The Trustees who are Directors for Company Law purposes, submit their annual report and the financial statements of Oasis Children's Venture (Oasisplay) for the year ended 31 March 2025.
Structure, Governance and Management
Oasisplay operates from three sites in Stockwell and one site in Kennington, London Borough of Lambeth. In Stockwell we have Oasisplay Nature Garden, Oasisplay Adventure Playground Stockwell and Oasisplay Kart Track. Our newest site is Oasisplay Adventure Playground at Bolton Crescent which we took on in July 2021 and opened in January 2022. All sites and services are fully inclusive and support the needs of both disabled and non disabled children and young people.
Oasis Children's Venture is a company limited by guarantee governed by its Memorandum and Articles of Association dated 1st April 1992. It is registered as a charity with the Charity Commission.
Trustees are elected at each Annual General Meeting and hold office only until the next following Annual General Meeting. Trustees are required to retire from office at each AGM, but are eligible for re-election.
The Trustees, who are also the directors for the purpose of company law and who served during the year are listed on the Legal and Administrative information page to these accounts.
New Trustees have an induction meeting with the Charity's Trustees to brief them on the business plan, current programme and financial performance of the charity. During the induction they meet key staff members and have the opportunity to observe various aspects of the charity's work.
New Trustees are also invited to an induction meeting where they have the opportunity to discuss any issues with the rest of the trustees.
The Trustees are encouraged to attend appropriate training events that will facilitate the undertaking of their role.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
In planning, reviewing and undertaking the activities of the Charity for the year, the Trustees have taken account of the Charity Commission's guidance on public benefit.
The Objects of the Charity for the public benefit are:
To provide recreational and leisure facilities for children and young people from the London Borough of Lambeth and neighbouring boroughs;
To deliver innovative services that will enable young people and children to participate actively in the community.
In carrying out its provision of services and employment, Oasis adheres strictly to equal opportunities for all, irrespective of religion, race, disability or sexuality.
Oasis adopts a sustainable environment policy by bringing greenery to the city, through the transformation of derelict land, and through the creation and management of its three sites. Its aims at all projects are to provide and adapt facilities for all sections of the community through contributing to the regeneration of the green and built environment. It helps children to learn about nature and ecology in their city surroundings.
It aims to promote the understanding of the countryside and protect the existing animals and plants at its sites.
Oasisplay - 'transforming lives through play'
Oasisplay provides innovative and inclusive outdoor play and learning opportunities that enable disabled and non-disabled children and young people to lead happy, fulfilled lives and play positive roles in the community.
The following values underpin the delivery of all services for children and young people:
Inclusive - addressing inequality
Collaborative - working together within the community
Respect - Valuing difference and diversity
Openness - a willingness to try new things/ideas and approaches
Oasisplay runs a wide range of community services from four unique sites in Stockwell and Kennington. Services are fully inclusive. Disabled children and young people are supported to join in everything Oasisplay has to offer.
Adventure Playground - Stockwell - Open access adventure play after school, Saturdays and school holidays. Including sports and art activities. All activities are fully inclusive with disabled and non disabled children playing and having fun together.
Highlights - A new playstructure with towers, nets and a treehouse!
Adventure Playground - Bolton Crescent - Open access Adventure play and short breaks for disabled children and young people. The site has been fully open since September 2022 with site improvement happening all the time including new vegetable growing beds and a wildlife pond.
Highlights - 22 disabled children now attend regularly during afterschool, Saturdays and in the school holidays.
Nature Garden - After school environmental play sessions, Forest School Foragers - nature based activities for under 5s ad their families. Regular visits from schools to enhance curriculum learning and children's wellbeing.
Highlights - Community lunches, led by volunteers, very well attended! Right Track Project - Karting and mechanics sessions for at risk young people, mentoring and support to stay in education and reach their potential.
Right Track Project - Karting and mechanics sessions for at risk young people, mentoring and support to stay in education and reach their potential.
Highlights - Residential trip for 17 young people to Macaroni Woods in Gloucestershire. During the year over 850 individual children and young people took part in free open access play services at our four unique sites.
A further 650 children and young people have visited over the year with their families, schools or as part of private group bookings. We have provided regular weekly activity sessions for 8 local schools. These include Lambeth SEN schools, Heron Academy, Livity School, Vanguard School, Larkhall School Autistic Unit, Allen Edwards Primary School Autism Centre and Wyvil Primary School. Students take part in a wide range of activities including karting, forest school activities and free play.
Total income for the year was £1,401,520 (2024: £1,200,797), comprising £689,714 from donations and legacies, £709,922 from charitable activities, and £1,884 from investments and other income. Expenditure for the year totalled £1,405,169 (2024: £1,196,684), with the majority spent on charitable activities.
The charity recorded a net deficit of £3,649 (2024: surplus of £4,113), resulting in closing unrestricted reserves of £300,903 at 31 March 2025 (2024: £304,552). Of these, £74,517 is represented by fixed assets, with free reserves of £226,386 available for general purposes.
Going concern
In the prior year (2023-24), the trustees’ report and the independent auditor’s report both acknowledged a material uncertainty relating to the charity’s ability to continue as a going concern, due to significant challenges in securing future funding. This resulted in the inclusion of a “material uncertainty relating to going concern” paragraph in the audit report (2023-24).
During the year ended 31 March 2025, and in the period since the year-end, the trustees have taken proactive steps to address these risks. The charity has implemented a range of fundraising initiatives to diversify and increase income streams and undertook cost-cutting measures, including a review of staffing levels. The trustees sought to plug the funding gap through an appeal in early 2025, which raised over £70,000. These actions have strengthened the charity’s financial position and improved the outlook for future sustainability.
Following a detailed review of the charity’s budget and funding pipeline, and in light of the measures taken, the trustees deem that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the trustees consider it appropriate to prepare the financial statements on a going concern basis.
Risk Management
We maintain a risk register which is reviewed periodically with managers and any identified major risks have been brought to Trustees notice at regular meetings.
New procedures have been discussed with managers to minimise the potential impact of those risks and new processes will be implemented. The inability to secure grant funding is the major risk that may prevent Oasis from carrying out its charitable objectives.
The trustees, who are also the directors of Oasis Children's Venture for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures 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 charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In accordance with the company's articles, a resolution proposing that BGM Helmores Limited be reappointed as auditor of the company will be put at a General Meeting.
The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties. The public benefit of the Charity's activities are outlined under 'Objectives and Activities' above.
The report of the Trustees has been prepared taking advantage of the small companies exemption under Section 415A of the Companies Act 2006.
The trustees' report was approved by the Trustees.
Opinion
We have audited the financial statements of Oasis Children's Venture (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
We obtained an understanding of laws and regulations that affect the Charity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the tax legislation, Charities Act.
We enquired of the trustees and reviewed trustees' meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the trustees have in place to ensure compliance.
We gained an understanding of and evaluated the controls that the trustees have in place to prevent and detect fraud. We enquired of the trustees about any incidences of fraud that had taken place during the accounting period.
The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: income recognition, management override, misappropriation of assets.
We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
We enquired of the trustees about actual and potential litigation and claims.
We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
BGM Helmores Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Oasis Children's Venture is a private company limited by guarantee incorporated in England and Wales. The registered office is 33 Priory Grove, Stockwell, London, SW8 2PD, UK.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Donations, grants and gifts are recognised when the charity is legally entitled to them after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Where the charity benefits from the use of premises provided rent-free or at below-market rates by the local council as part of its service agreement, the value of the rental expense forgone is recognised as a donation in kind. In accordance with FRS 102 and the Charities SORP (FRS 102), the estimated market rental value of the premises for the period of occupation is recognised as both income (within “donations and legacies”) and a corresponding expense (within “charitable activities”) in the statement of financial activities. The valuation is based on market evidence or rates agreed with the council. This policy ensures that the financial statements reflect the full economic benefit received by the charity from such arrangements.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Volunteers
The value of the services provided by volunteers is not incorporated into these financial statements.
In the application of the Oasis Children's Venture’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The charity receives grant income which cover a specific duration of time. Such grants are therefore spread over the time to which the grant has been allocated and funds utilised. Accordingly part of these grants may be deferred at the financial year end.
The trustees have used judgement when allocating support and direct costs to its charitable activities based on specifically allocable costs and, in respect to salaries, on a time spent estimation basis.
Included within total donations for the year is £52,500 relating to a donation in kind arising from rent discharged as part of a service agreement with the landlord. This represents the estimated market value of premises provided to the charity rent-free (or at a reduced rate), which has been recognised as both income and expenditure in accordance with FRS 102 and the Charities SORP (FRS 102).
Under Section 37 of the Government and Housing Act, the Charity is required to report specifically on grants from London Councils. The note above shows the details of service contract income received from the London Borough of Lambeth; income from Lambeth Council provided as a grant is shown separately. All grants received from the London Borough of Lambeth had been fully spent by the year end. The funds were spent on providing play services.
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the company during the year.
The average monthly number of full time equivalent employees during the year was:
The average number of employees (full time and part time) employed by the charity during the year was 77 (2024: 72).
The remuneration of key management personnel was as follows:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Grant income is deferred according to the grant period where a repayment term applies, or when otherwise agreed with the grant funder.
Deferred income is included in the financial statements as follows:
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
Fixed Asset Fund
In accordance with Charities SORP FRS 102, the fixed assets of an organisation are considered to be not easily realisable and therefore should not be represented by general funds. The balance carried forward is equal to the year end net book value of fixed assets.
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
The Karting Project operates a karting track which is available to local young people, where they can develop skills in driving, mentoring and volunteering.
The Nature Garden is an environmental project aimed at younger children. It offers forest school, environmental education, and food growing to children and the local community. It is available to groups from schools and nurseries, as well as individual children.
The Adventure Playground offers free play in a safe environment to children, and volunteering opportunities.
The Inclusion Project supports disabled children and young people, and enables them to participate in all the Oasis activities.
Some projects were not adequately financed by restricted grants. In these cases unrestricted funds have been used to subsidise the activity.
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The trustees are not aware of any contingent liabilities.
There were no disclosable related party transactions during the year (2024 - none).