Golng for Bust Annual Report and Consolldated Statements For the year endln8 31 March 2024 Charlty number: 1151SIS Company number: 08427804
Going for Bust For the year endlng 31 March 2024 Contents Pa8e Trustees, report Independent Auditors, Report 8.10 Consolidated Statement of Financial Activities li Consolidated Balance Sheet 12-13 Charity Balance Sheet 14 Consolidated Ca5hflow Statement and Notes 15-16 Notes to the Flnanclal Statements 17-29
Report of the Trustees for the Year Ended 31 March 2024 Golng for Bust OBJECTIVES AND ACTIVITIES Oblectlves and Alms The purpose of the Charlty is to support those who are suffering from. or have suffered from Breast Cancer. To financially support 8roups or individuals who are in remission or are recovering from treatment of Breast Cancer and its effects. The Charity aims to continue developing its seNices golng forward in order to helplsupport as many individuals experiencing Breast Cancer as possible, The Charity reviews It5 succe55 each year, and considers how any improvemenls, and successful expansion may be obtalned within any flnancial constraints. Grants to 8reast Cancer Hospital unitslsupport Groups are glven after full discusslons re8ardin8 how the funds will be best used / which essential equipment is rnost needed. Grants to individuals are only given afler full Investl8atlon of thelr situation with their D¢xtorlBreast Cancer Nurselconsultant. Trustees are issued a copy of the Charity Governance Code, with which they make thernselves familiar. The charity has a trading subsidiary Golng for Bust Trading Limlted {company number 086732051, which runs retail outlets throu8hout Dorset and West Hampshire. The profits generated within the tradlng company are gifted io the charity for distribution within the charitable objectlves. The focus of our work Our main focus is to ensure each of our retail outlets achieve thelr targets, both Individually and collectively with regard to providing a surpluslprof St. We do this through.. Well trained and motivated staff Good ima8e and presentation High levels of customer service Each shop has suffitient stock Stron8 and effective pricing structure Ensurin8 Trading Standards and Health and Safety p)licies are obseried Working closely with local Hospitals and support groups New outlets are sourced and researched in target areas
Report of the Trustees for thè Year Ended 31 March 2024 Golng for Bust Achlevements and Performance Fiiiancial support was Eiven 2023-2024 to local Breast Cancer Units and local Support Group5, by way of providing funds for specialised equipmentlserviceslwellbeing activities. GOING FOR BUST SUPPORT CENTRE- Total cost of providing the following Services. Givin8 advice to those who have lost hair due to Chemotherapy, and supplying them with a suitable wig. Professionally measurin8/advising those who need a specialised Bra due to Surgery re8ardin8 their 8reast Cancer, and then supplying them with the suitable Bra. Emergency flnancial Aid Grants18iven following referral from the indtviduals DoctorlConsultant/8reast U nit) £ 4.931 Macmillan . To aid the runnin8 of their "Help at Home" service £ 25,000 Yeovil Hospital 8reast Cancer Unit - Referb, patient waitlng area £ 12.0(YJ Southampton Hospltal Breast Cancer Unlt - Trainlng cost for nipple tattoo £ 9,000 Lewis Manning Hospice Care - l.ymphoedema Deep Oscillation Therapy Machine £ 3.500 Poole Hospital Breast Cancer Unit - Sanosite Ultrasound Machine £ 15,000 Bournemouth Hospital Breast Cancer Unit - Sanosite Ultrasound Machine £ 15.0 Forest Holme Hosplce Care- Complimentary Therapy Se55i0ns. E 7,5tXI Most of the Charities income comes from the profit produced by our 13 Charity Shops, which trade through Goln8 for Bust Ltd, a 100% owned subsidiary of Going for Bust Charity. Going for Bust traded very well and consistently throughout the year,
Report of the Trustees for the Year Ended 31 March 2024 Going for Bust FINANCIAL REVIEW Factors likely to affect f uture financial performancelposition, such as rising overheads, Irent/rateslsalaries/utilities) are always someihin8 that needs to be borne in mind as we 80 forward. These issues, particularly utilities, are likely to affect net profits, which leads to a potential drop in income for the Charity. Other than possible cutbacks, the m05t obvious way of miti8atln8 risin8 Costs. is to look into openlng further shops, although findlng sultable shops, in suitable areas, for the right rent is becomin8 more difficult. The Group has free reserves of £420,510 as at 31st March 202412023: £773,650). Managernent and the Trustees consider level of reseNes to be suf ficient to deliver Charity objectives for the next 12 month5. Free Reserves are calculated by deducting fixed assets from the unrestricted and undesi8nated reserves held at the year end. Flnanclal Posltlon Going for Bust Trading Ltd achieved a surplus after Taxatlon of £125,33912023'. £240,504) Before 8iftin8 £129.077 12023.. £243,355) to Golng for Bust Charlty. Prlnclpal fundln8 sources In addltlon, there are occasSonal fundraisin8 events undertaken by members of the public, le8 Fashion Shows Ètc) that provide further revenue and raise unrestricted funds for the Charity. ReseThes Pollcy The trustees monitor the reserves and try to make the best the best use of available charitable f und5. During the year the charity has decided to deposit some of the charity funds into an Investment portfollo and has set aside £4rx),000 to act as f uture security for Goin8 for Bust. FUTURE PLANS Going forward, Going for Bust 15 looking at ways of becomin8 more environmentally friendly where p055ible and practical. We have already moved from using plaslic bags. to paper bags lor goods sold in our shops. We will a150 consider, 80in8 forward, whether it will be viable at some point, to consider replacing our vans with electric models. Our current thinkin8 IS that it isn't viable for us at the present time. We also use only Card price ticket5 in our shops, and use recycled paper where possible at the office.
Report of the Trustee5 for the Year Ended 31 Mar¢h 2024 Golng for Bust STRucfuRE, GOVERNANCE AND MANAGEMENT Decislon making, with regard to the day to day running of the Charity and Trading Company are deferred to the Senlor Management, Paul Martin and Robert Matthews. who between them have 30 years experience in Charity Management. However, any decision5 Other than day to day Management are dlscussed and agreed with the Trustees on a weekly basis. Remuneration of Key Personnel is agreed on the basls of a fair and reasonable rate, considerlng Ihe experience and expertise of the individuals. Any issues where it 15 thought there could be a possibllity of major risk within the structure, 15 Considered and acted on where necessary, le situation monitoredlextra training or supervision given. Governln8 Document The Charlty Is controlled by Its Governlng Document, a Memorandum and Artlcles, and constitutes Limited Company, limited by guarantee, as defined by the Companies act 2006. Rettultment and appolntment of new trustees The Directors of the Company are also Charity Trustees for the purpose of Charity law, and under the Company's Articles, are known as mernbers of the Managemeni Committee. Under the requirements of the Memorandum and Artides of Association, the members of ihe Management Committee are elected to serve for a perlod of three years, after whlch they must be re elecled, Directors can be appointed by ordinary resolution as descrlbed In the Governlng Document. All the Trustees give their time voluntary, and receive no benefits f rom the Charity. Any expenses reclaimed from the Charity are set out in note 10 of the accounts. Organ15atlonal stru¢ture A scheme of delegation is in place, and day to day responsibility for Company Management rests with the Senior Mana8ement Team. This team is responsible for ensurlng that the Individual Shop Managers and their teams are workin8 to the levels expected. Indu¢ti¢n and tralnlng of newtrustees Trustees receive a copy of the Charity Commi55i0n Publication, The Essential Trustee,. what you need to know. ICC31.
Report of the Trustees for the Year Ended 31 March 2024 Goin8 for Bust STRUCTURE. GOVERNANCE AND MANAGEMENT {£ontlnuedl Rlsk management The management committee constantly reviews the risks associated with an operation such as ctyurs, The main risk identified Is that the shops operation does not provlde enough income for the Charity to be vlable. This risk is reduced by way of careful bud8etingloutgoin8s. and ensuring that the organisation does not borrow funds for any expansion, or runnin8 Costs. The Company does not rely on an overdraft, and cash flow is monitored carefully daily. Publlc Benefit The Trustees have 8iven due regards to the requirements of the Charity Commission, with respect to Public benef It, and are satisfied that the activities of the group meet the publlc benefit requirement. Volunteers The Charity 15 heavily reliant on the volunteers who perform many different tasks to assist with the management, admlnistration and 8eneral operalion of the Charity Shops. Fundraislng Goln8 for Bust raises its Charity Funds by way ol profits from its 13 Charity Shops. It does not operate separate fundraising activities at the moment, although we do receive donations from indlvldualslorgani5ation5 who have raised funds to support those experiencin8 Breast Cancer, and then sent the proceeds to our Charitv.
Report of the Trustees for the Year Ended 31 March 2024 Going lor Bust REFERENCE AND ADM5NISTRAnvE DETAILS Trustees The Directors of the Charitable Company, are its Trustees for the purpose of Charity Law, and throughout this report, are collectively referred to as Trustees. or The Board, The Trustees during the year under review are; Mr S F Jupe- Director and Trustee Mr N C Slater- Director and Trustee Ms H A Tointon - Director and Trustee Key Management Per50nnel General Manager Head of Retail Operations Accounts Manager/Company Official Signatory Mana8er of Support CentrelFundralsin8 Shop5 Area Manager Paul Martin Robert Matthews Gemma Fletcher Michelle Ormston Eleanor Hatcher Re8i5tered Off ice 6B The Square Wimborne Dorset BH21 IJA Audllors Ward Goodman Audit Services Ltd 4 Cedar Park, Cobham Rd Ferndown Ind Estate Wimborne BH217SF Bankers Sollcltors Barclays Bank PLC I Churchill Place London, E14 SHP Jacobs and Reeves 153 Hi8h St Poole, BH15 IAU
Report of the Trustees for the Year Ended 31 Mar¢h 2024 Going for Bust Siatemont of the Trustee's responslbllltl•s Company law requlres rhai rhe Trustees Pfepare financlal statements lor each financial year. whlch Bive a falr and true view of the slate of affairs ol the Charltable group, and of the Incoming resource5 and applicatlon of resource. includin8 the Income and expenditure of the Charlrable group for Ihat period The Trustees are fequlred to- select suitable accounting policies and thén apply them consistently* observe the methods and prlnciples In the Charity SORP,. make ludgements and estimates thal are reasonable and prudent, prepare the financial statements on the going ¢on¢ern basis, unless It Is Inapproprlate to presume that the ch3ritable company will continue In business. The Tru51ees are responsible lor keepin8 proper accountin8 record5 which disclose wlth reasonable ccuracy at any lime, the flnèncial position of the Charitable Group, and to enable them 1¢ ensure that the financlal Statements comply wlth the Companies Act 2006. They are a150 responsible for safe8uarding the assets of Ihe Charltable Group, and hence for Likin8 reasonable steps for the prevention and dettiOn of fraud, and other irre8ularities. In so lar as the Trustees are aware.. There Is no relevant audit information ol whlch ihe groups audltors are unaware. The Trustees have taken all the Steps that they ou8hi to have takèn, In order to make themselves aware of any relevant audll snformation, and to establlsh that the auditors are aware of that Informatlon. Auditors The AccountantslAudltors. Ward Goodman Audit 5ervlces Ltd wlll be re appointed for the coming years accountin81auditin8 work. This Trustee's Report under the Charities Act 2006 was appfoved by the Board of Trustees on And is signed and authorlsed on Its behalf by,. H A Tointon . Trustee
Report of the Independent Auditors to the Trustees of Going for Bust Oplnion We have audited the consolidated financial statements of Going for Bust (the 'charitable parent company, and its trading subsldlary, tO8ether 'the 8roup'l for the year ended 31 March 2024 whlch Lomprise the consolidated statement of financial activities, the group and parent charitable company balance sheets and the consolidated statement of cashllows and the notes to the financial statements. The financial reporting framework that has been applled in their preparation is applicable law and United Kingdom Accountln8 Standards Iunitpd Kingdom Generally Accepted Accountin8 Practice). In our opinion the f inancial statements: 8lve a true and fair view of the state of rhe charitable grourfs and the parent charitable companrfs affairs as at 31 March 2024 and of the 8roup's Incoming resources and appllcation of re50urces, including its income and expenditure. for the year then ended, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Compariies Act 21)J6. 8a$ls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKI) and applicable law. Our responsibilities undÈf those standards are further descrSbed in the Atjditors responsibilities for the audit of the financial statement5 section of our report. We are independent of the group and the charitable company in accordance with the ethlcal requiremenls that are relevant to our audit ot the financial statements in the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibillties in accordance with these requlrements. We believe that the audit evSdence we have obtained is sufficlent and appropriate to provide a basis for our opinion. Concluslons relatlng to iolng ¢onceTn We have nothing to report In respect of the followin8 matters in relation to which the ISAS IUKI require us to report to you where,. the trustees, use of the going concern basis of accountin8 in the preparation of the financial Statements is not appropriate; or the trustees have not disclosed In the f inancial statements any identified material uncertainties that may cast significant doubt about the 8roup and parent charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Report of the Independent Audltors to the Trustees of Going for Bust Other Informatlon The trustees and directors are responsible for the other information. The other information comprises the information included in the annual reporL other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our resFK)nslbllity is to read the other Information and, in doin8 so, consider whether the other information is materially inconsistent wlth the financial statements or our knowled8e obtalned in the audit or otherwise appears to be materially mlsstated. If, based on the work we have performed, we conclude that there 15 a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matter$ on whlch we are requlred to report by exception We have nothing to report in respect of the folowlng matters where the Charitle5 Act 2011 requires us to report to you if, in our opinion: the information given in the Report of the Trustees Is Inconsistent in any material respect with the financial statements , or the group and parent charltable company have not kept adequate accountin8 records,. or the financial statements are not in agreement wlth the accounting records and return5,' or we have not received all the information and explanatlons we require for our audit. Responslbllltles of trustees As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charltable company for the purposes of company lawl are responsible for the preparation of the f inancial statements and for being Satisf led that they give a true and fair view, and for such Internal control as the trustees determlne Is necessary to enable the preparation of financial statements that are free f rom material misstatement, whether due to fraud or error. In preparlng the flnancial statements, the trustees are responsible for assessln8 the group and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the 8oin8 concern basis of accountin8 unless the trustee5 either intend to liquidate the group and parent charitable company or to cease operations, or have no realistic alternative but to do $0. Our responslbllltles for the audlt of the flnandal statements Our oblectives are to obtain reasonable assurance about whether the financial statement5 as a whole are free from material misstatement, whether due to fraud or error, and to Issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a gLJarantee that an audlt conducted in accordance with ISAS {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the econom decisions of users taken on the basis of these financial statements.
Report of the Independent Audltors to the Trustees of Golng for 8ust The extent to which our pro¢edures are capable of detecting Irre8ularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks applicable to the 8roup and the sector in which they operate. We obtained an understandin8 of how the group are complying with those legal and regulatory frameworks by making enquires of mana8ement We assessed the susceptibllity of the group's financial statements to material misstatement. including how fraud might occur. Audlt procedures performed by the engagement team included.. Identifyin8 and assessin8 the desi8n effectiveness of controls management has in place to prevent and detect fraud Understanding how those charged with 8overnance considered and addressed the potential for overrlde of controls or other inappropriate influence over the financial reportin8 process Challen8lng assumptlons and ludgments made by management in its accounting estimates Identifyin8 and testin8 journal entries, in particular any journal entries posted with unusual account combinations: and Assessin8 the extent of compliance with the relevant law and re8ulations. Because of the Inherent Ilmltatlons of an audit, there is a risk that we will not detect all irre8ularitles. including those leading to a material misstatement in the financial statements or non-compliance with re8ulation. This risk increases the more that compliance with a law or regulatlon Is removed from the events and transactions reflected in the financial statemenls. as we wlll be less likely to become aware of instances of non-compliance. The risk Is also greater re8arding irregularlties occurrin8 due to fraud rather than error. as fraud involves intentional concealment. forgery, collusion, omission or misrepresentation. Use of our report This report is made solely to the group and charitable company. Our audlt work has been undertaken 50 that we might state lo the group and charitable company those matters we are requlred to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or a55ume responsibility to anyone other than the 8roup and charitable company as a body. for our audit work, for this report, or for the opinions we have formed. l M Rodd BSC FCA FCCA {Senior Statutory Auditor) For and on behalf of Ward Goodman Audit Services Ltd Re8iStered Auditor 4 Cedar Park Cobham Road Ferndown Industrial Estate Wimborne Dorset BH2175F Date.. kLy io
Galng for Bust Consolidatèd Ststement of Flnanclal Actlvltles forthe Year Ended 31 Marth 2024 (Incorporatlng income and ejtpenditure account) 2024 2023 Unrestricted Restrlcted funds funds Total funds Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacles 47.240 47.240 32,940 Charltable activities Going for Bust Trading income Investment income 1,161,620 9,852 1,161,620 9,852 1,194,910 429 Total 1,218,712 1,218,712 1,228,279 Charltable actlvltles Provision of help and support for people diagnosed with breast cancer 138,458 138,458 124,011 Going for Bust Trading expenditure 1,037,037 1,037,037 955,266 Other expenditure 146 Total 1,175,495 1,175,495 1,079,423 Net galnslllo$se$) on Investments 8,364 8,364 NET INCOME 51,581 51,581 148.856 Tran5fer5 between funds Tax on artlvlties 19 34 Net movement In funds 51,615 51,615 148,856 RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 781,026 832 641 781,026 832,641 632,170 781,026 The notes on pages 17 to 29 form part of these flnancial statements li
Goln8 for 8ust Consolidated Balance Sheet At 31 March 2024 Company number". 08427804 Charity nuinber; 11515 15 2024 2023 Notes FIXED ASSETS Tangible assets Investments 13 14 3,767 408,364 412,131 7,376 7,376 CURRENT ASSETS Debtors., amounts fallin8 due within one year Debtors,. arnounts falling due after more than one year Cash at bank and in hand 15 Is 76.975 1,792 383,438 462,205 87,596 1,792 726.559 815.947 CREDITORS Amounts falling due within one year 16 141,6951 135,2541 NET CURRENT ASSETS 420,510 780,693 TOTAL AS5£T5 LE55 CURRENT LIABILITIES 832,641 788,069 CREDITORS Amounts falling due after more than one year 17 17,0431 NET ASSETS 832,641 781,026 FUNDS Unrestrl¢ted funds Restricted funds TOTAL FUNDS 19 19 832,641 781,026 832,641 781,026 The notes on pages 17 to 29 form part of these financial statements 12
continued... Goin8 for Bust Con5011dated Balae Sheet Icontlnuedl At 31 March 2014 Company Dumbef.. 08427804 Charity number 1151515 The trustees acknowledge thelr responslbilitle5 for ensuring that the charitable group and company keeps accounting records that comply with Section$ 386 and 387 of the Companies Act 2006 and Ibl preparing flnancial siatements which give a true and fair view of ihe state of affairs of the chantable 8roup and company as at the end of each financial year and of its surplus and deficit for each financial year in accocdance with the requirements of Section5 394 and 395 and which otherwise comply with the requirements of the Companies Act 2(X)6 relating to financial statements, so lar as applicable to the chafitable group and company These financial statements have been audited under the requirements of Section 144 of the Charlties Act 2011, These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relatin8 to charitable small companles. These linanclal statement5 were approved by ihe Board of Trustee5 on by: and were $18ned on Its behalf H A Tointon - Trustee The noies on pages 17 to 29 form part of these financial statements ij
Going for Bust Charity Charity Balance Sheet At 31 March 2024 Company nurriber. 08427804 Chailty number.. 11SIS15 2024 2023 N¢t•s FIXED ASSETS Tangible assets Investments 13 14 408,365 408,365 CURRENT ASSETS Debtors Cash at bank and in hand 15 126.924 127,476 254,4 243.280 364,128 607,408 CREDITORS Amounts fallin8 due wlthln one year 16 NET CURRENT ASSET5 254,400 607,408 TOTAL ASSETS LESS CURRENT LIA8ILITIES 662,765 607,409 CREDITORS Amounts failin8 due after more than one Year 17 NET ASSETS 662,765 607,409 FUNDS Vnre5tricted funds Aestricied funds TOTAL FUNDS 19 19 662,765 607,409 662,765 607,409 These financlal Statements were approved by the Board of Trustees on . behalf by. and were signed on Its s H A Toinlon . Trustee The notes on pa8e$ 17 to 29 form part of these fSnancial 5tatement5 14
Goln8 for Bust Consolidated Cashflow Statement for the Year Ended 31 March 20Z4 2024 2023 Cash flows from operating actlvltles: Cash gefterated from operations Tax paid Interest on hire purchase paid Net cash provided by {used In) operatlng activlties Notes 50,398 145.202 112,8971 19661 131.339 1746) 49,652 Cash flows from Inve5tin8 artlvltles: Purchase of tangible fixed assets Purchase of flxed asset investments Interest reteived 19531 1400,0001 9,852 429 Net cash provlded by (used In) Investing a¢tlvltles {390,1481 1524) Cash flows from flnanclnl actlvltles: Hire purchase repayments 12,6251 12,4051 Net cash provlded by (used In) financln8 activitie$ 12,6251 12,4051 Chan8e In cash and cash equlvalents In the reporting perlod 1343,121) 128,410 Cash and cash equlvalents at the be8lnnln8 of the reportln8 perlod 726,559 598,149 Cash and cash equlvalents at the end of the reportln8 perlod 383,438 726,559 The notes on pages 17 to 29 form part of these financial statements 15
Going for Bust Notes to the Consolldated Cash Flow Statement for the Year Ended 31 March 2024 I. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net Income for the reportln8 perlod (as per the Statement of flnanclal tlvftie51 Adjustments for.. Depreciation charge5 Firnan c05t5 IGalnl/loss from investments Interest recelved 51,581 148,856 3,609 746 18,3641 19,8521 3,668 966 14291 Cashflows before movement in worklng capital 37,720 153,061 Decrease I lincrease} In debtors Increase / (decrease) in credltors 10,655 2,023 116.3891 8.530 Net cash provlded by (used In) operatln8 artlvltles 50,398 145,202 2. CASH AND CASH EQUIVALENTS The amounts disclosed on the Cash Flow Statement in respect of cash and Cash equivalents are In respect of these balance sheet amount5'. 2024 2023 Year ended 31 March 20Z4 Cash and cash equivalents 383,438 726,559 Year ended 31 Marth 2023 Cash and cash equivalents 726.559 598.149 3. ANALYSIS OF CHANGES IN NET FUNDS At 01104123 Cash Flow At 3 1103124 Net cash Cash at bank and in hand 726,559 {343,1?. 11 383,438 Debt Finance leases 19,6681 2,625 (7,0431 Total 716,891 1340,496 376,395 16
Going for Bust Notesto the Flnancial Statements For the Year Ended 31 March 2024 I. LEGAL FORM Going for Bust. a public benefit company under FRS 102, is incorporated as a Company limited by guarantee, registered in England and Wale5 Icompany number 084278041. The registered office address is on the company information page of these accounts. The company is also a re8lStered charity in England {charity number 11515151. Going for Bust Tradin8 Limited is incorporated as a Company limited by shares. re8iStered in England and Wales (company number 086732051. The trading company is wholly owned by the Going for Bust charity. 2. ACCOUNTING POLICIES Basls of preparlng the financlal Statements The finantial statements of the charitable company, which Is a publlc beneflt entity under FRS 102, have been prepared in accordance with the Charitles SORP IFRS 1021 'Accountin8 and Reporting by Charities,. Statement of Recommended Practice applicable to charlties preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland l FRS 1021 (effective l January 2015),, Financial Reportin8 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companie5 Act 2006. The financial statements have been prepared under the historical cost convention. Bas15 of Consolldatlon The group financial statements consolidate the financlal staternents of Going for Bust and its wholly owned tradin8 subsidiary Golng for 8ust Tradin8 as If they formed a sln8le entity. Intercompany transactions and balances have therefore been eliminated in full. The Group has taken advantage of sectlon 408 of the Companies Act 2006 by not providin8 a seperate statement of financial activities for the companv. Income All income Is recognised in the Statement of Financial Actlvities once the charlty has entitlement tD the funds, it Is probable that the income will be received and the amount tan be measured reliably. Donated 8oods are only recogni5ed when the amount can be measured reliably. Government grants shall be recognised in profit or1055 on a systematic basis over the period5 In which the entity recognises as expenses the related costs for which the grants are intended to compensate. Expendlture Liabilitles are reco8nised as expenditure as soon as there is a le8al or constructive obli8ation committing the charity to that expenditure, it 15 probable that a transfer of economic benefits will be required in settlement and the amount of the obllgatlon can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headin85 that a88regate all cost related to the category. Where costs cannot be directly attributed to particular headin8S they have been allocated to actlvlt5es on a basis consistent with the use of re5ource5. Grants offered subject to conditions which have not been met at the year end date are noted a5 a commitment bul not accrued as expenditure. 17
Golng for Bust Notes to the Flnanclal Statements For the Year Ended 31 March 2024 2. ACCOUNTING POLICIES. contlnued Tangible fixed as5etS Depreciation Is provided at the following annual rate5 in order to write. off each asset over its estimated useful life. Fixtures and fittings (trading subsidiary) 25% on cost Fixtures and fittings Icharityl -depreciated over S year5 on a Straight line basls Motor vehicles - 20% on cost Computer equipment -depreciated over 3 years on a strai8ht line basis Taxatlon Taxation for the year comprises current and deferred tax. Tax Is recognised in the Income Statement, excèpt to the extent that It relates to items recognised In other ¢omprehenslve income or directly in equity Current or deferred taxation assets and liabilities are not discounted. Current tax is reco8nised at the amount of tax payable usin8 the tax rates and laws that have been enacted or su bstantively enacted by the balance sheet date. Oeferred tax Deferred tax is recognised in respect of all l+rnlng differences that have originated but not reversed at the balance sheet date. Timin8 differences arise from the inclusion of income and expenses in tax assessments In periods dilferent from those in which they are recognised in f inanclal siatements. Deferred tax is measured u5in8 tam rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timin8 dlfference. Unrelieved tax losses and other deferred tax a55ets are recognised only to the extent that it is probable that tkiey will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Fund accountln8 Unrestricted funds can be used in accordance with the Charitable objectives at the discretion of the trustees, Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular reslricted purposes. Further explanation of the liaiure and purpose of each fund is Included in the notes to the financlal statement5. Penslon cost5 and other post-retlrement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. 18
Going fof 8ust Notes to the Financial Statements For the Year Ended 31 March 2024 2. ACCOUNTING POLICIES - continued Debtors and prepayments Debtors and prepayments are recognised at the transaction price where an entity has a present obligation resulting from a past event that will probably result in the transfer of funds from a third party to the charity and the amount due to settle the obligation can be measured or estimated reliably. Credltors and prov151ons Creditors and provlsions are recognised where the charity ha5 a present obligatlon resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated rellably. Creditors and provisions are normally recognised at their transaction price after allowing for any trade discounts due. Hlre purchase and leaslni commltments The company operates a defined contrlbutlon penslon scheme. Contributions payable to the company's pensionscheme are charged to profit or loss in the perlod to which they relate. Slgnlflcant Jud8ements and estlmates The trustees believe there are no significant judgements in the flnanclal statements. There are no areas that are considered to be key sources of estimatlon uncertainty. stocks The company holds stock of donated goods for resale throu8h the trading subsldlary on behalf of the parent charity. Stock is valued at the lower of cost and net realisable value and accordingly no value is recorded in the financial statements. Flnanclal Assets Basic financial assets, which include cash and bank balances, are Inltially measured at transaction price, InStMentS Investments a re recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes reco8nised in "net gains/llossesl on investments" in the Statement of Financial Actlvlties if the share5 are publicly traded or their f air value can otherwise be rneasured reliablv. 19
Going for Bust Notes to the FSnanclal Statements for the Year Ended 31 March 2024 DONATIONS ANO LEGACIES 2024 2023 Donations 47,240 32,940 47,240 32,940 4 OTHER TRADING AcfiviTIES 2024 2023 shop sales Other Income 1.142.494 19,126 1,161,620 1,173,468 21,852 1.195,320 5 INVESTMENT INCOME 2024 2023 Deposit account Interest 9,852 9,852 429 429 20
Golng for Bust Notes to the Financial Statements for the Year Ended 31 March 2024 6 GRANTS PAYABLE 2024 2023 Provision of help and support for people diagnosed With breast cancer 91,931 84,697 Grants pald to Instltutlons Dorsel County Hospital Forest Holme Hospice Charity Yeovil District Hospital University Hospitals Dorset NHS University Hospital Southampton Salisbury District Hospital Charitable Fund Lewis Mannin8 Hospice Care Bourne Water Ora8ons 8,568 7,500 12,0(X] S5,000 9,000 10,000 35,000 8,585 15,000 3,544 2,000 82,697 3,500 87,000 Grants pald to Indlvlduals 4,931 2,000 91,931 84,697 7 CHARITABLE ACTIVITIES COSTS Dlrect costs Support osts Totals Charitable actlvitles 138.218 240 138,458 Support costs Include bank charges of £240 In the year12023.. £177) 8 GOING FOR BUST TRADING EXPENDITURE 2014 2023 Administrative expenses Interest payable Tax payablellreceivablel 1,036,325 746 1341 1,037,037 954,300 966 955,266 21
Going for Bust Notes to the Flnanclal Statemeftts for the Year Ended 31 March 2024 NET INCOMEIIEXPENDITURE) Net income/{expenditurel is stated after char8 81{creditingl'. 2024 2023 Oepreciation - owned assets Auditors remuneration 3.609 7,600 3,668 7,200 10 TRUSTEES, REMUNERATION AND BENEFITS Durin8 the year ended 31 March 2024, trustee remuneration was £nil12023: £nil). Trustees, expenses No trustees were reimbursed for expenses during the year ended 31 March 202412023.. £nill. 11 STAFF COSTS 2024 2023 Wages and salarles Social security costs Other pension costs 579.845 29,764 7,339 616,948 531,941 26.265 5,838 )64,044 The average number of employees durlng the year was as follows., 2024 43 2023 41 Employees Key Management Personnel Key management personnel salaries for the year totalled E154,80412023.' £136,907). The trustees consider the key mafiagement personnel during the year to be those detalled on pa8e 6. No employees received remuneration above £60,000 in the year. 22
Golng for Bust Notes to the FSnanclal Statements for the Year Ended 31 March 2024 12 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIE5 Unrestrlcted funds Restrlcted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 32,940 32,940 Charltable actlvltSes Going for bust trading income Investment income Grant income 1,194,910 429 1.194,910 429 Total 1,228,279 1,228,279 EXPENDITURE ON Charltable activities Provision of help and Support for people diagnosed with breast cancer 124,011 124,011 Going for Bust tradln8 expenditure Other 955,266 146 955,266 146 Total 1,079,423 1.079,423 NET INCOME 148,856 148,856 Transfers between funds Tax on artlvltles Net movement In funds 148,856 148,856 RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 632,170 781,026 632,170 781,026 23
GoinE for Bust Notes to the Flnanclal Statements for the Year Ended 31 March 2024 13 TANGIBLE FIXED ASSETS . Charlty and Subsidiary Flxtures and flttlngs Motor vehicles Computer equipment Totals COST At l April 2023 Additions Disposals 4,305 16.454 2.350 23.109 At 31 March 2024 4,305 16,454 2,350 23,109 DEPRECIATION At l April 2023 Char8e for year Elimlnated on disposal 4,305 9,872 3,291 1,556 318 15.733 3,609 At 31 March 2024 4,305 13,163 1,874 19,342 NET BOOK VALUE At 31 March 2024 At l April 2023 3,291 6,582 476 3,767 7,376 794 TANGIBLE FIXED ASSETS- Charlty Flxtures and flttln8s Totals COST At l April 2023 Additions Oisposals 797 797 At 31 March 2024 797 797 DEPRECIATION At l Aprll 2023 Char8e for year Eliminated on disposal 797 797 At 31 March 2024 797 797 NET BOOK VALUE At 31 March 2024 At l April 2023 24
Going for Bust Notes to the Financlal Statements forthe Year Ended 31 March 2024 14 FIXED ASSET INVESTMENTS- Charity and Subsldlary Shares In Eroup Llsted undertakings Investments Totals MARKET VALUE At l April 2023 Additions Revaluations 400.000 8.364 400,000 8.364 At 31 March 2024 408,364 408,364 NET BOOK VALUE At 31 March 2024 At l April 2023 408.364 408,364 FIXED ASSET INVESTMENTS- Charlty Shares In group Llsted undertakln8s Investments Totals MARKET VALUE At l April 2023 Addltlons Revaluations 400,000 8,364 400.000 8,364 At 31 March 2024 408,364 408,365 NET BOOK VALUE At 31 March 2024 At l April 2023 408,364 408,365 15 DeBTORS Charlty subsldiary 2024 2023 Charlty 2024 2023 Amounts fallin8 due within one year: Prepayments and accrued incorne VAT Amounts owed by group undertakings Tax 71.899 5.042 81.494 6.102 3,827 3.977 123,097 239,303 34 76,975 87,596 126.924 243,280 Amounts falling due after more than one year.. Other debtors 1.792 1.792 Aggregate amounts 78,767 89,388 126,924 243,282 25
Golng for Bust Notes to the Financial Statements for the Year Ended 31 March 2024 16 CREDITORS: AMOUNTS FALUNG Duf WITHIN ONE YEAR Charlty and subsidiary 2024 2023 Charity 2024 2023 Bank loans and overdraft Trade Credltors Other credltors Social Security and other taxes Hlre Purchase Contracts (see note 18) Accruals and Deferred Income 77 15,871 1,373 6,628 7.043 10,703 15.874 1,672 6,678 2,625 8,405 35,254 17 CREDITORS.. AMOUNTS FAILING AFTER MORE THAN ONE YEAR Charity and subsldlary 2024 2023 Charity 2024 2023 Hire Purchase Contracts Isee note 181 18 LEASING AGREEMENTS Minimum lease payments fall due as follows: Hlre purchase ccntracts 1024 2023 Gross obllgatlons repayable: Within one year Between one and five years 6,484 1,879 6,537 8,416 6,484 Flnance charges repayablg: Within one year Between one and five years 1559) 17461 15061 11,2521 15591 Net obllgatlons repayable: Within one year Between one and five years 7,043 2,625 7,043 9,668 7,043 Tangible fixed assets on hire purchase agreements have a net book value of £3,29112023: £6,582) as at the 31 March 2024. 26
Going for Bust Notes to the Flnanclal Statements forthe Year Ended 31 March 2024 18 LEASING AGREEMENTS. Contlnued Non-cancellable operatin8 leases 2024 2023 Within one year Between one and five years In more than five years 229.250 588.333 134,667 952 250 189.750 348.000 55,000 592.750 19 MOVEMENT IN FUN05 Charlty and subsldiary At 1.4.23 Incomln8 Resources resources expended Galns and 1055e5 Transfers At 31.3.24 Unrestricted funds General fund 781,026 781,026 1,2 18,712 11,175,461) 1,218,712 11,175,461) 8,364 8,364 832,641 832,641 TOTAL FUNDS 781,026 1,218,712 11,175,461) 8,364 832,641 Charity At 1.4.23 Incomln8 Resources resources expended Gain$ and losse5 Transfers At 31.3.24 Unrestrlcted funds General fund 607,410 607,410 185,449 185,449 1138,458) (138,4581 8,364 8,364 662.765 662,765 TOTAL FUNDS 607,410 185,449 1138,4581 8.364 662,765 COMPARATIVES Charity and sub$idlary At 1.4.22 Incomln8 Resources resource5 expended Galn5 and 1055e5 Transfers At 31.3.23 Unrestricted funds General fund 632,170 632,170 1,228,279 {1,079,4231 1,228,279 {1,079,423 781,026 781,026 TOTAL FUNDS 632,170 1,228,279 11,079,423) 781,026 27
Golng for Bust hlotes to the Flnanclal Statements for the Year Ended 31 March 2024 19 MOVEMENT IN FUNDS- Contlnued Galns and losses Charlty At 1.4.22 Incomlng Resources resources expended Transfers At 31.3.23 Unrestrlcted funds General fund 455,253 455,2S3 276.314 276,314 1124,1571 {124,1571 607.410 607,410 TOTAL FUNDS 455,253 276,314 (124,1571 607,410 20 RELATEO PARTY TRANSACTION5 Going For 8ust Trading Limited Is a 100% owned susidiary of Going for Bust. The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Flnancial Reporting Standard applicable in the UK and Republic of Ireland,, not to disclose related party transactions with wholly owned subsidiarie5 Wlthin Ihe 8roup. Durin8 the year ended 31 March 2024, a trustee received payments for repair and maintenance works made throuBh the subsidiary trading company. Transactions for the year ended 31 March 2024 totalled £1,312 12023. £ 1,2 501 of which £39712023.. £nil} remained payable at the year end, DurSng the year ended 31 March 2024, a trustee donated a total of £15512023..£nill to the charity. 21 DEFINEO CONTRIBUTION PENSION Employer contributlons to delined contribution penslon schemes in the Year totalled E7,33912023'. £5,838). 28
Golng for Bust Nutes to the Financlal Statements for the Year Ended 31 March 2024 23 PARENTISUBSIOIARY RELATIONSHIP The Charity discharges part of its cha ritable objectlves throu8h its subsidiary, Goin8 for Bust Trading Limited, which Is responsible for the day to day running of the charlty shop5 and undertakes the associated trading activities. Going For Bust Trading Limited is a 100% owned susidiary of Going for Bust. Full entity level financial statements for Going For Bust Trading Limited108673205} can be found Companies House. An extracl from the Balance Sheet of Going for Bust Tradi[ Limited at 31 March 2024 Is as follows 1024 2023 Flxed assets Current a55etS Current liabilities Total a5set5 less current liabilities 3.768 330,828 1164,7161 169,880 7.376 447,845 1274,5601 180,661 Creditors due in more than one year 7.043 173,618 169,880 Called up share capital {owned by charity) Profit and1055 account 169.879 169.880 173,617 173.618 Gross income for the year ended 31 March 2024 Gross expenditure for the year ended 31 March 2024 Tax Iduellreceivable on profit Surplus/ldeficitl for the year ended 31 March 2024 1,162.340 1,194,907 11, 166,1121 11,198,208> 34 13,738) 13,3011 29