REGISTERED COMPANY NUMBER: 08007688 (England and Wales) REGISTERED CHARITY NUMBER: 1148635
REVIVE & RECYCLE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
Berringers LLP Lygon House 50 London Road Bromley Kent BR1 3RA
REVIVE & RECYCLE
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2022
| Page | |||
|---|---|---|---|
| Report of the trustees | 1 | to | 3 |
| Independent examiner's report | 4 | ||
| Statement of financial activities | 5 | ||
| Balance sheet | 6 | to | 7 |
| Notes to the financial statements | 8 | to | 12 |
REVIVE & RECYCLE (REGISTERED NUMBER: 08007688)
REPORT OF THE TRUSTEES for the year ended 31 March 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trustees are confident that the Charity's main aims and objectives are being met in accordance with the Governing document. The main aim and objective being The relief of poverty.
The Trustees can confirm that the long term plans and aims of the charity are on course with furthering steps made during this financial period.
The charity has delivered on its main aims by supplying free furniture to people in need referred to them by other organisations, general public and word of mouth. The charity is proud to be working alongside some major homelessness charities, local government departments and some health trusts. Financial grants have been made when the charity has not been able to supply the required furniture to the people in need referred to them.
The Trustees are assured that the charity's work has been of major benefit to the beneficiaries. Furthermore, the Trustees are pleased to be able to confirm that the charity's operations and objectives are having a direct positive impact on the pressing environment issues of reducing waste to landfill.
Significant activities
During the financial period the Trustees agreed the need to continue working and offering the services provided at the outset of the Coronavirus pandemic, identifying that the charity's services would be of vital importance to the bereaved families of the victims of the virus. The trustees were diligent in ensuring the safe continuance of the charity's operations. Swift and urgent decisions were made at the outset to ensure the safety of the trustees and volunteers.
During the year, the charity sourced several items that were subsequently sold to cover the costs of the furniture storage.
Public benefit
The charity considers its objectives to be in the public interest by recycling unwanted furniture and assisting needy individuals and families.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity by way of its related party company has been able to source numerous items of furniture. The value of these donated items are difficult to quantify.
Fundraising activities
The charity sells donated goods to raise monies to cover the cost of storage.
FINANCIAL REVIEW
Reserves policy
The trustees have considered the level of reserves that the charity ought to have. Reserves are required to cover the storage of donated items until they can be matched to individuals or families. Currently, the reserves are very low, and the trustees would consider an amount equal to a year's storage to be prudent.
The trustees identified the need for more suitable vehicles to undertake the Charity's aims and objectives and to keep in line with the Government's aims of reducing emissions. The trustees made funds available for such. A new, and improved, website was also commissioned and funds set aside for such. The trustees are confident that these and other actions will further help them achieve the charity's aims and objectives, helping more people in need. The Charity has seen a significant increase in demand from associated charities for the supply of furniture.
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REVIVE & RECYCLE (REGISTERED NUMBER: 08007688)
REPORT OF THE TRUSTEES for the year ended 31 March 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
All the directors of the company are also trustees of the charity. As set out in the Articles of Association, the charity by resolution of its members has the power to appoint or remove any trustee and to fix a maximum and minimum number of trustees. At present, no maximum has been set, but the minimum is two. The trustees also have the power at any time to appoint any person to be a trustee.
Organisational structure
The trustees, who administer the charity, also undertake the day to day management of the charity.
Induction and training of new trustees
New trustees are selected from those with appropriate and skills considered to be required by the charity in the opinion of the trustees in office.
Related parties
The charity is related to Revive Property Solutions Ltd by way of mutual directors. This company also supplies the charity with donated goods and storage.
The charity is also related to Revive & Recycle Clearances Ltd, a wholly owned subsidiary.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
08007688 (England and Wales)
Registered Charity number
1148635
Registered office
T.M.S. House Cray Avenue Orpington Kent BR5 3QB
Trustees
M N M Nicholson Mrs K A Hudson (appointed 5.3.22)
Company Secretary
Mrs K A Hudson
Independent Examiner
Berringers LLP Lygon House 50 London Road Bromley Kent BR1 3RA
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REVIVE & RECYCLE (REGISTERED NUMBER: 08007688)
REPORT OF THE TRUSTEES for the year ended 31 March 2022
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 30 August 2022 and signed on its behalf by:
M N M Nicholson - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF REVIVE & RECYCLE
Independent examiner's report to the trustees of Revive & Recycle ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity'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 the 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 out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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 concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
R Hutson BSc FCCA ACA ICAEW Berringers LLP Lygon House 50 London Road Bromley Kent BR1 3RA
30 August 2022
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REVIVE & RECYCLE
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 124,499 Other trading activities 2 - Total 124,499 EXPENDITURE ON Raising funds 3 5,564 Other 129,015 Total 134,579 NET INCOME/(EXPENDITURE) (10,080) RECONCILIATION OF FUNDS Total funds brought forward 10,573 TOTAL FUNDS CARRIED FORWARD 493 |
2021 Total funds £ 41,792 12,955 |
|---|---|
| 54,747 - 44,496 |
|
| 44,496 | |
| 10,251 322 |
|
| 10,573 |
The notes form part of these financial statements
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REVIVE & RECYCLE (REGISTERED NUMBER: 08007688)
BALANCE SHEET 31 March 2022
| 2022 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 33,087 Investments 7 1,000 34,087 CURRENT ASSETS Debtors 8 46,322 Cash at bank 6,341 52,663 CREDITORS Amounts falling due within one year 9 (11,686) NET CURRENT ASSETS 40,977 TOTAL ASSETS LESS CURRENT LIABILITIES 75,064 CREDITORS Amounts falling due after more than one year 10 (74,571) NET ASSETS 493 FUNDS 12 Unrestricted funds 493 TOTAL FUNDS 493 |
2021 Total funds £ - - - 4,277 8,803 13,080 (2,507) 10,573 10,573 - 10,573 10,573 10,573 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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
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continued...
REVIVE & RECYCLE (REGISTERED NUMBER: 08007688)
BALANCE SHEET - continued 31 March 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 30 August 2022 and were signed on its behalf by:
M N M Nicholson - Trustee
The notes form part of these financial statements
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REVIVE & RECYCLE
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on cost Computer equipment - 33% on cost
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.
Restricted funds can only be used for particular restricted purposes within the objects of 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.
Investment in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
continued...
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REVIVE & RECYCLE
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
| 2. | OTHER TRADING ACTIVITIES | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| £ | £ | |||
| Sale of household items | - | 12,955 | ||
| 3. | RAISING FUNDS | |||
| Raising donations and legacies | ||||
| 2022 | 2021 | |||
| £ | £ | |||
| Support costs | 5,564 | - | ||
| 4. | NET INCOME/(EXPENDITURE) | |||
| Net income/(expenditure) is stated after charging/(crediting): | ||||
| 2022 | 2021 | |||
| £ | £ | |||
| Depreciation - owned assets | 5,564 | - | ||
| 5. | TRUSTEES' REMUNERATION AND BENEFITS | |||
| Trustees are reimbursed for expenditure incurred on behalf of the Charity, which is set out in the Trust | Deed. | |||
| 6. | TANGIBLE FIXED ASSETS | |||
| Motor | Computer | |||
| vehicles | equipment | Totals | ||
| £ | £ | £ | ||
| COST | ||||
| Additions | 37,883 | 768 | 38,651 | |
| DEPRECIATION | ||||
| Charge for year | 5,311 | 253 | 5,564 | |
| NET BOOK VALUE | ||||
| At 31 March 2022 | 32,572 | 515 | 33,087 | |
| At 31 March 2021 | - | - | - | |
| 7. | FIXED ASSET INVESTMENTS | |||
| Shares in | ||||
| group | ||||
| undertakings | ||||
| £ | ||||
| MARKET VALUE | ||||
| Additions | 1,000 | |||
| NET BOOK VALUE | ||||
| At 31 March 2022 | 1,000 | |||
| At 31 March 2021 | - |
There were no investment assets outside the UK.
continued...
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REVIVE & RECYCLE
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
| 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 £ £ Trade debtors 4,950 1,779 Other debtors 39,498 2,498 Prepayments 1,874 - 46,322 4,277 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 £ £ Hire purchase (see note 11) 6,119 - Other creditors 4,571 1,512 Accrued expenses 996 995 11,686 2,507 10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 2021 £ £ Hire purchase (see note 11) 3,059 - Other creditors 71,512 - 74,571 - 11. LEASING AGREEMENTS Minimum lease payments under hire purchase fall due as follows: 2022 2021 £ £ Net obligations repayable: Within one year 6,119 - Between one and five years 3,059 - 9,178 - 12. MOVEMENT IN FUNDS Net movement At At 1.4.21 in funds 31.3.22 £ £ £ Unrestricted funds General fund 10,573 (10,080) 493 TOTAL FUNDS 10,573 (10,080) 493 |
2021 £ 1,779 2,498 - |
|
|---|---|---|
| 4,277 | ||
| 2021 £ - 1,512 995 |
||
| 2,507 | ||
| 2021 £ - - |
||
| - | ||
| 2021 £ - - |
||
| - | ||
| 493 |
continued...
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REVIVE & RECYCLE
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 124,499 TOTAL FUNDS 124,499 Comparatives for movement in funds At 1.4.20 £ Unrestricted funds General fund 322 TOTAL FUNDS 322 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 54,747 TOTAL FUNDS 54,747 |
Resources Movement expended in funds £ £ (134,579) (10,080) (134,579) (10,080) Net movement At in funds 31.3.21 £ £ 10,251 10,573 10,251 10,573 Resources Movement expended in funds £ £ (44,496) 10,251 (44,496) 10,251 |
Resources Movement expended in funds £ £ (134,579) (10,080) (134,579) (10,080) Net movement At in funds 31.3.21 £ £ 10,251 10,573 10,251 10,573 Resources Movement expended in funds £ £ (44,496) 10,251 (44,496) 10,251 |
|---|---|---|
| 10,251 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.20 | in funds | 31.3.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 322 | 171 | 493 |
| TOTAL FUNDS | 322 | 171 | 493 |
continued...
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REVIVE & RECYCLE
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 179,246 179,246 |
Resources Movement expended in funds £ £ (179,075) 171 (179,075) 171 |
|---|---|---|
13. RELATED PARTY DISCLOSURES
At the year end the charity was owed £37,000 from Revive & Recycle Clearances Limited, a company wholly owned by the charity.
The director of Revive and Recycle Clearances Limited, who is also a trustee of the charity, was due £2,576 from the subsidiary at the year end.
During the year, a trustee loaned the charity £71,512 in order to purchase required vehicles that would further enhance the charities aims and objectives.
During the year the charity paid Revive Property Solutions Group Limited, a company connected by mutual control, £23,060 in relation to subcontracted labour to assist with removals.
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