Company number 02818823
## **OASIS CHARITABLE TRUST**
# **CONSOLIDATED FINANCIAL STATEMENTS**
## **31 AUGUST 2022**
**(Company limited by guarantee and not having a share capital)**
**Registered charity number 1026487**
**OASIS CHARITABLE TRUST Company number 02818823 Registered charity number 1026487 FOR THE YEAR ENDED 31 AUGUST 2022**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the charity, its trustees and advisers**|1|
|**Directors' report and Strategic Report**|2 – 17|
|**Independent auditor’s report**|18 – 21|
|**Statement of financial activities (incorporating a consolidated Income and**|22|
|**Expenditure Account)**||
|**Consolidated balance sheet**|23|
|**Company balance sheet**|24|
|**Consolidated and company statement of cash flows**|25|
|**Notes to the financial statements**|26 – 58|
**OASIS CHARITABLE TRUST**
## **COMPANY INFORMATION**
## **Company number 02818823 Registered charity number 1026487 FOR THE YEAR ENDED 31 AUGUST 2022**
|**DIRECTORS**|R Beckford|
|---|---|
||D Bright|
||O Kolade (appointed 26/01/2022)|
||M McAllister|
||G Mungeam (resigned 20/07/2022)|
||N Salisbury|
||J Smith|
||C Taylor|
||P Warland|
||D Willson-Rymer (appointed 26/01/2022)|
||C Morgan (appointed 26/01/2022)|
|**SECRETARY AND REGISTERED AND PRINCIPAL**||
|**OFFICE**|Mr D Parr|
||Registered office:|
||1 Kennington Road|
||London|
||SE1 7QP|
|**AUDITOR**|Haines Watts Birmingham LLP|
||5 – 6 Greenfield Crescent|
||Birmingham|
||B15 3BE|
|**BANKER**|Barclays Bank PLC|
||1 Churchill Place|
||London E14 5HP|
|**SOLICITORS**|Lewis Silkin LLP|
||5 Chancery Lane|
||Clifford’s Inn|
||London EC4A 1BL|
||Browne Jacobson LLP|
||Victoria Square House|
||Victoria Square|
||Birmingham B2 4BU|
|**GROUP CHIEF EXECUTIVE**|D Parr|
Page 1
**OASIS CHARITABLE TRUST**
## **DIRECTORS’ REPORT Company number 04255992 Registered charity number 1098100**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **INTRODUCTION**
The Directors (who are also the Trustees for the purposes of Charity Law) are pleased to present their report and financial statements for the year ending 31 August 2022. This report, which includes the strategic report, and these statements, have been prepared in accordance with current statutory requirements, the charity’s governing document, the Accounting and Reporting by Charities, Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102), applicable accounting standards and Companies Act 2006.
## **PRINCIPAL ACTIVITIES**
Oasis Charitable Trust (OCT)’s objects are the advancement of Christianity; the advancement of education; the advancement of health and the preservation and protection of public health generally; the relief of persons who are in need, hardship or distress and the prevention and relief of poverty.
The Directors have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning future activities. In particular, the Directors consider how planned activities will contribute to the aims and objectives they have set. The main activities undertaken to further OCT’s purposes for the public benefit are explained later in this report.
## **GOVERNANCE**
Oasis Charitable Trust (OCT) is a company limited by guarantee and governed by its Memorandum and Articles of Association, dated 18th May 1993, as amended and approved by the Charity Commission for England and Wales in July 2020.
New directors are identified by the existing directors on a skills basis and appointed by a majority vote. Their appointment is subject to approval at a General Meeting and they can serve for a term of three years and may serve for a maximum of two further terms of office.
An induction programme is made available to new Directors, which enables them to gain a full understanding of the vision, mission, ethos, values, strategy and activity of OCT. The induction programme includes engaging with OCT’s subsidiaries and training in the responsibilities of charity trustees as well as the governance approach adopted by the Board.
The Directors are covered by the company’s professional indemnity insurance policy.
The Directors met six times this year. They delegate the day-to-day management of the Company to the Group Chief Executive but retain responsibility for major strategic and governance decisions.
On 1 September 2020, OCT became the overall parent of the group with Oasis International Association (OIA) becoming its direct subsidiary. OCT also remains the direct parent of Oasis Community Learning (OCL), Oasis Community Housing (OCH) and Oasis Community Partnerships (OCP). As well as these subsidiaries, OCT also has its own activities which includes providing support services to the other entities in the group. The direct activities of OCT are known by the name ‘Oasis UK’ (OUK).
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## **OASIS CHARITABLE TRUST**
## **DIRECTORS’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **DIRECTORS**
The Directors who have served during the year are: R Beckford D Bright O Kolade (appointed 26/01/2022) M McAllister G Mungeam (resigned 20/07/2022) N Salisbury J Smith C Taylor P Warland D Willson-Rymer (appointed 26/01/2022) C Morgan (appointed 26/01/2022)
## **COMPANY SECRETARY AND COMPANY REGISTRATIONS**
Mr Dave Parr is the company secretary and the Company’s registered office is 1, Kennington Road, London SE1 7QP.
OCT is a company limited by guarantee, whose registered number is 02818823. It is also a registered charity, number 1026487.
## **GOVERNANCE STRUCTURE**
OCT exists to ensure that Oasis is strategic in its development, cohesive, mutually supportive and interdependent. It ensures that the work of Oasis is consistent with its overarching vision, mission and values. It also believes that all Oasis work should be contextual, preserving and contributing to regional and local distinctives. Further, it encourages partnership with other like-minded organisations and the provision of complementary services.
In the UK OCT has a legally binding parental relationship with the UK Group.
OCT has a number of subsidiaries; Oasis Community Learning (OCL), its educational trust; Oasis Community Housing (OCH), its housing and homelessness provision; Oasis Community Partnership (OCP), its children’s, youth and community development work; and Oasis International Association (OIA), its charity that supports international work including the work of STOP THE TRAFFIK. OCP is the parent of a number of Hub Companies. All are companies within the OCP Group are limited by guarantee and registered charities apart from OUK Trading Ltd. These companies work within a specific location and are intended to provide a base for developing local community projects funded from local resources. Through the year, 19 of the Hub companies were active and their results are consolidated within OCP and included in these financial statements. OIA is the parent of STOP THE TRAFFIK (STT), who, in turn, is the parent of Traffik Analysis Hub (TA Hub). OCL is the parent of Oasis IT Services Ltd.
Boards of all subsidiary companies are responsible for the governance of those companies and are accountable to the Board of OCT in performing that role.
OCT also continues to bring together Oasis organisations operating around the world – in the UK, India, Zimbabwe, South Africa, Uganda, Kyrgyzstan, Mozambique and Belgium. In all countries, these organisations are locally governed, and held together by a non-legally binding agreement which commits all the countries to a common Christian ethos and to having objectives that focus on the needs of poor, marginalized and excluded people, especially children and young people in urban areas.
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**OASIS CHARITABLE TRUST**
## **DIRECTORS’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **VISION, MISSION, OUTCOMES AND OPERATION**
## _**Vision (what we are working towards)**_
Oasis’ vision is for community – a place where everyone is included, making a contribution and reaching their God-given potential.
## _**Mission (what we are doing now to fulfil our vision)**_
Oasis is committed to working in an inclusive, integrated, empowering and comprehensive way so that all people experience wholeness and fullness of life.
## _**Outcomes (what we hope will be the results of the work we do)**_
1. Local communities that are characterised by high levels of trust, safety, cohesion, mutual support, vibrancy, health and opportunity, and have increasing capacity to address their own issues.
2. The prevention of people being excluded from community and those that are, brought back into community finding wholeness and fullness of life.
3. The replication of models that effectively contribute to community transformation or bring the excluded into community.
## _**Operation**_
Locally, in each place that Oasis operates, Oasis exists to transform communities so that they are healthy. A healthy community is one that is characterised by trust, safety, cohesion, mutual support, vibrancy, health and opportunity, and an increasing capacity to address its own issues.
We have one model of community development, which we refer to as an Oasis Hub. A Hub is a Christcentered place of activity that provides integrated, high quality and diverse services to benefit the whole person and the whole community. This is achieved by bringing together the Oasis ethos and values, local and national resources and expertise, and working together in and with local partnerships, to meet the needs of the local community. We also work (under Outcome 2) with people who are excluded from community, aiming to help create belonging again.
The key ways in which OCT conducts its role are as follows:
- To maintain the cohesion of the family of Oasis organisations by ensuring that the Oasis ethos is understood and implemented across the group of organisations;
- To ensure that the group of organisations is governed well and in accordance with Oasis theology and ethos;
- To grow and develop Oasis hubs; and
- To promote the corporate message of Oasis.
In the UK, OCT is the parent of a number of subsidiaries and through this relationship, is ultimately responsible for operations.
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**OASIS CHARITABLE TRUST**
## **DIRECTORS’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **ENGAGEMENT WITH EMPLOYEES (INCLUDING DISABLED PERSONS)**
OCT has a clear mission and is committed to achieving this through enabling our people and by recruiting and retaining staff who are the owners of and catalyst for our vision. OCT takes due regard in applications of employment from disabled persons to:
- give full and fair consideration of applications for employment made by disabled persons with due regard to their particular aptitudes and abilities;
- continuing the employment of and arranging training for employees who have become disabled persons while employed; and
- providing training, career development and promotion of disabled persons.
## **ENGAGEMENT WITH SUPPLIERS, CUSTOMER AND OTHERS IN A BUSINESS RELATIONSHIP**
Our ethos provides a framework that enables OCT and the group to form and maintain open, honest and compassionate relationships. Building strong and healthy relationships can only gain better value for our organisations. The better we know, understand and respect suppliers, customers and partners, the better we will work together, maximising best value for money whilst focusing on quality and reliability of service. We not only evaluate cost and service but also social value.
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**OASIS CHARITABLE TRUST**
## **DIRECTORS’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **STRATEGIC REPORT**
OCT is the overall group parent of the subsidiaries set out below, through whom it delivers its strategy. OCT is responsible for i. ensuring that all of the work of Oasis is delivered through its ethos and contributes to its overall vision and mission, ii. ensuring the group of charities work together in an interdependent manner, and iii. incubating innovate new models of delivery.
1. Oasis Community Learning
2. Oasis Community Partnerships
3. Oasis Community Housing
4. Oasis International Association - and in turn STOP THE TRAFFIK
A brief activity report for each direct subsidiary of OCT is given below, as well as a description of some of the innovation being incubated within OCT itself. A more detailed report of strategic aims and future plans for the OCT subsidiaries can be found in their individual Annual Report and Accounts where these are available:
## **1. OASIS COMMUNITY LEARNING (OCL)**
Income of £237,528,000 (2021: £226,020,000) was generated in the year. During the year OCL was responsible for 53 primary and secondary academies across the UK, united by a vision to provide exceptional education at the heart of the community.
The Oasis Community Learning family of academies share one vision to create 'Exceptional Education at the Heart of the Community'. Across the country, over 4,400 staff in roles inside and outside the classroom, work together to develop the competence and character of our thirty thousand young people, ensuring that every one of them has the opportunity to reach their full potential, whatever their background, ability or circumstances.
OCL have 32,310 students, and forty-seven percent of our students receive the pupil premium and thirtyfour percent of our students speak English as an additional language.
Oasis Community Learning continues to challenge academies to raise standards across the family. One priority is to be fully inclusive, and as such are committed to doing everything possible to maximise attendance. OCL’s attendance for 2021/22 was 92.9% in primaries which compares favourably to the national rate for onsite attendance of 91.9%. Likewise, in secondaries, onsite attendance was 88.8% compared to the national rate of 86.6%. OCL’s commitment to inclusion is also reflect in the work being done to reduce exclusion from academies as much as possible In the secondary phase, permanent exclusions reduced year on year between 2018/19 and 2020/21, with 27 in 2018/19, 25 in 2019/20 and down to 5 in 2020/21. There was then an increase to 17 in 2021/22 which is ten fewer than in 2018/19. In the primary phase, permanent exclusions are now very rare. In 2018/19, there were 7 permanent exclusions, reducing to one in both 2019/20 and 2020/21 and down to none in 2021/22.
## **2. OASIS COMMUNITY PARTNERSHIPS (OCP)**
Income of £4,523,412 (2021: £4,541,812) was generated by the OCP group in the year. OCP supported community development work in 39 Hubs (local neighbourhoods) around the UK through 20 subsidiary companies.
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**OASIS CHARITABLE TRUST**
## **DIRECTORS’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
OCP has developed a strategy, which has seen growth in the 19 focus Hubs across the following areas:
- i) Children’s and youth work programmes
- ii) Community empowerment schemes (social enterprise, community volunteering, social action campaigns, education for life, relationship-building activities etc.)
- iii) Advice, resilience and emergency support programmes (advice services, foodbanks etc.) iv) Family support projects
- v) The establishment and development of Oasis Churches and chaplaincy vi) Health and wellbeing programmes
Each year OCP produces an impact report to capture the work across all the Hub charities in the last year. The full report includes case studies from some of the beneficiaries of the work of the Hubs and can be found through the OasisUK website.
In 2021/22 OCP had 133 employees, 412 projects and services and over 500 volunteers. During the year, across all our projects, OCP worked with:
- 5,736 people through our community food provision - providing a staggering 314,390 meals
- 814 community members through our adult education activities
- 3,628 people through our family support activities
- 8,101 children and young people through our youth and children's activities
- 453 people through our advice and guidance activities
- 13,923 people through our community activities
## **3. OASIS COMMUNITY HOUSING (OCH)**
Income of £4,270,731 (2021: £4,400,620) was generated by the charity in the year.
In 2021/22 OCH continued to grow and innovate in response to the scale of homelessness challenges in the communities. Despite growing economic challenges of the cost of living and energy crises, OCH’s impact remains broad and deep in the communities where they operate across the North East of England and South London. Some of the statistics that best illustrate their impact last year include:
- More than 1,300 people supported through their services
- 4,616 times the Basis drop-ins helped people rough sleeping or in housing crisis
- 370 times prevented or alleviated homelessness
- 4 in 5 women say they feel safer, following help from the empower domestic abuse team
- 221 individuals or families housed in the Home 24/7 supported accommodation
- 73 times supporting people through the Aspire projects to enter volunteering, education, training or employment.
OCH have begun to branch out into new areas of work, both in our frontline services and in new efforts to advocate for change at a national level. The 58:7 Project has created a pathway for some of the men who are most entrenched in homelessness across parts of Tyne & Wear to break their cycle of rough sleeping, with 63 of them moving on successfully into appropriate accommodation within the last year.
They have also embarked on an exciting piece of research, which has identified that 94% of those we serve have serious (and often repeated) traumatic experiences that both catalyse them into homelessness, and keep them entrenched within homelessness. We intend to use this report to lead a campaign in the coming years to change government policy in ways that will enable trauma to be addressed and homelessness to be solved in the lives of those we serve.
It seems clear that the country is on the edge of a perfect economic storm that will lead to growing homelessness. Oasis Community Housing is committed to doing all that it can to rise to this challenge in the year ahead.
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**OASIS CHARITABLE TRUST DIRECTORS’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **4. OASIS INTERNATIONAL ASSOCIATION (OIA)**
Activities within OIA were very much based on attracting funding in the UK to support with the Oasis work in various countries. All funds held within OIA are restricted and sent out the month after receipt to the respective countries.
## **4.1.1 STOP THE TRAFFIK**
OIA is a direct parent to STOP THE TRAFFIK. Income of £1,387,5588 (2021: £869,148) was generated by the charity in the year. As with the OCT subsidiaries, a more detailed commentary on STT’s activity and plans are presented in its own Annual Report and Accounts. The objectives of STT are to create a world where people are not bought and sold, by reducing the recruitment of vulnerable people into trafficking; preventing the proceeds of trafficking moving through financial systems; working with businesses to identify and reduce human trafficking risk; and developing the richest global intelligence picture of trafficking.
During 2021/22 STT’s key achievements and performance were focused on:
- reducing the recruitment of vulnerable people who are required to maintain the organised global business of human trafficking,
- Preventing human traffickers from accessing (proceeds of crime) money and moving it through the financial systems,
- Enabling businesses to identify and reduce the human trafficking and modern slavery risk within their operations and supply,
- The above lines of work are fuelled by data and intelligence. STT are working to maintain and grow the richest global intelligence picture of trafficking, made up of survivor stories, that continues to inform the core activity of STT including sharing insights with all actors seeking to provide safety and prevent harm.
## **4.1.2 OASIS INTERNATIONAL FOUNDATION**
OIA is also a direct parent of Oasis International Foundation. OIF was established a few years ago as the entity to gather all the learning and expertise within Oasis with an expectation of marketing this expertise. In addition, it was the main income generating entity. OIF was a dormant company in 2022. The entity may be repurposed in the future.
## **5. OASIS CHARITABLE TRUST (OCT) INNOVATION**
Through the year, OCT has begun to develop a number of new projects that are designed to support atrisk young people through a range of therapeutic and restorative interventions. These programmes are in the early stages of development but include new approaches to youth mentoring, therapeutically informed children’s and families work that supports education in school. This also includes consultation on the design of a therapeutically informed and integrated framework for education and care in the UK’s first Secure School.
OCT has also further developed its communications profile, as we have hosted the Commission on Young Lives, which was launched in September 2021 to call for a coordinated national strategy to transform the outcomes of the most marginalised young people in the UK.
## **FINANCIAL REVIEW**
Total consolidated income for the year was £250.6m (2021: £238.3m), which included grants of £238.0m (2021: £227.2m). The majority of grant income was received under the terms of OCL’s funding agreement with the Department for Education. General gifts and donations were £2.8m (2021: £2.6m).
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**OASIS CHARITABLE TRUST DIRECTORS’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
Other subsidiaries within the Oasis family are dependent on less predictable sources of funding. Total income excluding OCL in 2022 is £13.1m (2021: £12.2m). Total group expenditure for the year was £263.8m (2021: £239.0m), of which £261.3m (2021: £237.9m) was spent on charitable activities. The vast majority of this was spent on OCL’s provision of academies (2021: £249.1, 2021: £226.5m).
OCT would like to acknowledge and thank all Oasis supporters for their significant and generous donations during the year. This income is used to support the infrastructure of the organisation, to deliver specific projects not funded by other sources, and to supplement areas where direct funding is insufficient to operate activities to Oasis’ standards. Local Authority funding, in the main, relates to the delivery of youth and inclusion services in local communities. Again, this income is spent in delivering programme activities as agreed with the funding body.
## **PLANS FOR THE FUTURE**
OCT will continue to fulfil the objectives outlined in the Oasis UK Group Strategy, and continue to lead, manage and support the development of the Oasis Hubs, while operating effectively as an organisation and employer. Oasis will focus on further developing our community model and growing our restorative and relational practice. OCT will look to embed the work that we are piloting around support for at-risk young people across the wider organisation.
New legislation has been passed for Secure Academy Trusts to be formed and funded by the Ministry of Justice, OCT has subsequently established a new subsidiary company to take responsibility for the operation of Oasis Restore, and as part of this process the newly developed subsidiary has signed a Funding Agreement with the Ministry of Justice to operate the provision.
.
## **GOING CONCERN**
The group’s activities are set out on page 22 of the Financial Statements. The going concern of each subsidiary within the group is reviewed independently. Subsidiaries’ reserves are typically restricted to their own objects and the requirements of their funders. As a result, they are required by the directors to demonstrate viability independently from the rest of the group. Each subsidiary has reviewed its going concern including the impact of Covid-19, and their statutory accounts include declarations of where they stand. Following the preparation of budgets and cash flow forecasts, which incorporate all known potential risks following the cost of living crisis, the directors consider that no material uncertainty exists in relation to going concern in any other group entity.
At a group level, the Directors have considered the risks, and these include the ability for the group to carry out its activities. In respect of day-to-day operations, the forecasts and projections for each company within the group show that they will be able to operate within the levels of their operational cash flows. Reports and forecasts are reviewed monthly and presented to finance committees every quarter and, consequently, the directors are able to make an assessment of the resources of the group as a whole.
The largest entity of the group, Oasis Community Learning, a Multi-Academy Trust, has fully considered the impact of the Coronavirus pandemic on the organisation. The going concern status of the organisation has been assessed in the light of the following matters:
- The company has Supplementary Funding Agreements with the Department for Education for all of our academies which provide legal certainty of the availability of public funds for at least 7 years;
- • There is a sustainable three-year plan in place and the 2022/23 budget has factored in substantial costs to cover our operations throughout the current energy crisis, which sees soaring prices and instils challenges on our academy budgets and also significant increases on staff pay inflation;
- Whilst student numbers in the long-term are a slight concern, where there is a level of unpredictability in some year groups, by its nature the organisation is deemed to show no immediate risk in this area as the majority of year-group’s show little sign of pupil number decline;
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**OASIS CHARITABLE TRUST**
## **DIRECTORS’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
- Recent government announcements in the Autumn 2022 statement regarding funding for the educational sector have significantly improved the financial outlook for the future although it is likely to still be challenging; and
- The company has sufficient reserves and cash balances. These have been tested over a 3-year scenario where discretionary income sources collapse, salary inflation continues to rise, student numbers reduce, and energy costs remain high.
For these reasons, the company will continue to adopt the going concern basis in preparing the financial statements.
For other entities in the group, the Directors have confirmed that the major sources of grant funding are committed and the delivery of the activities can be adjusted where necessary. Furthermore, the Directors are confident that costs will only be incurred to the extent that income is secured. The Directors are confident that the group has adequate resources to continue operating for the foreseeable future, being the period of at least 12 months from the date of signing these accounts and, for this reason, the Directors continue to adopt the going concern basis in preparing these consolidated financial statements. Further details regarding the adoption of the going concern basis can be found in the statement of accounting policies.
## **RESERVES POLICY**
Companies within the OCT group have reserves policies which are set within the guidance issued by the Charity Commission and they have adopted policies to set aside sufficient reserves within each entity. Free reserves should be held to guard against unexpected downturns in financial performance. Free reserves are defined as unrestricted funds less designated funds less tangible fixed assets plus the amounts of loans taken to procure the assets.
OCT and subsidiaries other than OCL have a reserves policy of three months’ operating costs. This is appropriate to ensure sufficient resources are available to honour payroll and contractual commitments. The estimated 3 months operating costs for the group are £65,939,000 (2021: £59,758,000) and across the group, reserves policies are being met. Activities are funded within several restricted funds, especially in OCL, and as such reserves are held both within unrestricted and restricted funds.
The funds of the group have increased during the financial year to £402.4m (2021: £282.1m), of which £8.6m is unrestricted (2021: £7.8m), £2.4m is designated (2021: £2.3m) and £391.3m (2021: £272.0m) is restricted.
Included in the overall group reserves above are OCL’s reserves which were £395.3m (2021: £275.7m) at the balance sheet date. This was made up of £387.7m (2021: £390.2m) in respect of reserves set aside for future depreciation of the company’s assets offset by a deficit of £14.2m (2021: £130.5m) in respect of future potential pension liabilities.
The Directors have considered the current reserves position and will aim to ensure restricted and unrestricted revenue reserves and sinking funds are maintained within the above policy. The reserves policy is being met at group level.
## **INVESTMENT POLICY**
The Treasury policy of the company is founded upon risk minimisation and as such funds are only placed with a limited number of institutions with high credit ratings and for periods of time of up to twelve months. For the first time in several years, Oasis have been able to take advantage of more favourable interest rates on term deposit accounts. Cash reserves during the year to 31 August 2022 were invested in shortmedium term treasury accounts, attracting interest rates (in the latter part of the year) of 2.2% and 2.3%. Our investment strategy for future years is to ensure we maximise returns as high as possible by exploring other low-risk treasury options with increasing rates of return.
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**OASIS CHARITABLE TRUST**
## **DIRECTORS’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **INTERNAL CONTROL AND RISK MANAGEMENT**
The Group has systems and procedures in place to assess and manage risk. The Directors review the assessment of risk on a regular basis, adding additional risks as the Group develops and ensures it has in place appropriate controls to mitigate the potential impact of the risks identified.
The Directors consider the key risks faced by the group to be:
- Uncertainty over future income streams.
- The risks and impact of the cost of living crisis has been assessed by the Directors at a group level and also within each subsidiary and each project. Robust forecasts taking into account the potential impact show that this risk is manageable.
- Where subsidiaries are dependent on public sector finance, they are reliant on these for continuing operations. The pressure on the public purse will affect these operations and so the directors have in place a longer-term planning process to ensure longer term viability.
- Donated income streams are affected by the lack of money in the traditional Oasis donor base. The directors have a new fundraising strategy and believe that this will mitigate this risk. This has been seen already post year end as many subsidiaries are in receipt of additional donations.
Further risks are generic to each operating subsidiary and are disclosed in their own statutory accounts. The main risks facing OCL are:
- _Primary Admissions:_ Current national projections of the school population are forecasting a significant decline in the primary population in the medium term (3-6 years). This will represent a challenge to primary sustainability which will of course then translate into the secondary phase. Our national marketing team are working closely with Primary academies to ensure a thorough campaign for admissions is in place for those schools who are expecting to struggle most.
- _Staff pay inflation:_ Inflation as a whole and wage inflation in particular are huge challenges affecting the world at present. We are grateful for additional funding aimed at mitigating this within the education sector however huge uncertainty remains in this area.
- _Energy crisis:_ Energy prices remain very high and long-term forecasts whilst predicting some price falls in the medium term show no prospect of getting back to the extremely low levels enjoyed in 2021. Our national procurement manager has been working closely with our energy supplier to mitigate the impact of the volatile energy market on our budgets. We are also implementing energy savings initiatives, such as LED lighting and solar power across our estate, to reduce the amount of electricity units used.
- _Staff recruitment and retention:_ In the last year that the Trust, and indeed the sector, has struggled to recruit and retain staff in all disciplines in particular support staff roles. Attracting and retaining the people is fundamental to enable us to deliver effective support services _._ Vacancies are going unfilled for a significant amount of time. We have also found it challenging to recruit secondary teachers for computing, modern foreign languages and design technology.
- _Safeguarding_ : Our priority is to ensure all our staff and students are properly safeguarded. All safeguarding activity is co-ordinated through a national safeguarding team consisting of expert practitioners from the national office team and key safeguarding personnel from academies. Our National Safeguarding Lead co-ordinates our approach and conducts frequent audits to ensure practice on the ground is not only compliant but proactive in ensuring our students are properly looked after and their welfare is being addressed.
- _Ethos_ : The Directors believe that maintaining our distinctive Ethos is vital in addressing the needs of the whole person and the influence of education on the wider academy community. Through effective training and communication our aim is to ensure this distinctive person-centred Ethos is kept in the forefront of all we do.
- _Health & Safety:_ The size of our estate and the large number of staff and students whose safety is our responsibility means that health and safety is always high on the agenda. Our National Health & Safety Lead is leading a comprehensive audit across the whole trust and areas of significant risk are being continually addressed.
- _Cyber security:_ Following recent attacks on the sector this remains a key risk which is being constantly monitored.
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## **OASIS CHARITABLE TRUST**
## **DIRECTORS’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
The overall risk register is comprehensive and deals with a wider range of matters than those above. Where appropriate there is adequate insurance cover to mitigate any residual risks.
## **FUNDRAISING**
The sources of income which we focus on in our fundraising are:
- Trusts & Foundations
- Major Donors
- Companies
- Churches & Community Groups
Any communications to the public made in the course of carrying out fundraising activity shall be truthful and reflect our ethos and values; our appeals will state whether funds raised are for general funds or a specific purpose; and all money raised via fundraising activities will be for the stated purpose of the appeal and will comply with the organisation’s stated mission and purpose.
Where fundraising is carried out on our behalf, it is done so by volunteers or church and community groups – we do not engage professional fundraisers. In order to support this process and maintain our standards, we employ staff to work closely with these volunteers and supporters, and they are given relevant guidance where necessary. In particular, this guidance will assist fundraisers in ensuring they are able to identify and protect vulnerable people. Furthermore, we have a Fundraising Statement which summarises our standards and approach to fundraising, and which is available for volunteers and other supporters.
All personal information collected by OCT is confidential; is not for sale or to be given away or disclosed to any third party without consent; and complies fully with GDPR standards. Nobody directly or indirectly employed by or volunteering for OCT accept commissions, bonuses or payments for fundraising activities on behalf of the organisation, and no general solicitations are undertaken by telephone or door-to-door.
We have had no fundraising complaints in the last financial year, however if someone wants to make a complaint about our fundraising, we will tell them about our complaints procedure and provide it to them in writing upon request.
## **EQUAL OPPORTUNITIES POLICY**
As a public body, the company is committed to fulfilling its equalities duties and the Directors recognise that equal opportunities should be an integral part of good practice within the workplace. OCT aims to establish equal opportunities in all areas of its activities including the creation of a working environment in which the contribution and needs of all people are fully valued.
The group holds weekly all staff meetings designed to inform them of future plans, train them in the company’s ethos and provide an opportunity for their feedback. Staff are encouraged to contribute to the wider planning processes of the organisation during the Group’s normal operation cycle.
## **REMUNERATION OF KEY MANAGEMENT PERSONNEL**
The key management personnel of the Group comprise the trustees, executive group and senior management team. None of the Directors of the company receive any remuneration for their services. The pay for all senior staff follows the pay scales of the organisation which are evaluated according to the responsibilities of the post, with set grades and increments of pay. Chief Executives’ pay is benchmarked with charities of comparable scale and reach and approved by the Boards on an ad-hoc basis.
Page 12
**OASIS CHARITABLE TRUST**
## **DIRECTORS’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
Within Oasis Community Learning the pay of key management personnel is determined by a sub-group of the Board. The levels of pay are determined based on an externally moderated job evaluation. The pay of academy Principals and Vice Principals is based on the size of their academy and is consistent throughout OCL. These salaries are based on a seven-point range for Principals and a five-point range for other Leadership roles. A Pay Committee consisting of the CEO, Chief Operating Officer, Finance Director and Director of People authorises any increments in this range. There are no bonus arrangements for senior leaders.
## **VOLUNTEERS**
Volunteers are an important part of the work of OCT and OCP’s subsidiaries and we would like to thank the many volunteers who have assisted during the year. Extensive use of volunteers is made throughout the community hubs and Stop the Traffik, but no value has been attributed due to difficulties with measuring the value. All volunteers have been DBS checked.
## **EMPLOYEE INVOLVEMENT**
OCT has a culture of continuous improvement through investing in people at all levels and is committed to pursuing equality and diversity in all its employment activities including recruitment and training. Employees are provided on a regular basis with information concerning them through the local intranet and regular staff meetings. Employees are consulted regularly about the work around the Oasis family.
## **WORKING AND ENGAGING WITH OUR STAKEHOLDERS – SECTION 172 STATEMENT**
Companies are required to include a statement in their strategic report of how directors have complied with their duty to have regard to the matters in section 172 (1) (a)-(f) of the Companies Act 2006 (‘the Act’). As per the Charities SORP Information Sheet 3: The Companies (Miscellaneous Reporting) Regulations 2018 and UK Company Charities, the duty of the Trustee of a charitable company under this subsection of the Act is to act in the way he or she considers, in good faith, would be most likely to achieve its charitable purpose and in doing so have regard (among other matters) to:
- a) The likely consequences of any decision in the long term
- b) The interests of the company’s employees
- c) The need to foster the company’s business relationships with suppliers, customers and others
- d) The impact of the company’s operations on the community and the environment
- e) The desirability of the company maintaining a reputation for high standards of business conduct f) The need to act fairly as between members of the company.
## **Engagement with employees (including disabled persons)**
As detailed in the Directors’ Report, OCT has a clear mission and is committed to achieving this through enabling our people and to recruit and retain staff who are the owners of and catalyst for our vision. OCT takes due regard in applications of employment from disabled persons to:
- Give full and fair consideration of applications for employment made by disabled persons with due regard to their particular aptitudes and abilities;
- Continuing the employment of and arranging training for employees who have become disabled persons while employed; and
- Providing training, career development and promotion of disabled persons.
Page 13
## **OASIS CHARITABLE TRUST**
## **DIRECTORS’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
Within OCL specifically there are a range of methods for communicating and engaging with employees, which include:
- Full recognition of the teaching trade unions, including weekly meetings concerning the direction of the company, policy development and matters of concern from our staff.
- Weekly health and safety meetings in each academy with permanent invites to union representatives. During the pandemic these have been key to hearing and managing staff concerns regarding the environment they are having to work in and how risks are mitigated.
- In the last 2 years OCL has completed a full organisational staff survey including in depth questions concerning well-being, knowledge of the company and its ethos, and employees’ own satisfaction with their roles. These were followed up with several ad-hoc surveys looking at different parts of the company on an individual Academy or national service team.
- Regular staff bulletins, the creation of a new All staff portal and occasional virtual “Town Hall” meetings with the CEO.
OCL is also in process of introducing a comprehensive “Speak up let’s listen” initiative to provide staff with a proactive route for getting their concerns and ideas heard.
## **ENGAGEMENT WITH SUPPLIERS, CUSTOMER AND OTHERS IN A BUSINESS RELATIONSHIP**
Our ethos provides a framework that enables OCT and the group to form and maintain open, honest and compassionate relationships. Building strong and healthy relationships can only gain better value for our organisations. The better we know, understand and respect suppliers, customers and partners, the better we will work together, maximising best value for money whilst focusing on quality and reliability of service. We not only evaluate cost and service but also social value.
The Development of a Code of Conduct has set standards and expectations for suppliers, outlining our vision and values so that they can help us to achieve our strategic objectives. Suppliers must ensure their supply chains are ethical, employees are paid a fair wage and that sustainable environmental practises are in place.
When selecting a partner, we not only evaluate cost and service but also social value – can this supplier help us to improve the communities around us, whether that be through benevolence, creating employment opportunities or reducing carbon footprint. Hub Councils within the OCL framework have allowed opportunities for parents to connect with academies.
Our aim is to form strong partnerships with a smaller number of suppliers. This offers better value for money and allows us to focus on quality and reliability of service. There is a hidden expense of searching for new suppliers and investing in long term agreements replaces cost with the benefits of a true partnership.
## **STREAMLINED ENERGY AND CARBON REPORTING (SECR)**
We are committed to reducing our carbon footprint and reducing our impact on the environment. We have set a target of becoming a net zero educational organisation by 2030.
As part of our journey to becoming net zero, we partnered with Eden Sustainable to fit 5,000 solar panels onto an initial 13 Oasis Academies across 14 sites in phase one which has been completed. A second phase to this project has now been approved which will roll out solar panels in a further 30 academies in the next 18 months.
We have also switched 41 of our academies (80% of our schools) to Smartest Energy’s renewable electricity product. The 100% renewable electricity product has been independently certified by the Carbon Trust, meaning every megawatt hour of electricity supplied is matched with a UK-recognised origin certificate which are sourced from renewable generation projects including, wind, solar, water, thermal, and anaerobic digestion.
Page 14
**OASIS CHARITABLE TRUST DIRECTORS’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
As noted above we will be implementing LED lighting across our family of academies wherever they can be used. This will reduce overall electricity consumption by a minimum of 15%.
We have recruited a National Environmental Sustainability Lead and have staff at each academy driving further sustainability projects. In addition, education leads are embedding environmental sustainability within the Oasis curriculum, and work has begun on re-procuring our recycling and waste provider.
The following data presents the Greenhouse Gas and Energy use data for OCL.
|**UK Greenhouse gas emissions and energy use data for the**
**period 1 September 2021 to 31 August 2022**|**2021/22**|**2020/21**|
|---|---|---|
|Energy consumption used to calculate emissions**(kWh)**
Gas
Electricity
Transport fuel
**Scope 1**emissions in**metric tonnes CO2e**
Gas consumption
Owned transport - mini-buses
**Total Scope 1**
**Scope 2**emissions in**metric tonnes CO2e**
Purchased electricity
**Scope 3**emissions in**metric tonnes CO2e**
Business travel in employee-owned vehicles
**Total gross emissions in metric tonnes CO2e**
Intensity ratio**Tonnes CO2e per pupil**|32,987,434
3,529,310
454,982
6,022
22
**6,044**
**682**
**112**
**6,838**
0.22|35,592,317
6,101,226
422,264
6,519
21
**6,540**
**1,295**
**133**
**7,969**
0.29|
Our methodologies for calculating these statistics are:
_Quantification and reporting methodology_ - We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2021 UK Government's Conversion Factors for Company Reporting.
_Minibus data_ - PSF Accounting software shows that we spent £12,232.97 on minibus diesel in this period. The average price of diesel was £1.6583 / litre for this period (https://www.theaa.com/drivingadvice/driving-costs/fuel-prices): £12,232.97 / £1.6583 =7,376.66 litres =1,622.64 Gallons (1 Gallon =4.54609l). Average economy =48.5 mpg (https://www.car-
emissions.com/cars/index/transit+17+seat+minibus).1,622.64 x 48.5 =78,690 miles.
_Business Mileage_ - Business mileage taken directly from HR system detailing reimbursement from staff claims.
Page 15
## **OASIS CHARITABLE TRUST**
## **DIRECTORS’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
_Gas and Electricity Usage_ - This has been extracted from our energy broker Zenergi's portal and then we used the GHG Reporting Protocol – Corporate Standard and have used the 2022 UK Government's Conversion Factors for Company Reporting.
For non-Zenergi academies (including PFI schools) we have been provided data directly from suppliers.
For the entire 2021/22 period we have contracted with Smartest Energy's 100% renewable energy plan and this is reflected this in our emissions data.
Our gas usage year on year has been down due to a warmer year.
Furthermore, our academies have also been involved in the Plant+ Finer Diner programme in partnership with our national catering contractor to promote plant-based eating. This programme aims to raise awareness of the significant impact that food contributes to climate change and is responsible for 60% of the global biodiversity loss. The initiative involved environmental ambassadors developing ideas to share with students and staff about changes they could make to be more environmentally friendly. These changes continue to be implemented across academies in conjunction with our catering contractor.
## **STATEMENT OF DIRECTORS’ RESPONSIBILITIES**
The Directors (who are also trustees of Oasis Charitable Trust for the purposes of charity law) are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).
Company law requires the Directors to prepare financial statements for each financial year. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group, and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and the group for that period. In preparing these financial statements, the Directors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 16
## **OASIS CHARITABLE TRUST**
## **DIRECTORS’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
Financial statements are published on the company’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the company's website is the responsibility of the Directors. The Directors' responsibility also extends to the ongoing integrity of the financial statements contained therein.
## **AUDITOR**
With regard to the preparation of this Annual Report and the financial statements, so far as each Director is aware, there is no relevant audit information of which the Company’s auditor is unaware and all steps have been taken by the Directors to make themselves aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.
This annual report of the Directors under the Charities Act 2011 and Companies Act 2006 was approved by the Board on 23 March 2023 including in their capacity as Company Directors the strategic report contained therein and is signed as authorised on its behalf by:
**M McAllister** Chairman
Page 17
**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF OASIS CHARITABLE TRUST**
## **Opinion**
We have audited the financial statements of Oasis Charitable Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2022 which comprise the Consolidated Statement of Financial Activities (incorporating a Consolidated Income and Expenditure Account), Consolidated Balance Sheet, Company Balance Sheet, Consolidated and Company Statement of Cash Flows and notes 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, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 August 2022 and of the group’s 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;
-
- have been prepared in accordance with the requirements of the Companies Act 2006; and
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report 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 not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Page 18
**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF OASIS CHARITABLE TRUST**
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees (Directors’ report and Strategic report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees (Directors’ report and Strategic report) has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees (Directors’ report and Strategic report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of directors**
As explained more fully in the Statement of Directors’ Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report 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 (UK) 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 economic decisions of users taken on the basis of these financial statements.
## _Extent to which the audit was capable of detecting irregularities, including fraud_
Irregularities, 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the group. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the trustees and other management. The most significant were identified as the Companies Act 2006, the Charities Act 2011 and Charities SORP (FRS102) and, for OCL only, the Academies Accounts Direction 2021 to 2022 and the Academy Trust Handbook, issued by the ESFA.
Page 19
**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF OASIS CHARITABLE TRUST**
In addition, the group is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: the Education Act 2002, Academies Act 2010, Employment Law, Data Protection and Health and Safety Legislation. Auditing standards limit the required audit procedures to identify noncompliance with these laws and regulations to enquiry of Those Charged with Governance (the trustees/directors) and other management and inspection of regulatory and legal correspondence, if any.
We also communicated relevant identified laws and regulations, potential fraud risks and that fact that there were no known matters of significant non-compliance with laws and regulations, to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
We considered management’s incentives and opportunities for fraudulent manipulation of the financial statements (including revenue recognition and the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates.
Our audit procedures included, but were not limited to:
- making enquires of management and trustees as to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud;
- for OCL, reviewing the work of the internal auditor;
- obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
- assessing the design effectiveness of the controls in place to prevent and detect fraud;
- assessing the risk of management override including identifying and testing journal entries;
- • challenging the assumptions and judgements made by management in its significant accounting estimates;
- review of minutes of meetings of those charged with governance, and any relevant correspondence with Charity Commission, ESFA and HMRC.
Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 20
**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF OASIS CHARITABLE TRUST**
## **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 Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 this report, or for the opinions we have formed.
Kevin Hodgetts (Senior Statutory Auditor) for and on behalf of Haines Watts Birmingham LLP 5-6 Greenfield Crescent Edgbaston Birmingham West Midlands B15 3BE
- 31 March 2023
Page 21
## **OASIS CHARITABLE TRUST**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
## **(Incorporating a Consolidated Income & Expenditure Account) FOR THE YEAR ENDED 31 AUGUST 2022**
|**Notes**
**INCOME FROM:**
Donations and grants
2
Trading and other
3
Investments – interest income
Charitable activities
4
**TOTAL**
**EXPENDITURE ON:**
Raising funds
5
Fundraising trading costs
6
Charitable activities
7
**TOTAL**
**Net income/(expenditure)**
Transfers between funds
Net gains on revaluation of fixed
assets
Actuarial gain/(loss) on defined
benefit pension schemes
**Net movement in funds**
**At 1 September 2021**
**At 31 August 2022**|**General**
**£000**
3,441
1,971
347
4,726
10,485
2,219
229
6,370
8,818
1,667
(778)
889
_7,757_
8,646|**Designated**
**£000**
136
-
-
393
529
-
-
755
755
(226)
313
47
134
_2,312_
2,446|**Designated**
**£000**
136
-
-
393
529
-
-
755
755
(226)
313
47
134
_2,312_
2,446|**Restricted**
**funds**
**£000**
11,646
1,611
-
226,319
239,576
-
-
254,183
254,183
(14,607)
465
133,409
119,267
_272,021_
391,288|**Total 2022**
**£000**
**15,223**
**3,582**
**347**
**231,438**
**250,590**
**2,219**
**229**
**261,308**
**263,756**
**(13,166)**
**-**
**47**
**133,409**
**120,290**
_282,090_
**402,380**|_Total 2021_
_£000_
_19,524_
_2,900_
_32_
_215,812_|
|---|---|---|---|---|---|---|
|||||||_238,268_|
|||||||_952_
_200_
_237,881_|
|||||||_239,033_|
|||||||_(765)_
_-_
_173_
_(11,474)_|
|||134
_2,312_||||_(12,066)_
_294,156_|
|||2,446||||_282,090_|
**The notes on pages 26 to 58 form an integral part of these financial statements.**
Page 22
**OASIS CHARITABLE TRUST**
## **COMPANY NUMBER: 02818823**
## **CONSOLIDATED BALANCE SHEET**
## **AS AT 31 AUGUST 2022**
|**Notes**
**FIXED ASSETS**
Tangible assets
13
**CURRENT ASSETS**
Stock
Debtors
14
Cash at bank and in hand
**CREDITORS: amounts falling due**
**within one year**
15
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS: amounts falling due after**
**more than one year**
16
**NET ASSETS EXCLUDING PENSION**
**LIABILITY**
Pension scheme liability
16
**NET ASSETS INCLUDING PENSION**
**LIABILITY**
**FUNDS**
Unrestricted funds
18
General
Designated
Restricted funds
19||**2022**
**£000**
**£000**
**376,813**
**25**
**16,183**
**57,479**
**73,687**
**(33,281)**
**40,406**
**417,219**
**(594)**
**416,625**
**(14,245)**
**402,380**
**8,646**
**2,446**
**11,092**
**391,288**
**402,380**|**2022**
**£000**
**£000**
**376,813**
**25**
**16,183**
**57,479**
**73,687**
**(33,281)**
**40,406**
**417,219**
**(594)**
**416,625**
**(14,245)**
**402,380**
**8,646**
**2,446**
**11,092**
**391,288**
**402,380**|**2022**
**£000**
**£000**
**376,813**
**25**
**16,183**
**57,479**
**73,687**
**(33,281)**
**40,406**
**417,219**
**(594)**
**416,625**
**(14,245)**
**402,380**
**8,646**
**2,446**
**11,092**
**391,288**
**402,380**||_2021_
_£000_
_£000_
_379,501_
_58_
_16,447_
_47,470_
_63,975_
_(30,261)_
_33,714_
_413,215_
_(668)_
_412,547_
_(130,457)_
_282,090_
_7,757_
_2,312_
_10,069_
_272,021_
_282,090_|_2021_
_£000_
_£000_
_379,501_
_58_
_16,447_
_47,470_
_63,975_
_(30,261)_
_33,714_
_413,215_
_(668)_
_412,547_
_(130,457)_
_282,090_
_7,757_
_2,312_
_10,069_
_272,021_
_282,090_|_2021_
_£000_
_£000_
_379,501_
_58_
_16,447_
_47,470_
_63,975_
_(30,261)_
_33,714_
_413,215_
_(668)_
_412,547_
_(130,457)_
_282,090_
_7,757_
_2,312_
_10,069_
_272,021_
_282,090_|
|---|---|---|---|---|---|---|---|---|
|||**73,687**
**(33,281)**||||_63,975_
_(30,261)_|||
||||||||||
|||||**417,219**
**(594)**||||_413,215_
_(668)_|
|||||**416,625**
**(14,245)**||||_412,547_
_(130,457)_
_282,090_|
|||||**402,380**|||||
|||||**8,646**
**2,446**||||_7,757_
_2,312_|
|||||**11,092**
**391,288**||||_10,069_
_272,021_
_282,090_|
|||||**402,380**|||||
The financial statements were approved by the Board of Directors and authorised for issue on 23 March 2023
**M McAllister** Chairman
**The notes on pages 26 to 58 form an integral part of these financial statements.**
Page 23
**OASIS CHARITABLE TRUST COMPANY NUMBER: 02818823**
## **COMPANY BALANCE SHEET**
## **AS AT 31 AUGUST 2021**
|**Notes**
**CURRENT ASSETS**
Debtors
14
Cash at bank and in hand
**CREDITORS: amounts falling due**
**within one year**
15
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS: amounts falling due**
**after more than one year**
16
**NET ASSETS**
**FUNDS**
Unrestricted funds
General
Designated
Restricted funds|**2022**
**£000**
**£000**
**301**
**545**
**846**
**(235)**
**611**
**611**
**-**
**611**
**239**
**146**
**385**
**226**
**611**|_2021_
_£000_
_£000_
_212_
_310_
_522_
_(232)_
_290_
_290_
_-_
_290_
_185_
_-_
_185_
_105_
_290_|
|---|---|---|
The result of the company for the year was a surplus of £320,568 (2021: surplus of £128,075).
The financial statements were approved by the Board of Directors and authorised for issue on 23 March 2023
**M McAllister** Chairman
**The notes on pages 26 to 58 form an integral part of these financial statements.**
Page 24
## **OASIS CHARITABLE TRUST**
## **CONSOLIDATED AND COMPANY STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 31 AUGUST 2021**
|**Notes**
**Cash flow statement**
Net cash (used in)/provided by
operating activities
22
Net cash provided by/(used in)
investing activities
22
Net cash used in financing
activities
22
**Net increase/(decrease) in cash**
**in the year**
**Reconciliation of net cash flow**
**movements to net funds**
Net increase/(decrease) in cash in
the year
At 1 September 2021
**At 31 August 2022**
Consisting of:
Cash and cash equivalents
Bank loan
23|**Company**
**2022**
**£000**
**235**
**-**
**-**
**235**
**235**
**310**
**545**
**545**
**545**|**Group**
**2022**
**£000**
**15,131**
**(5,156)**
**16**
**9,991**
**9,991**
**47,445**
**57,436**
**57,479**
**(43)**
**57,436**|_Company_
_2021_
_£000_
_134_
_-_
_-_
_134_
_134_
_176_
_310_
_310_
_-_
_310_|_Group_
_2021_
_£000_
_7,231_
_2,702_
_15_|
|---|---|---|---|---|
|||||_9,948_|
|||||_9,948_
_37,497_|
|||||_47,445_|
|||||_47,470_
_(25)_|
|||||_47,445_|
**The notes on pages 26 to 58 form an integral part of these financial statements.**
Page 25
**OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **1. ACCOUNTING POLICIES**
## _**Charity Information**_
Oasis Charitable Trust (OCT) is a company limited by guarantee incorporated in the United Kingdom, whose registered number is 02818823. It is also a registered charity, number 1026487. The registered office of OCT is 1, Kennington Road, London SE1 7QP. These financial statements are the consolidated financial statements for the year ended 30 August 2022 and are presented in pounds sterling (GBP) and are rounded to the nearest thousand pounds. The company is a public benefit entity as defined by Financial Reporting Standard 102 (FRS 102). The principal activities of the company and group are described in the Directors Report.
## _**Accounting convention**_
The accounts (financial statements) have been prepared in accordance with the Charities SORP (FRS 102) applicable to charities preparing their accounts in accordance with FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland, the Companies Act 2006 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
## _**Basis of consolidation**_
The financial statements consolidate on a line-by-line basis the financial statements of Oasis Charitable Trust and its wholly owned subsidiary undertakings for the financial year ended 31 August 2022. On the basis of control, which is exercised through membership, it is appropriate to consolidate all companies within the OCT structure. To this end, OCT oversees all activities of all members of the group through defined and agreed internal processes of regular reporting to and monitoring by the OCT Board. This arrangement is laid out in our intragroup agreement which is signed and approved by all members of the group. In respect of Oasis Community Learning (OCL), a Multi-Academy Trust, OCT is the sponsoring body as requested by the ESFA when OCL was set up. OCT is the sole member of the Trust and has the power to appoint and remove Directors of OCL. Furthermore, if the Trust were to be wound up, any remaining property after settling all debts and liabilities would be transferred to the sponsoring body. Whilst is it understood that the ESFA have a reserved power, this power could only be exercised if it was preceded by warnings relating to known or suspected failures where OCT had not taken appropriate actions. As there have been no such circumstances either during the year or since the inception of the Trust, it is considered appropriate to consolidate OCL’s results with the Oasis Group.
## _**Going concern**_
The Directors have considered the risks to the group, including the impact of Covid-19, and these include the ability for activities to be carried out. The going concern of each subsidiary within the group is reviewed independently. Subsidiaries’ reserves are typically restricted to their own objects and the requirements of their funders. As a result, they are required by the directors to demonstrate viability independently from the rest of the group. Each subsidiary has reviewed its going concern including the impact of Covid-19, and their statutory accounts include declarations. In carrying out these reviews, the Directors have considered the 12-month period from the date of signing these accounts (to March 2024) and consider that there is no material uncertainty in relation to going concern. Sufficient funds are held and there are no future material uncertainties relating to future income and therefore as a group we consider it is appropriate to adopt the going concern approach.
Page 26
## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **1. ACCOUNTING POLICIES (continued)**
## _**Going concern (continued)**_
The largest entity of the group, Oasis Community Learning, a multi-academy trust, has fully considered the impact of the Coronavirus pandemic on the organisation. The going concern status of the organisation has been assessed in the light of the following matters:
- The company has Supplementary Funding Agreements with the Department for Education for all of the academies which provide legal certainty of the availability of public funds for at least 7 years;
- There is a sustainable three-year plan in place and the 22/23 budget has factored in substantial costs in to cover operations throughout the pandemic should they be needed; and
- The company has sufficient reserves and cash balances. These have been tested over a 2-year scenario where discretionary income sources collapse, student numbers reduce, and pandemic costs continue.
For these reasons, the company will continue to adopt the going concern basis in preparing the financial reports.
Grant funding for Oasis Community Housing has been confirmed and services are able to be delivered taking into account social distancing measures. For other entities in the group, the Directors have confirmed that the major sources of grant funding are committed. Covid-19 has not had an adverse effect on income streams, quite the opposite, as we have been able to directly serve communities most in need of support.
Forecasts and projections for each company within the group show that they will be able to operate within the levels of their operational cash flows, with reports and forecasts reviewed monthly and presented to finance committees every quarter. The directors are therefore able to make an assessment of the resources of the group as a whole, and these resources have been stress tested to gauge the potential impact on the group if the pandemic were to impact the activities on a longer-term basis.
Following this analysis, the Directors are confident that the group has adequate resources to continue operating for the foreseeable future, being a period of at least 12 months from the date of signing these financial statements and, for this reason, the Directors continue to adopt the going concern basis in preparing the accounts. Further details on going concern can be found in the Directors’ Report on page 9.
## _**Fund accounting**_
General funds are unrestricted funds which are available for use at the discretion of the directors in the furtherance of the charitable objectives of the Group and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors and grant awarding bodies. The balance of each restricted fund is set out in note 19. Designated funds are funds which are set aside by the Directors for a set purpose.
Page 27
**OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **1. ACCOUNTING POLICIES (continued)**
## _**Income**_
Income includes the total receivable by the Group from all its charitable activities. All income is recognised when the group has entitlement to the funds, receipt is probable and the amount can be measured with sufficient reliability.
Donations are recognised on a receivable basis (where there are no performance related conditions), where the receipt is probable and the amount can be reliably measured. Legacies are included in the year when entitlement is established and the value can be measured reliably. Entitlement to legacy income is considered to be on the earlier of the date of payment or where there is sufficient evidence to provide the necessary probability that the legacy will be received and the value is measurable with sufficient reliability. This is defined as the point when the executor has notified Oasis of probate.
Grants included within charitable activity income are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipts its recognition is deferred and included in creditors as deferred income. Where the entitlement occurs before income is received, the income is accrued.
The General Annual Grant in particular, which is received by OCL, is recognised in full in the year for which it is receivable and any unspent amount is reflected in the restricted fund. Any abatement in respect of the period is deducted from income and recognised as a liability. Capital grants are recognised when receivable and are not deferred over the life of the asset on which they are expended. Unspent amounts of capital grant are reflected in the balance in the restricted fixed asset fund.
Donated Services and Gifts in Kind received by Oasis Community Learning (OCL): The value of donated services and gifts in kind provided to the Group is recognised in the statement of financial activities as income and expenditure at their estimated value to the Group in the period in which they are receivable and where the benefit is both quantifiable and measurable. This is with the exception of where the gift in kind was a fixed asset in which case the expenditure element is included in the appropriate fixed asset category and depreciated over the useful life in accordance with the Company’s policies.
Other income, including the hire of facilities and the sale of goods and services, is recognised in the period it is receivable and to the extent that goods have been provided or on completion of the service and is included within other trading income.
Interest receivable is included within the statement of financial activities on a receivable basis and is included within income from investments.
Subsidiaries other than OCL, which has been described above, received donated services for a number of activities undertaken. No financial value is attributed to these services as the related activities would not be undertaken if they were not donated pro bono. No income has been included in the Statement of Financial Activities net of expenditure.
## _**Expenditure**_
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.
Governance costs include the costs attributable to the Company’s compliance with constitutional and statutory requirements, including audit costs and are all allocated against restricted revenue activities.
Page 28
## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **1. ACCOUNTING POLICIES (continued)**
## _**Expenditure (continued)**_
Expenditure on raising funds includes all expenditure incurred by the group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Charitable activities are costs incurred in furtherance of the charitable objectives of the group and includes directly attributable costs and support costs. For companies other than OCL, charitable activities are the costs incurred in carrying out the service delivery of, whether it is in the community hubs, housing projects, STT or OCT. For OCL, charitable activities are the costs incurred on the company’s educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
Support costs are those costs incurred directly in support of the charitable activities and comprise the balance of all services supplied centrally not directly allocated to the operational departments.
Governance costs are included with expenditure in charitable activities and represent those costs incurred in connection with administration of the Group, management of the Group’s assets and compliance with constitutional and statutory requirements.
## _**Tangible fixed assets and depreciation**_
Tangible fixed assets are stated at cost, where they have been purchased by the Group, or at fair market value at the time of their coming into the possession of the Group, where they have been donated or acquired other than by purchase.
Where tangible fixed assets have been acquired with the aid of specific grants, either from the Government or from the private sector, they are included in the balance sheet at cost and depreciated over the expected useful economic life. The related grants are credited to a restricted fixed asset fund (in the statement of financial activities and carried forward in the balance sheet). The depreciation on such assets is charged in the statement of financial activities over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.
Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use.
A review of impairment of fixed assets is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments and charged to the Statement of Financial Activities.
The principal annual depreciation rates used for other assets have been revised during the year in line with the requirement for component accounting. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives on a straight line basis.
|Freehold property|2% on cost less 99% residual value and 2%|
|---|---|
||straight line|
|Leasehold land|Over the life of the lease|
|Leasehold buildings (and components therein)|16 to 100 years|
|Plant & machinery|10%|
|Furniture, equipment and vehicles|10% and 25%|
|Computer equipment & software|33%|
## _**Debtors**_
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
Page 29
**OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **1. ACCOUNTING POLICIES (continued)**
## _**Creditors**_
Creditors and provisions are recognised where the charity has a present obligation as a result of a past event that will result in the transfer of funds, and the amount can be reliably measured. Trade and other creditors are recognised at transaction price and subsequently revalued and amortised where necessary.
## _**Deferred income**_
When income is received in advance of entitlement of receipts, for example fees in respect of certain training projects or grants received, its recognition is deferred and included in creditors as deferred income.
## _**Cash and cash equivalents**_
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## _**Transfer of property on conversion**_
The Assets and Liabilities transferred from Local Authorities to OCL trust have been valued at their fair value, being a reasonable estimate of the current market value that the Directors would expect to pay in an open market for an equivalent item. Their fair value is determined in accordance with the accounting policies set out for OCL. The amounts have been recognised under the appropriate balance sheet categories, with a corresponding amount recognised in the Statement of Financial Activities (cash reserves brought in as unrestricted funds and the donated tangible fixed assets as restricted fixed asset funds).
## _**Taxation**_
Oasis Charitable Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2011 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## _**Pension Benefits**_
Oasis Charitable Trust operates a defined contribution pension scheme for employees. The annual contributions payable are charged to the Statement of Financial Activities. Employees of Oasis Community Learning are members of one of two pension schemes, both of which are defined benefit schemes: the Teachers’ Pension Scheme and the Local Government Pension Scheme.
## Teachers’ Pension Scheme
Full-time and part-time teaching employees employed under a contract of service are eligible to contribute to the Teachers’ Pension Scheme (TPS). The TPS, a statutory contributory final salary scheme, is administered by Capita.
The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the academy trust in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective benefit method. As stated in Note 29, the TPS is a multi-employer scheme and the academy trust is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore treated as a defined contribution scheme and contributions recognised as they are paid in each year.
Page 30
**OASIS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **1. ACCOUNTING POLICIES (continued)**
Local Government Pension Scheme
Non-teaching members of staff are offered membership of the Local Government Pension Scheme (LGPS). The LGPS is a multi-employer defined benefit pension scheme and is able to identify the Company’s share of assets and liabilities and the requirements of FRS 102, Section 28 have been followed.
The LGPS is a funded scheme and the assets are held separately from those in the academy in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to operating surplus are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs.
Past service costs are recognised immediately in the Statement of Financial Activities if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The expected return on assets and the interest cost are shown as a net finance amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in other gains and losses.
The Company’s share of the LGPS assets is measured at fair value at each balance sheet date. Liabilities are measured on an actuarial basis using the projected unit method. The net of these two figures is recognised as an asset or liability on the balance sheet. Any movement in the asset or liability between balance sheet dates is reflected in the Statement of Financial Activities.
## _**Leased assets**_
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the SOFA on a straight line basis over the lease term.
## _**Stock**_
Stock is stated at the lower of cost and net realisable value and relates to unissued uniforms and IT equipment held by OCL.
## _**PFI**_
Oasis Community Learning has five academies that are subject to contracts under the Private Finance Initiative (PFI). Under these contracts the school premises are maintained and managed for a period of up to 25 years by the PFI contractor subject to contractual annual fees paid by the academy. Upon expiry of the PFI contract the residual benefit of the premises passes to the academy as a result of a 125-year lease granted to them.
This transaction is accounted for as a leasing transaction. As the Academy only enjoys the benefit of the premises subject to the restrictions under the PFI agreement, in the opinion of the Board, the Academy does not hold substantially all of the risks and rewards of ownership of the premises and the property is therefore accounted for as an operating lease. The premises are therefore not recognised as assets in the financial statements of OCL. The annual charges under the PFI agreement are subject to a fixed formula but will vary over time. Therefore the annual charges are expensed to the Statement of Financial Activities in the year they relate to as this treatment is considered to be more appropriate than recognition on a strict straight line basis.
## _**Agency Arrangements**_
OCL acts as an agent in distributing 16-19 bursary funds from ESFA. Payments received from ESFA and subsequent disbursements to students are excluded from the Statement of Financial Activities as the Company does not have control over the charitable application of the funds. OCL can use up to 5% of the allocation towards its own administration costs and this is recognised in the Statement of Financial Activities.
Page 31
**OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **1. ACCOUNTING POLICIES (continued)**
## _**Critical accounting judgements and key sources of estimation uncertainty**_
In the application of the charity’s accounting policies, Trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described in the accounting policies and are summarised below:
- Pension liabilities – The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 29, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2019 has been used by the actuary in valuing the pensions liability at 31 August 2022. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.
- Consolidation of OCL – As noted within the basis of consolidation accounting policy, OCT oversees the activities of all members of the group through defined and agreed internal processes of regular reporting to and monitoring by the OCT Board in accordance with the intragroup agreement. However, the ESFA has reserved powers over the Multi-Academy Trust and therefore the consolidation of OCL into OCT is a key judgement. The appropriateness of the consolidation of OCL has been based on the fact that, in order to exercise their powers, the ESFA must precede any action with warnings relating to known or suspected failures where OCT had not taken appropriate actions. As there have been no circumstances under which OCL has received warnings from the ESFA, either in the year or historically, the Directors consider that OCT continues to exercise control over OCL and therefore that it is appropriate for the results of OCL to be consolidated into these financial statements.
- Valuation of land and buildings – The charity’s land and buildings are stated at their estimated fair value on acquisition based on professional valuations. These valuations are then taken as deemed cost as disclosed in note 13.
- Donated Services and Gifts in Kind: The value of donated services and gifts in kind provided to the Company is recognised in the statement of financial activities as incoming resources and resources expended at their estimated value to the Company in the period in which they are receivable and where the benefit is both quantifiable and measurable. This is with the exception of where the gift in kind was a fixed asset in which case the amount is included in the appropriate fixed asset category and depreciated over the useful life in accordance with policy.
## _**Financial instruments**_
Oasis Charitable Trust has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise bank loans and overdrafts, trade and other creditors.
Page 32
## **OASIS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **2. DONATIONS AND GRANTS**
|Donations and gifts
Grants
Furlough grant income|**Unrestricted**
**funds**
**£000**
2,332
1,109
-
**3,441**|**Designated**
**funds**
**£000**
-
136
-
**136**|**Restricted**
**funds**
**£000**
432
11,214
-
**11,646**|**Total**
**2022**
**£000**
**2,764**
**12,459**
**-**
**15,223**|_Total_
_2021_
_£000_
_2,634_
_16,800_
_90_
_19,524_|
|---|---|---|---|---|---|
Of the £19,524k received in the prior year, £2,791k was unrestricted income, £172k was designated income and £16,561k was restricted income.
## **3. OTHER TRADING**
|Rent and associated
services income
Merchandise sales|**Unrestricted**
**funds**
**£000**
**1,971**
**-**
**1,971**|**Designated**
**funds**
**£000**
**-**
**-**
**-**|**Restricted**
**funds**
**£000**
**1,611**
**-**
**1,611**|**Total**
**2022**
**£000**
**3,582**
**-**
**3,582**|_Total_
_2021_
_£000_
_2,899_
_1_|
|---|---|---|---|---|---|
||||||_2,900_|
Of the £2,900k received in the prior year, £778k was unrestricted income and £2,122k was restricted income.
## **4. INCOME FROM CHARITABLE ACTIVITIES**
|Fees from nursery provision
Rental income
Service level agreements
Educational operations (see
breakdown below)
Other goods and services|**Unrestricted**
**funds**
**£000**
-
1,976
1,346
-
1,404
**4,726**|**Designated**
**funds**
**£000**
216
-
-
-
177
**393**|**Restricted**
**funds**
**£000**
-
21
103
225,525
670
**226,319**|**Total**
**2022**
**£000**
**216**
**1,997**
**1,449**
**225,525**
**2,251**
**231,438**|_Total_
_2021_
_£000_
_139_
_2,014_
_1,793_
_210,284_
_1,582_
_215,812_|
|---|---|---|---|---|---|
Of the total income of £215,812k received in the prior year, £4,932k was unrestricted income, £177k was designated and £210,703k was restricted income.
Page 33
**OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **4. INCOME FROM CHARITABLE ACTIVITIES (continued)**
Funding for educational operations has been received from the following sources:
|**DfE/ESFA Grants**
General Annual Grant
Start-up Grants
Other DfE ESFA Grants:
UIFSM
Pupil Premium
Others
**COVID-19 additional funding (DFE/ESFA)**
Catch-up premium
Other (DfE/ESFA) COVID-19 funding
**Other Government Grants**
Local Authority Grants
Special Educational Grants
And Projects
**COVID-19 additional funding (Non-**
**DFE/ESFA)**
Coronavirus job retention scheme grant
Other COVID-19 funding
**Other Income**
Catering income|**Unrestricted**
**Funds**
**£’000**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**Restricted**
**Funds**
**£’000**
187,802
150
1,154
15,688
1,201
1,967
1,874
209,836
12,646
357
-
264
13,267
2,422
225,525|**Total**
**2022**
**£’000**
187,802
150
1,154
15,688
1,201
1,967
1,874
**209,836**
12,646
357
-
264
13,267
**2,422**
**225,525**|_Total_
_2021_
_£’000_
170,609
99
1,244
14,629
7,571
1,809
1,354|
|---|---|---|---|---|
|||||197,315|
|||||10,744
266
213
202|
|||||11,425|
|||||1,544|
|||||210,284|
Page 34
## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **5. EXPENDITURE ON RAISING FUNDS**
|Income generation
Communication|**Unrestricted**
**funds**
**£000**
1,664
555
2,219|**Designated**
**funds**
**£000**
-
-
-|**Restricted**
**funds**
**£000**
-
-
-|**Total**
**2022**
**£000**
**1,664**
**555**
**2,219**|_Total_
_2021_
_£000_
714
238
952|
|---|---|---|---|---|---|
The £952k of expenditure on raising funds in the prior year was all unrestricted expenditure.
## **Cost of raising funds analysis**
|Income generation
Communication|**Staff**
**costs**
**£000**
512
171
683|**Other**
**direct**
**costs**
**£000**
578
192
770|**Premises**
**costs**
**£000**
252
84
336|**Support**
**costs**
**£000**
322
108
430|**Total**
**2022**
**£000**
**1,664**
**555**
**2,219**|_Total_
_2021_
_£000_
_714_
_238_
_952_|
|---|---|---|---|---|---|---|
## **6. FUNDRAISING TRADING COSTS**
|Trading subsidiaries costs|**Unrestricted**
**funds**
**£000**
229|**Designated**
**funds**
**£000**
-|**Restricted**
**funds**
**£000**
-|**Total**
**2022**
**£000**
**229**|_Total_
_2021_
_£000_
200|
|---|---|---|---|---|---|
The £200k expenditure on fundraising trading costs in the prior year was unrestricted.
Page 35
**OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **7. DIRECT CHARITABLE EXPENDITURE**
|Oasis Charitable Trust
Oasis International Association
Oasis Community Learning
Oasis IT Services
Stop the Traffik
Traffik Analysis Hub
Oasis Community Housing
Oasis Community Partnerships|**Unrestricted**
**funds**
**£000**
1,080
5
-
287
692
426
2,732
1,148
6,370|**Designated**
**Funds**
**£000**
-
-
-
-
178
-
125
452
755|**Restricted**
**funds**
**£000**
976
193
248,930
-
278
-
1,272
2,534
254,183|**Total**
**2022**
**£000**
**2,056**
**198**
**248,930**
**287**
**1,148**
**426**
**4,129**
**4,134**
**261,308**|_Total_
_2021_
_£000_
1,378
186
226,455
901
772
173
4,184
3,832
237,881|
|---|---|---|---|---|---|
Of the £237,881k direct charitable expenditure in the prior year, £6,303k was unrestricted, £591k designated and £230,987k restricted.
## **Charitable expenditure analysis**
|Oasis Charitable Trust
Oasis International Association
Oasis Community Learning
Oasis IT Services
Stop the Traffik
Traffik Analysis Hub
Oasis Community Housing
Oasis Community Partnerships|**Staff**
**costs**
**£000**
1,003
-
133,339
-
937
154
2,332
2,560
140,325|**Other**
**direct**
**costs**
**£000**
863
198
11,711
287
93
272
1,049
1,241
15,714|**Premises**
**costs**
**£000**
32
-
21,066
-
12
-
50
223
21,383|**Support**
**costs**
**£000**
158
-
82,814
-
106
-
698
110
83,886|**Total**
**2022**
**£000**
**2,056**
**198**
**248,930**
**287**
**1,148**
**426**
**4,129**
**4,134**
**261,308**|_Total_
_2021_
_£000_
1,378
186
226,455
901
772
173
4,184
3,832
237,881|
|---|---|---|---|---|---|---|
Page 36
## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
|**8. SUPPORT COSTS ALLOCATION**
**Staff**
**Other**
**£000**
**£000**
_Cost of raising funds_
Fundraising & Marketing
284
38
Communications
95
13
379
51
_Charitable activities_
Oasis Charitable Trust
122
7
Oasis International Association
-
-
Oasis Community Learning
52,093
30,526
Oasis IT Services
-
-
Stop the Traffik
47
51
Traffik Analysis Hub
-
-
Oasis Community Housing
331
309
Oasis Community Partnership
56
51
52,649
30,944
**9. GOVERNANCE**
Remuneration paid to Group
auditor:
Parent audit fees
Subsidiaries audit fees
Non-audit services
Remuneration paid to subsidiary company auditors
Audit fees
Non-audit services
Legal fees
Trustees indemnity insurance
Other costs|**Governance**
**£000**
**-**
**-**
**-**
29
-
195
-
8
-
58
3
293|**Total**
**2022**
**£000**
**322**
**108**
**430**
158
-
82,814
-
106
-
698
110
**83,886**
**Total**
**2022**
**£000**
**29**
**62**
**19**
**43**
**-**
**115**
**5**
**20**
**293**|_Total_
_2021_
_£000_
331
110
_441_
188
4
74,227
2
85
2
710
130
_75,348_
_Total_
_2021_
_£000_
48
75
48
35
-
146
5
45
402|
|---|---|---|---|
Page 37
**OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **10. STAFF COSTS (GROUP)**
|Wages and salaries
Social security costs
Pension costs
Total staff costs|**2022**
**£000**
**131,219**
**13,665**
**41,957**
**186,841**|_2021_
_£000_
125,414
12,901
36,562|
|---|---|---|
|||174,877|
The pension costs above include £41,552,000 (2021: £36,216,000) for the Oasis Community Learning defined benefit schemes and £405,000 (2021: £346,000) for the defined contribution scheme which is operated by Oasis Charitable Trust and includes non-Oasis Community Learning staff. Pension costs were split between unrestricted and restricted funds depending on the specific fund the individual worked on.
Included in staff emoluments are staff restructuring costs:
|cluded in staff emoluments are staff restructuring costs:||
|---|---|
|Redundancy payments
Severance payments|**2022**
_2021_
**£000**
_£000_
**148**
396
**76**
227|
||**224**
623|
Included in staff restructuring costs are non-statutory/non-contractual severance payments totalling £65,413 (2021: £52,130). Individually these were for £24,825, £17,500, £14,091, £6,997 and £2,000. At year end there were no redundancy or termination payments outstanding.
Apprenticeship levy is expensed during the year in which it is incurred and is included within social security costs above.
## **Staff numbers**
|Teachers
Academies non-teaching staff
Charitable activities
Fund generating activities
Central Management and support|**2022**
**No.**
**1,748**
**2,463**
**235**
**8**
**190**
**4,644**|_2021_
_No._
1,795
2,522
197
5
176|
|---|---|---|
|||4,695|
These numbers represent the average number of persons employed within the group during the year.
Page 38
**OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **10. STAFF COSTS (GROUP) (continued)**
## **Higher paid staff**
The number of employees whose emoluments exceeded £60,000 was:
||**2022**|2021|
|---|---|---|
|£60,001 - £70,000|**105**|_93_|
|£70,001 - £80,000|**35**|_24_|
|£80,001 - £90,000|**17**|_13_|
|£90,001 - £100,000|**20**|_23_|
|£100,001-£110,000|**8**|_-_|
|£110,001-£120,000|**3**|_8_|
|£120,001-£130,000|**8**|_5_|
|£130,001-£140,000|**3**|_5_|
|£140,001-£150,000|**2**|_3_|
|£150,001-£160,000|**1**|_-_|
|£230,001-£240,000|**-**|_1_|
|£240,001-£250,000|**1**|_-_|
144 (2021: 131) of the above employees earning more than £60,000 per annum participated in the Teachers’ Pension Scheme. During the year 31 August 2022 pension contributions for these staff amounted to £2,579,815 (2021: £2,412,231).
49 (2021: 35) of the above employees earning more than £60,000 per annum participated in the Local Government Pension Scheme. During the year ended 31 August 2022 pension contributions for these staff amounted to £697,992 (2021: £523,174). 1 staff member paid into both schemes.
The key management personnel of the group comprise the trustees, Chief Executives and the Senior Management Leadership Team. The total employee benefits of the key management personnel for the Group were £3,022,882 (2021: £2,887,101). The prior year comparative for OCL has been updated to include employer’s national insurance and pension contributions.
## **11. TRUSTEES' REMUNERATION AND REIMBURSED EXPENSES**
Neither the Directors nor any persons connected with them have received remuneration for their services as trustees of the Group. 9 (2021: 5) Directors were reimbursed for travel and subsistence of £2,254 (2021: £215) during the year.
During the year the Group paid professional indemnity insurance on behalf of the Directors amounting to £5,000 (2021: £5,000).
Page 39
## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **12. NET MOVEMENT IN FUNDS**
|**NET**|**MOVEMENT IN FUNDS**|||
|---|---|---|---|
|||**2022**|_2021_|
|||**£000**|_£000_|
|Net|movement in funds is arrived at after charging:|||
|Depreciation of fixed assets||**8,223**|_8,485_|
|Auditors’ remuneration:||||
|-|Audit fees for this year (parent)|**31**|_48_|
|-|Audit fees for this year (subsidiaries)|**105**|_110_|
|-|Professional fees for non-audit|**19**|_48_|
|-|Fees payable to Responsible Officer and actuaries (OCL)|**-**|_-_|
|Operating Leases:||||
|-|Plant and machinery|**56**|_89_|
|-|Other Leases|**6,555**|_4,927_|
|Interest payable on bank loan||**16**|_15_|
## **13. TANGIBLE FIXED ASSETS**
|**Group**
**Cost**
At 1 September 2021
Additions
Revaluations
Disposals
At 31 August 2022
**Depreciation**
At 1 September 2021
Charge for the year
Impairment/(revaluation)
On disposals/transfers
At 31 August 2022
**Net book value**
_At 1 September 2021_
**At 31 August 2022**|**Freehold**
**Property and**
**Improvements**
**£000**
2,268
11
(103)
-
2,176
172
43
(128)
-
87
_2,096_
**2,089**|**Leasehold**
**Land and**
**Buildings**
**£000**
468,592
3,576
(177)
(1)
471,990
102,696
5,095
(184)
(1)
107,606
_365,896_
**364,384**|**Computer**
**Equipment**
**£000**
7,324
666
-
(1,134)
6,856
3,732
1,736
-
(1,134)
4,334
_3,592_
**2,522**|**Furniture**
**and Motor**
**Vehicles**
**£000**
14,336
1,250
-
(202)
15,384
6,419
1,349
-
(202)
7,566
_7,917_
**7,818**|**Total**
**£000**
492,520
5,503
(280)
(1,337)|
|---|---|---|---|---|---|
||||||496,406|
||||||113,019
8,223
(312)
(1,337)|
||||||119,593|
||||||_379,501_|
||||||**376,813**|
There were no transactions requiring disclosure as per section 3.1.2 of the Academy Trust Handbook.
Page 40
**OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **14. DEBTORS**
|Trade debtors
Sundry debtors
Due from group undertakings
Prepayments and accrued income|**Company**
**2022**
**£000**
**234**
**16**
**33**
**18**
**301**|**Group**
**2022**
**£000**
**3,297**
**2,676**
**-**
**10,210**
**16,183**|_Company_
_2021_
_£000_
_157_
_28_
_27_
_-_
_212_|_Group_
_2021_
_£000_
_2,356_
_2,230_
_-_
_11,861_|
|---|---|---|---|---|
|||||_16,447_|
## **15. CREDITORS: amounts falling due within one year**
|Bank loan
Trade creditors
Owed to group undertakings
Other taxes and social security costs
Accruals and deferred income
Other creditors
**Deferred Income including above**
At 1 September
Resources deferred in the year
Amounts released in year
Deferred income at 31 August|**Company**
**2022**
**£000**
**-**
**74**
**26**
**-**
**-**
**135**
**235**
10
**-**
**(10)**
**-**|**Group**
**2022**
**£000**
**43**
**11,339**
**-**
**3,082**
**13,727**
**5,090**
**33,281**
**3,846**
**5,215**
**(3,846)**
**5,215**|_Company_
_2021_
_£000_
_-_
_63_
_54_
_-_
_10_
_105_
_232_
_10_
_10_
_(10)_
_10_|_Group_
_2021_
_£000_
_25_
_11,246_
_-_
_2,928_
_11,566_
_4,496_|
|---|---|---|---|---|
|||||_30,261_|
|||||_3,092_
_3,846_
_(3,092)_|
|||||_3,846_|
£4,791k of the deferred income above relates to OCL. OCL was holding funds received in advance for rates rebates, academy growth, recovery and tutoring funding, early years and two-year-old provision funding, trip and project income for established academies.
Deferred income relates to income received from donors and sponsors which is subject to conditions which prevent their use until a later date.
Included in other creditors are loans of £35,000. A total of £26,000 is in respect of 0% loans from Salix, taken in 2015 over a period of 10 years for energy efficiency improvements on properties; and £9,000 are 0% Salix loans for the same use but inherited on conversion with Oasis Academy Sholing in 2018, also maturing in 2025/26. Loan repayments are made every six months by way of deduction from monthly GAG payments issued by the ESFA.
Page 41
## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **16. CREDITORS: amounts falling due after one year**
|**Company**
**2022**
**£000**
Bank loans
**-**
Other creditors
**-**
**-**
Pension scheme liability (Note 29)
**-**
Amounts falling due in more than five years:
**Company**
**2022**
**£000**
Repayable by instalments:
Bank loans more than 5 years by
instalments
**-**
**-**|**Group**
**2022**
**£000**
**535**
**59**
**594**
**14,245**
**Group**
**2022**
**£000**
**363**
**363**|_Company_
_2021_
_£000_
_-_
_-_
_-_
_-_
_Company_
_2021_
_£000_
_-_
_-_|_Group_
_2021_
_£000_
575
93|
|---|---|---|---|
||||668|
||||130,457|
||||_Group_
_2021_
_£000_
476|
||||476|
The bank loans are secured by way of a legal charge over the property portfolio of OAH. The terms of repayment are 25 years and interest is payable at 2.25% above base rate on the principal amount. Final repayment will be 16 December 2041.
Other creditors represent amounts due after one year are in respect of 0% Salix loans as detailed in note 15 above. Of the £59,000 balance, £34,000 is in respect of 10 years loans taken by OCL for energy efficiency improvements on properties; and £25,000 are 0% Salix loans for the same use but inherited on conversion with Oasis Academy Sholing in 2018, also maturing in 2025/26.
## **17. COMPANY STATUS**
The Company is a private company limited by guarantee and does not have a share capital. It is incorporated in England and Wales and is a public benefit entity. The address of the registered office is 1 Kennington Road, London, SE1 7QP.
## **18. UNRESTRICTED FUNDS (Group)**
|General Funds:
At 1 September
Net movement in general funds
At 31 August
Designated Funds:
At 1 September
Net movement in designated funds
At 31 August
General
Designated|**2022**
**£000**
**7,757**
**889**
**8,646**
**2,312**
**134**
**2,446**
**8,646**
**2,446**
**11,092**|_2021_
_£000_
5,708
2,049|
|---|---|---|
|||7,757|
|||2,281
31|
|||2,312|
|||7,757
2,312|
|||10,069|
Page 42
**OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **18. UNRESTRICTED FUNDS (Group)**
Designated funds are held within two subsidiaries: OCP and OAH. The designated funds within OCP relate to the fund held in Mulberry Bush which is for the provision of the nursery within the hub and designated Hub Leader and employment costs within OCP. This fund is designated within OCP.
The designated funds within OAH relate to the property fund, revaluation reserve, property development fund, refurbishment fund, maintenance fund, systems upgrade fund and housing management fund.
Transfer between funds are:
|Oasis Community Learning
Oasis Charitable Trust
Oasis Community Partnerships
Oasis International Association
Oasis Community Housing|**Unrestricted Funds**
**General**
**Designated**
**2022**
**2022**
**£000**
**£000**
(595)
-
(189)
145
33
135
6
-
(33)
33
**(778)**
**313**|**Restricted**
**Funds**
**2022**
**£000**
595
44
(168)
(6)
-
**465**|**Total**
**2022**
**£000**
**-**
**-**
**-**
**-**
**-**
**-**|_Total_
_2021_
_£000_
_-_
_-_
_-_
_-_
_-_|
|---|---|---|---|---|
|||||_-_|
The OCL transfer of £595,000 is a transfer from restricted asset funds.
The £189,000 transfer from unrestricted in OCT relate to a few designated funds and covering a deficit on a restricted project within Health & Justice.
The transfers in OCP relate to various hubs and is for hub leader costs within unrestricted and restricted projects. Transfers from restricted funds to unrestricted funds relate to the allocation of management charges from restricted projects.
The transfer in OIA to unrestricted funds relates to the redistribution of funds to support the management of restricted funds.
The transfer in OAH to designated funds relates to the allocation of properties which were held for sale and loan repayments.
## **19. RESTRICTED FUNDS (Group)**
|Oasis Charitable Trust
Oasis International Assoc.
OCL
OCL Pension Fund
Stop the Traffik Campaign
Oasis Community Housing
Oasis Community Partnerships|_1 Sept_
_2021_
_£000_
_105_
_14_
_400,246_
_(130,457)_
_68_
_545_
_1,500_
_272,021_|**Income**
**£000**
1,054
205
233,980
-
291
1,180
2,866
239,576|**Expenditure**
**£000**
(977)
(193)
(231,585)
(17,197)
(278)
(1,272)
(2,681)
(254,183)|**Gains,**
**(Losses),**
**Transfers**
**£000**
44
(6)
595
133,409
-
-
(168)
133,874|**31 Aug**
**2022**
**£000**
**226**
**20**
**403,236**
**(14,245)**
**81**
**453**
**1,517**|
|---|---|---|---|---|---|
||||||**391,288**|
Page 43
## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **19. RESTRICTED FUNDS (Group)**
The tables below give a detailed breakdown of OCL’s restricted funds, which represent the majority of funds of the group.
|**Restricted general funds**
General Annual Grant (GAG)
UIFSM
Pupil Premium
Other restricted income
Pension reserve
**Restricted fixed asset funds**
Building Sinking Fund from GAG
ICT Capital Grants
DfE/ESFA Capital Grants
Local Authority Capital Grants
Designated Capital from GAG
DfE Capital Grants and
donations in kind
Private Capital Sponsorship
**Total Restricted Funds**
**Unrestricted Funds**
**Total Funds**|_Balance at_
_1 September_
_2021_
_£’000_
9,938
-
-
(42)
(130,457)
(120,561)
4,784
781
8,161
-
1,020
375,104
308
390,158
269,597
6,073
275,670|Incoming
resources
£’000
210,055
1,154
15,687
240
-
227,136
-
-
6,851
(7)
-
-
-
6,844
233,980
3,548
237,528|Resources
expended
£’000
(201,850)
(1,154)
(15,687)
(309)
(17,197)
(236,197)
-
-
(4,124)
7
(623)
(8,168)
-
(12,908)
(249,105)
(2,196)
(251,301)|Gains,
losses and
transfers
£’000
(3,093)
-
-
95
133,409
130,411
(505)
(19)
(1,021)
-
(342)
5,480
-
3,593
134,004
(595)
133,409|**Balance**
**31 August**
**2022**
**£’000**
**15,050**
**-**
**-**
**(16)**
**(14,245)**|
|---|---|---|---|---|---|
||||||**789**|
||||||**4,279**
**762**
**9,867**
**-**
**55**
**372,416**
**308**|
||||||**387,687**|
||||||**388,476**
**6,830**|
||||||**395,306**|
Under the funding agreement with the Secretary of State, the company was not subject to limits on the amount of GAG that it could carry forward at 31 August 2022.
## **Other Restricted Funds**
Other restricted funds are in respect of grants and respective expenditure for Community based projects.
## **DfE/ESFA Capital Grants**
DfE/ESFA Capital Income received during the year totalled £6,844,000 including £4,266,000 from the School Condition Allocation and a further £2,482,000 in respect of developments on Oasis Academy Clarksfield (£1,603k), the final phase of the new build for Oasis Academy Silvertown (£536k) and other smaller LA funded projects (£343k). Funds going unspent at the year-end were predominantly in respect of School Condition Allocation, which is being spent over the next year in a series of major improvement programmes spread throughout the country.
Page 44
## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **19. RESTRICTED FUNDS (Group) (continued)**
## **Local Authority Capital Grants**
These grants relate mainly to new academy furniture, fixtures and equipment funded by Local Authorities.
**DfE Capital Grants and donations in kind and Private Capital Sponsorship** These funds represent provision for future depreciation for assets, purchased. Each year they are increased by the value of fixed assets purchased or donated and decreased by the value of that year’s depreciation. The transfers in represent fixed assets purchased from ACMF, DFCG, ICT Capital Grants, and Sinking Fund from GAG or Designated Capital from GAG during the year.
## **20. RESTRICTED AND UNRESTRICTED FUNDS (Charity)**
|**Funds at 31 August 2022**
Unrestricted funds
Designated funds
Restricted funds
**Funds at 31 August 2021**
Unrestricted funds
Restricted funds|_Balance at_
_1 September_
_2021_
_£’000_
185
_-_
105
290
_Balance at_
_1 September_
_2020_
_£’000_
162
-
162|Incoming
resources
£’000
1,365
1,054
2,419
Incoming
resources
£’000
627
516
1,143|Resources
expended
£’000
(1,121)
(977)
(2,098)
Resources
expended
£’000
(549)
(466)
(1,015)|Gains,
losses and
transfers
£’000
(190)
146
44
-
Gains,
losses and
transfers
£’000
(55)
55
-|**Balance**
**31 August**
**2022**
**£’000**
**239**
**146**
**226**|
|---|---|---|---|---|---|
||||||**611**|
||||||**Balance**
**31 August**
**2021**
**£’000**
185
105|
||||||290|
## **21. ANALYSIS OF NET ASSETS BETWEEN FUNDS - GROUP**
## **2022**
|Tangible fixed assets
Current assets
Current liabilities
Long term liabilities|**Unrestricted**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**2022**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**£**
**520**
**1,980**
**374,313**
**376,813**
**10,061**
**469**
**63,157**
**73,687**
**(1,400)**
**(3)**
**(31,878)**
**(33,281)**
**(535)**
**-**
**(14,304)**
**(14,839)**
**8,646**
**2,446**
**391,288**
**402,380**|
|---|---|
Page 45
**OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **21. ANALYSIS OF NET ASSETS BETWEEN FUNDS – GROUP (Continued)**
|**2021**
**Unrestricted**
**funds**
**Designated**
**funds**
**2021**
**2021**
**£**
**£**
Tangible fixed assets
483
2,024
Current assets
9,118
291
Current liabilities
(1,269)
(3)
Long term liabilities
(575)
-
7,757
2,312
**22. GROSS CASH FLOWS**
**Company**
**2022**
**Group**
**2022**
**£000**
**£000**
**Cash flows from operating activities**
Net income
**321**
**(13,166)**
Depreciation
**-**
**8,223**
Capital Grants from DfE
**-**
**-**
Interest receivable
**-**
**(347)**
Net Pension cost
**-**
**17,197**
Decrease in stock
**-**
**33**
Decrease/(Increase) in debtors
**(89)**
**264**
(Decrease)/Increase in creditors
**3**
**2,927**
**Net Cash (used in)/provided by**
**Operating Activities**
**235**
**15,131**
**Cash flows from investing activities**
Interest received
**-**
**347**
Acquisition of tangible fixed assets
**-**
**(5,503)**
Sale of tangible fixed assets
**-**
**-**
Capital grants from DfE
**-**
**-**
**Net Cash used in Investing Activities**
**-**
**(5,156)**
**Cash flows from financing activities**
Other creditors
**-**
**-**
Interest on loan
**-**
**16**
**-**
**16**|**Unrestricted**
**funds**
**Designated**
**funds**
**2021**
**2021**
**£**
**£**
483
2,024
9,118
291
(1,269)
(3)
(575)
-|**Unrestricted**
**funds**
**Designated**
**funds**
**2021**
**2021**
**£**
**£**
483
2,024
9,118
291
(1,269)
(3)
(575)
-|**Unrestricted**
**funds**
**Designated**
**funds**
**2021**
**2021**
**£**
**£**
483
2,024
9,118
291
(1,269)
(3)
(575)
-|**Unrestricted**
**funds**
**Designated**
**funds**
**2021**
**2021**
**£**
**£**
483
2,024
9,118
291
(1,269)
(3)
(575)
-|**Restricted**
**funds**
**2021**
**£**
376,994
54,566
(28,989)
(130,550)|**Total**
**funds**
**2021**
**£**
379,501
63,975
(30,261)
(131,125)
282,090
_Group_
_2021_
_£000_
(765)
8,485
(11,938)
(30)
12,479
(36)
(4,157)
3,193
7,231
30
(9,336)
70
11,938
2,702
_-_
15
15|
|---|---|---|---|---|---|---|
|||7,757||2,312|272,021||
||||**Company**
**2022**
**£000**
**321**
**-**
**-**
**-**
**-**
**-**
**(89)**
**3**
**235**
**-**
**-**
**-**
**-**|**Group**
**2022**
**£000**
**(13,166)**
**8,223**
**-**
**(347)**
**17,197**
**33**
**264**
**2,927**
**15,131**
**347**
**(5,503)**
**-**
**-**|**Company**
**2021**
**£000**
128
-
-
-
-
-
(73)
79
134
_-_
_-_
_-_||
||||**-**
**-**
**-**
**-**|**(5,156)**
**-**
**16**
**16**|_-_
_-_
_-_
_-_||
Page 46
**OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **23. ANALYSIS OF CHANGES IN NET DEBT**
|Cash and cash equivalents
Debt within 1 year
Debt due after 1 year
Total|_1 Sep 2021_
_£000_
_47,470_
_(25)_
_47,445_
_(668)_
_46,777_|**Cash**
**flows**
**£000**
**10,009**
**(18)**
**9,991**
**-**
**9,991**|**Non-cash**
**movements**
**£000**
**-**
**-**
**-**
**74**
**74**|**31 August**
**2022**
**£000**
**57,479**
**(43)**|
|---|---|---|---|---|
|||||**57,436**
**(594)**|
|||||**56,842**|
## **24. CAPITAL COMMITMENTS**
OCL has contractual capital commitments at the 31 August 2022 of £1,588,381 (2021: £3,335,368). The decrease in commitments reflects the increased programme during 2021/22 to catch-up on delayed property and ICT developments in the previous financial year.
## **25. FINANCIAL COMMITMENTS**
The following financial commitments exist for OCL and OAH. No other group companies have entered into any financial commitments at the balance sheet date.
## **Operating Leases – Oasis Community Learning**
At 31 August 2022 the total of the company’s future minimum lease payments under non-cancellable operating leases was:
|Amounts due within one year
Amounts due within two to five years
Amounts due in over five years|**2022**
**£’000**
**1,889**
**1,212**
**-**
**3,101**|_2021_
_£’000_
_1,939_
_3,124_
_-_|
|---|---|---|
|||_5,063_|
## **Private Finance Initiative**
At 31 August 2022 the total of the Company’s future commitments under private finance initiative arrangements was:
|Amounts due within one year
Amounts due within two to five years
Amounts due in over five years|**2022**
**£’000**
**4,720**
**17,705**
**33,407**
**55,832**|_2021_
_£’000_
_4,344_
_16,741_
_34,884_|
|---|---|---|
|||_55,969_|
Page 47
## **OASIS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **Operating Leases – Oasis Aquila Housing Ltd**
The future minimum lease payments under non-cancellable operating leases are as follows;
|Expiring within one year
Expiring within two to five years|**2022**
**£000**
**5**
**-**
**5**|_2021_
_£000_
5
5|
|---|---|---|
|||10|
## **26. CONTINGENT LIABILITY**
There are no contingent liabilities to report for the year ended 31 August 2022 or for the previous year ended 31 August 2021.
## **27. MEMBERS LIABILITY**
Every member of the Company undertakes to contribute such amount as may be required (not exceeding £10) to the Company’s assets if it should be wound up while he or she is a member or within one year after he or she ceases to be a member, for the payment of the Company’s debts and liabilities before he or she ceases to be a member, and of costs, charges and expenses of winding up, and for the adjustment of the rights of contributories amongst themselves.
Page 48
## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **28. SUBSIDIARY SUMMARY**
The following subsidiaries are wholly-owned UK charitable companies limited by guarantee and the principal place of business for all companies is 1 Kennington Road, London, SE1 7QP. OCT has the power to appoint and remove trustees from the Board of each of these subsidiaries. Further detail is provided in the basis of consolidation accounting policy in note 1. The results disclosed for Oasis Community Partnerships are consolidated and include the results of all its subsidiaries.
||**Total**|**Total**|**Net**|**Total**|**Total**|**Net Assets/**|
|---|---|---|---|---|---|---|
||**Income**|**Expenditure**|**Surplus/**|**Assets**|**Liabilities**|**(Liabilities)**|
||||**(Deficit)**||||
||**£000**|**£000**|**£000**|**£000**|**£000**|**£000**|
|Oasis Charitable Trust (company|||||||
|number: 02818823 charity|||||||
|number: 1026487)|2,419|(2,098)|321|846|(235)|611|
|Oasis Community Learning|||||||
|(company number: 5398529)|370,937|(251,301)|119,636|441,535|(46,229)|395,306|
|STOP THE TRAFFIK (company|||||||
|number: 6657145, charity|||||||
|number: 1127321)|1,388|(1,230)|158|798|(80)|718|
|Traffik Analysis Hub (company|||||||
|number:114511182, charity|||||||
|number: 1192933)|519|(429)|90|349|(184)|165|
|Oasis Aquila Housing (company|||||||
|number: 05300083, charity|||||||
|number: 1107554)|4,317|(4,395)|(78)|3,957|(950)|3,007|
|Oasis Community Partnerships|||||||
|(company number: 08749179,|||||||
|charity number: 1163889) –|||||||
|consolidated results|4,524|(4,374)|150|2,910|(411)|2,499|
|Oasis IT Services Limited|||||||
|(company number: 05720249)|308|(287)|21|325|(271)|54|
Page 49
**OASIS CHARITABLE TRUST**
# **NOTES TO THE FINANCIAL STATEMENTS**
# **FOR THE YEAR ENDED 31 AUGUST 2022**
## **28. SUBSIDIARY SUMMARY (continued)**
## **OCP Subsidiaries**
The results of OCP consolidate the following subsidiaries which were subject to audit:
The Mulberry Bush (Coulsdon) Limited (Co No. 03902995, Charity No. 1084590) Oasis Community Hub Bath (Co No. 07236345, Charity No. 1138904) Oasis Community Hub Hadley (Co No. 07236762, Charity No. 1138871) Oasis Community Hub Oldham (Co No. 07356565, Charity No. 1138862) Oasis Community Hub Waterloo (Co No. 07237305, Charity No. 1136965) Oasis Lord’s Hill (Co No. 07236269, Charity No. 1138872)
## **Audit Exemptions**
A number of OCP’s subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of their individual accounts under section 479A of the Companies Act 2006 relating to subsidiary companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The companies below (which are all charities), have been independently examined:
Oasis Community Hub: Ashburton Park (Co No. 07237600, Charity No. 1138901) Oasis Community Hub Blakenhale (Co No. 11946520, Charity No. 1183904) Oasis Community Hub Foundry & Boulton (Co No. 10581583, Charity No.1172915) Oasis Community Hub Henderson Avenue (Co No. 07237011, Charity No. 1137025) Oasis Community Hub Hobmoor (Co No. 10615979, Charity No.1172925) Oasis Community Hub Lister Park (Co No. 11218178, Charity No. 1181974) Oasis Community Hub Mayfield (Co No. 07237014, Charity No. 1138867) Oasis Community Hub MediaCityUK (Co No. 07237013, Charity No. 1136924) Oasis Community Hub North Bristol (Co No. 07237012, Charity No. 1136930) Oasis Community Hub Short Heath (Co No. 12242308, Charity No. 1186690) Oasis Community Hub South Bristol (Co No. 07236795, Charity No. 1138870) Oasis Community Hub Wintringham (Co No. 07237722, Charity No. 1138869) Oasis Community Hub Warndon (Co No. 12515168, Charity No. 1189489) Oasis UK Trading Ltd (Co No. 05857759)
Oasis UK Trading Limited is a UK private company limited by shares with £1 of ordinary share capital which is owned by OCP. All other subsidiaries of OCP are UK private companies limited by guarantee and are also registered charities. The registered address of all OCP subsidiaries is 1 Kennington Road, London, SE1 7QP.
## **29. RELATED PARTY TRANSACTIONS**
During the year OCT made the following transactions with its subsidiaries:
- Cross charged to Oasis Community Learning:
- Shared Staff £409,046 (2021: £276,129) support and administrative staff, governance and chaplaincy.
- Office space (rent and facilities) £1,185 (2021: £2,925).
## **29. RELATED PARTY TRANSACTIONS (Continued)**
Page 50
## **OASIS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
- Cross-charged from Oasis Community Learning:
- Shared Staff £314,311 (2021: £271,264) including a portion for senior management, community hub and Secure School support working.
- Office space (rent and facilities) £18,123 (2021: £27,895).
- IT infrastructure £42,185 (2021: £52,503).
At year end a balance of £25,836 (2021: £36,048) was owed by OCT to OCL.
- Cross charged to STOP THE TRAFFIK: Support for Finance, HR, Governance and Office Costs £36,468 (2021: £37,266).
At year end a balance of £1,065 (2021: £548) was owed by STT to OCT.
- Cross charged to Oasis Community Partnerships: Support for Fundraising and Comms £nil (2021: £54,540). Support for Finance and HR £240,514 (2021: £203,976). At year end £2,074 (2021: £18,116) was owed to OCT from OCP.
-
- At year end £19,257 (2021: £17,038) was owed to OCT from OAH.
Recharges listed above between Oasis Charitable Trust and Oasis Community Learning were made on a cost sharing basis.
Within OCL the following related party transactions were declared:
During the year the wife of John Barneby (Chief Operating Officer) and the wife of Craig Dean (Company Director/ Trustee) were both employed by OCL. Their employment contracts are on-going from previous years and remuneration for both roles were agreed through the National Pay Committee independently of any influence from their spouse.
Owing to the nature of the company and the composition of the board of trustees being drawn from local public and private sector organisations, transactions may take place with organisations in which the directors have an interest. All transactions involving such organisations are conducted in accordance with the requirements of the Academies Financial Handbook, including notifying the ESFA of all transactions made on or after 1 April 2019 and obtaining their approval where required, and with the company’s financial regulations and normal procurement procedures relating to connected and related party transactions. The following related party transactions took place in the financial period:
Place2Be – is a registered charity and company limited by guarantee whose mission is to improve children and young people’s mental health. Our CEO John Murphy joined the board of trustees on 23[rd] April 2021, our relationship with Place2Be started many years before this.
During the year ended 31 August 2022 the company paid £105,826 (2020/21: £180,810) to Place2Be for the provision of mental health support workers including targeted counselling for children experiencing emotional difficulties in several of our academies.
The Tutor Trust – a company in which Mr N Bent (a director) is the CEO.
The company purchased mentoring services for vulnerable students from The Tutor Trust totalling £54,839 (2021: £10,232) during the period. These transactions are often specifically subsidised by third parties and The Tutor Trust itself is supported by third party donations, which enables it to offer its services on a not-forprofit basis.
Whilst these relationships were declared internally, and transactions carried out at arms-length, an internal administrative error meant transactions were not properly registered with the ESFA in advance. This has now been rectified and future transactions with both parties have been approved by the ESFA.
There were no other related party transactions.
Page 51
## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **30. PENSION OBLIGATIONS**
Oasis Charitable Trust operates a defined contribution pension scheme. Contributions are charged to the income and expenditure account as they become payable in accordance with the rules of the scheme.
In addition, OCL participates in defined benefit schemes, details of which are set out below.
OCL employees belong to 17 principal pension schemes:
- a. The Teachers’ Pension Scheme England and Wales (TPS) for academic and related staff.
b. 16 Local Government Pensions Schemes (LGPS) - East Riding of Yorkshire Council, London Borough of Enfield, Avon, Hampshire County Council, Greater Manchester, London Borough of Croydon, West Midlands, Wiltshire, London Borough of Havering, Kent Council County, London Borough of Lambeth, West Yorkshire, South Yorkshire, Newham, Worcestershire County Council and Wandsworth Council for non-teaching staff.
The latest actuarial valuation of the TPS related to the period ended 31 March 2019 and of the LGPS 31 March 2019.
The total pension cost to Company during the year ended 31 August 2022 was £41,552,000 (2021: £36,216,000) of which £24,299,000 (2021: £15,702,000) relates to the TPS and £17,197,000 (2021: £20,514,000) relates to the LGPS.
Contributions amounting to £2,824,000 were payable to the schemes at 31 August 2022 (2021: £2,729,000) and are included within creditors, of which £1,920,000 (2021: £1,898,000) relates to the TPS and £904,000 (2021: £831,000) relates to the LGPS. Amounts payable to the LGPS scheme in relation to lump sums at 31 August 2022 and included within creditors were £659,000 (2021: £673,000).
## **Teachers’ Pension Scheme (TPS)**
The Teachers’ Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in academies. All teachers have the option to opt-out of the TPS following enrolment.
The TPS is an unfunded scheme and members contribute on a ‘pay as you go’ basis – these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
Page 52
## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **30. PENSION OBLIGATIONS (continued)**
## **Valuation of the Teachers’ Pension Scheme**
The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:
- employer contribution rates set at 23.68% of pensionable pay (including a 0.08% administration levy)
- total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million, giving a notional past service deficit of £22,000 million.
- the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CPI. assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%.
The next valuation result is due to be implemented from 1 April 2023.
The employer’s pension costs paid to TPS in the period amounted to £16,559,000 (2021: £15,703,000). A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.
Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The company has accounted for its contributions to the scheme as if it were a defined contribution scheme. The company has set out above the information available on the scheme.
## **Local Government Pension Scheme**
The Company participates in 16 Local Government Pension Schemes (LGPS).
The LGPS is a funded defined benefit pension scheme, with the assets held in separate trustee administered funds. The total contributions made for the year ended 31 August 2022 was £11,194,000 (2021: £10,675,000) of which employer’s contribution totalled £8,415,000 (2021: £8,034,000) and employees’ contributions totalled £2,780,000 (2021: £2,641,000).
The agreed employee contribution rates for future years for employees and for employers are as follows:
|**Gross Salary**|**Employee’s contribution**|
|---|---|
|Up to £14,600|5.50%|
|£14,601 - £22,900|5.80%|
|£22,901 to £37,200|6.50%|
|£37,201 to £47,100|6.80%|
|£47,101 to £65,900|8.50%|
|£65,901 to £93,400|9.90%|
|£93,401 to £110,000|10.50%|
|£110,001 to £165,000|11.40%|
|Over £165,001|12.50%|
Page 53
## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **30. PENSION OBLIGATIONS (continued)**
|**Academy**|**Pension Fund**|**Employer’s**
**contribution**|
|---|---|---|
|OA New Oak|Avon|22.28%|
|OA John Williams|Avon|22.28%|
|OA Connaught|Avon|22.28%|
|OA Brightstowe|Avon|22.28%|
|OA Bank Lease|Avon|22.28%|
|OA Long Cross|Avon|22.28%|
|OA Brislington|Avon|22.28%|
|OA Marksbury Road|Avon|22.28%|
|OA Shirley Park|Croydon|20.10%|
|OA Coulsdon|Croydon|19.80%|
|OA Byron|Croydon|19.40%|
|OA Ryelands|Croydon|22.60%|
|OA Arena|Croydon|15.90%|
|OCL Head Office|Enfield|17.20%|
|OA Hadley|Enfield|17.20%|
|OA Enfield|Enfield|17.20%|
|OA Wintringham|East Riding|18.00%|
|OA Parkwood|East Riding|18.00%|
|OA Nunsthorpe|East Riding|18.00%|
|OA Immingham|East Riding|18.00%|
|OA Henderson Avenue|East Riding|18.00%|
|OA Oldham|Greater Manchester|18.90%|
|OA Media City UK|Greater Manchester|18.90%|
|OA Limeside|Greater Manchester|18.90%|
|OA Harpur Mount|Greater Manchester|18.90%|
|OA Aspinal|Greater Manchester|18.90%|
|OA Temple|Greater Manchester|18.90%|
|OA Broadoak|Greater Manchester|18.90%|
|OA Clarksfield|Greater Manchester|18.90%|
|OA Leesbrook|Greater Manchester|18.90%|
|OA Mayfield|Hampshire|18.90%|
|OA Lords Hill|Hampshire|18.90%|
|OA Sholing|Hampshire|18.90%|
|OA Pinewood|Havering|21.40%|
|OA Skinner Street|Kent|22.50%|
|OA Isle Of Sheppey|Kent|22.50%|
|OA South Bank|Lambeth|22.20%|
|OA Johanna Primary|Lambeth|22.20%|
|OA Silvertown|Newham|12.80%|
|OA Don Valley|South Yorkshire|13.57%|
Page 54
## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **30. PENSION OBLIGATIONS (continued)**
|OA Firvale|South Yorkshire|14.47%|
|---|---|---|
|OA Watermead|South Yorkshire|14.40%|
|OA Lister Park|West Yorkshire|15.20%|
|OA Putney|Wandsworth|19.00%|
|OA Longmeadow|Wiltshire|25.30%|
|OA Short Heath|West Midlands|19.70%|
|OA Woodview|West Midlands|19.70%|
|OA Hobmoor|West Midlands|19.70%|
|OA Boulton|West Midlands|19.70%|
|OA Blakenhale Juniors|West Midlands|19.70%|
|OA Blakenhale Infants|West Midlands|19.70%|
|OA Foundry|West Midlands|19.70%|
|OA Warndon|Worcestershire|22.19%|
Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013.
The tables below outline the key assumptions disclosed within ranges and the monetary values shown in total for the fifteen LGPS schemes:
## **Principal Actuarial Assumptions**
|**cipal Actuarial Assumptions**|||
|---|---|---|
||**31 August**|_31 August_|
||**2022**|_2021_|
|Rate of increase in salaries|**3.85%**|_3.95%_|
|Rate of increase for pension in payment/inflation|**2.85%**|_2.95%_|
|Discount rate for scheme liabilities|**4.25%**|_1.75%_|
|Inflation assumptions (CPI)|**2.85%**|_2.95%_|
|Commutation of pensions to lump sums|**0.0%**|_0.0%_|
The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectancy on retirement age is 65 is:
||**31 August**|_31 August_|
|---|---|---|
||**2022**|_2021_|
|**Retiring today**|||
|Males|**21.7**|_22.5_|
|Females|**24.0**|_25.1_|
|**Retiring in 20 years**|||
|Males|**22.7**|_24.0_|
|Females|**25.3**|_26.5_|
Page 55
## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **30. PENSION OBLIGATIONS (continued)**
|**Sensitivity analysis**|**31 August**|_31 August_|
|---|---|---|
||**2022**|_2021_|
|Discount rate + 0.1%|**(4,372)**|_(7,317)_|
|Discount rate - 0.1%|**4,486**|_7,508_|
|Mortality assumption, 1 year increase|**5,760**|_8,813_|
|Mortality assumption, 1 year decrease|**(5,104)**|_(7,848)_|
|CPI rate + 0.1%|**4,375**|_(7,295)_|
|CPI rate - 0.1%|**(4,266)**|_(7,113)_|
The overall expected rate of return is based on asset models which consider economic scenarios and use probability distributions to project a range of possible for the future behaviour of asset returns and economic variables. The actual loss on scheme assets was £8,542,000 (2021 gain: £29,328,000), assuming returns are calculated using interest income net of actuarial gains or losses.
The Company’s share of the assets and liabilities was:
|Equities
Bonds
Property
Cash
Other|**2022**
**Fair Value**
**Share**
**£’000**
**%**
**97,455**
**60.58**
**26,624**
**16.55**
**17,551**
**10.91**
**4,456**
**2.77**
**14,784**
**9.19**
**160,870**|2021
Fair Value
Share
£’000
%
98,504
61.3
27,808
17.3
16,370
10.2
4,172
2.6
13,950
8.6
160,804|
|---|---|---|
## **Amounts recognised in the Statement of Financial Activities**
|Current service cost
Net interest cost
Past service cost
Administration cost|**2022**
**£’000**
**23,184**
**2,210**
**-**
**217**
**25,611**|_2021_
_£’000_
18,556
1,749
-
209|
|---|---|---|
|||20,514|
Page 56
## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **30. PENSION OBLIGATIONS (continued)**
## **Movements in the present value of defined benefit obligations were as follows:**
|At 1 September 2021
Upon conversion
Current service cost
Past service cost
Interest cost
Employee contributions
Actual (gain)/ loss
Benefits paid
**At 31 August 2022**|**2022**
**£’000**
**291,261**
**-**
**23,184**
**-**
**5,100**
**2,780**
**(144,840)**
**(2,370)**
**175,115**|_2021_
_£’000_
_229,757_
_-_
_18,556_
_-_
_3,916_
_2,641_
_38,688_
_(2,297)_|
|---|---|---|
|||_291,261_|
**Movements in the fair value of the Company’s share of scheme assets:**
|At 1 September 2021
Upon conversion
Expected return on assets
Actuarial gain
Employer contributions
Employee contributions
Benefits paid
Administration cost
**At 31 August 2022**|**2022**
**£’000**
**160,804**
**-**
**2,889**
**(11,431)**
**8,415**
**2,780**
**(2,370)**
**(217)**
**160,870**|_2021_
_£’000_
_123,253_
_-_
_2,167_
_27,214_
_8,035_
_2,641_
_(2,297)_
_(209)_|
|---|---|---|
|||_160,804_|
## **31. CONVERSION OF ACADEMIES TO THE COMPANY**
No new academies have joined the company during the financial year 31 August 2022.
## **32. AGENCY ARRANGEMENTS**
OCL distributes 16-19 bursary funds to students as an agent for the ESFA. In the accounting year ended 31 August 2022 the Company received £143,645 (2021: £156,754) and disbursed £85,229 (2021: £116,702) from the fund. There was a balance of £19,386 (2021: £61,141) deferred at the year-end date.
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## **OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **33. POST BALANCE SHEET EVENT**
As noted in the plans for the future section within the directors’ report, OCT has established a new subsidiary company called Oasis Restore. This company will take responsibility for the operations of a secure school. The funding agreement with the Ministry of Justice has been signed in March 2023.
## **34. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31 AUGUST 2021**
|**Notes**
**INCOME FROM:**
Donations and grants
2
Trading and other
3
Investments – interest income
Charitable activities
4
**TOTAL**
**EXPENDITURE ON:**
Raising funds
5
Fundraising trading costs
6
Charitable activities
7
**TOTAL**
**Net income/(expenditure)**
Transfers between funds
Net gains on revaluation of fixed
assets
Actuarial loss on defined benefit
pension schemes
**Net movement in funds**
**At 1 September 2020**
**At 31 August 2021**|**General**
**£000**
2,791
778
32
4,932
8,533
952
200
6,303
7,455
1,078
971
-
-
2,049
_5,708_
7,757|**Designated**
**£000**
172
-
-
177
349
-
-
591
591
(242)
100
173
-
31
_2,281_
2,312|**Designated**
**£000**
172
-
-
177
349
-
-
591
591
(242)
100
173
-
31
_2,281_
2,312|**Restricted**
**funds**
**£000**
16,561
2,122
-
210,703
229,386
-
-
230,987
230,987
(1,601)
(1,071)
-
(11,474)
(14,146)
_286,167_
272,021|**Total 2021**
**£000**
**19,524**
**2,900**
**32**
**215,812**|
|---|---|---|---|---|---|
||||||**238,268**|
||||||**952**
**200**
**237,881**|
||||||**239,033**|
||||||**(765)**
**-**
**173**
**(11,474)**|
|||31
_2,281_|||**(12,066)**
_294,156_|
|||2,312|||**282,090**|
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