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,
ex￿p1 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 Se￿iceS 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.