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2024-03-31-accounts

Charity registration number 261476

Company registration number 04343625 (England and Wales)

OXFORDSHIRE MIND

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

OXFORDSHIRE MIND

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A Cohen - Chair
L Townsend
T Makaya - Vice Chair
L Johnson
A Farrell
D Hedges
C Glen
L Miller (Appointed 31 July 2023)
S Polywka (Appointed 31 July 2023)
L Pim (Appointed 26 March 2024)
R Griffiths (Appointed 26 March 2024)
M Wood (Appointed 18 June 2024)
Charity number 261476
Company number 04343625
Registered office 2 Kings Meadow
Osney Mead
Oxford
OX2 0DP
Auditor Critchleys Audit LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
Bankers National Westminster Bank Plc
Cornmarket Street
Oxford
OX1 3HA
Charities Official Investment Fund
80 Cheapside
London
EC2V 6DZ
London

OXFORDSHIRE MIND

CONTENTS

Page
Trustees' report 1 - 7
Statement of Trustees' responsibilities 8
Independent auditor's report 9 - 12
Statement of financial activities 13 - 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 - 34

OXFORDSHIRE MIND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Oxfordshire Mind is a registered Charity (no. 261476) and a company limited by guarantee (no. 4343625) with its own constitution - the 'Memorandum and Articles of Association'. We have a membership agreement with national Mind (registered charity no. 219830) enabling us, amongst other things, to use the Mind name and logo.

Objectives and activities

Oxfordshire Mind is part of the Mind network working together across England & Wales to make sure anyone with a mental health problem has somewhere to turn for advice and support.

Our Vision:

Our Mission:

Our values:

Oxfordshire Mind Services

During the year Oxfordshire Mind provided a wide range of services across Oxfordshire & Berkshire West including:

Information Service

For any mental health query, large or small, we provide information and signposting to services. We publish a ‘Mind Guide’ to mental health services, information and advice across Oxfordshire.

Options Sessions

An opportunity to talk with a Wellbeing Service Worker about mental health and wellbeing and help service users to find the right support.

Education and coping skills courses

Supporting people with their self esteem, assertiveness, stress, strong emotions and wellbeing.

Peer Support

Share activities, issues and thoughts and to meet people who share similar challenges and goals.

Benefits Advice

For anyone with a mental health problem in need of support around welfare benefits.

Oxfordshire Safe Haven (Banbury and Oxford)

A safe and welcoming space for people experiencing a mental health crisis.

Housing

Transitional Housing Recovery Services for people with serious mental illness. Provided as part of a pathway of housing services for the Oxfordshire Mental Health Partnership.

OXFORDSHIRE MIND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Volunteering and Involvement Opportunities

Support and training for volunteers to extend the range of services we can provide and help people develop new skills and experience. Involvement of people with lived experience and service users in shaping Oxfordshire Mind.

Primary Care & AMHT Wellbeing Workers

Wellbeing support from Oxfordshire Mind workers embedded in GP practices in Oxfordshire & Wokingham, and Adult Mental Health Teams across Oxfordshire.

A&E Work

Support for people at risk of suicide in partnership with Royal Berkshire Hospital Accident & Emergency Department.

Physical Activity & Wellbeing

Walking for Wellbeing groups and holistic support from Physical Health and Wellbeing Workers for people using the Early Intervention Service or living in Mind & Response supported housing.

Children,Young People & Families

Wellbeing Worker support within the specialist perinatal mental health team. Working with parents & carers of children and young people in the Family Solutions Plus partnership. Work with schools to promote and equip children and young people with knowledge and skills around physical health and mental wellbeing and delivery of Supported Self Help for children & young people. Also delivering our Youth in Mind partnership conferences in Oxfordshire and Berkshire, and a youth mental health forum across Berkshire West.

Community engagement projects

Supporting and informing the development of local mental health policy through amplifying community voices. In 2023-24 this included a school project focused on the impact of discrimination on mental health, a men's health outreach project, and a health inequalities project exploring disproportionate rates of Mental Health Act detentions amongst Black communities.

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 or involve commercial participators. There have been no complaints about fundraising activity this year.

The charity has signed up to the Fundraising Regulator’s Code of Fundraising Practice.

All the charity’s marketing activities are undertaken directly to ensure that it is not unreasonably persistent or intrusive. 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.

In developing our services, we look to

Our objectives are set out in our organisational Strategy 2022-25 available on our website.

OXFORDSHIRE MIND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Strategic report Achievements against our Objectives for 2023-24

Within the Wellbeing Service

Within the Transitional Housing Recovery Services

Within the Innovation Team

Communications and Campaigning

Development and Fundraising

OXFORDSHIRE MIND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Contribution of Volunteers

Over 90 volunteers continued to offer valuable support and contribution to our work in 2023-24. This amounted to a total of 3,028 hours of volunteering. Our volunteers were involved in a range of Mind activities and events which included helping with our information line, supporting walks and other physical activity services, contributing to events and fundraising activity, administrative office support, and group work with users of the service. We continued to develop our volunteering offer in response to feedback so as increase the range of roles, offer more flexibility and aim to improve accessibility.

All Mind volunteers are fully trained and supervised to support them in their work with us. We welcome volunteers from all backgrounds and local communities to join us.

Financial review

Income for the year was £6,973,899. Expenditure was £6,974,330. The largest single expenditure was staff costs £5,405,474) which accounts for over two thirds of expenditure.

The principal funding sources during the year have been:

Reserves Policy

Forming part of reserves, the unrestricted general fund is the working fund of the charity. Unlike the other funds, it is not restricted or designated for use for a particular or defined purpose.

The unrestricted general fund provides for the net deficit of any activities that have inadequate income of their own and for the general administration of the charity. It also provides working capital for operations and helps to provide resources to ensure that the charity is able to continue with its obligations in the event of a shortfall in income or unexpected upturn in expenditure.

The Reserves policy was revised in the year and the Board has decided now to base the reserves requirement on the estimated winding up costs of the organisation. The reserves requirement requires that the Category A creditors (employee obligations, tax obligations and professional fees associated with winding up plus a small contingency are covered by free reserves.

Gross unrestricted income and expenditure excludes both restricted income and expenditure and income and expenditure relating to major contracts to provide NHS services to the extent that they are self-financing.

Trustees consider that this level should ensure uninterrupted services and delivery of the charity’s objectives regardless of short to medium term fluctuations in patterns of income and expenditure or unforeseen financial burdens.

The reserves target amounted to between £1.2 million at 31 March 2024 on the revised basis noted above, and the charity’s unrestricted general funds of £1.2 million met this target.

OXFORDSHIRE MIND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Plans for future periods

Our future plans are informed firstly by our Strategic Plan, which looks at the challenges and opportunities facing the organisation and maps out our priorities for the future, and secondly by our Objectives and Key Results, which describes our priorities in more detail for each financial year.

Decisions made by the board and senior management team will be aligned to the four priorities of the current 20222025 strategic plan:

For the next year, our objectives are as follows:

Structure, governance and management

The Trustees of Oxfordshire Mind are responsible for overseeing the management and administration of the charity and have ultimate responsibility for the charity’s activities. The Trustees are also the Directors of the company. Trustees are elected by the membership at the Annual General Meeting or join as co-opted members at the invitation of the Board of Trustees. Induction and training is available for all Trustees.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

N Welch (Resigned 27 November 2023) N Georgiou - Vice Chair (Resigned 27 November 2023) A Cohen - Chair L Townsend A Asif (Resigned 22 May 2023) A Lockwood (Resigned 28 May 2024) T Makaya - Vice Chair L Johnson A Farrell D Hedges C Glen L Miller (Appointed 31 July 2023) S Polywka (Appointed 31 July 2023) L Pim (Appointed 26 March 2024) R Griffiths (Appointed 26 March 2024) M Wood (Appointed 18 June 2024)

OXFORDSHIRE MIND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The role of the Board of Trustees is:

During the year 2023/24 the full Board of Trustees met regularly, and all meetings were quorate. Separate Trustee Sub Committees covering Finance, HR, Governance & Assurance and Service, Quality and Performance also met on a regular basis during the year and reported to the full Board.

The Trustees reviewed and updated the Articles of Association during the year 2023/24. Having received consent from the Charity Commission in June 2024, the revised Articles of Association were formally adopted by Written Special Resolution in July 2024.

Environmental Good Practice

Oxfordshire Mind has a policy on environmental good practice. The charity aims to minimise our impact through practical measures such as: interest free public transport season ticket loans, a cycle-to-work scheme, energy efficiency, reducing paper usage, recycling, and other measures. The policy covers our work with service users, our staff, contractors and where appropriate partners and other stakeholders.

Risk Management

The Trustees have considered risks and risk management throughout the year as part of the business of the regular Trustees’ meetings. A formal strategic risk assessment and risk management register is reviewed and kept updated.

The principal risks and uncertainties for the charity as at 31st March 2024 include external risks related to the changing environment of fundraising, NHS and local government commissioning, financial impacts from higher inflation and costs. As a consequence the principle internal risks identified are sustaining culture and values across the organisation as we work over a wider geography, loss of major funding or contracts, serious health and safety incidents related to our work. We have a detailed risk management plan in place to mitigate for these which is regularly reviewed by senior management and trustees. Trustees introduced more rigorous review and monitoring of finances by the Finance sub-committee, who report back to the board.

Key Management Personnel Remuneration

The Trustees consider the Board of Trustees and the Senior Management 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 10 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 Senior Management Team is reviewed annually in line with the organisation’s Pay and Reward Policy. The remuneration is reviewed to ensure that it is fair and not out of line with similar roles.

OXFORDSHIRE MIND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Auditor

In accordance with the company's articles, a resolution proposing that Critchleys Audit LLP be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' report, including the strategic report, was approved by the Board of Trustees.

.............................. A Cohen - Chair

Trustee

Date: .............................................

OXFORDSHIRE MIND

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

The Trustees, who are also the directors of Oxfordshire Mind for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

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

OXFORDSHIRE MIND

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORDSHIRE MIND

Opinion

We have audited the financial statements of Oxfordshire Mind (the ‘Charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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:

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 Charity 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 Charity’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 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 contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

OXFORDSHIRE MIND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OXFORDSHIRE MIND

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report included within the Trustees' report.

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

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charity for the purpose 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 Charity’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 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.

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.

OXFORDSHIRE MIND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OXFORDSHIRE MIND

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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. Our audit work has been undertaken so that we might state to the charitable company's members 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, for our audit work, for this report, or for the opinions we have formed.

OXFORDSHIRE MIND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OXFORDSHIRE MIND

Katherine Wilkes (Senior Statutory Auditor) for and on behalf of Critchleys Audit LLP

Chartered Accountants Statutory Auditor

.........................

Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP

OXFORDSHIRE MIND

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Current financial year
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
Designated
Funds
2024
2024
2024
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
344,952
27,000
6,315
Charitable activities
4
6,325,507
-
124,953
Investments
5
124,959
-
-
Other income
6
-
20,213
-
Total income
6,795,418
47,213
131,268
Expenditure on:
Raising funds
7
295,843
-
-
Charitable activities
8
6,536,959
4,596
136,932
Total expenditure
6,832,802
4,596
136,932
Net gains/(losses) on
investments
13
-
-
-
Net income/(expenditure)
(37,384)
42,617
(5,664)
Transfers between funds
(10,180)
-
10,180
Net movement in funds
10
(47,564)
42,617
4,516
Reconciliation of funds:
Fund balances at 1 April 2023
1,245,339
2,572,021
11,312
Fund balances at 31 March 2024
1,197,775
2,614,638
15,828		 Total
2024
£
378,267
6,450,460
124,959
20,213
6,973,899
295,843
6,678,487
6,974,330
-
(431)
-
(431)
3,828,672
3,828,241		 Total
2023
£
368,980
6,804,660
27,823
6,000
7,207,463
242,343
7,887,912
8,130,255
(70,984)
(993,776)
-
(993,776)
4,822,448
3,828,672

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

OXFORDSHIRE MIND

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Prior financial year
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
Designated
Funds
2023
2023
2023
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
364,770
4,210
-
Charitable activities
4
6,630,979
-
173,681
Investments
5
27,823
-
-
Other income
6
6,000
-
-
Total income
7,029,572
4,210
173,681
Expenditure on:
Raising funds
7
242,343
-
-
Charitable activities
8
7,690,705
4,417
192,790
Total expenditure
7,933,048
4,417
192,790
Net gains/(losses) on investments
13
(70,984)
-
-
Net income
(974,460)
(207)
(19,109)
Transfers between funds
(37)
-
37
Net movement in funds
10
(974,497)
(207)
(19,072)
Reconciliation of funds:
Fund balances at 1 April 2022
2,219,836
2,572,228
30,384
Fund balances at 31 March 2023
1,245,339
2,572,021
11,312		 Total
2023
£
368,980
6,804,660
27,823
6,000
7,207,463
242,343
7,887,912
8,130,255
(70,984)
(993,776)
-
(993,776)
4,822,448
3,828,672

OXFORDSHIRE MIND

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
17
Investments
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
Net assets
The funds of the Charity
Restricted income funds
22
Unrestricted funds - general
Unrestricted funds - Designated Funds
24		 2024
2023
£
£
£
£
2,628,793
2,642,177
22,000
22,000
2,650,793
2,664,177
426,111
797,183
995,931
270,965
619,121
1,151,173
2,041,163
2,219,321
(863,715)
(1,054,826)
1,177,448
1,164,495
3,828,241
3,828,672
3,828,241
3,828,672
15,828
11,312
1,197,775
1,245,339
2,614,638
2,572,021
3,828,241
3,828,672		 2024
2023
£
£
£
£
2,628,793
2,642,177
22,000
22,000
2,650,793
2,664,177
426,111
797,183
995,931
270,965
619,121
1,151,173
2,041,163
2,219,321
(863,715)
(1,054,826)
1,177,448
1,164,495
3,828,241
3,828,672
3,828,241
3,828,672
15,828
11,312
1,197,775
1,245,339
2,614,638
2,572,021
3,828,241
3,828,672
2,664,177
1,164,495
3,828,672
3,828,672
11,312
1,245,339
2,572,021
3,828,672

The financial statements were approved by the Trustees on .........................

.............................. A Cohen - Chair Trustee

Company registration number 04343625 (England and Wales)

OXFORDSHIRE MIND

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
29
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand
Short term deposits included in current asset
investments		 2024
£
£
94,190
(26,235)
-
-
-
124,959
98,724
-
192,914
1,422,138
1,615,052
619,121
995,931		 2023
£
£
(770,568)
(21,494)
11,263
(124,119)
1,038,293
27,823
931,766
-
161,198
1,260,940
1,422,138
1,151,173
270,965

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Oxfordshire Mind is a charitable company limited by guarantee incorporated in England and Wales. The registered office is 2 Kings Meadow, Osney Mead, Oxford, OX2 0DP.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Constitution, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

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 nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. The Trustees may choose to designate funds for particular purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the note to the accounts.

1.4 Income

All incoming resources are included in the SoFA when 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.

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.

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. No amount is included in the accounts for volunteer time in line with the SORP (FRS 102).

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

The Charity receives government and other grants in respect of the housing and care services it provides. Income from government and other grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Where the Charity works with partners in providing services, but is ultimately responsible for delivery of the service, then income is recognised in full in the accounts where it meets the criteria above.

Investment income is earned through holding assets for investments purposes and includes bank interest. It is included when the amount can be measured reliably.

1.5 Expenditure

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

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.

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 and 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.

The analysis of these costs is included within note 8.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 15% per annum
IT equipment 25% per annum
Motor vehicles 20% per annum

Depreciation is no longer charged on the Charity's property as the properties are not seen as diminishing in value, and therefore any depreciation charge would be immaterial. Properties are reviewed annually for impairment.

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

1.7 Fixed asset 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 Statement of Financial Activities (SoFA) if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments 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.

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

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 income or expenditure unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

1.11 Taxation

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.

1.12 Employee benefits

When employees have rendered services 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.

1.13 Retirement benefits

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

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

(Continued)

Key sources of estimation uncertainty

Depreciation

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. Expected useful life in this calculation is an estimate. A review is required annually to ensure no assets are being depreciated by more than cost, and that consumption is appropriate.

Deferred income

Income for projects is deferred where milestones have not been met by the year-end, which is entitlement and where project income is received in advance of contracted date.

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3 Donations and legacies

Unrestricted Unrestricted
Restricted
funds
funds
funds
general
designated
2024
2024
2024
£
£
£
Donations
325,027
27,000
6,315
Grants
19,925
-
-
344,952
27,000
6,315		 Total
Unrestricted
Unrestricted
funds
funds
general
designated
2024
2023
2023
£
£
£
358,342
313,390
4,210
19,925
51,380
-
378,267
364,770
4,210		 Total
2023
£
317,600
51,380
368,980

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

4 Charitable activities

Charitable Charitable
Income Income
2024 2023
£ £
Grants from Trusts/Big Lottery 337,005 427,683
Oxfordshire County Council 318,000 490,000
Primary Care 1,453,359 1,061,085
Oxford Health NHS Foundation Trust 2,189,856 3,068,712
SIL housing contract 587,038 573,884
Rents receivable 1,110,568 1,017,406
Residents housing service charge 84,137 69,485
Training and other income 220,596 96,405
Berkshire Healthcare 149,901 -
6,450,460 6,804,660
Analysis by fund
Unrestricted funds - general 6,325,507 6,630,979
Restricted funds 124,953 173,681
6,450,460 6,804,660

5 Income from investments

Unrestricted Unrestricted Unrestricted
funds funds
2024 2023
£ £
Bank interest received 38,993 23,656
Investment income 85,966 4,167
124,959 27,823
Other income
Unrestricted Unrestricted Total Unrestricted Unrestricted Total
funds funds funds funds
**general ** Designated **general ** Designated
Funds Funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Insurance claim receipt - 20,213 20,213 6,000 - 6,000

6 Other income

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

7 Raising funds

Unrestricted Unrestricted
funds funds
general general
2024 2023
£ £
Other fundraising costs 37,814 13,751
Staff costs 258,029 228,592
295,843 242,343

8 Charitable activities

Staff costs
Depreciation and impairment
Rent and rates
Training
Motor and travel
Insurance
Heat and light
Project running costs/resources
Repairs and maintenance
IT costs
Amenity
Partner project costs
Consultancy & temps
Miscellaneous
Share of support costs (see note 9)
Share of governance costs (see note 9)
Analysis by fund
Unrestricted funds - general
Designated funds
Restricted funds		 2024
£
5,147,445
39,954
459,873
36,891
57,058
37,595
102,374
10,632
157,878
347,014
7,099
51,346
16,813
796
6,472,768
172,786
32,933
6,678,487
6,536,959
4,596
136,932
6,678,487		 2023
£
5,601,223
37,314
251,273
79,051
46,305
35,543
118,350
11,000
220,703
199,501
16,706
283,084
694,662
-
7,594,715
243,467
49,730
7,887,912
7,690,705
4,417
192,790
7,887,912

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

9
Support costs allocated to activities
Recruitment costs
Telephone and internet
Printing, postage, books and stationary
Subscriptions
Bank charges and finance costs
Governance costs
Analysed between:
Charitable activities
Governance costs comprise:
Audit fees
Legal and professional
10
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets		 2024
£
19,270
84,173
16,357
13,828
42,323
32,933
208,884
208,884
2024
£
11,112
21,821
32,933
2024
£
39,519		 2023
£
76,183
104,397
39,415
13,326
10,146
49,730
293,197
293,197
2023
£
10,890
38,840
49,730
2023
£
58,779

11 Trustees

The Trustees neither received nor waived any remuneration during the year (2023: £Nil).

The total amount of employee benefits received by key management personnel is £485,044 (2023: £469,620). The Trust considers its key management personnel comprise the Board of Trustees and the Senior Management Team.

No trustees are accruing pension arrangements (2023: none).

Expenses totalling £Nil (2023: £Nil) were reimbursed to Trustees for travel and subsistence.

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

12 Employees

The average monthly number of employees during the year was:

Employed staff
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than £60,000
is as follows:
£60,001 to £70,000
£70,001 to £80,000		 2024
Number
200
2024
£
4,828,589
442,956
133,929
5,405,474
2024
Number
-
1		 2023
Number
220
2023
£
5,284,894
421,821
123,100
5,829,815
2023
Number
1
1

13 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Sale of investments - (70,984)

14 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15 Tangible fixed assets
Freehold land Fixtures and IT equipment Total
and buildings fittings
£ £ £ £
Cost
At 1 April 2023 2,864,720 43,467 215,995 3,124,182
Additions - - 26,135 26,135
Disposals - (8,024) (96,388) (104,412)
At 31 March 2024 2,864,720 35,443 145,742 3,045,905
Depreciation and impairment
At 1 April 2023 295,002 33,682 153,321 482,005
Depreciation charged in the year - 994 38,525 39,519
Eliminated in respect of disposals - (8,024) (96,388) (104,412)
At 31 March 2024 295,002 26,652 95,458 417,112
Carrying amount
At 31 March 2024 2,569,718 8,791 50,284 2,628,793
At 31 March 2023 2,569,718 9,785 62,674 2,642,177
16 Fixed asset investments
Trust fund
£
Cost or valuation
At 1 April 2023 & 31 March 2024 22,000
Carrying amount
At 31 March 2024 22,000
At 31 March 2023 22,000

17 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
299,490
12,455
114,166
426,111		 2023
£
686,754
12,070
98,359
797,183

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

18
Current asset investments
Cash in deposit accounts
19
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
20
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
995,931
2024
£
88,116
157,847
138,078
27,095
452,579
863,715		 2023
£
270,965
2023
£
102,947
245,511
219,127
-
487,241
1,054,826

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

20 Deferred income
2024 2023
£ £
Other deferred income 157,847 245,511
Deferred income is included in the financial statements as follows:
2024 2023
£ £
Deferred income is included within:
Current liabilities 157,847 245,511
Movements in the year:
Deferred income at 1 April 2023 245,511 219,019
Released from previous periods (245,511) (219,019)
Resources deferred in the year 157,847 245,511
Deferred income at 31 March 2024 157,847 245,511
Deferred income relates to grants received for future periods.
21 Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 133,929 123,100

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

22 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April Incoming Resources Transfers At 31 March
2023 resources expended 2024
£ £ £ £ £
Youth in Mind Oxfordshire - 500 (500) - -
Community Outreach - 6,315 - - 6,315
Mind in Berkshire - 703 (703) - -
Mill Decoration 10,000 - (9,857) - 143
Reaching Communities (Big
Lottery) - 38,750 (38,750) - -
Stone Family Foundation 1,312 85,000 (86,312) - -
Yoga Quota - - (810) 10,180 9,370
11,312 131,268 (136,932) 10,180 15,828
Previous year: At 1 April Incoming Resources Transfers At 31 March
2022 resources expended 2023
£ £ £ £ £
Berkshire - 670 (670) - -
BBMH - 3,000 (3,000) - -
CYP - 2,789 (2,789) - -
Mill Decoration - 10,000 - - 10,000
Oxford City - 17,804 (17,804) - -
Oxfordshire Sports Partnership (90) - - 90 -
Reaching Communities (Big
Lottery) 29,162 51,668 (80,830) - -
Stone Family Foundation 1,312 85,000 (85,000) - 1,312
Walking to Wellbeing - 2,750 (2,697) (53) -
30,384 173,681 (192,790) 37 11,312

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

22 Restricted funds

(Continued)

Berkshire

This relates donations received specifically for our work supporting people with Mental Health problem in Berkshire

BBMH

This relates to funding for our work providing advice on benefit entitlements and helping people with a mental health problem access support.

CYP

This relates to donations received specifically for our work supporting children and young people with Mental Health problems.

Mill decoration

This relates to funds received to redecorate our office and wellbeing centre the Mill in Oxford.

Oxford City

This relates to donations received specifically for our work supporting people with Mental Health problems in Oxford city.

Oxfordshire Sports Partnership

To improve the participation rates of people with mental health problems, access new sporting activities in Oxfordshire.

Reaching Communities (Big Lottery)

Deliver specialist outreached based benefits advice and caseworks across Oxfordshire enabling people with mental health problems to navigate major changes in the benefits system to access their right entitlement.

Stone Family Foundation

To provide a dedicated service, supporting people with severe and enduring mental health at the Mill Oxford.

Walking to Wellbeing

To provide wellbeing accessible walking groups from mental health services with the aim of getting people with severe and enduring mental health conditions active.

Youth in Mind

Funds received for our Young person’s mental heath conference Youth in Mind Community outreach. This relates to funds for working to engage communities that don’t access mental health services in the same proportion as the general population.

Mind in Berkshire

To provide funds for our work in Berkshire.

Community outreach

To provide funds for our work in support of the community outreach programme.

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

23 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General funds
Previous year:
General funds		 At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
1,245,339
6,795,418
(6,832,802)
At 1 April
2022
Incoming
resources
Resources
expended
£
£
£
2,219,836
7,029,572
(7,933,048)		 Transfers
Gains and
losses
At 31 March
2024
£
£
£
(10,180)
-
1,197,775
Transfers
Gains and
losses
At 31 March
2023
£
£
£
(37)
(70,984)
1,245,339

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

24 Designated funds

These are designated funds which are material to the Charity's activities made up as follows:

Balance at
1 April 2022
£
Access Fund
2,178
Cherwell & West Activity Account
207
Freehold Property Fund
2,569,843
South & Vale Activity Account
-
Legacy designated for matching funds
-
Insurance Claim
-
2,572,228		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
1 April 2023
£
£
£
£
-
-
-
2,178
1,830
(2,037)
-
-
-
-
-
2,569,843
2,380
(2,380)
-
-
-
-
-
-
-
-
-
-
4,210
(4,417)
-
2,572,021		 Movement in funds
Incoming
resources
Resources
expended
31
£
£
-
-
-
-
-
-
-
-
27,000
-
20,213
(4,596)
47,213
(4,596)		 Balance at
March 2024
£
2,178
-
2,569,843
-
27,000
15,617
2,614,638

Access Fund

Funds allocated for projects that are not within the wellbeing contract and meet the objectives of Oxfordshire Mind.

Freehold Property Fund

This fund represents property held by the charity. These assets are required for the charitable activities of the charity, and thus do not form part of available general funds.

Legacy designated for matching funds

This is to be used for matching funds.

Insurance Claim

This is related to insurance claim income and repairs for flood damage costs.

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

25 Analysis of net assets between funds

Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
Designated
Funds
2024
2024
2024
£
£
£
At 31 March 2024:
Tangible assets
58,950
2,569,843
-
Investments
22,000
-
-
Current assets/(liabilities)
1,116,825
44,795
15,828
1,197,775
2,614,638
15,828
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
Designated
Funds
2023
2023
2023
£
£
£
At 31 March 2023:
Tangible assets
72,334
2,569,843
-
Investments
22,000
-
-
Current assets/(liabilities)
1,151,005
2,178
11,312
1,245,339
2,572,021
11,312		 Total
2024
£
2,628,793
22,000
1,177,448
3,828,241
Total
2023
£
2,642,177
22,000
1,164,495
3,828,672

26 Operating lease commitments

Lessee

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2024
£
419,367
92,737
512,104		 2023
£
367,356
90,120
457,476

Amounts recognised in profit or loss as an expense during the period in respect of operating lease arrangements was £343,817 (2023: £367,356).

OXFORDSHIRE MIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

27 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

Oxfordshire Mind is a part of the National Federation. Although an independent organisation, we are subject to a regular audit (the Mind Quality Mark), which provides helpful scrutiny. A key benefit of the federation is the opportunity to work with colleagues in National Mind and other Local Mind Associations around the country and learn from each other. In addition, we are able to bid for funding from National Mind where appropriate.

The charity subscribes to the Mind Block insurance policy for local Mind groups.

28 Analysis of changes in net funds

The Charity had no material debt during the year.

29 Cash generated from operations 2024 2023
£ £
Deficit for the year (431) (993,776)
Adjustments for:
Investment income recognised in statement of financial activities (124,959) (27,823)
(Gain)/loss on disposal of investments - 70,984
Depreciation and impairment of tangible fixed assets 39,519 58,083
Movements in working capital:
Decrease in debtors 371,072 172,581
(Decrease) in creditors (103,447) (56,340)
(Decrease)/increase in deferred income (87,564) 26,492
Cash generated from/(absorbed by) operations 94,190 (749,799)