THE OAKLEA TRUST Reglstered Charity Number: 1091722 Reglstered Company Number: 04416344 (England and Wales) The Oaklea Trust (A Company Llmited by Guarantee) Trustees Annual Report and Consolidated Flnancial Statements for the year ended 31 March 2024
Contents P•g• Charity Inforfflation..........................................................................-..................... Report of theTrustees...................................................................... . Independent Audltoffs Report.......................... Consolldated Statement of Fln8ndal Actlvlues........................................................... 13 Consolldated and Charlty Balance Sheets.............................................. .14 Consolldated Statement of Cash Flows..................................................................... 15 Notes to the Flnanclal Statements................................................................. .16
THE OAKLEA TRLEr Charity Information C T J Harrfs, Chalr P H Smlth. Vlce Chalr LJAdey S F O'Halloran C Smith M L Den¢xJal C Mitchell D Ridgway R J Talbot MAScott S F Welch (Appointed 22 January 2024) (Resigned 21 February 2024) (Resigned 28 May 2024) Company Secretary C Wlgley Key Manag¢m¢nt Personnel Executive Team: C Wlgley A Wolfenden S Green Chlef Executlve Dlrector Dlrector Flnanee Committee M•mhr• P Smlth, Chalr C Wlgley D Rldgway C Mltthell J Wood L Sprlng Ramunerntion Commltts• Members M Denoual, Chalr P Smlth J Wood Reglsternd charlty number 1091722 RegFsterad Company number 04416344 (England and Wales) Prlnclpal and reglstered offl¢o Thlrd Floor East Wing station House station Road Kendal Cumbrfa LA9 6RY Audltors A2ets Audlt Servlces Fleet House New Road Lancaster United iangdom L41 IEZ
THE OAKLEA TrLST Bankers Handelsbanken Flrst Floor East Brldge Mllls Stramongate Kendal Cumbria LA9 4UB Sollcltors Womble Bond Dlcklnson I whIteIl Rlverslde Leeds LSI 4BN
Report of the Trustses for the year ended 31 March 2024 OAKLEA TRusr srATEMENT OV RECOMMENDED PRAcficE (SORP) REPORT FINANCIAL YEAR 2023124 The Trustees, who are also directors of the Charlty for the purposes of the Companies Act 2006, present their report with the Flnanclal Statements of the Chaiity for the year ended 31st Marth 2024. The Trustees have adopted the provisions of Accountlng and Reportlng by Charities: Statemert of Recommended pract1 appllcable to charities preparing thelr accounts In accordance wlth the Finanaal Reportlng Standard appllcable In the UK and Republk of Ireland {FRS102). OBJECTIVES AND AcfIviTIES The group viorks towards the Vision and Mlsslon through the worf( of the Charity. Oaklea Trust and Its soclal enterprtse subsidiary Right2Work C.l.C In 2022. the Thistees and the Executlve have fomially revlewed the Mlsslon, Vlslon and Values statements and have produced a fvtryear strateglc plan (commendng In 2023) for the Group to make sure It Is up to date and meets the asplratlons of both o)mpanie5. The Group Vtslon, Mlsslon, Values, and Working Behavlours are: Vlslon "We dellvw the finest opportunltles In the klndest posslble wa Mlsslon Yo support and care for people and communltles so they can learn, developi and thrfve. Our Values "Indivlduallty, Independen, Interdependence, rights, respect. digntyi prlvacyi Partnershlpi cholce- Worklng 8ehavlovrs "Be klnd. be part of a team, be Innovative, be focused, be productlve, be respectful, be resourceful" The obJectlves of Oaklea Trust are fvlly detalled wlthln the Memorandum and Artlcles of Association and can be summarfsed as follows.. To pronKJte the lIe1 and care of people with learning and other dlsabllltles and also people who are sodally dlsadvantaged andneed asslstance In the areas of care and suppo¢ thelr home envlronmen¢ education. tralnlng. recreatlon and to enter or advance In thelr eMploYnt. The objettlves of Rlght2Work C.l.C are also fulty detalled within Its Artlcles and can be summarlsed as follow. To carry on activities which benefit the communlty and In partIlar people who are dlsabled and/ or dlsadvantaged thmugh the development of the sooal enterprtse and In the pmvlslon of superwslon. training. employmen¢ volunteerfng and 50dal Induslon opportunities. In the medlum temi Oaklea Trust has adopted a strategy to achleve its mtsslon focusslng on the reglons of northern England. engaglng with benefiaarie5, managing financlal resources arKI employlng quality people to do the Job. Quarterly Senlor Leadership Tearn meetlngs focus on thls strategy. with monltorlng of key perfonnance Indlcators (KPI'S) deslgned to assist the measurement and revlew of the strateglc objecbves. KPI'S are monltored under the headlngs of Empowerlng Quallty People. Quality & Safety, Engaglng Individuals & Communities. Seven Keys to Cltlzenshlp and Adequate Finandal Resource5. Thls strategy Is measured through a rfgor(ws annual quality audlt cyde for every (e of our prgjects. also Includlng Trustee repSentatIOn. Benefldarles are Induded wlthln thls process through Interdews and questionnalres. The Indlvidual quality audlts are revlewed by the Senior Leadershlp Team to enable organisational leaming and development and are brought together Into an annual Quality Audit Report whith dlscusses Customer outcomes, customer evaluatlon and quallty and safety Issues.
THE OAKLEA TRLEr M8n8gement of flnanclal resources Is achleved thmugh partnershlp worklng between flnance and operatlonal teams focusslng on the Management Accounts, cash flow monltorfng and financial KPI'S. Thls Is embedded wlthln the monthly reportlng mechanisms of the oryanisation and 15 monitored and revlewed by the Senlor Leader5hlp Team, Executive and Finance Committee on a quartedy basls. Any new developments or tenders are revlewed thoroughly wlth varlDUS snarIOS modelled as part of the declslon-maklng process to ensure that any new work contrfbutes sufficiently to a sustsinable flnancial future and meets the objectlves of the Charlty. In order to empower quallty people to do the Job, Oaklea Trust have Invested resources In the tralnlng and development of Its employees at 811 levels. Thls Indudes the fundlng of an employee Leadershlp & Excellence programme (level 5 management), In conjunction wlth Kendal College, which is due to commence durfng early 2023. The monthly reporting of KPI'5 indudes monitoring of mandatory and compliance training• as well as developmental objethves, monltorfng of Performance & Achlevement Revlew statlstlcs and the celebratlon of outstsndlng perfomance. The organlsatlon has developed a plan to maxlmlse the use of the ApprentishIp Levy and Is fully engaged In the apprentlttshlp movement. Oaklea Trust contlnues to Involve employees through the Employee Consultatlve Group that meets quarterly to share Inforniatlon. consult wlth employees on changes or new Ideas and to provlde a platform to allow employees to volce thelr cnllectlve oplnlons and suggestlons. Employee renuMeraOn Is consldered annually as part of the budget settlng process by the Board's Remuneratlon Qjmmlttee. The operntlng agreement put In pla to darffy worklng arrangements between the Charity and its wholly owned subsldlary CIC has been revlewed. Thls revlew was led by a Govemance group made up of Trustees of the Charlty, Dlrectors of the CIC, and members of the Executlve team. Strat•glc Prlorltl•* & Bu•ln•M ObJ•ctiv•• - 2023 (flvtryaar stratagy) In the year 2022 the Group developed its five-year strategic priorities to commence at the beglnnlng of 2023. Thls Includes 48 Indlvldual objectlves wlthln flve maln focus areas: l. Dellver outstandlng care, learnlng and personal development 2. Attract, develop and retaln hlgh quallty team members 3. Dlverslfy our revenue sources 4. Develop the Oaklea Group brdnd across the North of England 5. Enhance our Governance Progress agalnst these objectlves are reported to the Board on a quarterty basls and are drlven and monitored through our Executlve Group and Senlor Leadershlp Team. Publlc Beneflt The Charlty Trustees have complled wlth the duty In sectlon 4 of the Charitles Act 2006 to have due regard to publlc benefit guldance published by the Charity Commission. The artlvltles undertaken by the Charlty are fully In Ilne wlth Its rules as stated wlthln Sts Memorandum and Articles of Association and approved by the Charty Commlsslon to be charftable. ACHIEVEME14TS AND PERFORMANCE Engaglng Beneficlarles In RevlevAng Perfom•n Durlng 2023124 Oaklea Group has supported over 460 Indlvldual customersllearners. Added to thls the countle55 Customers In the wlder communlty who have benefitted from the activities of the P4)pleby Hub, The Furniture Warehouse and Community Works, all of whlch champlon the development of strongw communltles. Our compllments and complalnts datsbase conftrni hlgh levels of satlsfactlon. Where there are areas for Improvement we will listen and respond to customers and employees through our ECG (Employee Consultative Group) and our Intemal Quality Audit process.
FOsSIng on Quallty The Oaklea Trust use the results of Care Quallty Commission (CQC) Inspections, Quallty Audlts and the Customer & Stakeholder Evaluation Surrfey as key indlcator5 of quallty. The CQC regulates some of the work undertaken by Oaklea Trust. they work to ensure seplices are safe, effettlve. caring. responsive and well-led. Oaklea Trust undertakes an annual cycle of Quallty Audits acn>ss all of its artivities. Customer outu)mes are assessed agalnst oryanisatlon's 7 keys to dtlzenshlp. FINANCIAL REVIEW Results for the Y6Tr The Charfty delivered a strong financlal perfOrnian In the year to 315t March 2024. Thls was helped stgnfficanuy by Local authorltles recognising the need to invest more in the sector to enable the recruitrnent and retentlon of sodal care employees. The Charfty corrtlnues to VIeW each of its projects to ensure the best outcome for customers, employees and the Charity. Celebrntion of Succe55 awards ceremony has become a key part of the Charlties calendar. Thls event Is attended by the Boards, employee5, and customers/learner5rt givlng people the opportunlty to celebrate achlevement whilst ensurfng the famlly culture of the organlsatlon is malntslned. The Oaklea Trust achleved a surplus of £269k for the year endlng 31rt March 2024. For the year ended 31st Marth 2024, Rlght2Work has donated £95k to Oaklea Trust and contrfbuted £17k to Its own reserrfes, as a result of achieving an operating profit of £118k. Through good plannlng, monitorln9 and management, the tharlty and Its subsldlary have been able to rernaln flnanclally robust, and Increase reseNes so as to contlnue to meet objectlves ftir the comlng perlod. Fundr•i•lng Oaklea Trust has not to date engaged heavily in public fundralsjng nor used professlonal fundralslng consultsnts. Any fundrdislng or donations have generally been proje<t specific. Reserves The Oaklea Trust has total reserves of £1,894k. The group's unrestricted balan of £2,043k is partially pported by net fixed assets and net current assets. Most of the unrestricted fund balance does not relate to Ilquld assets held, but rather net fixed assets (monles already spent on flxed assets less the balance of long-terni loans held to finance those assets). leaving £690k supported by net current assets. The nature of the Charity's income is mainly predlctable and has a dIrt correlation with the Charivs cost structure. allowlng the Charfty to operate wlth a lower reseryes balan than many other organi5ations. However. the Board ofTrustees does recognlse the need to In(Tease free reserves In support of the Oaklea Trust activities and groTNth. The Board have set a reserves policy equivalent to 2 months unrestritted charitable expenditure. At the year end the Charfty had funds equlvalert to (2 months worth). The Board have forecast a surplus for the coming financlal year. The Board has dedded to deslgnate reserves of £1,355k to SUPPOTt capltal projects wlthln the next 12 months. The Charlty has a capltsl budget that is submltted for approval prlor to the beglnnlng of ead) flnanclal year.
THE OAKLEA TRLsr PLANS FOR FUTURE PEIUODS Oaklea Trust and Right2Work are both well established and financially robust organlsatlons. The Charlty Is looklng to Invest durln9 thls next perlod In the followlng areas: Further development of Its workforce through excellent training and development opportunltles Includlng our bespoke Leadershlp & Exllen programme. Contlnued development of Extra Care Housing site within Appleby. Cumbria. Take forward our continued planned capital investment wlthln our houslng stock. Take forward our Inltlatlves such as Leamlng2Uve, and inltlatlves that support and grow our scope of work wlthln County Durham, and expand the work of Furnlture Warehouse wlthln the growth an of our sub51dlary {Rlght2Work ac). Continue to rneet the objectives outlined within our Five-year Strategic Plan. Recrult fvrther expertlse to the Board of Right2Work and Oaklea Trust. STrUCTUR4 GOVERNANCE AND MANAGEMENT The Oaklea Trust Is a reglstered CharFty and constltutes a Ilrnlted companyp Ilmlted by guarantee, as defined by the Companles Act 2006. The Oaklea Trust Is controlled by Its governlng document. a Memorandum and Artlcles of As50clatlon. The Oaklea Tfust Board meets regularty throughout the year and In addltlon attends an annual away day wlth the Executlve to revlew the strateglc directlon of the organlsatlon, current arbd future challenges. goals and alms of the Charlty. An annual comblned meetlng of Boards Is scheduled for November 2024. The Oaklea Trust also operates a FInan Commlttee and a Remuneratlon Commlttee. The Finance Committee ensure5 that the organisation operates within the best practice guidance of the Charity Commlsslon and ensures thorough revlew and monltorlng of the flnanclal management of the oryanlsatlon. The FInan Commlttee meets quarterly and operates wlthln Tems of Reference as set by the Board of Trustees. The Remuneratlon Commlttee meets once a year to conslder employee renumeratlon wlthln the Charity In Ilne wlth budgeted produttlons. The Board of Trustees a150 delegate authority to the Executive as ouuined in policy. All employees and Trustees are ¢rUIted utilising open advertlsement and In accordan wlth Recruitment and Selection Policies. Oaklea is a supporter of the disability confident campaign and has achleved Disability Confident status. Oaklea Trusvs pollcy Is to promote equallty of opportunlty to all In employment and the selettlon process Irrespettive of thelr gender, race, ethnlc orlgin, d5sablllty, age, nationality, sexuality, marital status and soclal dass. Oaklea oppose all forms of unlawful and unfalr dlscrlmlnatlon. Selectlon ft)r employment. promotion. training and any other benefits 15 on the basls of aptitude and ablllty. All new Trustees are glven Inductlon packs that provide information about their sponSibl11t1es under company and charlty law. All Trustees conform to Oaklea Trust's Declaration of Interests pollry. New Trustees joln the organlsatlon on a trial period prior to being formally appointed. Thelr role durirHJ this period is one of non-votlng obseNer to gain an understanding of the complexities of the organisatlon arKI their responsibilities as a Trustee. The Oaklea Trust s soclal enterprfse subsldlary Rlght2Wortt C.l.C operates under 5ts own Artldes." Right2Work C.I.C. 15 a Cornmunity Interest Company and is wholly owned by Oaklea Trust. There Is an asset lock In place whlch ensures that the Oaklea Trust Is the reclplent of any resldual assets should the company be wound up. Rlght2Work C.I.C. Is a 'not for proflt. organlsatlon and any surpluses or assets are used for the benefit of the communtty. save those donated to the Charlty Oaklea Trust. Rlght2Worf¢ C.l.C has Its own Board wlth a mlnlmum of three Dlrectors. of whlch at least one must be from the Oaklea Trust Board of Trustees and at least one must be independent of the Oaklea Trust. The relationship between the two organisations is subjett to an operatlng agreement.
THE OAKLEA TRusr The Trustees and Dlrectors have a duty to Identlfy and review the risks to which the Charity and its subsidiary are exposed. Both oryanisatlons keep a Ilve Rlsk Reglster whlch is regularfy dlscussed at Board meetings. There Is a rfsk policy in place which ensures the assessment and monltoring of risk, each risk is scored and a key Indlvldual Identlfied to take any actlons as necessary. The Oaklea Trust Strateglc Rlsk Reglster which is regularly reviewed, focusses on the areas of: nanclng, Contracts & Buslness Development, People, Data Management, rr & Infrastructure and Govemance. Each of these rfsks Is analysed Into rlsk factors and Control measures are put In pla where neSary and appropriate. At the mornent the key rlsks Identlfled arE: Impact of Llvlng Wage Foundatlon and the Impart of political changes on income flow5 through the public sector. the viablllty of exlstlng Local Authorlty and NHS contracts and the capaclty to develop new buslness, the speed at which dlgltal technology is changlng and the securlty of data. the changing nature of the sector arKI the changing nature of governan wlthln It. The Rlght2Work C.l.C Rlsk Reglster focuse5 on the same areas. All of these Issue5 are regularly under revlew and measures are belng developed as approprlate.
statement ol trustees. responslbllltles The trnstees. who are also the dlrectors of The Oaklea Trust for the purpose of company law, are responsible for preparing the Trustees. Report and the flnanclal Statements in accordance with appllcable law and Unlted Klngdom Accountlng Standards {Unlted Klngdom Generally Accepted Accountlng pract1}. Company Law requlres the trustees to prepare finandal statements for each flnanclal year whlch glve a true and falr vlew of the state of affalrs of the tharlty and of the Incomlng resources and application of resources, Includlng the Income and expenditure, of the charitable company for that year. In preparfng these flnanclal statements. the trustees are requlred to: - select sultable accountlng pollcles and then apply them conslstentlyi - observe the methods antl prfnclples In the Charltles SORP; make Judgements and estlmates that are reasonable and prudent. state whether appllcable UK Accountlng Standards have been followed, subject tt+ any materlal departures dlsdosed and explalned In the finandal ststements. and prepare the flnanclal statements on the golng concern basls unless It Is Inapproprlate to presume that the charfty wlll contlnue In operatlon. The trustees are responslble for keeplng adequate accountlng records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the flnanclal statements comply with the Companles Act 2006. They are also responslble for safeguardlng the S5ets of the charity and hence for tsking reasonable steps for the prevention and detertion of fraud and other Irregularitie5. Audltor In accordance wlth the company's artldes, a resolutlon proposing that Azets Audit se1 be appointed as auditor of the company will be put at a General Meeting. Dlsclosure of Inforniatlon to audltor Each of the trustees has confirnied that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unavRre. They have further confirned that they have taken approprlate steps to Identlfy such relevant Inforniatlon and to estsbllsh that the audltor Is aware of such infomation. Approved by order of the board of trustees on ..................... and slgned on Its behalf by: Harrfs - Chalr stees
THE OAKLEA TRusr Independent Audltor's Report to the Members of The Oaklea Trust Oplnlon We have audlted the flnanclal statements of The Oaklea Trust (the °parent charfty? and Its subsldlary (the -group? for the year ended 31 March 2024 whlch comprlse of the Consolldated Statement of Finanaol Activitie5, the Group and Charfty Balan Sheets, the Consolldatsd Statement of Cash Hows and the related Notes to the Nnanclal Statements Indudlng a summary of signlflcant accountlng polldes. The finandal reportlng framework that has been applied in their prepardtlon is appllcable law and Unlted Kingdom Accountlng Standard5, induding Financial Reportlng Standard 102: The Flnandal Reporting Standard applicable in the UK and Republlc of Ireland (Unlted Klngdom Generally Accepted Accounting Practice). In our oplnlon. the financial statements: give a true and fair view of the stste of the group's and parent charitable companf5 affaiT5 as at 31 March 2024 and of its income and expenditure for the year then ended; have been properly prepared In accordance wlth Unlted Kingdom Generally Accepted Accountlng Practlce; and have been prepared In accordano with the requlrements of the Companles Act 2006. Bas1$ for oplnlon We conducted our audlt in accordance wlth Intematlonal Standards on Audltlng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further descrfbed in the Auditorfs responsibilltles for the audlt of the financial statements sectlon of our report. We are Independent of the Charity In accordance wlth the ethlcal requlrements that are relevant to our audit of the finandal statements in the UK, including the FRC'S Ethlcal Stsndard and we have fulfilled our other ethlcal responslbllltles In accordance wlth these requirements. We belleve that the audlt evldence we have obtained Is sufficient and appropriate to provlde a basls for our Oplnlon. Concluslons relatlng to golng concern In audltlng the financlal statements, we have conduded that the Trustees, use of the golng concern basls of accountlng In the preparatlon of the finandal statements Is approprlate. Bjsed on the work we have performed, we have not Identified any material uncertaintles relatlng to events or condltlons that, Indlvldually or collertivelyi may cast signlficant doubt on the group's ablllty to contlnue as a golng concern for a period of at least twelve months from when the flnanclal ststements are authorised for issue. Our responslblllties and the responslbllltles of the trustees wlth respect to going concem are descrlbed In the relevant section5 of this report. Other Inlormatlon The trustee5 are responsible for the other. inft?nnation. The other infonnation comprises the inftirniatlon Included In the annual report other than the flnanclal statements and our audltorfs report thereon: Our opinion on the ftnanclal statements does not cover the other Information and, except to the extent otherwise expllcltly stated In our report. we do not express any form of assurance condusion thereon. In connertion with our audit of the financial statements, our responsibility is to read the other Inforniatlon and, In dolng so, conslder whether the other infonnation Is materlally Inconslstent wlth the finandal statements or our knowledge obtained In the audit or othernilse appears to be materially rnlsstated. If we identify such material Inconslstenaes or apparent materlal mlsstatements, we are requlred to detem)Ine whether there Is a materfal mlsstatement in the financlal statements or rnaterfal rnisststement of the other Information. If, based on the work we have performed, we condude that there is a material misstatement of thls other Inft)rniatlon. we a requlred to report that fact. We have nothlng to report In thls regard.
Independent Auditor's Report to the Members of The Oaklea Trust Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken In the course of the audlt: the Informatlon glven In the trustees. report {incorpordtlng the dlrectors. report) for the financlal year for which the financial statements a prepared is consistent with the financial statements. and the trustees. report (Incorporntlng the dlrettors. report) has been prepared In accordance wlth applicable legal requirements. Matters on whlch we Bre reqUIr to report by exceptlon In the light of the knowledge and understanding of the group and parent charltable company and its envlronment obtalned In the course of the audlt, we have not Idertlfled materfal mlsstatements in the Trustees, Annual Report. We have nothlng to report In respect of the followlng matters In relatlon to whlch the Companles Art 2006 require5 US to report to you if, in our opinion: adequate accountlng records have not been kept or returns adequate for our audlt have not been reoived from branches not vislted by us. the flnanclal statements are not In agreement wlth the accountlng records and retums. certaln dlsclosures of trustees, remunerauon speclfled by law are not made; or we have not obtained all the infomation and explanations necessary for the Purpo of our audlt. R•8ponslbllltles of th• tNsto•s explalned more fully In the trustees, responslbllltles statement. the trustees are responslble for the preparatlon of the flnanclal statements and for belng satlsfied that they glve a true and falr vlew, and for such Intemal control as they detennlne Is necessary to enable the preparatlon of financlal statements that are free from materlal mlsstatemen¢ whether due to fraud or error. In preparfng the flnanclal ststements, the trustees are responslble for assesslng the Charltable Company and Group's ablllty to contlnue as a golng concern. dlscloslng, as appllcable, matters related to going concern and uslng the going conrn basis of accounting unless the trustees either intend to Ilquidate the Charitable Company or to cewse operatlons, or have no reallstic alternative l)ut to do so. Our responslbllltl¢$ for the audlt of th• flnJn¢lal $tst¢ments Our objecUve5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or emjr, and to Issue an audttorfs. report that Indudes our oplnlon. Reasonable assurnnce Is a high level of assurdnce. but Is not a guarantee that an audit conducted in accordan with JSAS (UK) will always detert a material misststement when It exlsts. M155tatements can arlse from fraud or error and are consldered materlal If, indlvidualty or In the aggregate, they could reasonably be expected to Influen the economic declslons of users taken on the basis of these financlal 5tstements. A fvrther descrfption of our responsiblllties for the audlt of the financlal statements is located on the Financlal Reportlng Councll's webslte at wvM.frtorg.uVauditorsresponslbllltles. Thls descrfptlon ftimis part of our auditorfs report. Irregularftles, Includlng fraud, are Instances of non-compllance wlth laws and regulatlons. We deslgn procedures in line with our responslbllltles. outlined above. to detect material misstatements in rtspect of Irregulartties, including fraud. The extent to whlch our prOdureS are capable of detertlng Irregularltles. Indudlng fraud, Is detslled below. io
THE OAKLEA TRusr Independent Auditor's Report to the Members of The Oaklea Trust Extent to whlch the audlt was capable of Identifying irregularities, including fraud We identified areas of laws and regulations that could reasonably be expected to have a material effect on the flnancial statements from our general commerclal and sector experlence, through discussion with the directors and other management, and from inspection of the charitable group's regulatory and legal correspondence. We disojssed with the trustees and other management the pollcles and procedures regardlng compllance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compllance during the audlt. The charitable group is subjert to laws and regulations that directly affect the flnanclal statements including financial reporting legislation (including related companles and charities legislation), pensions legislation, taxation legislation and further laws and regulatlons that could indirectly affect the flnanclal statements, comprlslng envlronmental, health and safety and employment legislation, and, in the current cllmate, Covid regulations. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Audltlng standards limit the required audit procedures to identify non-compllance wlth these laws and regulations to enquiry of the dIttOr$ and other management and Inspection of regulatory and legal corresponden, If any. These procedures dld not Identlfy any potentially material actual or susperted non-compliance. To identify risks of material misstatement due to fraud we consldered the opportunltles and Incentlves and pressures that may exist within the charltable group to commit fraud. Our risk assessment procedures included: enquiry of trustees and other management to understand the high level pollcles and procedures In platt to prevent and detect fraud and reading Board minutes. We communlcated identified fraud risks throughout our team and remained alert to any indicatlons of fraud during the audlt. As a result of these procedures we identified the greatest potential for fraud in the followlng areas: income recognition and in particular the risk that restricted income Is Incorrectly recognised within unrestricted income; and subjectlve accountlng estlmates. As required by auditing standards we also Identified and addressed the rlsk of management override of controls. We performed the ft)Ilowing procedures to address the risks of fraud identified: identifying and testing high risk joumal entries through vouchlng the entries to supporting documentatlon; assessing significant accounting estimates for bias" and testing the recognition of income and In partlcular that It was approprlately recognised or deferred. Owlng to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audlt In accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactlons reflected in the financial statements, the less likely the Inherently Ilmlted prOdureS requlred by auditing standards would identlfy it. In addltion, as with any audit, the remained a hlgher risk of non-detection of fraud, as these may involve collusion, forgeryi Intentlonal omissions, misrepresentations, or the override of intemal controls. Our audit ProdureS are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulatlons. li
THE OAKLEA TRusr Independent Auditor's Report to the Members of The Oaklea Trust Use of our report This report is made solely to the Charty's member5, a5 a bodyi 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 Charity's mernbers those matters we are required to stste to them In an audltorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responslblllty to anyone other than the Charity's members as a body, for our audit work, for thls report, or for the opinions we have formed. Prz£trs iILJLk Setruoo Susanna Cassey (Senlor Statutory Auditor) For and on behalf of Azets Audit Services Limited ovember 2024 Chartered Accountants Statutory Auditor Fleet House New Road Lancaster United Kingdom L41 IEZ 12
Consolldated and Charfty Balance Sheets as at 31 March 2024 CONlidated 2024 Cr 2024 2023 2023 FIX aM•ts Intsnglble flxed assets Tanglble fixed assets io li 2,063,245 1.962,398 1,934,355 1,891,423 Investments 12 063.Z45 1.962.398 1.934356 1,891A24 Stod( 8N81 6,050 Debtors 13 834.371 785.508 765,712 686,509 Cash at bank 999,411 941.103 842,214 815,562 1,84l203 1.732,661 1.607.926 1,502,071 Credltor&" Armunts fallng due wlthln one year 14 (1,152.609) (1,130.329} {956.363) (977.0331 689.654 602.332 651.563 525.038 Creditors: Amounts falllng due 4fter than one year 15 {709,969} (790,840) (691.742) (774.325) Net a•8ets ¥04&930 1.773,890 IA94.177 1,642,137 R¢pr¢¢nt¢d by: Unrestritted dwrity funds.. General 17 687,941 1,354,989 398,607 1,375,283 651,563 321.313 Deslonated Restrictsd tharity funds 17 1,242,614 1,320,824 17 Totsl fund• 04&930 1,773,890 1,894.177 1,642,137 These flnanclal statements have been prepared In accordance wlth the special provlslons of Part 15 of the Companles Att relatlng to small companles. The financial ststements were approved by the Board of Trustees on ......... . .... . Its behalf by: and slgned on C T J Harrls - Chalr of Truste Comyny R¢gl•tr•tlon Numhr: 04416344 (England and Wle•) Reglstered Charlty Number: 1091722 14
Consolldated Cash Flow Statement for the year ended 31 March 2024 2024 2023 Cash Ilows from operatlng aetiviti¢s Net cash wovlded by •)peratlr¥J artlvltles Taxatyon pald Interest pald 23 391,701 (460) 674,017 N•t Cjsh generated by operatlon• 3fj4786 644,562 Purchase of tsnglble fixed assets Proceads from sale of tsnglble flx*l as$ Net cash (used In) Inv•Jtlng acllvltkni (227.165) (160,933) {220,895) (151,226) Cash flows from Iln•ndng artlvltle• In(rease In l (repayment on bank borrovllngs Hlre pwchase credltor (decrease) (82,583) {82.583) (82,583) (82,583) Ch&nge In cash and ush equlval•nts In th& y••r 58.30B 410,753 Cash and cash equlv¥lents brought forward Cash and ca#h equlvalents carrled fo11 530 350 999 941 103 15
THE OAKLEA TRUST NOTES TO THE CONSOUDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Notes to the Consolldated Flnanclal Statements for the year ended 31 March 2024 Accountlng polldes The principal accounting policles adopted. Judgements and key sources of estlmatlon uncertalnty In the preparation of the financial Statements are a5 follows: awritsble company Inforniatlon The charftable company is limited by guarantee. with the liabilty of members limited to £1 per member. The charitable company 15 reglstered In England and Wales with the Charity Commission. The reglstered offlce Is Second Floor, East Wlng Statlon House, Statlon Road, Kendal, Cumbrfa, Unlted Kingdom. LA9 6RY. If upon wlndlng up or dlswlution of the charitsble company there remain any assets, after satisfying all debts and Ilablllties. the assets represented by the accumulated fund shall be trdnsferred to soff other charltable body or bodles havlng objectives simllar to the Charfty. Accountlng conventlon The flnandal statements have been preparnd on a golng concern basls In accordance wlth Accountlng and Reportlng by Charltles: statement of Recommended practi appllcable to charftles preparfng thelr accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effettlve l January 2019) ("Charities SORP {FRS102)?, the Financial Reporting Standard appllcable In the UK and Ireland (FRS 102), the Companles Art 2006 and the Charltles Att 2011. The flnancial statements are prepared In sterllng. whlch Is the functlonal currenry of the company. Monetary amounts In these flnancial ststements are rounded to the nearest £1. The flnandal statements have been prepared under the hlstorical cost convention. The principal accountlng polldes adopted are set out below. On the gmunds that the tharltable company's results are consolidated into the charitable COMpanS group accounts the charltable company has taken advantage of ttrtaln exemptlons conferred by sertlon 1.11 of FRS102 as follows: Exemption from presenting a tharitable uimpany statement of cash flows as a prlmary statement to the flnanclal statemerts. 13olng concern The Trustees have at the tlme of approvlng the flnanclal statements a reasonable expectation that the charitable company and group have adequate resources to contlnue In operatlonal existen for the foreseeable future. The charftable company and group has SLrfficlent cash reserves to meet Its requlrements In the medium term. It is considered that there are cuThently no material unrtaintieS whlch Impatt on the charltable company belng able to contlnue In its currert fonn. Thus the Trustee5 contlnue to adopt the golng concern basis of accounting In preparfng the financlal statements. Basis of consolldatlon The flnandal statements consolldate the results of the thatable company and Its wholly owned subsldlaryi Rlght2Work CIC, on a Ilne by Ilne basls. A separate Statement of Flnanclal Actlvltles and Income and Expenditure Account for the charitable company has not been presented as the charltable company has taken advantage of the exemptlon afforded by sectlon 408 of the Companles Act 2006. The income of the charitable company for the year was £9.097.269 (2023 - £8.642.076). Induded In this was £95.486 Glft Ald asset.trdnsfer {2023 - £56.641) from the subsldlary. Expenditure amountsd to £8,845,229 (2023 £8,314,545). The net surplus of the tharltable company ft)r the year was £252.040 (2023 - £327.531 surplus). 16
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED PINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Income All income is induded in the Consolldated Statement of Finanaal Activities when the charitsble company is entlued to the Income and the amount can be quantified wlth reasonable accurary. The following specffic poliae5 are applled to partlcular categorfes of Income: Donatlons are included In full In the Consolldated Ststement of Flnanclal Actlvltles In the year in whlch they are receivable. Grants where the income is relatsd to perft>rrnan and specific dellverables. are accounted for as the charity earns the right to conslderatlon by Its perfom)ano. Income arislng from grants and slmllar contracts specffically ftir the provision rf artivities or servi which are pnjvided as part of the tharitable actlvltles of the charlty Is recorded Urer the headlng of Income from charitable activities. All other Incoming resources are recognised on an accruals basis. Fund accountlng Funds held by the charity are elther: Unrestrltted general funds - these are funds whlch can be used In accordance wlth the charftable objects at the dixretlon of the Trustees; Designated fvnds- these are funds all¢xated from the general fvnd or recelved from thlrd partles whlch have no restrittions on thelr use$ l)ut whlch are deslgnated for a partlcular purpose accordlng to the Trustees; or Restrlcted funds- these are funds that can only be used for partlcular restrlcted purposes, as spedfled by the donors, wlthln the objerts of the charfty. ExndIture Expenditure Is recognlsed In the perlod In whlch It is Incurred. Expendlthre Includes related value added tax which cannot be recovered. Liabllltles are recognlsed as expendlture as soon as there is a legal or constructlve obllgation committing the charity to the expendlture, It Is probable that a transfer of economlc beneffts wlll be requlred In settlement and the amount of the obligation can be measured rellably. Expendlture is accounted for on an accruals basls and has been dassified under headlngs that aggregate all cost related to that category. Where costs Cannot be dlrertly attrlbuted to partlcular headings they have been allocated to activltles on a basls conslstent wlth the use of resources. Expendlture on charftable actlvltles comprlses those costs Incurred by the charfty In the de15very of Its actlvities and services. It indudes both costs that can be allocated directly to those actlvltles and those of an Indlrect nature nssary to support them. Support costs Support C05t5 relate to charftable artlvity and as such dont need to be allocated betYRen dlfferent headlngs. Governance costs comprfse all costs relatlng to publlc accountability of the charfty. The costs Indude statutory audlt fees. Operatlng leases Rentals applicable to operating leases are charyed to the Consolldated Statement of Financial Activities on a stralght line basis over the term of the lease. The costs of short tenn employee benefits are recognlsed as a Ilablllty and an expense bvhere settlement of obllgatlons does not fall wlthln the same period. Employee severance and redundancy pay Is recognlsed wlthln the accounts, on an accruals basis In the year In whlch the employee either left, or agreed to leave, the organlsatlon. P•nslon costs and other post-rrement b¢n¢fits The Charlty operatss a defined contrlbutlon penslon scheme. The pension cost In the Consolidated Statement of Financlal Actlvltles represents the contrlbutlons payable for the year. 17
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) In addltlon, the Charlty has an employee who Is a member of the Cumbrla County Councll Penslon Scheme which Is a defined benefit scheme. The assets of the Scheme are held separately from those of the charftable company. Employer contrlbutlons in respect of thls scheme are also tharyed to the Statement of Flnanclal Actlvitles In the perlod to whlth they relate. Intanglble flxed assets - goodwlll Goodwlll represents the excess of the cost of acqulsltlon of unlncorporated buslnesses over the falr value of net assets acqulred. It is Inltlally recognlsed as an asset at cost and is subsequently measured at cost less accumulated amortlsatlon and accumulated Impalm)ent losses. Goodwlll has an expected Ilfe of ten years and shall be amortlsed on a systematlc basls over Its Ilfe. Tanglble flxed ass•ts Tanglble flxed assets are Inltlally measured at cost and subsequently measured at cost or valuatlon, net of depreclatlon and any Impalrnient losses. Depredatlon Is recognlsed so as to wrlte off the cost or valuatlon of assets less thelr resldual values over thelr useful Ilves on the followlng bases: Freehold land and bulldlngs Leasehold land and bulldlngs Flxtures and flttlngs Computers Motor vehlcles not depreclated (see below) over the term of the lease 25% - 33% reduclng balance 25% reduclng balance 25•h reduclng balance Land and bulldlngs are not depreclated slnce It Is consldered that glven the long Ilfe of the propertles cOnmed, depre¢latlon WOLtld be ImmaterSal. If any. The Dlrertors cary out an annual Impalrment revlew In accordance wlth accountlng standards. It Is a poll¢y that a full yearfs depreclatlon Is charged on tanglble fixed asset addltlons and no depredatlon Is charged on tanglble flxed assets In the year they are dlsposed of. It Is a pollcy of the trustees that Indlvldual Items wlth a cost below £350 are not capltallsed. The galn or loss arlslng on the dlsposal of an asset Is deternilned as the dlfference between the sale proceeds and the carrylng value of the asset and Is recognlsed In net Incomel(expendlture) for the year. Flxed asset Investments Flxed asset Investments are Inltlally measured at transactlon prfce exdudlng transactlon costs, and are Subsequently measured at falr value at each reportlng date. Change5 In falr value are recogn15ed In net Income/(expendlture) for the year. Trarwrtlon costs are expensed Bs IncUed. Impalrment of flxed assets At each reporting end date, the reviews of the carrying amounts of its tangible and intangible assets to determlne whether there is any Indlcatlon that those assets have Suffered an impalrment loss. If any such Indlcatlon exists, the recoverable amount of the asset is estlmated In order to determlne the extent of the impairnent loss (if any}. No Impairnient revlew was undertaken in the year but was replaced by a report for our bankers on each propertles valuatyon. stocks are stated at the lower of cost and estlmated selllng Prf less costs to complete and sell. C•sh and cash equlvalents Cash and cash equlvalents Include cash Sn hand. dep05its held at call with bank5, Other short-temi Ilquld Investments wlth orfglnal maturltles of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 18
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) VlThanclal Instrum•nts The group has elected to apply the provlslons of Sectlon 11 'Baslc Flnanclal Instruments, and Section 12 '0ther Finanaal Instruments Issues, of FRS 102 to all of Its finandal Instruments. Flnanclal Instruments are recognlsed In the Charlty's balance sheet when the becomes party to the contrartual provisions of the Instrument. D•btor• Trade and other debtors are recognlsed at the settlement amount due after any trade dlscount offered. Prepayments are valued at the amount prepald. Financial assets, other than those held at falr value through profft and loss, are assessed for Indicators of Impalrment at each reporting end date. Flnancial assets aTr Impalred where there Is objectlve evldence that, as a result of one or more events that occurred after the Inltlal recognltion of the finandal asset. Impalrment losses are recognlsed In the Income and expendlture account. Credltors, loans and provl$lon• Credltors. loans and provlslons are recognlsed wherè the group has a present obllgatlon resultlng from a past event that will probably result In the transfer of funds to a thlrd party and the amount due to settle the obllgatlon can be measured or estimated reliabty. Creditors. loans and provisions are nornially recognlsed at thelr settlement amount after allowing for any trade discounts due. Flnanclal Ilabllltles are only derecognlsed when, and only when, the group's obllgatlons are dlscharged, cancelled or they explre. Amounts recognlsed as provlslons are best estimates of the o)nsideratlon requlred to settle the present obligation at the reportlng end date, taklng Into account the rlsks and uncertalnties surroundlng the obligation. Crftkal accountlng •stlmat•8 and Judg•m•nts In the application of the group's accountlng pollcles, the trustees are requlred to make Judgements, ertlmates and assumptlons al)out the carying amount of assets and Ilabllltles that are not readlly apparent from other sources. The estlmates and associated assumptions are based on histQTical experlence and other factor5 that are consldered to be relevant. Actual results may dlffer from these estlmates. The estlmates and underfylng assumptlons are reviewed on an ongolng basls. Revlslons to accountlng estimates are rEcognised in the period In whlch the estlmate Is revlsed, If the revlslon affacts only that period, or in the period of the revision and future perfods If the revlslon afferts both current and future pejlods. Crftlcal Judgem•nts The followlng Judgements (apart from those Involvlng estlmates) have had the most slgnlflcant effect on amounts recognlsed In the flnanclal statements. Tangible fixed assets The useful Ilfe and depreclatlon rate of tangible fixed assets are reviewed annually and amended when necessary. D•tlned b•nlt •th¢m• The Trustees have declded not to comply wlth the regulatlons of Flnanclal Reportlng Standard No. 17 to dlsdose the surplusldeflclt of the scheme In relatlon to their employee In the current year as they believe the figures are immaterial to the financlal statements. 19
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL sfATEMErtrs FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Donatlon8 and grants T•t•l Funds Funds 2024 2024 2023 2023 2023 General donatlons 15.895 191 16086 906 2,032 2,938 Grnnts and sponsorshlp 4,758 4.758 169,962 169,962 IS.895 20W4 906 171,994 172,900 ChDrltsbl• Jctlvities Unv••trf¢t R••trtct•d Fund$ Fund$ Totsl Unrestr5cted Restrlcted Funds Funds Totsl 2024 2024 2024 2023 2023 2023 Care and gJpport In the Communlty 9,89418 9518 9.331,382 9?31,382 Care and *JPPDrt In Communlty. - other 9.894.318 9,894,318 9,331.382 9.331.382 20
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Expendlture on chJrlt•bl• Jrtlvltle• Totsl unreStrk Restricted Totsl 2024 2024 2024 2023 2023 2023 Dlrert $ts. .8,294,665 4,949 8 299.614 7.613,980 171,994 7,785,974 Staff related costs 185,258 185.258 146,298 146,298 Depreclatlon 121,032 121.032 104,199 104,199 Propeity costs 415,068 415068 383,869 383,869 rr costs 114,062 114062 114,213 114,213 Other dlrect costs 154,010 154.010 232,770 232,770 Other d)arltable expenditure 339,638 339.638 377,586 377.586 9.623.733 4.949 9.6¥682 8,972,915 171.994 9,144.909 Audltor remunerntlon 14040 14H40 13,000 13.000 Govemance rosts 3.000 3.000 4.164 4,164 17WIO 17WO 17,164 17,164 Total w>•ndlture on ¢harltable a¢llvltles 9.641.173 4.949 9046.122 ,990,079 171,994 9,162,073 21
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Net Income ft>r the year Thls Is siatsd after dwglng: 2024 2023 Depreclatlon - owned assets 121,032 104.199 Intanglble amort[tIon {Profft)ILo$s on dlspo$al of flxed assets (986) {3,165) Lease expendlture 92,604 55,412 Audltors. remunerntlon: _ audSt servlces 14040 13,000 Tnwteu. r•mun•ratlon and b•n•llt8 No trustees. remuneratlon or other benefits were pald for the year ended 31 March 2024 {2023 - £nll). Trustees. expenses pald for the year ended 31 March 2024 amounted to £2.870 (2023: £1,501). The expenses relate to ft¥ur Trustees (2023: six). Staff 9*6 2024 2023 Wages and salaries 7,522,048 7,073,315 Soclal securfty costs 601,361 556,399 Penslon costs 176,205 156.260 8.299.614 7,785,974 The totsl remuneratlon of the key management personnel was £306,436 (2023: £274.764}. Relmbursed expenses, whlch are all subject to the charlty's processes of Intemal controls, do not form part of remuneratlon and are not Included above. Two employees recelved remuneratlon over £60,000 during the year {2023: one employee In the £60,IXIO - £70,000). One employee was In the £80,000 - £90.000 band (2023: One employee in the £70,01)0 - £80,000). 22
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Staff costs (contlnued) The average number of employees (full and part time) based on headcount during the year was: 2024 14umber 2023 Number Management 53 60 Admlnlstratlve 15 13 Care and Support 299 301 367 374 Taxatlon The charltable actlvltles of The Oaklea Trust are potentially exempt from taxatlon under Chapter 3 of part 11 of the Corporation Tax Act 2010. Right2Work CIC Is not exempt to corporatlon tax and so surpluses are subject to a taxatlon charge. io Intsnglble flxed as#•t• Consolldated and Charlty At l Apdl 2023 and 31 March 2024 7,800 A¢¢umul)t4d depreclatlon Balance at l Aprfl 2023 7,800 Impalmient Balance at 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 23
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) li Tanglble flxed assets Consolldated Pr•ohold land and bulldlng• L&q8ehold Flxtures land and and Comput•r# bulldlngs flttin Motr•r vthld T4ts1 At l Aprll 2023 1.875.576 20.546 307,523 419,189 137.540 476ffj374 Addltlons 111,508 104,876 10,781 227.165 Dlsposals (32,569) (3&569) At 31 Marth 2024 I,87570 132.054 41A399 429.970 104.971 ¥954.970 Deprn¢l•Uon At l Aprfl 2023 189.758 9.745 185,514 333,204 79.755 797.976 Charge for the year 17.112 60,777 30,018 13.125 121m2 DISpolS {27.283) (27.283) At 31 Mard) 2024 189.758 2657 246.291 363.222 65.597 891.725 Nrt book value At 31 Marth 2024 685.818 105.1•7 166.108 66.748 3974 lo6345 At 31 March 2023 1.685.818 10,801 122,009 85,985 57.785 1.962 398 24
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) li T•ngible flxed •Mets {ntInU•d) Charlty Fr••hold L••hold Hxtu land and land and and Comput•rs IlIdIn bulldlngs flttlngs vehklel At l Aprll 2023 1,875,576 20,546 285,940 404,522 11.502 598.086 Addltlons 20,361 100,186 10,781 131.328 Dlsp)sals {11,502) (11.502) At 31 March 2024 1.875.576 40.907 386.126 4x5,303 ¥717.912 Depredatlon At l Aprfl 2023 191,286 8,217 175,120 322,073 9,967 706.663 Charye for the year 4.091 52,752 30,018 S661 Blmlnated on dlsposal (9,967) (9.967) At 31 March 2024 191.286 1i30B 227.872 35&091 783A57 N•t book valu• At 31 M•rth 2024 084.290 289 158.254 63.212 1.934.355 At 31 Marth 2023 1,684,290 I229 110,820 82,449 1,535 1,891h23 12. Investments The consolidatsd financlal ststements Include the results of Rlght2Work C.l.C, a company Ilmlted by shares (Incorporated In England and Wales registered number 07708701), Its sole member being The Oaklea Trust. The Ilablllty of the charfty In the event of Rlght2Work C.l.C belng wound up Is Ilmlted by a sum not exceedlng £1. Income earned and expenditure incurred by Rlght2Work C.l.C have been recognlsed wlthln the charftable artlvltles of The Oaklea Trust s consolidated accounts on the basis that these activities are deemed to have tharftsble Intentlons and purposes. 25
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 13. Debtors ConMlldatad Charfty 2024 2024 2023 2023 Trade debtors 304.103 376,627 192,176 317,418 Other debtors 381.397 269.568 346,003 229.778 Amounts due from fellow group undertaklng5 78,662 Prepayments and accrued Incon 148.871 139.313 148,871 139.313 834.371 785,508 765.712 686,509 I Cr•dltorB - Amounts falllng du• wlthln on• yr ConwlldJt•d 2024 2023 2024 2023 Bank Loans (see note 16) 82,684 8284 82.684 82.684 Trade uedltors 214.203 179,664 172.688 90h61 Other credltor5 43,137 56.389 43,137 56,389 Amounts owed to fellow group ndertJngS Other taxatlon and sodal securlty 161,933 157.713 142,534 131,463 117,214 Hlre purthase Corporatlon tsx 3,137 460 Acauals and deferred Income 651,735 668,598 526.391 468,352 1.15&009 1,130.329 956,363 977,033 Bank loans are repayable In quarterly Instalments and Interest Is ¢haryed between 3.3% - 3.6%. Bank loans are secured by first legal charges over freehold and leasehold propertie5, and a debenture over all other prnperty and assets.
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 15. Credltors - Amounts falllng after more th•n one year Con¥olld•t•d Charity 2024 2023 2024 2023 Bank loans (see note 16) 488,018 570,601 488.018 570,601 Accruals and deferred Income 203,724 203,724 203,724 203,724 18,227 16,515 709.969 790,840 691,742 774.325 The bank loans are secured by the charltable companyi as noted above. 27
THE OAKLEA TRusr NOTES TO THE CONSOLIDATED FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 16. B•nk lopns An anatysls of the maturfty of the loans Is given below: Con8olldated •rtty 2024 2023 2024 2023 Bank loans falllng due: Wlthln one year 82,684 82,684 82,684 Between one and five years 488,018 570,601 488,018 570,601 Over flve years 57ffj702 653,285 570,702 653,285 17. Funds summary B•l•nc i Ap•al 20 nc• Incom• FxpwdltsY• Tr•n•l•rn 31 M•r¢h 2024 General fvnd 398.607 9,910213 {9.641,173) 20.294 687,941 Designated fun 1,375,283 (20,294) 1,354,989 R•strlct•d fvnds: Restrfcted fund 4,949 (4,949) Totrl Funds 1,773,890 9,15,162 (9,646,122) 20K930 Il•l•n¢ i Aprfl 2023 B4l•n Znwm• Exp•ndltur• 7rnTh•l•r• 31 H•h 2024 Ch•rlty unre*trlct. General fvnd 321,313 9,09220 (8,840,280) 78RIO 651,563 Deslgnated fund 1,320,824 (78.210) 1,242.614 Restrieted fvnd$: Re5trlrted fund 4,949 (4,949) Total Fund$ 1,644137 9.097.269 (4845.229) 1,8941
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) The deslgnated fund represents the net fixed assets (fixed assets less long terni credltors) which are not liquid arnounts, and are represented by long tern amounts already spentr within the charity. The restricted income Indudes various grants reIved from the local counclls during the year. All of the grants were spent as at 31 March 2024. 18. Analysls of net assets between funds Unr••trkt•d funds Con114d fund# funts 2024 2024 2024 2024 Flxed assets 2,063R45 063,245 IW2.263 1.84263 Credltors due wlthln one year (1,152,609) (¥152009) Credltors due after one year (709,969) {709.969) Total fi•nd$ 1 353 276 2 042 930 Unr•l¢t•d funds I>••That•d Reatrlctod fund• fund Ch•rlty Totsl 2024 2024 2024 2014 Flxed assets 1,934,356 1,934356 Current Assets 1,607.926 1.607.926 Credltors due withln one year Creditors due after one year Translers (956,363) {•56.363) {691.742) (691,742) Total fund• 1 242 614 1 894 177 19. Company Ilmlted by guarante• The charity is a company limited by guarantee and has no share capltal. The members of the company undertake to contribute such amount as may be requlred to the company's assets. In the event of the charlty belng wound up, the Ilability In respect of each member Is Ilmlted to £1. 29
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Commltm•nts - Consolldatad and Charlty Oper•tlng lea•• ¢ommltm•nts The total future mlnlmum lease payments under non-cancellable operating are as follovts: Land and bulldlngs 2024 2023 2024 2023 Explrfngl Tlllthln one year Between one and flve years Over )Ive year5 46A78 155.584 58,500 151,644 1,104 1.385 1.104 2.492 379 788 Capltal commltments At 31 March 2024 the charlty had not approved any capltal expendlture whlch has not been contractsd for. nor entsred any contracts for. capltal expendlture whkh were not provlded for (2023 - £nll). 21. Penslon Commltm•nts The charlty operatss a deflned contrtbutlon xheme. The pension costs charge for the year was £176,205 (2023: £156,260). At the balano sheet date £26,616 (2023: £23,065) was outstandlng. The charfty also contrlbutes to a penslon scheme wlth Cumbrfa County Coundl. The penslon cost tharge represents contribution5 payable and amourted to £6.305 (2023: £6.069). At the balance sheet date the scheme was in surplus. resultlng In a debtor of £5.600 (2023: £5.400 debtor}. The company has one employee who Is a member of the defined benefit scheme. The Trustees have decided not to comply with the regulations of Flnanclal Reportlng Standard No. 17 to dlsdose the sutplusldeflcit of the scheme in relatlon to thelr employee In the current year as they believe the flgures are Immaterfal to the financlal statements.
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 22. Related party tranactlon• During the year the charltable company was under the control of Its Board of Trustees. CA Wlgleyi Chlef Executive and Company Secretary was also a dlrettor of the trading subsldlary, Rlght2Work Umlted. Rlght2Work Umlted On 18 July 2011 the charftable company Incorporated a trddlng subsldlary. At the year end date, the charftable company had provlded an Interest bearfng loan. Durfng the year, In addltlon to the recharye of expenses. The Oaklea Trust has charged Rlght2Work CIC (a subsldlary of The Oaklea Trust) rent and servlce charges amountlng to £16.606 (2023 £9,492). Durlng the year, Rlght2Work CIC donated £95,486 (2023 - £56,641) to the parent, The Oaklea Trust. At the year end, The Oaklea Trust had amounts due from RIght2W0 CIC of £78,662 (2023 - owed to Rlght2Work CIC of £161,933). 23. R•conclllatlon of nat Income/•xpendlturn to net cash flow fmm operatlng actMtI•s 2024 2023 Net movnert in fund5 269,040 342.209 AdJu•tm•nts for: Depreclatlon charrjes 121,032 104,199 Amortlsatlon charyes (ProfftMo5s on dIspol of tanglble flxed assets (986) (3.165) Taxatlon 4,850 488 Interest payable 29055 29,455 (Increase)IOecrease In stock {2,431) 71 {Increase)IOecrease In debtors (48,862) 3n,494 Increasel{D•crease) In credltors 19,603 (175.634) Net cuh provlded by oper•tlng •¢tl¥ftl¢s 391.701 674.017 Anatysls ol changes In net debt At l Aprl 2023 Cagh flows At 31 Morch 2024 Cash at bank and In hand 941,103 58,308 999,411 Loans falllng due wlthln one year {82,684) (82,684) Loans falllng due after morn than year (570,601) 82,583 {488,018) 287.818 140,891 428.709 31