2023-03-31-accounts - Furniturelink

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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 2023

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 2023`

		`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 2023`

Thetrusteeswhoarealsodirectorsof thecharityforthepurposesof theCompaniesAct2006,presenttheirreport with
thefinancialstatementsofthecharityfortheyearended31March2023.Thetrusteeshaveadoptedtheprovisions of
AccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective 1 January 2019).

Page 1

Furniturelink

`Report of the Trustees for the Year Ended 31 March 2023`

`OBJECTIVES AND ACTIVITIES`

We continue to strive to meet our corporate objectives to:

=> Divert unwanted furniture from landfill.
=> Provide affordable furniture.
=> Enable furniture re-use for residents.

`ACHIEVEMENTS AND PERFORMANCE`

Theyearhasseenus facingandovercomingmanychallenges.Respondingto thesepressureshasI believeplacedus in a
stronger,moresustainablepositionandhopefullyonethatwillenableus to copewiththenewchallengesthatare likely
to arise as the economic climate becomes more volatile in the face of climate change and international conflicts.

Salesare made and collectedthrough3 channels,the shop(40%),througheBay (35%)and via the van services(25%) and
have continuedto vary significantlymonthby month,from £27k in August2023 down to £13k in November2022.We fell
belowour breakeventargetof £18.5kin 5 monthsof the year, but more than made up for this in the remaining7 months
of the year.

Key challenges faced and overcome were:

-TheCo-op'sdecisiontoredevelopthebuildinginAshwewereusingforstoragespace.Withonlyashortperiod to
vacatetheAshsite,theteamworkedhardandsuccessfullytomoveallourstockfromAshtoourMerrowsite, which
becameverycrampedasaresult.Fortunately,throughourcontactwithAvire,anationalagencyforshort-term charity
lettings,wewereofferedrent-freestoragespaceina UnitontheRiversidesitenotfarfromMerrow.However,we still
hadtocoverheatingandlightingcostsandafterresearchofenergysuppliermarket,weswitchedtoEDF.Wefound the
best deal throughUtilityAid (a brokerdedicatedto findingthe best dealsfor charities).Again,we then had to divert staff
from trading to moving items from Merrow to the new Riverside site.

-Inflationpressuresmeantwehadtoincreasepricestomeetrisingcoststhroughtheyearduechieflytorising fuel
prices, though thankfully we did not suffer any loss of trade.

- Recognisingthe rise in e-commercesales and the need to be presenton social media to promoteFurniturelink,we  took
thedecisiontosetupaneBaymarketplacesite.WeemployaSocialMedia/onlinesalesCo-ordinatortomaximise the
eBay opportunity for online sales which now account for around a third of our transactions.

- The ownersof the applicationwe use for recordingsales(ourepossystem- CTX),informedus withshortnoticethat it
wastobereplacedandsupportwithdrawnfollowinga significantupgradetotheMicrosoftWindows'operating system
with whichit wouldbe incompatible.We had integratedCTX with a numberof our officesystemsand wouldneedto find
significantresourcesandtimetofindandimplementanotherpackagetoreplaceCTX.Sofar,wehavestillbeenable to
use CTX with no interruptions but are looking into options for a new epos system.

- Lossof oneof ourfoundingTrustees,MikeWheatley,aftermanyyearsof greatserviceandcommitmentto our work.
At the time of writing, we had not managed to find a replacement and will continue the search in the coming year.

`- On staffing,`

o aftera few attemptsto replaceour driverand havingto use Agencystaffin the interim,we havenow recruiteda  new
driver. We are still using agency staff for our driver's mate role 3 days a week.

owehavemanagedtorecruitsomeonewithe-commerceandsocialmediamarketingskillstotakeforwardthe great
work done by Laura who has now gone on maternity leave.
  o all other posts remained filled.

Page 2

Furniturelink

`Report of the Trustees for the Year Ended 31 March 2023`

The Trustee Board has met on the following dates:

Weds 28th September 2022
Weds 2nd November 2022
Weds 16th November 2022 (AGM)
Weds 24th January 2023
Weds 22nd February 2023
Weds 22nd March 2023
Weds 24th May 2023
Weds 12th July 2023
Weds 14th September 2022

WeheldourAnnualWorkshopattheendofAugustwhichGraemekindlyhosted.Atthis,wesetourambitionsfor the
year ahead  to consolidate our position but also to track economic development and resident views.

With best wishesand thanksto all involvedwith FLG and especiallyto Wendy,our CEO, who has successfullyled the  team
through another challenging year.

`FINANCIAL REVIEW`

The annual finance report for the year end March 2023 is as set out in the attached Statement of Financial Activities.

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

-The charity is controlled by The trustees.
-The trustees consider that there are sufficient reserves. Any possible risks have been considered and taken 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`

`Registered office`

Unit 2b
Merrow Business Park
Guildford
Surrey
GU4 7WA

`Trustees`

R Crooks Chairman
Dr A Gunning
M J Adams Company Secretary
K Rogers
G A Wallace Treasurer

`Company Secretary`

M J Adams

Page 3

Furniturelink

`Report of the Trustees for the Year Ended 31 March 2023`

`REFERENCE AND ADMINISTRATIVE DETAILS`

`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 6 December 2023 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 2023.

`Responsibilities and basis of report`

As thecharity'strusteesof theCompany(andalsoits directorsforthepurposesof companylaw)youareresponsible for
the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16ofthe2006 Act
andareeligibleforindependentexamination,I reportinrespectof my examinationof yourcharity'saccountsas carried
outunderSection145oftheCharitiesAct2011('the2011Act').IncarryingoutmyexaminationIhavefollowed 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)).

I have no concernsand have come acrossno othermattersin connectionwith the examinationto whichattention 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 2023`

`Unrestricted` `fund` `Notes` `£` `INCOME AND ENDOWMENTS FROM` `Donations and legacies` `8,619` `Charitable activities` `Furniture donation and resale` `218,353` `Total` `226,972` `EXPENDITURE ON` `Charitable activities` `Furniture donation and resale` `233,886` `NET INCOME/(EXPENDITURE)` `(6,914)` `RECONCILIATION OF FUNDS` `Total funds brought forward` `57,717` `TOTAL FUNDS CARRIED FORWARD` `50,803`	`Restricted` `fund` `£` `-` `-` `-` `-` `-` `-` `-`	`31.3.23` `Total` `funds` `£` `8,619` `218,353` `226,972` `233,886` `(6,914)` `57,717` `50,803`	`31.3.22` `Total` `funds` `£` `14,917` `221,430`
			`236,347`
			`218,271`
			`18,076` `39,641`
			`57,717`

The notes form part of these financial statements

Page 6

Furniturelink

`Balance Sheet`

`31 March 2023`

				`31.3.23`	`31.3.22`
		`Unrestricted`	`Restricted`	`Total`	`Total`
		`fund`	`fund`	`funds`	`funds`
	`Notes`	`£`	`£`	`£`	`£`
`FIXED ASSETS`
`Tangible assets`	`6`	`-`	`-`	`-`	`1,838`
`CURRENT ASSETS`
`Debtors`	`7`	`23,825`	`-`	`23,825`	`20,494`
`Cash at bank and in hand`		`37,253`	`-`	`37,253`	`46,352`
		`61,078`	`-`	`61,078`	`66,846`
`CREDITORS`
`Amounts falling due within one year`	`8`	`(10,275)`	`-`	`(10,275)`	`(10,967)`
`NET CURRENT ASSETS`		`50,803`	`-`	`50,803`	`55,879`
`TOTAL ASSETS LESS CURRENT LIABILITIES`		`50,803`	`-`	`50,803`	`57,717`
`NET ASSETS`		`50,803`	`-`	`50,803`	`57,717`
`FUNDS`	`9`
`Unrestricted funds`				`50,803`	`57,717`
`TOTAL FUNDS`				`50,803`	`57,717`

ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006forthe year
ended 31 March 2023.

Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 March 2023 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 2023`

Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.

The financialstatementswere approvedby the Boardof Trusteesand authorisedfor issue on 6 December2023 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 2023`

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicableto charitiespreparingtheir accountsin accordancewith the Financial Reporting
StandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',Financial Reporting
Standard102'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andthe Companies
Act 2006. The financial statements have been prepared under the historical cost convention.

`Income`

All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhas entitlementto the funds,it  is
probable that the income will be received and the amount can be measured reliably.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethata transferofeconomicbenefitswillberequiredinsettlement and
the amountof the obligationcan be measuredreliably.Expenditureis accountedfor on an accrualsbasisand has
beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.

`Tangible fixed assets`

Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetoveritsestimated useful
life.

Motor vehicles: Straight line over 3 and 5 years

`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.

Restrictedfundscan onlybe usedfor particularrestrictedpurposeswithinthe objectsof the charity. Restrictions
arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

Page 9

Furniturelink

`Notes to the Financial Statements - continued for the Year Ended 31 March 2023`

`2. NET INCOME/(EXPENDITURE)`

Net income/(expenditure) is stated after charging/(crediting):

	`31.3.23`	`31.3.22`
	`£`	`£`
`Depreciation - owned assets`	`1,838`	`3,204`

`3. TRUSTEES' REMUNERATION AND BENEFITS`

Therewere no trustees'remunerationor otherbenefitsfor the year ended31 March2023 nor for the year ended
31 March 2022.

`Trustees' expenses`

There were no  trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

`4. STAFF COSTS`

The average number of employees during the year was 6 (2022: 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` `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` `18,076` `RECONCILIATION OF FUNDS` `Total funds brought forward` `39,641` `TOTAL FUNDS CARRIED FORWARD` `57,717`	`Restricted` `fund` `£` `-` `-` `-` `-` `-` `-` `-`	`Total` `funds` `£` `14,917` `221,430`
		`236,347`
		`218,271`
		`18,076` `39,641`
		`57,717`

continued...

Page 10

Furniturelink

`Notes to the Financial Statements - continued`

`for the Year Ended 31 March 2023`

`6. TANGIBLE FIXED ASSETS`

`6.`	`TANGIBLE FIXED ASSETS`
			`Motor`
			`vehicles`
			`£`
	`COST`
	`At 1 April 2022 and 31 March 2023`		`24,485`
	`DEPRECIATION`
	`At 1 April 2022`		`22,647`
	`Charge for year`		`1,838`
	`At 31 March 2023`		`24,485`
	`NET BOOK VALUE`
	`At 31 March 2023`		`-`
	`At 31 March 2022`		`1,838`
`7.`	`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`
		`31.3.23`	`31.3.22`
		`£`	`£`
	`Other debtors`	`23,825`	`20,198`
	`VAT`	`-`	`296`
		`23,825`	`20,494`
`8.`	`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`
		`31.3.23`	`31.3.22`
		`£`	`£`
	`Trade creditors`	`1,080`	`1,080`
	`VAT`	`24`	`-`
	`Accrued expenses`	`9,171`	`9,887`
		`10,275`	`10,967`

continued...

Page 11

Furniturelink

`Notes to the Financial Statements - continued`

`for the Year Ended 31 March 2023`

`9. MOVEMENT IN FUNDS`

At 1.4.22
£
Unrestricted funds
General fund
57,717
TOTAL FUNDS
57,717
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
226,972
TOTAL FUNDS
226,972
Comparatives for movement in funds
At 1.4.21
£
Unrestricted funds
General fund
39,641
TOTAL FUNDS
39,641
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
236,347
TOTAL FUNDS
236,347 Net
movement
At
in funds
31.3.23
£
£
(6,914)
50,803
(6,914)
50,803
Resources
Movement
expended
in funds
£
£
(233,886)
(6,914)
(233,886)
(6,914)
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

continued...

Page 12

Furniturelink

`Notes to the Financial Statements - continued for the Year Ended 31 March 2023`

`10. RELATED PARTY DISCLOSURES`

Therewerenorelatedpartytransactionsfortheyearended31March2023norfortheyearended31 March
2022.

`11. INDEPENDENT EXAMINER'S REMUNERATION`

	`2023`	`2022`
	`£`	`£`
`Independent Examiner's remuneration`	`1,000`	`1,000`

Page 13