2025-05-31-accounts

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Furniture Resource Centre Limited

(A Company Limited by Guarantee)

Annual Report and Financial Statements Period Ended 31 May 2025

Registered Number 02296329 Registered in England and Wales

Charity Number 700731

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Furniture Resource Centre Limited

Company Number	2296329 (England and Wales)
Charity Number	700731
Directors	A Courtney
	C Dixon
	J Hines
	N Spruyt (Chair)
	F Vepari
	J Vernon
Secretary	S Doran
Chief Executive	S Doran
Registered office	1 Cartwrights Farm Road
	Liverpool
	L24 1UY
Bankers	NatWest Bank
	2-8 Church Street
	Liverpool
	L1 3BG
Auditors	Grant Thornton UK LLP
	Royal Liver Building
	Liverpool
	L3 1PS
Solicitors	Brabners
	Horton House
	Exchange Flags
	Liverpool
	L2 3YL

Glossary For the Period Ended 31 May 2025

GLOSSARY

Our mission

Our programmes:

To reduce and ultimately eradicate furniture poverty.

FRC Living

End Furniture Poverty

Our campaigns aim to raise awareness of furniture poverty and deliver practical solutions to ensure everyone has access to essential furniture. We conduct research, lead campaigns, and advocate for legislative changes that support people experiencing furniture poverty

We have 3 key strategic objectives:

Avoid Furniture Poverty
Relieve Furniture Poverty
Generate funds to End Furniture Poverty

Our values:

Bravery, Creativity, Passion, Professionalism

Our principal activities:

Furniture Resource Centre Limited (“the charity”, “FRC”)

We supply furniture to social landlords, councils and charities across the UK. We help our customers help people and 100% of our profit is used to End Furniture Poverty.

Bulky Bob's

FRC Living is the UK’s leading supplier of contract standard furniture. We provide great quality, accredited, contract standard furniture in a range of products and finishes to suit different styles, requirements, timescales needs and budgets.

Furniture Flex

Furniture Flex provides flexible furnishing solutions to social landlords and their tenants. Furniture Flex gives housing providers options over the way they provide furniture and appliances to tenants. Landlords can purchase items outright or can rent items, or a mix of both depending on their needs and the needs of their tenants.

Buckingham Interiors

Buckingham Interiors provides Furniture, Furnishings and Interior Design Solutions for independent living, extra care housing and care homes.

Buckingham Interiors has over 30 years experience in the design, supply, installation and delivery of furniture and interiors of the highest quality. We provide design concepts and quality products that are fit for purpose, look spectacular and offer great value for money.

Provides a bulky household waste collection service - mainly to the local authority in Oldham, collecting unwanted items from homes and assessing them for reuse and recycling.

End Furniture Poverty Foundation (formerly Bulky

Bob's For Business)

Offers business collection and reuse services.

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Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

The directors, who are also trustees for the purposes of charity law, present their report, together with the strategic report and financial statements, for Furniture Resource Centre Limited (the “charity”) and its subsidiaries (the “Group”) for the 14-month period ended 31 May 2025.

The annual report also incorporates the Trustees Report as required by charity law.

For 36 years, Furniture Resource Centre Group (“FRC”) has remained steadfast in its mission to end furniture poverty. This period marked a significant milestone with the transition to a purpose-built warehouse and the implementation of our new enterprise resource planning (ERP) system, SAP post period end. These investments position us for long-term efficiency and growth.

The reporting period was extended from the charity’s usual year end in order to provide opportunity for greater consideration and scrutiny of customers’ financial plans in advance of setting budgets. Councils have a financial year which starts in April and many councils do not approve budgets until very close to or even after the beginning of their new financial year. This meant that FRC was often setting a budget without clarity of customers spending intentions. The change of FRC’s financial reporting period from March to May provides the opportunity to properly align budgets. Comparative information has therefore been prepared for the year ended 31 March 2024. As a result of the extended reporting period, the comparative amounts presented in the financial statements (including the related notes) are not directly comparable with the current period. Subsequent accounting periods will end on 31 May going forward. Following the implementation of the system post period end, the Group also updated certain accounting processes and reporting structures to better reflect current business operations and to support the effective embedding of the new system.

We achieved a healthy trading income of £21.67m, growing 4.5% year-on-year (pro-rated to 12 months), however higher expenditure in the period resulted in an overall deficit of £705,963. Charitable expenditure for the period included £249,583 of costs relating to redundancy, site closures, and associated restructuring. This expenditure was necessary to strengthen our financial foundations and position us for sustainable growth in the future. In addition, we had balance sheet adjustments of £297,755 and an impairment loss of £45,000 in respect of fixed assets, offset by the first-time recognition of £100,162 of stock within Reuse IT.

Even with major operational transformation, we continued to deliver high-quality contract furniture, interior design, installation, and flexible procurement solutions across multiple sectors. These services are not just transactions; they are part of a wider commitment to creating spaces that improve lives for those who need it most.

As a social enterprise, every pound we earn is reinvested to help those in need and to advance our goal of ending furniture poverty. This means that behind every project, whether furnishing a home, designing a communal space, or providing bespoke interiors—there is a social purpose. Our profits fund advocacy, research, and practical support through initiatives like End Furniture Poverty, ensuring that vulnerable families and individuals have access to essential furniture and the stability it brings.

This dual focus of commercial excellence and social impact sets us apart. It drives innovation in our operations, strengthens partnerships with housing providers and local authorities, and ensures that growth translates into meaningful change for communities across the UK.

This progress would not have been possible without the dedication of our incredible team—staff and volunteers— who embody our values of being brave, creative, passionate, and professional every day. Their commitment ensures we continue to provide outstanding service and make a real difference.

We extend our heartfelt thanks to everyone who contributed to this report and to making FRC Group a fantastic place to work. We also acknowledge Grant Thornton who we appointed to complete the audit this period for providing assurance on this report; their statement can be found on page 17.

Our Aims, Objectives and Achievements

FRC Group is a collection of social businesses run by Furniture Resource Centre Limited, a registered charity. The purposes of the charity are set out in the company’s memorandum of association as follows:

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Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

In the day-to-day running of the organisation, we use these words to describe what we do:

FRC Group's vision is of a society where people can obtain good quality, affordable furniture without experiencing the devastating impacts of furniture poverty — no bed to sleep on or unmanageable debts. Our mission is to reduce and ultimately eradicate furniture poverty. We campaign to raise awareness of furniture poverty and create practical solutions to get furniture to people who need it. Our work also helps create sustainable employment and better futures for people.

To deliver on these objectives, FRC Group is made up of the following businesses / initiatives: End Furniture Poverty, Furniture Resource Centre, Buckingham Interiors, Furniture Flex, Bulky Bob's, End Furniture Poverty Foundation (formerly Bulky Bob’s for Business) and Reuse IT.

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Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Strategic Report

The sections below constitute the Strategic Report for the purposes of the Companies Act 2006:

Overview of 2024 – 2025
Financial review
Plans for the future
Risk

Overview of 2024 - 2025

Furniture Resource Centre

In 2024/25, the organisation delivered strong growth and social impact, underpinned by a commitment to operational excellence through enhanced facilities, technological advancement, and investment in staff. Total Group income reached £21.7 million over a 14-month period, representing a 4.5% increase on the prior year (pro-rated to 12 months). This commercial performance was supported by a significant rise in operational activity, with more than 29,000 deliveries completed to households and partner organisations, ensuring essential furniture and support reached those most in need across the UK.

A key driver of success was workforce capability and slight expansion. Recognising the importance of investing in staff to sustain growth and service quality, the organisation increased its average headcount to 130 employees, up from 125. This growth was in numbers and capability, with new roles in customer service, logistics, project management, and social impact. Additional drivers, warehouse operatives, and account executives enabled the business to meet rising demand and maintain high standards of delivery performance during a period of significant operational transition.

FRC Group is supported by four regular volunteers who contribute on a weekly basis to warehouse operations. Whilst their role is operational in nature, it provides an important foundation for the efficient delivery of the Group's charitable activities. The charity does not formally record volunteer hours and accordingly volunteer time is not recognised in the financial statements. The trustees are grateful for the ongoing commitment of its volunteers and the meaningful contribution they make to the Group's social mission.

The period also saw major transformation. The relocation to new, larger facilities in Speke provided the infrastructure needed for future expansion, while mobilisation for the go-live of the new ERP system on 1 June 2025 represented a significant milestone. These changes required additional resources and consultancy investment, contributing to an overall deficit of £705,963 for the period.

Beyond financial performance, the organisation’s social mission remained at the heart of its work. Through the End Furniture Poverty campaign and initiatives such as Furniture Flex and Time for Bed, thousands of families and individuals gained access to essential furniture and support. Advocacy efforts contributed to the extension of the £500 million Household Support Fund, while research and policy leadership reinforced the organisation’s position as a national voice in tackling furniture poverty.

The expansion of furnished tenancy schemes was a standout achievement. A significant number of organisations committed to pilots or wider rollouts, creating a substantial pipeline of homes for furnished tenancy provision. Furniture Flex also became operational with several major housing providers, with plans for major growth in the year ahead. The Time for Bed project continued to scale, now partnering with schools across the region and supporting hundreds of children with beds and bedding – a clear demonstration of direct impact.

Looking ahead, the organisation is well positioned for further growth and impact. Priorities include converting the strong pipeline of furnished tenancy opportunities into live contracts, scaling provision across more social landlords, and continuing to develop resources for housing providers. Research and policy work will remain central, alongside expanded fundraising and direct support projects such as Time for Bed, with a focus on sustainable funding and impact measurement. Operationally, the completion of SAP implementation will drive efficiency, and ongoing investment in staff and culture will ensure the organisation remains a great place to work.

In summary, 2024/25 was a period of progress and consolidation. The organisation delivered resilient financial performance, expanded its social impact, and strengthened its position as a sector leader. The year ahead promises further growth, deeper policy influence, and even greater social value for those experiencing furniture poverty.

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Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Overview of 2024-2025 (continued)

End Furniture Poverty

End Furniture Poverty has had a highly active and impactful period, driving national policy change, supporting the expansion of furnished tenancies, delivering direct support to those in need, and strengthening its position as the UK’s leading voice on furniture poverty. The organisation’s work has influenced government policy, secured vital funding for crisis support, and provided practical solutions for social landlords and local authorities. EFP’s partnership with Furniture Flex, research outputs, and sector leadership have positioned it for even greater impact in the coming year.

The key achievements in the period include:

Directly influenced government policy by providing evidence and advocacy that contributed to the extension of the £500m Household Support Fund to March 2026, protecting crisis support for vulnerable households.

Raised the profile of furniture poverty in Parliament: EFP’s work led to over 30 MPs and Lords engaging with the campaign, with questions tabled in Parliament, Early Day Motions signed, and a Westminster Hall Debate dedicated to the issue.

Published a landmark Cost Benefit Analysis (CBA) report demonstrating that furnished tenancy schemes deliver more than double the investment in social and fiscal benefits, launched at a Parliamentary event attended by 50+ stakeholders.

Produced the fifth annual Local Welfare Assistance (LWA) report: EFP’s research was cited by the Department for Work and Pensions and national media, and was key to securing continued funding for local welfare schemes.

Time for Bed project: Delivered beds and bedding to 460 children in need, expanded to 70 partner schools, and raised over £86,000 in total appeal income.

Developed and updated the EFP Blueprint for furnished tenancy schemes, with support from the Chartered Institute of Housing.

Secured national media coverage (BBC, ITV, The Guardian, Inside Housing) and contributed to sector publications, significantly raising the profile of furniture poverty as a social justice issue.

Bulky Bob’s

Bulky Bob’s continued to operate the bulky waste collection service in Oldham, providing an essential service to the local community. While the service reported a financial loss for the period, it remains a vital part of our commitment to sustainability and social impact, ensuring that unwanted furniture and household items are collected responsibly and diverted from landfill wherever possible.

However, the contract Oldham Council ends on 31 July 2026 and will not be renewed. Therefore, the entity will cease trading and is no longer a going concern.

End Furniture Poverty Foundation (formerly Bulky Bob’s for Business)

Throughout the financial year, End Furniture Poverty Foundation (formerly Bulky Bob’s for Business) maintained a ‑ strong focus on IT reuse and recycling services. The team continued to collect, securely data wipe, and refurbish IT equipment, ensuring items were given a valuable second life. Refurbished equipment was either sold at low cost to support digital inclusion or donated to individuals and organisations in need, helping to reduce the digital divide.

From 1 June, responsibility for IT reuse and recycling services will transfer to Furniture Resource Centre Limited. This strategic move aims to streamline operations and ensure that income and expenditure relating to End Furniture Poverty are managed within the appropriate entity, following its name change to End Furniture Poverty Foundation.

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Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Financial review

Financial Performance

The 2024/25 financial period was marked by strong trading, significant transformation, and careful financial management across the Group. Over the 14-month period, total sales reached £21.7 million, with all areas of the business performing well. We also launched our new furniture rental service, Furniture Flex, securing seven customers during the period.

Investing in staff remained a priority, with the average number of employees increasing to 130 (from 125 last year). New roles in customer service, logistics, project management, and social impact supported growing demand and maintained high standards. The successful relocation to new operational sites and the introduction of a new SAP system marked a major step forward in infrastructure and future readiness.

While these strategic changes will deliver substantial long-term benefits, they resulted in one-off costs of £547,000 during the period. The exceptional costs were in relation to the strategic changes of the business including redundancy and relocation costs. In addition, an impairment loss of £45,000 was recognised in respect of fixed assets. This was offset by the first-time recognition of stock within Reuse IT amounting to £100,000. As a result, total net exceptional costs for the period amounted to £492,000.

At the start of the year, Group reserves stood at £3.57 million. After accounting for a trading surplus of £23,000, exceptional costs and balance sheet adjustments of £492,000, and End Furniture Poverty (EFP) costs of £237,000 (funded from previous surpluses), reserves at 31 May 2025 reduced to £2.9 million.

During the previous year, we built up cash reserves to support these exceptional costs. With these now fully settled, cash has returned to typical levels, closing at £296,219 (from £1.17m at the start of the period). We also improved stock control and management processes during the SAP transition, reducing stock holdings from just over £1m to £910,716. These actions have strengthened operational efficiency and supported our cash position.

Looking ahead, the Group remains financially resilient, with a strong foundation for future growth and a renewed focus on reserves and risk management.

Principal Funding Sources

The principal source of funding for the charity and Group is the revenue generated from the sales of high—quality furniture, fittings and accessories to social landlords and local authorities. In addition to this, revenue is generated through contracts with local authorities for the collection of furniture, from the sale of ’pre-loved’ furniture, from the sale of waste collection services and also through grant income.

Grants and Donations

During 2024-25, we continued to receive a grant from the Steven Morgan Foundation to support the charity initiative ‘Time for Bed’ alongside a number of various donations.

Investment powers and policy

The charity has the power to invest monies not immediately required in investments, securities or property as may be thought fit.

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Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Financial review (continued)

Reserves Policy

The trustees have considered the level of free reserves (those funds not tied up in fixed assets and restricted funds) required by the Group to be at least six months operational expenditure plus sufficient cash for future plans, which amounts to at least £4,000,000. In the trustees’ view, this level of reserves should provide adequate financial stability and enable the Group to continue to meet its charitable objectives for the foreseeable future.

In arriving at this figure, the trustees have considered potential future changes in income streams and likely future cash flow requirements. The trustees will continue to monitor the Reserves Policy at least annually in trustee meetings.

At 31 May 2025, consolidated free reserves of £1,522,928 were held (calculated as unrestricted reserves not held in fixed assets), which is £2,477,072 short of the required consolidated total of £4,000,000. To increase the amount of free reserves held, the trustees are looking at ways of improving the profitability of the charity and Group. As at 31 May 2025, the Group holds restricted reserves of £18,575 (31 March 2024 - £40,780) and total reserves of £2,859,063 (31 March 2024 - £3,565,026).

Both subsidiary undertakings have net liabilities at the reporting date, reflecting continued losses incurred during the year. The trustees have assessed the financial position of these subsidiaries and have concluded that the parent charity is able and committed to provide the necessary financial support for the foreseeable future.

Plans for the Future

At the heart of our mission is a simple belief: everyone deserves a home that’s comfortable, safe, and welcoming. As we look to the future, we’re committed to helping even more people turn their houses into homes.

Looking ahead, the investments we have made in our staff, technology and facilities are set to deliver even greater benefits. By improving efficiency, we’ve built a stronger foundation that will allow us to expand our support for families in need. This means we can reach more people, provide more essential furniture, and help even more households turn a house into a home in the coming year.

As End Furniture Poverty becomes a separate entity, we’ll continue to champion its cause, working together to influence national policy and raise awareness. We’re also focused on strengthening our financial foundation, so we can keep supporting communities for years to come.

Above all, our commitment is to help more people create homes where memories are made, futures are built, and everyone feels they belong.

Going Concern

The Trustees have prepared forecasts for the Group for the period to 31 August 2027, including detailed cashflow forecasts incorporating the Group's invoice discounting facility with RBS Invoice Finance. These forecasts have been based on the Group's historic and latest trading performance and management's expectations of future income and expenditure, and demonstrate that the Group has sufficient financial resources to continue as a going concern through to 31 August 2027 and meet the operational requirements of the facility.

The Trustees have applied stress testing to these forecasts, including sensitivities in respect of a reduction in revenue, an increase in expenditure, an extension to the Furniture Flex capital payback period, and a deterioration in debtor collection performance. These sensitivities, together with mitigating actions available to management including the control of capital expenditure in line with cash flow requirements, and likelihood of alternative financing arrangements, provide evidence to support the Trustees' view that the Group will continue to have sufficient headroom within its financing facility to manage potential risks through to 31 August 2027. Refer to Note 28 for details of the invoice discounting facility.

The Trustees therefore consider it appropriate to prepare the accounts on a going concern basis.

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Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Risk

As a social business operating in a changing environment, we face a range of risks that could affect our ability to deliver services and achieve our mission.

We take a proactive approach to risk management, regularly reviewing our risk register and adapting our strategies as circumstances evolve. The main areas of risk are:

Market and Funding Uncertainty

Changes in public sector funding and contract renewals can affect our income. We manage this by diversifying our activities, focusing on excellent service, and maintaining strong relationships with our partners.

Competitive Environment

Increased competition in our sector means we must continually review our operations and costs to remain efficient and deliver value for money. We are committed to innovation and continuous improvement to maintain our position.

Economic and Supply Chain Challenges

Broader economic factors, such as rising costs and supply chain pressures, can impact our operations. We mitigate these risks through careful planning, building strong supplier relationships, and maintaining flexibility in our approach.

Operational and Compliance Risks

We are mindful of risks related to business continuity, regulatory compliance, and health and safety. Robust policies, regular training, and contingency planning help us to minimise these risks and respond effectively to any issues.

Staff and Capacity

Our staff are central to our success. We invest in staff development and wellbeing to ensure we have the skills and capacity needed to deliver high-quality services.

Financial Sustainability

We closely monitor our financial position, maintain prudent reserves, and plan for the long term to ensure we can continue to deliver our social mission.

We are committed to transparency and good governance, with regular oversight from our Board. Our approach to risk management supports our resilience and ability to create positive social impact.

The directors are satisfied that reasonable steps have been taken to identify all commercial and social impact risks to which the Group is exposed and that action has been taken to mitigate these risks where necessary.

Key Performance Indicators

The Group utilises several key performance indicators to enable a consistent method of analysing performance, both financially and from a social value impact perspective. The key financial performance indicators utilised are as follows:

Turnover
Gross profit margins
Net Surplus
Cash flow
Customer numbers
Contract KPIs

An analysis of certain key performance indicators is included in the overview and financial performance section of this report.

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Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Structure, Governance and Management

Strategic Decision

Making Meeting Our Objectives

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Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Directors

The directors of FRC Group’s charitable companies are their trustees for the purpose of charity law and throughout this report are collectively referred to as directors and are listed below. The directors are appointed by the members at the Annual General Meeting but can be co-opted between AGMs by the board pending election. Before being co-opted, prospective trustees are invited to observe meetings to learn more about the charity and to meet the other trustees. During this induction process, the candidate meets the chair of trustees and the senior management team, and visits different parts of the business to meet staff. A Scheme of Delegation agreed between the trustees and the senior management team details which decisions the senior management team are authorised to take and which must be referred to the trustees. Decisions can be taken by trustees by email if a decision is needed before the next scheduled trustee meeting. All of the directors give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are shown in note 10 to the accounts.

The directors who served during the period were:

J Hines J Vernon N Spruyt (Chair) A Courtney (appointed 27 September 2024) C Dixon (appointed 27 September 2024) F Vepari (appointed 27 September 2024)

Statement of Public Benefit

FRC Group ensures its aims and objectives are achieved through a variety of ways.

This includes advocacy and campaigning for the eradication of furniture poverty, providing furniture packages to a range of customers, giving furniture free of charge to people in need, and offering training programmes designed to support people into employment.

Governing Document

Furniture Resource Centre Limited is a charitable company limited by guarantee and does not have any share capital. It was incorporated on 14 September 1988 and registered as a charity on 17 November 1988. The company is governed by its Memorandum and Articles of Association dated 8 August 2014.

FRC Group Company Structure

FRC Group is headed by Furniture Resource Centre Limited, a company limited by guarantee and also a registered charity.

Furniture Resource Centre has two subsidiaries, both charitable companies limited by guarantee. Furniture Resource Centre is the only member of each subsidiary and is therefore deemed to have control.

The subsidiaries are:

Bulky Bob’s
End Furniture Poverty Foundation (formerly Bulky Bob’s for Business)

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Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Related Parties

Bulky Bob's is a charity with Furniture Resource Centre Limited as its sole member. Bulky Bob’s provides services, mainly to Local Authorities, for the collection and recycling of bulky household waste. Bulky Bob’s provides training and employment opportunities for people from long term unemployment and low paid jobs whilst protecting the environment through the reuse and recycling of collected items.

End Furniture Poverty Foundation is a charity which has Furniture Resource Centre Limited as its sole member. This charity provides an office and commercial waste collection service and provides training and development opportunities to formerly long-term unemployed people or people on relatively low income.

Research and Development

We are committed to ongoing research and development to improve our services, maximise social impact, and promote sustainability. This includes exploring innovative ways to support those in need, piloting new service models, collaborating with partners, and using evidence-based research to inform our approach. Our focus on learning, innovation, and sustainable practices helps us deliver lasting positive outcomes for both communities and the environment.

Code of Governance statement

The board continue to work towards fully adopting the Charity Code of Governance with those areas for improvement identified following an internal and external review. The following is a summary of those areas of compliance against the Code along with areas for improvement:

Organisational Purpose

A 3 year impact strategy was developed by the Senior Leadership Team and was approved by the Board of Trustees in December 2023. The three priorities of the plan are:

Making Money to use to End Furniture Poverty by selling furniture through our brands, FRC Living, Buckingham Interiors, Furniture Flex. As a non-profit, every penny we earn supports our social missionhelping those in need by providing essential furniture and working to end furniture poverty
Helping people avoid getting into furniture poverty. To do this by making it as easy as possible for social landlords to provide furniture, through campaigning to persuade housing associations to provide some of their properties fully furnished and to convince the new government to make it law that social landlords have to furnish at least 10% of their properties
Helping people relieve furniture poverty by ensuring that there is continued support for people who have fallen into furniture poverty through local welfare provisions. FRC Group continues to campaign to keep such local welfare schemes in place to allow councils to have access to this funding to supply tenants with the furniture they need.

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Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Code of Governance statement ( continued)

The impact strategy also sets out the way we work to ensure:

We remain a great place to work
Our solutions to end furniture poverty are covered nationally
We continue to look at ways to reuse furniture
We do so in a way that is friendly for the environment

• Leadership

The charity has a very strong values culture with the board regularly seeing evidence as to how well this values culture is integrated in the Group. Trustees are recruited for both subject matter expertise and generic, advance knowledge, skill and experience in guiding and governing a mission led organization. Board discussions focus on setting and maintaining strategic direction to ensure FRC Group fulfils its core purpose. The board has a good understanding of current Group structure and why this is important, having previously received expert advice from a charity lawyer. Whilst regular meetings take place between the Chair and CEO, formal appraisals are also being introduced. Attendance of trustees at the various meetings is monitored and is good with all trustees attending a majority of the meetings

• Integrity

The board ensures that the charity operates ethically and with integrity at all times, are keen to use the Charity Commission Code of Governance as a tool to assist with improving governance in the charity and have also adopted the Nolan Principles as a code of conduct. The board manage conflicts of interest well and have agreed a formal Conflict of Interest Policy. In addition, a register of interests is maintained for all trustees and senior staff.

• Decision Making, Risk and Control

A Scheme of Delegation has been agreed between the board, committees and senior staff, which was last reviewed in 2021. Key policies and procedures are circulated to the board annually along-with recommendations for changes. The board actively monitors performance against a range of targets and a risk matrix is maintained, which is reviewed by trustees at least twice a year. A meeting takes place each year between at least one trustee and the auditors with no staff present in order to obtain honest feedback following the conclusion of the annual financial audit.

Board Effectiveness

The board meets six times a year with further committee meetings also taking place. There is a board meeting quarterly to review and scrutinize performance, discuss and approve proposals from the executive team and determine any new or corrective actions. There is an annual budget setting and approval meeting and a further strategy focused ‘Away Day’. Ways of monitoring the effectiveness of the board are to be discussed. Discussions take place with potential new trustees in order to ensure that they understand the time commitment necessary and they are then invited to attend two meetings as an observer before being invited to join the board if they wish to. A third of trustees retire by rotation every three years and there is no maximum length of office although this is currently being reviewed with a maximum length of office being considered for introduction. A programme of learning and development for trustees is not currently in place but is to be discussed with a suitable programme then implemented.

• Diversity

A skills matrix has been produced which identified gaps for trustees in certain areas. Suitable trustees have been recruited with applications for trustees from diverse backgrounds encouraged. The board currently do not have any specific diversity objectives but this is to be considered by the board as part of understanding the skills and expertise required from the board that aligns to the proposed 3 year Impact Strategy.

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Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Code of Governance Statement (continued)

Openness and Accountability

Stakeholders have been identified with their feedback sought as part of the production of the annual impact report. This feedback is reviewed by the board and ways of increasing this range of feedback are to be investigated. The salaries of all staff are agreed by the Remuneration Committee and are set using an external consultant to provide benchmark data showing the salaries of similar roles regionally.

Fundraising

The charity did not actively fundraise from individuals during the period but did engage with charitable funding organisations and the Government for-the receipt of charitable grants. The charity has not signed up for any voluntary fundraising standard or schemes and no complaints regarding fundraising were received.

Staff

In 2024–25, we remain committed to being a great employer, attracting and retaining the best talent. We continue to hold our ambition to make FRC Group not only a great place to work but a company where colleagues can learn, grow, and succeed

Our aim is to:

Live the Organisation’s Values and Behaviours
Recognising and Rewarding High Performance
Empowering and Involving Staff
Structuring Work
Delivering Continuous Improvement
Creating Sustainable Success

To maintain and build on these standards, we will:

Listen and engage with colleagues to strengthen trust and inclusivity
Champion our values of Bravery, Creativity, Passion, and Professionalism in every decision
• Invest in development, offering opportunities for growth across all teams
Leverage technology to enhance collaboration and efficiency
Embed health and safety in everything we do
Ensure fair and consistent pay, aligned with local and national benchmarks
• Drive innovation and continuous improvement, preparing for future challenges

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Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Health and Safety

At FRC Group, Health and Safety is a core priority.

We regularly review and communicate clear policies and procedures to ensure the safety of staff, volunteers, customers, suppliers and the public.

The established Health, Safety and Wellbeing Committee meets monthly with representatives from all departments and satellite sites.

A full-time Health, Safety and Environment Team Leader is appointed to drive proactive and responsive management of risks across the organisation.

We maintain a comprehensive set of regularly reviewed risk assessments and safe systems of work, applying the hierarchy of control to mitigate risk.

Accreditations and Standards
Safety Schemes in Procurement (SSIP), certified by SMAS Worksafe (Cert. No. 164999)
Quality Management: ISO 9001:2015, certified by Alcumus ISOQAR (Cert. No. 0026)
Environmental Management: ISO 14001:2018, certified by CQS (Cert. No. EM2001144)

We will maintain these standards and explore ISO 45001 (Occupational Health and Safety) accreditation, supported by a gap analysis and roadmap embedded in our HSQE improvement plan.

Training and Competence

Health and Safety training is embedded from induction and reinforced through toolbox talks, e-learning (iHasco) external courses, and Safety Bulletins.

Our target for FY25/26 is 100% completion of IOSH Managing Safely training for all operational managers, ensuring leadership competence across the organisation.

Digital Reporting and Culture

We operate a digital reporting tool to capture hazards, near misses and incidents quickly and accurately, enabling timely interventions and improved controls.

In FY24/25, we recorded 230 reports (up from 109), including 28 accidents (up from 16), reflecting a positive cultural shift towards proactive reporting. Two RIDDOR reports were submitted (compared to one in FY23/24), both relating to injuries sustained during deliveries/collections. In response, existing control measures for related risks were verified and additional control measures were introduced.

Targets for FY25/26:

Review and reissue all risk assessments, verifying and strengthening control measures based on risk ratings.
Introduce the use of accident frequency rates and centralised corrective action tracking to strengthen management oversight.
Benchmark accident data and analyse trends.
Maintain accreditations and progress continuous improvement projects.
100% completion of IOSH Managing Safely training for all operational managers.
Promote a strong safety culture through regular engagement and training.

Events after the reporting period

After the reporting date, on 31 May 2026, the Group entered a confidential discounting facility with RBS Invoice Finance Limited, secured by an all-assets debenture. The facility provides a maximum funding limit of £1,500,000, with advances of up to 85% of eligible trade receivables. This represents a non-adjusting post balances sheet event, and no amounts have been recognised in these financial statements.

Subsidiary Bulky Bob’s contract with Oldham Council concludes on 31 July 2026 and will not be renewed, and subsequently the entity will cease trading. Therefore its individual accounts have been prepared on a non-going concern basis.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Directors’ Responsibilities Statement

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial period in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and company and of the incoming resources and application of resources, including the income and expenditure, of the Group for that period.

In preparing these financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
observe the methods and principles in the Charities SORP (FRS 102);
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements are published on the company's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the directors. The directors’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

Qualifying Directors’ indemnity provisions

There was qualifying indemnity insurance in force for Directors during the financial period and up to the date of signing of these financial statements.

Auditor

The auditor, Grant Thornton UK LLP, was appointed during the year and will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006. Grant Thornton UK LLP has indicated its willingness to remain in office.

Statement as to disclosure of information to auditor

The directors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information (as defined by the Companies Act 2006) of which the auditor is unaware.

Each of the directors have confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

Approved by the Board of Directors on and signed on its behalf by

N Spruyt (Chair) Director

Date 11/8/2026

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Independent auditor's report to members of Furniture Resource Centre Limited

Opinion

We have audited the financial statements of Furniture Resource Centre Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the period ended 31 May 2025, which comprise of the Consolidated Statement of Financial Activities (including Income and Expenditure Account), the Consolidated and Charity Balance Sheets, Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102; The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31 May 2025 and of the group’s incoming resources and application of resources, including its income and expenditure for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Statement of Recommended Practice: Accounting and Reporting by Charities, 2019 Edition; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s and the parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern.

In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the group’s and parent charitable company’s business model including effects arising from macro-economic uncertainties such as the impact of low levels of UK economic growth, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the group’s and parent charitable company’s financial resources or ability to continue operations over the going concern period.

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Independent auditor's report to members of Furniture Resource Centre Limited

Other information

The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

the information given in the Strategic Report and the Directors’ Report, prepared for the purposes of company law, included in the Annual Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors’ Report included within the Annual Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report under the Companies Act 2006

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included in the Annual Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent charitable company; or
returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit

Responsibilities of Trustees

As explained more fully in the Directors’ Responsibilities Statement set out on page 16, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Independent auditor's report to members of Furniture Resource Centre Limited

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We obtained an understanding of the legal and regulatory frameworks applicable to the group and parent charitable company, and the industry in which it operates and determined which may influence the financial statements. Given the nature of its operating activities, the charitable company is subject to several laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements.

We determined that the following laws and regulations are the most significant which are directly relevant to specific assertions in the financial statements.

Those that relate to reporting frameworks being FRS 102 and the Statement of Recommended Practice (“Charities SORP (FRS 102)”), the Charities Act 2011, the Companies Act 2006 and the relevant tax compliance regulations.
We obtained an understanding of how the group and parent charitable company was complying with those legal and regulatory frameworks by making enquiries of management. We enquired with management whether they were aware of instances of non-compliance with laws and regulations, or whether they had any knowledge of actual, suspected, or alleged fraud.
We assessed the susceptibility of the group’s and parent charitable company’s financial statements to material misstatement, including how fraud might occur and the risk of management override of controls. Audit procedures performed by group engagement team included:
evaluation of the processes and controls in place to address the risks related to irregularities and fraud;
challenge of the assumptions and judgements made by management in its significant accounting estimates;
review and testing of journal entries;
consideration of the potential for fraud in in revenue recognition through the manipulation of the occurrence of revenue;
identifying and testing related party transactions.
We enquired of management and the Audit Committee whether there was any awareness of instances of non-compliance with laws and regulations or whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries to supporting documentation such as board minute reviews.
These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Independent auditor's report to members of Furniture Resource Centre Limited

Auditor’s responsibilities for the audit of the financial statements (continued)

In assessing the potential risks of material misstatements, we obtained an understanding of the group’s and parent charitable company’s operations, the applicable statutory provisions and business risks that may result in risk of material misstatement, and the charitable company’s control environment, including the adequacy for authorisation of transactions.
The engagement leader’s assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement’s team’s knowledge of the industry in which the charitable companies and through appropriate training and participation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members and trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Gareth J Hitchmough BSc FCA

Senior Statutory Auditor For and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Liverpool

Date: 11/8/2026

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Consolidated Statement of Financial Activities (including income and expenditure account) for the period ended 31 May 2025

		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		Period ended	Period ended	Period ended	Year ended
		31 May	31 May	31 May	31 March
	Note	2025	2025	2025	2024
		£	£	£	£
Income and endowments from:
Donations and grants	4	-	86,512	86,512	136,139
Other trading activities	5	100,162	-	100,162	-
Charitable activities	6	21,420,435	-	21,420,435	17,626,063
Investments		6,705	-	6,705	6,952
Other		58,996	-	58,996	2,141
Total income		21,586,298	86,512	21,672,810	17,771,295
Expenditure on:
Charitable activities	7	22,270,056	108,717	22,378,773	17,897,606
Total resources expended		22,270,056	108,717	22,378,773	17,897,606
Net (outgoing) resources		(683,758)	(22,205)	(705,963)	(126,312)
Fund balances brought
forward at 1 April	19	3,524,246	40,780	3,565,026	3,691,338
Fund balances carried forward
at 31 May	19	2,840,488	18,575	2,859,063	3,565,026

The notes on pages 24 to 46 form part of these financial statements.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Consolidated and Charity Balance Sheets as at 31 May 2025

Company Registration Number 02296329 Charity Registration Number 700731

Note Fixed assets Intangible assets 13 Tangible assets 14 Current assets Stock 15 Debtors 16 Investments 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 18 Net assets Funds Unrestricted 19 Restricted 19 Total funds 19	Group 31 May 2025 £ 530,478 787,082 1,317,560 910,716 2,955,392 6,322 296,219 4,168,649 (2,580,563) 1,588,086 2,905,646 (46,583) 2,859,063 2,840,488 18,575 2,859,063	Group 31 March 2024 £ - 757,208 757,208 1,078,434 2,952,141 1,617 1,170,452 5,202,644 (2,301,076) 2,901,568 3,658,776 (93,750) 3,565,026 3,524,246 40,780 3,565,026	Charity 31 May 2025 £ 530,478 772,769 1,303,247 810,554 3,058,796 6,322 280,002 4,155,674 (2,464,456) 1,691,218 2,994,465 (46,583) 2,947,882 2,929,307 18,575 2,947,882	Charity 31 March 2024 £ - 738,592 738,592 1,078,434 3,107,813 1,617 1,138,708 5,326,572 (2,228,749) 3,097,823 3,836,415 (93,750) 3,742,665 3,701,885 40,780 3,742,665

Exemption has been taken from presenting an unconsolidated parent charity income and expenditure account under section 408 of the Companies Act 2006. The Charity’s deficit for the period was £794,783 (year ended 31 March 2024 – surplus of £79,022).

The financial statements were approved by the Board of Directors and authorised for issue on 11/8/2026 and signed on their behalf by

N Spruyt (Chair)

Director

The notes on pages 24 to 46 form part of these financial statements.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Consolidated Cash Flow Statement for the period ended 31 May 2025

		Period ended	Year ended
		31 May	31 March
	Note	2025	2024
		£	£
Cash flows (used in)/from operating activities:
Cash (used in)/generated from operations	25	(30,413)	969,643
Net cash (used in)/generated from operating activities		(30,413)	969,643
Cash flows from investing activities:
(Purchase of) fixed assets		(666,883)	(330,855)
Sale of fixed assets		3,514	-
Withdrawal of cash investments		2,000	188,246
Net cash (used in) investing activities		(661,369)	(142,609)
Cash flows from financing activities
Repayment of loan		(145,833)	(125,000)
Loan interest paid		(31,707)	(19,325)
Repayment of leases		(317)	-
Hire purchase interest paid		(4,594)	(20)
Net cash (used in) financing activities		(182,451)	(144,345)
(Decrease)/increase in cash and cash equivalents in the period		(874,233)	682,689
Cash and cash equivalents at the beginning of the period		1,170,452	487,763
Cash and cash equivalents at the end of the period		296,219	1,170,452

The notes on pages 24 to 46 form part of these financial statements.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts for the period ended 31 May 2025

1 Accounting policies

a) General Information

Furniture Resource Centre Limited is a private charitable company limited by guarantee, incorporated in England and Wales under the Companies Act 2006 and the Charities Act 2011. The address of the registered office is shown on the company information page. The nature of the company’s operating and financial activities are outlined in the Annual report.

b) Basis of preparation

The financial statements 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” (The Charities SORP 2[nd ] Edition), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006, and the Charities Act 2011.

The financial statements are prepared in pounds sterling, which is the functional currency of the charity, and are rounded to the nearest £.

The trustees confirm that the charity 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 note(s).

Exemptions for qualifying entities under FRS 102

The charity has taken advantage of the following reduced disclosure exemptions:

from preparing a statement of cash flows on the basis that it is a qualifying entity and the Group cash flow statement included within these financial statements, include the charity’s cash flows; and
from the financial instruments disclosures, required under FRS 102 para 11.40 to 11.48A and para 12.26 to 12.29, as the information is provided in the Group financial disclosures.

c) Basis of consolidation

The financial statements consolidate the results of the charity, Bulky Bob‘s and End Furniture Poverty Foundation (formerly Bulky Bob's for Business), charities for which it is the sole member. The results of these companies are consolidated on a line-by- line basis. A separate Statement of Financial Activities for the charity itself has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. Accounting policies consistent with those of the parent charitable company are used and all intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

d) Going concern

The Trustees therefore consider it appropriate to prepare the accounts on a going concern basis.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts for the period ended 31 May 2025 (continued)

1 Accounting policies (continued)

e) Incoming resources

Voluntary income and donations and legacies are accounted for when there is entitlement, probability of receipt, and the amount can be measured with sufficient reliability, unless the donor has specified that the donation or grant relates to a future period or certain pre-conditions must be fulfilled before use.

Income from commercial trading activities is recognised as earned (as the related goods and services are provided). Income from charitable activities includes income received under contract (as the related goods and services are provided). Income from the sale of furniture is recognised when the risks and rewards transfer to the customer, usually upon delivery. Income from the provision of services is recognised at the point the furniture is provided and installed at the customer.

Investment income is recognised on a receivable basis. Income from grants receivable which support people development is credited to the income and expenditure account in the period to which the grants relate.

Goods donated for sale are recognised at fair value on receipt.

All other income is accounted for on an accruals basis when the charity is legally entitled to receipt.

f) Resources expended

Resources expended are included in the Statement of Financial Activities on an accruals basis. Expenditure is directly attributable to specific activities and has been included in those cost categories.

Charitable activities include expenditure associated with the supply of furniture and other household accessories to social landlords, the retailing of reused goods to economically disadvantaged groups, provision of bulky household waste collection services, logistics and other recycling services and the costs of providing training programmes to socially excluded groups. These include both the direct costs and support costs relating to those activities.

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. property costs are apportioned on area utilised, ICT costs, staff costs, general office and depreciation are apportioned by income generated.

Interest charges are included within ‘general office costs’ within support costs.

g) Irrecoverable VAT

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

h) Operating leases

Where the Group is lessee, rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are included in ‘resources expended’ on a straight line basis over the term of the lease.

i) Investments

Current asset investments concern cash held on deposit with a maturity date of less than one year from the maturity date. Investments are initially and subsequently measured at the amount of the cash deposit.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts for the period ended 31 May 2025 (continued)

1 Accounting policies (continued)

j) Taxation

The charity is exempt from Corporation Tax under Part 11 of the Corporation Tax Act 2010, as its income and gains are applied for charitable purposes. Accordingly, no tax liability has arisen in the year.

k) Tangible fixed assets and depreciation

Tangible fixed assets for use by the Group are stated at cost less depreciation subject to impairment review in accordance with FRS 102. The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation is provided at the following annual rates on a straight line basis in order to write off each asset over its estimated useful life:

Improvements to leasehold property - 10% on cost Plant and machinery - 10%-25% on cost Fixtures, fittings and equipment - 25% on cost Computer equipment - 20%-33% on cost Furniture rental - 33% on cost Assets under construction - Not depreciated

l) Intangible assets

Goodwill

On acquisition of a business, fair values are attributed to the assets, liabilities and contingent liabilities of the acquired business at the date of acquisition. Goodwill arises when the fair value of the consideration given for a business exceeds the fair value of the net assets. Goodwill is capitalised and amortised over its useful economic life. The useful economic life of goodwill is considered to be 2 years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Assets under construction are not amortised. Amortisation begins once the asset is available for use.

m) Stocks

Stocks of new goods are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.

Donated goods received by the organisation shall be initially recognised as inventory at fair value as at the date of receipt, which shall serve as the deemed cost.

n) Pension costs

The charity and Group operates a defined contribution pension scheme which all employees are eligible to join. The assets of the scheme are held separately from those of the charity in an independently administered fund. Contributions in respect of the charity and Group Personal Pension Plan are included in 'resources expended’ for the period in which they are payable to the scheme.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

1 Accounting policies (continued)

o) Fund’s structure

The Group’s funds consist of unrestricted and restricted amounts. The charity may use unrestricted amounts at its discretion. Restricted funds represent income contributions which are restricted to a particular purpose, in accordance with the donor’s wishes.

p) Financial instruments

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs). The Group only has financial assets and financial 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.

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.

Creditors and provisions are recognised where the Group 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

q) Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:

a. Determine whether leases entered into by the Group as lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have transferred from the lessor to the lessee on a lease by lease basis. For details of operating lease commitments, see note 21. For details of finance lease commitments, see note 18.
b. Determine whether there are indicators of impairment of the Group’s tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future performance of the asset. An impairment charge of £45,105 has been determined in the period (31 March 2024 - £Nil).
c. Determine an appropriate cost allocation methodology for support costs. Support costs have been allocated between activities on the basis of income generated. For further details, see note 8.

2 Financial activities of the charity

A summary of the financial activities undertaken by the charity is shown below.

Unrestricted funds £ Incoming resources 20,621,102 Resources expended (21,393,680) Net (resources expended)/incoming resources for period (772,578)	Period ended Year ended 31 May 31 March Restricted 2025 Unrestricted Restricted 2024 funds Total funds funds Total £ £ £ £ £ 86,512 20,707,614 16,996,076 136,139 17,132,215 (108,717) (21,502,397) (16,945,334) (107,859) (17,053,193) (22,205) (794,783) 50,742 28,280 79,022

Legal Status

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

3 Subsidiary companies and other Group charities

The financial activities shown in the consolidated financial statements include the results of Bulky Bob’s and End Furniture Poverty Foundation (formerly Bulky Bob’s For Business), charities for which Furniture Resource Centre Limited is the sole member.

The information and financial data for each company is included below. The registered office of Bulky Bob’s and End Furniture Poverty Foundation is the same as stated on the company information page of these accounts.

(i) Bulky Bob’s

The charity is the sole member of Bulky Bob’s (company number 09948123 and charity number 1167068), a charitable company limited by guarantee and registered in England. Bulky Bob’s operates contracts for various councils within the North West for the collection, reuse and recycling of bulky household ‘waste and for the provision of training.

(ii) End Furniture Poverty Foundation (formerly Bulky Bob’s For Business)

The charity is the sole member of End Furniture Poverty Foundation (company number 09735094 and charity number 1168088), a charitable company limited by guarantee and registered in England. End Furniture Poverty Foundation provides a business waste collection service including the collection, data wiping and reuse of PCs.

(i) A summary of the results of Bulky Bob’s for the period is shown below.

Unrestricted funds £ Incoming resources 728,117 Resources expended (813,282) Net (outgoing) resources for period (85,165) Reserves at 31 May (111,234)	Period ended Year ended 31 May 31 March 2025 2024 Restricted Total Unrestricted Restricted Total funds funds funds funds funds £ £ £ £ £ - 728,117 760,111 - 760,111 - (813,282) (937,683) - (937,683) - (85,165) (177,572) - (177,572) - (111,234) (26,069) - (26,069)

(ii) A summary of the results of End Furniture Poverty Foundation (formerly Bulky Bob’s for business) for the period is shown below.

Unrestricted funds £ Incoming resources 237,079 Resources expended (122,471) Net incoming resources for period 114,608 Reserves at 31 May (36,962)	Period ended Year ended 31 May 31 March 2025 2024 Restricted Total Unrestricted Restricted Total funds funds funds funds funds £ £ £ £ £ - 237,079 87,408 - 87,408 - (122,471) (115,170) - (115,170) - 114,608 (27,762) - (27,762) - (36,962) (151,570) - (151,570)

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

4 Income from donations and grants

Steve Morgan Foundation Liv Charity Routledge Foundation Shepherd Street Trust Prince Parry Trust Just Giving Donations FRC Employee Donation The Blackmore Foundation Stronger Communities The DWF Foundation Bauer Radio The Community Foundation Fundraising Cash TFB Pilkington Charity Rathbone Frodsham University Innovate UK Donr Ttd Holy Family Catholic Primary School Hope Primary School James Frost Jane Blease Liverpool Charity & Vol Service DONTSENDMECARD St Aloysius Catholic Church St Columba’s Catholic Church St John Fisher Catholic Church St Lukes RC Primary School St Margaret Mary’s Catholic Church St Mary & St Paul’s CE Primary School Saints Peter and Paul Catholic Church Thomas Kneale TMF Vantage Arnold Clark Grant Petty Cash Sydney Black Charitable Trust West Derby Wastelands Trust Medicash Goodman Foundation Frank Rogers Riverside Foundation Total donations	Unrestricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	Period ended Year ended 31 May 31 March Restricted 2025 Unrestricted Restricted 2024 funds Total funds funds Total £ £ £ £ £ 45,000 45,000 - 30,000 30,000 - - - 3,000 3,000 - - - 1,000 1,000 - - - 1,700 1,700 - - - 3,150 3,150 5,749 5,749 - 1,966 1,966 - - - 50 50 - - - 170 170 - - - 10,000 10,000 - - - 3,420 3,420 - - - 3,000 3,000 - - - 1,000 1,000 - - - 1,249 1,249 - - - 6,000 6,000 - - - 4,900 4,900 - - - 175 175 - - - 65,359 65,359 5 5 - - - 300 300 - - - 362 362 - - - 20 20 - - - 10 10 - - - 1,500 1,500 - - - 295 295 - - - 210 210 - - - - - - 77 77 120 120 - - - 50 50 - - - 767 767 - - - 93 93 - - - 280 280 - - - 250 250 - - - 5,000 5,000 - - - 100 100 - - - 2,000 2,000 - - - 174 174 - - - - - - 500 500 - - - 1,750 1,750 5,000 5,000 - - - 5,000 5,000 - - - 2,000 2,000 - - - 9,900 9,900 - - - 86,512 86,512 - 136,139 136,139

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

5 Income from other trading activities

			Period ended	Year ended
			31 May	31 March
	Unrestricted	Restricted	2025	2024
	funds	funds	Total	Total
	£	£	£	£
Donated goods for resale	100,162	-	100,162	-

Donated goods for resale have been recognised in the year, measured at fair value on receipt of £100,162. This reflects the value of stock expected to be passed to customers in the subsequent year, measured using the average selling price of comparable stock items. This fair value adjustment reflects the nature of reused stock being provided free of charge, ensuring transparency and alignment with accounting standards.

6 Income from charitable activities

Income from charitable activities
			Period ended	Year ended
			31 May	31 March
	Unrestricted	Restricted	2025	2024
	funds	funds	Total	Total
	£	£	£	£
Provision of furniture/furniture
packages	20,584,823	-	20,584,823	16,856,049
Provision of bulky household waste
collection and recycling services	698,695	-	698,695	681,741
Charity shop sales	-	-	-	805
Provision of other recycling services	136,917	-	136,917	87,468
Total charitable activities	21,420,435	-	21,420,435	17,626,063

All income from charitable activities was unrestricted in both the current and the prior year.

7 Expenditure on charitable activities

Provision of furniture/furniture packages Charity shop sales People development Provision of bulky household waste collection and recycling services Provision of other recycling services Total charitable activities expenditure	Direct costs £ 17,458,720 76,058 399,359 728,113 362,105 19,024,355	Total Period ended 31 May Support £ 2025 £ 3,252,665 20,711,385 - 76,058 - 85,080 399,359 813,193 16,673 378,778 3,354,418 22,378,773

Total expenditure on charitable activities was £22,438,150 (year ended 31 March 2024 - £17,897,606), of which £108,717 (year ended 31 March 2024 - £107,859) was restricted and £22,329,433 (year ended 31 March 2024 - £17,725,060) was unrestricted.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

7 Expenditure on charitable activities (continued)

Provision of furniture/furniture packages Charity shop sales People development Provision of bulky household waste collection and recycling services Provision of other recycling services Total charitable activities expenditure	Direct costs £ 14,497,410 45,506 340,902 695,859 217,811 15,797,488	Total Year ended 31 March Support 2024 £ £ 2,043,454 16,540,864 59 45,565 - 50,168 340,902 746,027 6,438 224,249 2,100,119 17,897,606

8 Allocation of support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. Property costs are apportioned on area utilised, ICT costs, staff costs, general office and depreciation costs are apportioned by income generated.

		Provision of
		bulky household		Total
	Provision of	waste collection	Provision of	Period ended
	furniture and	and recycling	other recycling	31 May
	furniture packages	services	services	2025
Support cost	£	£	£	£
Property cost	746,043	-	-	746,043
Staff costs	1,333,272	45,254	8,868	1,387,394
ICT costs	352,573	11,967	2,345	366,885
Depreciation	122,319	4,152	813	127,284
Bad debt	27,727	941	185	28,853
Governance	94,758	3,216	631	98,605
Loan interest	34,885	1,184	232	36,301
General office	541,088	18,366	3,599	563,053
	3,252,665	85,080	16,673	3,354,418

The Charity Shop closed in November 2022, with property costs remaining in the 2024-25 period.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

8 Allocation of support costs (continued)

			Provision of
	Provision of		bulky household	Provision	Total
	furniture		waste collection	of others	Year ended
	and furniture	People	and recycling	recycling	31 March
	packages	development	services	Services	2024
Support cost	£	£	£	£	£
Property cost	807,803	-	-	-	807,803
Staff costs	683,062	33	27,733	3,558	714,386
ICT costs	121,652	6	4,939	634	127,231
Depreciation	66,930	3	2,717	349	69,999
Bad debt	2,486	-	101	13	2,600
Governance	63,477	3	2,577	331	66,388
General office	298,044	14	12,101	1,553	311,712
	2,043,454	59	50,168	6,438	2,100,119

9 Governance costs

Governance costs
	Period ended	Year ended
	31 May	31 March
	2025	2024
	£	£
Social audit	3,749	10,052
Audit and accountancy	102,786	48,356
Directors’ insurance	2,070	7,980
	108,605	66,388

10 Analysis of staff costs and the cost of key management personnel

	Group	Group	Charity	Charity
	Period ended	Year ended	Period ended	Year ended
	31 May	31 March	31 May	31 March
	2025	2024	2025	2024
	£	£	£	£
Staff costs:
Wages and salaries	5,476,677	4,230,837	5,244,268	3,949,982
Social Security costs	477,798	328,890	462,013	308,754
Pension costs	224,254	167,877	217,758	157,104
	6,178,729	4,727,604	5,924,039	4,415,840

The figures shown above represent all staff costs for the Group and charity including operational staff costs, as shown in note 7, together with costs relating to staff who work in support services, which are incorporated within the support cost figures in note 8.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

10 Analysis of staff costs and the cost of key management personnel (continued)

The emoluments of higher paid employees fell within the following ranges:

	Period ended	Year ended
	31 May	31 March
	2025	2024
	Number	Number
£60,000 - £70,000	4	1
£70,001 - £80,000	3	2
£80,001 - £100,000	1	-
£100,001 - £120,000	2	-
£120,001 - £150,000	1	1
£150,001 - £170,000	1	-

The period ended 31 May 2025 is 14 months. The comparative period ended 31 March 2024 was 12 months.

The key management personnel of the charity and Group comprise the trustees, Chief Executive Officer, Director of Finance and Social, Director of FRC and the Director of People and Culture. The total employee cost of the key management personnel was £1,088,889 (year ended 31 March 2024 - £412,938) which includes pension and other benefit costs.

During the period, redundancy costs of £52,135 (year ended 31 March 2024 - £Nil) were paid by the Group. Redundancy costs of £52,135 were paid by the charity (year ended 31 March 2024 - £Nil).

The average number of employees analysed by function, was:

The average number of employees analysed by function, was:
	Period ended	Year ended
	31 May	31 March
	2025	2024
	Number	Number
Provision of furniture and furniture packages	87	78
Retail	-	6
Bulky Bob’s collection, recycling and reuse of unwanted furniture	7	11
Management, Finance, Administration and ICT	36	28
End Furniture Poverty	-	2
	130	125
Headcount at the end of the period	130	125

11 Trustee remuneration and related party transactions

No trustee received any remuneration during the period ended 31 May 2025 (year ended 31 March 2024 - £Nil). Travel costs were reimbursed to 2 trustees (year ended 31 March 2024 – Nil) in the period totaling £257 (year ended 31 March 2024 - £Nil).

Related party transactions are shown in note 23 to the accounts.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

12 Net incoming resources for the period

Group
Period ended

31 May
2025
£
This is stated after charging:
Auditors’ remuneration:
Fees for audit of statutory financial
91,560
statements
Fees for non-audit services
-
Depreciation
147,113
Loss on disposal
1,206
Impairment of fixed assets
Dilapidations on leasehold property
Operating lease rentals:
- All
45,105
-
1,173,203
Intangible assets
Group
Cost
At 1 April 2024
Transfer from tangible assets
Additions
Disposals
At 31 May 2025
Amortisation
At 1 April 2024
Charge for the period
At 31 May 2025
Net book value
At 31 May 2025
At 31 March 2024

Group
Charity
Charity
Year ended
Period ended
Year ended
31 March
31 May
31 March
2024
2025
2024
£
£
£
20,966
61,100
14,966
10,052
-
10,052
86,262
139,696
73,570
5,715
-
5,715
-
334,894
896,141
45,105
-
1,054,472
-
334,894
792,296
Goodwill
Assets under
construction
Total
£
£
£
97,600
-
97,600
-
498,387
498,387
-
35,605
35,605
-
(3,514)
(3,514)
97,600
530,478
620,478
97,600
-
-
-
97,600
-
97,600
-
97,600
-
530,478
530,478
-
-
-

13 Intangible assets

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

13 Intangible assets (continued)

Charity Cost At 1 April 2024 Transfer from tangible assets Additions Disposals At 31 May 2025 Amortisation At 1 April 2024 Charge for the period At 31 May 2025 Net book value At 31 May 2025 At 31 March 2024	Goodwill Assets under construction Total £ £ £ 90,000 - 90,000 - 498,387 498,387 - 35,605 35,605 - (3,514) (3,514) 90,000 530,478 620,478 90,000 - - - 90,000 - 90,000 - 90,000 - 530,478 530,478 - - -

During the period, as part of a compliance review, management evaluated the classification of assets within the fixed asset register. Items previously included within tangible fixed assets were determined to meet the definition of an intangible asset under FRS 102 section 18.4. A reclassification has therefore been made to ensure the financial statements provide a true and fair view. These assets relate to software.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

14 Tangible fixed assets

Improvements to leasehold property Group £ Cost At 1 April 2024 918,109 Additions 472,966 Disposals - Transfer to intangible assets - Impairment - At 31 May 2025 1,391,075 Accumulated depreciation At 1 April 2024 870,909 Charge for the period 64,918 Disposals - At 31 May 2025 935,827 Net book value At 31 May 2025 455,248 At 31 March 2024 47,200	Plant and Fixtures, fittings and machinery equipment £ £ 383,270 299,340 94,315 19,645 (14,500) - - - (45,105) - 417,980 318,985 217,014 287,954 37,276 10,485 (13,294) - 240,996 298,439 176,984 20,546 166,256 11,386	Computer equipment £ 508,973 11,337 - - - 520,310 474,994 24,178 499,172 21,138 33,979	Furniture Assets under rental construction Total £ £ £ - 498,387 2,608,079 123,422 - 721,685 - - (14,500) - (498,387) (498,387) - - (45,105) 123,422 - 2,771,772 - - 1,850,871 10,256 - 147,113 - - (13,294) 10,256 - 1,984,690 113,166 - 787,082 - 498,387 757,208

All tangible fixed assets are used for or to support charitable purposes.

The machinery impaired during the period was developed for a planned project but was never brought into operational use. After development, market conditions changed significantly, resulting in reduced demand for the related product line and making the originally planned production no longer commercially viable. Therefore, the business no longer expects the asset to generate the economic benefits originally anticipated. The machine may now be sold but won’t attract its net book value.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

14 Tangible fixed assets ( continued)

Improvements to leasehold property Charity £ Cost At 1 April 2024 897,210 Additions 468,647 Disposals - Transfer to intangible assets - Impairment - At 31 May 2025 1,365,857 Accumulated depreciation At 1 April 2024 859,662 Charge for the period 62,000 At 31 May 2025 921,662 Net book value At 31 May 2025 444,195 At 31 March 2024 37,548	Plant and Fixtures, fittings and machinery equipment £ £ 320,935 270,990 94,315 19,645 - - - - (45,105) - 370,145 290,635 159,733 263,516 34,935 8,327 194,668 271,843 175,477 18,792 161,202 7,474	Computer equipment £ 501,003 11,337 - - - 512,340 467,023 24,178 491,201 21,139 33,980	Furniture Assets under rental construction Total £ £ £ - 498,388 2,488,526 123,422 - 717,366 - - - - (498,388) (498,388) - - (45,105) 123,422 - 2,662,399 - - 1,749,934 10,256 - 139,696 10,256 - 1,889,630 113,166 - 772,769 - 498,388 738,592

All tangible fixed assets are used for or to support charitable purposes.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

15 Stock

Stock
	Group	Group	Charity	Charity
	31 May	31 March	31 May	31 March
	2025	2024	2025	2024
	£	£	£	£
Donated goods for resale	910,716	1,078,434	810,554	1,078,434

The impairment loss recognised in the SOFA for the period in respect of slow moving or obsolete stock was £83,740 (31 March 2024 - £Nil).

Donated goods for resale have been recognised in the year, measured at fair value on receipt of £100,162. This value has subsequently been recognised as the Statement of Financial Activities as income from other trading activities. This reflects the value of stock expected to be passed to customers in the subsequent year, measured using the average selling price of comparable stock items. This fair value adjustment reflects the nature of reused stock being provided free of charge, ensuring transparency and alignment with accounting standards

16 Debtors Trade debtors Prepayments Amounts due from subsidiary undertakings Other debtors	Group 31 May 2025 £ 2,578,284 318,766 - 58,342 2,955,392	Group 31 March 2024 £ Charity 31 May 2025 £ Charity 31 March 2024 £ 2,530,492 2,517,430 2,276,060 361,778 - 288,632 194,392 352,213 419,433 59,871 58,342 60,107 2,952,141 3,058,796 3,107,813

The amount due from subsidiary undertaking relates to an amount due from End Furniture Poverty Foundation. The balance is due on demand and incurs interest at a rate of 4% per annum, compounded daily.

The impairment loss recognised in the SOFA for the period in respect of bad and doubtful trade debtors was £Nil (31 March 2024 - £Nil). The provision for bad and doubtful debt has been increased by £28,853 in the period to £89,610 (31 March 2024 – reduced by £135,400 to £60,757).

17 Investments

Investments
	Group	Group	Charity	Charity
	31 May	31 March	31 May	31 March
	2025	2024	2025	2024
	£	£	£	£
Cash held on deposit	6,322	1,617	6,322	1,617

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

18 Creditors

Trade creditors Other taxation and social security Other creditors CBILS loan Hire purchase creditors Accruals	Group 31 May 2025 £ 917,878 396,225 156,327 72,917 43,824 993,392 2,580,563	Group Charity Charity 31 March 31 May 31 March 2024 2025 2024 £ £ £ 1,144,179 900,096 1,121,378 321,665 384,144 298,432 27,763 154,075 26,101 125,000 72,917 125,000 - 43,824 - 682,469 909,400 657,838 2,301,076 2,464,456 2,228,749

Included in accruals and deferred income is £Nil (31 March 2024 - £2,550) of deferred income relating to the periodic delivery of refurbished computers to the NHS. In the period £2,550 has been released (year ended 31 March 2024 - £Nil) and no amounts have been deferred (year ended 31 March 2024 - £Nil).

Creditors due after more than one year

CBILS loan Due in 1-2 years Total CBILS loan due in more than one year Hire purchase creditors Due in 1-2 years Due in 2-5 years Total hire purchase creditors due in more than one year Total creditors due in more than one year	Group 31 May 2025 £ - - 43,824 2,759 46,583 46,583	Group 31 March 2024 £ 93,750 93,750 - - - 93,750	Charity 31 May 2025 £ - - 43,824 2,759 46,583 46,583	Charity 31 March 2024 £ 93,750
				93,750 - -
				-
				93,750

The CBILS loan relates to a loan of £500,000 received on 16 December 2020 from the Government's Coronavirus Business Interruption Loan Scheme. Interest is payable on the loan at a rate of 1.88% above base rate with repayments commencing January 2022 and the final repayment being due December 2026. The loan is secured by a fixed and floating charge over the assets of the charity.

Obligations under hire purchase contracts are secured on the assets to which they relate.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

19 Funds

Group Restricted funds Time for Bed Total restricted funds Unrestricted funds Total funds	Balance at 1 April 2024 £ 40,780 40,780 3,524,246 3,565,026	Movement in Balance at resources 31 May Incoming £ Outgoing £ 2025 £ 86,512 (108,717) 18,575 86,512 (108,717) 18,575 21,586,298 (22,270,056) 2,840,488 21,672,810 (22,378,773) 2,859,063

The prior year saw the official launch of ‘Time for Bed’ providing beds to children between the ages of 0-18 years from across Merseyside who do not have a bed of their own funded through donations, grants, and corporate partnerships. Donors to the campaign were:

Steve Morgan Foundation
- Just Giving Donations - FRC Employee Donation
The Blackmore Foundation
Stronger Communities
The DWF Foundation
Bauer Radio
The Community Foundation
Fundraising Cash TFB
Pilkington Charity
Rathbone
Frodsham University
Donr Ttd
Holy Family Catholic Primary School
Hope Primary School
James Frost
Jane Blease
Liverpool Charity & Vol Service
DONTSENDMECARD
St Aloysius Catholic Church
St Columba’s Catholic Church
St John Fisher Catholic Church
St Lukes RC Primary School
St Margaret Mary’s Catholic Church
St Mary & St Paul’s CE Primary School
Saints Peter and Paul Catholic Church
Thomas Kneale
TMF
Vantage
Arnold Clark Grant
Petty Cash
- Sydney Black Charitable Trust

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts for the period ended 31 May 2025 (continued)

19 Funds (continued)

West Derby Wastelands Trust
Medicash
Goodman Foundation
Frank Rogers
Riverside Foundation

Balance at Movement in 1 April resources 2024 Incoming Outgoing Charity £ £ £ Restricted funds Time for Bed 40,780 86,512 (108,717) Total restricted funds 40,780 86,512 (108,717) Unrestricted funds 3,701,885 20,621,102 (21,393,680) Total funds 3,742,665 20,707,614 (21,502,397) Movement in funds for the year ended 31 March 2024 are shown below. Balance at 1 April Movement in resources 2023 Incoming Outgoing Group £ £ £ Restricted funds Mattress Machine - 65,359 (65,359) Time for Bed 12,500 70,780 (42,500) Total restricted funds 12,500 136,139 (107,859) Unrestricted funds 3,678,838 17,570,468 (17,725,060) Total funds 3,691,338 17,706,607 (17,832,919)	Balance at 31 May 2025 £ 18,575
	18,575
	2,929,307
	2,947,882
	Balance at 31 March 2024 £ - 40,780
	40,780
	3,524,246
	3,565,026

Movement in funds for the year ended 31 March 2024 are shown below.

Restricted funds with balances at 31 March 2024 represent funds received and used for the following purposes:

Fusion-21 – this was income restricted for the publication of a blueprint for furnished tenancies.
Steve Morgan Foundation – this was restricted in relation to the Time for Bed campaign.
Duchy of Lancaster Benevolent Fund – this was restricted in relation to the Time for Bed campaign.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

19 Funds (continued)

Charity Restricted funds Time for Bed Mattress Machine Total restricted funds Unrestricted funds Total funds	Balance at 1 April 2023 £ 12,500 - 12,500 3,651,143 3,663,643	Movement in resources Incoming £ Outgoing £ 70,780 (42,500) 65,359 (65,359) 136,139 (107,859) 16,996,076 (16,945,334) 17,132,215 (17,053,193)	Balance at 31 March 2024 £ 40,780 - 40,780 3,701,885 3,742,665

20 Analysis of net assets between funds

Unrestricted Group £ Fixed assets 1,317,560 Net current assets 1,569,511 Non-current liabilities (46,583) Net assets 2,840,488 Unrestricted Charity £ Fixed assets 1,303,247 Net current assets 1,672,643 Non-current liabilities (46,583) Net assets 2,929,307	Restricted £ - 18,575 - 18,575 Restricted £ - 18,575 - 18,575	31 May 31 March 2025 2024 Total Unrestricted Restricted Total £ £ £ £ 1,317,560 757,208 - 757,208 1,588,086 2,860,788 40,780 2,901,568 (46,583) (93,750) - (93,750) 2,859,063 3,524,246 40,780 3,565,026 31 May 31 March 2025 2024 Total Unrestricted Restricted Total £ £ £ £ 1,303,247 738,592 - 738,592 1,691,218 3,057,043 40,780 3,097,823 (46,583) (93,750) - (93,750) 2,947,882 3,701,885 40,780 3,742,665

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

21 Operating lease commitments

At 31 May 2025, the commitments under non-cancellable operating leases are as follows:

Group Expiry within: Under one year Two to five years Over five years Charity Expiry within: Under one year Two to five years Over five years	Land and Buildings £ Other £ 31 May 2025 Total £ 325,571 207,054 532,625 1,355,250 315,678 1,670,928 1,355,250 - 1,355,250 3,036,071 522,732 3,558,803 Land and 31 May 2025 buildings Other Total £ £ £ 283,703 203,544 487,247 1,355,250 315,678 1,670,928 1,355,250 - 1,355,250 2,994,203 519,222 3,513,425	Land and buildings £ 239,113 1,395,735 1,694,063 3,328,911 Land and buildings £ 195,720 1,270,548 1,694,063 3,160,331	Other £ 31 March 2024 Total £ 189,642 428,755 455,498 1,851,233 - 1,694,063 645,140 3,974,051 Other 31 March 2024 Other Total £ £ 186,132 381,852 443,505 1,714,053 - 1,694,063 629,637 3,789,968

22 Pension commitments

The charity and Group operate a defined contribution pension scheme which all employees are eligible to join. The assets of the scheme are held separately from those of the charity and Group in an independently administered fund. Contributions are paid based upon the recommendations of a qualified actuary.

For the Group, the annual contributions under this scheme were £224,254 (year ended 31 March 2024 - £167,877). The creditor at period was £31,034 (31 March 2024 - £26,664) and is included in creditors.

For the charity, the annual contributions under this scheme were £217,758 (year ended 31 March 2024 - £157,104). The creditor at period was £30,081 (31 March 2024 - £25,273) and is included in other creditors.

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

23 Related parties

Bulky Bob’s

In the period ended 31 May 2025, the following transactions took place between Furniture Resource Centre Limited and Bulky Bob's, a charity for which Furniture Resource Centre Limited is the sole member.

Transactions from Furniture Resource Centre Limited to Bulky Bob’s:

Recharge for staff costs: £Nil (31 March 2024 - £8,458)
Recharge for shared services: £Nil (31 March 2024 - £51,251)
Recharge for premises costs: £Nil (31 March 2024 - £106,423)
Recharge for logistics costs: £25,153 (31 March 2024 - £36,040)
Recharge for general costs: £14,961 (31 March 2024 - £44,055)
Recharge for staff training costs: £Nil (31 March 2024 - £1,618)

Transactions from Bulky Bob's to Furniture Resource Centre Limited:

Recharge for staff costs: £40,726 (31 March 2024 - £77,585)
Recharge for logistics services: £42,120 (31 March 2024 - £8,296)
Recharge for general costs: £38,718 (31 March 2024 - £(4,428))
Recharge for stock movements: £15,500 (31 March 2024 - £Nil)

The amount owed by Bulky Bob’s to Furniture Resource Centre Limited at 31 May 2025 was £109,443 (31 March 2024 - £231,213).

End Furniture Poverty Foundation (formerly Bulky Bob’s for Business)

In the period ended 31 May 2025, the following transactions took place between Furniture Resource Centre Limited and End Furniture Poverty Foundation, a charity for which Furniture Resource Centre Limited is the sole member.

Transactions from Furniture Resource Centre Limited to End Furniture Poverty Foundation:

Recharge for staff costs: £50,984 (31 March 2024 - £41,976)
Recharge for shared services: £Nil (31 March 2024 - £13,315)
Recharge for logistics costs: £4,684 (31 March 2024 - £3,834)
Recharge for general costs: £7,747 (31 March 2024 - £16,274)

Transactions from End Furniture Poverty Foundation to Furniture Resource Centre Limited

Recharge for staff costs: £675 (31 March 2024 - £505)
Interest on intercompany borrowing £Nil (31 March 2024 - £6,831)

The amount owed by End Furniture Poverty Foundation to Furniture Resource Centre Limited at 31 May 2025 was £84,949 (31 March 2024 - £188,220).

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

24 Commitments

There were capital commitments at 31 May 2025 of £Nil (31 March 2024 - £510,188).

25 Reconciliation of net incoming resources to net cash flow from operating activities

	Period ended	Year ended
	31 May	31 March
	2025	2024
	£	£
Net resources expended for the period	(705,963)	(126,312)
Depreciation	147,113	86,262
Impairment of fixed assets	45,105	-
Loss on disposal of assets	1,206	5,715
Finance income	(6,705)	(6,952)
Interest charge	36,301	20,698
Decrease in stock	167,718	124,216
(Increase)/decrease in debtors	(3,251)	854,310
Increase in creditors	288,063	11,706
Cash (used in)/generated from operations	(30,413)	969,643

26 Net debt reconciliation

Cash at bank and in hand Bank loans Hire Purchase loan Net cash	1 April 2024 £ Cash flows £ 1,170,452 (874,233) (218,750) 177,540 (317) 317 951,385 (696,376)	Interest charge £ New finance leases £ 31 May 2025 £ - - 296,219 (31,707) - (72,917) (4,594) (90,407) (95,001) (36,301) (90,407) 128,301

27 Ultimate controlling party

Furniture Resource Centre Limited has no controlling party.

28 Events after the reporting period

Docusign Envelope ID: 558D2984-87DB-80C8-811A-1C0D8BDC20CB

Furniture Resource Centre Limited

Notes to the Accounts

for the period ended 31 May 2025 (continued)

29 Comparative Consolidated SOFA information

Comparative Consolidated SOFA information
			Total
			Funds
	Total	Total	Year ended
	Unrestricted	Restricted	31 March
	funds	funds	2024
	£	£	£
Income and endowments from:
Donations and grants	-	136,139	136,139
Charitable activities:	17,626,063	-	17,626,063
Investments	6,952	-	6,952
Other	2,141	-	2,141
Total	17,635,156	136,139	17,771,295
Expenditure on:
Charitable activities	17,789,747	107,859	17,897,606
Total resources expended	17,789,747	107,859	17,897,606
Net incoming/(outgoing) resources	(154,592)	28,280	(126,312)
Balances brought forward at 1 April	3,678,838	12,500	3,691,338
Balances carried forward at 31 March	3,524,246	40,780	3,565,026

Furniture Resource Centre Limited

Furniture Resource Centre Limited

Contents

Page

Furniture Resource Centre Limited

Company information

Furniture Resource Centre Limited

Glossary For the Period Ended 31 May 2025

GLOSSARY

Our mission

Our programmes:

FRC Living

End Furniture Poverty

We have 3 key strategic objectives:

Our values:

Our principal activities:

Furniture Resource Centre Limited (“the charity”, “FRC”)

Bulky Bob's

Furniture Flex

Buckingham Interiors

End Furniture Poverty Foundation (formerly Bulky

Bob's For Business)

Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Our Aims, Objectives and Achievements

Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Strategic Report

Overview of 2024 - 2025

Furniture Resource Centre

Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Overview of 2024-2025 (continued)

End Furniture Poverty

Bulky Bob’s

End Furniture Poverty Foundation (formerly Bulky Bob’s for Business)

Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Financial review

Financial Performance

Principal Funding Sources

Grants and Donations

Investment powers and policy

Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Financial review (continued)

Reserves Policy

Plans for the Future

Going Concern

Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Risk

Market and Funding Uncertainty

Competitive Environment

Economic and Supply Chain Challenges

Operational and Compliance Risks

Staff and Capacity

Financial Sustainability

Key Performance Indicators

Furniture Resource Centre Limited

Structure, Governance and Management

Strategic Decision

Making Meeting Our Objectives

Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Directors

Statement of Public Benefit

Governing Document

FRC Group Company Structure

Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Related Parties

Research and Development

Code of Governance statement

Furniture Resource Centre Limited

Annual report For the Period Ended 31 May 2025

Code of Governance statement ( continued)