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2024-12-31-accounts

Companies House Registration Number: 5467959 Charity Registration Number: 1178214

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Oxford Wood Recycling Ltd

(A Company limited by guarantee)

Green Accountancy Limited Chartered Certified Accountants Windrush House Windrush Park Road Witney Oxfordshire OX29 7DX

Oxford Wood Recycling Ltd

Contents

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

Oxford Wood Recycling Ltd

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

Barry Coles FCCA Green Accountancy Limited Chartered Certified Accountants Windrush House Windrush Park Road Witney Oxfordshire OX29 7DX

Page 1

Oxford Wood Recycling Ltd Report of the trustees for the year ended 31 December 2024

Chair’s Foreword

2024 has been a year of transition, reflection, and renewed commitment at Oxford Wood Recycling. As Chair of Trustees, I am proud of the resilience and integrity shown across the organisation during a time of significant leadership change and financial uncertainty. Despite the challenges, OWR has remained true to its mission — reducing wood waste and supporting people facing barriers to employment.

We are not immune to external pressures — rising costs, complex workforce needs, and a more competitive funding environment all require us to adapt. But in the face of these, our values remain constant: community, sustainability, inclusion, and opportunity.

I want to thank our dedicated staff, volunteers, customers, partners and funders for your continued belief in what we do. This next chapter is one of hope and ambition. We know where we want to go — and we are ready to get there.

2024 Impact Summary

Here’s what we achieved together this year:

Thank you to all those who have helped make this possible. We look forward to building on this impact in 2025 and beyond.

Report of the trustees for the year ended 31 December 2024

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 2024. 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

Page 2

Oxford Wood Recycling Ltd Report of the trustees for the year ended 31 December 2024

Strategic Report - Objectives and activities

The objects of the charity are for the public benefit:

We continue to operate under our mission, vision and values, drawn up by our community of interest in 2022.

Our Mission is to care for our environment and transform lives.

Our Vision is that we live and work in a community where there are no barriers to employment and there is zero waste.

Our values provide a guide to how we will work. We value above all, honesty, compassion, equality and diversity. Oxford Wood Recycling will always be a safe and inspiring place to work and to shop, with a good reputation and a warm atmosphere. We are friendly and knowledgeable and will treat you kindly whoever you are.

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 also raises awareness of and sells hardwoods grown in Britain, lessening the demand for exotic timber and reducing travel miles from imported wood.

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

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.

Page 3

Oxford Wood Recycling Ltd Report of the trustees for the year ended 31 December 2024

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 low level recycling such as biomass energy production, 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 joint aim to support people with disabilities and other barriers to employment.

The National Community Wood Recycling network as a whole reclaimed 7,175 tonnes of wood for re-use in 2024 from a total of 21,102 tonnes collected, representing around 34% of wood reclaimed from waste. Nothing was sent to landfill.

In 2024, reporting figures collated by Community Wood Recycling (NCWRP), our national body, OWR reclaimed for re-sale, re-use in manufacturing, 574 tonnes of construction and manufacturing wood waste from a total of 2046 tonnes collected, achieving over 2000 tonnes collected annually for the first time. The trustees believe that the environmental wood waste collection, recycling and reclaim method is increasingly becoming the default solution for construction and manufacturing wood waste in the region, and that OWR continues to be well placed to serve the need, and to feed the local circular economy via amounts reclaimed from recycling and waste. OWR generates income and creates employment opportunities from our waste collections service. This activity is aligned with our charitable objects through the reclaiming of wood from waste for reuse, by reducing the pressure on virgin timber production; and by reducing the energy consumed and carbon released by associated processing and transport. Utilising metrics borrowed from Community Wood Recycling’s Impact Measurement methodology, we estimate that wood waste collections using smaller vehicles to carry equivalent (skipped) loads avoided 82 tonnes of CO2 emissions in 2024, whilst reclaiming wood for reuse avoided 160 tonnes of CO2 emissions.

The Woodshop in Abingdon provides a venue and story to promote the reuse of reclaimed timber through sales, information and advice, manufacture of furniture, woodwork courses, and inspirational community events.

In 2024 OWR carpenters ran four paid-for woodwork courses, training 22 individuals over six lessons in basic woodworking techniques. The workshop also welcomed a furniture making apprentice who attends college at Ryecote Wood Furniture School in Oxford. The workshop hosted several work experience Year 10 students over the year and Larkmead school’s Make A Difference (MAD) week where students created, designed and produced an innovative Bug House through to production.

The Woodshop in Abingdon provides a venue and story to promote the reuse of reclaimed timber through sales, information and advice, manufacture of furniture, woodwork courses, and inspirational community events.

In early 2024, after organic staff movements, and a review of the profitability and capital cost of furniture manufacturing, the board resolved to pause commercial manufacturing until such time as it could be sufficiently and efficiently resourced.

The Furniture Making apprentice continued in post, assisting with retail commissions, with a focus on simple carpentry and the finishing and joining of boards for shelving, plinths and worktops. Retail sales of timber and ancillaries in 2024 were similar to those of 2023.

Page 4

Oxford Wood Recycling Ltd Report of the trustees for the year ended 31 December 2024

The upgrade to the workshop mezzanine, funded in 2023 by the Step Change Fund, and administered by Oxford Community Foundation, were made available in 2024 to new activities.

The mezzanine continued to house the Tool-hire library in 2024 and also served as a making up area for furniture and finishing. In addition, following a pilot programme in the summer, a Community Shed became a regular fixture. The Community Shed aims to engage with local communities, especially in Caldecott Ward, and addresses social isolation and poor mental health among that community. Held bi-weekly, starting in November, and led by woodworkers and volunteers, the emphasis is on making, and socialising, and regularly sees 20 participants.

Community activities are popular with participants and staff and volunteers at OWR, and funding was applied for and received in 2024 for a further woodworking project utilising the mezzanine workshop. ReNewWood, will run 10 workshops in 2025, using re-claimed materials in support of our environment and teaching new skills to help grow the circular economy.

Employment levels at OWR fell during 2024 from 18 FTE to 14.5FTE, as the CEO ands trustees sought to achieve a sustainable cost base in the face of declining availability of charitable funding. We continued our policy of working with individuals that face or have faced barriers to employment, supporting a number of staff with managing their health or personal circumstances in order to sustain their employment.

The Wood to Work employability programme continued to run successfully in 2024 supported by funding achieved towards the end of 2023. The Senior Employment Coach and employment support worker use a person centred approach and the BASE model of employment support to guide cohorts of around seven or eight job seekers, towards finding paid work. Participants are considered among those furthest away from accessing employment, due to a number of barriers, including low skills, neurodiversity conditions and disability. Hosted at Oxford Wood Recycling’s Wood Shop and workshop, participants gain hard and soft skills through participating in routine work activity. In the period November 2023 – October 2024 Wood to Work actively engaged with 25 participants, with 18 participants attending at OWR and 8 persons achieving paid employment during the period. All participants undertook surveys at the beginning and throughout their time at Wood to Work to gauge changes in soft skills such as self-belief, self-confidence, and attitude to gaining employment. Improvements were universal in all areas covered.

Strategic Report - Financial Review

Financial position

Income for the year was £735,782 with 96% (£732,952) unrestricted from our charitable trading activities. The wood waste recycling service returned record sales of £374,00. Sales of reclaimed timber and ancillaries at the WoodShop were in line with the previous year and reflected a continuation of a challenging retail economy.

Charitable grants were £20,788. The Wood to Work Programme was fully funded throughout 2024 with funds received during 2023. Grants in 2024 represented grants from two funders, Climate Action Fund 2024 and Community First. CAF funding was offered for the Renew Wood Programme starting in 2025, introducing new and prospective makers using reclaimed materials in their work, in support of a circular economy. Community First funded a Community Shed at OWR over 2024/5. The project aims to address social isolation and poor mental health in a specific geographical area of Abingdon.

Page 5

Oxford Wood Recycling Ltd Report of the trustees for the year ended 31 December 2024

The Trustees would like to thank these and other donors for their contributions. The funding has helped us increase our impact in the local community 2024.

Total expenditure for the year was £854,481 due to high inflation and significant increases in business costs e.g.Waste fees. Real Living Wage increases continue to have an impact on total expenditure. Net assets at year-end on 31 December 2024 were £8,191 of which £18,727 were restricted, for the two projects mentioned above.

Investment policy and objectives

At the end of 2024, The charity held a small amount of funds (£848 at the Newbury Building Society, and £210 with the Nationwide Building Society) in instant-access building society accounts. The charity earned £226 from interest on savings in 2024 and currently has no other investments. The Trustees annually review policy on building a portfolio of ethical investments as reserves increase beyond that required to meet current need.

Reserves policy

Throughout 2024 the Trustees made informed decisions to use reserves to fund our charitable activities through a challenging period of structural re-adjustment and continuing depressed retail economy, coupled with reduced opportunities to attract charitable support. OWR had £18,727 in restricted reserves and (£10,536) in unrestricted reserves at December 31st 2024. Our reserve policy remains to build an unrestricted cash fund so we can handle cashflow challenges. The

Strategic Report - Structure, governance and management

Structure

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

Governance

The Trustees are responsible for strategic direction, oversight and compliance. The objectives of the charity and the powers of the Trustees are set out in the Constitution.

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.

Management

Day to day management of the charity is the responsibility of the Chief Executive Officer and Senior Leadership Team. For the majority of 2024 three managers were responsible for operational areas and staffing. Operational areas were divided into Wood waste collections, the Woodshop and workshop, and Wood to Work. Business Administration was carried out by our Administrator, working under the CEO, who also acted as Health and Safety lead from April onwards. Human Resources are managed by the leadership team with support from external consultants. Payroll services are outsourced. During the year the Wood to Work programme was overseen by the CEO.

Page 6

Oxford Wood Recycling Ltd Report of the trustees for the year ended 31 December 2024

Strategic report - Principle Risks and Uncertainties, Future Plans

Principle Risks and Uncertainties

We have identified areas where there is long-term risk and determined the right response to each in our Strategic Plan for 2025 and the business plan for the period 2025-2027.

1. Financial pressures due to long term debt, uncertainties around charitable funding, rising

costs and a static retail economy . OWR carries £156k of long-term debt on relatively soft loan terms and has limited cash reserves. Retail trading is a cash business, ensuring reasonable cashflow, and the organisation is supported by the national body (NCWRP) with credit control for 40-50% of wood collection revenue.

A new lease at Unit 4, Suffolk Way saw increased rental of 46% over the initial five-year period 2025-2029, with stepped changes in place. Increased trading from the unit will be required from 2026 and may require the introduction of new products. UK Inflation remains high, having an impact on wage costs through the Real living Wage, with additional employment tax rises tabled in 2025. The Strategic plan speaks to these challenges with plans to increase revenue, initially via growth of the wood waste collections service, a marketing drive to increase retail transaction numbers, and in the short to medium term, to re-introduce commercial furniture manufacturing at OWR. In addition, future budgeting will include a provision for reserves.

Unrestricted funds were in deficit by £10,432 at year end – clearly an undesirable position that will be addressed through focused marketing, networking, re-invigorating the ‘Go Fund Me’ initiative, and business growth and development outlined in the strategic report.

2. Challenges for the Wood to Work programme. The programme was unable to refund the programme in 2024 for 2025 from previous funders, or via an application to the Reaching Communities Fund at TNL. The programme at OWR addresses urgent need for employment and social justice for a community of people with a disability or difference, and it is anticipated that the new government's plans for welfare reform will generate opportunities for programmes such as Wood to Work. In the meantime, the trustees made the decision to invest additional resources to fundraising, with an emphasis initially on small grant making trusts to ensure the continuation of Wood to Work in 2025 and beyond.

3. Leadership in transition. The current Ceo is a founder member who is stepping down. The decision has been trailed internally and now externally and has been a managed process. The new position has been structured to be part-time, remove day to day operational elements, and there is a corresponding need to recruit a full-time Operations manager to the senior team, who will have oversight of all operational matters. The current Chair, Andre Vaux, has stepped up as an interim, with a plan to recruit their replacement this year. Other staff positions may need to be created or filled, reliant on strategic business direction beyond 2025.

Page 7

Oxford Wood Recycling Ltd Report of the trustees for the year ended 31 December 2024

Future Plans

Following a facilitated Board Away day in November the Trustees drew up a Strategic Plan for OWR for 2025. The short-term objectives for the organisation are:

Leadership transition : We will recruit a new part time Ceo, a new Chair of Trustees, a full time Operations Manager, and seek additional skills for the Board of trustees via recruitment.

Business Growth: OWR has a robust and successful business model. In the economic environment, the organisation will speak to its strengths and build awareness with a larger and broader audience.

Community Impact : Enhancing our core charitable aim of helping individuals with barriers to employment into work. The Wood to Work model for employability has the capacity to transform lives. It deserves grant funding support and the support of the business community it serves. We will strive to drive awareness and campaign for support.

Trustees

Mr N P Dowling Mr M A McCartney Mr R J Snow (until June 2024) Ms S M McGill Mr A J Vaux

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 informa on of which the charity’s 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: 26/09/2025

Mr N P Dowling Trustee

Page 8

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

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024.

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.

Barry Coles FCCA Green Accountancy Limited Chartered Certified Accountants Windrush House Windrush Park Road Witney Oxfordshire OX29 7DX 

26/09/2025

Date: .............................................

Oxford Wood Recycling Ltd

Statement of Financial Activities for the year ended 31 December 2024

Unrestricted
funds
Note
£
Incoming resources
Income and endowments from:
Donations and legacies
3.1
2,604
Charitable activities - income
3.2
732,952
Investment income
3.3
330
Total Income
735,886
Resources expended
Expenditure on:
Charitable activities - expenditure
4.1
782,374
Total expenditure
782,374
Net movement in funds
(46,488)
Reconciliation of funds:
Total funds brought forward
36,056
Total funds carried forward
(10,432)		 Restricted
funds
£
20,788
-
-
20,788
72,107
72,107
(51,319)
70,046
18,727		 Total
2024
£
23,392
732,952
330
756,674
854,481
854,481
(97,807)
106,102
8,295		 Total
2023
£
162,562
761,688
123
924,373
923,254
923,254
1,119
104,983
106,102

Continuing operations

All income and expenditure has arisen from continuing activities.

Page 10

Charity Number 1178214

Oxford Wood Recycling Ltd

Balance Sheet as at 31 December 2024

CIO Number 5467959

Unrestricted
funds
Note
£
Fixed assets
Tangible assets
5
48,046
Total fixed assets
48,046
Current assets
Stocks
6
19,727
Debtors
7
76,322
Cash at bank and in hand
8
69,786
Total current assets
165,835
Creditors: amounts falling due within one year
9
81,898
Net current assets/(liabilities)
83,937
Total assets less current liabilities
131,983
Creditors: amounts falling due after one year
10
142,415
Total net assets
(10,432)
Funds of the Charity
Unrestricted funds
11
(10,432)
Restricted income funds
11
Total funds
(10,432)		 Restricted
funds
£
-
-
-
-
18,727
18,727
-
18,727
18,727
-
18,727
18,727
18,727		 Total
2024
£
48,046
48,046
19,727
76,322
88,513
184,562
81,898
102,664
150,710
142,415
8,295
(10,432)
18,727
8,295		 Total
2023
£
84,802
84,802
21,321
61,047
138,751
221,119
65,043
156,076
240,878
134,776
106,102
36,056
70,046
106,102

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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.

Page 11

Oxford Wood Recycling Ltd

Charity Number 1178214

CIO Number 5467959

Balance Sheet as at 31 December 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

26/09/2025 The financial statements were approved by the Board of Trustees and authorised for issue on ….................... and were signed on its behalf by:

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

Mr N P Dowling Trustee (Director)

Page 12

Oxford Wood Recycling Ltd

Statement of Cash Flows for the year ended 31 December 2024

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
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		 2024
£
23,392
732,952
(854,481)
42,203
(1,108)
1,521
(5,860)
28,283
1,594
(15,275)
(46,779)
330
(3,789)
(50,238)
138,751
88,513		 2023
£
162,562
761,688
(923,254)
50,880
-
-
(47,548)
(28,095)
9,362
31,207
16,802
123
39,340
56,265
82,486
138,751

Page 13

Oxford Wood Recycling Ltd

Notes to the Financial Statements for the year ended 31 December 2024

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:

Income from membership subscriptions

Membership subscriptions received in the nature of a gift are recognised in Donations and Legacies.

Membership subscriptions which gives a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities.

Income from interest, royalties and dividends

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

Grants and donations

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

In the case of performance related grants, income must only be recognised to the extent that the charity has provided the specified goods or services as entitlement to the grant only occurs when the performance related conditions are met.

Page 14

Oxford Wood Recycling Ltd

Notes to the Financial Statements for the year ended 31 December 2024

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

Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so.

The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those gifts at the time of their receipt and they are recognised on receipt. In the reporting period in which the stocks are distributed, they are recognised as an expense at the carrying amount of the stocks at distribution.

Donated goods for resale are measured at fair value on initial recognition, which is the expected proceeds from sale less the expected costs of sale, and recognised in 'Income from other trading activities' with the corresponding stock recognised in the balance sheet. On its sale the value of stock is charged against 'Income from other trading activities' and the proceeds from sale are also recognised as 'Income from other trading activities'.

Goods donated for on-going use by the charity are recognised as tangible fixed assets and included in the SoFA as incoming resources when receivable.

Gifts in kind for use by the charity are included in the SoFA as income from donations when receivable.

Donated goods, facilities and services

Donated services and facilities are included in the SOFA when received at the value of the gift to the charity provided the value of the gift can be measured reliably.

Donated services and facilities that are consumed immediately are recognised as income with an equivalent amount recognised as an expense under the appropriate heading in the SOFA.

Volunteer help

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

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.

Page 15

Oxford Wood Recycling Ltd

Notes to the Financial Statements for the year ended 31 December 2024

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.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

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 Computer Equipment - 25% Straight Line Basis Motor Vehicles - 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.

Work in progress

Work in progress is valued at cost less any foreseeable loss that is likely to occur on the contract.

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.

Page 16

Oxford Wood Recycling Ltd

Notes to the Financial Statements for the year ended 31 December 2024

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

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 17

Oxford Wood Recycling Ltd

Notes to the Financial Statements for the year ended 31 December 2024

3.1 Income from donations and legacies

Unrestricted
funds
£
Grants
-
Donations Received
2,000
Gift Aid
604
Total donations and legacies
2,604
Unrestricted
funds
Grants included in the above amounts:
£
CAF-2024
-
Community First
-
Awards4All
-
CAG Oxfordshire
-
Christ Hospital
-
Co-Operative & Community Finance
-
Crowdfund - Library of Things
-
MacFarlane Foundation
-
Magnox Ltd
-
OCF step change fund
-
Thrive Together Fund
-
Total grants included in donations and legacies
-
3.2
Income from charitable activities
Unrestricted
funds
£
Recycle Wood Sales
342,059
Recycle Wood Collections
374,004
Donated Goods
2,514
Course sales
600
Rental Income
150
Insurance proceeds
13,625
Total income from charitable activities
732,952		 Restricted
funds
£
20,788
-
-
20,788
Restricted
funds
£
10,000
10,788
-
-
-
-
-
-
-
-
-
20,788
Restricted
funds
£
-
-
-
-
-
-
-		 Total
2024
£
20,788
2,000
604
23,392
Total
2024
£
10,000
10,788
-
-
-
-
-
-
-
-
-
20,788
Total
2024
£
342,059
374,004
2,514
600
150
13,625
732,952		 Total
2023
£
160,253
1,268
1,041
162,562
Total
2023
£
-
-
9,660
2,000
32,010
1,000
4,656
20,979
22,788
42,160
25,000
160,253
Total
2023
£
406,380
346,665
4,110
4,200
333
-
761,688

Page 18

Oxford Wood Recycling Ltd

Notes to the Financial Statements for the year ended 31 December 2024

3.3
Investment income
Unrestricted
funds
£
Interest received
330
-
Total investment income
330
Total income
735,886
4.1
Charitable activities - expenditure
Unrestricted
funds
£
Staff costs:
Salaries - Gross pay
314,603
Salaries - Employers NI
16,809
Salaries - Pensions
9,857
Trustees - Gross pay
45,039
Trustees - Employers NI
4,960
Trustees - Pensions
11,906
Contractors
1,406
Training
6,090
Other people related costs
9,670
Direct costs:
285,942
Support costs:
76,092
Total expenditure on charitable activities
782,374		 Restricted
funds
£
-
-
-
20,788
Restricted
funds
£
59,371
3,376
4,002
-
-
-
-
-
62
-
5,296
72,107		 Total
2024
£
330
-
330
756,674
Total
2024
£
373,974
20,185
13,859
45,039
4,960
11,906
1,406
6,090
9,732
285,942
81,388
854,481 -		 Total
2023
£
123
-
123
924,373
Total
2023
£
396,579
16,465
27,037
41,382
13,010
4,294
33,710
2,703
3,055
312,298
72,721
923,254

Support costs

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

Page 19

Oxford Wood Recycling Ltd

Notes to the Financial Statements for the year ended 31 December 2024

4.2
Governance costs included above
Unrestricted
funds
£
Accountancy
8,552
Independent Examination
564
Bookkeeping
-
Legal and professional fees
3,923
Total governance costs
13,039		 Restricted
funds
£
-
-
-
-
-		 Total
2024
£
8,552
564
-
3,923
13,039		 Total
2023
£
8,515
525
553
4,976
14,569

No trustee expenses were paid during the year

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. 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.

4.3 Staff numbers

Average headcount in the year: 2024 2023
Charitable activities 23 24

4.4 Other Commitments

Future minimum lease payments under non-cancellable operating leases are as following:

Land and Building
Within 1 year
Between 1 and 5 years
Other Operating
Within 1 year
Between 1 and 5 years		 2024
£
53,000
258,025
311,025
2024
£
2,154
1,194
3,348		 2023
£
41,491
-
41,491
2023
£
-
-
-

Page 20

Oxford Wood Recycling Ltd

Notes to the Financial Statements for the year ended 31 December 2024

5
Tangible fixed assets
Improvements
Plant &
to property
Machinery
£
£
Cost
At 1 January 2024
105,784
31,833
Additions
1,101
1,210
Disposals
-
(2,888)
At 31 December 2024
106,885
30,155
Depreciation
At 1 January 2024
65,771
27,014
Charge for year
15,781
2,597
Eliminated on disposal
-
(2,478)
At 31 December 2024
81,552
27,133
Net book value
At 31 December 2024
25,333
3,022
At 31 December 2023
40,013
4,819
6
Stocks
Unrestricted
funds
£
Stocks held for charitable activities
19,727
Total stocks
19,727
7
Debtors
Unrestricted
funds
£
Accrued income (Gift Aid)
277
Debtors
53,898
Prepayments
11,647
Rent Deposit
10,500
Total debtors
76,322		 Computer
equipment
£
5,771
3,549
(699)
8,621
4,092
1,670
(699)
5,063
3,558
1,679
Restricted
funds
£
-
-
Restricted
funds
£
-
-
-
-
-		 Motor
vehicles
£
115,647
-
(117)
115,530
77,356
22,155
(114)
99,397
16,133
38,291
Total
2024
£
19,727
19,727
Total
2024
£
277
53,898
11,647
10,500
76,322		 Totals
£
259,035
5,860
(3,704)
261,191
174,233
42,203
(3,291)
213,145
48,046
84,802
Total
2023
£
21,321
21,321
Total
2023
£
1,041
43,558
5,948
10,500
61,047

Page 21

Oxford Wood Recycling Ltd

Notes to the Financial Statements for the year ended 31 December 2024

8 Cash at bank and in hand

Unrestricted
funds
£
Current Account
18,231
Business Savings
210
Deposit Account
49,201
Newbury Building Society
952
PayPal
1,159
Petty Cash
33
Total cash at bank and in hand
69,786
9
Creditors: amounts falling due within one year
Unrestricted
funds
£
Trade creditors
25,788
VAT
29,735
Employees PAYE & NI owed
5,528
Pension creditor
2,899
Accruals
2,332
Gift Cards
231
Bounceback Loan - due within one year
3,614
Postcode Innovation - within one year
6,190
Thrive Together Loan - within one year
5,581
Other creditors
-
Total creditors due within one year
81,898
10
Creditors: amounts falling due after more than one year
Unrestricted
funds
£
Bounceback Loan - due more than one year
20,876
Postcode Innovation - more than one year
51,807
Thrive Together Loan - due more than one year
69,732
Total creditors due after more than one year
142,415		 Restricted
funds
£
18,727
-
-
-
-
-
18,727
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
Restricted
funds
£
-
-
-
-		 Total
2024
£
36,958
210
49,201
952
1,159
33
88,513
Total
2024
£
25,788
29,735
5,528
2,899
2,332
231
3,614
6,190
5,581
-
81,898
Total
2024
£
20,876
51,807
69,732
142,415		 Total
2023
£
132,552
210
3,767
848
1,332
42
138,751
Total
2023
£
14,637
9,797
9,841
2,556
1,268
131
7,523
13,246
6,044
-
65,043
Total
2023
£
20,717
43,603
70,456
134,776

Page 22

Oxford Wood Recycling Ltd

Notes to the Financial Statements for the year ended 31 December 2024

11 Charity funds - current year

At 1
January
2024
Net
movement
in funds
Transfers
between
funds
£
£
£
Unrestricted funds
36,056
(46,488)
-
Restricted funds
70,046
(51,319)
-
Total funds
106,102
(97,807)
-
At 1
January
2024
Incoming
resources
Resources
expended
£
£
£
Restricted funds
CAF-2024
10,000
-
Community First
10,788
2,061
OCF step change fund
4,747
-
4,747
Christ Hospital
28,506
-
28,506
MacFarlane Foundation
17,509
-
17,509
Magnox Ltd
19,284
-
19,284
Total Restricted funds
70,046
20,788
72,107
Unrestricted funds
36,056
735,886
782,374
Total funds
106,102
756,674
854,481
The restricted fund are grants received in the year and unspent at the end of the year.		 At 31
December
2024
£
(10,432)
18,727
8,295
At 31
December
2024
£
10,000
8,727
-
-
-
-
18,727
(10,432)
8,295

Page 23

Oxford Wood Recycling Ltd

Notes to the Financial Statements for the year ended 31 December 2024

12 Charity funds - previous year

Fund name:
Unrestricted funds
Restricted funds
Total funds
Restricted funds
CAF Grant - for employment support costs
Awards for All
OCF step change fund
CAG Oxfordshire
Christ Hospital
Crowdfund - Library of Things
MacFarlane Foundation
Magnox Ltd
Total Restricted funds
Unrestricted funds
Total funds		 At 1
January
2023
£
90,247
14,736
104,983
At 1
January
2023
£
14,736
-
-
-
-
-
-
-
14,736
90,247
104,983		 Net
movement
in funds
£
(102,286)
103,405
1,119
Net
movement
in funds
£
(14,736)
9,660
39,160
-
30,483
2,045
17,509
19,284
103,405
(102,286)
1,119		 Transfers
between
funds
£
48,095
(48,095)
-
Transfers
between
funds
£
-
(9,660)
(34,413)
-
(1,977)
(2,045)
-
-
(48,095)
48,095
0		 At 31
December
2023
£
36,056
70,046
106,102
At 31
December
2023
£
-
-
4,747
-
28,506
-
17,509
19,284
70,046
36,056
106,102

Limited by Guarantee

All members of the company, being Directors, each guarantee to contribute to the assets of the company in the vent of winding up, a sum not exceeding £1.

Page 24

SIGNATURE CERTIFICATE

REFERENCE NUMBER 891685AE-ED26-4AE9-8C80-7EC61DE2D620

TRANSACTION DETAILS DOCUMENT DETAILS Reference Number Document Name 891685AE-ED26-4AE9-8C80-7EC61DE2D620 2110 Final Charity Accounts 31-Dec-24 Oxford Wood Recycling 250926 Transaction Type Filename Signature Request 2110_Final_Charity_Accounts_31-Dec-24_Oxford_Wood_Recycling_250926.pdf Sent At Pages 26/09/2025 12:01:10 +01 26 pages Executed At Content Type 26/09/2025 12:25:50 +01 application/pdf Identity Method File Size email 300 KB Distribution Method Original Checksum email 2160b997ea6cd939489047e75989c69caf21ec52edb5265db3cd85649fa7c26b Signed Checksum

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AUDITS

TIMESTAMP AUDIT 26/09/2025 12:01:10 +01 Adam Forkner (adam@greenaccountancy.com) created document '2110_Final_Charity_Accounts_31-Dec24_Oxford_Wood_Recycling_250926.pdf' on Firefox via Windows from 82.17.189.92. 26/09/2025 12:01:10 +01 Nick Dowling (nick@owr.org.uk) was emailed a link to sign.

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