COMPANY REGISTRATION NUMBER: 05170995 CHARITY REGISTRATION NUMBER: 1151719 Ipswich Furniture Project Company Limited by Guarantee Unaudited independently examined accounts 31 March 2024
Ipswich Furniture Project Company Limited by Guarantee Independently examined accounts Year ended 31 March 2024 Page Trustees, annual report lincorporaling the directors, report) Independent examiner's report to Ihe Irustees Statement of financial activities (including income and expenditure account) Balance sheet Statement of cash flows Notes to Ihe independently examined accounts 10
Ipswich Furniture Project Company Limited by Guarantee Trustees. annual report (incorporating the directors. report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited independently examined accounts of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Companies Acl 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Reference and administrative details Registered charity name Ipswich Furniture Project Charlty reglstratlon number 1151719 Company registration number 05170995 Princlpal office and reglstered Hogarth Road offlce Ipswich Suffolk IP3 OEY The trustees The trustees who served during ihe year and at Ihe date of approval were as follows: M Allison {Chairl M Brunning N Burfield E Harsant P Henry F Loader M Regnault M Whitworth Patron The Rt Hon J Gummer, Lord Deben Company Secretary R Whitéhead Independont examlner L Thurslon FCCA Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury Sl Edmunds IP32 7EA Bankors Barclays Bank PIC Ipswich IP1 1PB
Ipswich Furniture Project Company Limited by Guarantee Trustees. annual report (incorporating the directors. report) (continued) Year ended 31 March 2024 Objectives and activities The charity's objective is the relief of poverty by the supplying of items of furniture and other household items for the benefit of persons who are in need within the notional area of East Anglia and who have been nominated by an approved referring agent or anyone who self refers by providing proof that they are in receipt of an acceptable benefit, as defined by the Trustees. In shaping our objectives for the future and planning our aclivilies, the Iruslees have considered the Charity Commission's guidance on public benefit. The trustees give careful consideration lo the accessibility of its services for those on low incomes. Publlc beneflt In shaping our objèctives for the yèar and planning our activities, the trusteès have considered the Charity Commission's guidan¢e on Public Benefit including, The Public Benefit Requirement IPB11, Running a Charity {PB21 and Reporting IPB31. Achlevemènts and pèrfomiance The achievements and performance are described further in annex 1 of these financial statements.
Ipswich Furniture Project Company Limited by Guarantee Trustees. annual report (incorporating the directors. report) (continued) Year ended 31 March 2024 Flnanclal revlew The statement of financial activities reflects operational activity for the year. The economic climate has continued to increase the demand for the Project's services bul without an increase in grant funding or an increase in income from the provision of both donated and bought in goods. However the cost of providing these services continues to rise resulting in a deficit for the year of £21,67012023.' £27,775). Principal funding sources The principal funding source for the charity is the income derived from the provision of low cost furniture and electrical goods. The charity also gratefully acknowledges the grants received during the year from the following organisations.. Mrs L D Rope Charitable Trust, Ipswich Borough Council and Suffolk Community Foundation. Re86rvo8 poIIcy The trustees, policy is to maintain adequate reserves for the following purposes and was updated in the year.. To enable the Project lo fulfill statutory and legal obligations lo employees and others., To provide a contingency fund lo meet unforeseen falls in income or increases in expenditurè., To allow for the orderly wind up of the charity if required. In the charity's circumstances the trusteès believe it would be prudent to maintain res&eS which are the equivalent of no less than three month's unreslricled expenditure which would equate to £142,804 12023.. £176,564). At 31 March 2024 the charity had general un4esignaled free reserves of £102,075 12023.. £238,745}. The Iruslees will seek to monitor the shortFall in reserves over the next year. The designated funds are reviewed annually in line with the reserves policy of the charity. Plans for future perlods Th& Proj8Ct will continue lo maintain and dev81op ils community s8rvic8s in 2024-2025 and to 8xplor8 new initiatives in partnership with local stakeholders and Can be further reviewed in annex 1 to these financial statements.
Ipswich Furniture Project Company Limited by Guarantee Trustees. annual report (incorporating the directors. report) (continued) Year ended 31 March 2024 Structure, governance and management Ipswich Furniture Project also known as the Project or IFP with any of these terms used throughout these accounts, is a registered charity and a company limited by guarantee. The charitable company was incorporated on 5 July 2004 (number 051709951 and became a registered charity number {number 11517191 on 22 April 2015. The company was established under a Memorandum of Association, which sets out its objects and powers and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10. In 2014 the charitable company took over the activities of the previous unincorporated charity, registered number 801287, which had been operational as a registered charity since 1989. The Project is here to assist people of any age, whose needs may vary from a single item, to a complete house full of furniture. In common with most other furniture and appliance re-use charilies, Ipswich Furniture Project was formed with the express desir8 to alleviate poverty and provide a social need to those disadvantaged and socially excluded, by providing decent quality furniture and white goods to any persons on a low income who lives in the Borough of Ipswich or surrounding area who could not, for wha16vèr reasons, afford to purchase items to furnish their homes from conventional retailers. The New Furniture IniliatlV8 is availablé lo social landlords and other agencies providing housing support. We supply new furniture, cookers etc., so the landlord can provide furnished accommodation lo those in need in East Anglia. Re¢rultmgnt and appolntment to the board of trustees The directors of the company are also charity Iruslees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association, the Iruslees are elected at the Annual General Meeting. One third of the trustees retire in rotation but are eligible for re4leclion. The current trustees are shown on the reference and administrative details these financial statements. Further Iruslees may be appointed al any time. at the discretion of the Iruslees in accordance with the charity's recruitment policy. Trustee Inductlon and tralnlng The majority of the current trustees are very familiar with the work of the charity, having served on the Board for some time. New Iruslees are invited lo attend a meeting with the Chairman and the Chief Executive to familiarise themselves with the charity and the context within which it operates. The meeting would cover.. The obligations of being a Irustee An overview of the services which the Project provides The main documents which set out Ihe operational framework for the charity including the constitution The financial position as set out in the latest published accounts Future plans and objectives
Ipswich Furniture Project Company Limited by Guarantee Trustees. annual report (incorporating the directors. report) (continued) Year ended 31 March 2024 Structure, governance and management (continuedj Organlsatlonal structure The Project is governed by the trustees, who aim lo meet at least six limes a year, and are responsible for the strategic direction and policy of the charity. The Project employs a Chief Executive who is responsible for the day lo day provision of services, ensuring that project objectives are mel and managing the team of support workers administrative stsff and volunteers. Rlsk management The trustees have reviewed the financial and operating risks pertaining lo the charily and identified key risks lo the charity. Policies and procedures are in place lo mitigate the risks identified. The Board reviews and reappraises risk on an on%oing basis. Indèpendent examlnar reappolntment A resolution lo appoint L Thurston FCCA of Lov8wéll Blake LLP as ind8pend&nt examin8r will b8 proposed at the next meeting. Small company provlslons Thls report has been prepared taklng advantage of the small companies, exemptlon of secllon 415A of the Companies Act 2006. The Iruslees, annual report was approved on Irusl8es by.. 9/712024 and signed on behalf of the board of Mr M Allison Chair
Ipswich Furniture Project Company Limited by Guarantee Independent examiner's report to the trustees of Ipswich Furniture Project Year ended 31 March 2024 I report lo the charity trustees on my examination of the independently examined accounts of the company for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure accounll, balance sheet, statement of cash flows and the related notes. Responsibilities and basis of report As the charity's trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparation of the independently examined accounts in accordance with the requirements of the Companies Act 20061'the 2006 Acl'l. Having satisfied myself that the independently examined accounts of the company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's independently examined accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I hav& followed th8 Dir&ctions given by the Charity Commission under section 14515llb} of the 2011 Act. Independent examlner's statement Since the charity's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am member of the Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records w8re not k8Pt in r8SP6Ct of th8 company as requir8d by seclion 386 of the 2006 Act., or the ind6pendently 6xamin6d accounts do not accord wilh those records., or the independently examined accounts do not comply with the accounting requirements of seclion 396 of th8 2006 Act other than any requir&menl Ihal th& accounts giv8 a 'lru8 and fair, view whi¢h is not a matter considered as part of an independent examination., or the independently examined accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. L Thurston FGLA Independent Examiner Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury Sl Edmunds IP32 7EA 101712024
Ipswich Furniture Project Company Limited by Guarantee Statement of financial activities (including income and expenditure account) Year ended 31 March 2024 2024 Unrestricted funds Total funds 2023 Total funds Note Incomo and endowments Donations and legacies Charitable activities Other trading activities Investment income 55,719 350,988 140,312 2,528 55,719 350,988 140.312 2,528 19,337 509,893 148,747 505 Total income 549,547 549,547 678,482 Expenditure Charitable activities 571,217 571,217 706,257 Total expendlture 571,217 571,217 706,257 Net expendlture and net movement in funds 121,6701 121,670) 127,7751 Reconclllatlon of fund8 Total funds brought forward Total funds carrled forward 238,745 238,745 266,520 217,075 217,075 238,745 The statement of finan¢ial activities includes all gains and losses recognised in the year. All income and expendilure derive from continuing activities. The notes on pages 10 to 17 form part of these independently examined accounts.
Ipswich Furniture Project Company Limited by Guarantee Balance sheet 31 March 2024 2024 2023 Note Current assots Stocks Debtors Cash al bank and in hand 24,665 48,774 172,320 20,285 37,126 193.786 13 245.759 251.197 Creditors.. Amounts falling due within one year 14 128,6841 {12,452) Net current assets 217,075 238,745 Total assets less current liabilities 217,075 238,745 Net assets 217,075 238,745 Funds of the charlty Unrestricted funds 217,075 238,745 Total charlty funds 16 217,075 238,745 For the year ending 31 March 2024 the charity was entitled lo exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of ils independently examined accounts for the year in question in accordance with section 476., The directors acknowledge their responsibililies for complying with the requirements of the Act with respect to 8ccounting records and the preparation of independently examined accounts. These independently èxamined accounts have been prepared in accordance with the provisions applicablè to companies subject to Ihe small companies, regime. These independently examined accounts were approved by the board of Iruslees and authorised for issue on 91.71.2024 and are signed on behalf of the b08rd by.. IiiiL ALtsso Mr M Allison Chair Company registration number.. 05170995 The notes on pages 10 to 17 form part of these independently examined accounts.
Ipswich Furniture Project Company Limited by Guarantee Statement of cash flows Year ended 31 March 2024 2024 2023 Cash flows from operatlng actlvltles Nel expenditure 121,6701 127,7751 Adjustments for.. Depreciation of tangible fixed assets other interest receivable and similar income Accrued lincomellexpenses 6,646 {5051 570 12,528) 11851 Changes in.. Stocks Trade and other debtors Trade and other creditors (4,3801 111,6481 16,417 2.703 115,1381 141.3351 {74,8341 Cash g8n&rat&d from operations 123,9941 Interest received 2,528 505 Net cash used in operating activities 121,4661 174,3291 Net decrease In cash and cash equlvalents Cash and cash equSvalents at beglnnlng of year Cash and cash equlvalents at end of year 121,4661 193,786 174,3291 268,115 172,320 193,786 The notes on pages 10 to 17 form part of these independently examined accounts.
Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts Year ended 31 March 2024 General Infomiatlon The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Hogarth Road, Ipswich, Suffolk, IP3 OEY. Statemant of compllance The charity constitutes a public benefit entity as defined by FRS 102. The independently examined accounts have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102), the Charities Act 2011, the Compani&s Act 2006 and UK Generally Accep18d Accounting PractlC8. A¢countlng poll¢les Basls of preparatlon The independently examined accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured al fair value through income or expenditure. The independently examined accounts are prepared in sterling, which is the functional currency of the entity. Golng concern Th6 accounts have been pr6par8d on the going concern basis and the Trustees b6li6Ve that no material uncertainties exist. The Trustees have considered the level of funds held and the expected income and expenditure for the next 12 months from aulhorising these financial statements. The budgeted income and expenditure is sufficient with the level of resetves for the Trust lo be able lo continue as a going concern. Incomè tax As a registered charity, the activities are exempt from United Kingdom Income and Corporation taxation, provided that the income is applied to charitable purposes. Fund accountlng Unreslricled funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds where necessary, are unrestricted funds earmarked by the trustees for particular future projects or commitlments. Restricted funds are subjected to restridions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. 10.
Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2024 Accountlng pollcles fGontinued) Income All income is included in the statement of financial activities when entitlement has passed to the charity, il is probable that the economic benefits associated with the transaclion will flow lo the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. income from donated goods is measured at the fair value of the goods unless this is impracticle to measure reliably, in which case the value is derived from the cost lo the donor or the eslimaled resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliabily measured. No amounts are included for the contribution of general volunteers. income from eonlracls for the supply of servicès is r6cognisèd with the d8liv8ry of th6 eonlracted service. This is classified as unrestricted funds unless there is a contractual requirement for il lo be spent on a particular purpose and returned if unspent, in which case it may be regarded as reslricled. Furniture and other items donated for resale throught the charilvs are included as income within other trading activit18s when th8y are sold. Income from other trading activities is accounted for when earned. Expendlture Expendilure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under h8adings of the statement of financial activities to which il relates.. 8XP8nditur8 on raising funds includés th8 Costs of all fundraising aclivit18s, events, non- charitable trading aclivilies, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned lo charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs atlribulable to a single activity are allocated directly to that aclivily. Shared costs are apportioned between the activities they contribute lo on a reasonable, justifiable and consistent basis. Tanglble asset$ Tangible assets are initially recorded al cost, and subsequently slated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded al the fair value at the date of revalualion less any subsequent accumulated depreciation and subsequent accumul8ted impairment losses. 11
Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2024 Accountlng pollcles fGontinued) Tanglble assets (continued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial aclivilies. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, exp1 lo which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreclatlon Depreciation is calculated so as lo write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Motor vehicles 25,/0 Straight line Stocks The fair value of donated stock has not been included in these accounts on the basis that is impractical lo obtain a fair value due lo the volume of low value items received and in the absence of detailed stock control systems and records. Flnanclal Instrument$ A flnancial asset or a flnancial Ilability is récognised only when the entity becomes a party to thè ¢ontractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivablé or payable including any related transaction costs, unless the arrangement conslitules 8 fin8ncing transaction, where it is recognised al the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequ8ntly measured al th8 cash or oth8r consid8ralion expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related setvice is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting dale in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised 88 an expense in the period in which it arises. 12.
Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2024 Llmlted by guarantee The company is limited by guarantee and does not have a share capital. Every member of the company undertakes to contribute to the assets of the company if it is wound up during the lime that he or she is a member, or within one year afterwards, for payment of the debts and liabilities of the company contracted before the time at which he or she ceases to be a member and of the costs, charges and expenses of winding up and for the adjustment of the rights of the conlribulors among themselves such amount as may be required not exceeding £10. Donations and legacies Unrestricted Total Funds Funds 2024 Unrestricted Total Funds Funds 2023 Donations Other grants and donations 6,203 6,203 2,837 2,837 Grants Ipswich Borough Council Mrs L D Rope Third Charitable Trust Suffolk Community Foundation 6,000 40,000 3,516 6,000 40,000 3,516 11,500 11,500 5,000 5,000 55,719 55,719 19,337 19,337 Charltable a¢tlvltles Unrestricted Total Funds Funds 2024 Unrestricted Total Funds Funds 2023 Income from purchased goods Income from other services Removals, collections and deliveries 320,513 22,914 7,561 350,988 320,513 22,914 7,561 438,626 20,061 51.206 438,626 20,061 51,206 509,893 350,988 509,893 13.
Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2024 Expendlture on charltable actlvltles Unrestricted Total Funds Funds 2024 Unrestricted Total Funds Funds 2023 Electrical appliances for resale Furniture for resale Project materials Rent, rates and service charge Staff costs Motor expenses Repairs and renewals Tool and equipment Volunteer expenses IT services and consultancy Markeling Depreciation Support costs 127,722 52,764 12,048 30,031 242,855 26,823 2.865 6,460 10.750 18,972 39 127,722 52,764 12,048 30,031 242,855 26,823 2,865 6,460 10,750 18,972 39 225,727 63.661 8,414 30.541 224,990 29,669 13.252 20,782 17.288 21,657 50 6,646 43,580 225,727 63,661 8,414 30,541 224,990 29,669 13,252 20,782 17,288 21,657 50 6,646 43,580 39,888 39,888 571,217 571,217 706,257 706,257 Analysls of support costs 2024 2023 Waste disposal and cl8anSng Insurance fees Office costs Telephone Bank charges Training Travel Heat and light Dues and subscfipiions Independent examiner fee 6,965 9,247 5,830 3,326 1,269 1,248 150 7,904 7,077 7,678 3,239 4,462 1,594 2,125 1,755 11,021 11 1,734 2,215 39,888 2,634 1,995 43,580 Net expendlture Net expenditure is ststed after chargingl{creditingl'. 2024 2023 Depreciation of tangible fixed assets 6,646 14.
Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2024 10. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wag8s and salari8S Social security costs Employer contributions lo pension plans 222,840 12,345 7,670 206,144 10,925 7,921 242,855 224,990 The average head count of employees during the year was 1312023.. 12). No employee received employe8 benefits of more than £60,000 during the year {2023'. Nil). 11. Trustee remuneration and expenses The key management personnel of the charity comprise the trustees, relevant outsourced management consultancy and the senior management team. The total amount of employee benefits (including employer pension conlribulions) and fe8s r8C8ived by key management person81 for Ih8ir services lo the charity was £63,52212023.' £63,754}. The Iruslees neither received nor waived any remuneration during the year12023'. £Nill no Irusl88S receive reimbursement of expenses in the year12023'. £Nil) from the charity. 12. Tanglbl• flxed assets Motor vehlclos Cost At 1 Aprll 2023 and 31 March 2024 Depreciation At 1 Aprll 2023 and 31 March 2024 Carrying amount At 31 March 2024 27,500 27,500 Al 31 March 2023 13. Debtors 2024 2023 Trade debtors Prepayments 41,801 6,973 30,136 6,990 48,774 37.126 15.
Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2024 14. Credltors: Amounts falllng due wlthln one year 2024 2023 Trade creditors Accruals and def8rred income Social security and other taxes Other creditors 16,525 2,215 7,457 2,487 960 2,400 7,545 1,547 28,684 12,452 15. Dèflned contribution plans The arnounl recognised in income or expenditure as an expense in relation to defined contribution plans was £7,67012023.' £7,921). 16. Analysls of charltablo funds At 1 April 2023 At 31 March 2024 Incom8 Expenditur8 Transf8rs Unrestrlcted funds General fund 238,745 549,547 1571,2171 1115,0001 102,075 Deslgnated funds Rent deposit fund Redundancy and winding up fund 15,000 15,000 100.000 100,000 238,745 549,547 1571,2171 217,075 At 1 April 2022 At 31 March 2023 Income Expenditu Transfers Unrestrlcted funds General fund 254,520 678,482 1706,2571 12,000 238,745 Restricted funds Lease settlement 12,000 (12,000) 266,520 678,482 1706,2571 238,745 Deslgnated fund purposes: Rent deposit fund.. A fund that has been reviewed as unrestricted bul designated towards future rental payments. Redundancy and winding up fund.. A fund that has been reviewed as unreslricled bLJt designated for Ihe costs that would be incurred should the charity need to pay redundancy and winding up costs. 16.
Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2024 17. Analysls of net assets between funds As at 31 March 2024 Unrestricted Funds Restricted Totsl Funds Funds 2024 Current assets 217,075 217,075 Net Assets 217,075 217,075 As at 31 March 2023 Unrestricted Funds Reslricled Total Funds Funds 2023 Current assets 238,745 238,745 Not A880ts 238,745 238,745 18. Analysls of changes In net debt At Al 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 193,786 121,4661 172,320 19. Related partlès J Bunting, a member of the senior management team, is a dirèctor of Palace IT Limited. During thè year Ipswich Furniture Project received services from this company tolalling £18,97212023: £20,747). There was no outstanding balance owing at the year end12023'. £Nill. During the year, the company paid D Whitehead amounts for services tolalling £Nil {2023.' £7,167). D Whitehead is related to R Whitehead, the company secretary. During the year, the company paid T Whitehead amounts for SeiceS totalling £Nil12023'. £3,322). T Whitehead is related to R Whitehead, the company secretary. 20. Annex 1 The pages that follow form part of the statutory financial statements of the charity. 17-
Ipswich Furniture Project Company Limited by Guarantee Annex 1- Notes to the financial statements (continued) Year ended 31 March 2024 Acheivements and perfomance The Project has not been able to help as many customers as financial support for those in need from both local and national government has reduced or ceased. We have continued to provide an excellent service to our customers, maintaining the supply and delivery of essential items lo those in need in an increasingly difficult financial climate. The Local Welfar& Assistance Scheme ILWAS) direct support providing white goods was discontinued in September 2022, however the scheme continued to receive support from central government via the Household Support Fund. There was again an anticipated underspend towards the year end, which was distributed by the Suffolk Community Foundation to various partner organisations such as IFP and Gatehousè in Bury Sl Edmunds. Wè r8ceived a sum of £39.5K, lo which support agencies could apply, on behalf of their clients, to receive electrical items up to the value of £300 per applicant. This funding provided 131 families with new appliances. Despite a large drop in slalulory grants and funded provision to those in need during the year, the Charity has been busy and maintained its charitable and other trading activities in support of those in need. This resulted in our turnover reducing again from £678,482 last year to £549,547, lower than we had hoped for. Expenditure also reduced. bul unfortunately, in part due to the additional cost of employing two drivers last year and general wage increases in line with Living Wage Foundation r8comm8ndations, w8 again finished the y8ar with a deficit of £21,670. We appreciate that running the Project on a deficit each year is unsustainable, especially with statutory support unlikely to be reintroduced and we havè considered our options. We do not wish lo reduce our staffing levels, as this would have a negative impact on our ability to react quickly when asked to assist customers in an emergency. We are therefore engaging a fundraiser to approach various Charitable Trusls sympalhelic lo our work and ethos, lo increase our income sufficient lo cover our expenditure, so as not to reduce staff or levels of service. IFP have continued working closely wilh the Rope Trusl during the year, by providing and installing household items lo their grantees. They have been remarkable in increasing their support for persons in need, where there is no other slatulory or institutional support available. We have fulfilled over 1,000 awards funded by them or other statutory or charitable organisations during the year. The Trustees are aware of the legal requirement for them lo have regard to the Charity Commission's public benefil guidance and to take it into account when making decisions where the guidance is relevant. The Trustees do not believe they have deviated from the guidance in their governance of the Charity. The Ipswich Furniture Project has managed to continue delivering an efficienl, prompt, competitive, caring and compassionate service to both the recipients and their respective agencies and funders. We have continued lo provide discounts to our Iow4ncome customers lo help them furnish their homes, diverting items from landfill to re-use and recycling and assisting the unemployed with support in preparation for seeking gainful employment. 18.
Ipswich Furniture Project Company Limited by Guarantee Annex 1- Notes to the financial statements (continued) Year ended 31 March 2024 IMPACT- the change we create. Planet- managing waste and C02 emissions. The number of collections andlor deliveries our vans made during the year was 3,803 - around 15per day. We handled 9 910 items wei hin over 287 tonnes. 1600 1400 1200 iooo 800 Items Collected Items Delivered 600 400 200 Ipi IP2 IP3 IP4 71.50/0 of the items collected in Ipswich were also re-used by Ipswi¢h residents IP1 IP4. We re-use as many items as possible by sale through our shop in Ipswich or by supply to the Rope Trust and other agencies. Our workshop evaluated repaired and refurbished 1,091 electrical goods to maximise re-use. Donatedlcollected Items Data From Ipswlch From Areas 506 2538 Other Totsl No of unique donors No of items 1041 3839 1547 6377 Weight of items No of items reused Weight of items reused No of items sold lo Ipswich residents collected from within I swich Weight of items sold lo Ipswich residents collected from within I swich No of household items 107,483.40 KG 2850 69,146.90 KG 63,200.50 KG 2102 47,212.30 KG 170,683.90 KG 4952 116,359.20 KG 2037 49,113.60 KG 3142 2144 Weight of household items 82,335.70 KG 53,729.40 KG 136,065.10 KG No of electrical items 697 394 1091 Weight of electrical ilems 25,147.70 KG 9.471.10 KG 34,618.80 KG Note.. IFP also supplied 1,449 new electrical appliances1869 in Ipswich, 580 other areas) and 1,396 new furniture items1754 in Ipswich, 642 other areas), mostly at the request of the Rope Trust and other agencies supporting the clients these items went lo. 5286 19.
Ipswich Furniture Project Company Limited by Guarantee Annex 1- Notes to the financial statements (continued) Year ended 31 March 2024 Nationally. 10 million household items are sent lo landfill every year. 3 million of these items could be re- used by people in crisis Isource.. Re-use Network). Nearly 615.000 tonnes of material that currently finds its way to landfill or incineration could instead be repaired, resold or donated saving the lax payer more than £60 million each year. (Based on WRAP eslimalesl. This is equal to a potential saving on each household's council lax bill of £3. On average, there are 4.2 tonnes of C02 emissions produced in Ipswich, per person per year. (Source.. Slate of Ipswich Annual Monitoring R8POrt 20141. Every year, it costs around £300.000 to clear waste dumped illegally on public land in Suffolk. Councils ar8 obliged to clear the waste al Council Tax Payers, expense. (Source.. One Suffolk). By re-using, recycling and refurbishing items Ipswich Fumiture Project conlribules towards the protection and preservation of the environment. Poverty Onè of IFP'S main charitable objéctlV8S IS th8 pr8vention or thè r8li8f of poverty and financial hardship by the re-use, recycling and supplying of items of furniture and other household items lo individuals in need andlor charities, statutory bodies or other organisations working lo prevent or relieve poverty for Ihe benefit of persons who are in need. 420/0 of households in Ipswich aré in thè poorest hvo categoriés representing.. Those with modest lifestyles but able lo get by1150/01. Those experiencing the most difficult social and economic conditions127 %). 26.60/0 of the town's population lives within th8 most deprived fifth of areas in England IIMD 2010). Furth8rmor8, ther8 ar& nin8 areas that ar8 ranked within th& top 10 /D most depriv8d ar8as nationally and two areas within the lop 5Q/o most deprived areas nationally. (Source: Stale of Ipswich Annual Monitoring Report 20141. To this end, IFP is open to any member of Ihe public and operates a dual pricing policy offering 20010 off re- Used furniture and electrical items and up lo 1000/0 in certain cases to enable low-income customers lo buy at an affordable price. We even discount our new items, although the amounts are smaller lo reflect to cost of Ihe goods lo us. New items are not made available to members of Ihe public who are not eligible for discounts. In the past financial year The total value of items sold to customers 'in need, was £572,592.61 (based on the original ticket price for each ilernl The total sale price for items sold to in need customers £538,276.75 (based on the price the customer paid after discountl The total amount saved by 'in need, customers was £34,315.86 (ticket price of item minus the discounted pricel This is lower than in previous years reflecting the greater number of new items supplied which carry a lower discount. An average saving of £23.85 for every'in need, customer. The total nurnber of customers who were provided with furniture and other essential household items funded by external partner agencies was 1,439. (Rope Trust, Housing, Social & Health Services elc.) This lower number of assisted customers reflects the removal of government funding to local authorilies to assist those affected by the current financial crisis. Total value of items provided to funded customers was £496,084.33 The total sale price of items to funded customers was £ 470,271.42 {after discount) .20.
Ipswich Furniture Project Company Limited by Guarantee Annex 1- Notes to the financial statements (continued) Year ended 31 March 2024 Total amount saved by Agencies funding the supply of items to people in severe need was £25,812.91. An average saving of £25.36 for every funded 'in need, customer. 71.97010 of items provided went to in need customers. Ilncludes new items to supplement lack of reusable items or for funded awards) The benefits to customers of buying from our shops: Those on low incomes have access to affordable household items. We help reduce the expenditure of those on low incomes when buying essential fumiture and household items. Shoppers are able lo view a wide range of items in our shops, enabling them to choose items they like (giving those on low incomes choice). Our shop is easily accessible for shoppers and is well serviced by public transport Many second-hand items (bought on ebay or at bool fairs) do not have w8rr8nlies meaning if they fail thè customer incurs further costs in ord8r to replace or repair it. Wé off8r a rèliable and conveni8nt delivèry S8rvic8. Most importantly customers receive an individual, caring service, by staff and volunteers that pride themselves on going the extra mile. We are always receiving thank you cards, emails and face to face comrnents praising our service from both cuslorner5 and support agencie5. People IFP also Offers help lo people to improve their employment chances Volunteers Found Employment During the year we offered volunteering or work placements to 6 people, many of who came with barriers to work. One left us and moved lo full lime employment. We are keen to continue providing this service, which forms part of the organisation's social mission. Our team is made up of a mix of volunteers and full and part lime employees. 21
Ipswich Furniture Project Company Limited by Guarantee Annex 1- Notes to the financial statements (continued) Year ended 31 March 2024 We could not function wilhoul the assistance of the volunteers, but we offer them.. Ability to gain valuable work experience. Ability to gain new life skills and employability skills. Training and certification in Manual Handling, Slips, Trips and Falls, COSHH and Fire awareness Access lo a variety of work opportunities including.. retail sales, administration, IT skills and collection & delivery. The potential to progress from volunteering into paid employment, either with Ipswich Furniture Project or with other local employers. One of our volunteers did move into employment with external organis81ions this year. More import8nlly we offer an environment where they can progress at their own pace, to allow them time to grow in confidence, establish self-belief and feel wanted and part of a family. Most commercial businesses do not have the lime or inclination lo support people with difficult backgrounds, behavioural issues, physical and psychological barriars, which hinder their ability to match thè achievements and produclivily of the perceived expectstions of business employing a person. Volunteers also get the opportunity to support their local community and in particular those in need and make a difference. We help volunteers with IT skills, to enable them to Job search, help them with completing paperwork and generally lake an interest in their wellbeing. We have even accompanied volunteers too neNOUS to attend compulsory courses imposed by the Job Centre, so they do not get sanctioned for non-atlendance. There was a total of around 6,300 volunteer hours during the year with an in-kind financial value of £68,670 b8sed upon the equiv8lent Nation81 minimum wage of £10.901hr Envlronmental Impact IFP cares passionately about people and the environment we live in. We work with partners to improve re- use and recycling. Since 2016 IFP has worked with a number of external businesses in the past, including John Lewis in re-using and recycling items. Through repair and refurbishment of électrical appliances, IFP has a considerable positivè impact on C02 emissions. Re-use and Recycling helps the environment by saving raw materials and the energy used to extract them and in the manufacturing process. Using methodology for quantifying environmental and economic impacts of re-use from WRAP research conducted in 2010-2011, IFP calculates il generates a C02 saving of 204 tonnes for the year. See table for Ipswich IP1 IP4 and all other Post-codes. .22.
Ipswich Furniture Project Company Limited by Guarantee Annex 1- Notes to the financial statements (continued) Year ended 31 March 2024 Environmental and Financial impacts of re-use ¢al¢ulator Supplled by Re-use Network Methodology for quantifying environmental and Economic impacts of re-use from WRAP research 2010-2011 http'.Ilwww.wrap.org.uklsiteslfileslwraplFinal'/o20ReuseO/o20Melhod.pdf IFP Im acts 2023-2024 Post Code IP1 IP4 C02 wt Total Tonne$ Item Type Number Items Weight Tlltem Weight Total Tonnes C02 Coofficient Saving Value I Item £ Total Ipswich £ Savlng ICT and Tvs 53 0.045 2.385 14.31 100 5,300 Whlte Goods 596 0.06 35.76 28.608 150 89,400 Furnlture Household 2,790 0.03 83.7 83.7 80 223,200 Offlco Furnlture 69 0.026 1.794 0.7176 41 2,829 Total 3,508 124 tonnes saved 127 tonnes saved 320,729 £saved by households Items acts 2023-2024 Other Post Codes IFP Im Weight Total Tonnes G02 wt Total Tonnes Item Type Number Items Weight Tlltem C02 Coefflclent Saving Value I Item £ Total Other Areas £ Savin ICT and Tvs 53 0.045 2.385 14.31 100 5,300 Whlte Goods 399 0.06 23.94 19.152 150 59,850 Furnlture Household 2,578 0.03 77.34 77.34 80 206,240 Offlce Furnlture 48 0.026 1.248 0.4992 41 1,968 Total 3,078 105 tonnes saved 111 tonnes saved 273,358 £saved by households items acts 2023-2024 All Post Codes Numb er Items IFP Im Itern Type Weight Tlltem Weight Total Tonnes 02 Coefficient C02 wt Total Tonnes Saving Value I Item £ Total IFP £ Saving ICT and Tvs 106 0.045 4.77 28.62 100 10,600 Whlte Goods 995 0.06 59.7 47.76 150 149,250 Furnlture Household 5,368 0.03 161.04 161.04 80 429,440 Office Furniture 117 0.026 3.042 1.2168 41 4,797 Total 6.586 229 tonnes saved 239 tonnes saved 594.087 £saved by households items .23.
Ipswich Furniture Project Company Limited by Guarantee Annex 1- Notes to the financial statements (continued) Year ended 31 March 2024 The Board of Trustees wishes lo thank and acknowledge the tireless work and dedication given by all our staff and volunteers throughout the year. We also wish to acknowledge the continued help and support from the Mrs LD Rope Third Charitable Selllemenl, who, as mentioned earlier, have provided financial help both to IFP and through grants lo individuals to help them purchase ilems and services. We also need to thank IBC for their support with communiiy funding and supporting us by providing our premises at Hogarth Road at a discounted rent. Finally a big thank you lo all our partners and referring agencies, either directly or Ihrough referrals via Rope, in m8int8ining 8 dialogue with us, often in stressful situations, lo achieve the best possible outcomes for the individuals and families they support and we supply with goods and services. A massive thank you lo all the donors of furniture and electrical items, who will hopefully continue lo choose IFP above the many other avenues now available for them to dispose of their unwanted goods. .24.