REGISTERED COMPknNY liU.MBER.. 02587766 {England Ind MYJ)les1 REGISTERED CHARITY YUMBER.. 1002980 REPORT OF THE TRUSTEES.4fD LN.4UDITED FIYANCIAL ST.TEIENTs FOR THE YEAR ENDED 31 flARCH 2024 FOR SOFA IA COMPLNY LIMITED BY CLAILLYTEE)
SOFA COYTENTSOF THE FLN.4Tr4CIAL STATEMEhTS FOR THE I'EAR ENDED 31 MARCH 2024 Page Reference and AdrniTJistrative Details Chaimil'S Report Report ofthe Tne5 3106 stsMent of FinaThcial Activities 7 108 Statemcnt of FinaThC Po•rion
SOFA REFEREYCE ANTI ADMINISTFL4TIVE DETAIts FOR THE TrEAR EfiDED 31 MARCH 2024 V Bh)oke (Trugtrel B D Gtallger ICbaiTpcrsonl Mts E C Lowr IVitt£hairl B J Ttti¢y ITrust¢¢l Skphanie E Day (fru>teel Diego Neyrn Lopez IT)u5t¢¢l cO1PANy SECRETARY JSFPtho REGISTERED OFFICE Towles Building 31 Clareneesrrttr tA)rough LEII IDY REGISTEREDCOMPANYNUMBER 02587766 IEnBlaTrdand Wales) REGISTEREDCHAIUTYYL.IIBÉR ILW)2980 DEPEDENTEII%ER TCPIGBI GTowILTd 10 The Triangle G) BusiDess Park otiingham ouin8hamshj.re N'G2 IAE STAFF TonyWarr¢n-War¢hous&lVehideManagcrlJoitLt AcitngCEO Jubo Pacheco-.4dminisuat¢on Matug¢r,'Joini Aciing CEO Turner- Ponable Appli3llte Te$[ Linda LTrquhart. Financc Admini5rtatsr Salim Nagdi- Athnini$traiion AssisEanr Keny 11.0-MaS._ Cleaner christr Pe*y- VawWar¢iwus¢ Assisronl BANKEIL8 Thecoyjerniive Bank PLC. Busin¢55Customer S¢TriceCenttE, PO Box 250. DeifHouse. Sk¢InwO4 WN8 6'T. Pa8e I
SOFA CFL41R%IAN'S REPORT FOR THE YLIR ENDED 31 IIARCH 2024 The year began wÉth Sofa in a very difficult flnancial siwatioll awaiiin8 the ouicom¢ of a Covid Re¢overy Grant applJ¢ation to the Big Lottery. Fortutiatcly. thi5 application wxs sUccessfi. artd Sofa was awarded a grant of £10.0 a quarter for three years with an additi0rt21 amouni of £13.400 for consulnCY fees. The 5trateBic plan w'as 10 review all the operaiions ofthe charity w'hile the grant Provided some rinart¢ial sbIlitY by supporting a proportion of lh¢ 05J¥oin& sthff costs. This would ¢M)'er Sofa to progress io a position where income would exceeded expenditure and thereby guardDt¢e the h)Dg-lem] viability of the charity. Tbe wi was tnomentous eoough to result in sojne significant media coverage including an appearance by staff on the BBC'5 East Midlan(ts Today ne5 pro8ratn. Follow'ing the appoinimeni of a managemenl consultant a detailed revie was undertaken of the statTing and operntion of the charity. The onsllltant con)Mended That thc organisational styucturc b¢ improi'¢d by r£mokin8 some duplication in staff ro1¢5 and th¢sc modifjcations were introduced in October 2023. With numerous other chaDge$ iniLiated by the new CEO. the financial performantt of ihe charity began t improve from October with typical dail} income maichiDg expenditure. PJY>8Tess for the remainder of the year been such that the grdnt strategy is being r¢alised ai a ume when the High Streei r¢thil maTkei for hotne g(%)ds has becn 5tagnani or declining. Sofa is now able to look foTwaTd to a position irt the next two year5 wh¢T¢ jt w'ill be abl¢ to a8ahn meet th¢ Ctwiry Commissions recoTtllnendation that ir should hold ai least six months operdtin8 ¢0sts in re5¢rve. Lookn"ng forward to the firture is a key goal of the Chamwfy)d Eco Hub, a Community Interest Company. approached Sofa to explore whether we were able w support them in esiablishin8 an Eco Hub in Loughborough. Their plans were to open a Tool Library. a Makespace and a Scrap Store ID the conununiry with very similar goals to Sofa, that 1$ make a POSLlike impacron the etLvironm¢nt by en5ursng reuse of all types of goods thereby d¥N'¢rting those items from landfill. After num¢rous meetings and discussion the TTUStees of Sofa and the Directors of Loughborough Eco Hub decided that the way fotivard wa5 agree a Collaboiatiot) Agreement berween the two IncoOrated bodies by which Sofa provided 5pac¢ tts host these aetiviues. Ajthough we bave yel LO appro*c a fornki eollaboration agreement we look forward to a very positive WOTking relationship with Charnwood Eco Hub. Having completed the previous financial year with a feeling of gloom and despondency the charity is now thrii'ins at hope for the fuiurc. Wc contirtuc to be supportcd by our communiry with their plenti1 donation of items for reuse that en5UT¢S dii'¢rsion of these items from landfill making effective reuse of the 'Or1d'S naEural r¢sources. We a able io help fwnilies by providing low cost household items and support those in need thTou¥h our referr313nd discount $¢heme. We hai'c been forDJn3tr in m8inLqsning a teatn of dedicated volunieers 'hO give iheir lime and life gkjlls in 5UPPOrt of our objcctives. Lastly Sofa h&$ a small staff team who sustain our very existence every day by their hard work and eornmitmenL Signcd by.. B D Graog¢r- Chairp Date.. Page 2
SOFA (REGISTERED %U,MBER: 02587766) REPORT OF THE TRLSTEES FOR THE YEAR EYDED 31 MARCH 2024 The tTUStees who are also director5 of the chan.ty for the pryse5 ofthe Companies Aci 2(K)6, present their reith with the financial stments of th¢ cbariiy for the year ended 31 March 2022. The m]stees have adopted the provisions of Accounting and Reporting by Charities.. Sraiemenr of RecoMme[ed Pra¢ii¢e applicable 10 charitie5 preparing theii accouiits in a¢cordan¢e wilh the Financial Rcporting Standard applicable ID the UK and Rq)ublic of IlaThd IFRS 1021 {effecii%e l January 20151. 0ECT[VEs AII) ACTIVITIES Objectives And &¢tivities The charitable objectii'es for which th¢ ¢omp2ny is esthblished are stated ill the Ap]xtidix io the Articles of Association. The objects continued to be ro relieve. eithe¥ generally or ittdividually. Person's resident in Leices¢e¥shire and ntisOu$ area (Area of Benefirl who are in conditions of nee¢L hardship or distr¢ss arising therefrom by.. l. The PTOVl8ion offwniDJre alld other household accessories Calculated reduce the need. hardship or distress of such persons,. and 2. The Provision of vocational training. supwrt and work experien¢e for unemployed persons who ¥olunteer at SOFA. Increasingly important for the charity is our environmentsl tole in diverting items frorn landfill and ensuringtheir Truse. To meet the charitable objectives the comparty operates a furniwre re service rargewl clients on low ineome. The company 21so offtTS training, 5UPPOrt and work cxp¢rienc¢ to volurt of SOFA. Ive have refeed io the guidance contained in the Charity Commission'g general 8uidante ort public bertefLt wkn reviewing our objectives and planned fumre actiN'iti£s. ACHIEVEMENT PERFORMAI%CE Staff Sofa's paid employces are the foundatiort of ourday to day operatson aThl they have given many hours extra LO the charity as well as contributing the highest level ofcommitmeni. 'oluDtttrs Over the year w¢ sianed wtth 15 volL2nieers and recruikd fimher 27 volunteer5 which to1$ 42. We ended the year with 16 aeiive volunte¢rs. Some Volunteers moved oll, som¢ to fiffther ¢dU10Th and three paid employment. "My experience wilh SOFA has been 3m21ing, it's $0 rewarding helping the communiry. It's the best volunteering job I'l'e had. the teaTll here made me feel so welcome and from day one I feli like part of the family. I recommend this shop io anyon< il's made MJ. confidence go sky hi¥h. Referred Customers and Referrl Agtn¢les A total of1.625 individual orders of fiJtnilUT¢ aTwJ appliCeS We sold w pe4wle who had been reftrred th us asbeing in g¢nuin¢ need of reduc£d-price fillyitllre representin8 a tota] of 4.030 ind]"vidualiiem& ACHIEVEMENT.4ND PERFOR.MATriCE Although anyone can shop 7th us one of ow key ¢haritablc airns is to relieve poverty by ¥upplyiJ]g individuals dnd household in need with furniture, white goods and other hou5¢htsld ii¢ms at affordable prices. We operate a scheme thai enables agencies to assess thosc they consider lo be in need and then to r¢fer th¢m io SOFA where they can ttw] buy from us at a discounl, ¢utTenily 200/0, valid for 12 montbs. We have 51Sted over 2.31K) people in ne¢¢ including fl(MMI victims. and supported over 6,(KK) communiLy members during the fjrsi y¢2r of th¢ COVID r¢cov¢ry fi(l Through this referral process we continue to support a wide range of indii'iduajs and famili¢s in nced who are in contact wilh statutory and vtsluniary resources including hornele55 households, people being reseuled from hostels, hospitals 2nd prison5. refugees and new migrants, people fleeing domesii¢ violence and other vuinerdble people. Wc receive cusiomerrefeJTals from a numberof key IoLa] ageneie& mosi Dotsbly Charnwo(yJ NT¢ighbouthotsd Housing and The Brid¥e Proj¢cl, a charity. that offers sUprt and adviee io hoffleless and iidn¢r*bly holls¢d pcople in Chamwood. Other agencies which rcf¢r regularly include Children and Young People's Sen'ic¢s. Sotial Care and Health, Charnw(x)d Independent Youth Ariion, Health Visitors, Housing Association& HuTnan Rights and Equaliiies Charnwo(NJ. Citszcn's Advi¢e, Enquire and Sur¢ Sthrt. Sales to the General Publlc Page 3
SOFA (REGISTERED NLNIBER: 02587766) REPORT OF THE TRLSTEES FOR THE YEAR ENTIED 31 MARCH 2024 A total of 1335 items of fi]rnitur¢ and appliances were sold to ¢he general public ai sensibl¢ prices. Wlih itt¢ome from these sales bcing used to further our ch#ritable aims. Thc sale of good5 w thc genernl public is now esscntial income io cnsure the future of SOFA. Including our referral sales. w¢ ioialled 6,IK)9 of individual sales oi'er the year where 9.101 items were sold. This is of ¢ourse furth¢rtn8 reu5¢ by which w¢ Can redu¢¢ tht impa¢t of elimat¢ ¢hange. ACHIEWEMENT AND PERFOIL%IAf¥CE {Continued) Donailons and Dlverslon from Landtlll We grAteIlY received help from 649 households at)d collecd 2.810 ims of furniiure and appliances during thig year and a further 1,480 reusable iiems were donated ai our door. This year we diverted 112 wns of furniture from landfill. Du¢ io the coll¢¢tion and sales of items and the help of ouronline sales with click and ¢ollecL This is a significanihelp to the rarget5 Set for Leicestershire Counry Council and a considerable boost 10 the environment. Improvement5 to Servle¢, Oper•tlonal S>stems •nd P4rinfshlps During the ¢oursc of the year we: Made imptt)vcments in¢ludkng health & safety measures io ail ShOn Commenced prLparaiions on I" floor to work Èn collaErt)ral1o with ihe Echo Hub SOFA a$ awarded a li81iona] tA>ttery Grant o%'er Ihree years of £134.000 Changed most of our lighting to LED'S Implemented the new organi5ational Stnre Recniiied two new m¢mbeTS to join our board of trustees. OrgAnls8tion$ that hgve supported SOFA Ourthanks80 to the followiTEg agen¢ies. organisation5 and indivithials that have supported ow work during the cowse of the ye3T'. The Natitsna] Lottery Fund L¢iecsteTshir¢ County CouDciI WasieMaD28cmcnt Charn00d Borough Council Voluntary Action L£icesteTthire Cuttlefish FINANCIAL REVIEW FinJ)n¢ial posiilon The total income for this finan¢ial Ye was £191.308 and our toral expenditure was £ 191.441 which Tesulted in expenditUTe exceeding income by £134. The end of year roral of charity fiuJd5 £72.747 compared £ £73,904 in the previous year, a reduction of£l,157. ile th¢ charity had a $i¢ady financial outcome due io the supp)rtof the Big Louery Recovery GranL there was some more hopefvl news as our sales incre&sed from £153,068 to £195.180, ats it)¢rca5e of £42,112. RelatloDshlp5 nd Ptrlnclp*l FuDdlng Sore¢s Our pnnciple fundin¥ SM)urce remains the sale of dona(¢d household itetns dire¢t5y to the public and 10 statutt>ry bodies such as Leicesiershire Louniy Council. and Chamwood Distri¢1 Council. The chariry works in partnership '1th a rangc of Ioc81 or8anisaiiotts manj of which are referrdl agents to U5 for individuals in necd. SOFA is also a member of FRN which is the t)ational 5UPPOtt organisation for reuse charilies. Jnvestment pollcy objectlves Under thc Memorandum and Articles of Association. SOFA (&8 a chw"ty) has the power io invest in aDy way ihe TTUSieCS see fit. However, the Trustees of SOFA have decided noi ¢0 commit funds for long temi investsnEni. and therefore the charity has no investments of this kind. Page 4
SOFA (REGISTERED NLMBER: 112587766) REPORT OF THE TRLSTEES FOR THE YEAR EED 31 MARCH 2024 FifANCIAL REI'IEW- (Contlnuedl Re$erve8 poII¢y The Tnlsiees have considered the requirerncnt for fre¢ reseTh'es (which art th¢)s¢ uthtri¢ funds noi invested in tangible assets or designated for specific PUTposes or oth¢Nise ¢ommittedl. The Tnjstees are currenily working Lowards estsblishing rcservcs that will meet six monihs op¢rdtin8 co5 which is the minimum that the Charity Commission reco]nmends. The Tnjstees Hill reassess the reserves policy on an annual b&sis. FUTLIiE PLLNS In the coming year we aim to.. * Make effective use of ib¢ Big Lottery Covid Recovery GrdDi Support the e$tsbli5hmcnt of a Twl Librnry and S¢rdp store by Loughborou¥h Eco Hub * Review and improi'e our website 8t social media prescncc Look to work in collabordiion with other lo¢a] charities share &)fa'5 objeciives * Search for additional income Streams to ensure the proj¢¢L'S susttinability STRUCTURE, GOVEILNANCE AND MANACEMEST Governlng documtnt The Lharity LS controllcd by its governingdo¢umeut. adeedof trnst. and consiiDJresa litDitrd company. limitedby guarantee, as defined by the Cotnpanics Aci 2006. The organL5ation is a charktable company limited by guaranT¢e. The company w&s originally established under a Memorandum of Associ2tiort that¢Stablish¢dihe obje¢ts and po¢r$Ofthe¢harltrble company and 8oNernance underitsArticles of Associaiion. Rekised and updated Articles of Assoriaiion were adopted by special resolution of the company on 23rd January 2013. In the eveni of the company being wound up, members are required ts) contributr an aTnount noi ex¢ceding £1. Reerultment And appolntment of nev+. irnsiees The directors of the company arc also charity tnLSittS for the purrK)se5 of ¢hariiy la. and under the company's Articles tre knowi a% tnembers of the Board of Tnes. Under the requirements of the MemorandLUn and Ani¢les of Associaiion the members of the Board of Trubt¢es are elecled annually ai the AGM by the cxisiin8 membLYS of SOFA. All tnctnbers are able ¢0 nominate othe ttusfee tu thc The Trusi¢es acknowledge ihai the r¢¢JuiTm¢ni, s¢le¢tion and subsequent inthLCUOTh of TrusTecs is an opwrtunjty to improve the effe¢tivertes$ of SOFA. Recruiknent ofTnJstees will be focused on th0 with the right skills and experience from a wide range of ages and experience and social and economic backgr(KLDds. Organi5ation81 strncture The Board of Tru51ees is ele¢ied aonuolly by members of SOFA 31 th¢ Annual General Meetlng. h'ominaiions can be put forward by any member for aprM)inmJent to the Board of T]US$. Th¢ TrS[eeS act as direciors of SOFA. Our Chicf Ex¢cuiive OtTiceT IS responsible for the day-to-day or8anisaiion and delivery of se]vices. Indu¢ilom artd triniag of trnStees Tn]$t¢es are pr<>N.]d with SL]IfiLient inforn)aiion tnsur¢ that th¢y tsnderstsnd the charithble PUTP)se> of SOFA, the ¢ttrrent financial positioJ and the key current tS5ues. New Tntstees will be given the goi"erniTLg documen( most r¢c¢nt a¢utS and recent minutes of Trustee meetin8s. Resources will be made avwlable meet training need5 ofTrustees. Pag¢ S
SOFA (REGISTERED NUMBER: 02587766) REPORT OF THE TRLSTEES FOR THE YEAR ENTIED 31 M.4RCH 2014 STRUCTURE, GOVEILNANCE AFD MAfiAGEMENT sk mAnag¢rneDt Th¢ trust¢¢s havc a dutyto identify ond re&iew the risksto whi¢h the charity is exposed andto ensure appropriate coTh(rols 3r¢ in place to proN'ide reasonable assurance against fraud and error. The TstetS acbi'elyrt1e ihe major risks thatthe¢harity fatts and lorn)ula areser%'es policy thatMOL¥ld in the future enable the charity to have Sufficient resources in the event of therse CODdition& The charity prepares an annual budget and 5trate8ic pian. PerfonTwIEe against budget is monitored b> re8ular Tnanag¢ment reponing. A system of intemal fJnan£ial control is in place w goi'trn day--daY financtai tr2n&gciions. The charity ha5 in place aropriate policiu of insunth¢¢ io manage insurable risks. This Trt h&$ been prepared in ac¢orthce with the special provisions of Part 15 of the Companies Act 2006 relating to small compaDies. Approved by order of the board of trus(ees OD atsd sigD¢d on its behalf by. B D Grger- Trn ee Page 6
SOFA STATEMEN'T OF FP*ANCIAL POSJTION, FOR TtIE YEAR ENDED 31 ILIRCH 2024 Financial Activities ril 2023 .l.la rc.I Total A r 2023- Mor 2024 A r 2022 - Mar 2023 INCOME Grant Sales- C Total Income 54,000.00 195,179.51 249,179.51 4,884.00 153,068.00 157,952.00 COST OF SALES Purchases Total Cost of Sales 57,871.75 57,871.75 191.307.76 31,541.00 31541.00 TOTAL 126,411.00 EXPENDITURES AccountinglLegal Banking and interest Computer software and maintenance Electric81 Testing Costs Electricity expense Environment & Maintenance Equipment Repairs Insurance Legal and professional fees Marketing and Sales Motor running expenses Payroll Expenses Pension Taxes Wages Total Payroll Expenses Postage and stationary Rent and Rates Repairs and maintenance (Buildings) Staff Travel Subscriptions Sundries expenses Telephone and IT Volunteer Travel Water rates Total Ex enditures NET OPERATING INCOME 3.612.20 2,579.29 3,216.76 1,311.60 0.00 2,196.57 0.00 3,707.05 4,311.48 100.96 1,600.00 2,304.00 1,572.00 107.00 -1,643.25 177.00 3,116.00 2,963.00 0.00 6,050.00 4.317.79 3.640.10 2.139.08 93,702.10 99,481.28 751.86 50,032.29 8,573.11 2,763.00 308.00 88,323.00 91.394.00 2,382.00 45,450.25 3,436.00 35.00 455.00 1,287.00 868.00 1,775.00 930.00 901.20 619.12 138.01 4,603.71 986.30 191.440.58 -132.82 164,258.00 -37,847.00 OTHER INCOME Reuse-credits Total Other Income OTHER EXPENDITURES Depreciation 0.00 0.00 0.00 1.024.00 1,024.00 Page 7
SOFA sTATElfET OF FINLNCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2024 Total Apr 2023 . Mar 2024 1024.00 -1,024.00 £-1,156.82 Apr 2022- Mar 2023 (P 1.024.00 .1,024.00 £-38,871.00 Total Other Ex endltures NET OTHER INCOME NET INCOMEI EXPENDITURE Page 8
SOFA STATEMEhTOF FtyLYCIAL POSITION, FOR THE YEAR ENDED JI MARCH 2024 STATEMENT OF FINANCIAL POSITION Ils of M4irch ?l. 2074 Total As of Mar 31, 2023 Asof Mar31. 2024 FIXED ASSET Tanglble assets Accumulated Depn Fixtures and Fittings Accumulated Depn Motor Vehicles Fixtures and Fittings Motor Vehicles Total Tanglble assets Totsl Fixed Asset CASH AT BANK AND IN HAND Paypal Account Petty Cash Sofa Total Cash at bank and in hand CURRENT ASSETS Prepayments & Accrued Income Stock Trade Debtors Opening Total Current Assets NET CURRENT ASSETS CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Curront Llabilities Accruals Paye Control Account Pension c(Jntrol account Trade Creditors Opening Balance VAT Control Wages control account Total Curr•nt Liabllltles Total Creditors: amounts fallin NET CURRENT ASSETS LIABILITIES TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR TOTAL NET ASSETS -26,276.00 -22.666.00 26,946.00 23,545.00 1,549.00 1,549.00 -25,545.00 -22,373.00 26,946.00 23,545.00 2,573.00 2,573.00 348.60 123.76 2,398.71 523.22 47,339.07 50 261.00 46,653.62 47 125.98 0.00 18.359.00 6,428.00 14,788,00 39,575.00 89 836.00 23,861.06 0.00 23,861.06 70,987.04 1,701.00 940.00 484.00 5.240.51 352.93 0.00 -6,661.88 857.29 -211.15 .211.14 14.046.00 1,334.00 18,505.00 18,505.00 71 331.00 73,904.00 due withSn one ear 71 198.18 72,747.18 LIABILITIES £72.747.18 £73,904.00 CHARITY FUNDS Opening Balance Equity SurplusllDeficil) Total Chari funds 73,904.00 -1.156.82 £72,747.18 112,775.00 -38,871.00 £73,904.00 Page 9