OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

Oxford Hospitals Charity Annual Report and Accounts Year Ended 31 March 2022 •so rHARiTY IIO. Hospltals Oxford Hospitsls Charity. Rtylstered thalty no. 1175809. C¢)mpany nts. 11052176

Contents

Reference and administrative details 1
About Oxford Hospitals Charity 2
Structure, governance and management 3
Achievements and performance 5
Financial review 7
Other policies 9
Fundraising review 10
Risk management 11
Plans for future periods 13
Statement of Trustees’ responsibilities 14
Independent auditor’s report 15
Statement of financial activities 20
Balance sheet 21
Statement of cash flows 22
Notes to the accounts 23

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-2022

Oxford Hospitals Charity Reference and administrative details

A charity registered in England and Wales - charity number 1175809 A company limited by guarantee – company number 11052176

Address Oxford Hospitals Charity
Wood Centre for Innovation,
Quarry Road, Oxford,
OX3 8SB
Contact us www.hospitalcharity.co.uk
charity@ouh.nhs.uk
01865 743444
Directors/ Lady Baldry
Trustees Mr Alan Chant
Mrs Rebecca Kashti
Professor David Matthews (chair)
Mr Graham Steinsberg
Dr Aparna Pal
Mr Keith Stacey
Mrs Anne Tutt
CEO Dr Douglas Graham
Bankers/ Lloyds Bank Rothschild & Co
Investments 87 London Road, St Julian's Court
Headington St Peter Port
Oxford Guernsey
OX3 9AB GYI 3BP
Auditor Moore Kingston Smith LLP
6thFloor
9 Appold Street
London
EC2A 2AP

1

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

About Oxford Hospitals Charity

Objectives and activities

Oxford Hospitals Charity supports the strategic priorities of Oxford University Hospitals NHS Foundation Trust (OUH) in providing the best possible healthcare for its catchment area of around two million people from across the region and beyond.

The Charity helps transform our hospitals - funding the very latest medical equipment, innovative research and specialist training for clinical staff.

Fundraising, donations and gifts in Wills also help to improve the hospital environment for patients and the staff that care for them; making wards, waiting rooms, staff areas and hospital spaces more welcoming and comfortable.

We work very closely with the OUH Trust and clinical colleagues, under the guidance of our dedicated Trustees, to ensure donations are well spent and have the maximum impact for patients and staff.

Our values

The needs of patients and hospital staff are at the heart of all we do.

We are a local charity with a big impact, inspired by our patients, supporters and hospital staff.

We are loyal to and proud of our NHS hospitals and the staff that serve in them.

Our values (below) steer our work and we seek to demonstrate them in all our activities.

The Charity also supports the wellbeing of hospital staff – providing rest areas, drinks facilities and other simple enhancements. Some funding is also used for specialist counselling and to provide extra support for dedicated clinical staff.

Our Charity works across the John Radcliffe, Churchill, Nuffield Orthopaedic Centre, Horton General and Oxford Children's Hospital, with every ward and department across some 40 sites able to benefit from the positive impact of charitable support. This is all thanks to thoughtful and generous groups and individuals who donate to make a difference in their local community.

Public benefit

The Trustees confirm that they have paid due regard to the Charity Commission’s general guidance on public benefit, are mindful of ensuring that funds are used to best effect in the interests of the Trust’s patients and staff.

From the smaller things, like providing music on wards, to larger projects, such as funding state-of-the-art medical equipment, Oxford Hospitals Charity is here to make a positive difference for hospital patients and staff.

2

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Structure, governance and management

Statutory background

Oxford Hospitals Charity (charity number 1175809) was formed as an independent charity on 1 January 2018 taking on the activities and assets of our predecessor charity, Oxford Radcliffe Hospitals (ORH) Charitable Funds (charity no 1057295).

The Charity is made up of a large number of funds which may be used to benefit a particular area of the hospital or medical service, to support a research project or to fund certain training, support or development services for OUH staff.

Money received by the Charity for a particular area/service is placed in these individual funds to be used, as far as possible, in line with the wishes of our donors. There are also a number of general funds which are used for areas of greatest need in our hospitals.

Each fund has at least one Fund Advisor (usually a member of Trust staff with specialist knowledge in the relevant area) who is responsible for signing off fund expenditure up to a certain level. Fund Advisors operate under the delegated authority of the Trustees to ensure that the money is spent appropriately, in accordance with charity law and in line with the wishes of the donor and for public benefit.

team and receive financial statements, guidance information and ongoing support and advice.

The Charity is governed by its governing document, the memorandum and articles of association dated 7 November 2017.

Group structure

The Charity has a wholly owned trading subsidiary, OHC Developments Limited (ODL), with paid-up share capital of £100. ODL was incorporated in England and Wales on 25 March 2019. The company serves as a vehicle for non-charitable trading activity.

ODL has joint control of Oxford Headington Holdings LLP by virtue of its 50% voting rights.

A summary of ODL’s trading results and net assets can be seen in note 2. These results are included in the group consolidation.

Our Trustees

The Trustees of the charitable company (the Charity) are its directors for the purpose of company law.

The Trustees meet at least quarterly to make policy recommendations and funding decisions.

The Fund Advisors liaise with the Charity

3

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Structure, governance and management (continued)

When new Trustees are appointed, they receive a comprehensive induction and training programme, which includes spending time with the Charity staff who administer the Charity and manage fundraising activity.

The Trustees who served during the year ended 31 March 2022 and since the year end are below.

Day to day management of the charity is delegated to CEO Douglas Graham.

Our Trustees are appointed for a period of four years. By agreement of the Trustees this period may be extended for an additional period (normally not to exceed 12 years in total).

Our Trustees are:

Lady Baldry Dr Rebecca-Ann Burton (resigned 4 September 2022) Mr Alan Chant Mrs Rebecca Kashti Professor David Matthews (chair) Mr Graham Steinsberg Dr Aparna Pal Dr Catherine Paxton (resigned 24 January 2022) Mr Keith Stacey Mrs Alison Talbot (resigned 16 May 2022) Mrs Anne Tutt

4

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Achievements and performance

How we measure success

The Charity sets an annual budget, balancing ambition and reality for all our income and expenditure. Trustees and senior management then monitor this through the year and in comparison to previous years – taking into account the different appeals and activities and also specific changes to funds held. Quarterly management accounts and updates on fundraising activities are presented at each Board meeting.

The Charity continually aims to increase the benefit it brings to patients and staff across the Trust. We ensure that fundraising and other income generating activities are well planned to provide a good return on investment and growth for the future. We also always seek to maximise, in an appropriate way, the returns from the charity’s investments.

We take care to ensure that we spend our funds in a way that has the maximum impact, focusing on priority areas decided in conjunction with the OUH Trust executive and clinical staff.

We also actively seek information from the areas we have funded on the impact our support has had on patients and staff, to ensure that funds are achieving the appropriate results. This also allows us to report back to our supporters and donors in person and via magazines, reports, mass email and social media.

Significant charitable activities

The impact of COVID-19 continued to be felt across our hospitals during 21/22, however vaccines, a greater understanding of treatments, and the end of lockdowns meant that less of the direct hands-on support from the charity was required for staff and

patients in our hospitals compared to the previous year.

That said, the psychological toll of COVID on NHS staff wellbeing meant that the charity’s ability help to boost staff moral and mental health continued to be a significant focus during the year.

We became an integral part of OUH Trust’s Growing Stronger Together staff wellbeing programme, funding and helping to deliver a range of support, including mental health initiatives, staff room refurbishments and treat boxes to boost teams.

Although high-impact and resource intensive, this type of support is generally at a lower level in cost, and with much of the OUH hospitals’ focus still on the demands of COVID - meaning fewer funding applications to our charity - charitable expenditure was a little lower than in previous years.

We provided £2.8m of support across our five core areas of funding medical equipment, patient support, staff support and training, and research.

Funding from our charity allows the talented clinical teams in our Trust to work with stateof-the-art medical equipment, that is not possible to fund through standard NHS routes alone. Highlights include:

5

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Supporting our patients is at the heart of all

our work and the charity continued to provide activities to alleviate boredom and isolation for patients across our Trust, with the virtual music on wards programme and boredom busting activity packs reaching thousands of patients of all ages.

Other notable support includes:

and familiar space for their patients. The increasing number of patients in our hospitals who have dementia - up to 30% in some areas - and their complex needs means this is an area where charitable funding can have an immediate and very visible impact.

In recent years the charity has been keen to find innovative ways to address some of the larger issues that the OUH Trust faces. One of these is the lack of affordable housing for NHS staff – with Oxfordshire costs some of the highest in the UK, affordable accommodation for hospital staff is a pressing need.

So we are particularly pleased that building commenced on the first tranche of keyworker accommodation which was funded through the charity’s wholly owned trading company.

This first set of accommodation – due to open in 2022 - is specifically designed to provide good quality accommodation for staff in their first year at the OUH Trust, and in turn the lease will also generate significant income for the charity.

Thanks to the efforts of the charity’s Finance Team we also identified over £360,000 of historic commitments that were no longer needed and could be released to provide funding elsewhere within our Trust.

It is important to note that the charity team worked with real commitment and energy through what has continued to be a complex time, and put on record our thanks to our donors, for their continued support through donations, fundraising, and gifts in Wills.

This is just a snapshot of achievements through the year. Our Impact Report for this period will provide more examples and detail of the difference being made.

6

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Financial review

Income

Despite a challenging year due to a continuing impact of COVID, the Charity generated income of £3.4m. As ever the majority of this was due to the generosity of individuals, companies, and grant-awarding trusts who made donations, raised funds, awarded grants, and left gifts in Wills.

The major categories of income for the year were:

Donations from individuals (including Major donors)

We as a charity continue to be grateful to all the many individuals that make donations each year. Thousands of supporters continue to raise money and donate to us enabling us to continue our charitable expenditure across all the hospitals we support.

Fundraising by groups and organisations

Alongside individual fundraising, we have also seen a number of groups and

organisations continue to send donations to us as part of their support of their community.

Legacies

Income from legacies always have an important impact. They enable a variety of projects – often of a larger scale - to take place and more expensive pieces of medical equipment to be purchased. By their very nature the level of legacy income can vary significantly year to year.

Other income

Grants from external organisations totalling £362k were received in the period. This included £108k from NHS Charities Together.

We acknowledge and thank all individuals, groups and organisations for helping us in our activities supporting patients and staff across our hospitals.

7

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

does not own).

Investment policy

The Trustees continue to seek investment returns which can be used to offset the running costs of the Charity and to provide additional funding for charitable projects.

The Charity’s current investment policy was agreed in 2019/20. The investment objective for the main portfolio of financial investments is to preserve the real value of capital and maximise the total investment return over the longer term without taking undue risks, providing income to support current operations.

The Charity has a policy of not investing directly in tobacco or armaments and where investments are made in funds the Charity regularly monitors the underlying exposure of the fund to those sectors. The Charity does not hold short positions (sell stocks it

The Charity investments are held in a diversified portfolio and managed by specialist investment managers in line with our investment policy.

The Charity also holds part of its investment assets in cash. Apart from balances required to cover day to day cash flow, cash investments are held in term deposit matched to mature when required for planned charitable expenditure. The Charity’s primary concern in investing cash is security. Accordingly, its policy is to hold its cash with UK banks, with a minimum rating of B+ and spread between several institutions to limit exposure.

The Charity has previously invested in two properties with a view to providing long term quality staff accommodation for Trust employees and to provide a fixed level of investment return.

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Other policies

Reserves policy

Reserves are defined by the Charity Statement of Recommended Practice (SORP) as “that part of a charity’s unrestricted funds that is freely available to be spent any of the charity’s purposes.”

Maintaining a sufficient, but not excessive, level of reserves is important to support the activities of the Charity, by allowing us to meet our running costs and ensure continuity in our level of support for our hospitals in the event of a significant downturn in income or change in our financial circumstances.

The Charity holds a number of general funds and hospital level funds related to the broader charitable purposes of the Charity. Where the balances on these funds exceed our target reserves, they are used to fund our expenditure on charitable activities, in line with the Charity’s budget and strategy.

The Trustees set a target range for reserves. The minimum level for the target range is set as the aggregate of:

The maximum level for the target range is set as twice the minimum level.

At the 31 March 2022 the Charity held £1.5m in general funds , to allow us to

respond to future funding needs across the Trust. This falls below the target range of £3.2 - £6.4m which is set by Trustees to ensure the ongoing financial stability of the Charity.

This shortfall has been rectified in 2022/23 with an expected general fund legacy income being received.

Staff remuneration

In common with other hospital charities, a significant proportion of our income is donated with a wish to support a specific ward or clinical specialism within our hospitals. Our policy is to transfer these donations into designated funds, to ensure that they are used as far as possible in accordance with the donor’s wishes.

In line with Charity Commission guidance, no reserves policy is established for these designated funds, but we work proactively with our Fund Advisors to ensure that donations are spent in a reasonable timeframe. We do this by agreeing spending plans for each fund, regularly reviewing commitments, and directing the use of dormant/ slow moving funds.

Staff remuneration is determined under the Charity’s pay and rewards policy. A small number of staff remain under TUPE arrangements following their transfer from the OUH Trust and continue to be paid in accordance with the national NHS Agenda for Change pay scales.

New staff joining the Charity during the year were recruited externally with reference to prevailing market rates.

None of our staff were furloughed during the year.

9

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Fundraising review

The Charity employs a team of professional fundraising staff. Activities include communitybased fundraising, hospital-based fundraising, direct marketing with existing supporters, and the development of long-term relationships with individuals, companies and grant-making bodies.

We communicate with our donors through a variety of channels including mail, email, telephone, our charity magazine, social media channels, and through our website (www.hospitalcharity.co.uk).

In all our communications, we seek to update supporters about the impact that donations have made as well as letting people know about upcoming fundraising activities. We particularly value the interactive element of our ‘community’ on social media, giving supporters the opportunity to engage, comment and interact with the parts of the Charity that interest them most. This valuable feedback helps us shape our charity message.

Our Charity is extremely grateful for all the support we receive for the hundreds of causes across all our hospitals and sites. We respect our donors and endeavour to ensure that they are always treated well and do not feel under any pressure during their interactions with us.

be vulnerable; as they are going through difficult and emotional times or in some cases are recently bereaved. We work closely and carefully with our charity supporters to ensure we get the balance right – encouraging and thanking them with their charity endeavours without being intrusive or exerting pressure on them.

We have not undertaken any cold-calling or doorto-door fundraising.

The Charity is registered with the Fundraising Regulator and follows their Code of Fundraising Practice. This is in addition to our wider governance responsibilities, including those around data protection under the General Data Protection Regulation (GDPR).

We encourage feedback from all of our supporters, sharing any learning amongst the charity team and, where appropriate, Trustees. We responded quickly, honestly and respectfully to any negative feedback received. We did not receive any complaints during the year.

The continuing support of our donors is invaluable to us.

The Charity team is mindful that many of our donors and supporters are hospital patients, or the family and friends of patients. We also understand that some of these individuals may

10

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Risk management

We maintain a risk register which sets out the principal risks affecting the Charity and the fulfilment of its objectives. Risks are assessed regularly by the Charity’s Senior Management Team for severity and likelihood with mitigating actions identified to minimise their likelihood and impact. These risks and progress on these actions are reviewed regularly by the Trustees via the Audit Committee and full Board meetings, with an overall review of the register completed at least every six months.

As a result of these regular reviews the Trustees are confident that the control systems identified in this exercise are embedded in the management and culture of the Charity, and that managers and staff are aware of their responsibility for internal control.

As for most charities, the Trustees’ risk assessment identifies a number of areas where there would be significant risk (based on the likelihood of the risk occurring or the magnitude of its potential effect). However, for the majority of these risks there are sufficient controls in place to ensure the residual risk remains low.

During the 21/22 financial year the Charity’s risk register identified the following as areas with highest overall risk (i.e. after taking account of the control measures and mitigation currently in place).

COVID-19

During the financial year from April 2021 to March 2022 the COVID-19 pandemic continued to have a wide impact across the charity and our activities.

Throughout the year the shorter-term impact

of COVID restrictions on various fundraising activities, and the potential impact on all areas of income from a significant and likely economic downturn, remained a high risk. The latter risk was further heightened towards the end of the financial year with the Russian invasion of the Ukraine.

Some changes to our fundraising portfolio were possible as a mitigation but of course there was (very understandably) not the massive outpouring of financial support for NHS charities during this year as there had been during the first wave of the pandemic.

We were confident that through revised fundraising where possible and planned use of our reserves where necessary (bolstered by the knowledge of a healthy pipeline of legacy income over the next year or two) that we could manage any downturn without a significant impact on our levels of charitable expenditure – our raison d’être.

Despite lower overall charitable giving it did not fall as far as we had prepared for in our deliberately prudent budget. And although we also had losses to our investment portfolio, we were able to deliver the level of charitable expenditure requested of us without running a deficit budget.

As well as the financial impact of COVID, Trustees were also aware of the possible impact on productivity and/or staff morale from ongoing working from home, and the danger of stress/burnout of charity staff during the second COVID surge. Towards the end of the year this risk was widened to include any difficulties from a move from two years of working from home to a hybrid model.

Thankfully our hard-working, resilient, and committed staff appear to have coped

11

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Risk management (Continued)

reasonably well during a testing period. We continued a number of wellbeing activities and encouraged the taking of leave where possible.

Risk of a failed appeal

Risk of a failed appeal/ inability to spend donations raised due to changing plans/ priorities within the Trust during the course of the appeal.

For some time there has been greater appreciation of this risk and mitigation measures put in place to reduce it. The Programme team works closely with clinical staff applying for funding and with the fundraising team to ensure we are funding a prioritised need that has senior support.

However, significant delays in the timing of actual procurement do sometimes still occur, but this sits outside the control of the charity.

For larger projects the Charity/Trust Liaison Committee continues to prove useful for improved coordination and planning of priority areas for Charity funding.

However, because of the nature of NHS financing this will always remain a risk to be monitored.

Other risks

Due to significant problems with the installation of new finance system, detailed monthly management accounts were not available for the second half of the year. However, income, charitable expenditure, and operating costs were still monitored regularly.

The need for dedicated and experienced support to ensure suitable cyber security and an HR service were both addressed during the year by retaining a specialist company for both of these areas.

12

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Plans for the future

As the official Charity supporting the Oxford University Hospitals NHS Foundation Trust it is important that the Charity continues to align with the Trust’s strategic priorities.

We take a proactive approach to this, liaising and engaging at all levels of the Trust – with the executive management, divisional and directorate management, and across different clinical services and wards. This is allied to an encouraging but robust grant application process.

We make things happen that can’t be achieved with just NHS funding alone. Our USP is that we are here to support every type of clinical and support service at all levels across the four hospitals. In doing so we are directly responsible for elevating the level of patient care across the Trust. And as we emerge from the pandemic and into an uncertain economic outlook, the OUH Trust now faces even greater financial pressures, and so this support is needed more than ever.

In response, during 2022 we developed a new five-year strategy for the charity aimed at increasing and broadening our charitable expenditure to ensure we continue to deliver vital support to all levels of the OUH Trust.

Our six strategic objectives are:

Each of these strategic objectives has a number of goals to be achieved over the following five years, and these will be reviewed regularly for progress and continued relevance.

Three aspects are worth highlighting because of their importance:

We will continue to fund widely across our five core areas of medical equipment, patient welfare, staff education and training, and research. And, learning from our activities during the pandemic about where we have a large impact, we will continue to focus on supporting NHS staff wellbeing initiatives.

13

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Statement of Trustees’ responsibilities

The Trustees (who are also the directors for the purposes of company law) are responsible for preparing the Report of the Trustees 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 period that 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 that period. In preparing those 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 charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

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

This report was approved by the Trustees on 28 November 2022 and signed on behalf of the Trustees by:

Professor David Matthews Chair of Trustees

14

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Independent auditor’s report to the members and Trustees of Oxford Hospitals Charity

Opinion

We have audited the financial statements of Oxford Hospitals Charity (the ’company’) for the year ended 31 March 2022 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement 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 FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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.

15

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Independent auditor’s report (continued)

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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:

Matters on which we are required to report by exception

In the light of the 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 trustees’ annual report.

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

16

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Independent auditor’s report (continued)

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 14, 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 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 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

We have been appointed as auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

17

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Independent auditor’s report (continued)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

18

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Independent auditor’s report (continued)

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to a fraud is higher than the risk of not detecting one resulting in error, as fraud may involve deliberate concealment, for example forgery or intentional misrepresentations, or through collusion.

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, in respect of the consolidated financial statements, to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters which 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 any party other than the charitable company, the charitable company’s members, as a body, and the charity’s trustees, as a body, for our audit work, for this report, or for the opinion we have formed.

Neil Finlayson (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

6[th] Floor, 9 Appold Street London, EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006. 19

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Financial Statements 2021/22

Consolidated Statement of Financial Activities

(including consolidated income and expenditure account) for the year ended 31 March 2022

Note
Income From:
Donations and Legacies
Donations
Legacies
17
Grants
3
Charitable Activities
4
Other trading activities
5
Investments
10.4
Total Income
Expenditure on:
Raising Funds
Comm trading operations
Costs of raising funds
6
Sub total: expenditure on raising funds
Charitable activities
Medical equipment
Patient welfare
Staff welfare
Research
Education
Sub total: expenditure on charitable expenditure
7,8
Net income/(expenditure) before gains / (losses) & transfers
Gain / (losses) on revaluation and disposal of investment assets
Gross transfers between funds
9
Net income / (expenditure) and net movements in funds for the period
Reconciliation of Funds
Fund balances brought forward at 1 April
Fund balances carried forward at 31 March		 31 Mar 2022
Unrestricted
Restricted
Total
funds
funds
funds
£'000
£'000
£'000
1,357
222
1,579
1,064
288
1,352
112
250
362
17
-
17
1
12
13
82
-
82
2,633
772
3,405
-
-
-
(521)
(26)
(547)
(521)
(26)
(547)

(740)
(74)
(814)
(531)
(51)
(582)
(298)
(117)
(415)

(144)
(12)
(156)

(513)
(348)

(861)
(2,226)
(602)
(2,828)
(2,747)
(628)
(3,375)
(114)
144
30
217
217
597
(597)
-
700
(453)
247
11,020
2,647
13,667
11,720
2,194
13,914		 31 Mar 2021
Total
funds
£'000
2,804
1,741
519
48
23
11
5,146
(14)
(367)
(381)
(591)
(645)
(2,320)
(301)
(267)
(4,124)
(4,505)
641
908
-
1,549
12,118
13,667

Comparative figures for each class of funds are provided in notes 25 and 26 to the accounts.

All income and expenditure relate to continuing operations.

Notes 1 to 26 form part of these accounts.

20

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Financial Statements 2021/22

Consolidated and Charity Balance Sheet at 31 March 2022

Notes
Fixed Assets
Investments
10
Investment in Joint Venture
10.5
Tangible Fixed assets
11
Total Fixed Assets
Current Assets
Debtors
12
Cash at bank and in hand
Total Current Assets
Creditors: Amounts falling due
within one year
13
Net Current Assets/ (Liabilities)
Total Assets less Current Liabilities
Creditors: amounts falling due after
more than one year
Total Net Assets
Funds of the Charity
Restricted Funds
14.2/14.3
Unrestricted Funds:
14.4/14.5
Designated funds
General funds
Total Funds		 GROUP
At 31 Mar 2022
Total
Funds
£000
14,721
1,000
37
15,758
1,302
813
2,115
(3,895)
(1,780)
13,978
(64)
13,914
2,194
10,187
1,533
13,914		 GROUP
At 31 Mar 2021
Total
Funds
£000
14,527
1,000
15,527
1,005
982
1,987
(3,719)
(1,732)
13,795
(128)
13,667
2,647
9,050
1,970
13,667		 CHARITY
CHARITY
At 31 Mar 2022
At 31 Mar 2021
Total
Total
Funds
Funds
£000
£000
11,581
11,387
-
-
37
11,618
11,387
4,812
4,447
813
982
5,625
5,429
(3,005)
(2,829)
2,620
2,600
14,238
13,987
(64)
(128)
14,174
13,859
2,194
2,647
10,447
9,242
1,533
1,970
14,174
13,859

Comparative figures for each class of funds are provided in notes 25 and 26 to the accounts.

The net income of the parent charity for the year was £315k (2021: £1.6m).

Notes 1 to 26 form part of these accounts.

These financial statements have been prepared in accordance with the provisions applicable to the small companies regime.

The financial statements were by approved by the Trustees on 28 November 2022 and signed on behalf of the Trustees by:

Professor David Matthews (Chair of Trustees) Company Number: 11052176

21

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Financial Statements 2021/22

Consolidated Statement of Cash Flows for the year ended 31 March 2022

Notes
Cash flows for operating activities
Net Cash generated from / (used in) operating activities
20
Cash Flows form investing Activities
Interest Received
Purchase of tangible fixed assets
Purchase of Investments
Proceeds from Sale of investments
Net cash provided by investing activities
Increase / (decrease) in cash
21
Opening Cash balance
Closing Cash balance
Increase / (decrease) in cash		 Group
Year ended
31 Mar 2022
44
82
(38)
(4,664)
4,406
(214)
(169)
982
813
(169)		 Group
Year ended
31 Mar 2021
1,308
11
(10,505)
(10,494)
(9,186)
10,168
982
(9,186)

The charity has no net debt and accordingly no net debt note is presented.

Notes 1 to 26 form part of these accounts.

22

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Financial Statements 2021/22

Notes to the financial statements

1. Accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out below. They have been applied consistently during the current and preceding periods.

Going concern

The financial statements are prepared on a going concern basis which assumes the charitable group will continue in operational existence for the foreseeable future.

1.1 Basis of Preparation of the Accounts

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of investments being measured at fair value through income and expenditure within the Statement of Financial Activities.

The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. The Trustees have considered the charity’s forecasts and projections and have taken account of pressures on donation and investment income.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Charities Act 2011 and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the charity.

Monetary amounts in these financial statements are rounded to the neared one thousand pounds throughout. The principal accounting policies adopted in the preparation of the financial statements are set out below.

After making enquiries the Trustees have concluded that there are no material uncertainties and that the charity has adequate resources to continue in operational existence for the foreseeable future.

1.2 Income

Donations

Income is included in full in the Statement of Financial Activities as soon as the following three factors can be met:

(i) entitlement - arises when a particular resource is receivable or the charity's right becomes legally enforceable;

(ii) probability - when it is more likely than not that the economic benefits associated with the transaction or gift will flow to the charity; and

(iii) measurement - when the monetary value of the incoming resources can be measured with sufficient reliability.

23

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Donations in Kind

Donated goods are recognised at fair value in the period in which they are received, where the value to the Charity can be reliably measured. All goods received were distributed during the year.

Legacies

Legacies are accounted for as income once the receipt of the legacy becomes probable, and the amount receivable can be estimated with sufficient accuracy. This will be once there has been grant of probate; the representatives of the estate have established that payment of the legacy will be made or property transferred and once all conditions attached to the legacy have been fulfilled and the amount receivable can be estimated with sufficient accuracy.

Grants

Grants are recognised once there is evidence of entitlement if there are no conditions attached, receipt is probable, and the amount receivable can be measured reliably.

If the grant has conditions attached which must be fulfilled before the charity has control of the resources, the meeting of these conditions is within the Charity's control, and there is sufficient evidence that the conditions will be met, then the grant is recognised. However, where the meeting of the conditions is not probable or not within the control of the Charity, the grant would not be recognised until the conditions set have been met.

If a donor imposes a time period for spending the grant, and the expenditure is to take place in a future accounting period, it would be accounted for as deferred income and recognised as a liability until the accounting period in which the charity is allowed to spend the grant. If the donor has given the condition that they can recover any unspent part of a grant, the liability for any repayment would be recognised only when repayment becomes probable.

Allocation of income to funds

Income is always credited to a fund which will benefit the area where the donor has expressed a wish for their gift to be used and are classified as restricted or designated funds. If the donor has not expressed a wish for the area of use, it is credited to an Unrestricted General Fund and is used at the Trustees' discretion in accordance with the objects of the charity.

1.3 Expenditure

All expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, and the resulting liabilities are recognised at their settlement value.

The Statement of Financial Activities provides an analysis of expenditure based on the nature of the activity undertaken.

The expenditure undertaken is divided between three main activities :

(i) Costs of raising funds which includes the costs of generating voluntary income (fundraising costs),

(ii) Charitable activities comprising all costs incurred in the pursuit of the charity's objectives, and in line with SORP 2015 (FRS 102) also includes the support and governance costs of the charity and

(iii) other types of expenditure which do not fall into category (i) or (ii).

Grants payable are payments made to related or third party NHS bodies and nonNHS bodies primarily for charitable purposes relating to the general or any specific purposes of the Oxford University Hospitals NHS Foundation Trust or to purposes relating to the Health Service. The grants are accounted for on an accruals basis where the conditions for their payment have been met or where the recipient has a reasonable expectation that they will receive a grant. Provisions are made where approval has been given by the Trustees as such approval

24

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

represents a firm intention which has been communicated to the intended recipient.

Cost of raising funds

The costs of raising funds are the costs associated with generating income for the charity. This includes the costs of generating voluntary income (fundraising costs) and the costs of holding fundraising events. Where appropriate direct costs of fundraising are apportioned directly against the individual funds generated, and other indirect fundraising costs are funded from general and unrestricted investment funds.

Governance costs

Governance costs include the costs of arrangements which relate to the general running of the charity, allowing it to operate and to generate the information required for public accountability. Included under this heading are direct costs such as audit fees, legal fees and costs associated with statutory requirements, such as the preparation of statutory accounts. Governance costs are accounted for on an accruals basis and after any direct allocation to individual funds where appropriate, the balance is allocated against charitable activities on the Statement of Financial Activities.

Charitable activities

Costs of charitable activities comprise all costs incurred in the pursuit of the charity's objectives, as opposed to the costs of raising the funds to finance these activities.

Expenditure on charitable activities will be for the benefit of patients, staff, research or education. The costs include the direct costs of the charitable activities together with the support costs incurred that enable these activities to be undertaken.

Grants payable to related or other NHS bodies represents contributions to the revenue and capital expenditure of Oxford University Hospitals NHS Foundation Trust. Grants to third parties are payments in furtherance of the charity's objectives for purposes relating to the Oxford University Hospitals NHS Foundation Trust or to the Health Service generally. This includes expenditure on medical equipment, research and amenities for patients and staff.

Expenditure on research projects and equipment is not applied for commercial activity, and the results of such expenditure are the property of the Trust.

Legacy funding for general research purposes is allocated for spending by the Oxfordshire Health Services Research Committee.

Support costs

In undertaking an activity there may be support costs incurred that whilst necessary to deliver an activity, do not themselves produce or constitute the output of the activity. Support costs are accounted for on an accruals basis. The costs are apportioned across each individual fund within the charity on an average balance basis, and allocated between governance and charitable activities on the Statement of Financial Activities.

VAT

Irrecoverable VAT is charged against the category of expenditure for which it was incurred.

Liabilities

Liabilities are recognised at their settlement value.

1.4 Structure of funds

Where there is a legal restriction on the purpose to which a fund may be put, the fund is classified in the accounts as a restricted fund. Funds where the capital is held to generate income for charitable purposes and cannot itself be spent are accounted for as endowment funds. The income generated from the endowment funds is classified as either restricted or unrestricted funds

25

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

(depending on the terms laid down by the individual donor or in the bequest). Other funds are classified as unrestricted funds. Funds which are not legally restricted but which the Trustees have chosen to earmark for set purposes and in line with the donor's wishes are classified as designated funds.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & Fittings - 20%

Office equipment - 33%

1.5 Policy to determine each designated

Fund

A designated fund will only be opened if the purpose of the proposed fund falls within the charity's objects, and there is no existing fund which would cover the same purpose and area. It must be established that all income is charitable, and the purpose for which it is given (e.g. any combination of research, education, patient or staff welfare).

A further stipulation for a new designated fund to be opened is that it is required to have an active life of at least 2 years. The major funds held within these categories are disclosed in note 15.

1.6 Transfers between funds

A Transfer between funds is permissible if authorised by the appropriate Fund Advisor, it is a proper use of the funds, and is within the objects of the funds involved. For example, funds could be transferred from an unrestricted general fund to a restricted fund to finance a deficit or provide additional funding, or between two unrestricted funds, or to merge one or more designated funds.

1.7 Fixed assets

Tangible fixed assets

Tangible fixed assets costing more than £200 are capitalised and under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Financial Activities.

Fixed asset investments

Investments comprise an investment portfolio with Rothschild & co, fixed term deposits with Akoni, and cash held with Lloyds.

Investments are shown at market value as at the balance sheet date.

The Statement of Financial Activities includes the net gains (or losses) arising on revaluation and disposals throughout the period. Investment properties Two sites purchased from Oxford University Hospital NHS Foundation Trust on 29th March 2019 at a cost of £3m. The sites comprise staff residential accommodation and buildings used for clinical and administrative purposes by the Trust. The sites were valued by Carter Jonas with reference to local market values. The Trustees are satisfied that this represents the fair value of the properties at the balance sheet date.

26

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Investment gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise.

Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or date of purchase if later).

Unrealised gains and losses are calculated as the difference between market value at the end of the accounting period and opening market value (or date of purchase if later).

Joint ventures

Entities in which the Group holds an interest and which are jointly controlled by the Group and one or more other entity are treated as joint ventures.

In the Group financial statements joint ventures are accounted for using the equity method.

Joint ventures are recognised initially in the balance sheet at cost and subsequently adjusted to reflect the Group’s share of total comprehensive income and equity of the joint venture, less any impairment. Losses in excess of the carrying amount of an investment in a joint venture are recorded as a provision only when the Group has incurred legal or constructive obligations or has made payments on behalf of the joint venture.

1.8 Pooling scheme

An official pooling scheme is not required as the charity can identify the ownership, down to individual funds, of all its assets.

1.9 Employee benefits

The charity provides a range of benefits to employees, including paid holiday arrangements, a subsidised canteen and a pension plan. Short-term benefits, including holiday pay and other similar non-monetary

benefits, are recognised as an expense in the period in which the service is received.

The charity operates two pension provisions: In the first scheme, the charity pays pension contributions to staff members' own personal pension plans. No further obligation or liability arises on these payments. In addition the charity pays employer's contributions to the NHS pension fund on behalf of an employee who remains in the scheme.

As the scheme is a multi-employer scheme it is not possible to identify the charity's assets and liabilities in this scheme and so full disclosure is not possible. All pensions are therefore treated as defined contribution.

1.10 Operating Lease

The Charity holds a lease for its offices at Wood Centre for Innovation, Headington, Oxford. The lease is charged on a straight line basis to expenditure.

1.11 Basis of consolidation

The consolidated financial statements of the charity incorporate the financial statements of the Charitable Company Oxford Hospitals Charity (charity number 1175809) and its fully owned trading subsidiary, OHC Developments Limited (ODL).

Intercompany transactions and balances between charity companies are eliminated. Consistent accounting policies have been adopted across the group.

As permitted by section 408 of the Companies Act 2006 the parent charity's gross income and results have not been included in the financial statements.

1.12 Related Party Transactions

The Charity made revenue and capital payments totalling £354k (2021 £201k) to

27

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Oxford University Hospitals NHS Foundation Trust (the Trust). The payments were made in support of patient and staff welfare, research, education, and capital building projects, and included costs of salaries, training, travel, buildings, equipment and services.

Trade creditors include £76k due to the Trust at 31.3.22 (2021: £34k).

One Trustee (Mrs Anne Tutt) is paid as a non-executive director and vice chair of the Trust.

The Charity's subsidiary had no transactions with the Trust during the year.

The Charity charged interest of £58,206 (2021: £63,000) on a loan to the trading subsidiary in the year. The balance due to the Charity from the trading subsidiary at 31.03.22 was £3.6m (2021: £3.5m)

No remuneration was paid to the Trustees from the Charity during the period. Travel and subsistence expenses totalling £144 have been claimed by 1 Trustee and paid during the year (2021 :£144 for 1 trustee).

A combined insurance policy is held by the charity which includes trustees' indemnity and officers liability insurance as well as public liability insurance, providing cover of up to £10 million. The cost of the policy in the year ended 31.3.22 was £3.6k (2021: £4.8k for £5m level of cover.)

The charity accrues for items of expenditure which relate to the current period where invoices have not been processed or received before the year end. Estimates are made in some instances where invoices have not been received based on activity and/or expenditure for the year to date. Generally accruals are based on invoices or other appropriate documentation.

The Charity may also make estimates for legacy income accruals where although the receipt of a particular legacy is probable and the amount is known with reasonable certainty (see note 1.2), there may be a requirement to estimate the full and final amount receivable by the charity if there are other factors in place at the end of the year, such as uncertainty regarding the final allocation of a particular legacy between beneficiaries.

1.15 Key assumptions and judgements

The Trustees consider that there are no judgements, apart from those involving estimations, made in the process of applying the Charity's accounting policies which have a significant effect on the amounts recognised in the statements and which require disclosure. They also consider that there were no key assumptions concerning the future or key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.

1.13 Liquid Resources

1.16 Financial Instruments

The Cash Flow Statement includes the net cash flows from the management of liquid resources, which takes into account the cash movements relating to investment income, acquisitions and disposals, plus any movements in short term deposit account balances.

1.14 Estimation Techniques for Accruals

The Charity holds the following as part of its investment portfolio;

£195k (20-21: £32k) foreign exchange forward contracts

£1.23m (20-21: £833k) hedge funds

The rest of the charity’s financial assets and financial liabilities of a kind that qualify as

28

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

basic financial instruments and are included in the balance sheet are as follows:

(i) Investments are included in the balance sheet at market value

(ii) Cash investments are included at cost plus accrued interest

(iii) Trade and other debtors and creditors are recognised at their settlement value.

For the basis of valuation and any assumptions made, see note 1.7 for fixed asset investments, note 1.3 (expenditure) for creditors, and note 1.2 (income) for debtors.

29

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Financial Statements 2021/22

Notes to the financial statements

2. Trading subsidiary results

The charity has a wholly owned trading subsidiary, OHC Developments Limited (ODL), company number 11904217, with paid-up share capital of £100. ODL was incorporated on 25 March 2019 and is incorporated in the UK. The company serves as a vehicle for non- charitable trading activity.

A summary of its trading results and net assets is shown below. These results are included in the group consolidation.

Profit and Loss account

Turnover
Cost of Sales
Gross profit/(loss)
Administrative expenses
Operating profit/(loss)
Interest payable
Profit / (loss) on ordnary activities before tax
Taxation
Profit / (loss) for the fiancial period
Distribution
Net movement in funds
Balance Sheet
Fixed Assets
Debtors
Cash
Creditors
Net Assets
Total Funds		 31.03.22
31.03.21
£'000
£'000
-
-
-
-
(8)
(14)
(8)
(14)
(58)
(63)
(66)
(77)
-
(66)
(77)
-
(66)
(77)
31.03.22
31.03.21
£'000
£'000
4,140
4,140
133
26
-
(4,536)
(4,363)
(263)
(197)
(263)
(197)

30

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Financial Statements 2021/22

Notes to the financial statements

3. Income from donations

3.1 Gifts in Kind

The Charity is extremely grateful to all the organisations who donated meals and morale boosting gifts to hospital staff, patients and families. We have only recognised the value of items where the quantity and price could be estimated reliably. For 2021/22 these gifts in kind totalled £14,500 (2020/21: £1,073,091).

3.2 Income from grants receivable

Description of the sources of any material grants:

NHS Charities together
Charitable Trusts / Other charities
Companies
The Nuffield Oxford Hospitals Fund		 31.03.22
31.03.21
Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
£'000
£'000
£'000
£'000
-
109
109
375

111
41
152
64
1
-
1
-
-
100
100
80
112
250
362
519

4. Income from charitable activities

Income from Courses
Income from Charitable trading		 31.03.22
31.03.21
Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
£'000
£'000
£'000
£'000
13
-
13
43
4
-
4
5
17
-
17
48

31

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Financial Statements 2021/22

Notes to the financial statements

5. Income from other trading activities

Sale of fundraising merchandise
Income form Staff Lottery		 31.03.22
31.03.21
Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
£'000
£'000
£'000
£'000
1
-
1
-
12
12
23
1
12
13
23

6. Costs of raising funds

Fundraising staff costs
Fundraising events direct costs
Other fundraising costs
Staff Lottery		 31.03.22
Unrestricted
Restricted
Total
funds
funds
funds
£'000
£'000
£'000
388

-
388
41
13
54
92
2
94
-
11
11
521
26
547
 31.03.21
Total
funds
£'000
291
7
34
35
367

7. Analysis of charitable expenditure

7.1 Charitable expenditure

Medical Equipment
Patients welfare and amenities
Staff welfare and amenities
Research
Education		 Activities
Directly
Undertaken
Grant Funded
Activities
Attributable
Support and
Governance
Costs
Total 31.03.22
Funds
Total 31.03.21
Funds
£'000
£'000
£'000
£'000
£'000
109
419
286
814
591
305
73
204
582
645
187
82
146
415
2,320
95
6
55
156
301
3
556
302
861
267
699
1,136
993
2,828
4,124

32

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Financial Statements 2021/22

Notes to the financial statements

7.1 Charitable expenditure (continued)

Expenditure for this and prior periods includes £2.0m (2021: £2.5m) of commitments which have been accrued as grants at period end. Further information about expenditure undertaken by the Charity can be found in the Achievements and Performance section of this report.

7.2 Grants

Grant funded activity is awarded directly by the Trustees of the Charity, by a Committee established by the Trustees, or by Fund Advisors (who are generally staff members of Oxford University Hospitals NHS Foundation Trust) acting under delegated authority on behalf of the Trustees.

All other grants were made to either Oxford University Hospitals NHS Foundation Trust or the University of Oxford in furtherance of the objects of the Charity. Some grants are in practice paid directly to the supplier. No grants are made to individuals.

Activities undertaken directly include expenditure incurred by Fund Advisors. It also includes payments to members of staff, where they have incurred relevant costs personally (for example, travel costs to a charity - funded training course). All such payments must comply with the Charity’s procedures which include authorisation by the relevant fund adviser and provision of appropriate documentary evidence of payment (for example, receipts).

33

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Financial Statements 2021/22

Notes to the financial statements

8. Analysis of governance and support costs

The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance costs not directly apportioned, are apportioned to expenditure on charitable activities. See note 8.2 on allocation of Support Costs.

8.1 Governance and support costs

Governance costs allocated to:
Support costs allocated to:
Unrestricted
activitites
Restricted
activities
Total
Governance
costs
Unrestricted
activitites
Restricted
activities
Total
Support
costs
£'000
£'000
£'000
£'000
£'000
£'000
Salaries
244
-
244
433

-
433
Audit
34
-
34
-
-
-
Other
8
-
8
274
-
274
286
-
286
707
-
707
 31.03.22
31.03.21
Total
Governance
& Support
Costs
Total
Governance
& Support
Costs
£'000
£'000
677
647
34
18
282
288
993
953

8.2 Allocation of support costs

Salaries
Other Support costs
Other governance costs		 31.03.22
31.03.21
Medical
Patient
Staff
Total
Total
equipment
welfare
welfare
Research
Education
funds
funds
£'000
£'000
£'000
£'000
£'000
£'000
£'000
195
139
99
37

207
677
647
79
56
40
15
84
274
261
12
9
6

2
13
42
45
286
204
145
54
304
993
953

34

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Financial Statements 2021/22

Notes to the financial statements

8.3 Staff costs

The key management of a charity are those persons having authority and responsibility for planning, directing and controlling the activities of the entity. The key management personnel of the Charity and Group comprise the Trustees and the Chief Executive.

All Trustees give of their time freely, and no employee benefits were paid in the period (2021: £nil). Details of Trustee expenses are disclosed in note 1.12.

The total employee benefits of key management personnel, including National Insurance and pensions costs, were £125,756 (2020/21: £124,139).

Staff costs were as follows

Salaries & wages
Social security costs
Pension costs
Other employee benefits		 31.3.22
£'000
861
88
77

3
1,029		 31.3.21
£'000
848
80
70
3
1,001

The number of employees with employee benefits in excess of £60,000 were

31.03.22 31.03.21
nr. nr.
£80,000 - £90,000 1
£90,000 - £100,000 1 2

The average number of employees (headcount) is split as follows

Finance
Fundraising and marketing
Programme (grant making)
Operations		 31.03.22
31.03.21
nr.
nr.
7.0
6.5
14.5
13.5
2.5
2.5
2.0
2.0
26.0
24.5

The increase in headcount is partly due to maternity cover for a number of roles

35

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Financial Statements 2021/22

Notes to the financial statements

9. Details of material transfers between funds

From
To
Reason
Charity General Funds
Haematology Research
Being allocation of legacy from
holding account designated as
restricted, to a designated fund
Various funds
Various funds
Reallocation - see below*		 £'000
611
(14)
597

*The transfer represents a reallocation of income/expenditure following a review so that the new category more adequately reflects the use of the funds.

10. Analysis of fixed asset investments

10.1 Market value at 31 March

Group
Investment properties
Listed Investments
Cash held on deposit
Cash held as part of the investment portfolio
Charity
Investment properties
Listed Investments
Cash held on deposit
Cash held as part of the investment portfolio		 UK
£000
3,140
2,190
326
5,656
UK
£000
2,190
326
2,516		 Non-uk
£000
6,565
6,565
Non-uk
£000
6,565
6,565		 Short-term
deposits
£000
2,500
2,500
Short-term
deposits
£000
2,500
2,500		 Total
31.03.22
£000
3,140
8,755
2,500
326
14,721
Total
31.03.22
£000
-
8,755
2,500
326
11,581		 Total
31.03.21
£000
3,140
7,375
2,505
1,507
14,527
Total
31.03.21
£000
-
8,793
2,505
89
11,387

36

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Financial Statements 2021/22

Notes to the financial statements

10.2 Fixed asset investments (Group & Charity)

Listed Investments:
Market value at 1 April
Less: Disposals at carrying value
Add: Acquisitions at cost
Fees incurred
Dividend income
Net gain/(loss) on revaluation
Market value at 31 March
Historic cost at 31 March		 Non-Cash
Investments

£000
8,793
(3,246)
3,008
(81)
64

217
8,755
7,959		 Cash
Investments
£000
89
237
326

326		 Short term
Deposits
£000
2,505
(1,505)
1,500
2,500
2,500		 Total
31.03.22
£000
11,387
(4,751)
4,745
(81)
64
217

11,581
10,785		 Total
31.03.21
£000
1,500
(1,500)
10,505
882
11,387
10,502

Additions and disposals of cash includes reinvestment in cash deposits as they mature and are reinvested.

10.3 Investment in subsidiaries

Investment in OHC Developments Limited
Total		 Total
Total
31.03.22
31.03.21
£
£
100
100
100
100

The Charity holds 100 shares of £1 each in its wholly owned trading subsidiary company OHC Developments Ltd which is incorporated in the United Kingdom. These are the only shares allotted. The activities and results of this company are summarised in note 2

The net loss for ODL for the year was £66k (2019/20 a loss of £77k) with a distribution to the charity of £nil (2020/21 £nil).

37

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Financial Statements 2021/22

Notes to the financial statements

10.4 Analysis of income from investments

Unrestricted
Restricted
funds
funds
£'000
£'000
Dividend Income
64
-
Cash held on Deposit
18

-
Bank Accounts
-
-
82
-		 31.03.22
31.03.21
Total
Total
£'000
£'000
64
-
18
10

-
1
82
11

10.5 Investment in joint venture

The Group, via the subsidiary company OHC Developments Limited, has joint control, along with Oxford University Hospitals NHS Foundation Trust, in Oxford Headington Holdings LLP by virtue of its 50% voting rights.

Investment in Oxford Headington Holdings LLP
Total
Carrying value before impairment
At 1 April
Additions in year at cost
Share of profit
At 31 March
A summary of the accounts of the joint venture for the period:
Turnover
Expenditure
Other gains
Profit/(loss) before and after tax
Investment properties
Current assets
Current liabilities		 Total
31.03.22
£000
1,000
1,000
Total
31.03.22
£000
1,000
-
-
1,000
Total
31.03.22
£000
-
(33)
-
(33)
13,353
817
(147)
14,023		 Total
31.03.21
£000
1,000
1,000
Total
31.03.21
£000
1,000
-
-
1,000
Total
31.03.21
£000
-
(12)
-
(12)
13,273
818
(35)
14,056

38

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Financial Statements 2021/22

Notes to the financial statements

11. Tangible Fixed assets

Group & Charity
Cost or valuation
At 1 April 2021
Additions in year at cost
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year on owned assets
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Office
Equipment
£'000
-
32
32
-
1
1
31
-		 IT
Total
Equipment
£'000
£'000
-
-
6
38
6
38
-

-
-
1
-
1
6
37
-
-

12. Debtors

Amounts falling due within one year:

Trade debtors
Intercompany loans
Other debtors
Prepayments
Accrued income		 Group
Total
31.03.22
£000
142
-
74
21
1,065
1,302		 Charity
Total
31.03.22
£000
9
3,643
74
21
1,065
4,812		 Group
Total
31.03.21
£000
82
-
162
11
750
1,005		 Charity
Total
31.03.21
£000
56
3,472
158
11
750
4,447

39

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Financial Statements 2021/22

Notes to the financial statements

13. Creditors

13.1 Amounts falling due within one year:

Trade creditors
Grants awarded
Accruals
Deferred Income
Taxation and social security
Other creditors		 Group
Total
31.03.22
£000
417
2,440
89
883
26
40
3,895		 Charity
Total
31.03.22
£000
417
2,440
82
26
40

3,005		 Group
Total
31.03.21
£000
261
2,450

89
883
24
12
3,719
 Charity
Total
31.03.21
£000
261
2,450
82

-
24

12
2,829

Deferred Income is a deposit paid from A2Dominion- see ODL accounts for more information.

13.2 Amounts falling due after more than one year:

Grants awarded
falling due after more than one year		 Group
Total
31.03.22
£000
64		 Charity
Total
31.03.22
£000
64		 Group
Total
31.03.21
£000
128		 Charity
Total
31.03.21
£000
128

40

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Financial Statements 2021/22

Notes to the financial statements

14. Analysis of Funds

14.1 Restricted Funds

Material funds Balance Balance
1 Apr 31 Mar
2021 Income Expenditure Transfers Gains 2022
£000 £000 £000 £000 £000 £000
A Legacies - Restricted 680 202 - (611) -
 271
B Heart Centre Campaign/Oxford Heartfelt Appeal 381 265 (129) - -
 517
C Oxford Transplant Centre Development 361 1 - - -
 362
D Cancer Research 262 1 - (41) -
 222
E Covid-19 Trust Support Fund 212 151 (141) - - 222
F Ohsrc Research General 108 - (1) (56) - 51
G HH - The Brodey Centre 90 11 (3) - - 98
H Mr Khan's Legacy 71 - - - - 71
I Alzheimer Research (Humphris Legacy) 60 - - - - 60
J Cancer Research (Hawes Legacy) 55 - - - - 55
K Future Fertility Trust Fund 53 37 (58)
 (6) - 26
L Rivermead Neurological Rehabilitation Development 52 2 (29) -
 - 25
Other funds (106 funds) 262 102 (267) 116 -
 214
Total 2,647 772 (628) (597) - 2,194

41

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Financial Statements 2021/22

Notes to the financial statements

14.1 Restricted Funds (continued)

The funds listed above will vary as only the most material funds in the current period are disclosed. Therefore a fund may not be shown individually each year.

Name of fund

Description of the nature and purpose of each fund

C Oxford Transplant Centre Development D Cancer Research E Covid-19 Trust Support Fund F OHSRC Research G Horton Brodey Centre H Mr Khan's legacy I Alzheimers Research

J Cancer Research ( Legacy) K Future Fertility L Rivermead Neurological Rehabilitation

Temporary holding fund for bequests while expenditure plans are finalised For the benefit of patient and staff of the Oxford Heart Centre To benefit the Oxford Transplant Centre For the benefit of cancer research For the benefit of patients and staff, in response to the COVID-19 pandemic Research for the benefit of NHS in Oxfordshire

To enhance the care of patients and carers using The Brody Centre (Horton Hospital) For the benefit of improving a range of kiney services, set up on receipt of a legacy For the benefit of Alzheimers research, set up on receipt of a legacy For the benefit of Cancer research, set up on receipt of a legacy To preserve the fertility of young cancer patients To support the Neurological Rehabilitation Services

42

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Financial Statements 2021/22

Notes to the financial statements

14.2 Unrestricted Designated Funds

Material funds

----- Start of picture text -----
Balance Balance
1 Apr 31 Mar
2021 Income Expenditure Transfers Gains 2022
£000 £000 £000 £000 £000 £000
A Alderman Bellamy 1,072 - 29 (32) - 1,069
B Legacies - Unrestricted 688 (60) - - - 628
C Ocdem Diabetes Charitable Fund 410 2 (21) (12) - 379
D Haematology Ward (Previously Ward 5E) 289 9 (9) (9) - 280
E Renal Medical Ward 268 7 (4) (8) - 263
F Oxford Eye Hospital 209 69 (74) (12) - 192
G William Montague Jervis Memorial Fund 204 - - (6) - 198
H Interventional Cardiology Fund 175 5 (49) (4) - 127
I Silver Star 166 44 (59) (5) - 146
J Colorectal Surgery Team Fund 163 3 - (5) - 161
K Renal Research 159 - (9) (4) - 146
L Fund For Children 140 310 (127) (10) - 313
M Haematology - - - 593 - 593
N Prostate Cancer Research And Devlopment 1 450 - (59) - 392
Others (360 funds) 5,106 950 (571) (185) - 5,300
Total 9,050 1,789 (895) 244 - 10,188
Balance Balance
1 Apr 31 Mar
2020 Income Expenditure Transfers Gains 2021
£000 £000 £000 £000 £000 £000
A Alderman Bellamy 1,129 - (57) - - 1,072
B Legacies - Unrestricted 367 688 (367) - - 688
C Ocdem Diabetes Charitable Fund 421 2 (13) - - 410
D Haematology Ward (Previously Ward 5E) 313 13 (37) - - 289
E Renal Medical Ward 253 17 (2) - - 268
F Oxford Eye Hospital 146 5 58 - - 209
G William Montague Jervis Memorial Fund 204 - - - - 204
H Interventional Cardiology Fund 185 2 (12) - - 175
I Silver Star 172 36 (42) - - 166
J Colorectal Surgery Team Fund 163 - - - - 163
K Renal Research 161 - (2) - - 159
L Fund For Children 1 223 (84) - - 140
Others (363 funds) 4,847 7 (444) 697 - 5,107
Total 8,362 993 (1,002) 697 - 9,050
----- End of picture text -----

43

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Financial Statements 2021/22

Notes to the financial statements

14.2 Unrestricted Designated Funds (continued)

The funds listed will vary as only the most material funds in the current period are disclosed. Therefore a fund may not be shown individually each year.

Name of fund

Description of the nature and purpose of each fund

To benefit the staff of the Opthalmology department Temporary holding fund for bequests while expenditure plans are finalised To support specific diabetes & metabolic research projects To support staff welfare, research & education in Haematology To support patient and staff welfare for the ward To support all charitable purposes relating to the Eye Hospital To provide the Emergency Department with a CT scanner To support research into Interventional Cardiology

To support staff and patients at the Womens Centre. Also to provide equipment for To support staff welfare, research & education To support research and eductaiton in kidney diseases and kidney function To support children’s services throughout the Oxford University Hospitals NHS To support staff welfare, research and education in Haematology To support research into prostate cancer

14.3 Unrestricted General Funds

Balance
Balance
1 Apr
31 Mar
2021
Income
Expenditure
Transfers
Gains
2022
£000
£000
£000
£000
£000
£000
John Radcliffe Hospital General Funds
Churchill Hospital General Funds
Nuffield Orthopaedic Centre General Funds
Horton General Funds
Charity General Funds		 5
131
(253)
-
-
(117)
841
119
(87)
(2)
-
871
9
17
(6)
(1)
-
19
124
232
(61)
(21)
-
274
991
345
(1,444)
377
217
486
Total 1,970
844
(1,852)
353
217
1,533

We expect the John Radcliffe fund to become positive in the next financial year as relevant funds are anticipated to be received.

Balance
Balance
1 Apr
31 Mar
2020
Income
Expenditure
Transfers
Gains
2021
£000
£000
£000
£000
£000
£000
John Radcliffe Hospital General Funds
Churchill Hospital General Funds
Nuffield Orthopaedic Centre General Funds
Horton General Funds
Charity General Funds		 42
200
(212)
(25)
-
5
760
296
(166)
(49)
-
841
28
10
(15)
(14)
-
9
125
26
(15)
(12)
-
124
402
1,353
(932)
(740)
908
991
Total 1,357
1,885
(1,340)
(840)
908
1,970

44

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Financial Statements 2021/22

Notes to the financial statements

15. Contingent assets

There are no contingent assets or liabilities in the current or previous period.

16. Commitments

The charity had the following commitments under operating leases

Total payable:
Less than 1 year
Between 1-5 years		 31.03.22
31.03.21
£
£
46,755

6,504
-
2,168
46,755
8,672

17. Income from legacies

Legacy income is accounted for upon receipt or where receipt of the legacy is probable and the amount can be estimated with sufficient accuracy. As at the 31st March 2022 the charity had 22 (2021: 20) ongoing residual legacies. 6 of these are life interest legacies (2021: 6). These have not been included in the Statement of Financial Activities because the conditions for recognition had not been met at the year end.

These accounts include a significant accrued legacy debtor with an estimated value of £628,000. The Trustees deem this a reasonable estimate of the Charity’s expected share of the estate once legal and other fees have been deducted.

18. Loans or guarantees

The Charity has no loans or guarantees secured against its assets in the current or previous period.

19. Connected organisations

The Charity has had no dealings with connected organisations other than those noted under note 1.12.

45

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Financial Statements 2021/22

Notes to the financial statements

20. Notes to the cash flow statement

Reconciliation of net income/(expenditure) to net cash flow from operating activities

Net (expenditure)/income for the reporting period (as per the SOFA):
Gain/(Loss) on sale of investment fixed assets
Investment Income
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash provided by (used in) operating activities:		 31.03.22
£000
247
(217)
(82)
18
78
44		 31.03.21
£000
1,549
(908)
(11)
(134)
812
1,308

21. Changes in net debt

Cash at bank and in hand Balance
Cash
Balance
1 Apr
Flows
31 Mar
2021
2022
£000
£000
£000
982
(169)
813
982
(169)
813

46

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Financial Statements 2021/22

Notes to the financial statements

22. Agency transactions

In accordance with the SORP, agency transactions are excluded from the accounts. The amounts excluded are as follows:

31.03.22 31.03.22 31.03.21 31.03.21
£000 £000 £000 £000
Income Expenditure Income Expenditure
Nuffield Oxford Hospitals Fund 170 (123) 370 (384)

The Nuffield Oxford Hospitals Fund (NOHF) funds research projects in support of the Oxford University Hospitals NHS Foundation Trust, but the decisions regarding the projects supported are made by the trustees of NOHF. Therefore SORP requires these transactions to be treated as agency transactions. At the balance sheet date the Charity held £35k (2021: £2k) which it had received from NOHF, but not yet spent on projects approved by NOHF.

Accordingly, in line with the Statement of Recommended Practice ("SORP") on Charity Accounts the transactions related to the above funding requires that they are treated as having been received by the Charitable Funds as agent, and in line with the SORP these transactions are recognised in neither the Statement of Financial Activities nor the balance sheet of the Charitable Funds. Details of those transactions are set out in this note.

23. Post balance sheet events

There have been no post balance sheet events requiring disclosure or inclusion in the Statement of Financial Activities.

24. Members liability

The charitable company is limited by guarantee, not having a share capital, and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the charitable company on winding up such amounts as might be required not exceeding £1.

47

2021-2022 OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS

Financial Statements 2021/22

Notes to the financial statements

25. Analysis of net assets

Group
Fixed Assets
Investments
Net current assets
Non current liabilities
Total net assets
Fixed Assets
Investments
Net current assets
Non current liabilities
Total net assets
Charity
Fixed Assets
Investments
Net current assets
Non current liabilities
Total net assets
Fixed Assets
Investments
Net current assets
Non current liabilities
Total net assets		 31.03.22
Unrestricted
Restricted
Total
funds
funds
funds
£'000
£'000
£'000
37
37
15,721
15,721
(3,974)
2,194
(1,780)
(64)
(64)
11,720
2,194
13,914
31.03.21
Unrestricted
Restricted
Total
funds
funds
funds
£'000
£'000
£'000
15,527
15,527
(4,379)
2,647
(1,732)
(128)
(128)
11,020
2,647
13,667
31.03.22
Unrestricted
Restricted
Total
funds
funds
funds
£'000
£'000
£'000
37
37
11,581
11,581
426
2,194
2,620
(64)
(64)
11,980
2,194
14,174
31.03.21
Unrestricted
Restricted
Total
funds
funds
funds
£'000
£'000
£'000
11,387
11,387
(47)
2,647
2,600
(128)
(128)
11,212
2,647
13,859

48

OXFORD HOSPITALS CHARITY REPORT AND ACCOUNTS 2021-22

Financial Statements 2021/22

Notes to the financial statements

26. Prior year comparatives

Consolidated Statement of Financial Activities
(Including consolidated income and expenditure account)
for the year ended 31 March 2021
Note
Income from:
Donations and Legacies:
Donations
Legacies
18
Grants
3
Charitable activities
4
Other trading activities
5
Investments
11.4
Other income
6
Total income
Expenditure on:
Raising funds:
Commercial trading operations
Costs of raising funds
7
Investment management costs
Depreciation of fixed assets
Sub total: expenditure on raising funds
Charitable activities:
Grants Payable
Medical Equipment
Patient Welfare
Staff Welfare
Research
Education
Sub total: expenditure on charitable activities
8,9
Total expenditure
Net income/(expenditure) before gains/(losses) & transfers between funds
Gross transfers between funds
10
Net income/ (expenditure) and net movement in funds for the period
Reconciliation of Funds:
Fund balances brought forward at 1 April
Fund balances carried forward at 31 March
Gains / (losses) on revaluation and disposal of investment assets		 Unrestricted
Funds
£000
1,858
898
63
48
11
2,878
(340)
(340)
(288)
(576)
(687)
(285)
(166)
(2,002)
(2,342)
536
908
(143)
1,301
9,719
11,020		 Restricted
Funds
£000
946
843
456
23
2,268
(14)
(27)
(41)
(303)
(69)
(1,633)
(16)
(101)
(2,122)
(2,163)
105
143
248
2,399
2,647		 31 Mar 2021
31 Mar 2020
Total
Total
Funds
Funds
£000
£000
2,804
1,917
1,741
1,474
519
189
48
98
23
25
11
97
2
5,146
3,802
(14)
(367)
(395)
(381)
(395)
(591)
(2,109)
(645)
(1,984)
(2,320)
(552)
(301)
(746)
(267)
(656)
(4,124)
(6,047)
(4,505)
(6,442)
641
(2,640)
908
228
1,549
(2,412)
12,118
14,530
13,667
12,118

49

Oxford Hospitals Charity