REGISTERED COMPknNY liU.MBER.. 02587766 {England Ind MYJ)les1
REGISTERED CHARITY YUMBER.. 1002980
REPORT OF THE TRUSTEES.4f*D
LN.4UDITED FIYANCIAL ST.￿TE￿IENTs FOR THE YEAR ENDED
31 f*lARCH 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
Chaimi￿l'S Report
Report ofthe Tn￿e5
3106
sts￿Ment 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
cO￿1PANy SECRETARY
JSFPtho
REGISTERED OFFICE
Towles Building
31 Clareneesrrttr
tA)￿rough
LEII IDY
REGISTEREDCOMPANYNUMBER
02587766 IEnBlaTrdand Wales)
REGISTEREDCHAIUTYYL.IIBÉR
ILW)2980
DEPE￿DENTE￿I￿I%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
chris￿￿￿tr Pe*y- VawWar¢iwus¢ Assisronl
BANKEIL8
Thecoyjerniive Bank PLC. Busin¢55Customer S¢TriceCenttE, PO
Box 250. DeifHouse. Sk¢InwO￿4 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 consul￿nCY fees. The 5trateBic plan w'as 10 review all the operaiions ofthe charity w'hile the grant Provided some
rinart¢ial s￿bIlitY 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 ne￿5 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 Inco￿Orated
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 plenti￿1 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
st*ments 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 I￿laThd IFRS 1021 {effecii%e l January 20151.
0￿ECT[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 ￿ntis￿Ou$ 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 refe￿ed 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 to￿1$ 42. We ended the year with 16 aeiive
volunte¢rs. Some Volunteers moved oll, som¢ to fiffther ¢dU￿10Th 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 Referr*l Agtn¢les
A total of1.625 individual orders of fiJtnilUT¢ aTwJ appli￿CeS 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 sUp￿rt 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 grAte￿IlY received help from 649 households at)d collec*d 2.810 i*ms 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 P4rinf*shlps
During the ¢oursc of the year we:
Made imptt)vcments in¢ludkng health & safety measures io ail ShO￿￿n
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 Stn￿re
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
Charn￿00d 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 So￿re¢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 E￿￿ED 31 MARCH 2024
Fif*ANCIAL REI'IEW- (Contlnuedl
Re$erve8 poII¢y
The Tnlsiees have considered the requirerncnt for fre¢ reseTh'es (which art th¢)s¢ uth￿tri¢￿ funds noi invested in tangible assets or
designated for specific PUTposes or oth¢Nise ¢ommittedl.
The Tnjstees are currenily working Lowards estsblishing rcservcs that will meet six monihs op¢rdtin8 co5￿ which is the minimum that
the Charity Commission reco]nmends.
The Tnjstees Hill reassess the reserves policy on an annual b&sis.
FUTLIiE PLLNS
In the coming year we aim to..
* Make effective use of ib¢ Big Lottery Covid Recovery GrdDi
Support the e$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$Ofthe¢harltrble company and 8oNernance underitsArticles of Associaiion. Rekised
and updated Articles of Assoriaiion were adopted by special resolution of the company on 23rd January 2013. In the eveni of the
company being wound up, members are required ts) contributr an aTnount noi ex¢ceding £1.
Reerultment And appolntment of nev+. irnsiees
The directors of the company arc also charity tnLSittS for the purrK)se5 of ¢hariiy la￿. and under the company's Articles tre knowi a%
tnembers of the Board of Tn￿￿es. Under the requirements of the MemorandLUn and Ani¢les of Associaiion the members of the Board
of Trubt¢es are elecled annually ai the AGM by the cxisiin8 membLYS of SOFA. All tnctnbers are able ¢0 nominate othe ttusfee tu thc
The Trusi¢es acknowledge ihai the r¢¢JuiTm¢ni, s¢le¢tion and subsequent inthLCUOTh of TrusTecs is an opwrtunjty to improve the
effe¢tivertes$ 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￿$. Th¢ Tr￿S[eeS act as direciors of SOFA. Our Chicf Ex¢cuiive OtTiceT IS
responsible for the day-to-day or8anisaiion and delivery of se]vices.
Indu¢ilom artd tr*iniag of trnStees
Tn]$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¢￿u￿tS 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 AF*D 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 T￿stetS acbi'elyrt￿1e￿ 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 a￿ropriate policiu of insunth¢¢ io manage insurable risks.
This T￿￿rt 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 Gr￿ger- 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
sTATElfE￿T 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