2025-03-31-accounts - Ipswich Furniture Project

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Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 COMPANY REGISTRATION NUMBER: 05170995 CHARITY REGISTRATION NUMBER: 1151719 Ipswich Furniture Project Company Limited by Guarantee Unaudited independently examined accounts 31 March 2025

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Independently examined accounts Year ended 31 March 2025 Page Trustees. annual report (incorporating the directors. report) Independent examinerfs rewrt lo the trustees Statement of financial activities (including income and expenditure account) Balance sheet Statement of cash flows Notes to the independently examined accounts 10

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Trustees. annual report (incorporating the directors. report) Year ended 31 March 2025 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited independently examined accounts of the tharity for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charivs goveming document, the Charits'es Act 2011 and Companies Act 2006 and Accounting and Reporting by Charities= Slatement of Recommended Practice applicable lo charilies preparing their accounts in accordance with the Financial Reporting Standard appIlble in the UK and Republic of Ireland published in October 2019. Reference and administrative details Registered charity name Ipswich Fumiture Project Charity registration number 1151719 Company registration number 05170995 Principal office and registered Hogarth Road office Ipswich Suffolk IP3 OEY The trustees The trustees who served during the year and at the date of approval were as follows= M Allison (Chairl M Brunning N Burfield E Harsant P Henry F Loader M Whitworth M Regnault (Resigned 1011012024) Patron The Rt Hon J Gummer, Lord Deben Company Secretary R Whitehead Independent examiner A Robinson FCA Lovewell Blake LLP Chartered accountants Firsl Flwr Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA Bankers Barclays Bank PIC Ipswich IP1 1PB

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Trustees. annual report (incorporating the directors. report) (continue(Q Year ended 31 March 2025 Objectives and activities The charity's objective is the relief of poverty by the supplying of items of fumilure 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 Ihat they are in receipt of an acceptable benefit. as defined by the Trustees. In shaping our objectives for the future and planning our actiwties. the trustees have considered the Charity Commission's guidance on public benefit. The Irustees give careful consideration to the accessibility of its setvices for those on low incomes. Public benefit In shaping our objectives for the year and planning our acts'vitr'es. the trustees have considered the Charity Commission's guidance on public benefrt when setting the objectives for the year. The trustees confimi that they have complied with the duty in section 4 of the Charilies Act 2011. Achievements and perforniance The achievernents and performance are described further in annex 1 of these financial statetnents.

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Trustees. annual report (incorporating the directors. report) (continue(Q Year ended 31 March 2025 Financial review 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 but 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 £1.419 12024.. £21,670}. As such, reserves carried forward amounted lo £215,656 {2024: £217.075). 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 grdnts received during the year from the following organisations.. Mrs L D Rope Charitable Trust. Ipswich Borough Council and Garfield Weston Foundation. Reserves policy The trustees, policy is to maintain adequate reseNes for the following purposes and was updated in the year= To enable the Project to fulfill statutory and legal obligations to employees and others., To provide a contingency fund to meet unforeseen falls in income or increases in expendilure- To allow for Ihe orderly wind up of the charity if required. In the charitys circumstances the trustees believe it would be prudent to maintain reseNes which are the equivalent of no less than three month's unrestricted expenditure which would equate to £155,55212024.. £142,804). At 31 March 2025 the charity had general un-designaled free reseNes of £96,156 12024.. £102,075). The trustees will seek tr) 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 forfuture periods The Project will continue to maintain and develop its community serwces in 202&2026 and to explore new inilialives in partnership with local stakeholders and can be further reviewed in annex 1 to these financial statements.

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Trustees. annual report (incorporating the directors. report) (continue(Q Year ended 31 March 2025 Structure. governance and management Ipswich Furniture Project also known as the Project or IFP wilh 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 Inumber 11517191 on 22 April 2015. The company was established under a Memorandum ofAssociation. which sets out its objecls and powers and is govemed under its Articles of Associalion. 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 regisiered 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 fvll of fvmilure. In common with most other fumiture and appliance re-use charities, Ipswich Furniture Project was fomed with the express desire to alleviate povety and provide a social need to those disadvantaged and socially excluded, by providing decent quality fumiture and white goods to any persons on a low income who lives in the Borough of Ipswich or surrounding area who could not, for whatever reasons. afford to purchase items to fumish their homes from conventional retailers. The New Fumiture Initiative is available to social landlords and other agencies providing housing support. We supply new fumiture, ctx)kers etc., so the landlord can provide fumished accommodation to those in need in East Anglia. Recruitment and appointment to the board of trustees The directors of the company are also charity twstees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association, the trustees are elected al the Annual General Meeting. One third of the trustee5 retire in rotation but are eligible for re-election. The current trustees are shown on the reference and administrative details these financial st81emenls. Further Iruslees may be appointed at any time, al the discrelion of the trustees in accordance with the charity s recruitment policy. Trustee induction and training The majority of the current trustees are very familiar with the worf( of the charity, having seNed on the Board for some time. New trustees are invited to attend a meeting with the Chaiman 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 trustee An overview of the services which the Project provides The main documents which set out the operational framework for the charity including the constitution The financial position as set out in the latest published accounts Future plans and objectives

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Independent examiner's report to the trustees of Ipswich Furniture Project Year ended 31 March 2025 I report to the charity trustees on my examination of the independently examined accounts of the company for the year ended 31 March 2025 which comprise the statement of financial activities (including income and expenditure account). balance sheet, statement of cash flows and the related notes. Responsibilities and basis of report As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the independenlly examined accounts in accordance with the requirements of the Companies Act 2006 Ilhe 2006 Act'l- Having satisfied myself that the independently examined accounts of the company are not required to be audited under Part 16 of the 2006 Ad and are eligible for independent examination, I report in respect of my examination of your companvs independently examined accounts as carried out under section 145 of the Charities Act 2011 {'Ihe 2011 Act.). In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Acl. Independent exarninerfs staternent Since the charity's gross incorne exceeded £250,000 your examiner must be a mernber of a body listed in section 145 of the 2011 Act. I confim that l am qualified lo undertake the examination because l am a member of the Institute of Chartered Account2nts in England 2nd Wales {ICAEWI, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the rnpanY as required by section 386 of the 2006 Act., or the independently examined accounts do nol accord with those records,. or the independenuy examined accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fai view which is not a matter Considered as part of an independent examination,. or the independently examined accounts have not been prepared in accordance with Ihe methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their a)Unts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts lo be reached. A Roblnson FCA Independent Examiner Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA 611012025

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Statement of financial activities (including income and expenditure account) Year ended 31 March 2025 2025 Restricted funds Total funds 2024 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities Other trading activities Investment income 99.676 372.566 130.673 2.377 16.500 116.176 372,566 130.673 2,377 55.719 350,988 140.312 2,528 Total income 605.292 16.500 621.792 549.547 Expenditure Charitable acts'vilies Other expenditure 642,258 {20.047) 622.211 1,000 643,258 (20.0471 623,211 571,217 Total expenditure 1.000 571.217 Net expenditure before transfer of funds {16.919) 15.500 {1,4191 {21.6701 Transfers between funds 11.000 (11,0001 Net movement in funds {5.919} 4.500 (1.4191 (21.6701 Reconciliation of funds Totsl funds brought forward Total funds carried forward 217.075 217,075 238,745 211.156 4.500 215,656 217,075 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 10 to 19 form part of these independently examined accounts.

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Balance sheet 31 March 2025 2025 2024 Note Fixed assets Tangible fixed assets 13 28.417 Current assets Slocks Debtors Cash at bank and in hand 23.510 48.464 151.347 24,665 48,774 172.320 14 223.321 245.759 Creditors: Amounts falling due within one year 15 {36.082} {28.6841 Net current assets 187,239 217,075 Total assets less current liabilities 215.656 217,075 Net assets 215.656 217.075 Funds of the charity Reslricled funds Unrestricted funds 4.500 211,156 217,075 Total charity fvnds 17 215.656 217,075 For the year ending 31 March 2025 the charity was entitled to exemption from audil 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 its independently examined accounts for the year in question in accordance section 476. The directors acknowledge their resFX)nsibililies for complying with the requirements of the Act with respect lo accounting records and the preparation of independenuy examined accounts. These independently examined accounts have been prepared in ac{X)rdan with the provisions applicable lo companies subject to the small companies. regime. Thespi y*ifpdently examined accounts were approved by Ihe board of trustees and aulhorised for issue on , and are signed on behalf of the board by: Mf M Allisc Chair Company registration number.. 05170995 The notes on pages 10 to 19 form part of these independently examined accounts.

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Statement of cash flows Year ended 31 March 2025 2025 2024 Cash flows from operating adivities Net expenditure 11.4191 (21,6701 Adjustments for.. Depreciation of tangible fixed assets Other interest receivable and similar income Gains on disposal of tangible fixed assets 2,583 12,3771 (20.0471 12,5281 Changes in." Stocks Trade and other debtors Trade and other creditors 1.155 310 7,398 14,3801 {11,6481 16,232 Cash generated from operations 112.3971 123,9941 Interest received 2.377 2,528 Net cash used in operating activities 110.0201 121,4661 Cash flows from investing aclivities Purchase of tangible assets Proceeds from sale of tangible assets Net cash used in investing activities 131.0001 20,047 110.9531 Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 120.9731 172,320 121,4661 193,786 151.347 172,320 The notes on pages 10 to 19 form part of these independently examined accounts.

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts Year ended 31 March 2025 General infonnation The charity is a public benefit entity and a privale company limited by guarantee, regislered 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. Statement of compliance The charity constitutes a public benefit entity as defined by FRS 102. The independently examined accounts have been prepared in accordan with A¢UntIng and Reporting by Charilies= Statemenl 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 1021, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Praclice. Accounting policies Basis of preparation The financial statements have been prepared on the histori11 cost basis. The financial statements are prepared in sterting. which is the functional cUencY of the entity. Going concern The accounts have been prepared on the going concem basis and the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected income and expenditure for the next 12 month5 from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able lo continue as a going concem. Income tsx As a registered charity. the actiwties are exempt from United Kingdom Income and Corporation taxation, provided that the income is applied to charitable purFK>ses. Fund accounting Unreslricled funds are available for use at the discretion of the trustees lo further any of the charity's purposes. Designated funds where necessary. are unrestricted funds eamiarked by the trustees for particular future projects or commitment5. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall inlo one of two sub-classes.. restricted income funds or endowment funds. Income l income is included in the statement of financial activities when entiuement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories of income" 10-

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2025 Accounting policies (Continued) Income (¢ontinued) income from donations or grants is recognised when Ihere is ewdence of entitlement to the gift, receipt is probable and ils amount can be measured reliably. income from donated goods is measured al the fair value of the gocKls unless this is impractical lo measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are rognISed in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of seNices is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual reqLJiremenl for il to be spent on a particular purpose and retumed if unspenl. in which case il may be regarded as restricted. Fumilure and olher items donated for resale through the charity's are included as income wlhin other trading activilies when they are sold. Income from other trading activities is accounted for when eamed. Investment income is recognised on a receivable basis. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on charitable activities includes all costs incurred by a charity in undertaking aclivits'es that further its charitable aims for the benefit of its beneficiaries. including those support costs and costs relating to the governance of the charity apporb.oned to charitable activities. - other expenditure includes all expenditure that is not part of its expenditure on charitable activities. I cost5 are allocated to expenditure categories refiecting the use of the resource. Direct costs attributable lo a single activity are allocated directly lo that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangiblg assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated deprecialion and impaim)ent losses. Any tangible assets carried at revalued amounts are recorded at the fair value al the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. An increase in the carying 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 slalemenl 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, except to 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. 11

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2025 Accounting policies (Continued) Depreciation Depreciation is calculated so as to wrile off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Motor vehicles 20% reducing balance Stocks The fair value of donated stock has not been included in these acix)unts on the basis that is impractical lo obtain a fair value due to the volume of low value items received and in the absence of detailed stock control systems 2nd records. Financial instruments A financial asset or a financial liability is recognised onty when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction. where it is recognised at the present value of the future payments discounted at a market rale of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected lo be paid or received and not discounted. Debt instruments are subsequently measured at amorbsed Ix)st. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service 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 eXpted to be settled wholly within 12 months of the end of the reporting date in which the employees render the related setvice, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee The company is limited by guarantee and does not have a share capital. Every rnember of the company undertakes lo contribute lo the assels of the company if it is wound up during the time Ihal he or she is a member. or within one year aflerw8rds, for payment of the debts and liabilities of the company contracted before the time al which he or she ceases to be a member and of the costs, charges and expenses of wnding up and for the adjustment of the rights of the contributors among themselves such amount as may be required not exedIng £10. 12-

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2025 Donations and legacies Unrestricted Funds Reslricted Totsl Funds Funds 2025 Donations Other grants and donations 11.676 4,500 16,176 Grants Ipswich Borough Council Mrs L D Rope Third Charitable Tmst Garfield Weston Foundation Suffolk Community Foundation 8,000 60,000 20,000 8,000 72,000 20,000 12.000 99,676 16,500 116,176 Unrestricted Funds Restricted Total Funds Funds 2024 Donations Other grants and donations 6.203 6,203 Grants Ipswich Borough Council Mrs L D Rope Third ChaTitable Trust Garfield Weston Foundation Suffolk Community Foundation 6,000 40,000 6,000 40,000 3,516 3,516 55,719 55,719 Charitable activities Unreslricled Total Funds Unrestricted Tolal Funds Funds 2025 Funds 2024 Income from purchased goods Income from olher services Removals, collections and deliveries 357.273 8.905 6.388 357.273 8.905 6.388 320,513 22,914 7.561 320.513 22,914 7.561 372.566 372.566 350.988 350.988 13-

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2025 Expenditure on charitable activities Unrestricted Funds Reslricted Totsl Funds Funds 2025 Electrical appliances for resale Fumilure 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 Marketing Depreciation Support costs 166,558 53,707 13,757 30,313 260,647 27,968 8,451 8,738 9,414 18,723 166,558 53,707 13,757 30,313 260,647 27,968 8,451 8,738 9,414 18,723 1,583 42,399 1.000 2,583 42,399 642,258 1.000 643,258 Unrestricted Funds Restricted Total Funds Funds 2024 Electrical appliances for resale Fumilure 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 Marketing 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 39,888 39,888 571,217 571,217 14-

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2025 Analysis of support costs 2025 2024 Waste disposal and cleaning Insurance fees Office costs Telephone Bank charges Training Travel Heal and light Dues and subscriptions Independent examiner fee 6,922 9,857 4,345 2,996 1.186 1.508 1,135 8,685 3,260 2,505 6,965 9,247 5,830 3,326 1,269 1,248 150 7,904 1,734 2,215 42.399 39,888 Other expenditure Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Gain on disposal of tangible fixed assets {20,047) {20,0471 10. Net expenditure Net expenditure is staled after chargingl(creditingl'. 2025 2024 Depreciation of tangible fixed assets Gains on disposal of tangible fixed a55ets 2.583 (20.0471 11. Staff costs The total staff costs and employee benefits for the reports'ng periTrY are analysed as follows.. 2025 2024 Wages and salaries Social security costs Employer contributions to pension plans 243,889 8,911 7.847 222,840 12,345 7,670 260.647 242,855 The average head count of employees during the year was 13 {2024= 131. No employee rèceived employee benefits of more than £60.000 during the year {2024.. Nil). 15-

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2025 12. 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 contribub.onsl and fees received by key management personnel for their services lo the charity was £71,62612024: £68.081 }. The Iruslees neither received nor waived any remuneration during the year {2024- £Nill no trustees receive reimbursement of expenses in the year (2024.. £Nil) from the charity- 13. Tangible fixed assets Motor vehicles Cosl At 1 April 2024 Additions Disposals At 31 March 2025 27,500 31,000 122,000) 36,500 Depreciation At 1 April 2024 Charge for the year Disposals 27,500 2,583 122,0001 8,083 At 31 March 2025 Carrying amount At 31 March 2025 28,417 At 31 March 2024 14. Debtors 2025 2024 Trade debtors Prepayments 41.491 6.973 41,801 6,973 48,464 48,774 15. Creditors: Amounts falling due within one year 2025 2024 Trade creditors Accruals and deferred income Social security and other taxes Other creditors 23,371 2,495 8.464 1,752 16,525 2,215 7,457 2,487 36,082 28,684 16-

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2025 16. Defined contribution plans The amount recognised in income or exFtnditure as an expense in relation to defined contribution plans was £7,847 {2024= £7,670). 17. Analysis of charitable funds At 1 April 2024 At 31 March 2025 Income Expenditure Transfers Restricted funds Rope Trust Fund Alfred Williams Charitable Trust Fund Ganzoni Charitable Trust Fund 12.000 (1.0001 (11.0001 2.LK)O 2.000 2.500 2,500 16.500 (1.0001 (11.0001 4.500 Unrestricted funds General funds 102.075 605.292 (622.2111 11.000 96,156 Designated funds Rent DerK)Sit Fund Redundancy and Winding Up Fund 15.000 15.000 100,000 100.000 217.075 605.292 {622.2111 11.000 211.156 Al 1 April 2023 At 31 March 2024 Income Expendilure Transfers Unrestricted funds General fund 238.745 549,547 {571,2171 {115,CK)01 102,075 Designated funds Rent deposit fund Redundancy and winding up fund 15,000 15.000 100,000 100,000 238.745 549.547 (571.2171 217.075 17-

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2025 Restricted fund purposes: Rope Ttusl Fund.. The income received within this fund is restricted to Ihe purchase of a replacement van. Alfred Williams Charitable Trust Fund= The income received within this fund is restricted to the purchase of a potential new Eco Van. Ganzoni Charitable Trust Fund: The income received within this fund is restricted to the purchase of a polential new Eco Van. Designated fund purposes: Rent deposit fund= A fund that has been reviewed as unrestricted but designated towards future rental payments. Redundancy and winding up fund= A fund that has been reviewed as unrestricted but designated for the costs Ihal would be incurred should ihe charity need to pay redundancy and winding up costs. 18. Analysis of net assets between funds As at 31 March 2025 Unrestricted Funds Restricted Total Funds Funds 2025 Tangible fixed assets Current assets 28.417 182,739 28,417 187,239 4,500 Net Assets 211.156 4.500 215,656 As at 31 March 2024 Unrestricted Funds Restricted Total Funds Funds 2024 Current assets 217,075 217,075 Net Assets 217.075 217,075 19. Analysis of changes in net debt At At 1 Apr 2024 Cash flows 31 Mar 2025 Cash at bank and in hand 172,320 120.9731 151,347 18-

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Notes to the independently examined accounts (continued) Year ended 31 March 2025 20. Related parties J Bunling, a member of the senior management team, is a director of Palace IT Limited. During the year Ipswich Fumiture Project received services from this company totalling £22.467 {2024.. £18,972). There was no outstanding balance owing at the year end (2024- £Nill. There were no other related party transaction5 in this or the prior year. 21. Annex 1 The pages that follow fonn part of the stalulory financial slalemenls of the charity- 19-

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Annex 1 - Notes to the financial statements (continued) Year ended 31 March 2025 Acheivements and perfomiance The Project has had another busy year, working wth various support agencies supplying and delivering over £570K of essential items of fumiture. electrical goods and other requested household items to those in need. Despile no ststutory grants towards the provision of items to those in need during the year, the Charity has continued ils charitable and other trading a¢livilies in support of those on low incomes or benefits. This resulted in our turnover increasing from £549,547 last year to £621,792. which although better than we had hoped for. it was similar due to price increases. Expenditure was kept to acceptable levels. and due lo increased grant income, we ended the year with a small deficit. We appreciated that running the Project on a deffiat each year was unsustainable. so we engaged the services of a ftjndraiser to approach various Charitable Trusts sympathetic to ourwork and ethos, lo increase our income sufficient to cover our expenditure. This allows us not to reduce staff or levels of service. Both Alfred Williams Charitable Trust & Ganzoni Charitable Trust gave grants to the Project from Sarah's efforts at the year end. We have received over £100K in Grants. £72.000 from Rope and £8K from IBC and £20.000 from Garfield Weston. Unfortunately, one of our vans was involved in a non-faull accident in August 2024 and was eventually written off. We received an insurance payment of £20,047 towards purchasing a replacement vehicle. We also received a grant to assist us from the Rope Trust and finally purchased the new replacement in November. Being without the van for three months did cause us some logistical problems and we were forced to hire a van on a few occasions. IFP have continued working dosely with the Rope Trust during the year, by providing and installing household items to their grantees. They have been remarkable in Ix)ntinuing to increase their support for persons in need, where there is no other statutory or instilulional support available. We have fulfilled over 1,000 awards funded by them plus 200 frotn other statutory or charitable organisations during the year. We were also offered the use of an electric van from John Grose in January for a year, with the option to purchase it at the end at 50% of its lisl pri, around £23K. We have asked our fundraiser to seek fvnds for us lo be able to purchase it. Al the year end we had raised £4.5K. The Trustees are aware of the legal requirement for them to have regard to the Charity Commission's public benefit guidance and lo 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 seNice lo both the recipients and their respective agencies and funders. We have continued lo provide discounts to our Iow4ncome customers to help them fumish their homes, diverting items from landfill lo re-use and recyding and assisting the unemployed with support in preparation for seeking gainful employment. -20-

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Annex 1 - Notes to the financial statements (continued) Year ended 31 March 2025 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 weighing over 287 tonnes. 1600 1400 1200 iooo 800 Items Collected Items Delivered 600 400 200 Ipi IP2 IP3 IP4 75.84 /0 of the donated items collected go lo low income families 570/0 of the items collected in Ipswich were also re-used by Ipswich residents IP1 IP4 We re-use as many ilerns as Possible by sale through our shop in Ipswich or by supply to the Rope Trust and other agencies. Our workshop evaluated 904 items and repaired and refurbished 416 electrical goods to re-use. Donatedlcollected Items Data From Ipswich From Areas 498 other Total No of unique donors No of items Weight of items No of items reused 1050 1548 3553 2107 5660 1Th).514.7KG 2791 55,653.6 KG 1793 156,168.6 KG 4584 Weight of items reused No of items sold to Ipswich residents collected from within I swich Weight of items sold lo Ipswich residents collected from within I swich No of household items Weight of household items No of electric81 items 69.646 KG 43.534.6 KG 113,180.6 KG 2025 49.355 KG 2889 1867 4753 77.104.1 KG 48,108.5 KG 240 125,119.6 KG 904 Weight of electrical items 23.410.6 KG 7,545.4 KG 30,956 KG 21

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Annex 1 - Notes to the financial statements (continued) Year ended 31 March 2025 Note.. IFP also supplied 1,314 new electrical appliances 1829 in Ipswich. 485 other areas} and 1.279 new furniture items1754 in Ipswich, 525 other areas), rnosly at the request of the Rope Trust and other agencies supporting the clients these items went to. Nationally. 10 million household items are sent to landfill every year. 3 million of these items could be re- used by people in crisis (Sou. 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 eslimates)- This is equal to a potential saving on each household's council tax bill of £3. On average, there are 4.2 lonnes of C02 emissions produced in Ipswith. per person per year. (Source.. State of Ipswich Annual Monitoring Report 20141. Every year, it costs around £300.000 to clear waste dumped illegally on public land in Suffolk. Counci15 are obliged to clear the waste al Council Tax Payers, expense. {Source'. One Suffolkl. By re-using, recycling and refurbishing items Ipswich Fumiture Project contributes towards the protection and preservation of the environment. Poverty One of IFP'S main charitable objectives is the prevention or the relief of poverty and financial hardship by the re-use, recycling and supplying of ilems of fumiture and other household items lo individuals in need andlor charities, statutory bodies or other organisations working to prevent or relieve povety for the benefit of persons who are in need. 42Yo of households in Ipswich are in the FKM)rest two categories representing: Those with modest lifeste5 bul able to get by {15°k). Those experiencing the most difficult social and economic condilions1271A> I. 26.6¥0 of the town's population lives wthin Ihe mosl deprived fifth of areas in England {IMD 2010). Furthemiore there are nine areas that are ranked within the top 10Yo most deprived areas nationally and two areas within the top 5Vo most deprived areas nationally. (Source.. Slate of Ipswich Annual Monitoring Report 2014}. To this end, IFP is open to any member of the public and operates a dual pricing policy offering 200/0 off re- used fumiture and electrical items and up to loo0 in certain cases to enable low-income customers to buy at an affordable price. We even discount our new items, although the amounts are smaller lo reflect lo cost of the goods to us. New items are not made available to members of the public who are not eligible for discounts. In the past financial year The total value of items sold to customers 'in need. was £557.217.06 (based on the original ticket price for each ileml The total sale price for items sold to in need customers £525,886.30 (based on the price the customer paid after discount) The total amount saved by'in need. customers was £31,330.76 {ticket price of item minus the discounted price} This is again lower than in previous years reflecting the greater number of new items supplied which carry a lower discount. An average saving of £22.36 for every 'in need, customer. The total number of customers who were provided with furniture and olher essential household items funded by extemal partner agencies was 1,401. (Rope Trust, Housing, Social & Health seices etc.) This lower number of assisted customers reflects the removal of govemment funding to local authorities to assist those affected by the current financial crisis. Total value of items provided to funded customers was £478,300.11 The total sale price of items to funded customers was £ 453,870.47 (after discount}

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Annex 1 - Notes to the financial statements (continued) Year ended 31 March 2025 Total amount saved by Agencies funding the supply of items lo people in severe need was £24,429.64. An average saving of £24.83 for every funded 'in need, customer. 75.840/0 of items provided went to in need customers. Ilncludes new items to supplement18ck of reusable items or for funded awards) The b9nefits to customers of buying from our shops: Those on low incomes have asS lo affordable household items. We help reduce the expenditure of those on low incomes when buying e55ential fumiture and household items. Shoppers are able to view a wide range of items in our shops, enabling them lo 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 boot fairs) do not have warranties meaning if they fail the customer incurs further costs in order to repla or repair it. We offer a reliable and convenient delivery service. Most importantly customers receive an individual. caring servi. by staff and volunteers that pride themselves on going the extra mile. We are always r1VIng thank you cards, emails and face to face comments praising our setvice from both customers and support agencies. People IFP also Offers help to people to improve their employment chances Volunteer5 Found Employment During the year we offered volunteering or work plaments to 6 people, many of who came with barriers to work. One left us and moved to full time 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 time employees. -23-

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Annex 1 - Notes to the financial statements (continued) Year ended 31 March 2025 We could not funclion withoul the assistance of the volunteers. bul 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 to a variety of work opportunities including= retail sales. administration. IT skills and collection & delivery. The wtential to progress from volunteering into paid employment, either with Ipswich Fumilure Project or with other local employers. One of our volunteers did move into employment with external organisalions this year. More importanlly we offer an environment where they can progress al their own pa, to allow them lime lo grow in confidence. establish self-belief and feel wanted and part of a famity- Most commercial businesses do not have the lime or inclination to support people with difficult backgrounds. behavioural issues, physical and psychological barriers. which hinder their ability to match the achievements and productivity of the perceived expectations of business employing a person. Volunteers also get the opportunity to support their local Crmunity 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 take an interest in their wellbeing. We have even accompanied volunteers loo nervous to attend compulsory courses imposed by the Job Centre. so they do not get sanctioned for non-attend8nce. There was a total of around 6.250 volunteer hours during the year with an in-kind financial value of £71,500 based upon the equivalent National minimum wage of £11.44thr. Environmental Impact IFP cares passionately about people and the environment we live in. We work with partners to improve r use and re¢y¢ling. Since 2016 IFP has worked wilh a number of extemal businesses in the past, including John Lewis in re-using and recyding items. Through repair and refurbishment of electrical appliances. IFP has a considerable positive 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 environmentsl and economic impacts of re-use from WRAP research conducted in 2010-2011, IFP calculates il generates a C02 saving of 226 lonnes for the year. See table for I swich IP1- IP4 and all other Post-codes. -24-

Docusign Envelop8 ID.. 901FF8BfAA4F4C774F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Annex 1 - Notes to the financial statements (continued) Year ended 31 March 2025 Environmenlal and Financial impacts of re-use calculator Supplied by Re4Jse Network Methodology for quantifying environmental and Economic impacis of re-use from WRAP research 2010-2011 http:Ilwww.wrap.org.uklsiteslfileslwraplFina1%20Reuse°/v20Method.pdf IFP Impacts 2024-2025 Post Code IP1 - IP4 Number eight Items Tlltem C02 wt Total Tonnes Item Type Weight Total Tonnes C02 Coefficient Saving Value I Item £ Total Ipswich £ Saving ICT and Tvs 63 0.045 2.385 17.01 100 6,300 White Goods 567 0.06 34.02 27.216 150 85,050 Furniture Household 3,036 0.03 91.08 91.08 80 242,880 Office Furniture 0.026 0.052 0.0208 41 82 Total 3,668 128 tonnes saved 135 tonnes saved 334.312 £saved by households Items act5 2024-2025 Other Post Codes IFP Im Item Type Number Items Weight Tlttem Weight Total Tonnes C02 wt Total Tonnes Saving Value I Item £ Total Other Areas £ Savin C02 Coefficient ICT and Tvs 31 0.045 1.395 8.37 100 3,100 White Goods 292 0.06 17.52 14,016 150 43,800 Furniture Household 2,268 0.03 68.04 68.04 80 181,440 Office Furniture 0.026 41 Total 2,591 87 tonnes saved 90 lonnes saved 228,340 £saved by households items acts 2024-2025 All Post Codes Numb er Items IFP Im Item Type Weight Tlltem Weight Total Tonnes C02 Coefficient C02 wt Total Tonnes Saving Value I Item £ Total IFP £ Saving ICT and Tvs 0.045 4.23 25.38 100 9,400 White Goods 859 0.06 51.54 41.232 150 128,850 Furniture Household 5,304 0.03 159.12 159.12 80 424,320 Office Furniture 0.026 0.052 0.0208 41 82 Total 6.259 215 226 562.652 £saved by households tonnes saved tonne5 saved items -25-

Docusign Envelop8 ID.. 901FF8B64A4F4C77-8F4C-A87F07FF8878 Ipswich Furniture Project Company Limited by Guarantee Annex 1 - Notes to the financial statements (continued) Year ended 31 March 2025 The Board of Trustees wishes to Ihank 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 Settlement, who, as mentioned earfier, have provided financial help both direcuy to IFP and through grants to individuals to help them purchase items and seNices. We also need lo thank IBC for their support with community funding and supporting us by providing our premises at Hogarth Road at a discounted rent. Finally a big thank you to all our partners and referring agencies. either directty or through referrals via Rope, in maintaining a 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 to all the donors of furniture and electrical iterns. who will hopefully continue to choose IFP above the many other avenues now available for them to dispose of their unwanted goods. -26-

Docusign Envelop8 ID.. 901FF8BfAA4F4C774F4C-A87F07FF8878 Lovewell Blake LLP First Floor Suite 2 Hillside Business Park Bury St Edmunds Suffolk IP 32 7EA Dearsirs Financial statements for the year ended 31 March 2025 The following representations are made on the basis of enquires with those individuals, including management and staff, with relevant knowledge and experience such as we consider necessary in connection with your independent examination of the charitable company's financial statements for the year ended 31 March 2025. These enquirie5 have included inspection of 5UPPOrting documentation where appropriate and are sufficient to satlsfy ourselves that we can make each of the following representations. All representations are made to the best of our knowledge and belief. General We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with International Standard5 on Auditing (UK) and that you do not expre55 an audit opinion. We confirm that the charitable company qualifies as small in accordance with the conditions set out in chapter l of part 15 ofthe Companies Act 2006. We confirm that the charitable company was entitled to exemption under section 144 of the Charities Act 2011, being that gross income forthe year does not exceed £lm or £250,0 if gross assets exceed £3.26m, from the requirement to have its financial statements for the financial year ended 31 March 2025 audited. We also confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476 of the Companies Act 2006. We confirm we have declared all income, including legacies, of which we are aware at the year end, whether received during the year or following the year end. We have fulfilled our responsibilities as trustees, as set out in the terms of our engagement letter dated 2 August 2023 under the Companies Act 2006 and Charities Act 2011. for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practicel, for being sat15fied that they give a true and fair view and for making accurate representations to you. All the transactions undertaken by the charitable company have been properly reflected and recorded in the accounting records. All the accounting records have been made available to you for the purpose of your independent examination. We have provided you with unrestricted access to all appropriate persons within the charitable company, and with all other records and related information requested, including minutes of all management and trustees. meetings and correspondence with The Charity Commission.

Docusign Envelop8 ID.. 901FF8BfAA4F4C77-8F4C-A87F07FF8878 The financial statements are free of material misstatements. including omissions. Internal control and fraud We acknowledge our responsibility for the design, implementation and maintenance of internal control 5YStems to prevent and detect fraud and error, and we believe that we have appropriately fulfilled these responsibilities. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud. We have disclosed to you all instances of known or suspected fraud affecting the entity involving those individuals, including management and employees. who have a significant role in internal control or others that have a material effect on the financial statements. We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entitys financial statements communicated by current or former employees, analysts, regulators or others. Assets and liabilities The charitable company has satisfactory title to all assets and there are no liens or encumbrances on the charitable company's assets, except for those that are disclosed in the notes to the financial statements. All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate. We have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflerted in the financial statements. Accounting estimates The methods, data and significant assumptions used by us in making accounting estimates, and their related disclosures, are appropriate to achieve recognition, measurement and disclosure that is reasonable in the context of the applicable financial reporting framework. Bank accounts We have disclosed to you all bank accounts operated by the charitable company. Loans and arrangements The charitable company has not granted any advances or credits to. or made guarantees on behalf of. trustees other than those disclosed in the financial statements. Legal clairns We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for and disclosed in the financial statements. Laws and regulations We have disclosed to you all known instance5 of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements. Related parties Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with legislative and accounting standards requirements.

Docusign Envelop8 ID.. 901FF8BfAA4F4C77-8F4C-A87F07FF8878 Serious incidents We confirm that no serious incident reports have been submitted to the Chairty Commission, nor any events considered for submi55ion, during the year or in the period to the date of signing of the balance sheet. Subsequent events All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed. Going concern We believe that the charitable companTrls financial statements should be prepared on a going concern basis, on the grounds that current and future sources of funding or support will be more than adequate for the charitable companws needs. We also confirm our plans for future actionls} required to enable the charitable company to continue as a going concern are feasible. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charitable compan¢s ability to continue as a going concern need to be made in the financial statements. Grants and donations All grants, donations and other income. the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income. Each trustee has taken all steps that they ought to have taken as a trustee in order to make themselves aware of any relevant information and to establish that you are aware of that information. Yours faithfully Signed on behalf of the board of trustees of Ipswich Furniture Project 6/10/2025