Charity registration number 1096086 Company regSslratlon numljer 04375649 (England and Wale51 9 LIVES FURNITURE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
9 LIVES FURNITURE LEGAL AND ADMINISTRATIVE INFORMATION Trustees Irvin Cohen Rosemary Hadfield M.8.E Aiitjrew BlalherNick David Sharpe Sergio Mussi Donald Milligan IAppoinled 12 October 20231 P&ul Rtsdlnyton IAppoSnled 12 October 20231 Chair Rosemary Hadfield M.8.E Andrtsw B181herwi¢k 110 23 December 20231 Ilrom 24 D¢¢embor 20231 TreasurorlS•cretary INln Cohen Managlng Dlr•ctor Marie Frost 110 31 July 20231 Gtn¥r41 Manager Poul Cheshlre Ifrom l August to 13 Decgmber 20231 Ilrom 2 January 20241 Sharon Hurford Ch•rlly numb•r 109fj086 Company number 04375649 R•glstorod offl 25 WharfL3ne Rickmansworth Herlfordshire WD3 1HA Ind•p•nd•nt •xamln•r John Wilson FCA ATII Howard Wilson Chamered Accountants 36 Crown Rise Walford Hertfoidshire WD25 ONE Bank•r8 CAF Bank 25 Kings Hlll Avenue Wgst Mall'ng Kent ME19 4Ja
9 LIVES FURNITURE CONTENTS Page Trustees. Ipport Statemènt of Trust8gs' r85ponslbllllles Indèpandent examinels r¢port Statement ol financial activities Ba18nce sheol 1Q Notes to the financial statements
9 LIVES FURNITURE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Th8 Truste8s pr85ent Iheir repDrt and linanaal 5tatern8nis for the year 8nded 31 March 2D24. The fin8nei81 ststemeni$ have been prepared in 8c¢ord8n¢e with the 8¢¢0unb"ng poli¢ies set out in note I to the fin8nci81 slatetnenls and cotnply wilh the charitable company's Articles ol Associats"on, Ihe Cotnpanies Act 20( and"AccDunling nd Reporting by Charrties". Staternent of Recorlltnended Practice applicable lo charitie5 preparing their accounts in accordance wilh the FlnancSal Reporting Standard applicable In the UK and Republic ol Irelend IFRS 1021 leffectSve 1 January 20191.. Objectives and activitie The charSlablg company's objects 8r& lo holp rgsldfrnls ol Wallord, Three Rlvgrs and th8 surroundlng areas who are In conditions ol need, hardship or distress by the prowsion of furniture and accessories and lo provid8 vocational training, support and work experience for those who volunteer at the scheme. The charity alms to achi8ve the58 oblectlves by.. • Collecting good quantity, donatad fumitur8 and olher household eff8ds which are no long8r r8quire¢J by lh8 own8rs and would otheise be deslined lor landfill. Thi$ r&du¢es landlill and 1% 9ood for thè environment by r&du¢ing the néèd for naw luinllure • Displaying furniluie and hcus8hold effects SO that People in need can choose frorn these an(J have Ihern delivered to Ihèir home, If desired. Recruikn'ng and supporting iJn8mployed volunleers, 8pe¢ifi¢ally, but not ttxclusively. people recovering from mentsl health problems or who hav8 a l&aming disablity. Th8 Volunteers ar8 offered training lo enable them lo gain ¢onlidence and leam skills th81 will prepare them for work, ther in furniture $toratIon or working in the shop and d6livary van Th8 work ol thè charlty has two compl•manlary aclivitl8s - thè furnitur8 recycling showroom land assoelated co118Ction and delivery, servi¢el and the provision ol ir8lning ¢tsurses and work experi8n¢e. The obie¢llves for e8¢h 3Ciivity for this year were-. Furnllur8 Recy¢llng'. • Increase sa18S to achieve the aim ol rnaking the lumiture recycling busin8ss $811.finanang Maintain subsidised saltss1SOOAI lor Ihose in need at current levels Maintaln volunletsr prograrnme 10 flll dilv8r'8 male an(1 showroom asslslanl posillons Training Courses and Ivork Experience.. Train Students in furniture ro$ioralion • Assist slud8nts and vulunteors to mov& into further employm&nt or volunteering rol8s Roise gronl income lo cover the cost ol the ¢OLJrses The Truslees have paid due regard ¢0 guidance issued by the Charity CDmrnission dècidiro whal 8cllvilies the charitable company should und8rtak8. The Trustees have considered the Charity Commi55ion guidance on public benefit. The charity relies on grant5 and incoma from lurnilurè salgs to covèr its opèrational costs. In sètting lh• leval ol charges for furnllura tha Trustaès considèr th# acc8S5ibility ol products for thos# on low Incomès oron b8nelit O Liv¢s Furnitur¢ hos two moin orcos of adivrty.. The volleclion of donaied good quality prgloved second-hand furniture and household goods, saving these iterns going lo landfill and helping the environrnent arKI local resDurces, which includes the sale and delivery of these goods from our Rlckmansworth showroom, at 8 50.kn dlscounl to Ihoso In n99d and 01 full prScg lo thè ganaral public, 8nd Providino training and work experience to unemployed adults. including those with a learning disability or OV9ring from mentsl111 health. Tralnlng coursss are provided In lumllure resloratlon (ln the workshopl and many volunteering I work experience roles lin the 5howroornl, as driver's m31e5 on the delivery v, in the office and in the workshop.
9 LIVES FURNITURE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Our volunt88r5, as alway5, have been Superb.. Administration.. Diane Back Driver's M3t8s." Greg Hirsl, David Sharpa, Paul Rèdinglon, Ouentr'n Cobharn and Andr8w Blatherwick Showroom.. 818ph Busby, IN8ndy Rennoldson. Anne Thorni18y, Calharine Payne, Ann8t18 Tirnm5, lan Wyall, Lou Dosselt, Valerie Cohen, lona Fernandes, Brende Proud, Roberi Langford, Liam O'Keefe. Andrew Thomiley, Anna Monks, Jonalhon Monk5, Penny Marriott, Ed Sianl8y Refurbishment.. Phillip Silverton, LOLJ Dossett and Peter Pledstead We have h1 some new starters thrin9 the year.. Louis Jtsrdaan. Pat McLaren-Smith, Aan Judge, cle Davidge Thanks lo those who have now left.. Sue Oak18y, Sheila Cotlrell All ol the Trusle&s hav¢ also volunteered Sn the showrotsn Ihls year. OLJr volLJnteers work unsb'ntingly for the benefit ol thè charity, helpin9 wilh furniture remov81, administration, working in thé showroom. lumilurè restorallon and cloanlng. The Trusloes, who $0 ably a89181 in leadlng the organlsallon. ar8 also volunt88rs and our thanks go to Ih8m. We would also like to thank all Ihose whD donate household goods. Achl8vgmonts and pgrfomian¢o Q l ives Furniture has had anolher slogdy year. The sales have been wnsislent and we have introduced new media to sell through. We have been selling a few items al Amer8hem Au¢¢lon8 who offer us a ¢horily rate. Th18 has worked wo11 for u8, and they can al80 provldo us wllh advlce on Pl8ces we want lo price. Paul Ch$shlr9. r&¢wllgd after a long search lor Marlg Frost's rgplacern9nl, rellred aflgr slx months of employmgnl. Our new General Manager, Sharon Hurford, w85 recruited and started on 2 J8nu8ry 2024. She comes with 8 we8llh of knowledge in charity retail and h?$ already made o big difference to the look of the showroorn ?nd our procedure5. Since Sharon started, w8 have updated Ihe lighting in the whole building. are working wilh tre landlady to ensure 811 electrics are in line with current safety guidance, upgraded our safety equipment and have introduced new Safeguarding and Equality Poli¢ig$. After mu¢h rese?r¢h we ore finally upgredin9 our till and ba¢k-office systems lo a CRS EPOS lele¢lriog1 point of soles) system. Thi¥ will definitely irnprove the efficiency ol our business atvj in¢rea69 our ability t) ¢laim Gift Aid. We have gone into partnership with Three R wers District Council providing a voucher system,. this is for people who have qualified through TRDC for help, dug to hornel8ssness who ar8 Frovidgd wilh a voucher to spend 819 Lives. We havg been given £5.000 in advance to run this project. Wg have a supervised workshop on Tuesdays, wherg volunteers work on r$$loring and up¢yGling furniture to be sold in the showroom. These pieces sell al higher prices in the Emporiurn and are not eligible lor discount. I he shop has been rearranged, with a designate(I clothing area. Staff Annual Reviews are in progress. Safèguardlng & Equality pollclos hav8 baen updat8d. First Aid Iraining has b88n booked for all paid staff and x>tne volunteers lo altend. Duk$ of Edinburgh $tudenls working tOW8rd? Iheir bronLe medals ar* regularly brought inl0 9 Live8 for work exp¥ri$n¢?. We have received 4 new applicalions, who will hopefully be starting soon.
9 LIVES FURNITURE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 We continue to promote th8 charity s actiMIi85 through.. Facebook Inslagram • Twitl8r Website Sèlling ol Frgnchlc chalk paints Volunteers.. As Thenlion8d abtsv8, w8 continu8 lo offer Duk8 of Edinburgh sch8rn8 plac8ments for sludants. We continue lo benefit frorn new volunteers who asslst in the 5howroorn. We are now receiving help from students at Rickmansworth School with our soaal media aclivilies. W8 ar8 gral8lul for grants and donallons thls year from,. Hertfordshire Community Foundation Batchworlh Cofflmunily Counal Three Rivers Council Our Landlady, Lynne Burn•ll Mary Kinross Charitable Trust Wa$te Reduction The collÈetlon And provlsion ol lurnilure eonlinuès to kèèp largè bulky ilÈms OLJt of landllll. Thls yèar 2,969 Items of furniture and ovér 1,000 small housèhold Items were divèrted from landfill whll81 provlding muth needed gUPPOrt to households in need. Premitse# Our premises comply with the Disability Discrimination Act and the building provides access to the ground and first floor for wh¢el¢hoSr u99rs. Fln&n¢lal revl•w A summary of the thaTty's financial position is attached. We earnee a sm?11 amount of interest on the funds held on deposit. W8 havg therefore opened a now online Savings acTr)unl with Rgdwood Bank 8nd transferr1 £50.000. Wo aro going to shut our CAF Platinum account, which is under a 95-day notice. We hope lo Iransfer thi8 lo a higher interest rale 3ccount. During the year the Tnjstees have considered the level of the charity's resees, in line with the Charity Commission guidelines, Tho Tru51¥gs s¥1 a policy Ihsl rtrllecls th¥ ne&d lo maintain cUrn1 operation¥ wMil¥l providing lor lulur commilmenls. It is tho policy ol thè charity Ihat unrestrictad lunds, which havè not b88n dssignatad for a spacific us8. should b¥ maintained at a sufficient level to pay off staff and settle the rent to the next break point in the lease. The Trustee5 Consider that reserves at this level wll ensure Ihat, in the event of a 5ignific8nl drop in sale5 income ondlor funding, they Yiill bg able lo conlinug Ihg fjhorily's Gurrgn1 activities whil? ¢onsidgration is giv9n to ways in whiGh additional fvnds tnay b raised. The level ol reserve5 is monitored and reviewed four tirnes a year,
9 LIVES FURNITURE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Our source5 01 Incotn8 are as lollcws.. Sales of donated good5, including discounled sales for those in need, 8nd increased Charges for upcyclè rurnilure. Sa18s of Fr8nGhic Ghalk paints. Grants and dongtion5. Furnitur4 dèlivery chargas Iwa do not -harg8 for collècts'onl. Gift Aid on the sales ol donated goods. Voucher schemo with Thre? Rivers Di?Inct Council, which h8S started vlilh £5,000. Bringing in outs¥Je lulors lo lun paid Gtsurses in Ihg work$hop. Bank interest. Kéy areas of 8xp8ndllur• are.. Rènt and runnlro costs lor thè lurnltur9 showroom, workshop and offlces lall in th8 sam8 building). The prémisès provide the OPPDrtunily to display and sell furnitu, whilst the workshop is used for training ccJr5es. They also provide volunteering opportunili8s. Salarie5 and staff costs. Van runnlng cost5 to operate the collelon and dallvery sorCt. Professional costs- preparation ol the accounts. Marketing c0515- ongoing publicity to prornole the work ol the charity and allract custorners lo the showroom. Purchaslng palnt for r•sal8 in Shop. UIdng th8 Ilghting and 8leclrics. The new EPOS (till and Ck-OfFIce Syslemsl. Slgnilicanl pay ris8 to all paid staff in January 2024, lor èxtr* duli88. R8s8rves Ihat arè not r8qulr8d lor day to day actlvlliès ar8 héld In a separate intèr8sl b8aring bank account. During the ye8r the Ggneral Man8ger and Trustee3 have continued to 855ess the major risks lo which Ihe tharily is exposed and have ensured systems are in place lo mitigate exposure lo such risks. The Trustees have no plans to make signilunt changes to th8 activ.S ol the charity. Our locus for th8 loroseeable futurè Is on continuing lo bulld on Ih818v&I of lumltur• sales and securfng grant funding for the tralning courses. We aim lo xhieve this through.. continued promotion of our activities. ¢onlinuing lo build our onlinè I social mèdia 8¢tivily including sallino iltsn)s online. flash sal¥s to help maintain a reasonable tumover of stock. fundraising pro9rammÈ to generate funding for our training rSeS. worklng with local Houslng Trusts and Counells Ic> in¢r&asa Ihe nun)bar ol Rgferred cu8lomer$ who wlll banefbl from the charity and also increase our incorne.
9 LIVES FURNITURE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure. 9ovemanc• and management Q Lives Furniture 18 a Ragisltsred Charity and a company limited by guarante6. At the end 012023 Rosernary H8dlield M.B.E stepped down as Chair after mgny years of hard worf< and dedi¢alion lo 9 Lives Furniture. Fortunately. Ro8ernary agreed lo slay on as 8 Trust88 bringing her v3$16xperience and invaluable help for the new Chairman. The whole of 9 Lives Furniture, our volunteers and c4Jslomers owe thanks to Rosemary for her excellent stewardship ol the charily. We are erY pleased that Andrew Blatherick has kindly agreed lo lake over this role. The Trustees, who are also the directors lor the purpose of company law. who served during the year were.. Irvin Cohen Rosemary Hadfield M.B,E Andrèw 81alherwick David Sharpe Sergio Muss1 Stephanie Singer Donald Milligan Paul Redinglon IResigned 8 April 20241 IAppoinl8d 12 0¢lobèr 20231 (Appointed 12 October 20231 An applic8kn.on form lo join the board of the 9 Livés Furniture is available lor ptrlential Trustee&dirtt¢lors, rhè board r8views this and polenlial candidates are invited lo the premises in Rickmansworth for a lull oveNiew ol the running of the scheme. All Trustees, who are also directors, are volunieers and unpaid. Vacancies are advertised through the local Councll8 for Voluntary Servlc88 and In th& local pap&r, Inductlon Irainlny Ilncluding worklng In th& showroornl is glv8n by th8 Chair and th8 staff to ensure a thorough undersiandlng ol th8 organisation. In addltlon. Iralnlng on th• rol8 and responslbilllies ol a Trustée 1$ av8ilable. None ol the Trustees has any beneficial inler&sl in lh8 company. All of the Trusl88s ar8 members of the company and guarantee to contribute £1 in the event of e winding up. Th8 charity currèntly has a Manag8m8nt CDmrnitt&è ol sèv8n Trustèes, all DI whom ar8 volunl88rs. At any one Ilme th8r8 are a minimurn ol three Trusiees viilh no n)aximum. At each Annual General Meeting IAGMI any Trustee who has served for three years musl retire from Office bul may offer th8m88lv89 for r$-&lecbon Iouglhgr with any new Tru81998 who have boon co-opted by the Tru8lees $lnce th& last AGM, The Trustees delegate the day to day running of the charitable compony's operations lo the Ggneral Manager. Staff employed by the Tru51 include.. General Managèr.. Sharon Hurford Tèam Leader$ Ipari lime- lun the showrotsm, manage the colleetion and dèlivèry $eNice and the showro¢>m volunteersl.. Toni Manning, RBbecca Johnson, Cdlhdrine Payne Ibank wotl(erl, Al Storer Driver.. Alan Storer Tutor,. Peter Plesled Admin assistsnL' Jo Walker Our General Manager also rn8intains relationships with a wide range and variety of org8ni58tion5, including.. Mambership of Reuse nelwork. Local voluntary services nehNork- W3RT. Recycling- WasleAware, • Referrals of students and VDlunt88rs- Mencap, N8w Hop8 Tru51, Northwick Day Centr8, A5cEnd, Wafford Community Mental Health Te8rn, self-referral. Referrals of customers in need- Cilizens, Advice Bureau, HertsHelp, Thrive Hornes, Watford Community Housing, Paratligm Housing, sell-relerral, Communily MenLal Health Teams, KeyNorkers, Thr8e Rivers District Council.
9 LIVES FURNITURE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Th8 Truste8s' report wa5 3pprov8d by the Board ol Trustees. Andrew Blatherwlck Trustee Dated.. 24 September 2024
9 LIVES FURNITURE STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 Th8 Truste8s, who are a150 the dir8Ctor5 019 Liv85 Furniture for the purp058 of company kw. ar8 re5ponsib18 lor preparing the Trustees, Report and the financial statements in aordanCe with applicable18w and United Kingdom A¢counkn'ng Standards (United Kingdom Gener211y A¢¢opLad Accounting Practical. Company Law requires the TrusteÈs to prepare finan¢ial statements for each financial year which give a true and fair view ol thè slatè of affairs ol tha charitablè company and ol thè incoming rasourcès and application ol rèsources, including thè Incotne and expenditure, of the charitable cornpany for that year. In pipparing these financial statetn8nts, the Tiustges ar8 r8quir8d lo.. select suitable accounkn'ng pc)licies and Ihen apply them consistently.. observ& th8 m8thods and princlplès In th• Charltlès SORP", maké iudgarnants and astimal8s that aro r&asonabl8 and prud•nl', and prepare tho Ilnanclal slatements on the going conc8rn basis unles8 5115 inapproprlal8 lo pr8sum8 Ihat Ihe charitable company will coniinue in operation. Th8 Trust88s ar8 responsibl8 lor k8eplng adéquate accountSng r8cords that disclose wlth r8asonabl• accuracy at any Ilm8 ¢h• Ilnancial positson ol thè charitdble compdny and 8nabl8 Ih&m to énsurè thal th8 financlal stdl8m8nts cornply with the Comp8nie5 Act 2006. Thèy are a150 responsible lor safU8rdlng the assets ol thè ¢h8rft8ble company and hen¢e lor taking raasonabl8 Step8 lor th8 pr8v•ntion and d818clion ol fraud and other irr•gularili8s,
9 LIVES FURNITURE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF 9 LIVES FURNITURE I report lo the Trustees on my examination ol th8 linanaal slat8m8nls ol g Liv85 Furniture Ith8 charitable company) lor the year ended 31 March 2024. Ro$pon$lbllltl&$ and b¥sl$ of roport As Ihe Trustees ol the charitable o)mpany land also its directors lor tha purposes of o)mpany lawl you are responsible for the pr8paralion ol th8 financial stalem8nls In 3ccordanc8 witr the requir8m8nts ol the Companies Acl 2006 Ith8 2006 Act). Having satisfied myselllhal Ihe financial slalemenls of the charitsblp company are not required lo be audited under Part 16 of the 2006 Art and are eligible for itepeNdent examination. I report in respect of my 8xaminats.on of Ihe charitsble company's financial slalernenls carried aut under section 145 of the Charities Act 2011 (the 2011 AGtj. In carrying o(Jt rny examination I havg followed all th9 appllcablg Di1g¢llons givon by Ihe Charlly Commisslon undfjr s$¢llon 1451511bl of th9 2011 A¢1. Ind•p•nd•nt •xamln•r's stat•m•nt I have completed my 8xarnlnalion. I conllrm that no rnallgrs have corn8 lo my atlentlon In conn8cllon wllh th8 8xamlnallon giving me cause lo beliave that In any material r8SP8cI'. accounting records were not kept in respect ol the charitable cornpany as required by section 388 of the 2006 Act., or the financial statements do not ac¢ord with those records., or the financi411 st&ilernents do not comply with thè acix)untln9 r8quir•ménts ol section 396 of thè 2006 Ael oth8r than any requirement that Ihe aceounts give a true and lair view which is nol a mailer considered as part of an independent examination., or the finan¢lal statements have nol been prepared In accordance wlth Ihe melhods and prlnciples ol Ihe Statement of R•comrnend•d Practic8 lor accounting and reportlng by charities applicabl8 lo charilies pr8paring Ih8ir accounts in accordanc8 wlth th• Financl81 R8portlng Standard applieAbl8 In th8 UK and Rèpublic ol Iréland IFRS 1021. I have no concerns and have corne acros$ no other matters in connection with the examination lo which 8ltenlion $h?uld be drawn in thi$ Igport in order lo en8bl& a proper undorslanding ol the financial slalom8nls to b& rea¢hed, John Wil#on FCA ATII Howard Wilson Chartered A¢¢ounlants 36 Crown Rise Wattord Hcrtfordshiro WD25 ONE Dated,. 24 S9pl8tnbei 2024
9 LIVES FURNITURE STATEMENT OF FINANCIAL ACTtVlTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 unrtrict• Rostri¢t•d funds funds 2024 2024 Total Unre8tri¢tod Restri¢1od fund5 lunds 2023 2023 Total 2Q24 2023 Not9$ In¢omo and endowmfrnis from., Danations and legad6s Charitable aBlivities Investments Other incorne 24,289 90,284 1,209 2,082 10.750 35.039 90.284 1.209 2.082 10.597 88,551 270 436 4,341 14.938 88.551 270 Total Incomg 117,864 10,750 128,614 99.854 4,341 104.195 Ex endllurè on: Charitable activities 140,406 2,558 142,966 124,590 124,590 N0t1oxp•ndlturollln¢om• for the yearl Net movemEnl in funds 122,5441 8,192 114,3521 124,7361 4,341 120,3951 Fund balances at 1 Aprll 2023 129,481 7,936 137,417 154.217 3,595 157,812 Fund balances at 31 March 2024 106.937 16.128 123.065 129,481 7,936 137.417 The 5talernenl ol fin8nci81 activities includes all gains Ii)$5e8 recognised in the year. All ineome and exp8nditur8 deriv8 from continuing aetivilies. The stBternent ol linanclal activities also complies wilh the requirements lor an income and expendlture account under the Companies Act 2006.
9 LIVES FURNITURE BALANCE SHEET AS A T 31 AIARCH 2024 2Q24 2023 Noteb Flx•d ass•ls Tangible as(5 11 1,241 Currènt assèts Sto¢ks Debtors Cash al bank and in hand 12 13 2,685 9,923 118,531 10,216 131,440 131,139 144,341 Creditors: amounts tslling due within one yèar 14 19,3151 16,9241 Nel current a55etS 121,824 137,417 Total assets legs current Ilabllltle 123,Of 5 137,41 T In¢ome funds Restricled funds Unr8slrict•d funds 16 16.128 106,937 7,936 129,481 123,065 137,417 Th8 company is enlilled lo the exemption from the audit requirem8nl contained in section 477 01 the Companies Act 2006, lor the year ended 31 MgrGh 2024. Th8 dir•ctors acknowl&Yg• théir responsibi1th. lor complying with th8 requir8monts of th6 Companles Act 2006 wlth r8sp8cI lo aecounlng Mcords and th8 pr8parallon of Ilnandal stat8mènts. The members have not required the cornpany lo obtain an audit of its financi81 $18lemenls for the year In question in accordance wilh section 476. These financial 51alernenls have teen prepared in accordan with the provisions applicable lo cornpanies subject lo the small ¢ornpgnies re91ff. The financial statements wore approved by the Trustees on 24 Sepltsmber 2024 Irvin Cohen Tru8t•• Andrew Blatherwick Tru$t•e Company Reglslratlon No. 04375fj49 10-
9 LIVES FURNITURE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ountSng pollcle8 Ch8rity infowmation 9 LIVGS Furniture is a prlvat& company Ilmiled by guarant88 incorporat8d In England and Wal85. Tho roglst8r8d offlc8 18 25 Wharf Lan•, Rickmansworth, H8rtlordshlre, WD3 1 HA. 1.1 Accounting conventlon Th& financial stalemènts hav8 b88n pr8parèd in aceordanc& ivith lh8 d)aritabl& eornpany's gov8rnin9 docum8nt. th8 Companies Acl 2006 and "Accounting and Reporting by Ch8nties'. Slalernenl of Recommended Pracb'ce applicable lo charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic ol Irèland IFRS 1021 laffèctlvè 1 January 20191. Thè charftablè company Is a PLJbllc 8ènèfit Entity as dèlln8d by FRS 102. Thè charllable compBny ha5 taken advantage of thè provlsions in thè SORP for charias applying FRS 102 Update Bullelln 1 not lo prepare a Statement ol Cash Flows. Th8 Ilnancial slalements ar6 prepared In 51erllng, which Is the luncllonal currency ol th8 charltable cornpany. Mon8lary amounts In these financial slalements ara round8d to th8 nearest £. The linan¢i81 stalements have been prepared under the histori¢al ¢ost Conven'0n. The principol acoounting policies adopl&d are s&1 out below, 1.2 Going conc•m At the Iirne ol approving the financial slalernenls, the I ruslees have a reasonatsl8 expeciation Ihal the chanlable company hos adequale resources to conlinlie in operational existence for the foreseeable futuie. Thus the Trustees conllnue lo adopt the going concern bag18 of accounllng In preparing the Ilnanclal slatemenlg. 1.3 Charltable fund¥ Unr851ricled funds are avallable for use at the discretion ol the Trustees In furtherance of their charKable objecllve8. R8$lrl¢tod funds are subled to 8pe¢rfle ¢ondillons by donors as lo how they rnay bts u$8d. The purposes 8n¢J uses ol the restrictad fu3 8r8 set out in th8 notes to tha lin8ncial 8tatem8nt8. Transfers between funds are used vthere there is an overspend on a PBrticular fLJnd beyond the amount originally funded where the charily has agreed lo meet Ihtr costs from ils unrestricted funds, or where the ¢ondilions relevant lo the fund have been tnet and it has previously been agreed wth Ihe funder than any remaining funds can be retained by the charity towards it charitable activities. 1.4 In¢orn• Income is recognised when the charilable company is legally entilled lo it after any performance conditions have been mel, Ihe amounts can be moasurgd reliably, and il is probable that income will be re¢givgd. Cash donations are r8cognis8d on receipt. Othttr donaliuns are rtrcognistrd onc8 the charitable company has been notified ol Ihe donation, unless performance conditions requi deferral of the amount. Income tax recoverable in relation lo donations r&ceived under Gift Aid or dèeds ol cov8nanl 18 recognised al the lime of Ihe donation. Asse15 given for use by the Gharitable company are recognised when receivable. Incom8 from the sale of dOted 9oods are accounted for when eamed. The value iepresenls the Iransaclional prlce ol the items sold. 11
9 LIVES FURNITURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting policies Icontinutdl 1.5 Expendituro Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its benefi¢iaritrs,11 in¢ludes bolh costs Ih81 c8n be allocatgd directly lo such activitigs and those costs of an indirect natur& neGe5sary to support them. Governance ¢osls include those eosls 3&sociated with meeting the constitutional and ststutory requirernènls of the charity and includ8 the audil or independènt exarnin81ion lees and costs link8d lo Il stratsgi¢ rnan8gemenl of the charity. 1.6 Tanglbl• flxed assets Tangiblé fixgd AsqÉl8 ar+ initially mE+asurftd cost and 8ubBF.qugnffiy mpasurtxl at rnst ar valuatinn, nt>t c)1 d8prgr.iatian and any impairment losses. Depr9cialion 1$ re¢ognised 90 as lo wrilF off lh9 Wst or valuation of as¥gts1gss Ihgir residual valugs over Ih9ir ug£ful live5 on Ihe following bage5'. Leasehold irnprovements Computers Motor vehicles over period of lease 25 /0 on cost 25% on cost Th• gain or1099 arising on th• digpogal ol a9S•t Is dgtgrrningd as th• diff8rgncg b91wggn th• galg proefjgds and tb• carrying value of Ihe asset, and is recognised in slatement of financial acts'vities. 1.7 Impalrmènt ol fixod a88èt8 Al each reporting end dale. the charitable company reviews the carrying amounts off ils tangible assets to delerrnine wh•th•r Ih•r• 1$ any indicaton that those ass•ts hav• Suff•r an Impaiim•nl loss, If any such indication •xistg. ¢h• recoverable amwnt of the asset 15 estimated in order to deterrnine the exlenl ol the impairment loss lif any). 1.8 stocks Stocks are slatd at th# lower of cost and èstlmated slllng prlc less costs io comDl#tè and sell. Cost comprlses dlr8Ct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the st¢Jcks to their pres8nl locat¥Jn and Eondilion. Il8ms held for dislribub'on at no or notninal consid8ralion are rn8asur•d a1 th• lowèr ol rplacmènt cost and co61 Net realisable value is the e5timaled selling price less all e)tirnated costs ol cornpletion and costs lo be incurred in marketing, selling and dislribulion. 1.9 Cash and cash •qulvalgntS Cash and cash equival8nls Include rash in hand, dep051ts held at call wth bank5, olher short-lertn liquid Investtnents wilh original maturities of three months or less, and bank overdrafts. Bank overdrjrts are shown within borrowings in currgnl liabilthès. 1.10 Flnanclal Instrumènts Th6 charitable company has 8l¥cted to apply th8 provlslons of Secllon 11 'BasSc Flnanclal Inslrum8nls' and S8clion 12 'Olhor Financial Inslrum8nts 1sSU85' of FRS 102 lo all ol its financial Instruments. Financlal instruments ara recognlsad Sn th& charitabl8 company's balanca sh8at whèn tho charitablè company becomes party to th8 ContrtUal prowsions of the in5trurnent Financial assets and liabilities ar8 offsel. with the net amounts pr8s8nled in the financial staternenls. when there is legally #nfort#ab18 right to s#t off the recogniytrd amounty and thera is an int#nlion Its strttl# on a ntrl bayis or lo r#8listr the asset and seitle the liablity simultanÈously. 12-
9 LIVES FURNITURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting policies Icontinutdl Basie financial •Jets Basic financial assets, which include debtors and cash and bank balenc£s, are inili£lly meaSUd at transaction price induding Iransadion wsts and are subsequently ¢arrigd at amortis8d ¢osl using th& 8ffe¢tivg inlertrst method unless the arrangement constitutes a linanGing Iransaclion. where the transaction is rnea5ured al the present value of the future reip1S discounted al a rnarkel rate of interest. Financk?l assets classified as receivable within one year are not amorti99d. Basic financial liabilities Basic finanei81 liabilities. inclLJding credilors and bank loans are initially recognised ot transa¢lion pri¢e unless the arrangement conslilut8s a financing transaction, where the debt inslrumenl is measured al th8 present value ol the future payments discounted at a market rale ol interest. Financial liabililies classified as payabl8 within on8 year ar8 not amortised. Debt Instruments ar8 subs8qu8ntly cari18d al arniYtiS8d cost, using th8 eff8ctiv• Int8r8sl ratè m8thod. Trade tt8dilors are obligations lo pay for goods or servic88 Ihal have been acquired in the ordinary course ol opèrations from suppllars. AmoLJnts paiablè are cL4sslflèd as curr8nt Ilablllll8s11 paym8nt Is dLJe wbthin oné yèar or188S. If not, Ihtsy are presented 8s non4urrenl liabilities. Trade creditots arts recognised inllially 8t trans3¢11on prf¢e 8nd subsequently measured at amortlS8d cosi using th8 effective in18r8sI rnelhod. DwKognlilon ¢lflnan¢l•l Ilabllltles Financial liabilitr'es are derecognised when the charitable company's contractual obligations expire or are discharged or ¢an¢elled. 1.11 Employ•• b•n•flts The cost of any unus8d holiday 8nlillemenl is reniSed in the period in which tho 8mploy88'S 8ervic68 are received. Teminalion benefits are recognised immediately as 8n expense when the ¢haril8ble Company is demonstrobly commilled lo terrninale the ernployment of an employee or lo prowde termination b8nefil6. 1.12 Rllrèmont bon•fll$ Paymenls lo clelned contr1tliOn r&lir¢menl benefit schem$s are ¢har9&d as an gxp9nse as Ih9y fall due, Crltleal accountlng èstlmates and ludgern•ntA In the applicats'on of the charitable company s accounting policies. the Truslees are required to make judgernents, eslirnales and assumptions 8boul the carrying amDunl ol assets and liabilities that are not readily apparent from other sources. Th8 estimates and associ8led assutnptions are based on hisloiical experience and olher factors that are considered to be relevant. Actual resu115 may differ from these estimates. The 8slimales and underlwng assumptions are reviewed on an ongoing basi8. Revisions to accounting eslimales are recognised In Ihe period In which the esiimaie Is revised where the reViSn affecrs only ihat pen£x1, or In Ihe period or th8 revlslon and future per1$ wher8 the rgvlslon affects both ¢urrgnt future perlods. 13-
9 LIVES FURNITURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 DonatSon3 and le9acles Unrestrlcted fundg Restrlcted funds Totsl Unrestricted funds R88trlctad funds Totsl 2024 2024 2024 2a23 2023 2023 Donallons and gffts Grants 11.494 12795 11,494 23,545 9,797 800 9,797 5,141 10.750 4.341 24,289 10,750 35,039 1 D,597 4,341 14,938 Donatlons and glfts Donations and legacies Gift Aid receivable 207 11.287 207 11,287 970 8,827 970 8.827 11494 11,494 9,797 9,791 14-
9 LIVES FURNITURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and gatI88 Icontinutdl Uhr•Jtrictsd funds fttsJtrieted funds Totsl Unrèstricted funds Re3tri¢ted funds Ttst81 2024 2024 2024 2023 2023 2023 Orants r¥¢•lvablo for core actlvltlos ASCEND Co-op Grant Thrive Hornes Wolford & Ttir¢¢ Rivors Trust Batchworth Community Grant Hortfordshife Cornmunily Foundation Mary Kinross Hertlordshirrtt County Council Oth8r 1.500 2.295 1,500 2,295 2,000 2,000 5.000 5,000 2,000 2,OOD 5,000 s,000 4,000 4.000 1.750 1,750 800 4,341 5,141 12,795 10,750 23,54S 800 4,341 5,141 Other grants received in the year include those r1Ved Irom W3RT and Kickstarter Funds Charitable *ctiNrytieB 2024 2023 Sales of donaled and r8furt)ish&d lumilur¢ 90,284 88,551 In¥•stm•nts Unr05trl¢tsd Unr•strl¢t•d fund$ lund8 2024 2023 Interest receivable 1,209 270 15-
9 LIVES FURNITURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Othfji Income Unrestricted Unr8Strict8d funds funds 2024 2023 Othtsr Income 2,082 Charltabl• acti110$ 2024 2023 Staff eosts Depreciation and impairment Oth8r staff costs Prernises costs Inyurance Repairs and mainlènanc Offl¢e costs Volunteer costs Motor expénsès Travel and 5ubsislence Gengral gxpenses Legal and prolessional Acwuntancy laag Other finance ¢05t$ Purchasès 76,838 413 64,242 36,782 3,394 6,182 3,082 363 2.659 134 1,011 1,080 916 2,106 6,806 39,188 3,140 1.270 2,812 479 3.410 870 1.0 4,227 141,786 123,390 Govorn8n¢e co$ls - Ind¥p¥ndent Examiner's Fetr 1,200 1.200 142,966 124.590 Fa¥s paid to tha Ind•pond¥nt Examin¥r aré in r•sp8ct of •xaminalion s•rvic•s. Analys19 by fund Unrestrieled funds R¢stri¢ted funds 140,40B 2,558 142,966 For the yoar &nded 31 Mar¢h 2023 Unreslricled funds 124.590 124,590 16-
9 LIVES FURNITURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustees None of the Trust88s lor any p8rson$ ¢onng¢lod with them) received @ny romuneration or benefits from th¢ charilablg company during th8 year. Empltsy•e$ Number of employees The average monthly nurnber ol employ888 during the year wa8.. 2024 Numbèr 2023 Num1 Dire¢l charitable work Managèm&nl and administration Employment costs 2024 2023 Wages and salarie5 Other pension costs 75,321 1,517 82.593 1,649 76.838 64,242 Thèr8 wère no èmployees whos& annual remuneralion was £60,000 or more. 10 Taxatlon The charity is exempl from tsx on income and gains falling within se¢lion 505 01 the Taxes Act 1988 or se¢tion 252 01 the Taxation of Chargèablè Gains Acl 199210 lh8 exlenl that Ih8s8 are gpplied to ils charitable obj8¢1s. 17-
9 LIVES FURNITURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Tanglble flxed assets LeJ6ehold Improvements Computers Motor vehl¢le$ Totol Cost At 1 April 2023 Additlons 29,851 21,635 1.654 32,000 83,486 Al 31 March 2024 29,851 23,289 32.000 85.140 Dgpreciation •nd impairm?nt At 1 Apnl 2023 Depreciation ¢horged in the year 29,851 21,635 413 32,000 83.486 413 At 31 March 2024 29,851 22.048 32,000 83.899 Carrylng amount At 31 March 2024 1,241 1.241 Al 31 March 2023 12 Sto¢k$ 2024 2Q23 Flnlshèd goods and goods for rèsalè 2.685 2,685 13 D•btors 2024 2023 Amounts falling due within one year.. Oihei debtors Prepaymenls and accrued income 788 9,135 9,632 9.923 10,218 14 Cr¥dllors'. amounts talllng due wlthln on• y•ar 2024 2023 Notes Oihar taxotion and social sacurily Deleried income Other creditors Aceru•ls gnd deferred income 682 5,000 525 3,108 15 9.315 6.924 18-
9 LIVES FURNITURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Delerred 5ncom& 2024 2023 Other delerred Income 5,000 Defèrred incom6 is includèd in thè financial 81atem6nts as folk)ws'. 2024 2023 Deferred In¢Dme Is Included wllhln.. 5,000 Movements in th8 y8ar'. Deleried income al 1 April 2023 Rel¢ased from previous periods Rèsourcé8 deferrèd Sn the yèar 4,000 14,0001 5,000 D•l8ri8d Income al 31 Marth 2024 5,000 19-
9 LIVES FURNITURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 R•strlcted funds The income funds of the charity include restricted funds comprising the following uneXpend bolance¥ of dgnotion and grants held on Iiust for sp8Ctfie purposes., Movemonl in funds Movemgnl in funds Intt)mlnu r880urc89 1 Apvll 2022 rnsourc06 1 Awll 2023 exp•nd8d 31 March 2024 Equipmanl Fund Lollery Fund Training Fund Kickslart Fund Balchworth Community Council Granl Hértfordshlr& Community Fund 1,000 2.595 1,000 2,595 1.CQO 2.595 3,fA)S 4,341 3,750 11451 4,341 4,341 2,000 12.0001 5,000 14131 4,587 4,341 7.936 10,750 12.5581 16.128 The Equipment Fund w85 eslabli5he¢J Irotn donations receiv lo meet the c0615 of equiprnenl lor the offi'ce and warehouse. Th8 Tralnlng Fund was 8sta)lish8d from donatlons and grants r8c8lv8d In order to cost th8 cost ol Irainlng coursés, In P8rti¢ular lurnituie refurbishment. The Balchworth Communlly Council grant was lo fund repalrs lo lighllng, Th8 H8rtfordshir8 Comrnunily Fund granl was to cov8r th8 cc6t of Ihe EPOS sysl8m. 17 An#lysls of n•t oss•ts b•lw••n lunds Unr•$trl¢t•d Re$trl¢tgd funds funds Totsilnr•strlclgd R•$trf¢t•d funds funds 2024 2023 Totol 2024 2024 2023 2023 Fund balances al 31 March 2024 are raprgsgnt8d by.. Tangible assets Currenl assetsl{Iiabilitie51 1,241 14,887 1,241 121,824 106.937 129.481 7,936 137,417 106.937 16,128 123,065 129,481 7,9J6 137,41T 18 R*lat•d pgrty tr•nga¢tlon$ There were no disclosable related party Iransa¢tions during the year12023- nonel- -20-
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