2024-03-31-accounts

Community Furniture Store (Selby) Limited FINANCIAL REPORTS For the year ending 31 March 2024

Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

Contents

Contents
	Page
Reference and Administrative Information	3
Directors’ Report	4
Trustees’ Annual Report	5
Independent Examiner’s Report	9
Statement of Financial Activities	10
Balance Sheet	11
Statement of Cash Flows	12
Notes to the Financial Statements	13

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

Reference and Administrative Information

For the year ending 31 March 2024

Charity Details

Registered Charity Name: Community Furniture Store (Selby) Limited

Charity Number: 1114619 (England and Wales) Principal Office Address: Unit 29 The Raylor Centre James Street York YO10 3DW Trustees: David James Nash (Chair from May 2023) Vera Van Gool (appointed November 2023) Timothy John Leonard (appointed May 2023) Nicholas Thomas Dennison Prakash Mistry Dr Matthew Farrelly David Graham Mitchell (Chair until May 2023) Tom Cooper Jenkins Sally Dillon (resigned November 2023) Kelly Cunningham (resigned May 2023) Chief Officer: Rebecca Blues (resigned July 2023) Katy Ridsdill-Smith (appointed September 2023) Independent Examinator: Nicola Ainscough FCA BSc Equilibrium Accountants Ltd 48 Goodramgate York YO1 7LF

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Company Details

Company Name: Community Furniture Store (Selby) Limited Governance Structure: Limited by guarantee Company Registration No: 05748655 (England and Wales) Registered Office Address: Unit 29 The Raylor Centre James Street York YO10 3DW Directors: David James Nash (Chair from May 2023) Vera Van Gool (appointed November 2023) Timothy John Leonard (appointed May 2023) Nicholas Thomas Dennison Prakash Mistry Dr Matthew Farrelly David Graham Mitchell (Chair until May 2023) Tom Cooper Jenkins Sally Dillon (resigned November 2023) Kelly Cunningham (resigned May 2023)

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

Directors’ Report For the year ending 31 March 2024

The directors (who are also the trustees of Community Furniture Store (Selby) Ltd for the purposes of charity law) present their report with the financial statements of the company for the year ending 31 March 2024.

Principal Activities

The principal activity of the company in the year under review was retail of furniture, lighting, and similar (not musical instruments or scores) in a specialised store.

Directors

The directors shown below have held office during the whole of the year from 1 April 2023 to 31 March 2024:

• David James Nash (Chair from May 2023)

• Vera Van Gool (appointed November 2023)

• Timothy John Leonard (appointed May 2023)

• Nicholas Thomas Dennison

• Prakash Mistry

• Dr Matthew Farrelly

• David Graham Mitchell (Chair until May 2023)

• Thomas Cooper Jenkins

• Kelly Cunningham (resigned May 2023)

• Sally Dillon (resigned November 2023)

Political and charitable donations

No contributions were made to political or charitable organisations during the year.

Statement of directors’ responsibilities

The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations. Company law requires the directors to prepare accounts for each financial year. Under that law, the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year. In preparing these accounts, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent; and,

• prepare the accounts on the going concern basis unless it is inappropriate to pressure that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Qualifying third party indemnity provisions

No qualifying third-party indemnity provisions have been made during the year.

Small company provisions

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006; the provisions of Financial Reporting Standard 102 Section 1A for Small Entities and with the methods and principals of the Statement of Recommended Practice: Small Charities 2005.

Signed ON BEHALF OF THE BOARD by:

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||| |---|---| |……………………………………….|………………………………………| |David Nash (Chair)|Prakash Mistry (Treasurer)| |Date: …………………………………| |Co [|| 272K|

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Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

Trustees’ Annual Report

For the year ending 31 March 2024

The trustees, who are also directors of the charitable company, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).

Governing Document

The Charity is controlled by its governing document, a deed of trust, and constitutes a Company Limited by Guarantee as defined by the Companies Act 2006. The Company has no share of capital. Under the memorandum and articles of association, members of the governing board are directors of the Company and trustees of the Charity.

Appointment of Trustees/Directors

Trustees are appointed to serve for three-year periods. From 2019, trustee terms of office have been limited to a total of nine years to reflect Charity Commission good practice guidance. Trustees are recruited following a skills audit of Board members to ensure that the Board has the right skills and experience. All trustees are inducted into the organisation by the Chair and CEO and relevant training is provided.

During the year the following charges occurred in the Trustee Board:

• David Nash was appointed Chair in May 2023

• David Graham Mitchell was appointed Vice Chair in May 2023 (extended for a further term beyond 9 year limit to provide stability during a period of transition)

• Timothy Leonard joined the Board in May 2023

• Vera Van Gool joined the Board in November 2023

• Kelly Cunningham resigned in May 2023 due to work pressures

• Sally Dillon resigned in November 2023 due to work pressures

Public Benefit Statement

The trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

The company is a registered charity whose principal object is the relief of people in need through the provision of furniture and other household items. It does this by facilitating the donation of suitable items of furniture from members of the public and commercial enterprises, which are then made available for sale to people in need at a reasonable cost.

Structure and History

The charity is part of a group of three separate charities, all with the same objectives and purpose. Community Furniture Store (Selby) Ltd operates in the Selby area. The other charities are Community Furniture Store (York) Ltd and Community Furniture Store (Ryedale) Ltd and they operate in York and Scarborough districts respectively. The organisations share a board, central management and administration team.

Originally, the charities were set up as independent charities to meet expectations of funders who tended to prioritise funding in their own localities. However, the funding landscape has changed, and we are aware of the benefits that merging would bring to group of charities in terms of streamlining administration, clarity of strategy and a shared identity. In the Annual General Meeting held on 28 November 2023, the Board approved a motion to merge the three charities. This project is a work in progress.

Charitable objects

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

Our charitable objects are:

• To relieve generally or individually persons who are in conditions of need, hardship, or distress for reasons including, but not limited to, lack of resources, sudden emergency, ill-health, disability, or other disadvantage.

• To provide by gift, sale, or otherwise, furniture, household goods and other items or services to relieve need, hardship or distress and prevent exclusion from essential services.

• To raise public awareness of, and encourage recycling, reuse, or repurposing of furniture and other household items, including by collecting unwanted items and making them available for others to use.

• To promote and provide life and work skills support and work experience for people who are unemployed or would otherwise benefit from such services.

• To promote any other charitable activity that is consistent with these objects, which shall be selected by the trustees at their absolute discretion.

Objectives, Vision and Purpose

Community Furniture Store is a grassroots charity that works with local communities in Selby to fight furniture and digital poverty. We do this by:

• Providing opportunities to learn new skills and be part of a community through our workshops and Volunteering Programme

• Reusing and repairing donated items to provide quality and affordable furniture to people and families in need

• Working in partnership to provide IT equipment to people who would otherwise be digitally excluded

So that everyone in our local communities has equal access to the support needed to improve homes, lives and lifestyles.

Review of activities

We are an anti-poverty charity which supports people in need through the provision of good quality and affordable furniture. We do this by collecting pre-loved items of furniture and selling them on our shop floor at a low cost, with an additional 30% discount for anyone who is on means tested benefits.

Providing affordable furniture to people in need

Over the year 2023-2024, we provided a total of 1,686 household items at a 30% discount to people qualifying through receipt of means tested benefits which equates to a total discount of £26,948. We have seen a 22% increase in uptake of the concessionary rate since last year which we attribute to external factors such as the cost-of-living crisis, inflationary pressures and an internal effort to increase our reach in the local community through social media, leaflets and partnership working. We are committed to meeting the growing needs of our community to ensure everyone has access to the items needed to make a house a home.

Carpentry Workshop

The Carpentry Workshop was established in Selby in 2011 to provide skill development opportunities to the local community. Over the years, it has welcomed a wide demographic of volunteers, particularly people with additional needs who were referred to the workshop by partner agencies to gain valuable experience and learn new skills.

Following the pandemic, we saw a significant decrease in the number of volunteers in the workshop. We also saw a decline in the number of local organisations willing to support the workshop with gifts in kind of materials and timber. As a result, the board decided to consult with staff, volunteers and the local community to understand the challenges the workshop was facing. The consultation concluded that our focus needed to shift away from carpentry to better meet the changing needs of the local community. As a result, the board took the difficult decision to close the workshop in March 2024.

Volunteering

We gratefully welcome the support of our volunteers on both the shop floor and in the Carpentry Workshop. This year, we were supported by a total of 11 volunteers on the shop floor who gave their time, expertise and energy to supporting the fight against furniture poverty. The total number of volunteering hours equates to 855 hours.

The Carpentry Workshop provided volunteering opportunities to people in the local community. Over the reporting period, the project was supported by 9 volunteers which equated to a total of 808 volunteering hours.

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

Over the year, our volunteering partnerships have grown as we develop our volunteering offer. We have been pleased to work in partnership with the Job Centre to offer volunteers the opportunity to gain experience, learn new skills and grow in confidence.

Collaborative working

We are committed to working in partnership with local organisations, charities and statutory organisations to increase our shared impact. Over the reporting period, we have worked closely with Up for Yorkshire to understand the needs of the community. We also receive referrals from Signet House and East Riding of Yorkshire council to support their clients.

Environmental impact

While our charitable purpose is to fight furniture and digital poverty, we recognise that there is a significant environmental benefit to the work we do. Over the year, we have saved 5,645 items from incineration or landfill which equates to 114 tonnes. This has prevented 122 tonnes of CO2 from being released into the atmosphere.

Key personnel changes

In July 2023, Rebecca Blues left the charity to pursue other opportunities. The Board are grateful for her dedication to the charity and wish her the best of luck in her new role. Rebecca was replaced by Katy Ridsdill-Smith as CEO in September 2023. Katy appointed a new Finance Manager in January 2024 to bring our financial operations in-house. We remain supported by Equilibrium Accountants.

Plans for the future

We have been working towards launching our new ‘Looking-In Strategy’ at the start of the 2024 financial year which determines our 5 priorities:

1. One charity: successfully merging the three charities alongside an organisational rebrand to streamline our operations and increase our impact across North Yorkshire

2. A financially resilient charity: diversifying our streams of income and increasing our reserves through innovation, grant funding and online sales

3. A healthy, inclusive and knowledgeable charity: ensuring we are equipping our people with the skills, knowledge and confidence to help us achieve our charitable mission

4. A community charity: developing a Volunteering Programme that engages the local community through partnership and launching our anti-poverty strategy

5. A safe, compliant and streamlined charity: implementing a new EPoS system to increase our productivity enabling us to support more people

Financial Review

The financial year has ended with a net deficit (total income less total expenditure) of £10,928, made up of a net deficit on unrestricted funds of £17,928, and a net surplus on restricted funds of £7,000.

Total charitable income in 2023/24 was £237,913, compared to £191,639 in 2022/23, an increase of £46,274.

Total expenditure on charitable activities in 2023/24 was £248,841, compared to £199,962 in 2022/23 an increase of £48,879.

The balance on unrestricted funds will reduce the charity reserves. Whereas the balance on restricted funds will be carried forward to next financial year, in accordance with restricted grant funding requirements.

Reserves policy

Trustees have agreed a policy to hold unrestricted funds not invested in fixed assets of between three and six months of budgeted overhead expenditure excluding exceptional items, so that activities can continue in the event of a significant drop in income or a significant increase in expenditure.

As at 31 March 2024 the target unrestricted reserves is £58,960 (3 months). The financial statements show that unrestricted reserves are currently £15,538 which is £43,422 below this.

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

Budgets were set with a target surplus to increase the level of unrestricted reserves, and this will continue in the new financial year.

The reserves balance does not include the value of goods donated for resale in store at year end. This is because the charity has taken advantage of the exemption in the SORP allowing us not to value donated goods at fair value, as it’s impractical to measure the fair value of goods donated for resale so donated goods are therefore recognised when they are sold.

The charity also gratefully receives restricted grant funding for a specified purpose. These funds are kept separate to unrestricted reserves and used in accordance with the terms and conditions of the grant funding.

Risk Management

The CEO maintains a risk register which is reviewed quarterly at Board meetings. The Board monitors impact, probability, mitigations taken and identifies any additional action required.

Trustees’ responsibility statement

The trustees (who are also the directors of Community Furniture Store (York) Ltd for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 company and the income and expenditure of the company for that year.

In preparing these financial statements, the trustees are required to:

• Select suitable accounting policies and then apply them consistently;

• Observe the methods and principles in the Charities SORP;

• Make judgements an accounting estimates that are reasonable and prudent; and,

• Prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the company will continue in operation.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Going Concern

The charity has generated a small surplus for the year and marginally improved upon its cash reserves. As such, at the date of signing these financial statements, the trustees expect the charity to continue to trade for the foreseeable future. On this basis, the trustees have prepared these financial statements on a going concern basis.

Signed ON BEHALF OF THE BOARD by:

……………………………………. …………………………………….. fh Ee David Nash (Chair) Prakash Mistry (Treasurer) Date: ………………………………. sala beeen

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

Independent Examiner’s Report

For the year ending 31 March 2024

I report on the accounts of Community Furniture Store (Selby) Limited for the year ending 31 March 2024, which are set out on pages 10-19.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

• Examine the accounts under section 145 of the 2011 Act

• To follow the procedures laid down in the General Directions given by the Charities Commission under section 145(5)(b) of the 2011 Act, and

• To state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items of disclosures in the accounts and seeking explanations from you as trustees consequently no opinion is given as to whether the accounts present a “true and fair view”, and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

• (1) Which gives me reasonable cause to believe that in any material respect the requirements

• To keep accounting records in accordance with section 130 of the 2011 Act, and

• To prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

Have not been met, or

• (2) To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

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Nicola Ainscough FCA BSc Chartered Accountant Equilibrium Accountants Ltd 48 Goodramgate, York, YO1 7LF

8 November 2024

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

Statement of Financial Activities (Including the Income & Expenditure Account)

For the year ending 31 March 2024

For the year ending 31 March 2024
Notes INCOME Incoming and endowments from: Donations and grants 4 Charitable activities 5 Investments 6 Total incoming resources EXPENDITURE Expenditure on: Charitable activities 7 Total resources expended Transfer between funds Net income / (expenditure) for the year 8 RECONCILIATION OF FUNDS Total funds brought forward as at 1 July 2023 Total funds carried forward as at 30 June 2024	Restricted Funds £ Unrestricted Funds £ 20,000 5,000 - 212,913 - -	Year to 31 Mar 24 Total £	Year to 31 Mar 23 Total £
		25,000	28,000
		212,913	163,510
		-	129
	20,000 217,913 13,000 235,841	237,913	191,639
		248,841	199,962
	13,000 235,841	248,841	199,962
	- - 7,000 (17,928) - 33,466
		-	-
		(10,928)	(8,323)
		33,466	41,789
	7,000 15,538	22,538	33,466

The notes on pages 13-19 form a part of these financial statements.

A Statement of Total Recognised Gains and Losses is not required as all gains and losses are included in the Statement of Financial Activities.

There is no difference between the net income / (expenditure) for the year above and the historical cost equivalent. All activities are continuing.

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

Balance Sheet

As at 31 March 2024

Balance Sheet As at 31 March 2024
			As at 31 Mar		As at 31 Mar
			2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible assets	11		7,758		9,731
CURRENT ASSETS
Stocks	12	2,740		1,719
Debtors	13	20,503		20,426
Cash at bank and in hand		38,279		20,968
		61,522		43,113
Creditors: Amounts falling due within one year	14		(46,742)		(18,769)
Net Current Assets / (Liabilities)			14,780		24,344
Total Assets less Current Liabilities			22,538		34,075
Creditors: Amounts falling due after more than one year	15		-		(609)
Net Assets			22,538		33,466
FUNDS
Unrestricted income funds	17/18		15,538		33,466
Restricted income funds	17/18		7,000		-
Total Funds			22,538		33,466

The notes on pages 13-19 form a part of these financial statements.

Directors’ benefits: advances, credit and guarantees

During the year no benefits, in the form of advances, credit and guarantees, were conferred upon directors of the company.

Guarantees and other financial commitments

During the year no guarantees or other financial commitments were made.

For the year ending 31 March 2024, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies and did not exceed the audit threshold under the Charities Act 2011 for the year in question. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirements of both the Companies Act 2006 and the Charities Act 2011, with respect to accounting records and the preparation of accounts.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and in accordance with the provisions of FRS 102 Section 1A – Small Entities.

The financial statements on pages 10-19 were approved by the members of the committee and authorised for issue on __ and are signed on their behalf by: Te (w | TNE ___ fh Ok. ___ David Nash (Chair) Prakash Mistry (Treasurer)

Company Registration Number: 05748655

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

Statement of Cash Flows

As at 31 March 2024

Statement of Cash Flows s at 31 March 2024
Note s CASH FLOWS FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES Payments to acquire tangible and intangible fixed assets Hire purchase payments Net cash flow from investing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 April 2023 Cash and cash equivalents at 31 March 2024 Cash and cash equivalents consists of: Cash at bank and in hand Cash and cash equivalents at 31 March 2024	As at 31 Mar 24 £ 18,059 - (748)	As at 31 Mar 23 £
		2,548
		-
		(4,490)
	(748) 17,311 20,968	(4,490)
		(1,942)
		22,910
	38,279	20,968
	38,279
		20,968
	38,279	20,968

Reconciliation of net income / (expenditure) to net cash flow from operating activities

Note s Net income / (expenditure) for the year Interest receivable Depreciation and impairment of tangible fixed assets Interest on hire purchase agreements (Increase) / decrease in stock (Increase) / decrease in debtors (Decrease) / increase in creditors Net cash flow from operating activities	As at 31 Mar 24 £ As at 31 Mar 23 £ (10,928) (8,323) - - 1,972 2,482 140 324 (1,021) 1,482 (77) (4,208) 27,973 10,791
	18,059 2,548

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

Notes to the Financial Statements

For the year ending 31 March 2024

1. STATUTORY INFORMATION

Community Furniture Store (Selby) Limited is a private company, limited by guarantee, registered in England and Wales, registration number 05748655. The registered office and principal place of business is Unit 29 The Raylor Centre, James Street, York, YO10 3DW.

2. COMPLIANCE WITH ACCOUNTING STANDARDS

The financial statements have been prepared in accordance with the Companies Act 2006, the Charities Act 2011, the Accounting and Reporting by Charities for Smaller Entities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (Effective January 2015) - (Charities ‘SORP’ (FRS 102)); the provisions of FRS 102 Section 1A – Small Entities and all other applicable accounting standards in the United Kingdom.

3. ACCOUNTING POLICIES

Basis of accounting

The financial statements are prepared on a going concern basis, under the historical cost convention.

The charity has adjusted the formats of those prescribed by the Companies Act 2006 to include headings that are relevant to its activities, to enable it to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The principal accounting policies, which have been applied consistently in the year, are set out below.

Revenue Recognition

Revenue is recognised in respect of gifts, donations, and funds received for goods and services supplied during the year, exclusive of trade discounts, upon receipt.

Cash Flow Statement

For the year ending 31 March 2024, the company was entitled to exemption from the requirement, under Financial Reporting Standard 1: Cash Flow Statements (Revised 1996), on the grounds that the company is classified as small (as per the thresholds set from 6 April 2008). The trustees believe that a cash flow statement is necessary for a full understanding of the financial statements and have therefore included a cash flow statement.

Fixed Assets

All fixed assets are capitalised and included at cost, including any incidental expenses of acquisition.

Depreciation is provided on tangible fixed assets at rates calculated so as write off the cost of an asset, less it’s estimated residual value, over the useful economic life of that asset as follows:

estimated residual value,over the useful economic life	of that asset as follows:
Land & Buildings	- 20%reducingbalance
Computer Equipment	- 33% reducingbalance
Vehicles	- 20%reducingbalance
Fixtures & Fittings	- 20% reducingbalance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slowmoving items.

Donated Goods

The charity operates a retail Gift Aid scheme, whereby it administers the sale of furniture on behalf of members of the public, who then donate the proceeds to the charity, enabling it to claim a tax credit. While this is legally considered to be a cash donation, in economic substance it is similar to a trading activity, and therefore both the sale proceeds and the tax credit are included within ‘income from charitable activities’.

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

The SORP requires that donated goods should be measured at fair value. The charity has taken advantage of the exemption in the SORP which allows this treatment not to be adopted if it is impractical to measure the fair value of goods donated for resale of if the costs of valuation outweigh the benefit to users of the accounts and the charity of this information. Donated goods are therefore recognised when they are sold.

Hire Purchase Agreements

Where an asset is purchased under a hire purchase agreement, the asset is capitalised and depreciated over its estimated useful life. The cash price is treated as an obligation under a hire purchase agreement and recognised as a liability. The liability is reduced as payments are made, and interest is recognised as an expense and an increase in the liability.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Allocation and apportionment of costs

All costs are allocated between the expenditure categories noted above on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. on a time expended basis or estimated usage.

Support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel, payroll, and governance costs which support Community Furniture Store (Ryedale) Limited activities.

Governance costs include the cost of audit of the annual accounts, legal and professional fees and the charges levied in managing the bank accounts.

Funds structure

Unrestricted funds are funds that are available for use or retention at the discretion of the Trustees, in accordance with the Charity’s objects. Restricted funds are used as and when the actual expenditure on specific projects is incurred.

4. DONATIONS AND GRANTS

DONATIONS AND GRANTS
	Restricted Funds £	Unrestricted Funds £	Year to 31 Mar 24 Total £	Year to 31 Mar 23 Total £
Donations andgrants*
Coalfields Regeneration Fund				10,000
Two Ridings	5,000	-	5,000	10,000
Two Ridings(Heart of Selby)	2,000	-	2,000	-
SelbyTown Council	3,000	5,000	8,000	8,000
Sackler Trust	10,000	-	10,000	-
	20,000	5,000	25,000	28,000

• All income from grants and donations consisted of restricted fund income (2023: £28,000) except for £5,000 unrestricted grant income from Selby Town Council which was brought forward from 2022/23.

5. CHARTIABLE ACTIVITIES

CHARTIABLE ACTIVITIES
	Restricted Funds** £	Unrestricted Funds £	Year to 31 Mar 24 Total £	Year to 31 Mar 23 Total £
Income
ShopIncome	-	205,064	205,064	158,713
Other Income	-	506 506		350

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

Gift Aid tax credit	-	7,343	7,343	4,447
	-	212,913	212,913	163,510

** Shop income includes £29,199 (2023: £18,337) representing donations from members of the public on which Gift Aid has been claimed from sale of their goods through the retail Gift Aid scheme.

6. INVESTMENTS

All of the charity’s investment income arises form money held in interest bearing deposit accounts.

7. EXPENDITURE ON CHARITABLE ACTIVITIES

		Restricted Funds £	Unrestricted Funds £	Year t 31 Mar 2 Tot	o 4 al £ Year to 31 Mar 23 Total £
Direct costs:	- 24,522			24,52	2 16,026
Cost ofgoods sold
	- 24,522			24,52	2 16,026
Support costs:
Wages and salaries Management charges Marketing Costs General office costs Accountancy Legal and professional Admin Costs Vehicle Costs Depreciation Hire purchase interest	12,435 131,783 - 21,184 565 - - 39,066 - 1,431 - 5,455 - 2,696 - 6,542 - 1,972 - 140			144,21 21,18 56 39,06 1,43 5,45 2,69 6,54	8 106,751 4 16,743 5 - 6 54,732 1 1,791 5 1,063 6 - 2 -
				1,97	2 -
				14	0 324
	13,000 210,269			223,26	9 181,404
Governance costs:	- 1,050			1,05	818 0 1,714
Management charges
Accountancyand independent examination
	- 1,050			1,05	0 2,532
	13,000 235,841			248,84	1 199,962

8. NET INCOMING RESOURCES FOR THE YEAR

This is stated after charging:

This is stated after charging:
		Year t 31 Mar 2 Tota	o 4 l £ Year to 31 Mar 23 Total £
Depreciation		1,97	2 2,482

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

Feespaid to independent examiner:		1,050 1,996	600 2,905
Independent examination
Other accountancy,VAT and consultancyservices

9. TRUSTEES’ REMUNERATION AND EXPENSES

No trustee was reimbursed any sum in respect of travel expenses during the year (2023: £nil) in relations to their trustee duties.

10. STAFF COSTS

Total staff costs were as follows:

Total staff costs were as follows:
		Year to 31 Mar 24 Total £	Year to 31 Mar 23 Total £
Wages and salaries		131,429	98,072
Social securitycosts		9,005	6,848
Payments to defined contributionpension schemes		2,493	1,831
		142,927	106,751

The average number of staff during the year was 7 (2023: 5) and the average number of full-time equivalent staff during the year was 6.23 (2023: 4.6).

No employees had employee benefits in excess of £60,000 during the year (2023: nil).

11. TANGIBLE FIXED ASSETS

	Land & Buildings £	Plant & Equipment £	Fixtures & Fittings £	Motor Vehicles £	Computer Equipment £	Total £
Cost
As at 1 April 2023	24,449	-	5,855	19,160	3,118	52,582
Additions	-	-	-	-	-	-
Disposals	-	-	-	-	-	-
As at 31 March 2024	24,449	-	5,855	19,160	3,118	52,582
Accumulated Depreciation
As at 1 April 2023	24,449	-	4,503	10,986	2,914	42,852
Charge for theyear	-	-	270	1,634	68	1,972
Disposals	-	-	-	-	-	-
As at 31 March 2024	24,449	-	4,773	12,620	2,981	44,824
Net Book Value
As at 31 March 2024	-	-	1,082	6,540	136	7,758
As at 31 March 2023	-	-	1,352	8,174	204	9,730

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

12. STOCK

All the amounts shown as stocks are in respect of goods for resale.

13. DEBTORS

DEBTORS
		Year to 31 Mar 24 Total £	Year to 31 Mar 23 Total £
Trade debtors		2,800	6,349
Amounts due from associated undertakings(note 16)		1,052	703
Other debtors:		-	-
VAT repayment		1,630	2,753
Gift Aid tax credit		7,343	4,447
Grants due		-	-
Prepayments and accrued income		7,312	6,174
Other Debtors		366	-
		20,503	20,426

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

		Year to 31 Mar 24 Total £	Year to 31 Mar 23 Total £
Trade Creditors		40,273	-
Hirepurchase agreements		748	4,490
Amounts owed to associated undertakings		-	-
PAYE Creditor		2,582	1,849
Accruals and Deferred Income		3,139	12,430
		46,742	18,769

The company secures the following liabilities disclosed under creditors falling due within one year:

		Year to 31 Mar 24 Total £	Year to 31 Mar 23 Total £
Bank loans and overdrafts		-	-
		-	-

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

		Year to 31 Mar 24 Total £	Year to 31 Mar 23 Total £
Hirepurchase agreements		-	609
		-	609

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

16. RELATED PARTIES

The trustees of the charity are also the trustees of Community Furniture Store (York) Ltd. During the year, the charity issued invoices totalling £24,390 plus VAT (2023: £22,922) to Community Furniture Store (Selby) Ltd. A total of £3,420 plus VAT (2023: £863) related to the recharge of stock, £12,177 plus VAT (2023: £19,184) related to management recharges, and the remainder consisted of the recharge of office equipment and professional fees.

The trustees of the charity are also the trustees of Community Furniture Store (Ryedale) Ltd. During the year, the Selby store paid invoices for £349 plus VAT (2023: £703) which related to the Ryedale store. Debtors include this amount of £1,052 (2023: £703) which was still owed from the Ryedale store at the year end (2023: £703).

17. MOVEMENT IN FUNDS

	Balance at 31 Mar 23 £	Incoming resources £	Outgoing resources £	Transfer of funds £	Balance at 31 Mar 24 £
Unrestricted Income Funds:
General Funds	33,466	217,913	(235,841)	-	15,538
Designated Funds	-	-	-	-	-
	33,466	217,913	(235,841)	-	15,538
Restricted Income Funds:
Workshop/salaries	-	20,000	(13,000)	-	7,000
Premises lease	-	-	-	-	-
IT equipment	-	-	-	-	-
	-	20,000	(13,000)	-	7,000
Total Funds	33,466	237,913	(248,841)	-	22,538

The designated fund represents funds set aside by the trustees for the future replacement of fixed assets. The restricted funds are explained at note 4.

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	General Funds £	Designated Funds £	Restricted Funds £	Total Funds £
Intangible fixed assets	-	-	-	-
Tangible fixed assets	7,758	-	-	7,758
Current assets	54,522	-	7,000	61,522
Creditors: amounts falling due within one year	(46,742)	-	-	(46,742)
	15,548	-	7,000	22,548

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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Community Furniture Store (Selby) Limited | Financial Reports - For the year ending 31 March 2024

Creditors: amounts falling due after one year	-	-	-	-
Net assets at 31 March 2024	15,548	-	7,000	22,548

19. OPERATING LEASE COMMITMENTS

The charity had the following future minimum lease payments under non-cancellable operating leases relating to premises for the following periods:

		Year to 31 Mar 24 Total £	Year to 31 Mar 23 Total £
Within oneyear		20,125	20,125
Between one and fiveyears		-	-
		20,125	20,125

20. COMPANY LIMITED BY GUARANTEE

The company is limited by members’ guarantees and therefore has no share capital. The guarantee given by members is limited to £1.

Community Furniture Store (Selby) Limited | Company Limited by Guarantee

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