**Charity Registration No. 1191991**
## **ENGAGE FURNITURE STORE**
ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
**ENGAGE FURNITURE STORE**
**LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr B Allen (chair appointed 30 April 2024)|
|---|---|
||Mrs J M Johnson (treasurer)|
||Mrs D Hodgkinson (appointed 5 May 2023)|
||Mr A J Kingston-James (chair until resignation 30 April 2024)|
||Dr M I Hope (resigned 31 July 2024)|
||Mr D Irwin (resigned 31 December 2023)|
|**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 2024**
The Trustees present their report and financial statements for the year ended 31 March 2024
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 6 volunteers worked on the project totalling 2,480 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 2024:
- Received 1,812 donations and helped 1,040 customers;
- Of the 1,456 items sold, 832 were sold at the lower price;
- 88 tonnes of waste was saved from going into landfill;
- The project has helped save households £229,490; and
- 83,938kg of CO2 emissions saved.
## **Financial Review**
Income total for the year was reduced by £68,236 compared to 2023 (as 2023 included a one-off donation of £38,181 being the remaining handover funds) as well as a drop in values of sales achieved. Expenditure on charitable activities was also less than the previous year by £3,620, as we had costly IT backup to cloud storage included in the 2023 accounts. The costs are also tightly controlled by the Store Manager.
Total income was £103,898 and total expenditure £84,409 giving a surplus for the year of £19,489 and total unrestricted funds of £131,830 as at 31 March 2024.
Free reserves as at 31 March 2024 were £129,407 (2023 - £111,017) 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**
## **TRUSTEES' ANNUAL REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **Major risks (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**
During the year, inherited Trustees from Engage Voluntary Services have now all retired so the Board is made up of people with no continuity of the Charity in its previous form, including a new Chairman. 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 B Allen Chair**
## **16 January 2025**
## **Mrs J M Johnson Treasurer**
## **16 January 2025**
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 2024, 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 17 January 2025**
Dan Stone Accountancy Ltd 1 Bancks Street Minehead TA24 5DJ
3
**STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
## **ENGAGE FURNITURE STORE**
|||**Unrestricted**|**Restricted**|**Total**|**Total**|
|---|---|---|---|---|---|
||**Notes**|**funds**|**funds**|**2024**|**2023**|
|||**£**|**£**|**£**|**£**|
|**Income and endowments from:**||||||
|Donations and legacies|2|90,647|-|90,647|160,573|
|Charitable activities||8,594|-|8,594|10,075|
|Other income||2,714|-|2,714|1,351|
|Investment income|3|1,943|-|1,943|225|
|||______|______|______|______|
|**Total income**||**103,898**|**-**|**103,898**|**172,224**|
|||______|______|______|______|
|**Expenditure on:**||||||
|Raising funds||-|-|-|-|
|Charitable activities|4|84,409|-|84,409|88,029|
|||______|______|______|______|
|**Total resources expended**||**84,409**|**-**|**84,409**|**88,029**|
|**Net incoming resources before other**||||||
|**gains/(losses) or transfers**||**19,489**|**-**|**19,489**|**84,195**|
|Other gains/(losses)||-|-|-|-|
|||______|______|______|______|
|**Net movement in funds**||**19,489**|**-**|**19,489**|**84,195**|
|Fund balances at 1 April 2023||112,341|-|112,341|28,146|
|||______|______|______|______|
|**Fund balances at 31 March 2024**||**131,830**
______|**-**
______|**131,830**
______|**112,341**
______|
The notes on pages 6-8 form part of these financial statements
4
## **ENGAGE FURNITURE STORE**
## **BALANCE SHEET**
## **AS AT 31 MARCH 2024**
||**Notes**||**2024**||**2023**|
|---|---|---|---|---|---|
|||**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Computer equipment|5||**2,423**||1,324|
||||______||______|
|**Current assets**||||||
|Debtors|6|10,707||19,084||
|Cash at bank and in hand||122,663||95,617||
|||______||______||
|||133,370||114,701||
|**Creditors: amounts falling due**||||||
|**within one year**|7|3,963||3,684||
|||______||______||
|Net current assets|||129,407||111,017|
||||______||______|
|**Total net assets**|||**131,830**||**112,341**|
||||______||______|
|**Funded By**||||||
|_Unrestricted funds:_||||||
|General purposes fund||131,830||112,341||
|||______||______||
||||131,830||112,341|
||||______||______|
|**Total funds**|||**131,830**
______||**112,341**
______|
The Financial Statements were approved by the trustees on 16 January 2025 and signed on their behalf by:
**Mr B Allen Chair**
**Mrs J M Johnson Treasurer**
5
**NOTES TO THE FINANCIAL STATEMENTS**
## **ENGAGE FURNITURE STORE**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **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 2024**
## **2 Donations and legacies**
|Grants from Engage
Furniture proceeds donated
Gift aid on donations
Other grants
**vestment income**
Bank interest|**Total**
**2024**
**£**
-
81,575
9,000
72
90,647
**2024**
**£**
1,943|**Total**
**2023**
**£**
41,058
107,308
11,181
1,026|
|---|---|---|
|||160,573|
|||**2023**
**£**
225|
## **3 Investment income**
## **4 Charitable activities - expenditure**
|Wages
Rent & premises
Insurance
Travel & accommodation
Computer costs
Advertising & promotion
Office & administration
Motor costs
Repairs & renewals
Bank and card charges
Sundry expenses
Depreciation
Donations
Accountancy|**Total**
**2024**
**£**
55,620
16,108
374
332
1,106
758
2,181
2,642
815
1,517
886
689
100
696
84,409|**Total**
**2023**
**£**
51,395
18,936
1,297
79
6,069
-
2,570
3,301
895
1,631
625
331
-
900|
|---|---|---|
|||88,029|
7
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **ENGAGE FURNITURE STORE**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **5 Tangible fixed assets**
|**Cost**
At 1 April 2023
Additions
At 31 March 2024
**Depreciation**
At 1 April 2023
Depreciation charged in the year
At 31 March 2024
**Carrying amount**
At 31 March 2024
At 31 March 2023
**6**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Prepayments
Gift aid receivable
**7**
**Creditors: amounts falling due within one year**
Trade creditors
Accruals
Other taxes & social security
Pension|**Computer**
**Equipment**
**£**
1,655
1,788
3,443
331
689
1,020
2,423
1,324
**2024**
**£**
10
1,697
9,000
______
10,707
______
**2024**
**£**
2,112
696
1,027
128
______
3,963
______|**Total**
**£**
1,655
1,788
3,443
331
689
1,020
2,423
1,324
**2023**
**£**
105
-
18,979
______
19,084
______
**2023**
**£**
877
900
1,809
98
______
3,684
______|
|---|---|---|
||||
8