Reglstered Charlty Number: 1091722 Reglstered Company Number: 04416344 (England and Wales) The Oaklea Trust (A Company Limited by Guarantee) Trustees Annual Report and Consolidated Financial Statements for the year ended 31 March 2025
Contents Page Charity Information.... Report of the Trustees............. Independent Auditor's Report ....... Consolidated Statement of Financial Artivlties............ .13 Consolidated and Charity Balance Sheets.......... .14 Consolidated Statement of Cash Hows........ .15 Notes to the Financial Statements.. .16
THE OAKLEA TRUST Charity Informatlon Trustees C T J Harris, Chalr P H Smith, Vice Chair S F O'Halloran (Resigned on 25 September 2024) LIAdey C A Smith (Appointed on 25 September 2024) M L Denoual C Mitchell (Resigned on 30 June 2025) D Rldgway R J Talbot S F Welch (Resigned on 28 May 2024) Company Secretary J S Hall (Appointed on 2 December 2024) Key Management Personnel Executive Team: JSHall C Wigley A Wolfenden Chief Executive (Appointed on 2 December 2024) Chief Executive {Resigned on 22 November 2024) Director Finance Commlttee Members P H Smith, Chalr JSHall A Wolfenden D Rldgway C Mltchell (resigned on 30 June 2025) J Wood Reglstered charity number 1091722 Reglstered Company number 04416344 (England and Wales) Principal and reglstered office Third Floor East Wing Station House station Road Kendal Cumbria LA9 6RY Auditors Azets Audit servIs Fleet House New Road Lancaster United Kingdom LAI IEZ Bankers Handelsbanken First Floor East Brld9e Mills stramongate Kendal Cumbrla LA9 4UB
THE OAKLEA TRUST Sollcltors Womble Bond Dickinson I Whitehall Riverslde Leeds LSI 4BN
THE OAKLEA TRUST Report of the Trustees for the year ended 31 March 2025 OAKLEA TRUST sfATEMENT OF RECOMMENDED PRAcficE (SORP) REPORT FINANCIAL YEAR 2024/25 The Trustees, who are also dlrectors of the Charlty for the purposes of the Companies Act 2006, present their report with the Flnancial Statements of the Charlty for the year ended 31. March 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charltles: Ststement of Recommended Practice applicable to charities preparlng thelr accounts in accordance with the Financial Reportlng Standard applicable In the UK and Republlc of Ireland (FRS102). OBJECTIVES AND AcfJvITIES The Group's Vlslon, Mission, Values, and Worklng Behavlours are: Vlslon "We deliver the finest opportunities In the klndest possible way" "To support and care for people and communltles so they can learn, developi and thrive- Misslon Our Values "Indlvlduality, independence, Interdependence, rlghts, respect, dignlty* privacyi Partnershlp, choice." Our Worklng Behavlours "Be kind. be part of a team, be Innovative, be focused, be produttive, be respectful, be resourceful" The Group comprises of a Registered Charityi Oaklea Trust and its wholly owned soclal enterprise subsidiary, Rlght2Work C.I.C. All work is planned, developed and evaluated to best ensure delivery a9alnst the Group's Vision and Misslon and Charltable Objectives, as captured in Its Memorandum and Articles of Assoaation. In 2022 the Trustees and the Executlve formally revlewed the Mlsslon, Wislon and Values statements of the Group and produced a five-year Strategic plan {commenclng in 2023) for the Group to make sure it has a clear dirertion of travel, is ready to modernlse and deliver5 the greatest value. The objettives of Oaklea Trust are fully detalled wlthin the Memorandum and Articles of Associatlon and can be summarised as follows: To promote the relief and care of people with learning and other disablllties and also people who are socially disadvantaged and need asslstance in the areas of care and support, their home environment, education, tralning, recreation and to enter or advance in thelr employment. The objectives of Right2Work C.I.C are also fully detalled within its Artlcles and can be summarised as follows: To carry on activlties which beneflt the community and In particular people who are disabled and/or disadvantaged. Through the development of the social enterprise and in the provlsion of supervision, training. employment, volunteerlng and social inclusion opportunities. strategic Prlorltles & Business Obiectlve$ - 2023 (fiveyear strategy) In the year 2022 the Group developed it5 flve-year strateglc priorities to commence at the beginnlng of 2023. Thls Includes 48 indlvidual objectives within five maln focus areas: Deliver outstandlng care, learning and personal development 2. Attract, develop and retain high quallty team members 3. Diversify our revenue sources 4. Develop the Oaklea Group brand across the North of England 5. Enhance our Governan
THE OAKLEA TRUST Progress agalnst these objertives are reported to the Board on a quarterly basis and are driven and monltored thmugh our Executive Group and Senior Leadership Team. Oaklea's focus forthe medlum term is to stabillse, followlng a period of change In leadership, and then to maximise dellvery against Its mlsslon across the North of England, inltially strengthening its presence and impart In the areas it currently operates in. To achleve this, In 2024-25 and beyond, priority wlll be given to engaglng dlrectly wlth beneficiarles, managing flnanclal resources and employlng quallty people to do the Job. Managing resources Quarterly Senior Leadership Team meetings are used to monltor progress agalnst key performance indicators {KPI's} and the broader strategic objectives. KPI'S are monitod under the headings of Empowering Quality People, Quality & Safety, Engaging Individuals & Communities, Seven Keys to Citlzenship and Adequate Hnancial Resources. Delivery against the strategy is measured through a rigorous annual quallty audlt cycle, where Trustees/Non-Executlve Dlrectors and senlor staff team members undertake both desk research (to assess compllance, HR and flnancial record keeping) and vlslt each project In person to engage wlth beneficiaries, team members and other stakeholders, as appropriate. The findings from each audit conversation are captured centrnlly and reviewed by the Senlor Leadership Team to encourage organlsational leamlng and development. The Indlvldual reports are then tollated Into an annual Quality Audlt Report which discusses customer outcomes, customer evaluation and quality and safety Issues and is revlewed by the Executlve Team and the Boards, as appropriate. In addition, employee renumeration Is consldered annually as part of the budget setting process. Furthermore, to ensure wlder team engagement in measurlng and monitorlng progress and a transparent approach to raising concerns and questions, Oaklea Twst's Employee Consultative Group meets quarterly to share Information, consult wlth employees on changes or new ideas and to provide a platforni to allow employees to voice their collective opinions, concerns, lebratIOnS and suggestions. Management of flnanclal resources is achieved through partnershlp working between flnance and operational teams. Focus is placed on developing accurate Management Accounts, cash flow monitoring and perfonnance against flnanclal KPI'S. This Is embedded withln the monthly reporting mechanisms of the oryanisatlon and is monltored and revlewed by the Senlor Leadershlp Team, Executive and Finance Committee on a quarterly basis. Any new buslness, areas of development or tenders are reviewed thoroughly with various stsnarlos modelled as part of the decision-making process to ensure that any new work contrlbutes sufficiently to a sustainable flnancial future and meets the objectlves of the Charity. Investment In the training and development of employees Is central to Oaklea Trust being well plad to deliver Its regulatory duties and ensure good prartice more generally through Its non-regulated and central services. In order to empower quallty people to do the Job, Oaklea Trust have Invested resources in a comblnation of online, in-person and accredited training opportunlties, including, slnce 2023, provlding access to an employee Leadership & Excellence programme (level 5 management), in conjunctlon wlth Kendal College. Maxlmlsing the use of the Apprentice5hlp Levy has been approved as an important aa of development for the Group and as such, both Oaklea Trust and Right2Work are fully engaged In the aPPntIceSh1p movement. The operating agreement put In place to set out the worklng arrangements between the Charity and its wholly owned subsidiary CIC was reviewed in February 2024 and the revisions have been enacted in 2024-25 as planned. Thls review was led by a Governan group made up of Trustees of the Charityi Dlrectors of the CIC, and members of the Executive team. Publlc Benefit The Charity Trustees have complied wlth the duty in section 4 of the Charities Act 2006 to have due regard to publlc benefit guidance published by the Charity Commlsslon. The actlvitles undertaken by the Charity are fully Sn Ilne wlth its rules as stated within its Memorandum and Articles of Association and approved by the Charity Commlssion to be charltable.
THE OAKLEA TRUST ACHIEVEMENTS AND PERFORMANCE Llstening to our customers. learnersi partners and team members During 2024125 Oaklea Group has supported hundreds of individual customers/learners throu9h our bespoke programmes. In addition, we have engaged hundreds more through the Appleby Hub, The Furnlture Warehouse and Communlty Works, each of which provldes opportunitles to both Individuals and local groups and champlons the development of stronger communitles. Our ever-Incaslng psence on social medla in 2024-25 demonstrates the importance of capturln9 and sharin9 important stories of success, leaming, development and joy. In 2024-25 this work has formed an early part of our Brand Development work whlch will contlnue over the coming years. Throughout the year we capture and revlew compliments, complalnts and revlews, We ensure lessons are leamed, successes shared and celebrated and the cause of complalnts and concerns understood. We also survey our teams, partner organlsatlons and the aforementioned Employee Consultative Group. Focuslng on Quality The Oaklea Trust use the results of Care Quallty Commission (CQC) inspections, Internal Quality Audits and the Customer & Stakeholder Evaluation Survey as key indlcators of quallty. The CQC regulates some of the work undertaken by Oaklea Trust; they work to ensure serVIS are safe, effective, caringi responsive and well-led. In November 2024 CQC rated Oaklea Trust's Supported Llving Programmes In Durham and Northumberland as Requiring Improvement. Improvements were started immediately and in January 2025 Oaklea Trust submitted a detalled Action Plan to CQC detailing how these would be extended and maintained overtlme. The annual cycle of Quality Audlts that Oaklea Trust undertakes seek to capture evidence relating to the overdll quallty of the provision. Importantly, these wlll be extended in 2025 to ensure they also capture how each area of the attion plan Is belng achieved and learned from in each area. Customer outcomes are assessed against the organisation's 7 keys to citizenship. FINANCIAL REVIEW Results for the Year 2024-25 was a more difflcult year for the Charity following thange in contractual terms relatlng to our work across the county of Durham. Mowever, Right2Work performed strongly to the year ending 31st March 2025, helping the Group as a whole to end the year with a small surplus. The Charity contlnues to review each of its projects to ensure the best outcome for customers, employees and the Charlty. Celebration of Success awards CemOnY was a highllght in the charity's calendar. This event was attended by eath of the Boards, employees, and customersllearnersi giving people the opportunity to celebrate achievement whilst ensurlng the famlly culture of the organlsation Is malntained. The Oaklea Trust achieved a surplus of £171k for the year endlng 31" March 2025. For the year ended 31st March 2025, Right2Work has donated £271k to Oaklea Trust and contributed £34k to its own reserves, as a result of achlevlng an operating profit of £316k. Through good planningi monltoring and management, the Charity and its subsidlary have been able to remain financially robust, and whilst It was a harder than forecast year, the result overall was solld and provldes strong foundations from whlch the new Executlve Team can address the future with confidence.
THE OAKLEA TRUST Fundralslng Fundraising is not currently a key area of Oaklea's work. In 2024-25 some small grants were secured from both Independent and public bodies and some small donatlons were recelved. There is commltment to exploring how this work area can be expanded in future. Reserves The Oaklea Trust has total reserves of £2,214k. The group's unrestricted balan of £2,214k is partially supported by net fixed assets and net current assets. The majority of the unrestricted fund balance doe5 not relate to liquid assets held, but rather net fixed assets (monies aladY spent on fixed asset5 less the balance of long-term loans held to finan those assets), leavlng £646k supported by net current assets. The natu of the Charity's income is mainly predictable and has a dirert correlation with the Charity's cost structure, allowing the Charity to operate with a lower reserves balance than many other organisations. However, the Board of Trustees does recognise the need to increase free reserve5 in support of the Oaklea Trust activities and growth. The Board have previously set a reserves policy equivalent to 2 months unrestricted charitable expenditure and are currently reviewing the posltion to consider whether a minimum of 3 months would be more appropriate, given rent changes to employers National Insurance and the level of uncertainty at both a local and natlonaS level. As of 31st March 2025, the Trust has reserves equivalent to 1.3 months. CHANGING PLANS AND PLANS FOR THE FUTURE PERIOD Oaklea Trust and Right2Work are both well establlshed and flnancially robust oryanisatlons. In Aprfl 2024 the Charlty was looklng, over the year ahead, to Invest in the workforce, capltal build programmes, expansion of thelr housing stock and recruitment. However, changes to the forecast during the year led to some of these areas of investment being put on hold. As a result of the changing financial situation in 2024-25 and the impart of the UK Government's budget in October 2024 on the period 2025-26 and beyond, the next two years will now become a period of transition that Is focused on bulldlng stability, developing teams and improvlng quality and governan. Growth is expected frorn 2026 onwards. The need to adopt this conservatlve position has been further evldenced by the limlted IA settlements offered to Oaklea Trust and the impact of the ongoing uncertainty across the sector as a whole. Right2Work Is achieving good levels of growth and whilst uncertainty remalns omnipresent there has been a strong increase in the number of people taking up our Supported Internships programme and other community-based offers. Early results for 2025-26 are stable. STRucfuRE, GOVERNANCE AND ENGAGEMENT The Oaklea Trust is a registered Charity and constituted as a companyi limited by guarantee, as defined by the Companies Act 2006. The Oaklea Trust is controlled by its governing document, a Memorandum and Articles of Association. The Oaklea Trust Board meets regularly throughout the year and in addition attends an annual away day with the Executive to review the strategic direction of the organisation, current and future challengesi goals and aims of the Charity. An annual combined meeting of the two Boards is scheduled for November 2025. The Oaklea Trust also operates a Finance Committee and in 2024-25 a Remuneration Committee. The responsibilitie5 of the Remuneration Committee transferred to the Finan Cornmittee in September 2025. The Finance Committee ensures that the oryani5ation operates within the best practlce guidance of the Charity Commission and ensures thorough VIeW and monitoring of the financial management of the organisation. The Finance Committee meets quarterly and operates within Ternis of Reference as set by the Board of Trustees. The Board of Trustees also delegate authority to the Executlve as outlined in policy.
THE OAKLEA TRUST All employees and Trustees are recrulted uslng open advert15ement and in accordance wlth Recruitment and Selection Policies. Oaklea is a supporter of the disability confldent campaign and has achleved Disabillty Confldent status. Oaklea Trust's policy is to promote equality of opportunity to all In employment and the selectlon proces5 irrespectlve of their gender, race, ethnic orlgln, dlsabllity, age, nationalltyi 5exualitYr marital status and Social class. Oaklea oppose all forms of unlawful and unfalr discrimination. Selection for employment, promotion, tralning and any other benefits is on the basls of aptltude and abillty. All new Trustees are given induction packs that provide information about their responsibllities under company and charity law. All Trustees conform to Oaklea Trust's Declaration of Interests policy. New Trustees joln the organisatlon on a trlal perlod prlor to belng formally appolnted. Their role durlng thls period is one of non-voting observer to gain an understanding of the complexltles of the organisatlon and their responsiblllties as a Trustee. The Oaklea Trust's soclal enterprise subsidlary Rlght2Work C.I.C operates under its own Artlcles. Right2Work C.l.C. is a Community Interest Company and Is wholly owned by Oaklea Trust. There is an asset lock In place which ensures that the Oaklea Trust Is the recipient of any residual assets should the company be wound up. Right2Work C.l.C. Is a 'not for proflt, organlsation and any surpluses or assets are used for the benefit of the community, save those donated to the Charity Oaklea Trust. Rlght2Work C.l.C has Its own Board with a mlnlmum of three Directors, of which at least one must be from the Oaklea Trust Board of Trustees and at least one must be independent of the Oaklea Trust. As detailed elsewhere, the relatlonship between the two organisations 15 subjert to an operating agreement. The Trustees and Directors have a duty to identify and revlew the rlsks to which the Charity and Its subsidiary are exposed. Both organlsations keep a live Rlsk Register whlch is regularly discussed at Board meetlngs. Thls has been signlflcantly reworked in 2024-25 and Is now a dynamlc document that Is regularly updated and revlewed at Senior Leadership Team meetings, Executlve Team meetlngs, by the Finance Committee and at Board meetings. There is a risk pollcy in place which ensures the assessment and monitoring of risk, each risk is scored and a key individual identified to take any actions as necessary. The Oaklea Trust Strategic Risk Register focusses on the areas of.. Finance, Contracts & Business Development, People, Data Management, rr & Infrastructure and Governance. Each of these risks Is analysed into risk fartors and control measures are put in place where necessary and appropriate. The Rlght2Work C.I.C Risk Register focuses on the same areas. All of these Issues are regularly under revlew and measures developed as approprlate. ststement of Trustees. Responsiblllties The trustees who are also the dlrectors of The Oaklea Trust for the purpose of company law, are responsible for preparlng the Trustees, Report and the financial statements in accordan with applicable law and United Klngdom Accounting Standards (United Klngdom Generally Accepted Accountlng Practlce). Company Law requires the trustees to prepare financial statements for each financial year which glve a true and fair vlew of the state of affalrs of the charlty and of the Incomlng resources and appllcatlon of resources, Including the income and expenditu, of the charltable company ft)r that year. In preparfng these financlal statements, the trustees are requlred to: select sultable accountlng policles and then apply them conslstently; obseNe the method5 and prSnclples In the Charities SORP. make judgements and estimates that are reasonable and prudent. state whether appllcable UK Accounting Standards have been followed, subject to any materlal departures disclosed and explained In the flnancial statements; and prepare the financial statements on the going concem basis unless It is inapproprlate to presume that the charity wlll contlnue in operatlon.
THE OAKLEA TRUST The trustees are responsible for keeping adequate accountlng records that disclose with reasonable accuracy at any tlme the financial position of the charity and enable them to ensure that the financial statements comply wlth the Companies Act 2006. They are also responsible for safeguardlng the assets of the charty and hence for taklng reasonable steps for the preventlon and detection of fraud and other Irregularlties. Audltor In accordance wlth the company's Artlcles, a resolution proposing that Azets Audlt Services be appointed as auditor of the company wlll be put at a General Meeting. Dlsclosure of informatlon to audltor Each of the Trustees has conflrmed that there Is no information of whlch they are aware whlch Is relevant to the audit, but of whlch the auditor Is unaware. They have further conflrmed that they have taken approprlate steps to identify such relevant information and to establish that the auditor Is aware of such information. 17.12.2025 Approved by order of the Board of Trustees on ........... and signed on Its behalf by: Christopher Harris - Chair of Trustees
THE OAKLEA TRUST Independent Auditor's Report to the Members of The Oaklea Trust Oplnlon We have audlted the financial statements of The Oaklea Trust (the °parent charity? and its subsidiary (the "group") for the year ended 31 March 2025 whSch comprlse of the Consolldated Statement of Flnanclal Activities, the Group and Charlty Balance Sheets, the Consolldated Statement of Cash Flows and the related Notes to the Financlal Statements Including a summary of slgnifiont accountlng policies. The finanaal reporting framework that has been applied in their preparatlon is applicable law and United Klngdom Accounting Standards, includlng Finandal Reporting Standard 102: The Financial Reporting Standard applicable In the UK and Republic of Ireland (United Klngdom Generally Accepted Accounting Practice). In our oplnion, the financial statements: give a true and fair view of the state of the group's and parent charltable company's affalrs as at 31 March 2025 and of its income and expenditure for the year then ended; have been properly prepared in accordance wlth Unlted Klngdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinlon We condurted our audlt in accordance wlth Intemational Standards on Audltlng (UK) (ISAS (UK)) and applicable law. Our responslbilities under those standards ore further described in the Auditor's responslbilities for the audlt of the financial statements section of our report. We are independent of the Chartty In accordance wlth the ethlcal requirements that are relevant to our audit of the financlal statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethlcal responsibilities in accordance wlth these requirements. We believe that the audit evidence we have obtalned Is sufficient and appropriate to provide a basls ft)r our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accountlng in the preparatlon of the financlal statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, Indlvidually or collectively, may cast significant doubt on the group's ablllty to contlnue as a going concern for a period of at least twelve months from when the flnancial Statements are authorlsed for issue. Our responsibilities and the responsibllities of the trustees with respect to going concern are described In the relevant sections of this POrt. Other information The trustees a responslble for the other infonnatlon. The other Infomiatlon comprises the infomatlon included in the annual report other than the financlal statement5 and our auditor's report thereon. Our oplnlon on the financlal statements does not cover the other information and, except to the extent otherwise explicitly stated In our report, we do not express any form of assurance conclusion thereon. In connection wlth our audit of the flnancial statements, our responsibillty IS to read the other information and, in dolng so, consider whether the other information Is materially Inconslstent wlth the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such materlal Inconsistencies or apparent material misstatements, we are required to deternilne whether there is a material misstatement In the financial statements or a materlal mi5Statement of the other infomatlon. If, based on the work we have performed, we conclude that there Is a material misstatement of this other information, we are required to report that fact. We have nothlng to report in thls regard.
THE OAKLEA TRUST Independent Auditor's Report to the Members of The Oaklea Trust Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken In the course of the audlt: the Infomatlon given in the trustees, report (incorporatlng the dlrectors, report) for the financial year for whlch the finandal statements are prepared is consistent wlth the financlal statements; and the trustees. report (incorporatlng the dlrectors, report) has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In the Ilght of the knowledge and understanding of the group and parent charitable company and its environment obtained In the course of the audlt, we have not identified material misstatements In the Trustees, Annual Report. We have nothing to port in respect of the following matters in relatlon to which the Companles Act 2006 requlres us to report to you if, in our opinion: adequate accounting records have not been kept or retums adequate for our audlt have not been received from branches not visited by us. the financial statements are not in agreement with the accounting records and returns. certain dlsclosures of trustees, remuneratlon specified by law are not made. or we have not obtained all the Information and explanatlons necessary for the purposes of our audlt. Responslbllities of the trustees As explained more fully in the trustees, responslbilities statement, the trustees are responsible for the preparation of the flnancial statements and for being satisfied that they give a true and fair view, and for such intemal control as they determine Is necessary to enable the preparation of financial statements that are free from material mi55tatement, whether due to fraud or error. In preparlng the flnanclal statements, the trustees are responslble for assesslng the Charitable Company and Group's ablllty to continue as a golng concem, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the trustees elther intend to liquidate the Charitable Company or to ase operations, or have no realistic alternatlve but to do 50. Our responsibilitles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the finandal statements as a whole are free from material misststement, whether due to fraud or error, and to issue an audltor's report that includes our oplnlon. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit conducted In accordan with ISAS (UK) will always detect a material misstatement when It exlsts. Misstatements can arlse from fraud or error and are considered materlal If, indlvidually or in the aggregate, they could asonably be expected to Influence the economic decislons of users taken on the basis of these financial statements. A further description of our responslbilities for the audit of the financial statements is located on the Finanaal Reportlng Counol's website at www.frc.org.uk/audltorsresponsibilitles. Thls descrlption forms part of our audltor's report. Irregularlties, including fraud, are instances of non-compllance with lows and regulations. We design procedures In Ilne with our responsibllltles, outlined above, to detect material misstatements in respect of irregularitles, includlng fraud. The extent to which our procedures are capable of detecting Irregularlties, includlng fraud, is detailed below. io
THE OAKLEA TRUST Independent Audltor's Report to the Members of The Oaklea Trust Extent to whlch the audit was capable of Identlfylng Irregularltles, includlng fraud We identified area5 of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sertor experience, through discussion with the direttors and other management, and from inspection of the charitable group'5 regulatory and legal cOrspOndence. We discussed with the trustees and other management the pollcies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations thrDughout our tearn and remained alert to any indications of non-compliance during the audit. The charitable group is subject to laws and regulations that directly affect the financial statements induding financial reporting legislation (including related companies and tharitie5 legislation), pensions legislation, taxation legislation and further laws and regulations that could indlrectly affect the financial statements, comprising environmental, health and safety and employment legislation, and. in the current climate, Covid regulations. We assessed the extent of compliance with these laws and regulations a5 part of our procedures on the related financial ststement items. Auditing Standards limit the required audit procedures to identify non-complian with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These ProdureS did not identify any potentially material actual or suspected non-compliance. To identlfy rfsks of material misstatement due to fraud we consldered the opportunities and incentlves and pSSure5 that may exist within the charitable group to commlt fraud. Our rlsk assessment procedures included: enquiry of trustee5 and other management to understand the hlgh level pollcies and procedures In place to pvent and detect fraud and reading Board minutes. We communicated Identified fraud risks throughout our team and remalned alert to any indi¢atlons of fraud during the audit. As a result of these prOdureS we Identified the greatest potential for fraud in the following areas: incorne recognition and in particular the risk that restricted income is incorrectly recognised within unrestricted Income. and subjective accountlng estlmates. As requlred by audltlng standards we also identlfied and addressed the risk of management overrlde of controls. We performed the following procedures to address the risks of fraud identified: Identifying and testing hlgh risk journal entries through vouchlng the entries to supportlng documentation. assessing significant accounting estirnates for bias; and testing the recognition of income and in particular that it was appropriately recognised or deferred. Owing to the inherent limitations of an audlt, there is an unavoidable risk that we may not have detected some material misstatements in the finanaal statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with Saws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures reqUId by auditing Standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of fraud. as these may involve collusion, forgery, intentional omissions, misrepresentations. or the oveIde of internal 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 regulations. li
THE OAKLEA TRUST Independent Auditor's Report to the Members of The Oaklea Trust Use of our report This report 15 made solely to the Charity's members, a5 a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbllity to anyone other than the Charity's members as a body, for our audit work, for this report, or for the opinlons we have formed. AudL¥ bAJIcoEJ Susanna Cassey (Senlor Statutory Audltor) For and on behalf of Azets Audit Servlces Llmited 70&, Chartered Attountants Statutory Auditor Fleet House New Road Lancaster United Kingdom LAI IEZ 12
Consolldated and Charlty Balance Sheets as at 31 March 2025 Consolldat•d 202S Charlty 2025 2024 2024 Notes Flx•d assets Intangible fixed assets Tangible fixed assets Investments io li 2,197,693 2,063,245 2,073,781 1,934,355 12 2,197,693 2,063,245 2,073,782 1,934,356 Curr•nt assets stock 10,706 8,481 Debtors 13 739,152 834,371 675,170 765,712 Cash at bank 844,739 999,411 655,207 842,214 1,594,597 1,842,263 1,330,377 1,607,926 Credltors: Amounts falllng due wlthln one year 14 (948,471) {1,152,609) (756,329) (956,363) Net Lwrrent assets 646,126 689,654 574,048 651,563 Credltors: Amounts falling due after more than one year 15 (629,680) (709,969) {616,447) {691,742) Net assots 2,214,139 2,042,930 2,031,383 1,894,177 Representsd by: Unrestricted charity funds,. General 17 646,126 687,941 574,048 651,563 Designated 17 1,568.013 1,354,989 1,457,335 1,242,614 Restrlcted charlty fund5 17 Total funds 2,214,139 2.042,930 2,031,383 1,894,177 These financlal statements have been prePad In accordance with the special provislons of Part 15 of the Companies Att relating to small companies. The financlal statements were approved by the Board of Trustees on .1.7..12.,2025.. and slgned on its behalf by.. C T J Harrls - Chalr of Trustees Company Reglstration Numl>er: 04416344 (England and Wales) Reglstered Charity Number: 1091722 14
Consolidated Cash Flow Statement for the year ended 31 March 2025 2025 2024 Notes Cash flows from operatlng activities Net cash provlded by operatlng actlvlties Taxation pald Interest paid 244,308 (3,137) 391,701 (460) Net Cash 9enerdted by operatlon$ 218,777 361,786 Cash flows from investlng actlvltl•s Purchase of tsnglble fixed assets Pnxeeds from sale of tanglble flxed assets Net c•$h (used In) Investlng actlvltles {290,865) (227,165) {290,865) (220,895) Cash flows from flnancing •ctlvltles Increase in / (repayment on bank borrowlngs Hire purchase creditor {decrea5e) {82,5841 (82,583) (82,584) (82,583) Change In sh and sh equlvalents In the year (154,672) 58,308 Cash and cash equivalents brought forward Cash and cash equlvalents carrfed forward 999 411 941 103 15
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) Notes to the Consolidated Flnancial Statements for the year ended 31 March 2025 Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as ft)Ilows: Charitable company inforniation The charitable company is limited by guarantee, with the liability of members limlted to £1 per member. The charitable company is registered in England and Wales with the Charity Commission. The registered Offi is Third Floor, East Wing Station House, Station Road, Kendal. Cumbria, United Kingdom, LA9 6RY. If upon winding up or dissolution of the charitable company there remain any assets, after satisfying all debts and liabilities, the assets presented by the accumulated fund shall be transferred to some other charitable body or bodies having objectives similar to the Charity. Accounting convention The financlal statements have been prepared on a going concem basis in accordance wlth Accountlng and Reporting by Charities: Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS102) (effective l January 2022) ("Charitles SORP (FRS102)°), the Flnanclal Reporting Standar(l appllcable In the UK and Ireland (FRS 102), the Companies Art 2006 and the Charltles Act 2011. The financial statements are prepared In sterlingi which is the funrtlonal currency of the company. Monetary amounts in these flnancial statements are rounded to the nearest £1. The flnanaal statements have been ppared under the historical cost conventlon. The principal accounting policies adopted are set out below. On the grounds that the charitable company's results are consolidated into the charitable company's group accounts the charltable company has taken advantage of certaln exemptions conferred by sectlon 1.11 of FRS102 as follows: Exemptlon from presenting a charitsble company statement of cash flows as a prlmary statement to the financial statements. Going concern The Trustees have at the time of approving the financial statements a reasonable expectation that the charitable company and group have adequate resources to continue in operational existence for the foreseeable future. The charitable company and group has sufficient cash reserves to meet its requirements in the medium term. It is considered that there are currently no material unrtaIntieS which impact on the charitable company being able to continue in its current form. Thus the Trustees ontinue to adopt the going conrn basis of accounting in preparing the financial Statements. Basis of consolldation The financial statements consolidate the results of the charitable company and its wholly owned subsidiary. Right2Work CIC, on a line by line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charitable company has not been presented as the charitable company has taken advantage of the exemptlon afforded by section 408 of the Companies Art 2006. The income of the charitable company for the year was £9,641,126 (2024 - £9,097,269). Included in thls was £270 903 Gift Aid asset transfer (2024 - £95,486) from the subsidiary. Expenditure amounted to £9,503,920 (2024 - £8,845,229). The net surplus of the charitable company for the year was £137,206 (2024 - £252,040 surplus). 16
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) In¢ome All income is Included in the Consolidated Ststement of Financial Activities when the charltable company is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policles are applied to particular categorles of Income: Donations are included in full in the Consolldated Statement of Flnancial Actlvities in the year in which they are receivable. Grants where the Income is related to performance and speciflc dellverable5, are accounted for as the charity earns the right to conslderation by its performance. Income arislng from grants and simllar contracts specifically for the provlslon of actlvlties or servitrs which are provlded as part of the charltable activltles of the charfty is recorded under the headlng of income from charitable actlvities. All other Incoming resources are recognlsed on an accruals basls. Fund accounting Funds held by the charlty are either: Unrestricted general fiJnds - these are funds which can be used in accordance with the charltable objects at the discretion of the Trustees. Deslgnated funds - these are funds allocated from the general fund or received from third parties which have no restrictions on their uses but which are deslgnated for a particular purpose accordlng to the Trustees" or Restrlcted funds - these are funds that can only be used for partlculor restrfcted purposes, as specified by the donors, wlthin the objects of the charlty. Expenditure Expenditure is recognlsed In the perlod in which It Is Incurred. Expendlture includes related value added tax whlch cannot be recovered. Liabllities are recognlsed as expendlture as soon as there is a legal or constructive obligation committing the charity to the expenditure, it Is probable that a transfer of economic beneflts wlll be required in settlement and the amount of the obligation can be measured reliably. Expenditure Is accounted for on an accruals basls and has been classifled under headings that aggregate all cost related to that category. Where costs cannot be dlrectly attributed to particular headings they have been allocated to actlvities on a basis conslstent with the use of resources. Expenditure on charltable activities comprises those costs incurred by the charity in the delivery of its attivitles and services. It Includes both costs that can be allocated d1CtlY to those activitles and those of an indlrett nature necessary to 5UPPOrt them. Support Costs Support costs relate to charltable attlvity and as such dont need to be allocated between dlfferent headings. Governan costs comprlse all costs relatlng to publlc accountability of the charity. The costs include statutory audit fees. Operatlng leases Rentals appllcable to operating leases are charged to the Consolldated Statement of Flnanclal Actlvities on a stralght line basls over the term of the lease. Stsff costs The costs of short term employee benefts are recognlsed as a Ilablllty and an expense where settlement of obligations does not fall withln the same period. Employee Severance and redundancy pay is recognlsed within the accounts, on an accruals basls in the year in which the employee elther left, or agreed to leave, the organlsation. Pension costs and other post-retlrement benefits The Charity operates a defined contrlbutlon pension scheme. The pension cost in the Consolidated statement of Financlal Actlvlties represents the contributlons payable for the year. 17
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) In addition, the Charity has an employee who is a member of the Cumbria County Council Pension Scheme whlch is a defined benefit scheme. The assets of the Scheme are held separately from those of the charitable company. Employer contributlons in respect of thi5 scheme a also charged to the Statement of Financial Activities in the perlod to which they relate. Intanglble flxed assets - goodwill Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulatsd impalrment losses. Goodwill has an expetted life of ten years and shall be amortised on a systematic basis over its Ilfe. Tangible fixed assets Tangible fixed assets are initially measu at cost and subsequently measured at cost or valuation. net of depreciatlon and any impaimient losses. Depreclation is recognised so as to wrlte off the cost or valuation of assets less their resldual values over their useful lives on the following bases: Freehold land and bulldings Leasehold land and buildings Fixtures and fittlngs Computers Motor vehicles not depreciated (see below) over the term of the lease 250/0 - 330/9 reducing balance 25Qh reduclng balance 25010 reducing balan Land and buildings are not depreciated Since It is consldered that given the long life of the properties concemed, depreciation would be immaterial, if any. The Dlrectors carry out an annual impairnent review In accordan with accounting standards. It Is a policy that a full year's depredation is charged on tangible flxed asset additions and no depreciation Is charged on tangible fixed assets in the year they are disposed of. It Is a pollcy of the trustees that indlvidual Items wlth a cost below £350 are not capitalised. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year. Flxed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Change5 in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incued. Impairment of fixed assets At each reporting end date, the reviews of the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset 15 estimated in order to determine the extent of the impairment loss (if any). No impalrment review was undertaken in the year but was replaced by a report for our banker5 on each properties valuation. stocks Stocks are ststed at the lower of cost and estlmated selling pri less costs to complete and sell. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments wlth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown withln borrowings In current liablllties. 18
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) Flnanclal Instruments The group has elected to apply the provisions of Section 11 'Baslc Finanaal Instruments, and Section 12 '0ther Flnanclal Instruments Issues, of FRS 102 to all of its flnanclal Instruments. Financlal instrument5 are recognised in the Charity's balance sheet when the becomes party to the contractual provisions of the instrument. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid. Financial assets, other than those held at fair value through pmfit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset. Impairment losses are recognised in the income and expenditure account. Creditors. loans and provisions Creditors, loans and provisions are recognlsed where the group ha5 a present obligatlon 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 obllgation can be measured or estlmated rellably. Creditors, loans and provlslons are normally recognised at thelr settlement amount after allowing for any trade discounts due. Financlal liabilltles a only derecognised when, and only when, the group's obiigatlons are dlscharged, cancelled or they expire. Amounts recognised as provlslons are best estlmates of the consideratlon requlred to settle the present obllgation at the reportlng end date, taklng into account the rlsks and uncertalnties surrounding the obligation. Crltlcal accountlng estimates and Judgements In the application of the group'5 accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabllities that are not readily apparent from other sources. The estimate5 and associated assumptbons are based on historical experience and other fartors that are considered to be relevant. Artual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affetts both current and fijtu periods. Critical judgements The following judgements (apart from those involving estimate5) have had the most significant effect on amounts recognised in the financial statements. Tanglble flxed assets The useful life and depreciation rate of tangible flxed assets are reviewed annually and amended when necessary. Defined beneflt scheme The Trustees have dedded not to comply with the regulatlons of Financial Reporting Standard No. 17 to dlsclose the surplus/deflclt of the scheme in relation to their employee In the current year as they believe the figures are immaterlal to the flnancial statements. 19
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) Donatlons and grants Unrestrirted Funds Restrlct•d Funds Unrestricted Funds Restrirted Fund5 Total Totsl 2025 2025 2025 2024 2024 2024 General donations 708 15,895 191 16,086 Grants and sponsorship 4,758 4,758 8,202 8.202 708 8,202 8,910 15,895 4,949 20,844 Charitable actlvlties Unrestricted Funds Restricted Funds Unre$Cted Funds Restrltted Funds Total Total 2025 2025 2025 2024 2024 2024 Care and support in the Community 10,674,216 10,674,216 9,894.318 9.894,318 10,674,216 10,674,216 9,894,318 9,894,318 20
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) Expendlture on charitable activitles unrestrIct Restrlrtad Totsl Unrestrlcted Restricted Total 2025 2025 2025 2024 2024 2024 Stsff costs 9,038.955 8,202 9.047,157 8.294,665 4,949 8,299.614 Staff related costs 171,420 171rt20 185,258 185,258 Depreciation 156.417 156h17 121,032 121,032 Property costs 451,266 451,266 415,068 415,068 rr cost5 126,744 126.744 114,062 114,062 other dirert costs 128,370 128,370 154,010 154.010 other charitable expenditure 405,898 405,898 339,638 339,638 10,479,070 ,202 IOW7.272 9,623,733 4,949 9,628,682 Governanca costs: Audltor remuneratlon 19,000 19,000 14,440 14,440 Govemance costs 3,000 5,520 5,520 3,000 24,520 24.520 17.440 17,440 Totsl expendlture on charltable activltles 4,949 9,646,122 10,503,715 8,202 10,511,917 9,641,173 21
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) Net income for the year Thls Is stated after charglng: 2025 2024 Depreclation - owned assets 156,417 121,032 (Profit)/Loss on disposal of fixed assets Lease expendlture {986) 49,2SI 92,604 Auditors. remuneration.. audit service5 - other servlces 19.000 14.440 3,000 Trustees, remuneration and benefits No trustees, remuneration or other benefits were paid for the year ended 31 March 2025 (2024 - £nil). Trustees. expense$ Trustees, expense5 paid for the year ended 31 March 2025 amounted to £2,319 (2024: £2,870). The expenses relate to 6 Trustees {2024: 4). Staff costs 2025 2024 Wages and salaries 8,145,324 7,522.048 Social security costs 710,654 601,361 Pension costs 191,179 176,205 9.047.157 8,299,614 The total remuneration of the key management personnel was £320,698 (2024,. £306,436). Relmbursed expenses, which are all subject to the charity's processes of Internal controls, do not fonn part of remuneration and are not included above. One employee received remuneratlon between £60,000 - £70,000 during the year (2024: two). One employee recelved remuneration between £70,000 - £80,000 band (2024.. nil). No employees ceiVed remuneration between £80,000 - £90,000 (2024.. one). 22
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) Staff costs (contlnued) The average number of employees (full and part time) based on headcount during the year was: 2025 2024 Number Number Management 50 53 Administrative 14 15 Care and Support 311 299 375 367 Taxatlon The charltable attivities of The Oaklea Trust are potentlally exempt from taxation under Chapter 3 of part 11 of the Corporation Tax Act 2010. R5ght2Work CIC Ss not exempt to corporatlon tax and so surpluses are subject to a taxation charge. io Intangible fixed assets Consolldated and Charity At l April 2024 and 31 March 2025 7,800 Accumulated depreciatlon Balance at l April 2024 and 31 March 2025 7,800 Net book value At 31 March 2025 At 31 Marth 2024 23
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) li Tanglble fixed assets Consolldated Freehold land and buildlngs Leasehold land and bulldlngs Flxtureg and Computers fittlngs Motor vehicles Total Cost At l Aprll 2024 1,875,576 132,054 412,399 429.970 104,971 2,954.970 Additions 144,592 14.771 77,718 40,038 13,746 290.865 Disposals At 31 March 2025 2,020,168 146,825 490,117 470,008 118,717 3,245,835 Depre¢iatlon At l April 2024 189,758 26,857 246,291 363,222 65,597 891,725 Charye for the year Transfer Disposals 17,955 {1,528) 71,923 53.259 13,280 156,417 1.528 At 31 March 2025 191,286 43,284 318,214 416,481 78,877 1,048,142 Net book value At 31 March 2025 1,828A82 103,541 171,903 53,527 39,840 2,197,693 At 31 March 2024 1,685,818 105,197 166,108 66,748 39,374 2,063,245 24
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) li Tangible fixed assets (contlnued) Charlty Freehold land and bulldlngs Leasehold lond and bullding$ Flxtures •nd Computers fittlng$ Motor vehi¢l¢s Tot•1 At l Aprll 2024 1,875,576 40,907 386,126 415,303 2,717,912 Addltlons 144,592 8,438 72,610 40,038 265,678 Dlsposals At 31 March 2025 2,020,168 49,345 458,736 455.341 983,590 DeprecSation At l April 2024 191.286 12,308 227,872 352,091 783,557 alarge for the year 4,934 68,059 53,259 126,252 Eliminated on disposal At 31 March 2025 191,286 17,242 295,931 405,350 909,809 Net book value At 31 Marth 2025 1,828,882 32,103 162,805 49,991 2.073,781 At 31 March 2024 1,684,290 28,599 158.254 63,212 1,934.355 12. Investments The consolidated financial statements include the results of Right2Work C.I.C, a company limited by shares (Incorporated in England and Wales, registered number 07708701), its sole member belng The Oaklea Trust. The liability of the charlty In the event of Rlght2Work C.I.C being wound up is Ilmited by a sum not exceeding £1. Income eamed and expenditure Incurred by Right2Work C.l.C have been recognised within the charltable activltles of The Oaklea Trust's consolidated accounts on the basls that these actlvities are deemed to have charitable Intentions and purposes. 25
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) 13. Debtors Consolidated Charlty 2025 2024 2025 2024 Trade debtors 221,504 304,103 126,083 192,176 Other debtors 409,654 381.397 358,286 346,003 Amounts due from fellow group undertaklngs Prepayments and accrL5ed Income 139,942 78.662 107.994 148.871 50.859 148,871 739,152 834,371 675,170 765,712 14. Credltors - Amounts falling due wlthin one year Consolidated Charlty 2025 2024 2025 2024 Bank Loans {see note 16) 75,396 82,684 75,396 82,684 Trade creditors 101,445 214,203 68,860 172,688 Other credltors 38,282 43,137 38,282 43,137 other taxation and soclal security 171.331 157,713 136,637 131,463 Corporation tax 15,514 3,137 Accruals and deferred Income 546,503 651,735 437,154 526,391 948.471 1,152,609 756.329 956,363 Bank loans are paYable in quarterly instalments and interest is charged between 3.30h 3.6010. Bank loans are secured by first legal charyes over freehold and leasehold properties, and a debenture over all other property and assets. 26
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) 15. Credltors - Amounts falllng due after more than one year Consolldated Charity 2025 2024 2025 2024 Bank loans {see note 16) 412,723 488,018 412,723 488,018 Accruals and deferred income 203,724 203,724 203,724 203,724 Deferred tax 13,233 18,227 629.680 709,969 616,447 691,742 The bank loans are secured by the charitable company* as noted above. 16. Bank loans An analysls of the maturity of the loans Is given below: Consolldated tharlty 2025 2024 2025 2024 Bank loans falling due: Within one year 75,396 82,684 75.396 82,684 Between one and flve years 412,723 488,018 412,723 488,018 Over flve years 448,119 570,702 448,119 570,702 27
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) 17. Funds summary Balance l Aprll 2024 Balan¢e 31 March 2025 Consolidated Inme Expenditure Transfers Unrestrlcted: General fijnd 687,941 10,674.924 (10,503,715) (213,024) 646,126 Deslgnated fund 1,354,989 213,024 1,568,013 Restrlcted funds: Restricted fvnd 8,202 (8,202) Total Funds 2.042,930 10,683.126 {10,511,917) 2,214,139 B•lanfe l April 2024 Balance 31 March 2025 Charfty Income Expendlture Transfevs Unrestrlcted: General fund 651,563 9,641,126 {9,503,920) {214,721) 574,048 Designated fund 1,242,614 214,721 1,457,335 Restrlcted funds: Restricted fund Total Funds 1.894,177 9,641,126 (9,503.920) 031.383 The designated fund represents the net fixed assets (fixed assets less long term creditors) which are not liquid arnounts, and are represented by long term amounts already spent within the charity. The restricted Income includes various grants received from the local counclls durlng the year. All of the grants were spent as at 31 March 2025. 28
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) 18. Analysis of net assets between funds Unrestrlcted funds Deslgnated fund$ Restrlcted funds Consolldated Total 2025 2025 2025 2025 Flxed assets 2,197,693 2,197,693 CUrnt Assets 1,594,597 1,594,597 Creditots due wlthin one year (948,471) (948,471) credito due after one year (629,680) (629,680) Transfers Total funds 2 214 139 Unrestrlrted funds Deslgnated funds Rqrtrlcted funds Charlty Totsl 2025 2025 2025 2015 Fixed a55ets 2,073,782 2,073,782 Current Assets 1,330,377 1.330,377 Creditors due wlthln one year (756,329) (756,329) (616,447) Creditots due after one year {616,447) Transfers Total fvnds 1 457 335 2 031 383 19. Company Ilmlted by guarantee The charlty Is a company Ilmlted by guarantee and has no share capital. The members of the company undertake to contribute such amount as may be required to the company's assets. In the event of the harity being wound up, the liability in respett of each member is limited to £1. 29
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) 20. Commltments Operatlng lease commltments - Consolldated The total future minimum lease payments under non-cancellable operating are as ft>llow5: Land and buildings Other leases 2025 2024 2025 2024 Expirin9: Within one year Between one and flve years Over five years 81,866 323,088 251000 46,478 1,325 1,104 155,584 146 375 338 1,385 655 954 348 437 Operatlng lease commltments - Charlty The total fijture mlnlmum lease payments under non-cancellable operating are as follows.. Land and buildlngs Other leases 2025 2024 2025 2024 Explrlng: Within one year Between one and five years Over five years 44,766 179,064 46,478 1,325 1,104 155,584 338 1,385 153 554 146 375 348 437 Capltal commltments At 31 March 2025 the charity had not approved any capital expendlture whlch has not been contracted for, nor entered any contracts for, capital expenditure which were not provided for (2024 - £nil). 21. Penslon Commltments The charity operates a defined contribution scheme. The pension costs charge for the year was £191,179 (2024: £176,205). At the balance sheet date £26,616 (2024: £26,616} was outstanding. The charity also contributes to 3 pension scheme with Cumbrla County Councll. The penslon cost charge represents contributlons payable and amounted to £6,752 {2024: £6,305). At the balan sheet date the scheme was in surplus, resulting in a debtor of £S,700 (2024: £5,600 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 Financial Reporting Standard No. 17 to disclose the surplusldeficit of the Scheme in relation to their employee in the current year as they believe the figures are immaterial to the financial statements. 30
THE OAKLEA TRUST NOTES TO THE CONSOLIDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) 22. Related party tran$artlons During the year the charitable company was under the control of its Board of Trustees. J S Hall, Chlef Executive and Company Secretary (appolnted 2 December 2024) is also company secretary of the trading subsidiary, Right2Work Limited (appointed 9 January 2025). C Wlgley, Chief Executlve and Company Secretary (resigned 22 November 2024) was also a d1Ctor of the trading subsidiary, Rlght2Work knmited up to 28 May 2024. Rlght2Work Llmlted On 18 July 2011 the charitable company Incorporated a trading subsidiary. At the year end date, the charltable company had provlded an interest bearing loan. During the year, In addition to the recharge of expenses, The Oaklea Trust has charyed Rlght2Work CIC (a subsldlary of The Oaklea Trust) rent and servlce charges amountlng to £14,520 (2024 £16,606). Durlng the year, Right2Work CIC donated £270,903 {2024 - £95,486) to the parent, The Oaklea Trust. At the year end, The Oaklea Trust had amounts due from Right2Work CIC of £139,942 (2024 - owed to Rlght2Work CIC of £78,662). 23. Reconciliation of net Income/expendlture to net cash flow from operatlng actlvltles 2025 2024 Net movement in funds 171,209 269,040 Adjustments for: DePrlatIOn charyes 156,417 121,032 Amortisation charges (Proflt)/loss on disposal of tsnglble flxed assets (986) Taxatlon 10,519 4,850 Interest payable 22,394 29,455 (Increase)IDecrease In stock (2,225) (2,431) (Increase)/De<xease In debtors 95,217 (48,862) Increase/(Decrease) in credltors (209,223) 19,603 Net ¢ash provlded by op•rating actlvltles 244,308 391,701 24. Analysls of changes in net debt At l Aprll 2024 Ca$h flows At 31 March 2025 Cash at bank and in hand 999,411 (154,672) 844,739 Loans falling due wlthin one year {82,684) 7,288 {75,396) Loans falling due after more than one year (488,018) 75.295 (412,723) 428,709 {72,089) 356,620 31