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2024-12-31-accounts

Restore (Cumbria)

(A company limited by guarantee)

Annual Report and Financial Statements

31 December 2024

Company registration number: 08146662 Charity registration number: 1187078

Restore (Cumbria)

Contents

Reference and Administrative Details 1
Trustees' report 2
Trustees' responsibilities in relation to the financial statements 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11

Restore (Cumbria)

Reference and Administrative Details

Charity name Restore (Cumbria)
Charity registration number 1187078
Company registration number 08146662
Principal office Unit 3 Coleridge House
The Maltings
Carlisle
Cumbria
CA2 5TU
Registered office Unit 3 Coleridge House
The Maltings
Carlisle
Cumbria
CA2 5TU
Trustees Mr B M Gray, Chairman
Revd J R Libby
Mr C W Bray
Revd A Burrell
Mr A R H Cook (Resigned 31 December 2024)
Ms A H Sharp-Walker
Mr D G Walker
Ms R Head (Appointed 20 November 2024)
Bankers HSBC UK
1 Market Square
Penrith
Cumbria
CA11 7SN
Accountant Dodd & Co Limited
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

Page 1

Restore (Cumbria)

Trustees' Report for the Year Ended 31 December 2024

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of Restore (Cumbria) (the company) for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply 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 Republic of Ireland.

Summary

Economic conditions in 2024 continued to be challenging with general cost of living increases making it difficult for many people. Against this background our shops performed well and continue to provide affordable options for many people combined with safe and welcoming community areas with a growing number of activities overseen by our Chaplains and volunteers.

New initiatives included the launch of ‘Restore on the Road’ and preparations to open a new shop in Carlisle.

Progress Report

• Charitable activites income increased by £36k from £305k to £341k, an increase of 12%. This was due mainly to the continuing good performance of our Penrith shop and an excellent performance at Morton (following an extensive refurbishment) which achieved the highest sales after Penrith.

Finances

Total turnover (excluding grant income) was £341k (up 12% vs 2023), with a net Unrestricted Fund surplus of £3k (vs £7k loss in 2023). Penrith performed strongly again (+7% annual sales growth), closely followed by the newly renovated Morton (a remarkable +95%), Petteril Bank Road steady (+2%), with challenging trading conditions at Harraby (-11%) and Shaddongate (-14%). In addition, our grant income was £83k (vs £55k last year), giving us valuable additional funds to spend on specific projects.

This underlines confidence in our model of larger shops, improved merchandising and a vibrant community space being the right direction. Previous uncertainty on energy costs have again been covered by favourable new annual contracts. Concerns remained about the increasing central overhead costs of operating our warehouse, necessary for operating the underperforming furniture category, with a study being done to inform our future strategy.

Our General Manager has been instrumental in focussing on top line sales growth in our key shops, supported by a multi year £35k grant from the DBF. This has also given us the capacity to design and develop our new shop in Carlisle City Centre, due to open around Easter 2025.

Governance

We could not operate without the support of our trustees who each contribute in different ways, using their skills and talents.

Safeguarding

There are no issues to report. We work with many vulnerable adults and operate in difficult situations – this is fundamental to our mission. We work closely with the Diocese to ensure that our policies and procedures are appropriate and robust.

The Future

Our priority remains to run successful shops with welcoming community spaces generating a surplus to enable us to fund other activities. We plan to develop ‘Restore on the Road’ and explore options for ‘Repair at Restore’ (our project to repurpose clothes and other items).

We are grateful for the dedication and commitment of our staff, volunteers and trustees and for the support we receive from the Diocese of Carlisle and from many other sources.

Page 2

Restore (Cumbria)

Trustees' Report for the Year Ended 31 December 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Legal Status

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 17/07/2012, originally as Opshops (Helping Communities Grow), changing its name to Restore (Cumbria) on 06/02/2021. Restore (Cumbria) became a registered charity on 20/12/2019, number 1187078. The company began trading on 1st July 2020, prior to this it was dormant.

Trustees

The management of the charitable company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. All Trustees give their time voluntarily and receive no benefits from the charitable company. Any expense reclaimed from the charitably company are detailed in the accounts.

The Trustees have attempted to ensure that the board of Trustees represent as wide a cross section of the local community as possible and that the Trustees have appropriate experience to assist the charitable company with its objectives. Traditional business skills as well as community skills are well represented within the board of Trustees. The Trustees and the chairman are working on an ongoing basis to improve the make-up and constitution of the board of Trustees and bring in appropriate skills where necessary.

ORGANISATIONAL STRUCTURE AND DECISION MAKING

Trustee induction and training

Most Trustees are already familiar with the work of the charitable company before becoming Trustees. New Trustees are familiarized by the Chairman on its working and the context within which it operates and with visits to our charity shops. The main documents set out the operational framework for the charitable company include the Memorandum and Articles of Association which are present at induction. In addition, aspirant Trustees are required to attend a number of board meetings in order to confirm their willingness to serve and before a decision on them becoming a Trustee is taken by the existing Trustees.

Organisational Structure

The Trustees meet regularly with staff and the Pioneer Ministers and are responsible for the strategic direction and policies of the charitable company. The present Board of Trustees currently has members from a variety of professional backgrounds relevant to the work of the charitable company.

The charitable company relies on its pool of volunteers for delivery of areas of work, particularly for the work of our shops and community activities.

The practical support of volunteers is essential to delivery of the charitable company’s work and the charitable company is extremely grateful for their help.

Related Parties

The charity has a Memorandum of Understanding with the Carlisle Diocesan Board of Finance (CDBF) dated 01/07/2020. The services which CDBF provide to Restore (Cumbria) are finance, HR, Property and Communications, with each party having their respective responsibilities.

Restore (Cumbria) is deemed a subsidiary of the Carlisle Diocesan Board of Finance Limited - because it appoints the Board members and is deemed to have full ‘ultimate control’. The CDBF is the sole member.

OBJECTIVE AND ACTIVITIES OF RESTORE (CUMBRIA)

Objectives of the Charitable Company

Page 3

Restore (Cumbria)

Trustees' Report for the Year Ended 31 December 2024

To promote social inclusion for the public benefit in the area of benefit by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society. For the purpose of this clause ‘socially excluded’ means being excluded from society, or parts of society, as a result of one or more of the following factors: unemployment; • financial hardship; youth or old age; ill health (physical or mental); substance abuse or dependency including alcohol or drugs; discrimination on the ground of sex, race, disability, ethnic origin, religion, belief, creed, sexual orientation or gender re-assignment; poor educational or skills attainment; relationship or family breakdown; poor housing (that is housing that does not meet basic habitable standards); crime (either as a victim of crime of as an offender rehabilitating into society).

History

Ten years ago, the Diocese of Carlisle established Opshops (‘Opportunity Shops’, an Australian name) in Carlilse, and later in Penrith. They fulfilled a need, providing clothes and furniture to people on the margins of society. They were successful but limited in scope and lacked resources to develop. The Diocese recognised that they needed new momentum and independence.

A new, independent charity was formed and we now have a team of Trustees with the skills and determination to achieve our vision. We changed our name to RESTORE to say more clearly what we do. We are a small charity, but we have a big vision. We believe there could be a RESTORE presence in every town in Cumbria, ‘owned’ by the local community.

Our Activities

A summary of our main activities in relation to the charity objectives.

Operation of Charity Shops

RESTORE is a charity shop with a difference. We have five shops located in Morton, Harraby, Penrith, Petteril Bank and at our Warehouse premises at Shaddongate in Carlisle. The shops must operate profitably to provide funds to support our community projects. We employ shop managers but otherwise operate with volunteers, who themselves can be vulnerable. We provide pre-owned goods for people who cannot afford to shop elsewhere, and we have a growing on-line presence. We support people but also support the environment (Re-use, Re-cycle, Re-pair). We create a safe place for people to chat, meet, and be valued.

Our shops have also become community support hubs:

Page 4

Restore (Cumbria)

Trustees' Report for the Year Ended 31 December 2024

Restore Community Shed

Restore Community Shed aims to empower those who have been disadvantaged or faced social exclusion due to crime, alcohol addiction, substance abuse, poor mental or physical health and unemployment. We work with individuals to help them make positive changes in their lives. The Shed provides some of the best opportunities for

unlocking positive change in people’s lives through getting them physically active using their hands to make things, belonging to a community, having a routine, and being cared for by people who will go the extra mile to help them. We rely on discarded or donated materials and tools, and we repair and up-cycle items for use in our shops and on the allotment. We have also started a group to test electrical equipment before it can be sold in our shops.

Restore Community allotment

The allotment project works with people struggling with similar issues as Community Sheds. The allotment supports our ‘Feed our community’ initiative - unlocking the power of local people to grow food, share skills and build a supportive community as well as transforming the site using upcycled items that would otherwise end up in landfill. The food we grow we share with others in need in the community.

Ensuring the work delivers the aims

The Board of Trustees review the activities of the Trust at regular board meetings. The Business Plan is also reviewed each year and looks at what has been achieved and the outcomes of the work in the previous 12 months. The review also helps to ensure the aims, objective and activities remain focused on the stated purposes.

Public benefit

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit in reviewing the charitable company's aims and objectives and in planning future activities. In particular, the Trustees consider the planned activities will contribute to the aims and objectives they have set. The Trustees confirm that public benefit has been provided by the advancement of its objectives.

Risk Management

The Trustees have examined the major strategic, business, and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The Charitable Company carries appropriate employers’ and public liability insurance as well as professional indemnity insurance at an appropriate level and directors’ insurance.

Pay policy for Senior Staff

The Board of Directors, who are the Charity’s Trustees, and the Shop Managers and Warehouse Manager comprise the key management personnel of the charity in charge of directing and controlling, running, and operating the charity on a day-to-day basis. All Trustees give their time freely and no Trustees received remuneration in the year.

Pay is reviewed annually by the Board of Trustees.

RESERVES

The total reserves on 31 December 2024 were £138,570 being restricted reserves of £51,973 and unrestricted reserves of £86,597. Free reserves (unrestricted reserves less fixed assets) at the yearend were £48,157. The Charity is supported by the Diocesan Board of Finance.

The Trustees have reviewed the Charity’s need for reserves in line with the guidance issued by the Charity Commission.

The Trustees keep their reserves policy and level of reserves held under review, monitoring the level of reserves held throughout the year as part of the normal monitoring and budgetary process. The main risks to both income and expenditure are highlighted and the level of committed expenditure taken into account.

Page 5

Restore (Cumbria)

Trustees' Report for the Year Ended 31 December 2024

The Trustees reserve policy ensures that the reserves are maintained at a level which ensures that the Charity’s core activities could continue during a period of unforeseen difficulty and that these are maintained in a readily realisable form.

The Trustees aim to maintain reserves at a level sufficient to meet working capital requirements of the charity for a period of three months. This has not been possible over the last year due to challenging environment resulting from the Covid pandemic. The Trustees are confident that the negative unrestricted reserves can be turned around to ensure that there are sufficient reserves to continue the current activities of the charity in the event of a significant drop in funding.

Notwithstanding this the Trustees believe that every effort should be made to ensure that the unrestricted reserves are six month working capital requirement in order that the charity can continue to meet its current obligations and plan with confidence for the future.

GOING CONCERN

After making appropriate enquiries and receiving support from the Carlisle Diocesan Board of Finance to support financial the activities of the Charity, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis for preparing the financial statements.

INVESTMENT POLICY AND PERFORMANCE

Aside from retaining a prudent amount in reserves each year, most of the charitable company’s funds are to be spent in the short term on specific projects and so there are few funds available for long term investment. The Trustees have decided that, in this regard, the most appropriate course of action is to keep monies on deposit with their bankers.

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 22 May 2025 and signed on its behalf by:

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

Mr B M Gray Trustee

Page 6

Restore (Cumbria)

Trustees' Responsibilities in relation to the Financial Statements

The trustees (who are also directors of Restore (Cumbria) for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and the Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 7

Independent Examiner's Report to the Trustees of

Restore (Cumbria)

I report on the accounts of the company for the year ended 31 December 2024, which are set out on pages 9 to 22.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 as amended by the Charities Act 2022 (the Act) and that an independent examination is needed.

The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's 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 any 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 view' 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:

have not been met; or

......................................... Martin Borradaile ACA Dodd & Co Limited Chartered Accountants

FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA1 2RW

22 May 2025

Page 8

Restore (Cumbria)

Statement of Financial Activities (including Income and Expenditure Account ) for the Year Ended 31 December 2024

Note
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Total income and endowments
Expenditure on:
Charitable activities
Total expenditure
Net income before transfers
Transfers
Transfers between funds
Net movements in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
9,306
340,795		 Restricted
Funds
£
83,475
-		 Total Funds
2024
£
92,781
340,795		 Total Funds
2023
£
57,694
304,754
350,101 83,475 433,576 362,448
347,194 52,277 399,471 351,009
347,194 52,277 399,471 351,009
2,907
31,320		 31,198
(31,320)		 34,105
-		 11,439
-
34,227
52,370		 (122)
52,095		 34,105
104,465		 11,439
93,026
86,597 51,973 138,570 104,465

All of the Charity's activities derive from continuing operations during the above periods.

The notes on pages 11 to 22 form an integral part of these financial statements.

Page 9

Restore (Cumbria)

Company registration number: 08146662

Balance Sheet as at 31 December 2024

Note
assets
ble assets
9
nt assets
rs
10
at bank and in hand
tors: Amounts falling due within
ear
11
urrent assets
ssets
unds of the charity:
icted funds
stricted funds
tricted income funds
charity funds		 2024
£
£
38,440
13,513
127,012
140,525
(40,395)
100,130
138,570
51,973
86,597
138,570		 2023
£
£
19,478
13,806
103,944
117,750
(32,763)
84,987
104,465
52,095
52,370
104,465		 2023
£
£
19,478
13,806
103,944
117,750
(32,763)
84,987
104,465
52,095
52,370
104,465
104,465
52,095
52,370
104,465

For the financial year ended 31 December 2024, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

Approved by the Board on 22 May 2025 and signed on its behalf by:

----- Start of picture text -----
.........................................
----- End of picture text -----

----- Start of picture text -----
Mr B M Gray
Trustee
----- End of picture text -----

The notes on pages 11 to 22 form an integral part of these financial statements.

Page 10

Restore (Cumbria)

Notes to the Financial Statements for the Year Ended 31 December 2024

1 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

These financial statements have been prepared on a going concern basis.

Fund accounting policy

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Designated funds are unrestricted funds set aside at the discretion of the trustees for specific purposes.

Further details of each fund are disclosed in note 16.

Income and endowments

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administor/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measured with a degree of reasonable accuracy and the title to the asset having been transferred to the Charity.

Income from Government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract.

Page 11

Restore (Cumbria)

Notes to the Financial Statements for the Year Ended 31 December 2024

......... continued

Expenditure

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

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

Irrecoverable VAT

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

Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Fixed assets

Individual fixed assets costing £100 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Plant and machinery including motor 20% straight line basis vehicles Fixtures, fittings and equipment 20% straight line basis

Trade Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 12

Restore (Cumbria)

Notes to the Financial Statements for the Year Ended 31 December 2024

......... continued

Liabilities

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Operating leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.

Pensions

The charity operates a defined contribution pension scheme. Contributions are charged in the statement of financial activities as they become payable in accordance with the rules of the scheme.

Financial instruments

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 13

Restore (Cumbria)

Notes to the Financial Statements for the Year Ended 31 December 2024

......... continued

2 Donations and legacies

Donations and legacies
Donations and similar income
Grants
CDBF
Cumbria Community Foundation
National Lottery
E C Graham
Tudor Trust		 Unrestricted
Funds
£
9,306		 Restricted
Funds
£
1,200		 Total Funds
2024
£
10,506		 Total Funds
2023
£
2,694
-
-
-
-
-		 60,000
4,500
14,775
3,000
-		 60,000
4,500
14,775
3,000
-		 35,000
-
-
-
20,000
- 82,275 82,275 55,000
9,306 83,475 92,781 57,694

Of the donations and legacies income in 2023, £2,394 related to unrestricted funds and £55,300 related to restricted funds.

3 Charitable activities

Charity shop income
On-line income
Scrap metal
Recycling income		 Unrestricted
Funds
£
328,745
2,912
685
8,453		 Restricted
Funds
£
-
-
-
-		 Total Funds
2024
£
328,745
2,912
685
8,453		 Total Funds
2023
£
289,140
1,728
1,113
12,773
340,795 - 340,795 304,754

All of the income from charitable activities in 2023 related to unrestricted funds.

Page 14

Restore (Cumbria)

Notes to the Financial Statements for the Year Ended 31 December 2024

......... continued

4 Expenditure

Direct costs
Wages and salaries
Staff NIC (Employers)
Staff pensions
Refreshments
Motor expenses
Sundry expenses
Rent and service charge
Rates and water
Light, heat and power
Insurance
Repairs and maintenance
Waste disposal
Volunteer expenses
Redundancy costs
Telephone and internet
Computer and office costs
Printing, postage and stationery
Health and safety
Advertising
Depreciation
Support costs
Accountancy fees
Independent examination
Legal and professional fees
Bank and credit card charges		 Other
trading
activities
£
200,435
15,225
3,505
2,793
4,969
437
75,223
7,211
27,555
2,529
21,086
1,270
867
-
3,909
1,389
2,144
3,039
441
10,695		 Total
2024
£
200,435
15,225
3,505
2,793
4,969
437
75,223
7,211
27,555
2,529
21,086
1,270
867
-
3,909
1,389
2,144
3,039
441
10,695		 Total
2023
£
166,966
11,792
2,085
1,109
5,651
1,965
77,133
7,623
23,446
6,923
15,935
968
716
43
3,214
454
1,684
1,430
100
8,145
384,722 384,722 337,382
2,830
1,155
6,790
3,974		 2,830
1,155
6,790
3,974		 2,000
1,100
6,077
4,450
14,749 14,749 13,627
399,471 399,471 351,009

Of the expenditure in 2023, £313,765 related to unrestricted funds and £37,244 related to restricted funds.

5 Governance costs

Accountancy fees
Independent examiner's fee
Legal and professional fees		 2024
£
2,830
1,155
6,790
10,775		 2023
£

2,000

1,100

6,077
9,177

Page 15

Restore (Cumbria)

Notes to the Financial Statements for the Year Ended 31 December 2024

......... continued

6 Trustees' remuneration and expenses

No trustees received any remuneration during the year.

7 Net income

Net income is stated after charging:

2024 2023
£ £
Depreciation of tangible fixed assets 10,695 8,145
Independent examination 1,155 1,100

8 Employees' remuneration

The monthly average number of persons (including senior management) employed by the charity during the year, analysed by category, was as follows:

Managment
Staff
The aggregate payroll costs of these persons were as follows:
Wages and salaries
Social security
Other pension costs		 2024
No.
1
11
12
2024
£
200,435
15,225
3,505
219,165		 2023
No.
1
9
10
2023
£
167,009
11,792
2,085
180,886

No employee received emoluments of more than £60,000 during the year.

The key management personnel comprise the Board of Trustees. The total employee benefits of the key management personnel of the Charity were £nil (2023 - £nil).

Page 16

Restore (Cumbria)

Notes to the Financial Statements for the Year Ended 31 December 2024

......... continued

9 Tangible fixed assets

Plant and
machinery
including motor
vehicles
£
Cost
As at 1 January 2024
20,470
Additions
20,007
As at 31 December 2024
40,477
Depreciation
As at 1 January 2024
12,964
Charge for the year
5,428
As at 31 December 2024
18,392
Net book value
As at 31 December 2024
22,085
As at 31 December 2023
7,506		 Fixtures,
fittings and
equipment
£
20,653
9,650
30,303
8,681
5,267
13,948
16,355
11,972		 Total
£
41,123
29,657
70,780
21,645
10,695
32,340
38,440
19,478

10 Debtors

Trade debtors
Other debtors
Prepayments and accrued income
Creditors: Amounts falling due within one year
Trade creditors
Taxation and social security
Other creditors
Accruals and deferred income		 2024
£
346
10,526
2,641
13,513
2024
£
13,575
3,174
5,000
18,646
40,395		 2023
£
-
11,626
2,180
13,806
2023
£
8,258
2,323
5,413
16,769
32,763

11 Creditors: Amounts falling due within one year

Page 17

Restore (Cumbria)

Notes to the Financial Statements for the Year Ended 31 December 2024

......... continued

12 Members' liability

The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.

13 Operating lease commitments

As at 31 December 2024 the charity had total future minimum lease payments under non-cancellable operating leases as follows:

Within one year
Within two and five years
Over five years		 Land and Buildings
2024
£
2023
£
69,000
69,473
123,000
165,000
102,000
129,000
294,000
363,473		 Land and Buildings
2024
£
2023
£
69,000
69,473
123,000
165,000
102,000
129,000
294,000
363,473
363,473

14 Pension scheme

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the charity to the scheme and amounted to £3,505 (2023 - £2,085).

Contributions totalling £nil (2023 - £413) were payable to the scheme at the end of the period and are included in creditors.

Page 18

Restore (Cumbria)

Notes to the Financial Statements for the Year Ended 31 December 2024

......... continued

15 Related parties

Controlling entity

Restore is a subsidiary of the Carlisle Diocesan Board of Finance Limited (CDBF) (company number: 39625) (Charity number: 251977). The principal objective of CDBF is to promote and assist the work, objectives and purposes of the Church of England for the advancement of the Christian religion in the Diocese of Carlisle and elsewhere by acting as the finance executive of the Diocese.

Restore is a subsidiary of CDBF because it appoints the Board members and is deemed to have full 'ultimate control'. The CDBF is the sole member. CDBF consolidated accounts as available on public record and can be downloaded from Companies House.

Related party transactions

During the period the charity received grants from the CDBF totalling £60,000 (2023 - £35,000).

All relationships are conducted at an arm's length basis, and where required a standard memorandum of understanding is negotiated.

Page 19

Restore (Cumbria)

Notes to the Financial Statements for the Year Ended 31 December 2024

......... continued

16 Analysis of funds

Designated Funds
Lowther Trust Donation
General Funds
Unrestricted income fund
Restricted Funds
Cumbria County Council
Tudor Trust Admin
Diocese Growth Fund
Carlisle DBF - General
manager
Restore on the Road
National Lottery -
Shaddongate Community
Events
Community Sheds
Carlisle DBF - City Centre
shop setup
Carlisle DBF - Morton
shop refit		 At 1 January
2024
£
-
52,370
776
25,436
5,691
19,892
300
-
-
-
-
52,095
104,465		 Incoming
resources
£
7,500
342,601
-
-
-
-
25,000
14,775
8,700
30,000
5,000
83,475
433,576		 Resources
expended
£
-
(347,194)
(776)
(25,436)
(1,187)
(19,892)
(1,027)
(2,275)
(237)
(1,447)
-
(52,277)
(399,471)		 Transfers
£
-
31,320
-
-
-
-
(20,133)
(6,187)
-
-
(5,000)
(31,320)
-		 At 31
December
2024
£
7,500
79,097
-
-
4,504
-
4,140
6,313
8,463
28,553
-
51,973
138,570

The Lowther Fund is an Unrestricted Designated Fund, which is supporting our Castle Street renovation and intended to support the Restore on the Road initiative.

Tudor Trust - The funding has been provided for Restore to employ an Administration and Finance assistant. Further funding is to come to employ the assistant for a further 2 years and for a grant towards the fitting out of a new shop.

Carlisle Diocese Board of Finance - Funding provided to cover the costs associated with the General Manager position over the next 2 years and also to assist with the set up of the new Carlisle city centre shop and refit of the Morton shop.

Restore on the Road - Funding received to launch 'RESTORE on the Road' project. The project will take the Restore community spaces on the road and into rural villages in the Eden Valley.

Shaddongate Community Events - A Lottery Community Fund grant which has created a social space at our Shaddongate site. It is used twice per month for community social events aimed at those on the margins of society.

Community Sheds - Funding for our Community shed initiative. This runs sessions 4 days per week, providing a woodworking creative space for those referred with a variety of mental health type challenges.

Page 20

Restore (Cumbria)

Notes to the Financial Statements for the Year Ended 31 December 2024

......... continued

Prior period

General Funds
Unrestricted income fund
Restricted Funds
Cumbria Community Foundation
Cumbria County Council
Tudor Trust Admin
Community Sheds
Diocese Growth Fund
CCF Warm Spots
Carlisle Diocese Board of Finance
Restore on the Road		 At 1
January
2023
£
58,987
430
1,975
23,904
331
5,860
1,539
-
-
34,039
93,026		 Incoming
resources
£
-
307,148
-
-
20,000
-
-
-
35,000
300
55,300
362,448		 Resources
expended
£
(313,765)
(430)
(1,199)
(18,468)
(331)
(169)
(1,539)
(15,108)
-
(37,244)
(351,009)		 At 31
December
2023
£
52,370
-
776
25,436
-
5,691
-
19,892
300
52,095
104,465

17 Transfers

Transfers between funds of £20,133 and £6,187, represent restricted funds received to purchase fixed assets. Once the assets were purchased the original restriction on the funds was met and the funds were therefore transferred to unrestricted, in line with the SORP.

The transfer of £5,000 from Carlisle DBF - Morton shop refit from unrestricted, covers spending in the prior year allocated to unrestricted funds which has been covered by a restricted grant from Carlisle DBF.

Page 21

Restore (Cumbria)

Notes to the Financial Statements for the Year Ended 31 December 2024

......... continued

18 Net assets by fund

Tangible assets
Current assets
Creditors: Amounts falling due
within one year
Net assets
Prior period
Tangible assets
Current assets
Creditors: Amounts falling due
within one year
Net assets		 Unrestricted
Funds
£
38,440
88,552
(40,395)
86,597
Unrestricted
Funds
£
19,478
65,655
(32,763)
52,370		 Restricted
Funds
£
-
51,973
-
51,973
Restricted
Funds
£
-
52,095
-
52,095		 Total Funds
2024
£
38,440
140,525
(40,395)
138,570
Total Funds
2023
£
19,478
117,750
(32,763)
104,465		 Total Funds
2023
£
19,478
117,750
(32,763)
104,465
Total Funds
2022
£
27,224
143,571
(77,769)
93,026

Page 22