2024-03-31-accounts

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Bulky Bob's For Business

(A Company Limited by Guarantee)

Annual Report and Financial Statements

Year Ended

31 March 2024

Registered Number 09735094 Registered in England and Wales

Charity Number 1168088

Contents

• 1 Company information

• 2 Directors’ report

• 8 Directors' responsibilities statement

• 9 Independent auditor's report

• 13 Statement of financial activities

• 14 Balance sheet

• 15 Notes forming part of the financial statements

Bulky Bob's For Business

Company information for the year ended 31 March 2024

Company Number	09735094 (England and Wales)
Charity Number	1168088
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 For Business

Directors' report for the year ended 31 March 2024

The directors present their report and audited financial statements for the year ended 31 March 2024.

Our aims, objectives, and activities

Purposes and Aims

Bulky Bob’s For Business was incorporated on 16 August 2015.

The charity’s purposes as set out in the objects contained in the company's memorandum of association are:

• The protection and preservation of the environment for the public benefit by (but not limited to):

• The promotion of waste reduction, re-use reclamation, recycling, use of recycled products and the use of surplus;

• Advancing the education of the public about all aspects of waste generation, waste management and waste recycling; and

• The relief of financial hardship by the recycling and provision of furniture, clothes, and other household items.

• The relief of unemployment for the benefit of the public in such ways as may be thought fit, including assistance to find employment;

• To advance education and relieve need by providing or assisting in the provision of training and by providing guidance for such people as are in need calculating to enable them to earn their own living; and

• Any other charitable purpose which shall be selected by the trustees in their absolute discretion from time to time.

Ensuring our work delivers our aims

Our trustees review the aims, objectives, and activities each year. Each year, Furniture Resource Centre Limited, the sole member of the charity, publishes the results of this review for all group companies in the form of an annual Impact Report which is externally reviewed by Crowe U.K. LLP.

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 Charity’s focus of work is predominantly the collection and recycling of unwanted PCs.

How our activities deliver public benefit

The charitable activities of Bulky Bob’s For Business focus on the promotion of waste reduction and recycling along with the provision and advancement of training and education.

2

Bulky Bob's For Business

Directors' report

for the year ended 31 March 2024 (continued)

Our aims, objectives, and activities (continued)

How our activities deliver public benefit

The charity provided a PC recycling service to a large number of local businesses in the year ended 31 March 2024 including local schools, charities, and other organisations.

Financial Review

The deficit for the year ended 31 March 2024 was £27,762 (2023 - surplus of £1,941). Included in this deficit is a donation of £Nil (2023 - £25,000) from Furniture Resource Centre Limited, the sole member of the charity.

Going Concern

The focus of the Charity is the reuse of PCs following the cessation of the commercial waste recycling services in year. Despite income from the reuse of PCs increasing by 36%, the cost base remained the same as the prior year that contributed to the deficit for the year. We do however expect the position to improve in 24-25 with the operation relocating to our new site in Speke which will reduce property costs.

Furniture Resource Centre Limited, a charity which is the sole member of Bulky Bob’s For Business has committed to providing sufficient financial support for the charity for at least 12 months from the date of approval of these accounts and so the trustees have concluded that it is appropriate to prepare the accounts on a going concern basis.

The trustees are confident in the ability of the charity to continue to be profitable into the future.

Principal Funding sources

The principal funding sources are income from the provision of PC recycling services.

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 £50,000. 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 had free reserves in deficit of £155,410 (2023 - £131,000) at 31 March 2024, all of which were unrestricted. This is £205,410 short of the required target of £50,000. In order to increase the amount of free reserves held, the trustees are looking at ways of improving the profitability of the charity.

Grants and Donations

There were no grants and donations received in year.

3

Bulky Bob's For Business

Directors' report

for the year ended 31 March 2024 (continued)

Our aims, objectives and activities (continued)

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.

Structure, Governance and Management

Governing Document

Bulky Bob's For Business was incorporated as FRC Developments on 16 August 2015 and is a company limited by guarantee with no share capital. It was registered as a charity on 6 July 2016 (charity number 1168088) and is governed by its Memorandum and Articles of Association dated 11 August 2015.

The name of the charity was subsequently changed to Bulky Bob’s Office and Commercial Waste Limited on 23 May 2017, to Bulky Bob's Office and Commercial Waste on 15 June 2017, to Bulky Bob’s For Business Limited on 22 December 2021 and then to Bulky Bob’s For Business on 10 January 2022.

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 or the business.

Trustee training takes place whenever training needs are identified e.g. recent training has included the principles for calculating the social value generated by the charity.

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 email 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 6 to the accounts.

The directors who served during the year 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)

4

Bulky Bob's For Business

Directors' report

for the year ended 31 March 2024 (continued)

Structure, Governance and Management (continued)

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 their 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 is a charity with Furniture Resource Centre Limited as its sole member. Bulky Bob's provides services, mainly to Local Authorities, for the collection and recycling of bulky household waste. Bulky Bob's provides training and employment opportunities for people from long term unemployment and low paid jobs whilst protecting the environment through the reuse and recycling of collected items.

Bulky Bob's was incorporated on 12 January 2016.

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.

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.

5

Bulky Bob's For Business

Directors' report

for the year ended 31 March 2024 (continued)

Code of Governance Statement (continued)

• 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 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:

• So far as the directors are aware, there is no relevant audit information of which the charity’s auditor is unaware; and

• The directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

6

Bulky Bob's For Business

Directors' report

for the year ended 31 March 2024 (continued)

Small Companies’ Exemption

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

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: 19[th] December 2024

7

Bulky Bob's For Business

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:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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.

8

Bulky Bob's For Business

Independent auditor's report

Opinion

We have audited the financial statements of Bulky Bob’s For Business (‘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:

• give a true and fair view of the state of the charitable company’s affairs as at 31 March 2024 and of its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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.

9

Bulky Bob's For Business

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

• the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

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:

• adequate and proper accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ directors’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 8, 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.

10

Bulky Bob's For Business

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 noncompliance 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.

11

Bulky Bob's For Business

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

12

Bulky Bob's For Business Statement of financial activities for the year ended 31 March 2024 A

		Unrestricted	Restricted	Total	Total
	Note	funds	funds	funds	funds
		2024	2024	2024	2023
		£	£	£	£
Income and endowments from:
Donations and legacies		-	-	-	25,000
Charitable activities:
Provision of waste recycling services	Provision of waste recycling services	-	-	-	86,528
Provision of PC recycling services		87,408	-	87,408	64,397
Total income from charitable activities		87,408	-	87,408	150,925
Total income		87,408	-	87,408	175,925
Expenditure on:
Charitable activities:
Provision of waste recycling services	Provision of waste recycling services 2	2,503	-	2,503	63,196
Provision of PC recycling services	2	112,667	-	112,667	110,788
Total charitable activities		115,170	-	115,170	173,984
Total resources expended		115,170	-	115,170	173,984
Net change in resources before
transfers		(27,762)	-	(27,762)	1,941
Net (outgoing)/incoming resources		(27,762)	-	(27,762)	1,941
Balance brought forward at 1 April		(123,808)	-	(123,808)	(125,749)
Balances carried forward at 31 March		(151,570)	-	(151,570)	(123,808)

The notes on pages 15 to 25 form part of these financial statements.

13

Bulky Bob's For Business Balance sheet as at 31 March 2024 A

Company Registration Number 09735094 Charity Registration Number 1168088

	Note	2024	2024	2023	2023
		£	£	£	£
Fixed assets
Tangible assets	8		3,840		7,192
Current assets
Debtors	9	108,456		20,417
Cash at bank and in hand		1,108		13,293
		109,564		33,710
Creditors: amounts falling due
within one year	10	(264,974)		(164,710)
Net current liabilities			(155,410)		(131,000)
Net liabilities			(151,570)		(123,808)
Funds
Unrestricted			(151,570)		(123,808)
Restricted			-		-
Deficit	11		(151,570)		(123,808)

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 15 to 25 form part of these financial statements.

14

Bulky Bob's For Business

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

1 Accounting policies

a) General Information

Bulky Bob's For Business is a 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 2[nd ] Edition), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), 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 focus of the Charity is the reuse of PCs following the cessation of the commercial waste recycling services in year. Despite income from the reuse of PCs increasing by 36%, the cost base remained the same as the prior year that contributed to the deficit for the year. We do however expect the position to improve in 24-25 with the operation relocating to our new site in Speke which will reduce property costs.

Furniture Resource Centre Limited, a charity which is the sole member of Bulky Bob’s For Business has committed to providing sufficient financial support for the charity for at least 12 months from the date of approval of these accounts and so the trustees have concluded that it is appropriate to prepare the accounts on a going concern basis.

The trustees are confident in the ability of the charity to continue to be profitable into the future.

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.

15

Bulky Bob's For Business

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 collection and recycling of unwanted PCs and business waste. 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 costs 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, e.g. lT costs, staff costs, general office and depreciation are apportioned by income generated.

f) Irrecoverable VAT

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

g) Operating leases

Where Bulky Bob's For Business is 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 charity 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 parent 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.

16

Bulky Bob's For Business

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

1 Accounting policies (continued)

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.

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:

• Determine whether leases entered into by the charity as lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have transferred from the lessor to the lessee on a lease by lease basis.

• Determine whether there are indicators of impairment of the charity's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future performance of the asset.

• Determine an appropriate cost allocation methodology for support costs. Support costs have been allocated between activities on the basis of income generated.

Other key sources of estimation uncertainty:

• Tangible fixed assets are depreciated over their useful lives taking into account residual lives, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions. the remaining life of the asset and projected disposal values.

• Debtors are provided against when there is objective evidence that the debt will not be recoverable.

17

Bulky Bob's For Business

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

2 Charitable activities

Charitable activities
	Direct		Total	Direct		Total
	costs	Support	2024	costs	Support	2023
	£	£	£	£	£	£
Provision of waste recycling
services	2,503	-	2,503	41,543	21,653	63,196
Provision of PC recycling
services	83,048	29,619	112,667	94,674	16,114	110,788
Total charitable activities	85,551	29,619	115,170	136,217	37,767	173,984

Total income from charitable activities in the year was £112,570 (2023 - £173,984) of which £112,570 (2023 - £173,984) was unrestricted and £Nil (2023 - £Nil) was restricted.

3 Direct costs

Direct costs
	Provision	Provision		Provision	Provision
	of waste	of PC		of waste	of PC
	recycling	recycling	Total	recycling	recycling	Total
	services	services	2024	services	services	2023
	£	£	£	£	£	£
Disposal costs	-	-	-	11,320	-	11,320
Staff costs	1,878	42,250	44,128	21,747	53,384	75,131
Vehicle costs	625	11,026	11,651	7,988	8,754	16,742
Property costs	-	16,521	16,521	-	15,731	15,731
Office costs	-	3,593	3,593	322	3,904	4,226
Depreciation	-	3,080	3,080	166	12,901	13,067
Other operating costs	-	6,578	6,578	-	-	-
	2,503	83,048	85,551	41,543	94,674	136,217

18

Bulky Bob's For Business

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

4 Allocation of support costs

Staff costs, vehicle costs, governance costs and general office costs are apportioned between provision of waste recycling services and provision of PC recycling services based on income generated by those areas.

	Provision	Provision		Provision	Provision
	of waste	of PC		of waste	of PC
	recycling	recycling	Total	recycling	recycling	Total
Support cost	services	services	2024	services	services	2023
	£	£	£	£	£	£
Staff costs	-	-	-	2,402	1,787	4,189
Governance	-	5,359	5,359	3,583	2,667	6,250
People development	-	3,988	3,988	3,619	2,693	6,312
Leadership, Finance and IT	-	9,328	9,328	7,520	5,596	13,116
Bad debt	-	2,600	2,600	-	-	-
General office	-	1,513	1,513	1,032	768	1,800
Interest	-	6,831	6,831	3,497	2,603	6,100
	-	29,619	29,619	21,653	16,114	37,767

Governance costs relate entirely to audit and accountancy costs.

5	Analysis of staff costs and the cost of key management personnel
		2024	2023
		£	£
	Staff costs:
	Wages and salaries	37,815	70,435
	Social Security costs	3,111	5,404
	Pension costs	3,202	3,481
		44,128	79,320

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

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).

Redundancy costs of £Nil were paid in the year (2023 - £Nil).

The charity did not employee any employees in the year. Instead, staff were recharged to the charity from other group companies at cost.

19

Bulky Bob's For Business

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

6 Trustee remuneration and related party transactions

None of the trustees were paid any remuneration or received any other benefits from an employment with the charity or any related entity. 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).

7 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	3,080	4,139
Operating lease rentals	18,242	21,120

8 Tangible fixed assets

	Improvements	Fixtures,
	to leasehold	fittings and	Plant and	Computer
	property	equipment	machinery	equipment	Total
	£	£	£	£	£
Cost
At 1 April 2023	5,750	5,638	10,919	4,858	27,165
Transfers intra group	-	(1,485)	-	-	(1,485)
At 31 March 2024	5,750	4,153	10,919	4,858	25,680
Depreciation
At 1 April 2023	1,848	4,133	9,134	4,858	19,973
Charge for the year	575	764	1,741	-	3,080
Transfers intra group	-	(1,213)	-	-	(1,213)
At 31 March 2024	2,423	3,684	10,875	4,858	21,840
Net book value
At 31 March 2024	3,327	469	44	-	3,840
At 31 March 2023	3,902	1,785	1,505	-	7,192

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

20

Bulky Bob's For Business

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

9 Debtors

Debtors
	2024	2023
	£	£
Trade debtors	102,849	11,135
Prepayments and accrued income	5,607	9,282
	108,456	20,417
Creditors: amounts falling due within one year
	2024	2023
	£	£
Trade creditors	3,501	2,530
Amount owed to Furniture Resource Centre Limited	188,220	135,922
Amount owed to Bulky Bob's	53,446	7,903
Other taxes and social security	7,271	5,987
Other creditors	91	91
Accruals and deferred income	12,445	12,277
	264,974	164,710

10 Creditors: amounts falling due within one year

The balance owed to Furniture Resource Centre Limited is due on demand and incurs interest at a rate of 4% per annum compounded daily.

Included in accruals and deferred income is £2,550 (2023 - £2,550) of deferred income relating to the periodic delivery of refurbished computers to the NHS. In the year no amounts have been released or deferred.

21

Bulky Bob's For Business

Notes forming part of the financial statements

for the year ended 31 March 2024 (continued)

11 Funds

	Balance at	Movement in	Movement in	Balance at
	1 April	resources	resources	31 March
	2023	Incoming	Outgoing	2024
Current year	£	£	£	£
Unrestricted funds	(123,808)	87,408	(115,170)	(151,570)
Total funds	(123,808)	87,408	(115,170)	(151,570)
	Balance at	Movement in		Balance at
	1 April	resources	resources	31 March
	2022	Incoming	Outgoing	2023
Prior year	£	£	£	£
Unrestricted funds	(125,749)	175,925	(173,984)	(123,808)
Total funds	(125,749)	175,925	(173,984)	(123,808)

There were no restricted funds in the current year or prior year.

12 Analysis of net assets between funds

		Net			Net
	Fixed	current	2024	Fixed	current	2023
	assets	liabilities	Total	assets	assets	Total
	£	£	£	£	£	£
Restricted funds	-	-	-	-	-	-
Unrestricted funds	3,840	(155,410)	(151,570)	7,192	(131,000)	(123,808)
Net assets	3,840	(155,410)	(151,570)	7,192	(131,000)	(123,808)

22

Bulky Bob's For Business

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

13 Operating lease commitments

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

	Land and		Total	Land and		Total
	buildings	Other	2024	buildings	Other	2024
Charity	£	£	£	£	£	£
Expiry within:
One year	7,625	-	7,625	7,417	4,606	12,023
	7,625	-	7,625	7,417	4,606	12,023

14 Pension commitments

The parent 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. Annual contributions in the year were £3,202 (2023 - £3,481) and contributions amounting to £Nil (2023 - £Nil) were payable at the year end.

15 Related parties

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

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

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

• • Recharge for staff costs: £41,976 (2023 - £56,455)

• Recharge for shared services: £13,315 (2023 - £19,427)

• Recharge for logistics costs: £3,834 (2023 - £5,566)

• Recharge for general costs: £16,274 (2023 - £13,286)

• Recharge for staff training costs: £Nil (2023 - £390)

• Donation: £Nil (2023 - £25,000)

• Recharge for waste disposal costs: £Nil (2023 - £50,004)

Transactions from Bulky Bob's For Business to Furniture Resource Centre Limited:

• Recharge for logistics costs: £Nil (2023 - £3,415)

• Recharge for staff costs: £505 (2023 - £2,245)

• • Interest on intercompany borrowing £6,831 (2023 - £6,100)

The amount owed by Bulky Bob’s For Business To Furniture Resource Centre Limited at 31 March 2024 was £188,220 (2023 - £135,922).

23

Bulky Bob's For Business

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

15 Related parties (continued)

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

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

• Recharge for staff costs: £2,151 (2023 - £22,764)

• Recharge for logistics costs: £7,525 (2023 - £11,234)

• Recharge for general costs: £1,221 (2023 - £11,130)

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

• Recharge for general costs: £Nil (2023 - £866)

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

16 Capital commitments

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

17 Parent Company

The immediate and ultimate parent company is Furniture Resource Centre Limited, which is registered in England and Wales. 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:

• To relieve, ether generally or individually, persons who are in conditions of need, hardship, or distress by the provision of furniture and other household accessories calculated to reduce the need, hardship, or distress of such persons;

• To promote any charitable purpose for the benefit of the public and in particular the advancement of education and training, the relief of poverty, distress and sickness and charitable purposes connected with the improvement of the environment; and

• To advance education and relieve need by providing or assisting in the provision of training and by providing guidance for such people as are in need, calculated to enable them to earn their own living.

24

Bulky Bob's For Business

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

18	Comparative information
		Unrestricted	Restricted	Total
		Funds	Funds	Funds
		2023	2023	2023
		£	£	£
	Income and endowments from:
	Donations and legacies	25,000	-	25,000
	Charitable activities:
	Provision of waste recycling services	86,528	-	86,528
	Provision of PC recycling services	64,397	-	64,397
	Total charitable activities	150,925	-	150,925
	Investments
		175,925	-	175,925
	Total
	Expenditure on:
	Charitable activities:	63,196	-	63,196
	Provision of waste recycling services	110,788	-	110,788
	Provision of PC recycling services
		173,984	-	173,984
	Total charitable activities
		173,984	-	173,984
	Total resources expended
		1,941	-	1,941
	Net resources before transfers
	Net incoming resources	1,941	-	1,941
	Balance brought forward at 1 April	(125,749)	-	(125,749)
	Balances carried forward at 31 March	(123,808)	-	(123,808)

25