REGISTERED COMPANY NUMBER: 07252909 (England and Wales)
REGISTERED CHARITY NUMBER: 1137021
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 March 2022
for
Furniturelink
A J Bennewith FCA, FCPA, FFA, FFTA,
FIPA, DChA, FRSA
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
Furniturelink
Contents of the Financial Statements for the Year Ended 31 March 2022
|
Page |
Report of the Trustees |
1 to 4 |
Independent Examiner's Report |
5 |
Statement of Financial Activities |
6 |
Balance Sheet |
7 to 8 |
Notes to the Financial Statements |
9 to 13 |
Furniturelink
Report of the Trustees for the Year Ended 31 March 2022
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
withthefinancialstatementsofthecharityfortheyearended31March2022.Thetrusteeshaveadopted the
provisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities
preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of
Ireland (FRS 102) (effective 1 January 2019).
Page 1
Furniturelink
Report of the Trustees for the Year Ended 31 March 2022
OBJECTIVES AND ACTIVITIES
The objects are:
1) The relief of financial hardship among people living or working in the county of Surrey and the surrounding area by:
i. The recycling and provision of furniture, clothes and other household items.
ii. The provision of grants or other goods or services.
2) The reliefof unemploymentfor the publicbenefitin suchways as may be thoughtfit, includingtraining, assistance
to find employment or the provision of work experience (either paid or unpaid).
3) The protection and preservation of the environment for the public benefit by:
i. The promotion of waste reduction, re-use reclamation, recycling, use of recycled products and the use of surplus.
ii.Advancingtheeducationofthepublicaboutallaspectsofwastegeneration,wastemanagementand waste
recycling.
ACHIEVEMENTS AND PERFORMANCE
Thishasbeenabusyyearwithmanyhighsandlowsthroughwhichwehaveovercomesuccessfully,continuing to
meet our above objectives.
SaleshavevariedsignificantlymonthbymonthwithlossesinMayandJunematchedbyprofitsinother months.
Havingreachedcapacity,theFLGBoarddecidedthatnowwasnotthetimetoexpandgiventheuncertain economic
climateforeveryone.Soweacceptedthatweshouldconsolidateourpositionandcontinuetobuildthebusiness to
ensure our survival.
On staffing,we lost ourdriverandcontinuedto have difficultyin recruitinga driver'smate, so we resortedto the use
ofanAgencydriverandapart-timeAgencydriver'smate.WealsolostourAdministrationOfficer,butdueto the
experienceshehadgainedwithus,shewasabletomoveontoamorechallengingposttocontinuetodevelop her
marketingskills.However,ourcorefrontlineoperationalteammaintainedtheirstrongcommitmenttodeliver our
servicesandourstrongfinancialposition,whichenabledus to provideeachmember of staffwitha payincrease that
as a minimum matched the National Minimum Wage.
Operationally,we continuedto benefitfrom the goodofficesof JohnLewis,who provideus withaccess to their debit
stocks and returns at Brooklands, giving us good quality new and nearly new mattresses to sell on.
We weresuccessfulinapplyingtoJohnLewis/Waitroseforfundingfromtheir"givea littlelove"schemefor projects
supportingthe environment.We used the £1k awardas a crisis fund to providestarterfurniturepacks for five people
on benefits setting up new homes.
Sadly,oneofourvanswasstolen,forcingustohireavanatcommercialratesforacoupleofmonths.Although we
eventuallyfoundthevanandhadwebcamfootageofthethieves,thepolicedidnotconsiderthescaleofthe crime
sufficientto justifybringingthe perpetratorsto justice.The damagedvan was repairedby a Horshamgarage,who did
agreatjobforus,anditisnowbackinservicebeingusedtoferryitemstoandfromourmainstorageatAsh.For a
time,wealsofacedpersistentelectricalproblemswithourmainvan,forcingustorentavanforashort period.
Hopefully, with the van back in service, these are now resolved.
WesuccessfullysurvivedtheCOVIDoutbreakwithouthavingtouseadditionalfinanceavailablefromour bank,
Barclays.Also, throughour COVID preventionarrangements,only two staff caught COVID and both thankfully survived
unscathed with no lasting symptoms.
WithhelpfromtheCEOandspurredbyrecentstaffingissues,wehaveupdatedallourpoliciesandcreateda new
policy handbook.
Workcontinuetoseekrecognitiononthewebsites,fromGBCandSurreyReuseNetwork,forourlocal recycling
services including the handling of bulky waste.
Page 2
Furniturelink
Report of the Trustees for the Year Ended 31 March 2022
WeheldourAnnualWorkshopon31AugustattheGuildfordInstitute.Akeymessagefromthatwasthatalack of
capacitywas preventingfurthergrowth.So if we areto grow,we needmoreexpansivestoragespacewhichcan only
beaffordedthroughgreaterturnover.Wearenowlookingtomakethebusinesscasetofundthat expansion,
balancingtheadditionalrentalandothercostse.g.travel,stafftime,withtheadditionalrevenuethatspace could
bring.
Other outcomes we agreed to pursue in the year ahead included:
- Setting up an online shop;
Using empty retail space in the town centre to advertise our services;
- Enhancing our eBay presence to provide a different route for high quality items and to attract dealers;
-LinkingupwiththenewGBCSustainabilityofficertopromoteourservicesaspartofGBC sustainability
agenda/policy and the new officer for social enterprises to develop our presence in the local community;
- Partnering with local businesses; and
- AccessingaccommodationservicesattheUniversitytosee howwe couldworkwiththeminprovidingfurniture for
student landlords.
However,thebasicmessagewasthatfornow,weshouldfocusonconsolidationandinkeepingthe'showon the
road',giventheuncertaintimesforbusinesseswithinflationrisingandshortagesof workers.Also,togivepriority to
finding and recruiting a new Administrator, a driver and a driver's mate.
Finally,we wishtorecordthankstoMikeWheatleywhowasa foundingtrusteefortheprojectbuthasnow decided
to retire. We have appointed him as our first Trustee Emeritus and wish him well with his retirement.
Withbestwishesandthanksto allinvolvedwithFLG andespeciallytoWendy,ourCEO,whohassuccessfullyled the
team through a challenging year.
FINANCIAL REVIEW
The annual finance report for the year end March 2022 is as set out in the attached Statement of Financial Activities.
STRUCTURE, GOVERNANCE AND MANAGEMENT
-The charity is controlled by The trustees.
-Thetrusteesconsiderthattherearesufficientreserves.Anypossibleriskshavebeenconsideredandtaken into
account in future budgets.
- All trustees appointed when necessary and are given sufficient training on appointment.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
07252909 (England and Wales)
Registered Charity number
1137021
Registered office
Unit 2b
Merrow Business Park
Guildford
Surrey
GU4 7WA
Page 3
Furniturelink
Report of the Trustees for the Year Ended 31 March 2022
Trustees
R Crooks Chairman
Dr A Gunning
A M Wheatley (resigned 3.12.21)
M J Adams Company Secretary
K Rogers
G A Wallace Treasurer
Company Secretary
M J Adams
Independent Examiner
A J Bennewith FCA, FCPA, FFA, FFTA,
FIPA, DChA, FRSA
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
Approved by order of the board of trustees on 20 December 2022 and signed on its behalf by:
R Crooks - Trustee
Page 4
Independent Examiner's Report to the Trustees of
Furniturelink
Independent examiner's report to the trustees of Furniturelink ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity'strusteesof the Company(andalsoits directorsfor the purposesof companylaw)youare responsible
for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfiedmyself that the accountsof the Companyare not requiredto be auditedunder Part 16 of the 2006 Act
andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccounts as
carriedoutunderSection145oftheCharitiesAct2011('the2011Act').IncarryingoutmyexaminationI have
followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith the
examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
A J Bennewith FCA, FCPA, FFA, FFTA,
FIPA, DChA, FRSA
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
Date: .............................................
Page 5
Furniturelink
Statement of Financial Activities
for the Year Ended 31 March 2022
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
14,917
Charitable activities
Furniture donation and resale
221,430
Total
236,347
EXPENDITURE ON
Charitable activities
Furniture donation and resale
218,271
NET INCOME/(EXPENDITURE)
18,076
RECONCILIATION OF FUNDS
Total funds brought forward
39,641
TOTAL FUNDS CARRIED FORWARD
57,717 |
Restricted
fund
£
-
-
-
-
-
-
- |
31.3.22
Total
funds
£
14,917
221,430
236,347
218,271
18,076
39,641
57,717 |
31.3.21
Total
funds
£
94,273
87,058
181,331
184,736
(3,405)
43,046
39,641 |
|
|
|
|
The notes form part of these financial statements
Page 6
Furniturelink
Balance Sheet
31 March 2022
|
|
|
|
31.3.22 |
31.3.21 |
|
|
Unrestricted |
Restricted |
Total |
Total |
|
|
fund |
fund |
funds |
funds |
|
Notes |
£ |
£ |
£ |
£ |
FIXED ASSETS |
|
|
|
|
|
Tangible assets |
6 |
1,838 |
- |
1,838 |
5,042 |
CURRENT ASSETS |
|
|
|
|
|
Stocks |
7 |
- |
- |
- |
1,039 |
Debtors |
8 |
20,494 |
- |
20,494 |
17,096 |
Cash at bank and in hand |
|
46,352 |
- |
46,352 |
58,377 |
|
|
66,846 |
- |
66,846 |
76,512 |
CREDITORS |
|
|
|
|
|
Amounts falling due within one year |
9 |
(10,967) |
- |
(10,967) |
(9,913) |
NET CURRENT ASSETS |
|
55,879 |
- |
55,879 |
66,599 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
57,717 |
- |
57,717 |
71,641 |
CREDITORS |
|
|
|
|
|
Amounts falling due after more than one year |
10 |
- |
- |
- |
(32,000) |
NET ASSETS |
|
57,717 |
- |
57,717 |
39,641 |
FUNDS |
12 |
|
|
|
|
Unrestricted funds |
|
|
|
57,717 |
39,641 |
TOTAL FUNDS |
|
|
|
57,717 |
39,641 |
The charitablecompanyis entitledto exemptionfrom audit under Section477 of the CompaniesAct 2006 for the year
ended 31 March 2022.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 March 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 7
Furniturelink
Balance Sheet - continued
31 March 2022
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
The financialstatementswere approvedby the Boardof Trusteesandauthorisedfor issueon 20 December2022 and
were signed on its behalf by:
R Crooks - Trustee
The notes form part of these financial statements
Page 8
Furniturelink
Notes to the Financial Statements for the Year Ended 31 March 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof the charitablecompany,whichis a publicbenefitentityunderFRS 102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities: Statement
ofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis
andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Tangible fixed assets
Depreciationis providedat the followingannualrates in orderto write off each asset over its estimated useful
life.
Motor vehicles: Straight line over 3 and 5 years
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowanceforobsolete and
slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
continued...
Page 9
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Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
|
31.3.22 |
31.3.21 |
|
£ |
£ |
Depreciation - owned assets |
3,204 |
3,204 |
3. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2022norforthe year
ended 31 March 2021.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31March2022norfortheyear ended
31 March 2021.
4. STAFF COSTS
The average number of employees during the year was 6 (2021: 6).
No employees received emoluments in excess of £60,000.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
94,273
Charitable activities
Furniture donation and resale
87,058
Total
181,331
EXPENDITURE ON
Charitable activities
Furniture donation and resale
184,736
NET INCOME/(EXPENDITURE)
(3,405)
RECONCILIATION OF FUNDS
Total funds brought forward
43,046
TOTAL FUNDS CARRIED FORWARD
39,641 |
Restricted
fund
£
-
-
-
-
-
-
- |
Total
funds
£
94,273
87,058
181,331
184,736
(3,405)
43,046
39,641 |
|
|
|
continued...
Page 10
Furniturelink
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
6. TANGIBLE FIXED ASSETS
6. |
TANGIBLE FIXED ASSETS |
|
|
|
|
|
Motor |
|
|
|
vehicles |
|
|
|
£ |
|
COST |
|
|
|
At 1 April 2021 and 31 March 2022 |
|
24,485 |
|
DEPRECIATION |
|
|
|
At 1 April 2021 |
|
19,443 |
|
Charge for year |
|
3,204 |
|
At 31 March 2022 |
|
22,647 |
|
NET BOOK VALUE |
|
|
|
At 31 March 2022 |
|
1,838 |
|
At 31 March 2021 |
|
5,042 |
7. |
STOCKS |
|
|
|
|
31.3.22 |
31.3.21 |
|
|
£ |
£ |
|
Finished goods |
- |
1,039 |
8. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
31.3.22 |
31.3.21 |
|
|
£ |
£ |
|
Other debtors |
20,198 |
16,427 |
|
VAT |
296 |
669 |
|
|
20,494 |
17,096 |
9. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
31.3.22 |
31.3.21 |
|
|
£ |
£ |
|
Trade creditors |
1,080 |
1,637 |
|
Accrued expenses |
9,887 |
8,276 |
|
|
10,967 |
9,913 |
continued...
Page 11
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Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|
|
31.3.22 |
|
31.3.21 |
|
|
£ |
|
£ |
|
Bank loans (see note 11) |
|
- |
32,000 |
11. |
LOANS |
|
|
|
|
An analysis of the maturity of loans is given below: |
|
|
|
|
|
31.3.22 |
|
31.3.21 |
|
|
£ |
|
£ |
|
Amounts falling between one and two years: |
|
|
|
|
Bank loans - 1-2 years |
|
- |
2,000 |
|
Amounts falling due between two and five years: |
|
|
|
|
Bank loans - 2-5 years |
|
- |
30,000 |
12. MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.4.21
£
39,641
39,641
Incoming
resources
£
236,347
236,347
At 1.4.20
£
43,046
43,046 |
Net
movement
At
in funds
31.3.22
£
£
18,076
57,717
18,076
57,717
Resources
Movement
expended
in funds
£
£
(218,271)
18,076
(218,271)
18,076
Net
movement
At
in funds
31.3.21
£
£
(3,405)
39,641
(3,405)
39,641 |
|
|
|
continued...
Page 12
Furniturelink
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
181,331
181,331 |
Resources
Movement
expended
in funds
£
£
(184,736)
(3,405)
(184,736)
(3,405) |
|
|
|
13. RELATED PARTY DISCLOSURES
Therewere norelatedpartytransactionsfortheyearended31 March2022norfortheyearended31 March
2021.
14. INDEPENDENT EXAMINER'S REMUNERATION
|
2022 |
2021 |
|
£ |
£ |
Independent Examiner's remuneration |
1,000 |
1,000 |
|
|
|
Page 13