Heartlands Furniture Limited Trustees, Report For the year ended 51°, March 2024 We, the Trustees of Heartlands Furniture limited, are pleased to pres¢nt the Annual Report for the year ended 31" March 2024. together with the Financial Statements for the year and confimi that the Eatt¢r comply with the Memorandum and Articles of Association and the Charities SORP 2005. Charitable Aims Heartlands Furniture limited is a Company Limited by Guarantee, No. 08355252, established by Memorandum and Articles of Association and is a Registered Charity, No. 1154901. Recruitment And Induction of Trustees Suitable persomiel ar¢ identified by the existing Trustees on the basis of their sknlls and knowledg¢ and invited to become Trustces. New Trustees are inducted into the workings of the Charity by the Chairpcr30n. Organisation of the Charity The Truste¢s govern the Charity. Th¢y meet regularly and del¢gat¢ the day-to-day of the Charity to the Chairperson who oversees the organisation. The Charity employs I full-time staff memb¢r and I part-time member of staff. The staff are assisted by volunteers who undertake key roles in support of the Charity's activities. Objectives The Charity has identified a n¢¢d in the community and attempts wherever possible to meet it. The Charity aims to cover costs. To provide quality items at realistic and affordable prices. Value and maintain relationships wlth funders and other organisations. Recognise value of partnerships. With our client wups maintain confidentiality, show them respect, be non-judgemental, allow them to maintain their dignity and ¢mpathise with their views and opinions. Show employees and volunteers that they pcrforni worthwhile jobs and that they are appreciated. Off¢r them suppo¢ stability and training when required. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our futur¢ activities. In particular the Trustees consider how planned actLVlties will contTibute to those aims and objectives. Principal Activity Heartlands Furniture Limit¢d strives to provid¢ a much-needed service to satisfy the demand for good quality used furniture and household effects at affordable prices to peopl¢ on benefits and low incomes. During the current accounting period we have distributed 24 tonnes of furniture to 401 clients, although it is accepted that some of these may be repeat customers. Volunteers from the Community assist with th¢ project. We still require fLmding to improve the service.
Review of Aetivities for the Year We aim to continue delivery of the service at the existing level if pOssile and expand or dIVeify where there is a r¢e1Ved ne¢d and resources allow. Heartlands Furniture Limited maintains its ethos to provide good quality household items to thos¢ orA benefits and low incomes. Our priority is, as in previous years, to secure funding to continue this much need¢d service to the community. Finanefial Review Heartlands Furnitur¢ Limited continues its role of perceiving a need within the community and then finds ways wherever possible to meet IL There is no outside fimding supporting the Charity. Expenditur¢ is spent on our objectives, with the aim also to cover ongoing overheads, The Charity continues to provide a quality service at realistic and affordable prices. The total incom¢ for the year, was £33601 and the net result for the year is a loss of £2551. Related Parties The Charity works closely with Cornwall Council, Social Services and GOFA, which is a similar furniture re-use Charity in the are Investment Policy The Trust¢¢s have considered the most appropriate policy for funds and find that the ongoing atrangement with the Barclays Bank PLC current account meets the requirement to maintain a¢c¢ss to funds for operdtional pu0$¢S. Reserves Policy In order that the Charity can mcct its objectives in promoting any charitable purpose for the benefit of the community within Cornwall. the Trustees have considered its resources and commitments. How¢ver, there is no Reserve Policy in place at the present time. Risk Review The Trustees hav¢ assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to minimis¢ or mitigate these. The Trust¢¢s will continue to review potential risks on a regular basis and will take further action to minimise or mitigate these risks as required. Auditors The accounts do not requi auditing at the present time. Plans for the Future We aim to continue providing our existing service, streamlined where necessary, provide support, stability and training to our volunteers and employees while also building relationships with possible funders. When, and if, a viable opportunity arises we will consider diversification or expand our services. The Director and Trust¢¢s will be working to maintain and improve the service. It is proposed that in the forthcoming financial y¢ar a Business Plan will b¢ d¢v¢lop¢d which will aid th¢ organisation witb funding applications.
Statement of Trustees. RponsIbIlitieS The Trustees are respx)nsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulations. Law applicable to Chariti¢s in England and Wales requires the Trustees to prepare Financial Statements for each financial year. Undcr that law the Trustees have elected to prepare the Financial Stat¢ments in accordance with United Kingdom Generally Acc¢pted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Financial Statements are qUired by law to give a true and fair view of the stat¢ of affairs of the Charity and of the financial activities for that year. tn preparing those Financial Stat¢ments, the Trustees are r¢quired to: - sel¢ct suitable accounting policies and then apply them consistently* - make judgements arAd esttmates that are reasonable and prudent. and prepare the Financial Stat¢ments on the going ¢oncern basis unless it is inappropriate to presume that the Charity will continue in op¢ration. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accurdcy at any time the financial position of the Charity and to enable them to ensure that the Financial Statements comply with Charities Act. They have general responsibility for taking such steps as are reasonably open to them to safeguard the &8sets of the Charity and to prevent and detect fraud and other i¢gUlarItIes. Statement of Disclosure So far &8 th¢ Trustees are aware, there is no relevant financial inforniation ofwhich the Charity's stakehold¢TS are unaware. Additionally the Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit inforn]ation and to establish that the Charity's stak¢holders are aware of that infonnatio By ordw of the TnL8tees Unit Clb Pool Business Park Dudnanc¢ Lan¢ Pool REDRufH TR15 3QW David Mildren Chairperson 10 December 2024
Heartlands Furniture Company Registration Number: 08355252 (England and Wales) (Unaudited) Financial Statements Period of Accounts stsrt Date: 1st April 2023 End Dats: 31 st March 2024
Heartlands Furniture Company Inforniation for the Period Ended 31st March 2024 Direetor: D Mildren Company Secretary: D Mildren Registered Office Address: Unit Cl b Pool Business Park Dudnance Lane Pool REDRUTH Cornwall TR15 3QW Company Registration Number: 08355252 (England and Wales)
Heartlands Furniture Balanee sheet As at 31st March 2024 Notes 2024 2023 Fixed Assets Intangible assets Tangible assets: 35 49 Total Fixed Assets: 33 49 Current Assets Stocks: 1000 1000 Debtors: Cash at bank and in hand: (1017) 30 Totsl Current Assets: (17) 1030 Creditors Creditors: amounts falling due within one year: Net Current Assets (Liabilities): (17) 1030 Total Assets less Current Liabilities: 18 1079 Creditors: amounts falling due after more than one year: 11199 9709 Provision for liabilities: Total Net Assets (Liabfilities): (11181) (8630) The notes forni part of these financial statements
Heartlands Furniture Balance sheet As at 31st March 2024 Continued Notes 2024 2023 Capital and ReseThes Called up share capital: Revaluation reserve 11199 9709 Profit and loss account: (22380) (18339) Total Shareholders Funds: (11181) (8630) A Profit and Loss Account has not been filed. For the year ending 31 st March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The members have agreed to the abridgement of the Accounts for the period ending 3 1st March 2024. The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting re¢ords and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities.. The fmancial ststements were approved by the Board of Directors on 29th November 2024. SIGNED ON BEHALF OF THE BOARD BY: Name: D Mildren Status: Director Thc notes forni part of these financial statements
Heartlands Furniture Notes to tbe Financiydl Statements for the Period Ended 31st March 2024 l. Accounting Policies Basis of Measurement and Preparation of Accounts The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the Financial Reporting Standard for Smaller Entities. Turnover Policy The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added T&x and trade discounts. Tangible Fixed Assets Depreciation Pollcy Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life. Freehold buildings - 20/0 on cost or revalued amounts, Plant and Machinery - 15 /0 on cosL Fixtures and Fittings - l O % on cos( Motor Vehicles - 25 % on cost, Intangible Fixed Assets Amortisation Policy Intangible fixed assets (including purchased goodwill and patents) are amortised at rntes calculated to write off the assets on a straight b&8is over their estimated useful economic lives, not to exceed twenty years. Impaimient of Intangible assets is only reviewed wher¢ circumstances indicate that the carrying value of an asset may not be fvlly recoverable. Valuation Information and Policy Stocks and work -in-progress are valued at the lower of cost and net realisable Yalue, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. Other Accounting Policies Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease terni, whichever is the shorter. The interest element of these oblkgations is charged to the profit and loss account over the relevant period. The Capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over thc period of the lease. Research and Development Expenditure on research and development is written off in the year in which it is incurred. Defeffed t&xation is provided in full in respect of t&xation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred taxation is calculated at the rates of tax that are expected to apply in the periods when the timing differences will reverse and has not been discounted.
Heartlands Furniture Notes to the Financial Statements for the Period Ended 31st March 2024 2. Intangible Assets Totsl Cost At I. April 2023: Additions: Disposals: Revaluations: Transfers: At 31st March 2024: Amortisation Al I st April 2023: Provided during the Period: On disposals: Other Adjustments: At 31st March 2024: Net book value At 31st March 2024: At 3 1st March 2023:
Heartlands Fllrniture Notes to the Financial Statements for the Period Ended 31st March 2024 3. Tangible assets Totsl Cost At I st April 2023: 13290 Additions: Disposals: Revaluations: Transfers: At 3 1st March 2024: 13290 Depreciation At I st April 2023.. Charge for year: On disposals: 13241 14 Other adjustments At 31 st March 2024: Net book value At 31 st March 2024: 13255 35 At 31 st March 2023: 49 Included in Motor Vehicles We assets held under hire purchase contracts. Th¢ net book value of these assets amounted to £0 (2023: £0)
Heartlands Furnlture Notes to the Financiydl Statemeuts for the Period Ended 31st March 2024 4. Debtors Debtors include £Nil {2023: £Nil) falling due after more than one ye. 5. Credltors The following Directors loans are included within creditors: Repayable 2024 2023 Between one and five years: 11199 9709 Over five years: Total: 11199 9709
Heartlands Furniture Notes to the Financial Statements for the Period Ended 31st March 2024 6. Called up share capitsl Allotted, called up and paid Previous period 2023 Class Number of shares Nominal value per share Total Ordinary shares: 1.00 Preference shares: 1.00 Total share capital: Current period 2024 Totsl Ordinary shar¢s: Preference shares." 1.00 Total share capitsl: During the year O ordinary shares of £1 each were issued, allotted and fully paid for cash at par. During the year, O preference shares of £1 each were issue¢L allotted and fully paid for cash at par.
Heartlands Furniture Notes to the Financial Statements for the Period Ended 31st March 2024 7. Related Party Disclosures Name of the ultimate controlling party during the p¢riod: D Mildren Name of related party: L R Mildren Relationship: Spouse Description of the transaction: Loan Balance at 1st April 2023: Balance at 31. March 2024: The loan is repayable within 5 years. 8. Transactions with Directors Name of Director receiving advance or credit: NIA Description of the transaction: NIA Balance at I st April 2023: Advances made: Advances or credits repaid: Balance at 31° March 2024: 10
I certify that I have examined the financial ststements of Heartlands Furniture for the year ending 31 st March 2024. It is my responsibility to fonn an independent opinion, based on my examination, on those statements and on the regularity of the financial transactions included in them and to report my opinion to you. Basis of Opinion An examination includes a test basis, of evidence relevant to the amounts, disclosures and regularity of financial transactions included in the financial statements. It also includes an assessment of any estimates and judgements made by the Treasurer in the preparation of the financial statement& and of whether the accounting policies are appropriate, consistently applied and adequately disclosed. I planned and perfonned my examination so as to obtsin all the infomlation and explanations which I considered necessary in order to provide me with sufficient evidence to give re&sonable assurance that the ffftancial statements are free from material rnisstatemenL whether caused by error, or by fraud or other irregularity and that, in all material respects, the expenditur¢ and income have been applied to the purposes intended. In forn]ing my opinion I have also evaluated the overall adequacy of the presentation of infonnation in the financial statements. Opinion In my opinion: The financial statement gives a true and fair view of the state of affairs of Heartlands Furniture for the year ending 31 st March 2024 and of its loss, total income and expenditure for the year then ended and has been properly prepared. I have no observations to make on these financial statements. Signed this 9 day of Decernber 2024........ ..(K. Mount) Examiner