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2021-12-31-accounts

Registration Number: 5467959 Charity Registration Number: 1178214

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Oxford Wood Recycling

(A Company limited by guarantee)

Green Accountancy Limited Association of Chartered Certified Accountants Witney Business and Innovation Centre Windrush Park Road Witney Oxfordshire OX29 7DX

Oxford Wood Recycling

Contents

Charity information 1
Report of the trustees 2-8
Independent examiner's report 9
Statement of Financial Activities 10
Balance Sheet 11-12
Statement of Cash Flows 13
Notes to the Financial Statements 14-24

Oxford Wood Recycling

Reference and administrative details

Registered Company limited by guarantee number in England and Wales

5467959

Registered Charity number

1178214

Registered office

4 Suffolk Way Abingdon OX14 5JX

Trustees

Mr N P Dowling Mr M A McCartney Mr R J Snow Ms S M McGill Mr A J Vaux

Independent Examiner

David Wilsdon FCCA Association of Chartered Certified Accountants Green Accountancy Limited Witney Business and Innovation Centre Windrush Park Road Witney Oxfordshire OX29 7DX

Page 1

Oxford Wood Recycling

Report of the trustees for the year ended 31 December 2021

Oxford Wood Recycling is a Company limited by guarantee with an open membership and trustees who are also directors of the charity for the purposes of the Companies Act 2006.

The objectives of the charity and the powers of the Trustees are set out in the Constitution as are the regulations concerning the appointment of new Trustees.

The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. 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) (effective 1 January 2019).

Oxford Wood Recycling was registered with the Charity Commission as a Company limited by guarantee on 2 May 2018.

The charity is governed by trustees. In the year under review there were five. The Trustees normally meet monthly. In the last year there were nine meetings, and an AGM.

Strategic Report - Objectives and activities

The objects of the charity are for the public benefit:

Activities

The charity operates a waste wood collection service and reclaims wood for re-use, to be used in the manufacture of furniture and other wooden items, and to be sold as DIY materials.

Ancillary to the reclaimed material, the charity sells ironmongery, wood finishes and paint.

The charity raises awareness of and sells sustainable local hardwood.

The charity employs and supports individuals who face barriers to working through ill health or disability and operates Wood to Work, an employability service for volunteers at Oxford Wood Recycling who live with a disability or other barrier and are seeking paid work.

Page 2

Oxford Wood Recycling

Report of the trustees for the year ended 31 December 2021

The Trustees confirm that they have complied with their duty under section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit.

Achievement and performance

Strategic Report - Charitable Activities.

Oxford Wood Recycling (OWR) is a member of the Community Wood Recycling Network comprising 30 social enterprises. Our joint aims are to reduce the amount of wood waste going to landfill, principally by reclaiming as much as possible for reuse, and secondarily making sure that the residue is passed on for recycling. In common with most other Community Wood Recycling members, OWR has a further and joint aim to support people with disabilities and other barriers to working towards and into employment.

The National Community Wood Recycling network as a whole reclaimed nearly 10,000 tonnes of wood for re-use from a total of 23,952 tonnes collected, representing around 40% of wood reclaimed from waste. Nothing was sent to landfill.

2021 saw the beginning of a trend of reduction in waste wood arisings from house builder customers, largely because of the increase in the collection and re-patriation of pallets to suppliers by a new national service provider. Secondly, timber prices increased significantly post -pandemic resulting in more careful waste management by OWR’s customers, especially builders.

In 2021 OWR reclaimed 327 tonnes of construction and manufacturing wood waste out of a total of 1461 tonnes collected, compared with 402 tonnes reclaimed wood from 1363 tonnes collected in 2020. The percentage of wood reclaimed therefore fell from 29% to 22%, with 0% sent to landfill. OWR lagged behind many community wood recycling social enterprises in terms of percentage wood reclaimed, for the reason that OWR carries out many more collections than most enterprises, maintaining significant income levels and creating employment opportunities from high levels of service for waste collections and passing on 70-80% wood for recycling, usually for recovery for energy production.

The trustees believe that charitable objectives continue to be met through the reclaiming of wood from waste for reuse, by reducing the pressure on virgin timber production; energy consumed and carbon released by associated processing and transport.

The Woodshop in Abingdon provides the venue and context to promote the reuse of reclaimed timber through sales, information and advice, manufacture of furniture, wood-work courses, and inspirational events. The Woodshop saw 8,651 transactions in 2021 and a customer survey in November confirmed that 100% of customers were aware of OWR’s environmental purpose and 87% reported using the organisation’s Woodshop principally for environmental reasons.

Page 3

Oxford Wood Recycling

Report of the trustees for the year ended 31 December 2021

During the year the charity made a further purchase of a new lower emissions (Euro6) diesel collections vehicle and ordered two more thanks to a match-funding grant from Oxfordshire LEP. A large gas heater was removed from the Woodshop as a further greening measure, with plans in place to better insulate and heat office and working areas in 2022.

The trustees were keen to place a particular focus on the organisation’s social impact objectives in 2021. Covid 19 continued to impact staff, volunteers and therefore operations, particularly at the beginning of the year although trading activities were able to continue. 11 employees at OWR were supported in their roles as a result of facing barriers to working. Between them they carried out 11,300 hours of paid work. In addition, 21 volunteers carried out 2,500 hours of work activity and after a Theory of Change review the partnership that became Wood to Work was drawn up and contracted, beginning October 2021. Social impact information was gathered by researchers for a report to be published in 2022.

Wood to Work is a new partnership, commissioned by OWR, together with Oxfordshire County Council (Oxfordshire Employment) and Ways into Work. It aims to work with around 20 individuals per annum who face severe barriers to working and addresses a long-standing and unmet local need among people generally seen to be furthest away from gaining paid employment. It is expected that sustained employment will be found for at least 50% of participants who will benefit from a supported employment model and service throughout the programme and beyond, into and during employment. A senior employment coach is present at OWR 3 days per week supported by OWR’s internal employment support worker for 2 days per week. Initially five participants joined the programme in 2021.

Strategic Report - Financial Review

Financial position

Trading activities were limited in the first two months of the year by a partial lockdown, which limited customer sales at the Woodshop. However, sales recovered well and total income from charitable activities was £709,069 compared with £605,846 in 2020. Charitable grants of £144,494 ensured total income increased to £853,631 up 6% on 2020.

Expenditure of £757,556 saw a positive net movement in funds of £96,075 and total funds carried forwards of £255,115 of which £184,999 was unrestricted.

The cashflow provided by a Postcode Lottery grant and loan in 2019/20 enabled investment in infrastructure and human resources to continue, with benefit for organisational resilience. Access to funding afforded by charitable status is also beginning to have a positive affect on sustainability.

Page 4

Oxford Wood Recycling

Report of the trustees for the year ended 31 December 2021

Principal funding sources

A further £43,000 in grant and £43,000 loan was drawn down from the Postcode lottery Investment fund. £976 was received from Magnox for woodworking training and set-up of a woodworking course. £7,071 was received under the Coronavirus Job Retention Scheme and £9,448 in respect of salary for two new employees under KickStart. Finally, £91,807 grant was received from CAF Resilience fund 2 in December for future training and apprenticeships for individuals facing barriers to working.

Investment policy and objectives

The charity currently holds unused funds above £85,000 in instant-access building society accounts. The charity currently has no other investments. The Trustees will review policy on building a portfolio of ethical investments as reserves increase beyond that required to meet current need.

Reserves policy

Our reserve policy is to build an unrestricted cash fund so we can handle cashflow challenges.

The trustees aim to maintain unrestricted reserves to cover fixed operating costs for three months, currently £130,000.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic Report - Structure, governance and management

Structure

The charity is controlled by its governing document, a deed of trust, and constitutes a company limited by guarantee, as defined by the Companies Act 2006.

Charity constitution

The charity is a company limited by guarantee.

Governance

New Trustees are selected by the board of trustees for election by members at an ordinary or extraordinary meeting. There are currently five trustees. All trustee candidates must be approved by the membership body. Individuals may be co-opted by the Trustees during the year as volunteer advisors, without recourse to the membership. Trustee may serve for a period of 3 years when they must resign and may stand again for re-election.

Page 5

Oxford Wood Recycling

Report of the trustees for the year ended 31 December 2021

Management

Day to day management of the charity is the responsibility of the CEO and the Senior Leadership Team (SLT) of four managers. Each manager is responsible for their area of concern and it’s staffing. Activity areas are divided into Wood waste collections, the Woodshop (incorporating the Workshop), Marketing & Communications and Business Administration. The Business Administration Manager is also the lead officer for Health & Safety at OWR. Human resources are managed internally with support from external consultants. Payroll services are outsourced. The Wood to Work contract is managed via a steering group, together with partner organisations Oxfordshire Employment and Ways into Work.

Strategic report - Principle Risks and Uncertainties, Future Plans

Principle Risks and Uncertainties

We have identified areas where there is long-term risk and are determining the right response to each as we prepare a new business plan for the period 2023-2025. The principal risks are:

  1. Key personnel departure: The CEO is a founder member of the company and may step down during the next business plan period.

The trustees will mitigate risk to the charity of any succession issues by ensuring the development of the SLT with team-building and leadership training over the next 12-18 months with the aim that they provide strategic day to day cover and management for the charity.

  1. The possibility of another pandemic similar to Covid-19: OWR has adapted to the challenges posed by COVID-19 and is better placed to ensure business continuity in future, including by moving more sales online and developing home deliveries. A future pandemic would pose a threat to Wood to Work and to our overall ability to employ staff without further government support. The trustees intend to continue to build unrestricted reserves in order to provide business continuity in the event of total lockdown.

  2. A threat to the Community Wood Recycling business model: Materials inflation due to the pandemic, inflated energy costs and the war in Ukraine have caused the construction industry to be less wasteful, meaning there is less material available for reclaim and reuse. Whilst this is a positive step environmentally, it does pose questions for activities reclaiming wood from waste. In mitigation the trustees will ensure that sales and marketing is maintained to a variety of business customers to maintain a sufficient level of wood waste collections to sustain the flow of reclaimed wood to the Woodshop. For example sales are able to switch from large construction sites to other business types such as distribution and manufacturing companies, where OWR’s collection service continues to provide a logistical solution to the management of packaging waste. OWR’s exposure to the risk of reductions in Community Wood Recycling is also naturally and gradually declining as we continue to build private client sales.

Page 6

Oxford Wood Recycling

Report of the trustees for the year ended 31 December 2021

  1. The risk of economic uncertainty following the pandemic can could result in a decline in sales of reclaimed materials and products manufactured from reclaimed wood as the public cuts back on DIY and re-furbishment projects. Such a decline threatens the sustainability of the charity and our objectives to promote reuse and to employ and seek employment for individuals facing barriers to working. In mitigation, the trustees have been encouraged by the growth at OWR in manufacturing for the public sector, particularly for exterior installations of furniture, and hope that continued growth in this area will support our charitable objectives and maintain the sustainability of the organisation.

Future Plans

The objectives of the charity are both environmental and socially focussed. In order to achieve our vision of a community where there are no barriers to employment and also zero waste, business planning is centred around promoting and building activities which create or facilitate environmental or social impact, or both.

We will continue with the current 2020-2022 business plan objectives to strengthen the business administration systems with the goal of building resilience through secure digital data management. In tandem, there will be training in leadership and working in teams for SLT followed by similar training for delivery teams.

Wood waste collections will continue to grow organically as opportunities for growth arise and as they provide opportunities to offer employment to individuals from our beneficiary groups and continue to produce recoverable material at least at the present rate. There will be a focus in this next period on manufacturing for public works for both public sector and commercial clients. This activity features reclaimed materials and promotes the organisation as a social enterprise, also producing further employment whilst providing significant revenue.

The Wood to Work programme has been well thought through and promises to be a flagship activity for the charity, producing impact for our beneficiary groups. The trustees will seek to fund Wood to Work going forward from charitable funding and where possible monetise the outcomes. To this end the trustees will recruit new members who have the skills to assist in growing the employability services and also to fulfil an ambassadorial role in promoting the charity.

The Woodshop will continue to diversify activities in order to create more learning opportunities for Wood to Work participants and also to build a local community of interest.

We plan to make good use of the exhibition/show space in to highlight environmental issues, and build on existing initiatives such as sales of SESI environmental cleaning products to create further reasons to visit the Woodshop. A number of woodwork classes for beginners are planned, making use of the extended mezzanine space.

The CEO will work together with other trustees and the senior team to draw up a business plan for 2023-2025 to include succession planning.

Page 7

Oxford Wood Recycling

Report of the trustees for the year ended 31 December 2021

Trustees' responsibilities

The Trustees are responsible for preparing the Trustees Annual Report and the Trustees Report and Accounts in accordance with applicable law and regulations.

Each of the persons who is a trustee at the date of approval of this report confirms that: -so far as each Trustee is aware , there is no relevant audit informa5on of which the charity9s auditor is unaware; and

-each Trustee has taken all steps that they ought to have taken as a Trustee to make themself aware of any relevant audit information and to establish that the charity’s auditor is aware of that information.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees on ............................................. and signed on the board's behalf by: 28/09/2022

Mr R J Snow Trustee

Page 8

Independent Examiner's Report to the Trustees of Oxford Wood Recycling

Independent Examiner's Report to the Trustees of Oxford Wood Recycling ('the company')

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2021.

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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Association of Chartered Certified Accountants which is one of the listed bodies.

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:

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.

David Wilsdon FCCA Association of Chartered Certified Accountants Green Accountancy Limited Witney Business and Innovation Centre Windrush Park Road Witney Oxfordshire OX29 7DX 28/09/2022 Date: .............................................

Page 9

Oxford Wood Recycling

Statement of Financial Activities for the year ended 31 December 2021

Unrestricted
funds
Note
£
Incoming resources
Income and endowments from:
Donations and legacies
3.1
3,094
Charitable activities - income
3.2
714,975
Investment income
3.3
68
Total Income
718,137
Resources expended
Expenditure on:
Charitable activities - expenditure
4.1
726,297
Total expenditure
726,297
Transfers between funds
32,753
Net movement in funds
24,593
Reconciliation of funds:
Total funds brought forward
87,080
Total funds carried forward
111,673		 Restricted
funds
£
134,807
-
-
134,807
23,044
23,044
(32,753)
79,010
71,960
150,970		 Total
2021
£
137,901
714,975
68
852,944
749,341
749,341
-
103,603
159,040
262,643		 Total
2020
£
201,111
603,303
285
804,699
683,061
683,061
-
121,638
37,402
159,040

Continuing operations

All income and expenditure has arisen from continuing activities.

Page 10

Oxford Wood Recycling

CIO Number 5467959

Balance Sheet as at 31 December 2021
Unrestricted
funds
Note
£
Fixed assets
Tangible assets
5
61,830
Total fixed assets
61,830
Current assets
Stocks
6
26,201
Debtors
7
132,000
Cash at bank and in hand
8
113,692
Total current assets
271,893
Creditors: amounts falling due within one
year
9
105,846
Net current assets/(liabilities)
166,047
Total assets less current liabilities
227,877
Creditors: amounts falling due after one
year
10
116,204
Total net assets
111,673
Funds of the Charity
Unrestricted funds
12
111,673
Restricted income funds
12
-
Total funds
111,673		 Restricted
funds
£
-
-
-
-
150,970
150,970
-
150,970
150,970
-
150,970
-
150,970
150,970		 Charity Number 1178214
Total
Total
2021
2020
£
£
61,830
60,051
61,830
60,051
26,201
19,019
132,000
110,203
264,662
194,642
422,863
323,864
105,846
153,224
317,017
170,640
378,847
230,691
116,204
71,651
262,643
159,040
111,673
87,080
150,970
71,960
262,643
159,040		 Charity Number 1178214
Total
Total
2021
2020
£
£
61,830
60,051
61,830
60,051
26,201
19,019
132,000
110,203
264,662
194,642
422,863
323,864
105,846
153,224
317,017
170,640
378,847
230,691
116,204
71,651
262,643
159,040
111,673
87,080
150,970
71,960
262,643
159,040
60,051
19,019
110,203
194,642
323,864
153,224
170,640
230,691
71,651
159,040
87,080
71,960
159,040

Page 11

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 28/09/2022 and were signed on its behalf by:

.............................................

Mr R J Snow Trustee

Page 12

Oxford Wood Recycling

Statement of Cash Flows for the year ended 31 December 2021

Cash flows from operating activities
Donations and legacies
Charitable activities - income
Charitable activities - expenditure
Adjust for fixed asset accounting and cash amounts:
Depreciation
(Profit)/loss on disposal of fixed assets
Sale of fixed assets
Purchase of fixed assets
Adjust for movements in:
Creditors other than loans
Stocks
Debtors
Total cash inflow from operating activities
Cash inflow from investing activities
Cash flows from financing activities:
New loans in the year - Postcode Innovation Loan
New loans in the year - Bounceback loan
Loan repayments in year
Total net cash flow for the year
Bank and cash in hand brought forward
Bank and cash in hand carried forward		 2021
£
137,901
714,975
(749,341)
35,304
(2,290)
3,834
(38,628)
(16,844)
(7,182)
(21,797)
55,932
68
43,000
-
(28,980)
70,020
194,642
264,662		 2020
£
201,111
603,303
(683,061)
26,257
(921)
3,334
(37,358)
27,965
2,083
(62,438)
80,275
285
82,000
50,000
(21,077)
191,483
3,159
194,642

Page 13

Oxford Wood Recycling

Notes to the Financial Statements for the year ended 31 December 2021

1 Basis of preparing the financial statements

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts 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)',

The charity is a Company limited by guarantee and constitutes a public benefit entity as defined by FRS 102.

2 Accounting Policies

Income

Income is included in the Statement of Financial Activities (SoFA) when:

Grants and donations

Grants and donations are included in the SoFA when the general income recognition criteria are met.

Tax reclaims on donations and gifts

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Donated goods, facilities and services

The charity benefits from significant work carried out by volunteers.

The charity receives the majority of its stock of wood as donations that would otherwise be thrown away, and so has negligible value.

Donated goods are sold by the charity. The sale proceeds included in trading income.

Page 14

Oxford Wood Recycling

Notes to the Financial Statements for the year ended 31 December 2021

Expenditure

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.

Governance and support costs

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Tangible fixed assets

These are capitalised if they can be used for more than one year, and cost at least £200. They are valued at cost.

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

Leasehold property - 25% Straight Line Basis Plant and Machinery - 25% Straight Line Basis Office Equipment - 25% Straight Line Basis

Stocks

Stocks held for sale as part of non-charitable trade are measured at the lower or cost or net realisable value.

Goods or services provided as part of a charitable activity are measured at net realisable value based on the service potential provided by items of stock.

Taxation

The charity registered as a charity on 2 May 2018 and since that date has been exempt from corporation tax on its charitable trading 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.

Page 15

Oxford Wood Recycling

Notes to the Financial Statements for the year ended 31 December 2021

Debtors

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Liability recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

The charity has creditors which are measured at settlement amounts less any trade discounts

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.

Page 16

Oxford Wood Recycling

Notes to the Financial Statements for the year ended 31 December 2021

3.1 Income from donations and legacies

Unrestricted
funds
£
Grants
1,593
Donations Received
498
Total donations and legacies
2,091
Unrestricted
funds
Grants included in the above amounts:
£
Postcode Innovation Grant
-
CAF Resilience Fund
-
VoWH District Council
-
Postcode Trust
-
Awards4All Covid19 Lottery funding
-
eScalate
-
Oxon Community Fund
-
Abingdon-On-Thames Town Council
-
Bounceback Loan Interest
617
Magnox Ltd
976
Total donations and legacies
1,593
3.2 Income from charitable activities
Unrestricted
funds
£
Recycle Wood Sales
425,052
Recycle Wood Collections
268,526
Donated Goods
4,162
Coronavirus job retention scheme
7,071
Gift Aid
1,003
Kickstart Scheme
10,164
Total income from charitable activities
715,978		 Restricted
funds
£
134,807
-
134,807
Restricted
funds
£
43,000
91,807
-
-
-
-
-
-
-
-
134,807
Restricted
funds
£
-
-
-
-
-
-
-		 Total
2021
£
136,400
498
136,898
Total
2021
£
43,000
91,807
-
-
-
-
-
-
617
976
136,400
Total
2021
£
425,052
268,526
4,162
7,071
1,003
10,164
715,978		 Total
2020
£
198,567
2,544
201,111
Total
2020
£
82,000
54,639
25,000
16,406
9,189
5,433
5,000
900
-
-
198,567
Total
2020
£
283,128
232,495
12,068
75,612
-
-
603,303

Page 17

Oxford Wood Recycling

Notes to the Financial Statements for the year ended 31 December 2021

3.3 Investment income

Investment income
Unrestricted
funds
£
Interest received
68
Total investment income
68
Total income
718,137		 Restricted
funds
£
-
-
134,807		 Total
2021
£
68
68
852,944		 Total
2020
£
285
285
804,699

Page 18

Oxford Wood Recycling

Notes to the Financial Statements for the year ended 31 December 2021

4.1 Charitable activities - expenditure

Charitable activities - expenditure
Unrestricted
funds
£
Staff costs:
Salaries - Gross pay
306,090
Salaries - Employers NI
16,965
Salaries - Pensions
16,351
Trustees - Gross pay
43,017
Trustees - Employers NI
4,692
Trustees - Pensions
11,198
Other people related costs
13,160
Direct costs:
Cost of goods sold
77,069
Waste Fees
52,990
Rent
41,491
Motor costs
33,659
Depreciation
35,304
Other premises costs
9,976
(Profit)/loss on disposal of fixed assets
(2,290)
Support costs:
Other expenditure
21,066
Governance costs
9,580
Company Insurance
8,136
Computer consumables and software
7,663
Maintenance
5,163
Interest payable
2,156
Bank loan interest
1,213
HP interest
729
Charitable Donations
312
Total expenditure on charitable activities
715,690		 Restricted
funds
£
11,297
-
-
-
-
-
8,747
-
-
-
-
-
-
-
-
3,000
-
-
-
-
-
-
-
23,044		 Total
2021
£
317,387
16,965
16,351
43,017
4,692
11,198
21,907
77,069
52,990
41,491
33,659
35,304
9,976
(2,290)
21,066
12,580
8,136
7,663
5,163
2,156
1,213
729
312
738,734		 Total
2020
£
331,970
17,946
12,936
43,472
4,792
10,860
11,732
63,478
42,204
22,376
31,059
26,257
8,019
(921)
12,458
9,755
7,672
6,766
4,247
3,640
-
-
-
670,718

Page 19

Oxford Wood Recycling

Notes to the Financial Statements for the year ended 31 December 2021

4.2 Support costs

All support costs are allocated to the single charitable activity of the charity and are included above.

Governance costs included above
Unrestricted
funds
£
Accountancy
4,196
Independent Examination
525
Bookkeeping
3,179
Legal and professional fees
1,680
Total governance costs
9,580		 Restricted
funds
£
-
-
-
3,000
3,000		 Total
2021
£
4,196
525
3,179
4,680
12,580		 Total
2020
£
4,041
505
3,959
1,250
9,755

There are no staff working for the charity whose contracts are with and are paid by a related party. There were no ex-gratia payments made and no redundancy payments made. There are no staff working for the charity who were paid more than £60,000.

During the period Mr Richard Snow, who is a trustee, was paid the above salary (shown in note 4.1) during the period in his role as full time CEO for the charity.

4.3 Staff numbers

Average headcount in the year: 2021 2020
Charitable activities 22 21

Page 20

Oxford Wood Recycling

Notes to the Financial Statements for the year ended 31 December 2021

5 Tangible fixed assets

Improvements
to property
£
Cost
At 1 January 2021
43,742
Additions
12,259
Disposals
(265)
At 31 December 2021
55,736
Depreciation
At 1 January 2021
13,002
Charge for year
13,934
Eliminated on disposal
(66)
At 31 December 2021
26,870
Net book value
At 31 December 2021
28,866
At 31 December 2020
30,740
7
Debtors
Unrestricted
funds
£
Debtors
35,934
Prepayment
82,826
Rent Deposit
10,500
Gift aid debtor
800
Accrued income
1,224
Grants receivable
716
Total debtors
132,000		 Plant and
machinery
£
100,078
25,544
(25,261)
100,361
73,418
20,505
(24,767)
69,156
31,205
26,660
Restricted
funds
£
-
-
-
-
-
-
-		 Computer
equipment
£
9,342
825
(6,701)
3,466
6,691
867
(5,851)
1,707
1,759
2,651
Total
2021
£
35,934
82,826
10,500
800
1,224
716
132,000		 Totals
£
153,162
38,628
(32,227)
159,563
93,111
35,306
(30,684)
97,733
61,830
60,051
Total
2020
£
40,031
3,680
10,500
1,353
-
54,639
110,203

Page 21

Oxford Wood Recycling

Notes to the Financial Statements for the year ended 31 December 2021

8 Cash at bank and in hand

Unrestricted
funds
£
Current Account
10,364
Business Savings
63,822
Deposit Account
32,753
Newbury Building Society
500
PayPal
6,251
Petty Cash
2
Total cash at bank and in hand
113,692
9
Creditors: amounts falling due within one year
Unrestricted
funds
£
Trade creditors
45,197
VAT
6,579
Employees PAYE & NI owed
5,732
Pension creditor
2,715
Accruals
4,405
ICOF Loan 2
-
NCWRP Loan
-
Gift Certificates
-
Bounceback Loan - due within one year
9,640
Hire Purchase - due within one year
5,208
Postcode Innovation - within one year
26,370
Total creditors due within one year
105,846
10
Creditors: amounts falling due after more than one year
Unrestricted
funds
£
Bounceback Loan - due more than one year
35,631
Hire Purchase - due more than one year
3,845
Postcode Innovation - more than one year
76,728
Total creditors due within one year
116,204		 Restricted
funds
£
-
21,178
129,792
-
-
-
150,970
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
Restricted
funds
£
-
-
-
-		 Total
2021
£
10,364
85,000
162,545
500
6,251
2
264,662
Total
2021
£
45,197
6,579
5,732
2,715
4,405
-
-
-
9,640
5,208
26,370
105,846
Total
2021
£
35,631
3,845
76,728
116,204		 Total
2020
£
27,848
-
166,641
-
90
63
194,642
Total
2020
£
19,668
38,451
6,223
2,592
9,705
1,486
2,025
2,657
50,000
4,831
15,586
153,224
Total
2020
£
-
9,052
62,599
71,651

Page 22

Oxford Wood Recycling

Notes to the Financial Statements for the year ended 31 December 2021

11 Leasing agreements

Minimum lease payments fall due as follows:

Non-cancellable operating leases for property
Amounts falling due within one year
Amounts falling due one to five years		 2021
£
41,280
82,560
123,840		 2020
£
41,280
123,840
165,120

12 Charity funds - current year

Restricted funds
CAF Grant
eScalate Grant
Postcode Innovation Grant
Total Restricted funds
Unrestricted funds
Total funds
13
Charity funds - previous year
Fund name:
Restricted funds
CAF Grant
eScalate Grant
Postcode Innovation Grant
Total Restricted funds
Unrestricted funds
Total funds		 At 1
January
2021
£
27,320
5,433
39,207
71,960
87,080
159,040
At 1
January
2020
£
-
-
-
-
37,402
37,402		 Net
movement
in funds
£
91,807
-
19,956
111,763
(8,160)
103,603
Net
movement
in funds
£
27,320
5,433
53,255
86,008
35,630
121,638		 Transfers
between
funds
£
(27,320)
(5,433)
-
(32,753)
32,753
-
Transfers
between
funds
£
-
-
(14,048)
(14,048)
14,048
-		 At 31
December
2021
£
91,807
-
59,163
150,970
111,673
262,643
At 31
December
2020
£
27,320
5,433
39,207
71,960
87,080
159,040

Page 23

Oxford Wood Recycling

Notes to the Financial Statements for the year ended 31 December 2021

14 Related party disclosures

There were no related party transactions for the year ended 31 December 2021.

Page 24

R E F E R E N C E N U M B E R 2E4497AB-A799-4F51-8E79-D01712DD29D3

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