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← Furniture Makers Company Limited

2025-04-30-accounts

Docusign Envelope ID: F00A79CA-ED57-498B-A1E2-1C3959F4A79E

Registered Company Number 5406250 Charity Number 1118569

FURNITURE MAKERS’ COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

Docusign Envelope ID: F00A79CA-ED57-498B-A1E2-1C3959F4A79E

FURNITURE MAKERS' COMPANY LIMITED (A company limited by guarantee)

CONTENTS

Page
Charity Information 3
Trustees’ Report 4
Auditors’ Report 7
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Accounts 11-15

Docusign Envelope ID: F00A79CA-ED57-498B-A1E2-1C3959F4A79E

FURNITURE MAKERS' COMPANY LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2025

TRUSTEES Hayden Davies (Chairman) Peter Head Peter Kelsey COMPANY SECRETARY Peter Head COMPANY NUMBER 05406250 CHARITY NUMBER 1118569 REGISTERED Furniture Makers’ Hall OFFICE 12 Austin Friars London EC2N 2HE AUDITORS Hillier Hopkins LLP Radius House 51 Clarendon Road Watford WD17 1HP BANKERS CAF Bank, Kings Hill, West Malling, Kent ME19 4PY

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Docusign Envelope ID: F00A79CA-ED57-498B-A1E2-1C3959F4A79E

FURNITURE MAKERS' COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 APRIL 2025

The Directors (who are also Trustees of the charity for the purpose of the Companies Act) present their annual report together with the audited financial statements of the Furniture Makers' Company (“FMC”) for the year ended 30 April 2025. The Directors confirm that the Annual Report and Financial Statements of FMC comply with the current statutory requirements, the requirements of the FMC's governing document and provisions of the Charities SORP (FRS 102).

Structure, Governance and Management

Constitution

FMC is registered as a charitable company in England and Wales, limited by guarantee and is governed by its Memorandum and Articles of Association incorporated 29 March 2005 and amended by special resolution dated 12 May 2006. FMC is connected to The Worshipful Company of Furniture Makers’ Corporate Fund (the “Livery”).

Method of Appointment or Election of Directors

Potential Directors are identified by the member and are chosen with regard to eligibility, competence, specialist skills and availability.

Policies Adopted for the Induction and Training of Directors

All Directors are encouraged to ensure they are familiar with the requirements of the Charities Acts and attend suitable courses to help them meet those requirements.

Organisational Structure and Decision Making

FMC is a wholly owned subsidiary of the Worshipful Company of Furniture Makers’ Charitable Funds (charity number 1015519, the “Charity”) whose activities are discussed below.

The management of FMC is the responsibility of the Directors who are elected and co-opted under the terms of the Trust Deed.

The day to day running of FMC is carried out by the Board of Directors with the assistance of the clerk to the Livery.

The Board of Directors meets regularly to consider progress and evaluate the management accounts and reports of FMC. The Directors also consider all activities including progress on courses and awards, cash flow reports and fundraising.

Risk Management

The Directors are responsible for the detailed consideration and management of risks facing FMC. They conduct annual reviews of the major risks (strategic, business and operational) to which FMC is exposed, and of the systems and policies set in place to mitigate those risks. Internal financial risks are minimised by the implementation of procedures for the authorisation of all transactions and projects. These procedures are reviewed periodically to ensure that they still meet the needs of FMC.

Objectives and Policies

Company Objectives

FMC's objectives reflect those of its parent, the Charity, and are as follows:

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Docusign Envelope ID: F00A79CA-ED57-498B-A1E2-1C3959F4A79E

FURNITURE MAKERS' COMPANY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 APRIL 2025

Activities for Achieving Objectives

FMC seeks to provide a facility to support the activities of the Charity and which will assist it in achieving its stated objectives.

The Charity is able, through its connections within the industry, to help identify ways in which FMC can meet its charitable objectives. This includes developing contacts with other organisations within the industry who can benefit by using the facilities provided at Furniture Makers' Hall.

Strategies to Achieve the Year's Objectives

FMC seeks to maintain and develop its assets, and in particular Furniture Makers’ Hall, in order to provide training, support and courses on relevant topics and to develop new initiatives with the help of experts in those fields, as well as the provision of a home and working facility for the Charity. FMC encourages the use of Furniture Makers’ Hall for meetings and seminars throughout the furniture industry.

Principal Activities for the Year

FMC's principal activities are:

The advancement of education of persons and the public engaged in the craft of furniture making.

The provision of meeting areas, function rooms and associated support activities for charitable activities, including those undertaken by the Charity.

Achievements and Performance

Review of Activities

Furniture Makers' Hall provides a long-term home for the Charity and a focal point for the furniture industry.

Financial Review

During the year FMC received total Donations of £1,290 (2024: £1,290).

The Charity again made a grant to FMC of £73,172 (2024: £72,773) to fund the capital repayments on the mortgage. The Charity also made a support grant to FMC of £60,000 (2024: £60,000).

FMC generated income from its property of £158,236 (2024: £161,916).

The general funds have reduced by £22,667 (2024: reduction of £243) to £971,799 (2024: £994,466).

Reserves Policy

The Company's reserves comprise a general fund and a revaluation reserve in respect of its freehold property.

The Directors regard the whole of the revaluation reserve and approximately £440,000 of the general fund to be held as reserves that represent the net investment in its freehold property.

The balance of the general fund, which at 30 April 2025 stood at £523,635, is retained as a reserve to meet future debt servicing costs and overheads.

5

Docusign Envelope ID: F00A79CA-ED57-498B-A1E2-1C3959F4A79E

FURNITURE MAKERS' COMPANY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2025

Future Developments

The outstanding mortgage on Furniture Makers’ Hall is due for repayment in March 2026. The Directors are reassured by the Trustees of the Company’s parent, the Charity, that sufficient funds will be made available to cover the repayment obligations.

The Directors continue to invest in the facility so that it is a prominent and high quality location for the Livery and the wider industry as well as for our tenants and those who hire the facilities.

Directors' Responsibilities

The Directors, who are also Trustees, are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Directors to prepare financial statements for each financial year. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of FMC and of the incoming resources and application of resources, including the income and expenditure, of FMC for that period. In preparing these financial statements, the Directors are required to:

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

Disclosure of Information to Auditor

Each of the Directors at the time when this Directors' report is approved has confirmed that, so far as that trustee is aware, there is no relevant audit information of which the FMC’s auditors is unaware, and that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that information.

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

6

Docusign Envelope ID: F00A79CA-ED57-498B-A1E2-1C3959F4A79E

FURNITURE MAKERS' COMPANY LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 30 APRIL 2025

Opinion

We have audited the financial statements of Furniture Makers’ Company Limited (the 'charitable company') for the year ended 30 April 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements

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Docusign Envelope ID: F00A79CA-ED57-498B-A1E2-1C3959F4A79E

(A company limited by guarantee)

FURNITURE MAKERS' COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 30 APRIL 2025

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We also obtained an understanding of the legal and regulatory frameworks that the Charitable Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, the Charities Act 2011 and relevant tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Hillier Hopkins LLP Chartered Accountants Statutory Auditor Radius House 51 Clarendon Road Watford, Herts WD17 1HP

Date: 28-01-2026

Hillier Hopkins LLP are eligible to act as auditor in terms of section 1212 of the Companies Act 2006.

8

Docusign Envelope ID: F00A79CA-ED57-498B-A1E2-1C3959F4A79E

(A company limited by guarantee)

FURNITURE MAKERS' COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 APRIL 2025

Note
INCOME FROM:
Donations and grants
2
Investment income
3
Other income
4
TOTAL INCOME:
EXPENDITURE ON:
Charitable activities
5
Governance costs
6
TOTAL RESOURCES EXPENDED
NET INCOME/(EXPENDITURE) FOR THE YEAR ENDED 30 APR2025
Funds brought forward
TOTAL FUNDS AT 30 APRIL
2025		 2025
£
134,462
1,255
158,236
293,953
312,370
4,250
316,620
(22,667)
994,466
971,799
Unrestricted
Total funds		 2024
£
134,063
2,312
161,916
298,291
294,384
4,150
298,534
(243)
994,709
994,466
Unrestricted
Total funds

9

Docusign Envelope ID: F00A79CA-ED57-498B-A1E2-1C3959F4A79E

(A company limited by guarantee)

FURNITURE MAKERS' COMPANY LIMITED

BALANCE SHEET FOR THE YEAR ENDED 30 APRIL 2025

Notes £ 2025 £ £ 2024 £
FIXED ASSETS
Tangible fixed assets
CURRENT ASSETS
Debtors and prepayments
Cash at bank		 10
11		 46,176
215,318		 2,689,870 80,614
143,063		 2,769,656
261,494 223,677
CURRENT LIABILITIES
Creditors -
Amount falling due within one
year		 12 1,979,565 183,922
1,979,565 183,922
NET CURRENT ASSETS/(LIABILITIES) FOR THE YEAR (1,718,071) 39,755
TOTAL ASSETS LESS CURRENT LIABILITIES
Creditors -
Amount falling due after more
than one year		 13 971,799
-		 2,809,411
1,814,945
TOTAL NET ASSETS 971,799 994,466
CHARITY FUNDS
General fund
Revaluation reserve		 14
14		 523,635
448,164		 546,302
448,164
Total funds 971,799 994,466

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 145 of the Charities Act 2011

Directors’ responsibilities:

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies’ regime.

10

Docusign Envelope ID: F00A79CA-ED57-498B-A1E2-1C3959F4A79E

FURNITURE MAKERS' COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

1 ACCOUNTING POLICIES

1.1 Basis of Preparation

Furniture Makers Company Limited meets the definition of a public benefit entity under FRS 102.

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Statement of Financial Activities (SOFA) shows the sources of income and expenditure analysed between General Fund and Restricted Funds.

The SORP (Statement of Recommended Practice) requires all sources of income to be shown, even though they may be used for purchasing fixed assets. The asset itself is charged in the balance sheet at the time of purchase and is not included in the SOFA expenditure. Depreciation of the asset is charged in the SOFA. Accordingly the net incoming resources are not necessarily operating surpluses (or deficits) as they include the purchase cost of the assets less the depreciation charges.

1.2 Income

Donations, fundraising and other income is recorded in the financial period for which it is received. The value of services provided by volunteers has not been included.

Expenditure is recognised on an accrual basis as a liability is incurred. It is analysed as follows:

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Freehold property 1% straight line Improvements to property 10% straight line Fixtures & fittings 15% straight line Office and catering equipment 15% straight line

1.5 General Fund (Unrestricted)

Unrestricted funds are donations and other incoming resources received, or generated, for the objects of the charity without further specified purpose, and are available as general funds.

1.6 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.7 Going concern

The financial statements have been prepared on a going concern basis, which assumes the charity’s ability to continue in operation for the foreseeable future.

At the balance sheet date, the charity had net current liabilities of £1,718,071, which includes a bank loan of £1,086,207 due for repayment on 16 March 2026. The charity does not currently have committed facilities in place to refinance this loan. However, if refinancing is not secured, the loan could be repaid using funds generated from the sale of assets held by the parent charity. The charity is dependent on the continued financial support of its parent to meet its liabilities as they fall due. The parent charity has indicated its intention, without providing a binding commitment, to continue to provide financial support for a period of at least 12 months from the date of approval of these financial statements.

Having considered the financial position of the charity, the expected support from the parent, and the availability of assets within the group to meet obligations as they fall due, the trustees are satisfied that it is appropriate to prepare the financial statements on a going concern basis.

11

Docusign Envelope ID: F00A79CA-ED57-498B-A1E2-1C3959F4A79E

FURNITURE MAKERS' COMPANY LIMITED (A company limited by guarantee)

==> picture [490 x 455] intentionally omitted <==

----- Start of picture text -----
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2. Voluntary Income Notes
Total funds Total funds
2025 2024
Donations 1,290 1,290
Grants 133,172 132,773
134,462 134,063
3. Investment Income
Total funds Total funds
2025 2024
Investment income 1,255 2,312
4. Other Income
Total funds Total funds
2025 2024
Rental income and hall hire 158,236 161,916
5. Charitable Activities
Total funds Total funds
2025 2024
Premises 7,8 219,704 190,317
Finance costs 7,8 92,666 104,067
312,370 294,384
6. Governance Costs
Total funds Total funds
2025 2024
Auditors' remuneration 4,250 4,150
7. Direct Costs
Premises Finance Total funds Total funds
2025 2025 2025 2024
Premises Depreciation 79,787 - 79,787 84,012
Mortgage Interest - 66,598 66,598 77,242
Loan Interest - 26,009 26,009 26,765
Bank Charges - 59 59 60
Total 2025 79,787 92,666 172,453 188,079
Total 2024 84,012 104,067 188,079
----- End of picture text -----

12

Docusign Envelope ID: F00A79CA-ED57-498B-A1E2-1C3959F4A79E

FURNITURE MAKERS' COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

8. Support Costs
Rent, rates and insurance
Service charges
Tenancy and surveying costs
Catering contract costs
Property costs
Sundry expenses
Total
2025
Total
2024
9. Net Incoming /(Outgoing) Resources
This is stated after charging:
Depreciation of tangible fixed assets
Auditors remuneration
During the year, no Directors received any remu
During the year, no Directors received any benef
During the year, no Directors received reimburse
During the year, there were no paid employees
10. Tangible Fixed Assets
Cost
At 1st May
2024
Additions
Disposals
At 30 April 2025
Accumulated Depreciation
At 1st May
Charge for the year
Eliminated on disposal
At 30 April 2025
NBV at 30 April
2025
NBV at 30 April
2024
F		 neration
its in kind
ment of expenses
£
3,219,611
-
-
3,219,611
504,767
32,197
-
536,963
2,682,647
2,714,844
reehold property		 (2024 : £Nil)
(2024 : £Nil)
(2024 : £Nil)
£
429,140
-
-
429,140
385,016
42,102
-
427,118
2,022
44,124
Improvements to
property		 2025
20,891
82,282
20,494
4,574
10,423
1,253
139,917
106,305
£
214,546
-
-
214,546
210,090
3,461
-
213,552
995
4,456
O
Fixtures & fittings
Premises		 2025
20,891
82,282
20,494
4,574
10,423
1,253
139,917
106,305
2025
£
79,787
4,250
£
40,551
-
-
40,551
34,318
2,027
36,345
4,206
6,233
ffice & catering equipment
Total funds		 2024
18,007
62,135
10,457
4,595
10,362
749
106,305
2024
£
84,012
4,150
Total
£
3,903,848
-
-
3,903,848
1,134,191
79,787
-
1,213,978
2,689,870
2,769,656
Total funds

The charity owns a property, part of which is rented to third parties under operating leases and short-term arrangements, and part of which is rented to a fellow group company. Due to shared services, common areas, and the inability to sell or lease individual floors separately under finance leases, the property does not meet the criteria for investment property under FRS 102 and the Charities SORP. It is therefore classified as a tangible fixed asset and accounted for using the cost model.

11. Debtors

2025 2024 £ £ Trade debtors 20,973 56,468 Prepayments and accrued income 25,203 24,146 46,176 80,614

13

Docusign Envelope ID: F00A79CA-ED57-498B-A1E2-1C3959F4A79E

FURNITURE MAKERS' COMPANY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

12. Creditors

Mortgage payments due within one year
Trade creditors
Amounts owed to group undertakings
Amounts owed to the Livery
Other taxation and social security
Other creditors
Accruals and deferred income
13. Creditors
Amounts falling due after more than one year
Mortgage
Long term loan owed to group undertakings
Long term loan owed to the Livery		 2025
£
1,086,207
24,096
680,306
129,545
5,727
24,410
29,273
1,979,564
2025
£
-
-
-
-		 2024
£
76,876
12,008
51,534
-
(2,388)
24,410
21,482
183,922
2024
£
1,082,500
608,192
124,253
1,814,945

The Mortgage of £1,086,250 outstanding at 31 April 2025 (2024: £1,159,376) is secured by a first legal charge over the freehold property.

14. Statement of Funds

Unrestricted Funds
General Funds
Revaluation reserve
Unrestricted Funds
General Funds
Revaluation reserve		 2025
Brought forward
£
546,302
448,164
994,466
2024
£
546,545
448,164
994,709
Brought forward		 2025
Incoming resources
£
293,953
-
293,953
2024
£
298,291
-
298,291
Incoming resources		 2025
Resources expended
£
316,620
-
-
316,620
-
2024
£
298,534
-
-
298,534
-
Resources expended		 2025
523,635
448,164
971,799
2024
£
546,302
448,164
994,466
Carried forward
Carried forward

14

Docusign Envelope ID: F00A79CA-ED57-498B-A1E2-1C3959F4A79E

FURNITURE MAKERS' COMPANY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

15. Related Party Disclosure

The company is related to the Worshipful Company of Furniture Makers' Corporate Fund ("the Livery").

Under FRS 102 the company is not required to disclose related party transactions with its group headed by its parent company, The Worshipful Company of Furniture Makers' Charitable Fund incorporating the Furnishing Trades Benevolent Association, on the basis that consolidated accounts are prepared.

Related party transactions between FMC and the Livery

At 30th April 2025 the company owed the Livery £129,674 (2024: £124,253), a loan subordinated to the Allica loan, which is included within mortgage payments due within one year in creditors, and is not repayable until after the Allica loan has been settled.

16. Ultimate Parent Undertaking and Controlling Party

The ultimate controlling party is the Worshipful Company of Furniture Makers' Charitable Fund Incorporating the Furnishing Trades Benevolent Association, an entity incorporated in the United Kingdom. Charity number 1015519 and Company number 02759359.

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