**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). Page 1 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 Page 2 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 Page 3 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: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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 Page 4 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 Page 5 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 Page 6 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... Page 7 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... Page 8 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... Page 9 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. Page 10 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 Page 11