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2024-03-31-accounts

Bulky Bob's

(A Company Limited by Guarantee)

Annual Report and Financial Statements

Year Ended

31 March 2024

Registered Number 09948123 Registered in England and Wales

Charity Number 1167068

Report and financial statements for the year ended 31 March 2024

Contents

1 Company information
2 Directors’ report
9 Directors' responsibilities statement
10 Independent auditor's report
14 Statement of financial activities
15 Balance sheet
16 Cash flow statement
17 Notes forming part of the financial statements

Company information for the year ended 31 March 2024

Company Number 09948123 (England and Wales)
Charity Number 1167068
Directors A Courtney
C Dixon
J Hines
N Spruyt
F Vepari
J Vernon
Secretary C Williamson
Chief Executive S Doran
Registered office 1 Cartwrights Farm Road
Liverpool
L24 1UY
Bankers Natwest Bank
Union Street
Chester
CH1 1UA
Auditors Crowe U.K. LLP
3rd Floor
St George's House
56 Peter Street
Manchester
M2 3NQ
Solicitors Brabners
Horton House
Exchange Flags
Liverpool
L2 3YL

1

Bulky Bob's

Directors' report for the year ended 31 March 2024

The directors, who are also trustees for the purposes of charity law, present their report and financial statements for the year ended 31 March 2024.

Our aims, objectives and activities

Purposes and Aims

Bulky Bob’s was incorporated on 12 January 2016 as Bulky Bob’s 2015 and was registered as a charity on 12 May 2016 (charity number 1167068).

Ensuring our work delivers our aims

Our trustees review the aims, objectives and activities each year.

We refer to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

The focus of our work

The Bulky Bobs service in Liverpool was piloted in year without the subsidy from the council after the contract come to an end in November 2022. The pilot was paused in November 2023 however Bulky Bob’s continues to operate through the Oldham bulky waste contract, a combined service which collects, reuses and recycles furniture and provides great quality preloved furniture – along with new furniture – to Oldham’s LWA (Local Welfare Assistance) scheme.

2

Bulky Bob's

Directors' report

for the year ended 31 March 2024 (continued)

Our aims, objectives and activities (continued)

How our activities deliver public benefit

The charitable activities of Bulky Bob’s focus on the promotion of waste reduction and recycling by running bulky household waste collection services and by ensuring that furniture collected is refurbished and then either sold at a low price or donated to people who need it in order to help relieve furniture poverty.

Who used and benefited from our services

During the year, the charity provided bulky household waste collection services to residents in Liverpool (until this service was paused in November 2023) and Oldham.

Achievements and Performance

We slightly improved charitable activity income in year despite pausing the Bulky Bobs services in Liverpool, which led to a reduced in cost base of 11%, resulting in a reduced deficit compared to the prior year of 43% (excluding donations by Furniture Resource Centre Limited).

Financial Review

The deficit in the year ended 31 March 2024 was £177,572 (2023 - £2,405). Included in this position is a donation of £Nil (2023 - £305,000) from Furniture Resource Centre Limited, the sole member of the charity.

Going Concern

The trustees have reviewed the financial projections for the charity and also considered the availability of resources from Furniture Resource Centre Limited, a charity which is the sole member of Bulky Bob’s and have concluded that it is appropriate to prepare the accounts on a going concern basis.

Furniture Resource Centre Limited has confirmed its intention to provide any necessary financial support to the charity for a period of at least 12 months from the approval of the financial statements.

Principal Risks

The risks to which the charity is exposed are reviewed and rated every quarter with actions to mitigate these risks continually being evaluated. The key risks faced by the charity include:

Risk Mitigation
Reduction in spend by
Councils due to the
challenging financials		 •
Effective credit control to ensure customers pay within terms
Availability of pre-loved
furniture decreases through
contract changes or loss\of
contracts that provide pre-
Ioved furniture		 •
Identification of alternative sources of pre-loved furniture
•
Continued development of innovative ideas to refurbish pre-loved furniture
e.g. mattress cleaning machine
•
Work with Local Authority customers to develop services that utilise pre-
loved furniture to address furniture poverty

The directors are satisfied that reasonable steps have been taken to identify all risks to which the charity is exposed and that action has been taken to mitigate these risks where necessary.

3

Bulky Bob's

Directors' report for the year ended 31 March 2024 (continued)

Our aims, objectives and activities (continued)

Plans for the Future

Bulky Bob’s will be developing a new approach and engage new partners including the opportunity to work with retailers, manufacturers and large scale accommodation providers to reuse their great quality unwanted furniture to support the charitable mission.

Principal Funding sources

The principal funding sources are contract income from the provision of bulky household waste collection services and also recycling income.

Investment powers and policy

The charity has the power to invest monies not immediately required in investments, securities or property as may be thought fit.

Reserves policy

The trustees have considered the level of free reserves (those funds not tied up in fixed assets and restricted funds) required by the charity and consider these to be at least six months’ operational expenditure, which amounts to £467,541. In the Trustees’ view, this level of reserves should provide adequate financial stability and enable the charity to continue to meet its charitable objectives for the foreseeable future.

In arriving at this figure, the Trustees have considered potential future changes in income streams and likely future cash flow requirements. The Trustees will continue to monitor the Reserves Policy at least annually in Trustee meetings.

The charity has free reserves in deficit of £40,845 at 31 March 2024, which is £508,386 short of the required target of £467,541 surplus. In order to increase the amount of free reserves held, the trustees are looking at ways of improving the profitability of the charity.

As at 31 March 2024, the charity holds restricted reserves of £Nil (2023 - £Nil) and total reserves in deficit of £26,069 (2023 - £151,503 surplus).

Grants and Donations

There were no grants and donations in year.

Fundraising

The charity did not actively fundraise from individuals during the year and did not engage with charitable funding organisations and the Government for the receipt of charitable grants. The charity has not signed up for any voluntary fundraising standard or schemes and no complaints regarding fundraising were received.

4

Bulky Bob's

Directors' report

for the year ended 31 March 2024 (continued)

Structure, Governance and Management

Governing Document

Bulky Bob’s is a company limited by guarantee and does not have any share capital. It was incorporated on 12 January 2016 and registered as a charity on 12 May 2016 (charity number 1167068). The company is governed by its Memorandum and Articles of Association dated 18 January 2016.

Trustees

The directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report are collectively referred to as directors. The directors serving throughout the year are set out on page 1.

The directors are appointed by the members at the Annual General Meeting but can be co-opted by the Board, pending election, in the intervening period. Before being co-opted on to the Board, prospective Trustees are invited to attend trustee meetings as an observer in order to learn more about the charity and to meet the other trustees. During this induction process, meetings with the Chair of Trustees and senior management team will take place in order to clarify the role of the trustee and they will also have the opportunity to meet other staff by visiting different parts of the business.

Trustee training takes place whenever training needs are identified.

A Scheme of Delegation has been agreed between the trustees and the senior management team and this details which decisions the senior management team are authorised to take themselves and which decisions need to be referred to the trustees. Decisions can be taken by trustees either in trustee meetings or by e-mail if a decision is required in a more timely manner than waiting for the next trustee meeting.

All of the directors give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are shown in note 7 to the accounts.

The directors who served during the year and up to the date of signing the accounts were:

J Hines J Vernon J Nicholls (resigned 27 July 2023) N Spruyt (appointed 31 May 2023) E Leach (resigned 19 November 2023) E Bichard (resigned 1 March 2024) A Courtney (appointed 27 September 2024) C Dixon (appointed 27 September 2024) F Vepari (appointed 27 September 2024)

Related Parties

Furniture Resource Centre Limited (charity number 700731) is the sole member of the charity. Furniture Resource Centre Limited’s aims are to improve the lives of economically disadvantaged and socially excluded people through the provision of good quality furniture to improve living conditions and through the recruitment and training of long term unemployed individuals or individuals on relatively low income in order to assist them with finding sustainable employment.

Bulky Bob’s For Business is a charity which has Furniture Resource Centre Limited as its sole member. This charity provides an office and commercial waste collection service and provides training and development opportunities to formerly long-term unemployed people or people on relatively low income.

5

Bulky Bob's

Directors' report

for the year ended 31 March 2024 (continued)

Pay and Remuneration

Salaries of key management personnel are determined by the Remuneration Committee, having regard for the average salary rates for similar jobs externally. Salaries for all posts are reviewed by the trustees from time to time by performing a benchmarking exercise against the average salary rates for similar jobs externally. An external consultancy firm is used to provide this external salary information.

Structure, Governance and Management

Code of Governance Statement

The board continue to work towards fully adopting the Charity Commission Code of Governance with those areas for improvement identified following an internal and external review. The following is a summary of those areas of compliance against the Code along with areas for improvement.

• Organisational Purpose

The charity produces an annual impact report which is audited under the AA1000AS framework. In addition, the charity quantifies the social value generated from its activities in order to ensure that this is as intended. The objects of the charity were last reviewed in 2023. Work is ongoing in relation to the sustainability of the charity's income base through continued growth in customer base.

• Leadership

The charity has a very strong values culture with the board regularly seeing evidence as to how well this values culture is integrated in the group. Board discussions focus on strategic issues with the role of the board being a ‘critical friend’ when providing feedback to staff, with staff encouraged to bring issues to the board for discussion. The board has a good understanding of current group structure and why this is important, having previously received expert advice from a charity lawyer. Terms of reference for all committees were updated in 2021 along with job descriptions for the role of chair and trustee. Whilst regular meetings take place between the Chair and CEO, regular sub-committees have commenced in 2024 attended by the relevant Trustees covering areas of People and Culture, Service Delivery and the Housing Sector. Attendance of trustees at the various meetings is monitored and is good with all trustees attending a majority of the meetings.

• Integrity

The board ensures that the charity operates ethically and with integrity at all times, are keen to use the Charity Commission Code of Governance as a tool to assist with improving governance in the charity and have also adopted the Nolan Principles as a code of conduct. The board manage conflicts of interest well and have agreed a formal Conflict of Interest Policy. In addition, a register of interests is maintained for all trustees and senior staff.

• Decision Making, Risk and Control

A Scheme of Delegation has been agreed between the board, committees, and senior staff, which was last reviewed in 2021 and a forthcoming review in 2024. Key policies and procedures are circulated to the board annually along with recommendations for changes. The board actively monitors performance against a range of targets and a risk matrix is maintained, which is reviewed by trustees at least twice a year. A meeting takes place each year between at least one trustee and the auditors in order to obtain honest feedback following the conclusion of the annual financial audit.

• Board Effectiveness

The board meets five times a year with further committee meetings also taking place. Each board meeting has a theme with the themes being finance (discussing and agreeing the annual financial and social value budget), people, social value and commercial. Other agenda items are discussed at these meetings but the theme allows for greater time to discuss that particular topic. The fifth annual board meeting has a varied agenda, which is agreed in advance. Ways of monitoring the effectiveness of the board are to be discussed. Discussions take place with

Bulky Bob's

Directors' report for the year ended 31 March 2024 (continued)

potential new trustees in order to ensure that they understand the time commitment necessary and they are then invited to attend two meetings as an observer before being invited to join the board if they wish to. A third of trustees retire by rotation every three years and there is no maximum length of office although this is currently being reviewed with a maximum length of office being considered for introduction. A programme of learning and development for trustees is not currently in place but is to be discussed with a suitable programme then implemented.

• Diversity

A skills matrix has been produced which identified gaps for trustees in certain areas. Suitable trustees have been recruited with applications for trustees from diverse backgrounds encouraged. The board do not currently have any specific diversity objectives but this is to be considered by the board.

• Openness and Accountability

Stakeholders have been identified with their feedback sought as part of the production of the annual impact report. This feedback is reviewed by the board and ways of increasing this range of feedback are to be investigated. The salaries of all staff are agreed by the Remuneration Committee and are set using an external consultant to provide benchmark data showing the salaries of similar roles regionally.

Qualifying directors’ indemnity provisions

The group headed by Furniture Resource Centre held qualifying professional indemnity insurance during the year for the benefit of one or more directors in a form and scope detailed within the Companies Act 2006.

Disclosure of Information to Auditor

Each of the persons who are directors at the time when this Directors’ Report is approved has confirmed that:

Small Companies’ Exemption

In preparing this Directors' report, advantage has been taken of the small companies' exemption.

7

Bulky Bob's

Directors' report

for the year ended 31 March 2024 (continued)

Auditor

The auditor, Crowe U.K. LLP, will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006. Crowe U.K. LLP have expressed their willingness to continue in office.

Approval

This Directors' Report was approved by order of the Board on 19[th] December 2024

N Spruyt Chair

Date: 19th December 2024

8

Bulky Bob's

Directors' responsibilities statement

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

9

Bulky Bob's

Independent auditor's report

Opinion

We have audited the financial statements of Bulky Bob’s (‘the charitable company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

10

Bulky Bob's

Independent auditor's report

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.

11

Bulky Bob's

Independent auditor's report

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were Health & Safety and Waste Carriers Regulations.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income and the override of controls by management. Our audit procedures to respond to these risks included sample testing of income to supporting document to evidence existence and completeness, enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

12

Bulky Bob's

Independent auditor's report

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Vicky Szulist Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor 3rd floor St George's House 56 Peter Street Manchester M2 3NQ 20th December 2024

13

Bulky Bob's

Statement of financial activities for the year ended 31 March 2024

Note
Unrestricted
funds
Restricted
funds
2024
2024
£
£
Income and endowments from:
Donations and legacies
2
-
-
Charitable activities:
Provision of bulky household waste
collection and recycling services
736,745
-
Mattress recycling
60
-
Bed base refurbishment
8,200
-
Other income
15,106
-
Total charitable activities
760,111
-
Total
760,111
-
Expenditure on:
Charitable activities:
Provision of bulky household waste
collection and recycling services
812,593
-
Mattress recycling
95,008
-
Bed base refurbishment
29,611
-
Other expenditure
471
-
Total charitable activities
3
937,683
-
Total resources expended
937,683
-
Net resources before transfers
(177,572)
-
Net (outgoing) resources
(177,572)
-
Balance brought forward at 1 April
151,503
-
Balances carried forward at
31 March
(26,069)
-		 Total
funds
2024
£
-
736,745
60
8,200
15,106
760,111
760,111
812,593
95,008
29,611
471
937,683
937,683
(177,572)
(177,572)
151,503
(26,069)		 Total
funds
2023
£
305,000
699,343
21,962
27,930
2,997
752,232
1,057,232
879,342
108,722
71,377
196
1,059,637
1,059,637
(2,405)
(2,405)
153,908
151,503

The notes on pages 17 to 29 form part of these financial statements.

14

Bulky Bob's

Balance sheet as at 31 March 2024

Company Registration Number 09948123 Charity Registration Number 1167068

Note
Fixed assets
Tangible assets
9
Current assets
Stock
10
Debtors: amounts falling due
within one year
11
Cash at bank and in hand
Creditors: amounts falling due
within one year
12
Net current assets
Net assets
Funds
Unrestricted
Restricted
Total funds
13		 2024
£
-
209,001
30,636
239,637
(280,482)		 2024
£
14,776
(40,845)
(26,069)
(26,069)
-
(26,069)		 2023
£
2023
£
20,260
4,167
155,482
53,532
213,181
(81,938)
131,243
151,503
151,503
-
151,503

The financial statements were approved by the Board of Directors and authorised for issue on 19[th] December 2024 and signed on their behalf by:

N Spruyt Chair

The notes on pages 17 to 29 form part of these financial statements.

15

Bulky Bob's

Cash flow statement for the year ended 31 March 2024

Cash flows from operating activities:
Note
(Outflow)/inflow from operations
19
Net cash (outflow)/inflow from operating activities
Cash flows from investing activities:
Purchase of fixed assets
Net cash outflow from investing activities
(Decrease)/increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
(19,040)
(19,040)
(3,856)
(3,856)
(22,896)
53,532
30,636		 2023
£
28,120
28,120
(3,761)
(3,761)
24,359
29,173
53,532

The charity has no external debt and so does not produce a net debt reconciliation. The notes on pages 17 to 29 form part of these financial statements.

16

Bulky Bob's

Notes forming part of the financial statements for the year ended 31 March 2024

1 Accounting policies

a) General Information

Bulky Bob’s is a private charitable company limited by guarantee, incorporated in England and Wales under the Companies Act 2006 and the Charities Act 2011. The address of the registered office is shown on the company information page. The nature of the company’s operating and financial activities are outlined in the Directors’ Report.

b) Basis of preparation

The financial statements 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 Statement of Recommended Practice: “Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland” (The Charities SORP 2nd Edition) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and the Charities Act 2011.

The trustees confirm that the charity meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared in pounds sterling, which is the functional currency of the charity, and are rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies (see accounting policy (l)).

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

c) Going concern

The trustees have reviewed the financial projections for the charity and also considered the availability of resources from Furniture Resource Centre Limited, a charity which is the sole member of Bulky Bob’s and have concluded that it is appropriate to prepare the accounts on a going concern basis.

Furniture Resource Centre Limited has confirmed its intention to provide any necessary financial support to the charity for a period of at least 12 months from the approval of the financial statements

d) Incoming resources

Voluntary income and donations are included in income when there is entitlement, probability of receipt, and the amount can be measured with sufficient reliability, unless the donor has specified that certain pre-conditions must be fulfilled before use. In these cases amounts received are recognised in the relevant period or when the pre-conditions have been met and until then treated as deferred income. Donations and grants for particular purposes are included as income in restricted funds.

All other income is accounted for on an accruals basis when the charity is legally entitled to receipt.

Income from charitable activities includes income received under contract, which is recognised as the related goods and services are provided.

Income from grants receivable which support people development is credited to the income and expenditure account in the period to which the grants relate.

17

Bulky Bob's

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

1 Accounting policies (continued)

e) Resources expended

Resources expended are included in the Statement of Financial Activities on an accruals basis. Expenditure is directly attributable to specific activities and has been included in those cost categories.

Charitable activities include expenditure associated with the provision of bulky household waste collection services, logistics services and other recycling services to Local Authorities and other customers. Also included are the costs of providing training programmes to socially excluded individuals. These include both the direct costs and support costs relating to those activities.

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. Staff costs, governance and general office costs are apportioned based on income. People development costs and ICT costs are allocated from Furniture Resource Centre Limited based on staff numbers and number of PCs respectively. Leadership and finance costs are also allocated from Furniture Resource Centre Limited and reflect the actual cost of the time spent by certain staff members.

f) Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

g) Operating leases

Where the charity is a lessee, rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are included in ‘resources expended’ on a straight line basis over the term of the lease.

h) Tangible fixed assets and depreciation

Tangible fixed assets for use by the group are stated at cost less depreciation subject to impairment review in accordance with FRS 102.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Improvements to leasehold property - 10% on cost Plant and machinery - 10%-25% on cost Fixtures, fittings and equipment - 25% on cost Computer equipment - 20%-33% on cost

i) Pension costs

The charity operates a defined contribution pension scheme which all employees are eligible to join. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions in respect of the charity’s Group Personal Pension Plan are included in ‘resources expended’ for the year in which they are payable to the scheme.

j) Funds structure

The charity’s funds consist of unrestricted and restricted amounts. The charity may use unrestricted amounts at its discretion. Restricted funds represent income contributions which are restricted to a particular purpose, in accordance with the donor’s wishes.

18

Bulky Bob's

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

1 Accounting policies (continued)

k) Financial instruments

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs). The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

l) Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:

Other key sources of estimation uncertainty:

19

Bulky Bob's

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

2 Donations and legacies

Furniture Resource
Centre Limited
Total donations and
legacies		 Unrestricted
Restricted
Total
funds
funds
2024
£
£
£
-
-
-
-
-
-		 Unrestricted
funds
£
305,000
305,000		 Restricted
Total
funds
2023
£
£
-
305,000
-
305,000

3 Charitable activities

Provision of bulky
household collection and
recycling services
Mattress recycling
Bed base refurbishment
Other
Total charitable activities		 Direct
Total
Direct
costs
Support
2024
costs
£
£
£
£
739,031
73,562
812,593
765,275
94,540
468
95,008
100,487
28,595
1,016
29,611
58,693
176
295
471
-
862,342
75,341
937,683
924,455		 Total
Support
2023
£
£
114,067
879,342
8,235
108,722
12,684
71,377
196
196
135,182
1,059,637

The charity had expenditure in the year of £937,683 (2023 - £1,059,637) of which £937,683 (2023 - £1,059,637) was unrestricted and £Nil (2023 - £Nil) was restricted.

20

Bulky Bob's

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

4 Direct costs

Provision of
bulky
household
waste recycling
services
£
Cost of sales
121,070
Disposal cost
145,995
Staff costs
265,758
Vehicle costs
80,911
Property costs
77,135
Depreciation
9,048
Other costs
39,114
739,031
Provision of
bulky
household
waste recycling
services
£
Cost of sales
-
Disposal cost
89,409
Staff costs
370,809
Vehicle costs
152,434
Property costs
82,245
Depreciation
10,125
Other costs
60,253
765,275		 Mattress
Bed base
recycling
refurbishment
£
£
2,427
5,714
27,972
-
939
939
-
-
32,379
21,586
221
343
30,602
13
94,540
28,595
Mattress
Bed base
recycling
refurbishment
£
£
1,460
13,682
14,813
-
27,161
26,514
668
41
24,793
16,529
1,768
368
29,824
1,559
100,487
58,693		 Total
Other
2024
£
£
-
129,211
-
173,967
-
267,636
176
81,087
-
131,100
-
9,612
-
69,729
176
862,342
Total
Other
2023
£
£
-
15,142
-
104,222
-
424,484
-
153,143
-
123,567
-
12,261
-
91,636
-
924,455

21

Bulky Bob's

Notes forming part of the financial statements

for the year ended 31 March 2024 (continued)

5 Allocation of support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources (see note 3).

Provision of
bulky
household
waste recycling
services
£
Staff costs
-
Governance
5,194
People development
11,400
Leadership, Finance and IT
30,358
General office
9,152
Property costs
10,793
Trainee costs
6,665
Total
73,562
Provision of
bulky
household
waste recycling
services
£
Staff costs
14,829
Governance
5,811
People development
27,090
Leadership, Finance and IT
41,349
General office
24,988
Total
114,067
Governance costs
Audit
Accountancy		 Mattress
Bed base
recycling
refurbishment
£
£
-
-
-
58
217
217
251
637
-
104
-
-
-
-
468
1,016
Mattress
Bed base
recycling
refurbishment
£
£
466
592
182
232
4,872
4,466
1,930
6,396
785
998
8,235
12,684		 Total
Other
2024
£
£
-
-
107
5,359
-
11,834
-
31,246
188
9,444
-
10,793
-
6,665
295
75,341
Total
Other
2023
£
£
64
15,951
25
6,250
-
36,428
-
49,675
107
26,878
196
135,182
2024
2023
£
£
2,334
3,000
3,025
3,250
5,359
6,250

22

Bulky Bob's

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

6 Analysis of staff costs and the cost of key management personnel

Staff costs:
Wages and salaries
Social Security costs
Pension costs		 2024
£
2023
£
243,040
396,775
17,025
30,250
7,571
13,380
267,636
440,405

No employees had emoluments (excluding pension contributions) of more than £60,000 in the year (2023 – no employees).

The key management personnel of the charity are the trustees. The Chief Executive and other senior managers are employed by Furniture Resource Centre Limited with appropriate recharges made to the charity for their time.

The total employee cost of the key management personnel was £Nil (2023 - £Nil).

During the year, redundancy costs of £Nil (2023 - £10,399) were paid by the charity, of which £Nil (2023 - £Nil) was outstanding at year end.

The average number of employees analysed by function, was:

Collection, recycling and reuse of unwanted furniture
Retail for Furniture Resource Centre Limited		 2024
£
10
-
10		 2023
£
19
1
20

7 Trustee remuneration and related party transactions

No travel costs were reimbursed to trustees during the year (2023 - £Nil).

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2023 - £Nil).

23

Bulky Bob's

Notes forming part of the financial statements

for the year ended 31 March 2024 (continued)

8 Net incoming resources for the year

Net incoming resources for the year
2024 2023
£ £
This is stated after charging:
Auditors’ remuneration: fee for audit of statutory financial statements 3,000 3,000
Depreciation 9,612 8,026
Loss on disposal of fixed assets - 5,836
Operating lease rentals 182,564 198,725

9 Tangible fixed assets

Improvement
to leasehold
property
£
Cost or valuation
At 1 April 2024
15,149
Additions
-
Transfers intra group
-
At 31 March 2024
15,149
Depreciation
At 1 April 2024
7,236
Charge for the year
1,589
At 31 March 2024
8,825
Net book value
At 31 March 2024
6,324
At 31 March 2023
7,913		 Fixtures,
Plant and
machinery
£
fittings and
equipment
£
55,096
15,174
1,600
2,256
272
-
56,968
17,430
47,257
10,900
5,124
2,665
52,381
13,565
4,587
3,865
7,839
4,274		 Computer
equipment
£
Total
£
3,113
88,532
-
3,856
-
272
3,113
92,660
2,879
68,272
234
9,612
3,113
77,884
-
14,776
234
20,260

All tangible fixed assets are used for or to support charitable purposes

10 Stock

2024 2023
£ £
Stock of raw materials - 4,167

24

Bulky Bob's

Notes forming part of the financial statements

for the year ended 31 March 2024 (continued)

11 Debtors

Debtors
Trade debtors
Prepayments and accrued income
Amount owed by Bulky Bob's For Business
Other debtors		 2024
£
151,583
3,958
53,446
14
209,001		 2023
£
132,916
9,025
7,903
5,638
155,482

12 Creditors: amounts falling due within one year

Trade creditors
Amount owed to Furniture Resource Centre Limited
Other taxes and social security
Accruals and deferred income
Other creditors		 2024
£
19,300
231,213
15,962
12,186
1,821
280,482		 2023
£
30,510
11,705
3,329
34,718
1,676
81,938

Amounts owed to group companies are interest free and repayable on demand.

13 Restricted funds

Restricted funds
Balance at Movement in Balance at
1 April resources 31 March
2023 Incoming Outgoing 2024
£ £ £ £
Unrestricted
151,503		 760,111 (937,683) (26,069)
There were no restricted funds in the year ended 31 March 2024.
Balance at Movement in Balance at
1 April resources 31 March
2022 Incoming Outgoing 2023
£ £ £ £
Unrestricted
153,908		 1,057,232 (1,059,637) 151,503

25

Bulky Bob's

Notes forming part of the financial statements

for the year ended 31 March 2024 (continued)

14 Analysis of net assets between funds

Unrestricted funds
Restricted funds
Net assets		 Fixed
assets
£
14,776
-
14,776		 Net
current
assets
£
(40,845)
-
(40,845)		 2024
Total
£
(26,069)
-
(26,069)		 Fixed
assets
£
20,260
-
20,260		 Net
current
assets
£
131,243
-
131,243		 2023
Total
£
151,503
-
151,503

15 Operating lease commitments

At 31 March 2024, the commitments under non-cancellable operating leases are as follows:

Charity
Expiry within:
Under one year
Two to five years		 Land and
buildings
£
Other
£
Total
2024
£
35,768
3,510
39,278
125,188
11,993
137,181
160,956
15,503
176,459		 Land and
buildings
£
43,155
10,789
53,944		 Other
£
Total
2023
£
-
43,155
-
10,789
-
53,944

16 Pension commitments

The charity operates a defined contribution pension scheme which all employees are eligible to join. The assets of the scheme are held separately from those of the charity in an independently administered fund. Contributions are paid based upon the recommendations of a qualified actuary. The annual contributions under this scheme were £7,571 (2023 - £13,380) and contributions amounting to £1,391 (2023 - £1,376) were payable to the fund at 31 March 2024 and are included in creditors.

26

Bulky Bob's

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

17 Related parties

In the year ended 31 March 2024, the following transactions took place between Bulky Bob’s and Furniture Resource Centre Limited, a charity which is the sole member of Bulky Bob’s 2015.

Transactions from Furniture Resource Centre Limited to Bulky Bob’s:

Transactions from Bulky Bob’s to Furniture Resource Centre Limited:

The amount owed by Bulky Bob’s to Furniture Resource Centre Limited at 31 March 2024 was £231,213 (2023 - £11,705).

In the year ended 31 March 2024, the following transactions took place between Bulky Bob’s and Bulky Bob’s For Business, a charity for which Furniture Resource Centre Limited is also its sole member.

Transactions from Bulky Bob’s to Bulky Bob’s For Business:

Transactions from Bulky Bob's For Business to Bulky Bob’s:

The amount owed by Bulky Bob’s For Business to Bulky Bob’s at 31 March 2024 was £53,446 (2023 - £7,903).

18 Capital commitments

There were no capital commitments at 31 March 2024 (2023 - £Nil).

27

Bulky Bob's

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

19 Reconciliation of net incoming resources to net cash flow from operating activities

Net outgoing resources for the year
Depreciation
Loss on disposal of fixed assets
Decrease/(increase) in stock
Decrease/(increase) in debtors
Increase/(decrease) in creditors
(Reduction)/increase in cash from operations		 2024
£
(177,572)
9,612
-
4,167
(53,791)
198,544
(19,040)		 2023
£
(2,405)
12,263
5,836
(532)
119,670
(106,712)
28,120

20 Parent Company

The immediate and ultimate parent company is Furniture Resource Centre Limited, which is registered in England and Wales and has registered address of 1 Cartwrights Farm Road, Liverpool, L24 1UY. It is also a charity (registered charity number 700731, company number 02296329). Copies of the financial statements are publicly available and can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. The parent company exercises control via the right to appoint and remove directors. The principal purposes and activities of Furniture Resource Centre Limited are as follows:

28

Bulky Bob's

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

21 Comparative information

Unrestricted
Restricted
Funds
Funds
2023
2023
£
£
Income and endowments from:
Donations and legacies
305,000
-
Charitable activities:
-
Provision of bulky household waste collection and
recycling services
699,343
-
Mattress recycling
21,962
-
Bed base refurbishment
27,930
-
Other income
2,997
-
Total charitable activities
752,232
-
Total
1,057,232
-
Expenditure on:
Charitable activities:
Provision of bulky household waste collection and
recycling services
879,342
-
Mattress recycling
108,722
-
Bed base refurbishment
71,377
-
Other expenditure
196
-
Total charitable activities
1,059,637
Total resources expended
1,059,637
Net resources before transfers
(2,405)
-
Net incoming resources
(2,405)
-
Balance brought forward at 1 April
153,908
-
Balances carried forward at 31 March
151,503
-		 Total
Funds
2023
£
305,000
699,343
21,962
27,930
2,997
752,232
1,057,232
879,342
108,722
71,377
196
1,059,637
1,059,637
(2,405)
(2,405)
153,908
151,503

29