Richmond Furniture Scheme Annual Report 2024-2025
Welcome sign crafted from reused materials.
RICHMOND FURNITURE SCHEME (A company limited by guarantee)
Contents
Welcome to our annual report for 2024-2025 ..................................................................... 3 Chair's foreword ................................................................................................................. 4 Trustees’ annual report ...................................................................................................... 7 CEO’s remarks ............................................................................................................................. 7 Administrative details ............................................................................................................... 11 Information about how and why we operate ............................................................................ 12 Governance ............................................................................................................................... 13 Financial review ........................................................................................................................ 13 Statement of Trustees’ responsibilities for the year ended 31[st] March 2025 .............................. 15 Independent examiner’s report to the trustees of Richmond Furniture Scheme (a company limited by guarantee) (‘the Charity’) ................................................................................. 16 Statement of financial activities for the year ended 31 March 2025 ................................. 17 Balance sheet as at 31[st] March 2025 ................................................................................. 18 Notes to the accounts ....................................................................................................... 19
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RICHMOND FURNITURE SCHEME (A company limited by guarantee)
Welcome to our annual report for 2024-2025
“Having had to relocate and start again I was directed to Richmond Furniture Scheme.
I was at bit nervous as a lot was going on and the staff were very friendly and attentive and helped me to find the items that I desperately needed which has really helped me to rebuild.
I cannot thank them enough the guys which I believe many are volunteers are just brilliant and I would like to just mention that Lucy [Stepan] the volunteer coordinator really gave me a lot of her time and I found her to be very calming and compassionate and I’m very grateful
And cannot recommend this place enough.
Thanks again.”
Review left on Google by Lee
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RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
Chair's foreword
The work of Richmond Furniture Scheme (RFS) is about sustainable furniture reuse, providing low-cost furniture and appliances to people in need. In 2024-25, RFS continued its quest to support more customers, with more furniture, and providing volunteering and work experience for over 100 people, all while helping the environment, ‘one sofa at a time’.
Although overall income fell £3,180 to £284,667 (reflecting a reduction in grant donations by £25,230 to £81,000), income from charitable activities rose by £17,802 to £176,989, reflecting a general increase in furniture operations.
Since the pandemic of 2020 and 2021, RFS has nearly doubled the number of customers (2025 - 1,805, 2021 - 937), trebled the number of households who acquired furniture with a discount (2025 - 890, 2021 - 226) while increasing the discount applied from 15% to 25%.
In the last year, RFS rehomed 8,020 items of furniture, saving an estimated five tonnes of CO2 emissions – equivalent to taking a car off the road for a year. RFS provided volunteering and work experience totalling 8,982 hours for 107 people. Volunteer time, if valued at the average hourly salary for Richmond Upon Thames of £21.00 per hour (2025-26), is equivalent to £188,622.
We are very proud of these achievements, increasing our impact on the community.
Broadening our product offering further
On top of the hard work put in by the team, RFS has also expanded its product offering, which is helping to attract new customers and providing new ways of supporting our community. In 2023 we started offering refurbished appliances and demand for these grew significantly. In Autumn 2024, the board approved the supply of new beds and mattresses. This decision was not taken lightly because RFS wants to do what it can to protect the environment. However, a basic need is for somewhere to sleep, and many customers don’t have this necessity. There is also no viable supply of refurbished mattresses currently and RFS does not have capacity on site to clean donated mattresses to a suitable standard.
We have partnered with Hampton Fund to help support their grantees’ need for beds. We went quickly from a trial to fully-fledged process, and we are delighted to be fulfilling their requirements. Since the trial, new beds and mattresses have been made available to everyone. RFS discounts bed prices by 25% for households in need.
Financial donations
We are extremely grateful for the partnering and financial support we receive from the London Borough of Richmond Upon Thames Council (LBRUT) who provides a grant for our premises and Hampton Fund and Richmond Foundation who provide financial grants. This support enables us to maintain low prices as well as provide the 25% discount to households
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RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
in need.
We also received a donation towards our Starter Kit fund from Albert Hunt Trust and our CEO, Simon Westgarth, raised £1,470 by running a half marathon. The Starter Kit fund is used to acquire items including kitchen kits, toasters, kettles and bedding for grant referred customers.
The Trustees Board
We have an experienced board with professional skills covering governance, IT, finance, digital marketing, safeguarding, operations and strategy. Our board enables us to steer the right course while assessing risk and debating the strengths and weaknesses against any action. The blend of experience is a real asset to the charity and has enabled us to reach wellinformed, strategic decisions. Most importantly, they are all committed to the aims of our charity and enthusiastic about what we do.
Thank you to every member of the board for your continued support and ongoing scrutiny. This maintains solid foundations for the future of the charity.
What’s next in 2025-26
Hounslow Council
2025 was a year of considerable growth in furniture activity. Despite this growth, if nothing else changed, and with increasing pressure to finance real wages and increases to employer’s National Insurance, it was looking tougher to finance our charitable objectives for 2026 and beyond.
Around the end of February 2025, we learned that a local furniture reuse charity, Hounslow Furniture Reuse Project ( HFRP) was closing from 31 March 2025. Our CEO, Simon Westgarth, contacted Hounslow Council and established that they needed a charity to take on the work of supporting the Discretionary Local Crisis Payments service (Hounslow’s equivalent of the LBRUT Local Assistance Scheme ). Thanks to some very quick work by Trustee, volunteer and all-round IT guru, Derek Papworth, RFS implemented a new process to support Hounslow, enabling RFS to take on the work.
The expected revenue and impact on RFS financial plan is significant and materially improves the outlook for the future. The team has done a truly excellent job of managing the demands on their workload, and we are delighted to report that business as usual has not been impacted by the increase in activity. RFS also thanks Hampton Fund , Richmond Foundation and LBRUT for their support and understanding.
Strategy
There are limits as to what how much more can be achieved at Fortescue Avenue, RFS’ spiritual home, due to its size. Even though RFS has increased storage capacity, we have been using
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(A company limited by guarantee)
every available opportunity to find additional space elsewhere. In June 2024, RFS took on storage space at a disused engineering factory in Hampton Wick. While we are extremely grateful, it is a 28-day rolling lease. RFS needs to be agile and be able to move out at short notice.
In July 2025, the board met to consider next steps and a strategy for the Scheme. The closure of HFRP has left a vacant property in Isleworth on the border of Hounslow and LBRUT . RFS registered an expression of interest on the site, and the board has agreed in principle to take on the lease subject to contract. This building with approximately 7,000 ft[2] of storage space, would provide immediate breathing room for our storage requirements and scope for future development.
A decision was also taken to explore expansion of the Scheme given the right opportunities. We believe what we doing is a force for good, and we want to find the most effective ways of doing more.
It gives me great pleasure to be part of a charity that delivers so many good things for our community. I thank everyone involved, our staff, our volunteers our supporters our multi skilled board and the London Borough of Richmond Upon Thames. But in particular, I thank Simon, our CEO, who constantly challenges all of us to do more, do better and help more people in need.
Many thanks to all of you.
Jack Stephen Chair of Trustees
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RICHMOND FURNITURE SCHEME (A company limited by guarantee) Trustees’ Annual Report
Trustees’ annual report
The Trustees present their annual report together with the financial statements of the Charity for the year ended 31[st] March 2025. The Annual Report serves the purposes of both a trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and Financial Statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and 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) (“Charities SORP FRS 102”).
Since the company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
CEO’s remarks
As Jack has alluded to above, we have continued where we left off in 2024 and expanded operations. And I will repeat what I said last year, it is all done so that we can help make homes, protect the environment and build community.
The team
I am always proud of my team and what they achieve. Everyone has put in a huge effort to keep ahead of the increasing demands on time, and it has necessitated working smarter and improving processes.
Sadly, in December 2024, we had to say goodbye to a much valued and experience colleague, Joe Pisco, Van Driver. He is missed by us all and he left big shoes to fill having been with the Scheme for 12 years. We wish him well for the future.
Andre McGill joined us as van driver in February 2025 and settled into the role very quickly given his extensive experience in deliveries and logistics. Andre is also a wicked darts player so watch out for him in local leagues and national tournaments!
Nathan Llewellyn works with Andre delivering and collecting furniture on the van. Nathan joined us in July 2024 and has quickly become a “part of the furniture”. Both Andre and Nathan have coped admirably with the demands of delivering refurbished appliances (if you’ve tried moving a washing machine up flights of stairs, you’ll know what I mean).
Rob Whitmarsh, Warehouse Manager, has been working hard to stay on top of all the moving parts
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RICHMOND FURNITURE SCHEME (A company limited by guarantee) Trustees’ Annual Report
that is a furniture reuse operation. Rob has also been getting RFS up to date with health and safety following significant investment in a new fire alarm system.
Joeseph Bracken, Office Administrator, who joined the Scheme on the Kick Start programme post Covid, has been instrumental in developing our grants administration programme. He is testing AI and working on finding greater efficiencies in our processes.
Joyce Stilwell, Administrator and Bookkeeper (part-time) has been working to help improve our reconciliation processes thus strengthening our governance. IT is playing a vital role in ensuring that we can process increasingly large volumes of data efficiently and accurately.
Lucy Stepan, Volunteer Coordinator, has been marshalling and recruiting 99+ volunteers for the past four years. Lots of paperwork, on-boarding meetings and doing an amazing job to stay on top of it all.
While the team is the engine room for what we do, we cannot achieve everything that we do without the fantastic work of our volunteer force. I never cease to be amazed at what they contribute to the charity.
Building homes – by ensuring everyone has access to affordable furniture.
The number of customers using RFS grew for the fifth year. What is notable is the growth in number of people accessing 25% discounted furniture, beds and refurbished appliances. Both grant referred and self-referred customer numbers increased.
As mentioned in Jack’s introduction above, RFS is supporting Hounslow Council’s discretionary grants fulfilment. These customers are eligible to access the 25% discount, therefore we expect to exceed 1,000 customers who received their 25% discount in the coming year.
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RICHMOND FURNITURE SCHEME (A company limited by guarantee) Trustees’ Annual Report
Protecting the environment – by reducing landfill and finding new homes for donated reuse furniture.
The number of items reused fell by 4.5% v 2023-24, however their weight increased substantially overall. RFS also saw increased donations in both the weight and the number of items. The higher average weight of refurbished appliances has contributed to the increase. We were also able to use the storage space in Hampton Wick to good advantage, storing a lot of the surplus stock.
RFS has continued to support the local authority’s “ Mega Skip” waste recycling. The events commissioned by the council, see large skips taken to different parts of the borough where the public can offload their household rubbish for recycling. RFS is partnering with the council by diverting reuseable and repairable items back to the Scheme. We are grateful to Richmond Housing Partnership for their logistics support when we are unable to get the van out in attendance.
Wherever possible, we like to reuse materials leftover from unused furniture, general projects and, as was the case with Kew Gardens , we were able to collect unused building materials from a site soon to be cleared for a new project.
Like last year volunteers created planters for the Visit Richmond stand at the RHS Flower Show, Hampton Court , bug hotels and made kits for assembly at workshops that we ran with Shepherd’s Star and special needs school Anstee Bridge. We also support YMCA Hampton Pool by ‘renting’ furniture for their summer concerts, and our items often end up as props and sets for Teddington Theatre Group , at the Hampton Hill Theatre.
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RICHMOND FURNITURE SCHEME (A company limited by guarantee) Trustees’ Annual Report
Building community – by creating opportunities for those looking to build or rebuild their skills.
Volunteers
Volunteering hours grew. Under Lucy Stepan’s leadership, RFS saw 107 volunteers provide 8,982 hours. I wasn’t sure that we would beat last year’s figure but somehow, we made it.
Please note that we work with a very broad cross section of the community. These include, ex-homeless, neurodiverse, people looking to gain experience as a stepping stone to something else and those who enjoy being with others. We work with under privileged members of the community, and this requires other volunteers from a variety of backgrounds to help, take a lead, support and mentor them.
Each year we survey volunteers to see how we do and how volunteering at RFS feels for them. The majority of people who participate feel better for doing so. People and interactions feature heavily in the comments and we know that interactions are a really important factor in helping people’s well-being to improve.
So what next?
In this coming year it's really important that we consolidate the achievements of 2024-25. As mentioned earlier, RFS has a chance to acquire the lease on more premises, to make use of the space for storage and to look at how we may be able to expand our services.
We do however need to tread carefully. We will manage our costs and plans and will seek funds if we go down the path of expansion.
Lots of work to do, but RFS always likes a challenge. Here is to a busy and hopefully successful year and I look forward to reporting back in 12 months’ time.
Simon Westgarth Chief Executive Officer
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RICHMOND FURNITURE SCHEME (A company limited by guarantee) Trustees’ Annual Report
Administrative details
1. Status
Richmond Furniture Scheme is registered in England and Wales as a Charity (1133019) and as a Company Limited by Guarantee (7001417).
2. Registered Office and Business Address
1a Fortescue Avenue Twickenham Middlesex TW2 5LS
3. Contact Details
Telephone 020 8755 4665 Email admin@rfsonline.co.uk Website www.rfsonline.co.uk
4. Board of Trustees
Jack Stephen, Chair Nicola Anson, Deputy Chair Helen Higgins Aoife Herr (resigned April ’24, re-appointed October ‘24) Derek Papworth Helen Pugh Ryan Richardson Mithu Sengupta
5. CEO
Simon Westgarth
6. Accounts Examiner
Debby Metcalf FCA 22 Trowlock Ave Teddington TW11 9QT
7. Bankers
CAF Bank Ltd, Kings Hill, West Malling, Kent Aldermore Bank Plc, 1st Floor, Block B, Western House, Lynch Wood, Peterborough, PE2 6FZ Cambridge & Counties Bank, Charnwood Court 5B New Walk, Leicester LE1 6TE The Co-operative Bank Plc, P.O. Box 101, 1 Balloon Street, Manchester, M60 4EP
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RICHMOND FURNITURE SCHEME (A company limited by guarantee) Trustees’ Annual Report
8. Insurance
David Edwards Insurance Brokers Ltd Ansvar Insurance Towergate
Information about how and why we operate
1. Principal activities
Richmond Furniture Scheme (“the Scheme”) accepts and collects donations of furniture from the general public in the London Borough of Richmond upon Thames. It stores, repairs as necessary, displays and sells at discounted prices to people in need and at marginally higher prices to the general public. The Scheme also provides volunteering opportunities, training and work experience.
2. Background
Richmond Furniture Exchange was established in 1990 and became a registered charity in 1992, changing its name in 1997 to the Richmond Furniture Scheme. From 1[st] April 2010 the assets of the Scheme were transferred to Richmond Furniture Scheme, a newly formed company limited by guarantee and registered as a charity. It is governed by its Memorandum of Articles of Association dated 1[st] November 2009.
3. Objectives
The Scheme’s objectives, as specified in its Memorandum of Association and agreed by the Charity Commission are the:
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Prevention and relief of poverty by supplying donated furniture and household goods at minimal cost to people in need
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Protection and preservation of the environment by encouraging reuse/recycling of donated furniture and household goods
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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.
4. Public benefit
The Trustees confirm that they have taken due account of the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities.
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RICHMOND FURNITURE SCHEME (A company limited by guarantee) Trustees’ Annual Report
Governance
1. Trustees
The Scheme is governed by a Board of Trustees who are also directors for the purposes of company law. Trustees are recruited by advertisement, networking and personal contact; they are all asked to identify areas of interest. Their main responsibility is to ensure the good governance of the Scheme by strategic and financial planning, approving and monitoring expenditure, and ensuring sufficient funding is in place. The Trustees hold regular meetings with their appointed CEO where they review operational and financial performance reports and discuss and take decisions on the direction of the Scheme.
2. Management and staff
We have seven paid employees (six full time equivalent). The Chief Executive Officer, Simon Westgarth, oversees all aspects of day-to-day business. He is supported by two part-time Office Administrators, a Volunteer Coordinator, a Warehouse Manager, a Van Driver and an Assistant Van Operative.
3. Risk and internal controls
The trustees have overall responsibility for ensuring that the Scheme has an appropriate system of controls in place - financial and otherwise. They are also responsible for safeguarding the assets of the Scheme and hence for taking reasonable steps in the prevention and detection of fraud and to ensure data protection and other assurance against irregularities such that:
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The Scheme’s assets are safeguarded against unauthorised use
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Proper records are maintained so that financial information used within the Scheme or for publication is reliable
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The Scheme complies with relevant legislation and regulations
As part of the Scheme’s system of internal control, the trustees supported by the CEO, record and review risks including their likelihood of occurrence and potential impact and review associated actions to mitigate these.
Financial review
1. Overview
The Scheme’s total income during the period was £284,667 (2024: £287,847) against a total expenditure of £299,925 (2024: £244,735), resulting in an operating deficit for the period of
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RICHMOND FURNITURE SCHEME (A company limited by guarantee) Trustees’ Annual Report
£15,258 as restricted funds received in the previous year were spent (2024: £43,112 surplus). Total reserves of £210,905 (2024: £226,163) are carried forward to the next financial year, of which unrestricted reserves are £148,776 (2024: £145,344) and restricted reserves are £62,129 (2024: £80,819).
Income from charitable activities rose to £177.0k (2024: £159.2k) due to a 10.9% increase in customer numbers. Self-referral and grant customer numbers grew by 47.1%. Grant income decreased to £81.0k (2024: £106.2k) as last year’s income included one-off grants for the new van. Other sources of income increased to £26.7k (2024: £22.4k) due to improved bank interest and a one-off receipt for the sale of historical data on furniture sales (all personal information removed) to a business school for research purposes.
Expenditure rose to £299.9k (2024: £244.7k). Team salaries increased to be in line with the London Living Wage resulting in higher on-costs too, and the expansion of the offering of white goods and beds added £14.4k to costs.
2. Reserves policy
The reserves policy states that unrestricted liquid reserves of the Scheme should be maintained at a level equivalent to six months' otherwise unfunded expenditure. Current reserves of £148.8k are at 4.7 months of budgeted expenditure.
Unrestricted reserves include £10,000 held as a designated fund for property refurbishment and will be utilised in part to cover depreciation of the newly installed fire alarm system. Restricted reserves are funds held for specific projects and largely comprise funds held to cover the cost of writing down the value of the new electric van over its expected lifetime.
3. Material investments policy
The Scheme can deposit or invest money not required for its immediate purposes subject to conditions or consents as may be required by law. At 31st March 2025 £80,000 was held in a 1-year term account (2024: £80,000).
4. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Scheme has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
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RICHMOND FURNITURE SCHEME (A company limited by guarantee) Trustees’ Annual Report
Statement of Trustees’ responsibilities for the year ended 31[st] March 2025
The Trustees (who are also the directors of the charitable company for the purposes of company law) 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) (“FRS 102”).
Company law requires the Trustees to prepare financial statements for each financial year. 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 charitable company and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP FRS 102;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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 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 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 preparing this report, the Trustees have taken advantage of the small companies’ exemptions provided by section 415A of the Companies Act 2006.
Approved by the Board of Trustees on 8 September 2025 and signed on its behalf by:
Jack Stephen, Chair
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RICHMOND FURNITURE SCHEME (A company limited by guarantee)
Independent examiner’s report to the trustees of Richmond Furniture Scheme (a company limited by guarantee) (‘the Charity’)
31 March 2025.
As the charity’s trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Independent examiner’s statement
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed
listed bodies.
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Act; or
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the accounts do not accord with those records; or
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the accounts have not been prepared in accordance with the methods and principles of the
in the UK and Republic of Ireland (FRS 102)].
accounts to be reached.
Signed:
Date: 30 September 2025 Debby Metcalf FCA, member of ICAEW 22 Trowlock Ave, Teddington, TW11 9QT
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RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
Statement of financial activities for the year ended 31 March 2025
| Note Income from: Donations and legacies Charitable activities Investments Other income Total income 3 Resources expended: Raising funds 4 Charitable expenditure 5 Total expenditure Net (expenditure)/income Transfers between funds 13 Net movement in funds Total funds brought forward Total funds carried forward 13 |
Unrestricted funds Restricted funds Total funds 2025 £ £ £ 61,191 37,188 98,379 176,989 - 176,989 5,534 - 5,534 3,765 - 3,765 247,479 37,188 284,667 1,309 - 1,309 247,081 51,535 298,616 248,390 51,535 299,925 (911) (14,347) (15,258) 4,343 (4,343) - 3,432 (18,690) (15,258) 145,344 80,819 226,163 148,776 62,129 210,905 |
Total funds 2024 £ 126,714 159,187 1,946 - |
|---|---|---|
| 287,847 | ||
| (1,445) 246,180 |
||
| 244,735 | ||
| 43,112 - |
||
| 43,112 183,051 |
||
| 226,163 |
The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
Balance sheet as at 31[st] March 2025
| Total | Total | ||
|---|---|---|---|
| funds | funds | ||
| Note | 2025 | 2024 | |
| £ | £ | ||
| Fixed assets | 8 | 68,190 | 69,297 |
| Current assets | |||
| Stocks | 8,930 | 3,203 | |
| Debtors | 9 | 25,726 | 16,495 |
| Current asset investments: deposit account | 80,000 | 80,000 | |
| Cash at bank and in hand | 10 | 48,486 | 67,420 |
| 163,142 | 167,118 | ||
| Creditors: Amounts falling due in one year | 11 | (20,427) | (10,252) |
| Net current assets | 142,715 | 156,866 | |
| Total net assets | 12 | 210,905 | 226,163 |
| Charity funds: | |||
| Unrestricted funds | 148,776 | 145,344 | |
| Restricted funds | 62,129 | 80,819 | |
| Total funds | 13 | 210,905 | 226,163 |
For the financial year ended 31[st] March 2025, the Charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The Members have not required the Charity to obtain an audit of its accounts for the year in question in accordance with section 476.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies’ regime and in accordance with FRS102 SORP.
Approved by the Board of Trustees on 8 September 2025 and signed on its behalf by:
Jack Stephen
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RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2025
Notes to the accounts
1. Accounting policies
1.1 Basis of preparation of the financial statements
The Charity is a charitable company limited by guarantee registered in England & Wales.
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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (“Charities SORP FRS 102”), The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) and the Companies Act 2006 and Charities Act 2011.
The financial statements have been prepared on a going concern basis, as the charity’s forecasts and projects, taking account of reasonably possible changes in fundraising performance, show that the charity should be able to meet its liabilities as they fall due.
The charity meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
1.2 Fund Accounting
General funds are unrestricted funds which 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.
Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of a grant.
1.3 Income
All income is recognised once the Charity has entitlement to the income, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount of income receivable can be measured reliably.
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RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2025
Revenue grants are recognised on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Grants for the purchase of assets are recognised as income on a receivable basis and expended on a systematic basis over the periods matching the useful life of the acquired asset.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity, this is normally upon notification of the interest paid or payable by the bank.
1.4 Expenditure
Expenditure is recognised on an accruals basis at the point when a legal or constructive obligation arises, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity’s objectives, as well as any associated support costs.
1.5 Taxation
The Charity is exempt from Corporation Tax as all of its income is charitable and is applied for charitable purposes. The Charity is registered for VAT and income and expenditure are recorded net of any VAT.
1.6 Tangible fixed assets
All assets costing more than £500 are capitalised. Fixed assets are stated at cost and depreciation is provided on a straight-line basis calculated to write off the cost of each asset over its expected useful life as follows:
Motor vehicles 10 years All other assets 5 years
1.7 Stocks
Stocks comprise goods purchased for distribution or resale and are stated at cost determined on a first in first out basis. Provision is made where necessary for obsolete, slow moving and defective stocks. No value is attributed to donated items of stock held for distribution or resale as this is considered to be their fair value, being the amount the Charity would have been willing to pay for the items on the open market.
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RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2025
1.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Provision is made where necessary for debts where there is some doubt over their repayment.
Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 Current asset investments
Current asset investments comprise cash on deposit with a maturity of less than one year held for investment purposes rather than to meet short-tern cash commitments as they fall due. They are valued at their fair value.
1.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term liquid investments with a maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.11 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation.
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RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2025
2. Detailed comparatives for the Statement of Financial Activities
| Note Income from: Donations and legacies Charitable activities Investments Total income 3 Resources expended: Raising funds 4 Charitable expenditure 5 Total expenditure Net income/(expenditure) Total funds brought forward Total funds carried forward 13 |
Unrestricted funds Restricted funds Total funds £ £ £ 37,314 89,400 126,714 159,187 - 159,187 1,946 - 1,946 |
|---|---|
| 198,447 89,400 287,847 |
|
| (1,445) - (1,445) 183,946 62,234 246,180 |
|
| 182,501 62,234 244,735 |
|
| 15,946 27,166 43,112 129,398 53,653 183,051 |
|
| 145,344 80,819 226,163 |
22
RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2025
3. Income
| Current year Donations and legacies Donations & gifts including Gift Aid Grants Charitable activities Sales to Referred Customers Sales to Non- Referred Customers Investment income Interest Other income Profit on sale of fixed assets Sale of historical data for research purposes Total income Prior year Donations and legacies Donations & gifts including Gift Aid Grants Charitable activities Sales to Referred Customers Sales to Non- Referred Customers Investment income Interest Total income |
Unrestricted funds £ Restricted funds £ Total Funds £ 15,691 1,688 17,379 45,500 35,500 81,000 |
|---|---|
| 61,191 37,188 98,379 |
|
| 99,910 - 99,910 77,079 - 77,079 |
|
| 176,989 - 176,989 |
|
| 5,534 - 5,534 500 - 500 3,265 - 3,265 |
|
| 3,765 - 3,765 |
|
| 247,479 37,188 284,667 |
|
| Unrestricted funds £ Restricted funds £ Total Funds £ 20,484 - 20,484 16,830 89,400 106,230 |
|
| 37,314 89,400 126,714 |
|
| 70,394 - 70,394 88,793 - 88,793 |
|
| 159,187 - 159,187 |
|
| 1,946 - 1,946 |
|
| 198,447 89,400 287,847 |
23
RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2025
4. Expenditure on raising funds
| Current year Marketing Movement in doubtful debt provision Transaction processing fees Total expenditure on raising funds Prior year Marketing Movement in doubtful debt provision Transaction processing fees Total expenditure on raising funds |
Unrestricted funds £ 315 (657) 1,651 |
Restricted funds Total funds £ £ - 315 - (657) - 1,651 |
|---|---|---|
| 1,309 | - 1,309 |
|
| Unrestricted funds £ 208 (3,241) 1,588 |
Restricted funds Total funds £ £ - 208 - (3,241) - 1,588 |
|
| (1,445) | - (1,445) |
5. Expenditure on charitable activities
| Current year Staff costs (note 6) Training & recruitment Volunteer expenses Transport costs Purchase of goods Equipment & materials Property costs Insurance Membership fees Office costs Sundry office expenses Governance Total expenditure on charitable activities |
Unrestricted funds Restricted funds Total funds £ £ £ 186,887 14,398 201,285 2,623 - 2,623 4,152 - 4,152 4,396 6,708 11,104 26,609 11,173 37,782 1,676 - 1,676 11,554 19,256 30,810 3,676 - 3,676 300 - 300 2,682 - 2,682 1,680 - 1,680 846 - 846 |
|---|---|
| 247,081 51,535 298,616 |
24
RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2025
5. Expenditure on charitable activities (continued)
| Prior year Staff costs Training & recruitment Volunteer expenses Transport costs Purchase of goods Equipment & materials Property costs Insurance Membership fees Office costs Sundry office expenses Governance Total expenditure on charitable activities |
Unrestricted funds Restricted funds Total funds £ £ £ 140,800 30,561 171,361 374 - 374 4,134 - 4,134 6,015 3,913 9,928 14,289 9,035 23,324 1,550 - 1,550 8,229 18,626 26,855 3,198 - 3,198 - - - 2,765 - 2,765 1,661 99 1,760 931 - 931 |
|---|---|
| 183,946 62,234 246,180 |
Fees paid to the Charity’s Independent Examiner for the independent examination of these financial statements were £600 (2024: £600). No other fees were paid to them.
25
RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2025
6. Staff costs
| Current year Wages & salaries Social security costs Defined contribution pension costs Medical insurance Agency staff Total staff costs Prior year Wages & salaries Social security costs Defined contribution pension costs Medical insurance Agency staff Total staff costs |
Unrestricted funds £ 159,376 10,254 2,857 - 14,400 |
Restricted funds Total funds £ £ 14,398 173,774 - 10,254 - 2,857 - - - 14,400 |
|---|---|---|
| 186,887 | 14,398 201,285 |
|
| Unrestricted funds £ 124,097 5,991 1,468 597 8,647 |
Restricted funds Total funds £ £ 28,298 152,395 1,546 7,537 717 2,185 - 597 - 8,647 |
|
| 140,800 | 30,561 171,361 |
No employee received remuneration amounting to more than £60,000 in either year.
The total amount paid to key management personnel in the year was £50,000 (2024: £40,150) and in addition the Scheme made pension contributions of £1,313 (2024: £1,017).
The average head count of staff employees in both years was 6.9 and the FTE was 6.1 (2024: 6.0).
7. Trustee remuneration & related party transactions
No remuneration or travel and subsistence expenses were paid to Trustees in either year. There were no transactions in either year with Trustees or other related parties that require disclosure.
A total of £318 (2024: £396) was donated by Trustees and the Senior Management Team and their close families.
26
RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2025
8. Fixed assets
| Cost At beginning of year Additions Retirements At end of year Depreciation At beginning of year Charge for year On retirements At end of year Net book value at end of year Net book value at beginning of year |
Property, fixtures & fittings Equipment Motor Vehicles Total £ £ £ £ 26,153 6,920 90,419 123,492 6,915 - - 6,915 - - (23,295) (23,295) |
|---|---|
| 33,068 6,920 67,124 107,112 |
|
| 22,504 4,483 27,208 54,195 756 558 6,708 8,022 - - (23,295) (23,295) |
|
| 23,260 5,041 10,621 38,922 |
|
| 9,808 1,879 56,503 68,190 |
|
| 3,649 2,437 63,211 69,297 |
9. Debtors
| Trade debtors Prepayments and accrued income VAT recoverable |
2025 2024 £ £ 14,507 6,182 7,643 8,036 3,576 2,277 |
|---|---|
| 25,726 16,495 |
10. Cash at bank and in hand
| Short term deposits Cash at bank |
2025 2024 £ £ 38,788 57,852 9,698 9,568 |
|---|---|
| 48,486 67,420 |
27
RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2025
11. Creditors: amounts falling due within one year
| Trade creditors Accruals Taxation and social security Other creditors |
2025 2024 £ £ 16,279 3,643 600 3,067 3,548 2,637 - 905 20,427 10,252 |
|---|---|
12. Analysis of net assets
| Current year Fixed assets Current assets Current liabilities Prior year Fixed assets Current assets Current liabilities |
Unrestricted Restricted Total funds funds funds £ £ £ 11,069 57,121 68,190 157,487 5,655 163,142 (19,780) (647) (20,427) |
|---|---|
| 148,776 62,129 210,905 |
|
| 4,712 64,585 69,297 149,971 17,147 167,118 (9,339) (913) (10,252) |
|
| 145,344 80,819 226,163 |
28
RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2025
13. Analysis of net movement in funds
| Restricted funds: Running costs New workshop Carousel Starter kits Van Storage Total restricted funds Designated funds General funds Total unrestricted funds Total funds |
Funds at 01/04/2024 Income Expenditure Transfers Funds at 31/03/2025 £ £ £ £ £ 398 32,500 (32,898) - - 1,843 - - (1,843) - 2,500 - - (2,500) - 10,117 4,688 (11,173) - 3,632 64,587 - (6,708) - 57,879 1,374 - (756) - 618 |
|---|---|
| 80,819 37,188 (51,535) (4,343) 62,129 |
|
| 10,000 - - - 10,000 135,344 247,479 (248,390) 4,343 138,776 |
|
| 145,344 247,479 (248,390) 4,343 148,776 |
|
| 226,163 284,667 (299,925) - 210,905 |
Transfers between funds in 2024–25 comprise the release, with donor agreement, of previously awarded grants on the understanding that these funds were effectively spent in earlier years.
| Prior year Restricted funds: Running costs New workshop Carousel Starter kits Van Storage Total restricted funds Designated funds General funds Total unrestricted funds Total funds |
Funds at 01/04/2023 Income Expenditure Transfers Funds at 31/03/2024 £ £ £ £ £ 2,959 46,600 (49,161) - 398 1,843 - - - 1,843 2,500 - - - 2,500 8,851 11,300 (9,034) (1,000) 10,117 37,500 30,000 (3,913) 1,000 64,587 - 1,500 (126) - 1,374 |
|---|---|
| 53,653 89,400 (62,234) - 80,819 |
|
| 10,000 - - - 10,000 119,398 198,447 (182,501) - 135,344 |
|
| 129,398 198,447 (182,501) - 145,344 |
|
| 183,051 287,847 (244,735) - 226,163 |
29
RICHMOND FURNITURE SCHEME
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2025
Purposes of restricted and designated funds:
Restricted funds:
Running costs Primarily grants received towards rent and salary costs New workshop Funding for workshop equipment Carousel Funding for materials and refurbishment equipment Starter kits Funds received for provision of starter kits Van Funding of new electric van Storage Funding of new storage units
Designated fund
Provision for future property refurbishment
14. Operating leases and lease commitments
| Resources expended include payments under operating leases as follows: Property Total future minimum lease payments under non- cancellable operating leases: Total payments due: Within one year Between two to five years |
2025 2024 £ £ 18,500 18,500 |
|---|---|
| Property Property 2025 2024 £ £ 18,500 18,500 18,500 37,000 |
|
| 37,000 55,500 |
30