HOME FURNITURE SERVICES TRUST Limited by Guarantee Registered in England No. 05198011 (Registered Charity No 1105997) ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 Registered Office and Trading Address: 37-39 Bridge Street Taunton Somerset TA1 1TP HOME FURNITURE SERVICES TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31st MARCH 2025 The Directors present their annual report with the unaudit8d accounts of th8 Company for the year ended 31 St March 2025. OBJECTS The Company is a registered charity, number 1105997. the objects of which are to rdieve need. hardship or distress within Taunton and the surrounding areas by providing practical fumiture at nominal cost for persons of limited means resident therein who. due to their circumstances in h'fe. would othenhiise not be able to afford such furniture. DIRECTORS The Directors in office during the year and to date Were as follows G Hobrough M Goodman J Trigg N Acheson (Appointed l O of June 2024} A Harding (Appointed 8 of August 2024) A Bell (Appointed 16th of September 2024) A Kyle (Resigned 12 of February 2025) CHAIR'S REPORT ON BEHALF OF THE DIRECTORS Sales in the financial year 2024125 increased to £198,158 from £195.022 in the previous year {1.6 % ). although total income decreased by £3.379, 1.60A. to £206.558 compared to £209.937 in 2023124, This resulted in an operating performance which showed a defictt of £24.779 against a surplus of £13.441 in 2023124. The movement from surplus to deficit was primarily due to a 20.2% increase in direct expenditure, which rose to £161,598 in 2024125 from £134.461 in 2023124. AddÉtionally. rentsl expenses increased by 28.8.￿, rising from £33,043 in 2023124 to £42,558 in 2024125. This increase was mainly attributable to the inclusion of back dated rental Costs for storage premises Netsvork Rail. The sales growth in the year indscates that the demand for the Charitys services is continuing to increase and that there is still a high level of unmet need. The Board believes. however. that given the uncertainty of the economic outlook, the Charity needs to maintsin adequate resources to ensure that it is able to deal with fijture contingencies while continuing to develop the business. I would like to thank my fellow directors. staff and all the volunteers. vhiose help has been readily forthcoming and invaluable during the pasL HOME FURNITURE SERVICES TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31sI MARCH 2025 DIRECTORS RESPONSIBILITIES Company law requires the Directors (Trustees) to prepare accounts for each financial year which give a true and fair VEW of the state of affairs of the Company and of the surplus or defiut for that period. In preparing those accounts the directors are required to select suitable accounting policies and apply them consistently. to make judgements and estimates that are reasonable and prudent. to state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the accounts and to prepare the accounts on the going concem basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping proper accounting records which reveal wilh reasonable accuracy at any time the financial position of the company and to enable them to ensure that the accounts comply with the Companies Act 2Ix)6. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps to prevent and detect fraud and other irregularities. AUDITORS For the year ending 31 March 2025. the company was entilled to exemption from audit under s8Ction 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtsin an audit in accordance with section 476 of the Companies Act 2006. Approved by the Board of Directors on 181h of August 2025 and signed on their behalf. N. Acheson Chair HOME FURNITURE SERVICES TRUST REPORT AND ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2025 Independent examinerfs report to the trustees of Home Fumiture Serrfices Trust. I report on the accounts of the company for the year ended 31 Marth 2025. which are set out on pages 4 to 7. Respective responsibilities of trustees and examiner The trustees (who are also the directors of the company for the purp)ses of company law) are responsible for the preparation of the accounts. The truste8s consider that an audit is not required for Ihis year under section 144{2) of the Charities Act 2011 (the 2011 Acl) and that an independent 8xamination is needed. The charity's gross income exceeded £25.000 and l am qualified to undertake the examination by being a qualified member of the Chartered Institute of Taxation. Having satisfied myself that the charity is not subject to audit under company law and is digible for independent examination. it is my responsibility to: Examine the accounts under section 145 of the 2011 ACL. To follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act" and to stste whether particular matters have come to my attention. Basis of independent examinerfs report My examination was carried out in accordance with the general Directions given by the Chanty Commission. An examination includes a review of the accounting records kept by the charty and a comparison of the accounts presented wilh those records. It also indudes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a Irue and fair view, and the report is limited to those matters set out in the statement below. Independent examinerfs ststement In connection with my examination. r￿ matter has come to my attentic>n: (1 } Which gives me reasonable cause to believe that sn any material respect the requ1￿ments. To keep accounting records in accordance wilh section 386 of the Companies Act 2006: and to prepare accounts which accord with the accounting records, C¢)mply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; OT (2) To which, in my opinion, attention should be dra￿1 in order to enable a proper urKJerslanding of the accounts to be reached. Name: Lyndsey Jarnes FCA Relevant profosslonal qualification or body: Fellow Chartered Accx)untant- Institute of Chartered Accountants in England & Wales Address: TS Partners Ltd 9 High Street Wellington Somerset TA218QT Lyndsey James FC HOME FURNITURE SERVICES TRUST INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31st MARCH 2025 2025 2024 INCOMING RESOURCES Sales Donations received Gift aid commission Bank interest received Grants received Profit on sale of asset Recyding credit receNed 198.158 1.304 195,022 5,093 234 1.173 1,534 2,677 5.738 5.509 206,558 209.937 DEDUCT RESOURCES EXPENDED Direct charitable expenditure Salaries and national insuran Furniture purchases Van running Costs Travelling expenses Advertising 144,739 7,271 8.715 773 100 161,598 118.026 6.708 8,552 860 315 134,461 Management and administration Rent, rates and service charges Refuse collection Insurance Telephone 42,558 1,760 4.498 1.766 2.339 1.219 160 1.528 574 1,796 2,841 1,097 676 6.927 69.739 33.043 1.736 2.905 2,049 2,015 638 225 1.529 Printing, stationery and postage Other office expenses Accountancy Cleaning Slaff training and welfare Bank and card charges Subscription Sundry expenses Depreciation of fixed assets 1,990 3.062 1,818 641 9.820 62,035 Surplusl{Deficit) for the financial year {24.TT9) 13.441 HOME FURNITURE SERVICES TRUST BALANCE SHEET at 31s1 MARCH 2025 TANGIBLE FIXED ASSETS 2025 2024 NOTES Motor Vehicles Equipment 19,946 26.595 1,012 370 27,977 295 21,050 CURRENT ASSETS Debtors Bank Balances Current Account Business Premium Account Credit Card Cash 1,853 2.289 1,000 70.714 1,000 81,668 43 73,570 85.000 CURRENT LIABILITIES Creditors falling due in less than 1 year (11.131) (4,709) NET CURRENT ASSETS 62,439 80.291 TOTAL NET ASSETS 83,489 108,268 GENERAL FUND Total funds brought forward 108,268 94,827 Surplus for year (24.779} 13,441 Total funds carried forward 83,489 108,268 For the year ending 31 March 2025, the Company was entitled to exemption from audit urKler section 477 of the Companies Act 2006 relating to small companies. The members have not required the Company to obtain an audit in accordanGe with seGtion 476 of the Companies Act 2006. The Directorfs acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparakn'on of accounts. N Acheson CHAIR M Goodman TREASUR Dated 18th of August 2025 HOME FURNITURE SERVICES TRUST NOTES TO THE ACCOUNTS 31st MARCH 2025 1. RESPONSIBILITY OF THE DIRECTORS Under the provisions of the Charities Acts 1992 and 1993 the Directors are responsible for ensuring the maintenance of proper accounting records contsining day-to4ay entries for all monies received or expended, their nature and purpose and a record of the Charity's assets and liabilities and fvrther, for the preparation of Accounts for each financial period whith gtve a true and fair view of the state of affairs of the Charity and of its surplus or deficit for that period. 2. ACCOUNTING POLICIES In accordance with the Charities Acts the following Accounting Policies have been used consistently throughout the year in dealing with items which are considered material in relath)n to the Company's Accounts. a) Basis of Accounting These Accounts have been prepared under the historical cost convention so as to disdose the income and expenditure for the year on an accruals basis excJuding Value Added Tax. b) Depreciation Depreciation is provided on Tangible Fixed Assets so as to write them off over their estimated useful lives at the following rates-. Motor Vehides Equipment 25% p.a. on reducing balance 200/0 p.a. on reducing balance 3. FIXED ASSETS Motor Vehicles Equipment Total COST At 1 April 2024 Disposals Additions At 31 March 2025 36.995 3.719 1.933 42.647 36.995 3.719 1.933 42.647 DEPRECIATION At 1 April 2024 Disposals Charge for year At 31 March 2025 10.41X) 2,707 1,563 14,670 6,649 17,049 203 2.910 75 1.638 6,927 21,597 NET BOOKVALUE At 31 st March 2025 19,946 295 21.050 At 1st April 2024 26.595 1.012 370 27.977 HOME FURNITURE SERVICES TRUST NOTES TO THE ACCOUNTS- continued 31st MARCH 2025 4. DEBTORS 2025 2024 Prepayments VAT refund due Gift Aid 831 1.022 821 793 675 2,289 1,853 5. CREDITORS 2025 2024 Trade creditors Tax and Nl Accruals 525 3,267 942 2,546 11.131 4.709 6. LIABILIry OF MEMBERS The Company is limited by Guarantee. In the event of the Company being wound up, the liabilty of the existing members. and those members ceasing their memtErship within one year prior to the winding up, is Itmrted to £1. 7. RELATED PARTh TRANSACTIONS There vRre no related party transactions during the course of the year.