2024-03-31-accounts - The Offshoot Foundation

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

REGISTERED CHARITY NUMBER: 1163287

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2024

for

The Offshoot Foundation

Knights Lowe Chartered Accountants Eldo House Kempson Way Suffolk Business Park Bury St Edmunds Suffolk IP32 7AR

The Offshoot Foundation

Contents of the Financial Statements for the Year Ended 31 March 2024

	Page
Report of the Trustees	1 to 4
Independent Examiner's Report	5
Statement of Financial Activities	6
Balance Sheet	7
Notes to the Financial Statements	8 to 14
Detailed Statement of Financial Activities	15

The Offshoot Foundation

Report of the Trustees for the Year Ended 31 March 2024

The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity aims to empower, enthuse, and inspire disadvantaged people to develop life skills and raise aspirations using a range of creative media in order to better equip them to reach their full potential.

The objectives of the charity is to engage with disadvantaged people using creative media to:

Teach the attendees technical and communication skills
Build confidence
Develop team leading skills
Using people who have already completed courses to mentor new participants
To build up the mentors work experience, to be included in their CVs and portfolios
Can help encourage the mentor into further education in media courses or into work.

Significant activities

During the prior year, the charity engaged with many Councils, Schools and youth groups to provide courses mainly across the East Anglian region as well as London and Birmingham. The charity continues to grow, and a new funding stream was from the Healthy Activity Fund. (HAF)

Public benefit

The main activities for the year are to provide film courses to disadvantaged people and children, help them build skills useful in a workplace environment as well as everyday life.

The key actions employed to achieve the Charity's objectives are to:

Provide free film courses to people in disadvantaged areas in conjunction with local Councils.
Gain access to Schools to also run film workshops.
Involve previous participants of the courses to come back to help as Mentors to develop their skills and experience further.

In doing this the Trustees have had regard to the guidance provided by the Charities Commission on public benefit.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The charity was established on 25 August 2015 as a CIO, and this is the current form it operates under. However, the charity was initially established in 2008.

Paul Press is the charity's Chief Executive and is involved in running many of the film courses himself. He has many useful contacts and has used these as well as other leads to generate a good level of interest in the film workshops both from Local Councils and Schools.

The level of the film workshops has grown and seen a marked improvement in this financial year, but more importantly, the courses have proved popular with attendees. This has allowed previous Participants of the courses to come back as Mentors more often and assist Paul in running these.

The charity continues to try and promote its film workshops further and is applying for grants and service level agreements to try and achieve this with a good level of success. However, the trustees accept that the current economic outlook as it develops could impact the availability of funds to apply for.

Page 1

The Offshoot Foundation

Report of the Trustees for the Year Ended 31 March 2024

FINANCIAL REVIEW

Financial position

The charity continues to attract income from providing film workshops mainly in the form of grants. Income has however decreased slightly in the year to £158,372 compared to £169,873 the year before.

A loss for the financial year is £5,534 compared to a profit of £28,809 the year before.

Total unrestricted funds at year-end were £33,130 compared to £38,664 the year before. There are no restricted funds.

Principal funding sources

The principal funding sources for the charity are grants to enable it to meet its charitable objectives. During the year these grants were chiefly from Norfolk County Council, Enfield Borough Council, Suffolk County Council, West Suffolk Council, East Suffolk Council, Academies, and Schools. A new funding notable funding stream was from the National Lottery.

The charity does not carry out significant fundraising activities with the public.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. There are no material uncertainties about the charity's ability to continue operating. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements.

FUTURE PLANS

The charity continues to apply for funding to provide creative media/film workshops. The idea is to maintain good coverage in the Suffolk and Norfolk area but also expand the coverage of these courses and ultimately the charity into new geographical locations. This will allow the charity to benefit more people. A new two-year business plan has been developed for 2023- 2025.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

These accounts present the results for a full year of trading.

The financial statements have been prepared in accordance with the accounting policies set out herein and comply with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2015).

Charity constitution

The Offshoot Foundation became a Charitable Incorporated Organisation (CIO) with UK registered charity number 1163287 in August 2015 and is governed by its Constitution which was adopted on 25 August 2015.

Recruitment and appointment of new trustees

As set out in the Constitution the Board of Trustees must comprise at least 3 and not more than 12 individuals. If the number falls below this minimum, the remaining trustees may act only to call a meeting of the charity trustees or appoint a new charity trustee. Trustees are appointed for an initial term of 4 years, and are selected based on their skills, knowledge, and experience, to provide the CIO with a broad skill set needed for its effective administration.

Trustees who served during the year were: A Cloke (appointed 1 January 2013) P Nicholas (appointed 1 January 2013) S Williams (appointed 1 January 2013, resigned 1 November 2023) P I Brown (appointed 1 December 2015) J.Mckeller (appointed 13 December 2022) L J Beales (appointed 09 June 2023)

Page 2

The Offshoot Foundation

Report of the Trustees for the Year Ended 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure

The Board of Trustees administer the CIO. The Board meets at least four times a year for a full Board meeting.

The Offshoot Foundation is managed on a day-to-day basis by Paul Press, Chief Executive. He reports to the Board of Trustees at their quarterly meetings. The Trustees are responsible for the charity's strategic direction and overall policies. There is a fundraising sub-committee that meets bi-monthly. Paul Press is the lynchpin between the Trustees, the session workers, and the young people, as well as being the representative for the organisation with other professionals.

The Board is responsible for the employment and terms and conditions of the Chief Executive and general pay and remuneration terms of all employees.

Decision making

The board of trustees is the principal decision-making body of the charity. Any decisions taken by the trustees in the running of the charity are done so in regular meetings of the trustee board.

Induction and training of new trustees

There is an informal induction process for new Trustees, each meeting with the Chairman of the Board prior to attending their first full board meeting. Copies of the CIO's Constitution, latest Annual Report and statement of accounts are made available to the new trustee.

During the first Board meeting, the new trustee will meet key employees and the other trustees. Trustees are also provided with a copy of the Charity Commission publication CC3 "The Essential Trustee". Further training opportunities are identified throughout the year and various trustees will attend seminars providing feedback at relevant board meetings.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1163287

Principal address

19 Kings Hill Great Cornard Sudbury Suffolk CO10 0EH

Trustees

Paul Nicholas (Chair) Paul Irving Brown Ann Cloke Sarah Williams (resigned 1.11.23) Leighann Jayne Beales (appointed 9.6.23) James McKellar

Independent Examiner

Knights Lowe Chartered Accountants Eldo House Kempson Way Suffolk Business Park Bury St Edmunds Suffolk IP32 7AR

Page 3

The Offshoot Foundation

Report of the Trustees for the Year Ended 31 March 2024

Approved by order of the board of trustees on 27 September 2024 and signed on its behalf by:

Paul Nicholas - Trustee

Page 4

Independent Examiner's Report to the Trustees of The Offshoot Foundation

Independent examiner's report to the trustees of The Offshoot Foundation

I report to the charity trustees on my examination of the accounts of The Offshoot Foundation (the Trust) for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

J Knights ACA, BSc

Knights Lowe Chartered Accountants Eldo House Kempson Way Suffolk Business Park Bury St Edmunds Suffolk IP32 7AR

Date: .............................................

Page 5

The Offshoot Foundation

Statement of Financial Activities for the Year Ended 31 March 2024

Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 158,372 EXPENDITURE ON Charitable activities 4 Providing courses 163,906 NET INCOME/(EXPENDITURE) (5,534) RECONCILIATION OF FUNDS Total funds brought forward 38,664 TOTAL FUNDS CARRIED FORWARD 33,130	Restricted fund £ - - - - -	2024 Total funds £ 158,372 163,906 (5,534) 38,664 33,130	2023 Total funds £ 169,873
			141,064
			28,809 9,855
			38,664

The notes form part of these financial statements

Page 6

The Offshoot Foundation

Balance Sheet

31 March 2024

Unrestricted Restricted fund fund Notes £ £ FIXED ASSETS Tangible assets 8 14,539 - CURRENT ASSETS Debtors 9 1,611 - Cash at bank 30,281 - 31,892 - CREDITORS Amounts falling due within one year 10 (13,301) - NET CURRENT ASSETS 18,591 - TOTAL ASSETS LESS CURRENT LIABILITIES 33,130 - NET ASSETS 33,130 - FUNDS 11 Unrestricted funds TOTAL FUNDS	2024 Total funds £ 14,539 1,611 30,281 31,892 (13,301) 18,591 33,130 33,130 33,130 33,130	2023 Total funds £ 18,263 8,816 24,488 33,304 (12,903) 20,401 38,664 38,664 38,664 38,664

The financial statements were approved by the Board of Trustees and authorised for issue on 27 September 2024 and were signed on its behalf by:

Paul Nicholas - Trustee

The notes form part of these financial statements

Page 7

The Offshoot Foundation

Notes to the Financial Statements for the Year Ended 31 March 2024

1. GENERAL INFORMATION

These financial statements cover the individual charity; The Offshoot Foundation only.

All transactions are reported in £ Sterling, rounded to whole pounds only.

The financial statements comply with the provisions of SORP 2019.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7;
the requirement of paragraph 24(b) of IFRS 6.

Income

All income is recognised in the Statement of Financial Activities once all of the following criteria have been met:

The charity has entitlement to the funds
Any performance conditions attached to the items of income have been met or are fully within the
control of the charity
There is sufficient certainty that receipt of the income is considered probable
The amount can be measured reliably

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and is classified by activity. The costs of each activity are made up of direct costs and shared costs, including support costs involved in undertaking each activity.

Direct costs attributable to a single activity are allocated directly to that activity.

continued...

Page 8

The Offshoot Foundation

Notes to the Financial Statements - continued

for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Expenditure

Support costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between activities on a basis consistent with the use of the resources.

Central staff costs are allocated on the basis of time spent and depreciation charges allocated on the portion of the asset's use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any support costs.

All expenditure is inclusive of irrecoverable VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

33% on cost

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

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 restricted purposes. The costs of raising and administering such funds are charged against the specific fund.

There are currently no restricted funds held in the charity.

Going concern

After making appropriate enquiries and taking into consideration future income streams, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they have adopted a going concern basis in preparing the financial statements.

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

continued...

Page 9

The Offshoot Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

3. DONATIONS AND LEGACIES

Donations Grants Grants received, included in the above, are as follows: Norfolk County Council Enfield Borough Council Babergh District Council Mid-Suffolk District Council Victoria Acadamies Gorseland Primary School Souter Charitable Trust Suffolk County Council National Lottery Ipswich Borough Council Jubilant Sinfornia Viva The Tudwick Foundation West Suffolk County Council Mrs LD Rope Breckland Youth Advisory Board John Egging Trust Laura Jackson City University Langdon Community Eastern Angles Woodbridge Road Academy East Suffolk County Council Percy Bilton Ashley Family Foundation Acorn Park School Chelmsford City Council	2024 £ 17,964 140,408 158,372 2024 £ 22,755 4,524 - - 4,400 2,300 - 39,876 9,953 - - 300 - 15,746 - 2,500 200 1,600 1,000 100 500 570 21,306 4,629 4,126 3,523 500 140,408	2023 £ 6,435 163,438
		169,873
		2023 £ 81,260 4,475 10,030 5,797 4,000 2,300 3,000 11,311 - 7,586 1,500 1,500 2,280 26,399 2,000 - - - - - - - - - - - -
		163,438

continued...

Page 10

The Offshoot Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

4. CHARITABLE ACTIVITIES COSTS

Providing courses 5. SUPPORT COSTS Management £ Providing courses 80,151 Support costs, included in the above, are as follows: Wages Pensions Room hire Rates and water Insurance Computer costs Postage and stationery Advertising Sundries Travel and subsistance Depreciation of tangible and heritage assets Subscriptions HMRC interest Accountancy and legal fees		Support Direct costs (see Costs note 5) £ £ 77,889 86,017 Governance Finance costs £ £ 218 5,648 2024 Providing courses £ 42,000 1,073 9,082 1,620 1,005 1,261 1,126 851 2,700 6,291 10,837 2,305 218 5,648 86,017	Totals £ 163,906 Totals £ 86,017 2023 Total activities £ 10,500 - 6,621 1,520 289 784 2,048 770 2,726 3,483 7,155 1,680 - 5,499 43,075

6. TRUSTEES' REMUNERATION AND BENEFITS

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

continued...

Page 11

The Offshoot Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 169,873 EXPENDITURE ON Charitable activities Providing courses 141,064 NET INCOME 28,809 RECONCILIATION OF FUNDS Total funds brought forward 9,855 TOTAL FUNDS CARRIED FORWARD 38,664 8. TANGIBLE FIXED ASSETS COST At 1 April 2023 Additions At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023	Restricted Total fund funds £ £ - 169,873 - 141,064 - 28,809 - 9,855 - 38,664 Plant and machinery £ 38,389 7,113 45,502 20,126 10,837 30,963 14,539 18,263	Total funds £ 169,873
		141,064
		28,809 9,855
		38,664

continued...

Page 12

The Offshoot Foundation

Notes to the Financial Statements - continued

for the Year Ended 31 March 2024

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors Prepayments 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors 11. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS	At 1.4.23 £ 38,664 38,664 Incoming resources £ 158,372 158,372 At 1.4.22 £ 9,855 9,855	2024 2023 £ £ 1,611 8,384 - 432 1,611 8,816 2024 2023 £ £ 1,386 1,398 2,207 2,983 9,708 8,522 13,301 12,903 Net movement At in funds 31.3.24 £ £ (5,534) 33,130 (5,534) 33,130 Resources Movement expended in funds £ £ (163,906) (5,534) (163,906) (5,534) Net movement At in funds 31.3.23 £ £ 28,809 38,664 28,809 38,664

continued...

Page 13

The Offshoot Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

11. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 169,873 169,873	Resources Movement expended in funds £ £ (141,064) 28,809 (141,064) 28,809

A current year 12 months and prior year 12 months combined position is as follows:

		Net
		movement	At
	At 1.4.22	in funds	31.3.24
	£	£	£
Unrestricted funds
General fund	9,855	23,275	33,130
TOTAL FUNDS	9,855	23,275	33,130

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 328,245 328,245	Resources Movement expended in funds £ £ (304,970) 23,275 (304,970) 23,275

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

Page 14

The Offshoot Foundation

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

INCOME AND ENDOWMENTS Donations and legacies Donations Grants Total incoming resources EXPENDITURE Charitable activities Media equipment purchases Course providers & contractors Support costs Management Wages Pensions Room hire Rates and water Insurance Computer costs Postage and stationery Advertising Sundries Travel and subsistance Plant & machinery depreciation Subscriptions Finance HMRC interest Governance costs Accountancy and legal fees Total resources expended Net (expenditure)/income	2024 £ 17,964 140,408 158,372 158,372 10,676 67,213 77,889 42,000 1,073 9,082 1,620 1,005 1,261 1,126 851 2,700 6,291 10,837 2,305 80,151 218 5,648 163,906 (5,534)	2023 £ 6,435 163,438
		169,873
		169,873 16,086 81,903
		97,989 10,500 - 6,621 1,520 289 784 2,048 770 2,726 3,483 7,155 1,680
		37,576 - 5,499
		141,064
		28,809

This page does not form part of the statutory financial statements

Page 15

Virtual Cabinet Portal Digital Signatures

Digital Signature Verification

You can verify that this is a genuine Virtual Cabinet Document Portal signed document by uploading it to the following secure web page:

https://www.virtualcabinetportal.com/VerifySignedDocument

Signature Dates and Times

All dates and times shown in the signatures below are expressed in Coordinated Universal Time (UTC), which is generally equivalent to GMT. You can find out more about UTC at the following web page:

http://www.virtualcabinetportal.com/WhatIsUTC

Signature 1

Signed by Paul Nicholas using authentication code wqNGQy9Rcm0oMyFTQw== at IP address 92.31.243.66, on 2024/09/28 16:46:47 Z.

Paul Nicholas's e-mail address is: paul.nicholas1@googlemail.com.

Signature 2

Signed by James Knights using authentication code YklMbCUkWGp8RFhF at IP address 20.117.102.58, on 2024/09/30 16:36:48 Z.

James Knights's e-mail address is: james@knightslowe.co.uk.

James Knights added the following comments:

"Independent Review Signed"