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2023-03-31-accounts

Company registered number: 03256975 Charity registered number: 1126061

WANDSWORTH OASIS TRADING COMPANY LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 13
Statement of Trustees' Responsibilities 14
Independent Auditors' Report on the Financial Statements 15 - 18
Statement of Financial Activities 19
Balance Sheet 20 - 21
Statement of Cash Flows 22
Notes to the Financial Statements 23 - 42

(A Company Limited by Guarantee)

WANDSWORTH OASIS TRADING COMPANY LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees Mr R Effs, Chair
Mr B Black
Mr S L Pinto (resigned 21 March 2023)
Mr J R W Rosam
Mr C Woolls
Mr R W Aldridge
Ms L A Cooper
Mr C Cooper (resigned 12 December 2022)
Mr M Williams
Ms K Jackson (appointed 27 June 2023)
Mr A P Collins (appointed 27 June 2023)
Mr S N Patel (appointed 27 June 2023)
Company registered
number
03256975
Charity registered
number
1126061
Registered office
Unit B204, Tooting Works,
89 Bickersteth Road
London, United Kingdom
SW17 9SH
Chief Executive Officer
Head of Retail
Mrs Christine Ansell
Mr Iain Burnett
Independent auditors
MHA
Chartered Accountants and Statutory Auditor
6th Floor
2 London Wall Place
London, United Kingdom
EC2Y 5AU
Bankers
Reliance Bank Limited
Faith House
Lovat Lane
London
EC3R 8EH

Page 1

WANDSWORTH OASIS TRADING COMPANY LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

Chair Annual Report

Wandsworth Oasis is a grant giving charity with the ultimate aim of raising awareness, raising funds for HIV support and HIV prevention projects and fighting the stigma associated with HIV.

2022/23 has been our first full year post pandemic where we have operated without any major operational restrictions imposed upon us. The main challenges we have faced have come from the combined difficulties of effective recruitment of staff/ volunteers, and the impact of the cost-of-living increases, especially in relation to the utility sector.

I am proud to say Wandsworth Oasis is now recognised as a London Living Wage employer. It is important for us to support our staff and recognise their hard work and dedication to our charity and cause. We were keen to ensure that our staff were aware that additional support was available to them throughout the year, and no one was left to struggle financially. In this context, external wellbeing support is provided and available to all staff, volunteers, and trustees.

We continue our drive to ensure compliance across all areas of the charity, specifically in our portfolio of charity retail shops, where a fire safety audit and subsequent rectifying actions were invested in. We aim to continue this drive and professionalise our operational processes and procedures. Our investment in staff continues, with training on fire compliance, risk assessment and Health & Safety. Future planned training will include Equality, Diversity &Inclusion and all staff will attain fire marshall status.

During the year we have continued with our quarterly all staff gatherings where further training is undertaken by our staff specific to our core income generation and collaborative work on joint working practices. Volunteers and trustees were invited to join us at the completion of the work element of the day, where we enjoyed talks from our grant recipient organisations and heard the impact of the grants awarded, and a chance to socialise together.

Our trustees undertook training to ensure they continue to be compliant on 21 June 2022, which focussed on awareness, expectations, and the responsibilities of being a trustee.

We are also thankful to the Worshipful Company of Management Consultants, who facilitated a trustee away day in May to commence the process of developing a three-year strategy for Wandsworth Oasis, and we thank them for sharing their expertise and time. Work continued through the year to bring the strategy plans together.

We experienced two resignations from the Board of Trustees during the year. Colin Cooper and Steve Pinto both stepped down at different times and I want to thank them for their contribution to Wandsworth Oasis during their tenure.

We also said farewell to Alex Wyatt, our Community Engagement Manager, and thank her for her hard work in arranging events and raising the profile of Wandsworth Oasis within the local area.

An anonymous staff survey was undertaken during the year. It was heartening to receive the feedback of 100%, from those who participated in the survey, that they were proud to work for Wandsworth Oasis. It was also noted from feedback from respondents that they believe that Christine Ansell’s appointment as CEO was a strong female lead for the charity. Other positive feedback was that 81% of staff felt invested in by Wandsworth Oasis and over 80% felt respected. Investing, supporting, and encouraging our staff and volunteers recognises the first of our charity’s values, where we are all equal – everyone is different, everyone is welcome, and everyone is treated with respect.

An operations manual was launched in the early part of the year across our retail operations. This was an incredible piece of work which documented our standard operating procedures for all shops and covered a wide range of areas to support our staff in their daily work.

Page 2

WANDSWORTH OASIS TRADING COMPANY LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

Towards the end of the financial year a new shop site was identified in the Angel area of Islington, North London. The shop shows the expansion of our retail network beyond the local area of Wandsworth and Lambeth and the fact we are growing and expanding our operation. Expanding the shop portfolio locations is also more reflective of our grant recipients’ locations as they cover North, South, East and West points in London. At the time of this report, the shop is performing above expectations and hopefully will continue to grow into 2024/25.

Some of my personal highlights from our activities this year include:

As always, I would like to extend our thanks and gratitude to all our supporters, we would not be able to deliver what we do to the HIV Community without your support. A particular mention must go to those who participated in the annual Red Run, organised by one of our grant recipients - Positive East and the Falcons Football Club. Special recognition of thanks must also go to the Two Brewers Pub in Clapham and their manager, Jimmy Smith. The Two Brewers is a long-term friend/ally of Wandsworth Oasis and other local LGBTQ+ organisations, they raise many thousands of pounds for charity throughout the year and we are thankful and humbled by their continued support.

A special thank you must go to our Board of Trustees who give freely and selflessly of their own time to support Wandsworth Oasis and who have been prominent in the development of our strategy. I look forward to continuing to work with them in the next financial year and further developing our strategy to the next level. Their support is crucial to our future success.

We would not deliver what we do without the staff and volunteers at Wandsworth Oasis. I would like to recognise the hard work of all who work in our shops and come together to help us raise funds to support the HIV Community. A special mention must go to our CEO, Christine Ansell, and her Senior Team: Iain Burnett, Head of Income Generation, Mira Kostadinova, Head of Finance and Damian John, Retail Operations Manager. We thank you for your dedication.

Our volunteers in all their guises are key to our growth, development, and place in our local community. Being part of the HIV community and local community surrounding our shops, is of the utmost importance to us and we will continue to support those who need us most and extend our presence and influence to be able to help others.

As we embark on yet another year, we look forward to enhancing and increasing our impact to the HIV community in the UK.

Page 3

(A company limited by guarantee)

WANDSWORTH OASIS TRADING COMPANY LIMITED

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their report and financial statements for the year ended 31 March 2023. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)) and applicable UK accounting standards.

Structure, Governance and Management.

Structure and objects.

Wandsworth Oasis Trading Company Limited (Wandsworth Oasis) is a registered charity number 1126061 and company limited by guarantee, number 03256975, governed by its memorandum and articles registered on 26 July 2008 and amended by special resolution on 9 April 2013.

Governance.

The Board of Trustees comprises currently of ten Trustees who are also Directors of the Company. They are elected by its members. Following a revision to the Memorandum and Articles of Association at an EGM in April 2013, Trustees are elected for an initial term of three years and are eligible for re-election on an unlimited basis. Trustees are the sole members of the charity. The Board is a voluntary management committee and has ultimate responsibility for Wandsworth Oasis.

The charities three-year strategy was re-visited during 2022/23 and a revised three-year strategy for period 202326 and associated plan was agreed by the board In March 2023, following recommendations from Worshipful Company of Management Consultants and workshops held with the senior management team and trustee representatives.

At the quarterly meetings, the Trustees agree the broad strategy and areas of activity for the charity, including consideration of grant making policy, risk management, reserves policy and investment. The Board delegates operational responsibility and implementation of policy decisions to the Chief Executive and the small staff team.

To support the Trustees a training session was held in June 2022 to outline roles and responsibilities of a Trustee.

All Trustees give of their time freely and no remuneration was paid in this year. Details of Trustee expenses and related party transactions are disclosed in notes to the accounts. The Trustees have also developed a code of conduct which includes a formal statement of roles and responsibilities, and a disclosure of interests. Trustees are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the charity’s policy withdraw from any decisions where a conflict of interest arises.

The Charity has in force during the financial year, qualifying third party indemnity provision for the benefit of the Trustees.

The Charity is a member of the Charity Retail Association which provides helpful information on good practice, changes in the law relating to charity shops, and acts as an effective lobbyist on behalf of the charity retail sector with the government and regulators.

Management.

The Chief Executive remains responsible for the day-to-day operations of the charity supported by the senior management team. As the charity grows, the Trustees have indicated that it is important for the staff team to be increased to ensure that processes are streamlined and professionalised across all operations, particularly as we expand and respond to directives from the strategy planning. At year end we had 5 FTE employees in the management office and 17 FTE members of staff across our retail and back-office operations. We continue to outsource our HR management.

Risk management.

The Trustees understand that they have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to mitigate against these risks. The Trustees recognise that, in the dynamic environment in which the charity operates, the risks encountered are continually changing.

The Trustees consider that the property portfolio represents a particular risk to its operations at this time, particularly with respect to managing dilapidations and ensuring adequate funds are being retained to cover all and any related expenditure and has recruited a Trustee with experience in this area to assist with management of the risk.

Page 4

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

Below is an excerpt from the Risk Register highlighting some of the key risks the charity has identified and the steps to mitigate those risks:

Organisational Health Organisational Health
Risk Mitigation
Lack of specific staff training and development,
resulting in risk to legal compliance, damage to
financial/reputation, Health & Safety, loss of life.		 Retail training, Gift Aid training; Fire/Fire Marshal
training; Health and Safety Policy and training;
Liability insurance; Retail Operation Manual.
Lack of identifiable culture, impact on staff and
trustee attraction/retention, inhibit donations and
partnerships		 Shop handbook; Strategy development; Trustee
training; Skills analysis; Staff training; Staff forum;
Newsletter;
regular
communications;
Staff
appraisals; London Living Wage
Finance & Governance
Risk Mitigation
Significant rate of inflation and Utility Bills
potential 50% increase. Reduction in profit and
inability to award grants and achieve charity
objectives		 Utility contracts are reviewed regularly with
price/supplier comparisons, this is currently
unprecedented increased risk.
Increasing staff costs; cost of living increase
impact, loss of staff, shop closures and inability
to deliver to charity objectives.		 Entry level staff pay is at London Living Wage;
Looking to increase our revenue and diversify
income generation streams. Development of 3–5-
year charity wide strategy
Internal theft: reputational and income generation
risk. Profit and goods loss. Increased time
demand on SMT, increased reliance on HR
consultant.		 Upgraded CCTV; Appointed external security
advisers; Improved processes and procedures;
Retail operations manual, Company handbook;
Staff engagement/training/communication
Review Policies fit for purpose, reputational and
operational risk, inability to achieve charity
objectives, financial and legal implications		 Plan to review all policies; Risk training for the
SMT, updated Risk Register, review of all legal
compliance; Policy reviews at each board
meeting; key policies reviewed annually.
Implementing a new Risk & Internal Audit Sub-
Committee in 2023/24.
Retail Operations
Risk Mitigation
Volunteers or staff Epos fraud; defraud company
property or stock; retaining receipts; voiding a
sale after customer has paid and taking cash;
credits for non-existent returns etc; Under-pricing
of goods/ selling at a discount to colleagues.
Adverse reputational damage, financial loss.		 Staff training programme; Volunteer contract in
addition to staff contracts; Upgraded CCTV;
EPOS fully integrated system since July 2018;
Monitored daily activity; End of day finance
reports; Weekly Transpeye report; Staff purchase
record; Effective investigation and disciplinary
process; pricing guide; Regular review of
processes.
Lone working: staff exposed to risk of injury,
robbery, impact on physical and mental wellbeing		 Creation of Lone Working Policy, Health & Safety
Policy, Buddy system. Staff training on difficult
situations/conversations.
Health and Safety policy not enforced by staff,
legal/financial/reputational implications. Risk of
injury to staff/volunteers/customers.		 Retail Specific H&S Policy created, Staff/volunteer
Training, Retail Operation Manual, charity wide
health & Safety Policy

Going concern assessment post COVID 19.

The third sector is huge, complex, and diverse. Research by the NCVO, highlights that while the pandemic has put the sector under immense pressure, individual charities’ experiences vary widely from reduction of services to increasing their services and an increase in income to a deterioration or no change. It depends largely on size, location, and type of charity.

Page 5

(A company limited by guarantee)

WANDSWORTH OASIS TRADING COMPANY LIMITED

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

Recovering from the pandemic for the financial year 2022/23 the charity has broken even from a prior year outflow of (£57)k. This has been achieved through 3% increase in income against a backdrop of prudent cost management with full year expenditure up by 2%. The Trustees remain confident the charity would continue to be a going concern demonstrated by the commitment to a new revised strategy for 2023-2026 and additional increase in head office staff to facilitate income and retail diversification.

Objectives and activities for public benefit.

Our charitable objects set out in the company’s Memorandum of Association are to relieve sickness amongst persons who are HIV positive, living with AIDS or those affected by HIV/AIDS through the provision of care, support, and counselling to those who are HIV positive and people with AIDS and their families and people caring for such persons in particular in the London Borough of Wandsworth, and provide education and training to members of the public in the needs of such persons living with HIV/AIDS and in the better understanding of AIDS.

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the grant making policy for the year. They agree that as we are primarily a fundraising organisation, and therefore too small to handle the casework involved in direct support for large numbers of individuals, we will continue to work largely through other charities that can help us achieve our aims by funding projects which will be of benefit to our target client group. Our grants programme is regularly under review to ensure it remains current and relevant. Our Hardship Grants for individuals on referral from an agency is administered by The River House Trust on our behalf.

Ensuring our work delivers public benefit.

We have spent some time assessing the social and public benefit of our work. As a grant giver we use an application form to assess the potential benefit of each piece of work that we fund. Each charity that receives funding from us is required to provide an impact report at the end of the funded year. We also look at the value our shops provide in terms of waste kept out of landfill and cost savings to the local council alongside the opportunities we give to local people to enter the paid or volunteer workforce. The charity aims to establish the impact of its grants and review its impact reporting during 2023/24 more clearly. We have introduced Terms & Conditions the grant recipients must agree to ensuring they deliver on the aims of the grant application and appropriate use of funds awarded to their project or organisation.

Grant making policy.

Restricted funds are given to organisations who can demonstrate the positive impact of the money on people living with HIV with a predominant focus on Wandsworth and Lambeth boroughs and to charities that provide information that helps to raise awareness about HIV and how it can be prevented.

There is currently a focus on South London boroughs, in particular Wandsworth and Lambeth. This will be revisited in the 2023-24 grant year. The programme is advertised on local forums, on the Wandsworth Oasis website and in specialist press and is proactively communicated within the HIV sector. Applications presented in the correct format are reviewed against the criteria by the Board of Trustees following recommendations from the Grants Committee.

We envisage, with the planned development of a charity strategy, the geographical focus may expand to include geographical areas and communities it is felt retain a higher-than-average risk of either contracting HIV, require awareness of and to combat the stigma associated with HIV.

Trustees and staff visit each of the charities it supports at least once in the year following the grant to establish that the funds are being used for the purposes given and to gain a greater understanding of the work of the sector and its emerging challenges.

Page 6

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

How HIV Impacts London

Data source “HIV testing, PrEP, new HIV diagnoses, and care outcomes for people accessing HIV services: 2022 report”.

The impact of the coronavirus (COVID-19) pandemic on services and patient access means that it remains difficult to interpret the changes observed between 2019 and 2021 in the annual government statistics published for yearend 2021. No further official data is available at the time of this report.

Testing across the UK has recovered to pre-pandemic levels for gay, bisexual and other men who have sex with men (GBMSM). The number tested in England in 2021 (178,466) exceeded that observed in 2019 (156,631). Test positivity continued to fall in London, though it plateaued outside London. In other groups, the number tested rose slightly compared to 2020 but remained substantially lower than in 2019, particularly in heterosexual men.

In 2021, 7% (87,828 of 1,180,923) of HIV negative people accessing specialist SHSs in England were defined as having PrEP need, among whom, 70% (61,092) initiated or continued PrEP.

The overall downward trajectory in new HIV diagnoses prior to the COVID-19 pandemic was sustained into 2021. In the UK, new HIV diagnoses fell slightly from 2,961 in 2020 to 2,955 in 2021 but rose by 1% (2,673 to 2,692) in England. This was due to a small increase among GBMSM (699 to 721), and heterosexual and bisexual women (392 to 429).

In the UK, the proportion and number diagnosed late rose between 2020 and 2021, from 44% (724 of 1,643) to 46% (786 of 1,715) in 2021. Comparison with 2019 data suggests that there may have been some delay to testing and diagnosis due to the pandemic, affecting heterosexual men and women in particular.

The number of deaths fell in 2021 whilst the number of AIDS diagnoses remained stable. In the UK, there were 797 deaths and 177 AIDS diagnoses reported in people living with HIV in 2021, compared with 814 deaths and 178 AIDS diagnoses in 2020.

HIV treatment and care provision continue to have high coverage and effectiveness. A total of 91,432 people attended HIV care in England in 2021, a small rise compared to 2019 (90,504) and 2020 (88,786). Among those with known treatment status, 99% (89,926 of 91,123) received treatment, and 98% (80,250 of 82,061 with a viral load result available) of those treated were virally suppressed, consistent with the proportions in 2019 and 2020.

The HIV Action Plan set an ambition to reduce HIV transmission by 80% by 2025. The UK Health Security Agency (UKHSA) will publish a monitoring and evaluation framework (MEF) to assess progress towards this goal and presenting other key indicators that must be met if the ambition is to be realised. This framework will focus on identifying inequalities between different populations.

The HIV commission report in 2020 estimates that in 2019 there were 96,200 people living with HIV in England. Of these, around 5,900 are undiagnosed in England – by definition they do not know they are living with HIV. Late diagnoses cause complications for the individual and risk preventable new HIV transmissions. While anyone can get HIV, some populations are disproportionately affected. In England, gay and bisexual men and Black African people continue to be the most acutely affected by HIV. We also know that London has consistently had the highest rates of HIV in the country, making up 40% of new diagnoses in 2019. Patterns of HIV transmission is not static and the people most at risk can change over time. We must be ready to respond to these changes. Trustees firmly believe supporting programmes in the community that support individuals living with HIV, education to reduce impact of HIV on everyday lives is important against the backdrop of limited data on HIV post the pandemic.

Page 7

WANDSWORTH OASIS TRADING COMPANY LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

How our grant programme delivers public benefit.

Grant recipients offer support to their specific HIV beneficiaries in a variety of ways, all aligning with the objectives of Wandsworth Oasis as set by the Trustees of the charity. Below are some examples of how we are specifically delivering to our objectives.

Over the course of the project the women have increased their knowledge regarding sexual health & HIV, sexual rights & sexual wellbeing, and their ability to speak of these matters. The participants reported an increase in their use of strategies for: managing abusive behaviour within relationships and disclosing their HIV status. They also showed increased self-esteem levels, lower depression, and anxiety scores.

The number of people this project directly supports through peer lunches for 100 plus isolated people living with HIV from the older community and foodbank services for 60 plus disadvantaged individuals.

The ultimate beneficiaries of our grant programme are some of the most marginalised within our society; the trans and non-binary communities, LGBTQI+, people living with HIV/AIDS and the associated stigma, BAME and those living on or below the poverty line.

Implications for prevention.

There are several approaches to the prevention of HIV transmission which we support, albeit in small ways:

Correct and consistent condom use remains an extremely effective way to prevent HIV transmission. Investment in HIV prevention has resulted in moderately high rates of condom use in key populations. Continued funding in prevention activities remains critical in curbing the HIV epidemic. We give out free condoms in our shops and community events.

Reductions in undiagnosed infection can be achieved through increasing testing coverage. We work with local authority commissioners and service providers to deliver innovative HIV testing in our shops.

We have funded several innovative programmes aimed at the LGBT community to raise awareness of HIV prevention and safe sexual practice through open mic forums focusing on modern gay males, in particular, attitudes to sex and drugs, videos and support groups.

The external environment and ongoing funding pressures means our small grants programme is increasingly important for small charities who often work with some of the most excluded individuals. The significant increase to the cost of living will compound this further.

Page 8

(A company limited by guarantee)

WANDSWORTH OASIS TRADING COMPANY LIMITED

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

The trustees are aware of the trends and issues in the sector and attempt to target the funding where it can be most effective. The trustees are pleased that the achievements and the performance of the charity, as set out below, demonstrate concrete progress.

Community volunteer programme.

The Trustees and staff greatly appreciate the contribution of volunteers. We have a policy to give all individuals an opportunity to contribute whether it is to improve their language skills; to gain work experience; to give them much needed structure in their lives or simply an opportunity to interact with others. We have an average of 65 volunteers at present who work in our 9 shops and central office, helping keep them open seven days a week for an average 8-hour day. This saves the charity approximately £300k per annum. Without the contribution of volunteers, we could not fulfil our charitable objectives as effectively.

We have during the year invested in our Volunteer Programme – to give them – and our staff – a welcoming and safe environment within which to operate, by introducing quarterly meetings where volunteers can meet the trustees and hear a presentation from a grant recipient on how they spend the money, the staff and volunteers work so hard to make. The main activities undertaken by volunteers are customer relations; sorting and pricing donations; shop related financial transactions; shop and window display; and loading and unloading customer vehicles. Volunteer availability continues to be a challenge in a very competitive sector and therefore we continue to look at activities to retain and attract this workforce.

We recognised the amazing work of the volunteers via a social media campaign during the year and we focused on one volunteer each day to represent all volunteers and distributed thank you cards and chocolates to all.

Community engagement.

Our engagement takes place in our shops, at community led events and at networking meetings across London.

We were able to proceed with the Red Ribbon Cabaret on 1[st] December 2022, our major fundraising and awareness raising event in the calendar. Which was a great and welcomed success.

We have also commenced working in partnership to support a local initiative, Disnay Snatch Game, currently held on a quarterly basis at the Two Brewers in Clapham, who are a long-term supporter of Wandsworth Oasis and whose support is greatly appreciated. The Snatch Games are a mix of fundraising and raising awareness of and fighting the stigma associated with HIV and highlighting the part we play in the HIV area and local community.

We continued to engage with the local community on social media. We maintained our communications with key influencers in our community - local civic leaders, local politicians, the local LGBTQ+ community and the local business community.

Green agenda.

Charity shops are the original recyclers on the high street and yet we also have big issues with waste management to contend with. We are increasingly aware of our commitment to keeping as much out of landfill as possible. We received income from recyclers of £48k during the year – mainly textiles, but also media, bric a brac, electricals and books. This very loosely equates to about 115 tonnes of textiles being kept out of landfill and many tonnes of books being recycled or donated to education establishments in the third world.

We continue to look at alternative ways of disposing of unsaleable items to keep income levels as high as possible.

The revised 2023-26 strategy aims to promote our green credentials further with a workstream looking at how we can report and increase our commitment to being a friend to the environment.

Financial Review.

Principal funding sources.

Wandsworth Oasis operated nine permanent charity shops in 2022/23. Our strategy going forward will be to ensure we have locations that provide the maximum return while retiring areas of non-performance.

Our income from sales of donated goods is the main funding source for our operations.

Page 9

WANDSWORTH OASIS TRADING COMPANY LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

We strongly believe in green ethos and recycling agenda, where items should go to landfill only as a last resort. We try to recycle all items not deemed saleable and income from recycling was our second strongest income source for the year.

We run several awareness raising and fund generating events in the year that bring in donations and additional funds to support our cause. Forward looking into 2023/24 with the hiring of an individual dedicated to fundraising we hope there will be an increase in this revenue stream.

Financial performance 2022/23.

Our financial performance was weaker than budgeted for the year, with both income and expenditure below budget. Nevertheless, our year-on-year performance was good with an increase in income and a reduction in costs to drive improved returns for the year. We achieved this through the tireless work of our retail staff team and volunteers and the continuous support of our donors. Driving increased income against a backdrop of efficient cost management which meant that Wandsworth Oasis ended the year with a secure financial and liquidity position to support our long-term structural expansion.

Following the external audit for the year the management team intend to implement a number of recommendations including increased internal controls in the form of internal authorisation approvals and purchase orders for expenditure above a defined level, an impairment review and a review of the existing dilapidation’s provision.

We estimate to have lost circa 15% of potential annual trading hours with shop closures due to staff sickness and shortages or planned delayed maintenance work to comply with Health and Safety regulations.

Income generation.

Our total income generated for 2022/23 was £1,277k to 31 March 2023, which represents almost 3% increase, compared to 2021/22. Income growth was generated by increased sales in our shops and the associated increase in gift aid on these sales in tandem with an increase in donations and funds from fundraising activities.

Retail Sales continue to grow post pandemic as illustrated below:

2023 2022 2021 2019
Sales of Donated Goods £1,126,327 £1,081,495 £1,070,724 £1,011,351
Shops 9 9 9 10
Year on Year increase £44,832 £10,771 £59,373 £27,028
Average per shop £125,147 £120,166 £118,969 £101,135
Marginal increase in average 4% 1% 18%

We achieved this increase despite the slowdown to our expansion plan. We did not manage to secure new retail space in the financial year, and we experienced a temporary closure at Mitcham Lane shop due to flooding of the premises.

We continue to regularly monitor the individual profitability of each shop and taking steps for improvement.

Our Gift Aid receipt for 2022/23 was £75k versus £49k in the previous year. The increase demonstrates the effort and energy put into onsite training to encourage new registrations to the scheme during the year.

Our income generated from recyclers, came in lower than prior years at £40k vs £46k in 2021/22. Our usual recycling partners (and all charity recycling businesses) were struggling due to continued difficultly in the post pandemic environment. Our income continued to fall because of the instability of the global rag market and continued lower rates in the market.

We continue to look at alternative ways of disposing of unsaleable items to keep income levels as high as possible.

Page 10

WANDSWORTH OASIS TRADING COMPANY LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

Expenditure.

Our total annual expenditure for the year to 31 March 2023 was £1,275k. Our grants disbursed for charitable activities of £101k form 8.6% of total income. Strict cost discipline ensured that costs came in lower year on year and below budget to match shortfalls in the budgeted income.

We strive to optimise our staff numbers and make up, to improve our skills mix. Staff costs represent a substantial portion of our operational requirements and form 46% of our expenditure.

In the recent financial years, we aimed to build operational reserves that would support the management of any foreseeable risks. Wandsworth Oasis retained a very strong cash position which is maintained within our target for three months of operational reserves.

Grants Awarded.

We approved and disbursed beneficiary funding totalling £101k to organisations working directly with people living with and affected by HIV and for HIV awareness and prevention activities.

Here is a summary of the grants awarded between April 2022 and March 2023.

Page 11

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

During the year our grant programme changed from a periodic application process and grant approval to an annual process, approved by the board.

Policy on reserves.

The Trustees annually review the reserves of the charity to ensure appropriate levels are retained to meet future demands, contingencies, and commitments.

Our reserves policy was last updated during our February 2018 Board Meeting when the Board approved a new level of operational reserve. The level was set to unrestricted cash reserve target of three months of planned core operational costs of £318,929.

The level required is determined based on our approved annual budget for the following year.

At the end of the financial year the breakdown of our retained funds is as follows: Free reserves stood at £592,528 with a Nil balance on designated funds due to a release of £150,000 from the designated funds into the general funds of the charity’.

The retained funds will maintain the infrastructure and future development of the charity and its volunteers and staff whilst also continuing to support charities that work with people affected by HIV.

The primary fundraising activities of our organisation arise from the sale of donated goods in our 9 shops and the Trustees are not aware of any immediate material uncertainty, disclosures or events that could trigger insolvency in the next 12 months.

Remuneration and HR.

The Nominations Committee’s key responsibility and activities include reviewing the staff structure of Wandsworth Oasis, its skills set, knowledge and experience. The nominations committee annually evaluate staff’s level of pay to comply with changes of employment law, taxation, and remuneration.

Wandsworth Oasis is aiming to embed a culture of high performance that allows our people to thrive and reach their full potential. As part of adopting our 2023-26 strategy the board concluded that we need to consider some staff restructure to support our future growth during 2023/24.

The Board of trustees agreed we will be offering the London Living Wage as a starting pay package to all staff. Employees engagement has always been considered critical to our success and recognised as such by the senior leadership team.

Staff across the whole organisation and the shops have been integral in developing our work and participating in major organisational initiatives.

Sadly we need to report during the year we had to dismiss 2 members of staff and 3 volunteers for minor fraud through theft. We continue to consider mechanisms to prevent fraud including CCTV and Point of Sale software audits and by ensuring adequate checks and balances during new staff on-boarding.

Related Party Transactions.

During the year Wandsworth Oasis had the following transactions with other organisations in which a retired trustee had interests.

The charity made grants totalling £28k in the current year and £34k in the previous year, to the River House Trust, (registered charity (England & Wales) no. 1059696) of which Chris Woolls is Executive Director. The charity has also made the additional commitment to the River House Trust of an addition £25,000 for the next financial year. The Charity retains control over this future distribution and as such the expenditure has not been included in the 2022/23 financial statements.

Page 12

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

Future plans.

Our priorities for the year ending March 2023 will include and not restricted to:

Governance

Retail Operations

Income diversification

Communications

This report was approved and authorised for issue by the Trustees and signed on its behalf by:

…………………………… …………………………… Mr R Effs Mr B Black Chair Trustee

Date: 19/12/2023

Page 13

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023

The Trustees (who are also the Directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. 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 of its incoming resources and application of resources, including its income and expenditure, for that period. 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

Approved by order of the Members of the Board of Trustees and signed on its behalf by:

................................................ ................................................ ................................................
Mr R Effs Mr B Black
Chair Trustee
Date:
19/12/2023

Page 14

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WANDSWORTH OASIS TRADING COMPANY LIMITED

Opinion

We have audited the financial statements of Wandsworth Oasis Trading Company Limited (the 'Charity') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charitable company's ability to continue as a going concern for a period of at least twelve 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.

Page 15

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WANDSWORTH OASIS TRADING COMPANY LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 matters 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 charitable company 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 in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees (who are also the Directors of the charitable company for the purposes of company law) 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.

Page 16

(A Company Limited by Guarantee)

WANDSWORTH OASIS TRADING COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WANDSWORTH OASIS TRADING COMPANY LIMITED (CONTINUED)

In preparing the financial statements, the Trustees are responsible for assessing the charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors' 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:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Page 17

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WANDSWORTH OASIS TRADING COMPANY LIMITED (CONTINUED)

Use of our 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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Stuart McKay BSc FCA DChA (Senior Statutory Auditor)

for and on behalf of

MHA

Statutory Auditor London, United Kingdom

Date:

MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)

Page 18

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and grants
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities:
8,9
Support
Awareness
Prevention
Hardship
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
84,786
1,190,484
1,907
1,277,177
1,125,080
134,185
9,632
-
5,070
1,273,967
3,210
674,797
3,210
678,007		 Restricted
funds
2023
£
-
-
-
-
1,750
-
-
-
-
1,750
(1,750)
1,750
(1,750)
-		 Total
funds
2023
£
84,786
1,190,484
1,907
1,277,177
1,126,830
134,185
9,632
-
5,070
1,275,717
1,460
676,547
1,460
678,007		 Total
funds
2022
£
102,855
1,141,567
1,020
1,245,442
1,152,880
124,308
14,961
7,914
2,309
1,302,372
(56,930)
733,477
(56,930)
676,547

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 23 to 42 form part of these financial statements.

Page 19

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee) REGISTERED NUMBER: 03256975

BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Current assets
Debtors: Amounts falling due within one year
15
Cash at bank and in hand
21
Creditors: Amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Provisions for liabilities
Total net assets
Charity funds
Restricted funds
18
Designated funds
18
General funds
18
Total unrestricted funds
18
Total funds		 2023
£
231,428
516,498
747,926
(121,812)
-
678,007		 2023
£
-
85,479
85,479
626,114
711,593
(33,586)
678,007
-
678,007
678,007		 2022
£
211,529
589,730
801,259
(152,858)
150,000
524,797		 2022
£
4,268
55,684
59,952
648,401
708,353
(31,806)
676,547
1,750
674,797
676,547

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Page 20

WANDSWORTH OASIS TRADING COMPANY LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 03256975

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

................................................ ................................................ Mr R Effs Mr B Black Chair Trustee Date: 19/12/2023

The notes on pages 23 to 42 form part of these financial statements.

Page 21

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Note
Cash flows from operating activities
Net cash used in operating activities
20
Cash flows from investing activities
Investment income
6
Purchase of tangible fixed assets
14
Net cash used in investing 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
21		 2023
£
(28,508)
1,907
(46,631)
(44,724)
(73,232)
589,730
516,498		 2022
£
96,317
1,020
(8,411)
(7,391)
88,926
500,804
589,730

The notes on pages 23 to 42 form part of these financial statements

Page 22

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

Wandsworth Oasis Trading Company Limited is a charitable company limited by guarantee and is registered with the Charity Commission (Charity Registered Number 1126061) and the Registrar of Companies (Company Registration Number 03256975) in England and Wales.

In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per Member of the Charity.

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 as shown in the Trustees Report.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Wandsworth Oasis Trading Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements have been presented in pound sterling, which is also the functional currency of the Company, and are rounded to the nearest pound.

2.2 Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.

Page 23

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Government grants

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

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

Page 24

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.6 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.7 Intangible assets and amortisation

Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Software and Website - 20 % on straight line

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Leasehold improvements - Over the life of the lease - Office equipment 20% straight line - Computer equipment 20% straight line

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 25

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.12 Financial instruments

The Company only holds basic Financial Instruments. The financial assets and financial liabilities of the Company are as follows:

Debtors – trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 15. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Liabilities – trade creditors, accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in Note 16. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is simply an obligation to deliver services rather than cash or another financial instrument.

2.13 Operating leases

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

2.14 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

Page 26

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

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

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgement

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.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Page 27

(A Company Limited by Guarantee)

WANDSWORTH OASIS TRADING COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. Income from donations and grants

Unrestricted
funds
2023
£
Job Retention Scheme
-
Business Support Grants
-
Donations
84,786
84,786		 Total
funds
2023
£
-
-
84,786
84,786		 Total
funds
2022
£
2,760
40,000
60,095
102,855

All donations and grants in the prior year were unrestricted.

The Government grants recognised in the year ended 31 March 2022 and detailed above were distributed by the London Boroughs of Lambeth and Wandsworth, which cover the geographical area where the Charity's shops are located.

There were no unfulfilled conditions attached to any of the Government grants at the prior year-end.

5. Income from other trading activities

Income from fundraising events

Unrestricted
funds
2023
£
Sales of Donated Goods
1,126,327
Recycling and Delivery
48,287
Fundraising and Events
15,870
1,190,484		 Total
funds
2023
£
1,126,327
48,287
15,870
1,190,484		 Total
funds
2022
£
1,081,495
50,670
9,402
1,141,567

All income from trading activities in the prior year was unrestricted.

Page 28

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Investment income
Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Deposit account interest 1,907 1,907 1,020

All investment income in the prior year was unrestricted.

Page 29

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Expenditure on raising funds

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Cost of raising funds 1,125,080 1,750 1,126,830

Included within cost of raising funds are direct costs of £917,493 (2022 - £934,602) and support costs of £209,337 (2022 - £218,278) . These are outlined below.

Unrestricted Restricted Total
funds funds funds
2022 2022 2022
£ £ £
Cost of raising funds 1,149,880 3,000 1,152,880
Raising funds - Support costs
Staff costs
Property costs
Governance costs (Note 10)
Professional fees
Overheads		 2023
£
56,171
18,570
62,087
7,106
65,403
209,337		 2022
£
73,159
7,790
59,581
5,238
72,511
218,279

Page 30

(A Company Limited by Guarantee)

WANDSWORTH OASIS TRADING COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of expenditure on charitable activities - by fund

Unrestricted
funds
2023
£
Awareness
9,632
Prevention
-
Hardship
5,070
Support
134,185
148,887		 Total
2023
£
9,632
-
5,070
134,185
148,887		 Total
2022
£
14,961
7,914
2,309
124,308
149,492

All expenditure on charitable activities in the prior year was unrestricted.

Page 31

(A Company Limited by Guarantee)

WANDSWORTH OASIS TRADING COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Analysis of expenditure by charitable activities - by type

Awareness
Hardship
Support		 Activities
undertaken
directly
2023
£
1,282
675
17,856
19,813		 Grant
funding of
activities
2023
£
6,560
3,453
91,400
101,413		 Support
costs
2023
£
1,790
942
24,929
27,661		 Total
funds
2023
£
9,632
5,070
134,185
148,887

Details of the grants paid in the year, including those paid to institutions, have been included in the Trustees Report.

Awareness
Prevention
Hardship
Support		 Activities
undertaken
directly
2022
£
1,828
1,416
282
15,192
18,718		 Grant
funding of
activities
2022
£
10,300
5,000
1,590
85,580
102,470		 Support
costs
2022
£
2,833
1,498
437
23,536
28,304		 Total
funds
2022
£
14,961
7,914
2,309
124,308
149,492

Page 32

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Analysis of expenditure by charitable activities - by type (continued)

Analysis of support costs

Staff costs
Property Costs
Overheads
Governance Costs (Note 10)
Professional Fees		 Total
funds
2023
£
7,423
2,454
8,642
8,203
939
27,661		 Total
funds
2022
£
9,486
1,010
9,403
7,726
679
28,304

10. Governance costs

Auditor's remuneration - Audit of the financial statements
Auditor's remuneration - Accountancy and other fees
Auditor's remuneration - Under accrual of prior year fees
Board meetings
Staff costs - SMP board support
Trustees expenses		 2023
£
13,250
4,000
1,000
2,495
49,335
210
70,290		 2022
£
11,000
-
700
1,786
53,821
-
67,307

Governance costs of £70,290 (2022 - £67,307) are represented by £8,203 (2022 - £7,726) expenditure on charitable activities and £62,087 (2022 - £59,581) of expenditure on raising funds.

Page 33

(A Company Limited by Guarantee)

WANDSWORTH OASIS TRADING COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Staff costs

Wages and salaries
Social security costs
Pension costs		 2023
£
508,905
42,143
28,458
579,506		 2022
£
521,762
40,111
28,925
590,798

The total termination benefits for the year were £1,450 (2022 - £14,557) of which £Nil (2022 - £5,785) were non-contractual benefits.

No amounts are outstanding as at the year-end (2022 - £Nil).

The average number of persons employed by the Charity during the year was as follows:

2023 2022
No. No.
Staff 21 23

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £60,001 - £70,000 1 -

Key Management Personnel are considered to be the Trustees and Senior Management of the Charity, being the Chief Executive Officer, Head of Retail and Head of Finance.

The total cost of employment of the Key Management Personnel was £180,306 (2022 - £194,566).

Page 34

(A Company Limited by Guarantee)

WANDSWORTH OASIS TRADING COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 March 2023, expenses totalling £ 210 were reimbursed or paid directly to 1 Trustee (2022 - £NIL to no Trustees). This was in respect of travel expenses.

13.
Intangible assets
Cost
At 1 April 2022
At 31 March 2023
Amortisation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Software
and Website
£
27,590
27,590
23,322
4,268
27,590
-
4,268

Page 35

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Tangible fixed assets

Cost or valuation
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
Debtors
Due within one year
Trade debtors
Rent deposits
Prepayments		 Leasehold
Improvements
£
79,587
46,631
-
126,218
29,514
12,450
-
41,964
84,254
50,073		 Office
equipment
£
1,410
-
(1,410)
-
1,410
-
(1,410)
-
-
-		 Computer
equipment
£
27,480
-
-
27,480
21,869
4,386
-
26,255
1,225
5,611
2023
£
62,525
71,129
97,774
231,428		 Total
£
108,477
46,631
(1,410)
153,698
52,793
16,836
(1,410)
68,219
85,479
55,684
2022
£
41,225
70,663
99,641
211,529

15. Debtors

Page 36

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Grants payable
Accruals		 2023
£
16,919
6,943
81,400
16,550
121,812		 2022
£
26,047
17,237
92,380
17,194
152,858

17. Provisions

At 1 April 2022
Additions		 End of
Lease
Dilapidation
£
31,806
1,780
33,586

A provision has been made for end of lease dilapidations costs of the current shop portfolio of Wandsworth Oasis. The costs were estimated using comparative previous refurbishment works in the organisation.

Page 37

(A Company Limited by Guarantee)

WANDSWORTH OASIS TRADING COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Retail Strategy Fund
General funds
General Funds
Total Unrestricted funds
Restricted funds
Website
Total of funds		 Balance at 1
April 2022
£
150,000
524,797
674,797
1,750
676,547		 Income
£
-
1,277,177
1,277,177
-
1,277,177		 Expenditure
£
-
(1,273,967)
(1,273,967)
(1,750)
(1,275,717)		 Transfers
in/out
£
(150,000)
150,000
-
-
-		 Balance at
31 March
2023
£
-
678,007
678,007
-
678,007

Designated funds

The Retail Strategy Fund represent funds set aside to help with new organisational development opportunities and upgrading of existing shop portfolio. During the year, the Board approved the release of the £150,000 into the general funds of the Charity.

Restricted funds

The Website fund represents a grant received for the creation of a new website. Funds are expended in line with the amortisation policy.

Page 38

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Statement of funds (continued)

Statement of funds - prior year

Balance at
1 April 2021
£
Income
£
Unrestricted funds
Designated funds
Retail Strategy Fund
150,000
-
General funds
General Funds
578,727
1,245,442
Total Unrestricted funds
728,727
1,245,442
Restricted funds
Website
4,750
-
Total of funds
733,477
1,245,442
19.
Analysis of net assets between funds
Analysis of net assets between funds - current year
Tangible fixed assets
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Expenditure
£
Transfers
in/out
£
-
-
(1,299,372)
-
(1,299,372)
-
(3,000)
-
(1,302,372)
-
Unrestricted
funds
2023
£
85,479
747,926
(121,812)
(33,586)
678,007		 Balance at
31 March
2022
£
150,000
524,797
674,797
1,750
676,547
Total
funds
2023
£
85,479
747,926
(121,812)
(33,586)
678,007

Page 39

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Unrestricted
funds
2022
£
55,684
2,518
801,259
(152,858)
(31,806)
674,797		 Restricted
funds
2022
£
-
1,750
-
-
-
1,750		 Total
funds
2022
£
55,684
4,268
801,259
(152,858)
(31,806)
676,547

20. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
14
Amortisation charges
13
Investment income
6
Decrease in debtors
15
(Decrease)/increase in creditors
16
Increase in provision end of lease dilapidation
17
Net cash provided by/(used in) operating activities		 2023
£
1,460
16,836
4,268
(1,907)
(19,899)
(31,046)
1,780
(28,508)		 2022
£
(56,930)
14,607
5,518
(1,020)
(13,736)
116,072
31,806
96,317

Page 40

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2023
£
516,498
516,498		 2022
£
589,730
589,730

22. Analysis of changes in net debt

Cash at bank and in hand At 1 April
2022
£
589,730
589,730		 Cash flows
£
(73,232)
(73,232)		 At 31 March
2023
£
516,498
516,498

23. Pension commitments

The Charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £28,458 (2022 - £28,925). At the year end, there were outstanding contributions of £NIL included in Other creditors (2022 - £NIL).

Page 41

WANDSWORTH OASIS TRADING COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

24. Operating lease commitments

At 31 March 2023 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Land and Buildings
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2023
£
316,500
1,107,125
547,000
1,970,625		 2022
£
334,176
1,176,000
794,625
2,304,801

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

2023 2022
£ £
Operating lease rentals 334,176 355,500

25. Related party transactions

The Charity made grants totalling £28,353 in the year (2022 - £33,590) to The River House Trust (registered charity (England & Wales) no. 1059696) of which Chris Woolls is Executive Director.

As at the year-end, an additional £25,000 of grants payable was owed to The River House Trust (2022 - £25,000) .

Page 42