COMPANY REGISTRATION NUMBER: 03886547 CHARITY REGISTRATION NUMBER: 1091602 Necessary Furniture Company Limited by Guarantee Unaudited Financial Statements 31 March 2025 PG LEMON LLP Chartered Certified Accountants 22-26 Bank Street Herne Bay Kent CT6 SEA
Necessary Furniture Company Limited by Guarantee Financial Ststements Year ended 31 March 2025 Page Trustees, annual report (incorporating the director's report) Independent examinerfs report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements The following pages do not form part of the financial statements Detailed statement of financial activities 16 Notes to the detailed statement of financial activities 18
Necessary Furniture Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 March 2025 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2025. Reference and administrative details Registered charity name Necessary Furniture Charity registration number 1091602 Company registration number 03886547 Principal office and registered 22-26 Bank Street office Herne Bay CT6 SEA Kent The trustees C.C Gay MBE G.A. Glover S. Edridge T. Wallace-sims W. Rhys-Jones J. Kennett R.D. Meredith P. Cowell (Resigned 27 January 2025) (Appointed 25 November 2024) Independent examlner Maxine Gambrill FCCA 22-26 Bank Street Herne Bay Kent CT6 SEA Structure, governance and management The organisation is a charitsble company limited by guarantee and registered as a charity. The Directors I whose liability is limited to £1 ) are also Trustees. The Directors meet regularly as a Management Committee. Management is governed by a Memorandum and Articles of Association in accordance with the Companies Acts. Objectives and activities Necessary Furniture is a charitable organisation set up to provide furniture and household goods for the disadvantaged within the community and to redu the volume of useable good5 going to landfill.
Necessary Furniture Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report> (continued) Year ended 31 March 2025 Achievements and performance Necessary Furniture lin partnership with the relevant agencies) provides worthwhile jobs and work experience for unemployed people. Financial review Our current priority is closely lo monitor income and expenditure to keep the Charity on a sound footing. Recent initiatives agreed include the clearance of redundant stock lo make way for attractive display areas and asking donors of furniture, as well as recipients, to make a donation towards running costs. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the sma51 companies exemption. The trustees, annual report was approved on 28 July 2025 and signed on behalf of the board of trustees by.. LR£ty Cry- C.C Gay MBE Trustee
Necessary Furniture Company Limited by Guarantee Independent Examiner's Report to the Trustees of Necessary Furniture Year ended 31 March 2025 I report to the trustees on my examination of the financial statements of Necessary Fumiture ('the charity'} for the year ended 31 March 2025. Responsibilities and basis of report As the trustees of the company (and also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,) Having Satisfied myself that the 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 the charity's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carying out my examination I have followed the Directions given by the Charity Commission under section 145151(bl of the 2011 Act. Independent examiner's statement Since the charity's gross income exceeded £250.000 your examiner Must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act, or the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination., or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021.
Necessary Furniture Company Limited by Guarantee Independent Examiner's Report to the Trustees of Necessary Furniture (Gontlnued) Year ended 31 March 2025 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. /IL A Maxine Gambrill FCCA Independent Examiner 22-26 Bank Street Herne Bay Kent CT6 SEA 28 July 2025
Necessary Furniture Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Unrestricted funds Total funds Total funds 2024 Note Income and endowments Donations and legacies Charitable activities Other trading activities Investment income 2,394 377,453 1,463 6,220 387,530 2,394 377,453 1,463 6220 3,102 405.501 1,934 3,941 414,478 Total Income 387,530 flflflnmnnfl flflnflMn(Fff Expenditure Expenditure on raising funds.. Costs of other trading activities Expenditure on charitable activities Other expenditure Total expenditure 27,666 383,475 700 27,666 383,475 700 21,900 366,607 589 10 11 411,841 411,841 389,096 flnnnnnft flflflflflnnflfl Net (expenditurellincome and net movement in funds (24,3111 124,311) 25,382 nmflniifln flflmrflflnfl Reconciliation of funds Total funds brought forward Total funds carried fonvard 206,242 181,931 206,242 181,931 180,860 206,242 nftflnnflf flflnnnnii The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 14 fom part of these financial ststements.
Necessary Furniture Company Limited by Guarantee Statement of Financial Position 31 March 2025 2025 2024 Note Fixed assets Tangible fixed assets 16 10,344 22,489 Current assets Debtors Cash at bank and in hand 17 15,718 200,801 14,657 215,678 216,519 230,335 Creditors: amounts falling due wlthln one year Net current assets 18 44,932 46,582 171,587 183,753 Total assets less current liabilities 181,931 206,242 2C6,242 Net assets 181,931 flnflnflmfln flflnnnflflfl Funds of the charity General funds 181,931 181,931 206,242 Total charity funds 20 206,242 nflrnnnflfl For the 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: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies, regime. These financial statements were approved by the board of trustees and aulhorised for issue on 28 July 2025, and are signed on behalf of the board by LR4fy CT+ C.C Gay MBE Trustee The notes on pages 7 to 14 fom) part of these financial statements.
Necessary Furniture Company Limited by Guarantee Notes to the Financial Ststements Year ended 31 March 2025 General information The charity is a public benefit entity and a private company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 22-26 Bank Street, Herne Bay, CT6 SEA, Kent. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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 IFRS 102) (Charities SORP IFRS 10211 and the Companies Act 2006. Accounting pollcies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires managemeni io make judgements, estimates and assumptions that affect the amounts reported These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of Ihe trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds.
Necessary Furniture Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 Accounting policies (¢ontlnuedJ Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed lo the charity,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers, income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Necessary Furniture Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 March 2025 Accounting policies (confinued) Tangible assets (continued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Fixtures and fittings Motor vehicles 25,/0 reducing balance 250/0 straight line Impairnient of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of Ihe charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost
Necessary Furniture Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 Accounting policies fcontlnuedj Financial instruments (continued) Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other fi nancial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, lo the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related seNice, the liability is measured on 8 discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises Limited by guarantee The company is limited by guarantee of members and does not have a share capital. The liability of members is limited to £1.00. 10
Necessary Furniture Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 Oonations and legacies General Total Funds Funds 2025 General Total Funds Funds 2024 Donations Donations 2,394 2,394 3,102 3,102 nflfififtft nnmflfln Charitable activities General Total Funds Funds 2025 General Total Funds Funds 2024 Sale of goodslservlces as part of direct charitable activities 377,453 377,453 405,501 405,501 ftnftflflnflfin nmnflflfl nmiinnflflfl flflflnnfimfl Other tradlng activities General Total Funds Funds 2025 General Total Funds Funds 2024 Auctionlrecycle credits Other income 1,030 433 1,030 433 250 1,884 250 1,684 1,934 1,463 1,463 1,934 nnnflfin Anflflflnfl flflAflnlll flflnnflftn Investment income General Total Funds Funds 2025 General Total Funds Funds 2024 Bank interest receivable 6,220 6,220 3,941 3,941 nflfinflflfl nniflfl Costs of other trading activities General Total Funds Funds 2025 General Total Funds Funds 2024 Costs of other trad ing activities - Shop costs 27,666 27,666 21,900 21,900 NNnfi nmflflnnft 10. Expenditure on charitable activities by fund type General Total Funds Funds 2025 General Total Funds Funds 2024 Wages and overheads 383,475 383,475 366,607 366,607 flflr•m flftRflflfinflfl 11
Necessary Furniture Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 11. Other expenditure General Total Funds Funds 2025 General Total Funds Funds 2024 Other expenditure - bank charges 700 700 589 589 nn flflnfl 12. Net (expenditure)lincome Net (expenditurellincome is stated after chargingl(creditingl'. 2025 2024 Depreciation of tangible fixed assets 12,146 12,207 flnAflfl 13. Independent examlnatlon fees 2025 2024 Fees payable to the independent examiner for,. Independent examination of the financial statements 950 950 flnffi nni 14. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2025 2024 Wages and salaries Employer contributions to pension plans 276,524 5,497 243,191 4,748 282,021 247,939 flflfjjnfjflflfl nnflnrffln The average head count of employees during the year was 10 {2024- 9}. The average number of full-time equivalent employees during the year is analysed as follows.. 2025 No. 2024 No. Number of staff 10 No employee reiVed employee benefits of more than £60,000 during the year12024'. Nil) 15. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 12
Necessary Furniture Company Limited by Guarantee Notes to the Financial Statements {¢ontinued) Year ended 31 March 2025 16. Tangible fixed assets Fixtures and fittings Motor vehicles Total Cost At 1 April 2024 and 31 March 2025 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 5,230 47,851 53,081 Inflfln flnnmflfl nflwfln 4,497 183 26,094 11,963 30,591 12,146 42,737 4,680 38,057 nflflnnfln flflfifflnflfl nmflnflfl Carrying amount At 31 March 2025 550 9,794 10,344 niiflmnfl nflnnflh At 31 March 2024 733 21,757 22,490 nnfln 17. Debtors 2025 2024 Trade debtors Prepayments and accrued income Other debtors 1,179 10,982 3,557 (731) 10,987 4,401 14,657 15.718 18. Creditors: amounts falllng due within one year 2025 2024 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes other creditors 1,829 10,576 1,140 6,366 26,671 46,582 13,464 1,140 9,557 20,771 44,932 fliinflmflfl 19. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £5,49712024. £4,748) 13
Necessary Furniture Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 20. Analysis of charitable funds General funds At 1 April 2024 At Income Expenditure 31 March 2025 General funds 206,242 387,530 1411,841) 181,931 nnflrnwn flflnflfftin flnflflfSnn flAwnr* At 1 April 2023 At Income Expenditure 31 March 2024 General funds 180,860 414,478 (389,0961 206,242 fmnflflf r4wnflflM flflflflnfl 21. Analysis of net assets between funds General Total Funds Funds 2025 Tangible fixed assets Current assets Creditors less than 1 year Net assets 10,344 216,519 144,9321 181,931 10,344 216,519 144,932) 181,931 nnniiflnnflfl nnnnflfinnfl General Total Funds Funds 2024 Tan9ible fixed assets Current assets Creditors less than 1 year Net assets 22,489 230,334 (46,5811 206,242 22,489 230,334 (46,5811 206,242 flnnnn 14
Necessary Furniture Company Limited by Guarantee Management Information Year ended 31 March 2025 The following pages do not form part of the financial statements. 1S
Necessary Furniture Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2025 2025 2024 Income and endowments Donations and legacies Donations 2,394 3,102 Charitable activities Sale of goodslservices as part of direct charitable activities 377,453 405,501 Other trading activities Auctionlrecycle credits Other income 1.030 433 250 1,684 1,463 1,934 Investment income Bank interest receivable 6,220 3,941 Total Income 387,530 414,478 fl11nfflflfifi 16
Necessary Furniture Company Limited by Guarantee Detailed Statement of Financial Activities fcontinued) Year ended 31 March 2025 2025 2024 Expenditure Costs of other trading activities Light and heat Other motorltravel cosls Legal and professional fees Telephone Other office costs 11,814 503 11,767 1,287 2,295 7,648 460 8,800 1,469 3,523 21,900 27,666 Expenditure on charitable actlvlties Wages and salaries Pension costs Rent Rates and water Repairs and maintenance Insurance Other establishmenl Motor vehicle expenses Vehicle leasinglhire Legal and professional fees Other office costs Deprecialion 278 524 5,497 47,895 3,245 5,640 5,914 171 23,758 251 1,084 1,351 12,145 383,475 243,191 4,748 47,835 2,173 20,215 5,696 389 24,302 251 950 4,651 12,206 366,607 Other expendlture Other expenditure - bank charges 700 589 Total expenditure 411,841 389,096 niNnnflflflfl Infliiiimn Net lexpenditurellincome {24,311) 25,382 17
Necessary Furniture Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2025 2025 2024 Costs of other trading activities Costs of other trading activities - Shop costs Shop costs - light & heat Shop costs - other motorltravel costs Shop costs - legal and professional fees Shop costs - postage, telephone and fax Shop costs - other office costs 11,814 503 11,767 1,287 2,295 27,666 7,648 460 8,800 1,469 3,523 21,900 Costs of other trading activities 27,666 21,900 nflfirmflrn flnflflmiin Expenditure on charltable activlties Wages and overheads Activities undertaken directly Wageslsalaries Pension costs Rent Rates & water Repairs & maintenance Insurance Direct charitable activity 1 other establishment Motor vehicle expenses Vehicle leasing Legal and professional fees Direct charitable activity 1 advertising & marketing Depreciation 276,524 5,497 47,895 3,245 5,640 5,914 171 23,758 251 1,084 1,351 12,145 383,475 243,191 4,748 47,835 2,173 20,215 5,696 389 24,302 251 950 4,651 12,206 366,607 Expenditure on charitable activities 383,475 36S,607 flflnfln flflflflmflflfl 18