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2022-03-31-accounts

Aspire Oxfordshire Community Enterprise Ltd

Trustees’ Report and Consolidated Financial Statements

for the year ended

31 March 2022

Company number: 04270053 Registered Charity Number: 1117726

Aspire Oxfordshire Community Enterprise Ltd Report and Consolidated Financial Statements for the year ended 31 March 2022

Contents

Page
Reference and Administrative Details 1
Trustees’ Annual Report (including Directors’ Report) 2
Statement of Trustees’ Responsibilities 13
Independent Auditor’s Report 14
Consolidated Statement of Financial Activities 19
Consolidated Balance Sheet 20
Charitable Company Balance Sheet 21
Notes to the Consolidated Financial Statements 22

Aspire Oxfordshire Community Enterprise Ltd Reference and Administrative Details

of the charity, its trustees and advisers

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 Carol E. Sweetenham – Chair
Dr Sophie C. Barnett (appointed 19 August 2022)
Dr Michael E. Blowfield
Mr Charles R. Dick – Vice-Chair
Mr David J. Green (resigned 26 January 2022)
Mr Gareth M. Nixon
Mrs Lesley M. Pollock
Mrs Emma L. Radley (resigned 2 November 2022)
Mr Hugh F. Richardson (appointed 31 August 2021)
Mrs Rose J. Rolle-Rowan
Mr William H. Powlett Smith (appointed 19 August 2021)
Mr Paul A. V. Staines
Mr David R. Whittingham (resigned 26 January 2022)
Chief Executive Officer: Mr Paul M. 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 31 March 2022

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 2022. 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 they are a member or within one year after they cease to be a member, to contribute, as may be required, an amount, not exceeding £10, to the assets of the company for the debts and liabilities contracted before they cease 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 development, digital inclusion, housing support, social inclusion and homelessness prevention projects primarily across the county of Oxfordshire and with some activity undertaken in neighbouring counties in the Thames Valley. It also provided a community transport service during 2021-22, and operates a wholly-owned trading subsidiary, Aspire Enterprise Services Limited (“AESL”). Through this subsidiary, Aspire delivers professional services, which include recruitment support and enterprise development. In addition AESL provided grounds care and property services that, following trustees’ evaluation of longer term viability, were significantly scaled down from 31 March 2022.

Through this spectrum of 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 digital resources and developing their level of training and education, before supporting them into independent, sustained paid employment.

The Board of Trustees of the charity and Non-Executive Directors of the trading company, support the Chief Executive Officer (CEO) and Senior Management Team to create and deliver Aspire’s management and trading strategies. There is a team of 46 full-time and 27 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 31 March 2022

TRUSTEES

The trustees, who are also the directors for the purpose of company law, and who served during the year, are listed in the Reference and Company Administrative Details of the charity on page 1.

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, human resource, safeguarding, housing support, education and charity fundraising. Trustees are appointed via public recruitment, unless there are exceptional reasons not to do so, to bring specific skills to the charity; candidates are interviewed by the Chair, and any other appropriate trustee(s), and serve for a trial period of six months prior to confirmation of their appointment, which is renewable every three years.

c. Policies adopted for the Appointment, 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, and to familiarise themselves with Aspire and its work and future plans. The Chair has an annual discussion with each trustee to consider their role, performance and interests. The board undertook a voluntary board Effectiveness Review with the National Council for Voluntary Organisations (NCVO) in February 2021 and has substantially completed implementing the recommendations arising from its report to improve further the charity’s governance.

d. Organisational Structure and Decision Making

The trustees meet as a board quarterly, together with the CEO and other members of the Senior Management Team. The board has three sub-committees: Finance, Human Resources and Strategy, Governance and Risk. These three sub-committees sit in advance of the full board and submit their recommendations for the board’s consideration and approval. 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 to the charity board.

A strategic ‘away day’ is held annually for both boards.

The CEO 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 CEO manages a Senior Management Team, comprising in 2021-22:

3

Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2022

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 are satisfied that systems and procedures are in place to mitigate its exposure to the major risks.

Funding core costs remains perhaps the greatest risk facing the organisation as, while trading and commissioned housing and employment support contracts 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 the expansion and development activity for the charity. This is a particular concern against a background of high inflation, which we expect to have an impact both on our wage bill and on the level of demand for our services. In the last year, fundraising, commissioned contracts and commercial activities all continued to be invested in, which contributed to Aspire's long-term goal of becoming financially selfsufficient.

Peninsula Business Services has been retained to advise and implement robust Health and Safety policies and give up to date advice on employment law; this support was improved further with additional, supportive Health and Safety audit site visits and staff training undertaken by Kellsafe Ltd during 2021-22. The trustees convene a quarterly Strategy, Governance and Risk sub-committee that reports to each full board meeting, and maintains an active risk register updated and scrutinised on a quarterly basis. Trustees have indemnity insurance.

Safeguarding is also an area of risk the charity takes very seriously; it has appointed a Designated Safeguarding Officer, a Senior Management Team lead report on Safeguarding and a Safeguarding trustee, who constituted a Safeguarding Management Committee and developed and implemented a robust safeguarding policy and suite of accompanying processes.

f. Strategy

The Board of Trustees and Senior Management Team carried out an intensive, considered process of strategy renewal involving Aspire’s employees, trustees and other stakeholders during autumn 2021, adopting a new 3-year Strategy for 2022-25. The Senior Management Team was tasked to introduce an annual operational plan to underpin the strategy’s implementation. This strategic renewal was also revisited by all Aspire employees in the annual strategy away day held in April 2022.

Our Vision is “To empower people to rebuild their lives and futures and realise their potential”; our Mission is “We empower people to rebuild their lives and futures and realise their potential, by providing person-centred employment, enterprise development, and housing and support opportunities”. Our Core Values remain as: Ambitious, Supportive, Person-centred, Inspiring, Reliable and Enterprising. Our Foundation is that Aspire is a resilient and well-governed organisation, able to deliver and evolve in the face of change.

4

Aspire Oxfordshire Community Enterprise Ltd

Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2022

Our new strategic approach is defined as follows:

We continued to use strategic management tools and processes in 2021-22, including a Balanced Scorecard and Growth Opportunity Framework, to help us analyse potential ways forward so that we can continue to provide effective, enduring services to the most vulnerable people in Oxfordshire and the Thames Valley.

We launched our public commitment to inclusion and diversity in 2021-22, which can be found on our website (https://www.aspireoxfordshire.org/our-commitment-to-inclusion-and-diversity). Bias awareness training was completed at all levels, including trustees.

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 during 2021-22, 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 is 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.

5

Aspire Oxfordshire Community Enterprise Ltd

Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2022

OBJECTIVES AND ACTIVITIES

h. Policies and Objectives

Aspire’s main objectives are to:

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

Furthermore, while engaged with Aspire, service users have the support of a dedicated Employment and Development Worker and/or Housing Progression 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 person-centred support relationships that are trauma-informed, our exceptional Employment and Development and Housing Progression 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 Aspire Supporter Worker relationship can become a cornerstone for positive change.

6

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

for the year ended 31 March 2022

Reflecting on Aspire’s social impact during 2021-22 when compared to activity in 2020-21, there is ample evidence of these main objectives being met:

The trustees are therefore satisfied that these objectives have been met in the 2021-22 reporting period, with a notable uptick in the level of demand, activity and responsiveness of our services to realise a high level of social impact.

7

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

for the year ended 31 March 2022

ACHIEVEMENTS AND PERFORMANCE

i. Review of Activities

In 2021-22 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 pandemic and post-pandemic phases. For example, it was selected as a Gateway Provider of the Government’s ‘Kickstart Youth Employment Scheme’ for Oxfordshire. It achieved this by forging new multi-stakeholder partnerships; by successfully developing its trading activity in recruitment and consultancy; and by expanding its support offer to include digital and social inclusion projects, alongside effective homelessness prevention and housing-led projects being extended 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 coped well with the effects of Covid-19 and the accompanying social disruption; it moved swiftly to remote working and then to adopt a hybrid work policy; it 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 multiyear strategy and has realigned itself to respond to the emerging inequality and sustainability challenges our society faces, and to respond to a forecast rise in unemployment and housing need that will continue beyond 2022. And we have built on learning from the pandemic to rethink our delivery model, as to how we adopt a ‘place-based approach’, so that Aspire is present and accessible in our communities, including through opening locally based points of access or “hubs”.

This growth reflected:

8

Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2022

There has been much to celebrate in the exceptional social impact that we've achieved. Nevertheless, the worryingly stark reality is that the need for Aspire's support has never been greater. Introducing sustainable, lasting solutions to prevent and reduce homelessness, re-offending and poverty, as we start to exit from the coronavirus pandemic and find ourselves confronted by the twin challenges of the rising cost of living and responding to the climate emergency, means using enterprising and fresh approaches. It means not being afraid to try new ideas to achieve a critical transition to a fairer, sustainable, more equal economy and community. It also means 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 Enterprise Services Limited also continued to operate through the financial year 2021-22, with the intention to generate profit and make distributions to the charity through our trading company’s commercial partnerships and the contracts that it secured. The year proved difficult, however, for our grounds care and property maintenance department, hit by recruitment challenges, rising material costs and loss of contracts, and this resulted in the department winding down and closure by 31 March 2022. While the removal of this activity in the trading company represents a material element of the trading company income, and created a loss during the financial year to 31 March 2022, the trustees are reassured the Directors of the trading company have a plan in place to return the entity to profit.

Aspire continues to occupy St. Thomas's, 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 2021-22 enabled the organisation to develop and grow its services and enterprises. We are very grateful to 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 mitigate the risk of a financial shortfall as a result of the pandemic’s disruption, Aspire retained its fundraising team of a full-time Fundraising and Communications Officer reporting to an experienced, fulltime 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.

9

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

for the year ended 31 March 2022

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 2021-22, 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 2021-22 include those with Turning Point, Connection Support, Asylum Welcome, Makespace, OSECP CIC, 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 2021-22 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. It is no longer financially viable, however, to continue a service, which also is not closely aligned with our longer-term strategic aims.

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 and alcohol treatment clients with their education, training and employment 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 2022-23.

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 sustaining a successful 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. This model of supporting new community enterprise has extended further in 2021-22, with Aspire supporting the launch of a community wealth building project in Oxford City, known as ‘Owned by Oxford’.

10

for the year ended 31 March 2022

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

FINANCIAL REVIEW

j. Reserves Policy

Forming part of reserves, the unrestricted general fund is the working fund of the charity. Unlike the other funds, it is not restricted or designated for use for a particular or defined purpose. The unrestricted general fund has to provide for the net deficit of any activities that have inadequate income of their own and for the general administration of the charity. It also provides working capital for operations and helps to provide resources to ensure that the charity is able to continue with its obligations in the event of a shortfall in income or unexpected upturn in expenditure.

The Board of Trustees aims to maintain readily available free reserves in unrestricted general funds at a level equivalent to between three and six months of the higher of projected gross unrestricted income and gross unrestricted expenditure for the next financial year, plus committed capital expenditure to be financed from own resources. The target amounted to between £274,000 and £548,000 at 31 March 2022, and the charity’s unrestricted general funds of £409,234 were in the middle of the range.

k. Summary of Consolidated Financial Results

In 2021-22, activities resulted in an underlying unrestricted surplus of £72,040, that is, before the transfer of £82,679 of designated to unrestricted reserves following the removal of the designation by the board. Income was sustained, at the higher level experienced during the coronavirus pandemic, and further investment made in our charitable programme and support functions to strengthen impact and delivery. Aspire ended 2021-22 in a satisfactory financial position, with an unrestricted general fund of £409,234 (up from £254,515 in 2020-21). A budget showing an unrestricted surplus has been set for 2022-23.

l. 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 general fund, 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 approving and authorising these financial statements for issue. For this reason they continue to adopt the going concern basis in preparing the financial statements.

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 and community enterprises, local authorities and businesses, to realise this vision on the ground. This will include:

11

Aspire Oxfordshire Community Enterprise Ltd

Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2022

PUBLIC BENEFIT

The Board of Trustees has given careful consideration to the Charity Commission’s general guidance on public benefit and it is satisfied that the charity’s activities are for the public benefit. Indeed, Aspire created outstanding social impact in 2021-22. 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 bring a significant and positive benefit to society, families and local communities.

We engaged with over 2,000 vulnerable people across all of our charitable programmes and supported 228 people into paid employment, a further 277 people were supported to sustain their tenancies and 96 people 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, training, education and secure housing through our programmes.

Approved by the board on 13 December 2022 and signed on its behalf by:

Dr C. E. Sweetenham Chair of the Board of Trustees 13 December 2022

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Aspire Oxfordshire Community Enterprise Ltd

Statement of Trustees’ Responsibilities

for the Year Ended 31 March 2022

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:

Approved by the board on 13 December 2022 and signed on its behalf by:

Dr C. E. Sweetenham Chair of the Board of Trustees 13 December 2022

13

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 2022 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.

14

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

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.

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:

15

Independent Auditors' Report To The Members of

Aspire Oxfordshire Community Enterprise Ltd

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement [set out on page 13], 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.

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:

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Independent Auditors' Report To The Members of

Aspire Oxfordshire Community Enterprise Ltd

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:

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.

17

Independent Auditors' Report To The Members of

Aspire Oxfordshire Community Enterprise Ltd

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: 16/12/2022

18

Aspire Oxfordshire Community Enterprise Ltd Consolidated Statement of Financial Activities

for the year ended 31 March 2022 (including the Income & Expenditure Account)

Note
Income
Donations and Grants
2
Charitable Activities
3
Trading Activities
4
Other Income
5
Total Income
Expenditure
Raising Funds
6
Charitable Activities
7
Trading Activities
Total Expenditure
Net income/(expenditure)
before transfers
Transfers between funds
17
Net Surplus Before
Taxation
Taxation
Net Surplus After Taxation
Funds Brought Forward
Funds Carried Forward
17		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
£
298,629
14,483
1,600,958
1,914,070
1,900,430
67,203
154,811
184,590
406,604
174,686
536,025
-
-
536,025
437,634
10,281
-
-
10,281
-
912,138
169,294
1,785,548
2,866,980
2,512,750
152,154
-
-
152,154
148,176
127,764
203,890
1,726,035
2,057,689
1,403,258
561,652
-
-
561,652
438,765
841,570
203,890
1,726,035
2,771,495
1,990,199
70,568
(34,596)
59,513
95,485
522,551
85,849
(82,679)
(3,170)
-
-
156,417
(117,275)
56,343
95,485
522,551
(1,698)
-
-
(1,698)
(2,100)
154,719
(117,275)
56,343
93,787
520,451
254,515
117,275
487,374
859,164
338,713
409,234
-
543,717
952,951
859,164

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

19

Aspire Oxfordshire Community Enterprise Ltd Consolidated Balance Sheet at 31 March 2022

Note
Fixed Assets
Tangible Assets
11
Current Assets
Debtors
13
Cash at bank and in hand
Current Liabilities
Creditors falling due within one year
14
Net Current Assets
Total Assets Less Current Liabilities
Creditors falling due after more than one
year
15
Total Net Assets
Funds:
Restricted Funds
17
Designated Funds
17
Unrestricted Funds
17
Total Funds		 2022
£
167,213
990,922		 2022
£
65,854
939,730		 2021
£
219,699
742,153		 2021
£
148,708
762,580
1,158,135
(218,405)		 961,852
(199,272)
1,005,584
(52,633)		 911,288
(52,124)
952,951 859,164
543,717
-
409,234		 487,374
117,275
254,515
952,951 859,164

The consolidated financial statements were approved by the trustees and authorised for issue on 13 December 2022 and were signed on their behalf:

Dr C.E. Sweetenham Chair of the Board of Trustees 13 December 2022

The notes on pages 22 to 40 form part of these financial statements.

20

Aspire Oxfordshire Community Enterprise Ltd Charitable Company Balance Sheet at 31 March 2022

Note
Fixed Assets
Tangible Assets
11
Investments
12
Current Assets
Debtors
13
Cash at bank and in hand
Current Liabilities
Creditors falling due within one year
14
Net Current Assets
Total Assets Less Current Liabilities
Creditors falling due after more than one year
15
Total Net Assets
Funds:
Restricted Funds
17
Designated Funds
17
Unrestricted Funds
17
Total Funds		 2022
£
119,550
957,515		 2022
£
65,854
2



949,511		 2021
£


171,292
731,927		 2021
£
148,082
2
740,175
1,077,065
(127,554)		 903,219
(163,044)






1,015,367
(52,633)		 888,259
(52,124)
962,734 836,135
543,717
-
419,017		 487,399
117,251
231,485
962,734 836,135

The financial statements were approved by the trustees and authorised for issue on 13 December 2022 and were signed on their behalf:

Dr C.E. Sweetenham Chair of the Board of Trustees 13 December 2022

The notes on pages 22 to 40 form part of these financial statements.

21

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

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 (“AESL”), 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 19.

A summary of the principal accounting policies adopted that 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 housing and the opportunity of gaining work experience and developing their level of training and education, before supporting them into independent sustained employment.

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 2019. The charity constitutes a public benefit entity, as defined by FRS 102 section 1a.

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

22

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Grants

Income from grants is 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 and services, 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.

23

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, these are 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 grant. 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 the cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Fundraising 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 6.

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

24

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

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 concerned were materially complete by 31 March 2021. The initial leases run to December 2022. The assets are being depreciated on a straight-line basis from 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 SOFA on a straight line basis over the lease term.

25

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

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. 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 pension 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.

26

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

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		 2022
2022
2022
2022
2021
Unrestricted
Designated
Restricted
Total
Total
£
£
£
£
£
259,105
-
-
259,105
364,423
38,942
14,483
1,600,958
1,654,383
1,502,180
582
-
-
582
33,827
298,629
14,483
1,600,958
1,914,070
1,900,430

Grants for trading of £582 (2021: £33,827) comprised furlough payments under the Government’s ‘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 £17,077 (2021: £86,232).

Donations include Gift Aid of £15,811 (2021: £7,523) claimed during the year.

3. Income from Charitable Activities

Community Transport
Housing
Education & Training
Other
Total		 2022
2022
2022
2022
2021
Unrestricted
Designated
Restricted
Total
Total
£
£
£
£
£
36,514
-
-
36,514
36,024
21,256
154,811
184,590
360,657
121,770
-
-
-
-
6,120
9,433
-
-
9,433
10,772
67,203
154,811
184,590
406,604
174,686

During the course of the year there were grants receivable of £12,648 (2021: £24,059) in respect of Community Transport. These have been shown under Donations and Grants.

27

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

4. Income from Trading Activities

Gardening & Property Maintenance
Recruitment Agency Activity
Other Trading Activities		 2022
2021
£
£
365,085
353,553
135,612
59,006
35,328
25,075
536,025
437,634

£582 (2021: £33,827) of furlough funding under the Government’s ‘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 £27,971 (2021: £67,789) for maintenance work, on properties occupied by Aspire, and consultancy services. This income appears in the accounts of the trading company, but is not reflected in the consolidated accounts.

5. Other Income Received

2022
2021
£
£
Proceeds from the sale of assets 5,502
-
Sundry income 4,779
-
Total 10,281
-

Other sundry income includes interest earned on the working capital element of cash held within an instant access reserve bank account.

6. Cost of Raising Funds

Fundraising Events
Fundraising Costs
Allocated Support Costs		 2022
2021
£
£
5,106
-
73,848
74,976
73,200
73,200
152,154
148,176

28

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

7. Analysis of Expenditure on Charity Activities

Community Transport
Education and Training
Housing Provision
Housing Support
Other
Total		 2022
2022
2022
2022
2022
2021
Staff Costs
Depreciation
Activities
Undertaken
Directly
Support
Costs
(note 8)
Total
Total
£
£
£
£
£
£
50,167
2,299
17,182
3,672
73,320
60,084
534,171
-
66,731
73,111
674,013
678,728
238,178
71,707
193,281
61,219
564,385
226,537
373,577
-
60,550
52,820
486,947
342,108
86,513
-
146,295
26,216
259,024
95,801
1,282,606
74,006
484,039
217,038
2,057,689
1,403,258

Expenditure on charitable activities was £2,057,689 (2021: £1,403,258) of which £127,764 was unrestricted (2021: £78,029), £203,890 designated (2021: £129,611) and £1,726,035 restricted (2021: £1,195,618).

Net income/ (expenditure) for the period is after charging:

2022 2021
£ £
Depreciation 79,123 8,535
Operating Lease Expenses 11,039 10,412
Fees Payable to Auditor for:
Audit 7,470 7,859
Other Services 1,400 420

8. Allocation of Support Costs

Payroll Costs
Other Staff Costs
Premises Costs
Office Costs
Professional Fees
Depreciation
Governance
Other Support Costs		 Community
Transport
Education
and
Training
Housing
Support
Housing
Provision
Other
Charitable
Activity
Total
Charitable
Activity
£
£
£
£
£
£
2,529
50,334
36,365
42,147
18,047
149,422
162
3,234
2,336
2,708
1,160
9,600
311
6,199
4,479
5,191
2,223
18,403
382
7,607
5,496
6,369
2,728
22,582
40
803
580
673
288
2,384
13
258
186
216
93
766
84
1,675
1,210
1,402
601
4,972
151
3,001
2,168
2,513
1,076
8,909
3,672
73,111
52,820
61,219
26,216
217,038

29

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

9. Governance Costs

Auditors’ Remuneration
Tax Advice and Fees
Legal Fees
Other		 2022
2021
£
£
7,470
7,859
1,400
420
-
1
26
13
8,896
8,293

£3,924 (2021: £4,675) of the governance cost was allocated to trading activities and fundraising, leaving the balance of £4,972 (2021: £3,618) to be included in support costs for charitable activities.

10. Staff Costs

Staff costs during the period were:

ff costs during the period were:
Wages and Salaries
Social Security Costs
Defined Contribution Pension Costs		 2022
2021
£
£
1,773,873
1,323,431
155,961
109,454
36,441
26,344
1,966,275
1,459,229

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

Charitable Activities
Trading Activities		 2022
2021
60
46
13
12
73
58

The key management personnel were the 7 members (2021: 7) of the Senior Management Team. During the period they received aggregate remuneration of £302,952 (2021: £288,035).

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

30

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

11. Tangible Fixed Assets

Group
Cost
At 31 March 2021
Additions
Disposals
At 31 March 2022
Depreciation
At 31 March 2021
Charges in period
Eliminated on disposal
At 31 March 2022
Net Book Value
At 31 March 2021
At 31 March 2022
Charity
Cost
At 31 March 2021
Additions
Disposals
Transfers
At 31 March 2022
Depreciation
At 31 March 2021
Charges in period
Eliminated on disposal
Transfers
At 31 March 2022
Net Book Value (NBV)
At 31 March 2021
At 31 March 2022		 Housing
Properties
Plant &
Machinery
Office
Equipment
Recycling
Bins
IT
Equipment
Motor
Vehicles
Total
£
£
£
£
£
£
£
118,906
8,912
3,834
26,350
608
54,011 212,621
-
1,574
-
-
526
-
2,100
-
3,703
-
-
-
23,239
26,942
118,906
6,783
3,834
26,350
1,134
30,772 187,779
-
7,393
1,917
26,350
152
28,101
63,913
67,946
724
767
-
334
9,352
79,123
-
1,545
-
-
-
19,566
21,111
67,946
6,572
2,684
26,350
486
17,887 121,925
118,906
1,519
1,917
-
456
25,910 148,708
50,960
211
1,150
-
648
12,885
65,854
Housing
Properties
Plant &
Machinery
Office
Equipment
Recycling
Bins
IT
Equipment
Motor
Vehicles
Total
£
£
£
£
£
£
£
118,906
7,918
3,834
26,350
608
54,011 211,627
-
1,574
-
526
-
2,100
-
3,197
-
-
-
23,241
26,438
-
488
-
-
-
-
488
118,906
6,783
3,834
26,350
1,134
30,770 187,777
-
7,025
1,917
26,350
152
28,101
63,545
67,946
534
767
-
334
9,352
78,933
-
1,263
-
-
-
19,568
20,831
-
276
-
-
-
-
276
67,946
6,572
2,684
26,350
486
17,885 121,923
118,906
893
1,917
-
456
25,910 148,082
50,960
211
1,150
-
648
12,885
65,854

31

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

The trustees agreed to recognise all fixed assets as assets of the charity from 31 March 2022. The assets of the trading subsidiary (NBV £212) were transferred to the charity on 31 March 2022, transferring the total cost and accumulated depreciation separately. The transfer has nil value for the group fixed asset note. Where fixed assets owned by the charity are used by the trading subsidiary (AESL) from 1 April 2022, the trading subsidiary will be charged for use at an appropriate arm’s length rate.

12. Investments (Charity)

Shares in Group Undertakings
Cost at 31 March 2022 and 31 March 2021
Carrying Amount at 31 March 2022 and 31 March 2021		 2022
2021
£
£
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.

13. Debtors

Trade Debtors
Amounts owed by Group Undertakings
Prepayments
Accrued Income
Other Debtors		 Group
Group
Charity
Charity
2022
2021
2022
2021
£
£
£
£
145,704
150,638
78,350
61,993
-
-
20,051
55,695
9,591
21,257
9,591
14,500
5,758
-
5,758
6,160
47,804
5,800
39,104
167,213
219,699
119,550
171,292

32

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

14. Creditors falling due within one year

Trade Creditors
Taxation and Social Security
Other Creditors
Accruals
Deferred Income		 Group
Group
Charity
Charity
2022
2021
2022
2021
£
£
£
£
25,808
46,905
23,779
24,936
72,517
60,767
72,517
58,575
16,244
13,553
16,244
13,553
19,289
12,504
15,014
12,153
84,547
65,543
-
53,827
218,405
199,272
127,554
163,044

All Deferred Income at 31 March 2021 was expensed in the year. Income is deferred where agreements with funders, or contracts for services paid in advance, relate the income to supporting services over a particular period of time and this period is not expired by the year end.

15. Creditors falling due after more than one year

2022 2021
£ £
Social Investment Loan 52,633 52,124

Creditors falling due after more than one year consist of a loan under the Social Investment Tax Relief (SITR) Scheme. No repayments were due under this loan until February 2022. Following a period of consultation with investors, the first round of repayments was made in June 2022. The loan was unsecured and bears annual interest at 1%.

16. 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		 2022
2021
£
£
48,555
9,087
-
895
-
-
48,555
9,982

The increase in operating lease commitments is related to Aspire’s Social Lettings project, which uses landlord-owned property under lease contract to enable the provision of housing to clients.

33

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

17. Funds

Restricted Funds

Restricted Funds
Employment, Training and Education
Turning Point
Building Better Opportunities
Greater Change
Through the Gate
Syrian Refugees Project
Refugee Projects
Lived Experience Advisory Forum
SWEP
Enterprise Development Programme
Housing First (SOHA)
Active Reach
Ruskin College Education Worker
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
Weekly Women’s Hub
The Old Court House (Witney)		 Brought
Forward 1
April 2021
Income
Expenditure
Transfers
Carried
Forward 31
March 2022
£
£
£
£
£

15,344
58,218
(73,991)
-
(429)
19,561
81,701
(95,921)
-
5,341
(8,750)
168,754
(160,003)
-
1
15,885
41,938
(52,376)
-
5,447
31,193
183,318
(207,844)
-
6,667
1,627
-
-
(1,627)
-
-
6,978
(466)
-
6,512
2,024
13,740
(2,530)
-
13,234
4,313
4,165
(11,021)
2,543
-
7,722
50,880
(35,745)
-
22,857
16,511
79,870
(78,647)
-
17,734
30,909
61,528
(56,838)
-
35,599
4,597
6,237
(6,477)
(4,357)
-
14,549
59,810
(57,631)
-
16,728
(805)
15,300
(14,416)
-
79
117,294
124,641
(150,384)
-
91,551
(2,459)
62,321
(60,224)
-
(362)
26,958
19,500
(35,206)
-
11,252
5,390
31,631
(37,292)
271
-
4,994
31,890
(23,377)
-
13,507
16,047
134,584
(72,595)
-
78,036
41,239
125,151
(71,570)
-
94,820
(37,336)
248,442
(208,914)
-
2,192
88,262
-
(46,233)
-
42,029
31,933
29,800
(48,157)
-
13,576
38,311
64,750
(82,765)
-
20,296
2,061
9,571
(8,591)
-
3,041
-
5,000
(3,280)
-
1,720
-
65,831
(23,542)
-
42,289
487,374
1,785,549
(1,726,036)
(3,170)
543,717

34

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

Designated Funds
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 1
April 2021
Income
Expenditure
Transfers
Carried
Forward 31
March
2022
£
£
£
£
£
32,586
61,179
(60,483)
(33,282)
-
54,045
108,115
(127,355)
(34,805)
-
30,644
-
(16,052)
(14,592)
-
117,275
169,294
(203,890)
(82,679)
-
Brought
Forward 1
April 2021
Income
Expenditure
Transfers
Carried
Forward 31
March
2022
£
£
£
£
£
231,492
375,531
(279,917)
85,849
412,955
23,023
536,607
(563,350)
-
(3,720)
254,515
912,138
(843,268)
85,849
409,234

Expenditure for Aspire Enterprise Services Limited includes £1,698 of Corporation Tax, an adjustment relating to the year to 31 March 2020.

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

Turning Point 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.

35

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

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 / Refugee Projects Aspire has developed and delivered work-based English to
Speakers of Foreign Languages (ESOL) courses in construction
skills, self-employment and customer services and expanded
this offering to non-Syrian refugees..
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.

36

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

Homelessness Prevention Aspire has appointed Community Navigators to provide
homelessness prevention advice and assistance to adults in
Oxfordshire in precarious housing.
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.

37

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

Make it Happen

Weekly Women’s Hub

The Old Court House (Witney)

Aspire engages with this Oxford City Council managed fund to raise personalisation funds to help meet clients’ homelessness prevention and move-on needs.

Aspire delivers a weekly women's drop-in hub service, in partnership with The Gatehouse and funded by Oxford City Council. Operated from community venues, it provides a safe, inclusive space for women to benefit from access to peer support, professional advice and guidance and to hear about useful gender informed service offers.

Aspire is commissioned by West Oxfordshire District Council to mobilise and operate a 15-person supported 'move-on' housing project in Witney.

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.

38

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

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 Unrestricted 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 Unrestricted Fund.

On 31 March 2022 the trustees approved the removal of the designated status for the housing schemes, LP and 4-5 BS, and the transfer of the closing balance for the year to 31 March 2022 to the Unrestricted Fund. The charity is introducing a new finance structure from 1 April 2022, including a more effective method for the financial identification and management of these housing schemes, which removes the need for the designated status.

Transfers between classes of fund in the year comprised:

Transfers To/(From) Fund Classes
Closing Balance Syrian Refugee Project
Closing Deficit SWEP fund
Closing Balance Ruskin College Education Worker fund
Closing Balance Environmental Impact & Sustainability
Remove Designated status Housing Schemes
Net Transfers		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
£
£
£
1,627
-
(1,627)
(2,543)
-
2,543
4,357
-
(4,357)
(271)
271
82,679
(82,679)
-
85,849
(82,679)
(3,170)

18. Analysis of Net Assets between Funds

Consolidated fund balances at 31 March 2022 are represented by:

Tangible Fixed Assets
Current Assets
Current Liabilities
Non-Current Liabilities
Total Net Assets		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total Funds
£
£
£
£
23,997
-
41,857
65,854
651,587
-
506,548
1,158,135
(213,717)
-
(4,688)
(218,405)
(52,633)
-
-
(52,633)
409,234
-
543,717
952,951

39

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2022

19. Subsidiary

The wholly owned subsidiary, Aspire Enterprise Services Limited, engaged 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 2022:

Income
Expenditure
Net Surplus Before Taxation
Taxation
Net Surplus After Taxation
Capital and Reserves
Brought Forward
Gift Aid Distribution
Carried Forward		 Charity
Trading
Company
Adjusted on
Consolidation
Total
Total
2022
2022
2022
2022
2021
£
£
£
£
£
2,336,437
564,578
(34,035)
2,866,980
2,512,750
(2,209,843)
(590,393)
28,741
(2,771,495)
(1,990,199)
126,594
(25,815)
(5,294)
95,485
522,551
-
(1,698)
(1,698)
(2,100)
126,594
(27,513)
(5,294)
93,787
520,451
836,135
23,029
-
859,164
338,713
-
(5,294)
5,294
-
962,729
(9,778)
-
952,951
859,164

20. Trustees’ Remuneration, Expenses and Donations

No trustee received any remuneration or received any benefits from employment or expenses from Aspire or any related entity during the year (2021: None).

Donations amounting to £1,260 (2021: £890) were received from four trustees (2021: three) and £1,000 (2021: £5,000) was received from a company of which a trustee is a director. These donations were received in the normal course of business.

21. Related Party Transactions

There are no related party transactions that require disclosure in the year ended 31 March 2022 (2021: none).

40