**Charity Registration No. 1191991**
## **ENGAGE FURNITURE STORE**
ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
**ENGAGE FURNITURE STORE**
**LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr A J Kingston-James Mrs J M Johnson Dr M I Hope Mr D Irwin **Charity number** 1191991 **Address** Engage Marshfield Road Minehead TA24 6AQ **Independent examiner** Dan Stone Accountancy Ltd 1 Bancks Street Minehead Somerset TA24 5DJ
**ENGAGE FURNITURE STORE**
**CONTENTS**
||**Page**|
|---|---|
|Trustees’ Annual Report|1 - 2|
|Independent Examiner’s Report|3|
|Statement of Financial Activities|4|
|Balance Sheet|5|
|Notes to the Financial Statements|6 - 8|
**ENGAGE FURNITURE STORE**
**TRUSTEES' ANNUAL REPORT**
**FOR THE YEAR ENDED 31 MARCH 2023**
The Trustees present their report and financial statements for the year ended 31 March 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts 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 Republic of Ireland (FRS 102)” (effective 1 January 2019).
## **Objectives and Activities**
The primary objective is to provide a service to the benefit of people living in the community of West Somerset. To provide good quality used furniture that can be recycled to the benefit of those on low incomes. The second important benefit is the reduction in the amount of landfill.
An average of 4 volunteers worked on the project totalling 2,139 working hours. The Trustees express their thanks and appreciation for the support of the volunteers whose help is an integral part of the Charity’s activities.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives in planning future activities.
## **Achievements and Performance**
The following results were achieved during the year ending 31 March 2023:
- Received 1,900 donations and helped 1,778 customers;
- Of the 1,818 items sold, 952 were sold at the lower price;
- 82 tonnes of waste was saved from going into landfill;
- The project has helped save households £209,240; and
- 83,193kg of CO2 emissions saved.
## **Financial Review**
Income for the year was up by £88,054 compared to 2022 and this included an increase of £38,181 in grants and donations, this being the remaining handover funds along with an increase of £45,463 in furniture proceeds donated. Expenditure on charitable activities was also up by £34,666 largely due to the fact that this was a full year of operation for the Charity compared to a part year in 2022.
Total income was £172,224 and total expenditure £88,029 giving a surplus for the year of £84,195 and total unrestricted funds of £112,341 as at 31 March 2023.
Free reserves as at 31 March 2023 were £111,017 (2022 - £28,146). Reserves are held to ensure costs of running the Charity can be met for a defined period of time should the income suddenly stop and also to cover the cost of having to buy into a new lease and equip a new premises should the need arise. Total reserves required to meet both needs are estimated to be at least £59,000.
## **Major Risks**
The Trustees along with the Store Manager take great care to ensure the operation of the Charity conforms to health and safety legislation for the protection of the general public, its staff and volunteers. The Trustees are satisfied that there are adequate systems to minimise financial risks. There are reporting processes and meetings held to review income and expenditure and to take appropriate remedial action.
1
**ENGAGE FURNITURE STORE**
**FOR THE YEAR ENDED 31 MARCH 2023**
## **TRUSTEES' ANNUAL REPORT (CONTINUED)**
## **Financial Review (continued)**
Since Engage Furniture Store has taken over the liability for the lease payment for premises of Alcombe Village Hall (AVH), this Charity no longer has a fixed lease end or renewal date. As the trustees of AVH have all but one resigned we have to be aware that EFS only has a rolling month by month lease. We are mindful of the major detriment impact this could have on Engage Furniture Store, not only in the time it would take to source alternative premises but also the cost implications of legal and estate agent fees, deposits and most probably an increased annual lease rate.
## **Structure, Governance and Management**
Engage Furniture Store is a Charitable Incorporated Organisation (CIO) established by a foundation constitution dated 26[th] October 2020.
## **Appointment of Trustees**
Engage Furniture Store Trustees are a mix of existing Trustees from EVS and the appointment of new Trustees recruited via social media requests. We welcome new Trustees appointments trying to encourage diversity of social, economic and professional skills to add meaningful comprehension of what we offer, to whom and why.
## **Declarations**
The Trustees declare that they have approved the Trustees’ report above.
Signed on behalf of the Charity’s Trustees:
**Mr A J Kingston-James Chair**
21 Jan 2024 **Date:**
**Mrs J M Johnson Treasurer**
**Date:** 21 Jan 2024
2
**ENGAGE FURNITURE STORE**
**INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF ENGAGE FURNITURE STORE**
I report to the charity trustees on my examination of the accounts of the above charity (the “Trust”) for the year ended 31 March 2023, which are set out on pages 4 to 8.
## **Responsibilities and basis of report**
As the charity’s trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
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.
## **Daniel Stone FCA** 24 Jan 2024 **Date**
Dan Stone Accountancy Ltd 1 Bancks Street Minehead TA24 5DJ
3
**ENGAGE FURNITURE STORE**
**STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023**
|**Unrestricted Restricted**
**Total**
**Notes**
**funds**
**funds**
**2023**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
2
160,573
-
160,573
Charitable activities
10,075
-
10,075
Other income
1,351
-
1,351
Investment income
3
225
-
225
______
______
______
**Total income**
**172,224**
**-**
**172,224**
______
______
______
**Expenditure on:**
Raising funds
-
-
-
Charitable activities
4
88,029
-
88,029
______
______
______
**Total resources expended**
**88,029**
**-**
**88,029**
**Net incoming resources before other**
**gains/(losses) or transfers**
**84,195**
**-**
**84,195**
Other gains/(losses)
-
-
-
______
______
______
**Net movement in funds**
**84,195**
**-**
**84,195**
Fund balances at 1 April 2022
28,146
-
28,146
______
______
______
**Fund balances at 31 March 2023**
**112,341**
**-**
**112,341**
|**Total**
**2022**
**£**
72,519
8,143
847
-
______
**81,509**
______
-
53,363
______
**53,363**
**28,146**
-
______
**28,146**
-
______
**28,146**
|
|---|---|
The notes on pages 6-8 form part of these financial statements
4
**ENGAGE FURNITURE STORE**
**NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
||**Notes**||**2023**|**2022**|
|---|---|---|---|---|
|||**£**|**£**|**£**
**£**|
|**Fixed assets**|||||
|Computer equipment|5||1,324|-|
||||______|______|
|**Current assets**|||||
|Debtors|6|19,084||7,797|
|Cash at bank and in hand||95,617||37,341|
|||______||______|
|||114,701||45,138|
|**Creditors: amounts falling due**|||||
|**within one year**|7|3,684||16,992|
|||______||______|
|Net current assets|||111,017|28,146|
||||______|______|
|**Total net assets**|||**112,341**|**28,146**|
||||______|______|
|**Funded By**|||||
|_Unrestricted funds:_|||||
|General purposes fund||112,341||28,146|
|||______||______|
||||112,341|28,146|
||||______|______|
|**Total funds**|||**112,341**|**28,146**|
||||______|______|
|||21 Jan 2024|||
|The Financial Statements were|approved by the trustees on|||and signed on their behalf|
|by:|||||
**Mr A J Kingston-James Mrs J M Johnson Chair Treasurer**
5
**ENGAGE FURNITURE STORE**
**TRUSTEES' ANNUAL REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **1. Accounting policies**
## **1.1 Basis of preparation**
The Financial Statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The Financial Statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) issued in May 2008 and applicable UK Accounting Standards and the Charities Act 2011.
## **1.2 Incoming resources**
All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
## **1.3 Resources expended**
- Liabilities are recognised as resources expended 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 ail costs related to the category.
## **1.4 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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 bases:
Plant and machinery 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
6
## **ENGAGE FURNITURE STORE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **2 Donations and legacies**
|Grants from Engage
Furniture proceeds donated
Gift aid on donations
Other grants
**3**
**Investment income**
Bank interest
**4**
**Charitable activities - expenditure**
Wages
Rent & premises
Insurance
Travel & accommodation
Computer costs
Office & administration
Motor costs
Repairs & renewals
Bank and card charges
Sundry expenses
Depreciation
Accountancy|**Total**
**2023**
**£**
41,058
107,308
11,181
1,026
160,573
**2023**
**£**
225
**Total**
**2023**
**£**
51,395
18,936
1,297
79
6,069
2,570
3,301
895
1,631
625
331
900
88,029|**Total**
**2022**
**£**
2,877
61,845
7,797
-|
|---|---|---|
|||72,519|
|||**2022**
**£**
-|
|||**Total**
**2022**
**£**
31,310
12,952
1,695
-
444
1,434
2,685
563
1,451
829
-
-|
|||53,363|
7
## **ENGAGE FURNITURE STORE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2023**
|**5**
**Tangible fixed assets**
**Cost**
At 1 April 2022
Additions
At 31 March 2023
**Depreciation**
At 1 April 2022
Depreciation charged in the year
At 31 March 2023
**Carrying amount**
At 31 March 2023
At 31 March 2022
**6**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Gift aid receivable
**7**
**Creditors: amounts falling due within one year**
Trade creditors
Accruals
Other taxes & social security
Pension
Other creditors|**Computer**
**Equipment**
**£**
-
1,655
1,655
-
331
331
1,324
-
**2023**
**£**
105
18,979
______
19,084
______
**2023**
**£**
877
900
1,809
98
-
______
3,684
______|**Total**
**£**
-
1,655
1,655
-
331
331
1,324
-
**2022**
**£**
-
7,797
______
7,797
______
**2022**
**£**
849
-
591
91
15,461
______
16,992
______|**Total**
**£**
-
1,655
1,655
-
331
331
1,324
-
**2022**
**£**
-
7,797
______
7,797
______
**2022**
**£**
849
-
591
91
15,461
______
16,992
______|
|---|---|---|---|
|||-||
|||||
||||______
**2022**
**£**
849
-
591
91
15,461
______
16,992
______|
8
## **Issuer** Dan Stone Accountancy
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