REGISTERED CHARITY NUMBER: 1172213
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Independent Examiner's Report | 6 | ||
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Notes to the Financial Statements | 9 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
THE OLDHAM ENTERPRISE TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. 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 charity exists to support people in Oldham, particularly young people, to improve their chances of moving into employment, education, training or self-employment.
Our work focuses on helping individuals to build confidence, develop practical skills and raise their aspirations. We aim to reduce the risk of long-term unemployment by supporting people who face barriers to progression, including those at risk of becoming not in education, employment or training (NEET).
Public benefit
In planning its work and setting priorities, the trustees have had regard to the Charity Commission's guidance on public benefit. The trustees believe that the charity's activities provide public benefit by improving employability, skills and confidence, and by supporting positive economic participation within the Oldham community.
ACHIEVEMENTS AND PERFORMANCE CHARITABLE ACTIVITIES
During the year, Oldham Enterprise Trust delivered its objectives through a range of employability and enterprise-focused activities. The charity's work can be grouped into the following main areas:
a) Employability and progression support
We deliver structured programmes and activities that help participants to develop employability skills, confidence and resilience. This includes support to explore career options, prepare for work, and progress into employment, education, training or self-employment.
These activities are often delivered in partnership with employers and local organisations and include initiatives such as the SkillsBridge programme.
b) Enterprise and self-employment support
We support individuals who are interested in starting their own business or becoming self-employed. This includes early guidance, encouragement and signposting to appropriate specialist business support and funding opportunities.
c) Schools and colleges engagement
We work with local schools, colleges and education providers to promote enterprise and employability. This includes workshops, events and collaborative activity aimed at raising awareness of career pathways and encouraging aspiration among students.
d) Partnership working
The charity works closely with a range of partners, including employers, education providers, funders and community organisations. This partnership approach helps ensure that support is joined-up, relevant and accessible, and that clear progression routes are available for participants.
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THE OLDHAM ENTERPRISE TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
ACHIEVEMENTS AND PERFORMANCE
During the year ended 31 March 2025, Oldham Enterprise Trust continued to develop its role in supporting employability, enterprise and progression opportunities for people in Oldham, with a particular focus on young people and those facing barriers to employment or training. The charity's work increasingly focused on providing structured, sustained support that enables individuals to make meaningful progress towards education, employment, training or self-employment.
Employability and progression outcomes
Through employability and progression-focused activity, including the development and delivery of the SkillsBridge programme, the charity supported participants to build confidence, resilience and practical employability skills.
Participants engaged in structured support designed to help them understand their options, develop work readiness and take positive steps towards progression. Feedback and ongoing engagement indicated improvements in confidence, motivation and readiness for work or further opportunities.
A number of participants progressed into education, training, employment or self-employment during the year, while others made measurable progress towards these outcomes.
Enterprise and self-employment support
Enterprise support continued to form part of the charity's work, particularly for individuals exploring self-employment as a progression route.
During the year:
-
Small enterprise grants were awarded to support early-stage business activity
-
Individuals were referred to external specialist support, including The King's Trust, the Start Up Loan Scheme and the Business Growth Hub, to ensure they received appropriate advice and funding
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This blended approach allowed the charity to provide early support while working in partnership with established enterprise organisations.
Schools, colleges and youth engagement
Oldham Enterprise Trust worked with local schools and colleges to promote enterprise, employability and aspiration among young people. This included workshops, programmes and events designed to raise awareness of career and enterprise pathways and to support skills development at an early stage.
Partnership working with Oldham College continued to play an important role in reaching young people and embedding employability-focused activity within education settings.
Partnerships and local impact
The charity continued to work collaboratively with employers, education providers and community partners to strengthen local employability and enterprise pathways. This included facilitating events, supporting networks and contributing to a positive enterprise and employability culture within Oldham.
These partnerships support collaborative working and help ensure that participants can access appropriate opportunities as they progress.
Track record
Since its formation, Oldham Enterprise Trust has supported enterprise and employability activity that has contributed to job creation and economic participation in Oldham. While the charity's current focus is on progression and employability outcomes, this established track record provides a strong foundation for its ongoing work.
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THE OLDHAM ENTERPRISE TRUST CIO
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL REVIEW
Financial Position
The charity's total income for the year ended 31 March 2025 was £43,887 (2024: £41,633). This included restricted grant funding of £32,850 received from the National Lottery to support delivery of the SkillsBridge programme, together with a small amount of loan interest income.
Total expenditure for the year amounted to £81,865 (2024: £90,534), resulting in a net deficit for the year of £37,978 (2024: £48,901). Expenditure included £19,853 applied against restricted Lottery funding in accordance with the agreed project budget, with the remaining costs met from unrestricted reserves.
At 31 March 2025, the charity held total funds of £72,501 (2024: £110,479). This comprised restricted funds of £12,997 relating to unspent National Lottery funding for SkillsBridge, and unrestricted funds of £59,504.
The reduction in unrestricted reserves during the year reflects a planned and controlled use of funds to support programme delivery, development activity and the charity's transition towards a more structured employability and progression-focused model.
The trustees consider the level of unrestricted reserves to be appropriate to meet current commitments, manage financial risk and support ongoing activity. Financial sustainability is supported through a combination of restricted grant funding, repayments from historic social investment loans and the continued development of new funding opportunities aligned to the charity's objectives.
RESERVES POLICY
The trustees have reviewed the charity's reserves policy in line with Charity Commission guidance and the charity's current operating model.
Reserves are defined as the level of unrestricted funds held by the charity that are available to spend at the trustees' discretion in furtherance of the charity's objectives. Restricted funds are excluded from reserves, as they may only be used for purposes specified by the funder.
The trustees aim to maintain sufficient unrestricted reserves to:
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Meet ongoing operational commitments
-
Manage short-term cashflow fluctuations
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Mitigate financial risk
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Enable the charity to continue delivery during periods of funding uncertainty
Based on current expenditure levels, the trustees consider that holding unrestricted reserves equivalent to approximately three months of operating costs represents an appropriate minimum level. This equates to approximately £20,715.
At 31 March 2025, the charity held unrestricted funds of £59,504 after excluding restricted funds relating to National Lottery funding for the SkillsBridge programme. The trustees consider this level of unrestricted reserves to be adequate and appropriate to support the charity's current activities and planned development.
The trustees will continue to review the reserves position regularly, taking account of programme commitments, funding pipelines and overall financial risk.
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THE OLDHAM ENTERPRISE TRUST CIO
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Oldham Enterprise Trust CIO is a registered charity (number 1172213). The charity was established as a Charitable Incorporated Organisation in March 2017 and is governed by its constitution.
The trustees are responsible for the overall direction, governance and financial management of the charity. They set the strategic priorities, ensure compliance with charity law and oversee the effective use of resources in furtherance of the charity's objectives.
The charity has an operational lead who reports to the board on delivery, performance and financial matters. Trustees meet regularly to review progress, manage risk and provide oversight of the charity's activities.
Trustees are recruited from the local community and bring a range of skills and experience relevant to the charity's work. New trustees are appointed in accordance with the constitution and are supported to understand their duties and responsibilities through access to Charity Commission guidance and ongoing discussion at board meetings.
All trustees give their time freely and receive no remuneration for their services.
RISK MANAGEMENT
The trustees recognise that effective risk management is essential to the charity's sustainability and delivery of its objectives.
Risks are reviewed regularly by the trustees and are assessed in terms of likelihood and potential impact. Appropriate mitigation measures are identified and monitored as part of ongoing governance and financial oversight.
The principal risks identified by the trustees include:
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Financial sustainability and funding continuity
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Capacity to deliver programmes effectively
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Compliance with funder requirements, including restricted funding
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Safeguarding and duty of care
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Reputational risk
The trustees manage financial risk through regular financial monitoring, maintenance of appropriate unrestricted reserves and diversification of income sources. The introduction of restricted grant funding, including National Lottery funding for SkillsBridge, has strengthened programme delivery while increasing the importance of effective fund management and reporting.
Operational risks are mitigated through partnership working, clear delivery frameworks and regular review of programme performance. The trustees also ensure that appropriate policies and procedures are in place and reviewed as required.
The trustees will continue to review risks on a regular basis to ensure that emerging risks are identified and managed appropriately.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1172213
Principal address
C/O Innovation Hub Oldham College Rochdale Road Oldham OL9 6AA
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THE OLDHAM ENTERPRISE TRUST CIO
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
Trustees
D Benstead Councillor S Akhtar Councillor E Moores D Meredith Mrs L Smart F L Rothwell
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 26 January 2026 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 2025.
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
26 January 2026
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THE OLDHAM ENTERPRISE TRUST CIO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 11,000 Charitable activities Relief of unemployment 37 Total 11,037 EXPENDITURE ON Charitable activities Relief of unemployment 62,012 NET INCOME/(EXPENDITURE) (50,975) RECONCILIATION OF FUNDS Total funds brought forward 110,479 TOTAL FUNDS CARRIED FORWARD 59,504 |
Restricted fund £ 32,850 - 32,850 19,853 12,997 - 12,997 |
2025 Total funds £ 43,850 37 43,887 81,865 (37,978) 110,479 72,501 |
2024 Total funds £ 40,643 990 41,633 90,534 (48,901) 159,380 110,479 |
|---|---|---|---|
The notes form part of these financial statements
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THE OLDHAM ENTERPRISE TRUST CIO
BALANCE SHEET
31 MARCH 2025
| Unrestricted fund Notes £ FIXED ASSETS Investments 4 - CURRENT ASSETS Debtors 5 680 Investments 6 29,486 Cash at bank 44,557 74,723 CREDITORS Amounts falling due within one year 7 (15,219) NET CURRENT ASSETS 59,504 TOTAL ASSETS LESS CURRENT LIABILITIES 59,504 NET ASSETS 59,504 FUNDS 8 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - - - 12,997 12,997 - 12,997 12,997 12,997 |
2025 Total funds £ - 680 29,486 57,554 87,720 (15,219) 72,501 72,501 72,501 59,504 12,997 72,501 |
2024 Total funds £ 123 675 39,057 87,145 126,877 (16,521) 110,356 110,479 110,479 110,479 - 110,479 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 26 January 2026 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 2025
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 2025
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
3. STAFF COSTS
There were no employees in the year.
4. FIXED ASSET INVESTMENTS
| Loans At 1 April 2024 Transfer to current assets At 31 March 2025 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 |
||
|---|---|---|
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 2025
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors 8. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds SkillsBridge TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds SkillsBridge TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.4.24 £ 110,479 - 110,479 Incoming resources £ 11,037 32,850 43,887 At 1.4.23 £ 159,380 159,380 |
2025 2024 £ £ - 1,701 15,219 14,820 15,219 16,521 Net movement At in funds 31.3.25 £ £ (50,975) 59,504 12,997 12,997 (37,978) 72,501 Resources Movement expended in funds £ £ (62,012) (50,975) (19,853) 12,997 (81,865) (37,978) Net movement At in funds 31.3.24 £ £ (48,901) 110,479 (48,901) 110,479 |
|---|---|---|
continued...
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THE OLDHAM ENTERPRISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
8. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 41,633 TOTAL FUNDS 41,633 A current year 12 months and prior year 12 months combined position is as follows: At 1.4.23 £ Unrestricted funds General fund 159,380 Restricted funds SkillsBridge - TOTAL FUNDS 159,380 |
Resources Movement expended in funds £ £ (90,534) (48,901) (90,534) (48,901) Net movement At in funds 31.3.25 £ £ (99,876) 59,504 12,997 12,997 (86,879) 72,501 |
|---|---|
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 | 52,670 | (152,546) | (99,876) |
| Restricted funds | |||
| SkillsBridge | 32,850 | (19,853) | 12,997 |
| TOTAL FUNDS | 85,520 | (172,399) | (86,879) |
continued...
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THE OLDHAM ENTERPRISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2025.
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THE OLDHAM ENTERPRISE TRUST CIO
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 43,850 | 40,643 |
| Charitable activities | ||
| Loan interest receivable | 37 | 690 |
| Admin fees | - | 300 |
| 37 | 990 | |
| Total incoming resources | 43,887 | 41,633 |
| EXPENDITURE | ||
| Charitable activities | ||
| Training and consultancy | 45,884 | 47,068 |
| Grants payable | - | 7,500 |
| Project costs | 26,232 | 4,311 |
| Bad debt provision | 2,473 | 15,112 |
| Loan administration fees | 1,970 | 6,959 |
| Sundries | 30 | - |
| 76,589 | 80,950 | |
| Support costs | ||
| Management | ||
| Insurance | 292 | 279 |
| Marketing | 4,090 | 8,291 |
| Computer costs | 300 | 300 |
| 4,682 | 8,870 | |
| Governance costs | ||
| Independent examiner fee | 594 | 714 |
| Total resources expended | 81,865 | 90,534 |
| Net expenditure | (37,978) | (48,901) |
This page does not form part of the statutory financial statements
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