Charlty reglstration number 1090034 Company registration number 03731516 (England and Wales) FOUNDATIONS FURNITURE AND GARDENING PROJEcf LIMrrED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMrrED LEGAL AND ADMIN15fRATIVE INFORMATION Trustees Rev B Howell Mrs Elleen Mcmaster Mr L O'Hallerton Martin Poulter Charlty number 109tKJ34 Company number 03731516 Rewstered office Units1&2 Teams Crdft Workshops Askew Road West Gateshead Tyne & Wear Unlted Kingdom NE8 2PB Independent examiner Stephen Lamb, FCA 12 Bessemer Court Hownsgill Industrlal Park Knltsley Lane Consett Co Durham DH8 78L
FOUNDATIONS FURNITURE AND GARDENING PROJEcf LIMITED CONTENTS Page Trustees, report Staternent of tru5tees' responsibllities Independent examiner's report ststement of financlal arttvlttes Balance sheet Notes to the financial Statements 9-18
FOUNDATIONS FURNITURE AND GARDENING PROJEcf UMITED TRUSTEES, REPORT (INCLUDING DIREcfoR'S REPORT) FOR ThIE YEAR ENDED 31 MARCH 2024 The trustees present thelr annual report and financlal statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set otrt in note I to the financial statements and comply with the Charity's governlng document, the Companies Act 2006 and "Accounting and Reporting by Charlties: Ststement of Recommended Practlce applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland (FPS 1021" {effectlve l January 20191. ObJettive$ and actlvltles The objects are to provide furnlture to new tenants and families on low income. Public benefit The trustees have paid due regard to guidance Issued by the Charfty Commi55ion in declding what activities the Charity should undertake. Achlevements and performance Significant octivitie5 ond achievements agalnst objectives Over the last 12 months we have continued to provide free and Iow-COSt furniture to Gateshead residents. Demand for furniture is growin& while donations of furniture continue to be reduclng as the cost-of-livlng Increase5. This small decllne in donations has not affected our abllity to provide e55ential furniture 50 far, but has slowly depleted the surplus of furniture we usually have available. We have supported 664 households in Gateshead, who collectively vislted our charity 880 times to access SUPPOrt. 1721 people in total Ilved In the 664 households we helped, of whlch 715 {42%) were children. We completed 697 collections from households from across Tyne and Wear, and collectively they donated 2029 items159505kgs) of furniture to our charity. We contfnue to provide new beds and Mattresses to children deemed most in need. and free pr&loved furniture to households affected by poverty and crlsis thanks to the kindness of local and national grant making organisations including the Communlty Foundation for Tyne and Wear and Northumberland (Newcastle Bulding Society and Pattinson Estate Agents), Gateshead Council Housing Offices, The Van Neste Foundation and the Toy Trust. 58 households in totsl benefitted from free support with new andlor prtrloved furnlture to help to create, maintaln or rebuild a safe, settled and comfortable home life. In November 2023 we received a £27.500 Nationwide Community Grant to contlnue to provide free essential items for two years to households affected by crisis, distress and financial hardship. AIDngslde our core activities. Foundations continued to provide free support to unemployed Gateshffid residents accesslng our job readlness programme. With funding from the Henry Smlth Charity until Summer 2024. participants are given personalised, one to one SUPPDrt for up to 12 weeks wlth goal 5ethng• onllne job searchin& writing Cws, writing and submltting application forms and preparin8 for Interviews. The programme wovldes opportunlties to volunteer, free work boots and PPE for partlclpants to keepp travel expenses to and from our charlty and an employment readiness toolkit with everything needed to continue their joseekIng Journey Independently once they leave. In the past 12 months, participants have secured paid employment, enrolled for further tralnlng at college, or continued to Bain work experience to add to their CV by volunteerlng with our charity or elsewhere. The project has been particularly popular with younger adults, and we are rec8ving re8ular referrals from services that support indlvlduals with neurodlverslty. Thls is due to the Impact and track record the programme s achievlng and the inclusive and 5UPPOrtive envlronment the charity offer5.
FOUNDATIONS FURNITURE AND GARDENING PROJECT UMITED TRusfEES' REPORT {INCLUDING DIRECtOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Beneficlaries have told us that they have experienced the following changes as a result of aCSSIng support from our charlty:. . Improved confidence . Greater feelings of Independence Feeling rnore Included within the communtty - Gainlng new lrfe skills such as DIY. budgeting or maintainlng a home Chlldren attendlng school regularly, experlencing Improved sleep, and/or benefitting from good routines Improved physlcal and/or mental health Improved communication 5kllls, friendships and social life due to feeling able to soclalise within the home . Feeling supported and safe Moving closer to, or gaining employment We would Ilke to say a heartfelt thank you our dedicated staff and volunteers, and to the following organisation5 and funders who have given us their time, support and kindness this year:_ . Gateshead Council .The Henry Smith Charlty . Nationwide Communty Grants . Thevan Neste Foundation . The Anton Jurgens Charitable Trust . Gateshead Parochial Charittes . The Toy Trust . Community Foundation Tyne and Wear and Northumberland . Newcastle Building Society . Pattinson Estate Agents . Muckle LLP Flnanclal review The financial statements Show a surplus of £11,455 (2023: £33,490). The charity retains a cash balance of £170,72012023: £142,861l which wlll a55iSt runnlng costs in these dlfficult financlal tlmes, Reserves pollry The trustees consider that the ideal level of reserves as at 31 March 2023 would be £IOO,ODO. At this level of unrestricted reserves the charity could maintain operation for Sbx months. Current unrestricted reserves amount to £119,595 {2023: £152,394). The charity enjoys good liquidity and has no issue on meeting it's liabilities when they are due. The trustees are confident for the next twelve mDnths. Grant applications are being submltted and everyone is optimistic for their success in gainlng fundin8. Mojor risks The trustees have asse55ed the major risks to whlch the Charity Is exposed. and are satisfied that systems are in place to mitigate exposure to the major risks.
FOUNDATIONS FURNITURE AND GARDENING PROJECT UMITED TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORn (CONTINUED) FOR ThIE YEAR ENDED 31 MARCH 2024 structure. governance and management The organlsation is a charitable company Ilmited by guarantee, incorporated on 11 March 1999 and reglstered a5 a charity on 10 January 2CMI2. The company was established under a Memorandum of Association which established the objects and powers of the charltable company and is governed under Its Articles of assoclatiDn. In the event of the company being wound up members are requlred to contribute an amount not exceeding £1. The trustees, who are also the directors for the purpose of company law. and who served during the year and up to the date of slgnature of the financial statements were: Rev B Howell Mrs Elleen Mcmaster Mr L O'Hallerton Martin Poulter Recruitment and oppolntment of trustees The dlrectors of the company are also charity trustees for the purpose of charity law. The trust*s continually audit the available skllls of the board and look to acquire new trustees with different skills and experiences which can assist in the growth of the or8anlsation. Recrultment 15 by approach and word of mouth. Other Matter5 The trustees and management have carried out an asse55ment of the major risks faclng the charity. The trustees, report was approved by the Board of Trustees. Rev B Howell Trustee 19 November 2024
FOUNDATIONS FURNITURE AND GARDENING PROJECT UMITED srATEMENT OF TRusfEES' RESPONSIBILITIES FOR 7HE YEAR ENDED 31 MARCH2024 The trustees. who are also the directors cf Foundations Furnlture and Gardenlng Projett Llmlted the purpose of company law, are responslble for preparing the Twstees, Report and the financial st¥(ements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Prattice). Company Law requlres the trustees to prepare flnanclal statements for each financial year which glve a true and fair view of the state of affairs of the Charity and of the incoming resource5 and application of resour$, Including the income and expenditure, of the charitable companyfor that year. In preparing these financial statements. the trustees are requlred to: - select suitsble accounting policie5 and then apply them con5iStentlv; - observe the methods and prlnclples in the Charities SORP. . make JudEements and estimates that are reasonable and prudent; state whether appllcable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financlal statements on the golng concern basis unless It is inappropriate to presume that the Charity will continue in operation. The trustees are responslble for keeplng adequate accounting records that disclose with reasonable accuracy at any tirne the financial position of the Charity and enable them to ensure that the financlal statements compty with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hee for taklng reasonable stepsfor the prevention and detection of fraud and other irregularitie5.
FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMrrED INDEPENDENT EXAMINER'S REPORT TO THE TRusfEES OF FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMrrED I report to the trustee5 on my examination of the financlal ¥(atements of Foundations Furniture arKI Gardening Projert Limlted (the Charltyl for the year ended 31 March 2024. Responsibllities and basis of report As the trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companles Act 2)6 (the 2006 Act). Having satisfied myself that the financial statements of the Charlty are not required to be audited under Part 16 of the 2CK)6 Act and are eligible for independent examination, I report in respect of my examination of the CharitWs financial statements carrled out under section 145 of the Charities Act 2011 Ithe 2011 Act). In carrying out my examlnation I have followed all the applicable Directions given by the Charity Commission under section 145(51{b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examlnation giving me cause to believe that in any material respect: accounting records were not kept in respect of the Charity as required by section 386 of the 2006Act' or the tinancial ststements do not accord with those records; or the financlal statements do not comply with the accounting requirements of section 396 of the 2C4J6 Art other than any requirement that the accounts glve a true and fair view which is not a matter considered as part of an independent exarnlnaon. or the financlal statements have not been prepared In accordance wlth the methods and principles of the statement of Recommended Practlce for accounting and reporting by charities applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection wlth the examination to whth attention should be drawn In this report in order to enable a proper understanding of the financial statements to be reached. Stephen Lamb, KA 12 Bessemer Court Hownsgill Industrial Park Knitsley Lane Consett Co Durham DH8 7BL Dated: 20 November 2024
FOUNDATIONS FURNITURE AND GARDENING PROJECT UMITED srATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDrruRE Accoumr FOR THE YEAR ENDED 31 MARCH 2024 Unrestrfrted Restrlcted funds funds 2024 2024 Totsl Unrestricted Restrirted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activitles Other income 33.500 94.586 5,CM)O 86,950 120.450 94.586 5.000 48,494 99,287 5,OlX) 48,700 97,194 99.287 5.000 Total income 133,086 86,950 220,036 152,781 48,700 201,481 Expendlture on: Charitable activities 165,885 42,696 208,581 119,616 48.375 167,991 Total expendlture 165,885 42,696 208,581 119,616 48,375 167,991 Net incomellexpendlture) and movement in funds (32,799) 44.254 11.455 33,165 325 33.490 Reconclllatlon of funds: Fund balances at l April 2023 152,394 7,125 159.519 119,229 6,800 126,029 Fund balance5 at 31 March 2024 119,595 51,379 170,974 152,394 7,125 159,519 The statement of financial activities includes all galns and losses recognlsed In the year. All income and expenditure derive from continuing activities.
FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED BALANCE SHEEr A5AT31 MARCH2024 2024 2023 Notes Flxed assets Tangible assets io 1.131 1,231 Current assets Debtors Cash at bank and in hand li 792 170,720 16,750 142,861 171,512 159,611 Creditors: amounts falling due wlthln one 12 {1,669) (1,323) Net current assets 169,843 158,288 Total assets less current Ilabilities 170.974 159,519 Net assets excludlng penslon liability 170,974 159,519 The fund5 ofthe Charity Restrlrted income funds Unrestritted funds 14 51,379 119,595 7,125 152,394 170.974 159,519 The company Is entltled to the exemption from the audit requlrement contained in section 477 of the Companies Act 2006, forthe year ended 31 March 2024. The director acknowledges his responsibilities for complying with the requirements of the Companis Act 2006 wlth respect to accounting records and the preparation of tinanclal statements. The members have not required the company to obtsin an audit of its financial statements for the year In question in accordance with section 476. These financlal ststements have been prepared in accordance with the provlsion5 applicable to companies subject to the small companies regime.
FOUNDATIONS FURNITURE AND GARDENING PROJEcf LIMITED BALANCE SHEET (coKllNUED) A5AT31 MARCH 2024 The financial statements were approved bythe trustee5 on 19 November 2024 Rev B Howell Trustee Company re815tration number 03731516 (England and Wale51
FOUNDATIONS FURNITURE AND GARDENING PROJEcf LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poll¢les Charlty Information Foundations Furniture and Gardening Project Limited is a private company limlted by guarantee incorporated in England and Wales. The reglstered office 15 Units l & 2. Team5 Craft Workshops, Askew Road West, Gateshead, Tyne & Wear, NE8 2PB, Unlted Kingdom. 1.1 Accounting convention The financial statements have been prepared in accordance with the Charlty's governing document, the Companles Act 2006 and "Accounting and Reporting by Charitie5: Statement of Recommended Prattice applicable to charlties preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland (FRS 1021 (effective l January 20191" The Charity is a Publlc Benefit Enty as defined by FRS 102. The Chartty has taken advantage of the provislons In the SORP for charities applying FRS 102 Update Bulletln I not to prepare a Statement of Cash Flows. The financlal statements are prepared in sterlin& which is the funct5onal currency of the Charity. Monetary amounts in these financlal statements are rounded to the nearest £. The financial ststement5 have been prepared under the hlstorlcal cost convention. The prlncipal aoUnting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue In operational existence for the foreseeable future. Thus the trnstees continue to adopt the golng concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the dlscretlon of the trustees in furtherdnce of their charltable objectives. Restricted funds are subject to speclfic conditions by donors or grant0 as to how they may be used. The purposes and uses of the restricted funds are set out In the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capltal must be maintained bythe Charlty. 1.4 Income Income is recogntsed when the Charlty Is legally entitled to It after any performance conditions hwe been met, the amounts can be measured rellably, and it ts probable that income will be received. Cash donations are recogni5ed on reipt. Other donattons are recognlsed once the Charlty has been notified of the donation, unless performance condition5 require deferral of the amount. Income tax recoverable in relation to donations recelved under Gift Aid or deeds of covenant is recDgnised at the time (rf the donatlon.
FOUNDATIONS FURNITURE AND GARDENING PROJEcf LIMITED NOTES TO THE FINANCIAL STATEMENTS (coNnNUEDI FOR THE YEAR ENDED 32 MARCH 2024 Accountlng pollcles (Continued) Legacles are recognlsed on receipt or otherwlse if the Charity ha5 been notified of an impending distribution, the amount is known, and receipt is expected. If the amount Is not known, the legacy 6 treated as a contlngent a55et. Gifts in kind and donated service5 are included as Income and expenditure rf a value can be reliably measured at the estimated value to the Charity. No amDunts are included in the financlal statements for services donated by volunteers. 1.5 Expenditure Expenditure is recognised once there Is a legal or constructive obligatSon to transfer economic befit to a third party, it is probable that a transfer of econDmlc benefits will be required in settlemen¢ andthe amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dIrt costs and shared cost5, including 5UPPOrt costs invofved in undertaking each activity. Dlrect costs attributalje to a slngle actlvlty are allocated directly to that activity. Shared costs whlch contribute to more than one activlty and 5UPPOrt costs which are not attributable to a single actlvlty are apportioned between those aCltreS on a basis consistent with the use of resource5. Central stsff costs are allocated on the basls of time spent, and depreclation charges are allocated on the portion of the asseys use. 1.6 Tanglble fixed assets Tan8ible fixed assets are Inltially measured at cost and subsequently measured at cost or valuation, net of depreclation and any Impairment losse5. Depreciation Is recognised so as to write off the cost or valuation of a55ets less their resldual values over their useful lives on the followlng bases: Cornputer5 33% - straight Ilne The 8ain or loss arising on the dtsposal of an asset is deterrnined as the dlfference between the sale proceed5 and the carrylng value of the a55et, and is recognised in the ststement of financial acknvities. 1.7 Impalrment of fixed asset5 At each reporting end date, the Charity reviews the carrying amounts of its tsngible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated In order to determine the extent of the Impirment loss lif any). I Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposFts held at call with bank5. Other short-term Ilquid investments with orlglnal rnaturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liablllties. 10-
FOUNDATIONS FURNITURE AND GARDENING PROJECT UMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (Continued) 1.9 Flnanclal Instruments The Charity has elected to apply the provlslons of Settion 11 'Baslc Financial Instruments, and Section 12 'Other Flnanclal Instruments Issuel of FRS 102 to all of its fi'nancial instruments. Flnancial instruments are Tecognised in the Charlty's balance sheet when the Charlty becomes party to the contractual provisions of the Instrument. Financlal assets and liabilities are offset. with the net amounts presented In the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an Intention tosettle on a net basls or to realise the asset and settle the Ilablllty slmultaneously. Basicfinona'ol assets Basic financlal assets, which include debtor5 and cash and bank balances, are initially measured trdnsaction price including transaction costs and are subsequently carried at amorbsed cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of Interest. Financial assets classifTed as recefvable within one year are not amorti5ed. Bosicfinancial liablllties Basic financial liabilities, includlng creditors and bank loans are initialty recognised at transactlon price unless the arrangement constitutes a financing trdnsaction, where the debt Instrument is measured at the pEsent value of the fvture payments discounted at a market rate of interest. Financlal Ilablllties classlfied as payable wlthln one year are not amortlsed. Debt Instruments are subsequentty carried at amortised cost, using the effective Interest rate method. Trade credftors are obllgations to pay for goods or servi5 that have been acqulred In the ordlnay course of operation5 from suppliers. Amounts payable are classlfied as current liabilities if payment is due within one year or less. If not, they are presented as noTrcurrent liabilities. Trade credltors are recoEnised initially at transaction prlce and subsequently measured at amortised cost using the effective interest method. Derecoqnigion ofJlnan¢iul liabilities Flnanclal liabilities are derecognised when the Charit¢s contrdctual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlementls recognised in the period in which the employee's seNlces are received. Termination benefits are recognised immedlatety as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.11 Retlrement benefits Payments to defined contrlbution retirement benefit scheme5 are charged as an expense a5 theyfall due. 11
FOUNDATIONS FURNITURE AND GARDENING PROJEcf UMtrED NOTES TO THE FINANCIAL sfATEMENTS (COMllNUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants Unrestrfcted Restrlcted funds funds Totsl Unrestricted Restricted funds funds Total 2024 2024 2024 2023 2023 2023 Grants 33,500 86,950 120,450 48,494 48,7 97,194 Grdnts recelvable for core activltles Community Foundation Gateshead MBC Greggs Foundation Henry Smlth Fund Hadrlan Trust Nationwide Parochlal Charity stitching Anton Jurgens Tesco Toy Trust Van Neste Foundation 3,250 5.000 3,250 38.5 5,000 34,119 9,CKJD 9,500 3,000 1,000 14,500 37,119 10,000 35,200 33,5(X) 36.700 36,700 35,200 27,500 27,5(K) 375 375 7,(X)O 500 2,000 5,000 7,000 500 2,0(} 5,000 33.500 86,950 120,450 48,494 48,700 97,194 Income from charltable actlvltles Unrestrlcted fvnds 2024 Unrestrlcted funds 2023 Operations Furniture and white goods Delivery charges Other income 86,470 8.015 ioi 87.798 8,665 2,824 94,586 99,287 12-
FOUNDATIONS FURNITURE AND GARDENING PROJECT LIMITED NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR ThIE YEAR ENDED 31 MARCH 2024 Other Income Unrestrlcted Unrestrlcted funds funds 2024 2023 Employment allowance 5,000 5,0(XJ 13-
ry tN O O rl (Q Lg Ln en Ln Ln00 Ln Lri 131 fw O O O ts) O e+J o ro Ln ¢£ N o 13) CJ o +X 01 4) SQ rf* Ln a) p CQ r+J f
FOUNDATIONS FURNITURE AND GARDENING PROJECT UMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Description of charltsble actlvltles Operatlng costs are the costs incurred in running the organisation Including premises, office and other a550ciated costs. Peo People costs are the costs related with employing the staff. They include salaries and contributions to pension schemes and HM Government. Pro ect Project costs are direct costs relating to meeting funders requirements. The trustees allocate fvnds to development Costs which are included wlthin this headlng. Trustees None of the trustees (or any peT50ns connected wlth them) recelved any remuneration or benefits fran the Charity during the year. Employees The average monthly number of employee5 during the year was: 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries Soclal security costs Other pension costs 121,651 6,106 1,134 112,256 5,041 779 128,891 118,076 There were no employees whose annual remuneration was £60,000 or more. Taxatlon The charity is exempt from taxation on Its activities because all its income is applied for charltable purpose5. 15-
FOUNDATIONS FURNITURE AND GARDENING PROJECT UMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Tanglble flxed assets C¢mputus Cost At l April 2023 Additions 2,425 At 31 March 2024 2,933 Depreclatlon and Impaimient At l Aprll 2023 Depreciation charged In the year 1,194 At 31 March 2024 1.802 Carrylng amount At 31 March 2024 At 31 March 2023 1.231 11 Debtors 2024 2023 Amounts falllng due wlthln one year: Other debtotS Prepayments and accrued Income 16.012 738 792 792 16,750 12 Credltors: amounts fallln8 due wlthln one year 2024 2023 Trdde creditors Accruals and deferred income 679 990 333 990 1,669 1.323 16-
FOUNDATIONS FURNITURE AND GARDENING PROJEC[ LIMITED NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Retirement beneflt schemes 2024 2023 Defined contrlbution 5cheme5 Charge to profit or loss In respert of defined contribution schemes 1,134 779 The Charity operates a defined contribution pension scheme for all quallfying employees. The assets of the scheme are held Separately from those of the Charity in an independentty admlnistered fund. 14 Restrlcted funds The restricted funds of the charity comprise the unexpended balances of donatlons and grants held on trust subject to speclfic conditions by donors as to how they may be used. At l Aprll 2023 Incoming resources Resources At 31 March expended 2024 7,125 86,950 {42,696) 51,379 Previous year: At l April 2022 Incomlng resources Resources At 31 March expended 2023 6.800 48,700 (48,375) 7,125 15 Unrestricted fvnds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which a not subject to speclfic conditions by donors and grantor5 as to how they may be used. These include desnated funds which have been set aslde out of unrestrirted funds by the trustees for specific purposes. At l April 2023 Incoming resources Re%wrces At 31 March expended 2024 General funds 152,394 133.086 (165,885 119,595 Previous year: At l Aprfl 2022 InmIng resources Resour$ At 31 March expended 2023 General funds 119,229 152,781 (119,616) 152,394 17-
FOUNDATIONS FURNITURE AND GARDENING PROJECT UMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Analysis of net assets between fvnds Unrestrlcted funds 2024 Restrlcted funds 2024 TotAI 2024 At 31 March 2024: Tan8ible assets Current assetsllliabillties) 1,131 118,464 1,131 169,843 51,379 119,595 51,379 170,974 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 March 2023: Tangible assets Current assetsl(Ilabilltiesl 1,231 151,163 1,231 158.288 7,125 152,394 7,125 159,519 17 Related party trdnsactions Mr B Howell and Mrs E Mcmaster are unpaid directors of Teamwork Development Trust CIC. Teamworh Development Trust CIC prDvlde5 management servbces to the company. During the year the cost of these services amounted to £14,544 12023: £14,016). Certain expenses are recharged frorn Teamwork Development Trust CIC for software, legal support and staff time. The recharged arnount was £12,786 (2023.. £10,368). 18