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2023-08-31-accounts

Company number 02818823

OASIS CHARITABLE TRUST

CONSOLIDATED FINANCIAL STATEMENTS

31 AUGUST 2023

(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 2023

CONTENTS
Page
Reference and administrative details of the charity, its trustees and advisers 1
Directors' report and Strategic Report 2 – 21
Independent auditor’s report 22 – 25
Statement of financial activities (incorporating a consolidated Income and 26
Expenditure Account)
Consolidated balance sheet 27
Company balance sheet 28
Consolidated and company statement of cash flows 29
Notes to the financial statements 30 – 62

OASIS CHARITABLE TRUST

COMPANY INFORMATION

Company number 02818823 Registered charity number 1026487 FOR THE YEAR ENDED 31 AUGUST 2023

DIRECTORS R Beckford
D Bright
O Kolade
M McAllister
C Morgan
N Salisbury
J Smith
C Taylor
P Warland
D Willson-Rymer
SECRETARY AND REGISTERED AND PRINCIPAL
OFFICE Mr D Parr
Registered office:
1 Kennington Road
London
SE1 7QP
AUDITOR Cooper Parry Gorup Limited
CUBO Birmingham
Office 401, 4thFloor
Two Chamberlain Square
Birmingham
B3 3AX
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

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OASIS CHARITABLE TRUST

DIRECTORS’ REPORT Company number 04255992 Registered charity number 1098100

FOR THE YEAR ENDED 31 AUGUST 2023

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 2023. 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.

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OASIS CHARITABLE TRUST

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

DIRECTORS

The Directors who have served during the year are: R Beckford D Bright O Kolade M McAllister C Morgan N Salisbury J Smith C Taylor P Warland D Willson-Rymer

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 Partnerships (OCP), its children’s, youth and community development work; Oasis International Association (OIA), its charity that supports international work including the work of STOP THE TRAFFIK, and Oasis Restore Trust (ORT), a newly formed charity to run the secure school in Kent. OCP is the parent of a number of Hub Companies. All 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.

Method of Recruitment and Appointment or Election of Directors

The term of office for any Director is three years and thereafter they may be re-appointed. The make-up of

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OASIS CHARITABLE TRUST

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

the Board includes experienced professionals, many of whom have a detailed understanding of the operational and legal requirements of running a large educational institution. New directors are expected to bring a track record of governance with them. The board regularly reviews its make-up and seeks to strengthen its membership as gaps arise. Existing Directors will then identify potential new Directors who will then sit on the Board as observers pending mutual ratification of appointment.

Policies and Procedures Adopted for the Induction and Training of Directors

An induction programme is in place for new Directors, which enables them to gain an understanding of the ethos, values and strategic direction of the Company, as well as the responsibilities of charity trustees. Directors are also encouraged to make visits to the academies and participate in governance training programmes arranged nationally.

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OASIS CHARITABLE TRUST

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

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:

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 2023

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:

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 2023

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 Restore Trust

  5. 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 £260,575,000 (2022: £237,528,000) was generated in the year. During the year OCL was responsible for 54 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 over 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 32,740 students, and forty-seven percent of our students receive the pupil premium and thirtyfour percent of our students speak English as an additional language. Of the academies that Ofsted have inspected, 87% are currently rated as ‘Good’ or ‘outstanding’.

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 2022/23 was 92.7% in primaries which is 1.3% below the national rate for attendance of 94.0%. In our secondaries, attendance was 88.4% compared to the national rate of 90.7%. OCL’s commitment to inclusion is also reflected 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 18 in 2021/22 followed by a larger increase to 54 in 2022/23. In the primary phase, permanent exclusions were very rare between 2019/20 and 2021/22. 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. However, there were 6 permanent exclusions in 2022/23.

2. OASIS COMMUNITY PARTNERSHIPS (OCP)

Income of £5,350,863 (2022: £4,523,412) 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 2023

OCP has developed a strategy, which has seen growth in the 19 focus Hubs across the following areas:

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 2022/23 OCP had 207 employees and over 530 volunteers. During the year, across all our projects, OCP worked with:

3. OASIS COMMUNITY HOUSING (OCH)

Income of £4,516,090 (2022: £4,270,731) was generated by the charity in the year.

In 2022/23 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 Northeast of England and South London.

In 2022/23 OCH had 96 employees. Some of the statistics that best illustrate it’s impact last year include:

OCH have continued to branch out into new areas of work, the most significant of which is supported accommodation for Ukrainian refugees in Peterborough, in partnership with the Leeds building Society. Also, building on years of experience, an advocacy campaign – Tacking Trauma, Ending Homelessness - was launched, calling for:

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OASIS CHARITABLE TRUST

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

4. OASIS RESTORE TRUST (ORT)

In April 2023 ORT began to officially operate as a subsidiary of OCT. ORT will become responsible for running a secure school for up to 49 young people. The funding agreement with the Ministry of Justice was signed in March 2023. In the set-up phase finances ran through OCT until the new charity was established. From April 2023, this work moved into ORT and the school will have it’s first young people in May 2024.

5. 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.

5.1.1 STOP THE TRAFFIK

OIA is a direct parent to STOP THE TRAFFIK. Income of £1,134,342 (2022: £1,387,558) 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.

During 2022/23 STT’s key achievements and performance were focused on:

5.1.2 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 2023. The entity may be repurposed in the future.

6. 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.

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OASIS CHARITABLE TRUST

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

FINANCIAL REVIEW

Total consolidated income for the year was £277.3m (2022: £250.6m), which included grants of £262.0m (2022: £238.0m). 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 £3.2m (2022: £2.8m).

Other subsidiaries within the Oasis family are dependent on less predictable sources of funding. Total income excluding OCL in 2022 is £16.7m (2022: £13.1m). Total group expenditure for the year was £277.3m (2022: £263.8m), of which £274.4 (2022: £261.3m) was spent on charitable activities. The vast majority of this was spent on OCL’s provision of academies £260.4m (2022: £249.1m)

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.

GOING CONCERN

The group’s activities are set out on page 26 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:

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OASIS CHARITABLE TRUST

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

For these reasons, the company will continue to adopt the going concern basis in preparing the financial statements and the Directors’ have no material uncertainties in their assessment.

For other entities in the group, the Directors have confirmed that the major sources of grant funding are committed. 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 £65.7m (2022: £65.9m) 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 £414.2m (2022: £402.4m), of which £10,2m is unrestricted (2022: £8.6m), £2.6m is designated (2022: £2.4m) and £401.5m (2022: £391.3m) is restricted.

Included in the overall group reserves above are OCL’s reserves which were £404.5m (2022: £395.3m) at the balance sheet date. This was made up of 384.7m (2022: £387.7m) in respect of reserves set aside for future depreciation of the company’s assets offset by a deficit of £4.1m (2022: £14.2m) 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 2023 were invested in shortmedium term treasury accounts, attracting interest rates (in the latter part of the year) of 2.5% and 5.2%. 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 2023

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:

Further risks are generic to each operating subsidiary and are disclosed in their own statutory accounts. The main risks facing OCL are:

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OASIS CHARITABLE TRUST

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

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:

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.

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OASIS CHARITABLE TRUST

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

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:

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.

As an organisation we are clear about the benefits of connection and wellness and the value of collaborative, communicative and open cultures. Over the last year the People Directorate has worked with staff across Oasis to create our People statement of Intent, that sets out our aspiration for people.

We continue to develop our employment framework, building the strength of Oasis as an employer through our policy suite and recognition and reward strategy. We know that effective line management is key to staff wellbeing and that it is through our staff that we can enable the wellbeing of our students. A range of leadership development opportunities have been implemented to enable our leaders, helping them to create the culture of an organisation genuinely connected with people. We have professional coaching and a mentoring programme with a specific focus on increasing diversity in our leadership teams.

Similarly, connection with and through our staff enables us to create an authentic culture. The company has a range of methods for communicating and engaging with employees these include:

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OASIS CHARITABLE TRUST

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

Within OCL specifically there are a range of methods for communicating and engaging with employees, which include:

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.

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OASIS CHARITABLE TRUST

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

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.

In OCL Contract Management is undertaken by contract managers within service directorates (e.g., IT or Property & Estates), supported by the National Procurement manager. Together, they ensure service levels are met and organisational needs are communicated. Formal reviews take place monthly, quarterly or annually, depending on value, risk and complexity. There are clear escalation processes in place to ensure that any service issues can be remedied quickly.

During 2022/23, OCL continued to develop the following areas:

STREAMLINED ENERGY AND CARBON REPORTING (SECR)

We are committed to reducing our carbon footprint and reducing our impact on the environment. We continue to work towards our target of becoming a net zero educational organisation by 2030.

We are required to report our energy and carbon performance in this report as part of the government’s policy on Streamlined Energy and Carbon Reporting (SECR).

Academy trusts with energy consumption of over 40,000kWh within the accounting period are required to report this information. This report relates only to Oasis Community Learning (OCL) and does not include any other Oasis group entities. Although OCL does not have direct control over the purchase of energy for PFI academies, and a small number of academies within local authority energy contracts, the data for these academies is included as is separated in the table below.

The table below shows OCL’s energy performance for the past two academic years, as required under SECR. The 2021/22 figures have been restated and therefore differ slightly from last year’s financial report, this is due to acquiring more accurate data since reporting.

The table shows that total energy consumption by OCL in 2022/23 was 46,815,049 kWh, a 10.7% drop from 2021/22 (52,400,949 kWh). The decrease is fairly uniform across the energy categories and therefore we believe this is generally down to cumulative efficiencies in behaviours - in many staff-controlled circumstances prompted by the energy market cost increases felt this year, but also, and particularly through student-led behaviours an increase in engagement in environmental sustainability.

Although we have completed a whole trust LED lighting switch project (more detail below) in the second half of the year, we believe we will see the positive impact of this in consumption reductions more visibly in

Page 16

OASIS CHARITABLE TRUST

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

2023/24 due to the gradual completion of this project and the majority of the switch taking place during lighter summer months. 2022/23 also saw the installation of PV solar panels at our Isle of Sheppey academy which will have reduced demand from grid electricity.

The only area that has seen an increase in consumption this year is business travel, where overall miles travelled rose by 45% (equivalent kWh was 30%). This is thought to be due to a delayed covid bounce back of travel with more colleagues returning to offices and visiting academies. Although the consumption from solar has increased this is due to system installation dates and subsequent increased capacity, overall electricity consumption has not increased.

OCL normalises this data using the total number of students for the academic year to allow comparison. The number of students last year was 32,872 (2021/22: 31,046). This means that energy consumption per student was 1,424 kWh (2021/22: 1,688), a reduction of 15.6%, successfully uncoupling energy consumption from a rise in student numbers and therefore showing positive progress in terms of energy efficiency and intensity.

In terms of carbon emissions for the scopes reported, we have reduced our overall market-based total from 6644 tCO2e (2021/22) to 5880 tCO2e over the last academic year, a 11.5% decrease. The normalised per student figure has seen a 16.4% reduction from 0.21 (2021/22) to 0.18. Operating at a higher capacity where the number of students and staff and more suited to the learning spaces they are occupying means our consumption of energy is more efficient and this is echoed through the subsequent emissions.

Electricity that does not come direct from PV systems on OCL academy roofs is procured from 100% renewable sources and backed by energy labels to evidence this. The scope 2 greenhouse gas emissions were therefore just 307 tCO2e (market-based) instead of the 3113 tCO2e (location-based) they would have been otherwise. The remaining emissions come from buildings where OCL does not have direct control over the electricity tariff, this is for most of our PFI academies and a small number of other academies where energy is the local authority contracted. Overall, these Scope 2 emissions account for about 5% of our scope 1&2 footprint and we have started conversations with the relevant parties to try to switch these remaining contracts to 100% renewable tariffs.

Page 17

OASIS CHARITABLE TRUST DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

The following data presents the Greenhouse Gas and Energy use data for the company.

Our methodologies for calculating these statistics are:

The primary methodology used in compiling this energy performance data was the Greenhouse Gas Reporting Protocol – Corporate Standard. The emissions factors have been sourced from BEIS using the 2022 and 2023 ‘Greenhouse gas reporting: conversion factors’ tools and market-based electricity emissions factors direct from our energy broker through a certificate of origin, certified by the Carbon Trust. The intensity ratio metric is student numbers (tCO2e/student) as per the recommendation for the sector.

F-gas from air conditioning units is omitted due to inadequate data, however this is considered de minimis and therefore would not have a significant impact on the figures reported.

As part of an ongoing review of data quality we have identified some missing data in the previous years’ energy consumption, these figures have therefore been re-baselined for improved accuracy and will show as different from previous SECR submissions and reporting.

All calculations and resultant analysis have been performed by a practitioner member of the Institute for Environmental Management and Assessment (PIEMA).

Page 18

OASIS CHARITABLE TRUST DIRECTORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Energy Efficiency Measures

OCL has taken a number of energy saving actions during 2022/23 and also utilises a range of measures to continually improve its energy efficiency operationally. These include:

Carbon Saving Measures

Energy efficiencies will naturally lead to reductions in our carbon emissions and this is where our efforts have concentrated on up until now. However, as we gain in knowledge and understanding of our carbon footprint as a whole there are several activities we have and will be undertaking to decarbonise our operations and ensure our staff, students and partners are taking climate action. These include the following:

Page 19

OASIS CHARITABLE TRUST

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

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:

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.

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.

Page 20

OASIS CHARITABLE TRUST DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

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.

The audit business of Haines Watts Birmingham LLP was acquired by Cooper Parry Group Limited on 14 November 2023, Accordingly, Haines Watts Birmingham LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

This annual report of the Directors under the Charities Act 2011 and Companies Act 2006 was approved by the Board on 02 May 2024 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 21

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 2023 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:

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 22

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:

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:

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 2022 to 2023 and the Academy Trust Handbook, issued by the ESFA.

Page 23

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:

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 24

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 Cooper Parry Group Limited CUBO Birmingham Office 401, 4[th] Floor Two Chamberlain Square Birmingham B3 3 AX

07 May 2024

Page 25

OASIS CHARITABLE TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating a Consolidated Income & Expenditure Account)

FOR THE YEAR ENDED 31 AUGUST 2023

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 2022
At 31 August 2023		 General
£000
3,063
2,671
2,196
4,720
12,650
2,586
281
7,317
10,184
2,466
(952)
-
-
1,514
8,646
10,160		 Designated
£000
220
-
-
321
541
-
-
861
861
(320)
227
210
-
117
2,446
2,563		 Designated
£000
220
-
-
321
541
-
-
861
861
(320)
227
210
-
117
2,446
2,563		 Restricted
funds
£000
16,870
1,633
-
245,579
264,082
-
-
266,212
266,212
(2,130)
725
11,599
10,194
391,288
401,482		 Total 2023
£000
20,153
4,304
2,196
250,620
277,273
2,586
281
274,390
277,257
16
-
210
11,599
11,825
402,380
414,205		 Total 2022
£000
15,223
3,582
347
231,438
250,590
2,219
229
261,308
263,756
(13,166)
-
47
133,409
117
2,446		 120,290
282,090
2,563 402,380

The notes on pages 30 to 62 form an integral part of these financial statements.

Page 26

OASIS CHARITABLE TRUST

COMPANY NUMBER: 02818823

CONSOLIDATED BALANCE SHEET

AS AT 31 AUGUST 2023

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		 2023
£000
£000
372,929
34
14,470
65,513
80,017
(34,122)
45,895
418,824
(550)
418,274
(4,069)
414,205
10,160
2,563
12,723
401,482
414,205		 2023
£000
£000
372,929
34
14,470
65,513
80,017
(34,122)
45,895
418,824
(550)
418,274
(4,069)
414,205
10,160
2,563
12,723
401,482
414,205		 2023
£000
£000
372,929
34
14,470
65,513
80,017
(34,122)
45,895
418,824
(550)
418,274
(4,069)
414,205
10,160
2,563
12,723
401,482
414,205		 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
80,017
(34,122)		 73,687
(33,281)
418,824
(550)		 417,219
(594)
418,274
(4,069)		 416,625
(14,245)
402,380
414,205
10,160
2,563		 8,646
2,446
12,723
401,482		 11,092
391,288
402,380
414,205

The financial statements were approved by the Board of Directors and authorised for issue on 02 May 2024.

M McAllister Chairman

The notes on pages 30 to 62 form an integral part of these financial statements.

Page 27

OASIS CHARITABLE TRUST

COMPANY NUMBER: 02818823

COMPANY BALANCE SHEET

AS AT 31 AUGUST 2023

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		 2023
£000
£000
80
792
872
(383)
489
489
-
489
345
110
455
34
489		 2022
£000
£000
301
545
846
(235)
611
611
-
611
239
146
385
226
611

The result of the company for the year was a deficit of £121,413 (2022: surplus of £320,568).

The financial statements were approved by the Board of Directors and authorised for issue on 02 May 2024.

M McAllister Chairman

The notes on pages 30 to 62 form an integral part of these financial statements.

Page 28

OASIS CHARITABLE TRUST

CONSOLIDATED AND COMPANY STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2023

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 2022
At 31 August 2023
Consisting of:
Cash and cash equivalents
Bank loan		 Company
2023
£000
247
247
247
545
792
792
-
792		 Group
2023
£000
3,958
4,060
16
8,034
8,034
57,436
65,470
65,513
(43)
65,470		 Company
2022
£000
235
-
-
235
235
310
545
545
-
545		 Group
2022
£000
8,287
1,688
16
9,991
9,991
47,445
57,436
57,479
(43)
57,436

The notes on pages 30 to 62 form an integral part of these financial statements.

Page 29

OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

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 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 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 April 2025) 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 30

OASIS CHARITABLE TRUST

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

1. ACCOUNTING POLICIES (continued)

Going concern (continued)

The largest entity of the group, Oasis Community Learning, a multi-academy trust, has fully considered the going concern status of the organisation in the light of the following matters:

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. For other entities in the group, the Directors have confirmed that the major sources of grant funding are committed.

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 pages 10 to 11.

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 31

OASIS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

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 32

OASIS CHARITABLE TRUST

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

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 33

OASIS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

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 34

OASIS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

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 35

OASIS CHARITABLE TRUST

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

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:

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 36

OASIS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

2. DONATIONS AND GRANTS

Donations and gifts
Grants		 Unrestricted
funds
£000
2,479
584
3,063		 Designated
funds
£000
71
149
220		 Restricted
funds
£000
696
16,174
16,870		 Total
2023
£000
3,246
16,907
20,153		 Total
2022
£000
2,764
12,459
15,223

Of the £15,223k received in the prior year, £3,441k was unrestricted income, £136k was designated income and £11,646k was restricted income.

3. OTHER TRADING

Rent and associated
services income		 Unrestricted
funds
£000
2,671
2,671		 Designated
funds
£000
-
-		 Restricted
funds
£000
1,633
1,633		 Total
2023
£000
4,304
4,304		 Total
2022
£000
3,582
3,582

Of the £3,582k received in the prior year, £1,971k was unrestricted income and £1,611k 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
-
1,980
1,533
-
1,207
4,720		 Designated
funds
£000
189
-
129
-
3
321		 Restricted
funds
£000
-
3
50
245,002
524
245,579		 Total
2023
£000
189
1,983
1,712
245,002
1,734
250,620		 Total
2022
£000
216
1,997
1,449
225,525
2,251
231,438

Of the total income of £231,438k received in the prior year, £4,726k was unrestricted income, £393k was designated and £226,319k was restricted income.

Page 37

OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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)
Other COVID-19 funding
Other Income
Catering income		 Unrestricted
Funds
£’000
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Restricted
Funds
£’000
205,968
115
1,172
16,899
-
1,864
2,281
228,299
13,410
641
-
14,051
2,652
245,002		 Total
2023
£’000
205,968
115
1,172
16,899
-
1,864
2,281
228,299
13,410
641
-
14,051
2,652
245,002		 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

Page 38

OASIS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

5. EXPENDITURE ON RAISING FUNDS

Income generation
Communication		 Unrestricted
funds
£000
1,940
646
2,586		 Designated
funds
£000
-
-
-		 Restricted
funds
£000
-
-
-		 Total
2023
£000
1,940
646
2,586		 Total
2022
£000
1,664
555
2,219

The £2,219k of expenditure on raising funds in the prior year was all unrestricted expenditure.

Cost of raising funds analysis

Income generation
Communication		 Staff
costs
£000
320
107
427		 Other
direct
costs
£000
968
323
1,291		 Premises
costs
£000
402
134
536		 Support
costs
£000
250
82
332		 Total
2023
£000
1,940
646
2,586		 Total
2022
£000
1,664
555
2,219

6. FUNDRAISING TRADING COSTS

Trading subsidiaries costs Unrestricted
funds
£000
281		 Designated
funds
£000
-		 Restricted
funds
£000
-		 Total
2023
£000
281		 Total
2022
£000
229

The £229k expenditure on fundraising trading costs in the prior year was unrestricted.

Page 39

OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

7. DIRECT CHARITABLE EXPENDITURE

Oasis Charitable Trust
Oasis International Association
Oasis Community Learning
Oasis IT Services
Oasis Restore
Stop the Traffik
Traffik Analysis Hub
Oasis Community Housing
Oasis Community Partnerships		 Unrestricted
funds
£000
1,199
2
-
204
-
1,416
90
2,960
1,446
7,317		 Designated
Funds
£000
215
-
-
-
-
-
-
73
573
861		 Restricted
funds
£000
1,014
276
260,187
-
655
265
-
1,256
2,559
266,212		 Total
2023
£000
2,428
278
260,187
204
655
1,681
90
4,289
4,578
274,390		 Total
2022
£000
2,056
198
248,930
287
-
1,148
426
4,129
4,134
261,308

Of the £261,308k direct charitable expenditure in the prior year, £6,370k was unrestricted, £755k designated and £254,183k restricted.

Charitable expenditure analysis

Oasis Charitable Trust
Oasis International Association
Oasis Community Learning
Oasis IT Services
Oasis Restore
Stop the Traffik
Traffik Analysis Hub
Oasis Community Housing
Oasis Community Partnerships		 Staff
costs
£000
1,302
-
146,461
-
334
1,435
-
2,524
2,903
154,959		 Other
direct
costs
£000
961
266
12,072
204
186
137
58
852
1,353
16,089		 Premises
costs
£000
52
-
27,525
-
8
10
-
51
210
27,856		 Support
costs
£000
113
12
74,129
-
127
99
32
862
112
75,486		 Total
2023
£000
2,428
278
260,187
204
655
1,681
90
4,289
4,578
274,390		 Total
2022
£000
2,056
198
248,930
287
-
1,148
426
4,129
4,134
261,308

Page 40

OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

8. SUPPORT COSTS ALLOCATION

Cost of raising funds
Fundraising & Marketing
Communications
Charitable activities
Oasis Charitable Trust
Oasis International Association
Oasis Community Learning
Oasis IT Services
Oasis Restore
Stop the Traffik
Traffik Analysis Hub
Oasis Community Housing
Oasis Community Partnership		 Staff
£000
187
62
249
76
-
40,374
-
127
35
-
539
54
41,205		 Other
£000
62
21
83
6
12
33,463
-
-
40
29
268
55
33873		 Governance
£000
-
-
-
31
-
292
-
-
24
3
55
3
408		 Total
2023
£000
249
83
332
113
12
74,129
-
127
99
32
862
112
75,486		 Total
2022
£000
322
108
430
158
-
82,814
-
-
106
-
698
110
83,886

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		 Total
2023
£000
31
69
21
60
-
203
5
3
392		 Total
2022
£000
29
62
19
43
-
115
5
20
293

Page 41

OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

10. STAFF COSTS (GROUP)

Wages and salaries
Social security costs
Pension costs
Total staff costs		 2023
£000
143,429
14,922
28,714
187,065		 2022
£000
131,219
13,665
41,957
186,841

The pension costs above include £28,213,000 (2022: £41,552,000) for the Oasis Community Learning defined benefit schemes and £453,000 (2022: £405,000) 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:

Redundancy payments
Severance payments		 2023
2022
£000
£000
27
148
238
76
265
224

Included in staff restructuring costs are non-statutory/non-contractual severance payments totalling £172,709 (2022: £65,413). Individually these were for £49,999, £22,500, £20,000, £15,000, £13,500, £11,115, £10,516, £7,500, £6,000, £5,000, £4,079 and £2,500. 4 of the 17 payments made resulted in £nil non-statutory/non-contractual payments. 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		 2023
No.
1,821
2,520
247
8
196
4,792		 2022
No.
1,748
2,463
235
8
190
4,644

These numbers represent the average number of persons employed within the group during the year.

Page 42

OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

10. STAFF COSTS (GROUP) (continued)

Higher paid staff

The number of employees whose emoluments exceeded £60,000 was:

2023 2022
£60,001 - £70,000 131 105
£70,001 - £80,000 53 35
£80,001 - £90,000 26 17
£90,001 - £100,000 20 20
£100,001-£110,000 17 8
£110,001-£120,000 3 3
£120,001-£130,000 9 8
£130,001-£140,000 2 3
£140,001-£150,000 2 2
£150,001-£160,000 3 1
£180,001-£190,000 1 -
£240,001-£250,000 1 1

193 (2022: 144) of the above employees earning more than £60,000 per annum participated in the Teachers’ Pension Scheme. During the year 31 August 2023 pension contributions for these staff amounted to £3,440,221 (2022: £2,579,815).

59 (2022: 49) of the above employees earning more than £60,000 per annum participated in the Local Government Pension Scheme. During the year ended 31 August 2023 pension contributions for these staff amounted to £834,187 (2022: £697,992). 2 staff members 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 £2,461,161 (2022: £2,386,670). The prior year comparative for OCL has been updated to correct a double count in pensions and NI costs.

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. 8 (2022: 9) Directors were reimbursed for travel and subsistence of £3,601 (2022: £2,254) during the year.

During the year the Group paid professional indemnity insurance on behalf of the Directors amounting to £5,000 (2022: £5,000).

Page 43

OASIS CHARITABLE TRUST

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

12. NET MOVEMENT IN FUNDS

NET MOVEMENT IN FUNDS
2023 2022
£000 £000
Net movement in funds is arrived at after charging:
Depreciation of fixed assets 10,023 8,223
Auditors’ remuneration:
- Audit fees for this year (parent) 31 29
- Audit fees for this year (subsidiaries) 129 105
- Professional fees for non-audit 21 19
Operating Leases:
- Plant and machinery 249 56
- Other Leases 1,803 6,555
Interest payable on bank loan 34 16

13. TANGIBLE FIXED ASSETS

Group
Cost
At 1 September 2022
Additions
Revaluations
Disposals
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
Impairment/(revaluation)
On disposals/transfers
At 31 August 2023
Net book value
At 1 September 2022
At 31 August 2023		 Freehold
Property and
Improvements
£000
2,176
3
182
(14)
2,347
87
42
(39)
-
90
2,089
2,257		 Leasehold
Land and
Buildings
£000
471,990
3,459
(20)
(24)
475,405
107,606
7,570
(8)
(24)
115,144
364,384
360,261		 Computer
Equipment
£000
6,856
843
-
(2,508)
5,191
4,334
1,042
-
(2,508)
2,868
2,522
2,323		 Furniture
and Motor
Vehicles
£000
15,388
1,639
-
(102)
16,925
7,570
1,369
-
(102)
8,837
7,818
8,088		 Total
£000
496,410
5,944
162
(2,648)
499,868
119,597
10,023
(47)
(2,634)
126,939
376,813
372,929

Page 44

OASIS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

14. DEBTORS

Trade debtors
Sundry debtors
Due from group undertakings
Prepayments and accrued income		 Company
2023
£000
40
11
26
3
80		 Group
2023
£000
2,327
2,331
-
9,812
14,470		 Company
2022
£000
234
16
33
18
301		 Group
2022
£000
3,297
2,676
-
10,210
16,183

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
2023
£000
-
88
62
23
135
75
383
-
135
-
135		 Group
2023
£000
43
7,200
-
3,380
16,861
6,638
34,122
5,215
6,799
(5,215)
6,799		 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

£6,374k 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 £23,000 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 45

OASIS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

16. CREDITORS: amounts falling due after one year

Bank loans
Other creditors
Pension scheme liability (Note 29)		 Company
2023
£000
-
-
-
-		 Group
2023
£000
523
27
550
4,069		 Company
2022
£000
-
-
-
-		 Group
2022
£000
535
59
594
14,245

The bank loan is secured by way of a legal charge over part of the property portfolio. The repayments are spread over 25 years but the remaining balance is fully repayable after 10 years (August 2026). Interest is payable at 2.25% above base rate on the principal amount.

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		 2023
£000
8,646
1,514
10,160
-
2,446
117
2,563
-
10,160
2,563
12,723		 2022
£000
7,757
889
8,646
2,312
134
2,446
8,646
2,446
11,092

Designated funds are held within three subsidiaries: OCT, OCP and OAH. The designated funds within OCT relate to funds set aside to deliver some key projects identified in 2024. 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.

Page 46

OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

18. UNRESTRICTED FUNDS (Group) (continued)

Transfer between funds are:

Oasis Community Learning
Oasis Charitable Trust
Oasis Community Partnerships
Oasis International Association
Oasis Community Housing		 Unrestricted Funds
General
Designated
2023
2023
£000
£000
(1,052)
-
65
27
19
209
7
-
9
(9)
(952)
227		 Restricted
Funds
2023
£000
1,052
(92)
(228)
(7)
-
725		 Total
2023
£000
-
-
-
-
-
-		 Total
2022
£000
-
-
-
-
-
-

The OCL transfer of £1,052,000 is a transfer from restricted asset funds.

The transfers within OCT relate to setting aside designated funds for specific projects in 2024 and an adjustment to restricted funding for one project.

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
Oasis Restore
Stop the Traffik Campaign
Oasis Community Housing
Oasis Community Partnerships		 1 Sept
2022
£000
226
20
403,236
(14,245)
-
81
453
1,517
391,288		 Income
£000
916
269
254,443
-
3,492
220
1,350
3,392
264,082		 Expenditure
£000
(1,016)
(276)
(258,762)
(1,423)
(655)
(265)
(1,256)
(2,559)
(266,212)		 Gains,
(Losses),
Transfers
£000
(92)
(7)
1,052
11,599
-
-
-
(228)
12,324		 31 Aug
2023
£000
34
6
399,969
(4,069)
2,837
36
547
2,122
401,482

Page 47

OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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
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		 Incoming
resources
£’000
228,378
1,172
16,899
186
-
246,635
-
-
7,297
511
-
-
-
7,808
254,443
6,132
260,575		 Resources
expended
£’000
(223,785)
(1,172)
(16,899)
(172)
(1,423)
(243,451)
-
-
(5,614)
(511)
(821)
(9,971)
-
(16,917)
(260,368)
(2,570)
(262,938)		 Gains,
losses and
transfers
£’000
(5,067)
-
-
2
11,599
6,534
(344)
(3)
(522)
-
1,423
5,483
80
6,117
12,651
(1,052)
11,599		 Balance
31 August
2023
£’000
14,576
-
-
-
(4,069)
10,507
3,935
759
11,028
-
657
367,928
388
384,695
395,202
9,340
404,542

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 2023.

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 £7,808,000 including £4,448,000 from the School Condition Allocation and a further £2,026,000 in respect of developments on Oasis Academy Clarksfield (£108k), the final phase of the new build for Oasis Academy Silvertown (£1,010k), expansion of the school hall at Oasis Academy Sholing (£596k) and other smaller LA funded projects (£16k). Furthermore £1,319k was received as additional funds via the Energy Efficiency Grant, which was utilised on our on-going LED installation and other energy initiatives across the estate. 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 48

OASIS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

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 2023
Unrestricted funds
Designated funds
Restricted funds
Funds at 31 August 2022
Unrestricted funds
Restricted funds		 Balance at
1 September
2022
£’000
239
146
226
611
Balance at
1 September
2021
£’000
185
-
105
290		 Incoming
resources
£’000
1,283
152
916
2,351
Incoming
resources
£’000
1,365
1,054
2,419		 Resources
expended
£’000
(1,242)
(215)
(1,016)
(2,473)
Resources
expended
£’000
(1,121)
(977)
(2,098)		 Gains,
losses and
transfers
£’000
65
27
(92)
-
Gains,
losses and
transfers
£’000
(190)
146
44
-		 Balance
31 August
2023
£’000
345
110
34
489
Balance
31 August
2022
£’000
239
146
226
611

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS - GROUP

Tangible fixed assets
Current assets
Current liabilities
Long term liabilities		 Unrestricted
funds
Designated
funds
Restricted
funds
Total
funds
2023
2023
2023
2023
£
£
£
£
570
2,080
370,279
372,929
11,448
483
68,086
80,017
(1,335)
-
(32,787)
(34,122)
(523)
-
(4,096)
(4,619)
10,160
2,563
401,482
414,205

Page 49

OASIS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS – GROUP (Continued)

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

22. GROSS CASH FLOWS

Cash flows from operating activities
Net income
Depreciation
Capital Grants from DfE
Interest receivable
Net Pension cost
Decrease in stock
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
Net Cash (used in)/provided by
Operating Activities
Cash flows from investing activities
Interest received
Acquisition of tangible fixed assets
Sale of tangible fixed assets
Capital grants from DfE
Net Cash used in Investing Activities
Cash flows from financing activities
Other creditors
Interest on loan		 Company
2023
£000
(121)
-
-
-
-
-
221
147
247
-
-
-
-		 Group
2023
£000
16
10,023
(7,808)
(2,196)
1,423
(9)
1,713
796
3,958
2,196
(5,944)
-
7,808		 Company
2022
£000
321
-
-
-
-
-
(89)
3
235
-
-
-
-		 Group
2022
£000
(13,166)
8,223
(6,844)
(347)
17,197
33
264
2,927
8,287
347
(5,503)
-
6,844
-
-
-
-		 4,060
-
16
16		 -
-
-
-		 1,688
-
16
16

Page 50

OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

23. ANALYSIS OF CHANGES IN NET DEBT

Cash and cash equivalents
Debt within 1 year
Debt due after 1 year
Total		 1 Sep 2022
£000
57,479
(43)
57,436
(594)
56,842		 Cash
flows
£000
8,034
-
8,034
-
8,034		 Non-cash
movements
£000
-
-
-
71
71		 31 August
2023
£000
65,513
(43)
65,470
(523)
64,947

24. CAPITAL COMMITMENTS

OCL has contractual capital commitments at the 31 August 2023 of £1,887,472 (2022: £1,588,381). Capital commitment arose in both years due to the timing of building projects which were on-going over the year-end.

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 2023 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		 2023
£’000
1,291
143
-
1,434		 2022
£’000
1,889
1,212
-
3,101

Private Finance Initiative

At 31 August 2023 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		 2023
£’000
5,624
20,149
36,416
62,189		 2022
£’000
4,720
17,705
33,407
55,832

Page 51

OASIS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

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		 2023
£000
1
-
1		 2022
£000
5
-
5

26. CONTINGENT LIABILITY

There are no contingent liabilities to report for the year ended 31 August 2023 or for the previous year ended 31 August 2022.

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 52

OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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) 2,350 (2,472) (122) 872 (383) 489
Oasis Community Learning
(company number: 5398529) 272,174 (262,938) 9,236 440,668 (36,126) 404,542
STOP THE TRAFFIK (company
number: 6657145, charity
number: 1127321) 1,134 (1,730) (596) 314 (192) 122
Traffik Analysis Hub (company
number:114511182, charity
number: 1192933) 217 (350) (133) 189 (157) 32
Oasis Restore Trust (company
number: 14489313) 3,492 (655) 2,837 3,431 (594) 2,837
Oasis Aquila Housing (company
number: 05300083, charity
number: 1107554) 4,726 (4,622) 104 4,101 (989) 3,112
Oasis Community Partnerships
(company number: 08749179,
charity number: 1163889) –
consolidated results 5,351 (4,848) 503 3,335 (333) 3,002
Oasis IT Services Limited
(company number: 05720249) 213 (202) 11 235 (172) 63

Page 53

OASIS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

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)

All 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:

29. RELATED PARTY TRANSACTIONS (Continued)

Page 54

OASIS CHARITABLE TRUST

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

At year end a balance of £31,623 (2022: £25,836) was owed by OCT to OCL.

At year end £28,779 (2022: £2,074) was owed to OCT from OCP.

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. John Murphy resigned as OCL’s CEO with effect 31 August 2023.

During the year ended 31 August 2023 the company paid £215,347 (2022: £105,826) 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 £193,749 (2022: £54,839) 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. Mr N Bent resigned as The Tutor Trust’s CEO with effect from 31 December 2022.

All transactions with these related parties were declared and approved by the ESFA in advance of contractual arrangements being arranged and transactions occurring.

There were no other related party transactions.

Page 55

OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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 multi-employer defined benefit schemes, details of which are set out below.

OCL employees belong to 17 principal pension schemes:

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 2020 and of the LGPS 31 March 2022.

The total pension cost to Company during the year ended 31 August 2023 was £28,213,000 (2022: £41,552,000) of which £17,745,000 (2022: £24,299,000) relates to the TPS and £10,468,000 (2022: £17,197,000) relates to the LGPS.

Contributions amounting to £3,084,000 were payable to the schemes at 31 August 2023 (2022: £2,824,000) and are included within creditors, of which £2,069,000 (2022: £1,920,000) relates to the TPS and £1,016,000 (2022: £904,000) relates to the LGPS. Amounts payable to the LGPS scheme in relation to lump sums at 31 August 2023 and included within creditors were £843,000 (2022: £659,000).

Teachers’ Pension Scheme (TPS)

The Teachers’ Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2023. Membership is automatic for teachers in academies. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary – these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

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 2023 published by HM Treasury. 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 2020 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023. The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation are:

Page 56

OASIS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

30. PENSION OBLIGATIONS (continued)

The next valuation result is due to be implemented from 1 April 2024.

The employer’s pension costs paid to TPS in the period amounted to £17,745,000 (2022: £16,559,000). 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

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 of Education. The guarantee came into force on 18 July 2013 and on 21 July 2022, the Department of Education reaffirmed its commitment to the guarantee, with a parliamentary minute published on GOV.UK.

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 2023 was £12,833,000 (2022: £11,194,000) of which employer’s contribution totalled £9,665,000 (2022: £8,415,000) and employees’ contributions totalled £3,168,000 (2022: £2,780,000).

The agreed employee contribution rates for future years for employees and for employers are as follows:

Gross Salary Employee’s contribution
Up to £16,500 5.50%
£16,501 - £25,900 5.80%
£25,901 to £42,100 6.50%
£42,101 to £53,300 6.80%
£53,301 to £74,700 8.50%
£74,701 to £105,900 9.90%
£105,901 to £124,800 10.50%
£124,801 to £187,200 11.40%
Over £187,201 12.50%

Page 57

OASIS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

30. PENSION OBLIGATIONS (continued)

Academy Pension Fund Employer’s
contribution
OA New Oak Avon 22.55%
OA John Williams Avon 22.55%
OA Connaught Avon 22.55%
OA Brightstowe Avon 22.55%
OA Bank Lease Avon 22.55%
OA Long Cross Avon 22.55%
OA Brislington Avon 22.55%
OA Marksbury Road Avon 22.55%
OA Shirley Park Croydon 23.20%
OA Coulsdon Croydon 21.70%
OA Byron Croydon 20.80%
OA Ryelands Croydon 25.60%
OA Arena Croydon 22.90%
OCL Head Office Enfield 16.80%
OA Hadley Enfield 16.80%
OA Enfield Enfield 16.80%
OA Wintringham East Riding 15.21%
OA Parkwood East Riding 15.21%
OA Nunsthorpe East Riding 15.21%
OA Immingham East Riding 15.21%
OA Henderson Avenue East Riding 15.21%
OA Oldham Greater Manchester 18.56%
OA Media City UK Greater Manchester 18.56%
OA Limeside Greater Manchester 18.56%
OA Harpur Mount Greater Manchester 18.56%
OA Aspinal Greater Manchester 18.56%
OA Temple Greater Manchester 18.56%
OA Broadoak Greater Manchester 18.56%
OA Clarksfield Greater Manchester 18.56%
OA Leesbrook Greater Manchester 18.56%
OA Mayfield Hampshire 17.90%
OA Lords Hill Hampshire 17.90%
OA Sholing Hampshire 17.90%
OA Pinewood Havering 21.80%
OA Skinner Street Kent 22.50%
OA Isle Of Sheppey Kent 22.50%
OA South Bank Lambeth 21.60%
OA Johanna Primary Lambeth 21.60%
OA Silvertown Newham 15.60%
OA Don Valley South Yorkshire 17.60%

Page 58

OASIS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

30. PENSION OBLIGATIONS (continued)

OA Firvale South Yorkshire 17.60%
OA Watermead South Yorkshire 17.60%
OA Lister Park West Yorkshire 15.77%
OA Putney Wandsworth 20.42%
OA Longmeadow Wiltshire 24.40%
OA Short Heath West Midlands 22.10%
OA Woodview West Midlands 22.10%
OA Hobmoor West Midlands 22.10%
OA Boulton West Midlands 22.10%
OA Blakenhale Juniors West Midlands 22.10%
OA Blakenhale Infants West Midlands 22.10%
OA Foundry West Midlands 22.10%
OA Warndon Worcestershire 21.24%

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
2023 2022
Rate of increase in salaries 3.85% 3.85%
Rate of increase for pension in payment/inflation 2.85% 2.85%
Discount rate for scheme liabilities 5.25% 4.25%
Inflation assumptions (CPI) 2.85% 2.85%
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
2023 2022
Retiring today
Males 21.2 21.7
Females 23.8 24.0
Retiring in 20 years
Males 22.0 22.7
Females 25.2 25.3

Page 59

OASIS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

30. PENSION OBLIGATIONS (continued)

Sensitivity analysis 31 August 31 August
2023 2022
Discount rate + 0.1% (3,438) (4,372)
Discount rate - 0.1% 3,533 4,486
Mortality assumption, 1 year increase 3,418 5,760
Mortality assumption, 1 year decrease (3,108) (5,104)
CPI rate + 0.1% 3,524 4,375
CPI rate - 0.1% (3,434) (4,266)

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 £14,703,000 (2022 loss: £8,542,000), 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		 2023
Fair Value
Share
£’000
%
86,401
-
32,126
-
11,986
-
6,154
-
20,282
-
156,949		 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

Amounts recognised in the Statement of Financial Activities

Current service cost
Net interest cost
Past service cost
Administration cost		 2023
£’000
9,704
-
666
286
10,656		 2022
£’000
23,184
2,210
-
217
25,611

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OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

30. PENSION OBLIGATIONS (continued)

Movements in the present value of defined benefit obligations were as follows:

At 1 September 2022
Upon conversion
Current service cost
Past service cost
Interest cost
Employee contributions
Actual (gain)/ loss
Benefits paid
At 31 August 2023		 2023
£’000
175,115
-
9,704
666
7,485
3,168
(33,355)
(1,765)
161,018		 2022
£’000
291,261
-
23,184
-
5,100
2,780
(144,840)
(2,370)
175,115

Movements in the fair value of the Company’s share of scheme assets:

At 1 September 2022
Upon conversion
Expected return on assets
Actuarial gain
Employer contributions
Employee contributions
Benefits paid
Administration cost
At 31 August 2023		 2023
2022
£’000
£’000
160,870
160,804
-
-
7,053
2,889
(21,756)
(11,431)
9,665
8,415
3,168
2,780
(1,765)
(2,370)
(286)
(217)
156,949
160,870

During the year, the current economic environment has led to a significant increase in AA-rated corporate bond yields, from which FRS102 discount rates are derived. This resulted in some of OCL’s Local Government Pension Scheme participations generating an accounting surplus for the very first time. Paragraph 28.22 of FRS102 permits the recognition of surplus to the extent that an entity is able to recover the surplus through either reduced contributions in the future or through refunds. As neither of these are regarded as possibilities, no surplus has been recognised for those academies showing a surplus position. Therefore, the overall pension liability reflects the application of an asset ceiling for those academies that would otherwise have shown in accounting surplus under FRS102.

31. CONVERSION OF ACADEMIES TO THE COMPANY

No new academies have joined the company during the financial year 31 August 2023.

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OASIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

32. AGENCY ARRANGEMENTS

OCL distributes 16-19 bursary funds to students as an agent for the ESFA. In the accounting year ended 31 August 2023 the Company received £154,041 (2022: £143,645) and disbursed £74,919 (2022: £85,229) from the fund. There was a balance of £198,509 (2022: £119,386) deferred at the year-end date.

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.

On 1 September 2023 Oasis Academy Daventry Road and Oasis Academy Temple Quarter were opened as 2 new free schools in the OCL. No accounting entries were posted in respect of these academies until after year end.

Mr John Murphy resigned as CEO of OCL with effect from 31 August 2023. Mr John Barneby was appointed as acting CEO from 1 September 2023 and has now been confirmed in post as CEO of OCL.

34. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR 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 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
134
2,312		 120,290
282,090
2,446 402,380

Page 62