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2023-03-31-accounts

Charity Registration No. 284975

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

LEGAL AND ADMINISTRATIVE INFORMATION

Chairperson Sue Burrows
Secretary Marilyn Smith
Treasurer Terry Williams
Parent Reps Johanna Warren
Catherine Brundrett
Individual Members Elizabeth Mizen
Alison Monk
Sue Philips
Donna Boseley
Pauline Nash
Charity number 284975
Principal address Bowens Hill Road
Coleford
Gloucestershire
GL16 8DU
Independent examiner Griffiths Marshall
20 Newerne Street
Lydney
Gloucestershire
GL15 5RA

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

CONTENTS

Page
Trustees report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Statement of cash flows 6
Notes to the financial statements 7 - 16

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

Forest of Dean Children's Opportunity Centre is a registered charity (number 284975) governed by a declaration of Trust. The constitution was adopted on 31 March 1982 and amended in 1988, 1991, 2001 and 2013.

The principal office of the Charity is Bowens Hill Road, Coleford, Gloucestershire GL16 8DU.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's constitution, 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) (effective 1 January 2015)”

Structure, governance and management

The trustees who served during the year were:

Chairperson Sue Burrows Secretary Marilyn Smith Treasurer Terry Williams Parent Reps Johanna Warren Catherine Brundrett Individual Members Elizabeth Mizen Alison Monk Sue Philips Donna Boseley Pauline Nash

Trustees who resigned during the year Jonathan Thulbon, Sara Roberts, Kim Lloyd

Objectives, Activities, Acheivements, Performance, Public Benefit

The Forest of Dean Children’s Opportunity Centre provides a range of support services to all families with or without a SEN need from birth to the age of 7, and covers the whole of the Forest of Dean area, in furtherance of its charitable activities for the Public Benefit. The ethos of the centre is inclusive integration with generally a 50/ 50 mix of children with or without needs.

The services provided include family support, parent and toddler sessions, parent support groups, advice and guidance, early counselling and fully inclusive early years provision from birth.

The centre provides an informal meeting place for parents and those professionals involved in the care of the children.

It is the philosophy of the Charity that Children be integrated with their peers, regardless of their abilities and be able to play, learn and develop in an environment that is safe, welcoming, and stimulating.

The trustees have complied with their duty to have regard to the guidance on Public Benefit published by the Charity Commission in exercising their powers and duties, and have paid due regard to guidance issued by the charities commission in deciding what activities to undertake.

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Activities included Family Days, Rising 3’s and pre-school, nurture group, babies and Stay and Play sessions. Children progressed, and new children are accessing services.

Financial Review and Plans for Future Periods

Funding for the following year is in the process of being secured. The trustees are confident that the charity will continue to provide the services needed by the families.

Following the Covid-19 pandemic the Centre was fortunate to receive some emergency one-off funding. This has helped to replenish our reserves and keep our services running without interruption. We have undertaken a thorough review of all our expenditure due to the rising costs and have reduced these where possible. Fundraising events have been restarted and grants applies for however there is greater competition within our sector for funding so we are not always successful.

Reserves Policy

The trustees have no plans for significant changes in the levels of reserves, which are required to finance continued holding of the leasehold land and buildings and for the purpose of the restricted funds and designated funds described in note 6 to the accounts and to finance prudent provision for redundancy etc costs should the charity ever have to reduce in size or cease. The timing of any expenditure of the building contingency fund in the future is inherently uncertain.

Risks

As most grants are usually made for one year only, income cannot be guaranteed. Fund holders may change their eligibility criteria and the Charity may no longer fall within the funder’s remit.

Significant Developments

The Centre has undertaken a re-branding, refurbishment and extended our opening hours to accommodate our working parents and the age range of the children in our care. The Centre is now open for 50 weeks of the year to all children from 3 months old. Staff hours have been increase to ensure ratios throughout the holiday periods and extended hours. These changes have seen an increase in the number of children using the centre, so furthering the charity’s charitable activities for the Public Benefit.

Investment Powers

All income is paid into an investment account and funds are transferred over to the current account when required.

Recruitment and Appointment of New Trustees

Attempts are made to recruit new trustees at the time of Annual General Meetings, and trustees are appointed by approval at Annual General Meetings.

The Trustees report was approved by the Board of Trustees.

Sue Burrows

Chairperson Dated: 26 September 2023

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

I report on the financial statements of the charity for the year ended 31 March 2023, which are set out on pages 4 to 16.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination being a qualified member of FCA.

It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

Ian Price FCA Griffiths Marshall 20 Newerne Street

Lydney GL15 5RA

Dated: 26 September 2023

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and
legacies
3
231,101
-
Charitable activities
4
30,777
-
Investments
5
224
-
Total income
262,102
-
Expenditure on:
Raising funds
309
-
Charitable activities
6
192,875
5,623
Total expenditure
193,184
5,623
Net income/(expenditure)
for the year/
Net movement in funds
68,918
(5,623)
Fund balances at 1 April
2022
298,604
15,391
Fund balances at 31
March 2023
367,522
9,768		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
231,101
176,802
-
30,777
31,798
-
224
35
-
262,102
208,635
-
309
2,151
-
198,498
236,433
3,823
198,807
238,584
3,823
63,295
(29,949)
(3,823)
313,995
328,553
19,214
377,290
298,604
15,391		 Total
2022
£
176,802
31,798
35
208,635
2,151
240,256
242,407
(33,772)
347,767
313,995

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
14
Unrestricted funds
Designated funds
15
General unrestricted funds		 2023
£
2,257
176,136
178,393
(3,211)
146,512
221,010		 £
202,108
175,182
377,290
9,768
367,522
377,290		 2022
£
2,259
105,254
107,513
(2,431)
146,512
152,092		 £
208,913
105,082
313,995
15,391
298,604
313,995

The financial statements were approved by the Trustees on 26 September 2023

Sue Burrows Trustee

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
18
Investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
(1,544)
224		 £
72,202
(1,320)
-
70,882
105,254
176,136		 2022
£
(950)
35		 £
(26,991)
(915)
(27,906)
133,160
105,254

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Company information

Forest of Dean Children’s Opportunity Centre is a charitable trust, and is a Public Benefit Entity as defined by FRS102.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the charity.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

1.5 Resources expended

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Resources expended are recognised in the period in which they are incurred on the accruals basis. Resources expended include attributable VAT which cannot be recovered.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings 1% straight line basis Equipment 15% reducing balance basis Minibus 10% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Expensed Equipment

Small items of equipment are charged to the statement of financial activities in full in the year they are bought, rather than being capitalised.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

3 Donations and legacies

Donations, gifts, transport payments
Grant income		 2023
£
8,101
223,000
231,101		 2022
£
12,916
163,886
176,802

Of the grant income for the year ended 31 March 2023 £108,549 (2022 - £88,670) was from government bodies (local authorities etc.). In addition, fundraising income for the year ended 31 March 2023 includes £nil (2022 - £3,500) from a local authority.

4 Charitable activities

Fundraising Playscheme +
Stay and Play
Playroom
Baby room
2023
2023
2023
2023
£
£
£
£
Sales within
charitable activities
11,883
2,308
10,656
5,930
For the year ended 31 March 2022
Fundraising Playscheme +
Stay and Play
Playroom
£
£
£
Sales within charitable activities
14,264
8,227
1,860		 Total
2023
£
30,777
Baby room
£
7,447		 Total
2022
£
31,798
Total
2022
£
31,798

5 Investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Interest receivable 224 35

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

6 Charitable activities

Opportunity
Centre
Fundraising Playscheme
+ Baby
Room
Playroom
£
£
£
£
Staff costs
141,971
-
-
-
Depreciation and impairment
4,846
-
-
-
Staff training
964
-
-
-
Insurance
4,888
-
-
-
Heat, light and water
3,796
-
-
-
Repairs and maintenance
5,159
-
-
-
Postage, office and computer
11,015
-
-
-
Telephone
2,939
-
-
-
Travel expenses
2,493
-
-
-
Subscriptions
869
-
-
-
Sundry
1,988
-
-
-
Advertising and gifts
-
592
-
-
Playscheme, baby room, etc purchases
-
-
221
-
Playroom purchases
-
-
-
2,528
Minibus expenses
-
-
-
-
180,928
592
221
2,528
Share of governance costs (see note 7)
9,227
-
-
-
190,155
592
221
2,528		 Minibus
£
-
3,503
-
-
-
-
-
-
-
-
-
-
-
-
1,499
5,002
-
5,002		 Total
2023
£
141,971
8,349
964
4,888
3,796
5,159
11,015
2,939
2,493
869
1,988
592
221
2,528
1,499
189,271
9,227
198,498		 Total
2022
£
189,748
8,527
673
4,962
3,982
4,290
8,719
3,670
1,691
611
309
600
1,013
1,783
2,781
233,359
6,897
240,256

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

6 Charitable activities

Charitable activities
Analysis by fund
Unrestricted funds
Restricted funds
For the year ended 31 March 2022
Unrestricted funds
Restricted funds		 188,035
2,120
190,155
230,256
320
230,576		 592
-
592
600
-
600		 221
-
221
1,013
-
1,013		 2,528
-
2,528
1,783
-
1,783		 1,499
3,503
5,002
2,781
3,503
6,284		 (Continued)
192,875
5,623
198,498
236,433
3,823
240,256		 (Continued)
192,875
5,623
198,498
236,433
3,823
240,256
240,256

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

7 Support costs

Independent examiner
Legal and professional
Bank charges
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
-
1,056
-
7,993
-
178
-
9,227
-
9,227		 2023
£
1,056
7,993
178
9,227
9,227		 2022 Basis of allocation
£
930 Governance
5,791 Governance
176 Governance
6,897
6,897

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits or expenses from the charity during the year.

9 Employees

Number of employees

The average number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
9
2023
£
136,637
2,858
2,476
141,971		 2022
Number
14
2022
£
181,773
5,042
2,933
189,748

There were no employees whose annual remuneration was £60,000 or more.

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

11
Tangible fixed assets
Leasehold
land and
buildings
Equipment
£
£
Cost
At 1 April 2022
230,156
63,987
Additions
-
1,544
At 31 March 2023
230,156
65,531
Depreciation and impairment
At 1 April 2022
43,669
48,567
Depreciation charged in the year
2,302
2,544
At 31 March 2023
45,971
51,111
Carrying amount
At 31 March 2023
184,185
14,420
At 31 March 2022
186,487
15,420
12
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Other taxation and social security
Accruals		 Minibus
£
35,030
-
35,030
28,024
3,503
31,527
3,503
7,006
2023
£
2,157
100
2,257
2023
£
1,613
1,598
3,211		 Total
£
329,173
1,544
330,717
120,260
8,349
128,609
202,108
208,913
2022
£
2,159
100
2,259
2022
£
1,067
1,364
2,431

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at Resources Balance at Resources Balance at
1 April 2021 expended 1 April 2022 expended
31		 March 2023
£ £ £ £ £
Minibus fund 10,479 (3,503) 6,976 (3,503) 3,473
Child Changing Area Project 6,935 (320) 6,615 (320) 6,295
Barnwood Trust 1,800 - 1,800 (1,800) -
19,214 (3,823) 15,391 (5,623) 9,768

Purposes of restricted funds:

Minibus Fund - To finance the purchase of a minibus. Child Changing Area Project - To finance the child changing area refurbishment. Other Funds - To finance the expenditure for which the grants were given. Barnwood Trust - To finance a holiday playscheme.

15 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Purposes of designated funds: Premises Fund - To set aside funds relating to the premises. Building Contingency - To set aside funds for building contingency

16 Analysis of net assets between funds

Designated
funds
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
-
Current assets/(liabilities)
146,512
146,512		 General
funds
Restricted
funds
£
£
192,340
9,768
28,670
-
221,010
9,768		 Total
£
202,108
175,182
377,290

17 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

18
Cash generated from operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Cash generated from/(absorbed by) operations		 2023
2022
£
£
63,295
(33,772)
(224)
(35)
8,349
8,527
2
(827)
780
(884)
72,202
(26,991)

19 Analysis of changes in net funds

The charity had no debt during the year.