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2021-03-31-accounts

Registered number: 01989868 Charity number: 293522

ST. LUKE'S OXFORD

(A company limited by guarantee)

MEMBERS OF THE COUNCIL'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

ST. LUKE'S OXFORD

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Members of the Council 1 - 2
and advisers
Foreword from Chairman 3
Message from Chief Executive 4
Members of the Council's report 5 - 11
Independent auditor's report on the financial statements 12 - 14
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 - 32

ST. LUKE'S OXFORD

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS MEMBERS OF THE COUNCIL AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Members of the Council Mr L A Ponsonby, Chairman Mr G P Candy Lady J Norman Dr H Van Oss Mr R Mann Mr M J Wilkinson* Mr P D Burge Ms T Welford (appointed 16 December 2020)

Company registered
number 01989868
Charity registered
number 293522
Registered office 4 Latimer Road
Headington
Oxford
OX3 7PF
Non - executive officers Mr T Stevenson, President
Earl of Donoughmore, Vice President
Mrs S B S Homersham, Vice President
Lady McLintock, Vice President
Key management Mr R L Burden, Chief Executive Officer
personnel Mrs V Waine, Matron
Mr A Mebrahtu, Finance Manager and Company Secretary
Independent auditor James Cowper Kreston
Chartered Accountants and Statutory Auditor
2 Chawley Park
Cumnor Hill
Oxford
Oxfordshire
OX2 9GG
Bankers Lloyds Bank Plc
PO Box 8
1-5 High Street
Oxford
OX1 4AA
HSBC Bank Plc
2nd Floor
Seacourt
West Way
Botley
Oxford
OX2 0PL

Page 1

ST. LUKE'S OXFORD

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS MEMBERS OF THE COUNCIL AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Solicitors

Blake Morgan Seacourt Tower West Way Oxford OX2 0FB

Page 2

ST. LUKE'S OXFORD

(A company limited by guarantee)

FOREWORD FROM CHAIRMAN FOR THE YEAR ENDED 31 MARCH 2021

The year 2020-2021 was a year where the Covid-19 virus has taken a terrible toll and continued to experience resurgences despite all-out government efforts to control its progress. In 2021, the vaccination programme is well underway and there is hope of a gradual return to normal interaction, but with new variants of the virus posing an ongoing threat.

It is important that I note the significant and unprecedented impact that the Covid-19 pandemic has had on St Luke’s Hospital and the care sector. Very sadly in April and May 2020 we lost a few of our patients directly as a result and our short stay care was severely affected as normal elective surgeries were halted. In the face of a situation where many of our staff were also directly affected, as Chair of the Council I am extremely proud of the effective and compassionate way that they responded to the emergency. They continued to put the most vulnerable people first in everything they did. The organisation moved quickly to protect residents and employees while keeping essential services running throughout the pandemic. Thanks to the professionalism and preparedness of our teams we were able to adapt and mobilise our efforts, so we were able to keep supporting our residents and customers.

In November 2020, St Luke’s changed one floor of its building to accommodate patients who needed dedicated recovery having had the Covid-19 virus. These patients required specialist nursing care having been initially treated at the John Radcliffe Hospital and other nearby Oxford University Hospitals. The new Covid-ward at St Luke’s was made into its own isolation bubble, with its own team of staff and infection control protocols for patients and visitors. The charity was approached by Oxfordshire County Council to provide this service but before the new ward could start receiving patients, the Care Quality Commission (CQC) had to inspect and approve St Luke’s infection control procedures, making the Hospital one of the first ‘designated settings’ in the region. As a result, St Luke’s was the first care home in the region to be provided with the new Covid-19 vaccination through 75 members of staff being given the opportunity to receive the vaccination as part of the charity’s work to support the NHS through the pandemic.

Our business model to provide services in three separate but intertwined services – long stay care with nursing home; a short stay convalescent and rehabilitation home; and consultancies with clinics and connected offices - remains the top priority and we will continue to ensure that we provide top quality services to our local community and patients from other areas. The Council remains committed to the highest level of governance that enables the Non-Executive Members to monitor, support and where appropriate, constructively challenge the management team. We have robust processes and policies in place to support and conduct all the necessary Covid-19 tests for visitors, patients, and staff.

With the benefit of hindsight, the Council of management team were right to reject the approach from representatives of the government/NHS in February 2020 to set aside one floor for patients being discharged from hospitals and care homes, before these patients and our own staff had been tested for Covid-19 and also before PPE had been made widely available. By contrast we decided to do exactly that in setting aside a secure isolated unit later in October 2020, which for five months provided an excellent service to the community and those recovering from Covid-19.

Finally, I would like to thank local government bodies, and establishments who supported St Luke’s Hospital during this difficult time - Oxfordshire County Council, Oxford University Hospitals and the many Charitable Trusts who supported us by providing funds for our core activities and refurbishment of our care home.

Luke A Ponsonby Chairman

Page 3

ST. LUKE'S OXFORD

(A company limited by guarantee)

MESSAGE FROM CHIEF EXECUTIVE FOR THE YEAR ENDED 31 MARCH 2021

Just before the outbreak of Covid-19, we completed our ambitious Building project to bring all our buildings up to the modern standard necessary to allow us to deliver the highest standards of care and support for the community we serve. Only two months after receiving CQC registration and starting to fill the new beds, the pandemic arrived. We managed to respond and adapt to a changing health and social environment to protect our patients and staff.

All of staff, Council Members and the various committees worked hard to find solutions and support the hospital in every way they could. It is due to this commitment the impact of the pandemic was less than it could have been. Back in April-May 2020 it claimed a few of our patients and affected 11 others, with 32 staff out of service for either being affected by Covid-19 themselves, self-isolating or caring for close family members who were victims of the pandemic.

I believe that our reputation for high quality care delivery, collaborative approach with our many and varying stakeholders and our medium and long-term strategy will enable us to emerge from these unprecedented times.

I would like to thank all our Council Members, the management team, all staff, family members of our patients and volunteers for their ongoing commitment, support, and contributions during the year. Our staff has worked tirelessly and diligently to prioritise the safety and protection of our residents in the most difficult of circumstances and it is at times like this that we all realise that we are exceptionally fortunate to have such enthusiastic, loyal, and talented staff.

It has been a challenging, often deeply sad time and difficult decisions have been taken in the best interests of our residents, employees and to protect the resilience of our charity.

St Luke’s Hospital will continue providing first class care and physiotherapy and high standards of cuisine. We are going to reshape our long-term strategy based on our recent experiences, looking at our patients needs and requirement and embracing technology to provide quality and sustainable service to our customers. We have a well-established and flexible planning process that sets goals together with our good governance, I am sure that first class services can be delivered as we go forward. We are confident of a positive future with sustainable growth.

It is noteworthy that we were approved by the CQC as the only care home in Oxfordshire suitable and with the requisite standards of infection control to be a designated setting suitable for Covid-19 positive patients to be discharged from the acute sector. This ran as a 5-month contract from November 2020.

Richard Burden

Chief Executive Officer

Page 4

ST. LUKE'S OXFORD

(A company limited by guarantee)

MEMBERS OF THE COUNCIL'S REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Members of the Council present their annual report together with the audited financial statements of the Company for the year 1 April 2020 to 31 March 2021. The Annual report serves the purposes of both a Members of the Council's report and a directors' report under company law. The Members of the Council confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

The Company also trades under the name St Luke's Hospital.

Objectives and activities

Strategies for achieving objectives

The objects for which the Charity is established are the relief and care of the elderly, sick, disabled and poor from all faiths and those of none, including, to the extent that it is relevant and practical to do so, in a manner and atmosphere appropriate to such faith.

ln pursuit of the above objects, the Charity shall:

In furtherance of its objectives the Charity operates a 63 bed hospital in Headington, Oxford which provides care for both long stay and short stay patients. The success of the charity is measured by the number of satisfied patients and from the feedback gained from current and past patients. ln the year ended 31 March 2021, 96% of patients rated St Luke's as at least 'Good' with 63% at 'Outstanding'.

The financial results are laid out on page 15.

Public benefit

The Council considers that it has complied with Section 17(5) of The Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

During this financial year the Trustees have carried out a review in order to ensure that St Luke's is meeting its obligations as a registered charity to deliver a public benefit. We are clear that we do carry out a service which clearly offers a significant public benefit both to those who come to us as patients and also to the wider local community in which St Luke's is situated.

Our purpose as a trading charity is to generate income so that we can reinvest back into better relief and care for the elderly, sick, disabled and poor.

Currently most of our activity has been curtailed by the need to operate within strict controls in order to safeguard patients and staff from the Covid-19. However when we are able to return to a normal routine the following would be the benefits that are available to the public.

Page 5

ST. LUKE'S OXFORD

(A company limited by guarantee)

MEMBERS OF THE COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (continued)

St Luke's is unique in its ability to offer a complete package of care for both short and long stay patients. We are well staffed with nurses and with a high proportion of qualified nurses enabling us provide the very best of care.

They are backed up by teams of physiotherapists, occupational therapists and recreational therapists. This means patients are kept as active as possible and those returning home are as well prepared as is possible. All applications from elderly persons who meet the hospital’s admission criteria for health are considered and equal merit is given to all such applicants. For those who are unable to meet the hospital’s residential charges, they are able to apply to the local authority for assistance.

We work closely with the NHS. We take patients from the NHS who either have particularly high levels of nursing needs or require intensive physiotherapy in order to return home. We currently offer 3 to 4 fast track beds, and we also offer 5 beds to the NHS in order to help relieve bed blocking. The aim of this is to ensure that we rehabilitate patients, reducing the time spent in acute hospitals and helping to make sure public funds are used in the most efficient way.

Following the development we have a range of excellent facilities, and we seek to make sure that these are widely available within the local community; we provide education and training rooms which are let out; consulting rooms are occupied by a range of high quality health professionals, including a chiropractic service, x- ray, C.T. scans, and ultrasound; coffee shop and a garden open for public.

We have a number of events for the local community. There is a Big Lunch, Help with Fundraising Activities, a Christmas Lunch for the residents of McMaster House, and the chapel is used both by Church of England and Roman Catholic congregations. We are also looking at skills training which could be available to the community.

For many years the St Luke's Housing Society Ltd, an independent and distinct charity, has occupied McMaster House, which is part of our premises, on a peppercorn rent. They offer sheltered housing with on-site management and maintenance services as well as 24 hour emergency alarm cover.

As we write this report, the St Luke's Team are working incredibly hard to support and protect our patients from the Covid-19 pandemic. One way in which the Charity is able to support the wider community is to offer a bed to a patient who can no longer remain at home, either because their usual care package is no longer available, or their family carer is unwell. We now have the capacity to support more patients than ever before, and we are keen to play our part in helping to support the most vulnerable patients in the county who could benefit from our expertise and resources.

Strategic report

Achievements and performance

Fundraising activities and income generation

St Luke's continued to engage a professional fundraiser to manage and support a fundraising campaign to help raise finance for the building project. The fundraiser is member of the lnstitute of Fundraising.

The fundraiser reports to the fundraising committee which meets bi-monthly to review the results of fundraising campaign.

The duties of the fundraising committee include ensuring that the fundraiser acts in accordance with the professional standards of the Institute of Fundraising and the committee has the power to investigate into any breach of those standards.

The fundraising campaign has been successful in raising c£117,000 this year. This was achieved through making applications to grant making trusts and individual gifts from supporters.

Page 6

ST. LUKE'S OXFORD

(A company limited by guarantee)

MEMBERS OF THE COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Strategic report (continued)

Achievements and performance (continued)

We give thanks to all our donors, including Reso Charitable Foundation, The Sir Joseph Hotung Charitable Settlement, and Postcode Neighbourhood Trust. The Postcode Neighbourhood Trust donation was to cover costs for building our garden pod for our patients to use to meet visitors in a secure environment.

No breaches in standards were detected and no complaints in relation to fundraising activities were received in the year ended 31 March 2021.

To protect vulnerable people and the wider public from certain behaviour during (or in connection to) fundraising activities St Luke's holds and abides by its own donor privacy policy.

Financial review

The past year has been extremely challenging for St. Luke's, both financially and operationally. The Covid-19 pandemic started at a time when we had recently received a good rating from CQC and an increased registration to our full capacity of 63 beds. In the January to March period of 2020 occupancy had been rising steadily in line with our planning, and then the pandemic hit us.

Over the first months of the year, particularly May and June 2020, occupancy declined rapidly as a result of a drop in Short Term incoming rehabilitation patients and deaths resulting from the Covid-19 virus. Although the government’s furlough scheme and other financial support measures did help to some extent, they could not stem the losses we were making.

In early autumn, plans were drawn up to reduce staffing and other expenditure to meet the then current position of low occupancy. However, implementation of these plans was alleviated by securing a five-month contract with NHS/OCC which effectively guaranteed us an income for 30% of our total capacity (our ground floor), to take recovering Covid-19 patients from the local hospitals, but who were not ready to return directly home. This contract ran from November to March and substantially curtailed our losses and enhanced our cash position.

At year end, although still incurring an overall operational (unrestricted) loss of £226k for the year, our cash resources of £605k were much healthier than anticipated six months earlier.

Fixed assets

The freehold land and buildings were valued in November 2019 by Lambert Smith Hampton at £10.5m, following completion of the building project. The Council have taken appropriate advice and consider this valuation to remain reasonable.

The estimated useful life of the freehold buildings is fifty years.

Reserves policy

As at the year end the total funds of the Charity were £7,584,730 of which £1,768,902 was the revaluation reserve. This left unrestricted funds of £5,815,828.

The Council’s current policy is to build reserves to provide for the long-term future of the hospital and the Council intends to rebuild the reserve base to the equivalent of six months operating costs. However, due to the impact of Covid-19 the cash reserves at the year-end were equivalent of two months operating costs. The current year will continue to be a challenge if the pandemic and low bed occupancy persists.

Page 7

ST. LUKE'S OXFORD

(A company limited by guarantee)

MEMBERS OF THE COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Principal risks and uncertainties

Risk Statement

In the year St Luke’s was facing a significant pandemic outbreak. At the worst time, 19 staff were off sick and 14 were self-isolating, out of a total of 80. The Council and Management have made considerable progress to ensure that the Hospital was Covid-19 free. However, costs rose (agency staff, Personal Protection Equipment) and occupancy dropped significantly on account of suspension of usual operations in the acute Trust hospitals. There also existed the perceived risks of vulnerable patients entering a care home. Even though healthy staff levels improved, our financial position continued to deteriorate. As we entered September 2020 our continuing as a going concern was seriously in doubt. Flexible staffing plans were put in place to ensure that the staffing levels meet the lowered occupancy levels whilst keeping our quality levels intact.

During the second major wave of the virus however, over the late autumn and winter period, our position has strengthened considerably due to the following factors:

Following the year end termination of the NHS/OCC contract, occupancy numbers have not recovered as we had hoped. Over the April to June 2021 period levels of only 60-65 % have been achieved, resulting in the decision to temporarily close our ground floor, which is 30% of total capacity. Flexible staffing levels, as planned in the autumn of 2020, have been implemented and this has meant that unfortunately a number of staff will yet again be put on the furlough scheme. On current government announcements the scheme will last until September which will allow time to recover occupancy to a level which alleviates the necessity to implement more permanent staffing measures. As a result of the healthy cash position following the ending of the NHS/OCC contract we do have adequate financial resources to see us through this challenging period.

Council Members believe they have identified the major risks to which the Charity is exposed. These include financial stability, maintaining a good reputation, quality of the personal care provided, any future resurgence of a major pandemic. Risks have been categorized both by the likelihood of their occurring and by their potential impact on the Charity. Council Members review the adequacy of protection against these risks and, where this appears insufficient, put in place procedures to mitigate them. Council meets regularly to consider the identification and mitigation of risks, and the Finance Committee, meeting monthly, keeps a very close watch on expenditure in these challenging times.

In addition to the above, our long-term loan from HSBC imposes certain conditions on our operating performance. During the year under review two of those conditions have been breached. However, we have received written assurance from the bank that no action will be taken for this year. We expect that such written assurance will be required for the current year again.

Overall, there is no doubt that 20/21 has been the most challenging year in the Charity’s history, both operationally and financially. However, we are ending the year in a better position than at any time over the past twelve months. There is no doubt that significant risks regarding the Covid-19 pandemic are still ahead of us, but Council is of one mind that we have the resources and operational flexibility to be considered that we are a going concern.

Page 8

ST. LUKE'S OXFORD

(A company limited by guarantee)

MEMBERS OF THE COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management

Constitution

St. Luke's Oxford is registered as a charitable company limited by guarantee and was set up by a Trust deed.

Governance and internal control

A panel comprising existing Council Members selects the Members of the Council. Appointment is subject to the approval of the Council. Appointees are interviewed by the Chairman and one other Member of the Council and provided with full information about the Charity before being invited to join the Council. Members of the Council serve for a three year period and may be re-elected.

The Council meets four times a year. The finance committee is made up of Members of the Council and usually meets eight times each year, but this year it met monthly to oversee the challenges the Charity faced due to the pandemic. The committee operates under specific terms of reference, under which certain functions are delegated from the Council. The committee has its decisions ratified by the full Board.

The finance committee is responsible for setting the pay and conditions of the key management personnel. The Council has the power to form other subcommittees to consider key matters such as strategy, buildings, assurance and fundraising as and when the need arises. The audit committee reporting to the Council members was formally set up during the year.

For the duration of the building project, the Council decided to merge the finance committee with the buildings committee.

The Council delegates the day to day running of St Luke's to the key management personnel who operate under the direction of the Chief Executive Officer within the framework of the annual budget. The Council approves the annual budget which embodies the strategy for each year. Operational decisions are then made by the key management personnel except where expenditure is in excess of £10,000, which requires the approval of the finance committee.

The Members of the Council have overall responsibility for ensuring that the Charity has appropriate systems of control, financial and otherwise. These systems should provide reasonable assurance that:

The systems of internal control are designed to provide reasonable assurance against material misstatement or loss. They include:

Page 9

ST. LUKE'S OXFORD

(A company limited by guarantee)

MEMBERS OF THE COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

Plans for future periods

The plans for the later months of 2021/22 are about recovery and consolidation. We must hope that the Covid-19 pandemic recedes, and that schools and workers return. Once that happens there will be a gradual rebuilding in confidence in the care home sector, although it is probable that, without further government support, a significant number will not survive. St. Luke's unique mix of long-term care, post-operative rehabilitation, respite, and palliative care, along with its existing reputation, should help it survive and thrive.

In the short term, as noted elsewhere in this report, capacity has been reduced to meet current demand with the closure of our ground floor. The Council has set a concerted marketing campaign through various mediums such as online, social media and traditional methods of direct marketing as well as efforts to identify other appropriate NHS/OUH contracts. It is hoped that with this campaign this period will be short lived.

Towards the middle of the year, we plan to assess progress and plan strategies for the future.

Statement of Members of the Council's responsibilities

The Members of the Council (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Members of the Council's report including the Strategic 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 Members of the Council to prepare financial statements for each financial year. Under company law, the Members of the Council must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Members of the Council are required to:

The Members of the Council are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Members of the Council at the time when this Members of the Council's report is approved has confirmed that:

Page 10

ST. LUKE'S OXFORD

(A company limited by guarantee)

MEMBERS OF THE COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Auditor

The auditor, James Cowper Kreston, has indicated its willingness to continue in office. The designated Members of the Council will propose a motion reappointing the auditor at a meeting of the Members of the Council.

Approved by order of the members of the board of Members of the Council and signed on their behalf by:

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

L A Ponsonby Member of the Council Date:

Page 11

ST. LUKE'S OXFORD

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. LUKE'S OXFORD

Opinion

We have audited the financial statements of St. Luke's Oxford (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 United Kingdom, including the Financial Reporting Council'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.

Material uncertainty related to going concern

We draw attention to note 1.2 in the financial statements, which indicates that due to Covid-19 and the impact that this has had on the Company's operations, and as a result compliance with banking covenants, the need for support from bankers represents a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the Members of the Council's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Members of the Council's assessment of the charitable company's ability to continue to adopt the going concern basis of accounting included reviewing budgets and cash flow forecasts.

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

Page 12

ST. LUKE'S OXFORD

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. LUKE'S OXFORD (CONTINUED)

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 Members of the Council 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.

Opinion 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 our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Members of the Council's Report including the Strategic Report.

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

Responsibilities of trustees

As explained more fully in the Members of the Council's responsibilities statement, the Members of the Council (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 Members of the Council 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 Members of the Council are responsible for assessing the 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 Members of the Council either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 13

ST. LUKE'S OXFORD

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. LUKE'S OXFORD (CONTINUED)

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:

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

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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Farwell MA FCA DChA (Senior statutory auditor)

for and on behalf of James Cowper Kreston Chartered Accountants and Statutory Auditor 2 Chawley Park Cumnor Hill Oxford Oxfordshire OX2 9GG

Date:

Page 14

ST. LUKE'S OXFORD

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Note
Income from:
Donations and legacies
Charitable activities:
Patient fees
Rental income
Coffee shop
Investments:
Bank interest
Investments interest and dividends
Other income
3
Total income
Expenditure on:
Charitable activities:
4
Patient services and facility costs
Managing and administration costs
Total expenditure
Net gains/(losses) on investments
Net expenditure
Transfers between funds
18
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Losses on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
85,937
3,061,090
98,145
14,708
42
4,312
163,295
3,427,529
3,186,027
498,075
3,684,102
30,190
(226,383)
91,913
(134,470)
-
(134,470)
7,719,200
(134,470)
7,584,730		 Restricted
funds
2021
£
-
-
-
-
-
-
57,929
57,929
43,943
13,986
57,929
-
-
(91,913)
(91,913)
-
(91,913)
91,913
(91,913)
-		 Total
funds
2021
£
85,937
3,061,090
98,145
14,708
42
4,312
221,224
3,485,458
3,229,970
512,061
3,742,031
30,190
(226,383)
-
(226,383)
-
(226,383)
7,811,113
(226,383)
7,584,730		 Total
funds
2020
£
239,764
2,835,006
111,042
51,418
137
13,046
2,176
3,252,589
2,834,017
488,252
3,322,269
(83,761)
(153,441)
-
(153,441)
(672,799)
(826,240)
8,637,353
(826,240)
7,811,113

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 32 form part of these financial statements.

Page 15

ST. LUKE'S OXFORD (A company limited by guarantee) REGISTERED NUMBER: 01989868

BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Stocks
13
Debtors
14
Investments
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets / liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
17
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
General funds
18
Revaluation reserve
Total unrestricted funds
18
Total funds		 11,600
113,486
-
604,510
729,596
(551,672)
5,815,828
1,768,902		 2021
£
10,403,204
-
10,403,204
177,924
10,581,128
(2,996,398)
7,584,730
-
7,584,730
7,584,730		 11,600
163,291
100,000
238,942
513,833
(565,308)
5,914,198
1,805,002		 2020
£
10,595,282
347,306
10,942,588
(51,475)
10,891,113
(3,080,000)
7,811,113
91,913
7,719,200
7,811,113

The Members of the Council acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Members of the Council on _______ and signed on their behalf by:

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

Mr M J Wilkinson

Member of the Council

The notes on pages 18 to 32 form part of these financial statements.

Page 16

ST. LUKE'S OXFORD

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Note
Cash flows from operating activities
Net cash used in operating activities
21
Cash flows from investing activities
Investment income
Purchase of tangible fixed assets
Withdrawal from listed investments
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Interest paid
Repayments of borrowings
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
22
The notes on pages 18 to 32 form part of these financial statements		 2021
£
92,269
4,354
-
483,253
487,607
-
(75,706)
(138,602)
(214,308)
365,568
238,942
604,510		 2020
£
(453,366)
13,183
(1,554,566)
-
(1,541,383)
2,040,000
(66,539)
-
1,973,461
(21,288)
260,230
238,942

Page 17

ST. LUKE'S OXFORD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

St. Luke's Oxford meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

The Company has been severely impacted by the Covid-19 pandemic and in April 2020 faced a significant outbreak, with staff off sick and occupancy levels dropping significantly due to a suspension of the usual operations in local acute hospitals, together with increased costs which led to a significant deterioration in the Company’s finances. In late 2020 the financial position of the Company strengthened as an NHS/OCC contract was secured which filled the ground floor until 31 March 2021 and the Company’s bankers offered a loan repayment holiday. In early 2021, as the impact of vaccinations took effect, occupancy levels strengthened on the top 2 floors and government relief funding and fundraising continued to provide further support.

The level of enquiries over the April to June 2021 period have been encouraging but unfortunately not enough to increase current occupancy. As a result, as mentioned elsewhere, we have taken the decision to temporarily close our ground floor. A worst case financial forecast for the twelve months to June 2022 has been prepared and agreed by the Finance Committee. This indicates that although our cash resources diminish significantly over the year, we are still cash positive by at least £100k. This forecast does not take into account further overhead savings which could be made if required.

The Company refinanced its long term loan in April 2020 and during the year breached two of the agreed covenants: occupancy levels and cash generation. During the current year of 2021/22 at least one of these covenants, occupancy levels, will again be breached. The bank has been supportive and has formally confirmed that it will take no action in the 2020/21 year. The Company will continue to be reliant on the support of the bank during the current year and following discussions, Members of the Council believe that this support will be forthcoming.

Based on the above analysis, the Members of Council are of the opinion that the going concern principle is appropriate and that the Company has the necessary resources to continue as a going concern for the foreseeable future. The Members of Council, however, recognise that the breach of banking covenants and the need for support from bankers represents a material uncertainty in respect of the Company’s ability to continue as a going concern.

Further details are provided in the risk statement in the Members of Council Report.

Page 18

ST. LUKE'S OXFORD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

1.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Voluntary income

This represents donations received by the charity.

Investment income

This represents investment income which is included on an accruals basis.

Incoming resources from charitable activities

This represents fee income from patients together with rental income from consultants using the premises as offices and consulting rooms.

1.4 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.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

1.5 Government grants

Government grants, including the Covid-19 job retention scheme grant, are credited to the Statement of financial activities as the related expenditure is incurred.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 19

ST. LUKE'S OXFORD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

1.6 Tangible fixed assets and depreciation (continued)

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

Depreciation is provided on the following bases:

Where existing assets such as furniture and IT equipment have to be replaced due to normal 'wear and tear' the expenditure is taken directly to repair costs.

1.7 Investments

Investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

Investments held as fixed assets are shown at cost less provision for impairment.

1.8 Stock

Stock is valued at the lower of cost and net realisable value.

1.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 Liabilities

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Page 20

ST. LUKE'S OXFORD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

1.12 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.13 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

1.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Members of the Council in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or 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 notes to the financial statements.

2. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgement:

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual valued, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asses and projected disposal values.

Freehold properties are valued at market value, which is assessed by the Trustees on an annual basis.

Page 21

ST. LUKE'S OXFORD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

3. Other incoming resources

Unrestricted
funds
2021
£
Other income
40,390
Covid-19 job retention scheme grant
122,905
Infection control grant
-
TVWD partnership grant
-
Google grant
-
163,295
Total 2020
2,176		 Restricted
funds
2021
£
-
-
43,943
1,800
12,186
57,929
-		 Total
funds
2021
£
40,390
122,905
43,943
1,800
12,186
221,224
2,176		 Total
funds
2020
£
2,176
-
-
-
-
2,176

4. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2021
£
Patient services and facility costs
3,186,027
Managing and administration costs (including
governance)
498,075
3,684,102
Total 2020
3,322,269		 Restricted
funds
2021
£
43,943
13,986
57,929
-		 Total
funds
2021
£
3,229,970
512,061
3,742,031
3,322,269		 Total
funds
2020
£
2,834,017
488,252
3,322,269

Page 22

ST. LUKE'S OXFORD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

4. Analysis of expenditure on charitable activities (continued)

Summary by expenditure type

Patient services and facility
costs
Managing and administration
costs (including governance)
Total 2020		 Staff costs
2021
Depreciation
2021
£
£
2,259,911
192,077
285,691
-
2,545,602
192,077
2,262,067
11,249		 Other costs
2021
£
777,982
226,370
1,004,352
1,048,953		 Total
funds
2021
£
3,229,970
512,061
3,742,031
3,322,269		 Total
funds
2020
£
2,834,017
488,252
3,322,269

5. Patient services and facility costs

Nursing services
Medical supplies
Non clinical services including catering and domestic
Premises and plant
Coffee shop
Depreciation		 2021
£
1,995,115
108,341
628,251
278,199
27,987
192,077
3,229,970		 2020
£
1,721,446
59,632
691,400
285,358
64,932
11,249
2,834,017

6. Managing and administration costs (including governance)

Salaries
Finance costs - other
Interest payable
Insurance
Office and administration costs
Governance		 2021
£
285,688
2,146
75,706
40,132
90,949
17,440
512,061		 2020
£
257,243
2,713
66,539
35,042
118,115
8,600
488,252

Page 23

ST. LUKE'S OXFORD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

7. Auditor's remuneration

2021 2020
£ £
Fees payable to the company's auditor for the audit of the company's
annual accounts 8,500 8,600

8. Staff costs

Wages and salaries
Social security costs
Pension costs		 2021
£
2,279,015
203,882
62,705
2,545,602		 2020
£
2,013,953
179,951
68,163
2,262,067

The average number of persons employed by the Company during the year was as follows:

Patient services and facility costs
Managing and administration (including governance)		 2021
No.
84
6
90		 2020
No.
83
6
89

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2021 2020
No. No.
In the band £80,001 - £90,000 - 1
In the band £90,001 - £100,000 1 -

The key management personnel of the charity comprise the Members of the Council, the Chief Executive Officer, Finance Manager and Matron. The total employee benefits of the Key Management Personnel of the charity were £271,352 (2020: £223,836).

9. Members of the Council's remuneration and expenses

During the year, no Members of the Council received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 March 2021, no Member of the Council expenses have been incurred (2020 - £ NIL) .

Page 24

ST. LUKE'S OXFORD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10. Taxation

The company is considered to pass the tests set out in Sch.6, para.1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt.11, Ch.3 of the Corporation Tax Act 2010 or s.256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

11. Tangible fixed assets

Cost or valuation
At 1 April 2020
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Freehold
land and
buildings
£
10,500,000
10,500,000
-
178,000
178,000
10,322,000
10,500,000		 Other assets
£
901,661
901,661
806,379
14,078
820,457
81,204
95,282		 Total
£
11,401,661
11,401,661
806,379
192,078
998,457
10,403,204
10,595,282

Freehold land at valuation included above and not depreciated amount to £1,600,000 (2020: £1,600,000).

The Company has adopted a policy of revaluation for tangible fixed assets. Had these assets been measured at historic cost, the carrying values would have been as follows:

2021 2020
£ £
Freehold property 8,516,998 8,694,998

The freehold land and buildings were professionally revalued by Lambert Smith Hampton on 4 November 2019 at £10,500,000. The valuation was an independent external valuation based on vacant possession. The Members of the Council consider this valuation to remain appropriate as at 31 March 2021.

Page 25

ST. LUKE'S OXFORD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. Fixed asset investments

At 1 April 2020
Additions
Disposals
Revaluations
Withdrawals
Other movements
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
13.
Stocks
Food and provisions
Domestic items		 Listed
investments
£
336,077
40,432
(406,699)
30,190
-
-
-
-
336,077		 Cash
£
11,229
(40,432)
406,699
-
(383,255)
5,759
-
-
11,229
2021
£
7,000
4,600
11,600		 Total
£
347,306
-
-
30,190
(383,255)
5,759
-
-
347,306
2020
£
7,000
4,600
11,600

The difference between purchase price or production cost of stocks and their replacement cost is not material.

14. Debtors

Trade debtors
Other debtors
Prepayments and accrued income		 2021
£
108,064
610
4,812
113,486		 2020
£
158,096
513
4,682
163,291

Page 26

ST. LUKE'S OXFORD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15. Current asset investments

Listed investments
16.
Creditors: Amounts falling due within one year
Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
17.
Creditors: Amounts falling due after more than one year
Bank loans		 2021
£
-
2021
£
165,000
43,264
49,675
127,727
166,006
551,672
2021
£
2,996,398		 2020
£
100,000
2020
£
220,000
19,488
44,214
147,111
134,495
565,308
2020
£
3,080,000

The bank loan is secured against the property at 4 Latimer Road, Headington, OX3 7PF.

Page 27

ST. LUKE'S OXFORD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

18. Statement of funds

Statement of funds - current year

Unrestricted
funds
General funds
Revaluation
reserve
Restricted
funds
Building project
Google grant
Infection control
grant
TVWD
partnership grant
Total of funds		 Balance at 1
April 2020
£
5,914,198
1,805,002
7,719,200
91,913
-
-
-
91,913
7,811,113		 Income
£
3,427,529
-
3,427,529
-
12,186
43,943
1,800
57,929
3,485,458		 Expenditure
£
(3,684,102)
-
(3,684,102)
-
(12,186)
(43,943)
(1,800)
(57,929)
(3,742,031)		 Transfers
in/out
£
128,013
(36,100)
91,913
(91,913)
-
-
-
(91,913)
-		 Gains/
(Losses)
£
30,190
-
30,190
-
-
-
-
-
30,190		 Balance at
31 March
2021
£
5,815,828
1,768,902
7,584,730
-
-
-
-
-
7,584,730

Page 28

ST. LUKE'S OXFORD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

18. Statement of funds (continued)

Statement of funds - prior year

Balance at
1 April 2019
£
Income
£
Unrestricted
funds
General funds
4,907,837
3,012,825
Revaluation
reserve
3,081,103
-
7,988,940
3,012,825
Restricted
funds
Building project
648,413
239,764
Total of funds
8,637,353
239,764
19.
Summary of funds
Summary of funds - current year
Balance at 1
April 2020
£
Income
£
General funds
7,719,200
3,427,529
Restricted funds
91,913
57,929
7,811,113
3,485,458		 Expenditure
£
(3,322,269)
-
(3,322,269)
-
(3,322,269)
Expenditure
£
(3,684,102)
(57,929)
(3,742,031)		 Transfers
in/out
£
1,399,566
(603,302)
796,264
(796,264)
-
Transfers
in/out
£
91,913
(91,913)
-		 Gains/
(Losses)
£
(83,761)
(672,799)
(756,560)
-
(756,560)
Gains/
(Losses)
£
30,190
-
30,190		 Balance at
31 March
2020
£
5,914,198
1,805,002
7,719,200
91,913
7,811,113
Balance at
31 March
2021
£
7,584,730
-
7,584,730

Page 29

ST. LUKE'S OXFORD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

19. Summary of funds (continued)

Summary of funds - prior year

General funds
Restricted funds		 Balance at
1 April 2019
£
7,988,940
648,413
8,637,353		 Income
£
3,012,825
239,764
3,252,589		 Expenditure
£
(3,322,269)
-
(3,322,269)		 Transfers
in/out
£
796,264
(796,264)
-		 Gains/
(Losses)
£
(756,560)
-
(756,560)		 Balance at
31 March
2020
£
7,719,200
91,913
7,811,113

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2021
£
Tangible fixed assets
10,403,204
Current assets
729,596
Creditors due within one year
(551,672)
Creditors due in more than one year
(2,996,398)
Total
7,584,730		 Total
funds
2021
£
10,403,204
729,596
(551,672)
(2,996,398)
7,584,730

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2020
£
10,503,369
347,306
421,920
(473,395)
(3,080,000)
7,719,200		 Restricted
funds
2020
£
91,913
-
91,913
(91,913)
-
91,913		 Total
funds
2020
£
10,595,282
347,306
513,833
(565,308)
(3,080,000)
7,811,113

Page 30

ST. LUKE'S OXFORD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Investment income
(Gains)/losses on investments
Interest paid
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Other movements in investments
Net cash provided by/(used in) operating activities
22.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
23.
Analysis of changes in net debt
At 1 April
2020
£
Cash at bank and in hand
238,942
Debt due within 1 year
(220,000)
Debt due after 1 year
(3,080,000)
Liquid investments
100,000
(2,961,058)		 2021
£
(226,383)
192,078
(4,354)
(30,190)
75,706
49,805
41,366
(5,759)
92,269
2021
£
604,510
604,510
Cash flows
£
365,568
55,000
83,602
(100,000)
404,170		 2020
£
(153,441)
11,249
(13,183)
83,761
66,539
(71,708)
(378,939)
2,356
(453,366)
2020
£
238,942
238,942
At 31 March
2021
£
604,510
(165,000)
(2,996,398)
-
(2,556,888)

Page 31

ST. LUKE'S OXFORD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

24. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

25. Related party transactions

There were no related party transactions in the year (2020: £nil).

Page 32