REGISTERED COMPANY NUMBER: 04767369 (England and Wales) REGISTERED CHAR NUMBER: 1106002 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 MARCH 2024 FOR FIRST STEP OPPORTUNITY GROUP clemen Hoar Cummings Chartered Accountants Riverside House 1-5 Como Street Romford Essex RM7 7DN
FIRST STEP OPPORTUNITY GROUP CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Examiner's Report Statement of Flnancial Activities Statement of Financial Position Notes to the Flnanclal Statements 10 to 19
FIRST STEP OPPORTUNITY GROUP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also dlrectors of the charity for the purposes of the Companies Act 2006, present their report wlth the financlal statements of the charity for the year ended 31 March 2024, The trustees have adopted the provision5 of Accounting and Reporting by Charities., Statement of Recommended Practice applicable to charities preparing thelr accounts in accordan wlth the Financlal Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102) (effectlve l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The charity's objectives are: To provide bables and pre school chlldren with special needs and/or disabilltles, resldlng In the London Borough of Havering, an opportunity for educational development In a caring environment through a wlde range of play actSvSties and experlences. To offer famllles of such chlldren support, informatlon and advice, in a frlendly atmosphere of trust and confidentlality. Our alms here at Flrst step are to., l. Continuously Improve good practlce for the delivery of servIS for babies and children wlth speclal needs and/or disabi1Stles within Flrst step and wlth other servlce providers. 2. Provide support to parentslcarers and to empower them to sustain a good quality of Ilfe for thelr famllies In the long term. 3. Malntain a hlgh-quality team of staff and volunteers who feel valued and who are motlvated, skllled and adaptable. 4. Have continuous financial stabllity. 5. Ensure an excellent quallty of Serv1 through the hlghe5t standards of leadership and governance. Alongside these, we have Identified four addltional areas of need: l. To ensure that local need is accratelY identified and Services developed to meet the need 2. To ensure that services are Inclusive 3. To ensure that servlce users and staff are safeguarded approprlately 4. To ensure that staff and servlce users are fully involved In the deslgn, delivery and evaluatlon of servlces, Slgnlflcant activities We offer a range of holistic and tallored servlces for famllles of chlldren with special needs andlor dlsabllltles, These Include: Famlly Support, Family Groups, One-to-one Support, Peer Support, Welfare Benelits Advlce, DLA appllcatlon preparatlon, EHCP wrltlng advice and support, Information and Guidance, General Support, School Holiday Actlvities. Main activities undertaken to further the Charity's purposes for public benefit The Trustees have pald due regard to guidance Issued by the Charity Commission In deciding what activitles the charity should undertake, and are satisfied that the above actlvltle5 meet the public benefit requirements. Page I
FIRST STEP OPPORTUNITY GROUP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities Once again, over the year, First Step has provided servlces andlor support to over 100 chlldren and their families, covering a diverse range of conditions, speclal needs and disabilities. We continue to support many of our famllles who have attended First Step over the past 36 years and we are often told that familles never leave from First Step. and that we are who they turn to for support when they face difficulties. The second year of our National Lottery Funding has provlded a secure baseline for our fundraising income, and contlnuity for our Family Support, and has been welcomed at a time when we are seeing Increasing levels of referral. Parents continue to tell us that there is very little support available for them from Health and the Local Authorlty, and even what Is offered is delayed by long waiting lists. We have seen a sharp rlse In referrals recelved during March 2023, and we are investlgating If thls Is a short-term increase, or if this is a growlng trend that is likely to continue, We continue to work in partnershlp wlth professionals from many of the teams within the London Borough of Haverlng and NEL. These Include Health Visltors, Children and Adults with Dlsabllity Team O Multi Agency & Referral Panel, Early Years Transltlon Panel, Speclalist Health Professionals, Physiotherapyi Speech and Language and Nutrition, Occupational Health, Dentlstry and a wlde range of other Professionals from Education, Social Servlces, the Welfare Rlghts Unit, SEND IASS and Local Voluntary Organlsations. We also provlde support to other playgroups, nursery and pre-schTr)I settlngs who are worklng with chlldren with speclal need5. We contlnue to play a full and actlve part wlthln the borough and beyond, wlth representatlves that sit on the SEND Executlve Board, The Early Help Partnership, Multl-Agency Meetings and the NEL Strategic Patient Experlence Partnershlp where we seek to ensure that we do everythlng we can to ensure the volce of famllles wlth chlldren wlth speclal needs and/or dlsabllities is heard. As we recelve no National or Local Govemment financial support, all of thls work Is only possSble because so many of our supporters dlg deep and glve generouslyi some sacrificially. There are too many to thank Indivlduallyi but there were slgniflcant donations from the following Serv1 Groups, Communlty Groups, Corporates and Local Buslnesses.. B F Mulley & Sons Barclays Bank Bow Lodge Centrica Management Services Concept Windows Co-op Cranham Modern Sequence Dan Club Grove & Dean Havering Probus Club Hornchurch 41 Club HSBC Bank Jolly Boys Golf Marks & Spencer Romford McDonalds RomfDrd McLaren Anderson Consulting Ltd Morton Mlchel Mounthlll Engineers Limited Mullls & Peake Natlonwide Olford Foundatlon Premier League Qulzze5 for Charlty Roomes Furniture & Interiors Romford Bld Romford Lions Rotary Club of Havering Rotary Club of Hornchurch & Upminster Schroder Investment Management Springfield Playgroup stapleford Abbots Golf CILFb Captain's Charlty Tunnelcraft United Reformed Church Trust Upminster Golf Club - Captain's Charlty West & Co Additionally, there were a whole range of personal donations and fundraising from Indlvlduals that ranged frotn £9,675 down to a few pounds. It is not appropriate to hlghllght them individually, but every donation large and small Is a vital part of enabling famllles and children to be Supported. Of co(Jrse, thls also included donations made for the London Virgin Marathon runners, a wide range of Individual led fundraising activitles together with many in lieu donations In place of gifts or flowers to honour a loved one, support a cause, or celebrate a speclal occasion or event. We value our band of committed givers who donate regular monthly payments. Page 2
FIRST STEP OPPORTUNITY GROUP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 We ran a full programme of Events, that include our Golf Day in September 2023, which raised over £23,000 along wlth our well s(Jpported 35th Anniversary Ball, Bingo, Quiz Evenlngs, Tasty Treats, Christmas Bazaar and Raffles. These events not only ralse vltal funds, but provide an opportunlty and focus for our many supporters to stay in contact and involved with the charity. We thank Clemence Hoar Cummlngs Accountants for their professlonal services. In additlDn, we thank Redbourn Business Systems for their generous support wlth our fundraising software at well below the market rate, Lead Generation Websltes who during the year redesigned and maintained our webslte at highly subsid15ed rates, and the Havering Volunteer Centre, all of whom continue to generously provide support for the organlsatlon. Our Patrons, Glll Hare M.B.E, Jeremy West M.B.E, Tim Clarke and Gerry Byrne ¢ontlnue to actively support and vlslbly campalgn, increasing the awareness of First Step and for thls we are most grateful. Margaret Williams continues to actively support the Charfty through her Governance expertise. We recognlse and slncerely thank all the individuals, companles and organisations for glvlng their time, encouragement and financial support, and for thelr efforts to raise the proflle and share the vision of Flrst step. We recognise our valued ongoing relationshlps wlth West & Coe, Grove & Dean, Concept Wlndows, McDonalds Romford, Tesco and Clarkes Carpets, Centrica Management Services IBritish Gas, Tunnelcraft, and Mounthlll Engineers Llmited, along with our local Ward Counclllors who also actively support First Step, Our sincere thanks go to all our frlends In the community, staff, our team of volunteers and helpers, the servlce groups, lodges, clubs, associations, fundraisers, supporters, foundations and grant glvlng bodies, for their contlnued commltment, energy and shared values, wlthout whom we would not be able to provlde our servlces. On behalf of every famlly that has been supported In the past, those that are currently belng supported, and those that will recelve support in the future, we want to most slncerely thank all who support First Step, for your generous and sacrificial givingi both financlally and in your precious tlme. FINANCIAL REVIEW Flnancial position Total Incomlng and outgoing resources for the year are shown below, and the unrestrlcted net surplus for the year was £48,013 (2023 surplus: £7,959). 2023-24 Unrestricted Funds 2023-24 Restrlcted Funds 2023-24 Total Funds 2022-23 Total Funds Income Expenditure Surplus/Deficlt £242,126 £194,113 £48,013 £73,402 £315,528 £202,978 £397,091 (£129,576) {£81,563) £351,566 £392,627 (£41,061) There was no deslgnated Income or Expendlture in either year. A full review of the financial posltion of the charlty can be found on the followlng financlal statements. Page 3
FIRST STEP OPPORTUNITY GROUP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Principal fundlng sources The charity's principal funding Is generated through fundralsing and donatlons. This year we recelved grant funding from The National Lottery Community Fund Year 2 of 3, The Utley Famlly Charitable Foundation, a further provision of a grant from The Veolla Envlronmental Trust. Durlng the year man3gement and trustees have and will contlnue to develop speclfic areas Including,, i. strong fundralslng campaigns, including corporate partners and Individual donors 2. A more compelling income oeneratlng strategy and story 3. Sharply focused financlal reportlng and planning 4. Quantifying the impact of Ihe work we undertake wlth young children and famllles Sub-commlttee5 made up of staff and trustees meet to review and develop strategy In the areas of governance, service dellvery, finance, and human resources and then report to the main commlttee. Reserves policy Flr5t Step continLJes to be aware of the need to ensure that reserves are correctly invested and that they recelve the optlmum Interest rate in thls area, whilst minimislng rlsk. Trustees have adopted a reserves pollcy whereby the charlty needs to have a minlmum of 4 months operating costs If no further income were to be received, Trustees are aware that current reserves are Just under 9 months, which they belleve Is prudent In the post COVID cllmate. It remains the trustee's intention to grow the level of support offered to our famllles and chlldren over the comlng years In a sustainable manner. FUTURE PLANS Flrst Step remains a unique resour In Havering and beyond, and when the continulng reduction In services by the local authorltyi health and other charltles are considered, our provlslon is more vltal than ever, Our future operatlons wlll continue to be carefully planned around the needs of the children and families. Our alm Is to grow the level of Servi In Ilne with the fundlng streams that are avallable. The multl-year funding from The Natlonal Lottery, whlch funds a sl9nlflcant proportlon of our Famlly Support has brought about a financial stabillty that there has not been for a number or years, and we expect that our outcome 2024-25 will be at least break-even posltion as we need to grow reserves If we are to Increase provision. Family Support remalns our priority as our core servlce, and we can only grow our support for families and chlldren as we secure funding for them. However, Trustees have agreed to fund an Increased level of Fundraising activity as a longer-term investment, utilising a restricted fund, a5 the long-term sustainable future of Flrst Step, is contingent on a not only maintalning, but growlng our income year on year beyond the rate of Inflatlon. We anticipate that the levels of referral will continue to grow during the comlng year, and anticipate that our delivery wlll be stretched. There is no doubt In our minds that First step offers support that Is slmply not available elsewhere and there is a huge and growlng need for familles of children wlth special needs andlor disabilities to have this help and assIstan. We are corrbmitted to maintaining and growing the support we offer, and we will do everythlng posslble to ensure that First Step provides this unique Serv1 for generations to come. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity Is controlled by its governing document, a deed of trust, and constitutes a limlted companyi limited by guarantee, as deflned by the Companies Act 2006. Page 4
FIRST STEP OPPORTUNrtY GROUP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Charity constitution The Company is registered as a Charltable Company limited by guarantee and was set up by Memorandum of Association. Members of the Company guarantee that In the event of the Company's Insolvency and if requested, each member will contrlbute to its liabilities to a maximum of £1.00. Oryanlsational structure None of the trustees have any beneficial interest in the company. All of the tnjstees are members of the company and guarantee to contribute £1.00 in the event of a winding up. Flrst Step Is commltted to enabllng and supporting its trustees to fulfil the Responsibilities of the Board as Identlfled by the National Council for Volunta ry Organlsatlons (NCVO) which a re to: o Further the charity's overall purpose, as set out In its governlng document, and setting Its directlon and strategy, o Make sure the work of the charlty Is effettlve, responsible and legal. o Safegiiardlng people as well as finances, resources and property and making sure they're used to further the ¢harlty's purposes. o Be 'accountable' to those with an interest or stake In or who regulate the charity. o Be clear about the people who carry out work for the tharlty trustees, staff, volunteers settlng up and respectlng boundaries between the governance role of the board and operatlonal or day to day matters. o Make sure the board operates effectlvely by taklng account of good practlce, as mentloned in the Charlty Governance Code. There is an expectatlon that trustees wlll attend trainlng or courses that are agreed, as part of thelr commitment and responslblllty to thelr role. Discussions are held wlth the Chalr of Trustees or CEO and new trustees to Identify speclfic tralnlng needs. New trustees are: Given a pack of Informatlon on the organlsatlon of First step and all relevant paperwork to support thelr role Invited to Flrst Step to observe some of the sesslons and meet staff Have discusslons wlth the Chalr of Trustees and CEO to identify trainlng or support needs Asked to complete a checklist relative to First Step when they joln arKt another in 314 months and have a revlew meeting with the Chair of trustees and CEO Given the opportunity to meet with and get to know other trustees in the soclal tlme allocated before the start of the formal business meetings Provlded information on training provided by levant organisations The general governance of the charlty Is the responsibillty of the trustees, however the day to day operation is delegated to the CEO. The CEO will take any matters of variation to trustees. meetlngs for deci51on making. Control procedures are in place to cover all areas of rlsk, l.e. Strategic, Operational, Flnancial, Regulatory, Human Resour and Reputational. The comprehenslve Risk Management Schedule is continuously reviewed and updated to support trustees in the monitoring process of these areas. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 04767369 (England and Wale5) Registered Charity number 1106002 Page 5
FIRST STEP OPPORTLINITY GROUP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Registered office Tangmere Crescent Hornchurch Essex RM12 5PP Trustees R Mccorry - Chair G Webb B Anderson B Peters (resigned 301312024) L Van Den Hende (reslgned 291212024) N Sawyer M Flower L Topps M Thompson (reslgned 261612023) I Gorsuch Treasurer (appointed 221512023) S Powell (appolnted 30/1012023) Independent Examiner Clemence Hoar Cummings Chartered Accountants Rlverside House 1-5 Como Street Romford Essex RM7 7DN Approved by order of the board of trustees on 27 January 2025 and slgned on Its behalf by: R Mccorry - Chair- Trustee Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FIRST STEP OPPORTUNITY GROUP rndependent examiner's report to the trustees of First step Opportunity Group ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also Its directors for the purposes of company law) you are responsible for the preparation of the accounts In accordance with the requirements of the Companles Act 2006 ('the 2006 Act,). Having satlsfled myself that the accounts of the Company are not requlred to be audlted under Part 16 of the 2006 Act and are ellglble for Independent examination, I report in respect of my examlnallon of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act,). In carrylng out my examination I have followed the Dlrectlons given by the Charlty Commlsslon under Section 145(5) (b) of the 2011 Act. Independent examiner's statement Since your charity's gross Income exceeded £250,000 your examiner must be a member of a Ilsted body. I can conflrm that l am qualified to undertake the examlnatlon because l am a member of the Associatlon of Chartered Certlfled Accountants, whlch is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attentlon In connectlon wlth the examlnation glvlng me cause to belleve: accounting records were not kept In respect of the Company as required by Sectlon 386 of the 2006 Act,. or the accounts do not accord wlth those records. or the accounts do not comply wlth the accounting requirements of Sectlon 396 of the 2006 Act other than any requirement that the accounts glve a true and fair view which is not a matter consldered as part of an Independent examlnatlon. or the accounts have not been prepared In accordance wlth the methods and prlnciples of the Statement of Recommended Practice for accounting and reportlng by charitles (appllcable to charltles preparlng thelr accounts In accordan with the Financial Reportlng Standard appllcable in the UK and Republlc of Ireland (FRS 102)). I have no concerns and have come across no other matters in connectlon wlth the examination to whlch atteiition should be drawn in this report in order to enable a proper understanding of the accounts to be reached. IG Lee Blunden FCCA CTA Clemence Hoar Cummlngs Chartered Accountants Riverside House 1-5 Como Street Romft)rd Essex RM7 7DN 27 January 2025 Page 7
FIRST STEP OPPORTUNITY GROUP STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donatlons and legacles 140,820 73,402 214,222 286,218 Charitable activlties Family support Holiday sessions 3,482 485 3,482 485 4,022 407 Other tradlng actlvltles Investment Income other income 88,919 3,395 5,025 88,919 3,395 5,025 41,304 1,865 17,750 Total 241126 73,402 315,528 351,566 EXPENDITURE ON Ralsing funds 84,943 4,067 89,010 78,754 Charitable activities EdLFcational services Family support Holiday sesslons tota I 144 104,753 4.273 144 224,710 5,354 119,957 1,081 195,266 3,820 New projects 77,873 77,873 114,787 Total 194,113 202,978 397,091 392,627 NET INCOME/(EXPENDITURE) 48,013 {129,576) (81,563) {41,061) RECONCXLIATION OF FUNDS Total funds brought forward 146,284 546,581 692,865 733,926 TOTAL FUNDS CARRIED FORWARD 194,297 417,005 611,302 692,865 The notes form part of these financial statements Page 8
FIRST STEP OPPORTUNITY GROUP (REGISTERED NUMBER: 04767369) STATEMENT OF FINANCIAL POSITION 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible assets 13 358,252 409,354 CURRENT ASSETS Debtors Cash at bank and In hand 14 59,289 218,654 82,416 242,041 277,943 324,457 CREDITORS Amounts falling due wlthin one year 15 (24,893) (40,946) NET CURRENT ASSETS 253,050 283,511 TOTAL ASSETS LESS CURRENT LIABILITIES 611,302 692,865 NET ASSETS 611,302 692,865 FUNDS Unrostricted funds Restrlcted fu nds 18 194,297 417,005 146,284 546,581 TOTAL FUNDS 611,302 692,865 The charltable company Is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtaln an audlt of Its flnanclal statements for the year ended 31 March 2024 In accordance wlth Scctlon 476 of the Companies Act 2006. The trustees acknowledge thelr responsibilities for (a) ensurlng that the charitable company keeps accountlng records that comply wlth Sectlons 386 and 387 of the Companles Act 2006 ar)d preparlng financlal statements which give a true and fair view of the state of affalrs of the charitable company as at the end of each flnanclal year and of Its surplus or deflcit for each flnanclal year In accordance wlth the requirements of Sections 394 and 395 and whlch otherwlse comply with the requirements of the Companles Act 2006 relatlng to flnanclal statements, so far as appllcable to the charitable company. (b) These financial statements have been prepared In accordance wlth the provlslons applicable to charitable companies subject to the small companles regime. The financlal statements were approved by the Board of Trustees and authorlsed for Issue on 27 January 2025 and were signed on its behalf by: R Mccorry Chalr - Trustee I Gorsuch asurer - Trustee The notes form part of these financial statements Page 9
FIRST STEP OPPORTUNITY GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, whlch is a publlc beneflt entlty under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applica ble to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republlc of Ireland (FRS 102) (effectlve l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard appllcable In the UK and Republlc of Ireland, and the Companies Act 2006. The flnancial statements have been prepared under the hlstorfcal cost convention. Company status The Company Is Ilmlted by guarantee. The members of the Company are the Trustee5 named on page l. In the event of the Company belng wound up, the liabllity In respect of the guarantee is limited to £1 per member of the Company. Income All income Is recognlsed in the Statement of Flnanclal Activitie5 once the charlty has entitlement to the funds, it is probable that the Income wlll be CeIved and the amount can be measured rellably. For legacles, entltlement Is taken as the earlier of the date on whlch either.. the company Is aware that probable has been granted, the estate has been finallsed and notlfication has been made by the executor(s) to the Trust that a distributlon wlll be made, or when a distribution Is recelved from an estate. Recelpt of a legacyi in whole or In part, Is only considered probable when the amount can be measured rellably and the Company has been notlfled of the executorfs intentlon to make a dlstrlbutlon. Where legacies have been notlfled to the Companyi or the Company Is aware of the granting of probate, and the criteria for Income recognltlon have not been met, then the legacy Is treated as a contlngent asset and dls¢losed If materlal. Donatlons are credited to the Statement of Flnanclal Activities (SOFA) In the year In whlch they are receivable, For condltlonal donations, where a clawback provlslon Is In place should the event donated to not take place, these donatlons are recognised once the event has taken place. Grants receivable and Local Authorlty fees are credited to the Statement of Flnanclal Activltles (SofA) in the year in whlch they are receivable. Income is deferred only when the Charity has to fulfll condltlons becoming entltled to It or where the donor has specified that the Income 15 to be expended In a future perlod. Donated servlces or facllltles are recognised when the company has control over the Item, any condltlons associated with the donated Item have been met, the recelpt of economlc benefit from the use of the company of the item Is probable and that economlc benefit can be measured reliably, In accordance witli the Charities SORP {FRS 102), the general volunteer time of the Frlends is not recognised and refer to the Trustees, report for more Informatlon about thelr contribution. On recelpt, donated professional servlces and donated facillties are recognised on the bassl of the value of the gift to the Company which is the amount the Company would have been willing to pay to obtaln service5 or facilities of equ Ivalent economlc benefit on the open market. a corresponding amount is then recognised in expenditure in the period of Ceipt. Income tax recoverable In relatlon to donations received under Glft Ald or deeds of covenant Is recognlsed at the time of the donation. Income tax recoverable In relatlon to investment Income Is recognlsed at the time the investment income is re[vable. Page 10 continued...
FIRST STEP OPPORTUNITY GROUP NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contlnued Expenditure Llabllitles are recognlsed as expendlture as soon a5 there is a legal or construttlve obllgatlon committing the charity to that expenditure, it Is probable that a transfer of economic benefits will be requlred in settlement and the amount of the obllgation can be measured reliably. Expenditure Is classlfied by activlty, The costs of each activity are made up of the total of dlrect costs and shared costs, including support costs involved in undertaking each activity. Shared costs whlch contrlbute to more than one activity and support cost which are not altrlbutable to a sing le actlvity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basi5 of tlme spent, and depreclation charges allocated on the portlon of the asset's use. Costs of generatlng funds are costs Incurred In attracting voluntary income, and those Incurred In trading activities that ralse funds. Charitable activltles are costs Incurred on the company's educational operatlons, Includlng support costs and costs relating to the governance of the company apportioned to charltable actlvities. All expendlture Is incluslve of Irrecoverable VAT. Interest receivable Interest on funds held on deposit is included when recelvable and the amount can be measured reliably by the company; this is normally upon notlfication of the Interest paid or payable by the Bank. Operating leases Rentals under operatlng leases are charged to the Statement of Flnanclal Actlvltles incorporating Income and expendlture account on a stralght Ilne basis over the lease term. Tangible fixed assets Depreclatlon Is provlded at the followlng annual rates in order to wrlte off each asset over Its estlmatcd useful Ilfe. Leasehold property Property addltlons Flxtures and fittlngs Motor vehlcles Computer equipment 4Wo on cost 20 % on cost 25Vo on cost 250/0 on cost 25 % on cost Debtors Trade and other debtors are recognised at the settlement amount after any trade dlscount offered, Prepayments are valued at the amount prepald net of any trade discounts due. Cash at Bank and in Hand Cash aL bank and in hand includes cash and short term highly liquld Investments wlth a short term maturlty of three months or less from the date of acqulsition or openlng of the deposSt or slmilar account. Liabilities and Provisions Liabilities are recognised when there Is an obligation at the Balance sheet date os a result of a past event, It Is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estlmated reliably. Liabilities are recognlsed at the amount that the company anticipates it will pay to Settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obllgatlon. Where the effect of the time value of money is material, the provislon Is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount IS recogn Ised wlthln Interest payable and similar charges. Page 11 continued..
FIRST STEP OPPORTUNITY GROUP NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Taxation The charlty Is considered to pass the tests set out in Paragraph I Schedule 6 of the Flnance Act 2010 and therefore it meets the deflnltlon of a Charitable Company for UK corporation tax purposes, Accordlngly, the charity 15 Potentially exempt from taxation In respect of income or galns recelved wlthin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxallon of Chargeable Gains Act 1992, to the extent that such income or galns are applied excluslvely to charltable purposes. Fund accountlng Unrestricted funds can be used In accordance with the charltable objectives at the dlscretlon of the trustees. Restricted funds can only be used for particular restrlcted purposes withSn the objects of the charlty, Restrictlons arise when speclfled by the donor or when funds are raised for partlcular restrlcted purposes. Deslgnated funds comprise unrestrlcted funds that have been set aside by the Trustees for particular purposes. The alm and use of each deslgnated fund Is set out In the notes to the flnandal statements. Further explanatlon of the nature and purpose of each fund is Included In the note5 to the financlal statements. Penslons The Charity operates a deflned contrlbution penslon scheme and the penslon charge represents the amounts payable by the charlty to the fund In respect of the year. DONATIONS AND LEGACIES 2024 2023 Corporate donatlons Donatlons and glft ald Voluntary grants 26,932 107,309 79,981 29,178 64,501 192,539 214,222 286,2 18 OTHER TRADING ACTIVITIES 2024 2023 Fundraislng events Hall hlre and services 58,879 30,040 34,589 6,715 88,919 41,304 INVESTMENT INCOME 2024 2023 Deposit account Interest 3,395 1,865 Page 12 continued..
FIRST STEP OPPORTUNITY GROUP NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Family support Holiday sessions Other Income other income 3,482 485 4,022 407 3,967 4,429 OTHER INCOME 2024 2023 other Income 5,025 17,750 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 8) Educatlonal Services Famlly support Hollday sessions 144 224,710 5,354 230,208 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Staff costs other costs Depreciatlon 115,684 65,977 48,547 99,978 50,473 48,635 230,208 199,086 NET INCOME/(EXPENDITURE) Net Income/(expendltu ) Is stated after charglng/(crediting): 2024 2023 Depreclatlon - owned assets Independent examIneS fees 51,102 4,473 51,194 4,677 10. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page 13 contlnued...
FIRST STEP OPPORTUNITY GROUP NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 11. STAFF COSTS 2024 2023 Wages and salarles 169,051 148,799 169,051 148,799 The key management personnel of the charity in charge of directing and controllingi running and operating the charlty on a day to day basis cotnprise the Trustees and M Halls, Chlef Executive Offlcer. The total remuneratlon (Including taxable benefits and employer's penslon contributions) of the key management personnel for the year was £60,507 (2023: £56,813) The average monthly number of employees during the year was as follows: 2024 2023 Total The number of employees whose employee benefits (excludlng employer penslon costs) exceeded £60,000 was: 2024 2023 £60,001 £70,000 12. COMPARATIVES FOR THE STATEMENT OF FXNANCIAL ACTIVITIES - 31 MARCH 2023 Unrestrlcted Restricted funds funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacles 109,767 176,451 286,218 Charltable activities Famlly support Holiday sessions 4,022 407 4,022 407 other trad Ing activities Investment Income Other Income 41,304 1,865 17,750 41,304 1,865 17,750 Total 175,115 176,451 351,566 EXPENDITURE ON Raislng funds 76,234 2,520 78,754 Charitable activities Famlly support Hollday sessions 82,640 2,944 112,626 876 195,266 3,820 New projects 5,338 109,449 114,787 Total 167,156 225,471 392,627 NET INCOME/(EXPENDITURE) 7,959 (49,020) (41,061) RECONCILIATION OF FUNDS Total funds brought forward 138,324 595,602 733,926 Page 14 continued...
FIRST STEP OPPORTUNITY GROUP NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 12. COMPARATIVES FOR THE STATEM ENT OF FINANCIAL ACTIVITIES - 31 MARCH 2023 - continued Unrestrlcted funds Restricted funds Total funds TOTAL FUNDS CARRIED FORWARD 146,283 546,582 692,865 13. TANGIBLE FIXED ASSETS Fixture5 and flttlngs Leasehold property Property addltlons COST At l April 2023 and 31 March 2024 1,153.673 31,630 114,039 DEPRECIATION At l Aprll 2023 Charge for year 755,990 46,147 31,630 108,754 1,762 At 31 March 2024 802,137 31,630 110,516 NET BOOK VALUE At 31 March 2024 351,536 3,523 At 31 March 2023 397,683 5,285 Motor vehicle5 Computer equlpment Totals COST At l Aprll 2023 and 31 March 2024 42,903 12,771 1,355,016 DEPRECIATION At l Aprll 2023 Charge for year 42,903 6,385 3,193 945,662 51,102 At 31 March 2024 42,903 9,578 996,764 NET BOOK VALUE At 31 March 2024 3,193 358,252 At 31 March 2023 6,386 409,354 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments and accrued Income 10,977 48,312 (29) 82,445 59,289 82,416 Page 15 continued..
FIRST STEP OPPORTUNITY GROUP NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 15. CREDITORS. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade credltors other creditors Accruals and deferred Income 7,148 6,361 11,384 3,742 22,597 14,607 24,893 40,946 16. LEASING AGREEMENTS Minlmum lease payments under non-cancellable operating leases fall due as follows: 2024 2023 within one year Between one and flve years In more than flve years 8,364 33,456 25,092 8,364 33,456 33,456 66,912 75,276 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total funds 2023 Total funds Unrestricted funds Restrlcted funds Fixed assets Current assets Current Ilablllties 358,252 (139,062) (24,893) 358,252 277,943 (24,893) 409,354 324,457 (40,946) 417,005 194,297 417,005 611,302 692,865 Included In restrlcted funds is a long-term leasehold property With a net book value of £351,536 (2023: £397,683). The basls of the property belng In restrlcted funds Is that the terms of the 25 year lease on the property speclfy certain restrictions on Its use by the charlty. The ortglnal expenditure on the property was £1,153,673 and this related to the refurbishment of the property. The charlty rnlsed the necessary funds to pay for thls. The expenditure was capltalised and Is now being depreciated over the lease term of 25 years. Page 16 continued...
FIRST STEP OPPORTUNITY GROUP NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS Net movement In funds Transfers between funds At 31,3.24 At 1.4.23 Unrestricted funds General fund 146,284 48,013 194,297 Restrlcted funds Long Term Leasehold Properly Depreciation Fund Appeal Income Veolla Environmental Trust Awards for All Glven Wilson Institute The Natlonal Lottery Asset Depreclatlon Fund 397,683 68,681 35,221 4,996 25,000 15,000 (46,147) (47,936) (31,698) (2,498) (1,547) 250 351,536 20,745 (3,523) (2,498) 23,453 15,250 6,021 6,021 546,581 (129,576) 417,005 TOTAL FUNDS 692,865 (81,563) 611,302 Net movement In funds, Included in the above are as follows: Incoming resources Resources expended Movement In funds Unrestricted funds General fund 242,126 (194,113) 48,013 Restrlcted funds Long Tcrm Leasehold Property Depreciation Fund Appeal Income Veolla Envlronmental Trust Awards for All Given W1150n Institute The National Lottery (46,147) {47,936) (31,698) (2,498) (1,547) (73,152) {46,147} (47,936) (31,698) (2,498) (1,547) 250 73,402 73,402 (202,978) (129,576) TOTAL FUNDS 315,528 (397,091) (81,563) Page 17 continued...
FIRST STEP OPPORTUNITY GROUP NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS- continued Comparatlves for movement in funds Net movement In funds Transfers between funds At 31.3.23 At 1.4.22 Unrestricted funds General fund Deslgnated 125,891 7,960 12,433 146,284 12,433 (12,433) 138,324 7,960 146,284 Restricted f unds Long Term Leasehold Property Depreciation Fund Appeal Income Veolla Environmental Trust Awards for All Given Wllson Institute The Natlonal Lottery 443,829 78,060 66,219 7,494 (46,147) (9,379) (30,997) (2,498) 25,000 15,000 397,682 68,681 35,222 4,996 25,000 15,000 595,602 (49,021) 546,58 1 TOTAL FUNDS 733,926 (41,061) 692,865 Comparative net movement In funds, 5nduded In the above are as follows: Incoming resources Resources expended Movement In funds U nrestricted funds General fund 175,115 (167,155) 7,960 Restrlcted f unds Long Term Leasehold Property Depreciation Fund Appeal Encome Veolia Envlronmental Trust Awards for All Given Wllson Institute The National Lottery (46,147) (9,379) {101,832) (2,498) (46,147) (9,379) (30,997) (2,498) 25,000 15,000 70,835 25,000 80,616 (65,616) 176,451 (225,472) (49,021) TOTAL FUNDS 351,566 (392,627) (41,061) LONGTERM LEASEHOLD PROPERTY DEPRECIATION FUND The long-term leasehold property fund relates to the refurbishment of the premlses used by the charltyi whlch is being depreclated over 25 years. During the year, depreciation of £46,147 was charged (2023: £46,147). The net book value of the property at the year end was £351,536 (2023: £397,683). APPEAL INCOME The appeal income fund has been created to establlsh a means of supporting the ongoing charitable actlvltles of First step. GIVEN WILSON INSTITUTE The Given Wilson Institute funds were received to fund First Step to build a long-term source of Income to make First Step more sustainable. Page 18 continued..
FIRST STEP OPPORTUNITY GROUP NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS- continued NATIONAL LOTTERY The National Lottery funding was received to fund Flrst step's Family First Project delivering Family Support Sesslons. VEOLIA FUND The Veolia funds were received to be used towards improvement works to make the bullding more suitable for community use ASSET DEPRECIATION FUND Thls fund represents the net book value of assets purchased using funds which have been spent In full at the year end. This fund will be unwound as the assets depreciate. 19. RELATED PARTY DISCLOSURES There were no related party trdnsactlons for the year ended 31 March 2024. Page 19