Charity Registration no. 1182905
THE USEFUL WOOD COMPANY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
THE USEFUL WOOD COMPANY
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Anthony Hewat |
|---|---|
| Michael Deavin | |
| George Varney | |
| Stephen Barter | |
| Brian Henry | |
| Charity number | 1182905 |
| Registered office and | 15-29 Goldsworth Road |
| Principle address | Woking |
| Surrey | |
| GU21 6JT | |
| Independent Examiner | P I Vickerman |
| 31a Nightingale Road | |
| Godalming | |
| Surrey | |
| GU7 2HP | |
| Bankers | HSBC |
| 6 Commercial Way | |
| Woking | |
| Surrey | |
| GU21 6EZ |
Page 2
THE USEFUL WOOD COMPANY
CONTENTS
| Page | |
|---|---|
| Trustees’ report | 4-5 |
| Independent Examiner’s report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial accounts | 9-14 |
Page 3
THE USEFUL WOOD COMPANY
TRUSTEES’ REPORT (INCLUDING DIRECTORS’REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees have pleasure in submitting the Report and Accounts for the year to 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s governing document and ‘‘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 the Republic of Ireland (FRS 102)’’ (as amended for accounting periods commencing from 1 January 2016).
Governance
The charity is a Charitable Incorporated Organization (CIO), and is a member of the National Community Wood Recycling Project, which supports a national network of over 30 wood recycling organisations with similar aims, providing marketing to national construction companies, training resources and advice.
Activities
The vision of The Useful Wood Company (TUWC) remains to see those on the margins of society, and who have suffered various traumas that result in loss of confidence and self-esteem, get work experience, training and support to enable them to achieve employment and contribute back to society and the community.
The TUWC continues to operate from premises which are rent and rates free, and which include yard, workshops and a retail/display area. Three collection vans collect commercial waste wood from sites which undergoes sorting with suitable timber used to make products, selling wood from the premises and is also used for products and so supports both the wood recycling project and our work with beneficiaries, and the charity continues to focus on helping beneficiaries grow in self-esteem and skills by mentoring, encouragement and advice. Beneficiaries continue to be referred to us by statutory and non-statutory bodies such as Welcome Church, Woking Job Centre, Probation Service (Payback), Surrey Choices, amongst others.
Achievement
Since TUWC started operations in September 2019 we have seen year on year growth in the numbers of volunteers and beneficiaries, in the reporting period we have been able to collect 1390 tonnes of wood that would have gone to the landfill. In terms of our social action, again we have seen an increase from 39 beneficiaries to 43 and we have been helped by 12 volunteer supervisors. The trustees are particularly encouraged that 16 beneficiaries found employment which is an increase of 70% on last year.
Operations
TUWC has continues to operate from premises in Goldsworth Road Woking which are provided by Welcome Church who have continued to lease these from a development company.. Within the lease there is provision for the landlord to serve 3 months’ notice. The lease was renewed in 2024 with the developers expressing the likelihood that development works would not commence before March 2026
Collection of waste wood, continues to be the main source of income but encouragingly we have again seen increases in both retail and wood sales The collection service is actively marketed nationally by NCWRP to major construction companies and TUWC remains free to source such collections with a greater focus having been made locally. Wood that cannot be used or resold is sent to be chipped for biomass fuel.
The charity continues to employ 3 full time and one part staff, an operations manager, two drivers and workshop manager, and operate three vans.
The opportunities for the beneficiaries include working in the retail area, helping the van in wood collections, sorting/storing wood, office/administrative help, and working in the workshop to produce products and gain competence in using machinery.
Page 4
THE USEFUL WOOD COMPANY
TRUSTEES’ REPORT (INCLUDING DIRECTORS’REPORT)
FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)
Finances
No applications for grant support were submitted during this reporting period,
The charity has continued to benefit from premises that are rent-free and with 100% rate relief. We are mindful that new premises may be needed from 31st of March 2026 with the resulting substantial increase in cost and the trustees retain reserves in the charity in order to enable relocation in the future.
In the year to March 2024, the charity recognised grant income of £9,544, received donations of £1,166, interest of £1,764 and earned income of £300,588, mainly from wood collection, but also from the sale of recycled wood and products made in the workshop. Expenditure, all on, or in support of, charitable activities amounted to £268,401, leaving a surplus of £44,661 in the year. Reserves at the year-end were £165,465.
Trustees’ Responsibilities
Charity law requires the trustees to prepare financial statements for each financial period which give a true and
-
Select suitable accounting policies and the apply them consistently
-
Make judgements and estimates that are reasonable and prudent, and
-
Prepare the financial statements on the ongoing concern basis unless it is not appropriate to assume that the
-
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. The trustees are also responsible for safeguarding the assets of the charity and to take reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the trustees on 28 November 2024 and signed on their behalf by:
Anthony A Hewat (Chair of Trustees)
Page 5
THE USEFUL WOOD COMPANY
INDEPENDENT EXAMINER’S REPORT
TO THE TRUSTEES OF THE USEFUL WOOD COMPANY
I report to the trustees on my examination of the financial statements of The Useful Wood Company (the charity) for the year to 31 March 2023 as set out on pages 7 to 14.
Responsibilities and basis of report
The charity’s trustees are responsible for the preparation of the financial statements. The Charity’s trustees consider an audit is not required for this financial period under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
Examine the accounts under section 145 of the 2011 Act;
-
To follow the procedures laid down in the general Directions given by the Charity Commission under section
-
145(5)(b) of the 2011 Act; and
-
To state whether particular matters have come to my attention.
Basis of independent examiner’ report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
(1) Which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements
-
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
P I Vickerman FCA Practising Accountant 31a Nightingale Road Godalming Surrey GU7 2HP
Page 6
THE USEFUL WOOD COMPANY
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2024
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| **Unrestricted ** | Restricted | Total | Unrestricted | Restricted | Total | ||
| Notes | funds | Funds | funds | funds | funds | funds | |
| £ | £ | £ | |||||
| Income from: | |||||||
| Donations & legacies | 3 | 1,166 | - |
1,166 | 1,476 | - | 1,476 |
| Grants | 3 | - | 9,544 | 9,544 | - | 7,826 | 7,826 |
| Charitable activities | 4 | 300,588 | - |
300,588 | 254,181 | - | 254,181 |
| Investment Income | 5 | 1,764 | - |
1,764 | 269 | - | 269 |
| Total Income | 303,518 | 9,544 |
313,062 | 255,926 | 7,826 | 263,752 | |
| Expenditure on: | |||||||
| Charitable activities | 6 | 258,857 | 9,544 |
268,401 | 215,746 | 12,815 | 228,561 |
| Net Income | 44,661 | 0 |
44,661 | 40,180 | (4,989) |
35,191 | |
| Opening fund balances | 120,804 | - |
120,804 | 80,624 | 4,989 | 85,613 | |
| Net income for the year / | 44,661 | 0 |
44,661 | 40,180 | (4,989) | 35,191 | |
| Net movement of funds | |||||||
| Closing fund balances | 165,465 | 0 |
165,465 | 120,804 | - | 120,804 |
Page 7
THE USEFUL WOOD COMPANY
BALANCE SHEET AS AT 31 MARCH 2024
| As at | As at | ||||
|---|---|---|---|---|---|
| 31 March | 2024 | 31 | March 2023 | ||
| Notes | £ | £ | |||
| Fixed Assets: | |||||
| Tangible assets | 11 | 26,184 | 31,007 | ||
| Current Assets: | |||||
| Stock | 12 | 3,012 | 1,197 | ||
| Debtors & prepayments | 13 | 52,706 | 41,081 | ||
| Cash at bank and in hand | 117,906 | 92,373 | |||
| 173,624 | 134,651 | ||||
| Creditors: Amounts falling due | |||||
| within one year | 14 | 33,593 | 36,389 | ||
| Net Current Assets | 140,030 | 98,262 | |||
| Total assets less current liabilities | 166,214 | 129,269 | |||
| Creditors: Amounts falling due | |||||
| after more than one year | 14 | 758 | 8,465 | ||
| Net Assets | 165,456 | 120,804 | |||
| Income funds: | |||||
| Unrestricted funds | 165,456 | 120,804 | |||
| Restricted funds | - | - | |||
| Total | 165,456 | 120,804 |
The notes on pages 9-14 form part of these financial statements.
Approved by the trustees on 28 November 2024 and signed on their behalf by:
Anthony A Hewat (Chair of Trustees)
Page 8
THE USEFUL WOOD COMPANY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
The Useful Wood Company was incorporated in England and is a charitable incorporated organisation which is registered with the Charity Commissioners for England and Wales. It’s registered office is at 15-29, Goldsworth Road, Woking, Surrey, GU21 6JT.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity’s governing document, The charities Act 2011 and ‘’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 the Republic of Ireland (FRS 102)’’ (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and use of the restricted funds are set out in the notes to the financial statements.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require the deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliability.
Page 9
THE USEFUL WOOD COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1.6 Tangible fixed assets
The acquisition of minor capital items such as fixtures, fittings and equipment below a cost of £200 are charged to revenue in period they were purchased.
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. This also applies to gifted assets which are valued at an amount in excess of £200.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
-
Fixtures, fittings and equipment 20% straight line
-
Motor vehicle 25% straight line
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If anysuch indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments.
1.9 Financial assets and liabilities
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Page 10
THE USEFUL WOOD COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3 Donations and grants
| 3Donations and grants | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| **Unrestricted ** | Restricted | Total | Unrestricted | Restricted | Total | |
| funds | funds | funds | funds | funds | funds | |
| Donations and legacies | £ | £ | £ | £ | £ | £ |
| Donations & Gifts (non gift-aided) | 516 | - | 516 | 826 | - | 826 |
| Donations & Gifts (gift-aided) | - | - | - | - | - | - |
| Grants Received | - | 9,544 | 9,544 | - | 7,826 | 7,826 |
| Donations in Kind | 650 | - | 650 | 650 | - | 650 |
| 1,166 | 9,544 | 10,710 | 1,476 | 7,826 | 9,302 | |
| Grants receivable for core activities | ||||||
| Woking Borough Council | - | 4,870 | 4,870 | - | 4,076 | 4,076 |
| Shanley Foundation | - | 625 | 625 | - | 625 | 625 |
| Clothworkers | - | 4,049 | 4,049 | - | 3,125 | 3,125 |
| Grants Received (Recognised) | - | 9,544 | 9,544 | - | 7,826 | 7,826 |
4 Income from charitable activities
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Unrestricted Restricted | Total | UnrestrictedRestricted | Total | |||
| Funds | funds | funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| Sales within charitable activities - wood recycling | ||||||
| National Collections | 229,582 | - | 229,582 | 173,789 | - | 173,789 |
| Local Collections | 16,504 | - | 16,504 | 26,173 | - | 26,173 |
| Product Sales | 9,386 | - | 9,386 | 16,039 | - | 16,039 |
| Wood Sales | 37,049 | - | 37,049 | 31,953 | - | 31,953 |
| Hardware Sales | 4,201 | - | 4,201 | 3,200 | - | 3,200 |
| Pallet Sales | 2,870 | - | 2,870 | 1,868 | - | 1,868 |
| Firewood Sales | 0 | - | 0 | 138 | - | 138 |
| Miscellaneous Sales | 996 | - | 996 | 1,021 | - | 1,021 |
| 300,588 | - | 300,588 | 254,181 | - | 254,181 |
5 Investments
| 5 Investments | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| **Unrestricted ** | Restricted | Total | UnrestrictedRestricted | Total | ||
| funds | funds | funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| Interest Received (Gross) | 1,764 | - | 1,764 | 269 | - | 269 |
Page 11
THE USEFUL WOOD COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6 Expenditure on charitable activities
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| **Unrestricted ** | Restricted | Total | UnrestrictedRestricted | Total | ||
| funds | funds | Funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| Workshop consumables | 2,161 | - | 2,161 | 2,117 | - | 2,117 |
| Small tools & minor equipment | 2,397 | 1,694 | 4,091 | 4,075 | - | 4,075 |
| Machinery maintenance | 44 | - | 44 | 828 | - | 828 |
| Hardware purchases | 3,145 | - | 3,145 | 3,097 | - | 3,097 |
| Wood purchases | 74 | - | 74 | 113 | - | 113 |
| Paints, adhesives & finishes | 1,183 | - | 1,183 | 1,009 | - | 1,009 |
| Packaging materials | 0 | - | 0 | - | - | 0 |
| Waste disposal costs | 65,350 | - | 65,350 | 56,672 | - | 56,672 |
| Van costs (incl van hire) | 33,350 | - | 33,350 | 33,173 | - | 33,173 |
| Van depreciation | 4,880 | 6,299 | 11,179 | 2,849 | 7,826 | 10,675 |
| Protective clothing | 1,140 | - | 1,140 | 998 | - | 998 |
| Staff costs | 109,294 | - | 109,294 | 75,292 | 4,989 | 80,281 |
| Light, heat & power | 13,884 | - | 13,884 | 13,718 | - | 13,718 |
| Volunteers’ expenses (incl refresh | 2,340 | - | 2,340 | 1,660 | - | 1,660 |
| 239,242 | 7,993 | 247,235 | 195,601 | 12,815 | 208,416 | |
| Support costs (note 7) | 17,637 | 1,551 | 19,188 | 18,668 | - | 18,668 |
| Governance costs (note 8) | 1,978 | - | 1,978 | 1,477 | - | 1,477 |
| 258,857 | 9,544 | 268,401 | 215,746 | 12,815 | 228,561 |
7 Support Costs
| 7 Support Costs | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| **Unrestricted ** | Restricted | Total | UnrestrictedRestricted | Total | ||
| funds | Funds | Funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| Printing, postage & stationery | 378 | - | 378 | 189 | - | 189 |
| Telephone & internet | 1,196 | - | 1,196 | 702 | - | 702 |
| IT costs | 935 | - | 935 | 391 | - | 391 |
| Repairs & maintenance | 3,315 | - | 3,315 | 47 | - | 47 |
| Marketing, PR & website | 1,364 | - | 1,364 | 3,316 | - | 3,316 |
| Travelling & motor expenses | - | - | - | 133 | - | 133 |
| Cleaning | 387 | - | 387 | 478 | - | 478 |
| Safety & first aid | 1,816 | - | 1,816 | 967 | - | 967 |
| Franchise fee | 190 | - | 190 | 190 | - | 190 |
| Sundry expenses | 194 | - | 194 | 295 | - | 295 |
| Training | 150 | - | 150 | 262 | - | 262 |
| Fixtures & fittings (moveable) | 102 | - | 102 | - | - | - |
| Water supply | 3,000 | - | 3,000 | 4,000 | - | 4,000 |
| Merchants’ charges | 1,157 | - | 1,157 | 1,077 | - | 1,077 |
| Bank charges | 60 | - | 60 | 56 | - | 56 |
| Payroll services | 395 | - | 395 | 263 | - | 263 |
| Provision for doubtful debts | 1,300 | - | 1,300 | 3,910 | - | 3,910 |
| Equipment Depreciation | 1,698 | 1,551 | 3,249 | 2,392 | - | 2,392 |
| 17,637 | 1,551 | 19,188 | 18,668 | - | 18,668 |
Page 12
THE USEFUL WOOD COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8 Governance Costs
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| **Unrestricted ** | **Restricted ** | Total | **Unrestricted ** | RestrictedTotal | ||
| funds | funds | Funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| Business insurance | 770 | - | 770 | 727 | - | 727 |
| Legal & professional fees | 458 | - | 458 | - | - | - |
| Independent Examiners fee | 750 | - | 750 | 750 | - | 750 |
| 1,978 | - | 1,978 | 1,477 | - | 1,477 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period (2022 – none).
10 Employees
The charity had, on average, 3 employees during the year (2022 - 2).
11 Tangible Fixed Assets
| 11 Tangible Fixed Assets | ||||||
|---|---|---|---|---|---|---|
| 31 | March 2024 | 31 March 2023 | ||||
| **Unrestricted ** | Restricted | Total | Unrestricted Restricted | Total | ||
| funds | funds | funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| Cost: | ||||||
| Additions in period | 9,605 | - | 9,605 | 16,447 | 92 | 16,539 |
| Balance brought forward | 29,954 | 33,042 | 62,996 | 13,507 | 32,950 | 46,457 |
| Total | 39,559 | 33,042 | 72,601 | 29,954 | 33,042 | 62,996 |
| Depreciation: | ||||||
| Provision for period | 6,578 | 7,850 | 14,428 | 5,242 | 7,826 | 13,068 |
| Balance brought forward | 12,905 | 19,084 | 31,989 | 7,663 | 11,258 | 18,921 |
| Total | 19,483 | 26,934 | 46,417 | 12,905 | 19,084 | 31,989 |
| Net Book Value at start of period | 17,049 | 13,958 | 31,007 | 5,844 | 21,692 | 27,536 |
| Net Book Value at end of period | 20,076 | 6,108 | 26,184 | 17,049 | 13,958 | 31,007 |
| 31 | March 2024 | 31 March 2023 | ||||
| Plant & Machinery , etc |
Motor vehicles |
Total | Plant & Machiner y, etc |
Motor vehicles |
Total | |
| £ | £ | £ | £ | £ | £ | |
| Cost: | ||||||
| Additions in period | 9,605 | 0 | 9,605 | 1,339 | 15,200 | 16,539 |
| Balance brought forward | 13,961 | 49,035 | 62,996 | 12,622 | 33,835 | 46,457 |
| Total | 23,566 | 49,035 | 72,601 | 13,961 | 49,035 | 62,996 |
| Depreciation: | ||||||
| Provision for period | 3,249 | 11,179 | 14,428 | 2,393 | 10,675 | 13,068 |
| Balance brought forward | 7,797 | 24,192 | 31,989 | 5,404 | 13,517 | 18,921 |
| Total | 11,046 | 35,371 | 46,417 | 7,797 | 24,192 | 31,989 |
| Net Book Value at start of period | 6,164 | 24,843 | 31,007 | 7,218 | 20,318 | 27,536 |
| Net Book Value at end of period | 12,520 | 13,664 | 26,184 | 6,164 | 24,843 | 31,007 |
Page 13
THE USEFUL WOOD COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| 12 Stocks | ||
|---|---|---|
| 31 March 2024 | 31 March 2023 | |
| £ | £ | |
| Stock of consumable items | 3,012 | 1,197 |
| 13 Debtors | ||
| 31 March 2024 | 31 March 2023 | |
| Amounts falling due within one year: | £ | £ |
| Trade debtors | 47,689 | 44,253 |
| Provision for doubtful debts | (4,496) | (3,910) |
| Other debtors | 9,512 | 738 |
| Total | 52,706 | 41,081 |
| 14 Creditors | ||
| 31 March 2024 | 31 March 2023 | |
| £ | £ | |
| Creditors: amounts falling due within one year | ||
| Trade creditors | - | |
| VAT | 7,830 | 9,137 |
| Other creditors | 655 | 423 |
| Accrued expenses | 19,095 | 18,979 |
| Deferred Income | 6,013 | 7,850 |
| Total | 33,593 | 36,389 |
| Creditors: amounts falling due after more than one year | ||
| Deferred Income | 758 | 8,465 |
| Total | 758 | 8,465 |
15 Rent free accommodation
The charity currently benefits from rent free accommodation, which includes a workshop, a retail area and a storage area. The current lease runs to March 2026.
Page 14