**Registered number: 11074784** ## **GREAT OAKS CHARITABLE TRUST** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024** **WR Partners** Protecting your future. GREAT OAKS CHARITABLE TRUST IA Company Ilmltgd by guarantee) CONTENTS Page Reference and administrative details T¥ustees' report Independent audltors. report on the flnanclal ststements 2-13 14-17 Statement of Ilnanclal actlvltles IncorF>oratlng Income and •xp¢ndltUf• ac¢ount Balance $hgot 18 19-20 Statemonl of cash flows 21 Nots¥ to the financial statements 22-39 GREAT OAKS CHARITABLE TRUST IA company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS Membors Vincent Boylan Anne Clinton Matthew Sartin Tru$t90$ Killian O'sullivan, Chalr Robert Guy Alexander lappoinled 4 June 20241 Tim Brennan Shamind&r Rayall Kathryn Sheppard Iresigned 23 Juty 20241 Company reglstered number 11074784 Charity registered number 1188094 Prlnclpal and reglstered Great Oaks College offica Gresham Road Hounslow Middlesex TW3 4BX Independent audltors WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Bankers Nalwest 275, 277 High St HoLJnslow TW3 1ZA Sollcltofs Browne Jacobson Mowbray House Castle Meadow Road Nollingham NG2 IBJ Sonlor Managomont T9am Senior Management Team N Thomas - Principal R Murr- Deputy Principal R Price- Deputy Principal L Davies- Deputy Principal P Jalan - Business Manager Page 1 GREAT OAKS CHARITABLE TRUST IA company Ilmltad by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report together with the financial statements and auditors, report of the Charitable Company for the 1 August 2023 10 31 July 2024. Objectivès and strategy Legal stalus The College is a Charitablo Company, limited by guarantee. under the Companies Act 2006 and was ostablished as a Special Educational Needs and Disability I'SEND") College. The governing document. the Articles of Association, outlines the charitable objectives. The Company is registered as a Charity with the Charity Commission for England and Wales under number 1188094 and is subject to the Charities Acl 2011. The Company dire¢lors are also referred lo as Charity Trustees or Trustees. b. Mlsslon. vlslon. strategy and objectlves The College, commonly known as Great Oaks College. is established lo pmvide extended educab'onal opportunities lo young adults who have learning difficulties in Wesl London. Our educational programmes are designed lo prepare students for active lives, increasing the opportunities available lo them through increased independen￿. Al Great Oaks College I'the College'l we believe that all of our students are capable of making oulslanding progress and of becoming more active members of the community. We deliver highly individual programmos of education precisely tailored lo their individual learning styles, needs and interests. Al our modern, purpose-built sile we offer a range of Further Educallon opportunities lo young people aged 19- 25 with mcKlerats, s&vere or profound & mulllple learnlng dlfficullies, including those wlh Autism Spectrum Disorder. We have excellent vocational, sensory and sports facilities, and are supported by a range of qualrfied therapists and health professionals. The College has various resources that it can deploy In pursuit of its slral8gic objecliv8S. The College resides in a separate area of Oaklands School on a sile which is owned by the London Borough of Hounslow. There is an SLA agreement in place with Oaklands School for the use of shared facllllles. This year strategic planning has focused on the preparation for relocation of the College to a new sile following receipt of notice lo move from ils existing premises. Page 2 GREAT OAKS CHARITABLE TRUST IA company Ilmlted by guarantèe) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 JULY 2024 Objectlves and strategy leontlnuedl c. Resources In the academic year, the number of directly employed personnel has remained consislenl, with the Colleg8 having directly employed a maximum of 8512023.. 851 members of staff. This comprised 1 Principal, 3 Deputy Principals, 1 Business Manager, 3 Heads of Pathway, 3 Adminislralive Assistants, 7 Teachers, 3 Teachers in training, I Vocational Inslruclor, 1 Swimming Instructor, 14 Tea¢hing Assislanls, 19 Learning Support Assistanis, 4 Employabillty Coaches. 2 Café Staff, 2 Speech and Language Therapists. 1 Physiotherapist, 1 Car Park Allendanl. 7 Lunchtime Assislanls, 1 HR Officer, 8 Trainee Learning Support Assistants, 1 Nurse, 1 Health & Therapy Facilitator and 1 Transitsons Facilitator. The College enrolled 108 students in Its academic year 2023124. who are adults In the age range of 1￿25. The College has £4,211,278 of net assets with no long-tem) debt. Al the balance sheet dale £4,022,208 is held In current assets. d. Stakeholdars Great Oaks College has many stakeholders including.. ils students and their families.. ils staff., - the local employers it works with, including organisations such as McDonalds, Travel Lodge and Syon Manor.. the wider college community.. the London Boroughs of Hounslow. Hillingdon, Richmond, Brent, Wandsworth and Ealing. e. Public benefit Great Oaks College has formal registered charity status and is regulated by the Secretary of Slate for Education. The Members, who hold the Trustees lo account, are disclosed on page 1. In selling and reviewing the College's strategic objectives. the Board has had due regard for the Charity Commission's guidance on public benefil and particularly upon ils SLJpplemenlary guidance on the advancement of education. In delivering its mission, the College provide5 identifiable public benefits through the advancement of education to 108 students - all with high needs. The College provides courses wilhoul charge ID young people. The College adjusts ils courses lo meet the needs of local employers. The College is commilled to providing information, advice and guidance lo the students it enrols and lo finding suitable Courses for as many students as posslble regardless of their educational background. Page 3 GREAT OAKS CHARITABLE TRUST IA company limitgd by guarant$$l TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Development and performance a. Flnanclal rovlow The College generated a surplus of £999,663 for 202412023.. £1,257,665) from operations. The Charitable Company has accumulated reserves of £4,211.278 after its sixth year of operallon. Al the Balance Sheet dale the College held nel current assets of £3,907,240. Cash and short term investment balances hold al 31 July 2024 lolal £3,859,602. The Trustees wish to continue lo a￿UmUlate reserves and cash balan¢&s in order lo create a ¢ontingency ftjnd and to help ftjnd its forthcoming relo¢ation. The Trustees ackno￿edge the need for prudent financial risk management in order lo preserve the College's primary objective. The College will review the Risk Register and Quality Improvement Plan lo slrateglcally plan the use of its reserves over the forthcoming years. The College has significant reliance on the education sector funding bodies for ils principal funding source, including grant income. In 2023124. local authorities provided 990kn of the College's lolal educational in¢ome. Future Prospects Futufg dovglopmonts The Trustees have sel a d1￿ctiOn to secure a new building as a result of Hounslow Council imposing a date for the College to vacate from ils existing premises. The College has identified potential new buildings and offers have been agreed. b. Financial plan The Trustees Original long term three year linancial plan was put in place from 2019. The College hBs an annual budget which is regularly reviewed. Durin9 2024, the Change Coefficient were commissioned lo analyse a five-year financial plan lo support the relocation of the College lo new premises and lo assess the lirbancial risks involved. A loan has been secur&d from Big Issue Invest and agreed by Trustees. At the lime of reporting the relocation project is progressing subject to Trustee approval at gach stage. Treasury policies and objectlves The College has treasury management arrangements in place vla ils bankers to manage cash flows, banklng arrangements and the risks associated with those activities. Subject to the finance policy any short term borrowng for temporary revenue purposes is aulhorised by the Principal as the Accounting Officer. All other borrowing requirtrs the aulhorisalion of the Trustee Board. d. Reserves The TrL¢slees recognise the importance of reserves in the financial stability of any organisalion to ensure that there are adequate reserves for core activities. Given the income stream of the Charitabl& Company mainly consists of educational income, il is the Trustees. view that the largel for free reserves should Gover 12 months of operation81 expenditure. Al the Balan￿ Sheet date the Charitable Company has £3.97m {2023.. £3.1 ml of free reserves representing almost 11 months of 2024 expendilure. It has been agreed by the Trustees lo redu existing reserves in order to provide funding for the College relocation., in addition lo the loan. Page 4 GREAT OAKS CHARITABLE TRUST {A Company Ilmited by guarante0 TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Prlnclpal rlsks and uncertainties The College has developed strategies for managing risk and the Board strives lo embed risk management in all that il does. Risk management processes are designed lo protect assets, reputation and financial slabilily. The Board has overall responsibility for risk management and ils approach lo managing risks and internal controls is explained in the Governance Ststemenl. The College has a risk register which identifies the key risks, the likelihood of those risks wcurring, their potential impact on the College and the actions belng taken lo reduce and mitigate the risks. The main risk factor affecting the College is rolated lo sludenl numbers and is outlined below, along with the acllon taken lo minimise this. A more recent risk for the College is the need lo rolocale from the exlsllng premises by July 2025. Not all the factors are within the Colle9e's control. Other factors besides those listed below may also adversely affect the College. This register is reviewed al least annually by the Finance. Audit & Resources committee and more frequently where necessary. A full report is made lo the Board. The College relies on its linancial income which is solely linked lo sludenl numbers. DLJring 2023124, Great Oaks College achieved an intake of 108. During the initial three years, the Twslees had expected the student numbers lo flucluale. However, despite the additional problems arising from th& Covid-19 crisis the Trustees are pleased with the performance lor 2023124. This said, the Board uses scenario financial planning lo ensure that it can achieve ils budget with reduced intakes on an annual basis. Key perfomiance indicators The Colleges key perfomance results are sel out below. Student Pro ress Core Skills.. 88'kn of students made expected or above expected progress. Funrtional Skills.. 960A of Students made expected or above expected progress. Life Skills.. 890k of students made expected or above expected progress. Independent Living.. 95QA of students made expected or above expected progress. Engagement for Life-. 96,/9 of students made expected or above expected progress. Vocational Options.. 90QA of students made expected or above expected progress. 42 students have received work experience. Page 5 GREAT OAKS CHARITA8LE TRUST IA ¢ompany Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 JULY 2024 Prlnclpal rlsks and un¢ertalntles (contlnuedl 2024 Student Destinations io 12 Ofsled rating.. Oulslanding in all areas . student a¢h1•￿MentS Sli*denl8 prosper al the Cnllpoe. A high niirrihp.r of %ttidpnl8 have m8de e.¥pp.¢le.d or 8hovp. o.xpAe.tp.rt prngrp.88 in 2023124. 47 qualifications were achieved by students during the year and 5 students progressed lo volunteering or paid employment on leaving the college. During 2023124 the Colltrge su¢¢essfully ran a rosidential trip which was enjoyed by some ol the students in our vo¢alional pathway and held it's first Duke of Edinburgh expgdilion with some students in the Life and Living pathway. b. Paymgnt parformance The Late Payment of Commercial Debts Ilnleresll Act 1998, in the absence of agreement lo the contrary, requires organisalions, in the 8bsen¢e of agreement lo the contrary lo make payments lo suppliers within 30 days of either the provision of goods and services or the dale on which the invoice is received. During the accounting period 1 Aug4JsI 2023 10 31 July 2024, the College paid 88 10 of ils invoices within 30 days lallhou9h as invoices are often received late this figure is 97 '￿ if based on input dale). The College incurred no interest charges for this poriod. c. Trade union facility time The College does not recognise a trade union rep. Staff are welcorne lo be part of a union and are encouraged lo call on their support when required, for example during a disciplinary or management of sSckness and absence process. But the college does not formally recognise or consult with trade unions. Page 6 GREAT OAKS CHARITABLE TRUST {A company Ilmltsd by guarante•} TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Principal risks and uncertalntla$ {contlnuedl Governanc• a. Governance Statement The following slalement is provided lo enable readers of the annual report and accounts of the College to obtain a bellgr undefstsnding of ils governance and legal slru¢lure. This staltrmenl covers the period from 1 August 2023 10 31 July 2024 and up to the dale of approval of the annu81 report and financial slalements. b. Governance code The College endeavours lo conduct 515 business.. n accordan￿ wllh the seven principles identified by the Committee on Standards in Public Life Iselflessness, inlegrily, objectivity, accountsblllty, openness, honesty and leadership)., and in full accordance with the guldance lo colleges from the Asso¢ialion of Colleges in The Code of Good Governance for English Colleges I'the Code l. In the opinion of the Trustees. the Collège ¢omplitrs wlh all the provisions ol the Code, and il has complied throughout the year ended 31 July 2024. The Trustees recognise that, as a body entrusted with both public and private funds, it has a particular duly lo observe the highest standards of corporate govemance al all times. In carrying out ils responsibilities, 11 lakes full account of Thfy Code of Good Govemance for English Collgg8S ISSUgd by the Association of Colleges in 2015. c. The College Trust The Trustees who seNed durlng the year and up to the date of slgnature of this report were as listed in the table below. Attondanco In 2023124 Date of appointment 17.11.23 Term of office Date of rèslgnatlon Finance Commlttee Board, Incl. AGM Board Oxtra Trusl••s Committees served K O'sulliwdn 3 years Board nla 414 212 Board, Finance. audit & resources S Rayatt 17.11.23 3 years 113 214 112 Board. Finance, audit & resources T Brennan 17.11.23 3 years 313 414 212 Board, Finance, auLlil & rtrsources K Sheppard R Alexander 07.02.23 3 years 3 years 23.07.24 313 414 212 04.06.24 Board nla Page 7 GREAT OAKS CHARITABLE TRUST IA company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 JULY 2024 Prlnclpal risks and uncertaintiès Icontinuedl d. Tho govomance framework It Is the College's responsibility lo bring independent judgment to bear on issues of strategy, perfomianco, resOur￿S and standards of conduct. The Trustees are provided with regular and timely information on the overall financial performance of the College together with other information such as perforrnance against funding targets, proposed capital expenditure, quality matters and personnel related mallers such as health and safely and environmental issues. The Board meets each term. The College conducts its business through the main Board meeting and sub committees such as the Finance, audit and resources committee. The main Board meeting has a core agenda with different agenda items added for different meetings during the year. Full minutes of all Board meetings, except those deemed lo be confidential by the Trustees, are available from the College's registered address. All Trustees are able to take independent professional advice in furtherance of their dutie5 81 the Colltrge's expense and have access lo the Busiiiess Manager, whose role rellecls. within reasonable parameters. ensuring that applicable procedures and regulations are complied with. Fomal agendas, papers and reports are supplied lo Trustegs in a timely manner, prior lo Board meetings. Briefings are provided on an ad hoc basis. The Charitable Company has a strong and independent non-execulive element and no individual or group dominates ils decision-making process. It is considered that each of ils non-execulive members is independent of management and free from any business or other relationship which could materially interfere with the exercise of their independentjudgement. There is a clear division of rgsponsibility in that the roles of the Chair and The Principal are sepafale. •. Appolntments to the College Any new appointments to the Board are a matter for the consideration of the Charitable Company as a whole. The Board is responsible for ensuring that approprialg training is providod as required. The Trustees are appointed for a term of offic& not exceeding three years. Under the Articles of Associatlon a Trustee can be re-elected for a maximum of two further terms. f. Collago p&rformanca An Ofslod inspe¢lion look place in April 2023, achieving an outstanding rating in 811 areas. g. Remuneration committee The Charitable Company does not have a separate Remuneration Commitlog gslablishod and it is the Board's function lo carry out Ihis role. Tho Board discusses and makes recommendal¢ons on the remuneration and bengfils of the Accounting Officer and other key management personnel. Detalls of remuneration lor the year ended 31 July 2024 are sel out in the notes lo the linancial ststemenls. Page 8 GREAT OAKS CHARITABLE TRUST IA company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 JULY 2024 Prlnclpal rlsks and un¢ertalntie5 Icontlnuadl h. Flnance, audit & resources commlttoe The Board has sel up Ihls committee comprising three Trustees. The commlttee operates in accordance with wrillen lems of reference approved by the College. The committee meets al least thrèe limes a year and provides a forum for reviewing the College's internal accounting. The committee can also liaise with the external financial statements auditor, who has access lo the Committee for independent discusslon, wlhoul the presence of Collego management. The Committee will also receive and Consider reports from the main FE funding bodies as they affect the College's business. The Trustees are conscious of the rol& of internal audll in reviewing the systems of intemal control. rfsk management controls and governance prO￿$seS. During 23124 School Business Services were appointed lo carry out the internal audit function. Management is responsible for the implemenlalion of agreed audit recommendations and the role of the committee is lo undertake periodic follow-up reviews to ensure such recommendations have been implemented. The Finance, audit & resources committee's role includes a requiremènt to report annually so as to advise the Trustees on the appointment of internal. reporting accountsnls and financial statements auditors and their remuneralSon for audit and non4udit work. The Finance, audit & resources committee mel three limes in the year to 31 July 2024. Thè members of the Committee and their attendance records are shown below: Commltlee member T Brennan K Sheppard S K Rayall Meetings attended l. Internal Control Scopa of rgsponslblllty The Trustees are ultimately responsible lor the College's system of internal control and for reviewing ils effectiveness. However, such a system is designed lo manage rather than eliminate the risk of failuro lo achieve business objectives and can provide Dnly ieasonable and not absolute assurance against material misslatemenl or loss. The Trustees have delegated the day-104ay ￿SponsIbl11tY to the Principal, as Accounting Officer, for maintaining a sound system of internal control that supports the achievement of the College's policies, aims and objectives, whilst safeguarding the public funds and assets for which she is personally responsible, In accordance with the responsibilities assigned lo her in the Funding Agreement between Great Oaks College and the funding bodies. The Prinapal is also Tesponsible for reporting lo the Trustaes any material weaknesses or breakdowns in internal control. Pa9e 9 GREAT OAKS CHARITABLE TRUST IA company Ilmltod by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Prlnclpal rlsks and uncertalntl&s l¢ontlnued) The purpose of tho System of intemal control The system of internal control is based on an ongoing prO￿sS designed lo identify and priorilise the risks lo the achievement of College policies, aims and objectives. lo evaluate the likelihood of those risks being realised and the impact should they be realised, and lo manage them eflicienlly, effectively and economically. The system of internal control has been in place in Great Oaks Charitabl¢ Trusl lor th¢ year ended 31 July 2024 and up lo the dale of approval of the annual rgport and accounts. Capaclty to handle rlsk The Trustees have reviewed the key risks lo which the college trust is exposed together with the operating, financial and complian¢e controls th81 have been implemented to mitigate those risks. The Board is of the view that there is a formal ongoing process for Idenllfying, evaluating and managing significant risks that has been In place for the year ended 31 July 2024 and up lo the dale of approval of the annual report and accounts. This process is regularly reviewed by the Finance. audit & resources committee and the Board. The risk and control framthfork The system of internal control is based on a framework of regular management Informallon, adminislralive procedures includSng the segregation of dulles. and a system of delegallon and accounlabilily. In particular, It includes.. comprehensive budgeting systems with an annu31 budget. which is Teviewed and agreed by the Board of Trustees., regular reviews by the Trustees of periodic and annual financial reports which indicate financial p¢rforman¢e against forecasts., setting largels lo measure financial and other perfomance., clearly defined capital investment control guidelines., the adoption of formal project management disciplines, where appropriate. The work of the inlemal audit service is infomed by an analysis of the risks lo which the college trust is exposed. and annual internal audit plans are based on this analysis. The analysis of risks and internal audit plans would be endorsed by the Board on the recommendation of the Finance, audit & resources committee. Al minimum, annually, the ¢onlra¢led internal audit setvice shall provide the trustees with a report on internal audit aclivlly. Tha report shall include the Independent opinion on the adequacy and effectiveness of the college trust's system of risk management. controls and governance processes. Page 10 GREAT OAKS CHARITABLE TRUST {A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Prlnclpal rlsks and uncertalntles Icontlnued) Revlew of effectlven8ss The Principal has r8sponsibillly for reviewing the effectiveness of the system of internal control. During the year in question the review has been informed by.. the work of the internal auditors or the alternative structure in pla￿ where no internal auditor is in place., the work of the executive managers within the College who have responsibility for the developm&nl and maintenance of the internal control framework., comments made by the external financial statements auditors, the reporting accountsnl for regularity atssuran￿, any appointed funding auditors (for colleges subject lo funding aL*dill in their management lellers and other reports. The PrincSpal has been advised of the implications of the result of their review of the effectiveness of the system of internal control by the Finance, audit & resources I'FAR'I committee, which oversees the work of the internal auditor and other sourcos of assuran￿, and a plan lo address weaknesses and ensL¢re continuous improvement ol tho syslom is in place. The Board receives reports selling out key perfom)8nce and risk indicators and considers possible ¢onlrol Issues brought lo their attention by early warning mechanisms. The Board shall also receive regular reports regarding "internal audit" and other sources of assurance. which include recommendations for improvement. The FAR commillee's role in this area is confined lo a high-level review of the arrangements for internal control. The College's board agenda includes a rggular item for consideration of risk and control and receives reports Ihereon from the senior managgmenl ltram and, the FAR Committee. The fymphasis is on oblainlng the relevant degree of assuran￿ and not merely reporting by exception. The Board carries out an annual assessment by considering the rlsk ￿giSter. documentation from the senior management team and the Finance, aLJdil and resources commlllee "internal audit" input, tsking particular account ol events since the previous assessment. Based on the advice of the Principal, the Board is of the opinion th81 the College has an adequate and effective framework for govemance. risk management and Control, and has fulfilled ils slalulory responsibility for the effective and efficient use of resources, the solvency of the inslitulion and the body and the safeguarding of their assets.. Page 11 GREAT OAKS CHARITABLE TRUST (A company Ilmltsd by guaranteè) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Equallty and dlverslty Equality The College is commktted lo ensurlng equality of opportunity for all who learn and work here. We respect and value positively differences in race, gender, sexual orienlalion, disability, religion or belief and age. We strive vigorously lo remove conditions which place people al a disadvantage. The equality policy is resourced, implemented and monitored on a planngd basis. The College's Equality Policy is published on the College's website. The College is commilled to the principles and objectives of the Positive About Disabled Standard. The College considers all employment applications from disabled persons, bearing in mind the apliludes of the individuals concerned, and guarantees an interview to any disabled applicant who meols the esstrnlial ¢rileria for the post. Where an existing employee becomes disablgd, every effort is made lo ensure that employment with the College ¢ontinues. The College's policy is lo provide training, career development and opportunities for promotion which, as far a5 possible. provide identical opporlunilies lo those of non-disabled employees. b. Dlsabillty statement The College s88ks lo a¢higve the objgCtNes set down in the Equality Act 2010.. a) The College will assess students based on need and provide required facilities and equipment if able to do so. bl The admissions prO￿dUre for all students is describgd in the Grgal Oaks College admission policy. Appeals dgc]In&l a d¢cision not to offer a placp are dealt wtlh under the admission policy. c) The College has made a significant investment in the appointment of specialist teachers lo support students with learning difficulties andlor disabilities. There are a number of sludenl support assistants who can provide 8 variety of support for learning. There is a Continuing programme ol staff development lo ensure the provision of a high 1ov&l of appropriate support for students who have learning difficulb'es andlor disabilities. d} Specialist programmes are described in College Prospectus, and achievements and destinations are recorded and published in the standard college formal. Golng concern After making appropriate enquiries, the Trustees believe the College has adequate resources to continue in operab'onal existence for the ftsreseea￿e future. For this reason, il continues to adopt the going concern bas15 Sn preparing the financial slalemenls. Page 12 GREAT OAKS CHARITABLE TRUST (A company limited by guarantag) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Dlsclosure of Informatlon to audltors Insofar as the Trustees are aware.. Ihgrg is no relevant audit infomalion of which the college's auditors are unaware, and that Trustees have tsken all steps that they ought lo have taken lo make Ihernselves aware of any relevant audit information and lo establish that the auditors are aware of that information. The Trustees. report was approved by order of the Board of Trustees, as the company direclois, on and signed on its behalf by.. ivan Trus Page 13 GREAT OAKS CHARITABLE TRUST {A company Ilmlted by guaranteel INDEPENDENT AUDITORS. REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF GREAT OAKS CHARITABLE TRUST Oplnlon We have audited the financial statements of Great Oaks Charitable Trust Ilhe 'college'l for the year ended 31 July 2024 which comprise the Slalement of financial activities. the Balance sheel, the Statement ol cash flows and the related notes, including a summary of significant accounting policies. The financial repoth'ng framework that has been applied in their preparation is applicable law, and United Klngdom Accounting Standards, including Flnanclal Reporting Standard 102 'The Flnancial Reporting Standard applicable In the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and falr vlew of the slate of the College's affalrs as at 31 July 2024 and of Ils Incoming reSoUr￿S and application of resources, including its income and expenditure for the year then ended., have been properly prepared accordance with United Kingdom Generally A¢￿pIed Accounting Pra¢ti¢g', and have bean prepared in ac¢ordan¢e with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of tho financial slalgmenls sgclion of our report. We are independent of the Collego in accordance with the elhi¢al requirem&nls that are relevant lo our audit of the financial slalernents in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these re9uiremenls. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons rolatlng to golng ¢on¢orn In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounts'ng in the prepaTalion of the financial slalemtsnls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the Colleg8's ability lo continue as a going concern for a period of al least twelve months from when the financial sialements are aulhorised for issue. Our responsibilities and the responsibilities of the Trusleos with rospect lo going ¢oncem are described in the relevant se¢lions of this report. Page 14 GREAT OAKS CHARITABLE TRUST {A company limited by guarantee) INDEPENDENT AUDITORS. REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF GREAT OAKS CHARITABLE TRUST {CONTINUED} other Informatlon The other information comprises the information includ8d in the Annual report other than the financial statements and our Auditors, report Ihereon. The Trustees arg responsiblg for the other information contained within the Annual report. Our opinion on the financial statements does not Cover the other information and, except to the extent olhetwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other Information and. in doing so, consider whether the other infom)ation is materially inconsislenl wllh the financlal slalemenls or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo delemine whether this gives rise to a material rnisslalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl ol this oth&r informatiori. we are required lo report that fact. We havg nothing lo report in this regard. Matters on which we are required to report by exceptlon In the light of our knowledge and understanding of the College and ils environment obtained in the course of the audit. we have not identified material misslalemenls in the Trustees. Report. We have nothing lo report in respect of the following mallers where the Charities (Accounts and Reports} Regulations 2008 requires us lo report lo you if, in our opinion.. sufficient accounting records have not been kept.. or the linancSal slalemenls are not in agreement with the accounti'ng records and relums., or we have not received all the infomiation and explanations we require for our audit. Respons5bllltla$ of trustèos As explained morg fully in the Slalement of Iruslees, responsibilities, Ihe Trustees (who are also the directors of the College lor the purposes of company lawl are responsible for the preparation of the financial stslemenls and for being satisfied that they give a true and fair view, and for such internal control as the Truslg8s determine is necessary to enable the preparation of financial statements that are free from material misslalemonl, whether due lo fraud or error. In preparing the financial slatemenls, the Trusleos are responslble for assessing the College's ability lo conllnue as a going concem, disclosing. as applicable. mallers related lo going con￿rn and uslng the going concern basis of accounting unless Ihe Trustees either Intend lo liquidate the Collegg or lo Cease operations. or have no realistic allernalive bul lo do so. Page 15 GREAT OAKS CHARITABLE TRUST {A company limltod by guarantee) INDEPENDENT AUDITORS. REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF GREAT OAKS CHARITABLE TRUST ICONTINUEDI Audltors. raspon$lbilltles for the audlt of tho flnanclal statements Wg have been appointed as auditor under section 144 of the Charities Act 2011 and r8POrt in accordance wilhlhe Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial slalernenls as a whole are free from material misstalemenl, whether due lo fraud or error, and to issue an Auditors, report that indudes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conduct¢d in accordance with ISAS {UKI will alway5 delecl a material misslalemenl when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalements. Irregularities, including fraud, are instances of non-compliance with laws and rogulalions. We design procedures in lin8 with our responsibilities, outlined above, lo delecl material misslal8menls in respect of irregularities, including fraud. The exlenl lo which our procedures are ¢apable of detecting irregularities, including fraud is detailed below.. We reviewed the suS￿pIlbll1lY of the College's financial statements to material misslalement and identified the principal risks, implementing a series of lesling procersures lo provide us with sufficient comfort lo issue our opinion. We reviewed th8 College's regulatory environment lo ensure we could conclude that il had acted in ac¢()rdance with the frafflework relevant lo the College and its environment and identify any instancès of non- compliance. We also assessed the College's internal control procedures to ensure we could appropriately SCTulinise these controls and establish whether Olir IinderstarKling of the control environment was sufficient to supplement oiir additional testing procedures. The engagement team consisted of a team that the 8ngaggmenl partner believgs is equipped with the relevant level of technical and Trust awareness lo carry out our work lo the required standard. Because of the inherent limitations of an audit, there is a risk that we will not delecl all irregularities, including those leading to a material misstslement in the financial slalervients or non-compliance with regulallon. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial $tstemen￿, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring du& lo fraud rather than error, as fraud involves intentional Concealment, forgery, Collusion, omission or misrepresenlalion. A further description of our responsibilities for the audit of the financial statements is located on th& Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibililies. This description forms part of our Auditors. repo Page 16 GREAT OAKS CHARITABLE TRUST (A company Ilmltsd by guarantoel INDEPENDENT AUDITORS. REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF GREAT OAKS CHARITABLE TRUST ICONTINUEOI Use of our report This report is made solely lo the College's Trustees in ac¢ordanGe with Part 4 of the Charities (Accounts and Reports) RegLJlalions 2008. Our audit work has been undertaken so that we might stalo lo the Colle98's Trustees those mallers we are required lo state to them in an Auditors, report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or sssume responsibility lo anyone other than the College's Trustees for our audit work, for this report, or for the opinions we have formed. Andrew Malpass BA FCA (Senlor statutory auditor) for and on behalf of WR Parlners Chartèred Accounlanls Slalulory Auditors Belrnonl House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Date.. Z014 Page17 GREAT OAKS CHARITABLE TRUST IA Gompany Ilmlted by guaranteo) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2024 Unrestri¢ted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and capital grants Other trading activities Investmen15 Charitable activities 274,189 92,160 29,039 5,319.373 274,189 92,160 29,039 5,319,373 163,212 59, 770 4.857,529 Totsl income 5,714.761 5.714.761 5,080,511 Expondlture on: College's educational operations Olh8r gxpgndilure 4,380,370 334,728 4.380.370 334,728 3,440,288 382,558 10 Total expendlture 4,715,098 4.715,098 3,822,846 Ngt movémgnt in fvnds 999,663 999,663 1,257,665 Reconciliation of funds- Total funds brought forward Nel movement in funds 3,211,615 999,663 3,211,61 S 999,663 1,953,950 1,251,665 Total funds carri8d forward 4.211,278 4,211,278 3,211,615 The Statement of Financial Activities includes all gains and losses recognised in the year. Tho notgs on paggs 22 to 39 form part of these financial slal8ments. Page 18 GREAT OAKS CHARITABLE TRUST {A company Ilmltgd by guarantee) REGISTERED NUMBER: 11074784 BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Note Ffrxed assets Tangible assets 15 304.038 101,492 304,038 101,492 Current assets Dobtors Cash al bank and in hand 16 162,606 3.859,602 243,744 3,447,958 4.022.208 3.691,702 Creditors.. amounts fallSng due within one year 17 1114.9681 {581,579) Not ¢urrent as$•ts 3,907,240 3,110.123 Total assets less current Ilabllltles 4.211.278 3,211,615 Total net assets 4,211,278 3.211,615 Page 19 GREAT OAKS CHARITABLE TRUST IA company limited by guaranteel REGISTERED NUMBER: 11074784 BALANCE SHEET {CONTINUEDI AS AT 31 JULY 2024 2024 2023 Note Funds of the Collège Restri¢t¢d funds Unrestrlcted income funds 18 18 4,211.278 3,211,615 Total fund$ 4,211,278 3,27 1,615 The entity was entitled lo exemption from audit under section 477 of the Companies Act 2006. The membèrs have not rgquired thè entily to obialn an audit for the year in question in accordance ￿th section476 01 the Cornpanies Act 2006. However, an audit is required in acwrdance with $9Ction 144 01 th8 Charities Act 2011. The Twslees acknowledge theSr responslbllities for complying with the requirements of the Act with respect loaccounling records and preparation of financial stalemenls. The financial statements have been prepared in accordance with the provisions applicable to entitiès subject to the small companies regime. The fSnan¢ial slaleiments on pages 18 10 39 were approved and authorSsed for Issue by the Trustees and are slgned on their behalf. by.. S K Rayatt ITrustee} T BrennÈn ITrusleel Date.. 0411212024 IS . The notes on page$ 22 10 39 fomi part of thèsè financial statam8nts. Page 20 GREAT OAKS CHARITABLE TRUST (A company limited by guarante81 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Note Cash flows from operating actlvltlès Nel cash provided by operating activities 20 645.750 1,310,221 Cash flows from Investing activities 21 {234,1061 (90,366) Change In cash and cash equlvalents In the year 411,644 1,219,855 Cash and cash equivalents at the beginning of the year 3,447,958 2,228. 103 Cash and cash equlvalents at the end of the year 22, 23 3.859.602 3,44T.968 The notes on pages 22 10 39 form part of these financial slalemenls Page 21 GREAT OAKS CHARITABLE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 General Informatlon Great Oaks Charitable Trust is a Company limited by guarantee with exemption under section 60 of the Companies Act 20￿ from the requirement lo usg the word "limited" The Company was incorporated on 21 November 2017 with Articles of Association r&lle¢lin9 charitable slalus. such that the Directors are Charity Trustees as defined by secb'on 177 of the Charities Act 2011. Accountlng pollcles A summary of the principal accounting policies adopted (which have been applied consistently, excepl whore noledl, judgments and key sources of ¢slimalion uncertainly. is sel out below. 2.1 Basis of preparation of financial statements These financial statements have been prepared in accordance with the Statement of Recommended practi￿ and in accordance with Finan¢ial Reporting Standard 102 - 'The Financial Reporting Standard applicabl8 in the United Klngdom and Republic of Ireland" IFRS 1021. The college is a public benefit entity and has therefore applied the relevant public ber>efil requirements of FRS 102. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management lo exercise judgement in applying the college's accounting policios. Acctsunting cohv•ntion The financial statements have been prepared under the historical Cost convention. Great Oaks Charitable Trust meets the deflnllion of a public benefit enllty under FRS 102. 2.2 Going concern The activities of the College, together with the factors likely to affect ils future development and performance are sel out in the Trustees Report. The financial position of the College, ils cashflow, liquldSty and borrowings are presented In the FlnancSal Statements and accompanying notes. The College currently has no loans outstanding. The College's forecasts and financial projections indicate that it wtll be able to operate wilhoul overdraft or loan facilities for the foreseeable future. Accordingly, the College has a reasonable expectslion that it has adequate iesources to continue in operational existence for the foreseeable lulure, and for this reason will continue to adopl the going concern basis in the preparation of ils Financial Stalemenls. Page 22 GREAT OAKS CHARITABLE TRUST (A Company limlted by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policlo$ Icontlnued) 2.3 Income All incoming resources are recognised when the College has enlillemenl to the funds, the recaipt Is probable and the amount ¢an be measured reliably. Rgvenuo grant fundlng Government revenue grants include funding body recurrent grants and olhtrr grants and are accounted for under the accrual model as permilled by FRS 102. Funding body recurrent grants are measured in line wllh best eslimales for the period of what is receivable and depend on the particular income stream involved. Where part of a government grant is deferred. the deferred element is recognised as deferred income within Creditors and allocated between creditors due within one year and creditors (iue after more than one year as appropriate. Grants Ilncluding research grants} from non-governmenl Sou￿$ are recognlsed In income when the college is enlilled lo the income and perf0mlan￿ related conditions have been mel. Income received in advance of performance related conditions boing mel is recognised as deferred income within ¢redilors on the balance sheet and released lo income as the conditions are mel. Capital grant funding Government capital grants are capilalised, held as dèferred income and recognised in income over the expected useful lifo of the asset, under the accrual model as permilled by FRS 102. Other, non- govemmental, ¢apilal grants are recognised in income when the College is enlilled to the funds subject lo any performance related conditions being met. Income received in advance of performance related conditions being mel is recognised as deferred income within creditors on the Balance Sheet and released lo income as conditions are met. Educational fo9 Income Income from luilion fees is staled gloss of any expenditure which is not a discount and is recognised in the pertod for which it is received. Investment income All income from short-lerm deposits is credited to the income and expenditure account in the period Sn which il is earned on a receivable basis. 2A Aggncy arragements The College acts as an agent in the collection and payment of certain discretionary support funds and any other arrangements. Related payrllenls received from the funding bodies and subsequent disbursements to students are excluded from the income and expendllure of the college where the college is exposed to mlnimal risk or enjoys minimal economic benefit related lo the Iransa¢lion. 2.5 Expenditurg Expenditure is ￿CogNised On￿ there is a legal or conslruclive obligation lo transfer economic benefit lo a third party, il is probable that a transfer ol economic benefits will be required in sèttlement and the amount of the obligation can be measured reliably. Page 23 GREAT OAKS CHARITABLE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Ac¢ounting policie$ Icontlnuedl 2.5 Expenditure {continuedl Charltable actlvltles These are costs incurred on the College's educat'onal operations, induding support costs and costs relating lo the governance of the College apportioned lo charllable a¢livili¢s. 2.6 Intsrost roceivablo Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the College,, this is normally upon notification of the intergsl paid or payable by the institution with whom th& funds are deposited. 2.7 Tanglble flxed assets Assets costing £500 or more are capitalised as tangible fixed assets and are carried at cost, net of depre¢ialion and any provision for impairment. Where tangible fixed assets have been acquired with the aid of specific grants, ellher from the government or from the private sector, they are induded in the Balance sheet al cost and depreciated over their expected useful economic life. Where there are specific conditions attached lo the funding requiring the continued use of the asset, the related grants are credited lo a restricted rixed asset fund in the Statement of financial activitios and ¢arried forward in the Balance sheet. DepreciAlion on the relevant a