2022-01-31-accounts

Charity registration number 1049742

Company registration number 03110601 (England and Wales)

LAMBOURN VALLEY HOUSING TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

LAMBOURN VALLEY HOUSING TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Captain R M Smyly
	C Dunlop
	M J Fetherston Godley
	M J Kershaw
	S D Marsh
	O M Sherwood
	L Snowden
Secretary	Captain R M Smyly
Charity number	1049742
Company number	03110601
Registered office	3 The Old Estate Yard
	High Street
	East Hendred
	Wantage
	Oxfordshire
	OX12 8JY
Independent examiner	Chapman Worth Limited
	3 The Old Estate Yard
	High Street
	East Hendred
	Wantage
	Oxfordshire
	OX12 8JY
Bankers	Weatherbys Bank Limited
	Sanders Road
	Wellingborough
	Northamptonshire
	NN8 4BX

LAMBOURN VALLEY HOUSING TRUST

CONTENTS

	Page
Trustees' report	1
Independent examiner's report	2
Statement of financial activities	3
Statement of financial position	4
Notes to the financial statements	5 - 10

LAMBOURN VALLEY HOUSING TRUST FOR THE YEAR ENDED 31 JANUARY 2022 Thè truste8s prosent Ih8ir annual report arKI fin8nual stAtements lorthe yoar end8d 31 January 2022. i t(l[cnibidi iYdVY ill 11194 t7knw￿I5￿ty ￿ ¥a¥i Jil StyJ4¥ 1 iv th& financial sl8t8ments and compty with Ihe trusvs Articles of Asswation. the Compani85 Act 2006 and °Aceounting Ènd Reporting by Charities.. Statement of R8comm8nded Practi￿ appli(xbl8 io chariti88 prep8ring their accounts in accordance wth the Finanrial Reporting St8rvJard appliGable in the UK and Objectlves and actlviti85 The obje¢liv8 and aims of thè trust is to reliev8 poverty 8Fnong p@rson5 employed or formerty employed or aGtive in the horse ra￿ industry Itogether wtth their ￿Ves. widtiws and dependent ¢hddrenl in particular by t¢￿ jjwaiiy. Public Benefft Ststemont Th8 tnjstees have paid du8 rogard to guklance is8ued by th8 Charity CommissioTh In deciding what actNities Tne Trust un0eft￿. Achiev8m8nts and p8rlomwnc During the y8ar the Iwst continued to mainta5n th8 propthes for the ¢haritabb purpos8s. The trust continues itj bL$v￿ vlYtyJ iv ijuy IithJit iv Ulv rtWÉsli¢Wi<. Flnanclal rovl•w It is the policy of th8 Iwst thal xcumulated ￿n￿StriGIed fijnds a￿ held to invest in lurther accommodation the purpo58s of the ch8fiVs missson. Rtsserves as al the 31 Jants8ry 2022 totslled £2.599,138 12021 The tW5teas have as5ess8d the rnai￿ ii5ks to bthich the lrnst 18 8XPOsed, 8nd are satisfi8d that systerns a￿ In Structure, govomance and management Th8 trustees. WIK) ar8 also the direc￿￿$ lor Ihe purpose ot {xYn￿nY W, and th) served during the y8ar and up to the datè of signa￿re ol the financial statèments WgTe". dvlalll rn Nl Qlllyly C Dunlop J F8thèrston Godley J Aersnaw S D Marsh O M Sherwood L è*now08n I 0￿1{i yTr IIUtiiV<W. Captaln R M Srnyly Trustee

LAMBOURN VALLEY HOUSING TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LAMBOURN VALLEY HOUSING TRUST I r8POrt lo th8 IIu5tefys on my 8xamSnaI￿n of the financlal 818tèmants of Lamboum V8118y Housing Trust (tho lrnsll for th8 y88r 8ndèd 31 January 2022. Re¥ponilbllltla8 and tsJ81¥ of report As lh8 Irusiees of the trust I8nd also ils directors for tha purposes ol company18wI you are responsible for the preparatson of the financial 81818m8ntB In 8cwrdance with th8 roquirerr8nts of tha Companies Act 2008 Ithe 2006Actl. Having $8llsfled myself that the fin8nci81 slaiemenls of the trust 8ro not requlrad to be gudited under Part 16 of the 2006 Act 8nd 8r& 01igiNe for Ind8pendonl examinat￿n, I roport in r8SP8cI of my gxaminallon of th8 Irusl's financi81 statements carrlèd out under 88cllon 145 of the Chari1188 Act 2011 Ilhe 2011 Acll. In Garrwng out my gxarnin8tlon I hav0 follow8d 811 Ihe applleable Dlreclions gl¥8n by ltte Charity Comml$$ion under 88cllon 1446llbl of Iho 2011 Act Ind•pendont examln8r'• •¢)t•ment I have completed my ex8mlnaiion. I confirm th81 no matt&rN have wma to my attention In connectlon wlth the oxamin81ion givlng mg causo lo beli8vè that in any mal8ri81 r8spBth'. a￿D￿￿tIng r8cord8 not kept In r88P8Ct of the trust as r8qulred by Sectlon 386 of thè 2006Act.' or tho financial slal8m$nls do not occord with Iho$o records., or th8 fin8nclal st81emen18 do nol comply wllh the 8GCounl￿n9 requSremenlJ of secllon 396 of the 2006 Act other Ihan any requiremenl th81 tho accounts glvg 8 true and falr vl8w whl¢h1s nol a rn81ter conslderad as part of an Ind8pÈndgnl exarnln8llon-, or the flnanclal 81818m0nts hav8 not b88n prapared In accordance wllh the melh(xl$ and prIncI￿a& 01 th8 Stslemeni of Recommended Praclice lor 8¢counllng and reportlno by charllles Bpp11¢8ble lo chadlie proparlng their accounts In accordance wlth the Fln8ndJl Reportlng si8nd8rd appllcable In tho UK Bnd Republic of Ireland IFRS 1021. I have no ¢onc•rn8 8nd have come •cr068 no olher mpllere In connaeUon wlth the aXBmlnallon le whlch al￿nI10n Bhould be dra¥vn In this report In ard6r le enabl& 8 proper under818ndlng of the fin8ncl81 $tslernents raachgd. ACh8pm8n IFCAI Chapman Worth Llmllod 3 Th• Old EJlete Yard Hlgh Str891 Ea81 Hendred Wanl&ge Oxlordahir• OX12 8JY Oatod..

LAMBOURN VALLEY HOUSING TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2022

		Unrestricted	Unrestricted
		funds	funds
		2022	2021
	Notes	£	£
Income from:
Donations and legacies	3	24,209	850
Charitable activities	4	144,149	144,513
Total income		168,358	145,363
Expenditure on:
Charitable activities	5	61,950	50,868
Net income for the year/
Net movement in funds		106,408	94,495
Fund balances at 1 February 2021		2,492,730	2,398,235
Fund balances at 31 January 2022		2,599,138	2,492,730

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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LAMBOURN VALLEY HOUSING TRUST STATEMENT OF FINANCIAL posmoN ASA T31 JANUARY 2022 Fix•d ass•ts Tangible assets 1311.407 2.311.519 Current assets Debtors Cash at bank and in h 10 2.595 291.519 4,096 779.155 291.114 CTedittiFs: amounts falllng will one year 183.251 11 {6.3831 12.0401 Net ￿lIent assets 287,731 181,211 2.599.138 2.492.730 Income fut%ls un￿l￿ed ftJr*Ys 2599.138 2.492.730 1599.138 2.492.730 Act 2CX)6. For the ￿9￿13] 2022. question in a￿da￿ with sed1￿ 476. The finan Captsin R Smy Trustee

LAMBOURN VALLEY HOUSING TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

1 Accounting policies

Charity information

Lambourn Valley Housing Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 3 The Old Estate Yard, High Street, East Hendred, Wantage, Oxfordshire, OX12 8JY.

1.1 Accounting convention

The financial statements have been prepared in accordance with the trust's Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the trust . Monetary a mounts 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.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust 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.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.

1.4 Incoming resources

Income is recognised when the trust is legally entitled to it 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 trust 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.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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LAMBOURN VALLEY HOUSING TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

1 Accounting policies

(Continued)

1.5 Resources expended

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.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Charitable activities include expenditure associated with meeting the charitable objectives.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities.

Governance cost include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

1.6 Tangible fixed assets

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:

Freehold land and buildings 0% on land and buildings Fixtures and fittings 3 years straight line

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 .

1.7 Impairment of fixed assets

At each reporting end date, the trust 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 ) .

1.8 Cash and cash equivalents

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.

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LAMBOURN VALLEY HOUSING TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

1 Accounting policies

(Continued)

1.9 Financial instruments

The trust 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 trust 's balance sheet when the trust 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

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

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 p aymen ts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust ’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the trust’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.

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LAMBOURN VALLEY HOUSING TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

3 Donations and legacies

	Unrestricted	Unrestricted
	funds	funds
	2022	2021
	£	£
Donations and gifts	24,209	850

4 Charitable activities

Unrestricted funds 2022 £ Charitable rental income 144,149 5 Depreciation and impairment Property management fees Property repairs and maintenance Insurance Share of support costs (see note 6) Share of governance costs (see note 6)	Total 2021 £ 144,513 Charitable activities 2022 2021 £ £ 112 1,305 17,517 18,187 37,408 24,671 4,171 4,028 59,208 48,191 629 637 2,113 2,040 61,950 50,868

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LAMBOURN VALLEY HOUSING TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

7 Support costs

Support costs Governance costs £ £ Printing, postage and stationery 192 - Bank charges 82 - Miscellaneous 355 - Accountancy - 2,113 629 2,113 Analysed between Charitable activities 629 2,113	2022 £ 192 82 355 2,113 2,742 2,742	2021 £ 547 72 18 2,040 2,677 2,677

Governance costs includes payments to the accountants of £ 2,040 (2021- £ 2,040 ) for independent examination fees.

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

During the year no expenses were reimbursed to trustees for the year ended 31 January 2022 (2021 £547).

8 Employees

The average monthly number of employees during the year was:

	2022	2021
	Number	Number
Total	-	-

There were no employees whose annual remuneration was more than £60,000.

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LAMBOURN VALLEY HOUSING TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

9 Tangible fixed assets

Freehold land and buildings Fixtures and fittings £ £ Cost At 1 February 2021 2,311,407 1,417 At 31 January 2022 2,311,407 1,417 Depreciation and impairment At 1 February 2021 - 1,305 Depreciation charged in the year - 112 At 31 January 2022 - 1,417 Carrying amount At 31 January 2022 2,311,407 - At 31 January 2021 2,311,407 112	Total £ 2,312,824 2,312,824 1,305 112 1,417 2,311,407 2,311,519

Should the trustees choose to sell the Francomes Field's property's 1- 18 the charity is required to offer the Council the opportunity to purchase them first. Francomes Field's carrying value as at the 31 January 2022 totalled £1,388,094 (2021 £1,388,094).

Land and buildings are included in the accounts at cost. The market value of the properties is considered annually for insurance purposes and deemed to have an estimated market value totalling £2, 611,890.

10 Debtors

Amounts falling due within one year: Other debtors Prepayments and accrued income	2022 £ 983 1,612 2,595	2021 £ 2,011 2,085 4,096

11 Creditors: amounts falling due within one year

Other creditors Accruals and deferred income	2022 £ 4,343 2,040 6,383	2021 £ - 2,040 2,040

12 Related party transactions

There were no disclosable related party transactions during the year (2021 - none) .

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