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2021-03-31-accounts

Aspire Oxfordshire Community Enterprise Ltd

Trustees’ Report and Consolidated Financial Statements

For the Year Ended

31[st] March 2021

Company number: 04270053 Registered Charity Number: 1117726

Aspire Oxfordshire Community Enterprise Ltd Report and Consolidated Financial Statements For the Year Ended 31[st] March 2021

Contents Page
Reference and Administrative Details 1
Trustees’ Annual Report (including Directors’ Report) 2
Statement of Trustees’ Responsibilities 12
Independent Auditor’s Report 13
Consolidated Statement of Financial Activities 17
Consolidated Balance Sheet 18
Charitable Company Balance Sheet 19
Notes to the Consolidated Financial Statements 20

Aspire Oxfordshire Community Enterprise Ltd Reference and Administrative Details

of the charity, its trustees and advisers As at 31 March 2021

Charity Name: Aspire Oxfordshire Community Enterprise Ltd
Charity Registration Number: 1117726
Company Registration Number: 04270053
Registered office address: St Thomas’s School
Osney Lane
Oxford
OX1 1NJ
Trustees and Directors: Dr C.E. Sweetenham – Chair
Dr M.E. Blowfield
Mr C.R. Dick
Mr D.J. Green
Mr G. Nixon
Mrs L.M. Pollock
Mrs E. Radley
Mr H. F. Richardson (appointed 31 August 2021)
Mrs R.J. Rolle-Rowan
Mr J.R.Seddon (resigned 23 September 2020)
Mr W.H.P. Smith (appointed 19 August 2021)
Mr P.A.V. Staines
Mr D. R. Whittingham
Chief Executive Officer: Mr P. Roberts
Independent Auditor: Critchleys Audit LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
Bankers: National Westminster Bank Plc
43 Cornmarket Street
Oxford
OX1 3HA

1

Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report)

for the Year Ended 31st March 2021

The trustees (who are also directors of the charity for the purposes of the Companies Act), present their annual report together with the financial statements of Aspire Oxfordshire Community Enterprise Ltd (“Aspire”) for the year ended 31 March 2021. The trustees confirm that the annual report and financial statements comply with the Companies Act 2006, the requirements of Aspire’s governing document and the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Structure, governance and management

a. CONSTITUTION

Aspire is registered as a charitable company limited by guarantee. It is constituted under Memorandum and Articles of Association and is a registered charity in England, number 1117726. Each trustee is a member of the charitable company. In the event of the company being wound up, each member undertakes, while he/she is a member or within one year after he/she ceases to be a member, to contribute, as may be required, an amount, not exceeding £1, to the assets of the company for the debts and liabilities contracted before he/she ceases to be a member.

Aspire is an employment and housing support charity and social enterprise based in Oxford city centre. It delivers a range of employment, housing, social inclusion and homelessness prevention projects primarily across the county of Oxfordshire, as well as operating a community transport service. It also operates a wholly owned trading subsidiary, Aspire Enterprise Services Limited. Through this subsidiary, Aspire delivers professional services in grounds care, property services, recruitment support and enterprise development.

Through this activity, Aspire fulfils its social aims of giving people facing serious social disadvantage the opportunity of gaining new skills, self-confidence, a stable home environment, work experience and developing their level of training and education, before supporting them into independent, sustained paid employment.

A committed board of trustees of the charity (and Non-Executive Directors of the trading company), support Aspire's Chief Executive Officer (CEO) and Senior Management Team to create and deliver Aspire’s management and trading strategies. There is a team of 35 full-time and 17 part-time positions. The CEO and Senior Management Team are responsible for the day to day running of the charity and communicating and achieving the goals set by the board of trustees.

2

Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the Year Ended 31st March 2021

Trustees

The trustees, who are also the directors for the purpose of company law, and who served during the year were:

Dr C.E. Sweetenham - Chair Dr M.E. Blowfield Mr C.R. Dick Mr D.J. Green Mr G. Nixon Mrs L.M. Pollock Mrs E. Radley Mr H. F. Richardson (appointed 31 August 2021) Mrs R.J. Rolle-Rowan Dr J.R.T. Seddon (resigned 23 September 2020) Mr W.H.P. Smith (appointed 19 August 2021) Mr P.A.V. Staines Mr D.R. Whittingham

b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association. Aspire's board members bring with them a diverse set of skills, experience and expertise covering areas such as governance, commercial, accounting, legal, policy making, financial, HR and charity fundraising. Trustees are appointed to bring specific skills to the charity; they are interviewed by the Chair, and any other appropriate trustee(s), and serve for a trial period of six months, before joining permanently.

c. POLICIES ADOPTED FOR THE INDUCTION, TRAINING AND SUPPORT OF TRUSTEES

All new trustees undergo a formal induction process and meet with the Chair, appropriate trustees and members of the Senior Management Team to discuss the obligations of trustees, future plans etc. and to familiarise themselves with Aspire and its work. The Chair has an annual discussion with each trustee to consider their role and interests. The board undertook a voluntary board Effectiveness Review with the National Council for Voluntary Organisations (NCVO) in February 2021 and is implementing the recommendations arising from its report to further improve the charity’s governance.

d. ORGANISATIONAL STRUCTURE AND DECISION MAKING

Aspire’s trustees, together with the Chief Executive Officer, meet quarterly as a board, as does its Finance & Risk sub-committee, which sits in advance of the full board and submits its recommendations for the board’s consideration and approval. There are also regular sub­committee meetings on HR & Remuneration and Strategy & Governance. The charity board is responsible for strategic direction and policy making. Alongside this, the board of directors for Aspire’s trading company, Aspire Enterprise Services Limited, meets quarterly and submits an update report via the charity’s Finance & Risk Sub-Committee.

3

Aspire Oxfordshire Community Enterprise Ltd

Trustees’ Annual Report (including Directors’ Report)

for the Year Ended 31st March 2021

A strategic half day is held annually for both boards, with support from the Strategy & Governance subcommittee.

The Chief Executive Officer is directly line-managed by the Chair on behalf of the trustees and is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met.

The Chief Executive Officer manages a Senior Management Team, comprising a Chief Operating Officer (Enterprises), a Head of Housing & Homelessness Projects, a Head of Finance, a Head of Fundraising & Communications, a Head of Employment Development Projects, a Head of Youth Services and a recently appointed Head of the trading company. Further support staff and team leaders are line managed by these colleagues.

e. RISK MANAGEMENT

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and the exceptional risk presented by the pandemic during this period, and are satisfied that systems and procedures are in place to mitigate its exposure to the major risks. Peninsula Business Services has been retained to advise and implement robust Health and Safety policies and give up to date advice on employment law. In November 2020 a new HR Officer post was created and the finance team was reinforced with an additional part-time Finance Officer. The trustees convene a quarterly Finance & Risk Sub-committee which reports to each full board meeting, and maintains an active Risk Register. Trustees have indemnity insurance.

Funding core costs remains perhaps the greatest risk facing the organisation as, while trading and employment contract activities generate critical revenue and contribute to covering core overheads, it is not a sufficient amount to maintain all the services at the current level and invest in expansion and development activity for the charity. In the last year, fundraising, employment development contracts and commercial activities were all expanded which contributed to Aspire's long-term goal of becoming financially self-sufficient.

f. STRATEGY

Aspire’s board of trustees and Senior Management Team carried out an annual review of our current 3- year Strategy and the operational plan sitting underneath it, in February 2020. This was also revisited by all Aspire employees in the annual strategy away day held in December 2020. Our core values remain as: Ambitious, Supportive, People-focused, Innovative, Reliable and Enterprising. Our strategic approach is defined by:

We continued to use strategic management tools and processes in 2020-21, including a Balanced Scorecard and Growth Opportunity Framework, to help us analyse potential ways forward so that we

4

Aspire Oxfordshire Community Enterprise Ltd

Trustees’ Annual Report (including Directors’ Report)

for the Year Ended 31st March 2021

can continue to provide effective, enduring services to the most vulnerable people in and around Oxfordshire.

g. FUNDRAISING

Aspire has a small fundraising team generating income from a diverse range of sources, including trusts and foundations, community supporters, individual donors, events, corporate partnerships and appeals. Our approach to fundraising is to build strong relationships with each donor based on openness and transparency, ensuring that each donor feels valued by our organisation. We appointed a highly experienced new Head of Fundraising & Communications in March 2021, and we have standards in place to ensure we thank donors and report back to trusts, foundations, commissioners and corporate partners on restricted projects on a timely basis. Our fundraising strategy clearly reflects Aspire's values and we are using the Charity Commission’s Charity Fundraising: a guide to trustee duties (CC20) checklist as a framework to enable compliance with relevant requirements, including the Charities (Protection and Social Investment) Act 2016 and Code of Fundraising Practice.

We do not use any third party professional fundraisers and our own small fundraising team at Aspire are fully briefed and trained on their respective roles via comprehensive job descriptions and regular appraisals. We ensure the protection of the public at all times and have established a robust marketing consent plan for all supporters as part of our wider Data Protection policy and process across the organisation. We have a process in place to record and manage any fundraising complaints.

Objectives and activities

a. POLICIES AND OBJECTIVES

Aspire’s main objectives are to:

5

Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the Year Ended 31st March 2021

To achieve the above, Aspire offers its charitable project beneficiaries a multi-level, holistic service of support for their employment, education, training and personal development, housing and homelessness prevention, and work experience and employment opportunity within its social enterprise and with partner employers.

Furthermore, while engaged with Aspire, service users have the support of a dedicated Employment and Development Worker, giving them assistance with job searching, interview techniques, CV writing, setting up bank accounts, debt management and any other area that is proving a barrier to gaining paid work and secure housing.

Through building trusted relationships, our exceptional Employment and Development Workers also provide the less tangible, but vital, 'soft support' that helps individuals overcome barriers, maintain healthy lifestyles and keep moving forwards. Often, project beneficiaries have few trusted relationships and the Employment and Development Worker relationship can become a cornerstone for positive change.

The objectives for 2020-21 were to:

The trustees are satisfied that these objectives have been met in the 2020-21 reporting period.

6

Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the Year Ended 31st March 2021

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

a. REVIEW OF ACTIVITIES

In 2020-21, Aspire recorded further growth in social impact and income, in part driven by stepping up to respond to emergency housing and support need during the Coronavirus pandemic: for example it was the main provider of emergency winter shelter beds in Oxford. It achieved this by forging new multi-stakeholder partnerships; by successfully developing its profitable trading activity in recruitment and consultancy; by offering dedicated support into diverse employment opportunities for its beneficiaries; and by expanding its effective homelessness prevention and housing-led projects into new areas in Oxfordshire and neighbouring counties, integrated closely with its employment support services.

This growth came despite a fast-changing and uncertain policy and funding landscape and a rising need for our services. Aspire is coping well with the effects of Covid-19 and the accompanying social disruption; it moved swiftly to remote working, activated and maintained its business continuity and emergency governance plans, to ensure critical services were not overly disrupted, and we continue to be accessible to support our beneficiaries. Aspire also reviewed its strategy in light of the pandemic and has realigned itself to respond to the emerging unemployment and housing need that will follow later in 2021. And we have built on learnings from the pandemic to rethink our approach to how we locate alongside communities in future.

Aspire Enterprise Services Limited also continued to develop through the financial year 2020-21, to generate revenue for the charity through our trading company’s commercial partnerships and the contracts that it secured. Our trading activity created a multitude of training, work experience and employment opportunities for the charity’s beneficiaries.

This growth represented:

7

Aspire Oxfordshire Community Enterprise Ltd

Trustees’ Annual Report (including Directors’ Report)

for the Year Ended 31st March 2021

physical activities, introducing a new HR Officer role and extending our housing-led activity in central Oxford as well as for young people in West Oxfordshire, through the ‘Our House’ project.

There has been much to celebrate in the exceptional social impact that we've achieved. But the sad reality is that the need for Aspire's support has never been greater; finding sustainable, lasting solutions to prevent and reduce homelessness, re-offending and poverty, as we start to exit from the Coronavirus pandemic, means using enterprising and fresh approaches. It means not being afraid to try new ideas to achieve this change to a fairer, sustainable, more equal economy and community and ensuring that people with lived experience, currently over 40% of Aspire's team, are actively contributing to our organisation's strategic direction and shaping our delivery.

Aspire continues to occupy St. Thomas', a Victorian school building, from which it delivers its enterprises, learning activities, support work and administrative activities. The use of these premises is provided as a gift-in-kind to Aspire, by Christ Church, University of Oxford. The building is a major asset to Aspire and over 2020-21 enabled the organisation to develop and grow its services and enterprises. We are very grateful to the Christ Church, University of Oxford, for its ongoing support. Over the course of the year we have started to focus on developing community hubs to enable us to work alongside those we support.

To further minimise the risk of a financial shortfall as a result of the pandemic’s disruption, Aspire developed its fundraising team to include a full-time Fundraising and Communications Officer reporting to an experienced, full-time Head of Fundraising and Communications. Aspire enjoyed notable success in this area, including securing large revenue grant commitments towards employment development and homelessness projects and a generous response to our emergency appeals.

8

Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report)

for the Year Ended 31st March 2021

One of Aspire's key differentiating factors continues to be the strength and diversity of its relationships with local businesses, social landlords, local government, charity partners and support agencies. During 2020-21, Aspire continued to develop and invest in relationships with local organisations, not only to ensure positive and meaningful work and secure housing opportunities for service users, but also to deliver more professional services. Notable new and strengthening relationships in 2020-21 include those with LandSec, Blenheim Palace, Soha Housing, Cottsway Housing, Sovereign Housing, A2Dominion, several of Oxford University's Colleges, The Mid-Counties Co-operative, Bouygues, Oxford City Council, Oxford Direct Services (ODS), South Oxfordshire District Council, Cherwell District Council, West Oxfordshire District Council and Oxfordshire County Council. It is around strong partners and customers like these that Aspire can secure a long-term future.

In 2020-21 Aspire continued to deliver a specialist Community Transport service to elderly, immobile passengers in Oxford City, albeit with several extended periods where the service was suspended or operating with a socially distanced delivery model during the pandemic and ensuing lockdowns. Aspire typically supports over 170 elderly clients with their regular transport needs and to maintain independent living. Continuing this service in the long-term will depend on its financial viability.

Aspire enjoyed another successful year of its annual contract for the Drug & Alcohol Recovery Service provider in Oxfordshire, Turning Point. We continued to support hundreds of drug & alcohol treatment clients with their employment, training and education needs across the county so as to build their recovery capital through our Get Connected project, working out of the treatment hubs in Banbury, Oxford, Didcot and Witney. This contract has been extended into 2021-22.

Aspire continued to organise the delivery of group physical activities such as football, canoeing and Boxercise to hundreds of local people experiencing poor mental wellbeing, to improve their mental health and self-esteem, as part of its Active Reach programme. This included successfully adapting our delivery model to include online activity sessions over Zoom during lockdown periods, and launching a social prescribing pilot project with Blenheim Palace.

Aspire has championed the nurturing, incubation and growth of new community and social enterprises in Oxfordshire, including through supporting OSEP CIC to continue the successful delivery of the ‘eScalate’ social enterprise development programme since it launched in February 2019, a countywide initiative funded by the European Regional Development Fund (ERDF), secured by the Oxfordshire Local Enterprise Partnership (OxLEP), to promote more inclusive growth in Oxfordshire.

Financial review

a. RESERVES POLICY

Unrestricted reserves at 31 March 2021 were £254,515 (2020: £13,849). It is the policy of Aspire to maintain sufficient unrestricted reserves to provide for core charitable expenditure so the charity can continue to meet its objectives for a period of 4 to 6 months if all, or most, of its income ceases. The closing unrestricted reserves are sufficient for that purpose.

9

Aspire Oxfordshire Community Enterprise Ltd

Trustees’ Annual Report (including Directors’ Report) for the Year Ended 31st March 2021

b. GOING CONCERN

Having reviewed the demand for its services, its variable and fixed cost profile, and budgeted group cash flow, and taking into account the level of unrestricted reserves, the trustees have concluded that the charity has sufficient resources to continue as a going concern for at least twelve months following the date of authorising these financial statements. For this reason they continue to adopt the going concern basis in preparing the financial statements.

c. FINANCE EXPERTISE

A Head of Finance was retained throughout 2020-21 and a new Finance Officer was recruited in autumn 2020. Throughout 2020-21 the trustees convened a quarterly Finance & Risk Sub-committee that reported to each full board meeting and maintained an active Risk Register. In August 2021, Aspire strengthened its board by appointing two new trustees with finance and accounting experience and expertise.

FUTURE DEVELOPMENTS

Aspire wants to play its part to help build a more equal, inclusive and sustainable economy and community in Oxfordshire and the Thames Valley, that is more resilient in the face of pandemics, climate change and the many other challenges we face.

Aspire will help by establishing and enhancing local collaborations between charities, social & community enterprises, local authorities and businesses, to help realise this vision on the ground. This will include:

PUBLIC BENEFIT

The board of trustees has given careful consideration to the Charity Commission’s general guidance on public benefit. Aspire created outstanding social impact in 2020-21. The social impact for individuals engaging with Aspire is multi-levelled, from improved feelings of self-worth, motivation and self-esteem for the service user, through to a reduction in benefits claims, reduced levels of crime and reduced levels of addiction and better mental wellbeing, which in turn have a significant and positive benefit to society, families and local communities.

10

Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report)

for the Year Ended 31st March 2021

We engaged with over 2,180 vulnerable people across all of our charitable programmes and supported 130 people into paid employment, a further 151 people were supported to sustain their tenancies and 83 were supported into new tenancies in Aspire’s housing projects. Many hundreds of people benefited from homelessness prevention support and from being supported into employment, education, training and secure housing through our programmes.

In 2020-21 Aspire continued to deliver a specialist Community Transport service to elderly, immobile passengers in Oxford City, albeit with several extended periods where the service was suspended or operating with a socially distanced delivery model during the pandemic and ensuing lockdowns. Aspire typically supports over 170 elderly clients with their regular transport needs and to maintain independent living.

Approved by the board on 10 November 2021 and signed on its behalf by:

Dr C. E. Sweetenham Chair of the board of trustees 16 December 2021

11

Aspire Oxfordshire Community Enterprise Ltd Statement of Trustee Responsibilities for the Year Ended 31st March 2021

The trustees are responsible for preparing the Trustees' Annual Report (including the Directors' Report) and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law)

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and its subsidiary and of the profit or loss of the charity and its subsidiary for that Year. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and its subsidiary and enable them to ensure that the financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

So far as the trustees are aware, there is no relevant audit information (information needed by the charity's auditors in connection with preparing their report) of which the charity's auditors are unaware; and

Each trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Approved by the board on 10 November 2021 and signed on its behalf by:

Dr C. E. Sweetenham Chair of the board of trustees 16 December 2021

12

Independent Auditors' Report To The Members of Aspire Oxfordshire Community Enterprise Ltd

Opinion

We have audited the financial statements of Aspire Oxfordshire Community Enterprise Ltd (the 'parent company') and its subsidiary (the 'group') for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Company Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

13

Independent Auditors' Report To The Members of Aspire Oxfordshire Community Enterprise Ltd

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group, the parent and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement [set out on page 12], the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

14

Independent Auditors' Report To The Members of Aspire Oxfordshire Community Enterprise Ltd

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of

irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement,

including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

15

Independent Auditors' Report To The Members of

Aspire Oxfordshire Community Enterprise Ltd

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of this report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Kirtland

Senior Statutory Auditor

For and on behalf of Critchleys Audit LLP, Statutory Auditor

Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP

Date: 20 December 2021

16

Aspire Oxfordshire Community Enterprise Ltd Consolidated Statement of Financial Activities For the Year Ended 31[st] March 2021 (including the Income & Expenditure Account)

Note
Income
Donations and Grants
2
Charitable Activities
3
Trading Activities
4
Total Income
Expenditure
Raising Funds
5
Charity Activities
6
Trading Activities
Total Expenditure
Net income/(expenditure)
before transfers
Transfers between funds
16
Net Surplus Before
Taxation
Taxation
Net Surplus After Taxation
Funds Brought Forward
Funds Carried Forward
16		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
£
427,643
115,641
1,357,146
1,900,430
1,203,878.
52,916
114,337
7,433
174,686
82,037.
437,634
-
-
437,634
467,456.
918,193
229,978
1,364,579
2,512,750
1,753,371
148,176
-
-
148,176
137,918.
78,029
129,611
1,195,618
1,403,258
1,066,123.
438,765
-
-
438,765
470,018.
664,970
129,611
1,195,618
1,990,199
1,674,059.
253,223
100,367
168,961
522,551
79,312
(10,457)
-
10,457
-
-
242,766
100,367
179,418
522,551
79,312
(2,100)
-
-
(2,100)
-
240,666
100,367
179,418
520,451
79,312
13,849
16,908.
307,956.
338,713
259,401
254,515
117,275
487,374
859,164
338,713

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

17

Aspire Oxfordshire Community Enterprise Ltd Consolidated Balance Sheet at 31[st] March 2021

Note
Fixed Assets
Tangible Assets
10
Current Assets
Debtors
12
Cash at Bank and in hand
Current Liabilities
Creditors falling due within one year
13
Net Current Assets
Total Assets Less Current Liabilities
Creditors falling due after more than one
year
14
Total Net Assets
Funds:
Restricted Funds
16
Designated Funds
16
Unrestricted Funds
16
Total Funds		 2021
£
219,699
742,153		 2021
£
148,708
762,580		 2020
£
106,756
378,436		 2020
£
26,266
363,549
961,852
(199,272)		 485,192
(121,643)
911,288
(52,124)		 389,815
(51,102)
859,164 338,713
487,374
117,275
254,515		 307,956
16,908
13,849
859,164 338,713

The consolidated financial statements were approved by the trustees and authorised for issue on 10 November 2021 and were signed on their behalf:

Dr C.E. Sweetenham Chair of the board of trustees 16 December 2021

The notes on pages 20 to 38 form part of these financial statements.

18

Aspire Oxfordshire Community Enterprise Ltd Charitable Company Balance Sheet at 31[st] March 2021

Note
Fixed Assets
Tangible Assets
10
Investments
11
Current Assets
Debtors
12
Cash at Bank and in hand
Current Liabilities
Creditors falling due within one year
13
Net Current Assets
Total Assets Less Current Liabilities
Creditors falling due after more than one year
14
Total Net Assets
Funds:
Restricted Funds
16
Designated Funds
16
Unrestricted Funds
16
Total Funds		 2021
£
171,292
731,927		 2021
£
148,082
2



740,175		 2020
£


145,898
342,434		 2020
£
25,438
2



371,947
903,219
(163,044)		 488,332
(116,385)






888,259
(52,124)		 397,387
(51,102)
836,135 346,285
487,399
117,251
231,485		 307,981
16,883
21,421
836,135 346,285

The financial statements were approved by the trustees and authorised for issue on 10 November 2021 and were signed on their behalf:

Dr C.E. Sweetenham Chair of the board of trustees 16 December 2021

The notes on pages 20 to 38 form part of these financial statements.

19

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

1. Statement of Accounting Policies

The consolidated financial statements incorporate the financial statements of Aspire Oxfordshire Community Enterprise Limited (“Aspire”, the charity) and Aspire Enterprise Services Limited, the charity’s wholly-owned trading subsidiary, with company numbers 04270053 and 11562493 respectively. No separate Statement of Financial Activities (SOFA) has been presented for the charity alone, as currently permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. A summary of the results and financial position of the subsidiary company is found in note 18.

A summary of the principal accounting policies adopted (which have been applied consistently, except where noted), judgements and key sources of estimation uncertainty, is set out below.

General Information and Basis of Preparation

Aspire Oxfordshire Community Enterprise Ltd is a charity in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are to run social businesses that are financially self-sustaining, whilst fulfilling Aspire's social aims of giving people facing serious social disadvantages the opportunity of gaining work experience and developing their level of training and education, before supporting them into independent sustained employment.

The charity constitutes a public benefit entity, as defined by FRS 102 section 1a. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006, and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling, which is the functional currency of the charity.

Income

All incoming resources are included in the SOFA when the charity is legally entitled to the income, after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Donations

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation, which requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those

20

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

conditions is within the control of the charity and it is probable that they will be fulfilled.

Grants

Income from grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. To the extent that entitlement conditions are not met then these amounts are deferred.

Capital grants are recognised when there is entitlement and are not deferred over the life of the asset on which they are expended. Unspent amounts of capital grant are reflected in the balance in the restricted fixed asset fund.

Trading activities

Income from trading activities includes income earned from trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Turnover is the amount derived from the provision of goods/services and stated after deducting discounts, VAT and other sales taxes.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Costs of Raising Funds

This includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising, activities and events.

Expenditure on Charitable Activities

These are costs incurred on the charitable activities, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

Other Expenditure

This represents those items not falling into the categories above.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

21

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional, relating to performance, then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Support Costs Allocation

Support costs are those that assist the work of the charity and do not directly represent charitable activities, including office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. The analysis of these costs is included in note 5.

Tangible Fixed Assets

Assets are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment. Cost includes costs directly attributable to making the asset capable of operating as intended.

Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the Balance Sheet at cost and depreciated over their expected useful economic life. Where there are specific conditions attached to the funding requiring the continued use of the asset, the related grants are credited to a restricted fixed asset fund in the SOFA and carried forward in the Balance Sheet. Depreciation on the relevant assets is charged directly to the restricted fixed asset fund in the SOFA. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on such assets is charged to the unrestricted fund.

Depreciation is provided on all tangible fixed assets other than freehold land, at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Recycling Bins 10 years straight line
Plant & Machinery 5 years straight line
Fixtures, Fittings & Equipment 5 years straight line
Motor Vehicles 5 years straight line
Housing Properties Straight line over the life of
the relevant lease

Housing Property fixed assets comprise the costs of renovating and improving certain properties leased on a short-term basis for housing provision. The housing projects

22

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

concerned were materially complete by 31[st] March 2021. The leases run to December 2022. The assets will be depreciated on a straight-line basis beginning in April 2021.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

Liabilities

Debtors and creditors, with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction, it is measured at present value.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the SOFA unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are

apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

23

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

Investments

Investments are recognised initially at fair value, which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains (losses) on investments' in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Investments in subsidiaries, joint ventures and associates are measured at cost less impairment.

Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011, is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore meets the definition of a charitable company for UK corporation tax purposes.

Employee Benefits

When employees have rendered service to the charity, short-term employee benefits, to which the employees are entitled, are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Fund Accounting

Unrestricted funds, which have not been designated for other purposes, are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund are set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the financial statements.

Judgements and Key Sources of Estimation Uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The trustees consider there are no material uncertainties related to events or conditions that may cast significant doubt on Aspire’s ability to operate as a going concern.

24

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

Critical Accounting Estimates and Assumptions

In preparing these financial statements, the trustees have made the following judgements:

2. Income from Donations and Grants

Donations
Grants for core activities
Grants for Trading
Total		 2021
2020
£
£
364,423
170,402
1,502,180
1,033,476
33,827
-
1,900,430
1,203,878

Of the income from donations and grants, £427,643 (2020: £181,958) was for unrestricted, £115,641 (2020: £46,774) for designated, and £1,357,146 (2020: £975,146) for restricted funds.

The grants of £33,827 in respect of trading activities comprised furlough payments under the Coronavirus Job Retention Scheme (see note 4 below). The total amount receivable in the year under this scheme and included within income from Donations and Grants, was £86,232.

25

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

3. Income from Charitable Activities

Community Transport
Housing
Education & Training
Other
Total		 2021
2021
2021
2021
2020
Unrestricted
Designated
Restricted
Total
Total
£
£
£
£
£
36,024
-
-
36,024
69,129
-
114,337
7,433
121,770
-
6,120
-
-
6,120
3,200
10,772
-
-
10,772
9,708
52,916
114,337
7,433
174,686
82,037

During the course of the year there were grants receivable of £24,059 in respect of Community Transport. These have been shown under Donations and Grants.

4. Income from Trading Activities

Gardening & Property Maintenance
Recruitment Agency Activity
Other Trading Activities		 2021
2020
£
£
353,553
445,415
59,006
-
25,075
22,041
437,634
467,456

£33,827 of furlough funding under the Coronavirus Job Retention Scheme related to Gardening & Property Maintenance Staff is shown under note 2.

In addition to the figures shown above, Aspire Enterprise Services Limited, the trading company, billed £67,789 (2020: £Nil) for work on properties occupied by Aspire. This income appears in the accounts of the Trading Company, but is not reflected in the consolidated accounts.

5. Cost of Raising Funds

Fundraising Events
Fundraising Costs
Allocated Support Costs		 2021
2020
£
£
-
2,998
74,976
62,920
73,200
72,000
148,176
137,918

26

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

6. Analysis of Expenditure on Charity Activities

Community Transport
Education & Training
Housing Provision
Housing Support
Other
Total		 2021
2021
2021
2021
2021
2020
Staff Costs
Depreciation
Activities
Undertaken
Directly
Support
Costs
(note 7)
Total
Total
£
£
£
£
£
£
45,021
2,299
9,164
3,600
60,084
91,041
534,970
-
71,441
72,317
678,728
698,758
62,442
626
139,326
24,143
226,537
28,718
248,783
-
56,866
36,459
342,108
183,591
27,688
-
59,816
8,297
95,801
64,015
918,904
2,925
336,613
144,816
1,403,258
1,066,123

Expenditure on charitable activities was £1,403,258 (2020: £1,066,123) of which £78,029 was unrestricted (2020: £157,793), £129,611 designated (2020: £22,892) and £1,195,618 restricted (2020 £885,437).

Net Income/ (Expenditure) for the period includes:

2021 2020
£ £
Depreciation 8,535 9,074
Operating Lease Expenses 10,412 12,874
Fees Payable to Auditor for:
Audit 7,709 13,400
Other Services 420 1,730

7. Allocation of Support Costs

Payroll Costs
Other Staff Costs
Premises Costs
Office Costs
Equipment Maintenance
Professional Fees
Depreciation
Governance
Other Support Costs		 Education
& Training
Housing
Support
Housing
Community
Transport
Other
Charitable
Activity
Total
Charitable
Activity
£
£
£
£
£
£
45,423
22,901
15,165
2,264
5,212
90,965
1,614
814
539
80
185
3,232
3,902
1,967
1,303
194
448
7,814
9,634
4,857
3,216
480
1,105
19,292
-
-
-
-
-
-
4,590
2,314
1,532
229
527
9,192
308
155
103
13
35
614
1,808
911
603
89
207
3,618
5,038
2,540
1,682
251
578
10,089
72,317
36,459
24,143
3,600
8,297
144,816

27

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

8. Governance Costs

Auditor’s Remuneration
Tax Advice
Legal Fees
Other		 2021
2020
£
£
7,859
13,400
420
1,730
1
2,078
13
-
8,293
17,208

£4,675 of the governance costs were allocated to trading and activities and fundraising, leaving the balance of £3,618 to be included in support costs for charitable activities.

9. Staff Costs

Staff costs during the period were:

ff costs during the period were:
Wages and Salaries
Social Security Costs
Defined Contribution Pension Costs		 2021
2020
£
£
1,323,431
1,086,934
109,454
87,900
26,344
17,974
1,459,229
1,192,808

The average number of people employed by the Group during the period was:

Charitable Activities
Trading Activities		 2021
2020
46
41
12
11
58
52

The key management personnel were the 7 members (2020: 6) of the Senior Management Team. During the period they received aggregate remuneration of £288,035 (2020: £231,811).

There were no employees receiving total benefits over £60,000.

28

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

10. Tangible Fixed Assets

Group
Cost
At 31stMarch 2020
Additions
Disposals
At 31stMarch 2021
Depreciation
At 31stMarch 2020
Charges in Period
Eliminated on disposal
At 31stMarch 2021
Net Book Value
At 31stMarch 2021
At 31stMarch 2020
Charity
Cost
At 31stMarch 2020
Additions
Disposals
At 31stMarch 2021
Depreciation
At 31stMarch 2020
Charges in Period
Eliminated on disposal
At 31stMarch 2021
Net Book Value
At 31stMarch 2021
At 31stMarch 2020		 Housing
Properties
Plant &
Machinery
Office
Equipment
Recycling
Bins
IT
Equipment
Motor
Vehicles
Total
£
£
£
£
£
£
£
-
8,912
3,834
26,350
-
42,728
81,824
118,906
-
-
-
608
11,283 130,797
-
-
-
-
-
-
-
118,906
8,912
3,834
26,350
608
54,011 212,621
-
6,866
1,150
25,814
-
21,728
55,558
-
527
767
536
152
6,373
8,355
-
-
-
-
-
-
-
-
7,393
1,917
26,350
152
28,101
63,913
118,906
1,519
1,917
-
456
25,910 148,708
-
2,046
2,684
536
-
21,000
26,266
Housing
Properties
Plant &
Machinery
Office
Equipment
Recycling
Bins
IT
Equipment
Motor
Vehicles
Total
£
£
£
£
£
£
£
-
7,918
3,834
26,350
-
42,728
80,830
118,906
-
-
608
11,283 130,797
-
-
--
-
-
-
-
118,906
7,918
3,834
26,350
608
54,011 211,627
-
6,700
1,150
25,814
-
21,728
55,392
-
325
767
536
152
6,373
8,153
-
-
-
-
-
-
-
-
7,025
1,917
26,350
152
28,101
63,545
118,906
893
1,917
-
456
25,910 148,082
-
1,218
2,684
536
-
21,000
25,438

29

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

11. Investments (Charity)

Investments (Charity)
Shares in Group Undertakings
Cost at 31st March 2020 and 31st March 2021
Carrying Amount at 31st March 2020 and 31st March 2021		 2021
2020
£
£
2
2
2
2

The investment represents a wholly-owned subsidiary company, Aspire Enterprise Services Limited (Registered Number: 11562943), a private limited company registered in England and Wales and limited by shares. The charity holds two £1 ordinary shares in that company. The Registered Office of the subsidiary is St Thomas’s School, Osney Lane, Oxford.

Aspire Enterprise Services is a trading company which operates social enterprises and provides professional facilities management services, recruitment services and enterprise consultancy to a diverse group of customers, including local councils, businesses, academic institutions and private companies.

12. Debtors

Trade Debtors
Amounts owed by Group Undertakings
Prepayments
Other Debtors		 Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£
150,638
73,766
61,993
18,303
-
-
55,695
94,604
21,257
-
14,500
-
47,804
32,990
39,104
32,991
219,699
106,756
171,292
145,898

30

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

13. Creditors falling due within one year

Trade Creditors
Taxation and Social Security
Other Creditors
Accruals and Deferred Income		 Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£
46,905
18,322
24,936
15,726
60,767
43,750
58,575
43,750
13,553
45,444
13,553
42,782
78,047
14,127
65,980
14,127
199,272
121,643
163,044
116,385

Included in Accruals and Deferred Income for the Group at 31st March 2021 was £65,543 (Company: £53,827) of Deferred Income. The comparative figure for 31st March 2020 was £7,368, all of which was in the Company. All deferrals at 31st March 2020 were expensed in the year. Income is deferred where agreements with funders relate the income to supporting services over a particular period of time and this period is not expired by the year end.

14. Creditors falling due after more than one year

2021 2020
£ £
Social Investment Loan 52,124 51,102

Creditors falling due after more than one year consist of a loan under the Social Investment Tax Relief Scheme. No repayments are due under this loan until February 2022. The loan was unsecured and bears annual interest at 1%.

15. Commitments

Operating Leases

The group had minimum lease payments under non-cancellable operating leases as set out below:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2021
2020
£
£
9,087
9,876
895
9,982
-
-
9,982
19,858

31

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

16. Funds

Restricted Funds

Employment, Training and Education
Turning Point
Building Better Opportunities
Tambour Trust
Greater Change
Strive
Trailblazer
Make Space
Bicester Village
Through the Gate
Syrian Refugees Project
Rough Sleepers Initiative
City Conversation
SWEP
Enterprise Development Programme
Housing First (SOHA)
Active Reach
Ruskin College Education Worker
OXLEP Go Create
OxPAT Christmas Fund
Team Oxford
LandSec
Homeless Prevention
Our House
Housing First (Nationwide/Cottsway)
Environmental Impact & Sustainability
Young People’s Supported
Accommodation
Digital Library
Housing Innovation (Homeless Link)
Housing Scheme (1-3 BS)
Housing Scheme (1-3 BS) Capital
Housing First (Cotswolds)
Housing First (Cherwell)
Make It Happen		 Brought
Forward 1st
April 2020
Income
Expenditure
Transfers
Carried
Forward 31st
March 2021
£
£
£
£
£
(41)
97,028
81,508
(135)
15,344
35,622
82,868
98,930
1
19,561
(1,500)
161,494
168,744
-
(8,750)
1,140
-
1,139
(1)
-
5,036
36,395
25,546
-
15,885
(7)
-
110
117
-
-
-
401
401
-
(79)
-
-
79
-
785
-
-
(785)
-
95,080
97,975
161,862
-
31,193
848
900
10,181
10,060
1,627
(106)
-
29
135
-
1,319
705
-
-
2,024
-
46,646
42,701
368
4,313
6,754
15,179
14,211
-
7,722
235
68,999
52,723
-
16,511
7,321
46,874
23,169
(117)
30,909
5,255
24,948
25,606
-
4,597
(31)
9,223
9,221
29
-
205
-
-
(205)
-
6,736.
56,503
48,690
-
14,549
-
15,000
15,805
-
(805)
57,992
189,769
130,977
510
117,294
14,100
42,918
59,477
-
(2,459)
40,163
16,331
29,536
-
26,958
31,129
12,950
38,689
-
5,390
-
8,000
3,006
-
4,994
-
36,988
20,941
-
16,047
-
55,980
14,741
-
41,239
-
35,447
72,783
-
(37,336)
-
88,262
-
-
88,262
-
47,500
15,567
-
31,933
-
61,952
23,641
-
38,311
-
7,745
5,684
-
2,061
307,956
1,364,579
1,195,618
10,457
487,374

32

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

Designated Funds
Rough Sleepers (Housing Benefit)
Housing Scheme (LP)
Housing Scheme (4-5 BS)
Housing Scheme (4-5 BS) Capital
Unrestricted Funds
Aspire Oxfordshire Community
Enterprise Ltd
Aspire Enterprise Services Limited		 Brought
Forward 1st
April 2020
Income
Expenditure
Transfers
Carried
Forward
31stMarch
2021
£
£
£
£
£
(360)
-
-
360
-
17,778.
53,850
38,682
(360)
32,586
(510)
141,484
90,929
-
54,045
-
30,644
-
-
30,644
16,908
229,978
129,611
-
117,275
Brought
Forward 1st
April 2020
Income
Expenditure
Transfers
Carried
Forward
31stMarch
2021
£
£
£
£
£
21,421.
446,732
226,205
(10,457)
231,492
(7,572)
471,461
440,865
-
23,023
13,849.
918,193
667,070
(10,457)
254,515

Expenditure for Aspire Enterprise Services Limited includes £2,100 of Corporation Tax.

The funds for Housing Scheme 1-3 BS and 4-5 BS are inherently connected to the related capital funds. Expenditure has been capitalised to the extent to which it was required to improve the properties and bring them up to a satisfactory condition. A deficit shown in the carried forward balance is mitigated by the associated capital fund carried forward balance.

Purpose of principal restricted funds

Employment, Training and Education (ETE) Turning Point

Aspire supports adults in Oxford city’s homeless pathway, or adults who are vulnerable to homelessness, to access employment, training and education (ETE) opportunities including work experience with Aspire and external employers.

Aspire delivers the 'Get Connected' contract in Turning Point's drug & alcohol recovery service for Oxfordshire. We support Turning Point clients across their four recovery hubs in Oxfordshire with social inclusion and employment coaching interventions, to help overcome their addiction including by starting work experience, education, volunteering or employment.

33

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

Building Better Aspire was awarded multi-year funds from the Big Lottery
Opportunities and European Social Fund, to support young people in
Oxfordshire aged 17-25 who have been Not in Education,
Employment or Training (NEET) for 6 months or more, to
move towards and into employment.
Greater Change Aspire engages with this crowd-funding platform to raise
emergency funds to help meet clients’ homelessness
prevention needs, such as clearing housing arrears.
Through the Gate Aspire engages with offendersincustody in the local prisons,
as well as ex-offenders in the community, working alongside
the Thames Valley Probation Services.Thisincludes
supporting participants to join Aspire's trainee programme
and to be supported into external employment, training,
education or volunteering and to help meet their housing
need.
Syrian Refugees Project Aspire has developed and delivered work-based English to
Speakers of Foreign Languages (ESOL) courses in construction
skills, self-employment and customer services.
SWEP Aspire helped deliver the Severe Weather Emergency Protocol
(SWEP) in the community setting for the winter on behalf of
Oxford City Council.
Enterprise Development Aspire has set up and is piloting a self-employment, enterprise
Programme development programme.
Housing First (SOHA) Aspire supports Housing First clients who are provided with
housing opportunity by Soha Housing in South Oxfordshire.
Active Reach An Aspire project to organise group physical activity and
provide access to sports qualifications and training, to promote
social inclusion and to improve clients’ wellbeing.
Ruskin College Education Aspire has appointed an Education Caseworker to support
Worker adults to access Ruskin’s Further and Higher Education
opportunities.
Team Oxford A multi-partner project for which Aspire is the lead
organisation, to realise greater employee volunteering and
social action outcomes for the voluntary sector in Oxford City.
LandSec Aspire receives a grant award to support its social recruitment
activity, including for Westgate Centre employers.
Homeless Prevention Aspire has appointed Community Navigators to provide
homelessness prevention advice and assistance to adults in
Oxfordshire in precarious housing.

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Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

Our House Aspire has been appointed as the support delivery partner by
West Oxfordshire District Council, to support young adults
experiencing homelessness into, and to sustain, their housing in
Cottsway Housing properties.
Housing First Aspire supports Housing First clients who are provided with
(Nationwide/Cottsway) housing opportunity by Cottsway Housing in West Oxfordshire,
with the support role originally funded by Nationwide.
Environmental Impact & Aspire is working in partnership with Bioregional to offer an
Sustainability inclusive programme in environmental sustainability training to
support the VCS sector in Oxfordshire, including to appoint
community-based Champions.
Young People’s Supported Aspire has been appointed as a support delivery partner by
Accommodation Oxfordshire Youth as part of the YPSA service in Oxfordshire,
focusing on social inclusion and employment development
support.
Digital Library Aspire has been awarded funds to establish and pilot a digital
devices library, including the refurbishment and onward
distribution of surplus digital devices to people in need in
Oxfordshire.
Housing innovation Aspire was awarded funds to develop, enhance and innovate its
(Homeless Link) emergency housing and homelessness prevention responses
during the pandemic and as we exit from it, including piloting a
lettings service.
Housing Scheme (1-3 BS) Aspire supports adults experiencing homelessness to access
housing led accommodation in central Oxford, including a
women’s only project. The capital fund re 1-3 BS represents
expenditure which has been capitalised in bringing the property
into a usable condition and which will be charged as
depreciation to the main fund for this scheme over the term of
the property lease.
Housing First (Cotswolds) Aspire supports Housing First clients who are provided with
housing opportunity by Bromford Housing in the Cotswold
District Council area.
Housing First (Cherwell) Aspire supports Housing First clients who are provided with
housing opportunity by a variety of Housing Providers in
Cherwell District Council.
Make it Happen Aspire engages with this Oxford City Council managed fund to
raise personalisation funds to help meet clients’ homelessness
prevention and move-on needs.

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Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

Purpose of Designated Funds

Housing Scheme (LP) The scheme provides housing for ex-offenders in Oxford. Housing Scheme (4-5 BS) Aspire supports adults experiencing homelessness to access housing led accommodation in central Oxford. The capital fund re 4-5 BS represents expenditure which has been capitalised in bringing the property into a usable condition and which will be charged as depreciation to the main fund for this scheme over the term of the property lease.

Transfers between Funds

Transfers may be made between funds with funds with identical or overlapping purposes and where this is consistent with charity law and the intention of donors. Typically this will arise when a particular fund comes to an end and either a shortfall has to be covered by a related fund, or an unspent balance on a fund is moved to a fund with compatible objectives.

Transfers between the General and Restricted Funds may also occur. This most commonly occurs where the spending on a project exceeds the restricted funding available, there are no restricted funds with compatible objects which could provide funding, and the balance of cost of the project has to be met from the General Fund.

Transfers between classes of fund in the year comprised:

Transfers To/(From) Fund Classes
Closing Deficit on Syrian Refugee Project
Closing Deficit on OXLEP Go Create Fund
Closing Balance on Winter 2019-20 SWEP Programme
Net Transfers		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
£
£
£
(10,060)
-
10,060
(29)
-
29
(368)
-
368
(10,457)
-
10,457

36

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

17. Analysis of Net Assets between Funds

Consolidated fund balances at 31[st] March 2021 are represented by:

Tangible Fixed Assets
Current Assets
Current Liabilities
Non-Current Liabilities
Total Net Assets		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total Funds
£
£
£
£
19,148
35,971
93,589
148,708
432,478
122,739
406,635
961,852
(144,987)
(41,435)
(12,850)
(199,272)
(52,124)
-
-
(52,124)
254,515
117,275
487,374
859,164

18. Subsidiary

The wholly owned subsidiary, Aspire Enterprise Services Limited, engages in the provision of gardening and property maintenance services, recruitment agency, consultancy and related services. The following table summarises the charity and trading subsidiary results, reconciled to the group funds, carried forward at 31 March 2021:

Income
Expenditure
Net Surplus Before Taxation
Taxation
Net Surplus After Taxation
Capital and Reserves
Brought Forward
Capital and Reserves Carried
Forward		 Charity
Trading
Company
Adjusted on
Consolidation
Total
Total
2021
2021
2021
2021
2020
£
£
£
£
£
2,041,281
539,258
(67,789)
2,512,750
1,753,371
(1,551,434)
(506,554)
67,789(1,990,199)
(1,674,059)
489,847
32,704
-
522,551
79,312
-
(2,100)
(2,100)
-
489,847
30,604
-
520,451
79,312
346,288
(7,575)
338,713
259,401
836,135
23,029
-
859,164
338,713

19. Trustees’ Remuneration, Expenses and Donations

No trustee received any remuneration or received any benefits from employment or expenses from Aspire or any related entity in the current or prior year.

Donations amounting to £890 were received from three trustees. In addition, a donation of £5,000 was received from a company of which a trustee is a director.

37

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements For the Year Ended 31[st] March 2021

20. Related Party Transactions

As reported in the accounts for the Year Ended 31[st] March 2020, in February 2020 a contract was agreed with Global Initiative Limited (Global Initiative) to develop a website for the Team Oxford project. Mr G. Nixon, an Aspire trustee, is a director of Global Initiative. Mr Nixon declared an interest in Global Initiative as part of the charity’s routine arrangements for monitoring potential conflicts of interest. Mr Nixon played no part in the decision making process to appoint Global Initiative for the Team Oxford project. This project has now been completed. Costs paid to Global Initiative in the Year Ended 31[st] March 2021 amounted to £110. There are no further contractual commitments to Global Initiative.

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