Charity Registration No. 1095999 Company Reglstratlon No. 04626174 {England and Wales) OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) LEGALAND ADMINISTRATIVE INFORMATION Trustees Ms P E Helliar-symons Mr D E Main (Appointed Company Secretary 2 February 2024) MrA R G Pudner (Appointed 2 February 2024) Mrs E J Pudner (Appointed 2 February 2024) Mrs C M Gilford (Appointed 26 June 2024) Charity number 1095999 Company number 04626174 Prfncipal address Oakwood Youth Challenge Waterloo Road Wokingham Berkshire RG40 3DA Reglstered office Oakwood Youth Challenge Waterloo Road Wokingham Berkshire RG40 3DA Auditor Ward Williams Belgrave House 39-43 Monument Hill Weybridge Surrey KT13 8RN Bankers Barclays Bank PLC
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Trustees, report Independent audilorfs report Stalement of financial activities Balance sheet 10 Statement of cash flows 11 Notes to the financial statements 12-23
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Irustees, who are directors for the purposes of company law, present the Annual Report together with the Financial Statements of Ihe charitable company for the year ended 31 December 2023. The financial statements have been prepared in accordance with Ihe accounting policies set oul in note 1 to Ihe financial stalements and comply with the charity's governing documenl, the Companies Act 2006 and "Accounting and Reporting by Charities= Statement of Recommended Practice appllcsble to charitles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 published in Oclober 2019). Objectlves and actlvltles Mission and Vision= The mission of the charity Is summed up by the following statement= Oakwood Youth Challenge exisls lo challenge young people and adults physically, socially and spiritually. The Charity's objects are: . to advance the Christlan faith in the United Kingdom or elsewhere as Ihe directors of the Charity (herein called "the tTUStees") may from time to time think fit- lo advance education. including in the areas of outdoor pursuits, environmental studies, sport, music, arts and crafts, by such means as the trustees may consider appropriate in the United Kingdom or elsewhere as the trustees may from time lo time think fit- to provide facilitles for recre2tlon, sport or other leisure lime occupation in the interest of social welfare for persons who have need of such facilities by reason of Iheir youth. age, infirmity or disablement, povety or social and economic circumstances or for the publlc at large with the object of improving the conditions of life for such persons in the United Kingdom or elsewhere as the trustees may, from Ilme to time, think fit. The trustees are committed to enabling as many young people as possible to benefil from the facilities at Oakwood Youth Challenge. Activltles offered: Oakwood Youth Challenge offers a range of actlvities designed to challenge young people and adults, helping to build self-confidence and an awareness of the needs of others. There are key strands to the Oakwood offering: Oakwood Resldential & Outdoor activitles Residential accommodation: well-equipped and superbly maintained housing up to 120 childrenlyoung people with sleeping accommodation in dormitories and safari tenls and with dining facililies, a lounge, a meeting space and access lo extensive grounds where organised and supeNised activities take place. High Ropes.. young people can make their way around a course of increasingly hard elements, with the support and encouragement of their instructors and friends. Abseiling- Taught in two slages. The first is to abseil down a very steep bank, usually achieved by every participant. Building upon the confidenoe gained the next is from the lop of the high ropes course giving each young person a real sense of achievement. Mountain Biking= a three-staga mountsin biking programme provides a challenge for riders of all abilities. We teach novices the basiGs of good riding skills on site, and we can challenge the experienced with quality rides in the nearby Bracknell Forest.
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Low Ropes= the low ropes course proves its popularity again and again, enabling groups to see how well they can work together, pool their resources and overcome their fears. Mountain Boarding: a cross beeen snowboarding and skateboarding, the basic skills of rnountain boarding are taught on the nursery slopes. Archery-. archery sessions are run in a dedicated archery field. Bush Craft: Participants get to experience shelter building and fire lighting under the watchful eye of an instructor. Outdoor leaming for these sessions involves choosing a suitable area for an improvised shelter, learning knots, setting up a bivouac, the fire triangle, fire slarting and fire safety. This activity allows those participants who might not perform so well at heights the chance to shine in another area. Orfenteering- Using the grounds at Oakwood, participants are taught how to read and orientate a map in order to locate a series of markers around the site. Once basic map reading skllls have been laught and tested then Ihe compasses come out and learning takes place around walking on a bearing. Oakwood Cllmblng Centre The purpose-built indoor Climbing Centre provides physical and social challenges to young people and adults. Climbing has many benefit5, from a vlbrant social environment to improving general fitness and flexibility. Publlc Benefit The trustees confirm that they have complied with the requirements of sectlon 4 of Ihe Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England. Performance 2023 has been an incredibly busy and successful year for Oakwood Residential. It is a pleasure and a privilege lo host over 70 groups, and we conslantly hear quotes of how people feel like they are "coming home" when they arrive at Oakwood. Some of our larger groups utillzed not only Ihe domiitory and safari tent accommodation but also pitched lents on Ihe field to increase the capacity. The feedback from these groups attesls to not only the quality of Ihe facilities at Oabwood but also the benefits to those attending in building relationships and developing Social skills. One of the highlights was hosling Ihe military serving soldiers and their children, as seeing the impact that this weekend had on them, bringing them together, was incredible. We have also supported a number of bursary requests from groups. Some of the stories are heart-breaking, and we love being able to financial support pupils so that no one is left behind in the classroom whilst their peers are out having fvnl Using activities such as mountain boarding, archery, high ropes, and the leap of faith, our outdoor activity programmes are at the heart ofwhat we do here at Oakwood. They offer a holistic approach to youth development and outdoor leaming and have clear physical and mental health benefit5. These programmes provide opportunities fof personal growth, foslering resilience, confidence and perseverance, as young people push beyond their comfort 20nes to overcome the challenges that they face. Our holiday activity days proved very popular again, with 687 young people attending. These days give young people the opportunity to take part in up to 5 exciting activities led by qualified instruclors. Challenging them as individuals, teaching them new hard skills and developing their soft skills, such as team work and communication.
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Using our charitable giving fund, with match funding from Wellington College, we were able to provide free team building days for every Year 7 class at 5 local secondary schools (1109) students; a work that continues inlo 2024, with a further three schools due to attend in the first quarter. As well as taking on challenges, such as our high ropes course, our low-ropes course is invaluable in these sessions, as it is a fanlastic tool for leambuilding and problem solving. Use is made of the Nalional Outdoor Learning Award scheme through which participants are helped to develop high levels of molivation, esteem, sklll, knowledge and a desire to learn. The climbing centre continued to develop throughout 2023 and welcomed 21,188 climbers of all abilitles. We further developed our provision for young people by launching a new youth academy for those wanting to excel without the desire lo compete. The outdoor boulder has been rebuilt in a more contemporary Style with a canopy overhead to protect it from the wealher and allow for more climbing. The leam within the Climbing Centre continue to deliver high quality instructing lo a wide range of people including school groups, birthday parties, sessions for those with Special Educational Needs and for charity groups as well as running nationally accredited schemes, such as NICAS. We hosted The Mighty Oak, our flagship event putting Oakwood on the map of national climbing walls, and welcoming Molly Thompson Smith and Aiden Dunn, athletes who would olherwise be representing Great Britain on the world stage. Competitors ranged belween 7 and 76 age-wise. There has been an increased focus in the year on creating bursary funding and in applying this to help children and youth who otherwise would not be able lo benefit from the facilities at Oakwood. During the year, a lotal of 21 bursary funded places have been tsken up for climbing or outdoor activities and a further 31 places fijnded for children slaying in Ihe residential centre. Future Developments. Each year, we undertake further improvements to the Residential accommodalion to ensure we continue lo be viewed as a premier location by groups that visit. other programmes for 2024 include improvements lo the slte infrastructure to cope with the increased number of visitors and re-modelling certain aspects of the indoor climbing cenlre. In addition, conscious of environmental issues, trustees are exploring investing in solar energy for the site which will also reduce our annual running costs. Financlal review Tolal income for the year ended 31 December 2023 was £1,790,154 (2022: £1,701,966). The total expenditure for the year was £1,892,735, compared lo £1,493,883 in 2022. This increase is primarily due to Ihe increased costs of the dimbing centre but additionally it is due to the increased wages and salaries costs. The Charity ended the year with net assets of £1,019,262 of which £454,890 were cash at bank and in hand. No reseNes policy has been set to date, however, the trustees are committed to the sound financial management of Ihe charity, whilst ensuring ihat the resources available continue to be invested in young people, especially in the local area.
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management Nature of governing document= The organisation is a charitable company limited by guarantee, incorporated on 31st December 2002 and registered as a charity on 171h February 2003. The company was sel up under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Associalion. The trustees, who are also the direclors for the purpose of company law, and who served during the year and up to the date of signature of the financial statemenls were: Ms P E Helliar-symons Mr J R Davis (Resigned 20 January 2024) Mr D E Main (Appointed Company Secretary 2 February 2024) Mr L Layton-matthews (Resigned 26 January 2024) MrA R G Pudner (Appointed 2 February 2024) Mrs E J Pudner (Appoinled 2 February 2024) Mrs C M Gilford (Appointed 26 June 2024) Recruitment and appointment of trustees-. Truslees are not subject lo retirement by rotation and the temi of office of a Irustee continues until he or she retlres or is removed in accordance with the relevant provisions of the Articles. New trustees must subscribe to the Stalemenl of Beliefs set out in the schedule to the Memorandum and are appointed having due regard for any specialist skills they may bring, together with a general enthusiasm for Ihe charity's Work with young people. Induction and Iraining of tnjstees.. Prior to their appointment, Iruslees undergo a period of familiarisation with the activities and scope of operation of Oakwood Youth Challenge. They are encouraged to visit lo see the work of the charity. In addition, they are introduced to key personnel. AangeMentS for setting key management personnel remuneration= The trustees appoinl and detemiine the remuneration of all members of the Senior Leadership team. Organisatlonal structure- The Chief Operating Officer, and each other member of the Senior Leadership team, report fomally to the trustees each month. Matters of strategic direclion and policy are reviewed and determined by the trustees. The Senior Leadership team have delegated powers for the implementation of the strategy. Major risks and management of those risks.. A comprehensive Risk Register has been complied and reviewed by the trustees. Health and Safety and Child Protection- Oakwood Youlh Challenge has a Health and Safety and Child Proleclion Policy covering all aspects of the charity's operation. The Centre's Operations Direclor lakes responsibility for keeping ihis document fit frjr purpose and ensuring staff are fully aware of its contents. All staff are DBS checked. An extensive video recording syslem has been installed in the indoor Climbing Centre. An MIA qualified Technical Advisor checks the policies and procedures for indoor and outdoor activities annually. Since he additionally runs courses at the centre he is able to view the cenlre In operation approximately every other month. Climbing Wall SeNices, a specialist company providing technical advice and dimbing wall safety inspections check the slruclural integrity of Ihe indoor climbing walls annually. Similarly, the high ropes and low ropes courses are inspected by High Fime Technical Consultants each year.
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Statsm8nt of trustees, responslbllftles The Irustees, who are also the direclors of Oakwood Youth Challenge for the purpose of company law, are responsible for preparing the Trustees, Report and the finanual statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including Ihe income and expenditure, of the ¢h8ritsble company for that year. In preparing these flnancial statements, the Irustees are required to.. select suitable accounting policies and then apply them consistenty; observe the methods and principles in the Charitles SORP. make judgements and estimates that are reasonable and prudent; and prepare the financial statemènts on the going concern basis unless it is inappropriate to presume that the charity will continue In operation. The trustees are responsible for keeping adequate accounting records that disdose with reasonable accuracy at any time the financial positlon of the charity and enable them to ensure that the financial statements comply with the CompaniesAct 2006. They are also responsible for safeguardlng the assets of the tharity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor In accordance with the company's articles, a resolutlon proposing Ihat Ward Wlliams Limited be reappointed as auditor of the charitable company will be put at a General Meeling. The trustees, report was approved by the Board of Trustees. Mr Trustee Dated.. ..L.i.loTrliol¥ ain Ms P E Helliar-symons Trustee Dated: . *.!.l.o.7.1.lo.%¥
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OAKWOOD YOUTH CHALLENGE Oplnlon We have audited the financial statements of Oakwood Youth Challenge {Ihe'charity') forthe year ended 31 December 2023 which comprise Ihe statement of financial activities, the balance sheet, the statement of cash flows and Ihe notes to Ihe financial statements, includlng a summary of significant accounting pollcies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting standa applicable in the UK and Republlc ol Ireland (United Kingdom Generally Accepted Accounling Practice). In our opinion, Ihe financial statements: give a true and fair view of Ihe slate of the charitable company's affair5 as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended. have been properfy prepared in accordan with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnion We conducted our audit in accordan with Inlernatlonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibillties for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our aLtdil of Ihe accounls in the UK, including the FRC'S Ethical Standard, and we have fijlfilled our other ethical responsibililles in accordance with these requirements. We believe that Ihe audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing Ihe financial statements, we have concluded that the Irustees, use of the going concern basis of accounting in the preparation of the financial slatements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or condilions that, individually or colleclively, may casl significant doubt on the charitable company's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sedions of this report. Other inforniation The trustees are responsible for the other infomation. The other information comprises the infomiation included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial slatements, our responsibility is lo read the other information and, in doing so, consider whelher the other information is materially inconsislent with the financial statements or our knowledge obtained in Ihe audit or otheiSe appears to be materially misslaled. If we identify such material inconsistencies or apparent material misslatemenls, we are required lo determine whether there is a malertal misststement in the financial slatements or a material misslatement of the other information. If, based on the work we have performed, we conclude that Ihere is a material misstatement of this other information, we are required to report Ihat fact. We have nothing to report in this regard.
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OAKWOOD YOUTH CHALLENGE Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not identified material misstatemenls in Ihe directors, report included within Ihe trustees, report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statemenls is inconsislent in any material respect with the trustees, report., or sufficient accounting records have not been kept., or the financial slatements are not in agreement with the accounting records- or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responslbllities of trustees As explained more fully in the slatement of truslees, responsibilities, the trustees, who are also the dlreclors of the charity for the purpose of company law, are responsible for the preparation of the financial slatements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, Ihe trustees are responsible for assessing Ihe charity's abilty to continue as a going concern, disclosing. as applicable, matters related lo going concern and using the going concern basis of accounting unless the Irustees either intend lo liquidate the charitable company or to cease operations, or have no realistic altemalive but to do so. Auditorfs responsibilities for th8 audit of the flnancial statsments We have been appointed as auditors under section 145 of the Charities Act 2011 and report in accordance with the Act and relevanl regulations made or having effect Ihereunder. Our objeotives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstalement, whether due to fraud or error, and to issue an auditovs report that includes our opinion. Reasonable assuran is a high level of assurance, but is not a guaranlee that an audit conducted in accordance with ISAS {UK) will always detect a malerial misstatement when it exists. Misstatemenls can arise from fraud or error and are considered material if, individually or in Ihe aggregate, Ihey could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in Ilne wilh our responsibilities, outlined above, lo delect material misstatements in respect of irregularilies, including fraud. The 8Xtenl to which our procedures are capable of detecting irregularities, includlng fraud, is detailed below. We obtained an understanding of the legal and regulatory frameworks applicable to the charity and Ihe sector in which Ihey operate. We determined that the following were most significant: the Companies Act 2006, the Charities Act 2011, Child safeguarding and the Health & Safety Executive (HSE). We obtained an understsnding of how the charity are complying with those legal and regulatory frameworks by making inquiries to the management of the charity. We corroborated our inquiries through our review of correspondence during our audlt work.
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OAKWOOD YOUTH CHALLENGE We assessed the suscepiibility of the charity's financial statements to malerial misstatement, including how fraud might occur. Audit procedures performed included.. identifying and assessing the design effediveness of controls management has in place to prevent and detect fraud; understandlng how those charged with governanoe considered and addressed the potential for ovenide of controls or other inapproprlate influence over the financial reporting process; challenging assumptions and judgements made by management in ivs significant accounting estimates., identifying and testing journal entries, in particular and journal entries posted with unusual account combinations; and assessing the extent of compliance with the relevant laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misstatement in the financial statemenls or non-compliance with regulation. This risk increases the more Ihal compliance with a law or regulatlon is removed from the events and transadlons reflected in the financial statements, as we will be less likely to become aware of inslances of non-compllance. The risk is also greater regardlng irregularities occurring due to fraud rather Ihan error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting CoLtncil's website at: http:1h.frc.org.ukIaUditOrsreSponsib1Il1Ies. This description forms part of our auditovs report. Use of our report This report is made solely to Ihe charity's trustees, as a body, in accordance with part 4 of Ihe Charities (Accounts and Reports) Regulalions 2008. Our audit work has been undertaken so thal we might slate lo the charity's trustees those matters we are required to state to them in an audilorfs report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the oplnions we have formed. Frank Harling (Senior Statutory Auditor) for and on behalf of Ward Williams ..3. 11.071.20. Chartered Accountants Statutory Auditor Belgrave House 3943 Monument Hill Weybridge Surrey Iff13 8RN Ward Williams is ellgible for appointment as auditor of the charity by virtue of its eligibility for appoinlment as auditor of a company under of section 1212 of the Companies Act 2008
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unreslricted Restricted funds funds general 2023 Total Total 2023 2023 2022 Notes ncome and endowrnents from: Donations and legacies Charitable activities 29,360 29,360 1,651,160 87,720 21,914 3,226 1,592,928 87,731 18,081 1,651,160 87,720 21,914 Other activities Investments Total income 1,760,794 29,360 1,790,154 1,701,966 nditure on: Raising funds 55,522 55,522 55,744 Charitable activities 1,589,658 47,555 1,637,213 1,438,139 Totsl resources expended 1,645,180 47,555 1,692,735 1,493,883 Net Incoming resources before transfers 115,614 (18,195) 97.419 208,083 Gross Iransfers belween funds (26,300) 26,300 Net movement In funds 89,314 8,105 97,419 208,083 Fund balances at 1 January as restated 919,655 2,188 921,843 713,760 Fund balances at 31 December 1,008,969 10,293 1,019,262 921,843 The slatemenl of financial activities indudes all gains and losses recognised in the year and therefore a statement of comprehensive income has not been prepared. All of the above amounts relate to unrestrided fvnds, expt for the restricted funds shown separately. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Acl 2006.
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 as restated Notes Fixed assets Tangible assets Current assets Stock5 Debtor5 Cash at bank and in hand 11 3.787,C65 3,896,292 13 14 4.673 226,469 454,890 6,936 255,731 364.144 686,032 626,811 Creditofs: amounts falllng due withln one year 15 (863,038) {844,822} Net current assets I (liabilities) (177,006) (218,011) Total assots les8 current liabllltles 3,610,059 3.678,281 Credltors: amounts falling due after more than one year 16 (2,590,79n (2,756,438) Nat assets 1,019,262 921,843 Incomè funds Unrest ' ed fiJnds- Designated fvnds General unrestricted funds eneral 20 840,000 168,969 919,655 1,008,969 919,655 Restricted funds 21 10,293 2.188 1,019,262 921,843 The financial statements were approved by the Trustees on z!.107.1..l¥ Ms P E Helliar-symons Trustee MrDEMain Trustso Company Reglstration No. 04626174 10-
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notss Cash flows from operating actlvities Cash generated from operations 391,220 524,098 Investlng activities Purchase of tangible fixed assets Proceeds on disposal of tangible fixed assets Interest reiVed <139,426) (3,223,218) 1,679 2,914 1,435 131 Net cash used In investing actlvities (134,833) (3,221,652) Flnanclng activities Proceeds from borrowings Proceeds of new bank loans Repayment of bank loans 300,000 2,830,800 (264.043) (165,841) Net cash generatsd from flnancing activities (165,641) 2,866,757 Net increase in cash and cash equivalents 90,746 169,203 Cash and cash equivalents al beginning of year 364,144 194,941 Cash and cash equivalents at end of year 454,890 364,144 11
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies Charity Infomiation Oakwood Youth Challenge is a private company limited by guarantee incorporated in England and Wales. The registered office is 0a00d Youth Challenge, Watedoo Road, Wokingham, Berkshire, RG40 3DA. Each of the trustees is liable lo contribute an amount not exedIng £1 towards the assels of the charity in the event of liquidation. 1.1 Accounting convenllon The financial statemenls have been prepared in accordance with the charity's governing document, the Companies Act 2006 and 'Accounting and Reporting by Charities= Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - published in October 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial slatements are prepared in sterfing, which is the functional currency of the charity. Monetsry amounts in these flnancial statements are rounded lo Ihe nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At Ihe time of approving the financial ststements, the trustees have a reasonable expeclation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue lo adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objeclives unless the funds have been designated for other purposes. Unrestricted designated fijnds relate to specific projects lo enhance the facilities and activities offered by the charity and reduce the carbon footprint. The Trustees have d8signated funds that will help part-fund these projects, which will require some grant funding for them to be completed. Restricted income funds are those donated for use in a particular area or for specific purpose, the use of which is restricled lo that area or purpose. 1.4 Incoming resources Income is recognised when Ihe charity is legally entitled lo it after any performance conditions have been mel, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless perforniance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognlsed on receipt or otherwise if Ihe charity has been notified of an impending distribution, the amounl is known, and receipt is expecled. If the amount is not known, the legacy is treated as a contingent asset. Deferred income represents amounts received for future periods and Is released to incoming resources in the period for which, it has been received. Such income is only defeed when.. It relales lo a booking for a future period; or - The donor specifies that Ihe grant or donation must only be used in future accoLtnting periods- or - The donor has imposed conditions which must be met before the charity has unconditional entitlement. 12-
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢countlng policies (Contlnued) 1.5 Resources expended All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount Can be measured reliably. All costs are allocated lo the applicable expenditure heading Ihat aggregate similar costs to Ihat category. Where costs cannot be directly attributed lo particular headings they have been allocated on a basis consistenl with Ihe use of resources, with central slaff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the income split of the relevant charitsble aclivities. Charitable expenditure comprises those costs incurred by the charity in the delivery of ils actlvities and services for its beneficiaries. It includes both Ihe costs that can be allocated directly lo such activitles and those costs of an indirect nature necessary to support them. The charity has 2 main charitable activities, being the residential and outdoor activities, and Ihe indoor climbing centre. Governance ¢osts indude the costs attribulable lo the charity's Complian with constitutional and statutory requirements, including audit, strategic management and trustees, meetings and reimbursed expenses. All expenditure is shown net ofVAT. The charity is partially exempt for VAT purposes, and therefore the element of unrecovered VAT is shown within support costs. It has not been considered practicable or necessary to allocate the unrecovered VAT against each individual cost. 1.6 Tanglble fixed assets Individual tangible fixed assets costing £250 or more are inilially measured at cosl, net of deprecialion and any impairment losses. Depreciation is recognised so as to write off the cosl or valuation of assets less their residual values over their usefvl lives on the following bases: Freehold land and buildings Leasehold improvements and structures Furniture, fixtures and equipments Motor vehicles At between 2.220/0 and 10 % on straight line method Al belween 6.670/4 and 200/0 on straight Ilne melhod At between 12.5 /0 and 50010 on reducing balance method At 25 1 on reducing balance method The gain or loss arising on the disposal of an asset is delermined as the difference beeen Ihe sale proceeds and the carrying value of the asset, and is recognised in net Incomel(expenditure) for the year. 1.7 Impairment of fixed assets At each reporting end dale, the charity reviews the carrying amounts of its tangible fixed 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 is eslimated in order to detemiine the extent of the impairmenl loss (if any). 1.8 Stocks Stock4 are stated at Ihe lower of cost and eslimated selling pri. Slocks relate to the Cafe (raw materials and products for resale) and Retail (equipment, shoes and dothing for resale). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call wilh banks, other short-lerm liquid investments wilh original maturilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 13-
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies Icontlnuedl Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transadion costs and are subsequently carried at amortised cosl using the effeolive interest method unless the arrangement conslitutes a financing transaction, where the Iransaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Trade debtors are amounts due from customers for merchandise sold or seNices perfomied in the ordinary course of business. Basic financial liabllltles Basic financial liabilities. including credltors and bank loans are initially recognised at Iransaclion price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at Ihe present value of the fijture payments discounted at a market rate of interest. Financial liabilitles classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised rA)st, using the effective Interest rate method. Trade credltors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabillties if payment is due within one year or less. If not, Ihey are presented as non-current liabilities. Trade creditors are recognised initially at transaclion price and subsequenlty measured at amortised c081 using the effective interest method. Derecognitlon of financlal liabilltles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charily is demonstrably committed to teminate the employment of an employee or lo provide temination benefits. 1.11 Retirement benellts The charity pays into a NEST workplace pension scheme for quallfying employees. The assets of the scheme are held separately from Ihose of the company. The annual contributions payable are charged to the statement of financial aclivities. Payments are charged as an expense as they fall due. 1.12 Leases Rentals payable under operating leases, including any lease incentlV8s received, are charged to income and expenditure on a straight line basis over the tem of the relevant lease. 14-
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donations and legacies Unrestricted Restricted funds funds general Totsl 2023 Total 2022 Donations from individuals and gift aid reclaimed 29,360 29,360 3,226 29,360 29,360 3,226 For the year ended 31 December 2022 as restated 3,226 3,226 Charltable actlvltles Resldentlal and outdoor actlvities Indoor cllmblng Gentro Totsl 2023 Totsl 2022 Charitable activities and seNices 504,073 1,147,087 1,651,160 1,592,928 other activitles Unrestrfcted Restricted funds funds general Total 2023 Total 2022 Indoor climbing centre - retail income Indoor climbing centre - Cafe 24,579 63,141 24,579 63,141 26,533 61,198 Other activities 87,720 87,720 87,731 For the year ended 31 December 2022 87,731 87,731 Investments 2023 2022 Rental income Interest receivable 19,0(10 2,914 17,950 131 21,914 18,081 2022 Raislng funds 2023 Climbing equipment and clothing for resale Cafe expenses - purchases and consumables 19,243 36,279 21,121 34,623 55,522 55,744 15-
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activStles Residential and outdoor activities Indoor Climblng centre Totsl 2023 Total 2022 Slaff cosls Depreciation Disposal of assets Catering expenses Equipment and consumables Cleaning and laundry Activity instnjction and Iraining Repairs and maintenance Utilities and telephone Membership fees and licensing Bank charges and loan interest Computer, website and sofvare fees Miscellaneous expenses Route settlng costs Competitlon prizes and event costs Free of charge services Unrecovered VAT 226,149 63,956 (425) 30,505 3,781 13,693 18,296 15,156 12,408 2,602 141 396,375 143,592 (185) 622,524 207,548 (610) 30,505 19,364 20,139 27,716 25,740 35,552 8,233 19.572 2,968 5,408 76,018 13,366 47,555 8,939 512,033 138,120 10,301 31,220 22,196 16,082 23,575 28,094 19,922 6,237 25,977 4,124 2,056 83,124 3,117 6,102 9,109 15,583 6,446 9,420 10,584 23,144 5,631 19,431 2,968 5,408 76,018 13,366 3,510 4,413 44,045 4,526 440,241 730,296 1,170,537 941,389 Share of support cosls (see note 8) Share of governance costs (see note 8) 114,889 1,780 344,668 5,339 459,557 7,119 489,171 7,579 556,910 1,080,303 1,637,213 1,438,139 Analysls by fund Unrestricted funds - general Restricted funds 512,865 1.076,793 1,589,658 44,045 3,510 47,555 556,910 1,080,303 1,637,213 For the year ended 31 December 2022 as restated Unrestricted funds - general Restricted funds 417,722 1.014,316 2,593 3,508 1,432,038 6,101 420,315 1,017,824 1,438,139 16-
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Governance costs costs 2023 2022 Basls of allocation staff costs Depreciation Disposal of assets Operating lease chafges Foundation event costs Insurance Legal Fees Unrecovered VAT Office costs Advertising utilities and telephone Vehide njnning costs Site maintenance Mortg8ge and bank interest Audit fees 107,292 40,037 107,292 40,037 154,088 Based on income split 109,028 Based on income split 307 Based on income split 99,739 Based on Income split 769 Based on income split 26,842 Based on income split 11,030 Based on income split 12,132 Based on income split 19,432 Based on income split 1,365 Based on income spllt 14,872 Based on income split 1,279 Based on income split 22,452 Based on income split 16,915 Based on income split 34,573 11,276 8,565 16,322 1,335 19,554 1,834 15,539 203,230 34,573 11,276 9,434 16,322 1,335 19,554 1,834 15,539 203,230 869 6,250 6,250 6,500 Based on income split 459,557 7,119 466,676 496,750 Analysed beeen Charitable aclivities 459,557 7,119 466,676 496,750 Governance costs includes payments to the auditors of £6,250 (2022- £6,500) for audit fees. Trustees None of the trustees received any remuneration or benefits from the charity during the year. 17-
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Employees Number of employees The average monthly number of employees (induding senior management team) during the year expressed as full time equivalents was.. 2023 Number 2022 Number Charltable Aclivilies 30 27 Employment costs 2023 2022 Wages and salaries Social security costs Other pension costs 655,583 42,472 31,761 597,099 46,057 22,965 729,816 666,121 There were no employees whose annual remuneration was £60,(0 or more. 18-
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Flnancial instruments 2023 2022 Carrying amount of flnancial assets Debt instnjments measured at amortised cost 188,601 220,597 Carrylng amount of financial liabilitles Measured al amortised cost 3,056,929 3,221,309 13 Stocks 2023 2022 Clothing and equipment held for resale 4,673 6,936 14 Debtors 2023 2022 Amounts falling due wlthin one year: Trade debtors Prepaymenls and accrued income 188,601 37,868 220,597 35,134 226,469 255,731 IS Creditors: amounts falling due within one year 2023 2022 Bank loans other borrowings Other tsxation and social security Deferred income Trade creditors Other creditors Accruals 17 268,871 100,000 24,546 372,360 55,969 24,000 17,292 268,871 100,000 39,395 340,556 57,639 18,815 19,546 18 863,038 844,822 16 Creditors: amounts falling due after more than one year 2023 2022 Bank loans other borrowings 17 2,490,797 100,000 2,556,438 200,000 2,590,797 2,756,438 -20-
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Loans and overdrafts 2023 2022 Bank loans Other loans 2.759,668 200,000 2,825,309 300,000 2,959,668 3,125,309 Payable within one year Payable after one year 368,871 2,590,797 368,871 2,756,438 Amounts included above which fall due after five years.. Payable by instalments The other loan relales to an interest free loan from Psilogic Limited, a company which is controlled by tTUStees of the charity, Mr A R G Pudner and Mrs E J Pudner. This was for the purchase of the land and buildlngs from which Ihe charity operates. The remaining bank loan is a mortgage with Barclays for Ihe purchase of the land and buildings. The Barclays loans are secured by fixed and floating charges over the land and buildings. The Psilogic Limited loan is also secured by a fixed charge over the land and buildlngs. 18 Deferred incomo 2023 2022 Deferred income 372,360 340,556 The deferred income applies to confimied and invoiced bookings for use of the centre after the year-end. 19 Retirement benefit schemes Deflned ¢ontribution Schemes The charity pays inlo a NEST Workpla pension scheme for qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to surplus or deficit in respect of defined contribution schemes was £31,761 (2022 - £22,965). 20 Unrestricted designated funds The trustees have identified a number of projecls that will enhance the faclllties and aclivities offered by Oakwood and reduce the carbon footprint. Whilst these projects can be part-fijnded from internal resources, some grant funding will be needed for them lo be completed. Truslees have designated £300k towards these projects, as shown on the Balance Sheel. In addition, trustees have identified certain assets Vltal for the ongoing delivery of the charity's seNices and dassified these as designated. Designated Funds - Land, Property & Structures: £540,000 Designated Funds- Projects.. £300,000 21
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Restrlcted funds The income funds of the charity include the following restricted funds which have been donated to the charity for a specific purpose. Transfers into Ihe funds from unreslricled funds relate to matched fijnding that was requirement of the donations received. Movement In funds Incomlng Resources resourceg expended Balance at I January 2023 Transfers Balance at 31 December 2023 Bursary Fund Get Berkshire Active 2,188 1,240 {5,350) 4,300 2,378 8,120 (8,120) Charitable Giving 20,OOa (34,085) 22,000 7,915 2,188 29,360 (47,555) 26,300 10,293 22 Analysis of net assets between funds Unrestricted funds Restricted funds Total Fund balances al 31 December 2023 are represented by.. Tangible assets Current assetsl{liabilities) Long lerm liabilities 3,787,065 <187,299) (2,590,797) 3,787,065 (177,006) (2,590,797) 10,293 1,008,969 10,293 1,019,282 23 Related party transactions Transactions with related parties During the year the charity entered into the following transactions with related parties.. Rent of £13,000 (2022: £12,000) was received from Foundation Church, an organisation in which trustee Mr D E Main is a Trustee, and Development Director, Owen Hayward is the Paslor. Addilionalty, £nil12022: £2501 was reIVed for a one off activity session. All land and buildings where the charity undertake activities from were previously leased to the charity by Psilogic Limited, a company controlled by trustees Mr A R G Pudner and Mrs E J Pudner for £nil (2022: £99,739) consideration. Payments relating to the year of £nil (2022.. £10,222) were made to Reading Family Church, an organisation in which former trustee Mr J R Davis is also a Trustee. These payments related to the secondment of the ex-CEO, Sean Green, who is the Chair of Reading Family Church. Payments relating to the year of £9,825 (2022.. £nil) were made to Foundation Church, an organisation in which tnjslee Mr D E Main is a Truslee, and Development Director, Owen Hayward is the Pastor. -22-
OAKWOOD YOUTH CHALLENGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 24 Cash generated from operatlons 2023 2022 Surplus for Ihe year 97,419 208,083 Adjustments for.. Bank interesl received (Profit) l Loss on disposal of tangible fixed assets Depreciation and impaimient of tangible fixed assets (2,914) (610) 247,585 (131) 10,608 247,148 Movements in working capital.. Decrease in stocks Decrease l (Increase) in deblors (Csecrease) I Increase in creditors Increase in deferred income 2,263 29,263 (13,590) 31,804 1,010 (22,900) 37,725 42,555 Cash generated from operations 391,220 524,098 25 Analysls of changes In net Idebt>lfund8 At l January 2023 Cash ftows At 31 D8eembér 2023 Cash at bank and in hand 364,144 90,746 454,890 Loans falling due within one year Loans falling due after more than one year (388,871) (2,756,438) (368,871) (2,590,797) 165,641 (2,761,165) 256,387 (2,504,778) -23-