Registered Charity No. 1167787 Registered Company No. 9829935 oarsome OARSOME CHANCE TRusfEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
OARSOME CHANCE Contents of the Financial Statements Forthe Year Ended 31 Marth 2024 Charity Information Report of the Trustees 2-11 Report of the Independent Examiner 12 Statement of Financial Activities 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Financial Statements 16-25
OARSOME CHANCE Charlty Infomiation For the Year Ended 31 March 2024 TRUSTEES: Mr N Young Mr R Ashman Mrs KAshman Mrs T Bandopdhyay (appointed 18 April 20231 Mr N Btjdgen Mr D de Kretser Ms L Power (appointed 20 October 20231 Ms G Robertson Mr G Whitehead CHIEF EXECUTIVE OFFICER: Mr P Napthine REGISTERED OFFICE: The Boathouse St Vincent College, Mill Lane, Gosport Hants, P012 4QA REGISTERED COMPANY NUMBER: 9829935 REGISTERED CHARITY NUMBER: 1167787 BANKERS: HSBC Bank plc l Middle Street Yeovil Somerset BA20 ILR INDEPENDENT EXAMINER: Marcus Cridland B.A.(Hon51 F.C.A. Scott Vevers Ltd. 65 East Street Bridport Dorset DT63LB Oar50me Chance is è Eompany lirnited byguarantee Reg15tered In Ensland and Wales No 9829935 Aegistered CharltyND 1167787
OARSOME CHANCE Report of the Trustees For the Year Ended 31 March 2024 The Trustees present their report togetherwith thefinancial statements of the Charitable Companv for the period ended 31 March 2024. They are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes The a¢¢ounts have been prepared in accordance with the accounting policies set out in the notesto the accounts and comply with the Charity's governing document, the Charities Act 2011 and Accounting and Reporting byCharitie5: Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. OBJECTIVES AND AcfiviTIES Objects The objetts 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 a5515tance, and organising programmes of physical, educational and other activitie5 as a mean5 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; (cl advancing employability skills; (d) providing recreational and leisure time activity, specifically coastsl 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 circumstance5 with a view to improving the conditions of life of such persons. In planning the activities. the Trustees are committed to ensuringthat Charity Commission guidance on public benefit 15 metthrough the prasS of regular review and scrutiny. ACHIEVEMENTS AND PERFORMANCE Organisation overview Oarsome Chance (OCI help to change the lives of youn8 people disengaged from mainstream education, by providin8 practical and life 5ki11s training through a blend of vocational workshop activities and outdoor education. Oarsome Chance delivers a compelling mix of activities, including: workshop activities, including carpentry, bike maintenance and car mechanics physical activities, including rowin& cycling, skateboarding and boxing creative activities, including art and music The breadth of artivities is purposeful to enable students to gain a range of experiences enabling them to best understand their strengths and interests and identify new skills and opportunities. Oarsome Chance's trauma informed programme blends a range of vocational learning alongside wellbeing support and focuses on individuals, to give students the best chance to achieve. Oarsorne Chance isa company limited byguarantee Regi5tererl in England and Wales No 9829935 Reglstered Charlty No 1167787
OARSOME CHANCE Report of the Trustees For the Year Ended 31 March 2024 The young people attending Oc's curricular programmes are referred by local commissioning partners, including the local authority Special Education Needs {SENI teams and local schools and are made up of students who are at high risk of exclusion from school. VISION sfRATEGY 2023- 2026: TRACKING OUR PROGRESS Ourvision Strategy document, released in March 2023, wasthe culmination of a long period of work, including initial consultation with staff, trustees and external stakeholders and developed into vision forthe next chapter in Oarsome Chance's journey. Oarsome Chance has always responded to the needs of students wrth innovation and a willingne55 to invest in new services. Our new Vision Strategy describes the four core areas of our delivery and identifies howwe will continue to provide students with the sÈrvite5 and support they need into the future. To view the Vision Strategy document, please visit htt content loads 2023 03 OC-Vision-2023 26-web. df w.oarsomechance.or The Vision Strategy describes our core mission, to help young people Feel Safe, Belong and Achieve. The document identifies ourstrategic developmentfocus to deliverthis mission, which encompa55es four key areas: MISSION RESOURCES INVOLVEMENT QUALIPI Our achievements over this year illustrate significant progress against each of these strategic development areas. and a review of our progress against each key aim allows us to outline Ocs journey as an organisation over this year- KEY AREA: MISSION Keeping Students & Staff Safe Key aim: To meet the best stt7ndord5 in safeguarding ond heolth & Safety. OC in the first instance, strives to meet the basic needs of students, by simply providing meals and practical 5UPPOrt, but also by providing a structure that allows security, and feelings of Safety and the flexibility to adapt support to each individual's needs. AII OC staff aretrained to Level 3 in Safeguarding with regular update5. e.g in response to chan8esto the governmenys Keeping Children Safe In Education legislation. OC has Designated Safeguarding Leads at both sites, with a Safeguarding Lead on the trustee board, who in turn heads up a safeguarding working group. OC has invested in the CPOMS safeguarding system for monitoring and managing safeguarding concerns. The leadership team have worked hard to embed the system into our working prartice5, with the system working well as a tool to support our safeguarding framework. OC undergoes regular review5 of policies and procedures to maintain high standards in Health & Safety, which are signed off by the board. OC use an external H&S adviser on a weekly basi5, and implement weekly H&S checks across both sites. Oarsorne Chance Is a company limited by6uarantee Reglstered in England and Wale5 ND 9829935 Reg15tered Charlty No 11677B7
OARSOME CHANCE Report of the Trustees Forthe Year Ended 31 March 2024 In terms of delivering off-site artivities, OC holds an Adventurous Activities Licensing Authority {AALAI license, Royal Yachting Society (RYAI accreditation and OC are on the Hampshire Outdoors Evolve risk assessment framework. Helping Students Belong Key aim: Trusting and positive staff to Student relationships. Improved students, emotionol literocy. and self-regulotion, to promote positive engagement in the community and reduce risk taking behaviour. OC creates a sense of belonging, by strutturing sessions to offer enough time for young people to work with and build relationships with staff and peers. This supports them in learning how to navigate different sotial relationships and means that there are more staff that they feel safe and secure with. The OC team have a focus on supporting students to develop Independen and life skills a5 a part of preparation for adulthood. This includes for instance young people becoming involved in preparing the lunchtime meal for all, helping to shop, prepare and cook the food. Eating together is an integral part of the day. Young people are also involved in developing the sites, for instance students have contributed ideas and helped to carry out an upgrade of the garden areas, helping to build garden furniture and tend to the garden plot. With our growing network of partnerships in the community, young people have also had the opportunity to take part in an allotment project with Havant Borough Council, building raised beds and making planters from the hard casings from decommissioned Royal Navy Life Rafts. Our Pathways work has also helped build links for young people with local businesses, helping to build their sense of belonging to their community (see Helpin8 Students Achieve below). Helping students Achieve Key aim: Widen the breadth of opportunities available to young people attending Oarsome Chonce. Provide clear pathwaysforstudentprogression. Oc's ethos isthatwhen young peoplefeel safe, and have a sense of belongin& theywill be in a better mindset to achieve. By ensuring young people have the right conditions to feel secure and valued. we are able to make meaningful differen5 to them and help them to move forward. Oc's programme5 deliver a rich blend of learning attivities, with the intent to provide a range of experience5 to help young people understand their strengths and interests and identify new 5ki11s and opportunities. Overthis year, OC has become an accredited NCFE provider INCFE is one of the largest awarding bodies in the UK for vocational qualifications). Thi5 ha5 required a significant investment in staff timeto build the NCFE infrastrurture and carryout the required due diligence and procedures to attain provider status. NCFE has allowed us to link our broad breadth of attivitie5 to accredited qualifications. enabling students to work towards Occupational Studies Level I through our programmes. We will see our first group of students achieve their Level l at the end of the Summerterm 2024. In addition to access to accredited qualifications through NCFE, by helping young people identifytheir interest5, we are also able to identify other suitable qualification5 they could work towards, including RYA awards. OarsomE Chance Is a company Ilmlted by guarantee Regi5terEd in England and Wale5 No 9829935 Registered Charlty No 1167787
OARSOME CHANCE Report of the Trustees For the Year Ended 31 March 2024 Our Careers programme works closely with every student aged 14 and over, to help them identify destination, based on their strengths and skills. Staff support young people to draw up a plan and work to facilitate their progress towards their destination, in a way which is sensitive to their individual needs. This work is sUPPOrted by a grant from the CABWI Awarding Body. A5 a part of the Careers programme, OC students have had a wide range of opportunities to explore their options, including work place visits, career5 fair5 and college open days, with 80% of young people leaving us at 16 moving into further training. This year has also seen a significant effort to ensure we maintain young people's access to artivities in'green, and'blue, spaces. We have implemented a broad rangeof staff training across paddlesports and mountain biking. as well as ensuring a robust framework for delivering outdoor activities. This has helped us to ensure the wellbeing benefits experienced by young people taking part in activities in nature remains an integral element of our delivery. Supporting Wellbeing In The Uves Of Our Students Key aim: To give students knowledge and information t7bout their own wellbeing and mental heolth. Students to hove access to support, suited to their individuol needs. Our Wellbeing Lead la mental health specialist) co-creates a support plan for each student, in liaison with the support staff at OC as well as liaising with families and external agencies to ensure their mental health and wellbein8 needs are being met. The Wellbeing Lead also provides targeted I:1 support for students where required. Outreach/family liaison continuesto be a key area of support-for many of the students who attend OC we are the agency of trust. We forge constructive communication with families, which delivers better outcomes forstudents. We have been supported by a multi-year grant from the Hants Office of the Police Crime Commissioner Community Safety Fund to deliver thi5 work. RESOURCES Investing In Staff Key aim: To become o highly skilled and trained stoff teom. Oc's team incorporates skilled staff with experience in activities that are unique and engaging for this demographic of young person. The support team includes a Wellbeing Lead la mental health 5pecialistl' a Careers Coordinator and those who are qualified in prattical trades and skills, including outdoor activities. carpentry. mechanics, etc. In this year, OC staff undertook 900 hours of trainin& which equates to an average of 40 hours per member of staff. OC implement a blend of training across online and in person. All staff undertake a full induction when they join OC and all Support staff are trained to Level 3 in safeguarding. This year all support staff undertook PACE training, a trauma informed approach around Play, Acceptance, Curiosity and Empathy. Staff also received training on Health & Safety and First Aid, as well as areas of outdoorartivity delivery, including Paddlesports and Mountain Biking. Staff are provided with regular support and supervision with quarterly I:1 supeNision with their line manager and annual appraisals. Improve Efficiencies In The Way We Operate Key aim: Develop a value for money and time-based opprooch to provide best value to clients, portners and supporters. Oarsome Chance 15 a wmpany limlted byguarantee Reglstered In England and Wale5 No 982993S Ae8lStered Charity No 1167787
OARSOME CHANCE Report of the Trustees For the Year Ended 31 March 2024 OC operates under robustfinancial management processes, including monthly review5 by the senior team to monitor cash flow and performance against budget. In the last year the trustee board has also formed a finance working group who meet regularly to ensure financial planning and performance monitors are in place. OC has now outsourced our bookkeeping services to an external provider which has ensured efficiency. and now it is embedded, is proving more cost effective. In terms of maximising available resources, OC is increasingly seeking to share resources through collaboration with partner5. for instance this year, we have launched a joint project with local youth organisation Motiv8 to deliver an afterschool programme (via the Hampshire Active Health Partnership and Energise Me). This partnership approach includes ensuring that the right agency is taking the lead around the supportfor a young person who has been referred to us. Balanced Growth Strategy Key aim: To move toward5 o more sustainable income blend reducing the proportion of incomefrom externolsources. Grow trading income and donationsfrom HNWI and corporote donors. New income sources generoted fholiday artivities, Post 16provision etc). Before considering our current position, it's important to note that the previous financial year, ending March 2023, was a demandin8 year financially for Oarsome Chance, largely due to a change in approach by Hampshire County Council around due diligence for Alternative Education Provisions {APsl in the county. This caused them to pause new referrals to APS for over six months. We completely supported the move, butfinancially this proved a challenge, a5thi5 was also a time when the fundraising landscape was tougher than ever. By early 2023, the assessment5 of Hampshire County Council, and all other referring schoo15 and local authorities we work with, showed that we metthe new standards. and since then, strong growth in commissioning has been driven by a steady stream of new referrals. These accounts for year ending 31st March 2024 show us well on the wayto recovery, with a greatly reduced deficit for the year. Looking ahead, our recovery continues. and we are projerted to end year ending 31st March 2025 with a surplus. This will be aided further by major grant funding we secured from the National Lottery Community Fund in May 2024 to develop a community programme in school holidays, which will also potentially provide its own commissioning income during school holiday periods. This year has seen the highest level of delivery ever achieved for Oarsome Chance, translating to a 30% increase in commissioning income, underlining our rapid recovery. Commissioning and trading income (see Canvas Works below) are both at their highest level ever, which when combined with unrestritted grant funding for the year shows us already at 81% unrestrirted income, ourthree year strategic goal as part of our route to sustainability. Oarsome Enterprise.. Canvas Works, OCS trading arm which manufactures products from upcycled sail materials, ha5 been through a significant period of growth and development, with income increasing four-fold compared to the year before. This is due to the successful introduction of a new commercial model for the enterprise, moving away from selling direct to Customers to a wholesale model. Canvas Works, first partnership, with the Royal Navy & Royal Marines Charity IRNRMCI is now well established, and new partnerships have been established with Clipper Round The World Race and Ocean Republic (for the INEOS Britannia team), with more in the pipeline. Oarsoff* chan 15 a company limlted byguarantee Re8lstered in En8lond and Wale5 No 9829935 Reg15tered Charity No 1167787
OARSOME CHANCE Report of the Trustees For the Year Ended 31 March 2024 Develop Delivery Assets Key aim: Torgeted investmentinfocilities ond 055ets tosupport, enhance and expondourprogramme delivery. Oarsome Chance operates out of two centres, in Gosport and Havant, and serves neighbourhood5 in the 10-20% most deprived nationally {English Indices of Deprivation 2019). Students attending The Boathouse in Gosport access carpentry and mechanics training in the fully equipped workshop. An additional classroom adjacent to the Boathouse, continues to serve as home to complimentary enrichment attivities, including a gym area, art and music. The Boathouse is also home to the Canvas Works studio - our social enterprise whereby donated sails and ropes are repurposed into products for sale {see 'Balance Growth Strategy, below). The converted boat shed which overlooksthe boatyard provides a separate space forthe carpentry workshop and woodwork activities. Our workshop at the Apex centre, Leigh Park in Havant, is a birycle maintenance and mechanics workshop. Additional space adjacent to the workshop is used for our engineering training, along with other ad hoc projects, such as boat refurbishment, or donated vehicles for students to dismantle or repair. We have also converted one of the upstairs rooms into a music studio, where students are able to create and record music. Investment in equipment and resources to further improve our facilities at both sites has included the purchase of new vehicles, a Rl8 and day sailing boatfor our sailing activities, as well as an overhaul of all'kiv items, and purchase of new and replacement outdoor artivity equipment. INVOLVEMENT Engaging Local Communities And Individuals Key aim: To develop a relevant and cost-effective community offer. With funding from Sport England'5 Together Fund. via Sported, we were able to trial delivering a programme of activities during school holidays for local young people. Utilising the positive learning from this work and feedback from an extensive community consultation, OC has designed a three year plan to develop an 'Oarsome Community Programme,. This new programme will launch in Summer 2024 and will deliver activities to young people with SEN during school holidays and afterschool 5e55ion5. Engaging Local Businesses Key aim: Strong mbust local relationships with businesses supporting the work of 0¢7r50me Chance. OCha5 e5toblished several long-term p(7rtnerships with locol business which ore providing resources informotion and opportunities to the young people we support. This year OC has made great strides in establishing strong partnerships with local business. This has included establishing our RYA sailing operations centre at Langstone Quays resort, which allow5 US to operate Sailing artivities out of our neighbouring Northney Marina. We have established a relationship with HendV5 Group in Portsmouth who have hosted industry Vlsits for students and provided a six-week work experience placement for one of our Year 11 students. We have also arranged workplace visitsto construttion Sites via Blanchard Wells, and Barratt Homessent in a team to our Boathouse site to overhaul our onsite garden. Oarscrne Chance Is a company Ilmlted by Ruaiantee ReBi5tered in En8land and Wale5 No 9829935 Reg15tered Charlty No 1167787
OARSOME CHANCE Report of the Trustees For the Year Ended 31 March 2024 Encouraging Student5 To Shape Services Key aim: Student5 to have Gctive and meaningful involvement in all elements of Oarsome Chance's development. Oc's strengths-based prartice has evolved in response to the need5 Of young people and our eth05 is about'doing with, and not for or to, Our beneficiaries are actively involved in the design, delivery, and evaluation of our seNice. We achieve this by listening to them and helping them identify their assets and skills. For instance, staff will undertake a co-produrtion approach with young people on a daily basis: when young people arrive each daysupport staff have I:1 check-in time with them, which 8ives them the opportunity to not only 'settle in, and regulate, but also to direct where and what they will be working on that day. We ensure our programmes are flexible and responsive, which means we can explore what is importantforeach student, per50nalisingsUPPOrtand co-create learning plans, which theyagreeand own. We then re8ularly review the sUPPOrt offered with our beneficiaries, amending their programme where possible. We have also estsblished a young person's forum, Oarsome Voice, coordinated by our Wellbeing Lead. Young people, either I:1 or in small groups. are consulted on differentthemes around areas of the operation that direttly affect them. For instance, we underwent a consultation around our Student behaviour code of conduct. and our cohort were an important part of an extensive stakeholder tonsultation we undertook to inform the design of our Oarsome Community programme. Ensure Strong Robust Partnerships Key aim: Strong robust local re1¢7tionship5 Wlth businesses agencies ond community gmups supporting the work of OGrsome Chonce. Our network of partners and collaborators continues to grow which has been facilitated by our CEO becoming Co-chair of the Gosport Local Children's Partnership. In addition to the afterschool project undertaken with Motiv8 {see above), we have worked closely with many other local organisations and groups, including Rowner Community Trust, Gosport Community Hub, The Saints Foundation, Off The Record, NXTand many more. QUALITY Measuring Our Impart & Telling Our Story Key aim: Develop ond enhonce our impact met75urement to ensure we capture the difference we (Ire making in studentself worth, engogement ond orhievement, We are able to track tangible outputs from our 5ep4ices, such as the achievement of accredited qualifications, as well as quantitative dats such as attendance and ses5i0n numbers (see below). Monitoring more qualitative impact indicators, such as self-worth or resilience, is more of a challenge for our cohort. We know that not all young people, particularly those with SEN or who are neurodiverse, are conducive to being asked about how they are feeling or what they are thinking. Furthermore, with the complexity of the makeup of our cohort (multiple ages and levels of intervention) we found m05t 'out of the box, impact measurement unsuitable. In response to this challenge, this year we developed and launched our own evaluation method using staff observation to understand the impatt of the session5 for our beneficiarie5. Oarsome Chance 15 a company Ilrnited by8uarantee Re8iStered In England and Wales No 9829935 Reglstered Charlty No 1167787
OARSOME CHANCE Report of the Trustees For the Year Ended 31 March 2024 As a part of our daily reporting, support staff employ our'FSBA Metrid, which utilises our Feel Safe, Belong and Achieve mission. The Metric is based on the premise thatwith our support young people will move from feeling safe, to belongingi to reaching a mindset where they can achieve. With the FSBA Metric, staff record howfaralong that path YP are- both when they arrived and when they left atthe end of the dav5 5ession.The FSBA Metric help5to providean overall wellbeing metric (through tracking the level of the FSBA metric over time) a5 well as revealing a pitture of a young person's stability (through the increases and decreases in the difference between session arrival and end of session Metrics over timel. The FSBA Metric has been well reiVed by schoo15 and is proving effective at tracking progress of individual young people, and the OC cohort as a whole. Building Strong Leadership & Governance Key aim: An empowered und accountable leadership teom and board of Trustees. A broad and appropriate skill set within the trustee board. Our Leadership Team is led by our CEO, who is an experienced senior manager with first-hand experience of running provisions supporting vulnerable young people. Our two Project Managers have a background working in senior posts in special needs provisions, with a high level of training and skills acro55 education. safeguarding. best practice around activity provision. mental health and trauma informed prattice. The Leadership Team works closely together on the implementation of Strategic projerts and the operation as a whole. meeting regularly and holding termly planning away days. All members of the Leadership Team have Designated Safeguarding Lead training. Ourtrustee board are meeting identified keyskill areasto ensure governingteam expertise, including non-profit sector leadership and business skills. Two new trustees have joined the board since l April 20231who betweenthem bring expertlse in Human Resourcesand Special Needs Education) bringing the total number of trustee5 to nine. Manage Risk Effettively Key aim: Robust risk assessmentsfor all elements of Oorsome Chance's work. Risk assessments are undertaken across all areas of the operation: Individual young people risk assessments are undertaken for each individual students in conjunction with relevant schoollreferral partners On site Health & Safety- OC retsins an external Health & Safety adviser who monitors and reviews risk assessments across all elements of onsite delivery. OC External activities- risk assessments are undertaken as a part of the Evolve framework {via Hampshire Outdoors). OC is re8ularly insperted by local authority and school referral partners as part of their due diligence process. Strong & Recognised Alternative Education + Post 16 Provider Key aim: Offer a range of relevant and accessible opportunities for young people across t711 OC hub site5. Our core curricular programmes constitute three sessions a day between 9.30am and 2.30pm, Monday to Friday for 39 weeks of the year. In the year ending March 2024, we worked with 51 students on our curricular programmes across our two centres, with students attending between I OarsomE chan Is a cornpany Ilrnlted bvBuaTantee Re8lstered in England and Wales No 9829935 Reglstered Charlty No 1167787
OARSOME CHANCE Report of the Trustees Forthe Year Ended 31 March 2024 and 3 days a week. In our term time programmes we delivered over 1900 participant days over the year (where I participant day- I student attendingfor I dayl. Average attendance overthe year was 92%. After a challenging period during 2022/23 in terms of an overhaul of due diligence assessments by local authority and school, partners, we are now emerging as a trusted Alternative Provi5i0n in our region. We are approved providersfor Hampshire County Council and Southampton City Council and have recently consulted for Portsmouth City Council on their new AP framework. Our Pre 16 Alternative Provision is now well established. and in September 2023 we launched a refreshed Post 16 provision, Oarsome Pathways. This encompa55es a new P05t 16 framework and curriculum designed to meet the needs of the significant sector of pre-16 students with Special Education Needs, who even whengiven targeted pathwayssupport, will require an alternative option for Post 16 education, beyond the mainstream options of Post 16 college, apprenticeships, or employrnent. OC are now registered with the Department for Education as a special post-16 institution for children with special educational needs or disabilities (SEND) approved under settion 41 of the Children and Families Act 2014 in England and Wales (URN 1503161. The development of the new Post 16 provision will be a specific focus forthe nextyear. FINANCIAL REVIEW Financial position A5 detailed in the attached annual accounts. the net deficit of funds forthe yearwas £85,576 {2023: £188,918) which comprises of a deficit of £69.427 on unrestricted funds12023 £209,254) and deficit of £16,149 of restritted funds {2023 surplus of £20,336). Our reserves Stand at £174.034 in total, including £56.074 restritted funds. Reserves Policy The Trustees have established a policy whereby the unrestricted fund5 not committed or invested in tangible fixed a55ets ('the free re5erves'l held by the charity should be approximately £160,000 in general funds. Atthis level, the Trustees feel thatthey would be able to continue the current activities of the charity in the event of a significant drop in funding. At the end of the year, reserves comprise: Restrirted funds £56.074 Fund5 invested in fixed a55ets £58.242 Free Reseples £59,718 Total £174,034 Oarsome Chance has had to utili5e it5 reserves to tackle the extraordinary sequence of events and challenges that it has had to deal with overthe past few financial years and hence the reserves have temporarily fallen as a result of this. The Charity is now working hard to rebuild its reserves to further improve its resilience into the long term. STRucfuRE, GOVERNANCE AND MANAGEMENT The company is a company limited byguarantee and was formed on 19 Ortober 2015. It isgoverned by its Memorandum and Article5 of Association. Oar5crne CharKe 15 a comp3ny Ilrnlted byguarantee Registered in En8lènd and Wales No 9829935 Re8i5tered Charity No 1167787 io
OARSOME CHANCE Report of the Trustees For the Year Ended 31 March 2024 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 l. 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 15 delegated to the management team, led by the CEO. STATEMENf OF TRUSTEES. RESPONSIBIUTIES The Tru5tee5 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 attivities of the Charity for that period. In preparing those financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP; makejudgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. ThÈTrustees 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 Companie5 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. ON BEHALF OF THE BOARD: Signed: Mr N Young Chair of Trustees Date:.... Oarsome Chance is a company lirnited by 8uarantee Reglstered In England and Wales No 9829935 Re8i5tered Charity No 1167787 li
Independent Examinerfs Report to the Trustees of Oarsome Chance I reportto the charitytrustees on my examination of the accounts of the companyforthe yearended 31 March 2024, which are set out on pages 13 to 25. Responsibilities and basis of report As the charity trustees of the company land also its direttors for the purposes of company law} you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Art 20061'the 2006 ACV). Having satisfied myself thatthe 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 a5 carried out under sertion 145 of the Charities Act 2011 {'the 2011 ACY). In carrying out my examination I have followed the Dirertions given by the Charity Commission under settion 145151 Ibl of the 2011 Art. Independent examlnerfs statement I have completed my examination. I confirm that no matters have come to my attention in connettion with the examination giving me cause to believe that in any material respect: Accounting records were not kept in respect of the company as required by settion 386 of the 2006 Act; or The accounts do not accord with those record5; or The accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination,. or The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. 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 E35t Street Bridport Dorset DT6 3LB Date: Qar50me Chance Is a company limited byguarantee ReRi5tered in England and Wales ND 9829935 Reglstered CharityND 1167787 12
OARSOME CHANCE Statement of Flnancial Activities (Incorporatlng an Income and Expenditure Account) for the Year Ended 31 March 2024 2024 Total 2023 Total funds Restricted Unrestricted funds funds funds Notes INCOME Income and endowments from: Donations and legacies 116,796 87,897 204,693 207,792 Charitable activities: Training and educational activities 477,885 477,885 365,301 Other trading activities: Sale of goods and services by students 25,098 25,098 4,677 Investment income (Bank interest) 367 367 Total incoming resources 116,796 591,247 708,043 577.770 EXPENDITURE ON: Raising funds 55,216 55,216 42,184 Charitable attivities 133,595 604,808 738.403 724.504 Total expenditure 133,595 660,024 793,619 766,688 Net income/lexpenditurel before transfers 116,7991 (68,777) (85.5761 {188,918J Transfers between funds 650 {650} Net Movement in Funds for the year {16,1491 169,4271 185,5761 (188,9181 Total Funds.. Brought Forward 72,223 187,387 259,610 448,528 Carried Forward 56,074 117,960 174.034 259,610 All incoming resources and resources expended derive from continuing artivities. The notes on pages 16 to 25 form an integral part of these financial statements. Oarsome Chance is 3 company nmlted by guarantee ReB15tered in England and Wales No 9829935 Re8i5tered Charity No 1167787 13
OARSOME CHANCE Balance Sheet at 31 March 2024 2024 2023 Notes Fixed Assets Tangible assets Investments 58.142 loo 58,242 86,260 loo 86,360 io Current assets Debtors Cash at bank and in hand li 102,057 262,825 364,882 119,013 218,994 338,007 Creditors: Arnounts falling due within one year 12 1249,0901 1164,7571 Net current assets 115,792 173,250 Total assets less current Ilabllltles 174,034 259.610 The funds of the charity: Restritted fund5 13 56,074 72,223 Unrestricted funds 117,960 187.387 Total charity funds 174.034 259.610 The 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 obtain an audit of its financial statements for the year ended 31 March 2024 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 behalf by: and signed on its Mr N Young- Chair Mr R Ashman- Treasurer The notes on pages 16 to 25 form an integral part of these financial statements. OarsornÈ ChaTrtt i5 a company limited by guarantee Registered in England and Wales No 9829935 ReglstÈTed Charity No 1167787 14
OARSOME CHANCE ststement of Cash Flows As at 31 March 2024 Notes 2024 2023 Net cash flow from operating artivities 17 31,583 (131,6481 Cash flow from investing activities Payments to acquire tangible fixed assets Receipts from sales of tangible fixed asset5 Interest received 122,6211 34,502 367 15,9141 2,168 Net cash flow from Investlng actlvltles 12,248 13,7461 Net increase l (decrease) in cash and cash equivalents 43,831 {135,394) Cash and cash equivalents at l April 2023 218,994 354,388 Cash and cash equivalents at 31 March 2024 262.825 218,994 The notes on p3ge5 16 to 25 form an integral part of these financial statements. Oarsome Chance Is a Company limited byguarantee ReEi5tered in En8land and Wales No 9829935 Registered char No 1167787 15
OARSOME CHANCE Notes to the Financial Statements For The Year Ended 31 March 2024 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 charitvs operations are provided in the Report of the Trustees. Accountln8 pollcles The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are a5 follow5: a. Statement of compliance and basis of preparatlon 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 IFRS 1021 and the Companies Act 2006. b. Accountlng conventlon The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going oncern. 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. d. Classlfication 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 r3i5ing funds include the costs of all fund raising events. Governance costs are those relating to the charity's compliance with constitutional and statutory requirements. e. Tangible fixed assets Tangible fixed assets are stated at cost less depreciation. Assets costing le55 than £l.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 it5 estimated useful life: Leasehold improvements Fixtures, fitting5 and equipment Bikes, Boats and Motor vehicles over period of lease 16.67% to 50% straight line - 0% to 25% straight line f. Investments Investments are stated at market value. Realised and unrealised gains and losses on investment5 are dealt with in the Statement of Financial Activities. Investment income is credited to income on an accruals basis, using dates of payment for dividend5. and daily accrual for interest. Oarsome Chance Is a ¢ompany limited by8uarantee Registered in England and Wales No 9829935 Reglstered Charlty ND 1167787 16
OARSOME CHANCE Notes to the Financial Statements ForThe Year Ended 31 March 2024 Accountlng policie5 (continued) g. 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. h. Penslons 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. Flnanclal instruments Clossificotion Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are cla55ified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognition ond meosurement All financial assets and liabilities are initially measured at transaction price (including transattion costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value {which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transactions. If an arrangement constitutes a financing transartion, the financial asset or financial liability is measured at the present value of the future payment5 discounted at a market rate of interest for similar debt instruments. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to Settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled. b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or cl the charity, despite having retained some. but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Donations and legacies Restricted Unrestricted 2024 2023 Donations and gifts GiftAid Donations in kind Grants received 10,789 395 480 76,233 87,897 10,789 395 480 193,029 204,693 4,443 22 116,796 116.796 203,327 207,792 Oar50me Chance 15 a company limited by guarantee Reglstered In England and Wale5 No 9829935 Reglstered Charty No 1167787 17
OARSOME CHANCE Notes to the Financial Statements ForThe Year Ended 31 March 2024 Training and educational activities Restricted Unrestricted 2024 2023 Fees charged Event and activity income 476,605 1,280 477,885 476,605 1,280 477,885 361,441 3,860 365,301 Raising funds Restrlcted Unrestricted 2024 2023 Fundraising salaries and consultancy Advertising and marketing 53,906 1,310 55,216 53,906 1,310 55,216 35,296 6,888 42,184 Charitable activlties Restricted Unrestricted 2024 2023 Staff costs Direct costs 108,440 23,662 1,493 412,710 116,501 48.860 26,737 604,808 521,150 140,163 50,353 26,737 738,403 492,158 150.935 47,385 34,026 724,504 Support costs Governance costs 133,595 staff costs: Dirett labour Support staff Training Other staff costs 100,040 2,826 4.962 612 108,440 256,196 146,661 8,153 1,700 412,710 356.236 149,487 13,115 2,312 521,150 267,695 215.409 6.197 2,857 492.158 Direct costs: Activity costs Consultancy fees Property costs Depreciation {Profitl / loss on disposal of tangible a55ets 14,909 1,250 6,902 601 45.180 15,762 39,923 17,908 12.2721 116,501 60.089 17.012 46,825 18.509 12.272) 140,163 44,045 32.086 48,096 24,833 1,875 150.935 23,662 Support costs: Insurance IT expenses Motor and travel expenses Office expenses 7,607 11,854 15,058 14,341 48,860 7,607 11,854 16,224 14,668 50,353 5,785 3,392 24,817 13,391 47,385 1,166 327 1,493 Governance costs: Legal fees Accountancy fees 2,365 24,372 26,737 2,365 24,372 26,737 34,026 34,026 Oar50me chan Is a company IlmltÈd by guarantee ReEi5tered in England and Wales No 9829935 Registered Charity No 1167787 18
OARSOME CHANCE Notes to the Flnancial Staternents For The Year Ended 31 March 2024 Net income/ lexpenditure) for the year This is stated after charging: 2024 2023 Depreciation of tangible fixed assets (Profit) / loss on disposal of tangible assets Independent examiner's remuneration 18.509 12,272) 24,833 1,875 staff costs No remuneration or expenses were paid to trustees during the year. The costs of the remaining staff were: 2024 2023 Wages and salaries Contract staff Social security costs Pension costs 479,329 27.058 40,302 9,850 556,539 457,558 16,258 36,611 7,779 518,206 One employee had earnings more than £60.000 {2023- one). The number of staff employed by the charity duringthe year was a5 follows: 2024 2023 No. Average full time equivalent number of staff employed The average number of staff employed (headcount) Tangible fixed assets Leasehold Fixtures improve- fittings & ments equipment Motor vehlcles Boats Total Cost or valuatlon As at l April 2023 Additions Disposals As at 31 March 2024 9,513 6,121 {3,0021 {15,3271 12,632 6.030 21,357 93,493 12,000 146,6471 58,846 79,818 204,181 4,500 22,621 14,1881 (69,164) 80,130 157,638 Depreciation As at l April 2023 Charge forthe year Eliminated on disposals As at 31 March 2024 5,590 1,888 {1,8271 5,651 13.550 65.720 6,860 123,8011 48,779 33,061 117,921 9,761 18,509 13.7861 (36,9341 39.036 99,496 (7,5201 6,030 Net bookvalue As at 31 March 2024 6,981 10,067 41,094 58.142 As at 31 March 2023 3,923 7,807 27,773 46,757 86,260 Oarsome Chance 15 a company limited by Buarantee Reglstered In England and WalES No 9829935 ReB15tered Charty No 1167787 19
OARSOME CHANCE Notes to the Financial Statement5 ForThe Year Ended 31 March 2024 io Investments 2024 2023 Oarsome Chance (Trading) Ltd loo loo Oarsome Chance (Trading) Ltd was formed to carry out trading attivities for the charity, which holds 100% of the issued share capitsl. The company remained dormant throughout the period. li Debtors 2024 2023 Operational debtors Other debtors and prepayments 87,948 14.109 102,057 107,575 11,438 119,013 12 Creditors: Amounts falling due within one year 2024 2023 Operational creditors Social security and other taxes Other creditors and accruals 22,435 12,177 214,478 249.090 13,747 9,740 141,270 164,757 Included within other creditors and accruals is commissioning income invoiced in advance for the first quarter of 2024/2025. OarsDme Chance is a cornpany lirnr(ed by guarantee Registered in England and Wale5 No 9829935 Re¥i5tered Charty No 1167787 20
OARSOME CHANCE Notes to the Financial Statements For The Year Ended 31 March 2024 13 Funds Incoming 01.04.23 resources Resources expended Net movement Transfers 31.03.24 Restricted funds BBC Children In Need Berkeley Foundation Bernard Sunley (Big Give) CABWI Awarding Body Charles Hayward Foundation FatFace Foundation Gisela Graham Foundation Gosport Borough Council Hampshire Active Health Programme Hampshire Office for Police Crime Commissioner Safer Communities Fund Hants Playing Field5 Hedley Foundation Henley Royal Regatta Charitable Trust HIWCF Including Communities Ironmongers, Company National Lottery Community Fund The Openwork Foundation 5crewfix Foundation SEHCO Fund Society of the Holy Child Jesus Te5co Community Fund Together Fund Angling Trinity House Main Grant Tudor Trust Tudor Trust, Wellbeing Grant 5,426 12,581 15,426) 112,581) {5,4261 112,5811 1,000 236 17351 4,148 11,024} 2,750 1,000 35,000 1,000 236 134,7641 17351 12991 11,0241 561 174 4,447 4,148 1,000 24 2,750 2,750 22,130 12,8481 19,282 19.282 29,500 129,5701 170) 70 2,304 12,307} 12,171) 131 {2,1711 3,254 1,083 6,281 10,000 {6,307} 3,693 9,974 4,552 14,399) {4,3991 153 8,424 18,4251 18,4251 9,443 19.8211 19,8211 378 7,166 11.4381 11.4381 3.460 3.087 5.728 3.460 3,087 3,460 3,087 2,946 (2,9461 12,946) 1,125 (1,1251 (3,1181 {2,9061 {8491 1536} 1133,5951 11,125) 3,118 8,079 849 536 72,223 (2,906) (849) 15361 {16,7991 5.173 116,796 650 56,074 Unrestrirted funds Designated fixed asset fund General fund 86,360 101,027 187,387 259,610 128,1181 58,242 27,468 59,718 16501 117,960 174,034 591,247 591,247 708,043 1660,0241 1660,0241 1793,6191 168,7771 168,7771 185.5761 Total Oarsome Chance15 a company Ilmked byguarantee Registered in England and Wales No 9829935 Ae8istered Charity No 1167787 21
OARSOME CHANCE Notes to the Financlal Statements For The Year Ended 31 March 2024 13 Funds (contlnued) Incoming 01.04.22 resources Resources Net expended movement Tmnsftrs 31.03.23 2023 RestrirtedAunds Alpkit Foundation BBC Children In Need Berkeley Foundation Bernard Sunley CABWI Awarding Bodv Charles Hayward Foundation Energise Youth (Energise Mel Gisela Graham Foundation Hants OPCC Safer Communities Fund Hants Playing Fields Hedley Foundation Henley Royal Regatta Charitable Trust HIWCF Including HIWCF Youth Recovery Fund Ironmongers, Company National Lottery Awards for 534 3,031 1,317 (534) 17,532) (14,736) (534) 2,395 11,264 9,927 26,000 4,000 30,000 5,426 12,581 (4,000) 246 (30,246) (1,458) (246) fl,458J 2,019 561 1,325 (1,278) (1,278) (47) 1,000 1,000 28,298 f28,376) (78) 34 983 3,254 {983} 3,254 3,254 (329) 10,000 (3,390) 6,610 6,281 (448) (9,710) 4,552 (9,710) 8,424 4,552 5,031 4,679 8,424 946 (938) (938) (8) National Lottery Community The Openwork Foundation Peter Harrison Foundation Schroder Foundation Society of the Holy Child Jesus Solent Supporting Employment Fund Sported Together Fund The TabhairTru5t Tesco Community Fund Trinity House Main Grant Tudor Trust TudorTrust, Wellbeing Grant 9,534 7,500 (91) (334) (2,906) (2.359) 9,443 7.166 (2,906) (2,359) 9,443 7,166 2.906 2,381 (22) 22,725 (19, 779) (19, 779) 2.946 7,385 (7,391) (7,391) 4,773 (4,772) 1,125 5.000 15,000 1.125 4.633 4,368 (1,106) 19,452 1,125 8,079 849 536 72.223 3,446 (3,519) 1.642 51.887 (367) {10.632) (1,106) 161,427 (141,975) 884 Unre5trictedfvnds De5ignatedfixed as5etfund Generalfund 109,322 287,319 396,641 448,528 (22,962) 22,078 (884) 86,360 101,027 187,387 259,610 416.343 (624,713J (208,370) 416,343 (624, 713) (208,370) 577, 770 (766,688) (188,918) Totol Oarsome Chance is a company15med by EuaranteÈ Registered In England and Wales No 9829935 Reglstered Charlty No 116Y787 22
OARSOME CHANCE Note5 to the Financial Statements For The Year Ended 31 March 2024 14 Purpose of Designated and Restricted Funds BBC Children In Need Towards the core costs of running our weekly after school rowing club for local young people. Berkeley Foundation A grantto support the extended support towards the mental health well being of our beneficiaries. Bernard Sunley (Big Give) A grantto fund outdoor activity equipment. CABWI Awarding Body Funding for our Pathways Programme / careers coordination. Charles Hayward Foundation To fund the development of post 16 provision, including materials, staff salaries and workshop materials. FatFace Foundation Funding towards equipment for outdoor adventurous activities. Gisela Graham Foundatlon A grant towards boat building / carpentry. Gosport Borough Council Community Fund Funding towards delivering community events. Harnpshire Active Health Programme Weekly afterschool club5, in partnership with Motiv8. Hampshlre Office for Pollce Crlme Commlssloner Safer Communltles Fund Funding towards an outreach programme for vulnerable young people. Hants Playing Fields Funding for a boxing programme. Hedley Foundation Funding to purchase workshop tools and equipment. Henley Royal Regatta Charitable Trust Funding to 5UPPOrt delivery of rowing activities. HIWCF Includlng Communltles A grant towards a wellbeing fund foryoung people. IronmonEers' Company A grant towards a multi trades training programme. National Lottery Community Fund Funding to replace the kitchen at The Boathouse. The Openwork Foundation Funding for student-led projetts. Screwfix Foundation Towards refurbishing a Wellbeing Room for young people. SEHCO Fund Funding towards Music Mentor salary. Society of the Holy Child Jesus Towards additional pastoral care costs, including food and transport costs. Tesco Community Fund Funding for a fishing activity programme. Together Fund Angling Funding for boxing activities. Trinity House main grant A grant supporting the delivery of post 16 sail training. Oar50rne Chance Is a company Ilmlted by8uaranteE ReBlstered In England and Wales No 9829935 Registered Charity No 1167787 23
OARSOME CHANCE Notes to the Financial Statements For The Year Ended 31 March 2024 14 Purpose of Deslgnated and Restrlcted Funds (contlnued) Tudor Trust A grant funding our Wellbeing programme for students. Tudor Trust (Wellbein8 Grant) A grant to support staff wellbeing initiatives. 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. 15 Analysis of fund balances between net assets Total Designated General Unre5trirted Restricted funds funds funds funds Total Tangible fixed assets Investments Current assets Current liabilities 58,142 loo 58,142 loo 308,808 308,808 1249,0901 {249,090) 58,142 loo 364,882 {249,0901 174,034 56,074 Total funds 58,242 59,718 117,960 56,074 2023 Tangiblefixed a55ets Investment5 Current ossets Current liabilities 86,260 100 86,260 100 265, 784 265,784 (164, 757) (164,757) 86,260 loo 338.007 (164.757) 72,223 Totolfunds 101,027 187,387 72,223 259,610 16 Financlal Instruments 2024 2023 Categorisation of financial instruments: Financial assets that are debt instrument measured at amortised cost 350,773 326,569 Financial liabilities measured at amortised c05t 249,090 164,757 Items of Income, expense• gains or losses The total interest income for financial assets not measured at fair value through profit or loss is £367 12023: £nill. Oar50rne Chance is a rornparry limited by guarantee Re8iStered in England and Wale5 No 9829935 Registered Charity No 1167787 24
OARSOME CHANCE Notes to the Financial Statements For The Year Ended 31 March 2024 17 Reconciliation of net income / (expenditure} to net cash flow from operating artivities 2024 2023 Net income / (expenditure) for the year {85,5761 (188,9181 Interest receivable Depreciation and impairment of tangible fixed assets (Surplus) / deficit on disposal of fixed assets Ilncreasel / decrease in debtors Increase / Idecreasel in creditors (3671 18,509 24,833 12.2721 1,875 16,956 (100,2121 84,333 130.774 Net cash flow from operating activities 31,583 {131,6481 18 Pension commitments The charity operate5 a defined contribution scheme for certain employees. The assets of the scheme are administered by trustee5 in a fund independent from those of the charity. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £9.850 12023: £7,779). 19 Related party transactions There were no related party transactions during the year. Oarsome Chance Is a company Ilmlted by guarantee Reglstered In England and Wales No 9829935 ReE15terEd ChaTity ND 1167787 25