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← Turntable Furniture

2025-03-31-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 2025

Wortham Jaques Limited 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 28

Turntable Furniture

Chair of Trustees Report for the Year Ended 31 March 2025

Turntable continued to function well in this year, with extra income coming from doing small clearances and charging for disposal of furniture. I gave up my role as Acting Manager in December, 2024, when we appointed Jenny Riding as our new manager. She has brought fresh eyes and energy to the project, for which we are all grateful.

Our thanks also go to Jason Clatworthy, our driver, who continues to be a backbone of Turntable’s operations. We appointed Daryl Cooper as a part-time driver to assist Jason. Finding and retaining reliable part-time staff and volunteers continues to be a problem, though I would like to give particular thanks to Claire Harrison who has volunteered for over 5 years at Turntable and comes in once or twice a week to help in the office. At times her skills have been of great value.

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 2025.

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

Achievements and performance

This year, we supplied furniture, domestic appliances and carpets to families and individuals, comprising 429 adults, 106 children under 5 and 178 children over 5. This shows that the demand for our service is as strong as ever.

Please see the table of items supplied: these are all items that would probably have otherwise gone to landfill.

Once again this year, we were just able to keep up with the demand for furniture, although we are continually short of chests of drawers, wardrobes, beds and large domestic electrical appliances. We have begun to increase the number of white goods that we accept, which helps increase our income.

Our new service for disposal of items,, at a cost is proving a small, but steady, source of extra income. We also offer a house clearance service, again at a cost. We have not had many clearances so far, but again it is an added source of income. It was decided that a second driver would be employed to increase the resilience of the deliveries and collections, as volunteers were not reliable and not able to drive, leaving us with just one driver. Unfortunately, the driver we employed proved to be not satisfactory, and we were without a second driver for the last part of the financial year.

Page 2

Turntable Furniture

Trustees' Report

Referring Agency

Referring Agency
Exeter City Council 72
Housing Associations 100
Other 22
Social Services 40
East Devon District Council 23
Hostel/Support 11
Health 11
Childrens services 5
Homeless support 8
Job Centre 11
Mid Devon District Council 11
CAB 4
Mental Health 10
Safe Services 3
Torbay Council 3
Type of Benefit
Universal Credit 181
ESA/JSA 28
Housing Benefit 19
Tax Credit 6
Other low income 6

Reason for Referral

Moving to new premises 170 Old furniture unservicable 68 Changed circumstances 14 Other 12

Type of Accommodation

Type of Accommodation
Council 135
Housing Association 106
Private Landlord 38
Own Property 5

Items of Furniture Supplied

Items of Furniture Supplied
2025 2024
Number Number
Beds/mattresses 380 193
Chairs and stools 409 104
TVs and small electrical 234 55
Chests of drawers 237 97
Table/coffee tables 280 98
Sofa/sofabeds 188 74
Wall units, cabinets, etc. 114 45
Wardrobes 122 48
Armchairs 80 37

Page 3

Turntable Furniture

Trustees' Report

Carpets/rugs
Bedside cabinets
Fridges/freezers
Washers and driers
Cookers/microwaves
Dressing tables/desks
Vacuum cleaners
Miscellaneous		 18
173
27
15
25
49
13
247
2,601		 6
52
10
5
3
13
1
-
821

Financial review

The Statement of Financial Activities shows that the charity had incoming resources of £152,049 (2024: £92,782), No restricted funds were received during the year (2024: £9300) hence all were available for the general purposes of the charity. Resources expenses were £167,874 (2024: £108,826), £5,266 (2024: £4,034) restricted funds and £162,608 (2024: £104,591) of unrestricted funds, resulting in a deficit of £15,825 (2024: £15,843) for the year.

The balance sheet shows total net assets of £78,633 (2024: £94,459) of which £5,1510 (2024: £10,416) was held on a restricted fund. The general fund balance of £73,483 (2024: £84,043) is partly represented by fixed assets of £200 (2024: £914) and stocks of gifts in kind of £42,807 (2024: £58,694). 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 £74,487 (2024: £54,612) and expenditure was £109,954 (2024: £85,625) resulting in a deficit of £35,467 (2024: £31,013). The cash position has reduced by around £29,300 (2024: £35k).

Grant funding is absolutely essential to the financial security of the charity because it cannot expect to be filly funded by the small charges made to it’s customers. Fundraising is an area that management will be focusing on in 2026 and beyond.

The trustees feel that the charity is in a strong position for the future as demand for it’s services is increasing and the additional income stream through clearances is becoming established. The net assets at the year were £78,4k(2024: £94k), £32.3k (2024: £61.7k of this is held as bank balances. The trustees are confident that the plans that are in place for 2026 and beyond will result in improved financial performance.

Page 4

Turntable Furniture

Trustees' Report

Policy on reserves

The charities’ reserves policy is to maintain free reserves to the level of 6 months unrestricted expenditure, which is around £47.5k whereas free reserves at the year end are around £35k. The deficit has been made up in the current year by increased levels of unrestricted grant funding.

The trustees have carried out a strategic review this year to identify areas that can be improved to build stronger financial reliance, which have been implemented and incorporated into the charities ongoing activities.

Cash flow and reserve levels have been identified as a risk. The monthly overhead costs of the charity have been reduced to a minimum level and the future plans to diversify to create additional income streams plus a focus on fundraising address the risk. See plans for the future.

The trustees are happy that despite the low level of reserves reported at the year end, the actual forecast for income in the following year make the Charity a going concern and will improve the reserves levels over time.

Principal funding sources

At approximately £77.5k 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 £57.9k but the total estimated value of gifts in kind received was £77.5k resulting in a “surplus” of £19.6k. 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 £15k.

Plans for future periods

Aims and key objectives for future periods

Turntable is now more resilient, with a small but dedicated workforce. The areas identified in the strategic review have now been addressed, and the charity is in a good position to move forward with its charitable activities.

Focus will remain on fundraising, with the aim of funding the charity’s normal activities from funds generated in year, not from reserves.

We welcomed a new office manager, Jenny Riding, who was appointed in December 2024. The trustees' feel confident that the future of Turntable is safe in her hands.

The Trustees have always known that the unique service that Turntable provides to its local community is invaluable. The demand for our service remains very high and with additional income and stock from house clearances, together with increased fundraising, the trustees are optimistic that the charity will go from strength to strength.

Going concern

The trustees have reviewed the projections for the charity's activities, cash flow forecasts and budgets for the next 12 months and are satisfied that the charity is a going concern.

Page 5

Turntable Furniture

Trustees' Report

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 130a High Street Crediton Devon EX17 3LQ

Page 6

Turntable Furniture

Trustees' Report

Trustees and officers

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

Trustees: Dr D Bostock A W Flanders T J R Houlden Ms C L Litton (appointed 29 December 2024) Mrs J C Mead, Secretary (retired 13 December 2024) Ms A V Newcombe, Chair

Secretary: Ms A V Newcombe

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 2025. 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 30 November 2025 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 2025.

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.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

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 FCA Wortham Jaques Limited

130a High Street Crediton Devon EX17 3LQ

2 December 2025

Page 10

Turntable Furniture

Statement of Financial Activities for the Year Ended 31 March 2025 (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
Other trading activities
5
Investment income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
funds
£
93,852
51,055
5,075
2,067
152,049
(7,633)
(154,975)
(162,608)
(10,559)
(10,559)
84,042
73,483		 Restricted
funds
£
-
-
-
-
-
-
(5,266)
(5,266)
(5,266)
(5,266)
10,416
5,150		 Total
2025
£
93,852
51,055
5,075
2,067
152,049
(7,633)
(160,241)
(167,874)
(15,825)
(15,825)
94,458
78,633

The notes on pages 14 to 28 form an integral part of these financial statements. Page 11

Turntable Furniture

Statement of Financial Activities for the Year Ended 31 March 2025 (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
6
Total income
Expenditure on:
Charitable activities
8
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
funds
£
53,563
28,079
1,840
83,482
(104,591)
(104,591)
(21,109)
(21,109)
105,152
84,043		 Restricted
funds
£
-
9,300
-
9,300
(4,034)
(4,034)
5,266
5,266
5,150
10,416		 Total
2024
£
53,563
37,379
1,840
92,782
(108,625)
(108,625)
(15,843)
(15,843)
110,302
94,459

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 22.

The notes on pages 14 to 28 form an integral part of these financial statements. Page 12

Turntable Furniture

(Registration number: 04326401) Balance Sheet as at 31 March 2025

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
22		 2025
£
200
43,807
4,029
32,311
80,147
(1,714)
78,433
78,633
5,150
73,483
78,633		 2024
£
914
24,165
9,898
61,611
95,674
(2,129)
93,545
94,459
10,416
84,043
94,459

For the financial year ending 31 March 2025 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 28 were approved by the trustees, and authorised for issue on 30 November 2025 and signed on their behalf by:

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

Ms A V Newcombe

Trustee

The notes on pages 14 to 28 form an integral part of these financial statements. Page 13

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2025

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

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.

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.

Page 14

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2025

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.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Page 15

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2025

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.

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Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2025

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.

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 2025

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.

Page 18

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2025

3 Income from donations and legacies

Donations and legacies;
Donations from companies, trusts and similar proceeds
Donations from individuals
Grants, including capital grants;
Government grants
Gifts in kind
Total for 2025
Total for 2024
4
Income from charitable activities
Grants from trusts and foundations
Delivery and administration charges
Sale of scrap etc.
Total for 2025
Total for 2024
5
Income from other trading activities
Other income from other trading activities
Total for 2025		 Unrestricted
funds
General
£
1,000
46,778
2,164
49,942
43,079		 Unrestricted
funds
General
£
1,000
290
15,000
77,562
93,852
53,563
Restricted
funds
£
-
-
-
-
9,300
Unrestricted
funds
General
£
5,075
5,075		 Total
funds
£
1,000
290
15,000
77,562
93,852
53,563
Total
funds
£
1,000
46,778
2,164
49,942
52,379
Total
funds
£
5,075
5,075

Page 19

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2025

6 Investment income

Interest receivable and similar income;
Interest receivable on bank deposits
Total for 2025
Total for 2024		 Unrestricted
funds
General
£
2,067
2,067
1,840		 Total
funds
£
2,067
2,067
1,840

7 Expenditure on raising funds

a) Costs of trading activities

Other direct costs of activities for generating funds
Staff Costs
Allocated support costs
Total for 2025
8
Expenditure on charitable activities
Note
Charitable activities
Depreciation, amortisation and other
similar costs
Grant funding of activities
Staff costs
Governance costs
9
Total for 2025
Total for 2024		 Note
9
Unrestricted
funds
General
£
31,203
714
57,920
63,103
2,035
154,975
104,591		 Unrestricted
funds
General
£
1,653
5,318
662
7,633
Restricted
funds
£
-
-
-
5,266
-
5,266
4,034		 Total
funds
£
1,653
5,318
662
7,633
Total
funds
£
31,203
714
57,920
68,369
2,035
160,241
108,625

Page 20

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2025

Charitable activities
Depreciation, amortisation and other similar costs
Staff costs
Governance costs
Total for 2025
Total for 2024		 Activity
undertaken
directly
£
31,203
714
68,369
2,035
102,321
85,625		 Grant funding
of activity
£
57,920
-
-
-
57,920
23,000		 Total
expenditure
£
89,123
714
68,369
2,035
160,241
108,625

Page 21

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2025

9 Analysis of governance and support costs

Raising funds expenditure

Costs of trading activities

Raising funds expenditure
Costs of trading activities
Basis of allocation
Motor costs
A
Staff costs
A
Total for 2025
Support costs allocated to raising funds
Basis of allocation
Staff costs
£
Other costs for generating funds
5,318
Total for 2025
5,318		 Unrestricted
funds
General
£
662
5,318
5,980
Other support
costs
£
662
662		 Total
2025
£
662
5,318
5,980
Total
funds
£
5,980
5,980

Basis of allocation

Reference Method of allocation A As a proportion of income

Governance costs

Independent examiner fees
Examination of the financial statements
Legal fees
Total for 2025
Total for 2024		 Unrestricted
funds
General
£
1,185
850
2,035
2,791		 Total
funds
£
1,185
850
2,035
2,791

Page 22

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2025

10 Grant-making

Analysis of grants

Analysis
Grants payable		 Grants to individuals
2025
£
2024
£
57,920
23,000

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

11 Net incoming/outgoing resources

Net outgoing resources for the year include:

Depreciation of fixed assets 2025
£
714		 2024
£
1,067

12 Trustees remuneration and expenses

During the year the charity made the following transactions with trustees:

Ms A V Newcombe

Ms A V Newcombe received remuneration of £20,313 (2024: £20,757) during the year.

Ms Newcombe has been paid salary for her role as temporary acting manager.

This renumeration is allowed under the charity's articles of association and has been approved by the Charities Commission.

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

Page 23

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2025

13 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs
The monthly average number of persons (including senior management /
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		 2025
£
2024
£
73,309
49,521
293
-
85
-
73,687
49,521
leadership team) employed by the
2025
No
2024
No
5
3
2025
£
2024
£
1,185
1,885		 2024
£
49,521
-
-
49,521
2024
£
1,885

Page 24

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2025

15 Taxation

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

16 Tangible fixed assets

Cost
At 1 April 2024
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Land and
buildings
£
13,162
13,162
13,162
-
13,162
-
-		 Furniture and
equipment
£
30,065
30,065
29,151
714
29,865
200
914		 Motor vehicles
£
40,122
40,122
40,122
-
40,122
-
-		 Total
£
83,349
83,349
82,435
714
83,149
200
914

Included within the net book value of land and buildings above is £Nil (2024 - £Nil) in respect of freehold land and buildings and £Nil (2024 - £Nil) in respect of leaseholds.

17 Stock

17 Stock
Stocks
18 Debtors
Trade debtors
Prepayments
Accrued income
Other debtors		 2025
£
43,807
2025
£
1,814
2,081
105
29
4,029		 2024
£
24,165
2024
£
1,298
4,056
4,247
297
9,898

Page 25

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2025

19 Cash and cash equivalents

19 Cash and cash equivalents
Cash on hand
Cash at bank		 2025
£
260
32,051
32,311		 2024
£
56
61,555
61,611

20 Creditors: amounts falling due within one year

20 Creditors: amounts falling due within one year
Pension scheme creditor
Accruals		 2025
£
199
1,515
1,714		 2024
£
-
2,129
2,129

21 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 £37,200 (2024 - £49,600).

Page 26

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2025

22 Funds
Balance at 1
April 2024
£
Incoming
resources
£
Resources
expended
£
Balance at 31
March 2025
£
Unrestricted funds
General
General Fund
84,042
152,049
(156,628)
79,463
Restricted funds
Additions and Improvements to
Storage Facilities
4,875
-
-
4,875
Defibrillator Fund
275
-
-
275
Driver's Salary
5,266
-
(5,266)
-
10,416
-
(5,266)
5,150
Total funds
94,458
152,049
(161,894)
84,613
Balance at 1
April 2023
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Balance at
31 March
2024
£
Unrestricted funds
General
General Fund
38,152
83,482
(104,591)
67,000
84,043
Designated
Van Replacement
43,000
-
-
(43,000)
-
Building Repair Fund
24,000
-
-
(24,000)
-
67,000
-
-
(67,000)
-
Total unrestricted funds
105,152
83,482
(104,591)
-
84,043
Restricted funds
Additions and Improvements
to Storage Facilities
4,875
-
-
-
4,875
Defibrillator Fund
275
-
-
-
275
Driver's Salary
-
9,300
(4,034)
-
5,266
5,150
9,300
(4,034)
-
10,416
Total funds
110,302
92,782
(108,625)
-
94,459		 Balance at 31
March 2025
£
79,463
4,875
275
-		 Balance at 31
March 2025
£
79,463
4,875
275
-
5,150
84,613
Balance at
31 March
2024
£
84,043
-
-
-
84,043
4,875
275
5,266
10,416
94,459

Page 27

Turntable Furniture

Notes to the Financial Statements for the Year Ended 31 March 2025

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

Restricted Funds

Additions & Improvements to Storage Facilities Defibrillator Driver's Salary

These fund represent unspent grants restricted by the funder for that purpose.

23 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
24 Analysis of net funds
Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt		 Unrestricted
funds
General
£
200
74,997
(1,515)
73,682
Unrestricted
funds
General
£
914
85,258
(2,129)
84,043
At 1 April
2024
£
61,611
61,611
At 1 April
2023
£
97,253
97,253		 Restricted
funds
£
-
5,150
-
5,150
Restricted
funds
£
-
10,416
-
10,416
Financing cash
flows
£
(29,300)
(29,300)
Financing cash
flows
£
(35,642)
(35,642)		 Total funds at
31 March
2025
£
200
80,147
(1,515)
78,832
Total funds at
31 March
2024
£
914
95,674
(2,129)
94,459
At 31 March
2025
£
32,311
32,311
At 31 March
2024
£
61,611
61,611

Page 28