REGISTERED COMPANY NUMBER: CE009778 (England and Wales) REGISTERED CHARITY NUMBER: 1172329
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 June 2022
for
RESURRECTION TRADING
B20 Limited Chartered Certified Accountants Charwell House Wilsom Road Alton Hampshire GU34 2PP
RESURRECTION TRADING
Contents of the Financial Statements for the Year Ended 30 June 2022
| Page | |
|---|---|
| Report of the Trustees | 1to4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8to 12 |
| Detailed Statement of Financial Activities | 13 to 14 |
RESURRECTION TRADING
Report of the Trustees for the Year Ended 30 June 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (e ffective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the CIO are as follows:
1 ) To advance the Christian faith for the public benefit, in particular but not exclusively by:
a. Advancing the education of young people up to 25 years old, according to Christian principles, particularly but not exclusively, by providing grants/money and resources to employ and support teachers and leaders;
b . Maintaining and improving the buildings belonging to the Parish of the Resurrection for the public benefit by giving grants to the bodies responsible for these works.
c. The provision of a Christian drop-in centre, offering spiritual guidance.
2 ) The relief of financial hardship for the public benefit in such ways as the trustees shall from time to time determine.
3 ) The relief of the elderly by the provision of a meeting place providing support for people in need of companionship.
4 ) The relief of unemployment by employing or providing training or work experience for young adults or students, particularly but not exclusively those hard to employ. For the purpose of this clause, "hard to employ" means those who are unemployed and/or are educationally, physically or mentally disadvantaged.
5 ) To further such other purposes which may be charitable according to the law of England and Wales as the trustees see fit from time to time.
These objects are to be carried out in particular but not exclusively in the Parish of the Resurrection, Alton, and the surrounding area.
In overall terms we have continued to substantially meet our objectives during the year in the grants that we give and help to needy families and in the welcome to folks of all ages. Our smaller shop meant that the 'drop in' aspirations could not be delivered. Now we have a larger space we need to work out what is practical and what the priorities are.
Significant activities
The Trustees are please to report a successful year of change and also continuing service to the Alton community and the Parish.
The big story is of a protracted negotiation for the lease of 21b High Street, of a wonderful collective effort to fit the shop out and a grand opening in July with record breaking sales.
Meanwhile our volunteer team kept 24 High Street running smoothly, despite Covid restrictions and lower than normal sales due to the economic climate. We have continued to substantially meet our objectives during the year in the grants that we give and help to needy families and in the welcome to folks of all ages. Our smaller shop meant that the 'drop in' aspirations could not be delivered. Now we have a larger space we need to work out what is practical and what the priorities are.
Some volunteers have retired and our Supervisor has moved on to a full -time job. We have recruited our new Manager and several volunteers to strengthen the team.
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RESURRECTION TRADING
Report of the Trustees for the Year Ended 30 June 2022
OBJECTIVES AND ACTIVITIES
Grantmaking
The Trustees were delighted to be able to make grants to: Youth Alpha course £500 "Blaze" trip to IOW £240 Ukraine appeal £1000 Training for Kickstart trainee £1904 Painting of St Peter's church £2000
In addition, £10,000 was paid to the Parish to support the Youth worker at the end of July.
We have a plan to invite volunteers to nominate charities to receive grants from RF to be implemented when we have settled in to the new shop.
Volunteers
We have a loyal band of about 30 volunteers serving in the shop, collecting and delivering furniture in the van, repairing and cleaning items, pricing and moving furniture and household items. We have been stretched at times but kept going and for that - thank you to the whole team.
Many of our volunteers take a lead role in the shop and on the van and that is essential to allow the supervisor time to do the administration and office jobs.
At the end of July Debbie left us to take a fulltime job after three years with RF. We will miss her enthusiastic presence, her relationship with volunteers and customers alike and unmissable laugh. She has been helped greatly by Matt who came to us in a Kickstart placement and then has moved on to online selling, support during the shop move and now Acting Supervisor until we make an appointment.
Thank you to both of them.
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RESURRECTION TRADING
Report of the Trustees for the Year Ended 30 June 2022
FINANCIAL REVIEW
Financial position
This year to the end of June 2022 was still affected by Covid restrictions and lower sales. Our total income was less than budgeted due to the slower sales and it was necessary to keep a higher level of reserves for the new shop fit out, for Covid risk and for a replacement van. Nevertheless, our surplus of income over expenditure was about £45,100 before the capital expenses of moving to the new shop (£34,100 up to the end of June) and grants made of £5,644. A further £10,000 was paid in July 2022 from the previous year's surplus to support the costs of the Parish Youth Worker. Our increase in assets was about £5,300.
The total cost of the fit out of 21b High Street was £38,300 mostly falling in the year to the end of June. This was a substantial investment to bring the space from a concrete shell without heating, lighting or flooring or internal structures to a fully operational shop. Since we now have a ten-year lease, we considered that the expenditure was worthwhile. In July we replaced our van at a cost of £19,300 because it became unreliable and a worry to our volunteer drivers. Again, this is a medium long-term investment.
Our decision to move at the end of our five- year lease at 24 High Street was due to the lack of showroom space, the steep narrow steps to the rear, lack of storage, office and workshop space. Derek Gurney found a very good location in the High Street last [June] Negotiations began in August 2021 and were finally concluded in [April] 2022. For a shop three times the size we are paying £36,000 per annum (fixed for 5 years) compared to £24,000 per annum (2022 prices). A recent survey of Alton High Street Shops' rents, indicated that the negotiated rent for 24 High Street was the lowest per square foot in the Town. The contract is for 10 years with a break clause after 5. Resurrection Trading will pay a share of the service cost with the other tenant Savers but is protected from any costs in relation to the roof structure.
I am very grateful to all Trustees and to many volunteers who have put in extra effort during the negotiations and then the extensive refurbishment programme. These many unstinting hours and days of planning, painting, carpentry work, cleaning and negotiating meant that we could open the shop on schedule on 12th July
Next year our aim is to achieve sales and contain costs to achieve a surplus considerably greater than the total we reached last year, at least £50k. This will be a challenge because our rent is greater plus of course the cost of electricity and other overheads.
FUTURE PLANS
From the opening of the new shop, we have increased the range of home goods sold and have the space to display more items at once. Our sales in the first month have been very good despite not having a telephone or a proper card reader and being in some degree of chaos. The increased activity has given more work to our volunteers in the shop and on the van so we do need to recruit some more volunteers to spread the load.
After a review the Trustees decided to appoint a manager with increased hours sufficient for the increased workload and to take more of the operational duties away from Trustees. I am please to say that Kim Martin has been appointed and will join us on 20th September allowing a lengthy handover from Matt. This autumn will be a period of bedding in the new shop, induction and training for our manager, recruitment of volunteers and improving day to day organisation.
Part of the move included a rebranding of RF to a new modern and colourful style. This will be extended during this year along with advertising to ensure that we reach a sufficiently wide customer base.
After a very demanding year we will take time to breath a bit more slowly and then look forward to making RF an even greater success for Alton and the Parish of the Resurrection.
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RESURRECTION TRADING
Report of the Trustees for the Year Ended 30 June 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Resurrection Trading was established as a Charitable Incorporated Organisation (CIO) to trade as Resurrection Furniture from premises in the High Street. The Parochial Church Council (PCC) of the Parish of the Resurrection gav e its approval and support early in 2017.
The constitution and charitable objects were established and approved by the Commission on 29th March 2017.
The CIO is structured to create an autonomous charity, controlled by its Trustees, but with links to the Parish of the Resurrection. This is enabled because the members of the CIO, who appoint the Trustees and receive annual reports from them, are the members of the PCC. Since our first year's trading was completed in early July, the financial year was set to end on 30th June. Resurrection Trading meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
CE009778 (England and Wales)
Registered Charity number
1172329
Registered office
24 High Street Alton GU34 1BN
Trustees
D Gurney R Lees J M K Hubbard T Codling R Randall
Independent Examiner
B20 Limited Chartered Certified Accountants Charwell House Wilsom Road Alton Hampshire GU34 2PP
Approved by order of the board of trustees on and signed on its behalf by:
Page 4
Independent Examiner's Report to the Trustees of RESURRECTION TRADING
Independent examiner's report to the trustees of RESURRECTION TRADING ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
1 . accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2 . the accounts do not accord with those records; or
-
3 . the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
4 . the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mrs Caroline Scull BA FCCA ACCA B20 Limited Chartered Certified Accountants Charwell House Wilsom Road Alton Hampshire GU34 2PP
Date: .............................................
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RESURRECTION TRADING
Statement of Financial Activities for the Year Ended 30 June 2022
| Notes 30.6.22 Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 7,847 Charitable activities Covid grants 12,765 Other trading activities 2 76,981 Total 97,593 EXPENDITURE ON Raising funds 57,171 Charitable activities Upcycling 42 Parish of the Resurrection 5,644 Other 33,482 Total 96,339 NET INCOME 1,254 RECONCILIATION OF FUNDS Total funds brought forward 93,786 TOTAL FUNDS CARRIED FORWARD 95,040 |
30.6.21 Total funds £ 13,200 27,804 60,464 101,468 55,252 78 12,576 750 68,656 32,812 60,974 93,786 |
|---|---|
The notes form part of these financial statements
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RESURRECTION TRADING
Balance Sheet 30 June 2022
| 30.6.22 | 30.6.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 7 | 53 | 53 |
| CURRENT ASSETS | |||
| Debtors | 8 | 2,081 | 7,598 |
| Cash at bank and in hand | 95,427 | 89,041 | |
| 97,508 | 96,639 | ||
| CREDITORS | |||
| Amounts falling due within one year | 9 | (2,521) | (2,906) |
| NET CURRENT ASSETS | 94,987 | 93,733 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 95,040 | 93,786 | |
| NET ASSETS | 95,040 | 93,786 | |
| FUNDS | 10 | ||
| Unrestricted funds | 95,040 | 93,786 | |
| TOTAL FUNDS | 95,040 | 93,786 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a ) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b ) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by:
The notes form part of these financial statements
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RESURRECTION TRADING
Notes to the Financial Statements for the Year Ended 30 June 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost Motor vehicles - 25% on cost Computer equipment - 33% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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RESURRECTION TRADING
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 30.6.22 | 30.6.21 | |
| £ | £ | |
| Shop income | 76,981 | 60,464 |
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 30.6.22 | 30.6.21 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | - | 2,385 |
| Other operating leases | 25,632 | 26,861 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2022 nor for the year ended 30 June 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2022 nor for the year ended 30 June 2021.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Shop Manager Assistant Supervisor No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Covid grants Other trading activities Total EXPENDITURE ON Raising funds Charitable activities Upcycling Parish of the Resurrection |
30.6.22 30.6.21 - 1 - 1 - 2 Unrestricted fund £ 13,200 27,804 60,464 101,468 55,252 78 |
|---|---|
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
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RESURRECTION TRADING
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | |||||||
|---|---|---|---|---|---|---|---|
| fund | |||||||
| £ | |||||||
| 12,576 | |||||||
| Other | 750 | ||||||
| Total | 68,656 | ||||||
| NET INCOME | 32,812 | ||||||
| RECONCILIATION OF FUNDS | |||||||
| Total funds brought forward | 60,974 | ||||||
| TOTAL FUNDS CARRIED FORWARD | 93,786 | ||||||
| 7. | TANGIBLE FIXED ASSETS | ||||||
| Fixtures | |||||||
| and | Motor | Computer | |||||
| fittings | vehicles | equipment | Totals | ||||
| £ | £ | £ | £ | ||||
| COST | |||||||
| At 1 July 2021 and 30 June 2022 | 1,262 | 8,280 | 670 | 10,212 | |||
| DEPRECIATION | |||||||
| At 1 July 2021 and 30 June 2022 | 1,209 | 8,280 | 670 | 10,159 | |||
| NET BOOK VALUE | |||||||
| At 30 June 2022 | 53 | - | - | 53 | |||
| At 30 June 2021 | 53 | - | - | 53 | |||
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | |||||
| 30.6.22 | 30.6.21 | ||||||
| £ | £ | ||||||
| Other debtors | 1,069 | 1,061 | |||||
| Prepayments | 1,012 | 6,537 | |||||
| 2,081 | 7,598 |
continued...
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RESURRECTION TRADING
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Social security and other taxes Other creditors Accrued expenses 10. MOVEMENT IN FUNDS At 1.7.21 £ Unrestricted funds General fund 93,786 TOTAL FUNDS 93,786 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 97,593 TOTAL FUNDS 97,593 Comparatives for movement in funds At 1.7.20 £ Unrestricted funds General fund 60,974 TOTAL FUNDS 60,974 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 101,468 TOTAL FUNDS 101,468 |
30.6.22 30.6.21 £ £ 81 233 1,690 1,923 750 750 2,521 2,906 Net movement At in funds £ 30.6.22 £ 1,254 95,040 1,254 95,040 Resources expended £ Movement in funds £ (96,339 ) 1,254 (96,339 ) 1,254 Net movement At in funds £ 30.6.21 £ 32,812 93,786 32,812 93,786 Resources expended £ Movement in funds £ (68,656 ) 32,812 (68,656 ) 32,812 |
|---|---|
continued...
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RESURRECTION TRADING
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.7.20 | in funds | 30.6.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 60,974 | 34,066 | 95,040 |
| TOTAL FUNDS | 60,974 | 34,066 | 95,040 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | ||
|---|---|---|---|---|
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 199,061 | (164,995 ) | 34,066 | |
| TOTAL FUNDS | 199,061 | (164,995 ) | 34,066 | |
| 11. | RELATED PARTY DISCLOSURES |
There were no related party transactions for the year ended 30 June 2022.
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RESURRECTION TRADING
Detailed Statement of Financial Activities for the Year Ended 30 June 2022
| for the Year Ended | 30 June 2022 | |
|---|---|---|
| 30.6.22 | 30.6.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 7,847 | 13,200 |
| Other trading activities | ||
| Shop income | 76,981 | 60,464 |
| Charitable activities | ||
| Grants | 12,765 | 27,804 |
| Total incoming resources | 97,593 | 101,468 |
| EXPENDITURE | ||
| Charitable activities | ||
| Upcycling costs | 42 | 78 |
| Grants to institutions | 3,740 | 12,576 |
| Grants for training | 1,904 | - |
| 5,686 | 12,654 | |
| Support costs | ||
| Management | ||
| Wages | 21,121 | 14,209 |
| Pensions | 258 | 154 |
| Other operating leases | 25,632 | 26,861 |
| Rates and water | 1,872 | 798 |
| Insurance | 932 | 1,067 |
| Light and heat | 329 | 1,888 |
| Telephone | 326 | 449 |
| Postage and stationery | 248 | 983 |
| Advertising | 2,994 | 1,010 |
| Sundries | 177 | 253 |
| Van costs | 3,096 | 3,843 |
| Shop display and maintenance | 287 | 479 |
| Fixtures and fittings | - | 315 |
| Motor vehicles | - | 2,070 |
| 57,272 | 54,379 | |
| Finance | ||
| Bank charges | 529 | 628 |
| Other | ||
| Professional fees | 3,520 | 245 |
| Set up costs | 28,582 | - |
| 32,102 | 245 | |
| Governance costs | ||
| Accountancy and legal fees | 750 | 750 |
This page does not form part of the statutory financial statements
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RESURRECTION TRADING
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 30 June 2022 | |||
| 30.6.22 | 30.6.21 | ||
| £ | £ | ||
| Total resources expended | 96,339 | 68,656 | |
| Net income | 1,254 | 32,812 |
This page does not form part of the statutory financial statements
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