2024-01-31-accounts

CHARITY REGISTRATION NUMBER: 1200023

Charity Shop 4 U

Financial Statements

For the Year Ending 31 January 2024

JANE ASCROFT ACCOUNTANCY LIMITED

Chartered accountants Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XP

Charity Shop 4 U

Financial Statements

Year Ended 31 January 2024

	Page
Trustees' Annual Report	1
Independent Examiner's Report to the Trustees	4
Statement of Financial Activities	5
Statement of Financial Position	6
Notes to the Financial Statements	7
The Following Pages Do Not Form Part of the Financial Statements
Detailed Statement of Financial Activities	16

Charity Shop 4 U

Trustees' Annual Report

Year Ended 31 January 2024

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 January 2024.

Objectives and Activities

The objects of the charity continue to be to advance for the public benefit the education (including personal development and physical education) of children under the age of 18 years in Greater Willington (Oakenshaw, Pagebank, Sunnybrow and Willington) and Hunwick by making grants for educational projects in such ways as the charity trustees think fit provided always such purposes are charitable under the laws of England and Wales.

To this end the trustees allocated £5,000 in grants to individuals, schools and organisations in the area of benefit. Examples of grants awarded included grants to enable schools to develop their outdoor environment, training of leaders, resources for children with special needs, outdoor sports activities and travel and accommodation for international competitions.

Achievements and Performance

Volunteers

The number of volunteers has increased during the year. While a couple of volunteers resigned due to health and work commitments, there have been a number of new volunteers. The total number of volunteers stands at 25. Their motivation for volunteering is varied, for example:

• Work experience as part of a college course

• To make a contribution to the local community

• To meet people

• To gain confidence.

A quarterly volunteers meeting is held to enable volunteers to contribute their ideas towards the organisation and running of the shop.

Shop Premises

A major development in this financial year was the purchasing of 69 High Street, Willington as new premises. These premises contain over four times the space of the previous premises. The new premises were purchased thanks to funding from the Key Fund. A new sign was purchased as a result of a grant from Greater Hunwick Town Council. A grant of £15,000 from Durham County Council has enabled the trustees to plan for renovations to the building and for its development. The purchase and erection of storage and sorting sheds is also taking place.

Financial Review

During the year ended 31st January 2024 the charity had income of £57,988 (2023 - £39,663) and incurred expenditure of £22,883 (2023 - £6,684). Expenditure included grants of £5,050 paid to local organisations.

At 31st January 2023 the charity held £71,761 in unrestricted funds and £15,000 in restricted funds.

Reserves policy

The trustees aim to hold reserves equivalent to £20,000 to cover working capital and future grant obligations. At 31st January 2024 the charity held £27,759 in reserves.

1

Charity Shop 4 U

Trustees' Annual Report (continued)

Year Ended 31 January 2024

Structure, Governance and Management

The charity was registered with the Charity Commission on 10th August 2022 as a Charitable Incorporated Organisation under the Foundation model. The charity registration number is 1200023.

There are 5 trustees with varied and appropriate backgrounds and administration is undertaken by the Clerk to the Trustees.

Trustees Meetings

The trustees met on six occasions between 1st February 2023 and 31st January 2024. At these meetings various reports were presented to, and various matters discussed by, the trustees including:

• Finance

• Policies

• Volunteers

• Premises

• Shop Matters

Each meeting is minuted.

Reference and Administrative Details

Registered charity name Charity Shop 4 U Charity registration number 1200023 Principal office 86 High Street Willington County Durham DL15 0PE The Trustees R E Glasper (Chair) P J Hardy L Pratt Janet Stephenson J M Humble Independent Examiner Jane Ascroft FCA MA (Cantab) Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XP

2

Charity Shop 4 U

Trustees' Annual Report (continued)

Year Ended 31 January 2024

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

R E Glasper (Chair) Trustee

3

Charity Shop 4 U

Independent Examiner's Report to the Trustees of Charity Shop 4 U

Year Ended 31 January 2024

I report to the trustees on my examination of the financial statements of Charity Shop 4 U ('the charity') for the year ended 31 January 2024.

Responsibilities and Basis of Report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements 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 giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do 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.

Jane Ascroft FCA MA (Cantab) Independent Examiner

Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XP

4

Charity Shop 4 U

Statement of Financial Activities

Year Ended 31 January 2024

			2024		2023
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	4	–	29,300	29,300	15,276
Other trading activities	5	28,134	–	28,134	24,387
Investment income	6	554	–	554	–
		────────	────────	────────	────────
Total income		28,688	29,300	57,988	39,663
		════════	════════	════════	════════
Expenditure
Expenditure on charitable activities	7,8	23,003	–	23,003	6,584
		────────	────────	────────	────────
Total expenditure		23,003	–	23,003	6,584
		════════	════════	════════	════════
		────────	────────	────────	────────
Net income		5,685	29,300	34,985	33,079
		════════	════════	════════	════════
Transfers between funds		14,300	(14,300)	–	–
		────────	────────	────────	────────
Net movement in funds		19,985	15,000	34,985	33,079
Reconciliation of funds
Total funds brought forward		51,656	–	51,656	18,577
		────────	────────	────────	────────
Total funds carried forward		71,641	15,000	86,641	51,656
		════════	════════	════════	════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 7 to 14 form part of these financial statements.

5

Charity Shop 4 U

Statement of Financial Position

31 January 2024

		2024	2023
	Note	£	£
Fixed Assets
Tangible fixed assets	15	85,942	–
Current Assets
Cash at bank and in hand		42,759	51,896
Creditors: amounts falling due within one year	16	9,720	240
		────────	────────
Net Current Assets		33,039	51,656
		─────────	────────
Total Assets Less Current Liabilities		118,981	51,656
Creditors: amounts falling due after more than one year	17	32,340	–
		─────────	────────
Net Assets		86,641	51,656
		═════════	════════
Funds of the Charity
Restricted funds		15,000	–
Unrestricted funds		71,641	51,656
		────────	────────
Total charity funds	18	86,641 ════════	51,656 ════════

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

R E Glasper (Chair) Trustee

The notes on pages 7 to 14 form part of these financial statements.

6

Charity Shop 4 U

Notes to the Financial Statements

Year Ended 31 January 2024

1. General Information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 86 High Street, Willington, County Durham, DL15 0PE.

2. Statement of Compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

There are no material uncertainties about the charity’s ability to continue.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The trustees consider that there are no significant estimates or judgements affecting these financial statements.

Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

7

Charity Shop 4 U

Notes to the Financial Statements (continued)

Year Ended 31 January 2024

3. Accounting Policies (continued)

Income

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impracticle to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliabily measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apprortioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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Charity Shop 4 U

Notes to the Financial Statements (continued)

Year Ended 31 January 2024

3. Accounting Policies (continued)

Tangible Assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property - 2% straight line Equipment - 25% reducing balance

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial Instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

9

Charity Shop 4 U

Notes to the Financial Statements (continued)

Year Ended 31 January 2024

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.

Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Taxation

The company 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 company 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.

4. Donations and Legacies

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2024
	£	£	£
Grants
Durham County Council	–	15,000	15,000
Greater Willington Town Council	–	500	500
Key Fund	–	13,800	13,800
	────	────────	────────
	–	29,300	29,300
	════	════════	════════

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Charity Shop 4 U

Notes to the Financial Statements (continued)

Year Ended 31 January 2024

4. Donations and Legacies (continued)

		Unrestricted	Restricted	Total Funds
		Funds	Funds	2023
		£	£	£
Donations
Transferred from Cornerstone Supported Housing &
Counselling Ltd		15,276	–	15,276
		────────	────	────────
		15,276	–	15,276
		════════	════	════════
Other Trading Activities
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Shop income	23,139	23,139	20,197	20,197
Bishop's Recycling	1,616	1,616	2,499	2,499
Ebay sales	928	928	796	796
Ziffit & Music Magpie	1,228	1,228	895	895
ECS Textiles	1,223	1,223	–	–
	────────	────────	────────	────────
	28,134	28,134	24,387	24,387
	════════	════════	════════	════════

5. Other Trading Activities

6. Investment Income

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Rental income	554	554	–	–
	════	════	════	════
Expenditure on Charitable Activities	by Fund Type
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Costs of charitable activities (see page
16)	23,003	23,003	6,584	6,584
	════════	════════	═══════	═══════

7. Expenditure on Charitable Activities by Fund Type

8.	Expenditure on Charitable Activities	by Activity Type	by Activity Type
		Activities
		undertaken	Grant funding	Total funds	Total fund
		directly	of activities	2024	2023
		£	£	£	£
	Costs of charitable activities (see page
	16)	17,953	5,050	23,003	6,584
		════════	═══════	════════	═══════

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Charity Shop 4 U

Notes to the Financial Statements (continued)

Year Ended 31 January 2024

9. Analysis of Grants

		2024	2023
		£	£
	Grants to Institutions
	Grants to local organisations	5,050	5,250
		───────	───────
	Total grants	5,050	5,250
		═══════	═══════
10.	Net Income
	Net income is stated after charging/(crediting):
		2024	2023
		£	£
	Depreciation of tangible fixed assets	2,360	–
		═══════	════
11.	Independent Examination Fees
		2024	2023
		£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements	480 ════	240 ════

12. Staff Costs

The average head count of employees during the year was Nil (2023: Nil).

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

13. Trustee Remuneration and Expenses

Trustees were paid neither remuneration nor expenses during the current or previous year.

14. Transfers Between Funds

During the year £14,300 was transferred from restricted to unrestricted funds which represented capital items for use by the charity purchased using restricted funds.

12

Charity Shop 4 U

Notes to the Financial Statements (continued)

Year Ended 31 January 2024

15. Tangible Fixed Assets

	Freehold
	property	Equipment	Total
	£	£	£
Cost
At 1 February 2023	–	–	–
Additions	85,000	3,302	88,302
	────────	───────	────────
At 31 January 2024	85,000	3,302	88,302
	════════	═══════	════════
Depreciation
At 1 February 2023	–	–	–
Charge for the year	1,700	660	2,360
	────────	───────	────────
At 31 January 2024	1,700	660	2,360
	════════	═══════	════════
Carrying amount
At 31 January 2024	83,300	2,642	85,942
	════════	═══════	════════
At 31 January 2023	–	–	–
	════════	═══════	════════
Creditors: amounts falling due within one year
		2024	2023
		£	£
Accruals and deferred income		480	240
Key Fund loan		9,240	–
		───────	────
		9,720	240
		═══════	════
Creditors: amounts falling due after more than one year
		2024	2023
		£	£
Key Fund loan		32,340 ════════	– ════

16. Creditors: amounts falling due within one year

17. Creditors: amounts falling due after more than one year

18. Analysis of Charitable Funds

Unrestricted funds

Unrestricted funds
		At					At
	1	February				31 January
		2023	Income	Expenditure	Transfers		2024
		£	£	£	£		£
General funds		51,656	28,688	(23,003)	14,300		71,641
		════════	════════	════════	════════		════════
		At					At
	1	February				31 January
		2022	Income	Expenditure	Transfers		2023
		£	£	£	£		£
General funds		18,577	39,663	(6,584)	–		51,656
		════════	════════	═══════	════		════════

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Charity Shop 4 U

Notes to the Financial Statements (continued)

Year Ended 31 January 2024

18. Analysis of Charitable Funds (continued)

Restricted funds

Restricted funds
	At				At
	1 February				31 January
	2023	Income	Expenditure	Transfers	2024
	£	£	£	£	£
Durham County Council	–	15,000	–	–	15,000
Greater Willington Town
Council	–	500	–	(500)	–
Key Fund	–	13,800	–	(13,800)	–
	────	────────	────	────────	────────
	–	29,300	–	(14,300)	15,000
	════	════════	════	════════	════════

Restricted funds are for the following purposes:

Durham County Council Property refurbishment Greater Willington Town Council Sign Key Fund Towards the purchase of the property

19. Analysis of Net Assets Between Funds

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2024
	£	£	£
Tangible fixed assets	85,942	–	85,942
Current assets	27,759	15,000	42,759
Creditors less than 1 year	(9,720)	–	(9,720)
Creditors greater than 1 year	(32,340)	–	(32,340)
	────────	────────	────────
Net assets	71,641	15,000	86,641
	════════	════════	════════
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Tangible fixed assets	–	–	–
Current assets	51,896	–	51,896
Creditors less than 1 year	(240)	–	(240)
Creditors greater than 1 year	–	–	–
	────────	────	────────
Net assets	51,656	–	51,656
	════════	════	════════

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Charity Shop 4 U

Management Information

Year Ended 31 January 2024

The Following Pages Do Not Form Part of the Financial Statements.

15

Charity Shop 4 U

Detailed Statement of Financial Activities

Year Ended 31 January 2024

	2024	2023
	£	£
Income and endowments
Donations and legacies
Transferred from Cornerstone Supported Housing & Counselling Ltd	–	15,276
Durham County Council	15,000	–
Greater Willington Town Council	500	–
Key Fund	13,800	–
	────────	────────
	29,300	15,276
	────────	────────
Other trading activities
Shop income	23,139	20,197
Bishop's Recycling	1,616	2,499
Ebay sales	928	796
Ziffit & Music Magpie	1,228	895
ECS Textiles	1,223	–
	────────	────────
	28,134	24,387
	────────	────────
Investment income
Rental income	554	–
	────	────
	────────	────────
Total income	57,988	39,663
	════════	════════
Expenditure
Activities undertaken directly
Rent and utilities	2,746	–
Trade waste	299	272
Repairs and maintenance	4,136	31
Insurance	810	495
Shop and office consumables	1,186	296
Legal and professional fees	4,914	240
Depreciation	2,360	–
Loan interest	1,502	–
	────────	───────
	17,953	1,334
	────────	───────
Grant funding activities
Grants awarded	5,050	5,250
	───────	───────
	────────	───────
Total expenditure	23,003	6,584
	════════	═══════
	────────	────────
Net income	34,985	33,079
	════════	════════

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