f rp FOREST RECYCLING PROJECT Registered Company Number 02427258 Registered Charity Number 1151578 Forest Recyclin8 Projert Limited Report and Accounts for the year ended 31 March 2025 •AEESYSN6* 2911012025 COMPANIES HOUSE A18
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Forest Recycling Project Llmited Company Information Status Forest Recycling Project Limited is a registered charity and a company limited by guarantee and not having share capital. Dirertors The directors of the company (and trustees of the charity) for the.year 2024-25 were: Mona Vakil (Chair) Thomas Fox (Company Secretarv) Veronique Jochum 8enjamin Ingram Jonathan Emmett Malini Dhawan (from 21 March 2025) Liz Pepler (until 9 January 20251 Naeem Ur Rahman (until 7 Novernber 2024) Members of the Board of Trustees are trustees for the purpose of charity law and directors for the purpose of company law. All of the directors/trustees are volunteers who do not receive remuneration. Registered office 2c Bakers Avenue London E17 9AW Accountant and Independent Examiner Waqas Hussain ACCA 10 Knebworth Avenue London E17 5AJ Registered company number 02427258 Registered charity number 1151578
Forest Recycling Project Limited . Directors Report for the year ended 31 March 2025 Introduction Forest Recycling Project Lirnited (FRP) is a registered charity and a company limited by guarantee. FRP meets environmental challenges with solutions that provide local benefits on both an individual and a community level. th FRP was incorporated on 28 September 1989 and is governed by Articles of Association that were th adopted on 16 January 2013. We are based in Waltham Forest, East London. At FRP we work with individuals, communities, not-for-profit organisations and other companies to meet our objectives. The trustees here present their report and accounts for the year ended 31st March 2025. The accounts comply with the accounting policies set out in note l of the accounts and with the Charity Commission's 2015 SORP (Statement of Recommended Practice- Accounting and Reporting by Charities). Chair's Report on the year 2024-25 FRP had a successful year in terms of impact and the charity managed to deliver well in all of its activities, both in retail trading and grant funded projects. It has been a challenging year with the current econornic environment and continually rising costs. The charity has reported a modest deficit this year of £2,801, however the trustees are comfortable that resources have been expended to enable FRP to continue to have an impact in line with our strategy and also look after our staff in line with our values. The trustees recognise that several of our activities have been made possible through grant funding and that there is a need to secure new funding to ensure continuation and development of our community activities in the corning years: We would like to say a big thank you to our funders, without whom we would not be in the fortunate position of being able to achieve 50 much this year: The National Lottery Community Fund and'the North London Waste Authority Community Fund. We would also like to extend our thanks to our individual donors who support FRP. We especially appreciate our funders and donors in providing us with the opportunity to deliver on our aims and goals. For one week during the year we received funding from Big Give that matched donations made to FRP, and we are very grateful for their support. One of our values is to be sustainable, and all of our activities are driven by the need to address environmental problems and create lasting change. In line with this, as an organisation we implemented new environmental policies during the year. This shows our commitment to improve our own
environmental footprint and helps to inform our decision-making on key issues. In addition, we were pleased to report an increase in CO2 equivalent saved versus prior year, as a result of our activities. We continued to be community focussed during 2024125 and are pleased to report that the Walthamstow Tool Library exceeded all of its targets, not just for income, but for the number of loans and members as well. We are grateful to the North London Waste Authority for their support on thi5 project. We are looking forward to being able to roll out this successful tool library. concept to a neighbouring borough in the second half of 2025. We put volunteers in the heart of everything we do and that extends to our community project, Green Champions, for which we have received some very positive feedback from volunteers, as well as having a positive environmental impact. We would like to thank the National Lottery Community Fund for their funding and continued support in enablin8 US to create impact in the community and the environment in an inclusive.way. During the year, FRP has continued to use catiVItY and commercial opportunities to help us meet our goals. We have delivered and made improvements in our retail operations in paint, scaffolding and fabric5. In addition, we have enhanced our cornmunications, including redeveloping our website in support of our charitable mission and promoting the work of FRP. This will enable us to become better known among resident5 who may benefit from our offering. As an organisation, we continue to collaborate and work in partnership with other organisations such as the London 8orou8h of Hackney where we delivered '8ive and take, events during the financial year, as well.as Artillery CIC to deliver events in Waltham Forest to build a network of local reuse organisations. We are proud of what we have achieved this year to successfully deliver on our existing projects and strategy, and we look forward to working on a new strategy from 2025 in line with advancin8 our goal of creating a greener, more inclusive community. nd Mona Vakil, Chair of Trustees for the year 2024125, 22 October 2025 Professional services The Directors would like to thank the following for their service to FRP in this year: HR Advisor: Populo HR Payroll and Quickbooks services.. Brookfields Accountsnts Independent Examination and Accounts Preparation: Waqa5 Hussain
Trustees and Workforce Team in 2024125 Board of Trustees (Dirertors} Chair: Mona Vakil Company Secretary: Thomas Fox Board members: Veronique Jochum, Benjamin Ingram, Jonathan Emmett,:Liz Pepler (until January 2025), Naeem Ur Rahman (until November 2024), Malini Dhawan (from March 2025) Staff Chief Executive: Alison Griffin Retail and Operations Manager until January 2025: Gosia Rokicka Retail and Operations Manager from January 2025: Zara Eemaan Mahmood Paint Worker: Clive Henry Driver and Paint Assistant: Les Nicholas Green Champions Project Manager, Carpentry Lead and Designated Safeguarding Officer: Greg Dickson Green Champions Project Mentor.. Penny Gunn Retail.Assistant (to October 2024 and from January 2025): Anita Earp Retail Assistant and Green Champions Project Mentor until November 2024: Emily Palmer Retail Assistant from January 2025: Yanire Sylva Delgado Green Champions Admin and Comms Officer: Joanna Janeczek Tool Library Coordinator to July 2024 :Tasnim Sultanah Tool Library Coordinator from July 2024 . Maria Olszowy Volunteers The staff work with, and are complemented by, a fantastic team of volunteers whose contribution is greatly appreciated. We extend immense gratitude to all our volunteers for their time, commitment, work and enthusiasrn over the past year, and the Board of Trustees acknowledge and greatly appreciate the contribution of each individual who has given their time to ys. Governance and Management The trustees work closely with the Chief Executive, who is responsible for the day-to-day management of the organisation.and overseeing the staff team. Trustees {directors) meet at least once every'two months to consider the activities of the organisation,. and typically every six'weeks. Additional discussions, meetings and approvals by correspondence are often held in between these times, plus the Chair and Trustees have contact with the Chief Executive and staff team regarding 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 members. New trustees are briefed on their legal obligations under Charity Law, the decision making processes, the business plan and the recent performance of the charity. They also meet the staff team. Tru5tee5 are encouraged to attend appropriate external training and events where these will facilitate the undertaking of their role.
Annual Fteport on the year to March 2025 Forest Recycling Projert Limited's Aims ' FRP.'s aims are the protection and preservation of the environment for the public benefit by: The promotion of waste reduction, refuse reclamation, recycling• re-. use and repair of recycled products. Education of the public about all aspects of waste generation, waste management and waste recycling. Working tO8ether with marginalised member5 of our community to promote sustainable living and improved mental health. Forest Recycling Projert Limited's Objertives FRP'S solutlon to improve local sustalnable living: At FRP, our main operational goal is reclaiming, repurposin8 and affordably selling waste material that would otherwise fill and pollute local landfill sites or go to incineration, and working alongside and supporting volunteers in this work. The three main products we recycle are paint, timber and fabrics. We.. Reclaim: We take waste items of unwanted paint, timber and fabric, and by our activities, reduce the amount entering local incineration and landfill sites. Repurpose: Paint is checked, sorted and sometirnes re-mixed. • Timber is cut, sanded and oiled and is used in a variety of ways, including to build items to assist thè biodiversity of local ecosystems such as habitat boxes and planters. Fabric is sorted and used for crafting/upskilling workshops and sold affordably as bundle5 to local schools and community projects. Re-sell: We sell a growing range of recycled and repurposed products, offering a cheap alternative to mainstream '8reen' products, alon8 With paint, timber. and fabric to the local community. This ensures all sections of the community, a5 well a5 accessing unique product5, can afford 5UStainable living. Since 2021, FRP has also piloted, developed and delivered the Walthamstow Tool Libraryi whereby donated (and occa5i0nally 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 zero-carbon 'circular' economy, designing Out waste from how we live and work. This is a summary of the environmental impact of FRP'S operations, re-use of waste materials in 2024125: 103.6 tonnes of CO2e {'CO2 equivalent, _ 8reenhouse gases) were avoided by FRP activities. Thi5 15 an increase of 7Yo on 2024125 figures. We distributed 17,962 litres of paint, 5.69 tonnes of scaffoldin8 and 0.8 tonnes of fabric. We additionally made 4,470 loans of tools to the community, and generated 1,410 kwh of electricity from solar panels. FRP'S work has many other environmental benefits, including empowering community action, raising awareness, and changing people's relationship with consumption. Thi5 means switchin8 from a disposable consumer culture toward5 one that makes sensible use of what we have, re-using and sharing where possible. The cultural shift in mindsets and habits is harder to measure than the amount of carbon and waste saved, but it is also crucial., The Tool Library is a great example of this- making it normal and easy to borrow a drill instead of everyone needing their own - and showing again that the environmental and social parts of our work are inextricably linked. FRP'S Work With Paint Every year in the UK over 320 million litres of paint are sold. Of these, it is estimated that 50 million litres are unused, stored in homes or garages or thrown away. FRP'S view is that unwanted paint is a resource that can be used to transform local environments, and offers a more environmentally friendly option for customers looking to reduce their own impact, whether through providing an affordable way for low-income households or charities to redecorate, or supporting local artists to create beautiful art. Paint buslness model: Reusable paint is reclaimed from recycling centres or commercial companies. At the FRP warehouse, our team of staff and volunteers sort, quality-check and re-mix the paint, ready for redistribution. The paint is sold as a sustainable, low-cost alternative to the general public, through our two retail outlets- our shop in Waltham5tow and our paint warehouse in Leytonstone. On average, each litre of reclaimed paint is £3 cheaper than the new equivalent- and further discounted paint is also offered via different schemes to: Charitie5, community groups and not-for-profit organisations • .Housing associations Council housing tenants https.'//communityrepaint.org.ukJ
Paint impact 2024125: Paint collected: 23,842 litres. Paint distributed: 17,962 litres. The CO2 equivalent saved by the paint that was distributed and diverted from waste is an estimated 48.5 tonnes. We use Community Repaint's calculation figure of 2.7 kg CO2 equivalent per litr.e which equates to 48.5 tonnes of CO2 equivalent emissions by avoiding the manufacture of new paint. Calculated based on paint collected instead of paint distributed (which is more common among paint reclaim operations), this would equate to 64.4 tonnes of CO2 equivalent emissions 2024/25 was a good year for paint distribution, as reflected in the figures above. We are the only paint reclaim operation in London and we are diverting huge arnounts from waste each year, working with the community. We've been focusing recently on bridging the gap between what we collect and what we distribute- aiming to minimise the difference with the ultimate goal of distributin8 all that we are collectin8 - most of all because this maximi5es our impact and our longer term potential for growth. Once again, the gap became closer this year. FRP'S Work Wlth Tlmber Reclaiming scaffolding boards can have significant benefits to the economy and the environinent. In 2019, it was estimated that just 60% of the UK'S waste wood was recycled - leaving some 2 million tonnes going to waste. We reclaim and reuse scaffolding boards and other timber that are no lon8er required by the construction industry. Tlmber buslness model: Building developers and other industry partners donate used scaffolding boards to FRP, which would otherwise have been sent to landfill or incinerated. The boards are sorted and stored in our local yard and workshop: A small proportion of the reclaimed wood is sold on to local customers in its basic state. The majority of the timber is rèpurposed by FRP'S team of staff and volunteers, who cut the wood to bespoke size, sand and/or oil it to be sold on to the public. Timber is often used in our workshops to create planters, biodiversity boxes or raised.beds. This provides added social and environmentsl benefits in our community. as it creates new areas for green growth. http://www.hse.8ov.uklwoodworkinglrecyclin8.htm
Timber impart 2024125: 1,323rn of scaffold boards were repurposed and processed for community orders between April 2024 and March 2025. Another IOOrn of boards were additionally supplied for community projects. Assuming a weight of 4 kg/m, this equals a total of 5.69 tonnes of scaffold board5. Using a very conservative figure for calculating CO, savings, this equates to 1.68 tonnes of CO2 equivalent(E) saved (based on 295 kg/tonne which is compared with using new wood). We also estimate that 75% of the total is used for indoor projects (further saving of. 409 kg per tonne for wood being made into furniture etc). Using this assumption, 4.26 tonnes used inside (avoided impact from using new wood plus carbon storage in recycled wood not burnt) equals a further 1.74 tonnes CO, E. This results in a conservative estimated savin8 of at least 3.42 tonnes CO E. Our staff and volunteers process and work with an ever-growing amount of wood reclaimed from the construction industry, repurposing it for community use and thus diverting it from waste. We remain very grateful to our industry partners who have donated boards to FRP. The,y make a Significant positive environmental and community impact through their donations of what are end-of-life boards to them. Interest in scaffold products from FRP continues to increase, and we will continue to seek to grow this reuse work in partnershlp with scaffoldin8 and buildin8 companies locally. FRP'S Work With Fabric Greenpeacè statistics suggest that globally, an estimated 400 billion squaro metres of fabric is produced annually, of which 60 billion square metres will immediately end up on cutting room floors as waste (an area four timeg 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 any fabric cuts are useful resources with potential for local reuse. FRP commenced a pilot project in January 2018 to reclaim unwanted fabric in our communlty, and we have continued to develop this. The airn is to reduce the impact of wasted fabric on landfill/incineration and CO2 emissions, and to sort and repurpose the fabrlc so that It can be sold back into the community. Fabrlc buslness model: Sole traders and businesses across London are invited to donate their waste fabrics. Donor5 include interior designers, fashion designers, furniture companies, film production companies, theatres and upholsterers. There are also some smaller donations from rnembers of the publici such as local residents, hobby crafters etc. but they are a small percentage of textile donations overall. Donated fabrics are weighed, sorted and priced accordingly- taking into account their regular retail price and discounting it significantly to make them accessible to the local community.
Our fabric sales became very popular before the pandemic and we have been delighted to reintroduce them since spring 2023. We also train volunteers 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 2024125: • FRP sold around 540 kg of fabric this year- equating to around 1.1 tonnes of CO2 equivalent savings. Additional positive impact and CO2 savings came from using donated and reclaimed fabrics for events and workshops - an estlmated further 120 kg of fabric, equating to a further 0.3 tonnes of CO2 savings. Total estimated saving of 1.4 tonne of Coi equivalent. We end the year with increased fabric sales, donations and growing customer base and we look forward to developin8 this further in future, rneaning more environmental and community impact from this work. Meanwhile,'our work with communities and volunteers continues. We have continued our Green Champlons workshop and volunteering provision with new improved content. thanks to a grant from The National Lottery Community Fund. FRP'S Work With Volunteers .FRP's operations and impact have always been made possible by working in collaboration with volunteers and the wider communitv. In particular, the processes of handling and repurposing the reclaimed materials are led by our skilled mentors, but predominantly carried out by volunteers. We particularly welcome and support volunteers who are more marginalised in our community, and who can benefit most from our supported programmes- and who in turn maké a fantastic contribution to our charity's work. Our team of staff and volunteer5 work c105ely together and the unique skills and attributes that each individual brings are valued and fostered. Green Champlons FRP'S 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.2022-25 grant from The National Lottery Community Fund (NLCF). Green Champions is about community, inclusivity and impact in environmental volunteerin8 - things FRP is extremely pa55ionate about. Our review of our programmes in early 2022 enabled u5 to redesign theni to be even more effective, and we are very grateful to The NLCF for funding us to.realise our plans. We are also extremely grateful 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 last, 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. Our new and improved approach to Green Champions encompasses: FRP Green Champions 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 learning about and contributing to the green economy through the work of FRP. A big focus is on supporting wellbeing and being inclusive to people who may be relatively isolated and who may typically struggle to engage in voluntary 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 programme is certificated and a lot of support, guidance and mentoring is offered regarding other ways to take forward the volunteering and interests, as well as to access other support as the individual may need. Wellbeing is a big priority and we ask people to complete short confidential wellbeing surveys at the beginning and end of their programme to measure impact. 43 people took part in Green Champions Foundations in the third year of the project Ito May 2025) - against a target of 40. 69% showed improved wellbeing between the beginning and the end of their programme. FRP Green Champlons volunteering - a new innovation, beyond the Foundation course, through which FRP now offers a 8rowin8 number and range of volunteering opportunities, to both people who have participated in a Foundations course and the wider public. Thi5 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 organised and supervised by our supportive staff team rhentors and all can actommodate people with additional needs. 61 people volunteered with FRP in the third year of the project (to May 2025). This is IA addition to the Foundations participants above. Waltham Forest Green Champlons volunteerlng - we want to offer more opportunltie5 to people and work with local partner organisations to offer a wide range of '8reen' volunteering opportunities in the community, from a 5in8le Source, so that many more people can be involved in ways that are meaningful for thern, and the local community sector (typically of very small organisations, groups 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. which has reached over 300 subscribers. We also find these newsletter5 have an open rate consistently above 50%, reflecting people'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 Champlons 2024125 In our most recent survey of FRP volunteers in summer 2024, reflecting on the year past.. 100% of respondents enjoyed their volunteering with FRP - 88% of these "a great deal" io
IOOYO would recommend volunteering with FRP to others (many said they already did). Personal impacts/outcomes included: I feel more connected locally Volunteering at FRP has made me feel good I feel I have been doing something positive for the environment and community I have made new friendships through volunteering at FRP My confidence has improved I have used the skills I have learned at FRP elsewhere 71Yo 71Yo 65% 59% 53Yo 41% We also received a lot of qualitative feedback, many positive comments and some really interesting Suggestions too, all of which we have been evaluating and will be using to continuously improve our programmes. "This is a fantastic programme to give people the confidence to get into woodworkin8.. It was great to see people of different skill levels enjoy the sessions." "I have really enjoyed the relaxed environment and the opportunity to learn and to develop skills in a safe space." "I have really enjoyed attending the sessions. Not only have I learnt a lot about using recycled wood to make items, I have also met some lovely people. The atrnosphere is relaxed but supportive,.it has been a pleasure to be involved." "Creating bat boxes and bee boxes has enabled me to have an appreciation and find out more about conservation." "Helped me on my dissertation, especially on research and think of the sustainable things/methods for recycling.,: A new survey in summer 2025 will capture more qualitative and quantitative data on the impact of the 'programme for volunteers. Walthamstow Tool Library Walthamstow Tool Library was a highly successful 2019-21 pilot project, in collaboration with William Morris Big Local, to develop and deliver a local tool lending library, particularly for garden tools, with.the desire that it could become a local greening hub and build on what was started with a 'Greener Together, partnership project. The project was launched in the community in summer 2020- limited but not thwarted by the pandemic conditions, as we ensured we started it in a covid-safe way. In 2021 it was able to fully launch and start to realise its potential. It very soon exceeded all its targets an'd attracted interest.from other projects and boroughs, including in reaction to its particularly high reach and impact levels. and very accessible model embedded in the local community. li
By the end of this year, the Tool Library had over 550 member5, accumulated 4,170 loans, with an associated environmental impact of 50.27 tonnes CO2 equivalent saved In 2024125, we also realised our ambition to make the tool library self-sustaining on earned incorne, and also to meanwhile respond to interest from neighbouring areas (and sometimes beyond) in our model and work. A North London Waste Authority Community Fund grant supported this, and the year was great success, now going forward on a break-even basic model, and with a commission from London Borough of Enfield to set up a new tool library in their area and interest from other areas too. We are particularly proud that thé Tool Library model allows us to offer heavily discounted memberships to make it highly accessible to low income households, and around a quarter of memberships are currently at a rate of £15 a year. With no further costs for loaned tools to members, this makes it incredibly good value for all and especially for those discounted mernberships, saving people a great deal of money as well as the need to buy and store tools and the environmental impact of us all doing thls. Dellvering Through Partnerships FRP recognises that the best way to achieve its charitable aims and objectives and to Secure real impact in the community is often to work in partnership with others as well as participating in community events, and welcomes the opportunity to do both. FRP continues to actively seek new partnerships that will be mutually positive and offer further environmental and social solutions. We would like to work with more community organisations to create innovative 501utions.to complex problems. In addition, FRP is alway5 keen to collaborate with a wider selection of private companies who will donate their reusable waste materials to us and improve their own environmental impact. Waltham Forest Reuse and Repalr Inltlatlves In the second half of 2023, FRP partnered with Waltham Forest Council's Climate Emergency Team to conceive and create a directory of services and groups across the borough working in reuse, lendin8 and repair. This was important to us because we want to promote and enable buying reclaimed/ secondhand, as well as repairing or borrowing instead of buying, across the community, and far beyond the activities that FRP delivers. We know many people in our community are open, or could be open, to such behaviours, and so we wanted to provide them with a convenient map and directory of where 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 continued to work with the council in 2024125 to promote waste reduction through reuse and repair, with the directory as a useful resource for this. As part of this, Waltham Forest Council's Climate Emergency Team has also commissioned the wonderful local Artillery CIC to partner with FRP and others to deliver Reuse and Repair Fairs in the community. Beyond the design and planning stage, FRP provide content for the fairs, most notably bringing our Give and Take events back to our borough for the first time in a number of years, 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 https://edinburghtoollibrary.org.uklcarbon-data-for-sharing-librariesl 12
charge, and we manage everything and rnonitor quantities diverted from waste 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 and/or acquiring thin85 they would like, enga8in8 in pro-envirorimental behaviour5 in the proce55 too. Hackney Zero Waste Hubs Hackney Council's environmental team have involved FRP for a number of years with their innovative zero waste work. This year, again, we delivered Give and Take events at their Zero Waste Hubs, and also added clothes mending services, enabling tonnes of residents, possessions be recycled and repaired - and divested from waste. This was also in partnership with other local waste-reductlon and comtnunity initiatives such as the wonderful Hackney Fixers and Dr Bike by Cycle Confident. Cornmunity Repaint network FRP is a member of the Community.Repaint network. This gives us the benefit of being part of a network of reuse paint outlets and the expert support of the srnall team at Community Repaint, for which we are very 8rateful. They also promote our outlets and signp05t 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 initiatlve. In the year 2024125, 1,410 kwh were generated through the panels; thi5 represents a savln8 of 0.32 tonnes of CO2 equivalent compared with if this energy had been taken from the 8rid. 13
Financial Review Income for the year amounted to £249,586 (2024: £280,107}, (£136,524 of which was restricted). Expenditure amounted to £252,38712024: £267,462). This resulted in a net deficit for the year of -£2,801 {2024: surplus of £12,645). FRP operated at a slight deficit this year, in Sine with our values-driven approach that prioritises impact over profit. All funds are used for their intended purpose, with tight cost controls in place to avoid overspending. Prudent financial management is extremely important to us and is underpinned by a reserves policy that ensures we can meet our commitments and maintsin continuity. Alongside thi5, FRP continues to develop both its business and charitable income streams, actively seeking to diversify funding sources while keeping costs to a minimum. This disciplined approach is vital to sustaining the work of the charity and supporting its strategic aims and vision. The wider economic environment remains affected by rising costs, which continue to place pressure on FRP'S expenditure. Total resources expended fell slightly below the previous year, reflecting both external fartors and internal efficiencies. A key contributor to the reduction was the tapering of the Green Champion grant, which resulted in lower programme spend compared to prior year. In addition, we achieiied cost savings through reduced energy costs and improved efficiency acr055 Staff, office and administrative expenses. Incorne decreased by IO% cornpared to the previous year, primarily due to the incoitie and delivery profile of our largest grant-funded project (Green Champions) along with the scheduled completion of two grant-funded programmes. However this was partially offset by new income 8en.erated, including increased tradin8 income. We were pleased to receive ongoing funding from The National Lottery Community Fund (NLCF) for our Green Champions programme, which had another highly impactful and successful year, as reported above. We remain deeply appreciative of The NLCF'S continued commitment to the Green Champions project, particularly in the current economic climate of rising costs. A further grant was awarded by the Noh London Waste Authority (NLWA) for the Walthamstow fool Library, enabling us to expand the tool loan service and membership base. reach break-even and financial sustainability and increase outreach to neighbouring areas. We are gratefu5 to have received higher donation contributions than prior years. mainly due to b.eing chosen to participate in the Big Green Match Fund and all the generous and valuable donations that flowed from the community in response. We are extremely grateful to all those who fund FRP to deliver work to our mutual aims. We are also very grateful to rnembers of the community who are our customers, and support our retail income by vi5itin8 our sites and attending our events. FRP has worked hard in recent years to make significant positive cultural and operational changes at all levels, to both improve our finances and build on existing beneficiary 14
outcomes. We have a range of income generating activities, allowing us to work with a variety of partners and reduce.our financial risk, alongside successful and ambitious grant fundraising. Developin8 further income streams and partnerships is an ongoing priority within our organisation, as we look to the future. Reserves Pollcy and Reserves Position The charity's policy is to maintain free reserves equivalent to approximately three to six months of operating costs, providing a safeguard against unforeseen drops in income or rising costs. This policy was reviewed and updated by the trustees in 2024 and reconfirmed in July 2025. As at 31 March 2025, total reserves stood at £97,863 - equivalent to around.4.9 months of running costs which is comfortably within the target range. The trustee5 review the reserves policy annually as part of financial planning and remain committed to maintaining reserves at a level that ensures operational stability. We are extremely grateful to our staff, volunteers and supporters for their contribution to thi5 achievement, which provides FRP with a strong financial foundation for the future. Investment pollcy The main objectives of FRP'S Investment Policy are: to ensure that the funds at FRP'S disposal are managed effectively, to meet the operational needs of the charity, and to reduce liquidity risk. FRP also has a financial objective to increase income generating activities to provide increased financial stability and opportunities to expand our work. The Trustees of the charity are resp.onsible for making decisions regarding investment matters. FRP has been reliant on grants to fund community activities and projects in large part, although it a150 benefits from generating income from its social enterprise approach with rec.laimed rnaterials. With grants, there can be uncertainty over grant income and the timing of cash receipts, as well as on the availability of grants i.n future, and therefore it is important that assets are readily available to fund operations in times of uncertainty. FRP currently holds assets in cash where possible to fund operations. There are currently no non-cash investments and no surplus assets that the directors deem available for investment at this time. Cash is held in readily accessible current accounts and instant-access savings account5. If working capital substantially exceeds the needs of FRP in the future, the investment policy will be reconsidered by the Board of Trustees. If and when this happens, the risk appetite, investment type, decision hierarchy,'and investfnent management will all be considered and defined. 15
Risk Management The trustees (directors} are aware of their,obligations to make a statement in respect of the management of risks faced by FRP. The trustees regularly review potential risks associated with the charity's activities and the following risks are currently identified: Finance The key risk facing the charity, especially in the current economic.climate, relates to income generation. We have been building and diversifying our sources of income in order to manage this risk and we are working on increasing our earnings as a priority, alongside grant funding. We were delighted to be in receipt of a grant from The National Lottery Community Fund to support our innovative work with volunteers and recycling from 2022 to 2026, with progressive tapering in the final two years. We are conscious of operating in continuingly challenging economic conditions, which impact our customers, staff, and partners. We are now carefully looking at future financial plans for the period beyond the current NLCF grant. We are seeking to ensure that as many of our activities as possible are self-sustaining or cross-subsidised. Sorne of our comrnunity programme5 are unlikely ever to be self-sustainin8 and we are looking at possible new sources of grant funding for these. We have also conducted a detailed review of our internal financial controls and taken steps to address identified weaknesses, ensurin8 robust financial governance. Premlses Having secure premises is fundamental to our operation, and we recognise the importance of secure tenures of premises that meet our need5. This is an important current priority for the trustees, particularly ensuring-that we successfully conclude negotiations with the London Borough of Waltham Forest, our main landlord. Public settor cost cuttlng A5 a charity, we are actively monitoring the wider environment including ongoing reduction of spend by the public sector. We actively manage our contracts and relationships with local authorities, strongly communicatin8 the multi-faceted strength of our offer. Retail Income and economlc trends FRP derives a substantial proportion of its income from retail sales, which are influenced by wider economic trends and the health of the local economy. Economic headwinds and wider uncertainty have the potential to negatively impact our sales income, although given that we sell reclaimed products including paint, timber and fabric at lower price5 than their conventional retail equivalents, our. sales do not necessarily have a linear relationship with consumer confidence or disposable income. We actively track our sales and retail income, taking action as needed to maintain the financial health of the organisation and to ensure that our retail offer remains attractive even in economically challenging time5. .16
Health and Safety All staff receive up-to-date Health and Safety training, and we undertook a thorough review of our risk assessments in 2024, implementing a number of improvements at that time. We continue to arrange and update First Aid training for the staff team through the British Red Cross and St John Ambulance, meaning we have updated knowledge as well as five qualified first aiders in our small team and.across our sites. Safe8uardlnE of vulnerable adult service users and our 5tsff members All staff have undergone safeguarding training and FRP has invested in an employee support programme with Education Support Partnership, which provides mental health and wellbeing support face-to-face and over the telephone. We have updated our safeguarding policy and will continue to review this each year and train our staff on it5 content. GDPR Training has been undertaken by senior staff and the appropriate policies are in place. These policies are reviewed regularly and will be updated when appropriate. We have implemented a range of data security and data protection irnprovernents in the past year and remain proactive on this, with Board oversight. Liab611ties FRP'S operational work 50metirnes necessitates the disposal of paint which Is unusable for re-sale. This paint poses a liability risk to FRP. FRP has steps in place to reduce the collection of unusable paint in the first instance. Procedures are also set up to ensure the disposal of any waste paint is appropriate and as environmentally friendly as it can be. Employees FRP strives to be an equal opportunities employer and applies objective criteria to assess merit. It aims to ensure that no job applicant or employee receives less favourable treatment on the ground5 of age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex or sexual orientation. Selection criteria and procedures are in place to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities. All employees are given equal opportunities trainin8 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 15 extremely grateful to it5 team of employees for all their excellent work. 17
Contribution by, and appreciation of, supporters The Trustees appreciate the support of all FRP'S funders, partners and supporters. as well as the dedicated staff team and volunteers. Independent examiner Waqas Hussain ACCA has been appointed as independent examiner for this accounting period. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small cornpanies, exemption. Registered offlce: Signed on behalf of the trustees 2c Bakers Avenue Walthamstow Mona Vakil London E17 9AW Chair of Trustee5 and Dlrector hd Date: 22 October 2025 18
Independent examiner's report to the trustees of Forest Recycling Project Limited I report to the charity trustees on my examination of the accounts of Forest Recycling Project Limited ('the.Charity') for the year ended 31 March 2025. Responslbllltles and basls of report As the Charity's trustees (who are also the directors of the company 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 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 in SpeCt of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carryin8 Out my examlnation I have followed the Directions given by the Charity Commission under section 145{5) {bl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention which 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 records; or the accounts do not comply with relevant accounting requirement5 under section 396 of the Companies.Act 2006 other than any'requirement that the accounts give a 'true and falr, vlew whlch Is not a matter considered a5 part of an independent examination; or the accounts have not been prepared in accordance with the Charities SORP (FRS102). 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. Narne: Waqas Hussain FCCA Address: 10 Knebworth Avenue, Waltharnstow. London, E17 5AJ Date: 2211012025 Signed:
Forest Recycling Projert Limited Statement of Financial Activities For the year ended 31 Mareh 2025 2025 2024 Note Restrlcted Funds Unrestrlcted Fllnds Total Funds Total Funds INCOMtNG RESOURCES Incomlng resources from generated t'unds Voluntary Income- 8rants & donations 136,524 2,997 I3921 171,229 Activities for Gener8ting Funds 109,968 109,968 108,791 Investment Inffle 97 97 87 TOTAL INCOMING ' RESOURCES 136,524 113,062 249,586 280,107 RESOURCES EXPENDED Fundral$lng Costs Charltsble aetivltles 136,524 115,113 251,637 266,712 Governance Cost$ 750 750 750 Total Resources Expended 136,524 115,863 252J87 267,462 Net Incomlng Resources Net Ineomel(Loss) for the Ye•r (2,801) (2,801) 12,645 Total Funds Ut the sturt of the year 100,664 100,664 88,019 Total Funds at the end of the year 97.863 97063 100.664 The statement of financial activities includes all gains and losses in the year. All of the above amounts relate to continuing activities.
Forest Recy¢lin8 Projert Umlted S'tatement of Financial Position 31 Mareh 2025 2025 2024 Note .Flxed a$sets Tangible fixed assets Currtnt assets . Debtors & Prepayments 28,943 40,077 Bank & Cash at hand 84,831 100,896 Credltors: amounts falling due within one year (15,911) (42,392) Net Current assets 97,863 100,664 Creditors: amounts falling due after more than one year Net assets 97,863 100,664 Fund$ General Funds 97.863 74,010 TOTAL FUNDS 97,863 100,664 For the year ended 31 Mawh 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members hav¢ not required th¢ charity to obtain an.audit of its accounts for the year in question in accordance.with section 476. The Directors acknowledge their responsibilitics for complyin8 With the requirements of the Act with respect to accounting rerdS and the prepardtion of accounts. These accounts have been prepared in accordance with the provisions applicable to small companies subject to Ilie small companies regime and in accordance with FRS102 SORP. These financial statements were approved by the Members of the Board of Trustees and authorised for issue on the 22nd of October 2025 and are SiLmcd on their behalf by: Mona V4kil Chalr of the Trustees. and Dlrector
Forest Recyding Project Limited ACCOUNTING POLICIES (a) Ba51$ of aecounting The.financial statements have been prepared under the historical cost convention, and in compliance with 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (FRS 102), th¢ Statement of Recommended Practice.. Accounting. and Reporting by Charities pr¢paring their accounts in accordance with FRS 102 (Charities SORP) and the Companies Act 2006. There has been no change to the accounting policies (valuation rules and methods of accounting) since last year. (b) Legal status Forest Recycling Project Limited is a registered charity and a company limited by guarantee and has no share capital. The liability of each member in the event of a winding-up is limited to £ l. (c) Going Concern There are no material uncertainties about the charity's ability to continue. (d) Fund Accounting- reJtri¢ted and unrestricted funds Unrestricted funds are those whcrc ther¢ are no ¢xternally imposed restri¢tions and are available for usc at th¢ discreiion of the trustees in furtherance of the gen¢ral objectives of the charity. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the tern)s of an appeal. (e) Incoming resources All incoming resources are included in the 51atem¢nt of financial activities when th¢ charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when the conditions for recognition have been met. Grants, where'entitlement.is not conditional on the deliv¢ry of a specific perfonnance by the charity, are recognised when the chlty becomes unconditionally entitled to the. grant. Incoming resources from grants, where related to perfornjance and specific deliverables, are accounted for as the charity earns Ihe right to consideration by its perfonnance. Donated serviees and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts. - Investment income is included when receivable. - Incomin8'resources from charitable trading activity are accounted for when earn¢d. (fj Resources expended Exp¢nditure is recognised on an accruals basis as J liability is incurr¢d. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.. Costs of. generating funds comprise the costs associated with attractin8 voluntary income and the costs of trading for fvndraising purposes. Charitable expenditure comprises those Costs inCu¢d by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs. that can be allocated directly to such activities and those costs of an indirect nature necessary to support th¢m'. Govemance costs include those costs associated with meeting the constitutional and statutory réquirements of the charity and include the audit or examination ¢osts. and wsts linked to the strategic management of the charity. All costs are allocated betw¢¢n the expenditure categories of the Ststement of Financial Actsvities (SOFA) on a basis designed reflect 'the use of the resource. Costs relating to a particular activity 8r¢ allocated directly, others are apportioned on an appropriate basis e.g. staff costs by time spent, per capita or estimated usage as set out in the notes to the accounts,
Forest Recycling Projert Limited AcCOuNTG POLICIES (continued) (g) Fixed assets Fixed assets are stated at cost less accurriuknted depreciation. DepreciatlOD is calculated to write off the cost of fixed assets less their eslimated r¢sidual value ov¢r their expected useful life on the following basis: Office equipment.. 250A straight line. Vehi¢le8'. 33.31J/o straight lin¢. (h) Operatlng lease agreen)eDts Rentals payable under operdting leases, where substsntially all the risks and rewgrds of 0ership remain with the lessor, are charged to the statement of financial activities on a straight line basis over the life of the lease. (i) Cash f41 bonk and In hand Cash at bank and in-hand includes cash and short temi highly liquid investinents with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ti) Debtors Trade and other debtors are recognised at the settlement amount due after any trade diseounl offered. Prepayments are valued at the amount prepaid after taking accounl of any trade discounts due. (k) Creditors and Provi$ions Creditors and provision8 are reco8ni8ed where the charity has a present obli8ation resulting from a past ev¢nt that will PTobably result in the transfer of fijnds to a third party and the amount due lo s¢ttle the obligation can be measured or estimat¢d reliably. Creditors and provisions are nornially recognised at their settlement amount after allowing for any trade discounts due. 2. TOTAL INCONItNG RESOURCES 2025 2024 Totfdl Total Voluntary Income Grants & Donations The National Lottery Community Fund - Green Champions 122.608 136,723 William Morris Big Local.- Walthamstow Tool Library 15,000 LBWF Community Ward Fund 4,450 North London Waste Authonty Community Fund 13,916 15,000 Individual donations 2,997 56 Total Voluntary Income 139.521 171,229
Forest Recyclin8 Project Limited 3. RESOURCES EXPENDED Charitable expenditure 2025 2024 Administrd'tion and office running cosis 19,264 22,716 Project and direct costs 10,819 14,229 Premises cosls 39,954 42,063 Staff and volunteer costs. 181,61)0 187,704 GovernAnee Costs Independent Examinetrs fees 750 750 Total Costs 252J87 267,462 NET INCOMING RESOURCES 2025 2024 This is Ststed after charging: Rentals under operating leases 24,846 24,846 independent Examinerfs Fees 750 750 STAFF COSTS AND EMOLUMENTS Total $taff cost5 were as follows: 2025 2024 Gross pay 171.750 177,738 Socipl Security costs 6.697 6,858 Pension costs 3,153 3.108 Total 181,600 187,704 No employee received emoluments of tnore than £60,000 in this or the pr¢vious year. None of the Tntstee$ received any remuneration during the year. (2024: Nil) 2025 2024 Average number of employe¢s during the year (full time equivalent) was..
Forest Recycling Project Limited 6. TANGIBLE FIXED ASSETS Vehi¢le Équipm¢nt Total Cost.. At l April 2024 15,0(XJ 25,744 40,744 Additions At 31 March 2025 15,000 25,744 40,744 Depreciation: At l April 2024 12,917 25,744 38,661 Charge for the year 2,083 2,083 At 31 Mareh 2025 15,000 25,744 40,744 Iyet book value: At l April 2024 2,083 2,083 At 31 March 2025 7. DEBTORS AND PREPAYMENTS ' 2025 .2024 Trade debtors 19.332 25,903 Other debtors and Prepayments 9.611 14,174 28,943 40,077 8. CREDITORS 2025 2024 Amounts falllng due wlthln one yegr: Trade creditors 756 11,849 Other creditors and accruals 5,155 3,889 Deferred grants 10,000 26,654 15.911 42.392
Forest Re¢ycling Project Limited 9. ANALYSIS OF movEENT IN FUNDS At l Aprll 2024 At31 March 2025 Total Funds IncoAning Outgolng Transfers Analysis of Movement in Funds Restrleted Funds The National Lottery Community Fund - Green Champions 122,608 (122,608) -North London Waste Authority Community Fund 13,916 (13,916) Total Restrleted Funds 136 524 136 524 Unre$trl¢ted Gen¢ral Total Unrestricted. Funds 100,664 J 00,664 113,062 113,062 115,863 115,863 97,863 97,863 Total Funds 100.664 249.586 252,387 97,863 The Natlonal Lott¢ry Communlty Fund - Green Champlons The National ttery Community Fund grant was a restrtcted grant for the FRP Green Champions project. Nortb London Waste Authorlty Communlty. Fund The North London Waste Authority Community Fund grant was a reatricted grant for the development and delivery of the Walthamstow Tool Library. 10. DIRECTORS AND RELATED PARTY TRANSACTIONS There were no payments made during the year to Directors and related parties (2024: nil).