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Company Number: 5398529
OASIS COMMUNITY LEARNING
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31ST AUGUST 2010
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Company Limited by Guarantee Registration number: 5398529 (England and Wales) Charity registration number: 1109288. OASIS COMMUNITY LEARNING
CONTENTS
Page
Reference and Administration Information 3
Report of the Directors 5
Independent Auditors' Report 12
Statement of Financial Activities 14
Income and Expenditure Account 15
Balance Sheet 16
Cash Flow Statement 17
Principal Accounting Policies 18
Notes to the Financial Statements 21
The following pages do not form part ofthe statutory financial statements:
Detailed Income and Expenditure Account 42
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a i. OASIS COMMUNITY LEARNING
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS DIRECTORS AND ADVISORS
Directors The directors who served during the period were: Nick Bent Keith Dennis (appointed 07.10.10) Jonathan Dutton (resigned 10.09.09) John Fuller (resigned 14.12.09) Helen Glasspoole Ann Holt Tony Lowman Graham Mungeam Andy Simmonds John Whiter (appointed 14.12.09)
Company Secretary Lyn Ransom
Executive Group Founder Steve Chalke ChiefExecutive Officer Joy Madeiros Executive Director of Academies John Fuller Director of Education John Murphy Director of Finance Mark Orrell Director of ICT Dave Watson Director of Human Resources Colin Young Director of Governance Services Joe Dilger
Registered Office 75 Westminster Bridge Road, London SE 1 7HS
Company Registration Number 5398529
Charity Registration Number 1109288
Auditors Crowe Clark Whitehill. LLP St Bride's House 10 Salisbury Square LONDON EC4Y 8EH
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REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS DIRECTORS AND ADVISORS (continued)
Bankers Barclays Bank PLC 1 Churchill Place London E14 5HP
National Westminster Bank PLC 130 High Street Tonbridge Kent TN9 1 DE
Solicitors Lewis Silkin 5 Chancery Lane, Clifford's Inn London EC4A 1131
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OASIS COMMUNITY LEARNING
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31s` August 2010.
The Directors present their annual report together with the financial statements of the charitable company for the year ended 31 S` August 2010.
The financial statements have been prepared in accordance with the accounting policies on pages 18 to 20 of the attached financial statements, and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006, and the requirements of the Statement of Recommended Practice "Accounting and Reporting by Charities" as issued in March 2005 ('SORP 2005')
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution Oasis Community Learning ('the Company') is a company limited by guarantee with no share capital (registration no. 5398529) and a registered charity (registration no. 1109288). The charitable company's Memorandum and Articles of Association are the prime governing documents of Oasis Community Learning. The Articles, of Association require members of the charitable company to appoint not less than 3 Directors to be responsible for the statutory and constitutional affairs of the charitable company and the management of Oasis Community Learning.
Members Liability Every member of the charitable company undertakes to contribute such amount as may be required (such amount not exceeding £10) to the assets of the company in the event of it being wound up while he or she is a member or within one year after he or she ceases to be a member, for the payment of the Company's debts and liabilities before he or she ceases to be a member and of the costs, charges and expenses of winding up and for the adjustment of the rights of contributories amongst themselves.
Directors The Directors are directors of the charitable company for the purposes of the Companies Act 2006 and trustees for the purposes of the charity legislation.
The Directors, who were in office at 31't August 2010 and served throughout the year, except where shown, are listed on page 3.
An induction programme is in place for new Directors which enables them to gain an understanding of the ethos, values and strategic direction of the Company, as well as the responsibilities of charity trustees. Directors are also encouraged to make visits to the Academies.
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STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
Responsibilities ofthe Directors Company Law requires the Directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year. In preparing financial statements that give a true and fair view, the Directors are required to:
• select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether applicable accounting standards have been followed, subject to any material departure disclosed and explained in the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence to for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity ofthe charitable company's websites. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
The Directors confirm that so far as each of them is aware, there is no relevant audit information of which the charitable company's auditors are unaware. They have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.
Organisational Structure Oasis Community Learning has established a unified management structure to enable its efficient running. The structure consists of 3 levels: the Board and its Committees; the Executive, and Academy Councils at each Academy. The aim of the management structure is to devolve responsibility and encourage involvement in decision making at all levels.
The Directors are responsible for making major decisions about the strategic direction of the Company, ensuring that its aims are met and its ethos is maintained. Specifically, this includes setting general policy, adopting an annual plan and budget, monitoring the Company's financial and operational performance, making senior staff appointments and approving major investment programmes.
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STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
Organisational Structure (continued)
The Executive is made up of the 9 members listed on page 3. It is responsible for implementing the policies laid down by the Directors and reporting back to them.
The Academy Leadership Teams consist of the senior management at each Academy. These teams are responsible for the day to day operation of Oasis Community Learning Academies, in particular organising the teaching staff, facilities and students.
A comprehensive scheme of delegated authority laid down by the Directors defines the various limits of financial commitment which can be incurred by the Executive. It also sets out how detailed financial management should be carried out in each Academy.
Subsidiary Companies The Company has two subsidiary entities. Oasis IT Services Ltd is currently dormant. Oasis Education was incorporated on 6 September 2010 in order to run Oasis School Westbury, an independent school in Bristol.
Connected Organisations The Company is closely associated with Oasis Charitable Trust, a company limited by guarantee and registered charity.
The Company purchased services from Oasis Charitable Trust totalling £264,866 during the year ended 31 August 2010. These were all made at arm's length and included office rent and related service charges of £262,736.
Risk Management The Directors have assessed the major risks to which Oasis Community Learning is exposed, in particular those relating to the development of new buildings, the opening of Academies, teaching, provision of facilities, and other operational areas of the Academies and their finances. The Directors have implemented a number of systems to assess risks that the Company faces, especially in relation to new buildings, in operational areas, (e.g. in relation to teaching, health and safety, bullying and school trips), and the control of finance. They have introduced systems, including operational procedures (e.g. vetting of new staff and visitors, supervision of school grounds) and internal financial controls in order to minimise risk. Where significant financial risk still remains and it is practically possible, they have ensured they have adequate insurance cover. Oasis Community Learning has an effective system of internal financial controls and this is explained in more detail in the following statement.
7 OASIS COMMUNITY LEARNING
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued.)
Statement on the system of internal financial controls As Directors, we acknowledge that we have overall responsibility for ensuring that Oasis Community Learning has an effective and appropriate system of control, financial and otherwise. We are also responsible for keeping proper accounting records which disclose with reasonable accuracy, at any time, the financial position of Oasis Community Learning and enable us to ensure that the financial statements comply with the Companies Act. We also acknowledge responsibility for safeguarding the assets of Oasis Community Learning and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:- • Oasis Community Learning is operating efficiently and effectively • The assets of Oasis Community Learning are safeguarded against unauthorised use or disposition • Proper records are maintained and financial information used within Oasis Community Learning or for publication is reliable. • Oasis Community Learning complies with relevant laws and regulations.
Oasis Community Learning's system of internal financial control is based on a framework of regular management information and administrative procedures including the segregation of duties and a system of delegation and accountability. In particular it includes: • Comprehensive budgeting and monitoring systems with an annual budget and periodic financial reports which are reviewed and agreed by the Board. • Regular reviews by the Finance Audit and Remuneration Committee of reports which indicate financial performance against the forecasts and of major purchase plans, capital works and expenditure programmes. • Setting targets to measure financial and other performance • Clearly defining purchasing (asset purchase or capital investment) guidelines • Delegation of authority and segregation of duties • Identification and management of risks.
The Directors have appointed two Responsible Officers; Robert Ashdown and Bob Deed. The Responsible Officers make regular visits to the Academies and report to the Board through the Finance and Audit Committee, on the operation of internal control systems and reporting, thereby assisting the Board in discharging its financial responsibilities.
These arrangements can provide only reasonable but not absolute assurance that assets are safeguarded, transactions are authorised and properly recorded, and that material errors or irregularities are either prevented or would be detected within a, timely period.
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OBJECTIVES AND ACTIVITIES
Aims and objectives The principal object and activity of the charitable company is to advance for the public benefit education in the United Kingdom, in particular by establishing, maintaining, carrying on and developing Academy Schools.
In setting our objectives and planning our activities the Directors have considered the impact of the public benefit requirement including the guidance issued by the Charity Commission
The Academies operate under a Christian ethos, based around the concept of inclusion. They therefore accept pupils irrespective of faith or academic ability. They operate as community hubs working in partnership with the public, private and voluntary sectors. Each Academy aims to provide a rich and balanced educational environment nurturing the whole student - academically, vocationally, socially, morally, spiritually, emotionally and environmentally. The goal is to raise aspirations, unlock students' potential and work towards achieving excellence through encouraging a`can do' culture which nurtures confident and competent people.
Equal Opportunities Policy The Directors recognise that equal opportunities should be an integral part of good practice within the workplace. Oasis Community Learning aims to establish equal opportunities in all areas of its activities including the creation of a working environment in which the contribution and needs of all people are fully valued.
Reserves Policy It is the Directors' policy to build up adequate reserves to cover on-going operations and to provide for future requirements such as asset replacement. In particular:
• Start Up Funds will be carried forward as far as practicable, and within DFE guidelines, so that funds are available for opening Academies in their new buildings • Once in their new buildings, Academies will contribute to an asset replacement fund from their capital grants • Revenue funds may be carried forward in line with DFE guidelines (up to 2% of GAG receipts excluding start up)
ACHIEVEMENTS AND PERFORMANCE
During the year plans have been completed for the opening in Oldham of the company's twelfth Academy. The company is now responsible for a learning community of more than 10,000 including students and staff at all levels. The Directors' vision is to create both outstanding schools and community hubs. This vision is articulated in the Oasis Education Charter, which expresses a commitment to Transform Lives, Transform Communities and Transform Learning.
9 OASIS COMMUNITY LEARNING
Transforming Lives - through the determination of our staff to promote inclusion we have seen significant numbers of students re-engage in learning. Innovative approaches to personalised curriculum pathways, plus new academic and vocational courses have been foundational in engaging students who would otherwise be school-refusers or permanently excluded. The company has significantly reduced levels of permanent exclusions compared with the predecessor schools and is focused in ensuring every child leaves one of its Academies with at least one GCSE (1 A* to G over 97% from the 2010 examinations). Progress is also being made in raising levels of attendance and punctuality which are rising across the family of Academies.
Transforming Learning - the summer of 2010 saw further significant improvement in examinations for Year 11 students with the number of students acquiring 5+ A"-C including English and Maths improved by 23%. Intervention strategies introduced across the Academies are now having demonstrable impact and students in our Academies are now achieving better rates of progress and a greater number of qualifications than ever before. Ofsted have visited a number of our Academies during the year and have identified good capacity for ongoing improvement.
Transforming Communities - Long-term improvements in the life chances of our current and future students, many of whom come from extremely challenging backgrounds, can only be achieved through the engagement of parents and the wider community. The Company is committed to our Academies becoming focal points for their communities both through use of the physical assets (the school building and ICT) and detached work into the locality. During the year - • New Academy buildings were opened in Bristol andi new building programmes started in Coulsdon and Southampton • In partnership with our sister company, Oasis Charitable Trust, youth and community workers worked alongside all our Academies developing links into the community. Over 250 volunteers are now actively engaged in community development programmes around the UK. • Owned Academy assets, including sports and fitness facilities, are fully available for community use. • All of our academies now have local charitable trusts which are being used to generate funds and run projects for the benefit of their community.
FINANCIAL REVIEW
Financial Report for the Year Nine Oasis Academies were operational in the year, and all operated within their budgets for the year. Each carried forward surpluses (within the DFE carry forward rules).
A twelfth Academy, Oasis Academy Oldham, opened in September 2010, and pre-opening costs were in line with implementation budgets and planned timescales.
10 OASIS COMMUNITY LEARNING
Significant capital works were undertaken on new buildings. Oasis Academy John Williams (formerly Oasis Academy Bristol) moved into its new building in September 2009.
As a result of these activities, Oasis Community Learning Company held fund balances at 31S` August 2010 of £74,727,000 comprising £81,863,000 of restricted funds and (£7,136,000) of unrestricted general funds.
PLANS FOR FUTURE PERIODS
Oasis Community Learning will continue to work towards goals to raise aspirations, unlock students' potential and achieve excellence through encouraging a`can do' culture which nurtures confident and competent people, across its range of Academies.
Each Academy has the following overall targets for the coming year: • achieve 80% good or better teaching by the end of the Spring term 2011; • ensure students are making good to outstanding progress in their learning • achieve successful Ofsted inspections/monitoring visits - with satisfactory, good and outstanding outcomes
By September 2013, we aim to lead and be responsible for: • 25 Secondary Academies, each of which will be working in partnership with a number (2 or 3) of local Oasis Primary Academies. Each of these `hubs' will provide a range of integrated services for the community.
We therefore plan to: • Develop Primary Academies in locations where we already run Secondary Academies • Develop further Secondary Academies in locations where we already run Academies • Develop new `hubs' including both Primary and Secondary Academies around England, where we are presently not working
AUDITORS The auditors, Crowe Clark Whitehill LLP, are willing to continue in office and a resolution to appoint them will be proposed at the annual general meeting.
The repo of the Directors was approved by the Directors on 31S` May 2011 and sigr~for and on their behalf by
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Independent Auditor's Report to the Members of Oasis Community Learning
We have audited the financial statements of Oasis Community Learning for the year ended 31 August 2010 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and the related notes numbered 1 to 17. These financial statements have been prepared in accordance with the accounting policies set out therein.
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of trustees and auditor
The trustees' (who are also the directors of Oasis Community Learning for the purpose of company law) responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and for being satisfied that the financial statements give a true and fair view are set out in the Statement of Trustees' Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (United Kingdom and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and have been prepared in accordance with the Companies Act :2006. We also report to you if in our opinion the information given in the Trustees' Annual Report is consistent with the financial statements.
In addition, we report to you if, in our opinion, the charitable company has not kept adequate accounting records, if the charity's financial statements are not in agreement with those records, if we have not received all the information and explanations we require for our audit or if certain disclosures of trustees' remuneration specified by law are not made.
We read other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to other information.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (United Kingdom and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgments made by the trustees in the preparation of the financial statements, and of whether the accounting policies are appropriate to the charitable company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance 12 OASIS COMMUNITY LEARNING that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion:
• the financial statements give a true and fair view of the state of the charitable company's affairs as at 31 August 2010 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
• the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
• the financial statements have been prepared in accordance with the Companies Act 2006;
• the financial statements have been prepared in accordance with the Financial Reporting and Annual Accounts Requirements issued by the Department for Education in respect of the relevant financial year;
• proper accounting records have been kept by the charitable company throughout the financial year;
• grants made by the Department for Education have been applied for the purposes intended; and
• the information given in the Trustees' Report is consistent with the financial statements
Tina M Allison Senior Statutory Auditor For and on behalf of Crowe Clark Whitehill LLP Statutory Auditor St Brides House London EC4Y 8EH
Date 3~ Ackl aok 1
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STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31s` August 2010
Restricted Restricted Unrestricted General Fixed Asset Total Total Funds Funds Funds 2010 2009 Note £000 £000 £000 £000 £000 Incoming resources Incoming resources from generated funds. • Voluntary Income 2 - 76 Investment Income 3 - 37 37 157 Incoming resources from charitable activities • Funding for the Company's 4 72,800 (2,124) 70,676 80,596 educational operations. Total Incoming Resources 72,837 (2,124) 70,713 80,829
Resources expended Charitable activities • Company's educational 6 1,068 71,829 5,005 77,902 63,104 operations Governance costs 7 - 57 57 42 Total Resources expended 1,068 71,886 5,005 77,959 63,146
Net (outgoing) incoming resources (1,068) 951 (7,129) (7,246) 17,683 before transfers. Gross transfers between funds - (419) 419 Net (outgoing) incoming resources (1,068) 532 (6,710) (7,246) 17,683 before other recognised gains and losses. Other recognised gains and losses. Actuarial (losses) on defined benefit 16 (1,054) - (1,054) (1,643) pension schemes. Net movement in funds (2,122) 532 (6,710) (8,300) 16,041 Total funds brought forward at 1 ` (5,014) 5,903 82,138 83,027 66,986 September 2009 Funds carried forward at 31s` August (7,136) 6,435 75,428 74,727 83,027 2010.
The notes on pages 18 to 41 form part ofthese accounts
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INCOME AND EXPENDITURE ACCOUNT For the year ended 31s` August 2010
2010 2009 Note Woos fooos Income General Annual Grant (GAG) 4 59,416 47,926 DFE Capital Grant 4 2,089 20,760 DFE Capital Grant overpaid 14 (3,641) - DFE Capital Grant overaccrued 4 (2,016) - Other Capital Income 4 826 - DFE Implementation Grants 4 578 3,112 Devolved Formula Capital Grants 4 1,095 1,121 Other DFE Grants 4 6,949 3,530 Other Government Grants 4- 1,108 2,646 Private sponsorship and donations 2 - 76 Interest receivable 3 37 157 Other Income 4 4,232 1,501 Total Income 70,713 80,829
Expenditure Open Academies Operational Expenditure 5 '11,798 53,969 Implementation expenditure 5 578 3,112 Devolved Formula Capital Expenditure 5 88 269 Pensions Costs 16 1,068 2,635 Depreciation 5 4,427 3,161 Total Expenditure 77,959 63,146
Net Deficit (-)/Income (7,246) 17,683
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the period ended 31" August 2010
Note 2010 2009 £OOOs £000s Excess of income over expenditure (7,246) 17,684 Actuarial (losses) on defined benefit pension 16 (1,054) (1,643) schemes. (8,300) 16,041
Net movement (from) to funds Restricted funds (6,178) 20,527 Unrestricted funds (2,122) (4,486) (8,300) 16,041
The income and expenditure account and statement of recognised gains and losses are derived from the statement of financial activities on page 14 which, together with the notes to the financial statements on pages 18 to 41, provides full information on the movements during the year on all the funds of the Company.
All of the Company's activities derived from continuing operations during the above two financial periods. 15 OASIS COMMUNITY LEARNING
BALANCE SHEET at 31s` August 2010
2010 2009 Note £000s £000s Fixed Assets Tangible Assets 11 82,873 83,939
Current Assets Stock 12 54 35 Debtors 13 3,248 8,257 Cash at Bank and in hand 5,366 2,286
Current Liabilities Creditors: amounts falling due within one year. 14 (6,037) (6,476) Net Current Assets 2,631 4,102
Total Assets Less Current Liabilities 85,504 88,041
Creditors: amounts falling due after more than one year 14 (3,641)
Net Assets Excluding Pension Liability 81,863 88,041 Pension scheme liability 16 (7,136) (5,014)
Net Assets Including Pension Liability 74,727 83,027
Funds Income Funds Restricted Funds Restricted Fixed Asset Funds 15 75,428 82,139 Restricted General Funds 15 6,435 5,902 Total Restricted Funds 81,863 88,041
Unrestricted Funds General Fund 15 - - Pension Reserve 15 (7,136) (5,014) Total Unrestricted Funds (7,136) (5,014)
TOTAL FUNDS 74,727 83,027
The financial statements on pages 14 to 41 were approved by the Directors on 31S` May 2011 yand signed on their behalf by
AKJ %Amonds Director 16 1
OASIS COMMUNITY LEARNING
CASH FLOW STATEMENT For the year ended 31st August 2010
2010 2009 LOOOS Moos Operating Activities
RECEIPTS Recurrent grants received from the DFE • General Annual Grant (GAG) 59,416 47,811 Other receipts from the DFE 6,964 7,895 Other receipts from the government 6,136 2,646 Private sponsorship - - Other receipts 2,043 695
PAYMENTS Staff costs 51,573 36,424 Other cash payments 19,811 20,665
Net cash inflow from operating activities 3,175 1,958
Returns on investments and servicing of finance Interest received 37 157
Capital (expenditure) income Capital grants from the DFE 4,805 21,631
Other capital grants received from central and local government. Capital funding received from sponsors - - Purchase of tangible fixed assets (4,937) (22,624)
Increase in cash 3,080 1,122
Reconciliation of net cash flow to movement in net funds Increase in cash 3,080 1,122 Change in net funds Net funds at 15` September 2009 2,286 1,164 Net funds at 31S` August 2010 5,366 2,286
Analysis of changes in net funds
At 1st At 31St September Cash August 2009 Flows 2010 £000 £000 £000 Cash in hand and at bank 2,286 3,080 5,366
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PRINCIPAL ACCOUNTING POLICIES 315` August 2010
Format of financial statements The standard format for the financial statements as required by the Companies Act 2006 has been adapted to provide more appropriate information which complies with the Statement of Recommended Practice `Accounting and Reporting by Charities issued in March 2005 (Charities SORP 2005) and reflects the activities of the Company.
Basis of Accounting The Company prepares its financial statements under the historic cost convention and in accordance with applicable accounting standards and the Charities SORP 2005.
Incoming Resources Grants receivable are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet.
Sponsorship income provided to the Company which amounts to a donation is recognised in the statement of financial activities in the period in which it is receivable.
Donations are included in the statement of financial activities on a cash received basis or on an accruals basis where they are assured with reasonable certainty and are receivable at the balance sheet date.
The value of donated services and gifts in kind provided to the Company is recognised in the statement of financial activities as incoming resources and resources expended at their estimated value to the Company in the period in which they are receivable and where the benefit is both quantifiable and measurable.
Interest receivable is included within the statement of financial activities on a receivable basis.
Resources Expended Resources expended are recognised in the period in which they are incurred and include irrecoverable VAT. They are classified under headings that aggregate all costs relating to that activity.
In accordance with the Charities SORP 2005, expenditure is analysed between the costs of generating funds, the Company's charitable activities and governance. Items of expenditure which require more than one cost category are apportioned on a reasonable, justifiable and consistent basis for the cost category concerned. Central staff costs are allocated on the basis of time spent on each activity and depreciation charges on the basis of the proportion of assets' use which is utilised by each activity.
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PRINCIPAL ACCOUNTING POLICIES 31s` August 2010 (cont'd)
Resources expended (continued) Governance costs include the costs attributable to the Company's compliance with constitutional and statutory requirements, including audit costs.
Fund Accounting General funds represent those resources which may be used towards meeting any of the objects of the Company at the discretion ofthe Directors.
Restricted funds comprise grants from the DfE and other donors which are to be used for specific purposes, imposed by the donors.
Tangible Fixed Assets
Where tangible fixed assets have been acquired with the aid of specific grants, either from the Government or from the private sector, they are included in the balance sheet at cost and depreciated over the expected useful economic life. The related grants are credited to a restricted fixed asset fund (in the statement of financial activities and carried forward in the balance sheet). The depreciation on such assets is charged in the statement of financial activities over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.
Assets costing less than £1,000 are written off in the year of acquisition. All other assets are capitalised.
Depreciation Depreciation is provided on a straight line basis on the cost of tangible fixed assets, to write them down to their estimated residual values over their expected useful economic lives.
No depreciation is provided on freehold land.
The principle annual depreciation rates used for other assets are:
Freehold Buildings 2% Plant and machinery 10% Furniture and Equipment 10% Computer Equipment and software 33%
Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use.
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PRINCIPAL ACCOUNTING POLICIES 31s` August 2010 (cont'd)
Stock Stock comprises unissued uniforms and catering stocks at cost at 31st August 2010. There were no other significant stock holdings at the year end.
Leased assets Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight line basis over the lease term.
Taxation The Company is a registered charity and as such is exempt from income tax and corporation tax under the provisions of the Income and Corporation Taxes Act 1988. The cost of irrecoverable VAT incurred by the Company has been included in the statement of financial activities.
Pensions Company employees are members of one of two pension schemes, both of which are defined benefit schemes. More details ofthe schemes are given in Note 17.
Teachers' Pension Scheme Full-time and part-time teaching employees employed under a. contract of service are eligible to contribute to the Teachers' Pension Scheme (TPS). The TPS, a statutory, contributory, final salary scheme, is administered by Capita Teachers' Pensions on behalf of the Department for Education. As Oasis Community Learning is unable to identify its share of the underlying (notional) assets and liabilities of the scheme, the Company has taken advantage of the exemption in Financial Reporting Standard (FRS) 17 and has accounted for its contributions to the scheme as if it were a defined contribution scheme. The pension costs for the scheme represent the contributions payable by the Company in the year.
Local Government Pension Scheme Non teaching members of staff are offered membership of the Local Government Pension Scheme (LGPS). The LGPS is a defined benefit pension scheme and is able to identify the Company's share of assets and liabilities and the requirements of FRS17, Retirement Benefits have been followed.
The Company's share of the LGPS assets is measured at fair value at each balance sheet date. Liabilities are measured on an actuarial basis using the projected unit method. The net of these two figures is recognised as an asset or liability on the balance sheet. Any movement in the asset or liability between balance sheet dates is reflected in the statement of financial activities.
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NOTES TO THE FINANCIAL STATEMENTS 31s` August 2010
1. GENERAL ANNUAL GRANT (GAG)
Bristol Bright Couls- Enfield Hadley Immin- Lords SUB- stowe don gham Hill TOTAL
Results and carry forward for the year
GAG brought forward from previous year 697 599 208 211 - 462 745 2,922 GAG allocation for the current year - start up A 18 2 - 104 391 46 - 561 GAG allocation for the current year - Other Revenue 4,287 3,826 4,367 3,953 7,747 5,034 5,617 34,831 Total GAG available to spend 5,002 4,427 4,575 4,268 8,138 5,542 6,362 38,314 Recurrent expenditure from GAG (4,371) (3,951) (4,266) (4,108) (7,644) (5,459) (5,607) (35,406) GAG carried forward to next year: 631 476 309 160 494 83 755 2,908 Sta rt Up Funds 471 476 208 160 390 83 681 2,469 GAG Carry Forward - Revenue 160 - 101 - 104 - 74 439 GAG Carry Forward - Capital
GAG Total Carry Forward (excl Start Up) 160 101 - 104 - 74 439 Maximum permi tted GAG carry forward at end of
Current year (12% ofallocation for current year) 514 459 524 474 930 604 674 4,179 GAG to surrender to DFE (354) (459) (423) (474) (826) (604) (600) (3,740)
Subtotal May- Media- Shirley Wintri- Central TOTAL 2009 B/fwd field City Park ingham
Results and carry forward for the year
GAG brought forward from previous year 2,922 596 608 - 459 (319) 4,266 2,445
GAG allocation for the current year - start up A 561 - 21 430 44 - 1,056 4,117 GAG allocation for the current year - Other Revenue 34,831 6,097 3,780 8,680 4,972 58,360 43,809 Total GAG available to spend 38,314 6,693 4,409 9,110 5,475 (319) 63,682 50,371 Recurrent expenditure from GAG (35,406) (5,977) (4,172) (8,837) (5,137) (14) (59,543) (45,626) GAG carried forward to next year: 2,908 716 237 273 338 (333) 4,139 4,745 Sta rt Up Funds 2,469 596 237 273 338 - 3,913 4,142 GAG Carry Forward - Revenue 439 120 - - - (333) 226 168 GAG Carry Forward - Capital - - - - - 435 GAG Total Carry Forward ( excl Start Up) 439 120 - - •- (333) 226 168 Maximum permitted GAG carry forward at end of
Current year (12% of allocation for current year) 4,179 732 454 1,042 597 - 7,004 4,588 GAG to surrender to DFE (3,740) (612) (454) (1,042) (597) (333) (6,778) (4,420)
21 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 31.s` August 2010
2010 2009 £000 £000
2. VOLUNTARY INCOME Private sponsorship 76
3. INVESTMENT INCOME . Bank Interest 37 157
4. FUNDING FOR THE COMPANY'S EDUCATIONAL OPERATIONS Department for Education grants • General Annual Grant (GAG) (Note 1) 59,416 47,926 • Implementation and Feasibility Grants 578 3,112 • Capital Grants (3,528) 20,760 • Standards Funds 4,790 3,530 Other Government grants • Devolved Formula Capital Grant 1,095 1,121 • Other Grants 3,267 2,646 Other Income ° 5,058 1,501
70,676 80,596
Staff Deprec Other Total Total Costs -iation Costs 2010 2009 £000 £000 £000 £000 £000 5. RESOURCES EXPENDED
Costs of generating voluntary income
Academies' educational operations Direct Costs 42,380 4,427 17,889 64,696 49,063 Allocated Support Costs 3,697 2,505 6,202 4,157 Pension Costs 6,338 - 6,338 6,502 Implementation Costs 578 578 3,112 Devolved Formula Capital Spend 88 88 269 Governance costs including allocated support costs 57 57 42 52,415 4,427 21,117 77,959 63,145
22 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 31s` August 2010
6. CHARITABLE ACTIVITIES - ACADEMIES' EDUCATIONAL OPERATIONS
2010 2009 £000 £000
DIRECT COSTS Teaching and educational support staff costs 41,257 29,482 Books, apparatus and stationery 1,632 1,253 Examination fees 1,007 557
ACADEMIES' SUPPORT COSTS Support staff costs 8,129 3,869 Maintenance of premises and equipment 1,291 960 Cleaning 464 482 Rent and rates 575 344 Heat and Light 988 1,044 Insurance 777 566 Security 266 352 Transport 231 137 Catering 1,191 891 Technology Costs 2,202 1,184 Telecommunications Costs 278 248 Other support costs 6,408 11,783 Depreciation 4,427 2,602 ALLOCATED CENTRAL COSTS Support Staff Costs 3,697 2,998 Other Support Costs 2,504 1,240 IMPLEMENTATION COSTS 578 3,112 Total Costs 77,902 63,104
2010 2009 £000 £000
7. GOVERNANCE COSTS
Trustee Expenses 1 1 Audit fees 45 39 Responsible Officer expenses. 11 2 57 42
Trustees were reimbursed £535 in 2010 (2009: £1,075). No Trustees were paid remuneration in 2010 (2009: £nil)
23 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 3151 August 2010
8. STAFF COSTS The average number of persons (including senior management team) employed by the Company during the year ended 31St August 201.0 expressed as full time equivalents was as follows. 2010 2009 Number Number
Charitable Activities Teachers 667 498 Academies non-teaching staff 939 710 Central management and support 85 68 1,691 1,276
2010 2009 £000 £000 Staffcosts comprise Wages and salaries 42,913 30,115 Social security costs 3,164 2,389 Other pension costs 6,338 3,845 52,415 36,349
42 employees earned more than £60,000 per annum (including taxable benefits but excluding employers' pension contributions) during the year ended 31St August 2010. The total emoluments of these employees were in the following ranges.
2010 2009
£60,000 - £70,000 21 22 £70,000 - £80,000 5 5 £80,000 - £90,000 4 0 £90,000 - £100,000 1 3 £100,000-£120,000 11 9
34 ofthe above employees earning more than £60,000 per annum participated in the Teachers' Pension Scheme. During the year ended 31't August 2010, pension contributions for these staff amounted to £368,000
9. TRUSTEES' REMUNERATION AND EXPENSES
Directors of the Company did not receive any payment from the Company other than the reimbursement of travel and subsistence expenses incurred in the course of their duties.
24 V OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 315` August 2010
10. DIRECTORS' AND OFFICERS' INSURANCE
In accordance with normal commercial practice the Company has purchased insurance to protect Directors and officers from claims arising from negligent acts, errors or omissions occurring whilst on Company business. The insurance provides cover up to £2,000,000 on any one claim and the premium for the year ended 31St August 2010 was £788 (2009: £788).
11. TANGIBLE FIXED ASSETS
Buildings Furniture IT Motor Assets and Equipment Vehicles under Equipment construction Total £000 £000 £000 £1000 £000 £000 Cost At 1" September 2009 76,962 2,515 7,586 22 15 87,100 Additions (227) 811 2,735 57 -15 3,361 Disposals - - - At 31St August 2010 76,735 3,326 10,321 79 - 90,461
Depreciation At lst September 2009 1,186 182 1,789 4 - 3,161 Charged in the year 1,540 266 2,612 9 - 4,427 Disposals - - - At 31St August 2010 2,726 448 4,401 13 - 7,588
Net Book Values At 31 St August 2010 74,009 2,878 5,920 66 - 82,873
At 31St August 2009 75,776 2,333 5,797 18 15 83,939
The above net book value at 315Y August 2010 represents fixed assets used for:
Buildings Furniture IT Motor Assets and Equipment Vehicles under Equipment construction Total £000 £000 £000 £000 £000 £000
Educational 74,009 2,878 5,920 66 - 82,873 provision 74,009 2,878 5,920 66 - 82,873
25 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 31S` August 2010
11. TANGIBLE ASSETS cont'd
Source of funding for assets acquired (cumulative to 2010 date) £000 DFE grants 90,153 Sponsor Contributions 308 90,461
Cost of fixed assets at 31st August 2010 90,461 Less: Accumulated depreciation (7,588) Net book value of fixed assets at 31 " August 2010 82,873
Note 1: The land for three Academies is leased from Local Authorities for 125 years at a peppercorn rent. Our professional advisors, Daniel Watney Chartered Surveyors, have valued the land under these leases at a nominal value of £1 per site, taking into account the restrictions on the use to which the land can be put by the Company (see also Note 3, below).
Note 2: Five Academies opened in September 2008 and one Academy in September 2009, in existing buildings. These are occupied rent free, and asset values have not been transferred from local authorities.
Note 3: Assets funded by DFE grants are subject to the provisions of the Funding Agreement on disposal of fixed assets. In the event of the sale or disposal by other means of any asset for which a government capital grant was received, the Company is required either to reinvest the proceeds or to repay to the Secretary of State for Schools, Children and Families the same proportion of the proceeds of the sale or disposal as equates with the proportion of the original cost met by the Secretary of State. Upon termination of the Funding Agreement, whether as a result of the Secretary of State or the Company serving notice, the Company shall repay to the Secretary of State sums determined by reference to:
a. The value at that time of the Company's site and premises and other assets held for the purpose of the Company. b. The extent to which expenditure incurred in providing those assets was met by payments by the Secretary of State under the Funding Agreement.
26 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 315': August 2010
2010 2009 £000 £000 12. STOCKS
Uniforms 19 - Central IT Stock 25 25 Other 10 10 54 35
2010 2009 £000 £000 13. DEBTORS
Trade Debtors 2,023 6,597 Prepayments 546 580 Sundry Debtors 679 1,080
3,248 8,257
2010 2009 £000 £000
14. CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors 1,627 1,507 Taxation and social security 1,015 784 Sundry creditors 1,190 761 Accruals 2,205 3,424 6,037 6,476
AMOUNTS FALLING DUE AFTER ONE YEAR
Repayments due to DFE re excess capital grant received in 3,641 lieu of sponsorship contributions 3,641
27 OASIS COMMUNITY V LEARNING
NOTES TO THE FINANCIAL STATEMENTS 31s` August 2010
15. RESTRICTED FUNDS Balance at Balance at Isc St Reallocation 31 September Incoming Resources per Note August 2009 Resources expended below 2010 £000 £000 £000 £000 £000 Restricted General Funds General Annual Grant (GAG) 4,685 59,416 59,579 (383) 4,139 Standards Fund Grants - 4,790 4,790 - - Devolved Formula Capital Grant 1,157 1,095 88 2,164 Other Government Grants - 3,267 3,267 - - Other Income 61 4,269 4,162 (36) 132 Implementation Grants - 578 578 - - Restricted Fixed Asset Funds DFE grants 81,830 (3,528) 4,427 - 73,875 Private sector capital sponsorship 308 - - - 308 Other Capital 826 419 1,245
Total restricted funds 88,041 70,713 76,891 0 81,863
Notes
1. General Annual Grant must be used for the normal running costs of the Company. The Company is allowed to carry forward up to 12% of the current (GAG). Of the carried forward amount, up to 2% of GAG can be used for general purposes at the discretion of the Company, but any balance over 2% must be used fc)r capital purposes. Further analysis of brought forward balances has led to the reallocation of £419,000 from General Annual Grant balance to Sinking Fund Capital balance, in line with numbers reported to the DFE.
2. Unrestricted Interest income of £36,000 has been transferred from Other Income to General Annual Grant balance
3. All other DFE and other Government Grants (e.g. Standards Funds) are also to be used for the running costs of the school.
4. Restricted fixed assets were funded by government grants or sponsors.
28 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 31s` August 2010
15 RESTRICTED FUNDS cont'd
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Restricted Restricted Restricted Total Funds General Fixed Asset Fixed Funds Funds Public Asset Funds Private £000 £000 £000 £000 £000
Tangible fixed assets - 1,227 81,338 308 82,873 Current assets - 7,653 1,015 8,668 Current liabilities - (2,445) (3,592) (6,037) Creditors due after more than one year (3,641) (3,641) Pension scheme liability (7,136) - - - (7,136) (7,136) 6,435 75,120 308 74,727
29 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 31g` August 2009
16. PENSION COMMITMENTS
The Company's employees belong to six principal pension schemes:
a. The Teachers' Pension Scheme England and Wales (TPS) for academic and related staff. b. Six Local Government Pensions Schemes (LGPS) - The East Riding of Yorkshire Council Pension Scheme, the London Borough of Enfield Pension Scheme, The Avon Pension Scheme, the Hampshire County Council Pension Scheme, the Greater Manchester Pension Scheme and the London Borough of Croydon Pension Scheme, for non teaching staff.
The total pension cost to the Company during the year ended 31 St August 2010 was £5,270,000 (2009: 0,867,000) of which £3,252,000 (2009: £2,381,000) relates to the TPS and £2,018,000 (2009: £1,486,000) relates to the LGPS.
Teachers' Pension Scheme (TPS)
The Company participates in the Teachers' Pension Scheme (England and Wales) ("the Scheme"), for its teaching staff. This is a multi-employer defined benefits pension scheme and it is not possible or appropriate to identify the assets and liabilities of the Scheme which are attributable to the Company.
The latest actuarial valuation of the Scheme by the Government Actuary issued in October 2006 relating to the period 1 April 2001 to 31 March 2004 revealed that the total liabilities of the Scheme (pensions currently in payment and the estimated cost of future benefits) exceeded the value of the Scheme's assets (estimated future contributions together with the proceeds from the notional investments held at the valuation date) by 2.0%.
From 1 January 2008, and as part of the cost-sharing agreement between employers' and teachers' representatives, the standard contribution rate has been assessed at 19.75%, and the supplementary contribution rate has been assessed to be 0.75% (to balance the Scheme's assets and liabilities within 15 years as required by the regulations); a total contribution rate of 20.5%. This translates into an employer contribution rate of 14.1 % and an employee contribution rate of 6.4%. The cost- sharing agreement has also introduced - effective for the first time for the 2009 valuation - a 14% cap on employer contributions payable.
The pension charge for the year includes contributions payable to the scheme of £3,252,000.
30 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 31"' August 2009
16. PENSION COMMITMENTS (cont'd)
Local Government Pension Scheme
The Company participates in Local Government Pension Scheme (LGPS).
The LGPS is a funded defined benefit scheme, with the assets held in separate trustee administered funds. Contributions to the scheme are determined by a qualified actuary on the basis oftriennial valuations using the projected unit method.
The total contributions made for the year ended 31St August 2010 was £2,013,000 of which employer's contribution totalled £2,018,000 and employees' contributions totalled £716,000.
In April 2009 the scheme introduced a number of significant changes to the way contributions would be made in the future. From that date, contributions would be made on a rising scale depending on income level. The agreed employee contribution rates for the year ended 31 St August 2010 were as follows:
Gross Salary Employee's contribution
Up to £12,000 5.50ro £12,001 to 1:14,000 5.8°ro £14,001 to £18,000 5.9% £18,001 to £30,000 6.50//0 £31,001 to £40,000 6.8% £40,001 to I:75,000 7.20/% £75,001 and above 7.5%
The Company participated in six Local Government Pension Schemes during the year: The East Riding Pension Fund, the London Borough of Enfield Pension Fund, The Avon Pension Fund, the Hampshire County Council Pension Fund, the Greater Manchester Pension Fund, and the London Borough of Croydon Pension Fund, for non teaching staff.
31 > OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 315f August 2010
16. PENSION COMMITMENTS (cont'd)
(1) ACCOUNTING DATA - ALL LOCAL GOVERNMENT PENSION SCHEMES
This year the accounting information for all the Local Government Pension Schemes has been summarised in sub-headings a) to e), below. This information is based upon full actuarial valuations of the funds at 31st March 2010, updated to 31St August 2010 by qualified actuaries.
The major assumptions used by the actuary were:
a) The amounts recognised in the balance sheet are as follows: 2010 2009 £000 £000 Present value of funded obligations (18,950) (12,169) Fair value of plan assets 11,814 7,155 Deficit (7,136) (5,014)
Amounts in the balance sheet: Liabilities 7,136 5,014 Net liability 7,136 5,014
b) Changes in the present value of the defined benefit obligation are as follows: 2010 2009 £000 £000 Opening defined benefit obligation 12,169 2,076 Service cost 2,119 1,354 Interest cost 911 604 Employee contributions 696 471 Actuarial loss 1,447 893 Past Service Losses/(Gains) (1,570) 5 Benefits paid (110) (22) Brought Forward 3,288 6,788 Defined benefit obligation at end of 18,950 12,169 year
32 OASIS COMMUNITY LEARNING
16. PENSION COMMITMENTS (cont'd)
(1) Accounting Data - All Local Government Pension Schemes (cont'd)
c) Changes in the fair value of the scheme assets are as follows: 2010 2009 £000 £000 Opening fair value of scheme assets 7,155 1,340 Expected return 562 436 Actuarial gain 435 (750) Employer contributions 2,045 1,352 Employee contributions 696 471 Benefits paid (110) (22) Brought Forward 1,031 4,328 Fair value of scheme assets at year end 11,814 7,155 d) The amounts included within the Statement of Financial Activities are as follows: 2010 2009 £000 £000 Current service cost 2,119 1,304 Past service cost (1,570) 50 Expected return on scheme assets (562) (436) Interest Cost 911 604 Prior Period Adjustments 2,215 2,460 Losses/Gains on curtailments/settlements - 5 Employer Contributions _ (2,045) (1,352) Total amount charged within net incoming / 1,068 2,635 (outgoing) resources Actuarial gains and losses 1,054 1,643 Total amount charged to the Statement of Financial 2,122 4,278 Activities
The Company expects to Contribute £2,129,000 to its defined benefit pension scheme in 2011
The cumulative total of recognised actuarial gains and losses is £3,153,000
33 11 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 31'` August 2010
16. PENSION COMMITMENTS (continued)
1) Accounting Data - All Local Government Pension Schemes (cont'd)
e) The amounts for the current and previous periods are as follows:
2010 2009 Defined benefit obligation (18,950) (12,169) Scheme Assets 11,814 7,158 Surplus/ (deficit) (7,136) (5,011) Experience adjustment on scheme liabilities - - Experience adjustment on scheme assets 459 (534)
(2) The major categories of scheme assets as a percentage of total Scheme assets, for each scheme, are as follows:
a) East Riding Pension Fund
2010 2009 Equities 76% 80% Bonds 11% 11% Property 5% 4% Cash 8% 5% 100% 100% The overall expected rate of return on the scheme assets is determined based on actual Fund returns and index returns where necessary. 2010 2009 £000 £000 The actual return on the scheme assets in the year 10.3% (21.3%)
34 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 31"' August 2010
16. PENSION COMMITMENTS (continued)
(2) Categories of Scheme Assets (continued)
b) Avon Pension Fund
2010 2009 Equities 60% 61% Bonds 24% 22% Property 5% 0% Cash 2% 7% Other 9% 10% 100% 100%
The overall expected rate ofreturn on the scheme assets is determined based on actual Fund returns and index returns where necessary. 2010 2009 £000 £000 The actual return on the scheme assets in the year 5.7% (2.3%)
c) London Borough of Croydon Pension Fund
2010 2009 Equities 50% 84% Bonds 33% 6% Property 5% 1% Cash 1% 9% Other 11% - 100% 100%
The overall expected rate of return on the scheme assets is determined based on actual Fund returns and index returns where necessary. 2010 2009 £000 £000 The actual return on the scheme assets in the year 5.8% (6.8%)
35 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 2111" August 2010
16. PENSION COMMITMENTS (continued)
(2) Categories of Scheme Assets (continued)
d) Hampshire County Council Pension Fund
2010 2009 Equities 60% 60% Bonds 27% 28% Property 7% 5% Cash 6% 7% Other 0% - 100% 100%
The overall expected rate of return on the scheme assets is determined based on actual Fund returns and index returns where necessary. 2010 2009 £000 £000 The actual return on the scheme assets in the year 6.0% (6.1%)
e) Greater Manchester Pension Fund
2010 2009 Equities 67% 71% Bonds 17% 15% Property 6% 6% Cash 10% 8% Other - - 100% 100%
The overall expected rate of return on the scheme assets is determined based on actual Fund returns and index returns where necessary.
2010 2009 £000 £000 The actual return on the scheme assets in the year 6.0% (6.1%)
36 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 31" August 2010
16. PENSION COMMITMENTS (continued)
(2) Categories of Scheme Assets (continued)
f) London Borough of Enfield Pension Fund
2010 2009 Equities 35% 57% Bonds 28% 29% Property 9% 6% Cash 6% 8% Other 22% - 100% 100%
The overall expected rate ofreturn on the scheme assets is determined based on actual Fund returns and index returns where necessary.
2010 2009 £000 £000 The actual return on the scheme assets in the year 6.2% (6.3%)
37 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 31S` August 2010
16. PENSION COMMITMENTS (continued)
(3) Principal assumptions at the balance sheet date (expressed as weighted averages)
a) East Riding Pension Fund
2010 2009
Discount rate at 31 December 4.8% 5.4% Expected return on scheme assets at 31 December 6.3% 6.7% Rate of increase in salaries 4.7% 4.9% Rate of increase of pensions in payment 2.7% 3.4% Rate of increase of pensions in deferment Proportion of employees opting for early retirement Assumes life expectations on retirements age 65: Retiring today - males 22.7 21.5 Retiring today - females 26.1 24.4 Retiring in 20 years - males 24.8 22.6 Retiring in 20 years - females 28.3 25.5
b) Avon Pension Fund
2010 2009
Discount rate at 31 December 4.9% 5.6% Expected return on scheme assets at 31 December 6.1% 6.3% Rate of increase in salaries 4.2% 4.7% Rate of increase of pensions in payment 2.4% 3.4% Rate of increase of pensions in deferment Proportion of employees opting for early retirement Assumes life expectations on retirements age 65: Retiring today - males 21.2 21.2 Retiring today - females 24.1 24.0 Retiring in 20 years - males 22.2 22.2 Retiring in 20 years - females 25.0 25.0
38 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 31S` August 2010
16. PENSION COMMITMENTS (continued)
(3) Principal assumptions at the balance sheet date (expressed as weighted averages) (continued)
c) London Borough of Croydon Pension Fund
2010 2009
Discount rate at 31 December 4.9% 5.6% Expected return on scheme assets at 31 December 6.5% 6.6% Rate of increase in salaries 4.7% 5.1% Rate of increase of pensions in payment 2.5% 3.4% Rate of increase of pensions in deferment Proportion of employees opting for early retirement Assumes life expectations on retirements age 65: Retiring today - males 21.2 21.2 Retiring today - females 24.1 24.0 Retiring in 20 years - males 22.2 22.2 Retiring in 20 years - females 25.0 25.0
d) Hampshire County Council Pension Fund
2010 2009
Discount rate at 31 December 4.9% 5.3% Expected return on scheme assets at 31 December 6.2% 6.0% Rate of increase in salaries 4.9% 5.0% Rate of increase of pensions in payment 2.7% 3.5% Rate of increase of pensions in deferment 2.7% 3.5% Proportion of employees opting for early retirement Assumes life expectations on retirements age 65: Retiring today - males 22.3 22.2 Retiring today - females 24.3 24.2 Retiring in 20 years - males 24.7 24.5 Retiring in 20 years - females 26.5 26.4
39 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 31''` August 2010
16. PENSION COMMITMENTS (continued)
(3) Principal assumptions at the balance sheet date (expressed as weighted averages) as weighted averages) (continued)
e) Greater Manchester Pension Fund
2010 2009
Discount rate at 31 December 4.8% 5.4% Expected return on scheme assets at 31 December 6.3% 6.5% Rate of increase in salaries 4.7% 4.9% Rate of increase of pensions in payment 2.7% 3.4% Rate of increase of pensions in deferment Proportion of employees opting for early retirement Assumes life expectations on retirements age 65: Retiring today - males 20.8 19.6 Retiring today - females 24.1 22.5 Retiring in 20 years - males 22.8 20.7 Retiring in 20 years - females 26.2 23.6
f) London Borough of Enfield Pension Fund
2010 2009
Discount rate at 31 December 4.9% 5.4% Expected return on scheme assets at 31 December 6.2% 6.3% Rate of increase in salaries 5.0% 4.9% Rate of increase ofpensions in payment 2.8% 3.4% Rate of increase of pensions in deferment Proportion of employees opting for early retirement Assumes life expectations on retirements age 65: Retiring today - males 23.2 21.6 Retiring today - females 21.6 24.0 Retiring in 20 years - males 25.6 22.8 Retiring in 20 years - females 22.8 25.0
40 OASIS COMMUNITY LEARNING
NOTES TO THE FINANCIAL STATEMENTS 31"' August 2010
17. MEMBERS LIABILITIES
Every member of the charitable company undertakes to contribute such amount as may be required (such amount not exceeding £10) to the assets of the company in the event of it being wound up while he or she is a member or within one year after he or she ceases to be a member, for the payment of the Trusts debts and liabilities before he or she ceases to be a member and of the costs charges and expenses of winding up and for the adjustment of the rights of contributories amongst themselves.
41 OASIS COMMUNITY LEARNING
DETAILED INCOME AND EXPENDITURE ACCOUNT Year ended 31s` August 2010 This page does not form part of the statutory financial statements.
Income 2010 2009 £OOOs £OOOs
General Annual Grant (GAG) 59„416 47,926 DFE Capital Grant 2,089 20,760 DFE Capital Clawback (5,617) - Other DFE Grants 6,949 7,763 Other Government Grants 1,108 2,646
Private sponsorship and donations - -
Other Income 6,731 1,577
Interest 37 157
Total Income '70,713 80,829
42 ,.~ OASIS COMMUNITY LEARNING
DETAILED INCOME AND EXPENDITURE ACCOUNT Year ended 315` August 2010 This page does not form part ofthe statutory financial statements.
Expenditure 2010 2009 £000s £000s
General Annual Grant (GAG) Expenditure
Staff costs • Teaching 31,561 21,971 • Educational Support 9,198 7,511 • Other staff 1,590 266 • Premises 1,513 984 • Admin and Clerical 7,674 5,375 • Catering 478 242 • Other - - Total GAG staff posts 52,014 36,349
Other Occupancy Costs • Cleaning 464 371 • Water and Sewerage 112 129 • Fuel 989 1,266 • Rent, Rates and Service Charges 923 608 • Insurance 777 566 • Security 267 354 • Other
Educational supplies and services • Books 160 279 • Educational equipment 44 - • Stationery and materials 1,433 1,001 • Transport 266 137 1,007 557 • Examination fees • Fees for external advice 1,249 1,140 • Other
Balance carried forward to next page 59„705 42,757
43 OASIS COMMUNITY LEARNING
DETAILED INCOME AND EXPENDITURE ACCOUNT Year ended 31s` August 2010 This page does not form part ofthe statutory financial statements.
Expenditure 2010 2009 lEOOOs £000s
General Annual Grant (GAG) Expenditure (continued)
Balance brought forward from previous page 59,705 42,757
Other Supplies and Services • Catering 1,191 891 • Legal and professional fees 230 245 • Auditors remuneration 56 39 • Bank interest and charges 38 24
Furniture and Equipment • Repairs and maintenance 1,291 960
Technology costs (not capitalised) • Hardware 583 347 • Software 216 154 • Consumables 279 96
Other GAG expenditure 8,209 8,455
Total GAG expenditure 71,798 53,968
Other DFE grant related expenditure • Implementation Costs 578 3,112 • Devolved Formula Capital spend 88 269
Depreciation 4,427 3,161
Total Expenditure 76,891 60,510
Net (Deficit)/Surplus (60.78) 20,319
44