Company registratson number.. 05407823 Charity registration number: 1109873 Good Old Furniture Available (GOFA) (A company limited by guarantee) Annual Report and Finanaal Statements for the Year Ended 30 June 2024
Good Old Furniture Available (GOFA) Contents Reference and Administrative Details Trustees, Report 2to6 Independent Examiner's RetK)rt Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10tr)19
Good Old Furniture Available (GOFA) Reference and Administrative Detai Is Trustees Mr D Felce Mr D Rubens Mrs C Newborn Mr R Sorrell Mr C Harrold Mrs P Young Ms J Ballett Mr N Robson Ms K Murray-Lambrou Charity Registration Number 1109873 Company Registration Number05407823 The charty is incortxirated in England & Wales. Ellis Square Voundervour Lane PENZANCE TR18 4UH Registered Office Independent Examiner Cftne & Johnston C&J Ltd Chartered Certified Accountants 11 Alverton Teace PENZANCE Comwall TR18 4JH Page I
Good Old Furniture Available (GOFA) Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors. report of the charitable company for the year ended 30 June 2024. Objectives and activities Objects and aims The Charity's objects are, in the area of West Cornwall particularly in the District of Penwith, to Relieve povety through the provision of household fumiture and goods to those persons resident in the area of benefit that have need of such items by reason of their nes51t05 arcumstances. Advan education, training or retraining partrcularly among unemployed people so as to develop work skills, gain work experience and encourage S(la1 integration- and Protect and preserve the environment by educating the public in the beneffts to the environment of sustainable waste practices including recycling, carrying out research into sustainable waste management prattl5 and disseminating the useful results of that research. The objettives of the Charity are met prrncipally by: The sourcing by donation from the local community and the delivery to the local CDmmunity in necessitous circumstance of furniture. white goods and electrical goods in exchange for donation by a furniture collection and delivery Se1 staffed by the Proiert Co-ordinator andlor volunteers. The provision of volunteer training placements within the Charity fflanaged and supeNised by the Project Co-ordinator andlor the Trustees. Placement maybe either solely managed or operated by the Charity or in partnership with one or more external organisations. The condutt of public talks, fund raisers- community education visits by the Project Co-ordinator and/or the Trustees and volunteers. Public benefit The trustee5 confirm that they have complied with the requirements of 5ettion 17 of the Charities Att 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wale5. Achievements and performance As in previous years, GOFA has continued to provide individuals and families in need of sUPPOrt with free or modestly prId furnitLJre or other household goods. in line with its primary objecbve. The prolonged rise in the c05t af living has made GOFA even more essential in some people's live5. GOFA ha5 responded to referra15 from Cornwall Council'5 housing and adult Social services departments and atts in partnership with other community agencies, such as Livewest. A sample of nearly 500 deliveries during 2023124 found that half of the delivery postcodes were in areas contained within the first two deciles of the Index of Multiple Deprivab'on, and the great majority of the remainder were in area5 Wlthin the third and fourth deciles. GOFA is helping people in the greatest need. Page 2
Good Old Furniture Available (GOFA) Trustees, Report A customer survey found that 98 % of people followed up were very satisfied and all felt that what GOFA had provided had made life a lot more comfortable or easy. Two-thirds had a lot or some money worries and all found GOFA a help or huge help. Just over half reported being fairly or very stressed and all found GOFA a help or huge help. The year has been a challenging one for GOFA financially, as increased staffing ha5 meant an increased wages bill. Higher rent, fuel and utility costs have also been experienced. Nonetheless, GOFA remains on a secure footing. Employees and volunteers have continued to provide an excellent level of Servi to people in need in GOFA'S catchment area. The throLJghput of furniture and other goods has continued apace. Better Systems for tracking the goods through the warehouse and out to customers have been put in place. Community Involvement and Support: GOFA benefits from a number of imFK>rtant links with other community organisations and our thanks this year in no particular order are given to: Chapel 5t Methodist Church Cornwall Council Adult Social Care Cornwall Council HousiThJ - Livewest Penwith Community Development Trust Cornwall College Bolitho Mental Health Trust - The YMCA - Job Centre Plus West Cornwall Women's Aid Disability Comwall - Cornwall Rural Community Charfty - Alfred Smith Penzan Penzance Town Council These organisations have been critical to the successful targeting of our expanded service both in supplying household goods to the community and in the recruitsment and support of volunteers and training placements. Page 3
Good Old Furniture Available (GOFA) Trustees, Report Plans for future periods GOFA'S charitable objectives remain as relevant as ever. In order to extend access to people in work by opening on Saturdays, GOFA applied for suptx>rt to do this from the National Lottery Community Fund Awards for All programme. Funding to pump-prime Saturday opening for the next two years was granted. Last year, the trustees set an objective to restore GOFA'S financial resetves to pre-pandemic levels. Although GOFA did not make a profit in 2023124, much has been done in the current financial year to make GOFA capable of sustaining its financial viability and therefore its contribution to the local community. Financial viability is a priority. However, as always, maknng prDffit is not a goal that overrides GOFA'S mission to support people in need or to provide furniture and goods free of charge where necessary. We will continue to balance financial probity with our mission to support local people to enjoy decent living standards at home. Financial review During the year, the charity continued to deliver its services as in previ(MJS year5. Total income fell from £137,899 to £107,546 largely due to the previous yearfs significant grant income from the National Lottery Community Fund. Total expenditure ir>creased from £121,203 to £126,842. Overall this has reSUed in a deficit of E19,296 (prior year surplus £16,696). The unrestricted general funds reduced from £31,780 to £19,788. Designated funds remained at £65,663 and restritted funds reduced from £36,135 to £28,831 (reflecting depreciation on grant funded fixed assets, offset by grant income received to meet revenue expenditure). A full breakdown of the funds position can be found in note 17. Page 4
Good Old Furniture Available (GOFA) Trustees, Report Policy on reserves The trustees have examined the charty's requirements for reseNes in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should equate to 3 months of the annual core costs which is estimated at £25,000. These reserves are needed to meet the working capital requirements of the charity and the trustees are confident that at this level they would able to continue the current activities of the charity in the event of a drop in funding. At the year end, the unrestritted general reserves were £19,788. In addition, the trustee5 also have a designated 'core cost provysion, fund of E22,000. The trustees wish to continue the process of prudent pn)vision for the ftrture and have a designated fund towards the cost of replacing the van in the future. The vehicle is sential to the operation of the servi. At the year end, the balan on this fund was £13,663. Since the year end the main van was involved in an accident which resulted in it being written off. However, the van has been replaced within the budget of the insurance payout. The trustees have concluded that the designated fund should rernain intact. The trustees also have a designated fund towards the cost of purchasing a lease in the future. Premises are essential to the operation of the serwce. At the year end, the balance on this fund was £30,000. Structurey governance and management Alature ofgoveming document The directors of the company ("The Trustees") subject to the Companies Att 2006 and the Charitie5 Att 2011 and the Memorandum and Artides are responsible for the management of and the exercise of all powers pertaining to the Charity. The Charity is constituted such that unless otherwise decided by ordinary resolution the maximum number of Trustees shall be twelve and the minimum number be three. At the time of incorporation it was agreed that the initial number of Trustees would be eight. The accounts comply wth cutrent statutory requirements and the charity's goveming documents. Recruitment andappointment of trustees New Trustees are appointed after election following a private or public invitation at any qualifying Board meeting of the Charity. The Trustees have appointed a Management Committee who are responsible for the opeffitional management of the Charity. The project manager is a member of the management committee. Page 5
Good Old Furniture Available (GOFA) Trustees, Report Statement of trustees, responsibilities The trustees (who are also the directors of Good Old Furniture Available (GOFA) for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), induding FRS 102 'The Financial Reporting standa applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financlal year. Under company law the trustees must not approve the financial statements unless they are satlsfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the tru5tee5 are required to: select Suitable accounting policies and apply them consistentiy. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent; state whether applicable accounting 5tandard5, comprising FRS 102 have been followed, subject to any material departure5 disclosed and explained in the financial statements,. and prepare the financial statements on iJ)e going concern basis unless it is inappropriate to presume that the charitable company will continue in busine55. The trustees are responsible for kpIng proper accounting records that Can disclose with reasonable accurary at any time the financial position of the chartiable company and enable them to ensLJre that the financial statements comply with the Companies Art 2006. They are also responsible for safeguarding the assets of the charitable company and hence ft)r taking reasonable steps for the prevention and detection of fraud and other irregularities. The tru5tee5 are responsible for the maintenance and integrity of the corporate and financial information included on the charrtable company's website. Legislation governing the preparation and disseminab'on of financial statements may differ from legislation in other jurisdictions. Small companies provision statement This report has been prepared in accordance with the small companies regime under the Companies Act 2006. The annual report was approved by the trustees of the tharity on behalf by.. nd signed on its Mr C Harrold Trustee Mr N Robson Trustee Page 6
Good Old Furniture Available (GOFA) Independent Examiner's Report to the trustees of Good Old Furniture Available (GOFA) ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024. Responsibilities and basis of report As the charity's trustee5 of the Company (and also its dirertors 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 Cthe 2006 ACV). Having satlsfied 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 respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 Cthe 2011 Act?. In carrying out my examination I have followed the Direcknons given by the Charity Commission under section 145(5)(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 examination giving me cause to believe: l. accounting records were not kept in respect of Good Old Furniture Available (GOFA) as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the accounting requirements of sertion 396 of the 2006 Act 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. 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 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 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. I,1 CL,L Mr N Hallam FCCA Crane & Johnston Chartered Certified Accountants 11 Alverton Terrace PENZANCE Cornwall TR18 4JH 4 November 2024 Page 7
Good Old Furniture Available (GOFA) statement of Financial Activities for the Year Ended 30 June 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gain5 and Losses) Total 2024 Total 2023 Unrestricted Restricted Note Income and Endowments from: Donations and legacies Investment income 95,784 906 10,856 106,640 906 137,521 378 Total income 107 546 137 899 Expenditure on: Charitable activities 108 682 126 842 121203 Total expenditure 108 682 126 842 121203 Net (expenditure)/income Net movement in funds (11,992) (7,304) (19,296) 16,696 Reconciliation of funds Total funds brought forward 133 578 116 882 Total funds carried forward 17 114 282 Unrestricted Restricted funds funds 133 578 Total 2023 Note Income and Endowments from: Donations and legacies Investment income 83,297 378 54,224 137,521 378 Total income 137 899 Expenditure on: Charitable activities 103 043 121203 Total expenditure 103 043 121203 Net (expenditure)/income Net movement in funds (19,368) 36,064 16,696 Reconciliation of funds Total funds broLrght forward 116 811 71 116 882 Total funds carried forward 17 133 578 All of the charity's activities derive from continuing operations during the above two periods. Page 8
Good Old Furniture Available (GOFA) (Registration number: 05407823) Balance Sheet as at 30 June 2024 2024 2023 Note Fixed assets Tangible assets li 48,459 61,499 Current assets Debtors sh at bank and in hand 12 13 1,246 65,651 3,758 66,897 73,129 Creditors: Amounts falling due within one year 14 1,050 Net cuent assets 65,823 Net assets 114 282 133,578 Funds of the charity: Restricted income funds Restricted funds 28,831 36,135 Unrestrirted income funds Unrestrirted funds 85,451 97,443 Total funds 17 114 282 133,578 For the financial year ending 30 lune 2024 the charity was entiued to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Direttors, responsibilities: The members have not required the charty to obtain an audit of its accounts for the year in question in accordance wtth section 476. and The director5 aCknOedge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statements on pages 8 to 19 were approved by the trustees, and authorised for issue on L:! iyand signed on their behalf by.. Nr C Harrold Trustee Mr N Robson Trustee Page 9
Good Old Furniture Available (GOFA) Notes to the Financial Statements for the Year Ended 30 June 2024 I Charity status The charity is a company limited by guarantee, incortx)rated in England & Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is.. Ellis Square Voundervour Lane PENZANCE TR18 4UH 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statemerTrts are set out below. The policie5 have tEen consistently applied to all the years presented, unle55 Otherwise stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Prattice (applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in Ottober 2019) (Charities SORP (FRS 102}), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation Good Old Furniture Available (GOFA) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Gotng concern The trnstees consider that there are no material uncertainte5 about the charitvs ability to continue as a going COnM nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 10
Good Old Furniture Available (GOFA) Notes to the Financial Statements for the Year Ended 30 June 2024 Donations andlegaues Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subjett to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fuifilment of those conditions is wholly within the control of the charity and it Is probable that these conditions will be fulfilled in the repong period. Legacy gifts are recognised on a case by case basis following the grant of probate when the admini5trator/executor for the estate has communi(ated in Wring both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the b.de to the asset having been transferred to the charity. Grants receivable Grants are recognised when the charity has an entiuement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Investment income Bank interest is recogni5ed once received. Expenditure All expenditure is recognised once there 15 a legal or constnscbve obligaknon to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be direttly attributed to particular headings they have iEen alICated on a basis consistent with the u* of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asseys use. Other suptx)rt costs are allocated based on the spread of staff costs. Chantable activities Charitable expenditure comprises those costs inajrred by the charity in the delivery of its activities and 5eNices for its benefiaaries. Et includes both costs that can be allcKated dirertly to such acknvities and those costs of an indirect nature necessary to support them. Support Costs Support costs include central functions and have been allocated to activty cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time srEnt and other costs by their usage. Page 11
Good Old Furniture Available (GOFA) Notes to the Financial Statements for the Year Ended 30 June 2024 Governance costs These include the costs attributable to the charivs Complian with constituknonal and statutory requirements, including independent examination, strategic management and trLJStee meetings and reimbursed eXtnSeS. Government grants Government grants are recognised based on the accrual m(Klel and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it 15 recognised as deferred income. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tsx purposes. Accordingly, the charity is potentially exempt from taxaknon in respert of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporabon Tax Art 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purtx)5e5. Tangible fixed assets Individual fixed assets costing £100 or more are initially recorded at cost. Depreciation and amortisation Depreciation 15 provided on tangible fixed assets so as to write off the cost or valuation, le55 any estimated residual value, over their expected useful economic life as follows.. Asset class Equipment Motor Vehicles Building Improvements Depreciation method and rate 15_200h reducing balance 20_25 % reducing balance 5% straight line Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequendy measured at amort15ed cost using the effective interest methcxl, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collett all amounts due according to the original terms of the receivables. Page 12
Good Old Furniture Available (GOFA) Notes to the Financial Statements for the Year Ended 30 June 2024 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investrnents that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestritted income funds are general funds that are available for use at the trustee5 discretion in furtherance of the objertives of the charity. De5igllated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restritted to that area or purpose. Pensions and other post retirement obligations The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contribution5 even rf the fund does not hold SLrfFicient assets to pay all employees the benefits relating to employee serwce in the current and prior periods. Contributions to defined contribution plan5 are rec(xJnised in the Statement of Financial Acknvities when they are due. If contribution payments exed the contribLFtion due for Se1, the excess is cognised as a prepayment. 3 Income from donations and legacies Unrestricted funds General Restricted funds Total 2024 Total 2023 Donations for delivery charge,. Donations from individuals Donations for delivery charyes Grants, including capital grdnts; Government grants 95,024 760 95,024 760 81,977 1,320 10,856 10,856 54,224 137,521 95,784 10,856 Page 13
Good Old Furniture Available (GOFA) Notes to the Financial Statements for the Year Ended 30 June 2024 4 Investment income Unrestricted funds General Total 2024 Total 2023 Interest receivable and similar irTrcome' Inte5t receivable on bank deposits 9C6 906 378 5 Expenditure on charitable activities Unrestrirted funds General Restricted funds Total 2024 Total 2023 Note Volunteer expenses Rent 1,134 9,623 217 1,134 9,623 217 778 8,009 239 Rates Light, heat and power Insuran 1,598 1,204 1.598 1,204 1,597 322 Repairs and maintenance Telephone and fax Environmental management Printing, postage and stationery Trade subscriptions Sundry expenses Motor expenses Consultancy fees Bank charges Depreciation Staff costs Governance costs 3,913 1,103 3,913 1,103 3,453 1,465 507 507 678 994 994 481 740 807 740 6,828 3,324 9,715 330 1,152 16,152 70,668 2,514 6,828 1,527 3,836 73,860 1.117 1,527 13,669 82,187 1,117 9,833 8,327 126 842 121203 Page 14
Good Old Furniture Available (GOFA) Notes to the Financial Statements for the Year Ended 30 June 2024 6 Analysis of governance and support costs Governance costs Unrestricted funds Genernl Total 2024 Total 2023 Independent examiner fees Examination of the financial statements Legal fees 1,117 1,117 950 1,564 1,117 1,117 7 Trustees remuneration and expenses No trustees, nor any persons connected wtth them, have recewed any remuneration from the charity during the year. No trustees have received any reimbursed expens or ary other nefIts from the charity during the year. 8 Staff costs The aggregate payroll costs were as follo- 2024 2023 Staff costs during the year were: Wage5 and salaries Social security costs Pension costs 79,570 467 68,776 The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows: 2024 No 2023 Management and administration No employee received emoluments of more than £60,000 during the year. Page 15
Good Old Furniture Available {GOFA) Notes to the Financial Statements for the Year Ended 30 June 2024 The total employee benefits of the key management personnel of the charity were £32,140 (2023 £31,882). 9 Independent examiner's remuneration 2024 2023 Examination of the financial staternents 1,117 950 IOTaxation The charity is a registered charity and is therefore exempt from taxation. IITangible fixed assets Furniture and equipment Land and building5 Motor vehicles Total Cost At l July 2023 Additions Disposals 41,239 4,551 19,615 578 71,060 131,914 5,129 9,033) 9,033) At 30 lune 2024 45,790 20,193 62,027 128,010 Depreciation At l July 2023 Charge for the year Eliminated on disposals At 30 June 2024 24,356 2,289 14,992 1.025 31,067 8,080 2.258) 70,415 11,394 2,258) 26,645 16,017 79,551 Net book value At 30 June 2024 19,145 4.176 25,138 48,459 At 30 June 2023 16,883 4.623 39,993 61,499 Page 16
Good Old Furniture Available (GOFA) Notes to the Financial Statements for the Year Ended 30 June 2024 12Debtors 2024 2023 Prepayments Other debtors 1,246 2,258 1,500 1,246 3,758 13Cash and cash equivalents 2024 2023 Cash on hand Cash at bank 505 335 69,036 65,651 69,371 14Creditors: amounts falling due within one year 2024 2023 Accruals 1,050 150bligations under leases and hire purchase contracts Operating lease commitments Total future minimum lease payments under non-cancellable operdting leases are as follows: 2024 2023 Land and buildings Within one year Between one and five years 7,700 36,700 3,208 44,400 16 Pension and other schemes Defined contribution pension scheme The charty operates a defined contribution pension scheme. The pension c05t charge for the year represents contributions payable by the charity to the scheme and amounted to £2,150 (2023 £1,892). Page 17
Good Old Furniture Available (GOFA) Notes to the Financial Statements for the Year Ended 30 June 2024 17Funds Balance at 30 June 2024 Balan at i July 2023 Incoming resources Resources expended Unrestricted funds General 31.780 96,690 (108,682) 19,788 Designated Total unrestricted funds 97.443 96.690 (108,682) 85,451 Restricted funds 36,135 10,856 18,160 28,831 Total funds 133 578 107 546 126 842 114 282 Balance at 30 June 2023 Balance at i July 2022 Incoming resources Resources expended Unrestricted funds General 51,148 83,675 (103,043) 31,780 Designated 65,663 65,663 Total unrestricted funds 116,811 83,675 (103,043} 97,443 Restrirted funds 71 Total funds 116,882 137,899 121,203 133,578 The specific purposes for which the funds are to be applied are as follows: Capital funding of £39,330 towards the purchase of a new elettric van and charging point was receivable in the prior year from the National Lottery Community Fund. Depreciation of £9,833 has been charged against this fund again in the year. A balance of £19,664 is being carried fOard at 30th June 2024, representing the net book value of the grant funded fixed assets. Revenue funding of £10,856 from the National Lottery Community Fund has been received in the year to support the charity's operations. Expenditure of £8,327 has b incurred in the year, with fvnds being carried forward at 30th June 2024 of £9,097. Other restricted funding of £71 is held at 30th June 2024 (2023: £71). Page 18
Good Old Furniture Available (GOFA) Notes to the Financial Statements for the Year Ended 30 June 2024 18Analysis of net assets between funds Unrestricted funds General Total funds at 30 June 2024 Restricted funds Tangible ffixed assets Current assets Current liabilitie5 28,795 57,730 1,074 19,664 9,167 48,459 66,897 1,074 Total net assets 28,831 114 282 Unrestricted funds General Total funds at 30 June 2023 Restrirted funds Tangible fixed assets Current asseLs Current liabilities 32,002 66,491 (1,050) 29,497 6,638 61,499 73,129 (1,050) Total net assets 97,443 36,135 133 578 19 Control The ultimate controlling party is the Board of Trustee5, who are also Directors of the company. Page 19