Company Registration Number: 03364486 Charity Number: 1064155 THE OAKES TRUST (SHEFFIELD) REPORTS AND UNAUDITED FINANCIAL sfATEMENTS YEAR ENDED 31 AUGusf 2024
THE OAKES TRusf (SHEFFIELD) CONTENTS Page Reference and administrative details Tru5tee5' report Independent examiner's report ststement of financial activities io Balance sheet li Statement of cash flows 12 Notes to the financial statements 13-22
THE OAKES TRusf (SHEFFIELD) LEGAL AND ADMINISTRATION INFORMATION The Oake5 Trust (Sheffield) is also known a5 The Oakes Holiday Centre. Legal status The Oakes Trust (Sheffield) is a company limited by guarantee and a registered charity: Charity number Company number 1064155 03364486 Directorsltrustees Anthony Fisher Jo Hopkins Stephen Wilkinson Helen HaNey Ian Burton Ross Graham Andrew Toward Chairman App)inted 23 September 2024 Key management Daniel Thaw Billie Thaw Non-company Director Non-company Director Registered Office The Oakes Oakes Park Norton Sheffield S8 8BA Accountants Seven Hi115 Accountsnts Limited 57 Burton Street Sheffield S6 2HH Bankers Solicitor Virgin Money Fargate Sheffield SI 2HE Ellis-Femior & Negus 5 Market Place Ripley Derbyshire DE5 3BS Page I
THE OAKES TRusf (SHEFFIELD) TRUSTEES. REPORT FOR THE YEAR EJVDED 31 AUGUST2024 The trustees are pleased to present their annual directors, rep)rt together with the consolidated financial statements of the charity for the year ended 31 August 2024 which are a150 prepared to meet the requirements for a directors, report and accounts for Companies Act purwses. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Objectives and Aims The charity's objects are to advan the Christian faith and to promote and fulfil such other charitable purposes beneficial to the community in such areas a5 the charity may from time to time be operating. The aim of The Oakes Holiday Centre is thrfOld. To provide a holiday ntre where 8-18 year olds can: hear the Christian message be encouraged in their faith enjoy a great holiday Holidays are held for various ages at which the Christian message is presented clearly. The Oakes Trust is committed to providing children and young people with the opportunity to hear, discuss and ask questions about what Christianity is, who Jesus is, and what he did and said. There are two meetings per full day plus a small group discussion time. The meetings involve music, drama, games, quizzes, small group work as well as dirert teaching. The young people come from a broad spectrum of beliefs including other faiths and no faith. For some they have never had Christianity explained to them before and some describe themselves as committed Christians. For these The Oakes tries to give encouragement and help in living out their faith. The centre is open to anyone who wishes to attend from whatever background, belief or ability. Holiday fees are kept to a minimum, with donations making up over half of regular income, to enable maximum participation. There is a Holiday Fund to ensure that sub5idised places are available to anyone who requires financial assistance to enable them to tske part in a holiday. When planning the activities for the year, the trustees have considered the Commission's guidan on public benefit and, in particular, the specific guidance on charities for the advancement of religion and on fee- charging. How the centre runs The activities undertaken during a typical holiday are designed to help children and young people to develop a range of abilities, and personal and social skills. Initiative games, Team Building stations, a Climbing Wall and the Ropes course promote team worK problem solving and confidence. Archery and Axe Throwing are often new skills for many. Remote Control Cars encourage5 another new Skill and cooperation as they work in pairs to keep the cars on the track. Rafting and Tunnels cover all the aEx)ve with the added pre55ure of different environments to cope with i.e. water and being underground. Page 2
THE OAKES TRusf (SHEFFIELD) TRUSTEES. REPORT- continued FOR THE YEAR EJVDED 31 AUGUST2024 By taking children from eight years old The Oakes is often their first overnight trip away from home. This experience can greatly boost a child's self-confidence and help them as they grow up. The young people will mix with children from different backgrounds and areas often having to work with them to achieve a task. This helps social cohesion in the short and long term. Working with schools provide5 all of this for their pupi15 With the added bonus of a clear explanation of Christianity fitting in with the RE curriculum, the PSHE and Citizenship syllabus and the current emphasis on community cohesion and learning outside of the classroom. To quote one school'5 presentation to parents about their trip to The Oakes... The Children s Plan reinfor5 the fwe aims of Every Child Matters and leaming outside the classroom has clear links to every one of these outcomes. Participatson not only encourages heathy lifestyles it develops the personal attributes and soaa/ski/ls that are vital for achÉvement social inclusion, responsible cibzenship and enterprise and employability. It also helps young people to kam to manage risk. - A visit to The Oakes develops these personal attributes and social skills for all of the young people and so has long tem benefits as well. Dan and Billie Thaw have overall responsibility for The Oake5 whilst the day to day running of the centre is oVersn by the Programme Manager - who deals With the daily organisation of the holidays. The Team Care Manager is responsible for the well being of the Impact (gap) Team and Residential Trainees (a second year post Impact Team with greater responsibilities). The Discipleship Manager is responsible for the spiritual development of Team members. The Operations Manager and Administration Manager are in charge of all "behind the scenes" operations. These roles make up the Senior Leadership Team (SLT), responsible to the TrUSts. All Staff are responsible to one of the SLT. A new (usually multinational) "Impact Team" (gap year) signs on annually to live at The Oakes and work on the holiday5. The Impact Team also help the Staff to plan and prepare new activities, maintain the house and grounds, and receive training in a wide spectrum of areas including food hygiene, lifesaving and first aid, and theological training to enable them to teach and guide the young people. No Stsff, Impact Team or Residential Trainee members r1ve money from The Oakes. There is also a Support Team which help5 With the holiday5. They are generally ages 15-18, and living at home in Sheffield or nearby. They sign up for various holidays throughout the year staying on site during the holidays to help with back-up job5 such a5 cleaning and setting up attivities. They will also have the opportunity to gain experience working with children and young people under supeNision. In nomal times the centre greatly benefits from part-time volunteers who come in at least one day a wk to cover tasks such as bookkeeping, Coe5K)nden, holiday bookings, special projects, maintenance work and gardening. Page 3
THE OAKES TRusf (SHEFFIELD) TRUSTEES. REPORT- continued FOR THE YEAR EJVDED 31 AUGUST2024 Achievements and Performance The Oakes had a fully booked calendar for 2023-24. We ran 40 holidays. The Summer holidays were fully booked by June 2024 and a Mums & Daughters holiday LKM)ked in 24 hours. Schools and groups are often booking for the next year before leaving The Oakes. A strategic plan was develop during the 2020 bckdown. The six areas of the Strategic Plan are: l. Young people hearing the Christian message: 1,983 young people heard the Christian message from September 2023 August 2024 over 40 holidays. This is an increase from the last year (2022-2023) which was 1,942. Holidays are typically in the age categorie5 of 8-11, 10-14, 11-15 and 14-18, whilst over 15,5 are a150 encouraged to get involved by joining the Support Team which help5 behind the scenes during the holidays. 9 weekend holidays were held during the 12 months to 31 August 2024. Some of these typically involve two or three Sunday schools or youth groups plus friends, and they are brought by their leaders. The majority of young people come from within one hourfs driving distance, for example Leeds, Nottingham, Leicester, Hull and Sheffield itself. Some travel from further afield including groups from Newcastle and Cambridgeshire. 4 of the weekends in this year were parenvchild (Mums and Daughters, Dad5 and Lads) weekend5. These are proving very popular and book up within days. 11 holidays of belmeen 3 and 5 days duration were held during the school holidays. Individuals or small clusters of friends book independently of leaders. We are always really encouraged to welcome back young people who have visited before with groups. During the summer there were 7 holidays which saw 398 young people hear The Christian message. The holiday5 bring young people together from diverse 5(Kial background5 for example a group from a deprived area of Sheffield with those from Peak Distrirt villages. During this 12 month pericKI there were 20 school residentials. A clear presentation is given of what Christians believe, as part of the National Curriculum, and The Oakes works in partnership with the school to adhere to school guidelines. These school trips also encourage communitylsocial cohesion, provide "Learning outside the Classroom" adventurous activitie5 and develop team work 5ki115. A number of children from other faith backgrounds came on these residentials. These schoo15 varied from, for example, Harris Academy, Rugby (a secondary school) in an urban priority catchment to local Sheffield primary schools. 2. Young people encouraged in their faith: Over the year young Christians will come on holidays and get encouragement from the meetings and small group times as well as from interacting with members of The Oakes team and other young Christians. The over 15's are encouraged to get involved by joining the SuppK)rt Team which helps behind the scenes during the holidays. There were 18 residential holidays with 32 Supwrt Team during September 2023 August 2024. Many of these retumed to help multiple times. They will also join in with Staff prayers and have bible study times. Being on the Supp)rt Team has proved to be the main source of encouragement for many young Christians who are not part of a church youth group. Team members doing a gap year have regular study day5 throughout the year, often with outside speakers and the opportunity to attend conferences. They are encouraged to study the bible and live out their faith in their daily lives. Page 4
THE OAKES TRusf (SHEFFIELD) TRUSTEES. REPORT- continued FOR THE YEAR EJVDED 31 AUGUST2024 3. Young people enjoy a great holiday: Over the year many young people have enjoyed a great holiday. The Oakes does not advertise and is recommended by word of mouth. Success for us is whether or not young people want to come back and want to bring friends t¢JO. This is what happens. A gLX)d indicator is the feedback we receive. After each holiday the children and their leaders fill out feedback fomi5. The Holiday Fund provide5 for those who cannot afford full holiday fee5. Thi5 meant that 22 individual bursaries (£1,784) were awarded. Without this help these young people may not have had a holiday. In some cases it has provided respite for single parents and carers for children with special needs, including Autism and Attention Deficit Disorder. In some cases it is giving a holiday for young carers. 4. Team equipped, developed and valued: The training programme for the Gap Year programmes (Impact Team and Residential Trainees) are reviewed annually and follow the programme mentioned above. Staff training thi5 year continued to focus on support raising and budget setting, guided by the trust. 5. Growing similar ministries: The Non-company dirertors have received information on several potential sites where a new centre might be located. One in particular led to detailed thought and an understanding of the need to have potential staff members at The Oakes trained up to a level where they could leave to work at a different ntre. There will also be a need for gcrf)d governance. The Oakes already has this in place and continues to review governance on an ongoing basis. Potential sites near Doncaster and Inverness were explored. Whilst neither were purchased the prOsS of Iking at the feasibilty and preparing bids tsught valuable lessons. The search continues. 6. Developing and building an active supporter base: Mailings, updating supporters, go out twi a year, an annual letter of thanks is sent to financial supporters and monthly prayer notes are shared with prayer supporters. Social media is also used to highlight more immediate holidays and events. The book "A Story to Tell- written by Billie Thaw sharing the story of GCKI working through The Oakes has proved very popular. Over 2500 copies have been distributed. The response continues to be very positive and the story of The Oakes has been spread. Work on house and grounds: The Facilities Improvement Plan, which came out of the Strategic Plan, is proving to be successful helping with planning and budgeting. Major work included the creation of a new activity, Axe Throwing. The Mudder and Ropes course were both improved by replacing obsatcles with new ones. A solar system for lighting the path to the bonfire was fitted. Both driveways had significant work done on them improving aCs. 8, The Oakes was re-roofed and The Gardners Cottage had a new kitchen fitted. Operational Review Two new roles of Administration Manager and New Centre Manager were filled in early 2024-25. The Administration Manager will strengthen the work being done behind the scenes and the New Centre Manager will work alongside other managers to learn how a ntre runs. This will be in preparation to run a new ntre. There will also be a review of how the Team department is structured. The weekly stsff Communcations Lunch continue5 to prove important in improvinging communications between staff. There has been on-going support from the trustee5 to help staff with their support-raising. Page 5
THE OAKES TRusf (SHEFFIELD) TRUSTEES. REPORT- continued FOR THE YEAR EJVDED 31 AUGUST2024 Financial Review The Trust gives thanks for the generous supporters who continue to give towards the work, with sufficient funds available at all times. Monthly repayments on the long tem interest fr loans continued to be made reducing the overall amount. The Statement of Financial Artivities for the year 15 set out on page 9 of the financial statements. Income for the year amounted to £619,421 (2023: £494,127) which includes a non-cash legacy of £125,000. The main regular income sources are donations and camp fees. Total expenditure amounted to £448,984 (2023: £366,370). Net movements in funds for the year was a surplus of £170,437 (2023: surplus of £127,757) resulting in net assets at the year*nd of £2,586,196 (2023: 2,415,759). In 2023 the surplus on the general fund before transfers was £52,923 (2023: 54,544). The continued Surplus of general fund5 over the past few years (due to the generousity our supporters) has allowed the trustees to Set aside some of the surplu5 towards future plan5, in designated funds. This financial year, the trustees set aside money forfuture loan repayments. The above, and other loan repayments made in the year, were transferred from general funds, so there was a surplus after transfer5 of £2,507 on the general fund (2023: surplus of £19,049.) Reserves The trustees review the Reserves Policy each year and continue to adopt a risk-based approach to the level of reserves held, while trusting God for funds to be received when there is a particular need or large project. It is considered reasonable for the target level of reserves to be in the range of £20,000 to £45,000 in view of the fact that resee5 will flurtuate during the year, takj'ng account of the levels of cash flow and the seasonal nature of the main activities of the Holiday Centre. Properties and associated loans are set aside in a designated fund as described in note 14. The balance as at 31 August 2024 was £2,401,619 (2023: £2,257,419). The accounting value of the vehicle is also set aside in a designated fund - the accounting value at the year end held in this fund was £17,480 (2023: £21,848). As noted in the financial review, the trustees have also set aside other designated funds towards specific future expenditure - as at 31 August 2024 the balance held as cash was £53,702 (2023: £39,500). Free reserves at 31 August 2024 were £46,668. Plans for Future Periods There is on-going strong demand. Enquiries from schools and groups regulary have to be turned down. There 15 a fully booked calendar for the year ahead with a waiting list for schools and church groups. The Strategic Plan will continue to be implemented and work on being ready to start a new centre in 2025 will continue. In September 2024 the Oakes purchased no I, wrth assistan from donations and interest free loans. Another loan has been given until the Lodge is sold, the proCS of which will be used to repay this loan. In 2024-25 we aim to submit a site wide planning application to ShefField City Council. This will allow u5 to plan for future developments. N05. 10 and 11 The Oakes will be rrC1fed in Mayljune 2025. Page 6
THE OAKES TRusf (SHEFFIELD) TRUSTEES. REPORT- continued FOR THE YEAR EJVDED 31 AUGUST2024 Structure, Governance and Management Governin document The charity is a company limited by guarantee. The charity was incorporated on l May 1997 and registered as a charity on 28 August 1997. The company is govemed by its Memorandum and Articles of A550ciation. Trustees Potential new trustees are considered and, where appropriate, invited to join the board. A new trustee with financial experience has joined the board. New trustees are inducted in the structure of the trust and the requirements on them as trustees. Trust training is delivered via Stewardship seminars and when specific needs arise e.g. new legislation or Charity Commission guidan. The trustee5 continue to implement change initiated by the Truscott management review and now incorporated and built uwn within the Strategic Plan. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up. All trustees give of their time voluntarily and receive no benefits from the charity. anisational Structure Dan and Billie Thaw have overall responsibility for The Oakes whilst the day to day running of the centre is overs*n by the Programme Manager, Team Manager and Operations Manager, who meet regularly as the Senior Leadership Team. Strategic decisions concerning the long-tem direction of the trust are taken by the trustees. Risk mana ement The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The major risks to which the charity is exposed, as identified by the trustees, are reviewed annually (or sner if the need arises) as are the management procedure5 for these risks. Page 7
THE OAKES TRusf (SHEFFIELD) TRUSTEES. REPORT- continued FOR THE YEAR EJVDED 31 AUGUST2024 Trustees. responsibilities in relation to the finanaal statements The charity trustees (who are also the directors of the Oakes Trust (Sheffield) for the purposes of company law) are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which 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 charity for that period. In preparing the financial statements, the trustees are required to: select suitable accounting policies and then app them consistently; obseNe the method5 and principles in the Charities SORP; make judgements and estimate5 that are reasonable and prudent; state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable Steps for the prevention and detection of fraud and other irregularities. Small cornpanies regime The company has taken advantage of the small companies, exemption in preparing the rewrt above. The trustees declare that they have approved the trustees, report on 16 June 2025. Signed on behalf of the Ex)ard by: Anthony Fisher Trustee Page 8
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE OAKES TRusr (SHEFFIELD) ("THE COMPANY") I report to the directors on my examination of the accounts of the Company for the year ended 31 August 2024. Responsibilities and basis of report As the directors of the Company you are re5wnsible for the preparation of the accounts in accordan with the requirements of the Companies Act 2006 Cthe 2006 Act?. Having satisfied myself that the accounts of the Company are not required to be audit&J under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under sertion 145 of the Charities Act 2011 ('the 2011 ACV). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5) (b) of the 2011 Act. Independent examinerfs statement Since the Company'5 gr055 income exceeded £250,000 your examiner must be a member of the body listed in section 145 of the 2011 Act. I confimi that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountsnts in England and Wales, which is one of the listed )dIeS. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Art other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. or 4. the accounts have not bn preparéd in accordance with the methods and principles of the statement of Recommended Practice for accounting and reporting by charities applicable to organisation5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no COnrn5 and have come across no other matters in connection with the examination to which attention should be drawn in this rert in order to enable a proper understanding of the accounts to be reached. Susan Cochrane FCA, DChA Seven Hi115 Accountsnts Limited 57 Burton Street Sheffield S6 2HH 17 Jun 2025 Date: Page 9
THE OAKES TRUST (SHEFFIELD) STATEMENT OF FINANCIAL AcfIvITIES (INCORPORATING THE INCOME AND EXPENDrruRE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 General funds Designated Restricted funds funds Total 2024 Total 2023 Notes Income from: Donations, legacies and grants Charitable activities other trading activities Investments other sources Total income 204,803 208,140 10,969 19,958 125,000 48,798 378,601 208,140 10,969 19,958 1,753 619,421 266,808 193,506 11,933 21,880 +F5,623 125,000 48,798 494,127 Expenditure on: Charitable activities Other trading athvities other- running and Maintenan costs for rental properties 330,872 7,398 8,166 33,118 372,156 7,398 336,011 11,904 54,430 15,000 69,430 18,455 Total expenditure 392,700 23,166 33,118 +18,984 366,370 Net incomel(expenditure) before transfers Gross transfers beeen funds 52,923 (50,416) 101,834 52,200 15,680 (1,784) 170,437 127,757 17 Net movement in fvnds 2,507 154,034 13,896 170,437 127,757 Fund balances brought forwards 44,161 2,318,767 52,831 2,415,759 2,288,002 Fund balances carried forwards 18 46,668 2,472,801 66,727 2,586,196 2,415,759 The statement of financial activitEs also complies wrth the reqU1ments for an incimne and expenditure account under the Companies Act 2006. The statement of financial artivit5 includes all gains and b)sses recognised in the year. All income and expenditure derive from continuing activities. Page 10
THE OAKES TRUST (SHEFFIELD) BALANCE SHEEr AS AT 31 AUGUST 2024 2024 2023 Notes Fixed Assets Tangible Assets li 2,652,499 2,531,867 Current Assets Stocks Debtors Cash at bank and in hand 5,257 8,660 215,813 229,730 2,788 9,142 155,821 167,751 12 Creditors: amounts due within one year 13 (69,833) (38,459) Net current assets 159,897 129,292 Total assets less current liabilities 2,812,396 2,661,159 Creditors: amounts falling due after more than one year 14 (226,200) (245,400) Net assets 2,586,196 2,415,759 The funds of the charity: Unrestricted fvnds General fund Designated funds 46,668 2,472,801 2,519,469 66,727 2,586,196 44,161 2,318,767 2,362,928 52,831 2,415,759 15 Restricted fvnds Total charity funds 16 18 The company is entttled to the exempkn'on from the audit requirement contsined in seciion 477 of the Companies Act 2006, for the year ended 31 August 2024. The members of the company have not required the company to obtsin and audit in accordance with sethon 476 of the Companies Act 2iJ)6. The directors acknowledge their responsibilities for complying with the requirements of the Companies Att with respect to accountinq records and the preparation of accoun These accounts have been prepared in accordan with the provisions applicable to small companies subjett to the small companies reoime and in accordan with FRS102 SORP. The accounts were approved by the Board on 16 June 2025 Signed on behalf of the Board by: Anthony Fisher Trustee Company Registration Number: 03364486 Page 11
THE OAKES TRUST (SHEFFIELD) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Net incomel(expenditure) for the year (as per the SOFA) 170,437 127,757 Adjustments for: Depreciation Investment income - bank interest Investment income - rentsl propety income Investment costs - rentsl property Loan interest accrued (Increase)/decrease in stock (Increase)/decrease in debtors Increase/{decrease) in creditors Loan waiver Non-cash legacy 4,368 (1,338) (18,620) 69,430 1,150 (21,880) 18,455 1,269 (552) 3,135 686 (22,500) (2,469) 482 31,374 (125,000) Cash flows from operating activities Net cash provided byl(used in) operating activities 128,664 107,520 Cash flows from investing activities Investment income - bank interest Investment income - rentsl propety income Investment costs - rentsl property Purchase of vehicle Net cash (used in)Iprovided by investing activities 1,338 18,620 (69,430) 21,880 (18,455) (22,998) (49,472) (19,573) Cash flows from financing activities Repayment of borrowing Net cash provided byl(used in) financial activities (19,200) (62,996) (19,200) (62,996) Change in cash and cash equivalents 59,992 24,951 Cash and cash equivalents at the beginning of the year 155,821 130,870 Cash and cash equivalents at the end of the year 215,813 155,821 Page 12
THE OAKES TRusf (SHEFFIELD) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGusf 2024 Accounting policies Basis of preparation The Oakes Trust (Sheffield) is a chartiable company in the United Kingdom limited by guarantee. In the event that the charity is wound up, the liability in respert of the guardntee is limited to £10 member of the charity. The address of the registered office is gNen in the charity infomiab.on on page l of these financial statements. The financial statements have teen prepared in accorda[e wtth the Ststement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance the Financial RepNJng Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition), the Financial ReForknng Stsndard applicable in the United Kingdom and Republic of Ireland {FRS102) and with the Chartknes Act 2011. The charity meets the definition of a public benefrt entity under FRS 102. The financial statements a prepared under the historical cost convention. The financial statements are presented in sterling which is the funcknonal currency of the charity and are rounded to the nea$t £. b) Income Income is recognised when the charity has entitkment to the funds, any perf0mlan conditions attached to the item{s) of income have been met, rc is probable that the income will be receive(i and the amount can be measured reliably. Donations are recognised as income when receivable. expt insofar as they are incapable of financial measurement. Income tsx recoverable in relation to donations reNed under grft aid is rec(wJnised at the time of the donation. Legacy income is recognised as the earlier of the date on which the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made. or when a distribution is received from the estate. If the legacy is in the fomi of an asset other than cash or an asset listed on a recognised strKk exchange. recognition is subj'ect to the value of the asset being able to be reliably measured and title to the asset has passed to the charity. Where aCleS have IRen notified to the charity or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset. Income from charitable activities is included in the year in which the activity takes place. Income from trading activities is recc*]nised as earned. Expenditure and Irrecoverable VAT Expenditure is recognised On there is a legal or construcbve obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can te measured reliably. Irrecoverable VAT is included within the cateqory of expenditure it relates to. d) Tangible fixed assets and depreciation Tangible fixed assets other than freehold land are stated at cost less depreaation. A de Minimis limit on capitalising items has been set on individual items at £1,000. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its exed useful life. as follow5: Fixtures, fittings & equipment: 209/0 Straight line Motor Vehides.. 20910 reducing balan Freehold buildings. and It is the w)licy of the charity to maintain prOrtIeS to such a standard Leasehold property that their value is not impaired by the passage of time. The residual value is similar to it's initial cost therefore depreciation would be immaterial. No depreciation is provided in respect of freehold land. An impaimient review is cariied out annually on freehold land and buildings and leasehold properties. Page 13
THE OAKES TRusf (SHEFFIELD) NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 AUGusf 2024 Accounting policies - continued Stock Clothing stock is valued at the h)wer of cost arKI net realisable value. Debtors Trade and other debtors are recryJnised at the setuement anUnt due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors Creditors and provision5 are recognised where the chanty has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomialty recognised at their settiement amount after allowing for any trade discounts due. h) Financial instruments The trust only has financial assets and financial liabiltbes of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at trdnsaction value and subsequenuy measured at their settlement value with the exception of bank loans which are subsequently measured at arr)sed cost using the effective interest method. Accumulated funds General funds are expendable at the discretion of the trustees in furtherance of the objectives of The Oakes Tnjst. Designated fund5 comprise funds which have been set aside at the dIretiOn of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts. Restrirted fund5 are 5ubjett to specific conditrons by donors as to how they may be used. The purposes and uses of the restricted funds are Set out in the notes to the accounts. i) Going concern The financial statements have been prepared on a going concem basis as the trustee5 believe that no material UnrtaIntieS exist. The trustees have considered the e1 of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is suffficient with the level of reserves for the charity to be ab to conts.nue as a ooinq concern. Income from donationsi legacies and grants General funds Designated Restricted funds funds Total 2024 Total 2023 Donations Grants Legacies Loan waiver 204,803 45,798 3,000 250,601 3,000 125,000 238,683 125,000 125 000 378 601 266 808 2023 fund split 266 808 Income from charitable activities Total 2024 Total 2023 funds funds Camp fees 208 140 208 140 193 506 2023 fund split 193 506 Page 14
THE OAKES TRusf (SHEFFIELD) NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 AUGusf 2024 Trading activities Totsl 2024 Total 2023 funds funds Sales of clothing, tuck, ice cream5 etc Expenditure on raising funds.. costs of gojds sold Net activities for other trading 10,969 10,969 11,933 29 2023 fund split 29 29 Income from investments Total 2024 Total 2023 funds funds Property arKI land rentsl income Bank interest 18,620 18,620 21,880 2023 fund split Expenditure on charitable activities General fund Designated Restricted funds funds Total 2024 Total 2023 Note Camp equipment and supplies Food and catering Repairs and maintenance Grounds costs Health & safety Housekeeping costs offi costs utilities, council tax and insurdnce Transwirt Costs Miscellaneous Team expense5 Loan interest Bank charges and interest Depreciation ort costs Independent examination Legal and professional fees 15,437 96,178 63,765 26,897 2,250 11,939 25,574 64,126 4,589 867 15,811 15,437 96,178 92,815 26,897 2,250 11,939 27,480 64,126 4,589 873 16,467 18,265 95,825 58,208 32,062 4,014 12,157 19,100 55,748 6,494 186 25,324 1,269 2,257 1,150 29,050 1,906 656 2,282 2,282 4,368 4,368 1,080 1,080 870 330 872 372 156 336 011 2023 fund split 330 307 336 011 Trustee remuneration and expense& and the cost of key management The trustees were not paid or received any other beneffts from empk)yment with the Charity in the year (2023.. £nil) neither were they reimbursed expenses during the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity 12023: £nil). Key management comprise the trustees and the non-company director. There were no financial benefits of the key management personnel other than those detailed aVe. See note 19 for further trdnsaLtions related to Trustees and key management. Page 15
THE OAKES TRusf (SHEFFIELD) NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 AUGusf 2024 Independent examination fees 2024 2023 Independent examination fee 870 Other fees were payable to the independent examiner's organisation were: Other servi5 324 270 Employees There were no employees during this year or the prewous year. io Taxation As a charity, The Oakes Trust (Sheffiekl) is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to ILS chartiable objects. No tsx charges have arisen in the Charity. li Tangible red assets Freehold land and property Fixtures Fittings & Equipment Leasehold property Motor Vehicles Total Cost At I September 2023 Additions At 31 August 2024 2,132,576 710,570 125 000 57,038 22,998 2,923,182 125 000 22 998 3 048 182 2 132 576 Depreciation At I September 2023 Charge for the year At 31 August 2024 289,820 43,307 57,038 1,150 391,315 289 820 Net Book value At 31 August 2024 1842 756 17 480 2 652 499 At 31 August 2023 1842 756 2 531867 The properties occupied by team are deemed mixed use (so not clarfed as investment properties) but the income and expenditure relating to these is split out for transpare. 12 Debtors 2024 2023 Fee debtors Income tax recoverdble 4,529 13 Creditors: amounts falling due within one year 2024 2023 Trade creditors Fee income received in a¢fvan Accruals and other creditors Other loans 47.851 13.797 985 16,653 13,871 735 Page 16
THE OAKES TRusf (SHEFFIELD) NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 14 Creditors: amounts falling due after more than one year 2024 2023 Other h)ans 226 200 226 200 245 400 245 400 Loans not wholly repayable within five years other than by instalments: Loans not wholly repayable within five years Loans wholly repayable within five years 35,400 198 000 233,400 42,600 210 000 252,600 Loans induded in current liabilities 226 200 245 400 Financial instruments Loans due in one year or less Loans due in more than one year but not more than two years Loans due in more than two years but not more than five years Loans due in more than fNe years 7,200 54,200 136,600 7,200 66,200 136,600 233 400 252 600 Financial instruments measured at amortised cost comprised the bank loan provided by Triodos Bank, which is secured against 14 The Oakes and has a variable interest rate, and interest free loans from individuals. The Triodos Bank loan was ful repaid in the year. 15 Designated funds The income funds of the charity indude the following designated funds which have been set aside out of unrestricted funds by the trustees for SLECif pUr)Se5. Funds blfvld Funds clfvid Income Expenditure Transfers Land and buildings Vehicle Planning consultancy Future loan repayments Building repairs and development 2.257.419 21.848 5.000 19.500 15.000 125.000 19.200 2.401,619 17,480 1,202 52.500 (4,3681 (3.7981 33.000 (15,000) 2 318 767 125 000 2 472 801 Land and buildings The land and property owned by the Oakes, and the bjans tsken out to fund their purchase, are treated as designated to give a clearer picture of the unrestricted fr reserves of the chanty. The trdnsfer during the year represents property and loan movements as explained in note 16. Vehicle The purchase and depreciation of a team vehicte - treated as designated to gtve a clearer picture of the unrestricted free reserves of the charity. Planning consultancy Monies set aside towards retro5[tive and fuiure planning apFlications for the whole site. Future loan repayments Funds are being set aside towards future loan repanents. £33,0(M) was set aside this year. Building repairs and development Cosuy roof and other repairs are required across the stte. £15,0 vR5 spent on roof repairs this year. Page 17
THE OAKES TRusf (SHEFFIELD) NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 AUGusf 2024 15 Designated funds - continued Pnoryearcomparison Funds b/fwd Incon E¥penditure Trdnsfers Funds Landandbuildings Planning consultancy Roofrepairs Future loan repayn7ents Suildinq repairs and developn7ent 2 173,192 (1,269) (1,150) (1,426) 62,996 2 257,419 22,998 21,848 5,000 19,500 15,000 1,426 (20,500) (15,000) 22*14 618 55 494 2 318 767 16 Restrirted funds Funds blfvld Funds clfvid Income Expenditure Transfers Holiday fund 20 year anniversary tk PA and visuals Roof fund Lodge extension New premises Home office set up Nol Other 12.509 1.494 4.147 29.050 5.625 2.998 (1.784) 13,723 1,494 4.147 (29.050) 5,625 1,300 438 40,000 2.800 3.000 40.000 (1,5001 (2.562} (61 Holiday fund The fund represents monies given to the Trust to provide holidays for free or at a reduced cost in cases of financial hardship. The Trust has provided discounted or free holiday pkices totalling £1,784 this year, therefore this amount has been transferred to the qeneral fund. 20 year anniversary book Monies given toward the production of a 20 year annNersary k, printed during 2020-21. Remaining funds will go towards the audio boKJk and any reprints. PA and visuals Monies raised as part of the 21st Birthday appeal to be spent on PA and visual5. Roof fund Monies given towards Ma)r rf repairs of the centre and other owned properties - ful stent in the year. Lodge extension Monies given towards the planned kKlge extension. New premises Monies given towards the search for a site for a new centre. Home office set up A grant gwen towards the home Offi set up for the new centre manager. Nol Given to allow the release of the designated fund loan repayment to contribute towards the purchase of no l. Page 18
THE OAKES TRusf (SHEFFIELD) NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 AUGusf 2024 16 Restricted funds - continued Pnoryearcomparison Funds b/fwd Incon E¥penditure Trdnsfers Funds Hol&Y fund 20 year anniversary Lwk PA and wsuals Car appeal Facilities appeal Roof fund Lodge eXtensn Other 11,836 1,985 (1,312) 12,509 1,494 4,147 (795) 4,147 18,687 (18 687) (1,000) 29,050 5,625 70 17 Transfers Transfers to/(from) the general fund Restrirted funds: Holiday fund Use of twrsaries 1.784 Designated funds: Interest free loan repayments (19.200) Future loan repayments - set aside (33,000) Transfer to/(from) the general fund consists of: Holiday fund Loan repayments financed by free reserves Future loan repayments - set aside 1,784 (19,200) (33,000) Page 19
THE OAKES TRusf (SHEFFIELD) NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 AUGusf 2024 18 Analysis of net assets between funds Unrestricted Designated Restricted 2024 funds funds funds Total Fund balances at 31 August 2024 are represented by: Tangible fixed assets Current assets Creditors.. amounts falling due within one year Creditors.. amounts falling due after more than one year 2.652.499 53.702 (7.200) 2,652.499 229,730 (69,833) 109.301 (62.633) 66,727 226 200 2 472 801 226 200 66 727 2 586 196 Pnorye3rcomp3rison UnrestrKted Desnated Restncted funds funds 2023 Totsl Fundbal3nces at31 Auqust2023 are represEntedby.' Tangible fwedassets Currentassets Creditors.. amounts falling due within one year credito.. amounts falling due aftermore U7an year 2 531,867 39,500 (7,200) 2,531,867 167,751 [38 459) 52,831 [31,259) 2 318 767 52 831 2 415759 19 Related party transartions Dan Thaw and his wife, Billie (key management) made an interest free k)an during 2017. £nil was repaid during the year and the balance of the loan at 31 August 2024 was £20,CHJO, (2023: £20,OC). The loan is interest free and repayable in instalments after 12 months of the lender grving noti. Total donations and legacies received from trustees, key management. their close family and other connected charities totalled £143,291 in the year. (2023.. £13,552 donations received of which £5.470 was for restricted purposes). Oakes Restoration Limited, of which t)an Thaw is a director. was paid £1.114 (2023.. £1,128) for ground rent and the maintenance and improvement of communal areas of the hou that are owned or rented by the Charity. The Cambrian Coast Evangelical Trust. of which Jo Hopkins and Bille Thaw are trustees. was paid £1,100 (2023: £1,915) for rent of accommidation used during team training. Page 20
THE OAKES TRusf (SHEFFIELD) NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 AUGusf 2024 20 Net debt reconciliation Other non-cash changes At start of year Cash flows At year end Cash at bank and in hand Other loans falling due wtthin l year Other loans falling due in 1-5 years Other loans falling due after 5 years 155,821 (7,200) (202,800) (42,600) 59,992 7,200 12,000 215,813 (7,200) (190,800) (35,400) (7,200) 7,200 Pnor year comparative Other non.cash changes Atstart of year Cash flows At yearend Cash at tsnk and in hand Otherloans falling due within l year Otherloans falling due in 1-5years Otherloans falling due after 5years Bank loan falling due within l year Bank loan falling due in 1-5year5 Bank loan falling due after5yea 130.870 (7.200) (237.300) (49.800) (2.226) (11.355) (28.946) 24.951 7.200 12.000 155,821 [7,200) (202,800) (42,600) [7.200) 22.500 7.2t 2.226 11,355 28,946 205 957 Other non-cash change5 include a ban waNer of £22,500. Page 21
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