REGIThRED COMPANY NUMBEK. 07488966 IEAWand 3nd Walesl REG￿ERE￿CHAfl1TY NUMBER: 1142010 REPORTOF THE TRUSTEES AND UNAUDITED RNANaALsfATEMENfs FOR THEYEAR ENDED31 DECEMBER2024 FOR sroRERLW)M 2010 Bright Brovm timrf(ed artered Accountants Ex¢han8e House SL Cross Lane Newport teof Wi8ht P0305BZ 5TQRERIXIM ZOIO CONfENf5 OF THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Reference and Admlnlsimve Oetalls Re￿rt olthe Trnsthes 2 to 7 Independent Examlner's Report ststement of NnandalActbvllies Balance Sheet 10 to 11 Note5 tothe Nnandal Ststements 12 to 24 Detalled Statementot Flnanckl Acllv 25 to 26 STOREROOM2010 REFERENCEANDADMINisfRATIVE DEfAIL5 FOR THE YEAR ENDED 31 DECEMBER2024 TrUSTEES TC Day Director M AS Rw5e Director R Gully Director P Nortor Director MrsT Day Director Mrs E M M*enzie Director REGJsfEREDOFRCE l Martners Wov 151e of W*ht P0318PD REGISTERÉD COMPANY NUMBER 07488966 lE￿land and Wales) REGtSTEAÉD CHARrrY NUMBER 1142010 INDEPENDEMf ErtAMINER Bright Brown ￿MIted Chartered Accountants E%chan8e House SL Cross Lane Newport Isle of W*ht P030 58Z Page I STOREROOM 2010 (REGISTERED NUMBEI. 074889661 REPORTOF ThE TRUSTEES FOR THEYEAR ENDED 31 DECEM8ER 2024 The trustees who are also dIreCt￿S of the charity for the purposes of the Companies P£t 2(￿6, present their report with the financial ststements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporbng by Charities.. Statement of RKornmended Practi￿ applicable to tharities preparing their accounts in accordance with the Finanual Reponing Standard appli¢Able in the UK and Republic of I￿lartd IFRS 1021 (effective l Januory 20191. OBJECTIVES ANDAcfiviTIES Oble¢iives and alms The prirtcirjil objects are.. . the prevention and ￿lief of poverty by supplyln8 donated fumiture and household 8oods at rnlnlmal cost to people Sn need., the protErtion and preservation of the emiironrnent by encourdBin8 re.u5elrecyclin8 of donated furniture and household 8ood5,' and the relief of unernployment for the benefit of the public in such way5 as rnay be th￿ght fit includin8 the prOV￿1¢n of trainin8, ernployment, work experiente and volunteerin8 Opportunities. Allevlatlon of poverty and envlronment The principal objective of Storeroom2010. has alwa￿ been to asyst with the preventi¢)n and relief of poverty, prov5dln8 the means fer those less fortunate within our c¢)mmunity to attess a wide ran8e of 8ood quallty second hand fumItu￿, beddin8, Curtalns, household 8oods and kitthen appliance5 at a rninimal price. In recent years the envlfonmentsl aspe¢t has come to the lo￿, a proport10ft of the genernl publ1¢ now have a keen Interest and enthusiasm in re-use and recyclin8. The amount of re-useable items, in tern15 of tonna8e, that we sove from landfill 15 018reat interest to the cornmunity ind also the local authorities, who are under constant 5UUtiny by central 8tsvernment to reduce the ¥a5t amounts of waste created by our rnr*Jern society. We see Storeroom2010 a5 a valuable tool tO3555st with th55 oryolng Pfoblem and 3 rneans to help reduce frjture kndflll f*ure5 to an acceptable amount. Publlc benelt Storeroom2010 is a true community asset and throuBh the hard work and perseverance of 5tsff, volunteers and mana8èrnent over the last fourteen years it ha5 becorne the reliable 80 to destlnation for those on 3 low incorne lookin8 to Improve thelr home lfving standardswithout recedirrf Into orcompounding debt. Once 4ain in 2024 we experienced an increase in referrals unlortunatety lor 50rne ol our clients the extreme weather saw areas ol the Island hit by unexpected floodin& Many ol our Islands support a8enoe5 and housing associations were able te slgnpost cllents to us, and we were pleased to be able to assist promptly at a ￿me of need. The cost-of-living cri515 contlnues to hlt many ot our Island comrnunlty particuiarty hard. Those in desperate need were generally very grateful to Storeroom for the help we were able to provide. We have an arrangement with three of the major lslènd housin8 assooaiions whom we work wilh, whereby we hold a Ilmited pot of money for rhe assistance of theirvulnerable clsents. This pot enables us to react quicWy to any unforeseen ulsls by proTrAdin8 whatever essenti31 household items are netded. the arrangement work5 very wtll for all parties and has allowed us to help IOOS of families across the Island. More than 60 1513nd a8encies Providin8 athce and 5UPPOrt treat Storeroom2010 as their first point of call when lookin8 to a5515t Clients with up8rading their current home INing conditions. aients rnay be physically and or mentally impaired or maybe experience difficulty 5ecurin8 gainful ernployment They sometimes suffer abuse and/or relatlonship problem5,' many recent cases exacerbated by finanoal problerns comptyjnded by the lon8er-terrn effects of the Covid pandern Page 2 STOREIIOOM 2010 IREGISfERED NUMBER: 074889661 REPORT OFThE TRUSTEES FOR THEVEAR ENDED310ECEMBER 2024 OBJECTIVES AND ACtrvrriES Volunteers On a positive nots. there are alway5 OPPOrtunityes for volunteers at StO￿r0D￿201o and help is always need￿ vAth wide range of tasks. We have found that this helps people to regain tonfidence and self-worth., for our community spiThted clients, we provlde a d*nce forth*M to put something ba At Sto￿r00rn2O1o we are all very proud of the achievements malle since first openin8 our doors. and are very aware. that without our volunteers we would not be where we are ttyjay. Our team perfomi a ran8e of seNices includinB assisting in the shop and w?￿hOUse area5, some adrninistratwe tasks as well as helping the drivers With their collection5 and delNeries, even occasionally drivin8 when needed. Those looking for work gain valuable experience. and we are Iways keen to help them towardsthat 8oal. pmwding help CV5 and rf requesreé suitable references. Our board of Trustw gNe their sintere thanks lor the effLvts of the entire volunteer team* young and old. without whose hard work and tireless suppo¢ storeroom woukl have had difficulty providing that muth needed level of servl¢e for ourcornmunity- ACHIEVEMENT AND PERFORMANCE Past a¢hievernents and the effectdCov1&19 Slnce 5toreroorn2010'5 be8innlngs at Brid6t Road in Cowe5 back IA. yes you Bue55ed i(2010. we have adopted a sllghtly dIffe￿nt èpproach to many otheT charities,. brought about in part due to le550ns learnt prior to 2010 when the Storeroom Project las it was called when part of Real World Trust), relied solely upon grnnt fvnding to operate. Thls created uncertainty as to the sustainable fvtU￿ ol the project, espeoalty with the onset ol Government austerity rneasures at the time. A la¢k of suitable fundin8 QPPOrtunities eventually forced the deosion by Real World Trust to dose the doors on the Storeroom project. The then Manager and lon85tsndiw staff rnember, unwllling to acopt this. fdt 5fftroorn could be saved. but declded more business-like approach was needed and hawng reathed an agreement with the board ol A.W.T to take over the re5ns, made cost ¢overin8 the priorfty. To help achieve this 8oal we increased our openin8 hours and opened the doors to thegeneral publlc without restriction. A ￿9-tier prian8 policy was Introdu￿. one for the 8tntral publlc and the other for referred dien￿ It was uncertain whether this would provide the answer. however wtthin six months we had achieva our first goal and We￿ meètln8 rn05t of our runnin8 ¢0Sts. Once thls finanoal rnilestome was athwd. we were able to be8in plannin8 ahead. One area where we wère ladliw kntyvledge was in fvndTrlsin& so a deoslon was rnade to enlist the seNiees of professional fundraising Organi￿lon to train our rnana8erial staff in the art of fundraising. This was an expen51ve 8amble and a steep learning ¢urwe. however Wlthin just a few months we had secured a number of potential funders, these would eventually enable us to expand our Services and help to Secu￿ the fvturè of this much needed ¢ornrnunity asset. Thanks to the 5UPPOrt of the 8eneral public and with the help OF some 8fdnt monies aCquI￿d. we were able to take positNe steps year on year. In June 2013 we mcved into newer. more suitsble rented p￿MISeS with cvstomer parkin& heat and runnin8 Water labsoltrte luxuryll. We were able to upgrade to more reliable and re5pectsble looking vans for our collettions and delNeris provide relevant on-sr(È trainin8 for our staff ar¢d volunteers, and a150 to Introdu￿ better point of sale equipment with a till capable of app￿"n8 Gift Aid etc. etc. Angther move towards future proofing Sto￿rOom. was to enlist the 5eryices of SQSC Isocial & Sustsinable Capitsll who were keen to a55isL they provided lending to purthase p￿miSes, and gave us a huge amount of help and support towards securing necessary deposit rnonies from Power to Chan8e. Thi5 enabled the purthase of our premises. helping tosecure our long-term futUTewithin the local c(*nmunity. Page3 STOREROOM 2010 IREGISTERED NUMBEK. 074889661 REPORT OF THE TRUSTEES FOR THEYEAR END£D 31 DECEMBER ZO24 Past achievernents and the effed trfCo¥id.19 con￿mI*d Under the advi￿ ol our accouptènts. we have worked towards building up a sustainable ￿SerVe ro meet futu￿ running costs, however the new Labour Government's overhaul of tax and Nl contributions will likely cause concern during 2025 and it 15 unlikely that we will be able io maintain those reserves in the shorter temi. In the unlikely event any surplus rnonie5 are available these will be re-diretted towards the upkeep of ourvery suc￿SFul community project, The Cowes Men's Shed, which was established in May2018. though we c¢Mtinue to be fru8è1 and have never pushed beyond what our finances would allow, we will. for the first time since Storeroom2010's conception. need to redute ¢xJr already Mea8￿ outgoings, unfortunately the staff are likely to bear the brunt of this 35 we are he5itsnt to put our pritr5 up whilst 50 many people struBgle to make ends meerl We already run a very tight ship but will endeavour to rnana8e the increased costs attributed to employee wag&, tax and Nl, but only time will tell. and at present there is no easy fL¥ in Sight. It may be wme time before we are able to move forward with any future plans. Having weaihered the Covid pandemic we are In no doubt that we wll get throu8h this difficult PErlod however ￿me strategic future planning will be needed. We still have ambitious plans to expand the retsil area by increasing mezianine floor and prowde easier at¢tss for our dlsèbled customefs. This would increase our square fo0￿ge by about one third. Architect's plans were drawn up and approved and plannlng permlssion was in pla￿, th¢5 ha5 nr￿ lapsed, halted by the unexpected Covid-19 pandemit. But it is still our alm to take this forward as soon as the time is right. We have. in the past enjoyed a good deal ol su¢£ess sour£lngfundlng and will aim to push forward when theopportunty PTeseThts. Retent achlevtrnents A proSect to includin8 the in5ts11ation ol solar pane15 to enhance our 8rttn trederttials has been athleved for our Community Proje¢ The Cowes Men's Shed thanks. in part to a Narional Lottery grant surplu5. We alx) were able to replace the shed's 1I8hUn8 and In5rall LED as a low energy alremaJ¥e making it a5 energy effloent a5 15 possible at the current tlme. In March 2024 we were able, with the help In part of some fundln& to fulfil a lon8-time arnblt1on to erect permanent lasshouses at the Men's Shed, this gNes our horticulturally Indlned members the opportunity to keep their hand In whilst InC￿a51n£ the kwentièl for plani ￿leS In (Lvning years and hopefvlty create addttSon?I funds towards our runnin8 costs. We were also able to Install all new LEO lighting wthin Storeroom 2010's premises. Furtherniore, a complete overhaul of our burglar alarm system and the introOucLion of new CCN covering all a￿aS of both Storeroorn2010 and the Cowes Men's Shed. Cowes Men's Shed project ReE4rding the Cowe5 Men's Shed, our aim has been to make best use of the facility in order to generate funds towards the lon8-tefm continuation of the projert. Raisin8 plants from seed and propogabng cuttings for sale in our new 81asshouses wlll be a vast improvemeni and we hope to InC￿aSe sales si8nificanily. Some members fobrlcate wooden planter5, bird table5, feeders and garden omarnents. 35 well as occasionally relurbi5hing pietes ol fumitu￿, which also provides a welcome boost to the Shed running costs. We continually pursue funding to help cover staff wages in order to maintain a n¢min41 IEvel of ser¥io. and to date the c051has prfftd to be manageable. The shÈd offÈred a safe santtuary to members durin8 Covid I(￿dOwn$ some Èxpressed extreme loneliness and isolation, bur despite thls we have been able to attratt new members current5y in excess of 150. More recently the Shed ha5 also been looked upon as a winterwarm space for some of (4Jrmernbers struggling duringthe energy crisI5. Page4 STOREROQM2010 (REGISTERED NUMBEK.07488966} REPORTOF ThETRUSTEES FOR THE YEAR ENDED 31 DECEMBER2024 FINANCIAL ReviEW Flnanual pothlon Totsl income for the year arnounted to £303.05912023 - £330.0581. The tt)tsI c05t of tharitsble artiwtie5 amountsd to £333.860 12023 £282.5251. The net deflot for the year amounted to £30,801 12023 - surplus £47.5331. Unrestritted funds and restrittÈd funds Carri￿ forward at the end ol the year amounted to £515.144 and E18,256 respecdvely 12023 - £512,297 and £51,904). Unrestrirtedfvnds At the end of the year, £402.32912023- £353,784) was designatsd to the tsngible fixed assets fund and £2S.(KX)12023 £25,000) was de5i8nated to the spe¢ial proje¢t5 fund. The TemaiAin8 balance of £87.81412023- £133,513) is held as I￿e reseNes. Prfnclp31 fundln8sourc•s In 2022, StorÈroom 2010 was award￿ a National Lottery Reathing Communities Fund grant to￿lI[h8 £254,459, to be paid over fTve years. for our Men in Sheds Communty project. We recwed two PaVTnents of £25,769 eath in 2024, payments ofE24,492 each in 2023 and payments of£24,279 eath in 2022 wath four further payments to follow. In 2024. the Garfleld Weston Foundation awarded a grant of £7.Cfjl towards repaying the bank loan ￿la￿￿K to the purthase of 25.26 Somèrton Industrial Path in 2015. Invemment polky and obhdlves The Trustee5 have the power to Invest in suth assets as they see fiL The tharity keeps Its assets in short tenn deposlts, which ean be accessed readi￿. Reserves pollcy As always, the management exerose cautlon and d1llKen￿ handlin8 the ccffjpany a￿unts. As strongty suggested by our actountsnts, we alm to keep a sum equwalent to months running costs in reseNe. this proved to be a wlse move as we We￿ ablt, w5th the help of the 8ovemments furtough stheme to safety negotiate the unexpected 19 pandemlewith onty minimal fflnandal ImpacL It has been agreed by the Trustees that wt should retsln £1￿15k of unallocated reserves whsth can ￿ used as a safety net should there be any fvrther dlsruption to trade. w In. hopefulty the unlikety ￿￿rgeNCe of Covid 19 or another slmilar pandemlc. All major projects Such as our planned meuanine floor increase a￿ on the back burner un￿1 a time when the Trustee5 fed It Is safe to movt forward. At the year end, the amount held in tree reserves was lower than that Wuifed by our rtserves poll¢y due to incurrin8 number of addltional and rising running costs during the year. We will Continue to rewew and monitor our costs to reduce them wherever p055ible. We wlll be ￿dUcIng paid stsff hours in 2025 and we will not be repla¢in8 0 mernber of staff who is due to retire. We are looknn8 to rebuild the reserve towards our from these plansand hopett+do do wlthln 5 years. FimJRE PiANS Amongst Storeroorn'5 planned projects, better disabled facIl￿e5 and a liftto the rneuanine, are part of our fward plan when financially viable. We plan to expand the retsil area by inueasinK our meuanine floor to double its present Size and thus, when the lfft is Instslled. rfwould pro￿de easier ￿cesS for ojstomers with mobilty15sues. Havin8 already converted to LED Ighting along with the Insrall&on of a rLew energy effiaent gas ￿ntral heatin8 System it is our intention. hopefully wtrhin the wming year. to instsll solar pane15 on the roof of Sthroom. fvrther rninirni%ng our impact on the environment Page5 STOREROOM 2010 IREGISTERED NUMBEFL. 07488￿) REPORTOF THETRUSTEE5 FOR THE YEAR ENDED 31 DECEMBER Z024 FUTURE PLANSt¢)ntinued Electric vans Very tnuch a dream at this Yme, as at present there does not seem to ￿ a suitable affordable altematNe to diesel lor our needs, we hope to work towards Èlectric vans for our deliveries and cdlettions as this will take us closer to our aim ol one day berorninE tarbon neutral. but we think th6 unlikety to happen ￿thin the nextfNeyears. STRUCTVRE, GOVERNANCE AND MANAGEMEtir Governlng docume The company 15 Lirnited by Guarantee and was incorporated on 11 January 2011. Its governing document 15 its Mernorandum and Article5 of A550ciati¢n as ￿efided by spedal fesolutsW re8tstered at Companie5 House on 28 April 2011. Recrultment and appolfttment ot new trustees In 2020, due to the Covid-19 pandernic. two ol osjr board member5 re5i8ned as they We￿ deemed to be in high-risk groups. Our Ideal target minlrnum. mernber5 w35 reduced to three havin8105t two members and 8ain5n8 one duMn8 the prevlous year. We have found that slx or more Members are needed in wder to bring the required wealth of knowledge to the table and are pleased to have been able to attrart new Trustees. both vetted and approved by the exi5tin8 board in the usual way. brln8ln8 U5 b?¢k up tothe preferred SIX. Or8anlsatlonal 5tNdure General Manager, ShoplWarehtyJ5e Manager. Fundin8 Cfrordinator and three other Staff are all jointly involved with er8anisin8 our volunteer tearn cn a day to day basi5. However. the responsibility for the performance of that team lies wlth the General Manager who is reouired to report dally to Ihe CEO. The G￿er81 Mana8er Ila15es wlth all departments to provide perfomiance rep¢Jrt5 atTru5tee meetin65. Inductlon and tralnlrb8 of new tn￿ee5 When enrolling new Trustees, it is required that they farnll¢ar15e thtm5efves with the tharity commission 8uidance available ￿laring to their new rde. Rlsk managerneni Storeroom2010 arrributes fjts success to Strla adhere￿e io Its prindpal value5. To protect the lon8-temi linantial viability of the projett through shrewd mana8ernent and main priorfty bein8 to continue w provide and to protect this valuable and muth needed ¢ommunity asset into the futu￿. always wothng to procure. but never relwn8 upon 8rant fundin8 to cover ¢ore ¢05ts. Upon start-up there was. as with any new venture. an element of risk. but within six rnonth5 of rtrrnodellin& Storeroom was ableto Cover daSly running costs and wfth prudent rnanagement of cashflow. this has allowed for Steady growth. Storeroom2010, continues to work towards buildifi8 a stable fvIV￿ asset for the communlty and havin8 taken ownership of our warehouse and the adjtynin8 unil we have tht •bility to plan long temi and where necessary. adapt and evolve to meet our community's changing needs. Page 6 STOREROOM 2010 IREGL¥fERED NUMBEK. 07488Y661 REPoRTOFTHETRl￿EE5 FOR THE YEAR ENDED 31 DECEMBER 2024 5TRucfuR4 fjovERNAN￿ AND IrtANAGEMEKT Rlsk management continued The ￿Sk$ l. Retsil provides no guaranteed income, and we rety upon the support of the tsland communty for our continued success. 2. There will always be the threat of new ¢ompetition, however we have weathered several stsrt-up projects alreadyt wlth no advetse effecL 3. Sourcln8 enough reasonable quality stoth was thou8ht to be a possible problem, h¢)wever. to dats we have never run up aBainst this, and ￿ul)dY. although this is not the 9￿ferred option. have to delay cdlecbons until we have adequate space for dIspla￿fi8 good& 4. The pe￿bIlIty of another pandemi¢ AIthou8h we suryNed relatively uns¢athed the risk from another pandemic has now become a réal p055ibility and should notbe taken ￿ghtly. Finanthltywe have taken every precaution. Our reseNts tombined with the available Govemrnent grant asslstsnce allowed us somè degree gf safety, however woulé be fcolish to think we are impeNious, and we wlll continue to m¢nitor our finanw dosely and exeruse ¢èution until such time5 35 we feel all lrnpedSmentsto ourtradinB have passed. STATEMENT OF TRUSTEE5' AESPONSIBIUTIES Thè trustees (who are also the directors of Storeroom 2010 for the purposes of company lawl are responsible for preparing the Report of the Trustees and the finandal sratements in accordan￿ with appli¢abl* law and United Klngdom Accounting Standards Iunited ￿ngdoM General￿ Accepted Accounting Pratycel. Company law requires the tn￿tee$ to preparn financial ststements fty eath financial year whlch gNe a true and falr vlew ol the state ol affa5rs of the tharitsble cornpany and of the incoming resources and application of ￿oUrces, including the income and expenditure. ol the tharitable company for that period. In preparing those financial staternenty the trustees are requi￿ to Select suStable accountin8 poliue5 and then apP￿theM ¢onslstentty.' ObSe￿e the methods and prinDples in rhe tharpty SORP: makejudgements and estimates that a￿ ￿8$onable and prudent prepare the financial ststements on the 8oin8 COn￿M b35is unless r( is inappropriate to presume that the tharftsblè company will continue in buslnes& The trustees are responsible fthr keeping proper accountin8 records whith disclose with reasonable accuracy at any time the financial position of the charitable cornpany and to enable them to ertsv￿ that the finandal stsrements Comply with the Cornpanies Act 20J6. They are also responsible for safeguarding the assets of the tharitsble company and hence for taking reasonable stepsforthe prevèntion and detettion f fraud and other irregularitles. Approved by order of the board of trysteeson.. .. and 5i8ned on behalf by: P Nortor- e7 INDEPENDENT EXAMINER'S REPORTTO THETRUSTEES OF STOREROOM 2010 (REGISTERED NUMBER.. 07488￿} Independent examinees reportto thètrusteès of Storeroom 20101'the Company'l I report to the charity trustees on my examin3titsn of the accounts of the Company for the year ended 31 DeTrmber2024. Responslbllhies and basis ot report As the charity's trustoes of the Compary13nd also its directors for the purposes of company lawl you are responsible for the poparation olthe accounts in 3ccord3nce with the requirements of the CompantesAct 20061'the 2￿6 Act'l. Having sati5lied myself that the attounts of the Company are not required to be audited under Part IG of the 2LYJ6 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 20111'thè 2ts11 Act'l. In carryin8 Out my examination I have followed the oirecb0r￿ given bythe Charity Commission undersectton 145151 Ibl of the 2011 Act. Independent examinerfs staternent Sinte your charty's gross income exceeded £25ts.O¢J) your examltter must be a member of a listed body. I can ¢¢nfirm that l am qualified to undert3ke the examination because l am a member of the Institute of Chartered Accountsnts in England and Wal￿, which is one of the listed bodi￿. I have completed my wmination. I confirm that no metters h3ve come to my attention in connettitsn with the examination 8iwing me cause to believe= accounting records were not kept in ￿spect of the Company a5 required by Section 386 of the 2006Act- or the accounts do not accord with those records- or the accounts do not comply with the actounting requtrements of Section 396 of the 2006 Act other than any requirement that the accounts give a tnje and fair view which is not a matter ¢onsidered & part of an independent examination,. or the accounts have not been prepared in accordance wth the methods and principles of the Ststement of Recommended Practite for accounting and reporting by charities lapplitsble to charities p￿ParIng their accounts in accordarn￿ with the Financi31 Reporting Standard applicable in the UK and Republic of Ireland (FR5 IC1211. I have no cOn￿rn$ and have come across no other mattets in connettion with the examination tri whid) attention should be drawn in thÈs report In orderto enable a proper understandin8 of the attounts to be reached. D Stevens Bright Brown Limited Isle of Wight Date.. 202 Page 8 STORER(KIM 2010 STATEMENTOF FINANCIALAcnvmES FOR THE YEAR ENDED 31 DECEMBER2024 2024 Total funds 2023 Total funds Unrestrirted Restritted fvnds funds INCOMEAND ENDOWMENIS FROM Donatl¢ns and le8acie5 1673 3.453 Charitsble actiwtre5 Prevention and relief of poverty and proteffloon and preseNation ofthe environment Men in Sheds 236.093 236.093 59.311 253,428 68,115 59.311 Other trading attivities Investment income 2,345 1,857 2.34S 1,857 3.244 L786 Total 24L075 6L984 303.059 330,058 EXPENDITURE ON Charitsble actlvibe5 Prevention and relief of poverty and protertion and preservation of the environment Men In Shed5 270.151 4.869 272.781 610 238.50S 44.020 56.210 Total 275.020 333,860 282.525 NET INCOMVIEXPENDfwAEI 133,9451 36,792 3.144 136.7921 1308011 47.533 Transler5 betweefi fvnds 21 Net movement Sn fvnds 2B47 133.6481 130WiI 47,533 RECONCIUAnON OF FUNDS Total funds brou8ht forward 512.297 SL904 564,201 516.668 TOTAL FUNDS CARRIED FORWARO 515.144 18.256 S33.4C#) 564,201 The notes form partofthesefinan¢ial si*ements Page 9 STOREROOM 2010 IREGIST£RED NUMBER.. 074889661 BALANCE SHEET 310ECEM8ER 2014 2024 Totsl funds 2023 Total funds UThre5thcted fund5 Restricted fuTrd5 Notes FIXEDASSETS Tangible assets 564.858 564.858 547,549 CURRENT AssErs Debtors Cash at bank and in hand 16 11,494 107,394 11,494 125,651 26.787 188.482 18,257 118%88 18.25? 137,145 215,269 CREDITORS Amounts falling due within one year 17 126.2261 126.2261 132,9191 NEf CURRENT ASSETS 92,662 18,257 110.919 182,350 TOTALASSEfs LESSCURRENT LIABIUTIES 657,520 18,257 675,777 729.899 CREDITOPS Amounts falling due aftermorÈ than onè year 1142,3771 1142,3771 116S,6981 NET A55ET5 515,143 18,257 533,4fy) $64,201 FUNDS Unrestritted funds Restntted funds 21 515,143 18.257 512,297 51,904 TOTAL FUNDS 533.4¢Y) 564,201 The charitsble company Is entitled to exemption frorn aud(( under Section 477 of the Companies Art 2CK)6 for the year ènded 31 December 2024. The members have not required the company to obfaln an audit of its finandal statements lor the year ended 31 Derember 2024 in attordance with Setti¢>n 476 ofthe CompaniesAtt 2￿6. The trustee5 athnowledge their responsibilrbesfor ensur5ng that the charita￿e company keeps accountiw records that cemply with Secfjon$ 386 and 387 of the Companie5 Act 2CY36 ènd preparin8 financial statements which gwe è true antl fair wew of the stare of affairs of the charitable company as at the end of eath financial year and of its 5urplu5 or deficit for each financial year in ac¢grdance wlth the quirements of Settions 394 and 395 ané which oiherwise cornply with the requirernents of the Cgmpanies Att 2fpJ6 ￿lating tofinancial statemeftts. so far as applicable tothe charitsble cornpany. The notesform part of these financ¢al ststements Pa8È 10 continued... sroRER¢X)M 2010 IAEGMERED NUMBEK. 0741889661 BALANCE SHEET. contlnued 31 DECEMBER2024 These flnan¢ial staternents have beert prepared in act￿On￿ wth the PWSIOAS applicable to d)aritable companie5 subjett to the 5rnall companies re￿rne. The ments We￿ approved ￿ the Board of Tnstees and authorised for Issue on ..Aqnd were signed on its behatf ty. P Noctor-Tru The notesforrn part of these finaft(3al 5tstements Page 11 STOREROOM 2010 NOTES TO THE FI*IANCLALSTATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 AccouKnNG POLICIES Basis of preparlngihe fin3ndal staternents The financial stètÈments of the charitable company. whith s a public benefit entity under FRS 102, have been prepared in atcordance with the Charitie5 SORP IFRS 1021 '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 IFRS 1021 lemective l January 20191,, Financial Reporting Standard 102 The Flnanci31 Reporting Stsndard applicable in the UK and Republic of Ireland, and the compani￿ Act 2Q)6. The financial Statements have been prepared under the historical tost tonvÈnt50n. Incorne All Income is reco8ni5ed in the Ststernent of Financial ActNittes ￿ce the charity has entidement to the funds, It is probable thatthe intt*rne will be rKewed and rhe amount can be measured reliably. Expendlture Liabilities are reth8ni5ed as expendItU￿ as soon as there Is a legal or tonstrurtlve obligarion commltting the charity to that expenditure, it 15 probable that a transfer of economic benefit5 will be required in set￿eMent and the amount of the obligation Can be measured reliably. Expendlture is accounted for on an accruals basls and ha5 been classIf￿d under headin85 that a88regate èll cost related to the £ate80ry. Where costs ¢ènnot be dlrectly attrfbutei5 10 particular headlng5 they havè been allocated to actNide5 on a bas15 con515tent with the use of resources. Charltable artlvltl Charitable expenditure £omprise5 those costs incurred by the charity in the éelfvery ol its acti¥Aties and seN1￿$ lor its beneficiarie5. It includes both costs that tan be allocateo dlrecfjy to suth actlvlde5 those costs of an inéire¢t nature necessary io support thern. Go¥ernance costs Governance costs indude those Costs a$sociated with meetin8 and con5tituional and 5tstutory requlrements of the charity and include independent exarninafjon fees and costs linked to the 5trate8lc mèna8ement of the charity. Allocatlon and apportlonment olcvsts All costs are allocated be￿een the eXpendI￿re cate8ories of the Statement of Financial Activitie5 on a ba51S desi8ned to reflect the use of the resource. Costs that relate to a particular activity a￿ allocated dirertly, others re apporti¢ned between attmties in linewith their respertive proportion of the total incoming resources, T•nglble ffi¥*d assets Depreciation 15 at the following annual rates in order to write off eath asset over its estimated u5efrJl Freehold property Impmvemenrs to property Plant and machinery Motor vehicles Cc>mpurerequipment not provided not prowtled 25% on cost 25% 00 cost 25% on c05t The useful economic life of the chartty's freehold buildings is reviewed regulady and they are maintained to such a standard that their estimated residual value is not le55 than their c05t or valuation. Under the circurnstance5 tlepreciation is not charged as the trustses are ol the opinion that it would be in5iBnifthnt and as such does not impair a true and fair view. Pa8e 12 continued... STOREROOM 2010 NOTES TOThE FINANCIALSTATEMEPItS- continued FOR THEYEAR ENDED310ECEMBER 2024 ACCOUNrtNG POLICIES-COrfittued Taxation The charityis exemptfrom corpoTrtion tax on its tharitsble actmtie Fund accourtfln¥ Unrwrftted tunds can be used in accOrdan￿￿th the tharitsble objectryes atthe dlstyebon of the trustee5. Restricted fund5 can onty be used for particular restri¢ted purposes wthin the objects of the charity. Restrictlons arise when specified by the donorcr when fvnds are raised for partiojlarrertricted purposeL Further explanation of the nature and purpose of tach fvnd Islndudtd in the notes to the finanaal ststements. Pen51on costs and other post•retiremeffj benefft5 The charitable cornpany operates a defined cOn￿bUtIOn pension 5cherne. Contributions payable to the charitsble ¢ompanVs pension scheme are charged to the Statement of Finandal Atbwties in the period to which they relate. DONATIONS AND LEGACIES 2024 Totsl funds 2023 Total funds Unrertritttd Restricted fvnds funds Donat5ons 2.673 3.4S3 3,485 OThER TK4DING AcnvmES 2024 Total fvnds 2023 Totsl fvnds Unrestricted fvnds Restritted funds Sale of MIS goods 2.345 2,345 3,244 INVESTMENf INCOME 2024 Totsl fvnds 2023 Totsi funds Unrestricted funds Restricted fund5 Qep05it account Interest 1857 1057 1.786 Page 13 conbnued... STOREROOM 2010 NOTES TOTHE FINANCNLSTATEMEpif5- continued FOR THE YEAR ENDED 31 DECEMBER Z024 INCOME FROM CHARITABLE ACTivmES 2024 2023 Artivity PTeventi¢)n and relief ol povertyand protection and p￿ervatiOn ofthe environrnent Prevention ￿lief of rK)vety and protecDon and preservatyon of the environrnent Prevention and reliefof poverty and protection and preservation of the environment Men in Sheds Sale of donated goods 233,148 245,317 Gift ald 1.945 2,761 Grants Grants 5,350 68,115 59.311 295,404 32L543 Grants recewed, irt