects are of great benefit to the local community and environment.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Grant making policies

The distribution of donated items is treated for accounting purposes as grants payable. The beneficiaries are not charged for the items which are included in the accounts at estimated marked value. Beneficiaries must be in receipt of means tested benefits and must live in a location to which we deliver

Use of volunteers

We have the help of approximately fifteen volunteers at any one time. They are essential to our work and we are very grateful to them. They collect and deliver items, sort them appropriately at the warehouse and store and later retrieve items as required. It can be hard work!

Page 2

Turntable Furniture

Trustees' Report

Achievements and performance

The year 2021-22 saw a return to relative normality, after a year of lockdowns due to the pandemic. We did not recover to our 2019-20 levels of turnover, as is shown in the statistics, but we still provided nearly 3,800 items to 404 households, comprising 697 adults, 167 children under 5, and 250 children over 5. Our new provision to Torbay Council is going well.

Whenever it was possible we had help from our willing volunteers but due to Covid distancing requirements we could not have as many working together at one time as normal. So sadly many were deprived of the work and social engagement that means a lot to them.

During the year our manager continued to work hard at fund raising and we were awarded significant Covid support grants.

The following statistics give more detailed information about our activities. In total, we helped 697 adults, 167 children under 5 and 250 children over 5 years of age.

Referring Agency
Exeter City Council 112
Hounsing Associations 97
Other 76
Social Services 71
East Devon District Council 40
Hostel/Support 25
Health 23
Childrens services 26
Homeless support 14
Job Centre 23
Mid Devon District Council 11
CAB 6
Mental Health 8
Safe Services 5
Torbay Council 41

Reason for Referral

Reason for Referral
Moving to new premises 190
Old furniture unservicable 147
Changed circumstances 47
Other 20

Type of Benefit

Type of Benefit
Universal Credit 210
ESA/JSA 78
Housing Benefit 57
Tax Credit 11
Income Support 4

Type of Accommodation

Council 164
Housing Association 153
Private Landlord 80
Own Property 17

Page 3

Turntable Furniture

Trustees' Report

Items of Furniture Supplied

Beds/mattresses
Chairs and stools
TVs and small electrical
Chests of drawers
Table/coffee tables
Sofa/sofabeds
Wall units, cabinets, etc.
Wardrobes
Armchairs
Carpets/rugs
Bedside cabinets
Fridges/freezers
Washers and driers
Cookers/microwaves
Dressing tables/desks
Vacuum cleaners		 2022
Number
636
479
503
293
296
252
229
256
176
119
186
113
74
72
61
40
3,785		 2021
Number
548
383
416
219
222
234
172
177
145
148
163
77
70
63
47
34
3,118

Page 4

Turntable Furniture

Trustees' Report

Financial review

The Statement of Financial Activities shows that the charity had incoming resources of £193,882 which included £275 of restricted funds. The remaining £193,607 of incoming resources has no donor imposed upon them and hence were available for the general purposes of the charity. Resources expended were £237,180 resulting in a deficit of £43,298 for the year.

The balance sheet shows total net assets of £153,120 of which £5,150 was held on a restricted fund and £68,260 was held on designated funds. The general fund balance of £79,710 is partly represented by fixed assets of £10,340 and stocks of gifts in kind of £9,350 which could not be used to realise funds for future running costs hence free reserves were £60,020. These reserves were primarily held in a COIF deposit account and a CAF 60 day notice account so were readily available.

Without including the gift in kind, income was £100,237 (2021 – £128,910) and expenditure was £135,775 (2021 - £122,787) resulting in a deficit of £35,538 (2021 - £3,444 surplus). The cash position has reduced by nearly £16.5k. The main driver of this increase was the reduction in grant funding during 2022 (nearly £43k year on year reduction). Grant funding is absolutely essential to the financial security of the charity because it cannot expect to be fully funded by the small charges made to its customers. Covid closures and the subsequent ‘catch up’ afterwards from both the charity and the grant making bodies have been a major contributing factor in the reduction of grant income and we are pleased that this situation is looking more favourable in the current year. Fundraising is an area that management will be focusing on in 2023 and beyond.

Despite the disappointing deficit in 2022, the trustees feel that the charity is in a strong position for the future. The net assets at the year end were just over £153k, nearly £135k of this held as bank balances. The changes made to optimise working practices during 2022 is now in full use and the charity has recruited a new manager so they are looking forward to the charity returning to its ‘normal’ levels of operations.

Policy on reserves

We have designated reserves to cover:

  1. Staff redundancies should overall finances fail. The amount is set at the approximate statutory entitlement. 2. Van replacement costs since work could not continue without the vans. We aim to set aside a suitable sum every year for a van replacement fund.

  2. Building repair since the renewal of the lease now includes both external and internal report. The trustees set aside a sum as a contingency for any future repair costs.

Free reserves are required so that the charity can continue to operate during periods when inadequate income is received. The trustees consider that free reserves should be a minimum of six months sunning costs. At 31 March 2022 free reserves were £60,020 and six months running costs were estimated at approximately £60,000.

Page 5

Turntable Furniture

Trustees' Report

Principal funding sources

At approximately £94k the principal income comprised gifts in kind for distribution to beneficiaries which clearly cannot be uses to generate funds to meet running costs. The gifts are included in the accounts at estimated market value. In order to comply with accounting standards we recognise income from gifts in kind when they are received although, of course, we continue to recognise expenditure when the items are distributed. In the current year we distributed items with an estimated value of £101,405 but the total estimated value of gifts in kind received was £93,645 resulting in a “loss” of £7,760. However, such deficits, or surpluses, are not cash movements and as indicated above, we do not regard the stocks of gifts in kind as being free reserves which could be used to generate future cash for the charity.

Exeter City Council generously supported us with a grant of £15,000.

We received Government grant support of £2,191 from the Coronavirus Job Retention Scheme and £4,324 from the Kick Start Scheme, which helped with out staff costs.

We also received the generous support of the following charitable trusts:

Norman Family Charitable Trust - £3,000 The Co-op - £2,069 The Leathersellers Charitable Trust - £1,500 Arnold Clark - £1,000 Matthew Wrightson Charitable Trust - £300 Sun Lodge Charitable Trust - £300 MOTO - £275

Reference and Administrative Details

Charity Registration Number: 1090229 Company Registration Number: 04326401 The charity is incorporated in England and Wales. Registered Office: The Warehouse Swan Yard Okehampton Street Exeter Devon EX4 1DS Independent Examiner: Wortham Jaques Limited Chartered Accountants and Charity Advisors 130a High Street Crediton Devon EX17 3LQ

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Page 6

Turntable Furniture

Trustees' Report

Trustees: J R Bunting, Treasurer A W Flanders T J R Houlden (appointed 22 February 2022) Mrs J C Mead, Secretary Ms A V Newcombe, Chair P L Lewis (resigned 27 August 2021) Secretary: Ms A V Newcombe (appointed 29 November 2021) P L Lewis (resigned 27 August 2021)

Structure, governance and management

Nature of governing document

The Memorandum and Articles of Association (dated 21 November 2001) are the governing documents of the charitable company

.

Charity Constitution

The charitable company is incorporated in England and Wales under the Companies Act 2016, is limited by guarantee and is a registered charity.

Recruitment and appointment of trustees

Trustees are recruited from the wider community. Individuals, who have the necessary skills to contribute to the governance of the charity are approached personally. If they are wiling to become trustees they must become members of the company and can then be elected by the company sitting in general meeting. Alternatively, they may be appointed by existing trustees providing two thirds of them concur in the appointment.

One third of the trustees retire by rotation at each annual general meeting but are eligible for re-election. All of the trustees listed below, except for those who had retired before or been appointed after the year end, were members of the company at 31 March 2021. As such they undertake to contribute to the assets of the charity in the event of a winding up, such contribution being limited to £1 per member.

Organisational structure

The trustees act as a council of management which includes a chairman, a secretary and a treasurer. The council meets bimonthly to receive reports of current progress, together with a financial summary. Trustees keep in touch and if necessary additional council meetings take place at short notice.

The daily management is undertaken by the manager.

Page 7

Turntable Furniture

Trustees' Report

Major risks and management of those risks

Operational

The health and safety of our staff, volunteers, clients and all other visitors are paramount. We have a comprehensive package of policies designed to minimise the change of any harm befalling any individual. The policies are regularly reviewed and updated is necessary. Currently we have introduced new measures and revised procedures to safeguard against transmission of the Covid virus.

Financial

We operate very tight financial controls which ensure that all income is correctly accounted for and that no unauthorised expenditure is incurred.

Although income is generated from charges made to our client this alone is not adequate to meet essential running costs. Thus successful fund raising is essential for our future.

We keep very tight control over costs and thus comparatively modest grants and donations have been adequate to cover the shortfall. However, we are never complacent and regularly monitor performance against budgets so we are always aware of the likely future state of our finances.

Statement of trustees' responsibilities

The trustees (who are also the directors of Turntable Furniture for the purposes 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.

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 charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for 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 governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Page 8

Turntable Furniture

Trustees' Report

The annual report was approved by the trustees of the charity on 29 November 2022 and signed on its behalf by:

......................................... Ms A V Newcombe Trustee

Page 9

Turntable Furniture

Independent Examiner's Report to the trustees of Turntable Furniture ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

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

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:

  1. accounting records were not kept in respect of Turntable Furniture as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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.

...................................... Charlotte Chapman Gibbs BFP ACA Wortham Jaques Limited Chartered Accountants and Charity Advisors

130a High Street Crediton Devon EX17 3LQ

20 January 2023

Page 10

Turntable Furniture

Statement of Financial Activities for the Year Ended 31 March 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Investment income
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
23		 Unrestricted
funds
£
111,337
81,946
324
193,607
(1,150)
(236,030)
(237,180)
(43,573)
(43,573)
191,543
147,970		 Restricted
funds
£
275
-
-
275
-
-
-
275
275
4,875
5,150		 Total
2022
£
111,612
81,946
324
193,882
(1,150)
(236,030)
(237,180)
(43,298)
(43,298)
196,418
153,120

The notes on pages 14 to 26 form an integral part of these financial statements. Page 11

Turntable Furniture

Statement of Financial Activities for the Year Ended 31 March 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Investment income
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net (expenditure)/income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
23		 Unrestricted
funds
£
139,536
64,116
548
204,200
(1,017)
(207,239)
(208,256)
(4,056)
4,625
569
190,974
191,543		 Restricted
funds
£
7,500
-
-
7,500
-
-
-
7,500
(4,625)
2,875
2,000
4,875		 Total
2021
£
147,036
64,116
548
211,700
(1,017)
(207,239)
(208,256)
3,444
-
3,444
192,974
196,418

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 23.

The notes on pages 14 to 26 form an integral part of these financial statements. Page 12

Turntable Furniture

(Registration number: 04326401) Balance Sheet as at 31 March 2022

Note
Fixed assets
Tangible assets
16
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
19
Creditors: Amounts falling due within one year
20
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
23		 2022
£
10,340
9,350
4,705
137,458
151,513
(8,733)
142,780
153,120
5,150
147,970
153,120		 2021
£
23,860
17,110
8,667
151,395
177,172
(4,614)
172,558
196,418
4,875
191,543
196,418

For the financial year ending 31 March 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial 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 on pages 11 to 26 were approved by the trustees, and authorised for issue on 29 November 2022 and signed on their behalf by:

.........................................

Ms A V Newcombe

Trustee

The notes on pages 14 to 26 form an integral part of these financial statements. Page 13

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2022

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: The Warehouse Swan Yard Okehampton Street Exeter Devon EX4 1DS

These financial statements were authorised for issue by the trustees on 29 November 2022.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Turntable Furniture meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Page 14

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2022

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Gifts in kind

Gifts in kind are recognised in different ways dependent on how they are used by the charity:

(i) Those donated for resale produce income when they are sold. They are valued at the amount actually realised.

(ii) Those donated for onward transmission to beneficiaries are included in the Statement of Financial Activities as incoming resources and resources expended when they are distributed. They are valued at the amount the charity would have had to pay to acquire them.

(iii) Those donated for use by the charity itself are included when receivable. They are valued at the amount the charity would have had to pay to acquire them.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Page 15

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2022

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £250.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Short leasehold over 10 years from 16/05/2012 Plant and machinery 25% straight line basis Motor vehicles 25% straight line basis

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Page 16

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Page 17

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2022

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3 Income from donations and legacies

Donations and legacies;
Donations from individuals
Gift aid reclaimed
Grants, including capital grants;
Government grants
Grants from other charities
Gifts in kind
Total for 2022
Total for 2021		 Unrestricted
funds
General
£
2,296
712
6,515
8,169
93,645
111,337
139,536		 Restricted
funds
£
-
-
-
275
-
275
7,500		 Total
funds
£
2,296
712
6,515
8,444
93,645
111,612
147,036

Page 18

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2022

4 Income from charitable activities

Statutory body grants
Delivery and administration charges
Furniture reuse credits
Sale of scrap etc.
Total for 2022
Total for 2021
5
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Total for 2022
Total for 2021		 Unrestricted
funds
General
£
15,000
55,960
5,253
5,733
81,946
64,116
Unrestricted
funds
General
£
324
324
548		 Total
funds
£
15,000
55,960
5,253
5,733
81,946
64,116
Total
funds
£
324
324
548

6 Expenditure on raising funds

a) Costs of generating donations and legacies

Note
Wages and salaries
Total for 2022
Total for 2021		 Unrestricted
funds
General
£
1,150
1,150
1,017		 Total
funds
£
1,150
1,150
1,017

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Notes to the Financial Statements for the Year Ended 31 March 2022

7 Expenditure on charitable activities

Charitable activities
Depreciation, amortisation and other similar costs
Staff costs
Governance costs
Total for 2022
Total for 2021		 Unrestricted
funds
General
£
146,094
13,520
75,177
1,241
236,032
207,237		 Total
funds
£
146,094
13,520
75,177
1,241
236,032
207,237
Charitable activities
Depreciation, amortisation and other similar costs
Staff costs
Governance costs
Total for 2022
Total for 2021		 Activity
undertaken
directly
£
44,689
13,520
75,177
1,241
134,627
122,787		 Grant funding
of activity
£
101,405
-
-
-
101,405
84,450		 Total
expenditure
£
146,094
13,520
75,177
1,241
236,032
207,237

8 Analysis of governance and support costs

Governance costs

Independent examiner fees
Examination of the financial statements
Other governance costs
Total for 2022
Total for 2021		 Unrestricted
funds
General
£
1,228
13
1,241
1,269		 Total
funds
£
1,228
13
1,241
1,269

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Notes to the Financial Statements for the Year Ended 31 March 2022

9 Government grants

Coronavirus Job Retention Scheme £2,191 and the Kickstart Scheme £4,324.. The amount of grants recognised in the financial statements was £6,515 (2021 - £17,790).

10 Grant-making

Analysis of grants

Analysis
Grants payable		 Grants to individuals
2022
£
2021
£
101,405
84,450

The support costs associated with grant-making are £Nil (31 March 2021 - £Nil).

Grants payable represent the total estimated market value of household items distributed to beneficiaries.

11 Net incoming/outgoing resources

Net (outgoing)/incoming resources for the year include:

Depreciation of fixed assets 2022
£
13,520		 2021
£
13,179

12 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

13 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2022
£
73,930
1,356
1,040
76,326		 2021
£
69,604
706
1,781
72,091

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Notes to the Financial Statements for the Year Ended 31 March 2022

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

Operations
No employee received emoluments of more than £60,000 during the year.
14 Independent examiner's remuneration
Examination of the financial statements		 2022
No
5
2022
£
1,228		 2021
No
5
2021
£
1,256

15 Taxation

The charity is a registered charity and is therefore exempt from taxation.

16 Tangible fixed assets

Cost
At 1 April 2021
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Land and
buildings
£
13,162
13,162
11,178
1,716
12,894
268
1,984		 Furniture and
equipment
£
29,665
29,665
25,343
1,774
27,117
2,548
4,322		 Motor vehicles
£
68,401
68,401
50,847
10,030
60,877
7,524
17,554		 Total
£
111,228
111,228
87,368
13,520
100,888
10,340
23,860

Included within the net book value of land and buildings above is £Nil (2021 - £Nil) in respect of freehold land and buildings and £268 (2021 - £1,984) in respect of leaseholds.

17 Stock

Stocks

2022
£
9,350		 2021
£
17,110

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Notes to the Financial Statements for the Year Ended 31 March 2022

18 Debtors

Trade debtors
Prepayments
Accrued income
Other debtors		 2022
£
1,646
1,827
981
251
4,705		 2021
£
2,776
5,688
30
173
8,667

19 Cash and cash equivalents

Cash on hand
Cash at bank
Bank overdrafts
Cash and cash equivalents in statement of cash flows		 2022
£
1,117
136,341
137,458
(2,511)
134,947		 2021
£
654
150,741
151,395
-
151,395

20 Creditors: amounts falling due within one year

20 Creditors: amounts falling due within one year
Bank overdrafts
Trade creditors
Other taxation and social security
Other creditors
Accruals		 2022
£
2,511
2,396
1,094
1,097
1,635
8,733		 2021
£
-
1,300
1,068
626
1,620
4,614

21 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £1,040 (2021 - £1,781).

22 Commitments

Capital commitments

The charity agreed a lease on the The Warehouse on 5th November 2022 until 15 May 2032. The rent payable is the sum of £12,400 pa. This contract is set for a review on 16 May 2027. The total amount contracted for but not provided in the financial statements was £74,400 (2021 - £Nil).

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Notes to the Financial Statements for the Year Ended 31 March 2022

23 Funds

23 Funds
Unrestricted funds
General
General Fund
Designated
Staff Redundancy
Van Replacement
Building Repair Fund
Total unrestricted funds
Restricted funds
Additions and Improvements
to Storage Facilities
Defibrillator Fund
Total funds
Unrestricted funds
General
General Fund
Designated
Staff Redundancy
Van Replacement
Total unrestricted funds
Restricted funds
Additions and Improvements
to Storage Facilities
Total funds		 Balance at 1
April 2021
£
140,543
8,000
43,000
-
51,000
191,543
4,875
-
4,875
196,418
Balance at 1
April 2020
£
127,774
22,700
40,500
63,200
190,974
2,000
192,974		 Incoming
resources
£
193,607
-
-
-
-
193,607
-
275
275
193,882
Incoming
resources
£
204,200
-
-
-
204,200
7,500
211,700		 Resources
expended
£
(237,180)
-
-
-
-
(237,180)
-
-
-
(237,180)
Resources
expended
£
(208,256)
-
-
-
(208,256)
-
(208,256)		 Transfers
£
(17,260)
(6,740)
-
24,000
17,260
-
-
-
-
-
Transfers
£
16,825
(14,700)
2,500
(12,200)
4,625
(4,625)
-		 Balance at
31 March
2022
£
79,710
1,260
43,000
24,000
68,260
147,970
4,875
275
5,150
153,120
Balance at
31 March
2021
£
140,543
8,000
43,000
51,000
191,543
4,875
196,418

Page 24

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Notes to the Financial Statements for the Year Ended 31 March 2022

The specific purposes for which the funds are to be applied are as follows:

Restricted Funds

Additions & Improvements to Storage Facilities

During the year a further £7,500 was received for this fund and £4,625 was expended on capital assets hence a transfer for this amount was made to unrestricted funds. thus the fund was not fully expended before the year end.

Designated Funds

Staff Redundancy Fund

If at some future date the company was unable to attract sufficient funding to continue its activites then some or all of its employees would be made redundant. It is considered important that employees should not be disadvantaged by working for a charitable organisation. Thus funds are to be set aside to meet the estimated statutory redundancy entitlements.

Van Replacement Fund

The charity could not operate without its vans. It is considered unrealistic to expect to purchase a new van from any surplus that may arise in one year.

Building Repair Fund

The charity renewed it's lease on The Warehouse in November 2022 and is now responsible for all external and internal repairs. The trustees have set aside funds to meet potential, future repair costs likely to be needed becuase of the age and condition of the building.

24 Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted funds
General
£
Designated
£
10,340
-
78,103
68,260
(8,733)
-
79,710
68,260
Unrestricted funds
General
£
Designated
£
23,860
-
121,297
51,000
(4,614)
-
140,543
51,000		 Restricted
funds
£
-
5,150
-
5,150
Restricted
funds
£
-
4,875
-
4,875		 Total funds at
31 March
2022
£
10,340
151,513
(8,733)
153,120
Total funds at
31 March
2021
£
23,860
177,172
(4,614)
196,418

Page 25

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Notes to the Financial Statements for the Year Ended 31 March 2022

25 Analysis of net funds

25 Analysis of net funds
Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt		 At 1 April
2021
£
151,395
151,395
At 1 April
2020
£
130,152
130,152		 Financing cash
flows
£
(16,448)
(16,448)
Financing cash
flows
£
21,243
21,243		 At 31 March
2022
£
134,947
134,947
At 31 March
2021
£
151,395
151,395

Page 26

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Statement of Financial Activities by fund for the Year Ended 31 March 2022

Unrestricted Funds

Income and Endowments from:
Donations and legacies
Charitable activities
Investment income
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net expenditure
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
Unrestricted
Funds
2022
£
111,337
81,946
324
193,607
(1,150)
(236,030)
(237,180)
(43,573)
-
(43,573)
191,543
147,970		 Total
Unrestricted
Funds
2021
£
139,536
64,116
548
204,200
(1,017)
(207,239)
(208,256)
(4,056)
4,625
569
190,974
191,543

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Turntable Furniture

Statement of Financial Activities by fund for the Year Ended 31 March 2022

Restricted Funds

Restricted Funds
Income and Endowments from:
Donations and legacies
Total income
Expenditure on:
Net income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
Restricted
Funds
2022
£
275
275
275
-
275
4,875
5,150		 Total
Restricted
Funds
2021
£
7,500
7,500
7,500
(4,625)
2,875
2,000
4,875

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Detailed Statement of Financial Activities for the Year Ended 31 March 2022

Income and Endowments from:
Donations and legacies (analysed below)
Charitable activities (analysed below)
Investment income (analysed below)
Total income
Expenditure on:
Raising funds (analysed below)
Charitable activities (analysed below)
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2022
£
111,612
81,946
324
193,882
(1,150)
(236,030)
(237,180)
(43,298)
(43,298)
196,418
153,120		 Total
2021
£
147,036
64,116
548
211,700
(1,017)
(207,239)
(208,256)
3,444
3,444
192,974
196,418

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Detailed Statement of Financial Activities for the Year Ended 31 March 2022

Donations and legacies
Appeals and donations
Gift Aid tax reclaimed
UK Government grants
Grants - other agencies
Grants - other agencies
Grants - other agencies
Donated goods
Charitable activities
UK Government grants
Grants - other agencies
Delivery and administration charges
Furniture reuse credits
Sale of scrap etc.
Investment income
Interest on cash deposits
Raising funds
Fundraising costs
Wages and salaries
Charitable activities
Direct costs
Wages and salaries
Staff NIC (Employers)
Staff pensions (Defined contribution) - pension scheme 1
Motor expenses
Grants payable - individuals
Grants payable - individuals
Staff training
Travelling
Volunteer expenses
Rent
Water rates
Light, heat and power		 Total
2022
£
2,296
712
6,515
-
275
8,169
93,645
111,612
-
15,000
55,960
5,253
5,733
81,946
324
324
-
(1,150)
(1,150)
(354)
(72,780)
(1,356)
(1,040)
(10,503)
-
(101,405)
(413)
(4)
(5,800)
(12,368)
(382)
(927)		 Total
2021
£
2,906
-
2,790
7,500
-
51,050
82,790
147,036
15,000
-
40,490
4,721
3,905
64,116
548
548
(17)
(1,000)
(1,017)
(211)
(68,604)
(706)
(1,781)
(10,036)
(84,450)
-
(198)
(295)
(5,465)
(12,400)
(294)
(853)

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Detailed Statement of Financial Activities for the Year Ended 31 March 2022

Insurance
Repairs and maintenance
Equipment repairs and renewals
Telephone and fax
Printing, postage and stationery
Trade subscriptions
Sundry expenses
Legal and professional fees
Bank charges
Depreciation of short leasehold property
Depreciation of plant and machinery
Depreciation of motor vehicles
Insurance
Sundry expenses
Independent examiner's fee		 Total
2022
£
(1,162)
(1,945)
(5,528)
(1,268)
(401)
(445)
(524)
(1,582)
(251)
(1,716)
(1,774)
(10,030)
(831)
(13)
(1,228)
(236,030)		 Total
2021
£
(693)
(990)
(1,528)
(1,201)
(39)
(328)
(488)
(1,418)
(69)
(1,716)
(1,433)
(10,030)
(744)
(13)
(1,256)
(207,239)

This page does not form part of the statutory financial statements. Page 31