Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
Charity registration number 1162773 (England and Wales)
OAKENSHAW COMMUNITY ASSOCIATION CIO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees S Corbett K Taylor T Sharp R Tervit L Hopper D Corbett Charity number (England and Wales) 1162773 Principal address 7 Park View Oakenshaw Crook Durham DL15 0ST Independent examiner RMT Accountants & Business Advisors Ltd Finchale House Belmont Business Park Durham DH1 1TW
Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 17 |
Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)(Effective 1 January 2019)".
Objectives and activities
The Oakenshaw Community Association (OCA) was established as a Charitable Incorporated Organisation on 22nd July 2015. Its purposes are in the constitution and are as follows:
"To further or benefit residents of Oakenshaw and the surrounding area without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organizations in a common effort to advance education and to provide facilities in the interest of social welfare for recreation and leisure-time occupation with the objective of improving the conditions of life for the residents and to promote other charitable objects for the benefit of the community. "
Significant Activities
A significant role of the committee is to ensure engagement of village residents on the committee, throughout the village and to network with local decision makers.
This year we have recruited three new residents to the committee, none are trustees as yet. The committee has continued with meetings every month except August and December. To facilitate the engagement of parents with the committee we have offered online participation in face to face meetings, although this has been less successful recently as people have generally attended. Sub groups of non committee members have been co-opted to prepare sports and the annual family day with the support of committee members and they report to the committee. The work of the committee is recorded in minutes of meetings and project progress is shared within the committee on a google drive platform. The AGM was held in October 2024.
To ensure engagement of village resident’s, information and minutes are posted on our Facebook site and we deliver a biannual newsletter to each household. We regularly consult with the community. The Oakenshaw Neighbourhood Plan (ONP) was adopted on May 6[th] 2021 with a 73% majority (58% turnout). This along with the community survey carried out in January 2021 has given the Community Association a strategic vision for future projects that benefit the community. For significant projects we have asked the village to vote by referendum to ensure that we have resident’s approval for specific proposals. In 2024 the committee commissioned the architects, who have previously produced a feasibility study and business case for a village hub, to produce a proposal leaflet specifying the location and design. We employed an independent research team to design and deliver the proposal leaflet and a ballot paper regarding the development of a community hub and to analyse quantitative and qualitative results. Whilst this was at considerable expense, there were strongly held views, especially regarding location, and it was important that the committee maintained impartiality. The final result was a 56% vote in favour on a 52% turnout. This has provided the committee with a mandate to continue work on the hub and much valuable feedback on a range of resident’s views. We have also held a special meeting with our local county councillor which we hope to repeat following the local elections.
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Income from the community benefit wind turbine is coming into our funds until 2034. Oakenshaw Community Association own the company Sustainable Oakenshaw SPV Ltd. - registered office Finchale House, Belmont Business Park, Durham, DH1 1TW, registered number 08274813 (England and Wales), which receives the income from the owner of the wind turbine. The Directors of that company make decisions about the annual amount of donations to the charity. This income requires careful management. The committee sets an annual budget to take account of the cost of governance, expenditure on projects and events. All expenditure is recorded on spreadsheets, supported with receipts and a financial update is given at each meeting. We have also developed a comprehensive financial policy. In addition a procurement policy has been written to ensure transparency in work commissioned and that decisions are not made for personal benefit in line with charities commission guidance on public benefit. Significant decisions have been taken regarding allocation of surplus funds to a high interest savings account which we intend for capital expenditure. We are currently considering opening another account to protect savings over £85K in accordance with limits set by the Financial Services Compensation Scheme.
The turbine income makes us confident about continuing our work into the medium term future. We have been exploring the possibility of using funds to provide a longer term income. This income also makes us less reliant on raising funds from other organisations although part of our philosophy is to raise matched funding whenever possible to make our funds go further in achieving our aims for the public benefit. Constraints on spending by local authorities has meant that the cost of new improvements, such as the play park, speed reduction measures, fencing and parking is partially met by the Association and supported where possible by matched or grant funding. In all our work we do take account of the Charity Commission’s guidance on public benefit.
Achievements and performance
Three key objectives were identified in the neighbourhood plan and survey: to improve and protect the field known as ‘the green’ to the West of New Row by making it more usable as a public amenity, to build a community hub to improve village infrastructure and provide an indoor meeting place, to build a small number of level access homes for people with mobility issues. In view of the small number of committee members we are mindful that we need to sequence activities to manage the workload. Thus we have taken the view that we should tackle a limited number of these strategic objectives at a time.
In addition to these large projects we undertake a number of small tasks to maintain and improve existing amenities and we deliver a social programme of four to five events each year.
Specific achievements and performance on these projects this year is as follows:
- Improving the green
The children’s play area was threatened with closure as a result of Durham County Council (DCC) cut backs, but following OCA intervention was reinstated. Last financial year we successfully obtained DCC grants for the refurbishment of the play area (£25,000) which was matched from the charity’s funds. The refurbishment was completed in the autumn of 2024.
A second project aims to create a focal point for the village. After being designated as category D (demolition) after the closure of the coal mine, most local amenities (the church, school, public house) were demolished or repurposed and later new housing was built. This has created a long linear dormitory village with no focal point. A new project aims to restore the identity of the village and to help the village residents take pride and cohere round a common history. The OCA created a war memorial in 2018. The names of the 49 servicemen who lost their lives in the two world wars were recorded on brass plaques removed from the village and now held in the Church of England church in Willington. In the first world war, particularly, the philosophy was to recruit servicemen who lived together to fight together. Many of the surnames on the list are still those of existing residents. Each year on Remembrance Sunday we have a small ceremony at which the names are read out. However, there is no means of recording the 44 men who lost their lives in the pit. In commemoration of the 80[th] anniversary of VE and VJ day we aim to dedicate a new memorial which includes both miners and servicemen. This will include a unique memorial created by a local sculptor, surrounded by a memorial garden. Grant funding was unsuccessfully sought, however, the committee deemed this piece of work as key to bringing the community together and agreed to allocate funds (total £17,760) for this work which remains unspent in this financial year. The cost will be included in the next annual report.
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
2. The community Hub
Plans for the hub have been revised by the architects following feedback from residents. The building will be smaller and parking relocated. The business case previously submitted to the DCC assets transfer team requires updating and amendment according to feedback from DCC.
Before any further work was undertaken by the committee we carried out a village referendum to ensure we have community support for the proposal of a hub and its location. The residents voted in favour of the proposal. We have reviewed the issues written by residents on the referendum ballot and stress tested the viability of the hub as outlined in the business case. Some funds were allocated to the Architects to rewrite their proposal. The review of the business case is now underway before resubmitting to the assets transfer team at DCC.
3. Community Led Homes
The committee is committed to follow a fair and transparent process (generating ideas from the community, research, preparation of a proposal and community endorsement) in the conduct of these large projects. In accordance with this we wrote a successful grant application (£16,060 from Durham County Council and £1,000 from Communities CAN) in October 2021 to cover the cost of an independent housing needs survey and architect’s phase 1 desk top and phase 2 ground surveys for the homes. The housing needs survey was carried out in January 2022 and a report received in February 2022. This identified a clear need for level access housing. It also showed a small majority of the village were in favour of the project with a significant number undecided.
The remaining funds were unspent while six sites were investigated for their suitability. In the summer of 2022 a site was identified for building six level access homes. A desk top survey and topographic survey were completed in autumn 2022. Two reports for a flood risk assessment and drainage strategy were received in January 2023.
The phase 2 surveys were not completed as drilling work, not funded by the grant, needed to be carried out as the selected site was on top of historic shallow mines. We requested that the funds for phase 2 should be reallocated to enable us to prepare a specific proposal for the housing on the site selected to put to a village referendum. We aimed to apply for further funds to complete the phase 2 and drilling work to take the project to planning application stage once a village referendum was completed.
A proposal leaflet including a summary of the surveys, the concept design and visual illustrations of the development were produced concluding the grant funded project in the previous financial year. A village referendum was conducted by independent researchers in April 2023 and a result declared on April 14[th] . It was considered important to commission an independent company to carry out a referendum to avoid accusations of bias. Funds were allocated for this in last financial year. The village rejected the proposal. This project has been parked for the foreseeable future as we are unable to find an alternative location.
Other activities
In addition to these key projects a full social programme was delivered. Ten weeks of sports coaching on the Multiple Use Games Area were match funded (£400) in the previous year by Charity4U a local charity that supports sports activities. Only nine weeks were delivered due to inclement weather, however some sports equipment will be purchased with the unspent funds. Charity4U have provided £500 towards the cost of sports this summer. We hired a marquee for Family Fun Day which included a hog roast and live entertainment. Other events were an Easter event, Halloween celebration, and a remembrance event in November. A coach trip was organised to take residents Christmas Shopping in Newcastle. These are all activities which are key to maintaining social cohesion and reducing social isolation and so are regarded as an important component of the OCA’s work for community benefit. They also provide an opportunity for committee members to be visible and engage with the community.
In previous years the OCA have purchased 36 planters for the village, these were planted by DCC at no cost to the village. This service was unexpectedly withdrawn and so two residents produced a budget to plant up. The village now benefits from this work with a lovely floral display. This is likely to be an ongoing annual cost, although we are in the process of asking for funds from Greater Willington Town Council to maintain the planting.
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Financial review
In this financial year we ended with £35,625 in the Barclays current account and £103,809 in the Cambridge and Counties savings account created for future capital expenditure. Income from the turbine of £30,000 was paid into the Barclays account in June. The interest rates paid by Cambridge and Counties is generous, however, as part of due diligence we have taken advice regarding FSCS compensation which only cover funds up to £85,000 and will consider an additional account with another bank.
We continued to fundraise at social events and through online fundraising vehicles such as Easyfundraising and Smile. These funds are generally allocated to cover the cost of the social programme.
Signatories for both accounts were changed in April 2024 following the resignation of the previous treasurer.
Overall funds are healthy and will allow us to progress with planned activities in the medium term.
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
As at the balance sheet date, the charity held £7,792 within unrestricted funds and £131,179 within restricted funds.
Structure, governance and management
Governing document
The Constitution of Oakenshaw Community Association is based on the model produced by the Charity Commission for a Charitable Incorporated Organisation. The first Trustees were appointed by the trustees of the previous Oakenshaw Community Association and were appointed for different periods of time. Following a period of some changes, a new chair and trustees were appointed in 2019 and have been allocated roles in communicating the work of the OCA, projects and offices.
Training has been given by Durham Community Action to support some of them in their new roles. . When trustees finish their term of office, new trustees are appointed for a period of three years by the existing trustees. We recruited three new committee members this year. We currently have 6 trustees and four committee members who are not trustees. We continue to try to recruit new committee members but it is a challenge to find people willing to undertake committee work whilst at the same time maintain diversity to ensure representation and relevance to all residents.
The trustees who served during the year and up to the date of signature of the financial statements were: S Corbett
K Taylor T Sharp R Tervit L Hopper D Corbett
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
The trustees' report was approved by the Board of Trustees.
.............................. S Corbett Trustee 06 January 2026 Date: .............................................
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF OAKENSHAW COMMUNITY ASSOCIATION CIO
I report to the trustees on my examination of the financial statements of Oakenshaw Community Association CIO (the charity) for the year ended 31 March 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
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I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
RMT Accountants & Business Advisors Ltd Finchale House Belmont Business Park Durham DH1 1TW
Date: ............................
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted Restricted funds funds 2025 2025 Notes £ £ Income and endowments from: Donations and legacies 3 80 31,000 Other trading activities 4 86 - Other income 5 4,470 - Total income 4,636 31,000 Expenditure on: Charitable activities 6 1,851 16,534 Total expenditure 1,851 16,534 Net income/(expenditure) 2,785 14,466 Transfers between funds - - Net movement in funds 8 2,785 14,466 Reconciliation of funds: Fund balances at 1 April 2024 5,007 116,713 Fund balances at 31 March 2025 7,792 131,179 |
Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 31,080 17 29,000 86 124 - 4,470 3,982 - 35,636 4,123 29,000 18,385 8,202 26,405 18,385 8,202 26,405 17,251 (4,079) 2,595 - 2,500 (2,500) 17,251 (1,579) 95 121,720 6,586 116,618 138,971 5,007 116,713 |
Total 2024 £ 29,017 124 3,982 33,123 34,607 34,607 (1,484) - (1,484) 123,204 121,720 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
BALANCE SHEET
AS AT 31 MARCH 2025
| Notes Fixed assets Tangible assets 12 Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities The funds of the charity Restricted income funds 16 Unrestricted funds 17 |
2025 £ 146 139,583 139,729 (930) |
£ 171 1 172 138,799 138,971 131,179 7,792 138,971 |
2024 £ 149 122,086 122,235 (780) |
£ 264 1 |
|---|---|---|---|---|
| 265 121,455 |
||||
| 121,720 | ||||
| 116,713 5,007 |
||||
| 121,720 |
06 January 2026 The financial statements were approved by the trustees on .........................
.............................. S Corbett
Trustee
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
Charity information
Oakenshaw Community Association CIO is a charitable incorporated organisation registered in England and Wales. The registered office is 7 Park View, Oakenshaw, Crook, DL15 0ST.
1.1 Basis of preparation
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)(Effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Grants of a revenue nature are credited to income in the period to which they relate.
Capital grants are recognised when the charity/entity has reasonable assurance that the conditions attached to the grant will be met and that the grant will be received. Grants received in advance of satisfying these conditions are recorded as deferred income.
Capital grants relating to the purchase or construction of tangible fixed assets are credited to deferred income and released to the Statement of Comprehensive Income over the useful economic life of the related asset, in line with the depreciation method applied. Any remaining deferred balance is released to income on disposal or impairment of the asset unless the grant terms require otherwise.
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
Interest income is recognised using the effective interest method, reflecting the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to its carrying amount. Interest receivable is recognised on an accruals basis when it is probable that economic benefits will flow to the entity and the amount can be measured reliably. Interest on cash deposits and other financial assets is included within investment income in the Statement of Comprehensive Income.
1.5 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 are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment 25% on cost Computers 33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Fixed asset investments
Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in net income/(expenditure) for the year.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
3 Income from donations and legacies
| Unrestricted Restricted funds funds 2025 2025 £ £ Donations and gifts 80 30,000 Grants - 1,000 80 31,000 4 Income from other trading activities Fundraising events 5 Other income Deposit account interest |
Total Unrestricted Restricted Total funds funds 2025 2024 2024 2024 £ £ £ £ 30,080 17 28,500 28,517 1,000 - 500 500 31,080 17 29,000 29,017 Unrestricted Unrestricted funds funds 2025 2024 £ £ 86 124 Unrestricted Unrestricted funds funds 2025 2024 £ £ 4,470 3,982 |
Total 2024 £ 28,517 500 |
|---|---|---|
| 29,017 |
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
6 Expenditure on charitable activities
| Oakenshaw | Oakenshaw | |||
|---|---|---|---|---|
| community | community | |||
| development | development | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Direct costs | ||||
| Depreciation | 93 | 15 | ||
| Event costs | 9,967 | 7,430 | ||
| Allotment rent | 58 | 62 | ||
| Community garden costs | 181 | 38 | ||
| Sundry items | 410 | 179 | ||
| Village grounds | 6,328 | 25,900 | ||
| 17,037 | 33,624 | |||
| Share of support and governance costs (see note 7) | ||||
| Support | 418 | 203 | ||
| Governance | 930 | 780 | ||
| 18,385 | 34,607 | |||
| Analysis by fund | ||||
| Unrestricted funds | 1,851 | 8,202 | ||
| Restricted funds | 16,534 | 26,405 | ||
| 18,385 | 34,607 | |||
| 7 | Support costs allocated to activities | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Insurance | 295 | 149 | ||
| Postage and stationery | 123 | 54 | ||
| Governance costs | 930 | 780 | ||
| 1,348 | 983 | |||
| Analysed between: | ||||
| Oakenshaw community development | 1,348 | 983 | ||
| 8 | Net movement in funds | 2025 | 2024 | |
| £ | £ | |||
| The net movement in funds is stated after charging/(crediting): | ||||
| Fees payable for the independent examination of the charity's financial | ||||
| statements | 930 | 780 | ||
| Depreciation of owned tangible fixed assets | 93 | 15 |
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
9 Trustees
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. There were no benefits or remuneration provided to any of the trustees for the year ended 31 March 2025 or the prior year.
10 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Tangible fixed assets
| Plant and equipment Computers £ £ Cost At 1 April 2024 3,512 279 At 31 March 2025 3,512 279 Depreciation and impairment At 1 April 2024 3,512 15 Depreciation charged in the year - 93 At 31 March 2025 3,512 108 Carrying amount At 31 March 2025 - 171 At 31 March 2024 - 264 |
Total £ 3,791 |
|---|---|
| 3,791 | |
| 3,527 93 |
|
| 3,620 | |
| 171 | |
| 264 |
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
13 Fixed asset investments
| Cost or valuation At 1 April 2024 & 31 March 2025 Carrying amount At 31 March 2025 At 31 March 2024 Other investments comprise: Notes Investments in subsidiaries 20 14 Debtors Amounts falling due within one year: Prepayments and accrued income 15 Creditors: amounts falling due within one year Accruals and deferred income |
Other investments £ 1 1 1 2025 2024 £ £ 1 1 2025 2024 £ £ 146 149 2025 2024 £ £ 930 780 |
|---|---|
16 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At | 1 April | Incoming | Resources | Transfers | At 31 March | |
|---|---|---|---|---|---|---|
| 2024 | resources | expended | 2025 | |||
| £ | £ | £ | £ | £ | ||
| Wind Turbine Capital Fund | 116,218 | 30,000 | (15,201) | (17,760) | 113,257 | |
| Charity4U Sports Sessions | 495 | 500 | (833) | - | 162 | |
| GWTC Family Fun Day | ||||||
| Contribution | - | 500 | (500) | - | - | |
| Memorial Fund | - | - | - | 17,760 | 17,760 | |
| 116,713 | 31,000 | (16,534) | - | 131,179 |
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
| 16 | Restricted funds | (Continued) | ||||
|---|---|---|---|---|---|---|
| Previous year: | At 1 April | Incoming | Resources | Transfers | At 31 March | |
| 2023 | resources | expended | 2024 | |||
| £ | £ | £ | £ | £ | ||
| Wind Turbine Capital Fund | 116,118 | 28,500 | (25,900) | (2,500) | 116,218 | |
| Charity4U Sports Sessions | 500 | 400 | (405) | - | 495 | |
| DCC Coronation Fund | - | 100 | (100) | - | - | |
| 116,618 | 29,000 | (26,405) | (2,500) | 116,713 |
Sustainable Oakenshaw SPV provided wind turbine income of £30,000 for the Wind Turbine Capital Fund in the year. The trustees designated £17,760 of these funds to a memorial fund for the construction of a memorial in commemoration of the 80th anniverary of VE and VJ day. At 31 March 2025 £113,257 remains unspent.
During 2023 and 2024 Charity4U provided grants totalling £900 for the deliverance of sports sessions. A further £500 was provided in 2025 towards these objectives. At 31 March 2025 £162 remains unspent.
During the year £500 was provided by Greater Willington Town Council (GWTC) as a contribution to a family fun day event. This amount was fully spent during the year.
17 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of total funds by the trustees for specific purposes.
| At 1 April | Incoming | Resources | Transfers | At 31 March | |
|---|---|---|---|---|---|
| 2024 | resources | expended | 2025 | ||
| £ | £ | £ | £ | £ | |
| General funds | 5,007 | 4,636 | (1,851) | - | 7,792 |
| Previous year: | At 1 April | Incoming | Resources | Transfers | At 31 March |
| 2023 | resources | expended | 2024 | ||
| £ | £ | £ | £ | £ | |
| General funds | 6,586 | 4,123 | (8,202) | 2,500 | 5,007 |
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Docusign Envelope ID: F21E4042-DBCE-48B4-86E5-E40FCAAF57D7
OAKENSHAW COMMUNITY ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
18 Analysis of net assets between funds
| Unrestricted Restricted funds funds 2025 2025 £ £ At 31 March 2025: Tangible assets 171 - Investments 1 - Current assets/(liabilities) 7,620 131,179 7,792 131,179 Unrestricted Restricted funds funds 2024 2024 £ £ At 31 March 2024: Tangible assets 264 - Investments 1 - Current assets/(liabilities) 4,742 116,713 5,007 116,713 |
Total 2025 £ 171 1 138,799 |
|---|---|
| 138,971 | |
| Total 2024 £ 264 1 121,455 |
|
| 121,720 |
19 Related party transactions
During the year, the association incurred costs totalling £6,328 in relation to works completed by a company owned by the deputy chair of the trustees. The trustees determined that these transactions were at market rate and were approved by a majority of trustees at a committee meeting. There were no other related party transactions during the year.
20 Subsidiaries
These financial statements are separate charity financial statements for 31 March 2025.
Details of the charity's subsidiaries at 31 March 2025 are as follows:
| Name of undertaking | Registered | Nature of business | Class of | % Held |
|---|---|---|---|---|
| office | shares held | Direct Indirect | ||
| Sustainable Oakenshaw | Ground Floor, | Operation of a wind turbine to | Ordinary | 100.00 |
| SPV Limited | Finchale House, | obtain funds to donate to | ||
| Belmont | Oakenshaw Community | |||
| Business Park, | Association CIO | |||
| Durham, DH1 | ||||
| 1TW |
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