**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 iYdV*Y ill 1*1194 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**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. - 3 - 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. - 5 - ## **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. - 6 - ## **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. - 7 - ## **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| |---|---| - 8 - ## **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. - 9 - ## **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) . - 10 -