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2022-03-31-accounts

Registered Company No. 9829935 Registered Charity No. 1167787

OARSOME CHANCE

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2022

OARSOME CHANCE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2022

Charity Information 1
Report of the Trustees 2-8
Report of the Independent Examiner 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Financial Statements 13-20

OARSOME CHANCE

CHARITY INFORMATION FOR THE YEAR ENDED 31ST MARCH 2022

TRUSTEES:
Mr G Whitehead (appointed 3 December 2021)
Mrs A Powell
Mr R Ashman
Mrs K Ashman
Mr R Daniel
Mr S Carr (resigned 25 January 2022)
Mr P O’Grady (resigned 29 September 2021)
Mrs E O’Grady (resigned 16 September 2021)
Mr N Walters (resigned 29 June 2021)
REGISTERED OFFICE: The Boathouse,
St Vincent College,
Mill Lane,
Gosport,
PO12 4QA
REGISTERED COMPANY NUMBER: 9829935
REGISTERED CHARITY NUMBER: 1167787
BANKERS: HSBC Bank plc
1 Middle Street
Yeovil
Somerset BA20 1LR
INDEPENDENT EXAMINER: Marcus Cridland B.A.(Hons) F.C.A.
Scott Vevers Ltd.
Chartered Accountants
and Registered Auditors
65 East Street
Bridport
Dorset
DT6 3LB

1

Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

OARSOME CHANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

The Trustees present their report together with the financial statements of the Charitable Company for the year ended 31st March 2022. They are also prepared to meet the requirements for a directors report and accounts for Companies Act purposes.

The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity's governing document, the Charities Act 2011 and 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).

OBJECTIVES AND ACTIVITIES

Objects

The objects of the Charity are as follows:

To act as a resource for young people up to the age of 25 living in the UK by providing advice and assistance, and organising programmes of physical, educational and other activities as a means of:

(a) advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals;

(b) advancing education;

(c) advancing employability skills;

(d) providing recreational and leisure time activity, specifically coastal and indoor rowing programmes, in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of life of such persons.

Public benefit

In planning the activities, the Trustees are committed to ensuring that Charity Commission guidance on public benefit is met through the process of regular review and scrutiny.

ACHIEVEMENTS AND PERFORMANCE

Overview

Oarsome Chance (OC) help to change the lives of young people disengaged from mainstream education, by providing pastoral care alongside practical and life skills training through a blend of vocational workshop activities and outdoor education.

OC delivers a compelling mix of activities, including:

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Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

OARSOME CHANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

These activities are delivered within a framework of intensive individual support, helping OC to make a lasting difference in their lives.

The young people attending OC’s curricular programmes are referred by local commissioning partners, including the local authority and local schools and are made up of students who are at high risk of exclusion from school. Our success in engaging the young people who attend our programmes is evident in high attendance levels and the continued and increasing demand on commissioning from OC by our partners.

Our core curricular programmes constitute three 2.5 hour sessions daily, Monday to Thursday for 39 weeks of the year. In the year ending March 2022, we worked with 44 students on our curricular programmes across our two centres, with students attending between 1 and 4 days a week. We delivered over 3300 participant days over the year (where 1 participant day = 1 student attending for 1 day).

Outreach and family liaison has become a key area of development - for many of the students we support we are the agency of trust. We forge constructive communication with families which delivers better outcomes. Over the past year this has been more important than ever in the results we are seeing.

Our Centres

OC operates out of two centres, in Gosport and Havant, and serves neighbourhoods in the 10-20% most deprived nationally (English Indices of Deprivation 2019).

Students attending sessions at The Boathouse in Gosport in this year accessed carpentry and vocational boat building training in the fully equipped workshop. When tides and weather allow, students also took part in on-water rowing in kayaks and our five traditional wooden St Ayles’ skiffs, built by our participants on our programmes. We access the sea locally via the neighbouring tidal waterway, Forton Lake.

In the past year we have occupied an additional classroom adjacent to the Boathouse, which has served as home to complementary learning activities, including art and music. We have also, in response to a request from our older students, introduced Maths and English tutoring sessions, which have also been delivered in this space. The Boathouse is also home to the Canvas Works studio – our social enterprise, where donated sails and ropes are repurposed into products for sale. The converted boat shed, which overlooks the boat yard, provides a standalone space for post 16 vocational training activities.

Our workshop at the Apex centre, Leigh Park in Havant, is a fully equipped bicycle maintenance workshop. Students attending this centre are also taught bike maintenance and repair, which provide them with nationally recognised Velotech qualifications and a realistic working environment.

Additional space adjacent to the workshop is used for our marine engineering training pathway, along with other ad hoc projects, such as old vehicles for students to dismantle or refurbish and once again provides practical work experience.

Impact of Covid 19

In the 12 months from April 2021, Oarsome Chance has continued to respond to the urgent and consistent demand for alternative educational provision, despite the operational difficulties brought about by the global Coronavirus pandemic.

3

Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

OARSOME CHANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

Since the first lockdown, we have been providing transportation to all and providing a high level of pastoral care, including outreach to families when they need assistance and providing breakfast and lunch for attendees. The risk of infection within the organisation was mitigated (while available) by daily lateral flow testing for all staff, students and visitors.

Although core participant numbers have remained steady through this period, the average number of days attended has increased for many, as commissioners sought more time on our programmes for their students, partly due to few other provisions, school or otherwise, being unavailable.

Non-curricular activities

With the lifting of lockdowns, we were able to re-start our non-curricular activities, such as after school clubs and external partner activities. Community activities have included free Summer ‘Pop up Paddlesports’ commissioned by a local community group. These are designed as diversionary activities for young people at a local hot-spot for anti-social behaviour. Over 450 young people took part in Summer 2021 and we are delivering these activities again in Summer 2022. We have also been working in partnership with Havant & East Hants MIND delivering activities for their Active Families programme.

Post 16 training

As young people on our programmes turn 16 we are working to ensure they avoid the ‘cliff edge’ of leaving secondary education with no real purpose and future development plan. Where appropriate, we are able to offer training pathways as a part of our Post 16 training. For some students, where we can’t meet their interests, we help to facilitate a pathway into further training from other providers. We are currently supporting two young people in their apprentice training in boat building and marine engineering, with both working towards completing their apprenticeships in the next 12 months.

Extended Support Programme

Launched in September 2020 our ‘Extended Support Programme’ (ESP) began with the recruitment of a Project Lead. The aim of the programme was to review our programmes in the light of the mental health needs of our cohort and introduce new approaches and training to ensure we are meeting those needs. The programme has been made possible through grants from The Berkeley Foundation and The Tudor Trust.

At the mid-point of the three-year project, we have identified the ways in which OC contributes to increasing the wellbeing of its students. This is by actively creating a positive environment, encouraging self-worth, social competence in relationships, health and fitness and through the development of resilience. Furthermore, ESP research found that physical activities (paddlesports in particular) are a key mechanism for facilitating improved mental wellbeing amongst OC students.

Another aim of the programme is to equip staff to understand and manage challenging behaviour in a mentally healthy and constructive manner. Mental Health First Aid training is now implemented across the whole staff team, as well as de-escalation training. For the coming year, a programme of reflective practice training will be undertaken across the team, to help staff model coping strategies, support and care to students.

The ESP work has revealed that a spectrum of needs exists with a corresponding range of support required. This begins with a lower level of need (highest proportion of our cohort) which is met with the least intrusive and most easily accessed support, for example pastoral care and on-site

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Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

OARSOME CHANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

counselling. Through to the smaller number of more complex, high need students, where referrals to specialist agencies may be required.

Another strand of the work is in further mapping the outcomes of our work with students. The following are the identified intended outcomes for the OC programmes from the ESP research:

The Project Lead, through collaboration with students, has created a student questionnaire which will measure students’ progress around nine key domain areas they helped identify:

This COG (Competent Oarsome Graduates) questionnaire will be implemented from Autumn term 2022.

Social Enterprise

Our Canvas Works and bike recycling enterprises have maintained a small income. Our long term aims for Social Enterprise remain to maximise an unrestricted income stream, while delivering social benefits including vocational skills training and providing genuine work experience and long-term employment for our beneficiaries.

Measuring our impact

We have been recording key metrics as a part of our ‘Measuring the Good’ impact measurement since January 2019, which gives us an overview of outcomes, including beneficiaries’ engagement with the organisation and how they feel about themselves. We use multiple metrics designed to measure our outcomes against key areas:

Young Lives Changed (participation, engagement, attainment)

Attendance rates for us are more than an output measure - simply engaging actively with a learning environment is a significant success for some OC beneficiaries with more severe behavioural issues. Despite a very challenging time for our beneficiaries, average attendance at OC in the last 12 months is 85%.

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Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

OARSOME CHANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

In our Engagement survey, designed to measure how YP feel about themselves, 93% of our curricular students agreed with positive statements about feeling useful, doing something valuable and being proud of what they have achieved.

A Place To Belong (Hopefulness, helpfulness, passionate care)

Our Passionate Care survey, carried out with all curricular students, measures how our beneficiaries are feeling about coming to OC by giving the young people a range of statements to choose from (e.g. ‘I learn new skills’, ‘It’s boring here’, etc). Results from the survey showed 95% of their responses were for positive statements with 68% of those being strongly positive.

Our parent / carer survey conducted in Summer 2021 found that our students have shown an overall improvement in helpful behaviour - 90% reporting the same or improved behaviour and 71% noting improved helpfulness, with an emphasis on being more cheerful and helpful at home.

Staff Team

Our new CEO, Paul Napthine, joined us in August 2021. Paul came to us as a highly experienced senior manager who has first-hand experience and in-depth knowledge of working with vulnerable young people in the non-profit sector. Paul established his Leadership Team who are drawn from the core staff team of 14 full time staff and 6 part time staff (as at March 2022).

Changes to the Trustee Board

Now that OC is well established, our co-founders Paul and Emma O’Grady have decided, after six years, to concentrate on other Philanthropic activities. In September 2021, Paul and Emma resigned their roles as OC trustees. In November 2021, OC welcomed Graham Whitehead as our new Chair of trustees: Graham was selected due to his many years of experience working in the educational sector as well as a thorough understanding of the challenges of working with young people with very high needs. Graham is an ex-head teacher, has worked within the SEN fields and now runs his own consultancy.

The trustee board is in the process of trustee recruitment, having identified key skill areas they wish to bring into the governing team in order to provide the optimum expertise to support the Charity.

Looking Ahead - Infrastructure Development and Strategy

As a growing, young charity we are emerging from the rapid development of our ‘start up’ phase and we are currently undertaking the strategic work required to map out our next phase of development. This has been initiated by an overhaul of our policies and procedures, endorsed by the Trustee board, with the aim to strengthen our infrastructure to ensure solid foundations for further growth.

After an initial stakeholder consultation carried out last year, our CEO Paul is working with the team to continue developing OC’s vision and strategy to establish how we will grow and in what directions over the next 1-3 years. In the words of our CEO “Our 2022 Vision will maximise our impact on students through a strategic focus on belonging, quality and resource.” The strategic plan, underpinned by four key vision areas, ‘Mission, Resources, Involvement and Quality’, will outline how we intend to inspire and enable more students to achieve, increasing our offer and reach over the next three years, highlighting the impact the ‘Oarsome Chance Way’ has on outcomes for students. We plan to launch our new three-year strategy in Autumn 2022.

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Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

OARSOME CHANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

FINANCIAL REVIEW

Financial position

As detailed in the attached annual accounts, the net surplus of funds for the year was £65,689 (2021: £118,707) which comprises of a surplus of £62,842 on unrestricted funds (2021: £108,955) and surplus of £2,847 of restricted funds (2021: £9,752). Our reserves stand at £448,528 in total, including £51,887 restricted funds. Total reserves include £109,222 of tangible fixed assets.

Reserves Policy

The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (‘the free reserves’) held by the charity should be approximately £160,000 in general funds. At this level, the Trustees feel that they would be able to continue the current activities of the charity in the event of a significant drop in funding. If this happens, it would obviously then be necessary to consider how the funding would be replaced or activities changed. Free reserves at 31[st] March 2022 amounted to £287,319.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The company is a company limited by guarantee and was formed on 19 October 2015. It is governed by its Memorandum and Articles of Association.

All directors of the company are also Trustees of the charity and there are no other Trustees. The Trustees who served during the year are listed on Page 1. Trustees are recruited for various skills they bring to the organisation. New Trustees are issued with an induction pack and all are invited to visit projects during the year to gain first-hand knowledge of the value of the service we provide.

The Board of Trustees meets 4 times a year. Day-to-day management is delegated to the management team, led by the CEO.

Risk Management

The trustees have conducted a review of the major risks to which the charity is exposed. Risks are given consideration and documented. These are reviewed regularly and discussed at both management and trustee meetings, ensuring all aspects of the charity’s work are covered. Systems and procedures have been established to mitigate the risks the charity faces.

The main risks and uncertainties being faced by the charity are the failure to safeguard children and vulnerable adults resulting from accidents during activities held by the charity and variation in income through changes in commissioning income and trust funding levels.

Very detailed Safeguarding procedures and policies are in place and annual training provided for all staff and volunteers. There is an annual safeguarding review. The safeguarding policy is publicly available.

Procedures and policies are in place and training is provided to ensure risk is minimised and compliance with health and safety of staff, pupils and visitors to the charity’s activities. Periodic reviews are carried out to ensure policies and procedures are fully implemented and best practice is achieved.

The charity has in place very detailed payment approval processes and cross checking through bank reconciliations to ensure there is no mismanagement or fraudulent use of charity funds.

Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787 7

OARSOME CHANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

Budgets, forecasting, and financial results are actively monitored and reviewed by staff and trustees monthly. Any significant issues arising financially are given immediate attention by trustees.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are required under Charity law to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of the financial activities of the Charity for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for ensuring that the company maintains an adequate system of internal control designed to provide reasonable assurance that assets are safeguarded against material loss or unauthorised use and to prevent and detect fraud and other irregularities.

INDEPENDENT EXAMINER

The independent examiner is Marcus Cridland B.A.(Hons) F.C.A. of Scott Vevers Ltd and was formally appointed by the OC Board of Trustees.

ON BEHALF OF THE BOARD:

…………………………………… Graham Whitehead

Chair of Trustees

Date: …………………………

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Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF OARSOME CHANCE

I report to the charity trustees on my examination of the accounts of the company for the year ended 31st March 2022, which are set out on pages 10 to 20.

Responsibilities and basis of report

As the charity 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 Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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

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.

…………………………………………………. Marcus Cridland B.A.(Hons) F.C.A. Scott Vevers Ltd. Chartered Accountants and Registered Auditors 65 East Street Bridport Dorset DT6 3LB

Date: ……………………………………….

9

Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

Oarsome Chance

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31st March 2022

Notes
INCOME
Income and endowments from:
Donations and legacies
3
Charitable activities:
Training and educational activities
4
Other trading activities:
Sale of goods and services by students
Total incoming resources
EXPENDITURE ON:
Raising funds
5
Charitable activities
6
Total expenditure
Net income/(expenditure) before transfers
Transfers between funds
Net Movement in Funds for the year
Total Funds:
Brought Forward
Carried Forward		 Restricted
funds
£
233,494
-
-
233,494
-
236,648
236,648
(3,154)
6,001
2,847
49,040
51,887		 Unrestricted
funds
£
105,442
459,111
21,039
585,592
16,514
500,235
516,749
68,843
(6,001)
62,842
333,799
396,641		 2022
Total
funds
£
338,936
459,111
21,039
819,086
16,514
736,883
753,397
65,689
-
65,689
382,839
448,528		 2021
Total
funds
£
292,555
385,568
11,256
689,379
32,468
538,204
570,672
118,707
-
118,707
264,132
382,839

All incoming resources and resources expended derive from continuing activities.

The notes on pages 13 to 20 form an integral part of these financial statements.

10

Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

Oarsome Chance Balance Sheet at 31st March 2022

Notes
Fixed Assets
Tangible assets
9
Investments
10
Current assets
Sundry Debtors and Prepayments
11
Cash at bank and in hand
Creditors: Amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
The funds of the charity:
13
Restricted Funds
Unrestricted funds
Total charity funds		 £
£
109,222
100
109,322
18,801
354,388
373,189
33,983
339,206
448,528
51,887
396,641
448,528
2022		 £
£
63,349
100
63,449
4,325
333,128
337,453
18,063
319,390
382,839
49,040
333,799
382,839
2021		 £
£
63,349
100
63,449
4,325
333,128
337,453
18,063
319,390
382,839
49,040
333,799
382,839
2021
63,449
319,390
382,839
49,040
333,799
382,839

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts:

The financial statements were approved by the Board of Trustees on …........................... and signed on its behalf by:

......................................... .......................................... Mr G Whitehead - Chair Mr R Ashman - Treasurer

The notes on pages 13 to 20 form an integral part of these financial statements.

11

Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

Oarsome Chance

Statement of Cash Flows As at 31st March 2022

Notes
Net cash flow from operating activities
16
Cash flow from investing activities
Payments to acquire tangible fixed assets
Net cash flow from investing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at 1st April 2021
Cash and cash equivalents at 31st March 2022		 £
£
96,525
(75,265)
(75,265)
21,260
333,128
354,388
2022		 £
£
193,328
(44,496)
(44,496)
148,832
184,296
333,128
2021		 £
£
193,328
(44,496)
(44,496)
148,832
184,296
333,128
2021
148,832
184,296
333,128

The notes on pages 13 to 20 form an integral part of these financial statements.

12

Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

Oarsome Chance

Notes to the Financial Statements For The Year Ended 31[st] March 2022

1 General information

Oarsome Chance is a company, limited by guarantee, incorporated in England and Wales under the Companies Act 2006 and Charities Act 2011. The address of the registered office is provided in Reference and administrative details. Details of the charity’s operations are provided in the Report of the Trustees.

2 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Statement of compliance and basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historical cost convention and includes the results of the charity's operations which are described in the Trustees' Report and all of which are continuing. The financial statements are prepared under the historical cost convention and in accordance with the Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Income

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income from grants is accounted for on an accruals basis. All voluntary income and donations are accounted for on receipt by the charity. The income from fund raising events is shown gross, with the associated costs included in fundraising costs. Donated assets and services are included at open market value.

Classification of expenditure

Expenditure is included when a liability is incurred. All expenditure has been classified as costs of raising funds, charitable activities (which includes operational programmes, support costs and governance costs) and other costs.

Operational Programme Expenditure relates directly to carrying out the objects of the charity. Support costs are expenditure incurred directly in supporting charitable activities and projects.

Cost of raising funds include the costs of all fund raising events. Governance costs are those relating to the charity's compliance with constitutional and statutory requirements.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Assets costing less than £1,000 are written off in the year of purchase. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Leasehold improvements - over period of lease Fixtures and fittings - 33% straight line Bikes, Boats and Motor vehicles - 20% straight line

Investments

Investments are stated at market value. Realised and unrealised gains and losses on investments are dealt with in the Statement of Financial Activities. Investment income is credited to income on an accruals basis, using dates of payment for dividends, and daily accrual for interest.

Funds

All the funds have been analysed between restricted and unrestricted funds. Restricted funds are those where the donor has imposed restrictions on how the fund may be used, but which do not prevent the fund being spent. Unrestricted funds are those which are not subject to any special restrictions and they can be used as the trustees decide. Designated funds are allocated out of unrestricted funds by the trustees for specific purposes. The use of such funds is at the trustees' discretion.

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Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

Oarsome Chance

Notes to the Financial Statements For The Year Ended 31[st] March 2022

2 Accounting policies (continued)

Pensions

The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

3 Donations and legacies

Donations and legacies
Donations and gifts
Gift Aid
Donations in kind (materials for activities)
Grants received
2021
Donations and gifts
Gift Aid
Donations in kind
Grants received		 Restricted
£
-
-
-
233,494		 Unrestricted
2022
£
£
10,842
10,842
25,000
25,000
3,000
3,000
66,600
300,094
105,442
338,936
£
£
38,070
40,070
25,000
25,000
2,905
2,905
85,725
224,580
151,700
292,555		 2021
£
40,070
25,000
2,905
224,580
233,494 105,442 292,555
£
2,000
-
-
138,855		 £
38,070
25,000
2,905
85,725		 £
71,198
25,000
4,279
173,757
140,855 151,700 274,234

4 Training and educational activities income

Fees charged
Grants received
5
Other costs of raising funds
Fundraising consultancy
Advertising and marketing (including consultancy)		 2022
£
329,585
129,526
459,111
2022
£
12,780
3,734
16,514		 2021
£
347,238
38,330
385,568
2021
£
18,208
14,260
32,468

14

Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

Oarsome Chance

Notes to the Financial Statements For The Year Ended 31[st] March 2022

6 Charitable activities costs

Direct labour
Activity costs
Consultancy fees
Employer NI
Pension costs
Depreciation
Profit/ loss on disposal
Insurance
IT expenses
Motor & travel expenses
Office expenses
Property costs
Other staff costs
Support staff
Accountancy fees		 2022
2021
£
£
299,967
248,850
63,832
48,497
40,054
1,213
28,417
17,580
7,631
5,517
25,331
26,037
4,060
4,204
-
-
-
-
-
-
-
-
35,110
23,432
-
-
157,492
100,024
-
-
Operational		 2022
2021
£
£
299,967
248,850
63,832
48,497
40,054
1,213
28,417
17,580
7,631
5,517
25,331
26,037
4,060
4,204
-
-
-
-
-
-
-
-
35,110
23,432
-
-
157,492
100,024
-
-
Operational		 2022
2021
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,057
5,370
4,571
1,085
40,510
24,505
9,666
17,319
-
-
10,495
8,007
-
-
4,690
6,564
Support		 2022
2021
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,057
5,370
4,571
1,085
40,510
24,505
9,666
17,319
-
-
10,495
8,007
-
-
4,690
6,564
Support		 2022
2021
£
£
299,967
248,850
63,832
48,497
40,054
1,213
28,417
17,580
7,631
5,517
25,331
26,037
4,060
4,204
5,057
5,370
4,571
1,085
40,510
24,505
9,666
17,319
35,110
23,432
10,495
8,007
157,492
100,024
4,690
6,564
Total		 2022
2021
£
£
299,967
248,850
63,832
48,497
40,054
1,213
28,417
17,580
7,631
5,517
25,331
26,037
4,060
4,204
5,057
5,370
4,571
1,085
40,510
24,505
9,666
17,319
35,110
23,432
10,495
8,007
157,492
100,024
4,690
6,564
Total
661,894 475,354 74,989 62,850 736,883 538,204

7 Staff costs

Details of remuneration and expenses paid to trustees during the Year are given in note 17. The costs of the remaining staff were:

2022
£
Wages and salaries
423,820
Contract staff
33,605
Social security costs
28,417
Pension costs
7,631
493,473
The number of staff employed by the charity during the year was as follows:
2022
No.
Average full time equivalent number of staff employed
19.1
The average number of staff employed (Headcount)
24.0
8
Net income/ (expenditure) for the year
This is stated after charging:
2022
£
Depreciation of tangible fixed assets
25,331
Profit/ loss on disposal
4,060
Independent examiner's remuneration
3,780
No employees had earnings more than £60,000 (2021 - none).		 2021
£
288,372
60,502
17,580
5,517
371,971
2021
No.
14.0
14.0
2021
£
26,037
4,204
3,600

15

Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

Oarsome Chance

Notes to the Financial Statements For The Year Ended 31[st] March 2022

9 Tangible fixed assets

Tangible fixed assets
Cost or valuation
As at 1 April 2021
Additions
Disposals
As at 31 March 2022
Depreciation
As at 1 April 2021
Charge for the year
Eliminated on disposals
As at 31 March 2022
Net book value
As at 31 March 2022
As at 31 March 2021		 Leasehold
improve-
ments
£
7,782
-
-		 Fixtures
fittings &
equipment
£
25,728
7,860
-		 Boats
£
72,467
27,520
(3,901)		 Motor
vehicles
£
46,346
39,885
(1,900)		 Total
£
152,323
75,265
(5,801)
7,782 33,588 96,086 84,331 221,787
3,106
1,297
-		 22,016
3,968
-		 49,817
10,577
(980)		 14,035
9,489
(760)		 88,974
25,331
(1,740)
4,403 25,984 59,414 22,764 112,565
3,379 7,604 36,672 61,567 109,222
4,676 3,712 22,650 32,311 63,349

10 Investments

Oarsome Chance (Trading) Ltd

2022 2021
£ £
100 100

Oarsome Chance (Trading) Ltd was formed to carry out trading activities for the charity, which holds 100% of the issued share capital. The company remained dormant throughout the period.

11 Debtors

Operational debtors
Other debtors and prepayments		 2022
£
9,419
9,382
18,801		 2021
£
25
4,300
4,325

12 Creditors: Amounts falling due within one year

Operational creditors
Social security and other taxes
Other creditors and accruals		 2022
£
12,790
10,831
10,362
33,983		 2021
£
4,534
5,433
8,096
18,063

16

Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

Oarsome Chance

Notes to the Financial Statements For The Year Ended 31[st] March 2022

13 Funds

Restricted funds
Rowing Activities
Extended Support
Programme
Covid-19 Funding
Electric Vehicle and
Rigid Inflatable Boat
Laptops and Mobile Phones
Post 16 Skiff Build Project
Post 16 Provisions
Post 16 Sailing Training
Bike Helmets and
Maintenance
Bike Club
Hoist for Apex and
Engineering Tools
Workshop
RONA and Respite Sailing
Skiff Build
Wet Weather Gear
Unrestricted funds
Designated fixed asset fund
General fund
Total		 01.04.21
£
3,332
62
-
-
19,547
7,884
2,851
-
2,000
-
-
300
7,731
-
5,333		 Incoming
resources
£
16,927
2,500
9,962
4,000
25,000
-
-
4,000
14,800
1,000
1,800
415
103,090
50,000
-		 Resources
expended
£
(17,753)
(2,559)
(9,016)
(1,094)
(42,528)
(4,438)
(1,526)
(1,619)
(11,827)
-
(1,809)
(181)
(81,227)
(55,692)
(5,379)		 Net
movement
£
(826)
(59)
946
2,906
(17,528)
(4,438)
(1,526)
2,381
2,973
1,000
(9)
234
21,863
(5,692)
(5,379)		 £
196
-
-
-
-
-
-
-
58
-
9
-
-
46
5,692
Transfers		 31.03.22
£
2,702
3
946
2,906
2,019
3,446
1,325
2,381
5,031
1,000
-
29,594
534
-
-
49,040 233,494 (236,648) (3,154) 6,001 51,887
63,449
270,350		 -
585,592		 -
(516,749)		 -
68,843		 45,873
(51,874)		 109,322
287,319
333,799 585,592 (516,749) 68,843 (6,001) 396,641
382,839 819,086 (753,397) 65,689 - 448,528

17

Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

Oarsome Chance

Notes to the Financial Statements For The Year Ended 31[st] March 2022

2021
Restricted funds
Canvas Works
Ernest Hecht CF
Rowing activities
Postcode Community Trust
Apprenticeships
Extended Support
Programme
Covid-19 Funding
Electric Mini Van
Post 16 Provisions
Post 16 Sailing Training
Bike Helmets
Bike Club
Hoist for Apex and
Engineering Tools
RONA and Respite Sailing
Mountain Bikes
Unrestricted funds
Designated fixed asset fund
General fund
Total		 01.04.20
£
-
246
1,669
20,000
5,000
-
-
-
-
-
-
-
5,620
-
26,000		 Incoming
resources
£
5,000
2,500
17,844
-
3,000
27,100
18,000
25,000
8,040
300
2,851
5,620
-
5,600
20,000		 Resources
expended
£
(5,003)
(1,492)
(15,810)
(20,585)
(7,833)
(29,958)
(1,500)
(5,453)
(156)
(30)
-
(3,696)
(1,051)
(267)
(38,269)		 Net
movement
£
(3)
1,008
2,034
(20,585)
(4,833)
(2,858)
16,500
19,547
7,884
270
2,851
1,924
(1,051)
5,333
(18,269)		 £
3
(1,254)
(371)
585
(167)
2,920
(16,500)
-
-
30
-
76
(4,569)
-
-
Transfers		 31.03.21
£
-
-
3,332
-
-
62
-
19,547
7,884
300
2,851
2,000
-
7,731
5,333
58,535 140,855 (131,103) 9,752 (19,247) 49,040
49,294
156,303		 -
548,524		 -
(439,569)		 -
108,955		 14,155
5,092		 63,449
270,350
205,597 548,524 (439,569) 108,955 19,247 333,799
264,132 689,379 (570,672) 118,707 - 382,839

13 Funds (continued)

Alpkit Foundation

A grant to purchase mountain bike helmets and maintenance.

Arnold Clark Community Fund

Towards food vouchers to support families.

BBC Children In Need Small Grant (Year 3 of 3)

Towards the core costs of running our weekly after school rowing club for local young people

BBC Children In Need Youth Investment Fund

Towards the purchase of an electric vehicle and new rigid inflatable boat.

Berkeley Foundation

A grant to support a new programme of extended support with regard to the mental health well being of our beneficiaries.

Charles Hayward Foundation (year 2 of 2)

To fund the development of post 16 provision, including materials, staff salaries and workshop materials

Energise YOUth (Energise Me)

Funds to run an after school bike club

George Bairstow Trust

For the purchase of a hoist for marine engineering

Gisela Graham Foundation

A grant towards the skiff build

Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787 18

Oarsome Chance Notes to the Financial Statements For The Year Ended 31[st] March 2022

13 Funds (continued)

Hants OPCC Safer Communities Fund

A grant towards extended support for vulnerable young people. Henley Royal Regatta Charitable Trust A grant towards our delivery of rowing activities HIWCF Youth Recovery Fund To fund infrastructure development. Joan Wilkinson Charity A grant towards the purchase of wet weather gear. National Lottery: Awards for All A grant for the purchase of laptops and mobile phones. Percy Bilton A grant towards marine engineering tooling Peter Harrison Foundation Towards Post 16 skiff build project. The Schroder Foundation Grant towards workshop costs. Society of the Holy Child Jesus Towards additional pastoral care costs. Solent Supporting Employment Fund A grant towards extended support for vulnerable young people. Syder To fund young people to take part in extended sailing trips The Tabhair Trust A grant towards material costs for activities. Trinity House main grant Direct costs for delivering post 16 Sail Training Pathway Tudor Trust (Year 2 of 3)

A grant to support a new programme of extended support with regard to the mental health well being of our beneficiaries.

Tudor Trust (Wellbeing Grant)

A grant to support staff wellbeing initiatives. WF Southall Trust

Towards the core costs of running our weekly after school rowing club for local young people

Designated fixed asset fund

The designated fixed asset fund distinguishes the funds invested in fixed assets, which are not readily available for funding on-going activities.

19

Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787

Notes to the Financial Statements For The Year Ended 31[st] March 2022

Oarsome Chance

14 Analysis of fund balances between net assets

Tangible fixed assets
Investments
Current assets
Current liabilities
Total funds
2021
Tangible fixed assets
Investments
Current assets
Current liabilities
Total funds		 Designated
funds
£
109,222
100
-
-		 General
funds
£
-
-
321,302
(33,983)		 Total
Unrestricted
funds
£
109,222
100
321,302
(33,983)		 Restricted
funds
£
-
-
51,887
-		 Total
£
109,222
100
373,189
(33,983)
109,322 287,319 396,641 51,887 448,528
£
63,349
100
-
-		 £
-
-
288,413
(18,063)		 £
63,349
100
288,413
(18,063)		 £
-
-
49,040
-		 £
63,349
100
337,453
(18,063)
63,449 270,350 333,799 49,040 382,839

15 Financial instruments

2022
£
Categorisation of financial instruments:
363,807
Financial liabilities measured at amortised cost
33,983
Reconciliation of net income / (expenditure) to net cash flow from operating activities
2022
£
Net income for year
65,689
Depreciation and impairment of tangible fixed assets
25,331
Disposal of fixed assets
4,061
(Increase) / decrease in debtors
(14,476)
Increase / (decrease) in creditors
15,920
Net cash flow from operating activities
96,525
Financial assets that are debt instrument measured at amortised cost		 2021
£
333,153
18,063
2021
£
118,707
26,037
4,304
55,740
(11,460)
193,328

16 Reconciliation of net income / (expenditure) to net cash flow from operating activities

17 Pension commitments

The charity operates a defined contribution scheme for certain employees. The assets of the scheme are administered by trustees in a fund independent from those of the charity. The charge for the year is shown in note 7.

18 Related party transactions

There were no related party transactions during the year.

20

Oarsome Chance is a company limited by guarantee Registered in England and Wales No 9829935 Registered Charity No 1167787