Company registration number.. 07877609 Charity registration number.. 1146877 Devon and Cornwall Furniture Reuse Project IA company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2024 WESTCOTTS CFIAPTERED ACCOUNTANTS BUSINEYS ADVISEAS Devon and Cornwall Furniture Reuse Project Contents Trustees, Report 2to5 Independent Examinerfs Report 6t07 Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10t021 Devon and Cornwall Furniture Reuse Project Reference and Administrative Details Trustees A Turner CMButt R Symons P J Pearce N Toms Secretsry N Toms Charity Reglstratlon Numbèr 1146877 Company Reglstratlon Number 07877609 The charity is incorporated in England and Wales. 97 Union Street Ston8house Plymouth Devon PL13NB Registered Offlce Independent Examlnor Westcotts (SW) LLP Plym House 3 Longbridge Road Plymouth M8rsh Mi118 Devon PL6 8LT Page 1 Devon and Cornwall Furniture Reuse Project Trustees, Report The trustees present their report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and 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) las amended for accounting periods commencing from 1 January 20161" Objectives and Activities The main aim of our charity is to help people in our communities who are experiencing severe poverty or are in danger of going into poverty or are experiencing difficult times. We help around 1000 people a year. Unfortunately, the need for our service has increased to such a level that we cannot keep up with demand. The Cost-of-Living Crisis has meanl that more and more families and individuals are going without food, and 1 in 2 families are wilhoul an essential white good, and 1 in 3 families are destitute. Never before have we seen parents asking for food for their children on social media. We are r8ceiving requests for help from people who would never hav8 imagined needing help just 3 or 4 years ago. The stress of not being able to afford even Ihe basics, or having to choose whether to buy food or pay bills is fracturing families, with some sadly beyond repair. The charity has seen an 81arming increase in need from working people who are living in poverty, Speaking to people in our communities, we have discovered that being in poverty is not just something people on low incomes are faced with. Almost everyone we meet are experiencing financial difficulties and would not be able to replace an essential item in their home if it were to break down. If they were to replace a broken ilem it would leave them destitute. There are many reasons why people need our help. People may be moving into a property because they are fleeing domestic violence, because they are currently homeless, being released and rehomed from mental health care facilities, hospitals or prison, or because they are seeking asylum. We help communities by helping those who in the community that matter the most the vulnerable and the often forgotten. We do this best by working firstly with the people in the communities we serve and by helping other Drganisations such as The Homele55 Unit, BCHA, Social Services, Children's SeNices, Community Groups, Refugee Groups, Drugs and Alcohol Rehabilitation Groups, AGE UK, Social Landlords, Ex Service Personnel, and others. All these organisalions refer people who need support to the project, and we have an open-door policy for those who need assistance to visit the project. Amongst other activities, we supply free of charge furniture and other item5. We also offer discounted, affordable items to all customers, particularly lo disadvantaged members of the community. Around 80 /0 of our slock is given free of charge lo those in need. The number of organisationslcharities referring people in need to us has increased and in fact we are working with charities further afield, Iravelling further than we ever have in the past. Also, the number of people contacting the charity of their own accord has increased. Although we are happy that more people know who we are and how we can help. it is very distressing that so many people need help. We are helping people who have tried to access Othei services but have been turned down for help due to limited resources. We a150 have many more organi5ations who signpost people to our charity and vice versa. It has been very useful indeed in helping people get the help they need as soon as possible. Page 2 Devon and Cornwall Furniture Reuse Project Trustees. Report If funding allows, we launch schemes such as Welcome Home and Surviving Winter. The schemes cater for anyone who needed essential items. Each box had everything a person needs to help them begin their new live5 from hoovers, kettles, toasters as well as cutlery and new bedding packs including pillows, duvet etc. People could also have a microwave, dehumidifier, heated clothes airers and other items. We also included a cleaning box, a self-hygiene box and a baby box if needed. If children were involved, we would put a box of things just for them together which included new pyjamas, a new toy, a new book, a new blanket, and their own toothbrush etc. We provided adults with heated blankets, dressing gowns, gloves and scarfs. These schemes were incredibly popular and sorely needed and helped so many people. We also help childrenlyoung people who have aged out of care When they are moved into Iheir own properties or shared housing, they have absolutely nothing. Having to manage on your own is daunting and stressful but having to do so when coming out of a care environment and not knowing what help or support you can get is even more difficult. The project collects unwanted furniture, washing machines, cookers and other household items which are taken back to the project to be Gleaned and refurbished and offered lo familie5, groups or individuals at affordable prices or for free. We are now also collecting smaller items such as dinner sets which are cleaned and then put in our free of charge Welcome Home Room. We are being more active on Social media and are no longer afraid of letting people know exactly how we help and how many people we help. We review our airns, objectives, and activities at least once each year to look at what has been achieved in the previous year. The charity refers lo the guidance contained in the Charity Commissions general guidance on public benefit when reviewing its aims and objectives and in planning future activities. The trustees consider how planned activities contribute to the aims and objectives set. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding whal activities the charity should undertake. Flnanclal review The results for the ye8r are shown in the statement of financial activities and show net incoming resources for the year of 2024. Whilst the Trustees are pleased to report that the charity has revenue remaining, funding is becoming much harder lo gain, if not impossible, especially for help with core costs. Footfall into the charity has declined slightly bul with our core costs increasing it is becoming more difficult to cover all our costs. Our website helps with sales and we are hoping we will have more sales through our website over the next financial year. Policy on reserves The charity has made a small surplus in the year. Finances continue to be a challenge, bul through careful management and cost control we plan to build on our reserves to ensure that in the evenl of loss of income sufficient reserves are held to enable the charity 10 seek additional funding sources. The charity aim5 to hold a reserve of 3 monlhs operating cost5, and some progress has been made in the year in working towards this. This will prove to be difficult as we had no allernalive than to purchase a new van when our van broke down with irreparable damage. Page 3 Devon and Cornwall Furniture Reuse Project Trustees, Report Investment policy and objectives The trustees regularly review the cash levels held by the charity and need to maintain access to funds to operate. Any significant surplus funds will be placed in an interest-bearing deposit account when appropriate. Going concern The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. We are confident that we can continue for the next 12 months. Structure, governance and management Nature of governing document The charity is a company limited by guarantee and nol having a share capital. In the event of a winding up, registered members are liable to contribute a sum not exceeding EIO per member towards the debts and liabilities of the charity and the costs and expenses of winding up. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial slalements were.. Robert Symons Alison Turner Paul Scanlan Christopher Butt Neill Toms Peler Pearce Disclosure Since the year end of our account (December 20231 we have all been impacted by the cost-of-living crisis. 11 is increasingly hard to cover core costs at the end of each month and whilst we have secured grants for Ihe various schemes we run, winning grants for core costs is almost impossible. However, with the help of funding we managed to help more people than even we thought possible by working as a team, working closely with other organisations and charities, and doing so safely. Page 4 Devon and Cornwall Furniture Reuse Project Trustees, Report Statement of trustees. responsibilities The trustees {who are also the directors of Devon and Cornwall Furniture Reuse Project 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland 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 the incoming resourcès and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements. the trustees are required lo-. select suitable accounting policies and apply them consistently., obseNe Ihe methods and principles in the Charities SORP.. make judgements and estimates Ihal are reasonable and prudent., state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements., and 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 proper accounting records that can 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. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Small companies provlslon statement This report has been prepared in accordance with the small companies regime under the Companies Act 2006. The annual report was approved by the trustees of the charity on behalf by and signed on its A Turner Trustee Page 5 Devon and Cornwall Furniture Reuse Project Independent Examiner's Report to the trustees of Devon and Cornwall Furniture Reuse Project ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the charity's trustees of the Company (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,). Having satisfied myself that the accounts of Ihe Company are not required to be audited under Part 16 of the 2006 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 2011 {'the 2011 Act,). In carrying oul my examination I have followed the Directions given by the Charity Commission under section 145{5}Ib) of the 2011 Act. Independent examiner's statement - matter of concern Identlfied I have completed my examination. I have identified matters of concern that require disclosure in the accounts as follows: Petty cash could not be reconciled, due to the correct cash expenditure paperwork not being available. This surmounted in an adjustment of £10,633. Ecxluding cash, all other receipts requested were verified during our examination. I confirm that no other matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect= 1. accounting records were not kept in respect of Devon and Comwall Furniture Reuse Project 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 nol been prepared in accordance with Ihe melhods and principles of the Slalemenl of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102}1. I confirm Ihat there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts lo be reached. Page 6 Devon and Cornwall Furniture Reuse Project Independent Examiner's Report to the trustees of Devon and Cornwall Furniture Reuse Project ('the Company.) Matthew Keane ACCA Westcotts (SWI LLP Plym House 3 Longbridge Road Plymouth Marsh Mills Devon PL6 8LT Date.. Page 7 Devon and Cornwall Furniture Reuse Project Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Ststement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Investment income 241,889 331 5,000 246,889 331 174,784 215 Total income 242,220 5,000 247,220 174,999 Expendlture on: Charitable activities {222,732) 17,223) 1229,955) {201,678) Total expenditure Net incomel{expenditure) 1222.732) 7,223 229,955) 201,678) 19,488 12,2231 17,265 (26,879) Net movement in funds 19,488 12,2231 17,265 (26,679) Reconciliation of funds Total funds brought fotward Total funds carried fomard 16 25,161 7,564 32,725 59,404 44,649 5,341 49,990 32,725 All of the charity's activities derive from continuing operations during the above periods. The funds breakdown for 2023 is shown in note 16. The notes on pages 1010 21 fomi an integral part of these financial statements. Page 8 Devon and Cornwall Furniture Reuse Project (Registration number: 07877609} Balance Sheet as at 31 December 2024 2024 2023 Note Fixed assets Tangible assets 12 25,025 24,133 Current assets Debtors Cash at bank and in hand 13 13,410 30,035 12,310 18,600 43,445 30,910 Creditors: Amounts falling due within one year Net current assets 14 4,406 5,548) 39,039 25.364 Total assets less current liabilities 64,064 49,497 Creditors: Amounts falllng due after more than one year 15 Net assets 114,074} 49,990 16.772 32,725 Funds of the charity: Restricted income funds Restricted funds 5,341 7,584 Unrestricted income funds Unrestricted funds 44,649 25.161 Total funds 16 49,990 32,725 For the financial year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the Charity to obtain an audit of its accounts for the year in question in accordance with section 476., and The directors acknowledge their responsibilities for complying with the requirements of the Acl with respect to accounting records and the preparation of accounts. I statements on pages 8 to 21 were approved by the trustees, and authorised for issue on and signed on their behalf by.. A Turner Trustee The notes on pages 10 to 21 form an integral part of these financial statements. Page 9 Devon and Cornwall Furniture Reuse Project Notes to the Financial Statements for the Year Ended 31 December 2024 1 Charity status The charity is limited by guarantee, incorporated in England and Wales. and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is.. 97 Union Street Stonehouse Plymouth Devon PL1 3NB 2 Accounting pollcles Statement of compliance 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 Slandard applicable in the UK and Republic of Ireland IFRS 1021} (issued in October 2019} - (Charities SORP IFRS 102}I, the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. Basis of preparation Devon and Cornwall Furniture Reuse Project meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially re¢ognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going coiicern r)or ariy significant areas of uncertainty that affect the carrying value of assets held by the Charity. Exemption from preparlng a cash flow statement The charity opted lo early adopt Bulletin 1 published on 2 F8bruary 2016 and have therefore not included a cash flow statement in these financial statements. Page 10 Devon and Cornwall Furniture Reuse Project Notes to the Financial Statements for the Year Ended 31 December 2024 Income and endowments All incoming resources are included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. • income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amounl can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of 9eneral volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred, Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates. expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries. including those support costs and costs relating to the governance of the charity apportioned lo charitable activities. other expenditure includes all expenditure that is neither related lo raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categorie5 reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute lo on a reasonable. justifiable and consistent basis. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that Gan be allocated directly to Such activities and those costs of an indirect nature necessary to support them. Page11 Devon and Cornwall Furniture Reuse Project Notes to the Financial Statements for the Year Ended 31 December 2024 Grant provisions Provisions for grants are made when Ihe intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other ¢05ts by their usage. Tangible fixed assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increas8 in the carrying amounl of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses 8 charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation and amortisation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Asset class Motor vehicles Computer equipment Depreciation method and rate 109/0 Straight line 15D/o Straight line Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-lerm highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted funds are available for use at the discretion of the trustees to further any of the charrty's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future projecl or Restricted funds are subjected to reslrictions on their expenditure declared by the donor or through the terms of an appeal and fal5 into one of two sub-classes.. restricted income funds or endowment funds. Page 12 Devon and Cornwall Furniture Reuse Project Notes to the Financial Statements for the Year Ended 31 December 2024 Pensions and other post retirement obligations Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a Gash refund. When contributions arè not expected to be settled wholly within 12 months of th6 end of the reporting date in which the employees render the related seNice, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Flnanclal Instruments Recognition and measurement A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Page13 Devon and Cornwall Furniture Reuse Project Notes to the Financial Statements for the Year Ended 31 December 2024 3 Income from donations and legacies Unrestrlcted funds General Restrlcted funds Total 2024 Donations and legacies- other income Grant income Charitable trading activities (primarily donated goods} 86,119 34,613 5,000 91,119 34,613 121,157 121,157 246,889 241,889 5,000 Unrestricted funds General Rostricted funds Total 2023 Donations and legacies- other income Grant income Charitable trading activities (primarily donated goods) 17,868 6,888 31,774 9,130 49,642 16,018 109,124 109,124 174,784 133,880 40,904 4 Investment Income Unrestrlcted funds General Total 2024 Total 2023 Interest receivable and similar income., Interest receivable on bank dep051ts 331 331 215 Page 14 Devon and Cornwall Furniture Reuse Project Notes to the Financial Statements for the Year Ended 31 December 2024 S Expenditure on charitable activities Unrestricted funds General Restricted funds Total 2024 Total 2023 Charitable trading activities Grant funding of activities Staff costs Allocated support costs 122,457 1,000 82,679 16,596 6,333 128,790 1,000 82,679 17,486 115,879 76,070 9,729 890 222,732 7,223 229,955 201,678 Activity undertaken directly Grant funding of activity Actlvlty support costs 2024 Charitable trading activities 219,696 1,000 9,258 229,954 Activity undertaken directly Grant funding of activity Activity support costs 2023 Charitable trading activities 191,949 9,729 201,678 Page 15 Devon and Cornwall Furniture Reuse Project Notes to the Financial Statements for the Year Ended 31 December 2024 6 Analysis of support costs Support costs allocated to charitable activities Total 2024 Total 2023 Accountancy fees Legal and professional Depreciation 1,705 1,561 5,992 4,100 1,198 4,431 9,258 9,729 7 Grant-maklng Analysis of grants Grants to institutions 2024 Analysis Livewell Foundation 1,000 The support costs associated with grant-making are £Nil {31 December 2023 - £Nil>. 8 Net Incomingloutgoing resources Net incomingl 114,074 5,341 25,025 43,445 (4,406) {14,074) 49,990 44,649 5,341 Total funds at31 December 2023 Unrestricted funds General Restrlcted funds Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets 17.902 29,577 {5,546) 16,772 6,231 1,333 24,133 30,910 15,546) 116,772) 32,725 25,181 7,564 18 Related party transactions During the year the charity made the following related party transactions: On 1 January 2013 the activities of Plymouth Furniture Reuse Project Limited (company number 07154367) were transferred to this charity. The company recharged expenses at a cost totalling £0 (2023. £13). At the balance sheet date the amount due form Plymouth Furniture Reuse Project Limited was £12,310 {2023- £12,310). Page 21