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2022-03-31-accounts

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) LTD

UNAUDITED FINANCIAL STATEMENTS

31 MARCH 2022

Company Registration Number 3527407 Charity Number 1068721

GODDARD & CO 3 Church Street Odiham Hook, Hampshire RG29 1LU

1

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) Ltd

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

CONTENTS

Legal and Administrative Information 2
Trustees Annual Report 3
Independent Examiner’s Report 8
Statement of Financial Activities 9
Summary Income and Expenditure Account 10
Balance Sheet 11
Notes to the Financial Statements 12
Unrestricted Funds Income and Expenditure 18

2

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) Ltd LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 MARCH 2022

Charity Name Odiham Cottage Hospital Combined Trusts (incorporating Odiham Cottage Hospital Combined Trusts (incorporating
the League of Friends of OCH Ltd
(with effect from 24 July 2014)
Previously Odiham Cottage Hospital Charitable Trust
Previously Odiham Cottage Hospital Redevelopment Trust
Charity Registration Number 1068721
Company Registration Number 3527407
Registered Office and Operational Address Odiham Cottage Hospital
Buryfields
Odiham
Hook, Hampshire
RG29 1NE
Directors and Trustees Mrs C M Mitchell Chairman
G Deverill Hon Treasurer
Mrs D C Heald
K W Crookes
Dr H C F Heywood
Dr C J Hunter (appointed 3rdFeb 2022)
I N MacDonald
Mrs J Rowlandson (appointed 3rdFeb 2022)
Dr J A Worlock
Mrs J Kelly (retired 25thNov 2021)
H W Bolland (retired 25thNov 2021)
Dr W S Hudson (retired 3rdFeb 2022)
Company Secretary Mrs V C East
Independent Examiners Goddard & Co
3 Church Street
Odiham
Hook, Hampshire
RG29 1LU
Bankers Lloyds Bank Plc
174 Fleet Road
Fleet
Hampshire
GU51 4DD

3

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) Ltd TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 MARCH 2022

The Trustees present their annual report and independently examined financial statements for the year ended 31 March 2022.

STRUCTURE, GOVERNANCE AND ACTIVITIES

Governing Document

Odiham Cottage Hospital Combined Trusts (incorporating the League of Friends of OCH) Ltd (“OCHCT”) is a company limited by guarantee which was registered as a Charity (number 1068721) on 13 March 1998. The company was originally known as Odiham Cottage Hospital Redevelopment Trust (OCHCRE) but its name was changed in August 2009 to Odiham Cottage Hospital Charitable Trust and then to Odiham Cottage Hospital Combined Trusts (incorporating the League of Friends of OCH) on 24 July 2014 following the merger with the League of Friends of OCH. It was established under a Memorandum of Association which sets out the objects and powers of the charitable company and is governed by its Articles of Association. In the event of the company being wound up, each member is required to contribute an amount not exceeding £1.

Objects, Aims and Activities

The Charity provides public benefit through the relief of sickness by:

Organisational Structure

OCHCT is managed by a Board of Trustees which met six times in the year although COVID-19 restrictions meant that these meetings were mainly held online. The Trustees as at the year-end are listed on page 2. The Trustees are responsible for the governance, strategic direction and policy of the Charity and have a variety of professional backgrounds relevant to the work of the Charity. All Trustees are directors of the company for the purpose of the Companies Act 2006.

The Charity has retail trading activities which are carried out by its wholly owned subsidiary, OCH Shops Ltd. This company is managed by a committee that meets as required, whilst supervision of the shops is carried out by a Head of Retail who works closely with the shop managers.

Day to day operational matters of the Charity are delegated to a part-time Secretary to the Trustees who also acts as the Company Secretary.

The investment portfolio is managed by a committee of Trustees and ex Trustees each with a finance background, and reports to the Board twice yearly.

4

Recruitment, Appointment, Induction and Training of Trustees

At each Annual General Meeting, one third of the Trustees must retire and, if eligible, may seek re-election. At OCHCT’s twenty forth AGM, to be held on Tuesday 26[st] July, Mr Graham Deverill, Dr Helena Heywood and Dr Jane Worlock will retire and, being eligible, will seek re-election. The Trustees are grateful to Mr Ian MacDonald who has agreed to a second term of office, reflecting his particularly valuable skill set and his appointment is ratified by the members annually. In addition, the members will elect Dr Chris Hunter and Mrs Julia Rowlandson as new Trustees.

The Trustees are mindful of the need to continue to ensure that Board members represent the interests of the hospital’s community and include a skill mix necessary to run the Charity successfully. The Board also recognise the need for its membership to reflect the cultural and diversity mix of the local community and this is taken into consideration when new appointments are made. New Trustees are invited to attend a briefing with the Secretary which includes an explanation of their obligations under Charity Commission guidance, together with the operational framework of the Charity, its financial and strategic plans and objectives.

Risk Management

The Trustees undertake a thorough assessment of the significant risks to which OCHCT is exposed and have sought to ensure that risk mitigation policies are in place. These are formally reviewed each year. The Charity’s objectives are achieved through provision of its two main assets; the hospital building and its financial reserves which are enhanced by its shop trading activities. Operational and financial control procedures exist to protect and enhance each of these valuable resources. A commercial property and liability insurance policy is in place.

Related Parties

In so far as it is complementary to the Charity’s objectives, OCHCT is guided by both local and national health and social care policy. Wherever possible, representatives meet with senior management from the NHS, HCC Adult Services, Hart District Council and other interested parties to endure that the Charity delivers the best possible services to its community.

Governance

In November 2017 the Board reflected on the recommendations of the new Charity Governance Code and are now confident that they operate under best practice guidelines.

ACHIEVEMENTS AND PERFORMANCE

This year has continued to be dominated by the COVID-19 pandemic which has impacted clients, patients and services alike. Whilst the hospital building was closed to non-essential visitors, wherever possible staff continued to support clients and patients in their own homes, where appropriate through virtual media. Although there has been a general recovery in activity since April 2021, variant outbreaks have required strict protocols to remain in place throughout the period and periodic breaks in face to face services.

In May 2021, Rosefield Day Centre were finally able to re-open their doors with limited numbers attending to allow for social distancing and clients attending in “bubbles”. As safe assessment and national guidance meant that rules could safely relax, so numbers attending and the families supported by the service have both increased.

5

After a long and successful partnership with St Michaels’s Hospice running the Befriending Service, OCH took over its management with effect from 1[st] April 2021. The service necessarily suspended visiting over the previous year, whilst continuing to support clients with telephone calls and signposting. As lockdown eased, volunteers looked forward to resuming their weekly visits and outings with their clients. During the year, governance, training materials and operational processes have all been developed to ensure that this popular, professional service continues to meet high operational standards.

Following a strategic review carried out in January 2019, the Trustees remain committed to supporting the local needs of younger children and their families, particularly given the impact of the pandemic on the mental health of younger people. The Trustees agreed to contribute towards a third academic year of support for Canine Assisted Learning to work with vulnerable children at Hook Primary Schools on a weekly basis and have given a one year grant for the service to be introduced at Robert Mays School. The Homestart parent support service worked with families on a one-to-one basis during lockdown but were able to open weekly group meetings last summer in Hook. A third year of funding has been awarded to support their work. A grant of £5,000 was awarded to Whitewater Surgery to help support the “Happy Minds” mental health work at two local schools.

The OCH Annex has enabled Hart Voluntary Action to provide a full programme of support with new services offering 121 Adult Counselling and Family Therapy having started in the past year. The Annexe is extremely busy, even so, waiting lists for youth counselling have increased reflecting a surge in demand across Hampshire and nationally post pandemic.

In November 2021 the Trustees met to consider the long term financial future of the charity. They recognised the conflicting demands of current need for services and the requirement for the charity to continue to meet its objects in the long term future. Consequently, having provided generous support to a number of services over recent years, it has been agreed that the charity will work towards achieving a balanced budget.

FINANCIAL REVIEW

Unrestricted Funds

As shown in the Statement of Financial Activities, the Charity received unrestricted donations of £9,817 compared to £8,346 in the previous year. The Trustees are most grateful to receive the support of so many individuals, clubs and events in the year.

OCH Shops Ltd, the wholly owned subsidiary of OCHCT, made a record donation of £95,000 (compared to £60,000 in 2020/21) being profits made by the retail activities in Odiham, Hartley Wintney and Old Basing. The shops have traded well since non-essential retail was allowed to re-open in mid-April 2021, and results were supplemented by recovery grants from the Government and excellent trading via ebay.

Income from investments was slightly lower than the previous year due to lower market returns. In summary unrestricted income amounted to £216,530 compared to £175,224 in the previous year.

Expenditure on charitable activities, totalled £247,572 compared with £278,800 in the previous year due to the COVID support grants that were provided to various services in 2020/21.

Although the equity markets continued to recover pandemic losses, the general reserve investment portfolio is weighted towards fixed interest funds which fell on rising interest rates. Hence the portfolio recorded an unrealised loss of £4,486.

In summary the net loss for the current year was £35,528 compared to a loss of £91,957 in the previous year.

6

Restricted Funds

No restricted donations were received in the year, however depreciation of the total portfolio of restricted assets amounted to £2,037.

Endowment Fund

Some years ago, the Trustees established an endowment fund in order to generate income to support the Charity’s running costs. At the Trustees’ discretion, except where the donor has expressly requested otherwise, the capital of the fund is available to support the development of the hospital and its services.

A legacy of £5,000 was received in the year and was added to the endowment fund in accordance with the Charity’s policy.

Investment Policy and Performance

Under the Memorandum and Articles of Association, the Trustees, after taking appropriate advice, have the power to make investment of funds. They have adopted a conservative investment policy which reflects OCHCT’s need for income. The portfolio generated £82,000 in the year compared to £85,808 in the previous year.

The endowment fund recorded an unrealised profit of £151,820 and a realised loss of £3,151 for the year and was valued at £2,342,980 at the year end. The general reserve was valued at £214,902 at the year end.

Reserves Policy

It is the policy of the Charity to maintain reserves and operational funds, which are the free reserves of the Charity, at a level which is sufficient to cover its operational obligations for at least two years. This provides sufficient funds to ensure that the commitments of the Charity can be met for the foreseeable future, even in the event of a significant reduction in income.

PLANS FOR THE FUTURE

Unlike a year ago, the hospital is now fully re-open and welcoming clients and patients on a daily basis. Inevitably this is a period of recovery as the long-term effects on local services, mental and physical health are still being addressed. Funding pressures continue to be an issue for many local services. Due to the expansion of Rosefield Health and Wellbeing Centre to 5 days per week, the Steady & Strong and Creative Art Groups are relocating to other premises.

Longer term, the Board of Trustees remain committed to providing and expanding a range of health and social care services that respond to the needs of local people. The Board are delighted that Odiham Health Centre have made a new appointment to their multidisciplinary “One Team” to support the healthcare needs of the isolated and vulnerable on a proactive basis. The intention is that this role will mirror the success of the link nurses at Whitewater Health.

7

RESPONSIBILITIES OF THE TRUSTEES

The Trustees (who are also the Directors of the Company for the purposed of Company law) are responsible for preparing the Trustees’ Annual 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 Charity for that year. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which 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. The Trustees 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 so far as the trustees are aware:

INDEPENDENT EXAMINER

Goddard and Co have been appointed to act as independent examiner as the Charity no longer requires an audit

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

Registered Office: Odiham Cottage Hospital, Buryfields, Odiham, Hook, Hampshire, RG29 1NE

Signed by order of the Trustees:

Caroline Mitchell, Chairman

Approved by the Trustees 26th May 2022

8

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) Ltd INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31 MARCH 2022

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

RESPONSIBILITIES AND BASIS OF REPORT

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’).

In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

INDEPENDENT EXAMINER’S STATEMENT

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed:

Peter Goddard FCA FCCA

Address: 3 Church Street Odiham Hampshire RG29 1LU

Date

9

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) LTD STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2022

Note
Income and endowments from
Donations and legacies
Donations
Legacies
Other trading activities
Income from group companies
2
Income from investments
3
Income from charitable activities
Property income
Total income and endowments
Expenditure on charitable activities
4
Net gains/(losses) on investment
8
Realised
Unrealised
NET INCOME/(EXPENDITURE)
Transfers between funds
NET MOVEMENT IN FUNDS
FUND BALANCES as at 1 APRIL 2021
FUND BALANCES as at 31 MARCH 2022		 Unrestricted
Restricted
Endowment
Total
Unrestricted
Restricted
Endowment
Total
Funds
Funds
Fund
2022
Funds
Funds
Fund
2021
£
£
£
£
£
£
£
£
9,817
-
9,817
8,346
-
-
8,346
-
-
5,000
5,000
-
-
5,000
5,000
95,000
-
-
95,000
60,000
-
-
60,000
82,000
-
-
82,000
85,808
-
-
85,808
29,713
-
-
29,713
21,070
-
-
21,070
216,530
-
5,000
221,530
175,224
-
5,000
180,224
247,572
2,037
-
249,609
278,800
2,962
-
281,762
-
-
(3,151)
(3,151)
-
-
25,320
25,320
(4,486)
-
151,820
147,334
11,619
-
172,295
183,914
(35,528)
(2,037)
153,669
116,104
(91,957)
(2,962)
202,615
107,696
2,773
-
(2,773)
-
101,742
-
(101,742)
-
(32,755)
(2,037)
150,896
116,104
9,785
(2,962)
100,873
107,696
724,347
23,259
2,192,084
2,939,690
714,562
26,221
2,091,211
2,831,994
691,592
£
21,222
£
2,342,980
£
3,055,794
£
724,347
£
23,259
£
2,192,084
£
2,939,690
£

The notes on pages 12 to 17 form part of these financial statements

11

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (inc the League of Friends od OCH) Ltd SUMMARY INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2022

Note
INCOME
TOTAL EXPENDITURE
OPERATING DEFICIT
OTHER INCOME
Interest receivable and similar income
3
NET (DEFICIT) FOR THE FINANCIAL YEAR		 2022
2021
£
£
134,530
89,416
249,609
281,762
(115,079)
(192,346)
82,000
85,808
(33,079)
£
(106,538)
£

This Summary Income and Expenditure account has been prepared in accordance with the Companies Act 2006. The net deficit for the financial year shown above is the net expenditure as shown in the Statement of Financial Activities on page 9 from Unrestricted and Restricted Funds excluding net gains/(losses) on investments.

All of the activities of the charitable company are classed as continuing.

The notes on pages 12 to 17 form part of these financial statements.

12

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (inc the League of Friends of OCH) Ltd BALANCE SHEET as at 31 MARCH 2022

Note
Fixed assets
Tangible fixed assets
6
Investment in Group Companies
7
Other Investments
8
Current assets
Debtors
9
Cash at bank and in hand
Current liabilities
Creditors due within one year
10
Net current assets / (liabilities)
Total assets less current liabilities
Funds
Endowment fund
11
Restricted funds
12
Unrestricted funds
Designated funds
13
General funds
Total funds		 £
£
£
£
434,374
456,194
100
100
2,557,882
2,411,472
2,992,356
2,867,766
2,821
1,825
72,784
112,252
75,605
114,077
(12,167)
(42,153)
63,438
71,924
3,055,794
£
2,939,690
£
2,342,980
2,192,084
21,222
23,259
413,152
432,935
278,440
291,412
691,592
724,347
3,055,794
£
2,939,690
£
2022
2021
413,152
278,440

The Trustees are satisfied that the Charity is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476(1) of the Act.

The Trustees acknowledge their responsibilities for:

(i) ensuring that the Charity keeps adequate accounting records which comply with section 386 of the Act, and

(ii) preparing financial statements which give a true and fair view of the state of affairs of the Charity as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the Charity.

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

These financial statements were approved by the Trustees on 26th May 2022, and are signed on their behalf by:

C M Mitchell, Chairman

G Deverill, Trustee

Company Registration Number 3527407

The notes on pages 12 to 17 form part of these financial statements

13

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) Ltd NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

The principle accounting policies are summarised below. They have been consistently applied throughout the current and preceding year.

The financial statements have been prepared under the historical cost convention, except that fixed asset investments are carried at market value as described below, and in accordance with applicable UK accounting standards, the Charities SORP (FRS 102) and the Companies Act 2006.

The Trustees have taken advantage of the exemption in the Charities SORP (FRS 102) from including a cash flow statement in the financial statements on the grounds that the charitable company is small.

Income is recognised in the year in which the Charity is entitled to receive it and the amount can be measured with reasonable certainty. Where income tax is reclaimable, such income is included at the gross amount.

All expenditure, including payments under operating leases, is accounted for on an accruals basis, is allocated to the appropriate cost category and excludes recoverable VAT.

The policy of the Trustees is to maintain such sums as they deem prudent for the future refurbishment and development of the hospital and to provide such other sums as are required to maintain the activities in the event of any shortfall in future income.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over its useful economic life as follows:

Freehold land NIL Freehold building 2% on cost Freehold refurbishments 10% on cost Leasehold facilities 4% on cost (life of asset) Computer equipment 25% on cost Minibus 20% on cost Other equipment 10% on cost

The Charity relies on section 505 of the Income and Corporation Taxes Act 1988 which exempts it from corporation tax liabilities on its current activities.

Fixed asset investments are stated at market value at the year end date. Unrealised investment gains and losses reflect the actual performance of the underlying investments.

The Charity makes a contribution to a pension scheme for its one member of staff. This is a defined contribution pension scheme and the annual contribution payable is charged to the accounts. The assets of the scheme are held separately from those of the Charity.

Governance costs comprise the cost of running the Charity, independent examination, any legal advice for the Trustees and all costs of complying with constitutional and statutory requirements.

14

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) LTD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

2
INCOME FROM GROUP COMPANIES
Donation from OCH Shops Ltd
3
INTEREST RECEIVABLE AND SIMILAR INCOME
Bank interest receivable
UK listed investments		 2022
2021
£
£
95,000
£
60,000
£
2022
2021
£
£
2,228
6,196
79,772
79,612
82,000
£
85,808
£

4 CHARITABLE EXPENDITURE

CHARITABLE EXPENDITURE CHARITABLE EXPENDITURE
Unrestricted Restricted 2022 2021
Funds Funds
£ £ £ £
Cost of service provision 133,886 - 133,886 176,179
Cost of provision of hospital accommodation
Depreciation 19,451 437 19,888 21,368
Maintenance and repairs 11,320 - 11,320 7,808
Utilities 13,700 - 13,700 8,963
Telephone 2,637 - 2,637 2,612
Other premises costs 2,997 - 2,997 3,202
Insurance 3,837 - 3,837 3,870
Other costs 1,861 - 1,861 1,761
Cleaning 6,614 - 6,614 6,848
Car park amortisation 332 1,600 1,932 1,932
Car park rent 5,070 - 5,070 4,856
Management and administration
Staff costs 33,218 - 33,218 31,058
Other costs 2,458 - 2,458 1,706
Governance costs
Staff costs 8,305 - 8,305 7,764
Independent examination fees 1,886 - 1,886 1,835
£ 247,572
 £ 2,037
 £ 249,609
 £ 281,762

20% of the Company Secretary's time is estimated to be spent on matters related to governance and this is the basis of cost allocation.

OCH Combined Trusts has purchased insurance to indemnify all Trustees against possible liabilities incurred by them in relation to their duties.

15

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) LTD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

~~5~~
STAFF COSTS
Salary
Social security costs
Pension contributions		 2022
2021
£
£
52,323
34,921
2,349
1,109
4,171
2,792
58,843
£
38,822
£

OCH Combined Trusts' employs a Company Secretary and with effect from 1st April 2021, a Befriending Services Manager. No employee received emoluments of more than £60,000 pa. No remuneration or expenses were paid to the Trustees and no expenses have been waived.

~~6~~ TANGIBLE FIXED ASSETS

COST
Freehold property
Leasehold property
Equipment
Minibus
DEPRECIATION
Freehold property
Leasehold property
Equipment
Minibus
NET BOOK VALUE
Freehold property
Leasehold property
Equipment
Minibus		 1 April 2021
Additions
Deletions
31 Mar 2022
£
£
£
£
552,111
-
-
552,111
48,296
-
-
48,296
146,557
-
-
146,557
31,125
-
-
31,125
778,089
£
-
£
-
£
778,089
£
1 April 2021
Provision
Deletions
31 Mar 2022
£
£
£
£
154,224
9,331
-
163,555
30,910
1,932
-
32,842
124,311
4,332
-
128,643
12,450
6,225
-
18,675
321,895
£
21,820
£
-
£
343,715
£
1 April 2021
31 Mar 2022
£
£
397,887
388,556
17,386
15,454
22,246
17,914
18,675
12,450
456,194
£
434,374
£

The freehold property includes land at its historical cost of £200,000.

The Trustees/Directors of the Company have decided not to appoint an independent expert to value Odiham Cottage Hospital for the purpose of these financial statements.

7 INVESTMENT IN GROUP COMPANIES

Shares in subsidiary companies 2022
2021
£
£
100
£
100
£

On 1st June 2014, OCHCT acquired 100 ordinary shares of £1 each in OCH Shops Ltd, which represents 100% of that company's share capital.

OCH Shops Ltd was established on 4th March 2014 and the trading activities of the League of Friends' shops were passed to that Company on 1st June 2014.

16

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) LTD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

~~8~~ OTHER INVESTMENTS

~~8~~ OTHER INVESTMENTS
Unrestricted Endowment 2022 2021
Funds Fund
£ £ £ £
UK Listed Investments
Value at 1 April 2021 219,388 2,192,084 2,411,472 2,298,980
Additions - 5,000 5,000 5,000
Transfer to cash accounts - ( 2,773)
 ( 2,773)
 ( 101,742)
Net realised gains/(losses) - ( 3,151)
 ( 3,151)
 25,320
Net unrealised gains/(losses) ( 4,486)
 151,820 147,334 183,914
Value at 31 March 2022 £ 214,902
 £ 2,342,980
 £ 2,557,882
 £ 2,411,472
Cost at 31 March 2022 £ 179,480
 £ 1,885,913
 £ 2,065,393
 £ 2,066,317
At 31 March 2022, the following investments were valued at greater than 5% of the total portfolio:
M&G Charifund 20.5% BlackRock Charishare 17.50%
Cordea Savills Property 20.3% CAF deposit account 11.10%
COIF Fixed Interest Fund 11.6% Schroder Charity Eq Fund 6.40%
9 DEBTORS
2022 2021
£ £
Tax recoverable 1,279 887
Prepayments 1,542 938
£ 2,821
 £ 1,825
**10 ** CREDITORS DUE WITHIN ONE YEAR
2022 2021
£ £
Trade creditors 9,909 8,103
Accruals 2,258 34,050
£ 12,167
 £ 42,153
**11 ** ENDOWMENT FUND
1 April Movement in resources 31 March
2021 Net Incoming Net Gains 2022
£ £ £ £
Endowment fund £ 2,192,084
 £ 2,227
 £ 148,669
 £ 2,342,980

The endowment fund was originally established by the Trustees to provide income to support the running costs of the hospital. That income is now available to support health and social care services to the community. At the discretion of the Trustees, except where the donors have expressly requested otherwise, the fund may be used for major capital developments at the hospital if required.

17

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) LTD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

12 RESTRICTED FUNDS

Restricted funds 1 April
Movement in resources
31 March
2021
Incoming
Depreciation
2022
£
£
£
£
23,259
£
-
£
(2,037)
£
21,222
£

The restricted fund represents the net book value of items acquired using donations made in support of specific asset purchases.

13 DESIGNATED FUNDS

Property fund 1 April
Movement in resources
31 March
2021
Incoming
Depreciation
2022
£
£
£
£
432,935
£
-
£
(19,783)
£
413,152
£

The property fund represents the net book value of the freehold property and equipment purchased by OCHCT, other than restricted assets.

14 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Unrestricted Restricted Restricted Endowment Endowment Total
Funds Funds Fund Funds
£ £ £ £
Fund balances at 31 March 2022 were represented by:
Tangible fixed assets 413,152 21,222 - 434,374
Fixed asset investments 215,002 - 2,342,980 2,557,982
Net current assets 63,438 - - 63,438
Total funds £ 691,592
 £ 21,222
 £ 2,342,980
 £ 3,055,794

15 COMMITMENTS UNDER OPERATING LEASES

In March 2006 OCHCT entered into a 25 year lease with Hampshire County Council for the use of land on Mayhill Junior School as a car park. The lease may be terminated by OCHCT at 5 yearly intervals.

At the year end OCHCT had annual commitments under this lease as follows:

Operating lease which expire within 2 to 5 years 31 March
31 March
2022
2021
£
£
4,761
£
4,761
£

18

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) LTD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

~~1~~ 6 COMPANY LIMITED BY GUARANTEE

The company has no share capital and is limited by guarantee. The liability of each member in the event of a winding up as stated in the Memorandum and Articles of Association is limited to £1. Annual membership may be applied for in return for a subscription of £5 or more per annum. Individuals and spouses are entitled to apply for life membership in return for a gift or commitment of £250 or more.

Due to the above the Trustees consider that there is no ultimate controlling company.

~~1~~ 7 CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

There were no capital commitments or contingent liabilities as at 31st March 2022.

19

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) LTD UNRESTRICTED FUNDS INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2022

INCOME
Clubs and societies
Individuals - Donations
- Regular Giving
Gifts in memory
Minibus income
Firms & organisations
Property income
Investment income received
OCH Shops Ltd
TOTAL INCOME
CHARITABLE ACTIVITIES
Cost of service provision
Link nurse
SMH Hospice at Home
Befriending Service
121 Youth Counselling
Sunshine and Showers
Complementary Therapy
Rosefield Day Centre
Canine Assisted Learning
Happy Minds
Homestart
Other
Costs of providing hospital facilities
Depreciation of building & equipment
Maintenance and repairs
Utilities
Telephone
Other premises expenses
Commercial insurance
Minibus depreciation
Sundry hospital expenses
Cleaning
Car park rent
Leasehold amortisation of car park
Management and administration
Staff costs
Printing, postage and stationery
Sundry management expenses
Governance costs
Independent examination fees
Staff costs
TOTAL EXPENDITURE
NET DEFICIT		 £
£
£
£
1,288
1,709
3,404
2,532
3,516
3,395
1,609
460
4,824
-
-
250
24,889
21,070
82,000
85,808
95,000
60,000
216,530
175,224
26,506
54,282
30,000
55,000
20,823
23,000
18,500
21,500
9,192
2,298
-
1,377
3,982
3,571
8,883
6,151
5,000
-
11,000
9,000
-
-
133,886
176,179
13,226
13,781
11,320
7,808
13,700
8,963
2,637
2,612
2,997
3,202
3,837
3,870
6,225
6,225
1,861
1,761
6,614
6,848
5,070
4,856
332
332
67,819
60,258
33,218
31,058
706
610
1,752
1,096
35,676
32,764
1,886
1,835
8,305
7,764
10,191
9,599
247,572
278,800
31,042 )
(£
103,576 )
(£
2022
2021
13,226
11,320
13,700
2,637
2,997
3,837
6,225
1,861
6,614
5,070
332
33,218
706
1,752
1,886
8,305