REGISTERED CHARITY NUMBER: 1172213
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
FOR
THE OLDHAM ENTERPRISE TRUST CIO
Jane Cooksey Limited Chartered Certified Accountants 15/16 Boarshurst Bus. Park, Boarshurst Lane, Greenfield Oldham Lancashire OL3 7ER
THE OLDHAM ENTERPRISE TRUST CIO
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
THE OLDHAM ENTERPRISE TRUST CIO
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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
Objectives and aims
The objectives of the charity are to support and enable local young people (under 35 years of age) to set up their own business and also to develop that aspiration within Oldham's school and college student population.
The charity's activities can be divided into two strands:
- a) Awarding of grants and loans to young Oldham entrepreneurs and linking them to the business support available from the Greater Manchester Business Growth Hub.
b) Supporting the development of an enterprise and employability culture within Oldham's primary and secondary schools and colleges.
In shaping our objectives for the period and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
ACHIEVEMENT AND PERFORMANCE
a) Enterprise loans and grants:
i. We have made four grants to young people totalling £5018.
ii. We no longer give out loans.
iii. We have helped to create a total of 367 current jobs.
b) Supporting the development of an enterprise and employability culture (although this has been restricted by the constraints of the pandemic:
i. Partnered with the Rio Ferdinand Foundation on our "Inspiring Enterprise" programme by arranging talks by young entrepreneurs to local schools
ii. Continued development of Youth Enterprise Network Oldham to bring successful young Oldham entrepreneurs together to promote enterprise to their peers.
iii. Supported and funded the Be Your Own Boss enterprise programme in partnership with Oldham College.
FINANCIAL REVIEW
Financial position
The charity's income during the year amounted to a total of £4,017, consisting of donations of £2,001 and loan interest and finders fees received of £2.016. Revenue expenditure amounted to a total of £64,800, resulting in a deficit of £60,783.
Donations received are used to make grants and loans to young Oldham entrepreneurs, as well as supporting the development of an enterprise and employability culture within Oldham's primary and secondary schools and colleges. Due to the effects of the Covid 19 pandemic loans are no longer being made.
The net movement in funds during the year was a decrease of £60,783 (2020 - increase of £35,329) and the total funds of the charity at the end of the year, all of which are unrestricted, were £231,702 (2020 - £292,485).
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THE OLDHAM ENTERPRISE TRUST CIO
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
FINANCIAL REVIEW
Reserves policy
In the past there has been no specific requirement for the level of general reserves that the charity holds because a large proportion of its income is provided to start-up businesses in the form of loans and the charity's benefactor was willing to provide cash reserves when required. Due to the effects of the pandemic the charity's main benefactor, the Stoller Charitable Trust has ceased (hopefully temporarily) their donations.
The Trustees have therefore reviewed the Reserves policy and agreed that the cash reserves should be maintained above a level which would enable the charity to operate for 6 months without income, which based on current costs, would equate to £38,500. At 31 March 2021, the general reserves held amounted to £231,702 (2020- £292,485) , all of which were unrestricted, and included cash reserves of £89,684 (2020 - £96,039).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Structure, Governance and Management
The Oldham Enterprise trust CIO is a registered charity, number 1172213. The charity was established as a Charitable incorporated Organisation in March 2017 under the terms of its constitution,
The charity has a manager who reports to the board on operational matters. Bi monthly trust board meetings review performance and financial matters. Trustees are recruited from the local community after interview by a minimum of two trustees.
There is no formal training provided for trustees but they are advised to read literature available from he Charity Commission and they are made aware of their general duties and responsibilities as part of the recruitment process and once they join the board and attend meetings.
All trustees give their time freely.
Risk management
The trustees review risks on an annual basis. Risks to the charity are rated and contingency plans put in place. The most significant risk to the charity is a cessation of funds via the Stoller Donation and this occurred because of the pandemic in March 2020. Appropriate action was swiftly taken to reduce the Trust's financial commitments both in terms of its enterprise funding awards and its staffing costs.
The lockdown caused us to pause operations for a while although our applications portal has remained open. Virtual arrangements are now in place. Going forward new partnership arrangements and income generation plans have been put in place. the Trust will also be bidding for Grant funding support where possible.
Given the unprecedented times that we are living in, risks are now reviewed on a quarterly basis. We are now reviewing our Grants policy given the emergence from lockdown and may introduce a more flexible regime around eligibility and funding awards.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1172213
Principal address
Oldham Metropolitan Borough Council Level 3 Room 310 Civic Centre, West Street Oldham OL1 1UT
Trustees
D Benstead Councillor S Akhtar Councillor E Moores D Meredith Mrs L Smart
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THE OLDHAM ENTERPRISE TRUST CIO
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Jane Cooksey FCCA Jane Cooksey Limited Chartered Certified Accountants 15/16 Boarshurst Bus. Park, Boarshurst Lane, Greenfield Oldham Lancashire OL3 7ER
Approved by order of the board of trustees on 10 January 2022 and signed on its behalf by:
D Benstead - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE OLDHAM ENTERPRISE TRUST CIO
Independent examiner's report to the trustees of The Oldham Enterprise Trust CIO
I report to the charity trustees on my examination of the accounts of The Oldham Enterprise Trust CIO (the Trust) for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 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 accounts to be reached.
Jane Cooksey FCCA Jane Cooksey Limited Chartered Certified Accountants 15/16 Boarshurst Bus. Park, Boarshurst Lane, Greenfield Oldham Lancashire OL3 7ER
10 January 2022
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THE OLDHAM ENTERPRISE TRUST CIO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| 2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2,001 Charitable activities Relief of unemployment 2,016 Total 4,017 EXPENDITURE ON Charitable activities Relief of unemployment 64,220 Other 580 Total 64,800 NET INCOME/(EXPENDITURE) (60,783) RECONCILIATION OF FUNDS Total funds brought forward 292,485 TOTAL FUNDS CARRIED FORWARD 231,702 |
2020 Total funds £ 329,141 2,968 |
|---|---|
| 332,109 295,580 1,200 |
|
| 296,780 | |
| 35,329 257,156 |
|
| 292,485 |
The notes form part of these financial statements
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THE OLDHAM ENTERPRISE TRUST CIO
BALANCE SHEET
31 MARCH 2021
| 2021 Unrestricted fund Notes £ FIXED ASSETS Investments 3 78,151 CURRENT ASSETS Debtors 4 7,993 Investments 5 81,727 Cash at bank 89,684 179,404 CREDITORS Amounts falling due within one year 6 (25,853) NET CURRENT ASSETS 153,551 TOTAL ASSETS LESS CURRENT LIABILITIES 231,702 NET ASSETS 231,702 FUNDS 7 Unrestricted funds 231,702 TOTAL FUNDS 231,702 |
2020 Total funds £ 83,907 13,824 108,538 96,039 218,401 (9,823) 208,578 292,485 292,485 292,485 292,485 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 10 January 2022 and were signed on its behalf by:
D Benstead - Trustee
The notes form part of these financial statements
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THE OLDHAM ENTERPRISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations are recognised once received. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Loan interest receivable, which is generated from programme related social investments, is recognised over the period of the loan, as repayments are received, and is classified as income from charitable activities.
Investment income is recognised when receivable.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Governance costs are those incurred in connection with the constitutional and statutory requirements of the charity.
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Social investments
Programme related investments comprise loans made to provide investment funding to individuals or organisations in order to directly further the charitable purposes of the trust. Loans are initially recognised and measured at eh amount paid, with the carrying amount adjusted to reflect repayments and accrued interest and adjusted if necessary for any impairment. Loans repayable within 12 months are categorised as current asset investments and loans repayable after more than 12 months are categorised as fixed assets investments.
continued...
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THE OLDHAM ENTERPRISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
3. FIXED ASSET INVESTMENTS
| Loans At 1 April 2020 Transfer to current assets At 31 March 2021 |
2021 £ 78,151 |
2020 £ 83,907 Other loans £ 83,907 (5,756) 78,151 |
|---|---|---|
There were no investment assets outside the UK.
4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Prepayments and accrued income CURRENT ASSET INVESTMENTS Social investments Social investments bad debt provision |
2021 £ 7,590 403 7,993 2021 £ 239,060 (157,333) 81,727 |
2020 £ 10,215 3,609 13,824 2020 £ 273,425 (164,887) 108,538 |
|---|---|---|
5. CURRENT ASSET INVESTMENTS
continued...
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THE OLDHAM ENTERPRISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors 7. MOVEMENT IN FUNDS At 1.4.20 £ Unrestricted funds General fund 292,485 TOTAL FUNDS 292,485 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 4,017 TOTAL FUNDS 4,017 Comparatives for movement in funds At 1.4.19 £ Unrestricted funds General fund 257,156 TOTAL FUNDS 257,156 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 332,109 TOTAL FUNDS 332,109 |
2021 2020 £ £ 22,453 3,433 3,400 6,390 25,853 9,823 Net movement At in funds 31.3.21 £ £ (60,783) 231,702 (60,783) 231,702 Resources Movement expended in funds £ £ (64,800) (60,783) (64,800) (60,783) Net movement At in funds 31.3.20 £ £ 35,329 292,485 35,329 292,485 Resources Movement expended in funds £ £ (296,780) 35,329 (296,780) 35,329 |
|---|---|
continued...
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THE OLDHAM ENTERPRISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
7. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.19 £ 257,156 257,156 |
Net movement in funds £ (25,454) (25,454) |
At 31.3.21 £ 231,702 |
|---|---|---|---|
| 231,702 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 336,126 | (361,580) | (25,454) |
| TOTAL FUNDS | 336,126 | (361,580) | (25,454) |
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
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THE OLDHAM ENTERPRISE TRUST CIO
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Charitable activities Loan interest receivable Finders fees Total incoming resources EXPENDITURE Charitable activities Sundries Travel Training and consultancy Membership fees and subscriptions Functions & event sponsorship Grants payable Project costs Bad debt provision Loan administration fees Support costs Management Insurance Marketing Computer costs Governance costs Independent examiner fee Accountancy fees Total resources expended Net (expenditure)/income |
2021 £ 2,001 1,416 600 2,016 4,017 - 320 54,564 2,950 2,925 5,018 1,444 (12,215) 2,875 57,881 694 1,300 4,345 6,339 580 - 580 64,800 (60,783) |
2020 £ 329,141 2,968 - |
|---|---|---|
| 2,968 | ||
| 332,109 109 132 50,336 2,025 10,001 56,483 17,859 128,243 4,500 |
||
| 269,688 822 20,990 4,080 |
||
| 25,892 900 300 |
||
| 1,200 | ||
| 296,780 | ||
| 35,329 |
This page does not form part of the statutory financial statements
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