COMPANY REGISTRATION NUMBER 3662469 THE FURZEDOWN PROJECT FINANCIAL STATEMENTS 31 MARCH 2024 (A Company Limited by Guarantee) Charity Number 1076087
THE FURZEDOWN PROJECT FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 CONTENTS PAGE Trustees Annual Report Independent Examinerfs report Statement of Financial Activities Income and Expenditure Account Balance sheet Notes to the Financial Statement 10.19
THE FURZEDOWN PROJECT TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The Trustees present their report together with the independently examined financial statements for the charity for the year ended 31 March 2024. The Tnlstees, who are also Directors of the Company for the purposes of company law, are collectively referred to as the Trustees in this report. The Trustees confinn that the financial statements comply with current statutory requiremcnts, the mcmorandum and articles ol association and the Statcment of Recornmended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity name THE FURZEDOWN PROJECT Charity registration number 1076087 Company registration number 3662469 Principal and Registered office 91- 93 Moyser Road London SW16 6SJ The Trustees The tnistees who served during the period were as follows: Elected Trustees: Graham Loveland (Chair) Rev Dr Sue Clarke (Resigned 2111012023) E Saycc (Trcasurcr - appointed 2010112023) Rosemary Scott Martine Davies (appointed 201011123) Martin Beaver Susan Pearson Moira Had)ord Juliet Moxley (appointed I 111012023) Susan Wardrop-Rouggen (appointed 1111012023) Company Secretary Plus Gnanapragasam Manager Sandra Shaw Bank CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Independent examiner Arif Malida Chartcred Accountants 66 Moyser Road London SWI 6 6SQ
THE FURZEDOWN PROJECT TRUSTEES ANNUAL REPORT{continued} YEAR ENDED 31 MARCH 2024 Structure, Governance and Management Governin Docunient The Furzedown Project, a company limited by guarantee (number 3662469), and constituted by its Memorandum and Articles of Association dated 5 ' of November 1998. It is also a registered charity (No. 1076087). Residents of the Wandsworth Borough over the age of 60 are entitled to become members of the Project on payment of an annual subscription. Members agree to contribute an amount not exceeding £5 each in the event of the charity winding up. The membership at 31 March 2024 was 341. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity. ointment of Trustees The Project is managed by a 9-member Management Committee who are also trustees of the Project. The trustees are elected by the members at the Annual General Meeting {AGM). A trustee cannot hold office for more than seven consecutive years and shall stand down for at least one year before being eligible to re-election. Members are circulated with a list of the retiring trustees and invited to make nominations for election of new trustees at the AGM. The trustees may also co-opt persons with particular skills as required to attend Management Committee meetings but not vote. Trustee induction and trainin New Trustees undergo a comprehensive induction programme to understand the structure and governance of the Charity and their legal obligations under Charity Law and Companies Acts. They are also updated with any statutory and regulatory developments that may have relevance to the governance of the Charity. anisation The Management Committee meets 8 times per year. Sub-committees, appointed by the Management Committee, deal with issues relating to membership, fundraising and recruitment. A Project Director, Sandra Shaw appointed by the trustees manages the day to day operations of the charity and has delegated authority, for operational matters including finance, employment and activities of the Project. Sandra appointed on 12 July 2023 succeeded James Atkins who sadly passed away on 29 May 2023. Relationshi with local communi Wandsworth Council commissions Open Access Day Services from the Furzedown Project. Various local community groups, schools and churches are supportive of the activities of the Project. These include Age UK Wandsworth, Wandsworth Older Peoples Forum, Furzedown Community Network, Furzedown Annual Charity Event (FACE), St Albans Church, Mitcham Lane Baptist Church, St, James, Church, and Penwortham Primary and Graveney Secondary Schools.
THE FURZEDOWN PROJECT TRUSTEES ANNUAL REPORT{continued) YEAR ENDED 31 MARCH 2024 Risk mana ement The main areas of risk to the charity are physical and financial. In view of the wide variety of activities undertaken in the charity the Trustees operate a risk management strategy which comprises: An annual review of risks the Project may face. The establishment of systems and procedures to mitigate the risks identified in the plan and The implem¢ntation of proc¢dur¢s designed to minimise any potential impact on the charity should those risks mat¢rialise. This strategy has delivered an accident-free operating environment and has given the impetus for better planning. Staff and volunteers are subject to DBS checks and training is given in key areas of Health, Safety and abuse of vulnerable persons. The Trustees recognise that the systems in place can only provide reasonable but not absolute assurance that all risks have been adequately managed. Ob'ectives and Activities The objective of the charity is for "the benefit of the public the relief of the elderly (being persons who are sixty years of age or over), the housebound and disabled and their carers in the London Borough of Wandsworth." The main focus of our work is to prevent and overcome the health and psychological difficulties arising from social isolation experienced by the elderly. The Project aims to achi¢v¢ its objective by: (a) providing a neighbourhood centre in or close to the Furzedown Ward of the London Borough ot. Wandsworth for older peopl¢ in thc community especially those who are socially isolated, housebound or disabled and their carers; (b) ensuring that the users of the Centre are involved in decisions about the running of the centre and the activities that take place. (c) raising awareness in the community about the strengths, creativity and independence of older people and the many contributions that they can make to local life; and (d) breaking down barriers of age discrimination and ensure that older people are fully Inteated into the Furzedown community. In achieving its objectives, the Project has adopted a strategy of encouraging members and volunteers to organise and lead its activities. Where warranted, the Project arranges for external expertise to guide and mentor the participants.
THE FURZEDOWN PROJECT TRUSTEES ANNUAL REPORT(contlnued) YEAR ENDED 31 MARCH 2024 Public Benefit The Trustees have referred to the Charity Commission's guidance on public benefit, including 'Public benefit: running a charity (PB2)' and confinn that the provision of the range of services by the Furzedown Project to its members are consistent with its objectives and meets the obligation to provide public benefit. The range of services are designed to prevent and overcome social isolation and include exercises and activities to promote healthy living, advice on managing their affairs, raising awareness of their skills and the contribution they make to local life. A substantial proportion of the charity's activities is, delivered through a team of volunteers, to help the homebound older people Combat loneliness, increase social contact and alert social care agencies when needs arise. Achievements and Performance 2023 - 2024 was the sixth year ol the contract awarded by Wandsworth Council Adult Social Services for the provision of Open Access Day services for Older People. The service specifications provide benchmark guidance for the charity and we have consistently met and exceeded the service specifications set out in this contract. Financial Review The financial result for the year shows a deficit of £3,418 comprised of a deficit of £24,256 in Unrestricted Activities and a sury)lus of £20,83 8 in the Restricted Activities. The deficit in the Unrestricted Activities is mostly due to a shortfall of £42,3 84 in the Outreach service, which again was not supported by any grant this year. The support of our grant providers was vital to maintaining the Outreach Services..Nevertheless the reserves are in line with the charity's reserves policy (see below). Trustees, Remuneration No remuneration was paid to the Trustees during the year ended March 2024. (2023 - nil) Reserves Polic The Trustees recognise the need to hold sufficient reserves to sustain the charitable core activities in the event of any unforeseen ieduction in income and to mcct its legal obligations. Thc policy aims to have sufficient free reserves equivalent to at least six month's operating costs. At the year-end the free reserves stood at £102,382. Res onsibilities of the Trustees The trustees (who are also directors of The Furzedown Project for the puryoses of company law) are rcsponsiblc for preparing the Trustecs, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each fmancial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and
THE FURZEDOWN PROJECT TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 31 MARCH 2023 application of resources, including the income and expenditure, of the charitable company for the year. In prepartng these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP 2019 (FRS 102). make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and cxplained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trnstees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other i¢gUlaritics. In so far as the trustees are aware., there is no relevant audit inforn]ation of which the charitable company, s auditor is unawarc; the trustees have taken all steps that they ought to have taken to make themselves aware of any r¢levant audit inforn]alion and to establish that the auditor is awarc of that infortnation. Inde endent examiner A resolution to re-appoint Arif Malida as independent examiner for the coming year will be proposed at the AGM. Approved and signed b order of the Trustees on 26 September 2024 am Lovelan rustee / Director T P D Gnanapragasam Company Secretary
Independent Examiner's Report to the Trustees of The Furzedown Project I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 which are set out on pages 7 to 20. Responsibilities and basis of report As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('thc 2006 Act,). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respcct of my cxamination of your company's accounts as carri¢d out under section 145 of the Charities Act 2011 ('the 201 l Act,). In carying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent ex&miDer's statement I have completed my examination. I confirn] that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: . accounting records were not kept in respect of the company as required by section 386 of the 2006 2. the accounts do not accord with thosc records. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that ihe accounts give a 'true and fair view, which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial R¢porting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matl¢rs 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. Arif Malida charted Accountants ICAEW 66 Moyser Road, London SWI 6 6SQ Date I Iioty 09
THE FURZEDOWN PROJECT STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Unrestricted Restricted Total Funds 2024 Totsl Funds 2023 Funds Funds Note INCOME FROM Donations, grants and legacies Charitable Activities Investment income Other income TOTAL INCOME 42,933 23,126 3,660 2,374 72,093 106,325 6,682 149,258 29,808 3,660 2,374 185,100 85,679 25,816 1,207 3,363 116,065 113,007 EXPENDITURE ON Raising Funds Charitable activities Governance Costs TOTAL EXPENDITURE (9.895) (92,169) (182,005) (218,693) (6,513) (6,652) (92,169) (188,518) (235,240) (89,836) (6,513) (96J49) NET INCOME I (EXPENDITURE) FOR THE YEAR (24,256) 20,838 (3,418) (119,1751 RECONCILIATION OF FUNDS Total fvnds brought forward 14 129,764 10,838 140,603 259.777 TOTAL FUNDS CARRIED FORWARD 15 105,508 31,676 137,185 140.602 The Statement of Financial Activities includes all gains and losses in thc year and therefore a statement of total recognised gains and losses has not been prepared. There were no other recognised gains or losses other than those stated above. All amounts abov¢ r¢laL¢ to continuing activities. The attached notes fomi part of the financial statemcnts.
THE FURZEDOWN PROJECT SUMMARY INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2024 2024 2023 INCOME TOTAL EXPENDITURE OPERATING INCOMEI(DEFICIT) Interest receivable and similar income NET INCOME / (EXPENDITURE) 181,440 (188,518) (7,078) 3,660 (3,418) 114,858 (235,240) (120,382) 1,207 (119,175)
THE FURZEDOWN PROJECT BALANCE SHEET 31 MARCH 2024 2024 2023 FIXED ASSETS Tangible Assets Note 4,721 5,083 CURRENT ASSETS Debtors Cash at bank and in hand 12 2,221 171595 173,816 2,(X)O 150,309 152,309 LIABILITIES: Creditors: Amounts falling due within one year 13 NET CURRENT ASSETS 132,463 135,520 TOTAL ASSETS LESS CURREIYT LIABILITIES 137 184 140 603 TOTAL NET ASSETS 137,184 140,603 FUNDS Restricted income funds Designated Funds Unrestricted incomc funds 14 14 14 31,676 3,126 102 382 137 184 10,839 3,126 126 638 The charilable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The member8 have not required the Company to obtain an audit of its finan¢ial statements for the year ended 31 March 2023 in accordance with Section 476 of th¢ Companies Act 2006. The Twstees acknowledge iheir responsibilities for (a) ensuring that the charitable company keeps CoUntIng records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial slalements which give a true and fair view of the state of the charitable company as at the end of each fmancial year and of ils surplus or deficit for each fmancial year in accordance with the requiremenls of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial slaternents, so fai &$ applicable to the charitable company. The fmancial slaternents have been prepared in accorda Part15 of the Companies Act 2006.These financial with the special provisi nts weie approved b for small companies under e Board of Trustees on 2ts109 lz* oveland TrusteeJDirector T P D Gnanapragasam Company Secretary Company registration no. 03662469 The attached notes forn] part of the financial statements.
THE FURZEDOWN PROJECT NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES General Information and Basis of accounting The charity constitutes a public benefit enlity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Rq)orting by Charitics: Statement of Recommended Practice (Second Edition) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) issued on October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 201 I, the Companies Act 2006 and UK Generally Accepted Practice as it applies from January 2022. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds are unrestricted funds earniarked by the Managiement Committee for particular puryoses. Restricted funds are subjected to specific restrictions on their expenditure imposed by the donor or through the ternis of an appeal. Cash flow statement The trustees have taken advantage of the exemption under Charities SORP (FRS102) from including a cash flow statement in the financial statements on the grounds that the company is small, Income All income is recognised in the statement of financial activities when the charity is entitled to, and virtually certain to receive, the income and the amount can be quantified with reasonable accuracy. The following policies are applied to particular categories of income. In oases where grants overlap the year end, revenue is apportioned on an accrual basis. Voluntary income is received by way of ants, legacies, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific perforniance by the charity. are recognised when the charity becomes unconditionally entitled to the grant. Grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its perfonnance. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or thc Icgacy bcing received. At this point income is recogniscd. io
THE FURZEDOWN PROJECT NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. Investment incom¢ is included when receivable. Incoming resources from charitable trading activity are accounted for when earned. Other incoming resources relate to income not classificd in any of the above categories. Resources expended Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates: Costs of generating ndS comprise the costs associated with attracting voluntary income. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. All costs are allocated between the expenditure categories of the SOFA on a basis desIed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis based on estimated time or use. Operating leases Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. Tangible Fixed Vdssets All fixed assets are initially recorded at cost. li
THE FURZEDOWN PROJECT NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Depreciation Depreciation is calculated so as to write off the cost of an asset, less its estimated residual valuc, over the use[ economic life of that asset as follows: Office Equipment: Furniture and Fittings: Motor Vehicles: IT Hardware and Software: 25 % Reducing balance 25 % Reducing balance 200/0 Straight line 33.3 % Straight Line Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairn]ent are recolISed in expenditure. ProvlsAons Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. Employee benefits The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK cooration tax purposes. Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. 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 is sufficient with the level of reserves for the charity to be able to continue as a going concern. 12
THE FURZEDOWN PROJECT NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 2. INCOME FROM DONATIONS, GRANTS AND LEGACIES Unrestricted Restricted Total Funds Funds Funds 2024 Total Funds 2023 Donations: Donations Legacies 22,307 16,003 22,307 16,003 7,310 Grants receivable: Wandsworth Borough Councll Contract Wand5WOrth Borough Council Keep Fit Wandsworth Borough Councilwarm Spaces National Lottery Community FLJnd 62,894 12,420 9,681 21,330 62,894 12,420 9,681 21,330 1,738 60,528 ioooo 525 1,738 Sponsorship.. Membership Fees 2,387 4,929 85.679 2,885 42,933 2,885 149,258 Total 106,325 3. INCOME FROM CHAIUTABLE ACTIVITIES Total Unrestrlcted Restrlcted Funds Funds Funds 2024 Total Funds 2023 Shop Income Fundraising Events Other Activities: Other Activities - Exercise Classes Other Activities- Raffles Other Activities 764 2,417 18802 764 991 2417 5,617 18802 13,220 6682 5,247 151 590 6,682 297 297 846 Total 23,126 6,682 29,808 25,816 13
THE FURZEDOWN PROJECT NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 4 INVESTMENT INCOME UDrestricted Restricted Funds Funds Total Funds 2024 Total Funds 2023 Bank interest receivable - deposits 1,207 S. OTHER INCOME Total Unrestrlcted Restrlcted Funds Funds Funds 2024 Total Funds 2023 Trips Transport Hire of Premises 334 20 2,020 2,374 334 20 2020 423 20 2,920 3J63 Total 2,374 6. EXPENDITURE ANALYSIS: COSTS OF CHARITABLE ACTIVITES BY EXPENSE TYPE Total Unrestrlcted Restrlcted Funds Funds Funds 2024 Total Funds 2023 Costs of activities, salaries, accounting and other costs Office costs Administration costs Voluntecr expcnscs 67,075 73,507 140,582 147,109 20,101 1,399 1261 4,134 24,235 40,046 14,528 15,927 30,901 1,261 637 92.169 182,005 218,693 Totydl 89,836 14
THE FURZEDOWN PROJECT NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 7. EXPENDITURE ANALYSIS: GOVERNANCE COSTS Total Unrestrlcted Funds Funds 2024 Total Funds 2023 Salaries Independent Examiner's Fees Financial Costs 4,500 1,750 263 6,513 4,500 1,750 263 6.513 5,152 1,350 112 6,614 Salaries and accountancy fees represent the estimated time spent on governance matters. All other costs arc cxpenditure directly attributable to governance. . NET INCOME / EXPENDITURE FOR THE YEAR This is stated after charging l (crediting): 2024 2023 Operating Lease rentals Staff pension contributions Depreciation of tangible fixed assets Independent Examincr's fees for review of the fanCIal statements 9,651 2,282 1,574 1,750 18,213 1,597 16,849 1,500 9. TRUSTEE REMUNERATION AND EXPEIYSES. No Trustee received any remuneration for the year ending 31 March 2024 (2023: Nil). 10. STAFF COSTS AND EMOLUMENTS Total staff costs were as follows: 2024 2023 Wagcs and Salaries Social Security Cost Pension costs 84,386 105,890 1,652 9,952 2,282 1,597 88,320 117,439 Pension costs represent the employcr's contribution (5Q/o of salary) to the Stakeholder Pension Scheme managed by the Co-operative Insurance Society in respect of two members of staff. 15
THE FURZEDOWN PROJECT NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 10. STAFF COSTS AND EMOLUMENTS (continued) Particulars of employees: The average number of employees during the year, calculated on the basis of full-time equivalent, was as follows: 2024 2023 No. Number of adtninistrative staff The actual monthly number of employees during the year was as follows: 2024 No. 2023 No. No eTnployee received emoluments of more than £60,000 during the year (2023 - Nil) 11. TANGIBLE FIXED ASSETS Equipment Furniture & Fittings Minibus IT Hardware & Software Total COST At April 2022 Additions Disposals At 31 March 2023 20,523 1,212 37,977 33,279 47,155 138,934 1,212 21,735 37,977 33,279 47,155 140.146 DEPRECIATION Ai April 2022 Additions Disposals At 31 March 2023 17,730 1,001 35,687 573 33,279 47,155 133,851 1,574 18,731 36,260 33,279 47,155 135,425 NET BOOK VALUE At 31 March 2023 17 At 3 l March 2022 All assets above are used for charitable purposes. 16
THE FURZEDOWN PROJECT NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 12. DEBTORS 2024 2023 Prepayments 13. CREDITORS: Amounts falling due within one year 2024 2023 Deferrcd Income Taxation and social security Accruals, Creditors 30,112 4,690 4,007 14. MOVEMENT IN FUNDS Balance at Incoming IApril Resources 2023 Outgoing Transfer5 Resources Balance at 31 March 2024 Restrlcted Fund - W'ivorth B C Contraet Restricted Fund- Kee Fit CIv4sses Restricted Fund - Warm aces Restricted Fund- NLCF Gardenin Designated Fund- Redundanc Unrestrieted 10,271 62,894 {45,0371 28,128 19,102 117,915) 1,187 568 9,681 (7,3621 2.887 21,330 {21,8551 (525) 3,126 3,126 126 638 {96,3491 (188,519) 102,382 185,ILN) Purpose of Restricted Funds: Each restricted project to be described in more detail below Wandsworth B C Contract: The purpose of the Wandsworth Borough council contract is to ensure that the charity is able to provide a range of services to the local elderly community so that their wellbeing and open day access services / activities are available to the local community. Keep Fit Classes: The pun)ose of the Keep Fit classes fund is to provide exercise and general well being classes to the community as part of a healthy lifestyle. 17
THE FURZEDOWN PROJECT NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 14. MOVEMENT IN FUNDS (continued) Purpose of Designated fund: Redundaney fund: Due to the charity's dependency on grants as its rnain source of incoming resources, the chatity has ensured there are available designated ndS to ensure that in the unfortunate event of redundancy, the charity has available designated reserves to ensure payment. 15. AIYALYSIS OF NET ASSETS BETWEEN FUIYDS Fund balances at 31 Marcb 2024 are represented by: General Funds Deslgnvdted Restrlcted Fund Fund Total Tangible Fixed Assets Current Asscts Current Liabilitics 4,721 139,014 4,7?1 173,816 3,126 31,676 Fund balances at 31 March 2023 are represented by: General Funds Designated Fund Restricted Fund TotAI Tangible Fixed Assets Current Assets Current Liabilities 5,083 139.344 5,083 152,309 3,126 10,839 16. COMMITMENTS UNDER OPERATING LEASES At 31 March 2024. the company had aggregate annual commitments under operating leases in respect of the charity premises. The lease has various tenns and clauses including the right to terminate the Icase by giving the lessor 6 months written notice. 2024 Operating Icascs commitments Within l year Within 2 to 5 years inclusive After 5 years 12,534 12,534 18
THE FURZEDOWN PROJECT NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 17. Analysls of cash and cash equivalents At l April 2023 £150,309 Cash flows £21,286 At 31 March 2024 £171,595 Cash at bank and in hand 18. Deferred income £ 10,212 of the Warm Spaces grant and £19,900 of the National Lottery Community Fund Gardening Project relating to the relating to the period after the end of the year has been recognised as def¢ed income as required under the accrual basis of accounting and is included in Creditors in the Balance Sheet 19. Pensions and other post-retirement benefits Defined contribution pension plans The charity operates a defined contribution pension plan for its employees. Th¢ amount recognised as an expense in the period was £ 2,282 (2023 - £ 1,597) 20. Relydted Pfdrty transactions There arc no related party transactions during the period £nil (2023.. £ nil). 19