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← Aspire Oxfordshire Community Enterprise Limited

2025-03-31-accounts

Aspire Oxfordshire Community Enterprise Ltd Trustees’ Report and Consolidated Financial Statements for the year ended

31 March 2025

Company number: 04270053 Registered Charity Number: 1117726

Aspire Oxfordshire Community Enterprise Ltd Report and Consolidated Financial Statements for the year ended 31 March 2025

Contents

Page
Reference and Administrative Details 1
Trustees’ Annual Report (including Directors’ Report) 2
Statement of Trustees’ Responsibilities 14
Independent Auditor’s Report 15
Consolidated Statement of Financial Activities 20
Consolidated Balance Sheet 21
Charitable Company Balance Sheet 22
Consolidated Statement of Cash Flows 23
Notes to the Consolidated Financial Statements 24

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: TBC Mr William H. Powlett Smith – Chair Mr Edward J. Andrews (appointed 3 May 2024, resigned 5 May 2025) Dr Sophie C. Barnett (resigned 30 August 2024) Mr Christopher R. Blackburn Dr Michael E. Blowfield (resigned 2 September 2024[1] ) Ms Laura M. Brown Mrs Helen M. Cannon (appointed 3 May 2024) Mr Charles R. Dick – Vice-Chair Mrs Clare Dines (appointed 1 June 2024) Mr Hugh F. Richardson Ms Catherine W. Rowe Mr Paul A. V. Staines (resigned 2 September 2024) 1 Dr Michael E. Blowfield served as a director until his death on 30 August 2024 Chief Executive Officer: Mr Paul M. Roberts (resigned 31 August 2024) Mrs Nicci Marzec (appointed 2 September 2024) Independent Auditor: Gravita Audit Oxford LLP First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD Bankers: National Westminster Bank Plc 43 Cornmarket Street Oxford OX1 3HA

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Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2025

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” or “the charity”), for the year ended 31 March 2025. 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 applicable in the UK and Republic of Ireland (FRS102), effective January 2019.

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, with a youth hub in Witney. It delivers a range of employment development, housing support, homelessness prevention and digital and social inclusion projects primarily across the county of Oxfordshire and with some activity undertaken in neighbouring counties in the Thames Valley. Through this spectrum of charitable activity, Aspire fulfils its social aims of giving people facing serious social disadvantages the opportunity of gaining new skills, selfconfidence, 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 support the Chief Executive Officer (CEO) and Senior Leadership Team (“SLT”) to create and deliver Aspire’s organisational strategy. During the year a team of 33 full-time and 26 part-time positions supported delivery. The CEO and other members of the SLT are responsible for the day to day running of the charity and communicating and achieving the goals set by the Board of Trustees.

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 Administrative Details of the charity on page 1.

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Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2025

b. Method of Appointment or Election of Trustees

The management of the charity is the responsibility of the trustees who are elected and coopted under the terms of the Articles of Association. Aspire's board members are recruited in order to 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 and communications. 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 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 SLT 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 review their role, performance and interests.

d. Organisational Structure and Decision Making

During the year, trustees continued to meet as a board quarterly, together with the CEO and other members of the SLT. Four board sub-committees (Finance, Human Resources, Housing, Strategy Governance and Risk) sat in advance of the full board and submitted their recommendations for the board’s consideration and approval. These sub-committee governance arrangements have been reviewed since the year end and will be modified in the year to 31 March 2026. A fifth sub-committee (Nominations) meets once a year in October, and at other times by exception. The charity board is responsible for strategic direction and policy making. At least one strategic away day is held annually, comprising the Board and SLT.

The trustees recognise that good governance is fundamental to Aspire’s success, enabling and supporting Aspire’s compliance with the law and relevant regulations and promoting a culture which works towards fulfilling the charity’s vision. Aspire is actively using the Charity Governance Code, including its self-assessment tool. The board reflects on how well it is applying the seven principles which make up the Code (organisational purpose; leadership; integrity; decision making, risk and control; board effectiveness; equality, diversity and inclusion; and openness and accountability) and where there are areas for improvement.

The CEO is directly line-managed by the Chair on behalf of the trustees and, alongside SLT colleagues, is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met.

The trustees, operating through the Nominations sub-committee, undertook a rigorous process to recruit a new CEO during the year. Following public recruitment, candidates were interviewed by the Chair, other appropriate trustees, senior management and a staff representative. After serving a probation period of six months, the appointment was confirmed, ensuring the selected individual brought essential skills to the charity.

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Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2025

The CEO manages the other members of the SLT comprising a Chief Operating Officer and Chief Programmes Officer.

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. A risk matrix is updated and reviewed at each Board meeting.

Funding core costs remains perhaps the greatest risk facing the organisation since, although commissioned housing and employment support contracts, housing rental and some trading activity generate critical revenue and contribute to covering core overheads, they are not sufficient to maintain all services at current level and invest in the expansion and development activity for the charity. Uncertainty over public services funding, following governmental changes at a national level, resulted in delays to funding decisions in the year and lack of clarity on potential future funding priorities. As the government has now set out national spending priorities that align with Aspire, the charity is optimistic there will be opportunities to strengthen funding.

The charity is committed to strengthening fundraising capabilities, by engaging with donors, sponsors, and the community, to increase our regular giving programme and provide stable and reliable sources of income that can be used to develop innovative new services. It is also actively exploring new income streams, such as partnerships with businesses, grant opportunities, and innovative fundraising events, to help maintain and expand core noncommissioned services.

Peninsula Business Services has been retained to give up to date advice on employment law. Aspire retained Kellsafe Ltd to advise on and implement robust Health and Safety policies and processes, alongside continuing supportive Health and Safety audit site visits and staff training. The trustees convene a quarterly Strategy, Governance and Risk sub-committee, which reports to each full board meeting, and maintains an active risk register updated and scrutinised on a quarterly basis. Trustees have indemnity insurance.

The charity is exposed to the risk that its current premises only remain available for use in the medium-term, a matter which the trustees and SLT continue to have under active consideration. The trustees recognise that the charity’s staff and their working environment are of critical importance and have authorised investment into and spent on improving the utility and comfort of the premises.

Safeguarding is also an area of risk the charity takes very seriously; it has retained a Designated Safeguarding Officer and an assistant, an SLT lead report on Safeguarding and a Safeguarding trustee. Safeguarding is reviewed regularly by a board subcommittee, and executive oversight is managed through a senior safeguarding team that includes senior leadership and programme leads. All trustees complete online safeguarding training.

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Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2025

f. Strategy

The Board of Trustees and SLT continued to deliver against the charity’s 3-year Strategy for 2022-25 and began the development of a new plan for the 2025-30 period. Aspire continued to use strategic management tools and processes in the year to 31 March 2025, including a Performance Scorecard and Opportunity Prioritisation Framework, to help analyse potential ways forward to enable continued provision of effective, enduring services to the most vulnerable people in Oxfordshire and the Thames Valley. Aspire continued to promote its commitment to equality, diversity and inclusion (“EDI”) across all areas.

Aspire is committed to delivering high-quality services that make a tangible difference in the lives of clients. Through rigorous impact evaluation, Aspire continuously assesses and refines programmes to ensure they meet the evolving needs of clients. By demonstrating the value of our services, Aspire can showcase the profound life changes their support helps clients to make.

From securing stable housing to achieving personal and professional growth, clients' journeys towards independence and success are a testament to the effectiveness of Aspire’s personcentred approach. Dedication to excellence and continuous improvement ensures that Aspire remains a trusted partner in helping people achieve their goals and ambitions.

The development of the new strategy has been informed by three staff workshops during the year, and a Board of Trustees and SLT away day on 5 March 2025. The Board reflected on performance to date and considered high-level opportunities and threats to guide the creation of a future strategy. The draft new corporate strategy was approved in May 2025 and sets out the vision and strategic objectives of the charity for the period 2025 to 2030 (see Future Developments).

The strategy reaffirms the charity’s commitment to supporting people through high-quality, person-centred services, while also adapting to changing needs and opportunities in the external environment.

The vision is, “To be here for people who need support to rebuild their lives and reach their full potential”. Aspire believes that everyone deserves the chance to overcome their challenges, rebuild their lives and achieve their future ambitions. The charity is dedicated to creating an environment where people feel empowered to regain control and independence and make meaningful contributions to society. By fostering a culture of support and encouragement, Aspire aims to inspire people to reach for their highest aspiration.

Empowering people is at the heart of Aspire’s mission to offer person-centred employment, enterprise development, housing, and support opportunities. This holistic approach ensures that individuals receive the comprehensive support they need to overcome obstacles and achieve their goals. By focusing on the unique needs and strengths of each person, Aspire helps people build a solid foundation for a brighter future.

Prevention and early intervention are at the core of Aspire’s ethos . Aspire believes that the sooner people can access support, the easier it is for them to recover and rebuild their lives.

5

Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2025

Services are designed to meet the unique needs of each person, helping them recover, draw on their strengths, and work towards clear goals. The broad range of services offered by Aspire include supported accommodation, education, training, and employment opportunities, enabling individuals to take the next step towards independence when they are ready. The charity adopts a strengths-based approach, recognising the positive factors in everyone's lives that can help them move forward, even in the face of adversity. By providing stable, secure housing and opportunities for education and training, Aspire aims to support people on their journey back to employment.

Many people come to Aspire with mental health, substance use, addiction, and homelessness issues, challenges which can create a revolving door of recovery and relapse. By identifying and supporting people early, Aspire can provide timely support and prevent homelessness, and the increased trauma associated with sleeping on the streets.

Aspire’s core values – ambitious, supportive, person-centred, inspiring, reliable, and enterprising - influence all aspects of its work. The charity believes that by embodying these values, it can create a positive and inclusive environment where individuals feel valued and motivated. These values drive the commitment to excellence and dedication to making a lasting impact on the lives of those with whom Aspire works.

Aspire actively works in partnership with both the public and voluntary sectors, to leverage a wide range of resources and expertise to support people better. Partnerships enable the charity to link with others to provide more comprehensive and effective services, to ensure people get the holistic support they need to overcome their challenges and achieve their goals.

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. The approach to fundraising is to build strong relationships with each donor based on openness and transparency, ensuring that each donor feels valued. Aspire benefitted significantly in its fundraising activity in the year to 31 March 2025 from a generous donor who provided a £100,000 donation, to match an equivalent amount in other donations made towards Aspire's successful fundraising appeal, "Empty to Plenty".

The charity invested in fundraising capacity with the addition of a Fundraising Officer role in May 2024 and developed opportunities for public, community and corporate fundraising and volunteering.

Standards are in place to ensure strong relationships are maintained, including thanking donors, and reporting back to trusts, foundations, commissioners and corporate partners on restricted projects on a timely basis. The fundraising strategy clearly reflects Aspire's values and the charity uses the Charity Commission’s Charity Fundraising: a guide to trustee duties

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Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2025

(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.

Aspire does not use any third-party professional fundraisers and the small in-house fundraising team is fully briefed and trained on their respective roles with comprehensive job descriptions and regular appraisals. Protection of the public is ensured at all times, with an established and robust marketing consent plan for all supporters as part of our wider Data Protection policy and process across the organisation. Processes are in place to record and manage any fundraising complaints.

OBJECTIVES AND ACTIVITIES

h. Policies and Objectives

Aspire’s main objectives for the year were to:

To achieve this, 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.

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Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2025

Furthermore, while engaged with Aspire, project beneficiaries 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.

Our Employment and Development, and Housing Progression Workers build trusted, traumainformed relationships to provide essential 'soft support' that helps individuals overcome barriers and maintain healthy lifestyles. Often, these relationships become crucial for positive change, especially for those with few trusted connections.

Reflecting on Aspire’s social impact during the year to 31 March 2025, there is ample evidence of these main objectives being met:

The trustees are therefore satisfied that these objectives have been met in the year to 31 March 2025, with a sustained level of demand, activity and responsiveness of our services to realise a high level of social impact.

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Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2025

ACHIEVEMENTS AND PERFORMANCE

i. Review of Activities

Within the constraints of commissioner and Aspire finances, Aspire effectively addressed emergency housing, homelessness prevention, and employment-related support needs, which arose mainly due to the prolonged cost of living crisis. This was achieved by strengthening existing multi-stakeholder partnerships, including collaborations with the Oxfordshire Homeless Movement, Oxfordshire Homeless Alliance, Owned by Oxford project, and the Inclusive Economy Partnership. Additionally, Aspire maintained an expanded, holistic support offer, focusing on digital and social inclusion projects, while continuing effective homelessness prevention, Housing First, and housing-led project delivery across Oxfordshire. These efforts were closely integrated with employment and development support services.

This sustained social impact came despite an ongoing fast-changing and uncertain policy and funding landscape, alongside the continued high demand for our support services. The reduced availability of affordable housing places immense pressure on our housing services. Additionally, there were difficulties in securing long-term funding for critical programs, which inhibited effective planning beyond the very short term and necessitated continuous efforts to secure financial stability.

Aspire introduced further flexible working practices and retained its investment in health and wellbeing resourcing to support its workforce. These measures helped to ensure that, despite a challenging period for recruitment and operational pressures, Aspire’s critical services were not overly disrupted and continued to be accessible to support our beneficiaries.

Aspire continued its strategic realignment during the year to 31 March 2025, responding to the stark inequality and sustainability challenges society faces, as well as to a rise in need for affordable, secure housing that will continue beyond 2025. Aspire maintained its ‘place-based approach’ to remain present and accessible in our communities, including through local “hubs” such as our expanding youth hub in Witney.

Aspire’s activities and social impact in the year to 31 March 2025 included:

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Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2025

Aspire’s improvements to operational effectiveness and governance for the year to 31 March 2025 included:

Aspire has demonstrated resilience and adaptability in navigating challenges throughout the year, ensuring continued positive performance and strategic growth across all service areas. The ongoing commitment to securing funding and enhancing services has positioned Aspire for a promising future.

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Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2025

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, to achieve full cost recovery, 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 £397,000 and £795,000 at 31 March 2025, and the charity’s unrestricted general fund (excluding the unrestricted fixed asset reserve, see note 19b) of £558,500 was marginally below the mid-point of the range, but with the knowledge of needing to call on these reserves in the coming financial year.

k. Summary of Consolidated Financial Results

In the year to 31 March 2025, activities resulted in an unrestricted deficit of £25,003. Income was sustained and further investment made in our charitable programme and support functions to strengthen impact and delivery. Aspire ended the year to 31 March 2025 in a satisfactory financial position, with an unrestricted fund of £570,325 (a small decrease from £595,328 in 2023-24). A budget showing an unrestricted deficit has been set for 2025-26. The trustees have approved an additional improvement plan to ensure the readily available free reserves are maintained above the floor of our reserves policy.

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 the 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.

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Aspire Oxfordshire Community Enterprise Ltd Trustees’ Annual Report (including Directors’ Report) for the year ended 31 March 2025

The charity, which has no permanent endowment, derives its income from three principal sources:

Most donations are made on a year-by year basis, while public bodies – such as local authorities – provide funding towards services under one-year, two-year, or (exceptionally) three-year programmes. The charity’s funding is therefore on a relatively short-term basis. Moreover, restricted funding from public bodies cannot always cover the full costs of a specific programme, thereby depleting unrestricted reserves, while the amount and timing of funding from public bodies depend on decisions by central government which can be influenced at short notice by political or budgetary considerations.

While the charity does everything it can to enable continuity of its operations, its ability to do so is necessarily influenced by factors outside its control. Its ability to plan for the longer term and the uncertainty of the environment in which it operates could jeopardise the charity’s ability to remain a going concern in future years despite the growing need for its services and the competence of its delivery.

FUTURE DEVELOPMENTS

The 2025-30 approved strategy outlines five high-level strategic priorities; each aligned to a core area of the charity’s work:

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

for the year ended 31 March 2025

collaboration, create a more integrated and effective support network that addresses the complex needs of people.

These priorities will serve as a foundation for annual business planning, ensuring that operational activities remain focused and aligned with long-term goals.

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, as indicated above, Aspire created outstanding social impact in the year to 31 March 2025. 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.

Approved by the board on 24 July 2025 and signed on its behalf by:

William Powlett Smith Chair of the Board of Trustees

13

Aspire Oxfordshire Community Enterprise Ltd Statement of Trustees’ Responsibilities

for the Year Ended 31 March 2025

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 24 July 2025 and signed on its behalf by:

William Powlett Smith Chair of the Board of Trustees

14

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 2025 which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Cash Flows 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.

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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:

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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 14], 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:

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Independent Auditors' Report To The Members of

Aspire Oxfordshire Community Enterprise Ltd

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:

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.

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Independent Auditors' Report

To The Members of

Aspire Oxfordshire Community Enterprise Ltd

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 Gravita Audit Oxford LLP, Statutory Auditor

First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD

Date: 10/9/2025

19

Aspire Oxfordshire Community Enterprise Ltd Consolidated Statement of Financial Activities for the year ended 31 March 2025 (including the Income and 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
19
Net Surplus/(Deficit)
Before Taxation
Taxation
11
Net Surplus/(Deficit)
After Taxation
Funds Brought Forward
Funds Carried Forward
19		 Unrestricted
Funds
Restricted
Funds
Total
2025
Total
2024
£
£
£
£
229,643.
1,448,350.
1,677,993.
1,823,429.
886,800.
124,240.
1,011,040.
868,009.
24,734.
-.
24,734.
44,738.
45,812.
1,682.
47,494.
34,005.
1,186,989.
1,574,272.
2,761,261.
2,770,181.
106,991.
-.
106,991.
70,139.
1,051,580.
1,512,819.
2,564,399.
2,560,211.
30,002.
-.
30,002.
60,995.
1,188,573.
1,512,819.
2,701,392.
2,691,345.
(1,584)
61,453.
59,869.
78,836.
(23,419)
23,419.
-.
-.
(25,003)
84,872.
59,869.
78,836.
-.
-.
-.
(379)
(25,003)
84,872.
59,869.
78,457.
595,328.
314,494.
909,822.
831,365.
570,325.
399,366.
969,691.
909,822.

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

20

Aspire Oxfordshire Community Enterprise Ltd Consolidated Balance Sheet at 31 March 2025

2025 2025 2024 2024
Note £ £ £ £
Fixed Assets
Tangible Assets 12 6,852. 14,604.
Current Assets
Debtors 14 197,890. 221,026.
Cash at bank and in hand 942,611. 839,616.
1,140,501. 1,060,642
.
Current Liabilities
Creditors falling due within one year 15 (177,662) (165,424)
Net Current Assets 962,839. 895,218.
Total Assets Less Current Liabilities 969,691. 909,822.
Creditors falling due after more than .- -. -.
one year
Total Net Assets 969,691. 909,822.
Funds:
Restricted Funds 19 399,366. 314,494.
Unrestricted Funds 19 570,325. 595,328.
Total Funds 969,691. 909,822.

The consolidated financial statements were approved by the trustees and authorised for issue on 24 July 2025 and were signed on their behalf:

William Powlett Smith Chair of the Board of Trustees Company number: 04270053

The notes on pages 24 to 43 form part of these financial statements.

21

Aspire Oxfordshire Community Enterprise Ltd Charitable Company Balance Sheet at 31 March 2025

2025. 2025. 2024. 2024.
Notes £. £. £. £.
Fixed Assets
Tangible Assets 12 6,852 14,604
Investments 13 2 2
Current Assets
Debtors 14 197,890 221,026
Cash at bank and in hand 942,611 839,616
1,140,501 1,060,642
Current Liabilities
Creditors falling due within one year 15 (177,664) (165,426)
Net Current Assets 962,837 895,216
Total Assets Less Current Liabilities 969,691 909,822
Creditors falling due after more than one
Creditors falling due after more than one
-. -.
year
Total Net Assets 969,691 909,822
Funds:
Restricted Funds 19 399,366 314,494
Unrestricted Funds 19 570,325 595,328
Total Funds 969,691 909,822

As permitted by s408 Companies Act 2006, the charitable company has not presented its own income and expenditure account and related notes. The charitable company’s surplus for the year was £59,869 (2024: surplus of £78,457).

The financial statements were approved by the trustees and authorised for issue on 24 July 2025 and were signed on their behalf:

William Powlett Smith Chair of the Board of Trustees Company number: 04270053

The notes on pages 24 to 43 form part of these financial statements.

22

Aspire Oxfordshire Community Enterprise Ltd Consolidated Statement of Cash Flows for the year ended 31 March 2025

Note
Cash flows from operating activities
Cash (absorbed) / generated by operations
16
Cash flows from investing activities
Purchase of tangible fixed assets
12
Proceeds from sale of tangible fixed assets
Interest income
5
Net cash used in investing activities
Cash flows from financing activities
(Repayment)/increase of borrowing
17
Net cash used in financing activities
.
.
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the
year
Cash and cash equivalents at the end of the year		 2025.
2024.
£.
£.
65,325.
14,403.
-.
(11,637)
-.
-.
37,670.
30,747.
102,995.
19,110.
-.
(11,085)
-.
(11,085)
.
.
102,995.
22,428.
839,616.
817,188.
942,611.
839,616.

23

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

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 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 21.

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 registered in England and Wales. 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, is 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.

The financial statements are prepared on a going concern basis under the historical cost convention, modified where necessary 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

24

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

attached to the donation, which require a level of performance before entitlement can be obtained, then 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, output 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.

25

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

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.

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.

Allocation of Support Costs

Support costs are those that assist the work of the charity and, although they do not directly represent charitable activities themselves, they are incurred directly in support of expenditure on the objects of the charity. Support costs include financial management, payroll, human resources management, governance, the provision and maintenance of premises, property management, safeguarding, strategic leadership and management and information technology management and office support.

Support costs are re-allocated to each of the activities on the following bases, which estimate the amount attributable to each activity based on staff time or other cost drivers, as indicated:

Basis of allocation
Finance and Human Resources Staff hours, headcount and properties
Governance Income and expenditure
Premises Floor or desk space and staff hours
Property management Properties and tenancies
Safeguarding Headcount and tenancies
Strategy and management Income and expenditure
Technology and office support Headcount

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

26

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

Balance Sheet at full 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 and Machinery 5 years straight line
Fixtures, Fittings and 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 assets are depreciated on a straight-line basis in line with the remaining term of each lease.

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

27

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

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.

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.

28

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

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, if any, 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, at the date of approving these financial statements, may cast significant doubt on Aspire’s ability to operate as a going concern.

Critical Accounting Estimates and Assumptions

In preparing these financial statements, the trustees have:

2. Income from Donations and Grants

Donations
Grants for core activities
Total		 2025
2025
2025
2024
Unrestricted
£
Restricted
£
Total
£
Total
£
200,319
38,370
238,689
402,427
29,324
1,409,980
1,439,304
1,421,002
229,643
1,448,350
1,677,993
1,823,429

Donations include Gift Aid of £4,512 (2024: £2,986) claimed during the year.

29

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

3. Income from Charitable Activities

Housing
Education & Training
Other
Total		 2025
2025
2025
2024
Unrestricted
£
Restricted
£
Total
£
Total
£
867,684
-
867,684
747,925
10,475
109,240
119,715
112,080
8,641
15,000
8,641
8,004
886,800
124,240
1,011,040
868,009

4. Income from Trading Activities

Gardening and Property Maintenance
Recruitment Agency Activity
Other Trading Activities		 2025
£
2024
£
-
813
-
366
24,734
43,559
24,734
44,738

Aspire Enterprise Services Limited (“AESL”), the trading company, was dormant in the year to 31 March 2025 and the prior year, so there was no additional billing from the trading company to the charity in either year.

5. Other Income Received

er Income Received
2025
£
2024
£
Interest income 37,670
30,747
Proceeds from the sale of assets -
-
Sundryincome 9,824
3,258
Total 47,494
34,005

Interest income includes interest earned on the working capital element of cash held in an instant access reserve account and, in addition, a pooled charity deposit account.

6. Cost of Raising Funds

Fundraising Events
Fundraising Costs
Allocated Support Costs		 2025
£
2024
£
-
-
68,183
38,352
38,808
31,787
106,991
70,139

30

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

7. Analysis of Expenditure on Charitable Activities

Education and
Training
Housing Provision
Housing Support
Other
Total		 2025
2025
2025
2025
2025
2025
2024
Staff
Costs
Deprecia-
tion
Activities
undertak-
en
directly
Activity
through
partners
Support
Costs
(note 8b)
Total
Total
£
£
£
£
£
£
£
571,825
-
108,062
37,047
215,792
932,726
894,902
272,784
5,541
496,557
2,066
284,986
1,061,934
1,012,901
373,990
-
28,698
2,066
113,390
518,144
566,466
392
-
32,566
-
18,637
51,595
85,942
1,218,991
5,541
665,883
41,179
632,805
2,564,399
2,560,211

Expenditure on charitable activities was £2,564,399 (2024: £2,560,211) of which £1,051,580 was unrestricted (2024: £1,032,533) and £1,512,819 restricted (2024: £1,527,678).

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

2025 2024
£ £
Depreciation 7,751 14,784
Operating Lease Expenses 203,918 167,405
Fees Payable to Auditor for:
Audit 8,173 7,293
Other Services 450 140

8. Allocation of Support Costs

a) Total Support Costs Allocation

) Total Support Costs Allocation
Finance and Human Resources
Governance
Premises
Property management
Safeguarding
Strategy and management
Technology and office support		 2025
2025
2025
2025
2024
Raising
Funds
Charitable
Activities
Trading
Activities
Total
Support
Costs
Total
Support
Costs
£
£
£
£
£
5,761
147,737
2,225
155,723
158,143
2,005
16,893
212
19,110
14,196
2,052
62,454
679
65,185
71,941
-
69,171
-
69,171
52,191
1,762
60,803
680
63,245
57,974
22,967
193,507
2,433
218,907
206,524
4,261
82,240
1,420
87,921
77,033
38,808
632,805
7,649
679,262
638,003

31

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

b) Allocation of Support Costs to Charitable Activities

Finance and Human Resources
Governance
Premises
Property management
Safeguarding
Strategy and management
Technology and office support		 2025
2025
2025
2025
2025
2024
Education
and
Training
Housing
Provision
Housing
Support
Other
Total
Charitable
Activities
Total
Charitable
Activities
£
£
£
£
£
£
58,311
59,004
30,422
-
147,737
149,962
6,094
7,411
3,388
-
16,893
12,256
21,825
10,467
11,525
18,637
62,454
68,690
791
68,380
-
-
69,171
52,191
17,433
34,070
9,300
-
60,803
55,885
69,808
84,889
38,810
-
193,507
178,300
41,530
20,765
19,945
-
82,240
72,274
215,792
284,986
113,390
18,637
632,805
589,558

9. Governance Costs

Administrative support
Auditors’ remuneration
Tax advice and fees
Legal fees
Other		 2025
£
2024
£
13,725
15,797
8,173
7,293
470
140
-
-
217
26
22,585
23,256

While most governance costs fall within the responsibility of the Governance department, the Governance Costs note includes other relevant costs, for example, tax advice charged to Finance and Human Resources.

32

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

10. Staff Costs

Staff costs during the period were:

aff costs during the period were:
Wages and Salaries
Social Security Costs
Defined Contribution Pension Costs		 2025
£
2024
£
1,548,662
1,481,305
140,610
134,849
74,057
63,404
1,763,329
1,679,558

The average number of people employed by the Group during the period, headcount and full time equivalent (FTE) was:

Charitable Activities
Trading Activities		 2025
2024
2025
2024
Headcount
Headcount
FTE
FTE
58
57
49.5
48.1
1
1
0.6
1.0
59
58
50.1
49.1

The key management personnel were the 3 members of the Senior Leadership Team (2024: 3). During the period they received aggregate remuneration of £172,874 (2024: £157,614).

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

11. Taxation

The company is registered as a charity and is entitled to the exemptions under the Corporation Tax Act 2011. Any surpluses generated by charitable, or trading, activity are reinvested to support the charity’s primary objectives.

The trading subsidiary is not a registered charity, and any profits not distributed to the charity are subject to Corporation Tax charge at 19% (2024: 19%). There are no taxable profits for the year to 31 March 2025, as the trading subsidiary was made dormant on 31 March 2023. The small tax adjustment of £379 in the year to 31 March 2024 is the difference between the actual payments made during the year and the provision carried over from the prior year.

33

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

12. Tangible Fixed Assets

Group and Charity
Cost
At 31 March 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 31 March 2024
Charges in period
Eliminated on disposal
At 31 March 2025
Net Book Value
At 31 March 2024		 Housing
Properties
Office
Equipment
Recycling
Bins
IT
Equipment
Motor
Vehicles
Total
£
£
£
£
£
£
133,513
15,412
1,550.
1,134
20,777.
172,386.
-
-
-.
-
-.
-.
-
-
-.
-
-.
-.
133,513
15,412
1,550.
1,134
20,777.
172,386.
127,539
7,093
1,550.
1,090
20,510.
157,782.
4,408
3,033
-.
44
267.
7,752.
-
-
-.
-
-.
-.
131,947
10,126
1,550.
1,134
20,777.
165,534.
5,974
8,319
-.
44
267.
14,604.
At 31 March 2025 1,566
5,286
-.
-
-.
6,852.

All tangible fixed assets are owned by the charity. The charity figures are identical to the summary for the group, so no separate table is presented.

The trustees recognise all fixed assets as assets of the charity. Where fixed assets owned by the charity are used by the trading subsidiary, the trading subsidiary is charged for use at an appropriate arm’s length rate. The trading subsidiary was dormant from 31 March 2023 and has not utilised the charity’s fixed assets since that date.

13. Investments (Charity)

Shares in Group Undertakings
Cost at 31 March 2025 and 31 March 2024
Carrying Amount at 31 March 2025 and 31 March 2024		 2025
2024
£
£
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

34

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

ordinary shares in that company. The Registered Office of the subsidiary is St Thomas’s School, Osney Lane, Oxford.

Aspire Enterprise Services Limited (“AESL”) is a trading company that has been dormant from 31 March 2023.

14. Debtors (group and charity)

. Debtors (group and charity)
Trade Debtors
Prepayments
Accrued Income
Other Debtors		 2025
£
2024
£
33,050
102,565
16,424
22,492
128,858
69,973
19,558
25,996
197,890
221,026

15. Creditors falling due within one year

Trade Creditors
Amounts owed to Group Undertakings
Taxation and Social Security
Accruals
Deferred Income
Provisions
Other Creditors		 Group
Group
Charity
Charity
2025
£
2024
£
2025
£
2024
£
66,275
30,691
66,275
30,691
-
-
2
2
38,441
43,546
38,441
43,546
38,146
73,952
38,146
73,952
-
10,773
-
10,773
26,988
-
26,988
-
7,812
6,462
7,812
6,462
177,662
165,424
177,664
165,426

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 has not expired by the year end.

35

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

Provisions relate to expected future liabilities for dilapidation of leasehold property, where a repair obligation exists, an issue has been identified, and the remedial cost can be estimated from available information. The provision movements are:

At 1 April
Additions in year
Utilised in year
Released unused
At 31 March		 2025
£
2024
£
-
-
26,988
-
-
-
-
-
26,988
-

16. Reconciliation of net income / (expenditure) to cash flow from operating activities

Surplus / (Deficit) for the year
Adjustments for:
Depreciation of tangible fixed assets
Interest income
Loss / (Gain) on disposal of fixed assets
(Increase) / Decrease in debtors
Increase / (Decrease) in creditors
17. Analysis of changes in net debt*
Cash at bank and in hand		 2025.
£.
2024.
£.
59,869.
78,457.
7,752.
14,784.
(37,670)
(30,747)
-.
-.
23,136.
(52,482)
12,238.
4,391.
65,325.
14,403.
At start of
year
Cash
flows
At end of
year
£.
£.
£.
839,616.
102,995.
942,611.

36

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

18. Commitments

Operating Leases

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

low:
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2025
£
2024
£
140,326
112,640
161,424
55,021
-
-
301,750
167,661

Operating lease commitments mainly relate to Aspire’s Social Lettings project, which uses landlord-owned property under lease contract to enable the provision of housing to clients.

19. Funds

a) Restricted Funds

) Restricted Funds
Brought Carried
Forward 1 Income Expenditure Transfers Forward 31
April 2024 March 2025
£. £. £. £. £.
Restricted Fixed Asset Reserve 4,265. -. (3,361) -. 904.
Doughnut Economics -. 15,000. (14,952) -. 48.
Employment, Training and
Education		 2,378. 57,098. (56,980) -. 2,496.
Enterprise Development
Programme		 -. 13,540. (15,143) 1,603. -.
Getting Oxfordshire Online 53,459. 37,887. (45,612) -. 45,734.
Homelessness Prevention 23,375. 98,600. (103,139) -. 18,836.
Housing First (Alliance) 33,877. 176,500. (173,933) -. 36,444.
Housing Innovation 1,977. 173,504. (150,066) 14,598. 40,013.
Housing Schemes 3,335. 92,180. (96,891) 1,376. -.
Inclusive Recruitment 23,820. 51,976. (44,879) -. 30,917.
Lived Experience Advisory Forum -. 5,717. (5,782) 65. -.
No Limits 3,657. 115,110. (71,683) -. 47,084.
Our House -. 72,366. (70,272) -. 2,094.
Personalisation Support 38,557. 19,285. (39,047) -. 18,795.
Prison Leavers ETE 35,127. 248,293. (207,596) -. 75,824.
Refugee ETE 50,279. 152,420. (158,313) -. 44,386.
Social Prescribing 2,598. 36,767. (42,184) 5,418. 2,599.
Strategic Developments -. 500. (500) -. -.
Team Oxford -. 481. (840) 359. -.

37

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

Brought Carried
Forward 1 Income Expenditure Transfers Forward 31
April 2024 March 2025
TNLCF Awards for All 17,857. -.. (17,512) -. 345.
Turning Point 10,211. 109,240. (115,181) -. 4,270.
Young People’s Supported
Accommodation		 2,187. 20,000. (17,674) (2,187) 2,326.
Youth ETE 7,535. 77,808. (61,279) 2,187. 26,251.
Total Restricted Funds 314,494. 1,574,272. (1,512,819) 23,419. 399,366.
b) Unrestricted Funds
General Reserve
Fixed Asset Reserve
Aspire Oxfordshire Community
Enterprise Ltd
Aspire Enterprise Services
Limited
Total Unrestricted Funds		 Brought
Forward 1
April 2024
Income
Expenditure
Transfers
Carried
Forward 31
March 2025
£.
£.
£.
£.
£.
579,112.
1,186,989
(1,184,182)
(23,419)
558,500.
10,339.
-
(4,391)
-.
5,948.
589,451.
1,186,989
(1,188,573)
(23,419)
564,448.
5,877.
-
-.
-..
5,877.
595,328.
1,186,989
(1,188,573)
(23,419)
570,325.

c) Purpose of principal restricted funds

Restricted Fixed Asset Reserve

Doughnut Economics

A capital expenditure fund to support the ongoing depreciation costs where restricted funds are invested in tangible fixed assets. The restricted fund is charged with the initial capital outlay via transfer to this fund. The depreciation is charged to this fund over the relevant period, for example, the remaining term of a property lease.

Aspire partnered with Oxfordshire County Council and the Oxfordshire Doughnut Economics Collective (ODEC) to explore how Oxfordshire could thrive within social and ecological limits by developing a visual tool to assess the county’s performance across key sustainability and wellbeing indicators.

38

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

Employment, Training Aspire supports adults in Oxford city’s homeless pathway, and Education (ETE) or adults who are vulnerable to homelessness, to access employment, training and education (ETE) opportunities including work experience with Aspire and external employers. Enterprise Development Aspire’s self-employment and enterprise development Programme programme. Getting Oxfordshire Aspire’s digital devices library, in partnership with Online SOFEA, and with continuation funds from the MacFarlane Trust, for the refurbishment and onward distribution of surplus digital devices to people in need in Oxfordshire. Homelessness Aspire has appointed Community Navigators to provide Prevention homelessness prevention advice and assistance to adults in Oxfordshire in precarious housing. Housing First (Alliance) Aspire works within the Oxfordshire Homelessness Alliance to support Housing First clients who are provided with housing opportunity by Soha Housing in South Oxfordshire, Cottsway Housing in West Oxfordshire and a variety of housing providers in Cherwell District Council.

39

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

Lived Experience Aspire, in partnership with the Gatehouse and
Advisory Forum (LEAF) Oxfordshire Homeless Movement, supports the work of
the LEAF to give a voice to 'experts through experience'
in Oxfordshire to improve service delivery and better
outcomes for all, with an emphasis on homelessness and
housing services. This includes undertaking community
engagement initiatives to support joint research within
the UK Research and Innovation funded, Oxfordshire
Community Research Network (UKRI OCRN) programme
seeking to reduce health inequalities.
No Limits Aspire, in partnership with SOFEA Didcot, engages clients
in the community and through education, training and
employment development, supports them towards and
into sustained, paid employment, including through the
provision of digital devices via Getting Oxfordshire
Online.
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.
Personalisation Support Aspire engages funders, including Greater Change
crowdfunding platform, Make It Happen, and Oxford
Friends Action on Poverty, to raise person-centred
support funds to help meet clients’ homelessness
prevention, employment development and housing move-
on needs, such as clearing housing arrears, purchasing
white goods, securing new identification documents and
making deposit payments.
Prison Leavers ETE Aspire engages with offendersincustody in the local
prisons, as well as ex-offenders in the community,
including working alongside the Thames Valley
Probation Services.Thisincludessupporting
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.
Refugee ETE 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 include Ukrainian
and other refugees.

40

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

Social Prescribing Aspire organises group physical activity and provides
access to sports qualifications and training, to promote
social inclusion and to improve clients’ wellbeing,
including funding from Blenheim Palace Heritage
Foundation, Active Oxfordshire, Lucy Group and the
Oxford Hub.
Strategic Developments To support Aspire with the implementation of its current
strategic programme, including the development of a
food larder at the St Thomas’s site.
Team Oxford A multi-partner project to realise greater employee
volunteering and social action outcomes for the voluntary
sector in Oxford city.
TNLCF Awards for All Aspire was awarded a revenue grant from The National
Lottery Community Fund’s Awards for All fund to pilot a
learning hub model in community settings in Oxfordshire.
Turning Point Aspire delivers the 'Get Connected' contract in Turning
Point's drug and alcohol recovery service for Oxfordshire.
To support Turning Point clients across 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.
Young People’s Aspire has been appointed as a support delivery partner
Supported by Oxfordshire Youth as part of the YPSA service in
Accommodation Oxfordshire, focusing on social inclusion and employment
development support.
Youth ETE Aspire has been awarded revenue grants from Trusts &
Foundations to provide employment, training and
education (ETE) services to young people in the West
Oxfordshire area, situated from our youth hub in Witney.

d) 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 must 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, most commonly 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 must be met from the Unrestricted Fund.

41

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

Transfers between classes of fund in the year comprised:

Transfers To/(From) Fund Classes
Closing deficit Team Oxford
Maintain Enterprise Development Programme
Maintain Lived Experience Advisory Forum
Maintain Next Steps Accommodation Programme
Maintain Social Prescribing
Matched and appeal funding for Housing Innovation
Net Transfers		 Unrestricted
Funds
£.
Restricted
Funds
£.
(359)
359.
(1,603)
1,603.
(65)
65.
(1,376)
1,376.
(5,418)
5,418.
(14,598)
14,598.
(23,419)
23,419.

20. Analysis of Net Assets between Funds

Consolidated fund balances at 31 March 2025 are represented by:

Tangible Fixed Assets
Current Assets
Current Liabilities
Non-Current Liabilities
Total Net Assets		 Unrestricted
Funds
£
Restricted
Funds
£
Total Funds
£
5,948.
904.
6.852.
734,615.
405,886.
1,140,501.
(170,238)
(7,424)
(177,662)
-.
-..
-.
570,325.
399,366.
969,691.

21. Subsidiary

The wholly owned subsidiary, Aspire Enterprise Services Limited, has been dormant since 31 March 2023. The following table summarises the charity and trading subsidiary results, reconciled to the group funds, carried forward at 31 March 2025:

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
2025.
2025.
2025.
2025.
2024.
£.
£.
£.
£.
£.
2,761,261.
-.
-.
2,761,261.
2,770,181.
(2,701,392)
-.
-.
(2,701,392)
(2,691,345)
59,869.
-.
-.
59,869.
78,836.
-.
-.
-.
-.
(379)
59,869.
-.
-.
59,869.
78,457.
909,822.
-.
-.
909,822.
831,365.
-.
-.
-.
-.
-..
969,691.
-.
-.
969,691.
909,822.

42

Aspire Oxfordshire Community Enterprise Ltd Notes to the Financial Statements for the year ended 31 March 2025

22. 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 (2024: None).

Donations amounting to £1,511 (2024: £1,373) were received from four trustees (2024: four) and grants totalling £16,000 (2024: £15,000) were received from a company or trust where a trustee holds a director or trustee role. These donations were received in the normal course of business.

23. Related Party Transactions

There are no related party transactions that require disclosure in the year ended 31 March 2025 (2024: none).

43