## **FURNISHING FUTURES CIO**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED**
## **31 March 2024**
## **CHARITY REGISTRATION No: 1196498**
Independent Examiners Ltd Unit 2
The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
1
||**FURNISHING FUTURES**|
|---|---|
||**CONTENTS**|
|Pages 4 - 8|Report of the Trustees|
|Page9|Independent Examiners Report to the Trustees|
|Page 10|Statement of Financial Activities|
|Pages 11|Balance Sheet|
|Page 12-16|Notes to the Financial Statements|
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## **FURNISHING FUTURES**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **CHARITY REGISTRATION NUMBER**
## **DATE OF REGISTRATION**
## **START OF FINANCIAL PERIOD**
## **END OF FINANCIAL PERIOD**
## **TRUSTEES AT 31 MARCH 2024**
1196498
CIO - FOUNDATION Registered 09 Nov 2021
1 April 2023
## 31 March 2024
David Smail - Chair
Sarah Marsh Joanna Barr Alison Stewart MBE Nigel Lawmon
## **CORRESPONDENCE ADDRESS**
Unit 4 Mentmore Studios,11 Argall Avenue London,E10 7QE
**Email:** finance@furnishingfutures.org **Website:** www.furnishingfutures.org
## **GOVERNING DOCUMENT**
## **CHARITABLE OBJECTS**
## **INDEPENDENT EXAMINER**
Registered with the Charity Commission of England and Wales
TO RELIEVE POVERTY OR FINANCIAL HARDSHIP PRIMARILY BUT NOT EXCLUSIVELY AMONG WOMEN AND CHILDREN RESIDING IN LONDON AND THE SURROUNDING AREAS, THROUGH THE PROVISION OF FURNITURE AND ESSENTIAL ITEMS WHICH THEY COULD NOT OTHERWISE AFFORD THROUGH LACK OF MEANS.
K Gomes Independent Examiners Ltd Unit 2 The Broadfield Business Centre Delling Lane Bosham PO18 8NF
3
## **Furnishing Futures CIO**
## **Trustees' Annual Report Year Ended 31[st] March 2024**
The Trustees present their annual report and the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 2015 "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in 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 published in October 2020.
Trustees of the charity
The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows:
D Smail A Stewart N Lawmon J Barr S Marsh V Papworth Chief Executive Officer E Wheeler
## **Objectives and activities**
Furnishing Futures was started in 2019 and registered as a Charitable Incorporated Organisation (CIO) in November 2021. This is the second independently examined annual report and set of accounts.
## **The Objects for which the Charity is established**
_To relieve the poverty of women and children living with furniture poverty primarily in London and the surrounding areas, in particular but not exclusively, through the provision of furniture that would otherwise be disposed of or sent to landfill._
## **Charity purpose and strategic objectives**
Furnishing Futures takes donated furniture and homewares from brands and the general public and uses them to furnish the homes of families who are living with furniture poverty and furniture destitution.
Furnishing Futures aims to create trauma-informed fully furnished homes for women and children given empty social housing after escaping domestic abuse, or who are living with furniture destitution. Based in Leyton in Waltham Forest, the charity uses good quality donated furnishings that would otherwise have ended up in landfill to create professionally designed, high quality refurbished homes that support women and children on their journey to recovery. Providing fully furnished, trauma-informed, bespoke homes improve physical and mental wellbeing, helps to break the cycle of poverty and increases women and children’s safety.
Furnishing Futures values the contribution of volunteers to help us support women and children and achieve our mission. Thirty-five regular volunteers supported us to create healing homes by working in our warehouse and helping during the installation of homes. We also worked with four interior design studios and their teams on a voluntary basis to deliver the transformation of four women’s refuges.
## **Public benefit statement**
The trustees understand that public benefit reporting is fundamental to our responsibilities in governance of the charity. For Furnishing Futures CIO, the public benefit focuses on the women described in our objects, for whom the charity was established and who continue to be central to everything we do.
## **Furnishing Futures CIO**
## Trustees' Annual Report Year Ended 31 March 2024
Furnishing Futures designs, fully furnishes and decorates the homes of women and children who have been given empty social housing after escaping domestic abuse or who can't afford basic items of furniture, by partnering with the interiors industry to repurpose high quality products that might otherwise be sent to landfill. We combine social work values with interior design skills to create healing homes for families who have experienced multiple disadvantages and trauma. Established at the end of 2019 and registered as a charity in November 2021, Furnishing Futures is partnered with
4
women’s refuges and specialist domestic abuse organisations, children’s social care, baby banks and food banks as well as furniture brands, retailers and design studios who donate furnishings.
Following referral from one of our partner organisations and checking eligibility criteria, Furnishing Futures creates fully furnished, professionally designed, trauma-informed homes for women and children who have been given empty social housing after escaping domestic abuse. We do this by taking good quality donated furnishings from the interiors industry and general public that are in new condition but would otherwise have been disposed of, saving many tonnes of good quality furniture from landfill and reducing CO2 emissions.
Furnishing Futures offers various tiers of support, depending on the type of accommodation a woman has been given. For women in emergency and temporary accommodation we provide furniture only, as this type of accommodation tends to be provided with flooring and white goods in situ. For women who are given permanent social housing tenancies that are completely empty without flooring, white goods or furnishings, we provide a full interior design and refurbishment service. This includes painting and decorating; installing new flooring, white goods and furniture; and we provide everything our beneficiaries need from sofas to saucepans, cushions, bed linen and artwork to support their recovery, raise their self-esteem, reduce poverty and increase safety. We do all this at no cost to our beneficiaries. Should a family need to move, either due to the housing system or for their safety, we also cover the cost of removals so that they do not lose their belongings or the items we have provided to them.
Our aim for each woman is to create a bespoke trauma-informed healing home for them and their children, giving them choices about their furnishings and increasing their safety by making it less likely they will feel they have no choice but to return to the perpetrator in order to meet their and their children’s basic needs. We are driven by social work values to respect, empower and support families through holistic support and the power of good design.
This year we also transformed four women’s refuges for Solace Women’s Aid and Kiran Support Services, creating trauma-informed interiors, an outdoor playroom and a garden and children’s play area for the women and children who reside in them.
## **Performance**
We are immensely proud of the impact we have been able to create in our third year as a registered charity and our growth as a young charity. This year we created 39 fully furnished homes, supporting a total of 80 women and children, and finished the transformation of a seven bedroom, five bathroom women’s refuge in London, as well as starting the redesign of the communal living spaces in three further refuges and a design blueprint for a further 22 refuges, supporting around 200 women and children in refuges throughout the year.
We also supported around 500 local families with blankets and warm items during the winter through our partnership with the local baby bank. In addition to this we distributed many more individual items for homes to women and children in need, as well as providing information, advice, advocacy and practical support.
## **Our impact**
Providing high quality, well-designed fully furnished homes improves mental and physical health; increases self-esteem, confidence and wellbeing and helps to keep women and children safe after domestic abuse.
Our support reduces poverty and financial strain; supports engagement with universal services such as midwifery, social care and education as families are no longer ashamed of their homes and are more likely to allow professionals into their lives; it supports child development by providing a safe and stimulating child-friendly environment; it increases the safety of women and children after domestic abuse by making it less likely they return to the perpetrator because of their housing; it sustains tenancies and reduces the need for repairs and it helps to break the cycle of poverty by removing the burden of having to pay for, or borrow money to buy, expensive items such as flooring and furniture for women given empty social housing.
All the women we have supported have told us that the support we provided improved their mental health, reduced maternal stress and increased their children’s happiness.
## **Outputs**
72,000kg of furniture saved from landfill and 51,000 kg of CO2 saved from the atmosphere, an increase on the previous year.
39 women supported with home refurbishments, of whom 28 were mothers, meaning we also supported 41 children and babies by creating safe, fully furnished homes. This was an increase of seven women and two children being supported with fully furnished homes, compared to the previous year.
We completed the refurbishment of a women’s refuge for the specialist Asian women’s provider Kiran Support Services as Phase 2 of the project, supporting 14 marginalised women and 32 children and babies across the year with traumainformed bedrooms; the refurbishment of five bathrooms; a new outdoor children’s playroom and a landscaped garden and refurbished children’s play area.
We also started the redesign of three communal living and play rooms for Solace Women’s Aid women and children’s refuges, using trauma-informed design, which will support 30 women and 120 children across the next financial year.
5
Of the women we supported:
100% had experienced gender-based violence and domestic abuse.
100% had experienced homelessness as part of their journey to being rehoused.
100% reported experiencing mental health difficulties including anxiety, depression and PTSD as a result of their experiences.
79% were from Black or ethnic minority backgrounds.
100% were in receipt of welfare support.
Furnishing Futures describes this as 'multiple disadvantages' and these intersect to perpetuate the cycle of poverty.
## **Furnishing Futures Trustees' Annual Report**
Year Ended 31 March 2024
## **Outcomes**
All the women supported by Furnishing Futures reported improved mental health and reduced stress and financial worry; they also reported raised self-esteem and increased feelings of happiness and pride with reduced social isolation; some reported improvements in their children and babies’ development and all women who are mothers reported increased wellbeing for the children; and all the women reported feeling safer in their new accommodation. Some women expressed that they felt that our support and intervention had saved their lives.
Testimonials: Beneficiary A
“I would like to express my deepest gratitude to Furnishing Futures for their incredible support and generosity. Before I found them, I was going through a very challenging time in my life. I felt lost and overwhelmed, and my self-esteem was at an all-time low. The lack of a comfortable and stable living environment only added to my struggles. However, everything changed when Furnishing Futures stepped in. The furniture they provided me with not only transformed my living space but also had a profound impact on my mental and emotional well-being. It gave me a sense of stability and a fresh start. I began to feel more confident and hopeful about the future. The care and kindness shown by the team made me realise that I was not alone, and their support was a crucial part of my journey towards rebuilding my life. I now feel more empowered and optimistic than I have in a long time.”
## Beneficiary B
“Words cannot describe what my lovely new home means to me. I sit for hours in silence just in shock. I cannot believe it is mine and I have somewhere safe for me and my daughter - we have been fleeing domestic violence for several years.
Furnishing Futures not only furnished my new home for myself and my daughter but most importantly they gave us a fresh start, a new beginning! After fleeing domestic violence for over 10 years there was always something we had to leave behind. It was extremely difficult trying to rebuild my life with limited support/resources.
I felt like I was letting my daughter down because I could not afford to furnish our home. At times I considered returning to the abusive relationship so my daughter would have a bed to sleep in. We can finally begin our healing journey in a clean, safe and beautiful environment!
I cannot thank Furnishing Futures enough for all the support we have received. Submitting my dissertation was delayed due to my housing situation and I was only able to complete it after I was in my healing home and receiving therapy - you changed my life. I finished university with a 1st class degree! I am so, so proud of myself! A huge thank you to Furnishing Futures!! I hope you know the work you all do is so incredible."
## **Main achievements in period to 31 March 2024**
Despite the challenges in the year, there were many notable achievements:
- We grew our team recruiting a part time operations manager, full time homes designer, and full time specialist support worker. We also recruited a part time finance officer.
- We explored ways to expand across a wider geographical area of London, supporting more women and children with their homes in more areas.
- We shared our first ever awareness campaign film on social media.
- We grew our team of volunteers.
- We increased the volume of furniture we saved from landfill and improved the quality of homes we were able to refurbish.
- We completed the refurbishment of a seven bedroom women and children’s refuge and started the redesign of three further refuges.
- We increased income compared with the previous year both from donations, also partly driven by an increase of over 200% in revenue raised from warehouse sales.
## **Trustees' Annual Report Year Ended 31 March 2024**
Financial review (including reserves policy)
6
It has been a positive financial year for Furnishing Futures, with total funds remaining strong despite an increase in expenditure.
## **Financial overview**
Funding comes from a variety of sources including grants, one-off donations and sales. The most significant single source of funding was from the Lewin Trust, which gave grants totalling £85,000 in the year.
We also received funding from the following, who we would like to thank for their support: Firebird Trust Treebeard Trust Michael and Betty Little Trust Crucible Foundation Prism Emma Mattress The Childhood Trust St James Place House of Hackney J Solomou Ako Foundation S Amir J Stedman
Our total income for the period April 2023 to March 2024 was £493,046 and our total expenditure was £446,377. This enabled us to maintain recommended reserves in line with our reserve policy as set out below.
## **Reserves policy**
Furnishing Futures defines reserves as "an allotment of unrestricted funds which can be spent on any purposes of the charity". The Board considers that the key issues that free reserves need to cover are to pay our operating costs for a number of months, ensure we have the funds to cover staffing costs and that we have a proportionate amount set aside to pay for a reasonable settlement of other financial obligations. As a result, the target reserves policy is set as the sum of between 3-6 months of the next year’s total cash expenditure and 12 months of lease rental costs for the warehouse. Any annual operating surplus will be used to:
1) Build and grow our services
2) Invest in developing the capability and capacity of our fundraising strategy
3) Invest in developing our IT and staffing infrastructure to ensure the delivery of our work is delivered at pace and provides a greater platform for future growth.
## **Future plans**
We plan to increase our impact by helping an additional 320 families over the next two years with their homes as well as support a further 1200+ families with essential individual items of furniture, household items or white goods. We will also be developing volunteering, mentoring and employment opportunities for our beneficiaries; providing a creche for women who need childcare to benefit from our women’s support groups, and continuing our weekly women’s groups, which we started in spring 2024, to reduce social isolation and increase confidence and wellbeing. In addition to this we have established a Service User Advisory Board to ensure the voices of women we support shape and inform our service provision.
We will deliver the refurbishment of the three communal living areas for Solace Women’s Aid and the design blueprint.
Our goal is to be able to scale our model across London, the UK and further afield. We want to create economies of scale that enable us to support each new family more cost-effectively, supporting many more families overall.
## **Structure, governance and management**
Furnishing Futures CIO is a Charitable Incorporated Organisation, approved and registered with the Charity Commission with charity number 1196498 and whose registered office is at Unit 4 Mentmore Studios, 11 Argall Avenue, London E10 7QE.
Policies and procedures for induction and training of trustees
All trustees have access to appropriate development or training. Trustees are encouraged to share their skills and to participate in training one another for the benefit of the governance of the charity.
The Trustee Board meets a minimum of four times a year. Agendas and minutes are circulated for discussion and when appropriate votes are taken. Meetings often take place virtually. This has not impacted on the operation of the meetings. The Trustee Board added one new trustee to further strengthen the Board.
## **Arrangements for setting remuneration of key management**
The remuneration for key management staff is reviewed each spring by a subgroup of the Trustee Board but agreed at a Board meeting.
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## **Major Risks**
A risk group of three trustees is in place to review the risk register and other operational, legal and governance matters. We have been guided by the Charity Commission guidance with regard to risk.
Where we have identified a risk, we have assessed it to enable us to decide the level of priority that should be applied, action taken to prevent the risk and mitigating actions we should take in responding to it. This assessment takes account of the following: the impact of the risk (the harm) and the likelihood of the risk materialising.
In assessing the impact, we focus on the type and level of harm that may result if the risk materialises. This includes considering the resources and experience of Furnishing Futures. We have also recorded timescales for the risks to be reviewed on a regular basis in order that this register becomes a working document.
## **Trustees' responsibilities**
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In preparing these financial statements, the trustees are required to:
~ select suitable accounting policies and then apply them consistently
~ observe the methods and principles in the Charities SORP 2015 (FRS 102)
~ make judgements and estimates that are reasonable and prudent
~ state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
~ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity. They are also
responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved on:
Signed:
Name:
8
## **FURNISHING FUTURES**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS**
I report to the Trustees on my examination of the accounts of the above Charitable Incorporated Organisation ("the CIO") for the year ended 31 March 2024.
As the CIO's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
## **Responsibilities and basis of report**
I report in respect of my examination of the CIO'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.
Since Furnishing Futures gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a fellow member of the Association of Charity Independent Examiners, which is one of the listed bodies.
## **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 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.
Signed: Name: K Gomes Date: 22.11.24
K Gomes FCIE,MAAT Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
9
## **FURNISHING FUTURES**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 MARCH 2024**
|Notes
**Income and Endowments from:**
Donations and Legacies
2a
Charitable Activities
2b
Other Income
2c
**TOTAL**
**Expenditure on:**
Charitable Activities
4a
Other Expenses
4b
**TOTAL**
**NET INCOME/(EXPENDITURE) BEFORE**
**INVESTMENT GAINS/(LOSSES)**
**NET INCOME/(EXPENDITURE)**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total Funds Brought Forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Restricted
TOTAL
TOTAL
Funds
Funds
**2024**
**2023**
£
£
£
£
285,566
52,959
338,525
298,296
54,517
-
54,517
17,752
100,004
-
100,004
8|
|---|---|
||**440,087**
**52,959**
**493,046**
**316,056**|
||251,716
10,564
262,280
60,480
141,701
42,395
184,096
99,828|
||**393,418**
**52,959**
**446,377**
**160,308**|
|||
||**46,669**
-
**46,669**
**155,748**|
|||
||**46,669**
-
**46,669**
**155,748**|
|||
||**46,669**
-
**46,669**
**155,748**|
||155,748
-
155,748
-|
||**202,417**
-
**202,417**
**155,748**|
All of the organisation's operations are classed as continuing. The notes on pages 10 to 14 form part of these financial statements.
10
PURNISHXNG PUTURes
IALANCI #III
A• AT JI I1• 2Q14
unrestncted R¢strici•d 31.14•r-24 Ji.M•r-23
Funds
Fund8
Toi•1
Toi•l
Not•
74ngiDie asset•
12,193
12,193
6.970
Tgl•l Fix•J T•nplbl• Ax••ts
Dèbtors
26.642
389,321
21,842
389,321
C•sh •[ Jnd In hond
212.411
TOtsI curr•ni A•wts
416 1•3
416 1•3
2XZ411
arnounrs lalllng dv• w1thifs gn* y•4r
io
225,940
225,940
63.633
140 777
NIT CURRtNT
190 124
¢r•dltor•i amwnts f•llthQ due In m%Yv than S yr
Is
417
202 417
VUfKl• ol th• tio
Generol Fun¢5
Oesignot•d
R•strict•¢ Fi*ndi
5b
Sb
54
109,895
9Z,512
109.695
92,522
63,2Z6
92,522
202 417
Zol 417
ILIJ 74•
YM rt8iements wert appro¥•d, aUthorti•d and $lgMd on rhair b•hlll by..
Approved W th¢
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## **FURNISHING FUTURES**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **Basis of preparation:**
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with: the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 2nd addition effective 1 January 2019 and with the Charities Act 2011.
The CIO constitutes a public benefit entity as defined by FRS 102
## **Changes to accounting estimates**
No changes to accounting estimates have occurred in the reporting period
## _**Material prior period errors**_
No material prior year error have been identified in the reporting period
## **1. ACCOUNTING POLICIES**
The particular accounting policies adopted are set out below.
## **INCOME**
## _**Recognition of Income**_
These are included in the Statement of Financial Activities (SOFA) when:
· the CIO becomes entitled to the income;
- it is more likely than not that the trustees will receive the resources; and
- the monetary value can be measured with sufficient reliability.
## _**Grants and Donations**_
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).
## _**Tax Reclaims on Donations and Gifts**_
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
## _**Contractual Income and Performance Related Grants**_
This is only included in the SoFA once the CIO has provided the related goods or services or met the performance related conditions.
## _**Government Grants**_
The CIO did not receive any government grants in the reporting period
## _**Volunteer Help**_
The value of any voluntary help received is not included in the accounts but is described in the Trustees' annual report.
## _**Income from interest, royalties and dividends**_
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
## _**Investment Gains and Losses**_
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
## **Expenditure and liabilities**
## _**Charitable Activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.
## _**Liability Recognition**_
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the CIO to pay out resources and the amount of the obligation can be measured with reasonable certainty.
## _**Governance and Support Costs**_
Support costs represent the cost of central functions, for example governance costs, payroll administration, information technology. Governance costs are those support costs which relate to public accountability of the charity and its compliance with regulation and good practice.
12
## **FURNISHING FUTURES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## _**Grants Payable without Performance Conditions**_
Where there are no conditions attaching to the grant that enables the donor CIO to realistically avoid the commitment, a liability for the full funding obligation must be recognised.
## _**Employee benefits**_
Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.
## _**Redundancy cost**_
No redundancy payments were made during the reporting period.
## _**Deferred income**_
Deferred income has been included in the accounts.
## _**Creditors**_
The CIO has creditors which are measured at settlement amounts less any trade discounts.
## _**Provisions for liabilities**_
A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date
## _**Fixed Assets**_
These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or, if gifted, at the value to the CIO on receipt.
## _**Depreciation Expense**_
Depreciation is calculated at a rate to write off the cost of tangible fixed assets on a straight line basis over 3 years from the month they are purchased.
## _**Debtors**_
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the CIO. Subsequently, they are measured at the cash or other consideration expected to be received.
|**2. ANALYSIS OF INCOME**
Note
**a) Donations and Legacies**
Grants
3
**b) Charitable Activities**
Sale of Donated Goods
**C) Other Income**
Investment Income
Project Income
Donations|Unrestricted
Restricted
TOTAL
TOTAL
Funds
Funds
**2024**
**2023**
£
£
£
£
159,093
2,959
162,052
61,547
126,473
50,000
176,473
236,749|
|---|---|
||**285,566**
**52,959**
**338,525**
**298,296**|
||54,517
-
54,517
17,752|
||**54,517**
**-**
**54,517**
**17,752**|
||4
-
4
8
100,000
-
100,000
-|
||**100,004**
**-**
**100,004**
**8**|
13
## **FURNISHING FUTURES**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2024**
|**3. Grants & Donations**
Note
Lewin Trust
Amazon UK
Michael & Betty Little Trust
Cruicible Foundation
5
Treebeard Trust
Prism Charitable Trust
The Blue Thread
Work for Good
Firebird Foundation
Millenium Award
Magdalen Trust
Other Grants
**Total Grants**
**4. ANALYSIS OF EXPENDITURE**
**a) Charitable Activities**
**Direct Costs**
Note
Contractors & Professional Fees
Volunteer Costs
Fundraising Costs
Advertising
Direct Staff costs
6
Other Staff Costs
Direct Project Costs
Special Project Costs
5
**b) Support Costs**
Note
Support Staff costs
6
Rent and Rates
Wates Disposal
General Admin
Warehouse Expenses
Legal & Other Professional Fees
Insurance
General Expenses
Bank & Platform Charges
Accountancy
Independent Examination
Depreciation
7|Unrestricted
Restricted
TOTAL
TOTAL
Funds
Funds
**2024**
**2023**
85,000
-
85,000
56,667
-
-
-
45,000
9,430
9,430
35,000
-
50,000
50,000
25,005
25,000
-
25,000
18,750
-
-
-
10,000
-
-
-
10,005
-
-
-
9,400
6,281
-
6,281
7,500
-
-
-
5,005
-
-
-
2,505
762
-
762
11,938|
|---|---|
||**126,473**
**50,000**
**176,473**
**298,301**|
||Unrestricted
Restricted
TOTAL
TOTAL
Funds
Funds
**2024**
**2023**
£
£
£
£
1,750
-
1,750
43,882
3,346
-
3,346
1,704
7,809
-
7,809
-
983
-
983
444
49,155
7,605
56,760
-
765
-
765
-
87,909
-
87,909
14,450
100,000
2,959
102,959|
||**251,716**
**10,564**
**262,280**
**60,480**|
||30,588
24,275
54,863
-
101,400
-
101,400
84,958
1,154
-
1,154
302
23
8,107
8,130
2,731
-
5,638
5,638
845
1,948
-
1,948
2,886
1,224
-
1,224
3,318
2,351
-
2,351
-
26
-
26
53
1,668
-
1,668
350
1,320
-
1,320
1,200
0
4,375
4,375
3,185|
||**141,701**
**42,395**
**184,096**
**99,828**|
14
## **FURNISHING FUTURES**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024**
|**5. FUNDS ANALYSIS**||Balance||||Closing|
|---|---|---|---|---|---|---|
|||1.4.23|Income|Expenditure|Transfers|31.3.24|
|**a) RESTRICTED FUNDS**||£|£|£|£|£|
|**Grants & Donations**|||||||
|Cruicible Foundation|||52,959|52,959|-|-|
|||-|52,959|52,959|-|-|
|**b) UNRESTRICTED FUNDS**|||||||
||Note||||||
|General Funds||155,748|347,565|393,418|-|109,895|
|Designated|11|-|92,522|-|-|92,522|
|||155,748|440,087|393,418|-|202,417|
||||||||
|**Total Funds**||155,748|**493,046**|**446,377**|-|**202,417**|
|**6. STAFF COSTS AND NUMBERS**||||**2024**|**2023**||
|Gross Pay||||103,564|-||
|Employers National Insurance||||5,945|-||
|Employers Pension Costs||||2,114|-||
|**Total**||||111,623|-||
|||||**2024**|**2023**||
|Average number of employees during the year||||2.16|-||
|No employee received emoluments of more than||£60,000 in this or the previous year|||||
|**Directors and Related Party Transactions**||||**2024**|**2023**||
||||||**£**||
|Total||||-|40,166||
£8,000 was paid to House Nine which is owned by Trustee Joanne Barr to purchase £8,000 of furniture to deliver Project Haven refuge project. No Trustee was paid for services or expenses during the year. No other related party transactions took place during the year.
|**7. TANGIBLE FIXED ASSETS**
EQUIPMENT
Cost
01-Apr-23
Additions
Cost at
31-Mar-24
Depreciation
01-Apr-23
Charge
Depreciation at
31-Mar-24
Net Book Value
31-Mar-24
Net Book Value
01-Apr-23|Total
£
£
£
£
-
6,786
3,370
10,156
4,791
4,807
0
9,598
Office
Equipment
Fixtures &
Fittings
Motor
Vehicles|
|---|---|
||4,791
11,593
3,370
19,754|
||-
377
2,808
3,185
933
2,881
562
4,376|
||933
3,258
3,370
7,561|
||**3,858**
**8,335**
-
**12,193**|
||-
6,409
562
6,971|
The annual commitments under non-cancelling operating leases and capital commitments - see note 11.
15
## **FURNISHING FUTURES**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024**
|**8. DEBTORS AND PREPAYMENTS**
Trade Debtors
Prepayments
Accrued Income
**9. CASH AT BANK AND IN HAND**
Current Account
Expenses Account
Total
Accruals
Paye
Independent Examiners Fees
Later than 1 Year but within 5 Years
Within 1 Year
Deferred income - Grants and Project Duffy income received in
advance
**Operating Lease**
**10. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE**
**WITHIN ONE YEAR**
**11. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE**
**IN MORE THAN ONE YEAR**|Unrestricted
Restricted
Fund
Fund
£
£
1,023
-
2,145
-
23,674
-|**Total**
**Total**
**2024**
**2023**
**£**
**£**
1,023
-
2,145
-
23,674
-|
|---|---|---|
||26,842
-|26,842
-|
||Unrestricted
Restricted
Fund
Fund
£
£
152,474
-
67,131
-
5,015
-
1,320
-
|**2024**
**2023**
£
£
387,220
211,234
2,102
1,177|
|||389,321
212,411|
|||**Total**
**Total**
**2024**
**2023**
**£**
**£**
152,474
62,083
67,131
350
5,015
-
1,320
1,200|
||**225,940**
-|**225,940**
**63,633**|
||Unrestricted
Restricted
Fund
Fund
£
£
92,522
-
169,624
-
|**Total**
**Total**
**2024**
**2023**
**£**
**£**
92,522
92,522
169,624
262,147|
||262,146
-|262,146
354,669|
16