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2022-03-31-accounts

Company Registration number 4199124 Charity Registration number 1129455

ReFurnish Devon

(A company limited by guarantee)

Annual Report and Financial Statements 31-Mar-22

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ReFurnish Devon Annual Report and Financial Statements Contents

Page
Reference and administration details 1
Trustees' report 2 - 5
Trustee's responsibilities in relation to the financial statements 6
Independent auditors' report 7-8
Statement of financial activities 9
Balance sheet 10
Cash flow statement 11
Notes to the financial statements 12 - 16
The following pages do not form part of the statutory financial statements:
Statement of financial activities per fund 17 - 18

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ReFurnish Devon Reference and administrative details

Trustees

Jane Bray Heather Adams Magnus Proctor Jane Hopkins

Directors

Jane Bray Heather Adams Magnus Proctor Jane Hopkins

Chief Executive

David Banks

Auditors

Russell & Young Ltd Acland House St Leonard's Exeter EX2 4NT

Bankers

Bank Unity Trust Nine Brindleyplace Birmingham B1 2HB

Aldermore Western House Peterborough PE2 6FZ

Registered office and operational address

Wrangaton Business Park Unit 2a Wrangaton South Devon TQ10 9GQ

Charity Registration number

1129455

Company Registration number 4199124

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ReFurnish Devon Trustees report for the year ended 31 March 2022

The directors, who are the trustees of the charity for the purposes of the Companies Act 2006 present their report with the financial statements for the year ended 31 March 2022, and confirm that these comply with the Companies Act 2006, the memorandum and articles of association and the Statement of Recommended Practice ­ Accounting and Reporting by Charities (SORP 2015) 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 2015.

Structure, Governance and Management

Governing document

Refurnish Devon, as a registered charity, takes the form of a limited company governed by its Memorandum and Articles of Association. It was established in October 1998, incorporated on 12 April 2001 and registered as a charity on 7 May 2009. Its Registered Charity Number is 1129455.

Organisational structure

The Trustees are company directors and members of a Refurnish Devon and are akin to shareholders (albeit in this type of company, there are no shares as it is limited by guarantee). The Trustees are permitted by Company Law to make decisions for, and manage the Charity as they see fit, provided their decisions are in the best interests of the Charity.

There are currently 4 Trustees who meet together with the senior manager at least every 2 months, either in person or via zoom. All meetings were via zoom during the lockdown period. Trustees give further support to the senior management team as required in accordance with their particular areas of expertise.

Recruitment and appointment of Trustees

Trustees are selected for appointment on the basis that they, as individuals, have a thorough knowledge, empathy or understanding of the Charity’s work, and are aware and accepting of the responsibilities that undertaking this role entails. Any new appointments are made on the basis that they will bring new skills, expertise or other attributes to the board.

As stated in the Articles of Association, the number of Trustees shall not be less than three but (unless otherwise determined be ordinary resolution) shall not be subject to a maximum. Trustees are elected by the current Trustees and voting members, a third of which retire in rotation annually. A Trustee who retires at an annual general meeting may, if willing to act, be reappointed, provided they have satisfied the conditions set out in the Articles of Association.

Trustee induction and training

New trustees receive induction and training appropriate to their roles and further training is available as required in response to any new legislation or national guidance. The following documents are also made available:

• The obligations of the Trustees to the Charity

Key management remuneration

This is set in line with the management of similar sized charities.

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ReFurnish Devon

Trustees report

Related parties

There are no related parties.

Risk Management

The Trustees, in collaboration with the management team are developing a risk management strategy which comprises:

The management are developing a risk register to identify and manage the principle risks faced by the Charity. The potential impact of these key risks are being assessed and appropriate steps to mitigate these risks are being recorded. The Trustees are satisfied that our policies and procedures relating to the management of key operational and financial risks are appropriate and adequately mitigate exposure to major risks which have been identified.

The management regularly report on any incidents that occur which may expose the Charity to a specific risk. If a particular risk is identified, a risk report is prepared at the time of the incident and this is reported to the Trustees at the next scheduled meeting unless more urgent action is required. In addition, the Trustees constantly review the overall risks faced by the growing charity.

The following represent the current principle risks that have been identified by the Trustees, together with an overview of how they are being managed:

• Managing a growing organisation ­ A strategic review is being undertaken. Our planning process identifies a clear message that we should continue to provide existing, safe, clean, affordable furniture, provide employment for a variety of people including those with support needs, and ensure that this is not put at risk by overstretching our resources.

• Data protection ­ Procedures have been establised to ensure that our documentation and procedures comply with the General Data Protection (GDPR) which came into effect from 25 May 2018. As a charity we are co­ordinating our approach across the organisation, training our staff and continuing to develop our database to aid regulatory compliance.

Objectives and Activities

The Charity’s objects (as defined in the Memorandum of Association) are:

• The relief of unemployment for the benefit of the public in such ways as may be thought fit, including the provision of training, employment, work experience and volunteering opportunities for a variety of people including people who have been long term unemployed and/or have support needs.

The strategies employed to assist the Charity to meet these objectives include the following:

We review our aims, objectives and activities at least once each year to look at what we have achieved in the previous 12 months. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set. Longer term objectives include the purchase of property to reduce the charity's lease commitments. The trustees have had regard to CC/CCNIs guidance on public benefit.

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ReFurnish Devon

Trustees report

Achievements and Performance

Reuse

Over the 12 month period more than 474 tonnes or 35,054 items of furniture and 53 tonnes or 3,496 items of electrical appliances were supplied for reuse to more than 20,000 local individuals or families. That is a total of more than 527 tonnes or 38,550 items which have been diverted from the waste stream and supplied at affordable prices to people on low income. The figures above are based on reuse credit claims and does not include ineligible items. We intend to improve the recording of all items more accurately in the future as the above figures significantly understate the true quantity of goods diverted from waste for reuse by people on low incomes.

Employment, volunteering and training

The average number (WTE) of people employed during the year has increases at 36 (2021: 32)largely due to employing 15 young people on 6 month, 25 hour contracts through the governments Kick Start scheme.

Refurnish is very grateful for the 10,913 hours of time invested by 60 volunteers throughout the year to support the Charity’s work. All Volunteers received on the job training and valuable work experience including manual handling training and benefited from the supportive work environment.

Two staff have successfully completed Portable Appliance Testing (PAT) training over the past year.

Financial Review

We received £81k in Council Covid grants and £27k for the Job Retention scheme funding for staff furloughed during Lockdown's. Total income soon returned to normal levels after Covid restrictions and Refurnish has done well to achieve a total income of £1,214,677 for the year and a surplus of £124,370 for the year . The Trustees have agreed to use £200k of reserves to purchase the freehold of our South Molton shop (and the flat above it) which which will (based on current interest rates) result, before maintenance costs, in an annual cost saving of about £25k whilst repaying the mortgage over a 20 year period. The charity has continued to increase income and reserves during the year and has sufficient cash reserves to be able to reduce the instability and cost of short term leases by investing in the purchase of one of its premises in line with it's Business Plan. The legal process took longer than expected but the purchase was completed on 29 September 2022.

Whilst ensuring the charity continues to achieve a reasonable surplus to maintain adequate reserves and reinvest in replacing essential assets it can also begin to think about developing new services to further meet its aims, especially in creating more training facilities for socially and economically excluded people.

Refurnish will continue to improve its systems and procedures, improve marketing and strengthen its board of trustees and management team to ensure efficient, good quality and safe services are provided.

Refurnish Devon is very grateful for the continued support received from Devon District councils and Devon County Council through Reuse and Recycling Credits and Business Rates relief on our premises.

We are also grateful for the support received from local people both from the donation of unwanted reusable household goods and for the time and commitment given by our volunteers.

Investment Policy

Aside from retaining a prudent amount in reserves each year, the Charity has, as noted above, built up sufficient reserves to allow it invest in the purchase one of it's most desirable and financially sustainable properties in South Molton. The trustees are confident there are sufficent reserves remaining after making this purchase in the coming year. Additionally, based on current interest rates, there will be an overall cash saving as the mortgage will be less than the rental outgoings whilst acquiring a significant asset.

Reserves policy

The Trustees, in conjunction with the management team, have agreed it is necessary to increase the level of reserves and will be reviewing its reserves policy over the coming year to ensure the Charity’s reserves policy remains realistic and sustainable.

Fundraising

The charity does not carry out significant fundraising activities

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ReFurnish Devon Trustees report

Plans for Future Periods

The Charity continues to work towards all the aims and objectives as defined in the business plan. In summary, its future aims and objectives are to:

Prior Period Error

Job retention Scheme COVID grants of £324,651 were netted off against wages in 2021. This set off against wages cost is contrary to the requirements of FRS 102 2.52.

The 2021 comparatives have been amended accordingly, with the JRS grants separately shown in note 4 to the financial statements. There is no effect on the brought forward reserves at 1 April 2021.

There was no set off in the 2019/20 financial statements.

Statement as to disclosure to our auditors

In so far as the Trustees are aware at the time of approving our Trustees' annual report:

• the Trustees, having made enquiries of fellow directors and the Charity's auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Approved by the Board and signed on its behalf by:

12 / 16 / 2022

…............................

Trustee ­ Magnus Proctor

12 / 16 / 2022

Trustee ­ Jane Hopkins

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ReFurnish Devon

Trustees responsibilities in relation to the financial statements for the year ended 31 March 2022

The trustees (who are also directors of ReFurnish Devon for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period. 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 and estimates that are reasonable and prudent;

state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company's auditor is unaware; and

the trustees have taken all steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

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Independent Auditor's Report to the Trustees of ReFurnish Devon 7 for the year ended 31 March 2022

Opinion

We have audited the financial statements of ReFurnish Devon (the 'Charity') for the year ended 31 March 2022, set out on pages 1 to 17. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102, the Financial Reporting 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 Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you

• the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections

Other Information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to

we have not obtained all the information and explanations necessary for the purposes of our audit

Responsibilities of the Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees (who are also the directors of the Charity 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 they 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 Charity'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 Charity or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements

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 useres taken on the basis of these financia

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Independent Auditor's Report to the Trustees of ReFurnish Devon 8 for the year ended 31 March 2022

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 part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the charity and the sector in which it operates. The key laws and regulations we identified were Charities Act, regulations in relation to data protection (GDPR), health and safety regulations and employment l

We also considered those laws and and regulations that have a direct impact on the preparation of the financial statements, primarily the Companies Act 2006, relevant tax and pensions laws.

We discussed with management how compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified individuals who have responsibility for ensuring that the charity complies with laws and regulations and deals with reporting any issues if they arise.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:-

Enquiries of management and those charged with governance regarding their knowledge of any non- compliance with laws and regulations that could affect the financial statements

Reviewing legal and professional costs to identify any possible non-compliance or legal costs in respect of non compl Reviewing Trustees' meeting minutes

As part of our enquiries we discussed with management whether there have been any known instances , allegations or suspicions of fraud, of which there were none.

We evaluated the risk of fraud through management override including any arising from management incentives. The key risks we identified were management bias in producing an annual profit. We also evaluated the risk of fraud through misappropriation of income.

In response to the identified risk, as part of our audit work, we:

  1. Confirmed on a sample basis that expenditure was properly authorised and made in accordance with the terms of the relevant fund.

  2. Tested journal entries throughout the year, for appropriateness

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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, 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/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our Report

This report is made solely to the Charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's members 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 Charity's members as a body,

12 / 16 / 2022

Martin Russell FCCA Senior Statutory Auditor for and on behalf of Russell & Young Ltd ­ Statutory Auditors

Acland House 21 Victoria Park Road Exeter Devon EX2 4NT

Russell & Young Ltd is eligible to act as an auditor under the terms of section 1212 of the Companies Act 2006.

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ReFurnish Devon

Statement of Financial Activities (Including Income and Expenditure account) for the year ended 31 March 2022

Statement of Financial Activities (Including Income and Ex
for the year ended 31 March 2022		 penditure account)
Note
Incoming resources
Voluntary income
3/4
Donations and legacies
Charitable activities
5
Other trading activities
5
Other income
5
Investment income
Total income
Expenditure on:
Raising funds
Charitable activities
6
Governance costs
6
Total expenditure
Net income / (expenditure) before gains / (losses)
Net gains / (losses) on investments
Net income / (expenditure)
Transfers between funds
Net movements in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted Restricted
As restated
funds
funds
Total funds
Total funds
2022
2021
£
£
£
£
115,560
-
115,560
581,387
-
-
-
-
144,280
-
144,280
45,160
953,744
953,744
360,041
9,869
9,869
24,805
-
-
-
-
1,223,453
-
1,223,453
1,011,393
-
-
-
-
1,094,985
-
1,094,985
944,817
4,626
-
4,626
3,150
1,099,611
-
1,099,611
947,967
123,842
123,842
63,426
-
-
-
-
123,842
123,842
63,426
-
-
-
-
123,842
123,842
63,426
224,370
224,370
160,944
348,212
348,212
224,370

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ReFurnish Devon Balance Sheet as at 31 March 2022

Notes
Fixed assets
Tangible assets
11
Current assets
Stocks
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
Net assets
The funds of the charity:
Restricted funds in surplus
Unrestricted funds
Unrestricted income funds
Total charity funds		 11,381
34,433
369,473

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

12 / 16 / 2022

…............................

Trustee ­ Magnus Proctor

Approved by the board on

The notes on pages 12 to 16 form an integral part of these financial statements

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ReFurnish Devon Notes to the Accounts for the year ended 31 March 2022

ReFurnish Devon is a company limited by guarantee and therefore has no share capital.

The Charity was incorporated in England and Wales and details of the registered office can be found in the reference and administration section of the Trustees report

The functional currency of the Charity is considered to be pounds sterling because it is the currency of the primary economic environment in which the charitable company operates.

2 Accounting policies The principle accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with 'Accounting and Reporting by Charities: statement of Recommended Practice' applicable to charities preparing their accounts in accordance with the Charities SORP (FRS102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements have been prepared on a going concern basis and the Trustees are not aware of any material uncertainties that would cast doubt on the Charitys ability to continue as a going concern.

b) Funds

General unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds are unrestricted funds which the Trustees have decided to set aside for a specific purpose. Restricted funds are funds to be used in accordance with specific restrictions imposed by the donor or which have been raised by the Charity for particular purposes. Expenditure which meets the criteria specified is charged to the fund.

As noted in the reserves policy, the Trustees aim to maintain unrestricted funds within a target range based upon a review of the risks currently faced by the Charity.

c) Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resource.

d) Incoming resources

All incoming resources are included in the SOFA when the Charity is legally entitled to the income, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Grant income is recognised when the Charity becomes unconditionally entitled to receipts and when the amount of the grant can be reliably measured. This is generally when the income is received.

Grants received for a specific purpose are recorded as restricted income

For legacies, entitlement is the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been received from the executors that a distribution will be made, or when a distribution has been received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met with a reasonable degree of certainty, then the legacy is treated as a contingent asset and disclosed if material.

Goods donated for resale are included as Income when they are sold.

Registration income received for fundraising events due to take place after the end of the financial year are deferred and recognised during the period when the event takes place.

e) Pension costs

The Charity's contributes to a defined contribution pension scheme under the auto enrolment scheme for employees who have sufficient earnings and have not opted out.

The assets of the scheme are held separately from those of the Charity. The annual contributions payable are charged to the Statement of Financial Activities (SOFA).

f) Tangible fixed assets and depreciation

Tangible fixed assets costing more than £300 are capitalised, and are stated at cost. For assets brought into use at the balance sheet date, depreciation is calculated to write off cost over their expected useful lives as follows:

Plant and machinery 11 - 33% straight line Leasehold improvements and other interests in land and buildings Over term of lease

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ReFurnish Devon Notes to the Accounts for the year ended 31 March 2022

g) Investments

Fixed asset investments are recognised at market value at the balance sheet date. Realised and unrealised gains / losses on investments are disclosed in the SOFA and in the notes to the financial statements where applicable. h) Stocks

Stock consists of purchased goods for resale. These stocks are valued at the lower of cost and net realisable value. Items donated for resale are not included in the financial statements until they are sold. No value is attributed to the donated goods held prior to resale as it is considered impractical to reliably measure their fair value and the cost of valuing of these items would outweigh the benefit to the users of the financial statements. ·

I) Cash balances

Cash at bank and cash in hand represents amounts held to meet short-term cash commitments as they fall due. This includes cash and short term deposits with a maturity of three months or less from the date of acquisition or opening of the amount.

J) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered.

k) Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

I) Operating leases

Rentals paid under operating leases are charged to the SOFA over the period in which the cost is incurred.

m) Grants payable

Grants payable are accounted for when the Charity is committed to making payment.

n) VAT

The Charity is registered for VAT and is able to recover input tax attributable to the relevant taxable supplies.

o) Volunteers

Volunteers are vital to the success of the Charity.We have over 60 volunteers who give their time at our various locations. In total these volunteers gave amost 11,000 hours of their time in the year, which would equate to an additional 7 full time staff. Neither the value of the donated hours nor the equivalent cost of the volunteers is included in the financial statements but their contribution is immense.

All Volunteers received on the job training and valuable work experience including manual handling training and benefited from the supportive work environment.

p) Financial Instruments

ReFurnish only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. The Charity currently holds:

3 Voluntary Income

Donations and legacies
Other donations
Gift aid tax reclaimed (repaid)		 Unrestricted
Restricted
Funds
Funds
£
£
862
-
5,552
-
6,414
-		 Total funds
2022
£
862
5,552
6,414		 Total funds
2021
£
608
(233)
375
4
Grants receivable
M&G Jones Charitable Trust
Local Authority Reuse grants
South Hams District Council
Dartington Parish Council
Local Authority bulky waste
Devon Community Recycling Network (DCRN)
Tudor Trust
Council COVID grants
JRS grants		 Unrestricted
Restricted
Funds
Funds
£
£
-
-
1,910
-
-
-
-
-
-
-
-
-
-
79,576
-
27,660
-
109,146
-		 Total funds
2022
£
-
1,910
-
-
-
-
-
79,576
27,660
109,146		 As restated
Total funds
2021
£
1,910
-
-
-
-
254,451
324,651
581,012

COVID grants: from the relevant councils to compensate for the loss of trade caused by the COVID 19 lockdown period.

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ReFurnish Devon Notes to the Accounts for the year ended 31 March 2022

5 Incoming resources from charitable activities

Commercial trading operations
Other income
Primary purpose trading
Contractual income from government
or public authorities
Other - reuse / recycling credits
Interest receivable		 Unrestricted
Restricted
Funds
Funds
£
£
9,869
-
953,744
-
106,886
-
36,582
-
812
-
1,107,893
-		 Total funds
2022
£
9,869
953,744
106,886
36,582
812
1,107,893		 Total funds
2021
£
24,805
360,041
35,081
10,079
-
430,006

The charity's primary objects include the promotion of the reuse and recycling of items and to reduce local financial hardship by the sale of clean, safe (recycled) affordable items. In this way the 'trading' is actually a charitable activity.

6 Total resources expended

Direct costs
Cost of goods sold
Employment costs
Employee & Volunteer expenses
Sub contracting
Other direct costs
Loss / (profit) on sale of tangible fixed assets
Establishment costs
Repairs and maintenance
Office expenses
Printing, postage and stationery
Advertising and promotion
Accountancy fees
Auditors remuneration
Legal and professional costs
Bank charges
Loan interest
Donations
HP charges
Depreciation of tangible fixed assets
Bad debts		 Commercial
trading
operations
£
48,081
707,173
12,979
19,524
40,826
5,020
203,124
3,658
8,238
9,119
3,142
-
-
4,872
8,885
514
1,904
497
17,429
-
1,094,985		 Governance
£
-
-
-
-
-
-
-
-
-
-
-
2,026
2,600
-
-
-
-
-
-
-
4,626		 Total
2022
£
48,081
707,173
12,979
19,524
40,826
5,020
203,124
3,658
8,238
9,119
3,142
2,026
2,600
4,872
8,885
514
1,904
497
17,429
-
1,099,611

7 Trustees' remuneration and expenses

No trustees received any remuneration during the year. Expenses, being the reimbursement of costs borne paid to trustees and persons connected with them, totalled under £100.

8

9

Net movement in funds
This is stated after charging:
Auditors remuneration
Loss / (profit) on sale of tangible fixed assets
Depreciation of owned fixed assets
Employee's remuneration
The aggregate payroll costs of employees were as follows:
Wages and salaries
Social security		 2022
£
2,600
5,020
17,429
2022
£
666,315
40,858
707,173		 2021
£
1,900
(750)
20,336
2021
£
300,672
32,510
333,182

There were an average of 36 (2021: 32) employees in the financial year No employee earned in excess of £60,000.

Key management remuneration for the year was £47,932.

During the year defined contributions pension contributions on behalf of the employees amounted to £23,439 (2021: £20,402).

Doc ID: af2f72b09c550246f2edb5133de7ee316d2cb39e

ReFurnish Devon Notes to the Accounts

15

for the year ended 31 March 2022

10 Taxation

The company is a registered charity and therefore is exempt from taxation.

11 Tangible fixed assets

Cost
At 1 April 2021
Additions
Disposals
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
On disposals
At 31 March 2022
Net book value
At 31 March 2022
At 1 April 2021
12
Debtors
Trade debtors
Other taxes and social security
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Obligations under finance lease and hire purchase contracts
Trade creditors
Other taxes and social security
Other creditors
Accruals and deferred income
14
Creditors: amounts falling due after more than one year
Loan
Obligations under finance lease and hire purchase contracts
Other debtors		 Land and
Buildings
£
19,234
5,490
(8,431)
16,293
12,250
117
(2,881)
9,486
6,807
6,984		 Plant and
machinery
etc
£
161,103
4,745
(54,615)
111,233
126,573
17,316
(55,146)
88,743
22,490
34,530
2022
£
11,575
2,740
15,106
5,012
34,433
2022
£
6,422
14,251
13,270
195
16,157
50,295
2022
£
46,077
-
46,077		 Total
£
180,337
10,235
(63,046)
127,526
138,823
17,433
(58,027)
98,229
29,297
41,514
2021
£
12,845
547
50,188
5,828
69,408
2021
£
7,986
47,904
21,804
-
2,650
80,344
2021
£
50,000
7,421
57,421

15 Members liability

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

16 Operating lease commitments

As at 31 March 2022 the charity had annual commitments under non-cancellable operating leases as follows:

Operating leases which expire:

Within one year
Over one year and under five years
Over five years
Expiry dates include break clauses.		 2022
100,370
74,600
-
174,970		 2021
85,002
88,768
-
173,770

17 Related parties

Controlling party

The charity is controlled by the trustees who are all directors of the company. Related party transactions

No money belonging to the charity has been used to indemnify the charity from losses arising from the negligence of its trustees, employees or agents, or to indemnify the trustees, employees or agents against any negligence on

Doc ID: af2f72b09c550246f2edb5133de7ee316d2cb39e

ReFurnish Devon Notes to the Accounts

16

for the year ended 31 March 2022

18 Analysis of funds

At 1
April
Incoming
Resources
2021
resources
expended
£
£
£
General funds
Unrestricted income fund
179,296
1,223,453
(1,099,611)
Restricted Funds
National Lottery grant
-
-
-
-
-
-
179,296
1,223,453
(1,099,611)
19 Net assets by fund
Unrestricted
Restricted
Total funds
Funds
Funds
2022
£
£
£
Tangible assets
29,297
-
29,297
Current assets
415,287
-
415,287
Creditors: Amounts falling due
within one year
(50,295)
-
(50,295)
Creditors: Amounts falling due
after more than one year
(46,077)
-
(46,077)
Net assets
348,212
-
348,212
20
Reconciliation of net movement in funds to net cashflow from operating activities
2022
Net movement in funds
123,842
Adjustments for:
Depreciation charges
12,413
(Profit) / Loss on disposal of tangible fixed assets
5,020
(Gains) / losses on investments
-
Dividends and interest from investments
(812)
Decrease / (increase) in stock
(3,114)
(Decrease) / increase in creditors
(41,393)
Decrease / (increase) in debtors
34,975
Net cash provided by (used in) operating activities
130,931		 At 31
March
2022
£
303,138
-
-
303,138
Total funds
2021
£
21,427
358,581
(80,344)
(57,421)
242,243
2021
63,426
20,336
(750)
-
-
3,048
84,813
(17,666)
153,207

21 Related party transactions

There were no related party transactions during the year

Doc ID: af2f72b09c550246f2edb5133de7ee316d2cb39e

ReFurnish Devon

17

Statement of cashflows For the year ended 31 March 2022

Net cash provided by / (used in) operating activities
Cashflow from investing activities:
Dividends and interest from investments
Purchase of tangible fixed assets
Disposal of tangible fixed assets
Profit (loss) on disposal of tangible fixed assets
Net cash provided by (used in) investing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2022
2021
130,931
153,207
812
-
(10,237)
(249)
-
-
5,020
750
(4,405)
501
126,526
153,708
242,946
89,238
369,472
242,946

Doc ID: af2f72b09c550246f2edb5133de7ee316d2cb39e

18

ReFurnish Devon

Statement of Financial Activities by fund for the year ended 31 March 2022

ReFurnish Devon
Statement of Financial Activities by fund
for the year ended 31 March 2022		 18
Incoming resources
Incoming resources from generated funds
Voluntary income
Incoming resources from charitable activities
Total incoming resources
Resources expended
Charitable activities
Governance costs
Total resources expended
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Unrestricted
income fund income fund
2022
2021
£
£
115,560
256,736
144,280
45,160
259,840
301,896
1,094,985
617,287
4,626
3,150
1,099,611
620,437
(839,771)
(318,541)
(521,212)
(202,671)
(1,360,983)
(521,212)

The notes on pages 12 to 16 form an integral part of these financial statements

Doc ID: af2f72b09c550246f2edb5133de7ee316d2cb39e

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12 / 16 / 2022 Signed by Magnus Proctor (martinrussell18@live.co.uk) 17:47:06 UTC IP: 31.52.82.195 12 / 16 / 2022 Viewed by Jane Hopkins (martinrussell18@live.co.uk) 17:47:19 UTC IP: 31.52.82.195 12 / 16 / 2022 Signed by Jane Hopkins (martinrussell18@live.co.uk) 17:50:24 UTC IP: 31.52.82.195 12 / 16 / 2022 The document has been completed. 17:50:24 UTC

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