Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** ## **REPORT AND ACCOUNTS** **FOR THE YEAR ENDED** **30 SEPTEMBER 2024** APPROVED by the TRUSTEES - Meeting Monday 13[th] January 2025 Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** ## CONTENTS ||**Page**| |---|---| |CHARITY DETAILS|1| |TRUSTEES’ REPORT|2 - 4| |INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES|5| |STATEMENT OF FINANCIAL ACTIVITIES|6| |BALANCE SHEET|7| |NOTES TO THE ACCOUNTS|8 - 14| Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** ## CHARITY DETAILS |**Trustees/ Executive Committee:**|**Trustees/ Executive Committee:**|Chairman|*|P R Metcalf MBE, FCA, DChA| |---|---|---|---|---| |||Vice Chairman||K Sedgewick| |||Treasurer|*|Mrs A Metcalf FCA, DChA| |||Secretary
|*|P D Taylor JP| ||||*|Mrs B Rhodes B.A, ACMA| |||||Honorary Alderman C Crompton| |||||Honorary Alderman N Pomfret (Preston City Council)| |||||Councillor J Saksena (Preston City Council)| |||||J Whittle (SVP)| |_*_|_Finance & Executive Committee_|||| |**President (ex officio):**||Mayor of Preston|City Council|| |**Operations Manager:**||G Moss||| |**Warehouse / Office:**||Unit 2, off Boundary Road||| |||Plungington||| |||Preston||| |||PR2 3DS||| |||Tel: 01772 716572||| |**Registered Office:**||1 Yewlands Avenue||| |||Fulwood||| |||Preston||| |||Lancashire||| |||PR2 9QR||| |**Charity Number:**||1015952||| |**Bankers:**||National Westminster Bank PLC||| |||35 Fishergate||| |||Preston||| |||Lancashire||| |**Independent Examiner:**||N Mason FCA DChA||| |||MHA||| |||Richard House||| |||Winckley Square||| |||Preston||| |||PR1 3HP||| |**Investment Advisers:**||Hedley & Company Stockbrokers Ltd||| |||13b Winckley Square||| |||Preston||| |||PR1 3JJ||| |**Website** https://gift92.com/||https://www.facebook.com/Gift92||| Page 1 Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** ## TRUSTEES REPORT The trustees present their report and the financial statements for the year ended 30 September 2024. ## **Objects and activities for the public benefit** The charity was established for the relief of poverty in the Preston area through reuse and recycling of household items. The charity’s objects are being amended to extend the area of benefit from the Preston area to the County of Lancashire. It was set up to collect donated items of furniture and household effects and delivers such items when requested to needy persons. In furtherance of these aims the charity co-operates with other outside bodies, statutory or voluntary, to assist in its objects and in particular Preston City Council, Lancashire County Council and the LCC Waste Group. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities. ## **Constitution** The charity is a registered charity governed by a scheme and constitution approved by the Charity Commission on 28 December 1992. ## **Trustees** The charity is managed by a Committee of Trustees. The members of the Committee are elected at the AGM for a period of three years. One-third of the membership retires annually but may offer themselves for re-election. The trustees who have served during the year are set out on page 1. ## **Recruitment, induction and training of trustees** The existing trustees accept the obligation to fully inform a new trustee of the duties and responsibilities of charity trustees by providing the new trustee with copies of the governing document, minutes of previous meetings of the trustees, recent annual accounts of the charity and the relevant Charity Commission publication relating to the responsibilities of trustees. New trustees are also able to view the Power Point presentation and website which the charity uses for promotional purposes and to inform new Referral Agents, Churches, community, and social groups of how the charity operates and the valuable contribution made to the local community in the Preston area. ## **Key management** The trustees are the key management personnel of the charity with Mr P R Metcalf MBE and the Operations Manager in charge of directing and controlling daily operations. All trustees give of their time freely, no trustee remuneration or expenses were paid in the year and there were no related party transactions. ## **Financial review** The accounts annexed to this report show a net deficit for the year of £31,697 before investment gains of £8,998. The charity has reroofed its warehouse at a cost of £26,872 and the deficit for the year reflects this expenditure. The charity’s total funds decreased from £346,505 to £323,806. Of which £66,071 was held on the unrestricted general income fund as at 30 September 2024. The value of the Investment fund has increased from £118,506 at 30 September 2023 to £126,880 at 30 September 2024. The fund generated £5,113 investment income to support the charity’s operational costs. There was a net unrealised gain of £8,659 during the year, and a profit of £339 on investments sold during the year. Page 2 Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** TRUSTEES REPORT (CONTINUED) ## **Investment policy and performance** Our investment advisers are instructed to seek a return generating in excess of inflation over the long term, providing an income of 4% per annum with capital growth in excess of inflation through the use of gilts, unit trusts and common investment funds. At the year end the investment portfolio was yielding 4.87%. The trustees receive quarterly valuation reports from the investment advisers. ## **The management of risk** The trustees are mindful of potential risks to the charity and regularly review and evaluate policies and procedures. Due to other charities recycling furniture in the Preston area which they sell to generate funds for their cause, there is considerable competition for usable donated household items. The Operations manager has carried out a review of the charity’s procedures and policies incorporating them into the staff handbook. ## **Reserves policy** The Trustees aim to maintain free reserves in the unrestricted general fund which equates to approximately 6 months of unrestricted general expenditure. The charity held £66,071 free reserves at the year-end which represents 3 month’s budgeted expenditure in the coming financial year. In addition to the unrestricted general fund the charity held designated reserves totalling £86,698 as detailed in note12, this includes £47,296 Redundancy reserve plus £37,995 which was utilised in October 2024 to replace the van. £126,880 is held in respect of the Investment fund, which creates income and is designated towards the purchase of a new warehouse. We are also endeavouring to build reserves as our long-term aim is to locate to a larger warehouse. Our current building which we have occupied since inception is not large and hinders expansion of operation. ## **Review of activities and achievements** During the charity's thirty second year of operation Gift92 made 773 deliveries of furniture and household items, assisting 1,545 people, of which 773 were dependent children. Preston is a city with high levels of deprivation and our service helps mitigate this. Our referral agencies confirm the clients need of our help and support our service financially with a contribution to our running costs. These agencies include social services, housing associations, homeless charities, and local authority housing. We made 1,233 collections of household furniture mainly from the general public whose support is vital to our success and diverted 71.5 tonnes from landfill. The charity is one of four Lancashire reuse organisations that support Lancashire County Council Crisis Support Scheme renamed “Under One Roof” from 1[st] December 2021 supported by Selnet. We serve west of Preston, South Ribble and the West Lancashire area including Chorley for the scheme. Gift92 also supports referrals from the Preston Council Household Support project delivered across Preston in a timely manner. Page 3 Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** TRUSTEES REPORT (CONTINUED) The Trustees are grateful to: - Our four long serving staff and 11 regular volunteers, and to the operations manager who have enabled the charity to efficiently maintain its service to the community. The general public who has again contributed with regular furniture donations without which we could not fulfil our aims. St Clare’s Catholic Church who enables our van to be parked overnight in a secure area. Our service helps financially vulnerable persons avoid incurring crippling debt from expensive lenders when moving into empty properties. We have also signposted people to other agencies who can assist improving their circumstances. We received funding this year as shown in note 4, for which we are extremely grateful. We continue not to charge for furniture as the people we serve have limited resources and without our help could not make their house a home. We are members of the Reuse Network which supports the work we undertake. ## **Tax status** The charity is exempt from tax on income and gains to the extent that these are applied to its charitable objects ## **Independent examiner** Nicola Mason FCA, a Member of the Institute of Chartered Accountants, has kindly undertaken the examination of the accounts. This report was approved by the Board of Trustees on 13[th] January 2025 and signed on its behalf by: ………………………………………………….. ## **P R Metcalf MBE FCA DChA Chairman of the Board of Trustees** Page 4 Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES ON THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 September 2024 which are set out on pages 6 to 14. ## **Responsibilities and basis of report** As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. **Date: Signed:** 09/04/2025 ~~|~~ **Name:** Nicola Mason FCA DChA ~~OO~~ **Relevant professional** Member of the Institute of Chartered Accountants **qualification** ~~Oo~~ Page 5 Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** STATEMENT OF FINANCIAL ACTIVITIES ## FOR THE YEAR ENDED 30 SEPTEMBER 2024 |**Note**
**Income**
Grants and other income
4
Income from charitable activities
5
**Expenditure**
Charitable activities
6
**Total Expenditure**
**Net income(/expenditure) before**
**investment gains/losses**
**Realised investment gains/losses**
**Net unrealised investment**
**gains/losses**
**Transfers between funds**
12
**Transfers between funds**
13
**Net movement in funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**general**
**income fund**
**Designated**
**funds**
**Restricted**
**funds**
**2024**
**Total**
**2023**
**Total**
**£**
**£**
**£**
**£**
**£**
**10,429**
**-**
**12,500**
**22,929**
**17,198**
**213,749**
**-**
**-**
**213,749**
**264,159**| |---|---| ||**224,178**
**-**
**12,500**
**236,678**
**281,357**| ||**(255,875)**
**-**
**(12,500)**
**(268,375)**
**(252,070)**| ||**(255,875)**
**-**
**(12,500)**
**(268,375)**
**(252,543)**| ||**(31,697)**
**-**
**-**
**(31,697)**
**28,814**
**-**
**339**
**-**
**339**
**629**
**-**
**8,659**
**-**
**8,659**
**7,561**
**1,018**
**(1,018)**
**-**
**-**
**-**
**2,890**
**-**
**(2,890)**
**-**
**-**| ||**(27,789)**
**7,980**
**(2,890)**
**(22,699)**
**37,004**
**93,860**
**205,598**
**47,047**
**346,505**
**309,501**| ||**66,071**
**213,578**
**44,157**
**323,806**
**346,505**| Page 6 Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** ## BALANCE SHEET ## AS AT 30 SEPTEMBER 2024 ||||**2024**|**2024**|**2023**| |---|---|---|---|---|---| ||**Note**|**£**|**£**|**£**|**£**| |**Fixed assets**|||||| |Tangible fixed assets|7||**45,564**||46,033| |Investments|8||**126,880**||118,506| |**Total fixed assets**|||**172,444**||164,539| |**Current assets**|||||| |Stock||**3,905**||5,565|| |Debtors|9|**12,110**||16,121|| |Investments|10|**51,292**||50,101|| |Cash at bank and in hand|10|**106,929**||142,316|| |**Total current assets**||**174,236**||214,103|| |**Liabilities**|||||| |Creditors falling due within one year|11|**(22,874)**||(32,137)|| |**Net current assets/liabilities**|||**151,362**||181,966| |**Total assets less current liabilities**|||**323,806**||346,505| |Creditors falling due after one year|||**-**||-| |**Net assets**|||**323,806**||346,505| |**Funds of the charity:**|||||| |Unrestricted General funds|||**66,071**||93,860| |Designated funds|12|**86,698**||87,092|| |Designated Investment fund||**126,880**|**213,578**|118,506|205,598| |Restricted funds 13|Restricted funds 13||**44,157**||47,047| |**Total charity funds**|13||**323,806**||346,505| ## **CERTIFICATE OF TRUSTEES** The accounts were approved by the trustees on 13[th] January 2025 and signed on their behalf by: ...................................................................... **P R Metcalf MBE - Chairman** The notes on pages 8 to 14 form part of these accounts. Page 7 Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ## 1. **Accounting policies** The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year. ## **Basis of accounting** The accounts (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 (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The charity constitutes a public benefit entity as defined by FRS 102. The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **Fund accounting** General unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside and earmarked by the Trustees for particular purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors. The aim and use of each restricted fund is set out in the notes to the financial statements. ## **Income** All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. Grants restricted by the terms of the grantor are shown under restricted funds. No amount is included in the financial statements for volunteer time in line with SORP (FRS102) Further details are given in the Trustees Annual Report. Page 8 Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ## **Expenditure** The charity is registered for VAT. All expenditure is accounted for on an accruals basis and has been allocated between the different expenditure categories of the SOFA dependent on the fund financing those costs. ## **Support costs allocation** Support costs are those that assist the work of the charity but do not directly represent charitable activities and include governance costs and administrative costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. ## **Going concern** The trustees are required to assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation of the accounts. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern. ## **Investments** Investments are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closing quoted market price. ## **Realised gains and losses** All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the previous year end and their carrying value. ## **Fixed assets and depreciation** The premises owned by the charity are shown at cost and are not depreciated. Depreciation has been charged at 25% on written down value of the van. ## 2. **Employees** The average number of paid employees during the year was 5 full time and there were regularly eleven volunteers who were unpaid. Page 9 Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** NOTES TO THE ACCOUNTS ## FOR THE YEAR ENDED 30 SEPTEMBER 2024 ## **3. Trustees’ remuneration and expenses** No trustees or connected person has received or is due to receive any remuneration or other benefits directly or indirectly from the charity’s funds. ## **4. Income** |**Grants**
PCC – Operations Manager post
Barratt Developments
**Subtotal Grants**
**Donations and legacies**
HMRC Gift aid tax repayment
Donations
**Other Income**
Investment income
Bank Interest
**Total Grants and Other Income**
**5.**
**Income from charitable activities**
Landfill tax credits
Referral fees, admin /delivery charges
Sale of appliances & donated goods
**Total**
**Total Income**||**General**
**funds**
**Restricted**
**income**
**2024**
**Total**
**2023**
**Total**
**£**
**£**
**£**
**£**
**-**
**12,500**
**12,500**
7,500
**-**
**-**
**-**
1,500
**-**
**12,500**
**12,500**
9,000
**141**
**-**
**141**
217
**1,339**
**-**
**1,339**
1,503
**5,113**
**-**
**5,113**
5,118
**3,836**
**-**
**3,836**
1,360
**10,429**
**12,500**
**22,929**
17,198
**General**
**funds**
**2024**
**Total**
**2023**
**Total**
**4,025**
**4,025**
4,021
**18,507**
**18,507**
14,983
**191,217**
**191,217**
245,155| |---|---|---| |||| |||| |||| |||**213,749**
**-**
**213,749**
264,159| |||| |||| |||**224,178**
**12,500**
**236,678**
281,357| Page 11 Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ## **6. Charitable activities and support costs** |**6.**
**Charitable activities and support costs**|**6.**
**Charitable activities and support costs**|| |---|---|---| |**Cost of Sales**
Cost of appliances bought
Costs re sale of donated items
**Salary costs**(£12,500 grant funded)
Vehicle and travelling expenses
Property costs
Property roof repairs
(£22,000 from designated & £2,453 from restricted)
Office and support costs (£437 from restricted)
Depreciation (from designated)
Investment Management charges (£624 from designated)
**Total Charitable Expenditure**
**Employees**
Gross Salary incl SSP
Employer’s Pension contributions
Employer’s National Insurance contributions (adjusted for EAA)
7.
**Tangible fixed assets**
**Freehold**
**Property**
**£**
**Cost**
As at 1 October 2023/30 September 2024
**44,157**
**Depreciation**
As at 1 October 2023
-
Charge for year
-
As at 30 September 2024
**-**
**Written down value**
30 September 2024
**44,157**
30 September 2023
44,157||**2024**
**2023**
**Total**
**Total**
**£**
**£**
**114,095**
148,348
**1,203**
919| |||**115,298**
149,267
**107,628**
81,319
**6,637**
10,787
**4,117**
3,257
**26,872**
98
**6,842**
6,717
**469**
625
**512**
473| |||**268,375**
252,543| |||**£**
**£**
**103,745**
79,925
**2,176**
1,394
**1,707**
-
**107,628**
81,319| |||
**Van**
**Total**
**£**
**£**
**20,440**
**64,597**| ||-
-|18,564
18,564
469
469| ||**-**|**19,033**
**19,033**| ||**44,157**|**1,407**
**45,564**| ||44,157|1,876
46,033| All the assets are used in direct furtherance of the charity’s objects. Page 11 Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** ## NOTES TO THE ACCOUNTS ## FOR THE YEAR ENDED 30 SEPTEMBER 2024 ## **8. Fixed asset investments** |**Fixed asset investments**||| |---|---|---| |Market value at 1 October 2023
Investments bought in year
Investment income capitalised
Management charges incl. Vat
Net gains/(losses) on revaluation
Sale proceeds
Disposals at carrying value
**Market value at 30 September 2024**
Investments
Cash on deposit
**Total**||**Listed**
**Investment**
**Cash held**
**on**
**investment**
**portfolio**
**2024**
**Total**
**2023**
**Total**
**£**
**£**
**£**
**£**
118,074
432
118,506
110,882
7,044
(7,044)
-
49
49
-
-
(673)
(673)
(566)
8,659
-
8,659
7,561
-
7,246
7,246
6,312
(6,907)
-
(6,907)
(5,683)
**126,870**
**10**
**126,880**
118,506| |||**2024**
**2023**
**Cost**
**Market**
**value**
**Cost**
**Market**
**value**
**£**
**£**
**£**
**£**
**124,948**
**126,870**
123,588
118,074
**10**
**10**
432
432
**124,958**
**126,880**
124,020
118,506| |||| All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded on quoted public markets, primarily the London Stock Exchange. Investments are valued using the mid-market value as at 30 September 2024 provided by the investment advisers Hedley and Company Stockbrokers Ltd. ## 9. **Debtors** |Debtors
Landfill tax credit
Sundry debtors (incl £833 Deposit on New Van)
Prepaid expenses|**2024**
**£**
**2023**
**£**
**8,548**
12,998
**1,075**
925
**1,699**
1,147
**788**
1,051
**12,110**
16,121| |---|---| Page 12 Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ## 10. **Cash at bank** |**Cash at bank**||| |---|---|---| |Cash
Paypal
Capital Reserve
Current account
Deposit account
**Creditors – falling due within one year**
Referral fees in advance
Grant in Advance
Sundry creditors and accrued expenses
PAYE and NIC
NEST Pension
HMRC – Vat (refund due)
Credit card
Roof repairs (balance)||**2024**
2023
**£**
£
**19**
11
**945**
374
**103,059**
100,413
**2,906**
41,518| |||**106,929**
142,316
**51,292**
50,101
**158,221**
192,417| |||**2024**
2023
**£**
£
**6,345**
3,850
**-**
12,500
**4,678**
4,226
**3,071**
2,358
**447**
390
**(48)**
5,732
**1,401**
3,081
**6,980**
-
**22,874**
32,137| |||| ## 11. **Creditors – falling due within one year** ## 12. **Designated funds** |**Designated funds**||| |---|---|---| |Redundancy fund
New Vehicle fund
Van (net book value)
Warehouse roof repair
Investment fund||**Brought**
**forward**
**Transfe**
**rs**
**Expenses**
**Net**
**Gains**
**Carried**
**forward**
**£**
**£**
**£**
**£**
**£**
43,216
4,080
-
-
**47,296**
20,000
17,995
-
-
**37,995**
1,874
(469)
-
-
**1,407**
22,000
(22,000)
-
-
**-**| |||87,092
(394)
-
-
**86,698**
118,506
(624)
-
8,998
**126,880**
205,598
**(1,018)**
**-**
**8,998**
**213,578**| |||| The Redundancy Reserve Fund is in accordance with recommended good employment practice, the reserve is based on the age of each employee as well as their length of time employed and includes £18,015 entitlement in lieu of notice. The New vehicle fund is designated towards replacing the charity’s vehicle, cost £37,995 (purchased October 2024). Page 13 Docusign Envelope ID: 0388F577-7485-42E1-AA9F-26BFF1909746 ## **GUILD INITIATIVE FOR FURNITURE TRUST (Gift92)** NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ## **Designated funds contd.** The Investment Fund is held to create income and designated towards the purchase of a new warehouse. ## 13. **Restricted funds** These are funds that can only be used for restricted purposes. Restrictions arise when specified by the donor. The restrictions are binding upon the Trustees of the charity. |Property
**Restricted income funds**
Warehouse maintenance
Access to volunteering|**Brought**
**forward**
**Transfers**
**Expenses**
**Net**
**Gains**
**Carried**
**forward**
**£**
**£**
**£**
**£**
**£**
44,157
-
-
-
**44,157**
2,453
(2,453)
-
-
**-**
437
(437)
-
-
**-**
**47,047**
**(2,890)**
**-**
**-**
**44,157**| |---|---| ## **Property** The purchase of the property used as a warehouse was funded by a grant from National Lottery Charities Board in 1997. This fund represents the cost of the charity’s premises. ## **Warehouse maintenance** The balance on this grant has been transferred towards the costs incurred in repairing the roof. ## **Access to Volunteering** The balance on this grant has been transferred and utilised for volunteering expenses. ## 14. **Analysis of net assets between funds** |Tangible fixed assets
Investments
Net Current assets
Creditors due after one year
**Net assets**|**Unrestricted**
**General**
**Designated**
**Restricted**
**2024**
**Total**
2023
Total
**£**
**£**
**£**
**£**
£
**-**
**1,407**
**44,157**
**45,564**
46,033
**-**
**126,880**
**126,880**
118,506
**66,071**
**85,291**
**151,362**
181,966
**-**
**-**
**-**
**-**
-
**66,071**
**213,578**
**44,157**
**323,806**
346,505| |---|---| Page 14