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 2025
for
Furniturelink
A J Bennewith
FCA, FCPA, FFA, FFTA, FIPA, DChA, FRSA
Upper Ground Floor
18 Farnham Road
Guildford
Surrey
GU1 4XA
Furniturelink
Contents of the Financial Statements for the Year Ended 31 March 2025
|
|
Page |
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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 |
12 |
Detailed Statement of Financial Activities |
13 |
to |
14 |
Furniturelink
Report of the Trustees for the Year Ended 31 March 2025
Thetrusteeswhoarealsodirectorsof thecharityforthepurposesof theCompaniesAct2006,presenttheirreport with
thefinancialstatementsofthecharityfortheyearended31March2025.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 2025
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
This year has seen Furniture Link face a number of challenges chief amongst which have been
- A successful full audit by Furniture Reuse Network auditors
-FollowingthewithdrawalofourfreewastedisposalpassesfromSurreyCountyCouncil,thecharityisnowrequired to
pay commercial rates to dispose of non-reusable furniture items, introducing a significant new monthly operational cost.
- LossofourJohnLewistakebackcontractinDec2024reducingourrevenuealthoughtheycontinuetoprovideus with
nearly new mattresses
-AsignificantdropinsalesduringDecember2024andJanuary2025,althoughrevenuereturnedtoexpectedlevels in
February and March
- A needtoupgradeourIT servicestocontinuetoabletocallonsupportforourIT assupportforexistingproducts was
withdrawn
- Duringthe year, we exploredoptionsfor a new EPOS systemto replaceour outdatedsales software.The main challenge
has beenidentifyinga providerthatoffersa suitabledeliveryand collectionmodule,whichis essentialto our operations.
We havebeenworkingcloselywithSeb(IT support)andwithpartnersfromtheWokingFurnitureProjectand Furnistore
to reviewpossiblesuppliersandensurethesolutionwe choosefullymeetsourlogisticalandreportingneeds. Donations
towards this upgrade have been gratefully received from Poyle and the Surrey Community fund
InspiteofthesechallengesourteamunderWendyourCEO'sleadershiphaveachievedovertheyearApril24to March
25:
- 1,236collectionsand deliveries,supportinghouseholdsacrossSurreyand ensuringdonateditems were givena new life.
Over the year, we collectedapproximately72 tonnesof reusablefurnitureand householdgoods,includingbeds, electrical
items, hard and soft furnishings, and bric-a-brac.
-Ofthistotal,61tonnesweresoldandsuccessfullyreusedduringtheyear,helpinglocalfamiliesfurnishtheir homes
affordablywhilesignificantlyreducingwastesenttolandfill.Theremainingitemsareheldinourwarehousefor future
resale or redistribution.
Intotal,2,868individualitemsweresold,contributingdirectlytoourenvironmentalandsocialobjectivesof reuse,
sustainability, and community support.
-
1,236 collections/deliveries
-
Diversion of some 2,868 items from landfill
-
322 beds
-
665 items of Bric a Brac
-
200 electrical items
-
1,436 items of hard furniture
-
245 items of soft furniture
Most incomestreamsremainedsteady,but onlinesaleshave provedcrucialto performance.Recognisingthis,the charity
has restructuredand reassignedmanagementof onlinesales to experiencedfull-timestaff to drive futuregrowth.We are
hoping to reintroduce a social media and Marketing Assistant in the future
Page 2
Furniturelink
Report of the Trustees
for the Year Ended 31 March 2025
Thecharityhasfacedcontinuedcostpressures,particularlyfromrisingfuelandenergycosts.As withmanycharities, we
havealsoseenincreasingstaffingcostsduetoannualrisesintheNationalMinimumWage,thetrusteesreview pay
structures annually to ensure fairness while maintaining financial sustainability.
Overall,thedeficitfortheyearwas£8126a slightimprovementonthepreviousyearwherethedeficitwas£10182. We
have £24,000 in liquid assets.
In closingI must thankmy fellowtrusteesespeciallyour Financelead,for theircommitmentand contributionsto keeping
FurnitureLinkGuildfordontheroad.AboveallImustcongratulateWendyandherteamonkeepingusafloatin these
challenging times.
The Trustee Board has met on the following dates:
Weds 3rd April 2024
Weds 3rd July 2024
Weds 9th Oct 2024
Weds 18th Dec 2024
Weds 26th Mar 2024
OurthankstoallinvolvedwithFLGandespeciallytoWendy,ourCEO,who'sdeterminationandingenuity have
successfully managed Furniturelink through another challenging year.
FINANCIAL REVIEW
The annual finance report for the year end March 2025 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
1137021
Registered office
Unit 2b
Merrow Business Park
Guildford
Surrey
GU4 7WA
Trustees
R Crooks Chairman
Dr A Gunning
M J Adams Company Secretary
G A Wallace Treasurer
Page 3
Furniturelink
Report of the Trustees for the Year Ended 31 March 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Company Secretary
M J Adams
Independent Examiner
A J Bennewith
FCA, FCPA, FFA, FFTA, FIPA, DChA, FRSA
Upper Ground Floor
18 Farnham Road
Guildford
Surrey
GU1 4XA
Approved by order of the board of trustees on ............................................. 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 2025.
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
Upper Ground Floor
18 Farnham Road
Guildford
Surrey
GU1 4XA
Date: .............................................
Page 5
Furniturelink
Statement of Financial Activities
for the Year Ended 31 March 2025
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
9,567
Charitable activities
Furniture donation and resale
226,069
Total
235,636
EXPENDITURE ON
Charitable activities
Furniture donation and resale
243,762
NET INCOME/(EXPENDITURE)
(8,126)
RECONCILIATION OF FUNDS
Total funds brought forward
40,621
TOTAL FUNDS CARRIED FORWARD
32,495 |
Restricted
fund
£
-
-
-
-
-
-
- |
31.3.25
Total
funds
£
9,567
226,069
235,636
243,762
(8,126)
40,621
32,495 |
31.3.24
Total
funds
£
8,425
228,316 |
|
|
|
236,741 |
|
|
|
246,923 |
|
|
|
(10,182)
50,803 |
|
|
|
40,621 |
The notes form part of these financial statements
Page 6
Furniturelink
Balance Sheet
31 March 2025
|
|
|
|
31.3.25 |
31.3.24 |
|
|
Unrestricted |
Restricted |
Total |
Total |
|
|
fund |
fund |
funds |
funds |
|
Notes |
£ |
£ |
£ |
£ |
CURRENT ASSETS |
|
|
|
|
|
Debtors |
5 |
24,755 |
- |
24,755 |
19,657 |
Cash at bank and in hand |
|
24,158 |
- |
24,158 |
30,932 |
|
|
48,913 |
- |
48,913 |
50,589 |
CREDITORS |
|
|
|
|
|
Amounts falling due within one year |
6 |
(6,298) |
- |
(6,298) |
(9,968) |
NET CURRENT ASSETS |
|
42,615 |
- |
42,615 |
40,621 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
42,615 |
- |
42,615 |
40,621 |
ACCRUALS AND DEFERRED INCOME |
7 |
(10,120) |
- |
(10,120) |
- |
NET ASSETS |
|
32,495 |
- |
32,495 |
40,621 |
FUNDS |
8 |
|
|
|
|
Unrestricted funds |
|
|
|
32,495 |
40,621 |
TOTAL FUNDS |
|
|
|
32,495 |
40,621 |
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006forthe year
ended 31 March 2025.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 March 2025 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 2025
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
The financialstatementswere approvedby the Boardof Trusteesand authorisedfor issueon .............................................
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 2025
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 2025
2. TRUSTEES' REMUNERATION AND BENEFITS
Therewere no trustees'remunerationor otherbenefitsfor the year ended31 March2025 nor for the year ended
31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
4.
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
8,425
Charitable activities
Furniture donation and resale
228,316
Total
236,741
EXPENDITURE ON
Charitable activities
Furniture donation and resale
246,923
NET INCOME/(EXPENDITURE)
(10,182)
RECONCILIATION OF FUNDS
Total funds brought forward
50,803
TOTAL FUNDS CARRIED FORWARD
40,621
TANGIBLE FIXED ASSETS
COST
At 1 April 2024 and 31 March 2025
DEPRECIATION
At 1 April 2024 and 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024 |
Restricted
fund
£
-
-
-
-
-
-
- |
Total
funds
£
8,425
228,316 |
|
|
236,741 |
|
|
246,923 |
|
|
(10,182)
50,803 |
|
|
40,621 |
|
|
Motor
vehicles
£
24,485
24,485
-
- |
continued...
Page 10
Furniturelink
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
VAT
6.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Accrued expenses
7.
ACCRUALS AND DEFERRED INCOME
Accruals and deferred income
8.
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 |
At 1.4.24
£
40,621
40,621
Incoming
resources
£
235,636
235,636 |
31.3.25
31.3.24
£
£
24,238
19,590
517
67
24,755
19,657
31.3.25
31.3.24
£
£
-
1,080
-
33
6,298
8,855
6,298
9,968
31.3.25
31.3.24
£
£
10,120
-
Net
movement
At
in funds
31.3.25
£
£
(8,126)
32,495
(8,126)
32,495
Resources
Movement
expended
in funds
£
£
(243,762)
(8,126)
(243,762)
(8,126) |
|
|
|
continued...
Page 11
Furniturelink
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
At 1.4.23
£
Unrestricted funds
General fund
50,803
TOTAL FUNDS
50,803
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
236,741
TOTAL FUNDS
236,741 |
Net
movement
At
in funds
31.3.24
£
£
(10,182)
40,621
(10,182)
40,621
Resources
Movement
expended
in funds
£
£
(246,923)
(10,182)
(246,923)
(10,182) |
|
|
9. RELATED PARTY DISCLOSURES
Therewerenorelatedpartytransactionsfortheyearended31March2025norfortheyearended31 March
2024.
10. INDEPENDENT EXAMINER'S REMUNERATION
|
2025 |
2024 |
|
£ |
£ |
Independent Examiner's remuneration |
1,000 |
1,000 |
|
|
|
Page 12
Furniturelink
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Charitable activities
Sales
Reuse credits
Gift aid on sales
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Insurance
Utilities
Telephone
Postage and stationery
Sundries
Rent
Equipment
Travel and subsistence
Motor expenses
Sub contractors
Materials
Service charge
Training
Advertising and marketing
Subscriptions and memberships
Finance charges
Bad debts |
Detailed Statement of Financial Activities
for the Year Ended 31 March 2025
31.3.25
31.3.24
£
£
1,219
664
8,348
7,761
9,567
8,425
208,638
210,937
3,160
2,880
14,271
14,499
226,069
228,316
235,636
236,741
182,701
178,730
1,959
1,960
4,324
9,761
1,283
1,395
99
1,279
3,357
730
22,003
22,003
1,932
4,649
4,436
721
8,457
9,737
17
225
3,827
4,266
1,402
1,400
66
289
467
551
4,185
2,194
2,247
5,398
-
455
242,762
245,743 |
Detailed Statement of Financial Activities
for the Year Ended 31 March 2025
31.3.25
31.3.24
£
£
1,219
664
8,348
7,761
9,567
8,425
208,638
210,937
3,160
2,880
14,271
14,499
226,069
228,316
235,636
236,741
182,701
178,730
1,959
1,960
4,324
9,761
1,283
1,395
99
1,279
3,357
730
22,003
22,003
1,932
4,649
4,436
721
8,457
9,737
17
225
3,827
4,266
1,402
1,400
66
289
467
551
4,185
2,194
2,247
5,398
-
455
242,762
245,743 |
|
|
|
|
|
8,425
210,937
2,880
14,499 |
|
|
228,316 |
|
|
236,741
178,730
1,960
9,761
1,395
1,279
730
22,003
4,649
721
9,737
225
4,266
1,400
289
551
2,194
5,398
455 |
|
|
245,743 |
Support costs
This page does not form part of the statutory financial statements
Page 13
Furniturelink
Detailed Statement of Financial Activities for the Year Ended 31 March 2025
|
31.3.25 |
31.3.24 |
|
£ |
£ |
Support costs |
|
|
Governance costs |
|
|
Accountancy fees |
1,000 |
1,180 |
Total resources expended |
243,762 |
246,923 |
Net expenditure |
(8,126) |
(10,182) |
This page does not form part of the statutory financial statements
Page 14