f rp FOREST RECYCLING PROJECT Registered Company Number 02427258 Registered Charity Number 1151578 Forest Recyclin8 Projert Llmited Report and Accounts for the year ended 31 March 2024 *ADIFU4MZ* 2111212024 COMPANIES HOUSE A21 #160 Forest Recycling Projert Limited Company Infomiation Status Forest Recycling Projert Limited is a registered charity and a company limited by guardntee and not having share capitsl. Dlrectors The directots of the company land trustees of the charity) for the year 2023-24 were: Mona Vakll {Chalr) Thomas Fox (Company Secretary) Veronique Jochum Benjamin In8ram Jonathan Emmett Liz Pepler (from November 2023) Naeem Ur Rahman (fr<)m November 2023) Membets of the Board of TnJ5tees are trustees for the purpose of charity law and directors for the purpose of company law. All of the dlrector51tnJstees a￿ voluntÈets who do not receive remuneratlon. Reglstered office 2c Bakers Avenue London E17 9AW Accountant and Independent Examiner Waqas Hussain ACCA 10 Knebworth Avenue London E17 5AJ Reglstered company number 02427258 Registered charlty number 1151578 Forest Recycling Project Limited Directors Report for the year ended 31 March 2024 Introduction Forest Recycling Project Limited (FRP) is a registered charity and a company limited by 8uarantee. FRP rr*ets environmenta! challenges with solutions that provide local benefits on both an indlvidual and a community level. FRP was incorporated on 28° September 1989 and is govemed by Articles of Association that were adopted on 16° January 2013. We are based in Waltham Fo￿5t, East London. At FRP we work with indlviduals. communities, not-for-profft O￿anIsationS and other companies to meet our objectives. The trustees here present their report and accounts for the year ended 31st March 2023. The accounts comply with the accountlng policles Set out In note l of the accounts and with the Charity Commissiori's 2015 SORP (Ststement of Recommended Prdctice - Accounting and Reporting by Charities). Chairfs Report on the year 2023-24 The financial year was a successful one further embedding and deliverfn8 agalnst our stfdtegy. Two new trustees joined the Boa￿ during the year Sn November 2023 to provide support in charity finance. The trustees a￿ pleased to report that the organisation generated net income for the year, contributing to Positive reserves at the end of the year which contlnued to be in line with our reseryes policy of three to six months of operating costs. We contfnue In an environment of rising operational costs and as an operationally and environmentally sustsinable O￿an•SatIOn, we believe it is important to continue to look after our key asset, our staff, using some of FRP'S income and reserves to do so in orderto help our staff navigate the cost of living crisis. Despite the challenging environment in which we operate. FRP generated a net income for the financial year of £12.645 versus a deficit of £22,670 in the prioryear. The trustees believe that FRP continues to be in a stable financial position, although are not complacent given the need to. Secure new funding and to ensure Sustsinable income in the coming years. We would like to mention a big thank you to our funde￿, without whom we would not be in the fortunate position of being able to achieve so much this year. The National Lottery Community Fund, William Morris Big Local, the London 8orough of Waltham FO￿$t and the North London Waste Authority. We would also like to extend our thanks to our individual donots. who support FRP. We especia.lly appreciate our funde￿ and donors in providing us with the opportunity to deliver on our aims and goals. During the year we received matching for one week from Bi8.Give, to whom we a￿ very grateful for their support. Our strategy built upon our five core values: inclusive. community-focused, enterprising. sustsinable and collabordtive. It is by delivering against our strategic Wdlues that the directors are proud to report that FRP has made several achievements over the past year including: Inclusive & communlty-focused Our Green Champions project provides opportunities for community members to volunteer and leam skllls in retail, and in uptycling carpenty, paint and fabrics. The GreÈn Champions project has been kindly supported by a National Lottery Community Fund (NLCF) grdnt which Wds secured in May 2022 to continue WO￿ until 2026. The first year of this new grant ended during the financial year on 31 May 2023 and w35 a successful fi￿t yÉar hailing Met all ts¢ets. The projett continues to be very suctessful and the second year ended with very positive feedback from participants. We are very grdteful to the NLCF for their continued support. During the year. we have W0￿ed with the London Bomugh of Waltham Forest (LBWF) Housing to impr(>ve th.eir.5cheiY￿ t'o p"rov' i'de paint vouch'ets to'social housihg tenants, as well as updating our pricing to support FRP's financial sustainability. We also participated in the Walthamstow Art Trail in 2023, exhibiting the work of a local photographer who was showcasing our work in reclaiming household paint. FR Ys Walthamstow Tool Library had a particularly successful year, exceeding its tsr8ets for both loans of t¢Jols and Inembetship ht)mbets, Whilst 5imultsneously having a big community and environrrentsl impact, saving 35 tonnes C02e. We are very grateful to our funder. William Morris Bi8 Local, who fuhded thè project for two Yea￿ until Decefiiber 2023. ahd to our new fufjder fot the comin8 financial year, the North London Waste Authority (NLWA). Enterprlsln8 One of our strdtegic priorities for the year was to make our retsil and paint operntions more successful and financially viable on a social enterprSse modèl. This was supported duting thè ytat by a 2023124 NLWA grdnt which enabled us to review our paint operdtions and position ourselves so as to build on the iMpfoveh*nts made Ih this area. FRP has ha.d great success With its One-day Paint salés as well a5 fabrlc sales - helping us in our environmentsl mission as well as bringing the community together at a local evtnt. Fabtics is being tskén fonvard with a new SPÈcialist retsil post. which is helping to. raise. thè profile of this aspect of FRWS Work. With regants to scaffi)Iding, sales demand continues to be high, and we have increased out di'stributi'on network in the year, offering both cut and oiled wood as well as unpnxessed timber for the first tlme. On an operational level. the organisation continues to review its risks and policies on an ongoing basis including the safeguarding policy. Sustalnable FRWS reclaim, repurpose and ￿-sell model which aims to save materials from going to waste. helps us to meet our sustainability objectives. FRP also continues to offer practical initiatives to reduce. re-use and. cycle waste, and help people live sustainably. The effects of this can be seen throughout this annual report, where we have analysed the erivironm'Èntsl benefits of re-using waste matetials in terms of carbon emissions and ￿￿$te saved, showing our contribution to a net zero cart)on, circular economy. Our activities saved 91 tonnes of C02e this year, up 30 tonnes on prior year- detsils are presented in the reporL Collaborntive FRP prides itself on being a collaborative organisation, and has had several successful partnerships during the 2023-24 financial year. The success of the Walthamstow Tool Library mo.del piqued interest from Othe￿ in using our buslness model for new projects, on which we were happy to collaborate. We are delighted to have worked in partnership with the local council to produce a directory of services and groups workinE with re-use, lending and repair across our local area. Waltham Forest. This partnership with Waltham Forest's Climate Emergency team allows. us. to meet o.ur a Ims in tern￿. of protettion and preserwation of the envlronment. The online map and directory We￿ publlshed durln8 2024 and we very much appreciate the support of the London Bomugh of Waltham Forest and look forward to collabordting with them and other partners across the l(Kal a￿a going forwards. We have also collabordted with the London Borough of Hackney to provide Give and Take events which we are plannin8 to extend to the London Borough of Waltham Forest. We thank our fundef5 the London Borough of Waltham Forest and the London Borough of Hackney for their support in these projects. We are pleased to report that we also collaborated from a leamlng and development pe￿pectiVe and worked with the North London Waste Autho.rity to run trainlng sessions. for their coho.rt of co.mmunity groups around strategy. Looklng to the luture Further to our woth on the re-use, lending and repair directory, we have been pleased to raise awareness and provide practical support by partnering with walth.am Forest co.uncil and Artillery CIC who. are delivering severdl events in order to build a networf< of local re-use organSsations. We are looking forward to partnering wlth both entities on future events, and have a further two Waltham Forest Reuse and Repair events in 2024. With these exciting opportunities ahead and our commitment to successfully dellvering on our exlsting projects and strategy. we look forward to advancing our goal of C￿ating a greener, more Inclusive community. Mona Vakll, thair of Trustees for the year 2023124. 9 December 2024 Professional services The DirectOTS would like to thank the following for their service to FRP in this year: HR Advisor. Populo HR. Payroll and Quickbooks services." aroo.kfields Acco.untarts Independent Examination and Accounts P￿para￿On. Waqas Hussain Trustees and Workforce Team in 2023-24 Board of Trustees (Dlrectors) Chair. Mona Vakil Company Secretaty: Thoma5 FOX Board Mernbe￿: Ven)nique Jochum, Benjamin Ingram, Jonathan Emmett, Liz Pepler (frDm November 2023), Naeem Ur Rahman (from November 2023) Staff Chief Executive: Alison Griffin Retsil and OpÈrdtionS Manager.. Gosia Rokicka Paint Worker. Clive Henry Driver and Paint Assistant: Les Nltholas Green Champlons Project Manager. Carpentry Lead and Designated Safeguarding Officer. Greg Dickson G￿en Champlons p￿Ject Mentor: Penny Gunn Retail Assistant and Green Champions Project Mentor. Emily Palmer Retsii Asslstaht: Ahita Eatp Green Champions Admin and Comms Officer. Joanna Janeczek Tool Library Coordinator {job share): Shanell John50n and Ta5nim Sultsnah Volunteers The staff work wlth, and are complemented by. a fantastlc team of volurtteets whose COntrlbutlOtI1s greatly appreciated. We extend lrnmense 8rat6tude to all our volunteer5 for their tfme, commitment, vO"rk and Èhthusiasm ovet thè Past Véat. ah"d the B(iaYd of Trtisté'Ès acknowlèdgè ahd greatly apprÈciatè the contribution of each individual who has given their time to us. Governance and Management The trustees work closely with the Chief Executive, who is responsible for the day-tTrday management of the o￿anIsation and overseeing the stsff tsam. Trustees (directors) meet at least once every two months to consider the activitles of the organisatlon, and typically every six weeks. Addbtional discussions, meetings and approvals by correspondence are often held in between these times, plus the Chair and Trustees have contsct with the Chief Executive and staff team ￿ga￿ling projects on which they are working between meetings. Trustees can be appointed to the Board by the other trustees at any time. The appointment of any new trustees is decided and approved by all existing membet5. New trustees are briefed on their legal obligations under Charity Law. the decision making processes, the business plan and the recent ÉrfomtsncÈ Of the chanty. ThÈy also ii*et thÈ staff tÉam. Trnstee5 are ehtouragéd to attend appropriate external training and events Whe￿ these will facilitste the undertaking of their role. . Annual Report on the year to March 2024 Forest Recycling Project Limited's Aims FRP'S aims are the protection and preseNation of the environment for the public benefft bv: The promotion of waste reduction, refuse reclamation, ￿CYClIng. re-U5e and repair of recycled products. Education of the public about all aspects of waste generation, waste management and vraste recycling. Working together with marginalised member5 of our communlty to promote sustsinable livln8 and improved mentsl health. Forest Recycling Project Limited's Objectives FRP'S solutlon to Improve local sustalnable Ilvlng: At FRP, our main operatlonal goal is reclaiming, repurposing and affordably sellin8 ￿aSte material that would othefwise fill and pollute local landfill sites or 80 to incineration. and working alongside and supporting Voluntee￿ in this work. The three main products we recycle are paint, timber and fabrics. We: Reclalm: We take waste items of unwanted palnt, timber and fabrfc. along with waste paper, and by our activities, reduce the amount entering local incinerdtion and landfill sites. Repurpose: Paint Is checked, sorted and son*tlmes re-mixed. g Timber is cut, sanded and oiled and is used in a variety of ways. Including to build items to assist the biodiversity of local ec05YStems such as habitst boxes and plantets. • Fabric is sorted and used for ct3fting/upskilling workshops and sold affordably as bundles to local schools and cornmunity projects. Rfrsell: We sell a growing rnnge of ￿Ycled and repurposed products. offering a cheap altemative to mainstream 'green' products, along with paint, tlmber and fabric to the l(xal community. This ensures all sections of the community, as well as accessing unique products., can afford 5.ustsinable living. Since 2021. FRP has also piloted. developed and delivered the Walthamstow Tool Librdry. whereby donated (and occasionally purchased) tools are shared with the community. The Impact and Value of Forest Recycling Project Limited's Work FRP is all about bringing environmental and social benefits to the local community. We play a key part in London becoming a zertrcarbon 'circularf econorny, designing out waste from how we live and work. This is a iurtirifjafy of the èiivif0hii￿htal iftipatt of FRP'I. opétratlorfs, fè"_usè of waste thatenals ih 2023124: 91.3 toiiiies of Èreehhouse Eas emissit)ns vieye avoided by not tfeatirtg IIÈW "PYOdutts I'CO, equivalenv). This is an increase of 50% on 2022123 figures. O We saved 18.2 tonnes of paifit. 6.6 tonhes of scaffolding, 0.7 tonnes of fabric and 2.8 tonnes of paper. We additlonally loaned 3,418 tools to the community and generdted electricity from solar panels. All of thesè huinbÈts aye a siÈhificaht ihcreasè on 2023/24, feflertÈd ih our gteater envirnnwental Impact above. FRP'S work has many other environmentsl beneffts, including empowering community action, raising awareness. and changing people's relationship with consumption. This means switching from a dlsposable consumer culture towards one that makes sensible use of what we have, re•USing and sharing where possible. The culturdl shift in mindsets and habits is ha￿er to measure than the amount of cart)on and waste saved, but it Is also crucial. The Tool. Llbrary Is a 8￿at example of this - maklng it nomlal and easy to borrow a drill instead of everyone needing thelr own - and showing agaln that the environmentsl and social parts of our work are inextricably linked. FRP'S Work With Paint Every year In the UK over 320 mlllion litres of paint are sold. Of these. it is estlmated that So million lIt￿5 are unused, stored In homes or garages or thrown away. FRWS view Is that unwanted paint is a resource that can be used to trdnsforn local environments, and Offe￿ a more envirDnmentslly'frtendly option for customer5 looking to reduce their own lrnpact. whether throu8h provlding an affonlable way for Iow-income households or charities to redecorate. or supportln8 local artists to create beautiful art. Palnt buslnes5 model: Reusable paint is ￿ClaImed from ￿CYclIng centres or commercial companies. At the FRP warehouse. our team of stsff and volunteers sort. quality-check and re-mix the painL ready for redistribution, The paint is sold as a Sustslnable. Iow-COSt altemative to the generdl public, through our two ietail outlets - our paint shop in Walthamstow and our paint warehouse in Leytonstone. On average. each litre of reclaimed paint is £3 cheaper than the new equiwalent- and further discounted paint is also offered vla different schemes to: Charities, community groups and n0t-f0r-p￿fft organisations Housing associatlons Council housing tenants httpsJ/communityrepainLoT&uV Paint impact 202>24: Paint collected: 24.721 lit￿$. • Paint distributed.. 18,191 litres. • The CO2 equivalent saved by the paint that was distributed and diverted from waste is an estirr4ited 49.1 tonnes. 3.700 litres of unusable paint was safely disposed of.. • The remainder was held ready for distribution at year end. FRP distributed 18.191 litres of paint. We use Community Repaint's calculation fyure of 2.7 kg CO, equivalent per litre which equates to 49.1 tonnes of CO2 equiwdlent emissions by avoiding the manufacture of new paint. 2023-24 was a good year for paint dlstribution. We've been focusing on bridging the gap between what. we collect and what we dlstribute - aiming fo.r minlmislng the difference with the ultimate goal of distributin8 more than we are collecting. Thanks to the grant we received from the North London Waste Authority (NLWA) that ￿as aimed solely at our paint operations, we were able to put on additional events, invest In athiertising (leaflets. paid ads in the local newspaper, commission of a professionally shot video) and spread the word abo.ut reclaimed paint and the benefits o.f using it. We ran three successful one-day paint sales (in May, July and October 2023) during which we sold over 960 litres of painL Thanks to the relentless efforts of our Communicatlon Officer we are steadily growing our reach, which in tum increases our customer base (in 2023-24 we made over 2800 sales - across paint, wood and fabrics). The NLWA grant also enabled us to review our pairt operations, including to review our management of waste paint and improve our operations in this area; we also managed to safely rerrrf)ve all remaining hazardous palnt waste from our ￿arehoUse. We also analysed our financial situation and opportunities for increasing the financial viability of our paint operdtions. in the face of ri51ng operdtional costs and not having fdised our Cha￿eS for many yeats. In the face of a cost of living challenge for many of the community, and keen to distribute ever more paint, we decided against rdising our retsil prices but we increased Cha￿eS for paint collections from recycling centres as well as the char8e to social housing provider5 fo.r paint iss.ued to their voucher holders (both of which had remained unchanged for a great many Yea￿). These changes are.being introduced from April 2024 and will increase the sustainability of our operations. As far as paint operations a￿ concemed, we are positioned better than ever and we are looking forward to building on this good WO￿ in the following years. FRP'5 Work With fimber Reclaiming scaffoldlng boards can have significant beneffts to the economy and the environmenL In 2019, it was estimated that just 60% of the UK'S waste wood was retycled - leaving some 2 million tonnes going to waste. We reclaSm and reuse scaffolding boatds and other tiryiber that are ho longer rÈ4tsited by industry and building. Timber business model: Building developers and other industry partnef5 donate used scafftilding boards to FRP, which would otherwise have been sent to landfill or incinerated. The boards a￿ sorted and StO￿d in our local yard and workshop. A small proportlon of the reclaimed wood is sold on to local customers In its basic stste. The majodty of the tlmber is ￿purpOSed by FRP'S team of staff and volunteers, who cut the wood to bespoke siTr. sand and/or oll it to be sold on to the public. Timber is often used In our workshops to create plantets, biodiversity boxes or raised beds. This pn)vides added social and environmentsl benefits in our community, as it creates new areas for g￿en rimber Impart 202>24: 1,551m of scaffold boards were repurposed and processed for community order5 between April 2023 ahd Match 2024. Anothtr loom of boards Were additlonally supplled for communlty projects. • Assuming a Weight of 4 kg/m this equals a totsl of 6.6 tohnès of scaffold boafils. Using a vety conservative figure for calculating CO2 savings, thi5 equates to 1.95 tonnes of CO2 equivalent saved (basÈ'd 'Oil 295 k81tohnÈ Ipthich is cothpafed With usirt8 itelii Wood). We also estimate that 75% of the total is used for indoor projects (further saving of 409 kg per tontte for wtJ)d being made into fumiture ètc). Usifig this assumptiort. 4.95 tOnne5 used irtside lavoided impact from using new wood plus carbon stordge in ￿cYCled wood.not bumt) equals a further 2.02 tonnÈs CO2 equivalenL This results in a conserwative estimated saving of at least 4 tonnes COZ eqUi￿d1enL Our stsff and volunteer5 prrtess and WO￿ With ah evÈr-growing amount of rÈclaiffted from the construction industry. repurposing It for communlty use and thus dlverting it from waste. With a grDwing interest In reclaiThÈd *oo(I, W'È have also been able to iilcfeasÈ Our Prites a bit (from a very low level). so that demand has been able to stabilise at a level that we can meet with our capacity and supply of boanls: it also gives us more resources to reinvest in our operdtions. Furthermore we have set up a container of boards at our paint warehouse. enabling members of the public who wish to process the wood themselves to easily access them from there, further growing the distribution and ' httpJl￿1w.h5e.gov.uV￿￿0d￿rkln8lreC￿l1n￿hIrn impacL We have also improved our yard and worfL5hop space with the help of our volunteets and found new ways to process twisted boards into rr¥)re usable wood and the worst boards for community garden raised beds. We remain very grateful to our industry partne￿ who have donated boards to FRP. We would like to give a special ment5on and our thanks to Artel Scaffolding who made significant positive environmentsl and community impacts through their donations this year, as a collaborating scaffolding compary who have supplied their end-of-life boanls. Interest in scaffold products from FRP continues to InC￿aSe, and we will continue to seek to grow this reuse worfÉ in partne￿hIp with scafft)Iding and building companies locally. FRP'S Work Wlth Fabrlc Greenpeace ststistics suggest that globally, an estimated 4(X) billlon square rnet￿S of fabric Is produced annually, of which 60 billion square metres will immediately end up on cutting room floo￿ as waste (an a￿a four times the size of London!). Much more becomes waste. or sits stored and unused, further down the supply chain. The wasted fabric is all sent to landfill, incinerated or sits unused. FRP believes that ary fabric cuts are ￿eful resources w.ith potential for local reuse. FRP commenced a pilot project in January 2018 to reclaim unwanted fabric in our community, and we have contlnued to develop this. The aim is to reduce the impact of vrasted fabric on landFill/lnclnerdtlon and CO2 emisslons. and to sort and repurpose the fabric so that it can be sold back into the communlty. Fabrlc buslness model: Sole trdders and businesses across London are invited to donate thelr waste fabrics. Donors Include interior designers. fashion desi8ners, fumiture companies, film production companies, theatre5 and upholsterers. There are also some smaller donations from nEmber5 of the public. such as local residents. hobby craftets etc. but they are a small percentage of textile donations. overall. Donated fabrics are weighed, sorted and priced accordin8ly- tsking into account their regular retsil price and discountlng it significantly to make them accessible to the local community. Our fabric sales beca￿￿ very popular before the pandemic and we have been delighted to rEintrDduce them In spring 2023. We also train Voluntee￿ with sewing skills and knowledge of fabrics, and to support and mentor them in making and developing products for themselves and for sale. Fabrlc Impact 2023-24: FRP sold amund S35 k8 of fabric this year- equating to around 1.1 tonnes of CO2 equivalent savings. • Additional positive impact arid CO2 savings came from using donated and reclaimed fabiic5 for events and workshops - an estimated further 120 kg of fabric, equating to a further 0.3 tonnes of CO2savings. • Totsi estimated savlng of 1.4 tonne of CO2 equivalenL io Our donor and customer bases have grown once more and we have been delighted to r&establish our popular quarterly fabric sales. A new quality fabric donor base has renewed interest in FRP within the local communlty as a source of fairfy Priced high Quallty textiles. All of our stock Is now sorted into type and usage. All fabrics in the shop are measured and labelled with price and details of the fabric and we have started to ihclude the origin of the fabric as this has proNe'n to be of Intetest to rwRny custortfèrs. Quarterly fabric sales now take place and are very well attended events. Lower value fabrics are made a￿lIab1É free of cha￿e an'd have been used by locals on low budgets, Sttsdéhts, A"rtiSts. local charities and organisations for community events and productions. We end the year with increased fabric sales, donations and growing custoTh*r base and we look forward to developing this further in futu￿, meaning more environmentsl and community impact from this work. Meanwhile. our work with communille5 and volunteers continue5. We have contlnued our Green Champions w0￿$hOP and volunteering provision with new impnwed content. thanks to a grdnt from The National Lottery Community Fund. We also took a leading part in the first Waltham Forest Reuse and Repair Fair in March 2024. Circular fashion and textiles We￿ a featu￿. with different local grDUPS tsking part. Our Green Champion Textile voluntee￿ helped demonstrate sewing embroidered and appliqued denim patches encouraging creative re-use of fabric scraps - nom￿lIV destined for landfill. We look fotward to more events with our local partners going forward. FRP'S Work With Volunteers FRP'S oper3tions and impact have always been made possible by worf(ing in collaboration with volunteer5 and the wider community. In particular, the processes of handling and repurposing the ￿ClaImed matsrials are led by our skilled fflent0￿, but predomlnantly carried out by voluntee￿. We particularly welcome and support volunteer5 who are more marginalised in our community, and.who can benefit most from our supported progrdmmes and who in tum make a fantastic contribution to our charitvs work. Our team of staff and volunteer5 work closely together and the unique skills and attributes that each individual brings are valued and fostered. Green Champlons FRWS volunteering programme is called Green Champions and it had significant impact this year. thanks to a lot of hard work from our team and to a 2022-26 grdnt from The National Lottery Community Fund (NLCF). Green Champions is about Community. inclusivity and irnpact in ehvirohmental volunteeting - things FRP is extremely passionate about. Our review of our programmes in early 2022 enabled us to ￿deSIgn them to be even Tr￿1￿ Èfféctivé, and Vle aré iiety grateful to The NLCF fot futlding u5 to rèalisè our plans. We are also extremely grnteful to everyone who took part In our review, focus groups. feedback surveys and most of all volunteering as Green Champions with us, and who helped us to shape our plans and programmes going forward. This year, as las( we have seen a big impact and a lot of individual and collective successes, because of the success of the design and the hard work of everyone involved. 11 Our new and improved approach to Green Champions encompasses: FRP Green (hamplons Foundations- small group volunteering opportunities, based on weekly attendance over about three months at supported, facilitated groups where people can learn and share carpentry and textiles skills, whilst leaming about and contributing to the green economy through the work of FRP. A b.ig focus is on supporting wellbeing and bein8 inclusive to peo.p.le who may be relativelv isolated and who may typically stwggle to engage in voluntsry and community activities. No prior skills are necessary and many referrals come - and are encouraged - from local support services who work with people with a range of needs and often low wellbeing. Completion of the progrdmme is certificated and a lot of support, guidance and mentoring is offered regarding other vRys to take forward the volunteering and Interests, as well as to access other support as the individual may need. Wellbelng Is a blg prfority and we ask people to complete short confidential wellbeing suNeys at the beginning and end of their programme to measure impacL 66 people took part in Green Champions Foundations in the second year of the project (to May 2024) - a8ainst a tsrget of 40. 81% showed improved wellbeing and 78% showed significantly improved wellbeing between the beginning and the end of their program￿￿. FRP Green thampions volunteering - a new innovation, beyond the Foundation course, through which FRP now o.ffets. a Erowing number and range of volunteering opportunities, to. bo.th. p¢ople who have participated in a Foundations course and the wider public. This is meeting a much wider need and demand - the preeminent of those collated through evaluation of our previous work - to have flexible and ongoing volunteering opportunities for all. Many of these are organlsed and supeNlsed by our supportive stsff team mentor5 and all can accomm.date people with additional needs. 50 people volunteered with FRP in the first year of the project Ito May 2024) - against a ts￿et of 40. This is in addition to the Foundations participants above. Waltham Forest Green Champlons volunteering - we want to offer more opportunities to people and work with local partner organi5.atiO.ns to offer a wide range of 'green' volunteering oppo.rtunities. in the community, from a single source, so that many more people can be involved in ways that are meaningful for the￿ and the local community sector (typically of very small o￿anIsatiOns, Broups and projects) can have easier access to people who want to volunteer. We set up and have been regularly sending out and developing a newsletter for volunteering opportunities and aimed for 200 subscribeTS by the end of the second year- we achieved 259 subscribers and hope to continue to grow this and the impact of this for people who want to volunteer and envlronmental and community projects that can benefft from their volunteering. We also find these newsletters have an open rdte consistently above 50%, reflecting p.eople's interest in them (and very high for this sort of mailing), and a lot of people are finding volunteer opportunities through them. The impact of Green thampion5 2023-24 In our most recent survey of FRP volunteers in May/June 2024, reflecting on the year past: 100% of respondents enjoyed their volunteering with FRP - 88% of these "a great deal". 100% would recommend volunteering with FRP to others (many said they al￿adY did). 12 Personal impactsloutcomes included: I feel I have been doing something positive for the environment and community PAY confidence has improved I feel more connected locally Volurteering at FRP has made me feel good I have uséd the skills I haiié léarnéd at FRP èlsewheré I have made new friendships through volunteering at FRP 65% 53% 71% 71% 41% 59% We also received a lot of qualitstive feedback, mafiy posltlve commefits and some really Interestln# suggestions too, all of which we have been evaluating and will be using to continuously improve our programmes. "This is a fantastic pro8fdmme to 8t￿ people the confidence to get into woodworklng. It was g￿at to see people of diffe￿nt sklll levels enjoy the sessions." "I have really enjoyed the relaxed envlronment and the opportunlty to learn and to develop skllls in a safe space. -1 have really enjoyed attendin8 the Sessions. Not only have I leamt a lot about using recycled wood to . tnake items, I have also met some lovely people. The atmosphere is relaxed but sUPPOrtive, it has beeh a pleasure to be involved. -c￿ating bat boxes and bee boxes has enabled me to have an appreciation and find out more about conservation." "Helped me on my dissertation, espetially on resèarth ar￿ thittk of the sustaifiablÈ thin8s/methods tor recycling." Green Office In addition to FRW5 three main reclaimed products, we have also offered a paper recycling service for many years. Paper buslness model: FRP collècts office paper for recycling from small businesses and rKrt-for-profit organisations within out locality. The paper is taken to a local paper mill to be ￿cyCled. Paper Impact 202>24: Within the year FRP collected and recycled 2.880kg of paper from local businesses and charities. This has an estimated impact of 1.4 tonnes of CO2 equivalent saved,. Paper recycling was a pioneering, much-needed and big impact when FRP stsrted it many years ago, enabling many business premises to recycle paper for the first time. and leading the way at a time when public authorities and for-profft companies were offering little. The adoption of responsibility fpr ' eca.europa.eu sourced formula for CO2 impact 13 recycling by public authorities for so￿* time now has n￿ant this has become an increasingly small service for FRP to offer, and we took the decision to end thi5 offering at the end of 2023124 and divert our resources into other areas of work such as increased paint recycling. Delivering Through Partnerships FRP recognises that the best way to achieve its charitsble aims and objectives and to secure real impact .in the community is often to work in partnership with other5 as well as participating in community events, and welcomes the opportunlty to do both. FRP continues to actively seek new partnerships that will be mutually positive and offer further environmentsl and social solutions.. We would like to work with more community organisations to create innovative 501utions to complex problems. In addition, FRP'IS always keen to collaborate with a wider selectfon of private companies who will donate their reusable waste matenals to us and improve their own environmentsl impact. Walthamstow Tool Ubrary - Workin8 Wlth Willlam Morris Blg Local FRP is delighted to have been partnering with William Morris 818 Local (WMBL) to deliver on their greening and community engagement projects for the William Morris Warrl area of Waltharnstow. Walthamstow Tool Library was a highly successful 2019-21 ptlot project to develop and deliver a local tool lending library, particularly for garden tools, with the desire that it can become a local greening hub and build on what Wds stsrted with a 'G￿ener To8etherf partner5hSp project. The project was launched in the community in summer 2020 - Ilmited but not thwarted by the pandemic conditions, as we en$U￿d we stsrted it in a covid-safe way. In 2021 it was able to fully launch and start to realise its potential. Bv 2023-24, it had exceeded all its tsrgets and attrdcted interest from other projects and boroughs. including in reattion to its particularty high reach and impact levels, and very accessible model embedded in the local communlty. By the end of this year, the Tool Llbrary had over 450 member5 who borrowed 3,418 Items in the year. with an environmental impact of 35.4 tonnes CO2 equivalent save(r. It also rnoved close to a sustsinable model - funding its own basic operdtions. with the opportunity for grants to enable more = and we were delighted to receive a North London Waste Authority Community Fund grant for 2024125 to develop it further and respond to. interest from others in leaming f￿rn our model. We are particularly proud that the Tool Library model allows us to offer heavily discounted memberships to make it highly accessible to low income househol(ts. and around a quarter of memberships are currently at a rate of £10 a year or less. With no further costs for loaned tools to member5, this makes it incredibly 8ood value for all and especially for those discounted memberships, saving people a 8reat deal of money as well as the need to buy and store tools and the enVirOn￿￿ntaI impact of u5 all doing this. We a￿ very grateful to William Morris Big Local for. everything they enabled us all to achieve in the area by w0￿1ng with us. and for all the volunteers, rnernbe￿ and supporters from the community around the ' htlpsJ/edlnburghtoollibrary.orE.uVcarbon4ata-for-5haring4ibrariesl 14 Tool Librdry who have made the project such a success, and to the North L¢)ndon Wastè Authority for awarding u5 funding to continue this work in 2024125. Watthamstow Tool Library Impact 2023-24 Around 500 member households borrowed 3,418 items. with an envI￿nMental impact of saving 35.4 tonnes CO2 equivalene. Waltham Forest Reuse and Repair Initiatives In thè second half of 2023. FRP partrtéted With Waltham Forest Council's Climate Emergency Team to conceive and ¢￿ate a directory of services and groups across the borough working in reuse, lending and pair. This was important to us because we VRnt to prorrK)te and enable buying reclairiiedlsecondhand, as well as repairing or bonDwing instead of buying. across the community. and frar beyond the things that FRP delivéts. We kilo￿ rtia'ty 'peopl'È in our cottjmunity arÈ open, or could bé opeit, to such bÈhaviOurs, and so we wanted to provide them wlth a convenient map and d1￿ctOry of Whe￿ they could do this. The FRP team researched this and a map" and directory Was created on the council website, where it is easy for people to find. We hope to work with the council in 2024 and beyond to promote waste reduction through reuse and repair. and hope the directory will provide a useful resource for this. As a first step, Waltham FO￿St Counc51's Climate Ernergency Team cornmissioned the wonderful local Artillery CIC to partner with FRP and others to dellver Reuse and Repair falts In the community. Beyond the design and planning stage, FRP also provided content for the fair5, most notsbly bringin8 our Give a'hd Take e￿ents back to our boro(hgh for the fitst tihiÉ ih a humber of yeats, very successfully. Give and Take events are where the public bring things they don't want and/or take away things they do, free of charge, and we manage everything and monitor quantities diverted frorn Wdste as a result, which can be as much as a tonne in a short event. plus of course all the benefits for the participants of clearing out andlor acquirlng thlngs they would like, engaging In prtrenvironméntsl ￿havIou￿ in thÈ process t¢)0. We look forward to a further two Waltham FO￿5t Reuse and Repair events in 2024, and hopefully more beyond that. Hackney Zero Waste Hubs Hacknev Council's environtnentsl team have involved FRP for a number of Yea￿ with their innowatlve zero waste work. This year. again. we delivered Give and Take events at their Zero Waste Hubs, and also added tlothes mehding semilets. enabllng tonnes of ￿Sidents. possessions be recycled and repaired - and divested from waste. This was a150 in partne￿h¢p with other local waste-reduction and community initiatives such as the wonderful Hackney Fixer5 and Dr Bike by Cycle Confident. We also once again rdn the Toy Regifting Project in partne￿hiP with Hackney Libraries, whereby people donated 8(￿d quality unwanted toys and books via librdries and we collected, sorted and distributed them to local charities. children's centres and other services. We were also delighted to be part of Hackney Sustsinability Day, promoting reclaimed paint to residents. Wattham Forest Ward Councillors Lorraine Ward artist and Andrew tslam A Waltham Forest Ward grant. awarded by our very supportive local councillors in Lea Bridge Ward. enabled us to replace our yard wall, with the work of skilled local builders who made sure that the bTicks https Jlalinburghtoollibrary.or&uVcarbon￿atr-for-$harlng-IIb￿rIe5l 15 were all ￿ClaImed and reused, and then to hold a community open event in which local residents worked with artist Lorraine Ward to create a beautiful mural on the wall. This has helped to secure our ￿rd and make a more beautiful (and safe) boundary for our neighbOU￿ on Bakers Avenue. and we are very grdteful to everyone who helped make this possible. Community Repaint network FRP is a member of the Community Repaint netwo￿. This gives us the benefft of being part of a network of reuse paint outlets and the expert support of the small team at Community Repaint. for which we are very grateful. They also promote our outlets and signpost potential bulk paint donors to us. Solar Panels FRP continues to host an array of solar panels on the roof space at 2c Bakers Avenue as part of the GREEN community share initiative. In the year 2023124, 1,397kWh were genernted through the panels; this represents a savin8 of 0.32 tonnes of CO2 equivalent compared with if this energy had been tsken from the grid. Financlal Review Income for the year amounted to £280,107 (2023: £222,011), all of which was unrestricted. ExpendStu amounted to £267.462 (2023: £244.681). Thls ￿sUlted in a net income surplus for the year of £12,645 12023: deficit of E-22,670). FRP seeks to develop its business and charitable income. to diversify its income and to always seek to keep costs to a minimum. Prudent financial management is extremely important to us. This is vitsl to underpinning the work o.f the charity, and supporting the strdtegic aims. and visio.n. In March 20.20. we were delighted to achieve our reseNes tsrget of 3-6 months of running costs held in reserves. and we have maintalned this since, in spite of the challenging times we have been In. The financial year has seen rfsing costs affecting the economy in general, and this can be seen to have an impact on FRP with resources expended exceeding that of prior year. A large part of the InC￿aSe in costs Wds on staff salaries to help staff meet the cost of living crisis. However, despite these rlsing costs, we were still succ.essful in achieving our reserves tsryet as refened to above, With ￿gard5 to income, new and operational development was also made possible by new income in 2023124. We a￿ very fortunate to. have continued fundlng during this financial ￿ar from the National Lottery Communlty Fund (NLCF) which commenced in July 2022 for a period of four years, to continue and evolve the G￿en Champions PfDgramme. We are very grateful to the NLCF for their on8oing commitment to the projert as well as their support in the current economic envimnn*rrt of rising costs. We had successfully applied for the London 8oro.ugh of w.altham FO.￿St Community Award fund, for a restricted grant for a community muTrl and premises work in the 2023124 financial year at our Bake Avenue Site. We arE very appreciative of William Morris Big Local (WMBL) who have provided two years of grant funding of the Tool Library until December 2023. An additional restricted grant awarded by the North London Waste Authority co.mmunity Fund to. develop our wo.rk with recIa1￿￿d paint. 16 We a￿ extremely grdteful to all those who fund FRP to deliver work to our mutual airns. We a￿ also very grateful to member5 of the community who are our Custorne￿, and support our retail income ,by.visitin8 our sites and attending our events. FRP has wot*ed hard in recent yeats to make significant posltive culturdl and operational changes at all levels. to both impn)ve our finances and build on existing beneficiary outcoirES. We have a'fange of . incOff￿ generating activities. allowing us to work with a variety of partners and reduce our financial risk, alongside s'uccessful and athbitio'us g.rant fihh'drdislng. Devélopihg fOrthef intome stréarns and partnerships is an ongoing priority within our organisation, as we look to the futu￿. Reserves Policy and Reserves Position It is the policy of the charitsble company to maintsin reserves of the charitsble cornpary at a level to "providé sufficiÈrtt furtds to coliér uhforeseen citcumstsnces. The Resefves Policy of the company, as viewed and updated in 2024 by the trustees (directors), and reconfinned since. is that the trustees rriaintsifi that it is apptopriate to maintain free reserves of approximately 3-6 months of overheads. The important aim at this juncture to build reserves up to comfortably within the tsrget rdnge, and to actively work towards this by diversifying and building income sources. The Trustees have considered the risks to the organisation and have set a pollcy to hold the equlvalent of 3-6 months in reserve to help safeguard agalnst possible drops in Income, increasing costs and Increasing demands'on services. The Trustees review the charity's ￿ServeS policy each year as part of its financial planning and consider 3-6 months of running costs to be sufficient at this time. Reserves are unrestricted funds that are freely available to use at Trustee's diSc￿￿on. As at 31 March 2024 the charity held total funds of £100.664, all of which were unrestrfcted. Thls equates to at least 4.7 months of running costs based on current expendItU￿ and so fimily within the Trustees, policy. £26,654 of graht fun'dinÈ *ihich W'as fetelvèd Ih thè year was tréated a5 defe￿ed illcome as It related to future accounting periods. Thls related to the Natlonal Lottery Communlty Fund Green ChampAons project, a stricted 8fdnt, and does not fom part of FRP'S reserves as at 31 March 2024. We are immensely grdteful to all of our stsff, volunteers and supporters for enabling FRP to achieve this rÈset￿t5 positiobi in retent tirnes, and proud as trnstees that we have worked with them to provide the charity with a degree of financial security. Investment policy The main objectives of FRP'S Investment Policy are: to ensu￿ that the funds at FRP'S disposal ats mahagÈd effectively, to meet the operational needs of the charlty. and to reduce Ilquidity risk. FRP also has a flnancial objectlve to increase Income generatlng activitles to provlde increased financial stsbility and oPp￿unItIeS to expand our work. The Trustees of the charity are responsible for making decisions regarding investment matters. FRP is currently opefdting With a surplus. but is reliant on gTrnts to fund much of its expenditure. There can be uncertainty over gt3nt income and the timing of cash receipts, as well as on the availability of grants in future. and therefore it is importartt that aSsÈts are readily available to ftsnd opÈratiofts in timÈS of uncertainty. 17 FRP currently holds assets in cash where possible to fund operdtions. There are currently no non-cash . investments and no surplus assets that the directots deem awailable for investment at this time. Cash is held in readily accessible current accounts. In such a case in the future that working capitsl substsntially exceeds the needs of FRP, the investment policy will be reconsidered by the 8oard of Tnstees. If and when this happens, the risk appetits, investment type, decision hie￿r¢hV, and investment management will all be considered and defined. Risk Management The trustees (dI￿CtorS) a￿ of their obligations to make a statement in respect of the manage￿￿nt of risks faced by FRP. The trustees'regulady ￿VIeW potential risks associated with the Chari￿5 activitie5 and the following risks are currently identified: Flnance The key risk facing the charity, especially in the current economic climate, relates to income generation. We have been building and diversifying our so.urces of income in order to manage this risk and we are working on building our eamin85 as a priority, alongside grdnt funding. We We￿ delighted to be in receipt of a grant from The National Lottery Community Fund to support our innoyative work with volunteers and recycling from 2022 to 2026, with pro8ressive tspering in the final two years, and to have been able to. recover our retail income as we and everyone have erne￿ed from the pandemic. We are now carefully looking at future financial plans for the period beyond the current NLCF grant. We are seekin8 to ensure that as many of our attivities as possible a￿ self-sustsining or cross-subsidised. Some of our community progr3mmes a￿ unlikely ever to be self-SUStslning and we a￿ looking at possible new saurces of grdnt funding for these. We have meanwhile achieved and sustsined our important go.al of holding at least 3 months, running costs in reseNes to underpin the future work of the charity. In this year, a high current strdtegic priority for us. having laid out our current organisational strategy in early 2022, was to further develop our Retsil Strategy and particulady our Pairt Strategy, as ￿fiected elsewhere in this report, so as to further secure the financial position and strategic Potential of the charity. Inflatlon and Rlsln8 Costs This was added to our risk register in 2022 to refiect the rising rates and projections of inflation and especially fuel and other energy costs.. These hav.e impacted us directly through our njnning costs, InC￿aSed prlces as the costs of our supplier5 increase and also the impact of rising costs of living on our staff team. Although infiationary PTes5ures have now abated, costs remain elevated and we have continued to review and adjust salaries and budgets in light of this. ca￿ful financial management is in place w.ith frequent review of budget and. exp.enditure, an.d we a￿ grnteful for the financial exp.ert6se amongst our trustees and the govemance WO￿ of our board supplementing the WO￿ of the Stsff team in this rega￿. We are also mindful that our community and our volunteeK5 will often be experiencing challenges and worries in this a￿3. FRP is committed to supporting staff, volunteers and community as best a5 we are able and will continue to review the impacts of the s.ituation on a regular basis. 18 Health and Safety All staff receive upt¢>date Health and Safety trdining, and we undertook a thorough review of our risk ass"essmÈnts In 2023-24. implernenting a number of improvements at that tfme. We continue to arrange and update First Aid training for the staff team through the British Red Cross and St John Ambulance, theahing we. havè updated knowledge as well as five 4iialified fitst aidets ih Out srnall team ahd across our sites. During 2023-24 we continued to rnonitor and manage risks associated with Covid-19 in order to protect stsff and customets. safety and wellbeing. Safeguarding of vulnerable adult servlce users and our staff members All staff have Unde￿One safeguardlng trainlng and FRP has Invested lrt an empltyeè SUPPOrt pttjgrdtnrtit with Education Support Partnership, which provides mental health and wellbelng support face-trface ahd ovÈr the telephone. wé have update'd ¢Xir safe'guardihg Pollcv ahd Wlll contlnue t() reviÈiv this regularty. We undertook a thorough ￿VIeW of our Safeguarding Policy and Procedures thls year and tralned the stsff in the GDPR Training has been UhdÉrtakeh by senior staff ahd the apptopriate policie5 are in place. These policies are reviewed regularly and will be updated when appropriate. Llabilities FRP'S operdtlonal work sometimes necessitstes the dlsposal of paint which is unusable for re-sale. This palnt pases a liability rfsk to FRP. FRP has steps In place to reduce the collectiort of unusable paint In the first instsnce. Procedures are also set up to ensure the disposal of any waste paint Is appropriate and as environmentslly friendly as it can be. Employees FRP strives to be an equal opportunities employer and applies objective criterla to assess merit. It alms to ensure that no job applicant or employee receives les5 favourdble t￿atrnent on the grounds of age, rdce, colour. nationality, religion, ethnic or national 0ri8ini gender. marital status, sexual orientation or disability. Selection criteria and procedures are in place to ensu￿ that individuals are selected, promoted and treated Oh the basis of their relevant mErits and abilitles. All employees are given equal opportunitles tt3ining to enable them to develop their skills and knowledge. FRP is committed to a programme of action to make this policy effective, and brings it to the attention of all employees. FRP is extsemely Brateful to its tsam of employees for all their excellent wo Contribution byi and appreciation of, supporters The Tnjstees appreciate the support of all FRP'S funders, partners and supporte￿, as well as the dedicated staff team and volunteets. 19 Independent examiner Waqas Hussain ACCA has been appointed as independent examiner for this accounting period. Small company provisions This ￿port has been prepaTed in accordance with the provision5 applicable to companie5 entitled to the small companies, exemp.tion.. Registered office: Signed on behalf of the trustees 2c Bakers Avenue Waltham5tow London E17 9AW Mona Vakll Chalr of Trustees and Dlrector Date: 9 December 2024 20 Independent examlner's report to the trustees of Forest Recycling Projert Llmited I report to the charity trustees on my examination of the accounts of Forest Recycling Project Limited ('the chari￿) for the year ended 31 March 2024. Responsibilities and basls of report As the Charitvs trustees (who are also the directors of the company for the purposes of company law), vou are responsible for the prepardtion of the accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 Acv). Having satisfied myself that the accounts of the Charity are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination. I report ih respett Of niv examination of your chariWs accounts as carried out under sertion 145 of the Charitie5 Act 2011 {'the 2011 Act,). In carying Out rry examinatSon I have followed the Direction5 given by the Charity Commission under section 14515) (b) of the 2011 Act. Independent examiner's statement I have completed my examlnatlon. I confirm that no material matters have come to my attention whlch gives me cause to believe that: accounting records were not kept in accordance with section 386 of the Companies Act 2006; or the accounts do not accord with such ￿cOldS. or the accounts do not comply wlth relevant accounting requirements under sectlon 396 of the Companies Act 2006 other than any requirement that the accounts give a 'true and falrf view whlch Ss not a matter considered as part of an Independént examlnation. or the accounts have not been prepared In accordance with the Charlties SORP (FRS102). I have no concern5 and have come across no othér matte15 in connettion with the examination to which attention should be drawn in this report in order to enable a proper unde￿￿ndIng of the accounts to be reached. Name: Waqas Hussaln FCCA Address: 10 Knebworth Avenue, Walthamstow, London, E17 5AJ Date: 0911212024 Slgfted: 21 Forest Recycling Project Limited Ststement of Flnallcial A¢tlvities For the year eode4131 Mareh 2024 2024 2023 Note Restrieted Unreslriete41 Funds Funds Tolal Funds Tolal Funds COIKING RESOURCES Intoming re￿￿r￿ from generated funds Volwitary Income- grants & donations 171,173 56 17J229 154,820 Activities for Gencrnting Funds 108.791 10&791 67.149 Investment tncome 87 87 42 TOTAL INCOMING RESOURCES 171.173 108,934 280,107 222,011 RESOURCES EXPENDED FuDdrablng Costs Cbarltable aetlvltks 171,173 95,539 26&712 243,931 Governance Costs 750 750 750 Tota] R¢sources Ex￿ded 171,173 96289 267.462 244,681 Nel Ineomiug Resoureej - Nel IDeom¢ for Ibe Year 12,645 12h43 (22,670) Tolal Funits at the start of the year 88,019 8&019 110.689 Tota] Funds at the end of the year 100.664 100,664 88,019 The slatsment of fwancial activilies includes all gains and losses in the year. All of th¢ above atnounts relate to ￿tInUing activities. Forest Recyding Project Limited ststemeDt of Fin¥4ncial Position 31 Mareh 2024 2024 2023 Note Flxed assets Tangible fixed assets 2.083 7.083 Current gssets Debtors & Prepayments 40,077 26.254 Bank & Cash at hand 100.896 108.367 Cr￿lt015. amounts falling due within on¢ year (42.392) (53.685) Net eurrent assets 100.664 88.019 Cr¢ditOT3: amounts falliog thie after more than OD¢ ye Net assets 100,664 88,019 Funds Generdl Funds 100,664 88,019 TOTAL FUNDS 100,664 88.019 For the year ended 31 March 2024 the charity was entttled to exemption from audit under section 477 of the Companies Act 2006 relating to miall companies. The mcmbers have not r¢quir¢d the Charity. to obtain an audit of its accounts foT th¢ year in question in accordance with section 476. Th¢ DI￿torS acknowledge their responsibiliti¢s for comptying with the requittments of the Act with r¢spect to accounting r￿rdS and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to small rompanies subject to the Small companies regime and in ac￿rdanCe with FRSI02 SORP. Tbese financial ststements were approved by the Members of the Board of Tnwees and authorised for issue on the 9th December 2024 and are signed on their b¢half by: Mona Vakil ChAir of the TTh$lees aod Dire¢toY Forest Recydlng Projert Llmlted AccouNfiNG POLICIES (g) Basis of 4ccountiDg The ftnancial ststements have been prepared under the historical cost CA)nvention, and in compliance with 'The Financial Reporting Standard applicable in the UK and R¢public of Ir¢land' (FRS 102), the Ststement of RerA)mrnended Practice: Accounting and Rcporting by Chartties preparing their accounts in aLwrdance with FRS 102 (Charities SOIiP) and the Companies Act 2006. The￿ has been no change to the accounting w)licies (valuation ndes and methods of aC(￿UnI1Dg) sioce last year. (b) Legal status Forest Recycling Project Ltmited is a registered charity and a company limited by guarantee and has no share apital. The liability of each member in the event of a winding-up is limited to £1. (e) Going CoDeern TheTe are no material unLknainties about the charity's ability to continue (d) Fund Aecounting- rutrieted and Unrestricted fuods - Unrestricted fimds are those where there are no externally imposed restrictions and are available for use at the discretion of the ttwtees in furtheTan¢e of th¢ generdl objectives of the charity. - Restricted funds aré subject￿1 to restrftctions on their expendittrt imposed by the donor or thmugb the t¢rn)s of an appeal. (e) Incoming resources All incoming resoU￿¢S are included in the statement of financial activities when the chwity is entiiled to the income and the amount can be quantified with reasonable arxura¢y. The following specific poltcies are applied to particular categories of inc4)me: Voluntary inC￿me is rerxiveAI by way of gr8nts, don*ions and gifts and is included ID full in th¢ Statement of Fin8n¢ial Activities when the conditions for re￿￿1¢10￿ have been met. Grdnts, where entitlement is not conditional on the delivery of a specific p¢rforni8nce by the charity, ar¢ reCo￿lsed when the charity becomes unconditionalty entitled lo the grant. Incoming resources from grants, where related to ￿rfornIaThc¢ and spxific deliverable4 are accounted for as the charity earns the right to ¢on5idern¢ion by its perforniance. - Donated ￿rVic%$ and facilities are includ￿1 at the valu¢ to the Charity where thts can be quantified. The value of servitts provided by volun¢e¢rs h&$ not been included in these accounts. - tnv¢sttn¢nt income is included when re¢etvable. - Incoming resour¢e$ from charitsble tradin8 activity are accounted for wljen eamed. (O Resources expended Expenditure is re￿gnised on an accNals basis as a liability is incufftd. Expenditijre includes any VAT which cannot be fully recovcrt and is reporteAI as part of the expenditure to which Ét relates: - Costs of genernting funds comprise the ¢osts associated with attracting voluntsry in¢om¢ and the Costs of tradins for ￿ndraising purposes. - Charitable expcnditiwe comprises those costs incurr¢d by thc charity in thc delivery of its activitie5 and services for its b¢n¢ficiaTi¢S. It includes both costs that can be allocated directly io such activities and those costs of an indirect natu￿ necessary to support them. - Governan¢¢ costs include those costs associated with mecting the Lx)nsti¢u¢ional and statutory rcquirements of th¢ charity and include the audit or examination co5￿ and costs linked to the strategic management of the charity. - All costs are allocated between the expenditure cat¢gories of the Statement of FiDancial Activities (SOFA) on a basis designed to reflect the use of the rcsourtt. Costs relating to a particular activity are allocaled directly. others are apportioned on an appropTia¢e basis ¢.g. staff wsts by lime spenL per capita OT estimated usage as set out IJJ th¢ DOt¢s to the ￿llnts. Forest Recydln8 Project Limited ACCOUNTING PO.LICIES {eontiDued) (g) Fixed assets Fixed assets are'sthted at cost less accumulated (kpreciation. Depr¢cia¢ioD is calculated to wrik off the cost of r￿ed &8sets les5 their estimated residual value ov¢r their eX￿t￿ useful life on the following basis: Office equipmenL" 25Yo straight line. Vehieles: 33.30/0 straight line (h) Operating lease agreements Rentals payable under OP¢rnting leases, where substantialjy all the risks and rewards of ownership remain with the lessor, are charged to the statement of f￿ancIal activities on a straigbt line basis over the life of the lease. {1) Cash at bank 8nd fin haod Cash at bank and in hand includes and short tern) highty liquid investments with a short matwity of three months or lets from the date of aquisition or opening of the dew)sit or similar account. (J) Debtors Trnle and other debtors are reCO￿ls¢d at the settlement amount due after any trade discount offered. Prepayments ate valued at the amowit PTepaid after taking account of any trade discounts thie. (k) Cr¢di¢ors 4Dd Provisions cr￿lt0p& and provisions are rerA)gnised where the charity h&$ a present Oblig￿lon resulting from a past event that will probably result in the transfer of funds to a third party and the arnount due to settle the oblig*ion be me&sured or estimated reliably. Creditors and provisions are nornthlty recognised at their s¢ttlem¢nl amount after allowing for any trade discounts due. 2. TOTAL INCOMJNG RESOURCES 2024 2023 Totsl Total Voluntsry tntom¢ Cr•nts & DoDatloDS Tbe National Lottery Cornmunity Fulld - GrKn Champions 13&723 116.799 William Morris Big Locaj - Wajthamstow Tool Library 15.0110 24.107 LBWF Community Ward Fund 450 NoTth London Waste Authority Community Fund 15,000 UK Government Kickstart - Apprentice National Lottery- Awards for All 9.800 LBWF Welcome Back to Higb Streets project 1.000 LBv￿ Adult Learning Service 2.120 Individual donations 53 Total Voluntsry Income 171329 154.820 Forest Recycllng Prniert Umited 3. RESOURCES EXPENDED Charitable exp¢Dditsre 2024 2023 Administration and oifice nmning costs 22.716 22,744 Project and direct fAJsts 14329 14.J34 Premises costs 42,063 41.565 Staff and volunteer r￿ts 187,704 165,488 Governanee Costs tndependent Examinevs fees 750 750 Total Costs 267,462 244,681 NET INCOMING RESOURCES 2024 2023 This is stated after Charging: Rentals under OW*ing le&ses 24.846 24,846 Independent ExaminePs Fees 750 750 STAFFCOSTS AND EMOLUMENTS Total sl*ff Costs were as follows: 2024 2023 Gn>ss pay 177.738 156.085 Social Security costs 9,403 Tolal 187,704 165.488 No employee r¢ttived emoluments of more than £60,000 in this or the previous year. None of the Tntstees rtteived any remuneFatDon during the year. (2022.. Nil) 2024 2023 Average number of employees during the year (full time equivalent) was: Forest Recyding Projert ilmited TANGIBLE FIXED ASSETS Vehicle Equipmenl Total c￿t. At l April 2023 15,000 25.744 40,744 Additions At 31 March 2024 15,000 25.744 40,744 Depreciation: At l April 2023 7.917 25.744 33.661 Charge for the year 5,000 5.000 At 31 March 2024 12,917 25.744 38,661 Net book value: At l April 2023 7,083 12,083 At 31 March 2024 2,083 2.083 7. DEBTORS AND PREPAYMENTS 2024 2023 Trade debtozs 25,903 16,052 Other debtors aDd Prepayrnents 14.174 10,202 40,077 26254 8. CREDITORS 2024 2023 Amounts falling due within one year: Trade creditors 11.849 10,497 Other Creditors aod accruals 3,889 2,581 Deferred grants 26.654 40,607 42,392 53,685 Fore# ReLyding Projert Umited 9. ANALYSIS OF MOVEMENT IN FUNDS Total Fuod$ At l April 2023 lJKontring Outgoing Trabsfers At31 Mareh 2024 Anatysis of MovenJeDt in Fund5 R¢strided Funds The NatlODal Lottery Con)munity Fund- Green Champions 136,723 (136.723) .LBWF Community Ward Fund 4.450 (4.450) -North London W&8te Authority Community Fund l5,000 (15,000) -william MO￿[S Big Local - Walthamthw Tool Librnry 15,000 (15,000) Total Restrict￿ Funds 171,J73 (171.173) Unrestrlcl¢d General Totsl ilnrtstricted Funds 88,019 88,019 108,934 108,934 (96,289) (96.289) 100,664 100,664 Tolal Funds 88,019 280.107 (267,462) 100,664 The Natlonal EAbttery Communlty Fund - Creen Ch8mploDY The National Lottery Community Fund grant was a restrid¢d grant for th¢ FRP Green Cbampions projecL LBWF Communlty Ward Fund The tL)ndon Borough of Waltham FotEst Comtnunity Ward Fund grant was a restric*d grdnt for a community murdl and premises work at our Bakers Avenue si*. made by the councillors of Lea Bridge Ward. North tA•ndoa Waste Authorlty Communlty Fund The North London w￿te Authority Community Fund wt was a restricted grant for the dev¢lopm¢nt of our work with reclaimed paint. wtlllam Morrb Blg IAJcg1- Walthamstow Tool Llbrary The William Morris Big Local grant was a restricted graftt for dev¢lopmen¢ and d¢liv¢ry of Waltham*ow Tool Library. 10. DIRECTORS AND RELATED PARTY TRANSACTIONS Thar were no payments made during the year to Directors and related parties (2023.. nil).