REGISTERED CHARITY NUMBER: 1172213
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
THE OLDHAM ENTERPRISE TRUST CIO
Jane Cooksey Limited 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 2024
| 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 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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 30 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 to young Oldham entrepreneurs and linking them to the business support available from the Prince's Trust, Oldham Library's Build a Business programme and 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 grants
i. We have
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made grants to 9 young people totalling £7,500 from our own resources.
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we have referred 26 to The King's Trust (formerly The Prince's Trust) to their Enterprise Programme and for their Enterprise Grant
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we have referred 34 applicants to The Start Up Loan Scheme
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we have referred 25 applicants to The Business Growth Hub for business support.
ii. We have helped to create a total of 425 current jobs over the 12-year life of the Trust.
b) We have supported the development of an enterprise and employability culture including initiating, developing, and facilitating
- i. Start-up Huddle Oldham.
ii. The planning of opening an Enterprise Centre for disadvantaged young people in Oldham.
iii. The Oldham Festival for Business in September and Oldham Enterprise Week in March
iv. The Be Your Own Boss enterprise programme in partnership with Oldham College.
v. The Inspiring Youth Enterprise event in partnership with Oldham College aimed at years 9 and 10 from Oldham Secondary Schools
FINANCIAL REVIEW
Financial Position
The charity's income during the year amounted to a total of £41,633, consisting of donations of £40,643 and loan interest and finders fees received of £990. Revenue expenditure amounted to a total of £89,034, resulting in a deficit of £47,401. Donations already 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. Although we no longer receive these donations, we still have a substantial sum in the bank, and are looking to i develop our income through Repayments from historical loans
ii The creation of an Enterprise Centre for young Oldham entrepreneurs. iii Bidding for funding
The net movement in funds during the year was a decrease of £47,401 (2023- decrease of £79,622) and the total funds of the charity at the end of the year, all of which are unrestricted, were £111,979 (2023 - £159,380).
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THE OLDHAM ENTERPRISE TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
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 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 3 months without income, which based on current costs, would equate to £16,471. At 31 March 2024, the general reserves held amounted to £111,979 (2023- £159,380) , all of which were unrestricted and included cash reserves of £87,145 (2023 - £99,773).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
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. Bimonthly 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 the 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.
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 now refer applicants to The King's Trust (formerly The Prince's Trust) to access their Grant funding. We no longer offer grants from within our own financial resources but act as a one stop signpost to The King's Trust Enterprise Programme and Grants, the Government backed Start Up Loan Scheme, as well as a range of free business support agencies.
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 F L Rothwell
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THE OLDHAM ENTERPRISE TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Jane Cooksey Jane Cooksey Limited 15/16 Boarshurst Bus. Park, Boarshurst Lane, Greenfield Oldham Lancashire OL3 7ER
Approved by order of the board of trustees on 20 December 2024 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 2024.
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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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 The Association of Chartered Certified Accountants
Jane Cooksey Limited 15/16 Boarshurst Bus. Park, Boarshurst Lane, Greenfield Oldham Lancashire OL3 7ER
20 December 2024
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THE OLDHAM ENTERPRISE TRUST CIO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 40,643 Charitable activities Relief of unemployment 990 Total 41,633 EXPENDITURE ON Charitable activities Relief of unemployment 90,534 Other - Total 90,534 NET INCOME/(EXPENDITURE) (48,901) RECONCILIATION OF FUNDS Total funds brought forward 159,380 TOTAL FUNDS CARRIED FORWARD 110,479 |
2023 Total funds £ 25,892 133 26,025 104,842 805 105,647 (79,622) 239,002 159,380 |
|---|---|
The notes form part of these financial statements
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THE OLDHAM ENTERPRISE TRUST CIO
BALANCE SHEET
31 MARCH 2024
| 2024 Unrestricted fund Notes £ FIXED ASSETS Investments 4 123 CURRENT ASSETS Debtors 5 675 Investments 6 39,057 Cash at bank 87,145 126,877 CREDITORS Amounts falling due within one year 7 (16,521) NET CURRENT ASSETS 110,356 TOTAL ASSETS LESS CURRENT LIABILITIES 110,479 NET ASSETS 110,479 FUNDS 8 Unrestricted funds 110,479 TOTAL FUNDS 110,479 |
2023 Total funds £ 58,381 7,727 7,796 99,773 115,296 (14,297) 100,999 159,380 159,380 159,380 159,380 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 20 December 2024 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 2024
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 the 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 2024
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
3. STAFF COSTS
There were no employees in the year.
4. FIXED ASSET INVESTMENTS
| Loans At 1 April 2023 Transfer to current assets At 31 March 2024 There were no investment assets outside the UK. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income CURRENT ASSET INVESTMENTS Social investments Social investments bad debt provision |
||
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5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
6.
continued...
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THE OLDHAM ENTERPRISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors 8. MOVEMENT IN FUNDS At 1.4.23 £ Unrestricted funds General fund 159,380 TOTAL FUNDS 159,380 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 41,633 TOTAL FUNDS 41,633 Comparatives for movement in funds At 1.4.22 £ Unrestricted funds General fund 239,002 TOTAL FUNDS 239,002 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 26,025 TOTAL FUNDS 26,025 |
2024 2023 £ £ 1,701 934 14,820 13,363 16,521 14,297 Net movement At in funds 31.3.24 £ £ (48,901) 110,479 (48,901) 110,479 Resources Movement expended in funds £ £ (90,534) (48,901) (90,534) (48,901) Net movement At in funds 31.3.23 £ £ (79,622) 159,380 (79,622) 159,380 Resources Movement expended in funds £ £ (105,647) (79,622) (105,647) (79,622) |
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continued...
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THE OLDHAM ENTERPRISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
8. 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 1.4.22 £ 239,002 239,002 |
Net movement in funds £ (128,523) (128,523) |
At 31.3.24 £ 110,479 |
|---|---|---|---|
| 110,479 |
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 | 67,658 | (196,181) | (128,523) |
| TOTAL FUNDS | 67,658 | (196,181) | (128,523) |
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
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THE OLDHAM ENTERPRISE TRUST CIO
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| INCOME AND ENDOWMENTS Donations and legacies Donations Charitable activities Loan interest receivable Admin fees Total incoming resources EXPENDITURE Charitable activities Training and consultancy Grants payable Project costs Bad debt provision Loan administration fees Support costs Management Insurance Marketing Administration and sundries Computer costs Governance costs Independent examiner fee Total resources expended Net expenditure |
2024 £ 40,643 690 300 990 41,633 47,068 7,500 4,311 15,112 6,959 80,950 279 8,291 - 300 8,870 714 90,534 (48,901) |
2023 £ 25,892 133 - 133 26,025 43,291 19,250 23,504 10,075 1,933 98,053 273 6,252 63 201 6,789 805 105,647 (79,622) |
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This page does not form part of the statutory financial statements
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