Charity Registration No. 284975
FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
LEGAL AND ADMINISTRATIVE INFORMATION
Chairperson Sue Burrows Secretary Marilyn Smith Treasurer Terry Williams (to 18 August 2023) Daniel Oversby (from 23 November 2023) Parent Reps Johanna Warren Catherine Brundrett
Individual Members Elizabeth Mizen Alison Monk (to 29 September 2023) Sue Philips Donna Boseley Pauline Nash (to 7 October 2023) Ben Gaget (from 11 October 2023) Jasmine Gamlin (from 11 October 2023) Julie Burton (from 11 October 2023)
Charity number 284975 Principal address Bowens Hill Road Coleford Gloucestershire GL16 8DU Independent examiner Stephen Humphries Griffiths Marshall 20 Newerne Street Lydney 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 - 17 |
FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the year ended 31 March 2024.
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 (to 18 August 2023) Daniel Oversby (from 23 November 2023) Parent Reps Johanna Warren Catherine Brundrett Individual Members Elizabeth Mizen Alison Monk (to 29 September 2023) Sue Philips Donna Boseley Pauline Nash (to 29 September 2023) Ben Gaget (from 11 October 2023) Jasmine Gamlin (from 11 October 2023) Julie Burton (from 11 October 2023)
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.
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FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
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.
We continue to monitor our expenditure as costs are still rising and limit the impact where possible. Fundraising events have taken place throughout the year, and we continue to apply for grants, however competition for funding is still high.
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 Developmentt
Following our re-branding and increase in opening hours we have seen an uptake in children attending the centre. This has meant that staffing hours have remained consistent without the need to reduce as children move on to other settings. Further changes to government funding may give rise to a higher demand for places over the coming year.
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: 4 September 2024
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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 2024, which are set out on pages 4 to 17.
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.
It is my responsibility to:
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(i) examine the financial statements under section 145 of the 2011 Act;
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(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(iii) to state whether particular matters have come to my attention.
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:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 130 of the 2011 Act; and
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(ii) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
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have not been met or
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Stephen Humphries Griffiths Marshall 20 Newerne Street Lydney Gloucestershire GL15 5RA
Dated: 10 September 2024
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FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 3 182,872 - Charitable activities 4 32,765 - Investments 5 1,253 - Total income 216,890 - Expenditure on: Raising funds 1,014 - Charitable activities 6 263,826 3,793 Total expenditure 264,840 3,793 Net income/(expenditure) and movement in funds (47,950) (3,793) Reconciliation of funds: Fund balances at 1 April 2023 367,522 9,768 Fund balances at 31 March 2024 319,572 5,975 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 182,872 231,101 - 32,765 30,777 - 1,253 224 - 216,890 262,102 - 1,014 309 - 267,619 192,875 5,623 268,633 193,184 5,623 (51,743) 68,918 (5,623) 377,290 298,604 15,391 325,547 367,522 9,768 |
Total 2023 £ 231,101 30,777 224 |
|---|---|---|
| 262,102 | ||
| 309 198,498 |
||
| 198,807 | ||
| 63,295 313,995 |
||
| 377,290 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Fixed assets Tangible assets 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Restricted funds 15 Unrestricted funds Designated funds 16 General unrestricted funds |
2024 £ 1,861 131,167 133,028 (5,028) 221,000 98,572 |
£ 197,547 128,000 325,547 5,975 319,572 325,547 |
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 |
The financial statements were approved by the Trustees on 4 September 2024
Sue Burrows Trustee
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FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
| Notes Cash flows from operating activities Cash (absorbed by)/generated from operations 20 Investing activities Purchase of tangible fixed assets Interest received Net cash used in investing activities Net cash used in financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2024 £ (4,009) 1,253 |
£ (42,213) (2,756) - (44,969) 176,136 131,167 |
2023 £ (1,544) 224 |
£ 72,202 (1,320) 70,882 105,254 176,136 |
|---|---|---|---|---|
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FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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 or grantors 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
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FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
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.
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FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
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.
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FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
3 Donations and legacies
| Donations, gifts, transport payments Grant and general income |
2024 £ 9,653 173,219 182,872 |
2023 £ 8,101 223,000 |
|---|---|---|
| 231,101 |
Of the grant and general income for the year ended 31 March 2024 £139,554 (2023 - £108,549) was from government bodies (local authorities etc.).
4 Income from charitable activities
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Fundraising income | 7,748 | 11,883 | |
| Stay and Play | 709 | 2,308 | |
| Playroom | 15,237 | 10,656 | |
| Baby Room | 9,071 | 5,930 | |
| 32,765 | 30,777 | ||
| 5 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable | 1,253 | 224 |
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FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
6 Charitable activities
| Opportunity Centre Fundraising Playscheme + Baby Room Playroom £ £ £ £ Staff costs 191,138 - - - Depreciation and impairment 5,067 - - - Staff training 1,841 - - - Insurance 5,136 - - - Heat, light and water 1,140 - - - Repairs and maintenance 16,019 - - - Postage, office and computer 13,887 - - - Telephone 3,116 - - - Cleaners and cleaning materials 4,859 - - - Travel expenses 1,481 - - - Subscriptions 1,123 - - - Sundry 1,419 - - - Advertising and gifts - 562 - - Playscheme, baby room, etc purchases - - 512 - Playroom purchases - - - 4,540 Minibus expenses - - - - 246,226 562 512 4,540 Share of governance costs (see note 7) 10,918 - - - 257,144 562 512 4,540 |
Minibus £ - 3,503 - - - - - - - - - - - - - 1,358 4,861 - 4,861 |
Total 2024 £ 191,138 8,570 1,841 5,136 1,140 16,019 13,887 3,116 4,859 1,481 1,123 1,419 562 512 4,540 1,358 256,701 10,918 267,619 |
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 |
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FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
6 Charitable activities
| Charitable activities Analysis by fund Unrestricted funds Restricted funds For the year ended 31 March 2023 Unrestricted funds Restricted funds |
256,824 320 257,144 188,035 2,120 190,155 |
562 - 562 592 - 592 |
512 - 512 221 - 221 |
4,540 - 4,540 2,528 - 2,528 |
1,388 3,473 4,861 1,499 3,503 5,002 |
(Continued) 263,826 3,793 267,619 192,875 5,623 198,498 |
(Continued) 263,826 3,793 267,619 192,875 5,623 198,498 |
|---|---|---|---|---|---|---|---|
| 198,498 |
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FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7 Support costs
| Support costs Governance costs 2024 £ £ £ Independent examiner - 1,080 1,080 Legal and professional - 9,663 9,663 Bank charges - 175 175 - 10,918 10,918 Analysed between Charitable activities - 10,918 10,918 8 Net movement in funds The net movement in funds is stated after charging/(crediting): Depreciation of owned tangible fixed assets |
2023 Basis of allocation £ 1,056 Governance 7,993 Governance 178 Governance 9,227 9,227 2024 2023 £ £ 8,570 8,349 |
|---|---|
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits or expenses from the charity during the year.
10 Employees
Number of employees
The average number of employees during the year was:
| Employment costs Wages and salaries Social security costs Other pension costs |
2024 Number 11 2024 £ 182,819 4,947 3,372 191,138 |
2023 Number 9 |
|---|---|---|
| 2023 £ 136,637 2,858 2,476 |
||
| 141,971 |
There were no employees whose annual remuneration was £60,000 or more.
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| 12 Tangible fixed assets Leasehold land and buildings Equipment £ £ Cost At 1 April 2023 230,156 65,531 Additions - 4,009 At 31 March 2024 230,156 69,540 Depreciation and impairment At 1 April 2023 45,971 51,111 Depreciation charged in the year 2,302 2,765 At 31 March 2024 48,273 53,876 Carrying amount At 31 March 2024 181,883 15,664 At 31 March 2023 184,185 14,420 13 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income 14 Creditors: amounts falling due within one year Other taxation and social security Accruals |
Minibus £ 35,030 - 35,030 31,527 3,503 35,030 - 3,503 2024 £ 1,761 100 1,861 2024 £ 2,945 2,083 5,028 |
Total £ 330,717 4,009 |
|
|---|---|---|---|
| 334,726 | |||
| 128,609 8,570 |
|||
| 137,179 | |||
| 197,547 | |||
| 202,108 | |||
| 2023 £ 2,157 100 |
|||
| 2,257 | |||
| 2023 £ 1,613 1,598 |
|||
| 3,211 |
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FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
15 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At Minibus fund Child Changing Area Project Previous year: At Minibus fund Child Changing Area Project Barnwood Trust |
1 April 2023 Resources expended At 31 March 2024 £ £ £ 3,473 (3,473) - 6,295 (320) 5,975 9,768 (3,793) 5,975 1 April 2022 Resources expended At 31 March 2023 £ £ £ 6,976 (3,503) 3,473 6,615 (320) 6,295 1,800 (1,800) - 15,391 (5,623) 9,768 |
|---|---|
Purposes of restricted funds: Minibus Fund - To reflect the depreciation of a minibus.
Child Changing Area Project - To reflect the depreciation of the former child changing area refurbishment. Barnwood Trust - To finance a holiday playscheme.
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FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
16 Designated funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| Balance at 1 April 2023 £ Building Reserve 146,512 Redundancy Reserve - Staffing Reserve - - 146,512 |
Transfers Balance at 31 March 2024 £ £ (6,512) 140,000 21,000 21,000 60,000 60,000 74,488 221,000 |
Transfers Balance at 31 March 2024 £ £ (6,512) 140,000 21,000 21,000 60,000 60,000 74,488 221,000 |
|---|---|---|
| 221,000 |
Purposes of designated funds:)
Building Reserve - (including former Premises Fund and Building Contingency) to designate funds for possible future repairs including drainage and for possible future building expenditure. Redundancy Reserve - to designate funds in case of future expenditure on staff redundancy costs.
Staffing Reserve - to designate funds to cover the costs of unfunded additional staff to meet the charitable aims and ensure that the centre can remain supportive of parents whose children are unable to commit to regular hours.
17 Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Designated Restricted £ £ Fund balances at 31 March 2024 are represented by: Tangible assets 140,000 5,975 Current assets/(liabilities) 81,000 - 221,000 5,975 |
General £ 51,572 47,000 98,572 |
Total £ 197,547 128,000 |
| 325,547 |
18 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
19 Analysis of changes in net funds
The charity had no material debt during the year.
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FOREST OF DEAN CHILDRENS OPPORTUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| 20 Cash generated from operations 2024 £ (Deficit)/surpus for the year (51,743) Adjustments for: Investment income recognised in statement of financial activities (1,253) Depreciation and impairment of tangible fixed assets 8,570 Movements in working capital: Decrease in debtors 396 Increase in creditors 1,817 Cash (absorbed by)/generated from operations (42,213) |
2023 £ 63,295 (224) 8,349 2 780 72,202 |
|---|---|
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