REGISTERED COMPANY NUMBER: 02225130 (England and Wales} REGISTERED CHARITY NUMBER: 11)07947 REPORT OF THE TRUSTEES AND FINANaAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR OSEL ENTERPRISES LIMITED Bright Brown Limited Chartered Accountants Statutory Auditor Exchange House St. Cross Lane Newport Isle of Wight P030 5BZ
OSEL ENTERPRISES LIMITED CONTENTS OFTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of the Tru5tee5 Report of the Independent Audilors Statement of Financial Activities io BalancÉ Shèet li Cash Flow Statement 12 Notes to the Cash Flow Statement 13 Notes to the Financial Statements 14 to 26
OSEL ENTERPRISES LIMITED (REGISTERED NUM8ER: 02Z25130) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees who are also dirertors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provision5 of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and principle activity Osel Enterprise5 Ltd is an inclusive. outstanding 5UPPOrt, education and learning service based on the151e of Wi8ht. Established to provide work for people with disabilities. Osel Enterprises continues to encourage independence and promote community groups, offerins ASDAN education. arranging volunteering and working with local employers to offer paid employment opportunities. Osel Enterprises Ltd is managed by a board of Directors resident on the Isle of Wight. All are actively involved in the local community. Public benefit The trustees have paid due regard to the guidance from the Charity Commission regarding public benef it and what activities the charity shou Id undertake within this. The charity seeks to operate within the community, offering emplDyment, education and person-centred support to people with a leaming disability or people recovering from mental health issues. STRATEGIC REPORT Achievements and performance Manager's Report l am proud to Say that Osel Enterprises Ltd, h35 continued to offer outstanding services during a challenging budget year. Our eth05 is to inspiro peoplo with disabilities and individuals recovoring from montal health issues who are referred to us. We ensuro they play a full part in our local community and ensure that the support and products we provide continues to meet customer/funding requirements by listening and actin8 upon feedback. Way Fonvard offers the best Learning Disability Day services on the Island. We offer person-centred support through a variety of daily sessions. The sessions on offer fit into four categories: encourage independence. improve self-worth. social skills and education. New customers try out taster days at Way Forward and enjoy a unique programme of activity at the centre. Alternatively, they can choose bespokelperson centred one to one support in the community. We also offer respite accommodation in Cowes: this offer5 fun packed short break5 to encourage independence and give parent5lcarers a well-earned break. Working Toward5 Wellbeing continues to expand its services due to excellent job retention/employment result5. Phone ffleetinB5 are still popular- we are offering more face-to-face meetings in community settings this year. Referral numbers are increasing and we are looking at adding to the team in 2026 due to a new employment contract from the Department for Work and Pension5 IDWPI. The tnain five-year contract for Primary Employment Advice and Support Service is up for review in 2027. N HS151e of Wight has plans to merge with other South Coast trusts to improve efficiency and release money to improve seNices and to reduce costs. Page I
OSEL ENTERPRISES LIMITED (REGISTERED NUM8ER: 02Z25130) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Wight Crystal has updated its produtt offer to reflect the chan8ing public attitude towzrd5 sinBle use plastics. Our customers are offered a selection of recycled. recyclable, biodegradable and compostable products and we remain alert to changing consumer trends. Lowering costs by working more efficiently and not replacing staff has helped Wight Crystal fulfil its orders on time and in full. We are looking forward to new and existing events returning in 2025 and look fornvard to a busy Summer. Event accornmodation and marketing will be reviewed after the summer. Wight Crystal is collaboratin8 Wlth a local provider to increase our e-mail campaigns Using Mail Chimp and other CRM services. Staff retention 15 exceptionally Bood, especially in the Health and Soaal Care Sector, we look after staff by offering a competitive hourly rate and benefits. We have a small team of volunteers that are very loyal and are an important addition to the staff team. Cafe 62 is opening in June/July 2025, we are in discussions with the NHS re8ardin8 the kitchen specifications ready for the summer. This Café will provide an exclusive sp3ce for patients using the Health and Wellbeing Centre and will also be open the public. Flnanclal results Again. the charity enjoyed a successful but inevitably challenging year. with new customers and referra15 joining Way Forward, Wight Crystal and Working Towards Wellbeing. The charity enjoys an enviable reputation for delivering quality support. always exceeding the expectation of its service users. Putting money back into our services and ihe continual development of our 51aff, despite the challenges of the cost-of-living cri515 and the continual tightening of local budget5, osel ha5 continued to operate safely. Currently we employ 35 people and have utilised the governments funding schemes wherever possible. We have an excellent, stable workforce, valuing our staff creates opportunities for development. which in turn encourages long service. Recognising our talented team members has helped stabilise all three enterprises and produces outstanding results. osel Enterprises Ltd is determined to continually improve its service5, products. and internal working practices. We strive to stay ahead of the competition and to be an efficient forward-thinking charity that stands out from all other social enterprises on the Island. We expect the coming months and full year to be challenging because of the cost-of-living crisis and the inevitable tightening of local and national funding for people with Learning Disabilities and Mental111 Health. Financial review Financial p05ilion Total income for the year was £1,399,362 including £1.140,537 from unrestricted activities and £258,825 from restricted activities. Total expenditure in the year was £1,311,197 including £1.117.752 from unrestricted activities and £193.445 from restricted activities. This resulted in a total Operating surplus of £88.165 consisting of £22.785 in respect of unrestricted activities and £6S,380 in respect of restricted activities. Principal f unding sources Principal sources of income are: Sales of Wight Crystal products Funding from NHS for Services Income from provision of support seNices These incomes are generated and used to support the objectNes ofthe charity as noted above. Page 2
OSEL ENTERPRISES LIMITED (REGISTERED NUM8ER: 02Z25130) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT Financlal review ReseNes policy The trustee5 consider that the unrestricted funds, which are the free reserves of the charity, should be maintained at a level which equates to approximately four months expenditure. The current level of unrestricted reseNes are E611.129 and are £123,837 after excluding fixed assets and designated f unds which means the charity Is in line with the policy although part of the reserve is asset based. The trustees will continue to monitor the funds levels to ensure thi5 15 maintained and plan to use Surpluses when achieved to bolster cash reserves held. Challenges Way Forward As ever, the challenge with Services is trying to make the books balance when the Isle of Wisht Council cannot afford to pay our current session and one to one support rates. Rate shortfalls must be invoiced directly to the customers, parents/carers, this puts pressure on families already struggling to make ends meet. Wight Crystal The focus on reducin8 plastic is a threat to our small product offer, introducing gla55 Options has helped and we will continue to source alternative products giving our customer a choice. We introduced new flavours at the beginning of last year, this created lots of posltive marketing activity and new customers. Working Towards Wellbeing Due to our reliance on the NHS and DWP fundin& Working Towards Wellbeing is applying for other funding sources to help secure its future. An employers, service has been created to offer return to work employment advice and support. The ma in fivo-year contract fDr the Employment Advice and Support Service is up for review in 2027. NHS Isle of Wight will merge with other South Coast trusts to improve eff iciency and release money to improve services on offer. Cafe 62 This is our newest onterprise for 2025 and will add awareness about the charity and what wo can provide. Using locally sourced products and services. this has a communty feel. Page 3
OSEL ENTERPRISES LIMITED (REGISTERED NUM8ER: 02Z25130) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT Future plans The Future Osel Enterprises Ltd turnover and profit have continued to grow. Using local funding opportunities and applying for new service contract5 will allow us to keep irnprovins our services and provide support for the people that need it. The head office building at 7 Daish Way, Newport will be offered to purchase rather than lease in 2028, and we hope we can use some of our reserve5 to purchase it to invest in the future. Objectives for 2025-2028 During the next three years we will need to merge more back-office funrtions and invest in more IT to reduce costs and improve efficiency. Staff recruitment is key over the next three years: we are looking at apprenticeship schemes to help u5 find employees that w2 can train to help strengthen our loyal and resilient staff team. Due to growing reserves Ifrom investments and fundin8 successesl we will look to buy existing rental premises to help secure the long-term future of the charity. Like many organisations, the charity is working a lot harder and thinkin8 creatively to rnaximise opportunities. We are constantly increasing our product offer and services, gaining local support and applying for funding is essential. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by it5 governing document, a deed of trust, and constitutes a limited company, limited by guarantee, a5 defined by the Companies Act 2006. Trustees, organlsatlon and management The business of the charitable company is managed by the board of trustees; the number of trustees is not subject to a maximum. The trustees hold adhoc meetin85 but the Chairman in particular also has constant weekly contact with the chief executive officer who runs the charity on a day to day basis. Prospective directors/trustees are initially approached by a member of the board. prior to such nomination beinE proposed at a board meeting, and subject to Such proposal receiving the support of the board, the proposed new trustee is then invited to join the board and followin8 his/her acceptance is fully briefed as to charity matters and it's aims and objectives at the f irst board meeting which he/she attends. There are no formal policies or procedures for the induction and training of trustees. The arrangements and Setting of pay levels of key management personnel are dealt with in trustee meeting5 from time to time and a number of factor5 are used to make the decision such a5 charity performance, employee performance and general economic factors at the time of the review. The overall performance of the charity and how it achieves it5 charitable objectives is the usual benchmark of the review and therefore major factor of the pay discussions is the financial and non-financial outcomes, achieved or not, during the relevant period. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 0222513Q (England and Wales) Registered Charity number 1007947 Page 4
OSEL ENTERPRISES LIMITED (REGISTERED NUM8ER: 02Z25130) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Re815tered office 7 Daish Way Dodnor I ndustrial Estate Newport Isle of Wight P030 5XJ Trustees C P Boswell D L Holmes C A Dennett M Reed Auditors Bright Brown Limited Chartered Accountants St3tutory Auditor Exchange House St. Cross Lane Newport Isle of Wight P030 5BZ Bankers HSBC 101 St James Street Newport Isle of Wight P030 IHX Solicitors Eldridges Avenue House Avenue Road Freshwater 151e of Wight P040 9UZ Page 5
OSEL ENTERPRISES LIMITED (REGISTERED NUM8ER: 02Z25130) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Osel Enterprises Limited for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standard5 Iunited Kingdom Generally Accepted Accounting Practice). Company law require5 the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that penod. In preparing those financial statements, the trustees are required to.. Selert suitable accounting policies and then apply them consistently Observe the methods and principles in the Charity SORP Make judgements and estimates that are reasonable and prudent Prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charitable company will continue in business The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial staten)ents comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. I n so far as each of the persons who was a trustee at the date of approving this report is aware.. There is no relevant audit information of which the charitsble company's auditors are unaware- and The Trustees have taken all steps they ou8ht to have taken to make themselves aware of any relovant audit information and establish that the auditors are aware of that information. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. AUDITORS The auditors, Bright Brown Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees. incorporating a strategic report. approved by order of the board of trustees. as the company directors, on 22 December 2025 and Signed on the board's behalf bv: D L Holme5- Trustee Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF OSEL ENTERPRISES LIMITED Opinion We have audited the financial statements of OSEL Enterprises Limited (the 'charitable company'l for the year ended 31 March 2025 which comprise the Statement of Financial Activitie5, the Balance Sheet, the Cash Flow Statement and note5 to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). I n our opinion the financial statements-. give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources. including its income and expenditure. for the year then ended,- have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirefflent5 of the Companies Att 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK} IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical respDn5ibilitie5 in accordance with these requirernents. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to goin8 concern I n auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation ol the financial statements is appropriate. Based on the work we have performed, we have not identified any material Ljncertainties relating to events or conditions that, individually or collertively, may cast significant doubt on the charitable company's ability to continue as a goin8 concern for a period of at least twelve months from when the financial statements are authDrised for issue. Our responsibilities and the responsibilities of the trustee5 Wlth respect to going concern are described in the relevant sections of this report. Other Informatlon The Irustees are responsible for the other information. The other infom73tion comprises the infonnation included in the Annual Report, other than the linancial statement5 and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do nol express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility 15 to read the other information and, in doin8 so, consider whether the other information 15 materially inconsistent with the financial statements or our knowledge obtained in the audil or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatement5, we are required to determine whether this gives rise to a material misstatement in the financial 5taternent5 thernselves. If, based on the work we have performed, we conclude that there 15 a material mi5Statement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters pres¢Tibed by the Companies Act 21J)6 I n our opinion, based on the work undertaken in the course of the audrt-. the information given in the Report ol the Trustees for the financial year for which the fina ncial statements are prepared is consistent with the financial statements- and the Report of the Trustees has been prepared in accordance with aK)licable legal requirements. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF OSEL ENTERPRISES LIMITED Matters on which we are required to report by exception I n the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material mi55tatements in the Report of the Trustee5. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion,, adequate accounting records have not been kept or returns adequate for our audit have not been received frorn branches not visited by us,. or the f inancial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees. remuneration specifi.ed by law are not made.. or we have not received all the information and explanation5 we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees {who are also the directors of the charitable company for the purposes of company laivl are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, an(J for such internal control as the trustees determine 15 necessary to enable the preparation of financi21 statements that are free from material misstatement. whether due to fraud or error. I n preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing. as applicable, rnatters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operation5, or have no realistic alternative but to do 50. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF OSEL ENTERPRISES LIMITED Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from material misslatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the ecovomic decision5 of user5 taken on the basi5 of these financial statements. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. I rre8ularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The eKtent to which our procedures are capable of detecting irregularitie5. includin8 fraud 15 detailed below-. Based on our understanding of the charitable company, the principal risks a that of management override of controls, potential fraud in revenue recognition, potential diversion of cash income. The engagement team considered these risks and audit procedures were undertaken as follows= Discussions with management regarding the ability to override controls and review of processes in place to confirm no override had occurred. Extension of sample sizes relatin8 to revenue reco8nition. The audit team remained aware of the possibility of the diversion of cash income during the course of the audit. There are inherent limitations in the audit procedures described above. and the further removed non-compliance with laws and regulations is from the events and transartions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement due to frajd is higher than the risk of not detecting one resulting from error as fraué may involve deliberate concealment or intentional misrepresentations. A further des(ription of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at wvM.frc.org.uk/auditorsresponsibilitie5. This description fomis part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Art 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are requireé to state to them in an auditors. report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work. for thi5 report, or for the opinion5 we have formed. David Steven5 A.C.A. (Senior Statutory Auditor) for and on behalf of Bright Brown Limited Chartered Accountants Statutory Auditor Exchange House St. Cross Lane Newport Isle of Wight P030 5BZ 22 December 2025 Page 9
OSEL ENTERPRISES LIMITED STATEMENT OF FINANCIAL AcfiviTIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 2025 Total funds 2024 Total funds Unrestricted fund5 Restricted funds Notes INCQME AND ENDOWMENT5 FROM Donations and leBacies 8,439 2D,677 29,116 19,213 Charitable activities Wight Crystal Way Forward Workin8 Towards Wellbeing 395,680 726.538 395,680 726.538 238.148 387,941 654,001 236,028 238,148 I nvestment income Total 9,880 1,140,537 9,880 1,399,362 6,572 1,303,755 258.825 EXPENDITURE ON Charitable activities Wight Crystal Way Forward Working Towards Wellbeing Living Well Totsl 384,322 732.845 384.322 732.845 193,445 585 1,311,197 333,194 729,311 188,088 68 1,250,661 193.445 585 1,117,752 193,445 NEf INCOME 22.785 65,380 88,165 53,094 RECONCILIATION OF FUNDS Total funds brought forward 588,344 194,611 782,955 729,861 TOTAL FUNDSCARRIED FORWARD 611 129 259 991 871,120 782 955 The notes form part of these financial statements PaBe 10
OSEL ENTERPRISES LIMITED (REGISTERED NUM8ER: 02Z25130) BALANCE SHEET 31 MARCH 2025 2025 2024 Notes FIXED ASSETS Tangible assets 12 428,806 433,562 CURRENT A55ET5 Stocks Debtors Cashat bank and in hand 13 14 63,066 121,535 324,128 508,729 64,452 81,490 265,092 411.034 CREDITORS Amounts falling due within one year 15 {66,4151 161,6411 NEf CURRENT ASSETS 442,314 349,393 TOTAL ASSETS LESS CURRENT LIABIUTIES 871,120 782,955 NET ASSETS FUNDS Unrestricted funds Restricted funds TOTAL FLINDS 871120 782 955 17 611,129 259,991 871120 588,344 194,611 782 955 The financial statements were approved by the Board of Trustees and authorised for issue on 22 December 2025 and were signed on its behalf by.. D L Holmes- Trustee The notes form part of these financial statements PaBe 11
OSEL ENTERPRISES LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Noles Cash flows from operating activities Cash generated from operations Net cash provided by operating activitie5 97.513 97,513 145.592 145,592 Cash flows from investing activities Purchase of tangible fixed assets Sale of tangiblè f ixed assets I nterest received Net cash used in investing activities (53.3571 5,000 9.880 138,4771 (398,532} 8.334 6,572 1383.626) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reportlng perlod 59,036 (238,034} 265,092 503,126 324.128 265.092 The notes form part of these financial statements PaBe 12
OSEL ENTERPRISES LIMITED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING AcfiviTIES 2025 2024 Net income for the reporting period las per the Statement of Financial Activities) Adjustments for". Depreciation charges Prof it on disposal ot fixed assets Interest received Decrease in stocks 11 ncreasel/decrease in debtors Increase in creditors Net cash provided by operations 88,165 53,094 58,112 15,0001 {9,8801 1,386 140.0461 4,776 49,755 12,983) 16.572) 1.526 29,761 21,011 145 592 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.25 Net cash Cash at bank and in hand 265.092 265,092 265 092 59,036 59,036 324,128 324,128 324 128 Total The notes form part of these financial statements PaBe 13
OSEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basis of preparing the financial ststements The financial Statements of the charitable cornpany, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financi31 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the U K and Republic of Ireland. and the Companies Art 2006. The financial statements have been prepared under the historical cost convention. The charitable company is registered in England and Wales and 15 limited by guarantee. The financial Statements are presented in Sterlin& which is the function21 currency of the charitable company. There are no material uncertainties about the charity's ability to continue. The charity constitutes a public beneFIt entity as def Ined by FRS 102. Key sources of estlmatlon uncertainty Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values may vary depending on a number of factors. Factors affecting the lives of assets include technological innovation and maintenance programmes. Income Voluntary Income Donations are recognised in the Statement of Financial Activities once the charitable company has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably, this is generally upon receipt of the donation. Investment Income Interest receivable is recognised over the period it is accrued except where there are conditions imposed that must be met before interest is recieved. Where this is the case the income 15 recognised once the conditions have been met. Charltable Actlvltles Income from trading actNities is recognised, net of VAT and all other sales taxes when the goods are delivered or services are provided. Grants are recognised when uncondition31 entitlement to the income is passed to the charitable company. Where there are performance related terms and conditions that mugt be met before unconditional entitlement passes to the charitable company. the income 15 recogni5ed once it is highly probable that these will be met. Where no such condition5 exist the income is recognised when it is received. Expenditure Liabilities are recognised a5 expenditure as 500n as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basi5 and has been classified under headings that aEgreEate all cost related to the category. Where costs cannot be dirertly attributed to particu12r headings they have been allocated to artivities on a basis consistent with the use of resources. Allocation and apportionment of costs The only costs not already directly attributed to an activity are govemance costs. These have been apportioned evenlv between the non-restricted activities of the charity. Page 14 continued...
OSEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES-continued Tangible fixed ossets Depreciation is provided at the following annual rates in order to write off each a55et over its estirnated useful life.. Freehold property Plant and machinery Fixtures and fittings Motor vehicles Recipes Straight line over 50 years Straight line over 4 or 5 years Straight line over 4 or 5 year5 Straight line over 4 or 5 year5 Straight line over 5 years Stocks Stocks are valued at the lower of cost and net realisable value. after making due allowance for obsolete and slow moving iterns. The value of finished goods is calculated by using hourly labour rates divided by number of products in a set. plus the value of raw materials. Overheads of production 3re not fartored into the valuation formulae. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees, Restricted funds can only be used for particular restricted purwses within the objects of the charity. Rostrirtions arise when specified by the donor or when funds are raised for particular restritted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Penslon costs and other post-retlrement beneflts The charitable company operates a defined contribution pension scheme. Contribulions payable to the charitable company's pension scheme are charged to the Statement of Financial Artivities in the period to which they relate. Financial instruments The charity only has financial assets and financial liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt in5trument5 are 5ub5equently measured at amortised cost. Judgements in applying accountire policies In preparing these financial Statements the trustees have made the following judgements.. Determining whether income is restricted or unrestricted. These decisions depend upon the whether the donor has given the income subjert to certain terms or conditions which impose a restriction in trust law. Page 15 continued...
OSEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 DONATIONS AND LEGACIES 2025 2024 Donations INVESTMENT It4COME 2025 2024 Deposit account interest INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Artivity Wight Crystal Wight Crystal Wight Crystal Wight Crystal Wight Crystal Way Foard Way Forward Way FonNard Sales Support contracts Acces5 to Work Income Activities income Miscellaneous income Sales Support contracts Access to Work Income Travel & expenses reimbursed by client Activities income Miscellaneous income Grants 377,000 38 18,642 368,518 16,389 1,199 1,835 1,328 589,588 5,463 1,140 647,606 11,163 Way Forward Way Foard Way Forward WorkinE Towards Wellbeing 36,247 28,387 1,995 238.148 1360 366 29,845 20,190 7,587 236.028 1 277,970 Grants received, included in the above. are as follows: 2025 2024 NHS Hampshire IOW ICB IWorkingTowards Wellbeing) Working Towards Wellbeing NHS Talking Therapies EA NHS Talking Therapies Data Collertion Family support service 119,221 112.583 540 99.949 7,200 15,756 236,D28 111,499 7,428 238,148 Page 16 continued...
OSEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 6) Support costs Isee note 71 Totals Wi8ht Crystal Way Forward Working Towards Wellbeing Livin8 Well 381,409 727.997 191,032 585 1301 D23 2,913 4,848 2,413 384,322 732,845 193,445 585 1 311,197 DIRECT COSTS OF CHARITABLE ACllVITIES 2025 2024 Staff costs Rent Rates & water Insurance Light & heat Telephone and computer costs Postage, stationery & marketing Advertising Wight Crystal cost of sales Client expenses Staff training Establishment expenses Repairs & renewals Bank & other financial charEes Motor & travel Bad debts & provision written back Legal & professional fees General administration expenses Staff clothing Equipment hire Health, safety & welfare Allotment expenses Donations to others Depreciation L05S On sale of assets 828,258 56,559 8,884 14,008 9,207 34,324 4,678 9,321 100.168 65,125 3,516 11,336 26,419 3,316 44,669 257 772,513 54.814 5,247 8,856 19.551 22,878 3.901 5,tE4 106,434 60.011 4,660 11.826 54.270 3,187 38.980 322 889 9.881 641 3.139 5.119 226 520 49,755 12.983) 1 239 701 12,157 1,562 6,536 7,473 138 58,112 5,0001 1301023 Page 17 continued...
OSEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 SUPPORT COSTS Governance COSt5 Wight Crystal Way Forward Working Towards Wellbeing 2,913 4.848 2.413 10,174 NET INCOME/(EXPENDITURE} Net incomel(expenditure) is stated after chargingllcreditingl: 2025 2024 Auditors, remuneration Depreciation - owned a55ets Other operating leases Surplus on disposal of fixed assets ID,174 58,113 56,559 10.960 49.755 54,814 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor forthe year ended 31 March 2024. Trustees. expense5 There were no Irustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. io. STAFF COSTS 2025 2024 Wages and salaries Social security costs other pension costs 755,674 54,608 17,976 828 258 708,422 47.701 16.390 772 513 Page 18 continued...
OSEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 io. STAFF COSTS- continued The average monthly number of employees during the year was as follows: 2025 2024 OSEL- full time Wight Crystal - full time Wight Crystal- part time Way Forward - full time Way Forward - part time Working Towards WellbeinB - full time Working Towards Wellbeing- part time 18 18 35 37 No employees ceiVed emoluments in excess of £60,0. Key personnel employed durin8 the year were as follows: Job Role Tot31 compensation Chief Executive Officer.. £52,556 ii. COMPARATIVE5 FOR THE STATEMENT OF FINANCIAL ACTIVITIES ijnrestricted funds Restrirted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 19,213 19,213 Charltable activitles Wight Crystal Way Forward Working Towards Wellbeing 387,941 654,001 387,941 654,001 236,028 236.028 Investment income Total 6,571 1,067,726 6,572 1,303,755 236.029 EXPENDITURE ON Charitable artivities Wight Crystal Way Forward Working Towards Wellbeing Living Well Total 333,194 729.311 333,194 729,311 188,088 68 1250 661 188,088 68 1.062.573 188,088 NET INCOME 5,153 47,941 53,094 Page 19 continued...
OSEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 ii. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES- continued Unrestricted funds Restricted fund5 Total funds RECONCILIATION OF FUNDS Total funds brought fonuard 583.191 146.670 729,861 TOTAL FUNDS CARRIED FORWARD 588.344 194.611 782 955 12. TANGIBLE FIXED ASSETS Fixtures and fittings Freehold property Plant and machinery COST At l April 2024 AdditiDns Disposals At 31 March 2025 DEPRECIATION At l April 2024 Charge for year Eliminated on disposal At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 312.295 372,245 18,167 76,951 312,295 390,412 76,951 6,246 6.246 339,726 15,743 40,341 10,226 12.492 355,469 50,567 299,803 34,943 26,384 Page 20 continued...
OSEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 12. TANGIBLE FIXED ASSETS- continued Motor vehicles Recipes Tota15 C05T At l April 2024 Additions Disposals At 31 March 2025 DEPRECIATION At l April 2024 Charge for year Eliminated on disposal At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 126.793 31.190 {6,4901 151.493 9,000 4,000 897,284 53,357 16,4901 13,000 68.409 25.098 16,4901 87,D17 9,000 800 463,722 58,113 16,4901 515,345 9,800 428 806 433,562 58.384 13. STOCKS 2025 2024 Raw materials & finished goods Water cooler stock5 36,934 26,132 40,077 24,375 64,452 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtors Other debtors Prepayments and accrued income 107,599 10,045 3,891 121535 65,219 9,933 6,338 Page 21 continued...
OSEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors Social security znd other taxes VAT Other creditors Accrued expenses 10,800 13,959 1,138 6,826 33,692 24.423 11,180 4.822 7.674 13,542 16. ANALYSIS OF NET ASSEfs BEfwEEN FUNDS 2025 Total funds 2024 Total funds Unre5tritted funds Restricted funds Fixed assets Current assets Current liabilities 428.806 248,738 66.4151 611129 428,806 508,729 66,415} 871120 433,562 411,034 61,6411 782 955 259,991 259,991 17. MOVEMENT IN FUNDS Net movement in funds At 31.3.25 At 1.4.24 Unrestrirted funds General fund Theatre Fund Customer's New Kitchen Contingency Fund 530.804 4,413 127 53.000 588,344 21,839 946 552,643 5.359 127 53,000 611,129 22,785 Restrlrted funds Way forward Working Towards Wellbeing Asdan Festival fund from Asda 20,677 44,703 20,677 237,847 962 505 259,991 871120 193.144 962 505 194,611 782 955 65,380 TOTAL FUNDS Page 22 continued...
OSEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMENT IN FUNDS- continued Net movement in fund5, Included in the above are asfollows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund Theatre Fund 1,135,907 4.630 1,140,537 11,114,068) 13,6841 {1,117,7521 21,839 946 22.785 Restrirted funds Way forward Workitbg Towards Wellbeing 20,677 238.148 258,825 20,677 193,4451 (193,4451 65,380 TOTAL FUNDS Comparatives for movement in funds Net movement in funds At 31.3.24 At 1.4.23 Unrestricted fund5 General fund Theatre Fund Customer's New Kitchen Contingency Fund 526.173 3,862 156 53.000 583,191 4,631 551 1291 530.804 4,413 127 53,000 588.344 5,153 Restrirted funds Working Towards Wellbeine Asdan Festival fund from Asda 145,203 962 505 146,670 729 $61 47.941 193,144 962 505 194,611 782 955 47,941 TOTAL FUNDS Page 23 continued...
OSEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund Theatre Fund Customer's New Kitchen 1,065.314 2.412 11,060,683) 11,8611 291 (1.062,5731 4.631 551 291 5,153 1.067.726 Restrirted funds Workitbg Towards Wellbeing 236.029 1188,0881 47,941 TOTAL FUNDS 1303 755 1250 6611 A current year 12 month5 anij prior year 12 month5 combined position is a5 follows: Net movement in funds At 31.3.25 At 1.4.23 Unrestricted funds General fund Theatre Fund Customer's New Kitchen Contingency Fund 526,173 3.862 156 S3,0 583,191 26,470 1.497 1291 552,643 5,359 127 53,000 611.129 27,938 Restrirted funds Way forward Working Towards Wellbeing Asdan Festival fund from Asda 20,677 92,644 20,677 237,847 962 505 259,991 871 120 145,203 962 505 146,670 729 861 113,321 141259 TOTAL FUNDS Page 24 continued...
OSEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMENT IN FUNDS- continued A current year 12 month5 and prior year 12 months Combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund Theatre Fund Customer's New Kitchen 2,201.221 7.042 12,174,751) 15,5451 291 (2.180,3251 26,470 1,497 291 27,938 2.208.263 Restrirted funds Way forward Working Towards Wellbeing 20.677 474.177 494,854 2 703.117 20,677 92,644 113,321 141 259 381,5331 381,5331 2 5618581 TOTAL FUNDS Designated Fund5 The theatre fund is donation5 toward5 and income generated from production5 of various 5how5 Put on by Way Forward. The contingency fund is a redundancy reserve fund to protect the services funded by NHS/DWP and the Isle of Wight council. The allotment fund is used when funds or donations are received from local companies for the allotrnent. Restricted Funds Working Towards Wellbeing is an employfflent Service for people recovering from mental health conditior15,' the service provides support for referrals to retain or gain employment. The Asdan fund is both an award scheme and accreditation network. providing educational opportunities for young people, helping learners develop their personal and social skills through its award programmes and qualifications. Way Forward Kitchen relates to a one-off restricted grant to fund the installation of a new kitchen at the Way Forward site. The festival fund trom Asda is used to help finance a festival or party at Way Forward to celebrate customers returning to the center after COVID-19. The fund had to be used to help charities recover from the lockdown period and to help reduce increased anxiety levels. Page 25 continued...
OSEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 18. OTHER FINANCIAL COMMITMENTS The charitable company has comrnitments under non-cancellable operating lease5 for property of £12,734 {2024.. £40,501] and for plant and machinery of £3,82212024: £6.2371. 19. RELATED PARTY DISCLOSURES There were no related party transactions for the yearended 31 March 2025. PaBe 26
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