2021-03-31-accounts

Sobell House Hospice Charity Limited (limited by guarantee)

Registered Charity No: 1118646 Registered Company No: 05989017

Consolidated Accounts for the year ended 31st March 2021

Wenn Townsend Chartered Accountants Oxford

Sobell House Hospice Charity Limited

Reference and administrative details

Registered Office: 30 St Giles Oxford OX1 3LE Principal Office: Sir Michael Sobell House Churchill Hospital Headington Oxford OX3 7LJ Bankers: Barclays Bank plc Oxford City Centre Branch Oxford OX1 3HB Solicitors: Blake Morgan LLP Seacourt Tower West Way Oxford OX2 0FB HMG Law LLP 126 High Street Oxford OX1 4DG Auditors: Wenn Townsend Chartered Accountants and Registered Auditors 30 St Giles Oxford OX1 3LE Investment Advisers: Quilter Cheviot Limited 1 Kingsway London WC2B 6AN

- 1 -

Sobell House Hospice Charity Limited

Trustees' Annual Report for the year ended 31st March 2021

Foreword

The Trustees, who act as directors for the purposes of company law, of Sobell House Hospice Charity Limited (the Charity) present their annual report together with the audited financial statements for the Charity and its two subsidiary companies. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the Charity and the Group.

The Trustees and officers of the Charity

The names of the members of this body who acted during the year ended 31st March 2021 together with changes subsequent to that date are as follows:

Mr I Miles (Chairman) ~ Mr P Holloran (Treasurer) ~ Mrs V Spurge Dr W Couldrick Mr H Fraser# Mrs M Hodgson Mrs S Nash# Mrs G Nineham (Vice Chairman) Ms J Findley Dr R Starer Mr G Birdseye Mr G Varney Mrs A Foster (Secretary)

Mrs D Gardner (CEO)*#~ (resigned 05/11/2021)

• indicates member of Finance Committee

indicates member of the Trading Advisory Committee ~ indicates member of the Investment Committee

Objectives and activities for the public benefit

The key element of the Charity’s medium to long-term strategy is to provide on-going funding to Sir Michael Sobell House (The Hospice). The Hospice is an NHS hospice which has been providing care since 1976 for people in Oxfordshire with life-limiting illnesses. The Charity has provided financial support from the outset. In 2001, the Charity finalised a capital appeal of £3.7 million to complete a new twenty-bed facility and refurbish the ‘old’ Hospice building. The Hospice building is leased by the Charity to the NHS. The costs have been capitalised and are being amortised over the period of the lease.

In the year ending 31st March 2021, the Charity provided ongoing funding to the Hospice totaling £750,680 (last year £1,484,796). This funding provided additional services to augment those offered by the Hospice and include amongst others, Day Centre Transport and Services, complementary therapies, pastoral support and staff training. The new Sobell inpatient ward and Outpatient clinic was formally opened on 30[th] September 2019 by Sir Jonathan Montgomery, Chairman of the board of Oxford University Hospitals NHS Foundation Trust. The building has provided additional clinic space for outpatients including services offered by the lymphoedema service at Sobell House as well as providing more ward space for inpatient beds.

The Charity measures the success of its strategy in two ways:

Within the Hospice - the grant from the Charity allows the Hospice to provide a broader range of services and higher level of care to a greater number of people in Oxfordshire than would otherwise be possible using only the NHS provision for this type of service.

Within the Charity - fundraising results are measured against the previous year while being compared to external benchmarks and the budgets determined by the Charity staff and agreed with Trustees. The Trustees also closely monitor the performance of the investment portfolio and obtain advice from their broker relating to investment matters.

- 2 -

Sobell House Hospice Charity Limited

Trustees’ Annual Report (continued) for the year ended 31st March 2021

Objectives and activities for the public benefit (continued)

Voluntary help

Sobell House Hospice Charity Limited upholds the important principle that the Hospice is a community-owned organisation. There are a range of fundraising activities held in partnership with local people, such as organising events, operating eight Charity Shops, warehouses and the Sobell Lottery. The generous support of our volunteers, with all of these activities and office administration, enables the Charity to support the Hospice at its current level and also to consider increasing such support.

The Trustees wish to thank the volunteers for all their contributions and acknowledge that without their support, the Charity would not be able to provide the support for the Hospice, let alone undertake other possible areas for support to those with life limiting illnesses.

Fundraising standards information

Members of the Charity’s fundraising department organise events and carry out fundraising activities in order to generate funds for the charity. The Charity does not use professional fundraisers, but does work with Local Hospice Lottery as a commercial participator to carry out its Lottery under a formal agreement. There have been no complaints about fundraising activity this year.

The charity has signed up to the Fundraising Regulators Code of Fundraising Practice.

All the charity’s marketing activities are undertaken directly to ensure that it is not unreasonably persistent or intrusive. Direct marketing materials contain clear details of how to unsubscribe to future communications and care is taken to limit the level of communications being sent out.

Public benefit statement

The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.

Achievements and performance

During 2020/21, with the Charity’s support, the Hospice has extended help to the following number of patients.

	2020/21	2019/20
Total non hospital based activity	12,263	11,451
Medical and community outpatients*	2,634	5,218
Lymphodema*	2,344	2,016
Day Service*	30	1,278
Telemed (phone calls)	7,511	2,939
Bereavement service	123	230
Total hospital based activity
Hospice bed days	5,824	5,781
Hospital specialist team**	1,859	1,837

• Appointments and visits to patients

• ** Number of patients

While caring for such significant numbers of people, the Hospice maintains the ethos that the individual is of primary importance. The Hospice is not a place dominated by illness, but a place where people overcome pain and fear, and to make the very most of the time they have. The service is completely free to those in our community who may need it, regardless of their beliefs, race, age, sex or sexual orientation.

- 3 -

Sobell House Hospice Charity Limited

Trustees’ Annual Report (continued) For the year ended 31st March 2021

Achievements and performance (continued)

The Charity granted £750,680 (£1,484,796 in 2019-20) in the year ended 31st March 2021 to fund a broad range of services and activities provided in the Hospice by the NHS. Last year we reported that the Hospital Project is funding a multi-disciplinary team to provide palliative care throughout the hospitals and the OUHFT. The increase of patients seen by the hospital specialists’ team can be attributed to this project. The cost of this project this year included in designated funds was £64,707 (£342,036 in 2019-20).

A further £137,219 (£127,272 in 2019-2020) was used to fund the catering service within the Hospice and £30,190 (£41,602 in 2019-20) funded the Transport Service. The Charity continues to fund the bereavement service at a cost of £113,085 in the year ended 31st March 2021(£150,115 in 2019-20). This grant will continue to increase as staffing reaches full complement and the service develops and the Trustees have agreed to continue to fund this service.

Financial review

The income from general donations and events decreased by £74,976 from £1,011,591 in 2020 to £936,615 in 2021. This decrease was due to the successful completion of the building project and the Trustees are very grateful to all those who support the Hospice with gifts and legacies.

Income from legacies increased from £568,171 in 2020 to £910,088 in 2021. Legacy income streams are by their nature uncertain. However, they allow the charity to consider the funding of additional and developmental projects for the benefit of the Hospice service. It is the significant legacy income that has enabled the Trustees to consider the projects described in this report.

Trading income from the shops decreased from £1,276,092 in 2020 to £557,949 in 2021. The charity continues to review its trading activity and trading structure. The collaboration with the Local Hospice Lottery, a consortium carrying on a lottery on behalf of hospice throughout the United Kingdom, is continuing.

Investment policy and powers

The Trustees are empowered by their Constitution to invest all funds not required for immediate application in any lawful manner at their discretion, and for this purpose to delegate the management of the investments to our professional investment managers, Quilter Cheviot Limited.

The investment objective, as agreed by the Trustees, is to achieve sufficient capital and income growth, which over the long term will maintain the real value of the assets. The Trustees continue to review their Investment Policy which holds separate portfolios for the Investment and Reserves Funds. On completion of the building project, the funds were rebalanced to reflect the level of reserves the Trustees felt were necessary to protect the Charity’s ongoing commitments. There are no specific restrictions on investments other than that they should be suitable for the Charity.

Reserves policy

The level of free reserves for the Group at the 31st March 2021 was approximately £5.6 million. This includes a £2.9 million gain shown on the revaluation reserve, representing stock market unrealised gains as at 31st March 2021.

Grants totalling £1.1 million were made to the Hospice and related services this year (last year £1.8 million). This was reduced as a result of grant concessions gained due to the Covid pandemic. The cost of generating those funds, together with cost of governance (but excluding trading costs) amounted to approximately £539,000 this year (last year £558,000). Future grants are estimated for the year ending 31st March 2022 at £2 million, with an estimated cost of governance of £575,000.

The Trustees consider that the appropriate level of free reserves is equivalent to 18 months of grant expenditure. The Charity currently holds approximately 33 months of free reserves on this basis. As a result of this strong financial position the Trustees have approved a deficit budget for the year ending 31st March 2022 to enable investment in our retail and fundraising operations and are liaising closely with OUHFT to identify clinical projects that will develop palliative and end of life care services in Oxfordshire.

- 4 -

Sobell House Hospice Charity Limited

Trustees’ Annual Report (continued) For the year ended 31st March 2021

Plans for future periods

With the completion of the new hospice annex, our strategy will focus on ensuring funds are available to support the development of end of life care particularly in our communities. The Covid-19 pandemic has resulted in many changes to the way in which end of life care in delivered in Oxfordshire and the Trustees of the Charity will continue to work with the clinical team to ensure that future projects meet the needs of those who are dying in Oxfordshire. The Trustees are confident that the Charity has sufficient funds to meet its commitments over the next 12-18 months and will continue to review its fundraising strategy to ensure that it responds appropriately to the challenges brought by the Covid-19 pandemic.

Structure, governance and management

The Charitable Company is governed by its Memorandum and Articles of Association which were adopted on incorporation on 6th November 2006. It is registered as a charity with the Charity Commission. The liability of members in the event of a winding up is limited by guarantee to an amount not exceeding £1 per member. At the balance sheet date there were eleven members.

The Board of Trustees, when complete, comprises a Chairman, Treasurer and Secretary plus a Vice Chairman and up to eight other members elected at the Annual General Meeting (AGM). One-third of the Trustees retire at each AGM, though retiring Trustees are eligible for re-election. The Trustees can fill any casual vacancy in their number, and may co-opt not more than three additional Trustees, any person so appointed being entitled to hold office until the next AGM.

The Board of Trustees meets four times a year and there are also three sub-committees; the Finance Committee, an Advisory Trading Committee, and an Investment Committee, which also meet four times a year or as often as is required. All policy and strategy decisions are formally tabled for approval at the Trustees’ quarterly meetings. Decisions concerning the day to day running of the Charity are delegated to the Chief Executive Officer and the team of office staff who work under the direction of the Chief Executive.

Trustees are selected, as required, to fill particular skill requirements on the Board of Trustees. Prospective Trustees are invited to make a series of introductory visits to the Hospice and Charity offices prior to being formally elected as Trustees. Prior to the appointment of Honorary officers, meetings are arranged with the Chief Executive and relevant staff.

Key Management Personnel Remuneration

The Trustees consider the Board of Trustees, the Chief Executive and the senior leadership team as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in note 4 to the accounts.

Trustees are required to disclose all relevant interests and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.

The pay of the Chief Executive and senior leadership team is reviewed annually and is normally increased in accordance with average earnings. The remuneration is reviewed to ensure that it is commensurate with similar roles.

Related parties

The Charity has two subsidiary companies.

Sobell Lottery Limited was incorporated on 22nd March 1999 as a wholly owned subsidiary.

Sobell House Hospice Company Limited ceased to be a dormant company on 1st July 2003 and began to trade in bought in goods. The company is limited by guarantee and is a wholly owned subsidiary of the Charity.

Sobell House Hospice Company Limited donates its taxable profits to the Charity each year by Gift Aid. Sobell Lottery Limited remains in use as a party to the agreement with Local Hospice Lottery Limited. LHL donate the lottery proceeds due directly to the Charity.

- 5 -

Sobell House Hospice Charity Limited

Trustees’ Annual Report (continued) For the year ended 31st March 2021

Risk management

The Trustees continue to review the financial risks facing the Charity with a view to mitigating these.

The principal risks and uncertainties faced by the charity are to ensure that continuity of funding is maintained.

The effect of the Covid-19 pandemic on the charity are uncertain. The Trustees have followed government guidance throughout and as a result, the eight charity shops were closed for various portions of the year and most of the retail team placed on furlough. The shops reopened on 12[th] April and follow risk assessments, guidance and training regarding social distancing, stock handling and clear cleaning regimes.

The Trustees are monitoring cash flow and the senior leadership team are in regular contact with our Investment advisors to ensure that a secure cash flow is maintained.

Trustees’ responsibilities in relation to the financial statements

The Trustees (who are also directors of Sobell House Hospice Charity Limited for the purposes 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 the financial statements for each financial year, which give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for the 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 2019 (FRS 102);

• 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 and the group will continue in operation.

The Trustees are responsible for keeping adequate accounting records, which disclose with reasonable accuracy at any time the financial position of the charitable company and enables them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking any reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

• there is no relevant audit information of which the charitable company’s auditors are unaware; and

• the Trustees have taken all the steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006.

By order of the Trustees

Mr I Miles Chair of Trustees 22nd November 2021

- 6 -

Sobell House Hospice Charity Limited

Independent Auditor’s Report to the Members and Trustees of Sobell House Hospice Charity Limited

Opinion

We have audited the financial statements of Sobell House Hospice Charity Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31st March 2021 which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of 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:

• give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31st March 2021, and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

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 group and parent charitable company 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.

Conclusions relating to going concern

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 group and charitable company’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 trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

• adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

- 7 -

Sobell House Hospice Charity Limited

Independent Auditor’s Report to the Members and Trustees of Sobell House Hospice Charity Limited (continued)

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees (who are also the directors of the charitable company for the purposes 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 group’s and parent charitable company’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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

• Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims;

• Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

• Reviewing minutes of meetings of those charged with governance;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’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 charitable company’s members and its 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 charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Graham Cole BA FCA (Senior Statutory Auditor) For and on behalf of Wenn Townsend Chartered Accountants and Statutory Auditor 30 St Giles Oxford OX1 3LE 22nd November 2021

Wenn Townsend is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

- 8 -

Sobell House Hospice Charity Limited

Consolidated Statement of Financial Activities (including income and expenditure account) for the year ended 31st March 2021

Restricted General Designated Total Note Funds Funds Funds 2021 £ £ £ £ Income from: Voluntary income: General donations and events 27,275 909,340 - 936,615 Legacies - 910,088 - 910,088 Activities for generating funds: Shops - sales of goods - 557,949 - 557,949 Income from lottery - 207,782 - 207,782 Other income: Government grants receivable 2 - 496,629 - 496,629 Investment income: Bank interest - 321 - 321 Quoted investment income - 177,454 - 177,454 Total income 27,275 3,259,563 - 3,286,838 Expenditure on: Raising funds: Fundraising and publicity - 316,805 - 316,805 Shops - cost of sales - 1,048,080 - 1,048,080 Office costs - 222,706 - 222,706 3 - 1,587,591 - 1,587,591 Charitable activities: Grants to Sobell House 13,663 672,310 64,707 750,680 Donation to SeeSaw - 25,000 - 25,000 Hospice depreciation 82,412 - 206,293 288,705 Catering service - 137,219 - 137,219 Transport service - 30,190 - 30,190 Bereavement Service - 113,085 - 113,085 Office costs - 222,706 - 222,706 3 96,075 1,200,510 271,000 1,567,585 Total expenditure 96,075 2,788,101 271,000 3,155,176	Restricted General Designated Total Note Funds Funds Funds 2021 £ £ £ £ Income from: Voluntary income: General donations and events 27,275 909,340 - 936,615 Legacies - 910,088 - 910,088 Activities for generating funds: Shops - sales of goods - 557,949 - 557,949 Income from lottery - 207,782 - 207,782 Other income: Government grants receivable 2 - 496,629 - 496,629 Investment income: Bank interest - 321 - 321 Quoted investment income - 177,454 - 177,454 Total income 27,275 3,259,563 - 3,286,838 Expenditure on: Raising funds: Fundraising and publicity - 316,805 - 316,805 Shops - cost of sales - 1,048,080 - 1,048,080 Office costs - 222,706 - 222,706 3 - 1,587,591 - 1,587,591 Charitable activities: Grants to Sobell House 13,663 672,310 64,707 750,680 Donation to SeeSaw - 25,000 - 25,000 Hospice depreciation 82,412 - 206,293 288,705 Catering service - 137,219 - 137,219 Transport service - 30,190 - 30,190 Bereavement Service - 113,085 - 113,085 Office costs - 222,706 - 222,706 3 96,075 1,200,510 271,000 1,567,585 Total expenditure 96,075 2,788,101 271,000 3,155,176	Restricted General Designated Total Funds Funds Funds 2020 £ £ £ £ 90,222 921,369 - 1,011,591 3,000 565,171 - 568,171 - 1,276,092 - 1,276,092 - 198,234 - 198,234 - - - - - 995 - 995 - 180,917 - 180,917 93,222 3,142,778 - 3,236,000 - 367,665 - 367,665 - 1,094,610 - 1,094,610 - 190,006 - 190,006 - 1,652,281 - 1,652,281 16,025 1,126,735 342,036 1,484,796 - 20,000 - 20,000 76,598 - 129,017 205,615 - 127,272 - 127,272 - 41,602 - 41,602 - 150,155 - 150,155 - 190,006 - 190,006 92,623 1,655,770 471,053 2,219,446 92,623 3,308,051 471,053 3,871,727
	- 316,805 - 316,805 - 1,048,080 - 1,048,080 - 222,706 - 222,706 - 1,587,591 - 1,587,591 13,663 672,310 64,707 750,680 - 25,000 - 25,000 82,412 - 206,293 288,705 - 137,219 - 137,219 - 30,190 - 30,190 - 113,085 - 113,085 - 222,706 - 222,706 96,075 1,200,510 271,000 1,567,585 96,075 2,788,101 271,000 3,155,176

- 9 -

Sobell House Hospice Charity Limited

Consolidated Statement of Financial Activities (including income and expenditure account) for the year ended 31st March 2021 (continued)

Note Net income/(expenditure) before gains/(losses) on investments Realised gains/(losses) on investment assets 8 Unrealised gains/(losses) on investment assets 8 Net income Transfers between funds 13 Net movement in funds Fund balances brought forward at 1st April 2020 Fund balances carried forward at 31st March 2021	Restricted General Designated Total Funds Funds Funds 2021 £ £ £ £ (68,800) 471,462 (271,000) 131,662 - 23,986 - 23,986 - 2,399,085 - 2,399,085 (68,800) 2,894,533 (271,000) 2,554,733 - 75,000 (75,000) - (68,800) 2,969,533 (346,000) 2,554,733 1,662,385 2,745,892 11,447,372 15,855,649 1,593,585 5,715,425 11,101,372 18,410,382	Restricted General Designated Total Funds Funds Funds 2020 £ £ £ £ 599 (165,273) (471,053) (635,727) - (45,120) - (45,120) - (475,735) - (475,735) 599 (686,128) (471,053) (1,156,582) (2,000) (1,998,000) 2,000,000 - (1,401) (2,684,128) 1,528,947 (1,156,582) 1,663,786 5,430,020 9,918,425 17,012,231 1,662,385 2,745,892 11,447,372 15,855,649

All income and expenditure derive from continuing activities.

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

-10 -

Sobell House Hospice Charity Limited

Balance Sheet As at 31st March 2021

Group Charity Note 2021 2021 £ £ Fixed assets Tangible assets 7 6,605,753 6,605,753 Investments 8 10,918,856 10,918,858 17,524,609 17,524,611 Current assets Stock 7,270 - Debtors 9 588,561 592,175 Short term deposits 72,008 72,008 Cash at bank and in hand 785,664 766,277 1,453,503 1,430,463 Creditors:Amounts falling due within one year 10 (567,730) (559,711) Net current assets 885,773 870,749 Net assets 18,410,382 18,395,360 Funds: Unrestricted funds General funds 2,783,034 2,783,034 Revaluation reserve 12 2,917,369 2,917,369 Designated funds 13 11,101,372 11,101,372 16,801,775 16,801,775 Restricted funds 13 1,593,585 1,593,585 Non-charitable trading funds 15 15,022 - Total funds 18,410,382 18,395,360

Group Charity 2020 2020 £ £ 6,868,828 6,868,828 8,116,230 8,116,232 14,985,058 14,985,060 9,401 - 577,133 581,232 93,326 93,326 913,013 902,661 1,592,873 1,577,219 (722,282) (719,070) 870,591 858,149 15,855,649 15,843,209 2,071,505 2,071,505 661,947 661,947 11,447,372 11,447,372 14,180,824 14,180,824 1,662,385 1,662,385 12,440 - 15,855,649 15,843,209

The financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Trustees on 22nd November 2021 and signed on their behalf by:

Mr I Miles Chair of Trustees

The notes on pages 13 to 26 form part of the financial statements

Registered Company No: 05989017

- 11 -

Sobell House Hospice Charity Limited

Consolidated Statement of Cash Flows for the year ended 31st March 2021

	Note	2021	2020
		£	£
Net cash flow from operating activities	14	142,784	(922,457)
		───────	───────
Cash flow from investing activities
Payments to acquire tangible fixed assets		(89,671)	(1,605,673)
Payments to acquire investments		(1,225,531)	(1,168,059)
Receipts from sales of investments		845,976	2,258,405
Interest received		321	995
Dividends received		177,454	180,917
		───────	───────
Net cash flow from investing activities		(291,451)	(333,415)
		───────	───────
Net (decrease) in cash and cash equivalents		(148,667)	(1,255,872)
Cash and cash equivalents at 1st April 2020		1,006,339	2,262,211
		───────	───────
Cash and cash equivalents at 31st March 2021		857,672	1,006,339
		═══════	═══════
Cash and cash equivalents consists of:
Cash at bank and in hand		785,664	913,013
Short term deposits		72,008	93,326
		───────	───────
Cash and cash equivalents at 31st March 2021		857,672	1,006,339
		═══════	═══════

- 12 -

Sobell House Hospice Charity Limited

Notes to the Accounts

for the year ended 31st March 2021

1. Accounting policies

The following accounting policies have been used consistently in dealing with items which are considered to be material in relation to the Charity's and the Group’s accounts.

(a) General information and basis of preparation

Sobell House Hospice Charity Limited is a charitable company limited by guarantee in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are noted in the Trustees Report.

These accounts have been prepared on an accruals basis and include income and expenditure as they are earned or incurred, rather than as cash is received or paid. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Fund accounting Unrestricted funds consist of a general fund which the Trustees may use, for the furtherance of the objects of the Charity, at their discretion.

Designated funds are unrestricted funds which have been allocated for future expenditure for a specific purpose by the Trustees.

Restricted funds are subject to specific conditions imposed by the donor or by the terms of an appeal, these conditions being legally binding upon the Trustees.

(c) Income recognition All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

- 13 -

Sobell House Hospice Charity Limited

Notes to the Accounts

for the year ended 31st March 2021 (continued)

1. Accounting policies (continued)

(c) Income recognition (continued)

Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed and an equivalent amount recognised as charitable expenditure.

Gifts in kind donated for resale are not considered practicable to fair value due to the volume of low value items, therefore they are not recognised in the financial statements until they are sold. This income is recognised within ‘shops – sales of goods’.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity where it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Investment income is earned through holding assets for investment purposes such as shares and investment funds. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity’s right to receive payment is established.

d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Fundraising costs are those incurred in seeking voluntary contributions. Governance costs are those incurred in connection with administration of the Charity as a legal entity and are not connected with generating income or charitable expenditure.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

- 14 -

Sobell House Hospice Charity Limited

Notes to the Accounts for the year ended 31st March 2021 (continued)

1. Accounting policies (continued)

(f) Tangible fixed assets These assets are shown at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided using the following rates and bases which reflect the anticipated useful lives of the assets and their residual values:

Leasehold premises Equal instalments over lease term Fixtures, fittings and equipment - IT equipment 331/3% Straight line - Other 25% Reducing balance Motor vehicles 25% Reducing balance

Surpluses or deficits arising on the disposal of tangible fixed assets are adjusted in the depreciation charge for the year.

A limit of £1,000 has been set so that items of a fixed asset nature will be capitalised if above this amount.

(g) Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Investments in subsidiaries are measured at cost less impairment.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

(h) Stock

Stock consists of purchased goods for resale. Stocks are valued at the lower of cost and net realisable value. Items donated for resale are not included in the financial statements until they are sold, as noted in note (c) as it is not considered practicable to fair value the items. Provision is made for damaged, obsolete and slowmoving stock where appropriate.

(i) Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(j) Impairment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the surplus or deficit unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(k) Employee benefit When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

- 15 -

Sobell House Hospice Charity Limited

Notes to the Accounts

for the year ended 31st March 2021 (continued)

1. Accounting policies (continued)

(l) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(m) Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, including a revision of expectations for the potential impact of COVID-19 on the charity. They have concluded that the budgeted income and expenditure is sufficient with the level of reserves held for the charity to be able to continue as a going concern.

2. Government grants receivable

Government grants receivable
	2021	2020
	£	£
Furlough	187,571	-
Business relief grants	309,058	-
	─────	─────
	496,629	-
	═════	═════

3. Analysis of total expenditure

Charity and group

Charitable activities Grants to Sobell House Donation to SeeSaw Hospice depreciation Catering service Transport service Bereavement Service Office costs	Staff Total Total Costs Other Depreciation 2021 2020 £ £ £ £ £ - 750,680 - 750,680 1,484,796 - 25,000 - 25,000 20,000 - - 288,705 288,705 205,615 - 137,219 - 137,219 127,272 - 30,190 - 30,190 41,602 - 113,085 - 113,085 150,155 138,524 72,803 11,379 222,706 190,006
	138,524 1,128,977 300,084 1,567,585 2,219,446

- 16 -

Sobell House Hospice Charity Limited

Notes to the Accounts

for the year ended 31st March 2021 (continued)

3. Analysis of total expenditure (continued)

Cost of raising funds Group Fundraising and publicity Shops cost of sales Office costs Charity Fundraising and publicity Shops cost of sales Office costs	Staff Total Total Costs Other Depreciation 2021 2020 £ £ £ £ £ 235,470 81,335 - 316,805 367,665 612,939 393,858 41,283 1,048,080 1,094,610 138,554 72,773 11,379 222,706 190,006 986,963 547,966 52,662 1,587,591 1,652,281 235,470 81,219 - 316,689 368,015 612,939 383,113 41,283 1,037,335 1,080,951 138,554 72,773 11,379 222,706 190,006 986,963 537,105 52,662 1,576,730 1,638,972

The Group’s support costs are allocated between Cost of raising funds and Charitable activities as shown below, using the following bases of apportionment:

Salaries, training and recruitment Office overheads Premises Depreciation Total	Cost of Charitable generating Total Total Basis of activities funds 2021 2020 apportionment £ £ £ £ 138,524 138,524 277,048 237,680 Staff time 66,595 66,595 133,190 117,438 Use of resources 6,208 6,208 12,416 6,762 Use of resources 11,379 11,379 22,758 18,132 Use of fixed assets 222,706 222,706 445,412 380,012

Governance costs

Governance costs comprise the following:-

Governance costs comprise the following:-
	2021	2020
	£	£
Audit fees	9,000	8,700
Staff costs	4,714	5,050
	──────	──────
	13,714	13,750
	══════	══════

- 17 -

Sobell House Hospice Charity Limited

Notes to the Accounts for the year ended 31st March 2021 (continued)

4. Analysis of staff costs

Analysis of staff costs
	2021	2021	2020	2020
	Group	Charity	Group	Charity
	£	£	£	£
Wages and salaries	981,423	981,423	920,019	920,019
Social security costs	77,867	77,867	71,891	71,891
Pension costs	66,167	66,167	62,171	62,171
	──────	──────	──────	──────
	1,125,487	1,125,487	1,054,081	1,054,081
	══════	══════	══════	══════

The average full time equivalent weekly number of employees during the period was 28 (2020: 38). The average monthly number of employees during the period was 42 (2020: 44).

One employee of the Charity received remuneration of £60,000 - £70,000 during the year (2020: one).

The number of volunteers was 163 (2020: 144).

The pension scheme is a defined contribution scheme £8,762 of contributions were outstanding for payment as at 31st March 2021 (2020: £9,379).

5. Trustees' and key management personnel remuneration and expenses

The trustees neither received nor waived any remuneration during the year (2020: £Nil).

The total amount of employee remuneration received by key management personnel is £249,147 (2020: £198,126). The Charity considers its key management personnel comprise the Board of Trustees, the Chief Executive, the Head of Finance, the Head of Fundraising, and the Head of Retail.

No (2020: No) trustees are accruing pension arrangements.

No trustees were reimbursed for expenses during the year (2020: £nil).

6. Auditors' remuneration

The auditors' remuneration for the group in the year was:-

r was:-
	2021	2020
	£	£
- audit	9,000	8,700
- other	4,100	4,050
	═════	═════

- 18 -

Sobell House Hospice Charity Limited

Notes to the Accounts for the year ended 31st March 2021 (continued)

7. Tangible fixed assets Cost: At 1st April 2020 Additions Transfer At 31st March 2021 Accumulated depreciation: At 1st April 2020 Charge for the period Transfer At 31st March 2021 Net book value: At 31st March 2021 At 31st March 2020	Leasehold Leasehold Fixtures, Vans Charity & premises premises fittings & Group (hospice) (shops) equipment total £ £ £ £ £ 8,775,518 228,147 321,308 37,826 9,362,799 12,475 59,432 17,764 - 89,671 - 32,331 (32,331) - - 8,787,993 319,910 306,741 37,826 9,452,470 2,127,618 92,068 247,083 27,202 2,493,971 288,705 32,679 23,252 8,110 352,746 - 17,473 (17,473) - - 2,416,323 142,220 252,862 35,312 2,846,717 6,371,670 177,690 53,879 2,514 6,605,753 6,647,900 136,079 74,225 10,624 6,868,828

The title to the new hospice leasehold premises is held by Sobell House Hospice Charity Limited under the terms of a 30 year lease running from and including 23 March 2020. These premises are being depreciated over the 30 year period. To facilitate practical arrangements on site there is an underlease back to Oxford University Hospitals NHS Foundation Trust and Sobell House Hospice Charity Limited have a sub-underlease of office premises in the new hospice site.

The title to the existing hospice leasehold premises is now held by Sobell House Hospice Charity Limited under the terms of a 30 year lease with the term running from 7 July 2003. The hospice leasehold premises are being depreciated over the 30 year term. Again for practical reasons on site there is an underlease back to Oxford University Hospitals NHS Foundation Trust.

- 19 -

Sobell House Hospice Charity Limited

Notes to the Accounts for the year ended 31st March 2021 (continued)

8. Investments

Investments
	2021	2020
	£	£
Fixed asset investments
Quoted investments:
Market value at 1st April 2020	8,116,230	9,727,431
Less: Disposals at opening book value
(proceeds £845,976 gain £23,986)	(821,990)	(2,303,525)
Add: Acquisitions at cost	1,225,531	1,168,059
Add/(less): Net gains/(losses) on revaluation	2,399,085	(475,735)
	───────	───────
Market value at 31st March 2021 - Group	10,918,856	8,116,230
Investment in subsidiary company:-
Sobell Lottery Limited (see note 14)	2	2
	───────	───────
Total - Charity	10,918,858	8,116,232
	═══════	═══════

The fair value of quoted investments is determined by reference to the quoted price for the assets in an active market at the balance sheet date.

The historical cost of the above investments was £8,001,487 (2020: £7,454,283).

9. Debtors Tax recoverable Owed by Sobell Lottery Limited Owed by Sobell House Hospice Other debtors Prepayments and accrued income 10. Creditors Trade creditors Taxes and social security Other creditors Owed to Sir Michael Sobell House Accruals	Group Charity 2021 2021 £ £ 12,252 12,252 - 474 - 9,738 48,792 42,194 527,517 527,517 588,561 592,175 Group Charity 2021 2021 £ £ 409,213 409,213 21,948 21,948 12,727 4,708 - - 123,842 123,842 567,730 559,711	Group Charity 2020 2020 £ £ 33,453 33,453 - 474 - 3,818 34,699 34,506 508,981 508,981
		577,133 581,232
		Group Charity 2020 2020 £ £ 430,972 430,972 21,053 21,053 13,590 10,378 67,475 67,475 189,192 189,192
		722,282 719,070

- 20 -

Sobell House Hospice Charity Limited

Notes to the Accounts for the year ended 31st March 2021 (continued

11. Legacies

A legacy of £242,409 was received and recognised in the year ending 31st March 2014, for which the charity has indemnified the donor against a possible but unlikely claim under the terms of intestacy, the expiry of which, in this case, is 8th November 2042. An additional £100,000 was received from the same legacy in the year ended 31st March 2015, and £16,045 in the year ended 31st March 2017 making a total of £358,454 that the charity has indemnified.

12. Analysis of Group net assets between funds

Fund balances at 31st March 2021 were represented by:- Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets	Restricted General Designated Total Funds Funds Funds Funds £ £ £ £ 1,449,597 170,637 4,985,519 6,605,753 - 4,803,003 6,115,853 10,918,856 143,988 1,309,515 - 1,453,503 - (567,730) - (567,730) 1,593,585 5,715,425 11,101,372 18,410,382

Fund balances at 31st March 2020 were represented by:- Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets	Restricted General Designated Total Funds Funds Funds Funds £ £ £ £ 1,535,388 220,928 5,112,512 6,868,828 - 1,781,370 6,334,860 8,116,230 126,997 1,465,876 - 1,592,873 - (722,282) - (722,282) 1,662,385 2,745,892 11,447,372 15,855,649

- 21 -

Sobell House Hospice Charity Limited

Notes to the Accounts for the year ended 31st March 2021 (continued

12. Analysis of Group net assets between funds (continued)

Revaluation reserve:

Included in unrestricted funds above are the following gains on revaluation:

	2021	2020
	£	£
Unrealised gains at 1st April 2020	661,947	1,215,345
In respect of disposals in the year	(165,899)	(77,663)
	───────	───────
	496,048	1,137,682
Net (losses)/gains arising on revaluation in the year	2,421,321	(475,735)
	───────	───────
Unrealised gains at 31st March 2021	2,917,369	661,947
	═══════	═══════

The net book value of the leasehold premises (Hospice) of £6,371,600 (2020: £6,647,900) shown in note 6, is allocated between funds as follows:

	2021	2020
‘Old’ building:	£	£
Restricted Building Fund	870,483	941,284
Designated Building Fund	641,337	693,330
	───────	───────
	1,511,820	1,634,614
	═══════	═══════
	2021	2020
‘New’ building:	£	£
Restricted Building Fund	582,492	594,104
Designated Building Fund	4,277,358	4,419,182
	───────	───────
	4,859,850	5,013,286
	═══════	═══════
	───────	───────
Total leasehold premises (hospice)	6,371,670	6,647,900
	═══════	═══════

- 22 -

Sobell House Hospice Charity Limited

Notes to the Accounts

for the year ended 31st March 2021 (continued)

13. a) Designated funds

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Bursary|COVID-19| |Designated|Designated|&|Emergency| |Building|New Projects|Hospital|Shops|Fellowship|Reserve| |Fund|Fund|Project|Fund|Fund|Fund|Total| |£|£|£|£|£|£|£| |Balance at 1st April 2019|745,323|7,824,822|1,071,280|277,000|-|-|9,918,425| |Movement in year|-|(47,201)|(294,835)|-|-|-|(342,036)| |Depreciation|(51,993)|(77,024)|-|-|-|-|(129,017)| |Transfers|4,419,182|(4,419,182)|-|-|-|2,000,000|2,000,000| |───────|───────|───────|─────── ─────── ───────|───────| |Balance at 31st March 2020|5,112,512|3,281,415|776,445|277,000|-|2,000,000|11,447,372| |═══════|═══════|═══════|═══════ ═══════ ═══════|═══════| |Movement in year|-|-|(64,707)|-|-|-|(64,707)| |Depreciation|(51,993)|(154,300)|-|-|-|-|(206,293)| |Transfers|-|-|-|(75,000)|1,000,000|(1,000,000)|(75,000)| |───────|───────|───────|─────── ─────── ───────|───────| |Balance at 31st March 2021|5,060,519|3,127,115|711,738|202,000|1,000,000|1,000,000|11,101,372| |═══════|═══════|═══════|═══════ ═══════ ═══════|═══════|

----- End of picture text -----

The Designated Building Funds represent the funds incurred in the building of the original hospice in 2002 and the new hospice wing completed in 2019.

The Designated New Projects fund represents an amount set aside by the Trustees to fund developments in end of life care for the communities of Oxfordshire. The Covid-19 pandemic has delayed the consideration and development of these projects.

The Hospital Project Fund relates to a quality improvement project to help the care of the dying in the hospitals of the OUHFT. This encompasses clinical and educational services. The project provides end of life care for patients, support for their families and carers and staff. The project staff enable conversations about care planning, as well as medication review. The project is now being funded by the Oxford University Hospitals Trust with some ongoing funding being provided by the Charity to enable project evaluation.

The Shops Fund relates to compensation received in respect of the early closure of the Charity’s Botley shop. This fund has been set aside to enable the development of retail activities.

The COVID-19 Emergency Reserve Fund had been set up in April 2020 to cover any unexpected costs or loss of income arising from the COVID-19 pandemic. During the year there were no additional costs attributed to the fund and the Charity does not expect that further costs will be as significant and so has decided to reduce this fund to £1M.

In May 2021 the Trustees have agreed to set up a Bursary & Fellowship Reserve Fund of £1M. This will both support existing clinical staff and also attract individuals who would benefit from a medium term assignment at Sobell.

- 23 -

Sobell House Hospice Charity Limited

Notes to the Accounts for the year ended 31st March 2021 (continued)

13 b) Restricted funds

b) Restricted funds
	40th	Special	Restricted	UK Heart
	Anniversary	Purposes	Buildings	Failure
	fund	fund	fund	Grant	Total
	£	£	£	£	£
Balance at 1st April 2019	599,562	50,140	1,012,084	2,000	1,663,786
General donations and
events income	340	89,882	-	-	90,222
Legacy income	-	3,000	-	-	3,000
Charitable expenditure	-	(16,025)	-	-	(16,025)
Depreciation	(5,798)	-	(70,800)	-	(76,598)
Final transfer and closure	(594,104)	-	594,104	(2,000)	(2,000)
	──────	──────	──────	──────	──────
Balance at 31st March 2020	-	126,997	1,535,388	-	1,662,385
	══════	══════	══════	══════	══════
General donations and
events income	-	27,275	-	-	27,275
Legacy income	-	-	-	-	-
Charitable expenditure	-	(10,284)	-	-	(10,284)
Depreciation	-	(3,379)	(82,412)	-	(85,791)
	──────	──────	──────	──────	──────
Balance at 31st March 2021	-	140,609	1,452,976	-	1,593,585
	══════	══════	══════	══════	══════

The 40th Anniversary Fund represents funds donated specifically to support the projects under development, namely the support of the Hospital palliative care team, the Building project and in the future, projects in the community. The money will be applied in order of use.

The Special Purposes Fund consists of money donated to the charity for the specific use of the Hospice. The Restricted Buildings Fund relates to appeals to raise funds for the building of the existing Hospice and the new Hospice wing completed in 2019.

The transfer of £2,000 from the Heart Failure project to general funds was made with the approval of the donor, and reflects the amount paid by the charity in respect of this grant.

14. Reconciliation of net income to net cash flow from operating activities

	2021	2020
	£	£
Net (expenditure)/income for year	2,554,733	(1,156,582)
Dividends received	(177,454)	(180,917)
Interest receivable	(321)	(995)
Depreciation of tangible fixed assets	352,746	270,041
(Gains)/losses on investments	(2,399,085)	475,735
(Gains)/losses on disposal of fixed asset investments	(23,986)	45,120
Decrease/(increase) in stock	2,131	(3,425)
(Increase)/decrease in debtors	(11,428)	55,276
(Decrease) in creditors	(154,552)	(426,710)
	───────	───────
Net cash flow from operating activities	142,784	(922,457)
	═══════	═══════

- 24 -

Sobell House Hospice Charity Limited

Notes to the Accounts

for the year ended 31st March 2021 (continued)

15. Related parties

(i) For the year ended 31st March 2021 the subsidiary companies showed the following results:

		Sobell House
	Sobell	Hospice
	Lottery Ltd	Company Ltd
	£	£
Turnover	-	22,758
Cost of sales	-	(10,745)
	──────	──────
Gross profit	-	12,013
Administrative expenses	(108)	-
	──────	──────
Operating (loss)/profit	(108)	12,013
Interest receivable	2	-
	──────	──────
Net (loss)/profit	(106)	12,013
Distribution to Charity	-	(12,013)
	──────	──────
(Loss)/profit for the year retained	(106)	-
	══════	══════
The balance sheets of these subsidiaries at 31st March 2021 were:-
	£	£
Current assets:
Stocks	-	7,270
Debtors	-	6,597
Cash at bank and in hand	2,951	16,434
Current liabilities:
Other creditors	(3,442)	(14,788)
	──────	──────
Net assets	(491)	15,513
	══════	══════
Represented by:
Share capital	2	-
Reserves	(493)	15,513
	══════	══════

Sobell House Hospice Charity Limited holds 100% of the share capital of Sobell Lottery Limited (company number 03737178). Sobell House Hospice Company Limited (company number 02437912) is a company limited by guarantee – control is via common directors.

• (ii) The Oxford Centre for Education and Research in Palliative Care: Sobell House (OXCERP) (company number 10647198) is a company limited by guarantee and has one director in common with Sobell House Hospice Charity Limited.

During the year, Sobell House Hospice Charity incurred costs of £29,790 (2020: £13,993) on behalf of OXCERP and recharged costs of £6,390. At the year end, £Nil was owed to OXCERP.

- 25 -

Sobell House Hospice Charity Limited

Notes to the Accounts

for the year ended 31st March 2021 (continued)

16. Charity Statement of Financial Activities

The Charity’s own results are summarised below:

The Charity’s own results are summarised below:
	2021	2020
	£	£
Voluntary income	1,844,192	1,579,762
Activities for generating funds	744,276	1,451,342
Profit distributions from subsidiaries	9,325	14,670
Government grants receivable	497,837	-
Investment income	177,777	181,906
	───────	───────
Total income	3,273,407	3,227,680
Cost of charitable activities	(1,567,585)	(2,219,446)
Cost of raising funds	(1,576,730)	(1,638,972)
	───────	───────
Net income before gains/(losses) on investments	129,092	(630,738)
Gains/(losses) on investment assets	2,423,071	(520,855)
	───────	───────
Net (expenditure)/income	2,552,163	(1,151,593)
	═══════	═══════

- 26 -